Lenders may take Tribune, oust Zell

One of a hundred things that could happen, I suppose.


http://www.chicagotribune.com/business/chi-mon-tribune-0608-jun08,0,5886810.story

 

If'un we're all gonna go down, I s'pose the Head Asshole in Charge oughta come, too.

 

Keep your fingers crossed.

 

We don't have that kinda luck.

 

The most unintentionally funny line comes near the end . . .

"The new owners will also have to consider how much it would cost to replace Tribune Co.'s ESOP with a retirement plan attractive enough to retain employees -- a 401(k) plan with a company match, for instance.''

RETAIN employees? Since when has Tribune spent one nanosecond making that a consideration in any decision?

 

Speaking as a lender who's in the midst of negotiations like this with at least two failing clients, we don't want anything to do with running a company. If this happens, it's the absolute last resort.

 

I'm all for Zell paying for what he has done to Tribune, but unfortunately, he might be deposed but still walk away with a lot of money as a top creditor, and who's to say the financial types who replace him are going to be any better at running a newspaper for the right reasons?

My answer to the second question is that it's likely to be no better and could well be worse.

So it'll be some satisfaction for a measure of discomfort for Zell, but could be little else.

 

OK, well, I'll settle for that.

 

What will he do with himself?

 

Find something else to help "innovate?"

 

This is what happens when the dipshits-in-charge think the keys to success are puppies and Columbo raincoats.

 

Or kittens ... don't forget the kittens in Atlanta.

Please, think of the kittens.