Tribune Co. preparing to print in red ink, according to WSJ

acc is right. McClatchy is on deck. Gannett is warming up, GateHouse is in the dugout waiting to stretch.

 

I can't help but think of the signs that were posted at all Trib shops the day Zell took over:

"YOU own this place now!"

Oh shit.

 

McClatchy could be heading to default status, according to Ad Age.

 

Did anybody notice the link at the bottom of this story about frightened kids getting their pictures taken with Santa?

As I looked at a few of them, I couldn't help but think there are probably a lot of Tribune employees making those same faces right about now.

 

Assets 7.6B, debt 12.9B. Jesus!

 

That's who I feel bad for. They are getting bent over.

 

I wonder if they can get away with paying Fukudome pennies on the dollar for that shitty contract once this bankruptcy goes through...

 

I have a friend in the back with the kids.

 

I know this isn't really an appropriate threadjack, but I've always thought the actress who played Rose of Sharon was kind-of hot looking.

 

And JRC is six feet under.
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Too soon?

 

I didn't even really know if I should post this, but Tribune people will hear it soon enough, and it shows how fucked up the whole thing might become. From the AP story:

Stephen Lubben, a bankruptcy profession at Seton Hall Law School in Newark, N.J., said Tribune employees are particularly vulnerable because they also own all the company's stock. Shareholders are last to be paid in bankruptcy, and they often end up with nothing, with the shares getting wiped out. Employee-stock ownership programs are not likely to be treated any differently under the bankruptcy code, Lubben said.

For instance, UAL Corp.'s United Airlines adopted an employee-ownership structure in 1994, causing employees to suffer steep losses after the company declared bankruptcy in 2002.

"That's a huge hit," added David Skeel, a bankruptcy professor at the University of Pennsylvania law school. "That will no doubt be the subject of much discussion in this case."