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

Discussion in 'Journalism topics only' started by DanOregon, Dec 7, 2008.

  1. wicked

    wicked Well-Known Member

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

    Lugnuts Well-Known Member

    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.
  3. SockPuppet

    SockPuppet Active Member

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

    Herky_Jerky Member

    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.
  5. derwood

    derwood Active Member

    Assets 7.6B, debt 12.9B. Jesus!
  6. wicked

    wicked Well-Known Member

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

    Norman Stansfield Active Member

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

    SF_Express Active Member

    I have a friend in the back with the kids.
  9. Baron Scicluna

    Baron Scicluna Well-Known Member

    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.
  10. Matt1735

    Matt1735 Well-Known Member

    And JRC is six feet under.

    Too soon?
  11. SF_Express

    SF_Express Active Member

    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."
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