1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

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

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

  1. SF_Express

    SF_Express Active Member

    That is simply, utterly incredible.
  2. Double Down

    Double Down Well-Known Member

    If that really is true, I'm utterly and completely fucked.
  3. SF_Express

    SF_Express Active Member

    OK, you need to look into it further.

    One person referenced was Mark Willes, who is still owed $11.2 million and is referred to as an "unsecured creditor." Apparently, he might be waiting for his money for a long time.

    But it sounded like it was these big ticket guys who weren't going to get paid soon. I have no way of knowing from what I've read -- one way or another -- whether a rank-and-file person collecting severance pay is going to be in the same boat or not.

    I hope it isn't so, but you'll have to check with that hotline.
  4. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    Some building will be burnt down.
  5. WriteThinking

    WriteThinking Well-Known Member

    Can't you just imagine how long it'd take you to get through to anybody at that phone number today?

    As for Mark Willes, please, don't cry for him. He left Times-Mirror with a $60 million golden parachute...$60 million...He ought to be able to manage just fine on the $49 million he's already gotten, and, in my opinion, he and his severance package just about mark when all the problems really started for the Times and Tribune Company.
  6. VJ

    VJ Member

    What will it do to Tribune's value when angry ex-employees burn down Tribune Tower?
  7. SF_Express

    SF_Express Active Member

  8. ringer

    ringer Active Member

    Acc to the NYT...those who took buyouts won't get paid.

    A memo on a Web site accessible only to Los Angeles Times employees said the company would stop making payments to former workers who took buyouts. It was not clear whether the company would resume those payments, or if the employees would join the long list of unsecured creditors
  9. Lugnuts

    Lugnuts Well-Known Member

    The whole ESOP seems like a house of cards.

    Zell used very little of his own money to finance the Trib takeover.

    He's always said that technically the employees own the company through the ESOP.

    Well, guess who's responsible for paying the bills? The owners.

    Zell's saying that payroll, pensions and 401Ks are all safe, but this is smelling more and more like an Enron situation-- not that bad, obviously, because it doesn't seem like laws were technically broken...

    But I don't think the bankruptcy court is going to pay much heed to what Zell wants to do. They're going to take the money where they can get it and pay the creditors.
  10. BTExpress

    BTExpress Well-Known Member

    Then who the fuck tells the "owners" they are laid off?

    And at what point --- if ever --- can a bankruptcy judge tell Zell that "before you devalue this company any further, YOUR personal holdings [worth $4B+] are going to be used to help satisfy this debt." ?
  11. Boognish

    Boognish Member

    Posted an hour ago:

  12. buckweaver

    buckweaver Active Member


    I want to know who allowed this deal to go through in the first place. Why in the world are Zell, Singleton, et al, alowed to buy these papers/take over these companies if they're leveraged so much?
Draft saved Draft deleted

Share This Page