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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. BTExpress

    BTExpress Well-Known Member

    Because employees got $34 per share in the transaction, which beats the $1.50 per share they would have today had the company stayed public (or was sold at a lower but less-leveraged price).

    And, to be fair, as dangerous as the transaction was, it was potentially workable in a normal (pre-2007) economy. In other words . . .

    Economy = Katrina
    Transaction = Levees
    Tribune Company = Lower Ninth Ward
  2. STLIrish

    STLIrish Active Member

    "A note on an internal Tribune Company Web site said, “All ongoing severance payments, deferred compensation and other payments to former employees have been discontinued and will be the subject of later proceedings before the court.” That made it apparent that employees who recently were laid off or took buyouts would join the long list of unsecured creditors."

    Christ, that's awful.
  3. Herky_Jerky

    Herky_Jerky Member

    Wow. Just wow.
  4. slappy4428

    slappy4428 Active Member

    You know, it sounds like this was all planned -- cutt he salaries, then fold the tent so they get scammed...
    Someone needs to sue him personally... and yeah, this does sound like an Enron ponzi scam...
  5. WriteThinking

    WriteThinking Well-Known Member

    I believe a group of someones is trying to do just that. Not sure where, exactly, the case stands at the moment.


    Bet that plaintiff group could gain many more willing members right about now, though.
  6. Football_Bat

    Football_Bat Well-Known Member

    Mark Cuban has the money. Cold hard cash on the barrelhead. No credit needed.

    Baseball's owners won't let Zell sell to him.

    Cuban put up $1.3 billion to buy the Cubs. That would've cut into that $5.3 billion shortfall.
  7. wicked

    wicked Well-Known Member

    I never would hope this on anyone, but someone better hope no one tries a Kenneth Lay on him. He better beef up his security. He's got a few thousand very pissed off people looking for his house.
  8. Boognish

    Boognish Member

    If you didn't see it on NewsHour with Jim Lehrer on PBS, they had a discussion about the Tribune folding and the overall collapse of newspapers. Here's a link to the audio:

  9. Lugnuts

    Lugnuts Well-Known Member

    Yeah, and since the Feds have since come after Cuban for insider trading, you've gotta think that for once, baseball knew what it was doing.
  10. Michael_ Gee

    Michael_ Gee Well-Known Member

    According to the article in the Times, the creditors could come after the Cubs even though it is not part of the bankruptcy filing.
  11. Lugnuts

    Lugnuts Well-Known Member

    That makes sense. I kept reading yesterday the simple statement "The Cubs are not part of the bankruptcy filing" with no explanation. I don't know who Zell thinks he is that he can pick and choose in Chapter 11.

    I hope the case is going before a good, tough, fair judge. It's going to take one hell of a legal mind to sort out this mess.
  12. Football_Bat

    Football_Bat Well-Known Member

    That should be correct. Any Tribune-owned property should be in play.

    But this is Chapter 11, not Chapter 7 (liquidation). Since clearly the Cubs are profitable (owners' poor-mouthing bleatings in 2002 notwithstanding), I don't know what role in the proceedings they would have.
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