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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. SockPuppet

    SockPuppet Active Member

    Paging Alan Shore, please contact Tribune employees about their pending class-action suit ...

    I would love to see a bankruptcy judge take a look at the Tribune deal, take a look at Zell's consideriable assets and tell him, "You bought it, pal. Write the fucking check."
  2. goalmouth

    goalmouth Well-Known Member

    Zell's deal was a leveraged buyout. The employees will write the fucking check.
  3. Lugnuts

    Lugnuts Well-Known Member

    I keep reading that the employees own the damn thing, but they had no say in that, and they have no say in how it's run.

    Like the mortgage mess, you have to wonder how this shit is legal.
  4. VJ

    VJ Member

    Here's how, from this NYT article: http://www.nytimes.com/2008/12/09/business/media/09sorkin.html?ref=todayspaper
    In conclusion, everyone involved in approving the sale got rich.
  5. Simon_Cowbell

    Simon_Cowbell Active Member

    Doesn't really answer HOW that shit is legal.

    I thought employees getting fucked re: their pensions, etc. was taken care of after Enron.

    Is FitzSimons legally liable?
  6. Double Down

    Double Down Well-Known Member

    As much as I hate Sam Zell, I loathe Dennis FitzSimmons 1,000 times more. He was the most crooked, soulless douchebag I've ever had the displeasure to work for. He got a whole shitload of money for fiddling while Rome burned. Zell has been a fool and a snake, but at least he had some interest in saving the company if only for financial reasons. FitzSimmons just wanted to stuff his pockets with as much gold as possible before sneaking out the back door. He would do shit like send out a note telling us about how he had been diagnosed with prostate cancer and was having surgery and thank people for their kind wishes, while at the same time forcing us to find out about various cuts of our own company through other newspapers.
  7. Joe Williams

    Joe Williams Well-Known Member

    Zell's deal paid the employees $34 a share for their stock. So did that allow them to sell the stock soon thereafter and reap the profit? Was there a better time to get out of Tribune Co., a good time and (now?) a bad time?

    Appreciate any insights into how the employees will be left holding the bag now.
  8. Rockbottom

    Rockbottom Well-Known Member

    NYT borrows against their own building: http://www.iht.com/articles/2008/12/08/business/08times.php

  9. Joe Williams

    Joe Williams Well-Known Member

    Next stop: The pawn shop. Maybe they can get a few bucks for Red Smith's old typewriter.
  10. TheSportsPredictor

    TheSportsPredictor Well-Known Member

    Last edited by a moderator: Dec 15, 2014
  11. Birdscribe

    Birdscribe Active Member

    Way before that, Simon. Try the 70s, when the Mob was using the Teamster pension fund -- the Central States Pension Fund -- to finance the purchase of Vegas casinos en masse.

    They siphoned nearly a quarter-billion out of that fund (and two others), buying 11 of 14 casinos and skimming millions before the Fed's moved in.
  12. WriteThinking

    WriteThinking Well-Known Member

    Yeah, with their severance pay and pensions, apparently.

    Freelancers are out of luck, too, according to this LA Observed item.


    And, take a look at that comment by Zell to reporters that's mentioned at the end.

    What an arrogant ass of an SOB. Makes you wonder if he's almost enjoying all this angst and attention from others that he and his properties are getting right now.
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