The Chicago Tribune is reporting tonight that the Tribune Co. and its creditors are in the early stages of negotiating a plan that could give senior lenders majority ownership of the company. And that could — could – lead to Sam Zell’s exit.
“It completely depends on whether the new owners see value in keeping Zell,” the Tribune quoted Douglas Baird, a corporate reorganization specialist at the University of Chicago Law School, as saying. “They have to decide: Is the person at the helm when the company went into the storm the most able person to steer it out?”
The Tribune reported that the plan is still taking shape and could change.
Read the story here.
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If Sam Zell walks out of this deal even richer than he was before, it will be a crime against every Tribune employee and former employee.
Ditto that, Paul
You’re absolutely right, Paul, but good riddance to Zell.