The fraudulent conveyance concept pooh-poohed recently by Sam Zell has gained some steam in court recently, and judging from this article, has become a genuine threat to Tribune’s primary creditors.
Here’s a little preview:
The biggest reason is a surprise ruling in the case of Tousa Inc., a Florida real estate company. In mid-October, the case produced a $600 million judgment involving several large banks, including Citigroup, JPMorgan Chase and Bank of America.
If it were up to me, it would be poetic justice if the big boys were further punished for their schemes that cost hundreds of hard-working people their jobs. But something tells me that when they get punished, we wind up getting punished, too.


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