Texas Lotto, Three years ago, the Chicago real estate magnate Sam Zell was viewed as a potential savior for newspapers when he bought Tribune Co. (TRBCQ) and vowed to end the media industry to “downward spiral.
Today, Tribune is in bankruptcy, a victim of a leveraged buyout occurred, and the three reorganization plans proposed for the company of all the centers of the person who has the right to sue Zell and other architects of the original agreement.
This “stupid and destructive operation … brought to financial ruin Tribune, said creditors in a lawsuit naming Zell and other executives, one of many lawsuits already filed in the case.
Unlikely to see a recovery in the form of assets, cash or equity, the out-of-the-money creditors jostle to claim suit against Zell and other senior lenders who were part the face of bitter, even though those parties say they did nothing wrong. The same tactic is used in bankruptcy courts in the country as junior creditors pursue those who have entrusted their businesses with billions of dollars in debt at the height of the spire of purchase of the last decade.
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