Sam Zell in retreat at the Tribune?

Will Sam Zell soon give up his claim to buy a controlling stake in the Tribune and turn it into his

Thumbnail image for Sam_Zell_03_CMYK.jpg

Sam Zell

own private pad?

Reuters is reporting: Tribune Co. chief executive Sam Zell is close to giving up
his claims to buy a 40 percent stake in the company, the New York Post
said, citing a source familiar with the matter.

What does this mean for the besieged staff at the Tribune? Hard to say. While at the Sun-Times I and my colleagues went through multiple ownership and management changes, some good, some not so. Just as long as Conrad Black stays in prison, the outlook from my colleagues at the Tribune have to be better.  

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  • Zell might have realized that forcing this while in bankruptcy would be futile, because the court would consider it to be a fraudulent conveyance.

    Also, with all his statements that he made a mistake from a business perspective, why would he want to get deeper into it?

    The more interesting point is contained in articles to the effect that the bankruptcy is no longer to obtain relief from the debt repayment schedule, but that the lenders actually want to take control.

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