This comes via LA Observed...
Tribune Co.-owner Sam Zell is seeking redemption (and cash) in the Brazilian housing market. From the Wall Street Journal:
Real estate tycoon Sam Zell, trying to restore his stature as an astute investor after his disastrous buyout of Tribune Co., has surfaced as an unlikely player in a controversy in Brazil over affordable housing.
Mr. Zell has been focusing much of his time on his global real-estate investments since the bankruptcy filing by Tribune late last year. His real-estate private-equity firm, Equity International Properties, is trying to capitalize on what many analysts say is a pent-up demand for housing in Brazil through its 19% stake in homebuilder Gafisa SA.
The rest of the story is apparently behind a paywall, but here's the link anyway.