Oops

Sam Zell told Bloomberg Television that he made a mistake in buying Tribune Co. in 2007, but that he was smart to file for bankruptcy in December. From the Chicago Tribune:

"By definition, if you bought something and it's now worth a great deal less, you made a mistake and I'm more than willing to say I made a mistake," Zell said. "I was too optimistic in terms of the newspaper's ability to preserve its position."

-snip-

Asked how he hopes his management of Tribune Co. will be viewed in two years, Zell said, "I think they're going to recognize that by filing for bankruptcy in December and being the first one, we also were able to stop the bleeding and preserve a great company."

(Chicago Tribune via Romenesko)