A court-appointed examiner in the Tribune Co. bankruptcy case has concluded that "the company's 2007 leveraged buyout was 'marred' by the 'dishonesty and lack of candor' of its then-senior management and that the deal rendered the media conglomerate insolvent from the moment the two-step transaction closed," the Chicago Tribune reports.
In response, Tribune Co. CEO Randy Michaels issued a memo that asks all company employees to "stay focused" and to "try not to be distracted by the media attention it may receive."
Jul 27, 2010
Possible fraud in Tribune takeover, court examiner says
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