Jul 27, 2010

Possible fraud in Tribune takeover, court examiner says

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."

No comments: