Nov 16, 2010

Zell to go

The news was forecast more than a year ago: Sam Zell will leave Tribune Co. once it emerges from bankruptcy proceedings. The Wall Street Journal reports that Zell told CNBC, "I think when we're done with the bankruptcy process I will turn it over to whoever the creditors decide they want to run it, and wish them a lot of good luck."

That Zell is leaving on his own volition is one way of looking at it. Another way is that the creditors are going to strip him of his financial stake in the company, which is what gave him control over Tribune, and send him on his way.

1 comment:

Anonymous said...

was he ever really there? he may not have bilked investors like madoff did, but, his crime, in my opinion is nearly as bad.