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April 13, 2011

Claims Against Tribune Chairman Zell ‘Have Merit,' Bankruptcy Judge Says

"Tribune Co.’s bankruptcy judge said potential lawsuits against company Chairman Sam Zell related to the billionaire’s $8.2 billion buyout of the newspaper publisher “have merit.”

U.S. Bankruptcy Judge Kevin Carey didn’t immediately rule on a request by Zell, 69, to either prevent any lawsuits against him from going forward or require that an independent trustee pursue the litigation. In a lawsuit in November, creditors accused Zell of pushing forward with the buyout even though he and others involved knew the transaction would add too much debt on Tribune for the company to survive."

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April 13, 2011 in Current Affairs | Permalink

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