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Monday, March 05, 2012

Zell Company Seeks Part of Any Future Lawsuit Winnings Over Tribune Buyout

Billionaire Sam Zell is demanding a share of any money retirees and other creditors may win in lawsuits or legal settlements over the 2007 leveraged buyout he engineered of newspaper publisher Tribune Co. (TRB)

The demand, made through the Zell-controlled company EGI TRB LLC, came in one of the disputes being heard in bankruptcy court over how to split any money creditors win in dozens of lawsuits over claims the buyout was a fraud on creditors. U.S. Bankruptcy Judge Kevin Carey began a two-day hearing today about the disputes.

“In the ultimate display of chutzpah, Zell and EGI are asserting that their tainted claims should now be treated on par with innocent creditors who had nothing to do with the LBO,” a group of about 185 retired managers and other highly paid former employees said in court papers.

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1 comment:

Anonymous said...

You need a program to follow the corruption.