The Chandler clause

By Mark Lacter
LA Biz Observed

Getting relatively little attention in today's stories about the Tribune announcement was a sentence buried in the press release. It relates to the terms of the Chandlers restructuring those two partnerships and it could become important as the company considers a sale. As part of the restructuring, the Chandlers own an additional 11.8 million shares of Tribune common stock, which gives them close to 20 percent ownership of the company. Here's the key point: the Chandlers have agreed to vote the additional shares in the same way as all other shareholders for 12 months from the date of distribution.

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