Retired Hartford Courant reporter to SEC: "Investigate this (sale) thoroughly"
Very concerned about the Zell Deal, Thomas D. Williams of Litchdield, CT fires off a letter to the Securities and Exchange Commission adding his voice to the outrage over the ESOP deal's benefit to Tribune executives first, employees last.
"There are at least two monumental questions here: How can these executives, responsible for this giant corporation and the well being of its employees and stockholders, create two classes of people: themselves who gain millions in income even when the company they manage is failing to measure up; and employees/stockholders who are lured into stock transactions that continue to threaten their financial well being? And how can corporate executives pay themselves millions for the sale of their own company when that sale requires discretion on who to sell the company to and was forced by their own operations of the company?" Read more here
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Thank you for putting out my letter of complaint to the SEC about the Tribune's impending sale. I just received an email from a very experienced lawyer-friend of mine who used to work as an investigative reporter with me at The Hartford Courant. Here is what he said: If employees started to mobilize and use their extraordinary access to the media, and protest the Zell deal - I bet they could have a huge impact on the process. At least get a higher price or better deal. The employees ought to hire an investment advisor and law firm to protect their interests. After all, they will have a huge investment in the deal and be the biggest shareholder (as a group, at 60%). It's inconceivable that they aren't represented. You can be sure no Wall Street types would go into a deal like this without being very well represented. But Zell is taking advantage of the fact that the employees are disorganized and diffuse: divided we fall. I wonder if he would have the stomach for a big fight. He might not. He might walk away from the deal. In that case: would the employees be better off? Probably.
I think it's entirely possible another bidder (or one of the old ones) will come back with another offer for Tribune. I bought 5 shares today, if no other reason than to get the tender offer materials (when they become available) to understand just exactly what kind of rip-off Zell has proposed.
I think this has merit, but you are the ones with the action power to do this or start this. Why not?! The questions are most substantial.
Sincerely,
Thomas "Dennie" Williams
Freelance Writer
Former hartford Courant Staff Reporter
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