Tribune shareholders meeting today
At the shareholders annual meeting today, International Brotherhood of Teamsters president James Hoffa protested the ESOP structure that is key to the sale. "This structure makes the employees shareholders in name only," said Hoffa in a prepared statement.
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Complete article can be accessed by clicking on title.
Wednesday, May 09, 2007
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I wonder.... did anyone ask the employees if they wanted to own the company, risk their future and burden “their” company with $8 billion in new debt????
Tribune CEO Touts Acquisition
Wednesday May 9, 5:55 pm ET
By Dave Carpenter, AP Business Writer
Tribune's FitzSimons Sees Deal As 'New Beginning,' Fair to All
CHICAGO (AP) -- Tribune Co. Chairman and CEO Dennis FitzSimons told shareholders Wednesday that the deal to take the media conglomerate private represents "a new beginning" for the 160-year-old company and does not put an unfair financial burden on its employees..............................
Under the complex deal announced last month, assets will be transferred to an employee stock ownership plan and Chicago real estate mogul Sam Zell. The transaction will burden Tribune with more than $8 billion in new debt, which has prompted downgrades by credit rating agencies and skepticism about the company's financial prospects.
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