JC Penney in cooperation with Joseph Abboud, JOE, and IAVA, is giving away $1 Million in men's and women's business apparel to 5,000 transitioning service members. Deadline to apply is 7 October.
1 Million In Clothing for Iraq & Afghanistan Veterans
Thursday, September 30, 2010
Thought For Today 9-30-2010
It isn't the things that happen to us in our lives that cause us to suffer, it's how we relate to the things that happen to us that causes us to suffer.
Pema Chodron
Pema Chodron
Wednesday, September 29, 2010
Rest in Peace Tony Young
From the left Tony Young, Frank Carper, Hal Fleming, and Harrison Sparks
Emmett Jaime writes:
"To all who remember Tony Young. I received a call from his wife this morning to let us know that Tony passed away saturday Sept.25. She was too broken up to talk and said she would call us back. We will try to call her later on the day to see if we can get more information. Tony and his wife live in Fallbrook,Ca. He moved there after he retired from the Los Angeles Times."
There will be a mass held for Tony at 1pm on friday Oct.1st. After the mass there will be a reception at the church hall from 2pm to 4pm. Tony's body will be cremated and the ashes spread in Hawaii where their daughters ashes are spread.
St Francis Catholic Church
525 W.Vista Way
Vista,Ca.92083
760-945-8000
Emmett Jaime writes:
"To all who remember Tony Young. I received a call from his wife this morning to let us know that Tony passed away saturday Sept.25. She was too broken up to talk and said she would call us back. We will try to call her later on the day to see if we can get more information. Tony and his wife live in Fallbrook,Ca. He moved there after he retired from the Los Angeles Times."
There will be a mass held for Tony at 1pm on friday Oct.1st. After the mass there will be a reception at the church hall from 2pm to 4pm. Tony's body will be cremated and the ashes spread in Hawaii where their daughters ashes are spread.
St Francis Catholic Church
525 W.Vista Way
Vista,Ca.92083
760-945-8000
Mediator Endorses Tribune Settlement
Plan Allows Company to Exit Chapter 11
Litigation Trust Established to Address Fraudulent Conveyance Claims
Tribune Company announced today that it has reached agreement with Oaktree Capital Management, L.P. and Angelo, Gordon & Co, L.P. on a plan of reorganization that will settle claims surrounding “Step 1” of the company’s 2007 going-private transaction.
The settlement comes as a result of the court-ordered mediation requested by the company and overseen by U. S. Bankruptcy Court Judge Kevin Gross; it has been approved by the Special Committee of Tribune’s Board of Directors, comprised of independent members of the company’s board. Oaktree and Angelo Gordon, who will be co-proponents of this plan, both hold significant amounts of the Initial and Incremental Term Loan of Tribune Company.
“The plan addresses two primary issues that are fundamental to a successful reorganization of Tribune,” said Don Liebentritt, Tribune’s Chief Restructuring Officer. “First, it enables the company to exit Chapter 11 and distributes the equity of the reorganized Tribune and its subsidiaries to the holders of the Initial and Incremental Term Loan claims. Second, to the extent not settled prior to confirmation, all claims identified by the Examiner’s Report relating to ‘Step 2’ of the company’s going-private transaction are preserved and placed in a litigation trust. We remain confident that additional settlements will be reached.”
The Litigation Trust will allow an independent litigation trustee to pursue legal action relating to the remaining fraudulent conveyance issues alleged by various unsecured creditors, while avoiding the possible negative impact these litigation issues might have on the company’s business operations.
The plan’s settlement resolves claims associated with the financing of “Step 1” of the going-private transaction, all of which the Examiner found to have less than 50% probability of success. The settlement, which has been overseen by the court-appointed mediator, provides for Tribune Company’s senior bondholders to receive a total distribution of $300 million (approximately 23% of their claim amount) in cash plus their interest in the Litigation Trust.
Unsecured creditors of Tribune Company will receive the same percentage recovery, also in cash and an interest in Litigation Trust, which will allow them to seek redress for potential fraudulent conveyance issues. Unsecured creditors of Tribune Company’s subsidiaries will have an opportunity to receive 50% of their claim amount in cash.
The plan also provides for both Initial Term Loan Lenders and Incremental Term Loan Lenders to receive a pro rata distribution of cash, debt and equity of the reorganized Tribune and its subsidiaries pursuant to the terms of Credit Agreement.
Litigation Trust Established to Address Fraudulent Conveyance Claims
Tribune Company announced today that it has reached agreement with Oaktree Capital Management, L.P. and Angelo, Gordon & Co, L.P. on a plan of reorganization that will settle claims surrounding “Step 1” of the company’s 2007 going-private transaction.
The settlement comes as a result of the court-ordered mediation requested by the company and overseen by U. S. Bankruptcy Court Judge Kevin Gross; it has been approved by the Special Committee of Tribune’s Board of Directors, comprised of independent members of the company’s board. Oaktree and Angelo Gordon, who will be co-proponents of this plan, both hold significant amounts of the Initial and Incremental Term Loan of Tribune Company.
“The plan addresses two primary issues that are fundamental to a successful reorganization of Tribune,” said Don Liebentritt, Tribune’s Chief Restructuring Officer. “First, it enables the company to exit Chapter 11 and distributes the equity of the reorganized Tribune and its subsidiaries to the holders of the Initial and Incremental Term Loan claims. Second, to the extent not settled prior to confirmation, all claims identified by the Examiner’s Report relating to ‘Step 2’ of the company’s going-private transaction are preserved and placed in a litigation trust. We remain confident that additional settlements will be reached.”
The Litigation Trust will allow an independent litigation trustee to pursue legal action relating to the remaining fraudulent conveyance issues alleged by various unsecured creditors, while avoiding the possible negative impact these litigation issues might have on the company’s business operations.
The plan’s settlement resolves claims associated with the financing of “Step 1” of the going-private transaction, all of which the Examiner found to have less than 50% probability of success. The settlement, which has been overseen by the court-appointed mediator, provides for Tribune Company’s senior bondholders to receive a total distribution of $300 million (approximately 23% of their claim amount) in cash plus their interest in the Litigation Trust.
Unsecured creditors of Tribune Company will receive the same percentage recovery, also in cash and an interest in Litigation Trust, which will allow them to seek redress for potential fraudulent conveyance issues. Unsecured creditors of Tribune Company’s subsidiaries will have an opportunity to receive 50% of their claim amount in cash.
The plan also provides for both Initial Term Loan Lenders and Incremental Term Loan Lenders to receive a pro rata distribution of cash, debt and equity of the reorganized Tribune and its subsidiaries pursuant to the terms of Credit Agreement.
Thought For Today 9-29-2010
The point of living and of being an optimist, is to be foolish enough to believe the best is yet to come.
Peter Ustinov
Peter Ustinov
Tuesday, September 28, 2010
Message from Randy and Gerry/Progress in Mediation
From: Tribune Communications
Sent: Tuesday, September 28, 2010 11:30 AM
Subject: Message from Randy and Gerry/Progress in Mediation
Today we are announcing a significant step forward in the effort to resolve our Chapter 11 proceedings. As a result of the court-ordered mediation we’ve been engaged in over the last week or so, we have reached a settlement with Oaktree Capital Management and Angelo Gordon & Co. on a plan of reorganization for the company. The settlement also has been approved by the special committee of Tribune’s board of directors overseeing our Chapter 11 process.
As Don Liebentritt, Tribune’s chief restructuring officer says in the attached press release, “The plan addresses two primary issues that are fundamental to a successful reorganization of Tribune. First, it enables the company to exit Chapter 11 and distributes the equity of the reorganized Tribune and its subsidiaries to the holders of the Initial and Incremental Term Loan claims. Second, to the extent not settled prior to confirmation, it establishes a litigation trust which preserves all claims identified by the Examiner’s Report relating to ‘Step 2’ of the company’s going-private transaction. We remain confident that additional settlements will be reached.”
Additional details of the settlement can be found in the press release. We’ll continue to keep you informed of developments in our Chapter 11 case as things move forward.
Randy and Gerry
Sent: Tuesday, September 28, 2010 11:30 AM
Subject: Message from Randy and Gerry/Progress in Mediation
Today we are announcing a significant step forward in the effort to resolve our Chapter 11 proceedings. As a result of the court-ordered mediation we’ve been engaged in over the last week or so, we have reached a settlement with Oaktree Capital Management and Angelo Gordon & Co. on a plan of reorganization for the company. The settlement also has been approved by the special committee of Tribune’s board of directors overseeing our Chapter 11 process.
As Don Liebentritt, Tribune’s chief restructuring officer says in the attached press release, “The plan addresses two primary issues that are fundamental to a successful reorganization of Tribune. First, it enables the company to exit Chapter 11 and distributes the equity of the reorganized Tribune and its subsidiaries to the holders of the Initial and Incremental Term Loan claims. Second, to the extent not settled prior to confirmation, it establishes a litigation trust which preserves all claims identified by the Examiner’s Report relating to ‘Step 2’ of the company’s going-private transaction. We remain confident that additional settlements will be reached.”
Additional details of the settlement can be found in the press release. We’ll continue to keep you informed of developments in our Chapter 11 case as things move forward.
Randy and Gerry
Thought For Today 9-28-2010
We are what we repeatedly do. Excellence, then, is not an act but a habit.
Aristotle
Aristotle
Monday, September 27, 2010
Thought For Today 9-27-2010
"When our memories become more important than our dreams, we start to die.“
Memories can be precious, but tomorrow is where the action is.
Memories can be precious, but tomorrow is where the action is.
Friday, September 24, 2010
Thought For Today 9-24-2010
If a man be gracious and courteous to strangers, it shows he is a citizen of the world, and that his heart is no island cut off from other lands, but a continent that joins to them.
Francis Bacon
Francis Bacon
Thursday, September 23, 2010
Los Angeles Times Festival of Books
From: Hartenstein, Eddy
Sent: Wednesday, September 22, 2010 12:58 PM
To: zzTrbAllHandsLAT; zzMediaGroups
Subject: Festival of Books Announcement
Dear colleagues -
We’ve got very exciting news to share with you today. Our next Los Angeles Times Festival of Books will be held at USC’s University Park Campus, marking a change of venue and geography as we head into our 16th year of bringing Southern California the largest public literary festival in the country.
Please feel free to check latimes.com, which just broke the news, and we’ve also included the press release below.
eddy
Los Angeles Times Festival of Books’ 2011 Change of Address
Moves to University of Southern California Campus in the Heart of L.A.'s Downtown Arts and Education Corridor
LOS ANGELES, September 22, 2010 — The Los Angeles Times and the University of Southern California today announced that the Los Angeles Times Festival of Books, one of the Southland’s most cherished and engaging weekend celebrations, will kick off its 16th storied year in a brand new home at USC's University Park Campus April 30-May 1, 2011. Angelenos of all ages interested in famous authors, celebrity appearances, speaker panels, superstar chefs and local musicians will have something extra special to look forward as the celebration debuts downtown.
“After 15 years on the Westside, we are very excited to move the Festival of Books to its beautiful new home and have the opportunity to work hand-in-hand with USC to ensure we grow bigger and better in the future,’ said Times Publisher Eddy Hartenstein. “Attendees and exhibitors can expect more to see, do and experience in addition to great access and a refreshing change of scenery.”
“We are thrilled that the Festival has a new home here,” said C. L. Max Nikias, president of USC. “The Times Festival of Books is known for sparking just the kind of intellectual curiosity and energy that are at the heart of USC’s mission. The Festival is a great fit for our world-class faculty authors and writing programs, as well as for our literacy work in the community. USC and the Los Angeles Times are two of the oldest institutions in Los Angeles, and it's fitting that we would be joining together for this event that is so important to the intellectual life of Southern California."
The move allows for increased attendance due to USC’s central location, proximity to public transportation, abundant parking and newly enhanced campus facilities. The Times and the university will work together to best utilize the University Park Campus to expand programming, provide exhibitors and sponsors with the benefit of more usable space for activation and offer sampling, pouring and concession opportunities. The Festival of Books was previously held on UCLA’s campus in Westwood.
Last year, more than 140,000 people enjoyed the nation’s largest public literary festival, where over 400 authors blended with hundreds of exhibitors representing booksellers, publishers, literacy and cultural organizations. Poetry, mystery, politics, Young Adult, comic book, graphic novel and manga all flavor the Festival’s author readings, book signings, intimate Q&A’s, comedy, children’s activities and more. The free-to-the-public event delivers an exciting and diverse celebration of all the written word inspires.
General event information can be found at latimesfestivalofbooks.com. Information is also available on the Festival of Books Facebook Fan Page and through the official Twitter stream (@latimesfob).
# # #
About the Los Angeles Times Festival of Books
The Los Angeles Times Festival of Books was created in 1996 to promote literacy, celebrate the written word, and bring together those who create books with the people who love to read them. Between 130,000 and 140,000 people attend the event annually.
General event information is available online at latimesfestivalofbooks.com or by calling 1-800-LA TIMES, ext. 7BOOK. Detailed speaker and event information will be provided in the official festival program, to be published in the Los Angeles Times in April 2011.
SOURCE: Kevin Roderick
Sent: Wednesday, September 22, 2010 12:58 PM
To: zzTrbAllHandsLAT; zzMediaGroups
Subject: Festival of Books Announcement
Dear colleagues -
We’ve got very exciting news to share with you today. Our next Los Angeles Times Festival of Books will be held at USC’s University Park Campus, marking a change of venue and geography as we head into our 16th year of bringing Southern California the largest public literary festival in the country.
Please feel free to check latimes.com, which just broke the news, and we’ve also included the press release below.
eddy
Los Angeles Times Festival of Books’ 2011 Change of Address
Moves to University of Southern California Campus in the Heart of L.A.'s Downtown Arts and Education Corridor
LOS ANGELES, September 22, 2010 — The Los Angeles Times and the University of Southern California today announced that the Los Angeles Times Festival of Books, one of the Southland’s most cherished and engaging weekend celebrations, will kick off its 16th storied year in a brand new home at USC's University Park Campus April 30-May 1, 2011. Angelenos of all ages interested in famous authors, celebrity appearances, speaker panels, superstar chefs and local musicians will have something extra special to look forward as the celebration debuts downtown.
“After 15 years on the Westside, we are very excited to move the Festival of Books to its beautiful new home and have the opportunity to work hand-in-hand with USC to ensure we grow bigger and better in the future,’ said Times Publisher Eddy Hartenstein. “Attendees and exhibitors can expect more to see, do and experience in addition to great access and a refreshing change of scenery.”
“We are thrilled that the Festival has a new home here,” said C. L. Max Nikias, president of USC. “The Times Festival of Books is known for sparking just the kind of intellectual curiosity and energy that are at the heart of USC’s mission. The Festival is a great fit for our world-class faculty authors and writing programs, as well as for our literacy work in the community. USC and the Los Angeles Times are two of the oldest institutions in Los Angeles, and it's fitting that we would be joining together for this event that is so important to the intellectual life of Southern California."
The move allows for increased attendance due to USC’s central location, proximity to public transportation, abundant parking and newly enhanced campus facilities. The Times and the university will work together to best utilize the University Park Campus to expand programming, provide exhibitors and sponsors with the benefit of more usable space for activation and offer sampling, pouring and concession opportunities. The Festival of Books was previously held on UCLA’s campus in Westwood.
Last year, more than 140,000 people enjoyed the nation’s largest public literary festival, where over 400 authors blended with hundreds of exhibitors representing booksellers, publishers, literacy and cultural organizations. Poetry, mystery, politics, Young Adult, comic book, graphic novel and manga all flavor the Festival’s author readings, book signings, intimate Q&A’s, comedy, children’s activities and more. The free-to-the-public event delivers an exciting and diverse celebration of all the written word inspires.
General event information can be found at latimesfestivalofbooks.com. Information is also available on the Festival of Books Facebook Fan Page and through the official Twitter stream (@latimesfob).
# # #
About the Los Angeles Times Festival of Books
The Los Angeles Times Festival of Books was created in 1996 to promote literacy, celebrate the written word, and bring together those who create books with the people who love to read them. Between 130,000 and 140,000 people attend the event annually.
General event information is available online at latimesfestivalofbooks.com or by calling 1-800-LA TIMES, ext. 7BOOK. Detailed speaker and event information will be provided in the official festival program, to be published in the Los Angeles Times in April 2011.
SOURCE: Kevin Roderick
Newspaper Story
Newspaper Story 1950:Man at teletype machine.Teletype machine with super of hurricane over page. Story sent in pneumonic tube. Man prepares negative for press. Printer washes photo plate. Engraver etches photo plate. Man sets type at press. Type falling into place. Printers arrange type. Printer makes proof of column. Printer sends pneumonic tube. Proofreader checks story. Printer casts mold of type. Headline. Men setting type, compose page. Man sets page for printer. Mat for front page. Men dry mat. Machine makes cast of mat onto metal. Mat is trimmed by machine. Man shaves edges of metal mat. Mat plates on conveyor. Mats loaded onto press drums. Press starts up. Press rolling, men feed huge roll of paper into press (GREAT!)Printers work as press rolls behind. Papers steam off press. Papers travel on belt. Papers stacked. Newsboy makes sale. Newsboy:
BSMG Launches iPhone App for The Baltimore Sun
The Baltimore Sun Media Group today launches The Baltimore Sun’s iPhone app, which offers advanced features and functionality that optimize the way iPhone users view Sun content.
“We think iPhone users will appreciate how easy it is to use our new app to read our valuable content, view photos and share stories with their friends,” said Mary J. Corey, senior vice president and director of content for The Baltimore Sun. “They can even save content and view it later.”
Among the app’s featured elements are built-in sharing with social media platforms and the ability for users to browse and customize the order in which sections appear, based on their preferences. This is the latest in a continuing series of upgrades and improvements that have helped Baltimore Sun’s mobile traffic grow 31% in 2010 over 2009. Traffic on the website also has grown, with an increase this year of 71% in local visits.
Launching the iPhone app will help reinforce BSMG’s strategy of providing the news first, whether consumers choose to access it in print, online or via a mobile device. To learn more about the app, go to baltimoresun.com/appiphone. To purchase the app for a one-time $1.99 download fee, go to iTunes.
The app was created by Tribune Corporation’s Apptivate.Me unit, which develops mobile applications for Tribune’s media properties, including Chicago Tribune and Los Angeles Times, as well as its advertisers and other clients.
About Baltimore Sun
The Baltimore Sun Media Group, a Tribune company, publishes The Baltimore Sun, baltimoresun.com, 30 community newspapers and magazines, and a growing portfolio of targeted print and online products, including b free daily. In print and online, the Baltimore Sun Media Group reaches 1.2 million readers each week in the Baltimore area, making it the region’s most widely read source of news and information.
“We think iPhone users will appreciate how easy it is to use our new app to read our valuable content, view photos and share stories with their friends,” said Mary J. Corey, senior vice president and director of content for The Baltimore Sun. “They can even save content and view it later.”
Among the app’s featured elements are built-in sharing with social media platforms and the ability for users to browse and customize the order in which sections appear, based on their preferences. This is the latest in a continuing series of upgrades and improvements that have helped Baltimore Sun’s mobile traffic grow 31% in 2010 over 2009. Traffic on the website also has grown, with an increase this year of 71% in local visits.
Launching the iPhone app will help reinforce BSMG’s strategy of providing the news first, whether consumers choose to access it in print, online or via a mobile device. To learn more about the app, go to baltimoresun.com/appiphone. To purchase the app for a one-time $1.99 download fee, go to iTunes.
The app was created by Tribune Corporation’s Apptivate.Me unit, which develops mobile applications for Tribune’s media properties, including Chicago Tribune and Los Angeles Times, as well as its advertisers and other clients.
About Baltimore Sun
The Baltimore Sun Media Group, a Tribune company, publishes The Baltimore Sun, baltimoresun.com, 30 community newspapers and magazines, and a growing portfolio of targeted print and online products, including b free daily. In print and online, the Baltimore Sun Media Group reaches 1.2 million readers each week in the Baltimore area, making it the region’s most widely read source of news and information.
Thursday morning in the Blogosphere
- Bad year for minorities in broadcast journalism - RBR
- Layoffs At The LA Times Magazine - Matthew Fleischer
- Mexico Newspaper, a Drug War Victim - New York Times
- Hearing on Eve of Tribune Co. Bankruptcy Mediation - E&P
- LA Times moving Festival of Books to USC - Kevin Roderick
- manroland Investigation Finds Irregularities, Possible Bribes - E&P
- Hyperlocal: What Works, What Doesn’t - Newspaper Death Watch
- Michael Eisner 'highly unlikely' to take Trib job - Hollywood Reporter
- Trib Judge Refuses to Replace Law Firm Hired By Creditors - Bloomberg
- Press-Enterprise's owner wants to toss the old newspaper image - Gary Scott
manroland AG discovers irregularities relating to sales commission payments
Man-Rowland press release
09.21.2010
Company has informed public prosecutors/Internal investigation ongoing
As part of an internal audit investigation initiated by the Executive Board of manroland AG, irregularities have been discovered relating to sales commission payments. Involving external auditors and lawyers, investigations were performed in close connection with a tax audit. So far, the investigation findings – of which the Supervisory Board was notified today – have confirmed suspicions that commission payments were made without proof of services actually having been provided in return. Investigators are devoting particular attention in this regard to specific cases involving Swiss subsidiary VOTRA S.A. in the period from 2002 to the beginning of 2007. The Executive Board has initiated a full investigation into the matter by external lawyers, tax advisors and auditors, and has notified public prosecutors of these irregularities and of progress made in the investigation to date.
“We will do all we can to get to the bottom of these and any further abuses that come to light,” said the Chairman of the Executive Board of manroland AG, Gerd Finkbeiner. “We have a responsibility to our business partners, customers and staff to make it clear that we will not tolerate legal violations. This investigation has top priority, not least in light of our company's realignment which was announced last Friday.”
The Supervisory Board is assisting the Executive Board with the investigation and fully supports the Executive Board in the difficult task of guiding the company through the restructuring process.
09.21.2010
Company has informed public prosecutors/Internal investigation ongoing
As part of an internal audit investigation initiated by the Executive Board of manroland AG, irregularities have been discovered relating to sales commission payments. Involving external auditors and lawyers, investigations were performed in close connection with a tax audit. So far, the investigation findings – of which the Supervisory Board was notified today – have confirmed suspicions that commission payments were made without proof of services actually having been provided in return. Investigators are devoting particular attention in this regard to specific cases involving Swiss subsidiary VOTRA S.A. in the period from 2002 to the beginning of 2007. The Executive Board has initiated a full investigation into the matter by external lawyers, tax advisors and auditors, and has notified public prosecutors of these irregularities and of progress made in the investigation to date.
“We will do all we can to get to the bottom of these and any further abuses that come to light,” said the Chairman of the Executive Board of manroland AG, Gerd Finkbeiner. “We have a responsibility to our business partners, customers and staff to make it clear that we will not tolerate legal violations. This investigation has top priority, not least in light of our company's realignment which was announced last Friday.”
The Supervisory Board is assisting the Executive Board with the investigation and fully supports the Executive Board in the difficult task of guiding the company through the restructuring process.
Thought For Today 9-23-2010
We worry about what a child will become tomorrow, yet we forget that he is someone today.
Stacia Tauscher
Stacia Tauscher
Wednesday, September 22, 2010
SSG Robert James Miller: Medal Of Honor
"His teammates recalled how quickly he picked up Pashto (one of Afghanistan's native languages) and how the local villagers loved to spend time with him and teach him their language and culture. According to one team member's recollections, the villagers developed a bond with him over evening meals while drinking chai tea; they respected and trusted him. In all things, "Robbie," as he was called, was a natural to Special Forces, a true embodiment of a Green Beret."Read the rest at:
The Kitchen Dispatch
Thought For Today 9-22-2010
You will face many defeats in your life, but never let yourself be defeated.
Maya Angelou
Maya Angelou
Tuesday, September 21, 2010
Developments in Tribune Chapter 11 case
Message from Randy Michaels and Gerry Spector
Friday, September 17
A short time ago, one of our creditors, Oaktree Capital, filed its own proposal for a plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware. Without going into the details of their proposal, we want to share with you our views about the filing and its impact on the mediation process in which we are currently engaged.
Next week, Tribune and all of the major creditor constituencies in our Chapter 11 case will participate in a mediation aimed at, as the court order says, “resolving disputes in connection with the formulation and proposal of a confirmable plan of reorganization, including the appropriate resolution of the LBO-Related Causes of Action.”
We are are hopeful that the mediation will be successful and that when it is over, we will be in a position to proceed to the confirmation of an amended plan that we believe will have the prospect of substantial support. In the event that such a plan does not gain sufficient creditor support, the general approach contained in the Oak Tree Plan may provide the next best alternative and an expeditious pathway to confirmation.
For now, and until it is completed, we remain focused on the mediation process.
Randy and Gerry
Friday, September 17
A short time ago, one of our creditors, Oaktree Capital, filed its own proposal for a plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware. Without going into the details of their proposal, we want to share with you our views about the filing and its impact on the mediation process in which we are currently engaged.
Next week, Tribune and all of the major creditor constituencies in our Chapter 11 case will participate in a mediation aimed at, as the court order says, “resolving disputes in connection with the formulation and proposal of a confirmable plan of reorganization, including the appropriate resolution of the LBO-Related Causes of Action.”
We are are hopeful that the mediation will be successful and that when it is over, we will be in a position to proceed to the confirmation of an amended plan that we believe will have the prospect of substantial support. In the event that such a plan does not gain sufficient creditor support, the general approach contained in the Oak Tree Plan may provide the next best alternative and an expeditious pathway to confirmation.
For now, and until it is completed, we remain focused on the mediation process.
Randy and Gerry
Developments in Tribune Chapter 11 Process
Monday, September 13
Today the Unsecured Creditors Committee (UCC) in our Chapter 11 process filed a motion with the Bankruptcy Court asking for standing to pursue certain alleged claims against individuals and groups connected to our 2007 going-private transaction. You may wonder why the UCC decided to file this motion while we are engaged in mediation with our various creditor groups. We believe that the UCC filed its motion because the deadline for initiating these types of claims is in early December.
The motion reads, in part, “…the December 8, 2010 statutory deadline imposed by 11 U.S.C. 546(a)(2) is looming. Because the Committee cannot risk that valuable estate claims will be forever lost by the passage of the filing deadline, it is filing the Standing Motion so the Court and parties in interest have sufficient time to address the issue of standing. In that way, complaints can be finalized and filed in advance of the statutory deadline, to the extent it becomes necessary to preserve the causes of action. Apart from obtaining standing, however, it is the Committee’s intention to stand down from further prosecution of the claims while the mediation is pending before Judge Gross.” Judge Gross is the court-appointed mediator assigned to oversee our negotiations.
As you might expect, the motion filed by the UCC is getting some media attention so we wanted you to have our perspective on it. We remain focused on the mediation process and trying to reach consensus with our creditors on a restructuring plan.
Randy and Gerry
Today the Unsecured Creditors Committee (UCC) in our Chapter 11 process filed a motion with the Bankruptcy Court asking for standing to pursue certain alleged claims against individuals and groups connected to our 2007 going-private transaction. You may wonder why the UCC decided to file this motion while we are engaged in mediation with our various creditor groups. We believe that the UCC filed its motion because the deadline for initiating these types of claims is in early December.
The motion reads, in part, “…the December 8, 2010 statutory deadline imposed by 11 U.S.C. 546(a)(2) is looming. Because the Committee cannot risk that valuable estate claims will be forever lost by the passage of the filing deadline, it is filing the Standing Motion so the Court and parties in interest have sufficient time to address the issue of standing. In that way, complaints can be finalized and filed in advance of the statutory deadline, to the extent it becomes necessary to preserve the causes of action. Apart from obtaining standing, however, it is the Committee’s intention to stand down from further prosecution of the claims while the mediation is pending before Judge Gross.” Judge Gross is the court-appointed mediator assigned to oversee our negotiations.
As you might expect, the motion filed by the UCC is getting some media attention so we wanted you to have our perspective on it. We remain focused on the mediation process and trying to reach consensus with our creditors on a restructuring plan.
Randy and Gerry
Thought For Today 9-21-10
"The Will Of God Will Never Take You Where The Grace Of God Will Not Protect You."
Sunday, September 19, 2010
He's BACK! Or is he?
Well, according to this blog, Our Blogging Pressman seems to be back...as of last night! Turns out, he's been cavorting with celebrities, as well as the rich and famous. But don't be fooled by the many posts he made all at once. We can be SURE there's more of the same coming:-)
NOTE TO BLOGGING PRESSMAN: Don't forget your loyal readers, while you enjoy rubbing elbows! Take care!
Apple to the Rescue of Newspapers?
Silicon Valley-based Mercury News is reporting that Apple (NASDAQ:AAPL) may be planning a subscription service for newspapers. This could be music to the ears of publishers such as the New York Times (NYSE:NYT), Gannet (NYSE:GCI) and the Washington Post (NYSE:WPO) who have long struggled to keep interest alive in the print editions of their papers as more and more news consumers moved to online media. No specific newspapers or details were revealed, but the report noted that Apple could take 30% of app revenue and 40% of advertising revenue from those apps. This may be a sticking point as the reported also noted that publishers are not pleased with Apple's terms and would prefer to just pay Apple a fee rather than a cut of revenue. Mercury News is also reporting that Apple may allow subscribers to opt-in to allow personal information to be shared with publishers for advertising purposes. SmarTrend is bullish on shares of Apple and our subscribers were alerted to buy on September 8, 2010 at $261.75. The stock has risen 5.7% since the alert was issued.
Don't Let Newspapers Die
Karyn Lewis Bonfiglio has created this cause on Facebook, which has a membership of over 102,000, and growing daily. If you work in the newspaper industry or have worked for a newspaper in the past, this cause will be of great interest to you.
Not certain this link will run, but give it a try?
Save Our Trade: Court Report
By Ronnie Pineda
Dear Brothers and Sisters,
Today in Civil Court, the Judge decided to continue all of our cases until November 1, 2010. The Judge indicated that he has heard Union cases regarding Union dues and needs more time and information. The Court was made aware of the pending appeal with the NLRB in Washington by Lee Carey and his FREE Legal friends at the National Right to Work regarding the Union Security language and that a decision has yet to be made. There is no indication when the Board in Washington will rule on Lee’s appeal but we will expect the Judge in these cases to make a decision upon returning to Court in November.
The Judge informed the defendants that they can pay now and should the NLRB in Washington over rule the NLRB Regional Director’s instant dismissal, the Local would then return any dues collected by them. Rarely does the Board in Washington overturn Regional decisions.
The bargaining unit employees refusing to pay dues have no problem accepting the monies given to them in accordance with the CBA yet they maintain they don’t want to support the Local financially. This agreement protects their wages as well as other areas of employment that would no doubt have been drastically reduced along with everyone else’s in the Country had the contract not been ratified. The Company also took from them what was taken from everyone else so why do they believe they can accept the benefits of the contract and shun the rest?
The Union Security Language is very clear stating that dues are to be paid to the Local as a condition of employment. The Freeriders contend that the language is flawed, but the fact is the Union and the Company agreed to the language that was ultimately ratified by a majority vote.
Our Collective Bargaining Agreement is a Binding Contract and we will argue that the Court require the defendants to abide by it. We brought to the Courts attention that the Members that are paying their Monthly Dues should not have to subsidize those that refuse to pay.
Without the necessary resources, the Local cannot afford to defend the contract against violations by the Company and that is why the Company will benefit in the long run when we refuse to support our Union.
The Local continues to be willing to make arrangements with bargaining unit employees that are in arrears. Please contact Local Secretary Treasurer, Linard Williams to make payment arrangements.
In Solidarity,
Ronnie Pineda,
President
GCC/IBT Local 140-N
Save Our Trade: Court Report
Dear Brothers and Sisters,
Today in Civil Court, the Judge decided to continue all of our cases until November 1, 2010. The Judge indicated that he has heard Union cases regarding Union dues and needs more time and information. The Court was made aware of the pending appeal with the NLRB in Washington by Lee Carey and his FREE Legal friends at the National Right to Work regarding the Union Security language and that a decision has yet to be made. There is no indication when the Board in Washington will rule on Lee’s appeal but we will expect the Judge in these cases to make a decision upon returning to Court in November.
The Judge informed the defendants that they can pay now and should the NLRB in Washington over rule the NLRB Regional Director’s instant dismissal, the Local would then return any dues collected by them. Rarely does the Board in Washington overturn Regional decisions.
The bargaining unit employees refusing to pay dues have no problem accepting the monies given to them in accordance with the CBA yet they maintain they don’t want to support the Local financially. This agreement protects their wages as well as other areas of employment that would no doubt have been drastically reduced along with everyone else’s in the Country had the contract not been ratified. The Company also took from them what was taken from everyone else so why do they believe they can accept the benefits of the contract and shun the rest?
The Union Security Language is very clear stating that dues are to be paid to the Local as a condition of employment. The Freeriders contend that the language is flawed, but the fact is the Union and the Company agreed to the language that was ultimately ratified by a majority vote.
Our Collective Bargaining Agreement is a Binding Contract and we will argue that the Court require the defendants to abide by it. We brought to the Courts attention that the Members that are paying their Monthly Dues should not have to subsidize those that refuse to pay.
Without the necessary resources, the Local cannot afford to defend the contract against violations by the Company and that is why the Company will benefit in the long run when we refuse to support our Union.
The Local continues to be willing to make arrangements with bargaining unit employees that are in arrears. Please contact Local Secretary Treasurer, Linard Williams to make payment arrangements.
In Solidarity,
Ronnie Pineda,
President
GCC/IBT Local 140-N
Save Our Trade: Court Report
Saturday, September 18, 2010
The Newspaper Industry will Never Recover
Douglas A. McIntyre from Axis of Logic has created a list of ten American Industries that will most likely never return to their heydays, newspapers were listed at number seven on his list.
7. Newspapers. The layoffs in newspapers began in the 1980s as presses became more automated and tens of thousands of pressmen lost jobs. More recently, the changing habits of news consumption have increased internet readers and hurt print, which has caused more job losses in press rooms. Reporters and editors have lost work as print subscribers have stopped paying for what they can get online for free. One recent study claims that the newspaper industry employee base fell from 767,000 jobs in 1998to 619,000 jobs in 2008. The U.S. Department of Labor has forecast another 120,000 newspaper layoffs over the next 10 years.
"It has become clear that jobs in some industries may never come back or if theyClick on title or here for the complete list.
do it will take years or decades for a recovery. 24/7 Wall St. examined the
Bureau of Labor Statistics’ “Employment Situation Summary” and a number of
sources that show layoffs by company and sector. The weakness in these sectors
will make it harder for the private industry, even aided by the government, to
bring down total unemployment from 9.6% and replace the 8.3 million jobs lost
during the recession. The losses in these industries have to be offset by growth
in others before there can be any net increase in American employment.
Some of the industries are obvious. Detroit will never employ the number
of people it did five years ago. Domestic car sales hit 16 million in 2005 and
2006. That number will be closer to 11.5 million in 2010. More cars and light
vehicles are made overseas now, in places like Mexico, to keep labor costs down.
Home construction is another industry that will almost certainly not
recover. Home inventories are still extremely high and home prices have fallen
to the levels where they were in 2004. Prices in some markets, which include Las
Vegas, Florida and parts of California have dropped 60% to 70%. New construction
in those markets will not begin again in the foreseeable future".
7. Newspapers. The layoffs in newspapers began in the 1980s as presses became more automated and tens of thousands of pressmen lost jobs. More recently, the changing habits of news consumption have increased internet readers and hurt print, which has caused more job losses in press rooms. Reporters and editors have lost work as print subscribers have stopped paying for what they can get online for free. One recent study claims that the newspaper industry employee base fell from 767,000 jobs in 1998to 619,000 jobs in 2008. The U.S. Department of Labor has forecast another 120,000 newspaper layoffs over the next 10 years.
Teachers Union Protests L.A. Times Coverage
Hundreds of Los Angeles Unified School District teachers rallied in front of The Times on Tuesday evening, protesting what they said was unfair reporting in recent articles that used a statistical analysis to compare the performances of thousands of elementary school teachers. The teachers, many of them wearing red union T-shirts, waved placards that said: "Shame on the L.A. Times," and "We Demand Fair Reporting."
Saturday Night in the Blogosphere
From left to right, Bill Conover, Terry Domingo, Blogging Pressman, and Don Reese
- Stopping the presses in San Diego - Gary Scott
- Miami Herald cuts 49 positions - Poytner Online
- The still-evolving Newsonomics of digital transition - NJL
- Why running as fast as we can is getting us nowhere - CJR
- Study Finds CEO Salaries Increase With Layoffs - Truthout
- Tribune's 'Hoy Fin de Semana' Increases Circulation - Tina Dupuy
- Online Journalism or Journalism Online? There is a difference - OJR
- The Ten American Industries Which Will Never Recover - Axis of Logic
- Tribune Creditors Seek to Sue Shareholders, Zell - Broadcast Union News
- Key Creditors file reorganization plan in Tribune bankruptcy - Los Angeles Times
Tribune Company' missing memo from the CEO
Well I had planned to return to the Blogosphere with the memo from Tribune CEO Randy Michaels and COO Gerry Spector, but no one I have contacted has received a copy of this ghost memo yet. Most internal memo’s from the Los Angeles Times can be located on Kevin Roderick’ LAObserved, or Jim Romenesko’ Poytner Online, the memo in question is missing in action.
In Saturday’s Los Angeles Times, on page AA2, Michael Oneal writes”
Michael, if you have a copy of this memo would you please share it with the remaining Tribune Employees please?
In Saturday’s Los Angeles Times, on page AA2, Michael Oneal writes”
"In a note to employees late Friday, Tribune Chief Executive Randy Michaels and
Chief Operating Officer Gerry Spector said they hoped the mediation succeeded.But if it doesn't, they said, the Oaktree-Angelo plan's approach may provide
the next best alternative."
Michael, if you have a copy of this memo would you please share it with the remaining Tribune Employees please?
M.I.A.
Have you seen The Blogging Pressman? He seems to be missing in action!!! Please notify sitings at 1-888-PLS-BLOG!
Friday, September 17, 2010
Thursday, September 16, 2010
Seat Manufacturers Mistake Aircraft with Amusement Park Ride
Not many words needed today.
Just disgust. This is the new "Sky Rider" seat so airplanes can cram more people onto planes. See? Everyone here stands, resting on the "bicycle" seat. Don't worry, you only have to stand for 2 hours.
Can you imagine trying to exit in an emergency? Yup, instant death.
Or having someone in back you sneeze? Maybe a baby screaming in your ear?
The airlines that invests in this deserves to go out of business.
Meals will be liquid so everyone can just sip through a straw.
Bathroom? Oh, everyone will be handed a diaper upon check in. People will just have to pee their pants.
Just disgust. This is the new "Sky Rider" seat so airplanes can cram more people onto planes. See? Everyone here stands, resting on the "bicycle" seat. Don't worry, you only have to stand for 2 hours.
Can you imagine trying to exit in an emergency? Yup, instant death.
Or having someone in back you sneeze? Maybe a baby screaming in your ear?
The airlines that invests in this deserves to go out of business.
Meals will be liquid so everyone can just sip through a straw.
Bathroom? Oh, everyone will be handed a diaper upon check in. People will just have to pee their pants.
Tuesday, September 14, 2010
Thought For Today 9-14-2010
Optimist: Person who travels on nothing from nowhere to happiness.
Mark Twain
Mark Twain
Monday, September 13, 2010
ALERT: ATTENDANCE & SUPPORT NEEDED at MEMORIAL FOR SOLDIER
Ed, Rita, Everyone, Please get the word out: SGT Ray Alcaraz, an Army Medic assigned to the 173rd Brigade Support Combat Team was killed by an IED on 31 August 2010. There will be a memorial for him on Wednesday, September 15 in San Bernardino. A tribute has been set up by Captain J.
The Westboro Church "God Hates America," a hateful, vitriolic group of fake Christians is going to protest and mock the life of this fine young man. If they make good on their word, they
will cause grief to his family and friends. If you are retired, unemployed, or not working that day, please attend his memorial to honor his patriotism, brotherhood, and service not only to this country but also to his family and community.Here's the info: The Rock Church and World Outreach Center 2345 S. Waterman Ave., San Bernardino, CA 92408 (909) 825-8887. The Westboro Church is going to meet up there at 8:15. The service starts at 9 am with burial following at Hillside Memorial Park in Redlands.
Here is a link to their plan:
God Hates America
It's not known whether or not they've applied for a permit to be there. Apparently Phelps and his band threaten to go to many funerals. But given that Phelps is a fixture each year without fail at the Rose Bowl, as well as other events, I would not be surprised if they did show up. Permit or not.
Also lost on this day in this incident were:
Staff Sgt. Vinson B. Adkinson III, 26, of Harper, Kan.
Pfc. Matthew E. George, 22, of Gransboro, N.C.
Pfc. James A. Page, 23, of Titusville, Fla.
The Humility of SSG Sal Giunta, Medal of Honor Recipient
Each medal was earned through
with blood, sweat, brotherhood, danger, tears --and more often than not, the loss of friends.
Read the rest at:
The Kitchen Dispatch
with blood, sweat, brotherhood, danger, tears --and more often than not, the loss of friends.Read the rest at:
The Kitchen Dispatch
Thought For Today 9-13-2010
Do not be embarrassed by your mistakes. Nothing can teach us better than our understanding of them. This is one of the best ways of self-education.
Thomas Carlyle
Thomas Carlyle
Saturday, September 11, 2010
Thank You: We Still Believe
Decorative tile on chainlink fence, a memorial to 9/11.
Greenwich Village, NY. 2009
You give us strength.
To friends who lost loved ones on 9/11, we think of you often.
To those who have served, thank you for your service and sacrifice.
For the men and women who have died, whether soldier or civilian,
we salute and keep them in our prayers.
We send good tidings to the families and loved ones
who stay behind to keep hearths warm.
To every person who has supported the troops,
and made your corner of the world better,
thank you for all that you do.
As the work continues: each day, take stock, look skyward, and smile.
To those who have served, thank you for your service and sacrifice.
For the men and women who have died, whether soldier or civilian,
we salute and keep them in our prayers.
We send good tidings to the families and loved ones
who stay behind to keep hearths warm.
To every person who has supported the troops,
and made your corner of the world better,
thank you for all that you do.
As the work continues: each day, take stock, look skyward, and smile.
| The Colbert Report | Mon - Thurs 11:30pm / 10:30c | |||
| John Legend - Coming Home | ||||
| ||||
Friday, September 10, 2010
Thursday, September 09, 2010
Thought For Today 9-9-2010
If your heart acquires strength, you will be able to remove blemishes from others without thinking evil of them.
Mohandas K. Gandhi
Mohandas K. Gandhi
Wednesday, September 08, 2010
Winn Army Hospital Hostage Update: Amazing Grace
Psychiatric Nurse and Hero, Army Major Sabor SheltonThe definition of grace under pressure:Read the rest at:
“I didn’t want to go initially,” said Shelton. “I wanted to run like a bunch of other people. But I knew what I was trained to do.
The Kitchen Dispatch
Thought For Today 9-8-2010
You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions.
Naguib Mahfouz
Naguib Mahfouz
Tuesday, September 07, 2010
Thought For Today 9-7-2010
We need old friends to help us grow old and new friends to help us stay young.
Letty Cottin Pogrebin
Letty Cottin Pogrebin
Monday, September 06, 2010
No Hospital Is An Island: 3 Taken Hostage At Winn Army Hospital
"an unidentified gunman came into the Winn Army ER on post, and held 3 employees hostage earlier today."
Read more at:
The Kitchen Dispatch
Read more at:
The Kitchen Dispatch
Saturday, September 04, 2010
A look at Facebook Places
Los Angeles Times technology writers Mark Milian and David Sarno take a look at the new mobile app, Facebook Places, that allows users to announce their whereabouts by "checking in" to a particular location. Read more at http://bit.ly/bVppn3
Time Clock Training at the Los Angeles Times
From: Harvey, Randy
Sent: Wednesday, September 01, 2010 5:50 PM
To: yyeditall
Subject: memo
As you may be aware, the company has decided to implement a new time-logging and attendance system for payroll purposes known as KRONOS.
While it primarily affects hourly employees and their supervisors, the HR department believes it is necessary for all employees to attend training sessions to learn about the new procedures, which include some adjustments to pay policies. Each session will take between a half-hour and hour, depending on employee questions.
Annette Gascon, the HR representative for editorial, will conduct these sessions for our department and you’ll be hearing from her soon. Please plan to attend the session assigned to you. If you are not able to attend your assigned session, please make arrangements to receive the information before the system is implemented, currently scheduled for mid to late September.
Thanks in advance for your cooperation,
Randy
SOURCE: Kevin Roderick
Sent: Wednesday, September 01, 2010 5:50 PM
To: yyeditall
Subject: memo
As you may be aware, the company has decided to implement a new time-logging and attendance system for payroll purposes known as KRONOS.
While it primarily affects hourly employees and their supervisors, the HR department believes it is necessary for all employees to attend training sessions to learn about the new procedures, which include some adjustments to pay policies. Each session will take between a half-hour and hour, depending on employee questions.
Annette Gascon, the HR representative for editorial, will conduct these sessions for our department and you’ll be hearing from her soon. Please plan to attend the session assigned to you. If you are not able to attend your assigned session, please make arrangements to receive the information before the system is implemented, currently scheduled for mid to late September.
Thanks in advance for your cooperation,
Randy
SOURCE: Kevin Roderick
Saturday Morning in the Blogosphere
Photo taken by Pressman Pat Sweeney from the Plain Dealer
- Publisher out at the Desert Sun - Gary Scott
- Press as Facebook & Foursquare - Jeff Jarvis
- Trib creditors zero in on Zell - The New York Post
- Nation’s Only Black Editorial Cartoonist Laid Off - E&P
- McClatchy's Macon-Columbus Print Pact Ending - E&P
- Time clock training at the L.A. Times - Kevin Roderick
- Seismic Shift at USA Today - Newspaper Death Watch
- Taser Death: King Hoover (Spanaway, WA) - Electronic Village
- LAT Loses Awards Columnist A Week Before Awards - Tina Dupuy
- Judge appoints mediator in Tribune bankruptcy case - Los Angeles Times
Friday, September 03, 2010
Soldiers Used To Make Smoke Cloud For Nada
Some really stupid and dirty tactics here:"While Dan Chmielewski tried to make it appear he gave a hoot for the troops, it was just a smoke shield to air his disgust and contempt for the conservative Nelson."Read the rest at: The Kitchen Dispatch
Thursday, September 02, 2010
Thought For Today 9-2-2010
Even if you can't sing well, sing. Sing to yourself. Sing in the privacy of your home. But sing.
Rebbe Nachman
Rebbe Nachman
James Jay Lee: "If there were no troops, there'd be no war!"
Blogger Jonn Lilyea, a popular veteran who runs the popular blog This Aint Hell remembered he had come across Discovery Channel hostage-taker James J. Lee at an anti war protest last year in D.C. Lilyea is careful and most diplomatic not to assign Lee to any group, unlike others who have branded Lee a right wing extremist, or on one anti-evolution blog, a Darwinist. Lilyea talked to him for a long time, and filmed him.
Today, he writes:
In addition, Dr. Keith Ablow weighs in on Lee's mental health status, saying despite efforts to bran him as a terrorist, he wasn't and there are differences. It's a good read.
White House Protest 10-5-2009
He was obviously mentally ill. Apparently, he was abusive for years to his family. He was estranged from them. Their fears of him coming back to mete out more abuse or hurt others are over. Still, those taken hostage will live with the memories of this incident forever.
Today, he writes:
"He was steeped in all kinds of Leftist blather. But he spewed out a lot of Ron Paul crap mixed with some Republican talking points – whatever fit his protest sign. He was a raving lunatic and I wouldn’t blame any political party for James J. Lee like some people have. He was just an average DC nut job."
In addition, Dr. Keith Ablow weighs in on Lee's mental health status, saying despite efforts to bran him as a terrorist, he wasn't and there are differences. It's a good read.
White House Protest 10-5-2009
He was obviously mentally ill. Apparently, he was abusive for years to his family. He was estranged from them. Their fears of him coming back to mete out more abuse or hurt others are over. Still, those taken hostage will live with the memories of this incident forever.
Wednesday, September 01, 2010
Thought For Today 9-1-2010
Any culture that destroys its own life support systems and calls that progress is totally insane.
John Croft
John Croft