New York Times reports that the Tribune's woes could bring another ESOP flop
December 16, 2008
The New York Times reports that Tribune employees will likely take the first hit from the Company’s bankruptcy filing. Due to the structure of the Sam Zell’s purchase of the Tribune, employees own 100 percent of the Company’s common equity, will generally be the first to take a loss in the bankruptcy restructuring, and will likely recover next to nothing.
http://dealbook.blogs.nytimes.com/2008/12/08/tribunes-woes-could-bring-another-esop-flop/