I don't really do the Gawker late night thing so much...I'm actually up waiting for something too stupid to mention...but what happened to that Cajun Boy dude? Didn't he use to have this gig at some point? Is this the same person, sans the silly moniker?
This is truly the most grammatically and factually challenged piece on Sam Zell I have ever read in my life. Speaking as a former LAT-er, who experienced the a-hole in real life.
You missed one aspect that makes the story worse - he only put in $300 mil of his own money, and loaded up Tribune with $13 billion of debt, which means at least $650 mil of interest payments a year - and then blamed the collapse on "the economy" rather than his own greedy over-leveraging.
He's only out the $300 mil (and a ding to his reputation), and he made billions on selling his real estate business (Equity Office Properties) to Blackstone for $39 billion in 2007. yet he torpedoed the jobs and futures of hundreds, if not thousands.
I'd like to think no bored billionaires would make the same mistake again, but surely some filthy rich guy will snatch up a newspaper company in the near future.
Best TRB news I've heard in a while (there is a little justice, after all): Zell also holds a $250 million note representing a loan he made to the company as part of the going-private transaction. That note, however, is near the bottom of the hierarchy of claims in Tribune Co.'s Chapter 11 bankruptcy case, and the source said it is unlikely it would retain any value as the capital reorganization proceeds. LAT
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Uh, snugbug? I know you, don't I.
08/18/09
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— F Huber
[krugman.blogs.nytimes.com]
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He's only out the $300 mil (and a ding to his reputation), and he made billions on selling his real estate business (Equity Office Properties) to Blackstone for $39 billion in 2007. yet he torpedoed the jobs and futures of hundreds, if not thousands.
06/08/09
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So does Sam Zell. Shouldn't he get some props?
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