The Last Word on The ESOP From Sam Zell

Talk to Sam <talktoSam@Tribune.com> wrote: Subject: RE: Questions
Date: Wed, 2 Apr 2008 09:09:53 -0500
From: "Talk to Sam" <talktoSam@Tribune.com>
To: "Robert Daraio"

Bob – I’ve said all I have to say on this matter. Sam

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From: Robert Daraio [mailto:bdaraio@yahoo.com]
Sent: Wednesday, February 13, 2008 12:36 PM
To: Talk to Sam
Subject: RE: Questions

Hi Sam,

Thanks for your prompt and clear response. Everything you say is absolutely true regarding what has occurred so far.

To recap: All components of compensation, including retirement and stock plans, for union represented employees are negotiated in collective bargaining. The ESPP participated in by IBEW represented Tribune employees ended in April 2007 right after the sale of the company was announced and the ESPP proceeds were paid out in December. The new ESOP started January 1, 2008. All true.

Where we disagree is as follows: You see these two things as unrelated, while I see them as joined together.

The IBEW negotiated the ESPP as part of our compensation package. There was no negotiation when the ESPP was taken away, thereby reducing my compensation without any input from my union. I feel that if we are not included in the ESOP without having to wait until the next contract negotiation, then we need to reopen negotiations on our current contract to discuss what we will get to replace the ESPP in our current compensation package.

By reopening negotiations now, we can address the ESPP/ESOP issue as well as other challenges like shared jurisdiction and workplace drug testing.

On a team player note, inclusiveness creates loyalty and increases productivity and profits. Including everyone in the ESOP is a gesture showing that Tribune's union represented employees are equal partners with your nonunion employees and yourself. This seems like the kind of smart investment that will pay serious dividends for the whole team.

There is no reason we can't get all the players; management; union reps and members; and nonunion employees, together as needed informally on a regular basis and discuss issues and challenges like the ESOP, shared jurisdiction, workplace drug testing, etc. If, in our union/management relationship, we can avoid grievances, Labor Board hearings, and arbitrations by meeting informally to work things out together in a collegiate atmosphere of mutual trust, this new Tribune Company can become a workplace and profit center we can all be proud to be a part of.

Respectfully,

Bob D

Comment from another engineer:

Bob, I know you know this without my having to tell you, but, to belabor the obvious:

He's blowing you off. AAAAANNNDDDDD: I'm getting a sense of who this guy is, and what he is like. If I were you, I'd stay the f#*k away from him. Stop writing him.

He sounds like a dangerous character. Mercurial. Insincere. He elicits "Honest Feedback" from "Loyal Employees" at "Open Meetings" to get "Fresh Ideas", and then he publicly curses out 25 year veteran reporters at newspapers in public meetings.

He really can't tolerate criticism, even though he asks for it.

I'd say your already on his shit list, but he has a short enough attention span, and has so many bigger fish to fry, that if you have a cup of Shut the F#*k Up, that maybe you will fall off his radar screen. And one more thing:

While I somewhat admire your mastery of "Corporate speak": Laying on all the shit about "Team Player", the cynical "F#*k You" New Yorker in me can see right through it.

So, I assume my [fellow New York Jew with a name like Zell????] can see through it too.

This guy is a dick.