From: Tribune CommunicationsSent: Tuesday, July 27, 2010 2:42 PMSubject: Message from Randy and Gerry/Developments in our Chapter 11 ProcessAs you know by now, the independent examiner appointed by the bankruptcy court to review our 2007 going-private transaction filed his report late yesterday. We have reviewed the summary conclusions contained in the report and from what we know now, we agree with some of his assessments and disagree with others.
Since much of the more than 700-page document remains redacted, including the analysis on which the examiner bases many of his conclusions, we think it is premature to comment further about the report.
We continue to believe that the company’s Plan of Restructuring, which was the result of many months of negotiation, remains the best solution for resolving issues among our various creditor groups. Voting on the plan is to conclude August 6, and we are continuing to move forward toward the confirmation hearing that is scheduled for August 30. Most important, while there are a lot of variables, we remain optimistic that the company can emerge from Chapter 11 before the end of the year.
The examiner's report has gotten some media attention, which we expected. Nonetheless, it is important that we all stay focused on the fundamentals and the things we need to do to continue improving the performance of our media businesses. Our financial results were very strong in the first-half of the year and we can’t let up now—there is still a lot of opportunity out there. As we enter what we hope are the last stages of the Chapter 11 process, try not to be distracted by the media attention it may receive.
Thanks for your effort and energy, your best thinking, and your dedication.
[CEO] Randy [Michaels] and [COO] Gerry [Spector]
Broadcast Union News Observation: That's right, don't worry, just relax and wait until it's your turn to be laid off. Between LNS, automated control rooms, the server farm, and now Anchor free news, soon this will all be moot because we'll all be gone. Can you say "Would you like fries with that?"
Randy Michaels message did nothing more than stir anger among the employees in the pressroom at the Los Angeles Times.
ReplyDeleteMy colleagues would like to know why their employee stock option plan has lost almost fifty percent of its value since our ESOP money was used to make the purchase of the Tribune Company?
Furthermore, the Tribune Co. employees were never asked if their money could be used in this manner, we become owners of a failing company without our consent.
And they wonder why the employees are up in arms?