On Tuesday, Judge Carey authorized the release of an unredacted version of the adversary complaint against key players in the 2007 leveraged buyout that left the company crippled with debt. The impetus for the lawsuits came from a report filed by a court-appointed bankruptcy examiner in July, finding evidence that the leveraged buyout might have been a fraudulent conveyance and that creditors might be able to recover billions of dollars through litigation.
Carey also tried to get the four disparate groups that are filing bankruptcy exit plans to release a single disclosure statement, which will be sent to creditors for a vote. He said the statement "oughtn't to be a herculean effort" to put a single plan together instead of four, and told the groups that he might write the document himself.
The judge also scheduled a hearing for March 7, 2011 to decide which of the four bankruptcy plans to approve.
Tribune, owner of the Los Angeles Times and Chicago Tribune, is nearing the end of its two-year bankruptcy stay, which is set to expire in December.
The motion was filed by Adam Landis of Landis Rath & Cobb LLP and Graem Bush of Zuckerman Spaeder LLP.