Gawker: The foolish financiers who lent money to the bankrupt Tribune Company are reportedly planning to sue recently departed Tribune destroyer Sam Zell, saying that he took on so much debt when buying the company that he made it "immediately insolvent."
This is, of course, factually true; Zell put in a little bit of his own money, a whole lot of Tribune employees' money, and purchased the deeply indebted company right as the newspaper industry industry entered full-on collapse mode.
It was a breathtakingly bad deal. We admire this kicker on Josh Kosman's story in the New York Post today, which sums up the Zell era in three sentences:
Send an email to Hamilton Nolan, the author of this post, at mailto:Hamilton@gawker.com?subject=http://gawker.com/5708132/sam-zell-being-sued-for-general-craven-fiscal-incompetence.
Thursday, December 9, 2010
Posted by Robert Daraio at 8:23 AM