Since we're on the subject of lawsuits...
Sam Zell, owner of the Tribune Company (which is the owner of the Orlando ZZZentinel) is getting sued by his own employees in LA!
Sam Zell, owner of the Tribune Company (which is the owner of the Orlando ZZZentinel) is getting sued by his own employees in LA!
Mr. Zell, the chairman and chief executive of Tribune, took control in December in an $8.2 billion deal that took the company private but tripled its debt at a time of falling revenue. Since then, the company has eliminated more than 1,000 jobs, and sold assets to raise capital and meet debt payments. Its credit has been downgraded.Great job, Sam!
In addition to Mr. Zell, the suit named as defendants the company as well as current and former board members. It accused the former management of profiting from a deal that it knew would cripple the company.
And the suit claims that contrary to public statements, Mr. Zell planned all along to sell Tribune assets and has acted without regard to the long-term health of the company or the interests of its owners, the employees.