Court Examiner: Sam Zell's Tribune Company Buyout Likely 'Fraudulent'
A court appointed examiner in the Tribune Company’s bankruptcy case has determined that Sam Zell’s takeover of the company was “marred by the dishonesty and lack of candor of its then-senior management,” says the Chicago Tribune.
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Examiner Kenneth Klee concluded that it was “somewhat likely” that a court would find the second part of Chicago-based Tribune Co.’s controversial $8.2 billion buyout to be an example of “fraudulent conveyance,” meaning that the debt associated with that part of the deal overwhelmed the company’s ability to pay its bills.
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