Gerstenzang Zings Zell

In today’s New York Times story about the Tribune bankruptcy, former LA Times staffer Jim Gerstenzang (who left recently), has a fairly colorful quote about his old boss, Sam Zell:

Mr. Zell, who put up just $315 million of the purchase price, gained control, and the right to buy as much as 40 percent of Tribune’s stock in the future.

A note on an internal Tribune Company Web site said, “All ongoing severance payments, deferred compensation and other payments to former employees have been discontinued and will be the subject of later proceedings before the court.”

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