The New York Post
Tribune creditors plan to ask a judge tomorrow to rule on whether they have the right to sue Sam Zell and others who had a role in the $11.7 billion buyout of the newspaper publishing company that ended in bankruptcy, The Post has learned.
If the judge rules in their favor, the creditors would have until Dec. 7 to file their suit before the statute of limitations runs out. They have two years from the time the company filed for bankruptcy to bring their case.
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The unsecured creditors will also back a new reorganization plan that Tribune plans to file tomorrow that would establish a litigation trust so bondholders can follow through with their suit and collect proceeds if they win the case. More…