Tribune Company Mess Gets Even Messier…

The Tribune Company stain left behind by former owner Sam Zell just got uglier when a Delaware judge approved bonuses for 720 of the company’s top managers and executives who work for their daily newspapers including the Los Angeles Times, Chicago Tribune and The Baltimore Sun. Delaware bankruptcy judge Kevin Carey ruled that the bonuses are warranted. “Here, the evidence demonstrates that the debtor was performing well relative to its competitors…I conclude that the relief requested is justified by the facts and circumstances of the case.” The Washington-Baltimore Newspaper Guild and the U.S. bankruptcy trustee didn’t come to the same conclusion, objecting to the payouts. Tribune’s plan to pay out as much as $45.6 million in bonuses would drain more than 10 percent of operating cash flow to reward top managers for a year in which cash flow fell to historic lows, according to attorneys representing the newspaper guild. They filed court documents a day before the hearing…

It was back in December of 2008 that the Tribune Company filed for bankruptcy. In October of 2009, Thomas S. Ricketts officially took over 95 percent ownership of the Chicago Cubs, Wrigley Field and 25 percent ownership of Comcast SportsNet Chicago, as part of a deal designed to help Tribune restructure. The Tribune will retain 5 percent ownership. The Trib is down to one radio property in its portfolio and that’s legendary WGN Chicago, which has been on the market for many months now. They still own 24 television stations, including stations in 7 top 10 markets and a dozen newspapers including the Los Angeles Times, Chicago Tribune and The Baltimore Sun…  

Whether or not the Delaware court ruling is overturned, Sam Zell has written the final chapter in his ownership of the Tribune Company. That’s the only good news in this whole deal. Company plans call for it to emerge from bankruptcy on May 31, 2010… 

10 Timeline Memories:

1. 1878] One ringy dingy: The first telephone switchboard is installed in New Haven (CT). Can’t you just see Lily Tomlin answering that first phone call?…
2. 1915] On Guard: The modern version of the U.S. Coast Guard is created by an act of Congress…
3. 1916] Mazel: Louis D. Brandeis is appointed to the Supreme Court, becoming the first Jewish judge on the panel in June when his appointment is confirmed…
4. 1921] Duh Bearssss: The Decatur (IL) franchise of the NFL moves to Chicago and takes the name, the Chicago Bearsssss…
5. 1953] TV Mugging: J. Fred Muggs, a chimp, joins NBC-TV’s “Today Show”…
6. 1958] The end of a Hall of Fame career: Brooklyn Dodger 3-time MVP catcher, Roy Campanella is paralyzed below the waist when his car overturns on an icy road in Glen Cove (LI). Campy will never play again and is inducted into the Baseball Hall of Fame in 1969…
7. 1959] Invinceable: Vince Lombardi is named coach of the Green Bay Packers and a legend is born. Lombardi will win 5 titles in his 9 years in Green Bay…
8. 1973] Premiered on this date: “Barnaby Jones” starring Buddy Ebsen debuts. It will run until the fall of 1980…1978] “Fantasy Island” starring Ricardo Montalban and Herve Villechaize debuts on ABC-TV and goes into syndication in 1984 until life as we know it ends…
9. 1986] Liftoff disaster: Millions of people around the world watch as the Challenger Seven explodes taking the lives of seven astronauts: Smith, Scobee, Resnik, McNair, Onizuka, Jarvis and McAulife…
10. 2001] Super Bowled: Ray Lewis leads the Baltimore Ravens to a 34-7 thrashing of the Giants in SBXXXV…

Music Memories:

• 1956] Debuted on this date: Elvis Presley makes his first network appearance singing “Shake, Rattle & Roll” on the “Dorsey Brothers Stage Show”…
• 1985] Recorded on this date: “We Are The World” - USA for Africa with proceeds going to world wide hunger prevention…

“Happy Birthday…happy birthday“:

Patriot’s kickerStephen Gostkowski (26), Elijah Wood (29), Joey Fatone (33), Kathryn (’Cold Case’) Morris (41), Sarah McLachlan (42), Barbi Benton (60), Alan Alda (74) and Mr. Acker Bilk (81)…

Timeline Countdown: 10 days until the Super Bowl, 17 days until Valentine’s Day, 18 days until President’s Day, 21 days until pitchers & catchers report to Spring Training voluntarily and 66 days until the MLB opener (Red Sox vs. Yankees)…

This entry was posted on Thursday, January, 28, 2010 at 08: 10:10 p01 and is filed under Today's Post. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.