Zell Getting Sued by Staffers
From Variety:
Current and former Los Angeles Times staffers have sued Sam Zell and the Tribune Co. over allegedly illegal and irresponsible actions since Zell’s leveraged buyout of Tribune Co. last year.
The complaint, filed Tuesday in federal court in Los Angeles, alleges the structure of the buyout — executed through an Employee Stock Ownership Plan – and Zell’s conduct have diminished the value of Tribune Co. in order to benefit himself and fellow board members.
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