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Apparently when you file for Chapter 11 there are consequences: Re-organization of assets – lenders threatening to yank your “management”…er Sam Zell. Who knew.

From LAT:

“It completely depends on whether the new owners see value in keeping Zell,” said Douglas Baird, a corporate reorganization specialist at the University of Chicago Law School. “They have to decide: Is the person at the helm when the company went into the storm the most able person to steer it out?”

They have to decide: Is the person who wrecked the car also able do a decent lube job?

Previously on FBLA: Reporters and Editors React to Sam Zell’s Announcement, Sam Zell: F&*$%@#G Democrats, Sam Zell To Staffers: ‘We’re In This Together’