The Tribune Company Bankruptcy: They Don’t Call It “Protection from Creditors” for Nothing
Tribune Co., the owner of the Los Angeles Times and the Chicago Tribune, and dozens of other daily newspapers and television stations across the country, filed Monday for bankruptcy protection from creditors under Chapter 11.
Blue Crab Boulevard sees some problems with this bankruptcy:
Yet, while they are talking about many creditors getting hosed with paybacks of much less than what is owed – and some getting nothing – they are also saying that they may acquire other newspapers while undergoing this bankruptcy.
Anyone else see a problem with this?
The Tribune Company owns the Chicago Cubs – which has been valued at something like one billion dollars. And that team has been excluded from the bankruptcy.
Again, anyone else see a problem here?
Presumably, some of the creditors who are going to get the shaft are those same banks who have been bailed out at taxpayer expense. And the Tribune Company is sheltering an asset that appears to be able to pay off a large portion of what is owed.
I think we have a problem here. What do you think?
Paying for your own failures? That’s an idea whose time has… well… passed, I guess.
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