12-08-2008, 01:38 PM
<!--quoteo(post=2210:date=Dec 8 2008, 11:22 AM:name=Coldneck)-->QUOTE (Coldneck @ Dec 8 2008, 11:22 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2208:date=Dec 8 2008, 12:19 PM:name=rok)--><div class='quotetop'>QUOTE (rok @ Dec 8 2008, 12:19 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2207:date=Dec 8 2008, 11:14 AM:name=ColoradoCub)--><div class='quotetop'>QUOTE (ColoradoCub @ Dec 8 2008, 11:14 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2204:date=Dec 8 2008, 10:07 AM:name=Coldneck)--><div class='quotetop'>QUOTE (Coldneck @ Dec 8 2008, 10:07 AM) <{POST_SNAPBACK}><!--quotec-->Bankruptcy would be a huge hurdle. Not only would a judge have to approve the sale, but a committee of the Trib's creditors would as well.<!--QuoteEnd--><!--QuoteEEnd-->
How much is Zell in debt for? $13b? I guess that selling the Cubs isn't going to put much of a dent in that. What the hell was he thinking?
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In retrospect, I don't know what he was thinking. Even if the credit markets were healthy and he could find buyers for all Trib assets, there would be no way in hell the enterprise was worth more in parts than what was paid for it in aggregate, and that doesn't come close to $13 bln. He probably doesn't care anyway, because he still controls almost a dozen other companies and the Trib's employees are the ones hurt by this because it's their ESOP plan that owns the bulk of the company now. Even if he gets sued he'll still be rich (he only committed $300 mil of his own wealth), and he has never cared about what people think of him, so his reputation won't be tarnished by much.
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I don't care how rich someone might be. losing $300 million would be a giant kick in the nads. Especially for an egomaniac such as Zell.
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He's really never lost any money on any of his companies, so this would be a first. Believe me, he's already paid himself well for the time he's been there, and he still might recover something from any sale, so it probably is a lot less than $300 mil. I know what you're saying about it being a blow to his ego but he doesn't care what people think, and coming from experience and especially my current employer, he wouldn't be alone in losing a ton of wealth these days.
How much is Zell in debt for? $13b? I guess that selling the Cubs isn't going to put much of a dent in that. What the hell was he thinking?
<!--QuoteEnd--></div><!--QuoteEEnd-->
In retrospect, I don't know what he was thinking. Even if the credit markets were healthy and he could find buyers for all Trib assets, there would be no way in hell the enterprise was worth more in parts than what was paid for it in aggregate, and that doesn't come close to $13 bln. He probably doesn't care anyway, because he still controls almost a dozen other companies and the Trib's employees are the ones hurt by this because it's their ESOP plan that owns the bulk of the company now. Even if he gets sued he'll still be rich (he only committed $300 mil of his own wealth), and he has never cared about what people think of him, so his reputation won't be tarnished by much.
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I don't care how rich someone might be. losing $300 million would be a giant kick in the nads. Especially for an egomaniac such as Zell.
<!--QuoteEnd--></div><!--QuoteEEnd-->
He's really never lost any money on any of his companies, so this would be a first. Believe me, he's already paid himself well for the time he's been there, and he still might recover something from any sale, so it probably is a lot less than $300 mil. I know what you're saying about it being a blow to his ego but he doesn't care what people think, and coming from experience and especially my current employer, he wouldn't be alone in losing a ton of wealth these days.