Cubs bidders down to 3

[Rappster]

<!--quoteo(post=2194:date=Dec 8 2008, 10:58 AM:name=dk123)-->QUOTE (dk123 @ Dec 8 2008, 10:58 AM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2192:date=Dec 8 2008, 10:53 AM:name=Butcher)--><div class='quotetop'>QUOTE (Butcher @ Dec 8 2008, 10:53 AM) <{POST_SNAPBACK}><!--quotec-->I hope Zell's penis catches fire.<!--QuoteEnd--><!--QuoteEEnd-->

What about his balls? Can he keep them?
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If you light his peenie afire, it will act as a fuse...and his balls will essplodes.

[rok]

<!--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.

[dk123]

The more I think about this, the more I realize we are going to get screwed by this. Only the Cubs...

[Andy]

Apparently it's official now. The Trib HAS filed Chapter 11.

[cigar]

<!--quoteo(post=2288:date=Dec 8 2008, 01:07 PM:name=Andy)-->QUOTE (Andy @ Dec 8 2008, 01:07 PM) <{POST_SNAPBACK}><!--quotec-->Apparently it's official now. The Trib HAS filed Chapter 11.<!--QuoteEnd--><!--QuoteEEnd-->


Supposedly the Cubs are not part of the filing.

[ColoradoCub]

Is that even possible if they're an asset of the Trib Co?

[cigar]

<!--quoteo-->QUOTE <!--quotec-->Media conglomerate Tribune Co., pressured by high debts, has filed for bankruptcy protection.


In a news release, the company said the Chicago Cubs franchise, including Wrigley Field, was not included in the Chapter 11 filing. Efforts to monetize the Cubs and its related assets will continue, the company said.

"Over the last year, we have made significant progress internally on transitioning Tribune into an entrepreneurial company that pursues innovation and stronger ways of serving our customers," Zell said in the release.

"Unfortunately, at the same time, factors beyond our control have created a perfect storm -- a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt," he said.<!--QuoteEnd--><!--QuoteEEnd-->

Here is the full piece. Tribune

[rok]

Yeah, certain parts of the company can file separately. It happens all the time, and especially since supposedly the Cubs and related assets are debt free, they don't need to seek protection from creditors.

[Coldneck]

Is this leprechan related to our own resident leprechan? Anyone have a picture of Zell's calves?

[Butcher]

<!--quoteo(post=2315:date=Dec 8 2008, 01:46 PM:name=Coldneck)-->QUOTE (Coldneck @ Dec 8 2008, 01:46 PM) <{POST_SNAPBACK}><!--quotec-->

Is this leprechan related to our own resident leprechan? Anyone have a picture of Zell's calves?<!--QuoteEnd--><!--QuoteEEnd-->
Every time I see that hobbit, I want to smash his face into a jelly.

[rok]

I honestly don't see the difference.

[dk123]

<!--quoteo(post=2315:date=Dec 8 2008, 01:46 PM:name=Coldneck)-->QUOTE (Coldneck @ Dec 8 2008, 01:46 PM) <{POST_SNAPBACK}><!--quotec-->

Is this leprechan related to our own resident leprechan? Anyone have a picture of Zell's calves?<!--QuoteEnd--><!--QuoteEEnd-->


What kind? Apricot?

[rok]

Crain's on Bankruptcy
<!--quoteo-->QUOTE <!--quotec-->“The sales process for the team, ballpark and related assets continues and its timetable for completion remains unchanged by today’s announcement by Tribune,” the team said in a statement.

Still, experts say it’s likely a bankruptcy court judge would have to approve Tribune’s sale of the ball team, Wrigley Field and 25% stake in Comcast SportsNet, which would allow creditors to have a say in the transaction.

But that process could go quickly, especially since Tribune has undergone an 18-month-long process to find a buyer, experts say.

“It would mean that the creditors would have a bigger seat at the table, but they’ll be every bit as interested as Sam Zell is in getting money quickly,” says Douglas Baird, a law professor and bankruptcy expert at the University of Chicago, who isn’t involved in the process.

Mr. Baird says bankruptcy courts are accustomed to companies that look to sell assets immediately after seeking bankruptcy protection. He points to Lehman Bros. Holdings Inc., which sold its U.S. operations to Barclays PLC within days of filing Chapter 11 in September.

“This should not affect the timetable of the sale of the Cubs,” said Doug Lipke, head of the bankruptcy group at Vedder Price P.C. in Chicago, who is not involved in the process. “You can sell assets very quickly in a bankruptcy case.”<!--QuoteEnd--><!--QuoteEEnd-->

[Rappster]

<!--quoteo(post=2443:date=Dec 8 2008, 03:48 PM:name=rok)-->QUOTE (rok @ Dec 8 2008, 03:48 PM) <{POST_SNAPBACK}><!--quotec-->Crain's on Bankruptcy
<!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Doug Lipke, head of the bankruptcy group at Vedder Price P.C. in Chicago, who is not involved in the process. “You can sell assets very quickly in a bankruptcy case.”<!--QuoteEnd--><!--QuoteEEnd-->
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Eddie Vedder is the bankruptcy lawyer?

HOW FREAKING COOL IS THAT?

[Clapp]

<!--quoteo(post=2445:date=Dec 8 2008, 03:53 PM:name=Rappster)-->QUOTE (Rappster @ Dec 8 2008, 03:53 PM) <{POST_SNAPBACK}><!--quotec--><!--quoteo(post=2443:date=Dec 8 2008, 03:48 PM:name=rok)--><div class='quotetop'>QUOTE (rok @ Dec 8 2008, 03:48 PM) <{POST_SNAPBACK}><!--quotec-->Crain's on Bankruptcy
<!--quoteo--><div class='quotetop'>QUOTE <!--quotec-->Doug Lipke, head of the bankruptcy group at Vedder Price P.C. in Chicago, who is not involved in the process. “You can sell assets very quickly in a bankruptcy case.”<!--QuoteEnd--><!--QuoteEEnd-->
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Eddie Vedder is the bankruptcy lawyer?

HOW FREAKING COOL IS THAT?
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Billy Corgan would love that news.