Tuesday, December 9, 2008
What the Tribune press release doesn't say
As reported everywhere yesterday, the Tribune Company has filed for bankruptcy. What was less reported is what effect that will have on Trib publications and stations, and moreso, on current and former Trib employees like those who work, and worked for The Hartford Courant.
Alan Mutter, a former executive editor of the Chicago Sun-Times, which is a daily competitor with the Tribune, offers some sobering words about the potential for financial loss for creditors, employees, and former employees. Seems like the Trib, as part of the bankruptcy settlement, has the right to end promised severance payments, wipe out employee equity in the complex EOS, Sam Zell structured, and restructure debt for anyone who has an outstanding invoice with the Trib, or one of it's media outlets.
In related news, the Governor of Illinois, who has lately taken a heroic stance in the recent battle between workers at Republic Windows and Doors and Bank of America, has been arrested for campaign violations and extorting editorial support from, of all places, The Chicago Tribune.