Posted
10:51 AM
by Gene
OOPS:"The banks will be in charge," one insider said, adding that they are growing impatient with Zell's stewardship. [Emphasis added]
AND:
"This was a textbook case of a leverage buyout gone bad," said Brandt, president of Development Specialists Inc. "These were imbeciles who had no idea what they were doing."AND:
Tribune debt recently traded for about 7 cents on the dollar, meaning investors think a lottery ticket is just as likely to pay off.AND:
Brandt said the Tribune deal has become such a "reputational disaster" for Zell that's he's probably not involved much in management other than creditor negotiations.SO LONG, PVT. ZELL! Hope you get to keep your military pension.
(Via
the usual Romy)