This guy who bought the Tribune for 8.2 billion only put $315 million down and used ESOP (Employee Stock Ownership Plan) as collateral for the rest.
So 20,000 workers are going to lose their pension!!!!
Deal Journal - WSJ.com : The Tribune Buyout: Was It Ever a Good Idea?
Wow, I just found out that the Tribune is/was the largest employee owned media company in the United States.
NEW YORK, Dec 8 (Reuters) - The publisher of the Chicago Tribune and the Los Angeles Times declared bankruptcy on Monday as the U.S. newspaper industry's unrelenting loss of readers and advertisers claimed its biggest victim yet.
Good news to Corporate America!!!
Tribune Co, which owns eight major daily newspapers and several television stations, filed for Chapter 11 bankruptcy protection after collapsing under a heavy debt load just a year after real estate mogul Sam Zell took it private.
Zell loaded up the privately held publisher with about $8 billion in additional debt when he took the company private in a transaction largely financed by company contributions to an employee stock option plan.
So much for taking a chance and starting my own business.
"It has been, to say the least, the perfect storm," Zell said in a memo to employees. "A precipitous decline in revenue and a tough economy have coupled with a credit crisis, making it extremely difficult to support our debt. All of our major advertising categories have been dramatically impacted."
"There's been so much bad news constantly lately, everyone's just shrugging their shoulders," a Tribune newsroom staffer in Chicago said. "It's just one more day of more disappointing news."
Most of the $8.2 billion Zell buyout price was paid for by borrowing against future contributions to the pension plans for Tribune's 20,000 workers, through their employee stock ownership plan, or ESOP. Continued...
And now the big boys like Rupert Murdoc will come in and buy this paper cheap, and further consolodate power. Soon the NeO CONS will own all the media. Can you say monopoly?
And I know none of you care about this story because no one has told you to care about it yet. So much for these people's pensions. I guess they made the mistake of going into the media industry. They made their choice, right?

Freakin idiots.
It's ok until it happens to you.