Sam Zell Must Face Tribune Employees’ Lawsuit Over Pension Plan

Sam Zell, the real estate investor who took the Chicago-based Tribune Co. private in an $8.3 billion stock buyback two years ago, must face an employee lawsuit claiming he knowingly violated federal pension laws. [Click for MORE] Sphere: Related Content

Tribune Seeks Permission to Fund Union Pensions

From the Chicago Tribune:

Chicago-based Tribune Co., the publisher of the Chicago Tribune, asked a judge for approval to pay pre-bankruptcy and future contributions to union pension plans.

In papers filed Wednesday in U.S. Bankruptcy Court in Wilmington, Del., the company, which filed for Chapter 11 protection Dec. 8, sought permission to make payments under collective-bargaining agreements.

"I believe that failure to timely pay the unpaid pension contributions would cause unrest and strain relationships with participating union employees and their unions at a time when their dedication and cooperation are most critical," Chandler Bigelow III, Tribune's chief financial officer, said in court papers.

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Bloomberg: Tribune Co. Employees Are Biggest Losers in Bankruptcy; Investment May Be Worthless

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> BusinessWeek: Tribune Bankruptcy Snares Employees
> Can you lose your 401 (k) if your company goes bankrupt?
> Payments to LAT freelancers stopped Sphere: Related Content

The Worst CEO

• Tribune's Ratings Cut After Filing Chapter 11

From the Washington Post

The Tribune internal Q&A website on today’s bankruptcy filing states that "all ongoing severance payments have been discontinued.” So if you’re one of the large number of reporters, editors and other staffers at the L.A. Times, the Chicago Trib or other papers who got sacked and didn’t get your severance in one lump sum, you have a real problem. A sit-down strike, such as that currently being waged in that Chicago door and window factory, seems a fitting and proper response, though you’ll need help from those of your former colleagues still employed to get back into the buildings. [Click for MORE] Sphere: Related Content