Dozens of former Tribune writers, editors, publishers and executives are suing real estate developer Sam Zell over an agreement that has been dubbed “the deal from hell.”
These newspaper employees accuse the real estate developer and Tribune owner of saddling the newspaper with excessive and unmanageable debts. They also accuse him of using their retirement funds to pay off and appease his wealthy share holders.
According to the plaintiffs, the company’s major share holders benefitted immensely from the $8.2 billion dollar takeover of the Tribune that took place recently. Conversely, many senior members of the Tribune staff found that their retirement funds had been gutted or destroyed completely.
These plaintiffs argue that the policies enacted during the takeover should not have favored the major shareholders at the expense of the Tribune employees. And they expect the newspaper owner and real estate tycoon Sam Zell to pay out of pocket for his decision to turn his back on his employees.
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