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The board of directors of bankrupt Tribune Co. formed a special committee to oversee the media company’s contentious reorganization process and to manage any legal claims arising from its 2007 leveraged buyout.
Sources said the step is an effort to remove conflicts of interest from the debtor’s decision making process since some Tribune Co. board members and officers may be the target of buyout-related claims. Get the full story »
Tribune Co. delayed filing anticipated amendments to its bankruptcy restructuring plan Friday, citing ongoing negotiations with creditors.
A week ago, in the wake of collapsed talks toward a new settlement in the case, Tribune Co. lawyers told a Delaware bankruptcy judge that the company would file plan amendments by Friday and provide suggestions for new schedule for voting and confirmation hearings on the revised plan. Get the full story »
The government is asking a federal court judge to revoke the bond of accused investor David Hernandez, saying he attempted to delay his sentencing by fabricating a letter from a doctor that said he was starting treatment for cancer.
Hernandez pleaded guilty in January to a Ponzi-style scheme that bilked more than 200 people of their savings. The swindle allegedly garnered $6.3 million for Hernandez, which he used to bankroll a now-defunct Chicago sports-talk radio station and other personal purchases.
Federal prosecutors say Hernandez who lives in Downers Grove and is free on bond until a sentencing that could mean up to 14 years in prison — should be locked up because he is a flight risk. Get the full story »
Former Chicago Sun-Times star sports columnist Jay Mariotti, has not spoken publicly about his weekend arrest in Los Angeles on suspicion of felony domestic assault. And it doesn’t appear he will be saying much of anything on his usual turf, ESPN or AOL’s Fanhouse site, at least for a while.
Mariotti will be sidelined next week from his regular role as panelist on ESPN’s “Around the Horn,” perhaps longer, it was learned Thursday. AOL Fanhouse, for which Mariotti has been a columnist since January 2009, has suspended him pending its own investigation.
Former Disney CEO Michael Eisner on July 7, 2010. (AP Photo/Nati Harnik)
By Dawn C. Chmielewski, Michael Oneal and Sallie Hofmeister
Former Walt Disney Co. Chief Executive Michael Eisner is in discussions that could lead to his return to the media spotlight — as chairman of the now-bankrupt Tribune Co.
The Chicago-based media company’s largest creditors are having preliminary conversations with prospective candidates who could operate Tribune Co. once it emerges from bankruptcy, according to several people with knowledge of the situation.
Eisner, who has been dabbling in the digital world as an investor since stepping down from Disney in 2005, is among the candidates under consideration to replace Chicago real estate magnate Sam Zell as chairman of the reorganized company. Get the full story »
A proposed settlement to a long-running dispute over music royalties could include a federal mandate that all new cell phones and other wireless devices contain an FM radio tuner.
The proposal is now under discussion by radio broadcasters, recording labels and recording artists. Get the full story »
Mike North, whose “Monsters & Money in the Morning” went south in short order, is joining Fox Sports Radio. The syndicate’s announcement came Tuesday, less than a week after CBS-owned WBBM-Ch. 2 said it would drop North’s little-watched “Monsters & Money” early morning program after just seven months. Most details for North’s new show have yet-to-be announced. Get the full story >>
Sam Zell, who took Tribune Co. private in a 2007 leveraged buyout, says he wants his claims in the media company’s bankruptcy to be paid before those of any lower-priority creditors. Zell put $315 million of his own money into the $8 billion deal. The company filed for Chapter 11 last year.
Demands by the lower-priority creditors have gotten louder since a bankruptcy examiner’s report last week raised questions about the LBO.
