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Sam Zell's bankrupt Tribune Company is facing an Internal Revenue Service audit of the ESOP part of the transaction that allowed Zell to take control of Tribune. The IRS "disclosed the audit in a motion filed Friday in Tribune’s Chapter 11 bankruptcy proceedings," says Crain's Chicago Business. Zell's people aren't exactly cooperating, it seems:
The IRS asked the Bankruptcy Court judge to grant a six-month extension to a June 12 deadline for filing claims because its investigation “has been hampered by debtor’s delays in providing accurate information to the auditors.”
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Sam Zell
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