Tribune also facing IRS audit

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.”

More by Kevin Roderick:
Ralph Lawler of the Clippers and the age of Aquarius
Riding the Expo Line to USC 'just magical'
Last bastion of free parking? Loyola Marymount to charge students
Matt Kemp, Dodgers and Kings start big weekend the right way
LA Times writers revisit their '92 riots observations
Recent Sam Zell stories on LA Observed:
Finally, some good Sam Zell news
Zell throws a hundred grand Karl Rove's way
Times employees' suit over Zell deal officially wrapped
Tribune has paid $231 million in bankruptcy fees so far
O'Shea, Zell and the 'dismantling' of the Times

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