Zell's bondholders want to probe deal

Tribune Co. bondholders want the bankruptcy court judge in Delaware to let them scrutinize the 2007 sale to Sam Zell, saying provisions in the "fraudulent" deal led to the company's Chapter 11 filing. The bondholders want to see e-mails and conduct interviews of key participants in the sale. From the AP story:

Zell has said that when he made the offer for Tribune, its revenue had been declining at about 3 percent annually. He has said the transaction was packaged with the assumption that the revenue decline would double to 6 percent, but the company instead ended up seeing a 20 percent drop.