Sam Zell

Zell's tenure at Tribune summed up *

Mark at LA Biz Observed picked up this morning's news out of Chicago about Tribune Company creditors trying to delete Sam Zell from any reorganization that comes from the bankruptcy. Had to love this quote about Zell's legacy as a media mogul:

"This was a textbook case of a leverage buyout gone bad," said Brandt, president of Development Specialists Inc. "These were imbeciles who had no idea what they were doing."

There are still about 500 staffers left at the L.A. Times who would probably cheer that sentiment. (And maybe a couple dozen who still think Zell has a clue.) Meanwhile, I wonder where Lee Abrams is having lunch this week?

* More: "Give Sam Zell this much credit: He didn't fail small," writes Jeff Bercovici at Daily Finance. Story in the Chicago Tribune too.

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Tribune exits bankruptcy after four years, ending Sam Zell era *
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