Here's an interesting tidbit from the Tribune bankruptcy filing. Former Times Mirror CEO Mark Willes is among the 30 largest unsecured creditors. He's listed as having a claim of $11.2 million in retirement and deferred compensation. Also on the list: Robert Erburu, former chairman of Times Mirror (and LAT publisher), at $4.3 million. There is no additional information (here's the filing). In a typical bankruptcy case, unsecured creditors are paid only after the claims of all secured creditors are satisfied. It might be a long wait: According to the Tribune Q & A to employees this morning, deferred compensation and other payments to ex-employees have been discontinued and will be the subject of later proceedings before the bankruptcy court. It could be years before there’s any resolution. Willes and Erburu go back to the pre-Tribune days, and Willes, of course, will forever be connected to the Staples Center scandal (even though Kathryn Downing was actually the publisher at the time). Willes, who has a Provo, Utah mailing address, got involved with Mormon missionary work after his departure from Times Mirror. Erburu became non-executive chairman of Marsh & McLennan Cos., the big insurance company, and retired from the board in 2006.
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