Bye-bye to Tribune ESOP

So much for the Employee Stock Ownership Plan that was at the center of Sam Zell's disastrous purchase of Tribune Co., parent of the LAT. Romenesko has a memo that outlines changes in the company's retirement plan - most of it involving a redesigned 401(k) that will offer a company match and what the memo calls "a discretionary profit-sharing contribution tied to our financial performance." Apparently, none of this is impacted by the Chapter 11 filing. Meanwhile, the shares of Tribune stock held by the ESOP are worthless.