The Chicago Cubs are not bankrupt.
The hapless team that did not fail to disappoint again this year is not included in the holy purge that has taken Tribune Company notables including the L A Times into what is likely to be a painful restructuring.
However, as always seems to happen with events surrounding the Cubs, there is a big loser in this. Sam Zell, (former) real estate mogul, purchased Tribune for $8.3 billion just last year. As they say, timing is everything.
HughS
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Comments (6)
As I remember the details, ... (Below threshold)1. Posted by steve sturm | December 8, 2008 3:33 PM | Score: 0 (0 votes cast)
As I remember the details, Zell did not put up anywhere near $8 billion of his own money.
1. Posted by steve sturm | December 8, 2008 3:33 PM |
Score: 0 (0 votes cast)
Posted on December 8, 2008 15:33
2. Posted by Peter F. | December 8, 2008 3:34 PM | Score: 0 (0 votes cast)
I guess this means they won't be going after Manny Ramirez.
2. Posted by Peter F. | December 8, 2008 3:34 PM |
Score: 0 (0 votes cast)
Posted on December 8, 2008 15:34
3. Posted by Rance | December 8, 2008 4:17 PM | Score: -1 (1 votes cast)
Most of the Tribune's debt is the $8 billion that Zell borrowed.
3. Posted by Rance | December 8, 2008 4:17 PM |
Score: -1 (1 votes cast)
Posted on December 8, 2008 16:17
4. Posted by Marc | December 8, 2008 4:53 PM | Score: 1 (1 votes cast)
When was the Cubbies last World Series win?
They most certainly are bankrupt, just not headed to Chapter 11 court to sort things out.
4. Posted by Marc | December 8, 2008 4:53 PM |
Score: 1 (1 votes cast)
Posted on December 8, 2008 16:53
5. Posted by HughS | December 8, 2008 5:09 PM | Score: 0 (0 votes cast)
Steve
I'm not suggesting Zell personally took a major hit as he probably did most of the deal with OPM. However, his very well earned reputation as a savy businessman has taken a hit.
5. Posted by HughS | December 8, 2008 5:09 PM |
Score: 0 (0 votes cast)
Posted on December 8, 2008 17:09
6. Posted by stevesturm | December 8, 2008 5:20 PM | Score: 0 (0 votes cast)
his reputation took a hit as soon as he did the deal.
6. Posted by stevesturm | December 8, 2008 5:20 PM |
Score: 0 (0 votes cast)
Posted on December 8, 2008 17:20