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.