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International Brotherhood of Teamsters
Hoffa Says Tribune Workers Should Come First in Bankruptcy Court
January 4th, 2009
The following is an official statement from Teamsters General President James P. Hoffa. "When billionaire Sam Zell took Tribune private in an overleveraged, doomed deal that swiftly brought down the 161-year-old media giant, the risks involved were placed squarely on the shoulders of Tribune workers. Now, as Tribune's creditors head to bankruptcy court for payback, these workers should go directly to the front of the line. By transferring 100 percent ownership of the company and some $13 billion of debt to an S-Corp Employee Stock Ownership Plan (ESOP) in the buyout, Zell insulated himself from tax responsibilities and mortgaged the future retirement...
Source: Pharma Investments, Ventures & Law Weekly (2009-01-04)
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