Sam Zell: I'll Leave Tribune After Bankruptcy Process Ends
November 16, 2010 at 4:24 AM (PT)
SAM ZELL told CNBC MONDAY (11/15) that he will leave the Chairman post at TRIBUNE CO. once the company's reorganization is complete.
"I think when we're done with the bankruptcy process I will turn it over to whoever the creditors decide they want to run it, and wish them a lot of good luck," ZELL said, according to the WALL STREET JOURNAL.
ZELL led the ill-fated buyout of TRIBUNE CO. in 2007, only to enter Chapter 11 bankruptcy the following year. He and five top TRIBUNE executives have been targeted by unsecured creditors with threatened lawsuits over their role in the buyout and alleged fraud in that transaction.