Biz: Tribune Corp. investors suing mad over insanely massive loans
- $3.7 billion in loans offered prior to Tribune Corp.’s sale source
- » … and here comes the lawsuit: A bunch of investors in Tribune Corp. have sued JPMorgan, Merrill Lynch, Citicorp and Bank of America for making those loans possible for the leveraged buyout that Sam Zell did, knowing that it’d be nearly impossible to get those funds back. In the process, the companies received $120 million in fees while Tribune floundered to the point that L.A. Times front pages like these are depressingly commonplace.