New ETF Book by Larry Connors - Click here to read more
In a court motion filed Friday, Law Debenture Trust Co., the bondholder group's trustee, said senior lenders pressured Tribune Co. to have subsidiaries not included in the original Chapter 11 filing, including the Chicago Cubs, pay fees owed to law firms and investment banks employed by the lenders. Since those lenders are also unsecured creditors, fees paid to their advisers must by law be disclosed, the motion said. The bondholders also accused Chicago-based Tribune Co., owner of the Chicago Tribune, of favoring the senior lenders in negotiations toward a restructuring settlement and participating in a "plan to assist in burying the estate's claims against the ... lenders." Those potential claims were raised earlier in the case by the same bondholder group, which is led by New York private-equity firm Centerbridge Partners. The group has argued since August that Chicago billionaire Sam Zell's $8.2 billion bid to take Tribune Co. private was doomed from the start, meaning claims by the lenders that financed the deal -- JPMorgan Chase and Merrill Lynch, among others -- should be invalidated. If such a "fraudulent conveyance" claim could be proved, the senior lenders would go away empty-handed, leaving more value in the estate for other creditors like the bondholders. Law Debenture and Centerbridge earlier accused the Committee of Unsecured Creditors of being conflicted because two of the senior lenders were members. As a result, the bondholders pressed for special counsel to seek out evidence of fraudulent conveyance. Tribune Co. declined to comment but said it would respond by a court-appointed date of Nov. 9. To see more of the Chicago Tribune, or to subscribe to the newspaper, go to http://www.chicagotribune.com. Copyright (c) 2009, Chicago Tribune Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for TRB click here.
Email Print Archives Feedback Email Article Link
Close X
Related News [TRB]
UPCOMING EVENTS
Learn new strategies, how to trade in this market, and the stocks you should be focusing on each day. Join us for our free 20 minute tele-seminars during the week.
Thursday December 3 12:30 PM
* Attendance is strictly limited and are filled on a first-come, first-served basis.
The TradingMarkets Directory
Stocks
Options
Forex
E-mini/Futures
How to Trade
Tools
PowerRatings
Blogs
Premium Subscription Services
RELATED SITES
Please call 1-213-955-5858 ext. 1
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment. HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. The Connors Group, Inc. © Copyright 2009 The Connors Group, Inc. All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy. © 2009 The Connors Group, Inc.
|
