You brush the paints on, sand back to distress
نوامبر 4, 2013
” Pro Choice, non judgmental (as much as anyone can be, I hope)
نوامبر 5, 2013

The 65 year old Chicago native

Tribune board votes on offer

outlet moncler Tribune Co.’s board of directors negotiated into early this morning on a deal aimed at handing moncler outlet serravalle control of the Chicago Tribune, Los Angeles Times, The Sun and other major media properties to maverick Chicago billionaire Sam Zell moncler saldi uomo for $13 billion. outlet moncler

piumini moncler scontatissimi If the two sides can work out last minute details, which might include the final bid price, one of the moncler bambino saldi most buttoned down corporations in America would be controlled by Zell, who has relished a life and career as an outsider with a contrarian investment philosophy and a full throttle lifestyle. piumini moncler scontatissimi

piumini moncler Zell’s bid seemed positioned to trump an moncler outlet 11th hour offer from rival Los Angeles based billionaires Ron Burkle and Eli Broad. Though Zell’s $33 a share bid fell short of the Burkle and Broad offer of $34 a share, as of late yesterday, Tribune’s board was confident that Zell’s offer was more concrete. piumini moncler

moncler donna The situation was still fluid, and sources cautioned that a deal might moncler outlet online shop not be completed. Tribune directors were hoping to compete an agreement before markets open this morning. moncler donna

piumini moncler saldi Tribune, which owns 11 newspapers and 23 broadcast outlets, has been moncler saldi on the auction block since September. piumini moncler saldi

moncler bambino outlet Zell, who did not submit a bid before the company’s initial deadline, seemed to jump into the driver’s seat in mid February by suggesting his offer could be outlet moncler financed with the help of a tax efficient employee stock ownership plan. Broad moncler uomo and Burkle countered with their own ESOP plan late last week as the Tribune’s self imposed Saturday deadline loomed. moncler bambino outlet

moncler outlet trebaseleghe The deal, which would return Tribune to private ownership, would make the company one of the most heavily indebted enterprises in the media industry at a time of falling readership and declining advertising revenues. But Zell likes to say a true entrepreneur has unending self confidence that he doesn’t see risk; he sees only solutions. moncler outlet trebaseleghe

moncler outlet online shop That might explain why the flamboyant Chicago real estate magnate believes he can transform Tribune Co. even while the industry is an unprecedented state of flux from the Internet. moncler outlet online shop

moncler outlet The fact that Tribune’s auction dragged on for nine months with a dearth of serious bidders speaks volumes about how the rest of the world views the outlook moncler bambino outlet for traditional media properties in an increasingly digital world. Zell hedged his own bet by limiting his personal investment in the deal to $300 million and relying on the ESOP moncler saldi outlet as the backbone of his $8 billion purchase price. Tribune’s $5 billion in existing debt will remain on the books. moncler outlet

moncler saldi outlet Even some industry rivals are dumbfounded by what Zell has planned. moncler saldi outlet

moncler uomo “The amount of debt Tribune is going to have blows my mind,” said one of them, noting that he’s expecting three years of cash flow piumini moncler scontatissimi declines as once loyal advertisers rush to get online. “It seems very dangerous to me.” moncler uomo

moncler saldi uomo Many observers have speculated that Zell’s only exit from the danger zone will be to continue the cost cutting, job slashing and asset shuffling that has caused so much angst in the newspaper industry. Critics note that his recent operating results as a manager have been less than encouraging: Although he cleared $1.1 billion when he sold his Equity Office Properties Trust to Blackstone Group in February, that company’s returns underperformed its peers’ over the past decade. moncler saldi uomo

piumini moncler outlet But Zell has said repeatedly he has no intention of breaking up Tribune. He might find it tempting to ease the debt burden by selling a prize like the Chicago Cubs, but those who know him believe a strategy that depends on huge cost cutting or asset sales isn’t Zell’s style. The 65 year old Chicago native, piumini moncler outlet they say, earned his $4.3 billion fortune moncler donna not by tearing things down but by building them up. piumini moncler outlet

moncler bambino saldi “His job is looking over the horizon,” said a person who used to work with Zell. “You won’t necessarily find [what he sees] in the annual report right now.” moncler bambino saldi

moncler outlet serravalle Short, balding and pugnacious, Zell is among Chicago’s most iconoclastic business figures. A born outsider, he rides motorcycles, smokes, parties hard and talks like a truck driver. moncler outlet serravalle

moncler saldi But no one would care moncler outlet trebaseleghe about any of that if he piumini moncler uomo weren’t so good at buying low piumini moncler and selling high. moncler saldi

piumini moncler uomo In the case piumini moncler saldi of Tribune, Zell has already shown off his financial agility. At least seven private equity firms kicked the tires at moncler outlet Tribune but couldn’t make a deal work for more than $30 a share. The board concluded that the four other deals that did develop were too tentative or too debt heavy, including two versions from Burkle and Broad. piumini moncler uomo

But then Zell emerged in early February with his offer. He made it work by building his proposal around an ESOP, which should slash Tribune’s tax bill and moncler outlet online uomo boost the company’s cash flow enough to make a much larger debt load manageable.

moncler outlet online uomo As creative as the deal is, however, adding $7 billion in new debt to Tribune’s balance sheet puts the company under enormous pressure to perform moncler outlet online uomo.

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