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Monday, December 08, 2008

Tribune Co. Files For Bankruptcy

It's not a rumor anymore: Times parent and Cubs owner Tribune Co. has filed for Chapter 11 bankruptcy. LA Observed's Mark Lacter has more on this; apparently severance pay promised but not yet paid will be vanished. Also, employees in the ESOP may be getting totally screwed, as they own close to 100% of the company's common shares, and "they usually recover next to nothing" in a bankruptcy.

Supposedly this won't affect the Cubs, but we'll see.

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