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Leveraged Buyouts

Tribune Co. bankruptcy case haunting former shareholders

Tribune Co. bankruptcy case haunting former shareholders

On Nov. 8, a two-page letter appeared on Tribune Co.'s bankruptcy court docket, wedged between the usual stream of motions and lawyer fee applications. It was written to the judge by an angry and bewildered Colorado investor named Mark Lies, who had owned stock in Tribune Co. when it was public and then cashed out like thousands of other shareholders when the media conglomerate went private in 2007. Now, nearly four years later, Lies finds himself a defendant in one of dozens of lawsuits filed in courts around the country by a group of junior creditors hoping to claw back more than $2.5 billion of the $8.2 billion in proceeds from Tribune Co.'s disastrous leveraged buyout. The...