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Call It Aesop Or ESOP, It’s Still A Fable With A Moral Ending – Tribune Staffers Are Going to Be Paying Back Debt For The Rest Of Their Lives, But Chairman Denis FitzSimons Gets To Take $21.3 Million To The Bank
Philip M. Stone April 5, 2007
If someone is now going to beat Chicago billionaire Sam Zell out of taking control of Tribune it will cost the company a mere $25 million, so anything is possible, but whatever the final deal it looks like Tribune staffers – those who will be left – will be paying back debt for the rest of their lives and praying their pension funds will remain okay. But chairman Dennis FitzSimons and President Scott Smith won’t have such worries – Fitzsimons will be able to cash in shares worth close to $24 million and Smith a bit more than $10 million.
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