Published on Saturday, 30 October 2010 09:39
Last July, independent investigator Kenneth Klee looked closely at the 2007 Tribune buyout. The report, which was released to the public a couple of weeks later
in August of this year, found "intentional fraud" was committed by certain Tribune executives and banking institutions. This report confirmed the angry position of many of the lower-ranking creditors.
Last Friday, the U.S. Bankruptcy Court allowed the creditors to sue in Federal Court, Tribune owner Sam Zell, the shareholders, the banks, or any entity involved with the 2007 buyout.
Yesterday, the lawsuits began.
Read more: Creditors Sue Tribune Banks Over Buyout Fraud