When Barnes & Noble announced it was looking for a buyer, we entertained the fanciful notion that struggling rival Borders might put in a bid. As absurd as the idea was, that buyout offer has been made. Here's why it has virtually no chance of succeeding.
Tribune Co. creditors are suing for billions of dollars in damages, alleging Tribune Chairman Sam Zell and lender JPMorgan Chase pushed the company into bankruptcy when Zell purchased it mainly with debt in 2007.
So much for the hope of a relatively quick and painless exit from bankruptcy for Tribune Co. A reorganization plan that would have turned over control of the Chicago-based media conglomerate to lenders has reportedly fallen apart.
Sorry, Tribune Co. employees. After everything you've been through in the past two years, you won't get to witness the one thing that might, in some small way, make up for it -- the spectacle of Sam Zell getting fired as CEO. He removed himself from the post, and he's staying on as chairman.
