Tribune Employees:
It’s Time We Take Ownership of Our Future!
Company by transferring billions of dollars of debt to an Employee Stock
Ownership Plan (ESOP) while denying employees a voice in the governance
of the plan or the company--puts our jobs, retirement security
and families’ futures at risk!
The ESOP, which is now governed by a sole trustee appointed by
Tribune management, has already amassed more than $7 billion in debt
to buy back 50% of Tribune’s shares at $34 a share. In order to secure
the financing, the company had to agree to higher than anticipated
interest rates and an accelerated repayment schedule.
Some analysts predict that Tribune may have a hard time securing
financing for the additional $4.2 billion second phase of the deal. If the
deal falls through, the value of our stock could plummet--one analyst
predicting as much as 88%. If the sale is completed, Tribune will have
so much debt that it will be vulnerable to defaulting on its loans, which
could land the company in bankruptcy or force the company to slash
jobs and sell assets. Without a voice – all Tribune employees are at risk.
We cannot afford to let Sam Zell, Tribune management or their
“not-so-great” bank run our company into the ground. We must
demand a seat at the table before it is too late!
Join the Tribune Employees’ Financial Protection Committee
Go to: http://www.teamster.org/divisions/gciu/tribune.htm to sign up.
It’s Our Company, Our Future
Demand a Say Today!
Tribune Employees:
It’s Time We Take Ownership of Our Future!
Thank you, Carin Zelenko Director IBT Capital Strategies Department
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