Sunday, July 22, 2007

Tribune Proxy Statement Dated July 13th 2007

You should all be receiving your Proxy Statement to vote on the proposed "Merger Agreement" (sale) with/to Sam Zell at the shareholders meeting on August 21st in Chicago.

I seriously doubt any of us will be in attendance so I suggest you read the contents of this mailing. The question and answers is very interesting reading and I'd like to point out paragraph 2 on page 14.

Question:"How does the ESOP intend to vote?"
Answer: The ESOP currently holds and is entitled to vote 8,928,571 shares of Company Common Stock, representing approximately 7% of the outstanding shares. The ESOP intends to vote all it's shares of Company Stock in favor of the adoption of the Merger Agreement and approval of the Merger.

This is exactly what Teamster Executive President James Hoffa spoke out against at the previous shareholders meeting.
(See WSJ.com letter)
An "Employee Stock Ownership Plan" in which the employee's voice is absent, should not be considered an "ESOP" This Corporation is exploiting the tax loophole that allows them to create an ESOP and place all the liability on the worker's future while denying them any opportunity to vote the shares in the ESOP to their best interest.

Does this sound like Taxation without Representation?

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