From Chicago Tribune, January 4, 2008
By Michael Oneal
Former Tribune Co. boss Dennis FitzSimons will receive a previously unreported payout of around $3 million, triggered when he stepped down Dec. 20 as the media conglomerate’s chairman, president and chief executive, according to public filings and sources close to the situation.
The new payout brings to approximately $17.7 million the severance and other payments FitzSimons has received as a result of Tribune’s recently completed $8.2 billion deal to become a private company owned by an employee stock ownership plan and controlled by billionaire Sam Zell.
Tribune had reported earlier that it would pay FitzSimons $10.7 million in severance and almost $4 million more to offset the taxes generated by that severance payment.
The new payment is FitzSimons’ share of a $25 million pool of money negotiated by Zell and Tribune to provide incentives for Tribune executives to complete the going-private transaction and stay on through the first “transition year,” sources said.
Click here for the whole story. on freepress.net
( Dennis said that he was going to forfeit this money back when it was announced that he along with 38 executives were going to divide approximately 269 million dollars and profit from the sale to Sam Zell.) I guess Fitzsimons changed his mind........3 million times!
Back in April '07, I posted "Where does all the money go" Six days later Fitzsimons went on record saying he would not accept this money when the sale was completed. Follow this link, or click on the cash below to my archived story on his decision and reversal of fortune. I'm sure he thinks we forgot. Maybe he'll keep his word and give it back so we can fund our contract proposals and make some necessary repairs to our equiptment.
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