New Twist in Tribune Co. Bankruptcy Case Could Benefit Billionaire Sam Zell

By: Michael Oneal | Chicago Tribune

For nearly three years, the various combatants in the Tribune Co. bankruptcy case haven’t been able to agree on much. But few would have anticipated that claims held by Chicago billionaire Sam Zell against the company had any but the slimmest chances of recovery.

Then U.S. Bankruptcy Judge Kevin J. Carey weighed in.

In a long-awaited opinion delivered Oct. 31, Carey surprised everyone involved in the case by saying that holders of a deeply subordinated class of notes known as PHONES were being treated unfairly and should be able to recover at least a slice of a claim with an original value of more than $1 billion.

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