Creditors of Tribune Co. can sue real-estate billionaire Sam Zell, who took the newspaper publisher private in 2007 for more than $8 billion, and shareholders who benefited from the deal, a judge ruled.
In addition, directors of the Chicago parent of the Los Angeles Times and KTLA-TV board resolved what had been its preoccupation for at least a week: orchestrating the ouster of Randy Michaels, the chief executive whose boorish behavior and sexual antics became a dark sideshow to the bankrupt company’s financial struggles.
In his stead, the board appointed an executive council to take over the responsibilities of running the company, including Eddy Hartenstein, the publisher and chief executive of Los Angeles Times Communications. Other members are Don Liebentritt, the company’s chief restructuring officer; Nils Larsen, the chief investment officer; and Tony Hunter, the president publisher and chief executive of Chicago Tribune Co.
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