Cubs Sale Goes Ahead

The sale schedule of the Chicago Cubs will stay as announced,owner Sam Zell stated.We've gotten three bids.I do not think the Cubs sale will be impeded by The Tribune Company bankruptcy.As for the rest of the business world,our system is based on debt and equity,and one of those elements-debt-is missing.The business community is suffering from the financial crisis.I think the Troubled Asset Recovery Program will succeed after the first of the year.Should I have bought Tribune? My head only functions looking forward.This crisis too shall pass,the magnate Sam Zell philosophized.

Zell Assesses Tribune Bankruptcy

The Tribune Company recently filed for Chapter 11 bankruptcy.It holds The Los Angeles Times,The Chicago Tribune,The Baltimore Sun,several T.V. stations and the Chicago Cubs baseball team.The team wasn't included in the filing.The firm has suffered a 20% reduction in gross revenue,owner Sam Zell revealed.In the end,my responsibility is to preserve the value of the company and ensure it goes on into the future,Mr.Zell said.The company has significant positive cash flow as long as it's not making debt payments.Going forward,we now have the time to focus on consolidation,Mr.Zell asserted.