Tuesday, November 1, 2011

Tribune Bankruptcy Not Resolved After All

The Tribune bankruptcy has literally been in court for three years, and now it looks like it's going to be in court even longer. The judge in the case rejected both reorganization plans presented (one by JP Morgan, and the other by Aurelius).

From Bloomberg this morning: "U.S. Bankruptcy Judge Kevin J. Carey in Wilmington, Delaware, compared two groups of competing creditors to warring animals in a parable about a fox and scorpion who must cooperate to cross a river safely. They fail and both die reflecting “an inescapable facet of human character: the willingness to visit harm upon others, even at one’s own peril,” Carey said in the opening section of his 125-page legal decision yesterday."