Poor Tribune, Standard & Poor’s is removing TRB stock from its S&P 500 Index tomorrow after close. The company’s deepening debt is already listed as junk status.
Chief Executive Dennis J. FitzSimons is trying to cash the fattest employee check before the end of the year for himself. He wants to be compensated $40 million to NOT run the company any longer.
‘Tribune Millionaries’ used to be more common. Back in the days when I worked for that company - I used to participate in every employee program I could to get my hands on the issue. It was always on the rise, splitting every few years and so I would buy the stock at the employee discount, waited patiently to be ‘vested’ (which required five years of service) in the ESOP and banked most of my meager 401(k) contributions in that good old TRB. Who didn’t? We all figured it was our little piggy bank - our reward for other sacrifices we made to practice our craft in the building with the flying buttresses.
Continue reading ‘The last ‘Tribune Millionaire’ - Dennis J. FitzSimons’
