Media barons clash in Chicago as Andy Martin takes on Sam Zell for control of the Tribune Company

Chicago news conference Tuesday: Andy Martin will ask bankruptcy court to remove Sam Zell as chief executive of the bankrupt Tribune Company.

The nation's largest independent media company has filed for bankruptcy under the capricious tutelage of real estate speculator Sam Zell. Andy Martin has been a thorn in Zell's side since Zell won the 2007 bidding war. Martin's legal theories prompted employees to sue Zell for dismantling the company and damaging the corporate assets. Now Martin is launching a powerful campaign to remove Zell from the Tribune organization.

Andy Martin launches a new campaign to take control of the Tribune Company and remove Sam Zell

ANDY MARTIN
Executive Editor
ContrarianCommentary.com

“Factually Correct, Not
Politically Correct”

FOR IMMEDIATE RELEASE:

ATTENTION DAYBOOK/ASSIGNMENT EDITORS

ANNOUNCEMENT OF CHICAGO NEWS CONFERENCE December 9, 2008

ANDY MARTIN RENEWS HIS EFFORTS TO WREST CONTROL OF THE TRIBUNE COMPANY FROM SAM ZELL

MARTIN WILL SEEK APPOINTMENT OF A BANKRUPTCY COURT TRUSTEE TO MANAGE THE MEDIA COMPANY IF ZELL TRIES TO STAY IN POWER

MARTIN PROMISES TO "GIVE ZELL HELL"

(CHICAGO)(December 9, 2008) Andy Martin became America's youngest media baron in 1968 when he was approved by the Federal Communications Commission to own and operate a television station license. With forty years of broadcast and print experience behind him, Tuesday Martin will launch a campaign to wrest control of the bankrupt Tribune Company from real estate speculator Sam Zell. The battle promises to become the media donnybrook of 2009.
Martin was an unsuccessful bidder for the company in 2007.

"In 2007 I made a realistic proposal to purchase control of the Tribune Company," Martin will state. "Zell beat me out. I am back with a vengeance. Sam Zell has destroyed an outstanding media organization. He has humiliated the City of Chicago. When Zell took control of the Tribune Company a year ago, the Chicago Tribune was a jewel. He has turned the newspaper into a lump of coal.

"The paper was well-organized, well-written and provided serious journalism for a serious city. Zell brought in his radio hucksters such as Randy Michaels; they tore the company to shreds. You can't read the Chicago paper today. It is a jumble of unconnected, inconsistent, incoherent sections. The quality of the journalism has declined precipitously. I understand the company's other newspapers are suffering similar fates. Quality journalism, and the esteemed traditions of great news organizations from Hartford to Los Angeles, have been reduced to rubble.
"Tribune Company newspapers today are an embarrassment. Whether newspapers have a future or not, journalism does. People crave more information, not less. Whether print media will survive or not, I am certain they will not survive as garbage can liners or, as we say down home in Florida, 'mullet wrappers.'

"I will attempt to meet with Zell and to take control of the company immediately and peacefully. If Zell tries to stay in control, and run some sort of bankruptcy scam operation, I will seek to have him removed by the bankruptcy court. He filed for bankruptcy in record time, a year after he took control.

"What kind of a business plan did Zell have to justify billions in new debt? Did he plan for this 'bankruptcy bust-out?' It was obvious to anyone and everyone the company could not support billions in new debt.

"Zell now claims he was the 'victim' of a 'perfect storm.' Rubbish. He was the victim of his own greed. He could have sold the Chicago Cubs for a billion dollars but he was greedy; he wanted more. He also wanted a taxpayer bailout. His greed did him in.

"I am preparing to petition the bankruptcy court to name a trustee who has some experience with and respect for journalism, and to remove Zell, a real estate operator who is notorious for threatening old ladies in trailer parks with a choice between higher rents or eviction.
"I will try to work with the employees and the ESOP to convince the staff that an immediate change is control is critical if the company is to survive. Every day the value of the company's assets will deteriorate.

"Colonel McCormick, who led the Tribune to greatness, left a golden legacy to this great city. We must recapture that legacy, and rebuild on the still-solid foundations of the company. We must revive the newspapers and, of course, size them to the realities of 2009. But I am certain the Tribune Company's media assets can’t survive by going down market. Sam Zell has it exactly wrong and precisely backwards: cheapening the product is killing the company.
"Zell is on notice: he can clear out of the Tribune's offices immediately, or I will wage relentless war to have him thrown out. When we take over I will sit down with the remaining corporate staff and work out a revitalization plan that will return all of the Tribune Company's media properties to greatness. That is what audiences from Hartford to Los Angeles to Fort Lauderdale deserve," Martin will state.

"This could develop into one heck of a battle royal in the bankruptcy court. We're going to give Zell hell, and run him out of the media business, now and forevermore."

Martin's legal theories about the role of the employee ESOP plan at the Tribune are credited with triggering employee lawsuits against Zell earlier this year. Martin plans to offer to purchase the majority shareholding in the Tribune Company owed by the employee ESOP, and force Zell and his confederates out of control.

NEWS CONFERENCE DETAILS:

WHO:
Internet Columnist/media baron Andy Martin

WHERE:
Public sidewalk in front of Chicago Tribune,
435 N. Michigan Avenue

WHEN:
Tuesday, December 9, 3:00 P. M.

MEDIA CONTACT:
(312) 440-4124; (866) 706-2639; CELL (917) 664-9329

WEBSITES:
SaveTheTribune.blogspot.com
SaveTheTribune.wordpress.com

E-MAIL:
AndyMart20@aol.com
---------------------------------------------------------
Andy Martin is a legendary Chicago muckraker, media critic, author, Internet columnist, radio talk show host and broadcaster. Andy is the Executive Editor and publisher of www.ContrarianCommentary.com. © Copyright by Andy Martin 2008. Martin covers regional, national and world events with over forty years of experience. He holds a Juris Doctor degree from the University of Illinois College of Law. His columns are also posted at ContrarianCommentary.blogspot.com; contrariancommentary.wordpress.com. Andy is the author of Obama: The Man Behind The Mask, published in July 2008, see http://www.OrangeStatePress.com. MEDIA CONTACT: (866) 706-2639 E-MAIL: AndyMart20@aol.com [NOTE: We frequently correct typographical errors and additions/subtractions on our blogs, where you can find the latest edition of this release.]