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Judge Clears Tribune Creditors To Sue Buyout Investors

Law360 (March 22, 2011, 4:09 PM EDT) -- A bankruptcy judge in Delaware on Tuesday cleared Tribune Co. creditors to move forward with state court claims to claw back $8.3 billion from shareholders who cashed out in Sam Zell’s ill-fated 2007 leveraged buyout of the media giant.

 Judge Kevin J. Carey said at a hearing in the U.S. Bankruptcy Court for the District of Delaware that he did not want to “stand in the way” of the litigation as long as the proceedings were stayed pending the outcome of Tribune’s Chapter 11 plan confirmation...
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