Zell May Remain for Tribune Cleanup

The Tribune Company could well emerge from bankruptcy this fall with much of its current top management intact, but it remains unclear whether that might include the top dog himself, Samuel Zell, the chairman and chief executive who took the company private. From the day Tribune filed for bankruptcy in December, it has been clear that Zell's $315 million investment and warrants to buy a large share of the company would almost certainly be wiped out. He is being sued on multiple fronts over the $8.2 billion deal that took the company private in December 2007; he has called it a mistake and "the deal from hell"; and some people familiar with the plans are guessing that, when the dust settles, he will be out. But other people close to the restructuring talks, speaking anonymously because the discussions were supposed to remain private, caution that the major creditors have not yet given a clear indication whether they want Zell to leave or remain in some capacity. Nor has Zell said clearly whether he wants to go, though he is used to being the man in charge, and his authority would be diminished under new owners.