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Tribune Employees: It's Time to Take Ownership of Our Company and Our Future
Demand That Your Voice Be Heard
Real estate tycoon Sam Zell’s ingenious plan to control the Tribune Company by transferring billions of dollars of debt to an Employee Stock Ownership Plan (ESOP), while denying employees a voice in the governance of the plan or the company, puts our jobs, retirement security and families’ futures at risk!
The ESOP, which is governed by GreatBanc Trust Company, a sole trustee appointed by Tribune management, has already amassed more than $7 billion in debt and will need more than $4 billion more to close the deal. In order to secure the financing, the company had to agree to higher than anticipated interest rates and an accelerated repayment schedule, terms that could lead the company to sell assets and slash jobs. Without a voice, all Tribune employees are at risk.
We cannot afford to let Sam Zell, Tribune management or their “not-so-great” bank run our company into the ground. We must demand a seat at the table before it is too late!
Join the Tribune Employees’ Financial Protection Committee today, sign the petition and demand that your voice be heard.
| Sample Letter for Campaign |
Subject: We Demand a Voice in our Company and Our Future
Dear [ Decision Maker ] ,
The proposed Tribune buyout transfers ownership of our company to an Employee Stock Ownership Plan (ESOP). A sole management-appointed trustee governs the ESOP which has amassed billions dollars in debt with high interest rates and onerous repayment schedules.
All Tribune employees, whether participants in the ESOP or not, carry the heavy burden of ensuring the survival of our company in an embattled industry now with billions of dollars of new debt. We will not succeed without a seat at the table.
We, the undersigned employees of the Tribune Company, are committed to the long-term success of our company and join together as members of the Tribune Employees' Financial Protection Committee to demand that workers have a voice in our company and our future.
Sincerely,
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