Why You Should Be Scared If You Work For Tribune

The Euphemistic Sam Zell Strikes Again

In reading Sam Zell's mea culpa for why Tribune filed for Chapter 11, as expected, I'm reminded of an old Al Jaffee cartoon from Mad magazine, where you see a pilot coming out to tell his passengers that everything is OK, while he has a parachute strapped to his back.

To wit:

By restructuring our debt, we will reduce the pressure on the company’s operating businesses, enabling us to pursue our vision of creating a sustainable, cutting-edge media company that is valued by our readers, viewers, and advertisers, and that plays a vital role in the communities we serve.

But wait! There's more!

This filing should (my emphasis) not impact the way you do your jobs on a day-to-day basis. We will continue to operate responsibly in a challenging environment – aggressively (euphemism alert!) managing costs and maximizing revenue opportunities.

Uh, oh. Cue the parachute.