WILMINGTON, Delaware (Reuters) - pensioners and holders of the Tribune Co sued former shareholders of the company for billions of dollars, alleging that the redemption of 2007 of the owner of the Chicago Tribune and the Los Angeles Times compelled her to file its balance sheet.
"One of the industry more strongly mobilized redemptions - lined the pockets of the former shareholders of Tribune 8.5 billion in cash against the Tribune and precipitate Tribune careen into bankruptcy creditors, said Deutsche Bank Trust Company Americas, one of the plaintiffs."
Unit of Deutsche Bank AG filed lawsuits in several courts Thursday in his capacity as trustee for the senior notes.
Then the judge supervising bankruptcy forum earlier this year, gave the green light for these legal actions, he also ordered that you be queued until the rostrum leaves Chapter 11, perhaps later this year.
The plaintiffs seek to recover the money paid to the shareholders of the rostrum, arguing that the agreement amounted to a "fraudulent transfer" to the editor on his path to the bankruptcy of December 2008.
While cashed-out shareholders received the main benefit in the buyback, the company target not received no benefit to offset the greater risk of running a highly mobilized business, Deutsche Bank said in the filing of the Court.
Bankruptcy cleared holders of bonds, which are due to more than 2 billion.
Tribune Co filed bankruptcy in 2008, a year after the billionaire real estate developer Sam Zell, led by a loan. The deal charged the company with approximately $ 8 billion of additional debt in an operation funded in part by contributions from the company to a stock option plan used.
Creditors have had success bringing transfer fraudulent claims against former shareholders of bankrupt companies, for example reach a settlement in the case of the best products Co in the 1990s.
In General, the former shareholders can defend themselves by arguing that they sell in good faith and without any knowledge that the sale would make the insolvent company, said Jonathan Lipson, Professor of law at the University of Wisconsin Law School.
But this defence is not as well working for each former shareholder.
"Almost certainly large shareholders knew what was going on," said Lipson. "Large shareholders involved in the development of the transaction are extremely vulnerable."
Trust affiliated to the Chandler family, the Fondation Robert r. McCormick Tribune and the Cantigny Foundation were among the largest shareholders of the Forum and their campaign for the sale of the company led to the purchase of Zell, according to court documents.
Trusts have been established for the benefit of the descendants of the Los Angeles Times Harry Chandler Editor. The foundations are established by the Publisher of Chicago Tribune Robert McCormick of charities.
Retired from the Times Mirror Co and the Tribune continued for more than 109 million in pension benefits that they have lost the bankruptcy of the company. Tribune bought times mirror Co, who owned Los Angeles Times and the Baltimore Sun, to 8 billion in 2000.
The lawsuits were filed before a period of prescription is about to expire. The judge supervising bankruptcy, Kevin Carey, earlier this year allowed lawsuits will be filed with the understanding they would be suspended pending the outcome of the bankruptcy.
Carey is currently examining two competing bankruptcy plans that differ in their approach to settle the claims arising from the failure of the company.
A plan is supported by the company, the lenders who financed the loan of 2007 and the Committee of unsecured creditors. The plan to address many of the largest legal claims in bankruptcy; about 500 million dollars to holders of bonds.
A group of noteholders, run by hedge fund Aurelius Capital Management, have proposed their own plan which could settle the claims in litigation, that they would generate larger collections.
The bankruptcy case is In Re Tribune Co, the bankruptcy court in United States, District of Delaware, no. 08-13141.
(Reported by Rachel Chitra and Renju Jose to Bangalore, editing by Gerald e. McCormick additional)
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