The Virginian-Pilot
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A coalition of creditors of the bankrupt Tribune Co. has gone to court in Chicago, seeking to recover about $180 million in bonuses to bigwigs in the media chain, including more than $550,000 granted to four execs who then worked at the Daily Press.
The cash rewards, mostly payments for stock, were bestowed in December 2007 after real estate tycoon Sam Zell took over Tribune and turned the publicly traded company private. A year later, Tribune declared bankruptcy.
Among the targeted Daily Press leaders are publisher Digby Solomon ($300,063) and Ernie Gates ($107,638), former editor and vice president of the Newport News paper. Solomon’s assistant said he was not available for comment Friday.
In addition to the Daily Press execs, the creditors’ most-wanted list includes Bill O’Donovan, publisher of The Virginia Gazette in Williamsburg, another Tribune publication, and his $48,194 reward.
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Daily Press bonuses
So, the DP publisher comes aboard, reduces costs by tossing 60% of the work force, brings absolutely no vision on how to arrest the continual slide the paper is on, has the paper lose more money each successive year of his stewardship, but does an excellent job of sucking-up to Zell and his cronies. He gets $300k for being smug, arrogant and ineffective.
Conversely, the Gazette Publisher runs a remarkably robust paper in a declining industry, recording continuous growth each successive year (recession or not...), and (astonishingly) has to report to the DP publisher/pretender....and he gets 1/6th of the bonus for his effort.
Like most corporate environments, it is the individual who 'manages-up' and 'plays office' most effectively that ascend
Schadenfreude
Makes you look lower than the story, itself. Stay classy, y'all.