Tribune’s Chapter 11 filing likely means a court delay for six current and ex-L.A. Times employees who are trying to oust billionaire owner Sam Zell from the board of directors. But in the meantime, they can point to Zell’s bankruptcy-protection filing as Exhibit A in the court of public opinion. “The sort of critique we made in the lawsuit has been borne out,” says plaintiff Henry Weinstein, the Times’ former legal affairs writer and now a professor at UCI’s new law school. In addition to the Times, Tribune’s assets include KTLA-TV, the Chicago Tribune and the Chicago Cubs. In late 2007 Zell took the company private by putting up $315 million and borrowing $8 billion. The class-action suit, filed in September, accused Zell of orchestrating a scam and burying the company in debt. Zell called the suit “a distraction that’s unnecessary.” Says Weinstein: “We are certainly going to try to be heard in the bankruptcy court. There are all sorts of employee interests” …
Gov. Schwarzen-egger has made Newport Beach developer Hadi Makarechian (Capital Pacific Holdings) a UC Regent …
The recession has hurt Mel Trudell’s business, but not his sense of humor. The owner of Anaheim-based Custom Comfort Mattress says he’s thinking of declaring the company a bank in order to attract federal bailout money. He already has a marketing slogan: “Your money is safer in a mattress!” …
And leave it to Chapman U’s Jim Doti and Essie Adibi to make good theater,and good business,from the recession. At Chapman’s annual Economic Forecast, a smiling Doti chided UCLA and USC for being slower than Chapman to predict the housing bubble and recession. The crowd at the Performing Arts Center, including state Controller John Chiang, laughed along, despite the tough forecast,no recovery until late 2009 at the earliest. Attendance was nearly 2,000, up 50% from last year (same $165 ticket price); more than $200,000 was netted for scholarships … Doti and Adibi performed their act at OCPAC four days after Diana Ross. She headlined the Candlelight gala, which drew 500 and despite the economic climate, raised $1.4 million for the center, edging last year’s Frankie Valli take …
A newcomer at the gala: Sara Fousekis, just arrived from Berkeley Repertory, where she raised more than $30 million. She’s now in charge of OCPAC’s Center (operating) Fund and reports to Tom West, who is focusing on the capital campaign …
It’s taken years, but UCI and Children’s Hospital finally have cleared all hurdles and next month will begin combining their resources to “create a world-class pediatrics center” at CHOC in Orange. At the signing ceremony at The Turnip Rose restaurant, CHOC’s Kim Cripe and UCI’s David Bailey celebrated, doctors hugged, a kids’ choir sang and,possibly a first,Choco the Bear and Peter the Anteater appeared on stage together.
