Another Billionaire Full of Excuses
It's not his fault, really.
"Over the last year, we have made significant progress internally on transitioning Tribune into an entrepreneurial company that pursues innovation and stronger ways of serving our customers," chief executive Zell said in a statement yesterday.
"Unfortunately, at the same time, factors beyond our control have created a perfect storm -- a precipitous decline in revenue and a tough economy coupled with a credit crisis that makes it extremely difficult to support our debt."
So there it is, if buy an already-declining revenue and profit biz, you take on so much debt to that you can't support the payments in the case of a further downturn, the problem isn't that you screwed up. It's that "factors beyond your control" did you in.
Are there any failed billionaires out there who don't make excuses for these sorts of bush-league screwups? You'd figure they could afford to eat a little humble pie, especially when they've deserved it.