Article from Forbes on how Sam Zell saved and then killed the Tribune Co.
It goes to show that knowing how to run one type of business doesn't always translate to being able to run all types of businesses. Zell treated the Tribune Co. like his real estate development business and loaded on debt. We all know the result that was announced yesterday - bankruptcy.
The lesson - know your business and be smart with your money. Zell thought he could buy the Tribune leveraged to the hilt, then sell the Cubs and pay down his debt. It may have worked, but he he couldn't sell it in time. Are you listening GM, Ford and Chrysler?