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In the latest in a long line of poisonous developments between the blustery Sam Zell and Tribune employees, a group of current and former Los Angeles Times staffers has gone to court seeking to oust Zell from ownership of the Tribune Co., alleging that the mogul's leveraged buyout of the media giant is a scam.
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<br>The plaintiffs, including Pulitzer Prize winner and auto critic Dan Neil, are effectively suing themselves, since they technically share ownership under the terms of Zell's complex deal. And in their capacity as owners, the plaintiffs are crying foul at the way Tribune, and more specifically the Times, is being managed.
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<br>The complaint, filed Tuesday in Los Angeles federal court, alleges the structure of the buyout -- executed through an Employee Stock Ownership Plan -- and Zell's conduct have diminished the value of Tribune Co. in order to benefit himself and fellow board members. <b on></b><!-- 5684 -->
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