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View Full Version : Court holds that Trib. Co. cheated taxpayers out of $1 bil.


maurice
09-28-2005, 11:17 AM
The U.S. Tax Court has held that Trib. Co. improperly failed to pay about $1 billion in taxes in connection with a business transaction. The tax judge indicated that the Tribís arguments contradict the actual evidence and amounted to "fantasies."

So much for the "trust us, we have integrity" argument.

The very long court opinion can be found here (http://www.ustaxcourt.gov/InOpHistoric/Tribune.TC.WPD.pdf). The $1 bil. figure is from media reports.

Frater Perdurabo
09-28-2005, 11:22 AM
:roflmao::rolling:

I imagine we'll see more of this...:giantsnail

than a mention of this gaffe on the pages of the Cubune.

When we have snails and

:cubune

to look forward to every day on their pages, just remember that the Tribune is a unique combination of:

:whoflungpoo

pro-Cubs :spam

and White Sox :troll

maurice
09-28-2005, 11:46 AM
It's in the business section. They wanted to reassure investors that they saw it coming, took it into consideration, and are going to appeal.

TRB is down 3.3%.

This could be just the beginning of a larger financial hit (http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20050928\ACQDJON200509281245D OWJONESDJONLINE000786.htm&selected=TRB&selecteddisplaysymbol=TRB&symbol=TRB`&coname=Tribune%20Company&logopath=&market=NYSE&pageName=Company%20News):
Executives [] said that Tribune is "not at a stage" where it's considering countersuits against the original advisors on the Times Mirror transactions. "Why management did not settle this years ago is anybody's guess," Douglas Arthur, an analyst with Morgan Stanley, said in a report sent to clients. "The cost to investors and therefore the company's cost of equity capital from the looming anxiety of this outcome has been incalculable."

SOXPHILE
09-28-2005, 02:02 PM
:knue
"Errrr...uhhhh....errrr....Hey Chicago ! Look ! Wrigley Field was voted the "Coolest-Greatest-Bestest Place In Chicago" in our new Tribune pole ! Hey, look over here ! Hey ! Look......."

maurice
09-28-2005, 02:33 PM
TRB now down 3.89%. Investors have lost almost $20 / share since the stock peaked in early 2004. Karma is a bitch.

http://charting.nasdaq.com/ext/charts.dll?2-1-14-0-0-524-03NA000000TRB-&SF:4|5-WD=484-HT=395- (javascript:open_new_drilldown_window();)

mdep524
09-28-2005, 03:15 PM
TRB now down 3.89%. Investors have lost almost $20 / share since the stock peaked in early 2004. Karma is a bitch.

http://charting.nasdaq.com/ext/charts.dll?2-1-14-0-0-524-03NA000000TRB-&SF:4|5-WD=484-HT=395- (http://javascript<b></b>:open_new_drilldown_window();):nandrolone
Don't worry, I got all my money from them...and got out at just the right time! Hmmm, I wonder what the market's like in Japan right now...

PaleHoseGeorge
09-28-2005, 03:28 PM
http://www.naa.org/PubImages/lipins.gif <---- Cubune managing editor Ann Marie Lipinski
"Circulation problem? What circulation problem?"

:roflmao:

dcb33
09-28-2005, 03:29 PM
:roflmao::rolling:

I imagine we'll see more of this...

....or this.... they could turn the judgement into an excuse for not spending more money on the team...
:lynch&mcfail
"We tried to bring in Brian Giles, Johnny Damon, and a slew of quality bullpen arms this offseason, but circumstances beyond our control made it impossible to sign them, or any other players. Although these unfortunate fiscal developments have hampered our ability to act in the free agent marketplace, we still like the direction our team is going and feel confident a World Series Championship is eminent for the Cubs, making it imperative that we get all the fan support we can."


:knue "Hmmmm....I could work this hard"
Cubs Cursed by IRS
Ridiculous Court Judgement blamed for lack of available payroll $$$, 5th place 2006 finish
Beloved Chicago franchise cannot catch a break




EXCLUSIVE INVESTIGATIVE REPORT:
IRS Court Panel stacked with vindictive Sox fans
Two panel judges caught on film by our cameras at a recent Sox game, obvious hatred of Cubs explains $1B decision against Tribune Co.

Frater Perdurabo
09-28-2005, 03:29 PM
:knue

"Quick, somebody do a feature on Dusty's Toothpick. Need to get butts in the seats at the Urinal, er, Wrigley. Two words: CORPORATE SYNERGY. My 401K is tied up in Tribune stock and my retirement fund's in jeopardy. WHERE'S THAT SNAIL PIC?!? Can we hire Mariotti away from the Sun-Times? How about Cowley? Hurry, someone log into WSI and get me some headline ideas for when the Sox clinch..."

cheeses_h_rice
09-28-2005, 03:30 PM
Actually, the issue was a potential liability of a company that the Tribune Co. acquired, pertaining to its tax-free reorganization in the '90s. The Cubune reserved $250M on the books, but obviously might be close to 3/4ths of a billion short.

Such a shame.

Frater Perdurabo
09-28-2005, 03:31 PM
:sahaf <--- Tribune's newest public affairs editor

SouthSide_HitMen
09-28-2005, 03:47 PM
:sahaf <--- Tribune's newest public affairs editor

Funny, I thought it was their tax attorney. LOL

maurice
09-28-2005, 04:28 PM
The Cubune reserved $250M on the books, but obviously might be close to 3/4ths of a billion short.

They're also out attorney's fees and costs, and will pay more fees and costs in connection with the coming appeal.

The AP is now reporting that shares of Trib. Co. have hit a 4-year low.

ilsox7
09-28-2005, 04:35 PM
So they hire managers for their multi-billion dollar corporation with as much integrity as the manager of their entertainment group at Wrigley Field. Makes sense.

maurice
09-29-2005, 11:10 AM
TRB currently down another 1.4%.

:whiner:

maurice
09-29-2005, 03:12 PM
Make that 1.78%.

Figure in the Sox clinching and this has been one crappy month for Lipinski, McGrath, Knue, and friends.

SoxEd
09-29-2005, 05:14 PM
How serious is this for the Tribune's owning Corporation?

I mean, if the share price keeps sliding, do you think the Corp might consider flogging-off the Trib (which might let good old Uncle Rupert back into Chicago's print media)?

Or is it too much of a Jewel-in-the-Crown, and they'd sell something else?

Or, do they have enough 'liquid' cash to just pony-up the Lawyers' fees until they manage to overturn the ruling/pay any fines handed down by the Court?