Bankruptcy cases can be confusing. Fortunately the Tribune Company’s Chapter 11 is going to get a little extra attention in the form of a Bankruptcy Examiner. We’re not entirely sure what such a person does, but we bet they’re expensive. The LA Times explains a bit:
The examiner, who will be appointed by the U.S. Bankruptcy Court trustee in Delaware by the end of the week, will be free to inspect all aspects of the case, including the buyout and the fairness of a settlement reached this month between Tribune and some of its creditors…
Legal experts say the appointment of an independent examiner could speed up negotiations. But it also could raise new issues that might complicate the case.
The examiner’s report is due July 12. But we don’t need to read it to know that Sam Zell is a twerp.