Sam Zell: Get to Work

Billionaire: 'One percent work harder' (via CNN Video)

Billionaire real estate developer Sam Zell says America slams the one percent because it's "politically convenient.''

---

Hey Trib: "Show us" your Bankrupt Culture

If there ever was an example of a classic business school case study showing how, as a billionaire tycoon acquiring a business for mostly sentimental value (Sam Zell), not to hire a CEO for the job (The Chicago Tribune) this is it. Enjoy the story from The New York Times about the life and times of Randy Michaels in Chicago as CEO of The Trib:

In January 2008, soon after the venerable Tribune Company was sold for $8.2 billion, Randy Michaels, a new top executive, ran into several other senior colleagues at the InterContinental Hotel next to the Tribune Tower in Chicago.

read>>>full article

Sam Zell's diversification plan outside of real estate comes up short

Sam Zell's Tribune Co., which owns the Chicago Tribune, the Los Angeles Times, other daily newspapers and media properties — filed for Chapter 11 bankruptcy protection this week.

As we now know, Sam Zell's diversification plan outside of real estate didn't work out, nor did his frantic search for more revenue for his newspapers.

What the hell was Sam Zell thinking?

The newspaper death spiral continues as noted on TechCrunch this week.

So, we decided to check in with one of our more favorite billionaires to determine what the hell happened.

In a recent interview, Sam Zell explains that a small forecasting assumption apparently turned into a big forecasting error relative to his recent purchase of the Chicago Tribune.

Think Billion$ comment: Oops.

For sale? Chicago Cubs

From DealBreaker.com, we are reading reports that Chicago billionaire Sam Zell will unload the Chicago Cubs after he consumes the Tribune Co.:

A very interesting M&A battle could soon heat up on the North Side of Chicago. Various news reports say that if/when Sam Zell finishes buying Tribune Co., he will put the Cubbies up for sale. Two of the expected bidders are Madison Dearborn chief John Canning and Dallas Mavericks owner Mark Cuban. A contrast in styles, to say the least…

via DealBreaker