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Paul Kiesel
Paul Kiesel
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Tribune Company Under Investigation for Potential Violations Involving the Company's Employee Stock Ownership Plan

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An investigation is currently being conducted to ascertain whether the Tribune Company and the Employee Stock Ownership Plan’s ("ESOP") fiduciaries may have breached their fiduciary duties of loyalty and prudence to the Plan’s participants.

A breach may have occurred if the fiduciaries failed to prudently manage the Plan’s assets, by among other things, causing the ESOP to purchase overvalued Company stock when the Company was overleveraged, over-encumbering the ESOP with debt, and continuing to purchase and/or hold Company stock after doing so was no longer prudent given the financial condition of the Company at the later more perilous purchase time.

A breach may have also occurred if the fiduciaries withheld or concealed material information from the Plan’s participants with respect to the Company’s business, financial results, and operations.

If you are a member of the Tribune Company’s ESOP and would like to discuss this matter further or provide information relevant to the investigation that is taking place, please feel free to contact Mr. Paul R. Kiesel or Ms. Helen Zukin at 310-854-4444 or e-mail them by clicking on their names.