Look, I don't know exactly what this means, but I'm blatantly parroting a Tribune-related post from LA Observed that ran on the other side of the continent. LA-O found this passage in Tribune's bankruptcy filings:
How are severance payments affected?
All ongoing severance payments, deferred compensation and other payments to former employees have been discontinued and will be the subject of later proceedings before the Court. Please contact call the Tribune Benefits Service Center at 800-872-2222 for details on your specific situation.
Does that mean that everyone who got the buyouts during the past year are going to stop getting their checks?
I don't know, but I also wondered if employees got the option of receiving their money in a lump sum payment. I did some research and found a Pulp post from the first round of buyouts. To wit: "The money isn't paid out as a lump sum, but in the form of a biweekly check spread out over the next year."
Those named in the above post should have received their full severance. But if that held true for everyone, it means the employees who received the buyout most recently might have their payments held up. But then again, maybe not. Those of you affected should be able to find out today by calling that number -- and I hope everyone gets what's supposed to be coming to them from the company.
Possible silver lining: Trib still owes more than $11 million to one of the great scoundrels of the journalism history: Former Times-Mirror CEO Mark Willes. Read about it here on Gawker. Dude should be the first one cut off.
While I'm floating somewhat nebulous information, I'll go ahead and spread a little more. I've heard two possible buyers of the Miami Herald from newspaper-related sources; the massive development firm Related Group and the Fanjul sugar family. You'll remember the former's founder, Stephen Ross, recently bought half of the Miami Dolphins from Wayne Huizenga and the latter has the state by the nards when it comes to Charlie Crist's ill-conceived buyout of U.S. Sugar.
We may ALL be thanking God for the alternative press soon.
