Thursday, June 18, 2009

Still No Sale

CNBC with an update on the sale. Very little new information, but from the two some very interesting quotes antagonists, uh, I mean, sides in the sale process:
Sources confirmed to CNBC that Ricketts received a letter from Tribune Company about the matter a few weeks ago.

The letter stated that unless the remaining matters were agreed to within a specific time frame, Ricketts could risk losing the deal or Tribune could begin talks with other interested parties.

Sources say Ricketts is seeking to reduce the final purchase price by tens of millions of dollars.

Ricketts declined to comment personally, but Dennis Culloton, a spokesperson for the Ricketts family, told CNBC's Darren Rovell, "the negotiations are ongoing, the Ricketts family financing is virtually in order and we have had positive talks with the Tribune Company as early as this morning."

So, Sam Zell is playing hardball by telling the Ricketts to get moving or get out of the way. And the Ricketts have their virtual financing in place. I don't think Sam Zell or Tribune creditors will accept virtual dollars.

Two parties who can't agree on price and financing not yet arranged. Too perfect. The Cubs can't hit on the field or hit on a deal. Clusterfuck symmetry. Catch it!

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