Elon Musk and the Chicago Tribune

Tribune company, the predecessor company to Tribune Media filed for bankruptcy in December 2008. One year after Chicago billionaire Zell took the company private and the heavily leveraged $8.2 billion deal. Investors hurt by the deal later accused him of basically loading the company up with debt and then sinking it on purpose. At the time, Zell blamed a perfect storm of industry and economic forces,. but the bankruptcy case turned on charges leveled by junior creditors that the debt burden was unsustainable.