Zell says Tribune Company will continue to operate as normally as possible under the supervision of the bankruptcy court and that he's not going anywhere.
Their tentative agreement to the deal lessens the chances of a long, drawn-out wrangle, which could keep GM tied up in the bankruptcy courts for many months.
Yet almost all newspapers have survived, albeit with occasional help from the bankruptcy courts.
They have plenty of reason to be cautious, considering the hammering that share - and bondholders took during the firm's two-month dash through the bankruptcy courts last year.
More recently, Huawei bid for but failed to win assets from Nortel Networks Corp., which is being broken up in bankruptcy court.
At Chrysler, all of that work was done by the bankruptcy court, so Marchionne takes over with one of the cleanest balance sheets in the industry.
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