*Corrected and updated – At the shareholders annual meeting today, representatives of the International Brotherhood of Teamsters protested the ESOP structure that is key to the sale. "This structure makes the employees shareholders in name only," said president James Hoffa in a prepared statement.
The statement reflects a concern expressed April 2 by Newspaper Guild president Linda K. Foley when she called for representation of workers' interest in the ESOP:
The employee stock ownership plan – a significant part of this deal – can result in a positive partnership that benefits everyone involved or it can be a frustrating experience for worker-investors who end up bearing much of risk while experiencing little positive gain.
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