Billionaire Sam Zell Sues Shareholders Over Tribune Buyout He Engineered

Billionaire Sam Zell sued former shareholders of the bankrupt publisher Tribune Company, claiming he should be paid along with other creditors should a court rule the 2007 buyout he engineered was a fraud.

The suit, filed by the Zell-controlled company EGI-TRB LLC, defends the buyout as legitimate while also attempting to preserve Zell’s ability to collect money should a court disagree. “If it is determined that the selling shareholder payments represent fraudulent conveyances, EGI-TRB is entitled to recover from such transfers or conveyances in an amount in excess of $225 million,” Zell’s attorneys said in court papers filed in state court in Chicago