He's only on the hook for 300 mil. He's still an extremely wealthy man. Like many successful men, he takes risks. Some work out, some don't. It's not like he pushed all his chips into the middle of the table.
Well, he has had a run of bad luck lately.
I think he bought American Hawaiian Cruise Lines some years ago. He was bringing out 4 new ships and then 9/11 occurred.
The company folded and the newer ships sold.
The old cruise ships, the Independence and Constitution
will probably be going to the ship breakers if they have not already.
Exactly. The risk was all assumed by the lenders. Plus Brian Greenspun put about $150 M, IIRC.
http://www.tribune.com/about/bios/greenspun.html
Also royally screwed are retirees whose pension fund was plundered.
http://www.onestopesopblog.com/2008/09/zell-and-tribune-class-action-lawsuit.html