March 11, 2010

Covanta Chairman Sam Zell. Collosal Debt & Bankruptcy at another Zell Company

Covanta Chairman Sam Zell Ranks 237 in Forbe's Billionaire List.

Sam Zell is chairman of Covanta, operators of the proposed Poolbeg Incinerator.  The winning Property baron is in a bankruptcy bind.

Colossal debt, declines in ad revenue forced Zell's Tribune Company (not Covanta) into bankruptcy.

Covanta has a secret contract for operation of the proposed Poolbeg Incinerator, located by philistines in Dublin Bay.  Covanta also has a massive debt load.  Ireland has been bankrupted by native property speculators.  Are Irish taxpayers protected from Covanta's special purpose entity offshored behind unknown legal firewalls in Luxembourg?


The World's Billionaires

#237 Samuel Zell 03.10.10, 06:00 PM EST
Property baron in bankruptcy bind.

Net Worth:$3.8 billion
Fortune:Self Made
Source:real estate, private equity
Country Of Citizenship:United States
Residence:Chicago, Illinois
Education:U of Michigan, Bachelor of Arts / Science; U of Michigan, Doctor of Jurisprudence
Marital Status:Married, 3 children  
Property baron in bankruptcy bind. Took control of Tribune Co. 2007 in $8.2 billion deal done with newspaper giant's employees. Colossal debt, declines in ad revenue forced firm into bankruptcy; working out reorganization plan, ceded chief exec. title to top deputy, Zell remains chairman. Bondholders claim property maven is responsible, demanding investigation. Made first fortune buying and selling real estate from distressed owners with partner Robert Lurie (d. 1990). Sold Equity Office Properties to Blackstone for $39 billion cash 2007. 

Still owns stakes in Equity Residential and Equity Lifestyle REITs. Other investments: affordable housing in Egypt, shopping malls in Brazil, homes and warehouses in China. Raised $625 million fund in August; capital to be used to buy real estate, corporate debt.

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