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.

http://www.forbes.com/lists/2010/10/billionaires-2010_Samuel-Zell_98EF.html

Net Worth:	$3.8 billion
Fortune:	Self Made
Source:	real estate, private equity
Age:	68
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.

EPA

EPA, Zell, Covanta Violations Lawsuits Fines Threats, Deadly Particles (PM2.5)

Waste-To-Toxins Employee Of The Month

Employee Of The Month

Employee of the Month Tony Orlando, with Sam Zell.

The fines of a few thousand dollars paid by Covanta for Dioxin pollution are so derisory they don't even qualify as a normal business risk.

Sam Zell owns about $666 million in Covanta stock. Billionaire mogul Zell sold his massive residential and commercial real estate empire in 2007 for $39 billion, or $39,000,000,000. Zell's worker, CEO Tony Orlando, was paid just under three million dollars in the year after all Covanta incinerators in New Jersey were fined for dioxin pollution. Covanta has a secret contract to run the Poolbeg Waste-To-Toxins incinerator.

Honest 19th Century Solutions

Zell Sells For $39 Billion.

Zell Sells

Billionaire mogul Zell sold his massive residential and commercial real estate empire in 2007 for $39 billion.

Zell has placed his waste-to-energy bet on one New Jersey company, Covanta Holding, which is up more than 23 percent in 2007.

It seems the Waste-To-Toxins (WTT) industry is not effectively monitored anywhere, especially for deadly PM2.5 & PM1.0 particles, nor for Dioxins which are only checked for a few hours each year.

German chemical companies, including IG Farben, aka BASF, and BMW, Daimler Benz and Porsche appear to strongly cripple effective European legislation on toxins generators such as incinerators.

http://www.tellzell.com/
Dioxins, Covanta Record, Deadly Particles (PM2.5), Dublin Bay Incinerator, Energy-Answers-Covanta, Money, Poolbeg Incinerator, Zell

Covanta - Sam Zell

Zell Sells

Covanta - Equity Ownership of Directors and Management

		Number of Shares				Approximate
Name		Beneficially Owned				Percent of Class

Samuel Zell (19)

23,225,534

15.0

%

Zell Shareholding in Covanta, 29-Feb-08: $666 million.Covanta Book Value Per Share: $6.66
[Source: Yahoo! Finance]

Samuel "Sam" Zell (born September 1941) is a U.S.-born billionaire and real estate entrepreneur. He is co-founder and Chairman of Equity Group Investments, a private investment firm. With an estimated net worth of US$6 billion, he is ranked as the 52nd richest American by Forbes.[1]


On April 2, 2007, Zell bought Tribune Company, publisher of the Los Angeles Times, the Chicago Tribune, New York Newsday and owner of the Chicago Cubs.

Zell was born in Chicago in 1941 to Jewish immigrant parents from Poland who fled the country just before the Nazi invasion in 1939.

Zell, according to The Forward[6], is also "a major donor to causes in the Middle East. His donations include a $3.1 million donation to the Herzliya Interdisciplinary Center in Israel and separate donations to the Israel Center for Social and Economic Progress, a right-wing Israeli think tank.

In 2008, Zell announced a plan to place the Chicago Cubs and Wrigley Field up for sale separately in order to maximize profits.

Cell Hell

http://en.wikipedia.org/wiki/Samuel_Zell
http://investor.shareholder.com/cva/secfiling.cfm?filingID=950137-08-4913
http://www.forbes.com/finance/mktguideapps/personinfo/FromPersonIdPersonTearsheet.jhtml?passedPersonId=941219