Two competing Tribune bankruptcy reorganization plans were rejected by U.S. bankruptcy judge Kevin J. Carey, reports TheWrap.com.
Carey ordered Tribune and its creditors to come up with another reorganization plan quickly, with a hearing set for Nov. 22, the story notes.
The judge began his opinion with a fable, "The Scorpion and the Fox," which he noted examines the “inescapable facet of human character: the willingness to visit harm upon others, even at one’s own peril," the story says.
Tribune said it wouldn’t comment until it finishes reviewing the judge’s decision.
A year after real estate magnate Sam Zell took the company private, Tribune filed for Chapter 11 bankruptcy protection in December 2008.
Here’s a video version of “The Scorpion and the Fox” in a different context: