February 8, 2007
Zell himself wasn't saying. He did not return a call for comment Wednesday. Tribune also declined to comment. Company executives probably will face similar queries from Wall Street analysts this morning when they hold a conference call to discuss fourth-quarter earnings.
Stan Ross, chairman of the USC Lusk Center for Real Estate, said that Zell, in his bottom-fishing days, never bought junk.
"The ones who were distressed were the owners or the banks, not the properties themselves," said Ross, a real estate accounting specialist and former vice chairman of Ernst & Young who has known Zell for years.
One of Zell's talents has been finding "motivated sellers," Ross said.