Headlines: Tribune, Mercedes, Countrywide

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Chandlers Demand Breakup of Tribune

The former owners of the L.A. Times demanded the breakup of the paper’s parent, Tribune Co. Representatives of the Chandler family, which holds more than 12 percent of Tribune, called for radical changes to the company in a regulatory filing on Wednesday. In a letter to Tribune directors that was included in the filing, the Chandlers demanded that the company spin off television assets and sell off some or all of its newspapers. The dispute was set off by Tribune’s plan to take on $2 billion in debt for a stock buyback.


Suit Filed Over $1.7 Million Mercedes


A Los Angeles car dealer sued Mercedes-Benz and DaimlerChrysler over a $1.7 million roadster that died after driving 10 blocks in 2004. Mark Johnston, co-owner of Grand Prix Motors in the Mar Vista area, filed the suit over the 12-cylinder, 612-horsepower vehicle. It was on its first test drive when the oil light came on, the gears wouldn’t shift and the car shook with such force that the windows came apart. Mercedes-Benz USA has denied responsibility.


Countrywide Executive Defends Pay


Angelo Mozilo, chief executive of Countrywide Financial Corp., defended his $165 million pay package on the grounds that his earnings reflected investor profits. Mozilo’s remarks came after the defeat of a measure that would have given shareholders an advisory vote on executive pay. The measure was sponsored by the American Federation of State, County and Municipal Employees. The union pension plan has targeted Countrywide and other companies. Although the measure failed to pass, the union said the vote had exceeded expectations and bode well for future battles over executive pay.

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