Tribune Co. files for bankruptcy protection

[WXFORECASTER]

http://www.latimes.com/business/la-fi-tribune9-2008dec09,0,5273854.story

[wx or not]

If any media group can come out of Chapter 11 with a decent, workable plan, it should be Tribune.

[WXFORECASTER]

well it is "protection".. I am sure they will pull through and it shouldn't affect any jobs!

[wx or not]

...for now...

[guesswhoiam]

what will happen to my 401k with tribune? i left there a few years ago and never rolled it over into a different fund. (yes, i know, i should have done it a long time ago...) some of it is in company stock, and most of the rest is in a Vanguard fund.

[wx or not]

what will happen to my 401k with tribune? i left there a few years ago and never rolled it over into a different fund. (yes, i know, i should have done it a long time ago...) some of it is in company stock, and most of the rest is in a Vanguard fund.
As far as 401k money is concerned, it should be safe. 401k funds are kept in a trust and never commingled with employer funds. Keep an eye on your statement, though. Trustees with access to participant accounts have gotten in trouble in the past with the Department of Labor.

[Old Shooter]

Regarding your 401k you're screwed... kind of.
Your 401k is intact. You have your Vanguard account and your Tribune stock.
However your tribune stock will very likely have a value of $0 after the bankruptcy. Common stockholders are the last in line to maintain value after all creditors are paid. It they filed due to a liquidity problem the stock may make a comeback however if there is any creditor that doesn't get 100% of their money you won't get any.
If you have a pension it will have some value and that value will depend on its level of funding prior to the bankruptcy.
The silver lining is that Vanguard are some of the best managed funds around with the lowest fees.
If your current financial situation is stable now is a great time to roll your 401k to an IRA then to a Roth IRA. You will owe some taxes out of pocket but the money will grow and be withdrawn TAX FREE. It gets a little wierd but if you do it right you may pay less tax on the money than you would had you invested it yourself when you earned it.

[nyer_at_hrt]

I'm just curious on how they will owe some tax money out of pocket? I rolled my old employer 401k over to an IRA and didn't owe any. If you move the money from a 401k to an IRA and the check is rolled right over isnt' it supposed to be tax free? I ask because I am 401k stupid and I use a AXA for my IRA.

[TAFKA wacowx]

I'm just curious on how they will owe some tax money out of pocket? I rolled my old employer 401k over to an IRA and didn't owe any. If you move the money from a 401k to an IRA and the check is rolled right over isnt' it supposed to be tax free? I ask because I am 401k stupid and I use a AXA for my IRA.

Yes, I never paid taxes...and I don't believe you should...when you rollover your money from one tax-shielded account to another (i.e. between 401Ks ) I took my 401K money from a previous employer and put it in Mutual Funds at my bank without any penalty as I recall. NOW, if you just take that money out, you will pay, but transferring, I don't think so.

[wx or not]

I'm just curious on how they will owe some tax money out of pocket? I rolled my old employer 401k over to an IRA and didn't owe any. If you move the money from a 401k to an IRA and the check is rolled right over isnt' it supposed to be tax free? I ask because I am 401k stupid and I use a AXA for my IRA.
A rollover from a qualified plan to an IRA is non-taxable. No taxes, no penalties. However, should you withdraw any money from your IRA, you will incur taxes, and an additional penalty for early withdrawal if you are under the age of 59 1/2 during the year of distribution. After you turn 70 1/2, you will receive an annual "Required Minimum Distribution." This distribution is not that great, but it is an IRS requirement, unless your money is still in a 401k and you are still employed. Then the money stays where it is.

[Old Shooter]

Sorry, I didn't make myself clear. If you roll a 401k to an IRA there is no tax at that time. However if you do the double roll from 401K to IRA to Roth IRA you have to pay regular income tax on the move from the IRA to the Roth. However you get the money tax free in the end not just tax deferred.
Since the account balance is low and taxes are going nowhere but up over the next 20 or so years it's a good time to do it but you will have to come up with some cash.
Why I got off on this tangent I will never know.

[style&substance]

All Trib stock was sold for you when the company went private. You no longer own any Tribune stock... it is a privately held company. Breath easy...