Part 1, we learned that the grave dancer had not foreseen the collapse of the credit markets or the advertising side of the newspapers, but had created a mechanism in which he is protected from a mistake. Misleading the employees of the Tribune Co. since his takeover, he has presented himself as a fellow owner, when in fact he has been a creditor.
In part 2, the image of the grave dancer is created by a writer. That format, applied to the Chandlers, demonstrates a form of backward projection practiced by business journalists hoping to create a hero out of random success. Zell's genius is that he has been in the right place at the right time. Now, he's in a storm and seems lost.
Part 3, questions are asked about the role of the Zellouts in the Blagojevich extortion attempt. He needs to answer questions about his integrity, ethics and judgment.
Part 4, the corporate strategy is questioned, in retrospect, it seems to have been all for the benefit of creditors. More seriously, there is a fiduciary failure. The CEO has acted against the benefit of shareholders.
Part 5. I agree with Geoff Dougherty, “At this point, it's time for Zell to acknowledge that he doesn't have what it takes to move the company forward, and to limit the damage to that which he's already inflicted.”
But I'll look at it this way, the last week have created significant questions about Zell's intentions, his integrity and his strategy. He seems unable or unwilling to consider changes to his management. It is time for Zell to step aside or be forced out.