Some might see buying and creating value from others’ mistakes as a form of exploitation, but I see it as giving neglected or devalued assets, in any… - Sam Zell

In real estate I’m known as the Grave Dancer. That was the title of an article I wrote back in 1976, and the nickname stuck. Some might see buying and creating value from others’ mistakes as a form of exploitation, but I see it as giving neglected or devalued assets, in any industry, new life.

In other words, the UPREIT established a methodology for large holders of real estate to create liquidity without triggering a taxable event, as long as the holders didn’t sell their shares.

Like many other going-private LBOs, our deal involved significant leverage. But ours had one big difference. If we succeeded in growing Tribune, many people would benefit, including, first and foremost, the employees. The ESOP would enable employees to participate in the upside. The majority of any increase in the value of the company’s stock would accrue to the ESOP and ultimately to employees through their ESOP accounts. So employees would be highly motivated to succeed. That sounded great to me. Everyone would have skin in the game. Including me. It would be the single largest personal investment in my career.

the book Zeckendorf: The Autobiography of the Man who Played a Real-Life Game of Monopoly and Won the Largest Real Estate Empire in History.