The US Bankruptcy judge overseeing the bankruptcy case of Tribune has quashed both proposals for the reorganization of the Chicago-based media company. In his 126-page opinion, Judge Kevin Carey wrote that a settlement, "should be approved because it is fair, reasonable and in the best interest of the Debtor's estates ... Despite the Debtor's laudatory goal of protecting employees from litigation, the record before me is insufficient to support a conclusion that it meet the standard of fairness." Tribune, against its creditors led by Oaktree Capital Management, JP Morgan Chase and Angelo, Gordon & Company, now must come up with new plans or compromise, or face the possibility of Judge Carey appointing a trustee. Tribune owns newspapers, TV stations, as well as Chicago's talk WGN-AM (720).