The New York Times says Michaels “was not given a lucrative severance package beyond six months worth of his salary and health benefits.” He will continue as a consultant, but there will be no expensive going-away present, following his resignation on Friday. Along with other top Tribune brass, Michaels benefited from the $57 million in bonuses paid during the nearly two years the company has been in Chapter 11 bankruptcy protection. Union members at Tribune-owned Baltimore Sun were among those who protested the extra paydays for top executives. They were especially upset, since Tribune management cut more than 4,000 jobs. As for Michaels' exit: The Times says he resisted the suggestion from four of Tribune’s 10 board members that he resign. It took a private conversation with Sam Zell, who brought Michaels into Chicago-based Tribune, to persuade him of the wisdom of leaving. That announcement was made on Friday afternoon, as the company filed its expected Chapter 11 bankruptcy reorganization plan with the court. The plan gives majority ownership of newspaper, TV and radio owner Tribune to key senior lenders such as JPMorgan Chase, Angelo Gordon & Company and Oaktree Capital.