This sale really can't happen, obviously, without the assent of these companies. Yet thesecompanies are financially dependent upon public pension funds.Oaktree's client list includes the two monster California funds, CalPERS (the California PublicEmployees' Retirement System) and CalSTRS (California State Teachers' Retirement System),as well as the City of Philadelphia Board of Pensions, the Houston Municipal EmployeesPension System, the Illinois Municipal Retirement Fund, the Illinois State Retirement Systems,the Los Angeles City Employees' Retirement System, the Los Angeles County EmployeesRetirement Association and the Los Angeles Fire & Police Pensions, plus public funds inLouisiana, Maine, Massachusetts and New Jersey.Angelo Gordon's clients, meanwhile, include those same CalSTRS and Los Angeles Fire &Police funds, the Massachusetts Pension Reserves Investment Management Board, the NewYork State Common Retirement Fund, the New York State Teachers' Retirement System, OhioState University, the Pennsylvania State Employees' Retirement System, the State TeachersRetirement System of Ohio and the Teachers' Retirement System of the State of Illinois, amongothers.What this means, essentially, is that public-sector workers in the very cities and states where theKochs plan to take over these iconic newspapers will in a sense be subsidizing or enabling thesale by keeping their monies under management with companies like Oaktree and AngeloGordon.Many of these groups have already contacted Oaktree and Angelo Gordon to express their concern. As was the case with Dan Loeb and his courtship of public-sector union money, theunions want to make sure firms like Oaktree understand that their decision on the Tribune salemay influence their own investment decisions."None of this is in a vacuum," explains Liz Greenwood, a trustee for the LA County PensionFund (LACERS).Oaktree declined to comment for this piece. Angelo Gordon has not responded to inquiries.If and when the sale goes down – and sources indicate it's not an imminent decision – companieslike Oaktree will be in a tough spot. If, as expected, the Kochs' bid turns out to be the highest bya significant margin (they are reportedly preparing a bid that would exceed a billion dollars for properties some estimate to be currently valued at a collective $600-$700 million), then the"fiduciary responsibility" argument would likely be part of the rationale should the Trib paperscave in and accept the Koch bid. Oaktree and A&G would likely say that they would have have adifficult time explaining to their other investors why they wouldn't take the highest bid.The situation is far less ambiguous for the unions. In the long run, it would almost certainly be both financially and politically detrimental to all of these public sector employees who trustedtheir money with these management firms to see the massive propaganda power of the Trib papers unleashed upon them.