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Date Posted: 14:51:56 02/27/04 Fri
Author: George Lessard
Subject: Conrad Black May Have Taken Part in Fraud, Judge Says

The Delaware Court of Chancery
& Conrad Black May Have Taken Part in Fraud, Judge Says
(Update2) - Bloomberg
& Black's Testimony on Hollinger Payments Is Rejected (Update3)
& Hollinger Inc. Statement on Ruling
& What now for Conrad Black?
& La vente de l'éditeur Hollinger aux frères Barclay est bloquée - le
Monde

The Delaware Court of Chancery
http://courts.state.de.us/Courts/Court%20of%20Chancery/
Search Court of Chancery Filings & Opinions [no copy of the ruling
online as yet]
http://corporate-law.widener.edu/case.htm
Currently, the Court, through private vendors and with the help of
practitioners and academics, has made docket information and pleadings
available over the internet for most civil and civil miscellaneous
actions filed in New Castle County (see http://www.virtualdocket.com and
http://www.lexisnexis.com/courtlink/online/

Conrad Black May Have Taken Part in Fraud, Judge Says
(Update2) - Bloomberg
http://quote.bloomberg.com/apps/
news?pid=10000082&sid=am1e2YyWoW98&refer=canada
Your shorter link is: http://makeashorterlink.com/?D5C911D87
[excerpt]
"... Feb. 27 (Bloomberg) -- Conrad Black may have participated in a
fraud when as chairman of Hollinger International Inc. he and three
associates paid themselves $15.6 million and funneled millions more to
a separate company he controls, a judge said.

The payments, which totaled $32.2 million, have already forced Black's
resignation as Hollinger International's chief executive and prompted a
lawsuit by the U.S. Securities and Exchange Commission. To Delaware
Chancery Court Judge Leo Strine, who yesterday blocked Black from
selling his controlling stake in the publisher of London's Daily
Telegraph, the actions bordered on criminal.

``At worst, the International board was purposely duped and there was
fraud on the board,'' Strine wrote in his 130-page ruling. ``At best,
they were entirely uninformed.''

The decision may aid Hollinger International and its shareholders in
their efforts to recover funds from Black and hold his board
accountable for letting him take them. One suit by Cardinal Value
Equity Partners LP says the board, filled with high-profile people such
as former U.S. Secretary of State Henry Kissinger, turned a blind eye
as Black and his partners ``looted'' the company of as much as $300
million.

``We're extremely pleased with the judge's ruling,'' said Gene Fox,
managing director of Cardinal Capital Management LLC, which runs
Cardinal Value. Greenwich, Connecticut-based Cardinal Capital owns 1.8
million shares of Hollinger International and sided with the company
during a three-day trial in Chancery Court last week. ..."

Black's Testimony on Hollinger Payments Is Rejected (Update3)
http://quote.bloomberg.com/apps/
news?pid=10000102&sid=a2IP0CeOrV9o&refer=uk
Your shorter link is: http://makeashorterlink.com/?B25A15D87

[excerpt] "... Feb. 20 (Bloomberg) -- Conrad Black's effort to sell
his controlling stake in Hollinger International suffered a setback
when a judge refused to consider his testimony defending payments Black
received from the company.

Black testified today that a Hollinger International executive told
him director James Thompson said in a conference call that some
directors had approved the $15.6 million in payments. Delaware Chancery
Court Judge Leo Strine refused to accept Black's ``hearsay'' testimony
as evidence of board approval.

Strine said he'll decide next week whether to block Black from selling
his stake in Hollinger International, publisher of London's Daily
Telegraph and the Chicago Sun Times. Black is defending the payments he
and other executives received to bolster his claim he didn't break an
agreement with the board.

``I have been horribly defamed, and I have been characterized and
stigmatized as an embezzler,'' Black said in the third day of trial in
Hollinger International's lawsuit against him. ``I am trying, apart
from the direct legal proceedings, to retrieve my reputation as an
honest man.''

Black stepped down as Hollinger International's chief executive in
November after the directors told him they discovered $32.2 million in
unauthorized payments. Black and three associates got $15.6 million and
Hollinger Inc., his Toronto-based holding company, got $16.6 million.
..."

Hollinger Inc. Statement on Ruling by Delaware Chancery Court
Decision (Feb. 26, 2004)
http://www2.ccnmatthews.com/scripts/dnrp/release.asp?d=/cnrpxml/2004/2/
26/214526_1_0226200495525PM.xml&t=HLG
Your shorter link is: http://makeashorterlink.com/?V23932D87
[excerpt]
"...Hollinger Inc. and Lord Black respectfully disagree with Vice
Chancellor Strine's view of the facts and equities...."

La vente de l'éditeur Hollinger aux frères Barclay est bloquée
http://www.lemonde.fr/web/article/0,1-0@2-3234,36-354676,0.html

and

What now for Conrad Black?
Last Updated Fri, 27 Feb 2004 16:17:48

NEW YORK - The pundits were busy Friday speculating on what the future
may hold for Conrad Black and his newspaper holdings – a day after the
media baron was handed a stinging court defeat.

http://cbc.ca/stories/2004/02/27/business/hollinger270204

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