Remarkable developments in the Conrad Black saga late this evening —
Today, the Globe and Mail and the Post had front page stories — front page !! —
about a judge basically ordering Black out of the kitchen while a special
independent committee ofHollinger International Inc. directors looked over
the books. Hollinger International Inc., everyone will remember, owns the
Daily Telegraph, the Sun-Times, the Jerusalem Post and other newspapers. The controlling shareholder of Hollinger International Inc., which is based in
Chicago, is Hollinger Inc. of Toronto. Black is the controlling shareholder
of Hollinger Inc. So, in essence, Black holds all the marbles when it comes
to Hollinger International Inc.
And yet, late this evening, Hollinger International's executive committee fired (!!!) Blackas its non-executive chairman.
Moreoever, Black is being sued by his own company (!!!) which alleges that Black and David Radler (and companies they control, including Hollinger Inc.) “diverted and usurped” more than $200-million in Hollinger International assets.
The stories are hitting the wires now.
This scandal could swamp Martha Stewart.