LYCOS RETRIEVER 
Hollinger International: Conrad Black
built 424 days ago
During December 1997, Black ... told the Financial Post that Hollinger International would probably be cutting back on its acquisitions because prices were too high. He expected to use the $310 million from the sale of 160 small U.S. newspapers to reduce debt, not make acquisitions. As if to calm investors, he promised a more conservative financial approach in the future. "We will not issue stock at silly prices," he told the Financial Post. "We will not issue non-investment grade paper again. It's a much more conservative company."
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Hollinger International's former chairman is Conrad Black, who has renounced his Canadian citizenship. In its 2003 form 10-K filed with U.S. regulators, Hollinger International Inc. acknowledged that the Canadian government could take action against the company's advertisers as a result of Black's renunciation of his Canadian citizenship. The company stated that it didn't believe there was any legal basis for punishing advertisers.
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November 30, 2005—The former corporate counsel at Hollinger International pleaded not guilty to charges that he participated in a scheme to take $51.8 million from the publishing company. Mark Kipnis entered his plea to nine counts of mail and wire fraud in Federal District Court in Chicago. Former Hollinger chief executive Conrad Black and other executives are accused of diverting certain payments and management fees to themselves. Black was scheduled to appear in court Nov. 30, but that hearing has been rescheduled to Dec. 1. For more: http://www.nytimes.com/2005/11/30/business/worldbusiness/30hollinger.html
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Hollinger International purchased shares in the building's housing co-operative in 1994 for US$3 million “to facilitate the rendering of management and advisory services” by Black during his typically brief visits to the city, where the company had a small office. Under this common New York scheme, residents own shares representing their equity in the co-op's real estate. Because corporations cannot buy into co-ops, the 430 shares were put in Black's name; Hollinger owned a “beneficial interest” in them.
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A special committee of Hollinger International issues a report saying former CEO Conrad Black and other executives took hundreds of millions of dollars they weren't entitled to. The report is made public by the U.S. Securities and Exchange Commission. Black's holding company, Ravelston Corp., dismisses the report, saying it was full of "misrepresentations and inaccuracies."
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Black was convicted of swindling the Hollinger International newspaper empire he once ran out of millions of dollars. When he was indicted in 2005, prosecutors accused him of bilking shareholders out of $84 million. But during bail discussions that followed the verdict, Black's defense attorneys said he was convicted of stealing $3.5 million.
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