Black Stays Out of Custody as Judge Mulls Upping Bail

27 June 2006

Fallen British newspaper tycoon Lord Conrad Black remains a free man, despite a review of his $20 million (€15.89m; £10.99m) bail conditions by US District Judge Amy St Eve.

But Her Honor clearly harbors doubts over Black's claim that he currently has only $300,000 in liquid assets - an assertion prosecutors described as "false and misleading". Complains Assistant US Attorney Eric Sussman: "Now, we find out there's money coming in, millions of dollars, to Mr. Black, left and right."

Black, former chairman/ceo of the Hollinger International media empire, posted a $20m bail bond last December following his indictment on charges of looting millions of dollars from Hollinger. He has pleaded not guilty and is scheduled to face trial next March.

Judge St Eve ordered Black's attorney to hand over revised financial statements prior to a further hearing this Friday. She also ordered $5.8m received by Black from two debentures to be held in escrow pending her decision whether or not to increase bail.

Data sourced from Wall Street Journal Online; additional content by WARC staff