Black in Assets Sell-Off as Lawsuits Multiply

23 May 2005

Pursued by an array of lawsuits, Lord Conrad Black of Crossharbour and his privately-owned company Ravelston Corporation, have lately hung 'for sale' tags on a number of high-profile assets.

Not only are His Lordship's vintage 1958 Rolls-Royce and a sailboat up for grabs, his four-storey London mansion in the fashionable enclave of Kensington has recently been bought for £13.5 million ($24.63m; €19.62m) by Juan Villalonga, the former head honcho of Spanish telecoms giant Telefónica.

According to an unidentified denizen of the Black bunker, the hounded peer is "engaged in a rationalization of his assets". Continued the anonymous spokesman: "[Lord Black] has no need for a house in London, which he bought when he was the publisher of The Telegraph."

Black, reports the New York Times, "is under financial pressure" from lawsuits filed by his former fiefdoms Hollinger Incorporated and Hollinger International, plus for good measure, another filed by the US Securities & Exchange Commission.

All are baying for repayment of hundreds of millions of dollars, allegedly diverted from shareholders' coffers into their own pockets by Black and certain of his corporate cohorts.

Data sourced from New York Times; additional content by WARC staff