Black to Pay Back Fees but Injunction to Expire in October

10 June 2004

Lord Conrad Black, the former chairman and chief executive of Hollinger International [H-Intl], will be able to speak his mind sooner than expected.

Judge Leo Strine, presiding over the long-running saga, ruled that the injunction against Black meddling with the sale of H-Intl's Telegraph Group can be lifted at the end of October. The judge has also undertook to consider Black's complaints regarding the sale.

Strine's other comments, however, will have brought Black down to earth with a bump. In association with holding company Hollinger Incorporated [H-Inc}, he has been ordered to pay back fees of almost $30 million (€24.8m; £16.4m) without dipping into his well of stock options.

Whilst Judge Strine has extolled the virtues of an out-of-court settlement between H-Intl and Black, this will ultimately depend on any future action against Black by the US Securities and Exchange Commission.

Data sourced from: Financial Times; additional content by WARC staff