Hollinger Pays Out $46m in Pursuit of Black

15 November 2004

Lawyers at the heart of the bitter battle between Hollinger International [H-Intl] and its founder and former chairman Lord Conrad Black are rubbing their hands with glee as the company admits its Special Committee probe has so far spent more than $46 million (€35m, £24m) this year, mostly on litigation.

Chicago-based H-Intl has been explaining via a filing to the US Securities and Exchange Commission the reasons for its failure to submit third quarter figures - from which the startling legal bill surfaced.

The company is going through the courts in pursuit of its claim that Black, his former chief operating officer David Radler and other members of the lordly team, pocketed more than $400m of H-Intl's profits between 1997 and 2003.

Black was last year stripped of control of the company and in his enforced absence H-Intl's former flagship, the UK-based Telegraph Group was sold to Britain's secretive Barclay twins.

Data sourced from Telegraph.co.uk; additional content by WARC staff