Blackwell, G&MThey do not have any directors' or officers' insurance, Hollinger chairman Gordon Walker said in an affidavit, so this would "provide us with a more realistic measure of protection against the costs of potential and threatened litigation."
Those threats came in a series of e-mails to the independent directors, who took over management of Hollinger when Lord Black stepped down as chairman and chief executive officer late last year.
In an e-mail to one of the directors on Nov. 2, the day he resigned from the board, Lord Black said that "if the directors botch privatization, the common shareholders will finally rise from their torpor and hold those directors personally financially responsible for the severe and totally unnecessary erosion of their interest that will result."
In the e-mail, Lord Black said he came up with the privatization scheme as the "only way to prevent a needless descent into creditor protection."
Now that everything has been put in place "for the deliverance of the company from the dangers its enemies have created," he said, "I dare to hope that the directors will bring it safely along its present glide-path to that deliverance."
In another e-mail in January, Lord Black told Mr. Walker that the idea the privatization vote should wait for the inspection to be complete was devised by the independent directors "to perpetuate your sinecures and continue the orchestrated denigration of those fully entitled to a presumption of innocence, who built the company and its subsidiaries."
In one e-mail, Lord Black says he will reduce Ravelston's $7.25-a-share offer for outstanding Hollinger shares if the privatization doesn't close by March 31, and those responsible "will have to bear the legal consequences of their actions."
As a result of these threats, Mr. Walker says in his affidavit, "we are concerned that if for some reason we decline to support the proposal, we will be sued by Black, Ravelston and potentially others . . ."
If the directors do support it, they "may be regarded as having simply 'knuckled under' to pressure and threats."
Black news
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Black news
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The spiral into the abyss continues.
McNish & Blackwell, G&MConrad Black's storied private holding company, Ravelston, has filed for bankruptcy protection from its creditors, a move that signals the jet-setting press baron is running out of financial resources.
According to an affidavit filed by Lord Black's long-time deputy, Peter White, in Ontario Superior Court yesterday, Ravelston Corp. Ltd. and a subsidiary, Ravelston Management Inc., are seeking protection under the Company Creditors Arrangement Act because they are "insolvent" and faced with "an immediate financial crisis."
The court is set to hear the application Wednesday.
Mr. White said Ravelston has been drained of cash because it no longer receives multimillion-dollar management fees from its subsidiaries Hollinger Inc. and Chicago-based newspaper operator Hollinger International Inc. ...
Nothing can protect people who want to buy the Brooklyn Bridge.
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There is money lying around just waiting to be picked up somewhere in this tangle.
Nothing can protect people who want to buy the Brooklyn Bridge.
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Making requests for the Moderator to step back so that you can make a comment is a bit silly since I'll ignore them and do whatever I think appropriate regardless. Seeing how I've been far too visible around here the past few days, I'm a bit pissed at having to make this post.Norbert Schlenker wrote:Ah, yielder, leave me alone for a minute, will ya?
Howard, you're a racist idiot.
Moderator
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moderator, at who???
Methinks if people cannot see a little tongue in cheek humour, maybe their heads are up their rears a little, overly anal retentive, why can't we all be friends.?
Norbert, it is called Island Fever, that overwhelmimg depression that comes over people when they realise how far they are from civilisation.
Methinks if people cannot see a little tongue in cheek humour, maybe their heads are up their rears a little, overly anal retentive, why can't we all be friends.?
Norbert, it is called Island Fever, that overwhelmimg depression that comes over people when they realise how far they are from civilisation.
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G&MA Hollinger Inc. shareholder filed a motion Wednesday in Ontario Superior Court to find Conrad Black in contempt of court after security cameras captured him removing documents from the company headquarters last week. ...
Nothing can protect people who want to buy the Brooklyn Bridge.
would anyone have an opinion if this gentleman would qualify as the type of white collar person they refer to as a socialized psychopath?
This was described to me as the type of person who instead of robbing you at gunpoint with the lack of guilt or remorse, is able to fit into society as the upper class, and perhaps take advantage of people in ways slightly less violent, but no less damaging
just a thought
This was described to me as the type of person who instead of robbing you at gunpoint with the lack of guilt or remorse, is able to fit into society as the upper class, and perhaps take advantage of people in ways slightly less violent, but no less damaging
just a thought
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Black gets rough U.K. society ride
It's the editorial framing of the re-entry that has been particularly eye-catching. "Return of the Pariah," snapped the Daily Mail in a headline last Saturday, as it remarked upon the former owner of the Daily Telegraph "shamelessly sallying forth" onto the party circuit. Unnamed guests at the Mayfair affair were said to be stunned by the brazenness of the couple; others cowered out of view "hoping [Black] and Barbara wouldn't find them." Barbara, the paper went on to note, witheringly, was "born of East End parents."...
As if to prove the perilous state of the couples' station, the Standard recounted a recent exchange between Lord Black and broadcaster Andrew Neil at the nightclub Annabel's in which Black, apparently taking umbrage at remarks made by Neil in a television program, said to Neil, "You should be ashamed of yourself." To which Neil responded, "You're the one who should be ashamed."...
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M'Lord and His Lady of Unbounded Extravagance found Toronto Unlimited too provincial and boring. Hope they enjoy London. It's blowing up with excitement nowadays. But me thinks the Lord and Lady will not be riding public transit. Their posteriors are much too precious for that.
"Every decent man is ashamed of the government he lives under." H.L.Mencken
Hey sinner man,where ya gonna run to,all on that day?
U.S. law-enforcement officials have laid criminal fraud charges against Conrad Black's private company, a key lieutenant and a business associate, but they haven't tagged him yet.
Federal prosecutors in Chicago yesterday indicted Lord Black's long-time lieutenant, David Radler, his former corporate lawyer, Mark Kipnis, and private Toronto holding firm Ravelston Corp., alleging that they fraudulently diverted $32-million (U.S.) from Chicago publisher Hollinger International Inc.
From Eric Reguly (subscription needed)
Turning a blind eye -- it's the Canadian way
Years ago, they examined non-compete payments collected by the companies owned by Conrad Black, David Radler and other members of the Hollinger and Ravelston family.
They told the Ontario Securities Commission what they found. No response. They waited, but got no hint from their contacts that the OSC had any interest in pursing the matter.
.......
So have Canadian regulators and cops finally got their man? Forget it. Mr. Radler got nailed by the United States Attorney for the North District of Illinois, in Chicago. The downfall of him, Lord Black and a media empire that once spanned three continents is almost entirely the doing of American investors, regulators and law enforcement officials, even though the cast of characters and companies are for the most part Canadian (Lord Black dropped his Canadian citizenship in 2001).
The indictments of Mr. Radler, Ravelston and Hollinger International lawyer Mark Kipnis on Thursday alleged the three defendants "cheated public shareholders in the U.S. and Canada, as well as Canadian tax authorities of tax revenue." Wasn't that sweet of the Americans to point out Canadian taxpayers may have been victims too? It saved the Canadian authorities the effort of finding that out for themselves (the RCMP says it conducted a "review" of the fraud allegations in early 2004, but found nothing worth pursing in Canada).
Lord Black's and David Radler's fall from grace, in short, has been a national embarrassment. Their tribulations can only reinforce the international perception that Canada is either lax or cowardly, or both, when it comes to nailing the nasty actors of the corporate stage.
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Maybe, like Jack Benny, he's not sure if his money is more valuable than his life.
OTOH Paul Coffin has to plead guity, express remorse, hit the lecture circuit, promise not go out partying at night, see his reputation, business and personal life ruined, not to mention go into serious hock to make full restitution -- all in order to avoid a stint at Club Fed. $1.5M in ad fraud, no jail time. (And even that isn't enough to satisfy some folks that he's been deal with justly.)
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Let's see: on the down side, 29 mos. in minimum security, less if allowed to serve his sentence in Canada and a US$250,000 fine. On the upside, he gets to keep tens of millions of misappropriated dollars. Not a bad deal.
Maybe civil suits can strip some of those stolen bucks away, okay?
Maybe civil suits can strip some of those stolen bucks away, okay?
"Every decent man is ashamed of the government he lives under." H.L.Mencken
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Bought for a reported $200k (of shareholder money?) Benefactor charged with fraudBeaverlodge wrote:He has a nice wing at the Queen's Graduate School of Business named after him?
Perhaps not for long. (The above was published before he pled out.)Students learning about business are still enthusiaticalyy walking that hallowed hall and the plaque honouring Radler is still in place.
Or maybe they could keep the name and just let it stand for an Alpine version of watered-down beer.The University’s naming policy states “no naming will be approved or (once approved) continued that will call into serious question the public respect of the University.”
Additionally, the University’s gift acceptance policy states the University will not accept gifts “that will compromise its public image or commitment to its academic mission and essential values.”
Hood said he won’t comment on whether the University will rename the Radler Wing if Radler is found guilty of the charges against him.
Hood said the University Board of Trustees, which approves the naming of all facilities on campus, is guided by several policies to ensure it makes ethical decisions.
“[The Radler Wing] is named in accordance with the gift acceptance policy of this University,” Hood said.
In March 2000, Radler was also elected by alumni voters to sit on the University Council, a body made up of more than one hundred alumni and University representatives that meets once a year.
“[University Council members] are an advisory board for the university as a whole and act as ambassadors for the university,” said Peggy Watkin, secretary of the Council.
Watkin said Radler’s term will end in 2006, and there are no plans to relieve Radler of his Council membership.
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Prescient? From todays Kingston Whig Standard - The oldest newspaper in Canada
Queen's to their credit has done the right thing. Students today are walking the halls perhaps with their heads held much higher than yesterday." Queen's to return tainted gift. Radler's donation no longer welcome. The name of convicted fraudster David Radler will no longer grach Queen's University's School of Business afte its trustees decided to return a $ 1- million donation from hime to build the school................an entire wing was named after him and a plaque with his name was place in the schools lobby...............Radler's money is going to be returned and his name is going to be taken off Goodes hall in light of his guilty plea...........the integrity of the gift to the university was compromised...........for now the wing will remain nameless...............these gifts were Hollinger stock so were clearly tainted"
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That was quite easy ethically and relatively inexpensive to do. Now suppose they'd been the beneficiary of a really large donation, something along the lines of the $133M+ that the RIM guys contributed to PI, and then had to return that. Where would they get that kind of cash?Beaverlodge wrote:Queen's to their credit has done the right thing.
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It's a bit much but alumni. Queens's has run an annual surplus operating budget for +20 years IIRC. Their debt rating, at AA(high), is the highest of any Canadian university.Bylo Selhi wrote:Where would they get that kind of cash?
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So some of us should pray that the RIM guys are clean, eh?Yielder wrote:It's a bit much but alumni.
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