Secret payments report fuels Hollinger crisis (RW owner Jerusalem Post)

[IndianaGreen]

This story involves Conrad Black, a rightwing publisher whose empire used to be as large as Rupert Murdoch's at one time. Black gave up his Canadian citizenship several years ago. Black owns the Jerusalem Post and the Chicago Sun-Times.

Secret payments report fuels Hollinger crisis

Dan Milmo, media business correspondent
Saturday November 15, 2003
The Guardian

The financial crisis engulfing Lord Black, the owner of the Daily Telegraph, escalated last night after Hollinger International admitted that the Tory peer may have kept secret a string of multimillion-dollar payments to himself and some executives.

The news, disclosed late yesterday in a report to America's financial watchdog, the securities and exchange commission, is expected to trigger a wave of lawsuits from irate investors in the conservative peer's Hollinger International newspaper group, who have accused Lord Black and several directors of lining their pockets with $276m (£163m) in management fees and payments from rival publishers.

They are expected to demand repayment of a large portion of the money, with some shareholders calling for a full-blown investigation by the commission.

While the $276m is a matter of public record, last night's news that even more cash may have gone to Lord Black and his colleagues increases the chances of multimillion-dollar lawsuits from investors and an SEC inquiry.

http://media.guardian.co.uk/presspublishing/story/0,7495,1085864,00.html

[JohnyCanuck]

1. Why Conrad "Tubby" Black gave up his Canadian citizenship.

Black (known in Canada as "Tubby") is a real anglophile and desperately wanted to be appointed to the House of Lords, the upper house in the British Parliament. The British PM was happy to oblige. There was one small obstacle in the way. Tubby Black was born and raised in Canada and was a Canadian citizen although he made his home in England. There was some obscure 80 year old law on the books that gave the government of Canada the right to block "foreign" honors being bestowed on Canadians.

Canadian PM, Jean Chretien, didn't like Black one little bit because of his right wing views and his right wing newspaper's habit of attacking the Liberal government and calling into question some of Chretien's own business dealings. He therefore said there'd be no Lord Tubby of Black as long as he had a say in the matter. Tubby got all pissed off as his heart was set on sitting in the House of Lords and therefore he renounced his Canadian citizenship so he could take his rightful place in the British House of Lords.

He then sued Chretien and the Canadian gov't for attempting to block his appointment, but later lost the case in court.

Black's statement of claim suggests the highest levels of the Canadian and the British government spent a lot of time on this issue this spring. Black says Canada's high commissioner in London told him on May 24 there was no legal reason he could not accept the peerage. Four days later Black met with British Prime Minister Tony Blair.

According to Black, Blair said Ottawa had informed him that it had no objection to the appointment as a peer if he also became a citizen of the United Kingdom. Black quickly obtained citizenship. And it was left to the Queen to announce the appointment.

But the day before that was to happen -- June 17 -- Black says Tony Blair phoned him with the bad news -- Jean Chretien had intervened with the Queen. Urging her not to make Black a lord. He cited a contravention of Canadian law, in particular a 1919 resolution of the House of Commons -- the so-called "Nickle Resolution" -- which frowns on foreign honours for Canadians.

That same day -- June 17 -- Black phoned Chretien. The two men had a heated conversation in which Chretien refused to change his mind. According to Black's statement, Chretien also stated that he was not kindly treated by the National Post, Black's newspaper.

http://www.tv.cbc.ca/national/pgminfo/black2/

[LeftistGorilla]

4. GOOD...

watch for the Post to fold too...

[scisyhp]

8. Though The National Post is no longer a Hollinger property,

the new owners seem oblivious to the lesson Mr. Black was tought.
Namely, that having a Canadian newspaper dedicated to denigrading
Canada and everything Canadian, while glorifying the greatness of
the US of A, was not such a hot business model after all.

[Judi Lynn]

5. Thanks for the background on this right-wing loon

He's every bit as obnoxious, as obsessed, as preposterous as we would have imagined!

[susu369]

2. Do you suppose Perle might be

one of the "other" Hollinger executives? Would not be the first time the pompous ass was involved in financial shenanigans.

[DoYouEverWonder]

6. You bet me to that point

Seems the Prince of Darkness will have a few less places to diseminate his propaganda.

[UpInArms]

7. Richard Perle is a Director at Jerusalem Post

http://info.jpost.com/C002/Supplements/Intifada/str_03.html

ichard Perle is chairman of the Defense Policy Board of the
US Department of Defense and a director of The Jerusalem Post.

[susu369]

9. Ah ha -

just found this:

http://slate.msn.com//id/2091198/

According to Jack Shafer, The Prince of Darkness is indeed implicated in the Hollinger investigation.

[Judi Lynn]

10. Now THAT'S some interesting news!

Thanks a lot, susu369.

In a different crowd, a monstrosity like this guy would really stand out!

[DoYouEverWonder]

11. Listened to Perle lie through his teeth this AM

that Hersh is a liar and that the DOD internal investigation has cleared him of ethics violations. How about that $500,000 that Perle just made selling Global Crossing to the Chinese? So much for national security.

I hope this Hollinger International scandal grows some legs:




The studied transactions include a $2.5 million investment in Trireme Partners, the venture capital company co-managed by Perle that Hersh scrutinized so heavily in The New Yorker feature. Kirchgaessner continues: "Also under review is a $14m investment the company made under Mr Perle's direction through Hillman Capital, a venture capital group controlled by Gerald Hillman—who has since become a partner at Trireme and, like Mr Perle, is a member of the US Defense Policy Board." Perle and Hillman had no comment.

[loudnclear]

3. It not about democray...it's all about greed for money and power.

The ability to hold governments at bay and allow greedy capatists to rob the people of their blood, sweat, and money!