Did Hollinger's Black Mislead Board on Perle Investment?

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This ongoing story is the gift that just keeps giving:

Hollinger Probes Black for Misleading Board on Perle Investment
Jan. 15 (Bloomberg)

-- Hollinger International Inc. is reviewing Chairman Conrad Black's failure to seek board approval to invest $25 million in a fund started by company director and U.S. defense adviser Richard Perle, people familiar with the matter said.

The company, owner of London's Daily Telegraph and the Chicago Sun-Times, wants to find out if his commitment to Trireme Associates LLC broke securities rules, the people said. Most Hollinger directors didn't learn of the February agreement and an initial $2.5 million investment in Trireme for three months, one person said. Shareholders didn't get details until November.

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Black negotiated the investment in Trireme with Perle and Gerald Hillman, the fund's biggest shareholder, said the people familiar with the matter, who spoke on the condition they wouldn't be identified. Perle, reached Jan. 12 at his office in Chevy Chase, Maryland, referred all questions on the transaction to Hollinger. Hillman didn't respond to requests for comment.

Both Perle and Hillman sit on the U.S. Defense Policy Board, a group that counsels Defense Secretary Donald Rumsfeld on matters such as the occupation of Iraq.

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Full delicious story at:

http://quote.bloomberg.com/apps/news?pid=10000082&sid=aVrnF5ZQLvxc&refer=canada#