May 16, 2006

To Err Is Human...

To Flip Divine.

Hollinger Will Cooperate With Fitz Against Conrad Black
CHICAGO Hollinger Inc. -- the Canadian-based holding company disgraced mogul Conrad Black once used to control a worldwide newspaper empire - - agreed Monday to flip on its former chairman.

Hollinger signed a 1,600-word cooperation agreement with the United States Attorney's Office in Chicago that ensures that no former executives, directors or employees will be prosecuted for any crimes relating to the $16.55 million in non-compete payments diverted from Hollinger International, which publishes the Chicago Sun-Times and other papers, to Hollinger Inc., which then was controlled by Black, with stakes held by his former lieutenant David Radler and others.

The principal asset of Inc., as it is referred to in the agreement, is its approximately 66.8% voting and 17.4% equity interest in Hollinger International, which intends to change its name to Sun-Times Media Group.

In the agreement, which is also signed by U.S. Attorney Patrick J. Fitzgerald, Hollinger Inc. "acknowledges that the government has developed evidence during its investigation that Inc. is criminally liable because one or more of Inc.'s former officers, directors or employees violated federal criminal law with the intent, in part, to benefit Inc. in connection with the above-described fraudulent diversion of approximately $16.55 million from International to Inc. Inc. further acknowledges that one or more of its officers, directors or employees acted illegally in connection with Inc.'s receipt of approximately $16.55 million in non-compete payments and that it is responsible for the repayment of such money."

Inc. noted in a separate statement that money had been "repaid to Hollinger International Inc. with interest in 2004 pursuant to a judgment in the Delaware Court of Chancery."

With the agreement, the former holding company, which is now under court receivership in Canada, joins Radler in agreeing to cooperate in the racketeering fraud and money laundering case against Black, and two former key International executives, Mark Kipnis, Jack Boultbee, and Peter Atkinson. They have pleaded not guilty. Black's trial has been scheduled for March 2007.

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7 Comments:

Anonymous Karl Rove said...

Flip %$##^%^* Flap @$%**( Flop! I am losing weight, hair and sleep here!

4:48 PM  
Blogger GrandmaNuk said...

Good roll job! What are the chances his lordship will actually show up for the trial? My guess...slim and none.

4:48 PM  
Blogger GrandmaNuk said...

karl, baby....get used to it!

4:49 PM  
Anonymous t said...

That is some good news, considering media is part of the problem...

Fitz, I have not yet found good Chinese food in D.C. Let me know if you do;-)

4:51 PM  
Anonymous Anonymous said...

Dont breathe Garlic on Karl tomorrow--
If it is tomorrow be nice.

If its not tomorrow be nice.

Watching him squirm "Priceless" and wasnt Bush terrible last nite-it is time to watch the borders after a few million honest,non violent and Ameican loving have crossed over----
he has admitted to most phones being tapped and now wants to spend $$$ on them--but they are using throwaways and public phones---

5:02 PM  
Blogger Special Prosecutor Biloxi said...

I guess that there is no love between Hollinger Inc. and Black. So, the company is bailing out on Black.. Turning on Black. Business, business, business... Sometimes business often can be cut throat and you simply have no friends and trust. And a company will save their skin from scandal and reputation. Hollinger Inc. is not different than the Enron case. Look what happened to Lay and Skilling.. Fastow and others turned on them to avoid a long prison time. And watch when the Gerbil WH officials start turning on one another to avoid prison from the indictments of Rove, a soon to be indicted Cheney, and the little soldier, and the soon to be impeached King Gerbil!!! Business and politics make strange bedfellows...

5:23 PM  
Anonymous kiswrite said...

My "good Chinese" solution, learn how to "wok" it your fuckin self...

9:11 PM  

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