Conrad Black, Hollinger Strike Deal to Unfreeze Some Assets
By E&P Staff
Friday, September 29 2006
Friday, September 29 2006
Published on AllBusiness.com
Disgraced media baron Conrad Black has come to an agreement with his former company hollinger inc. to unfreeze some of his assets, overriding an August court order that had limited he and his wife to $44,600 per month, Reuters reports.
The terms of the deal were approved by a court in Ontario, Canada, but the decision did not disclose how much money Black will now have access to. According to Reuters, the document said that he would only be able to access the amount stipulated in the new deal and use of his other assets would remain forbidden.
The deal was struck with Hollinger just as Black's lawyers were preparing to mount a legal fight against the freeze.
Black is charged with skimming millions of dollars out of Hollinger Inc. in Canada and Chicago-based Hollinger International, which has since changed its name to Sun-Times Media Group Inc. Through many holdng companies, Black once controlled one of the world's largest newspaper empires.
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Related E&P story: Defiant Conrad Black Calls Himself a 'Freedom Fighter'
The terms of the deal were approved by a court in Ontario, Canada, but the decision did not disclose how much money Black will now have access to. According to Reuters, the document said that he would only be able to access the amount stipulated in the new deal and use of his other assets would remain forbidden.
The deal was struck with Hollinger just as Black's lawyers were preparing to mount a legal fight against the freeze.
Black is charged with skimming millions of dollars out of Hollinger Inc. in Canada and Chicago-based Hollinger International, which has since changed its name to Sun-Times Media Group Inc. Through many holdng companies, Black once controlled one of the world's largest newspaper empires.
***
Related E&P story: Defiant Conrad Black Calls Himself a 'Freedom Fighter'