The Wall Street Journal
Ravelston Ordered to Pay Millions; Black Signs Books
Posted by Ashby Jones
November 29, 2007, 11:08 am
The next big news on Conrad Black will likely come next month, when he and a handful of former Hollinger International employees receive their fraud sentences. But there’s a bit of news out this morning for all those Black junkies who need a fix before December 10. In July, after a nearly four-month trial, Black and three former Hollinger executives, Peter Atkinson, John Boultbee and Mark Kipnis, were convicted of fraud in connection with the bogus non-compete payments. (For other posts on the trials — and trial –of Lord Black, click here.)
Chicago federal judge Amy St. Eve on Wednesday ordered Conrad Black’s Canadian holding company, Ravelston Corp., to pay $13 million in fines and restitution as punishment for taking part in a scheme to defraud shareholders of the parent company of the Chicago Sun-Times. Here’s the story from the Chicago Tribune.
Ravelston was ordered to pay a $7 million fine to the U.S. Treasury and $6 million to the Sun-Times Media Group Inc., formerly known as Hollinger, to compensate the company for Black’s transfer of money.
Ravelston pleaded guilty in March to one count of fraud in connection with a non-compete scheme. According to the Trib, Ravelston, however, will have a hard time paying back the money, a company official said. The company is operating under bankruptcy protection in Canada.
Meanwhile, where is Conrad? According to this Guardian article, he’s spending his time using sleek new gadgets! From his mansion in Palm Beach, Fla., Black on Wednesday night reportedly signed copies of his books in London using a LongPen, described as “Margaret Atwood’s book-signing gadget, which uses a touch sensitive pad and a computer link-up to guide a robotic arm inscribing on the page of a book thousands of miles away.” Go, Conrad, Go!
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