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Governance

Conrad Black vows to regain business empire

From the Globe and Mail:

Conrad Black has vowed in a court filing to regain control of what remains of his business empire, but he’s also worried there might not be much left.

This struck me as a bit strange. I have to admit my experience with court filings isn’t extensive, but I just assumed they were pretty formal, standard documents. I didn’t think they could be used for vengeful, rhetorical purposes by the filer, but somehow Conrad made it happen. I wish they’d give the direct quote from the filings where he vows to get it all back.

But I digress. What really interested me once I read further:

Last week, Lord Black filed a motion in an Ontario court asking a judge to compel Ravelston‘s receiver, RSM Richter Inc., to explain how it is protecting the firm’s assets. Lord Black alleged Richter and new managers at Hollinger International and Hollinger Inc. have spent $250-million over the past three years on professional fees. He also alleged the firms have lacked focus and devoted their time to “examining the past to see if there are litigation ‘assets’ that can be pursued.”

Basically, Hollinger is going after Black for misappropriating the company’s assets, and by doing so, Black believes they are paying too many legal and consulting fees. The litigation assets, I would imagine, are Black’s thievings, and the lawyers have probably been hired to figure out how Hollinger can get some of it back! Oh what a tangled web.