Ex-‘Sun-Times’ Pub Has Assets Frozen, Is Limited to $22K/Month

By: Mark Fitzgerald

Hollinger Inc. has won a court-ordered freeze on the assets of David Radler, the former Conrad Black lieutenant who has pleaded guilty to fraud in the looting of the publishing company of the Chicago Sun-Times.

Hollinger confirmed Monday that the Supreme Court of British Columbia, Vancouver, at its request has imposed a so-called ?Mareva? injunction on former Sun-Times Publisher Radler, effectively freezing his assets worldwide.

?This court respectfully requests the assistance of the courts of the United Kingdom, the United States and another other jurisdiction to provide aid and assistance to recognize and enforce this order, and all other orders rendered pursuant to this motion and this action,? the order reads in part.

The order also limits Radler?s personal spending to C$25,000, or US$22,300, per month.

Earlier this year, Hollinger won a similar order against Black. In September, the spending limitation was altered in an undisclosed way after Hollinger and Black reached a secret agreement.

Hollinger, the Toronto-based holding company Black once used to control a worldwide chain of newspapers, is suing its former chairman, Radler and others, claiming they fraudulently stripped the company of its newspaper assets — transferring them to the Chicago-based publishing company Hollinger International so they could personally profit from sales of the properties. Hollinger International, which two years ago forced the resignations of Radler and Black, has since changed its name to Sun-Times Media Group.

Neither Radler nor his attorneys were present at the closed-door hearing when the order was imposed Oct. 25. He could not be reached for comment.

In an affidavit with the Canadian court, a Hollinger Inc. director said the company was worried Radler would dispose of his assets before there?s a judgment in the civil suit.

“As a result of Radler’s self-serving conduct, [Hollinger] Inc., a once powerful and thriving media company with interests around the world, has been reduced to a shadow of its former self,” said the affidavit filed by Wesley Voorheis, who is chairman of the board of director?s litigation committee. “Inc. exists today as a company mired in debt, embroiled in litigation, tainted by scandal and engulfed in controversy and suspicion of wrongdoing.”

The existence of the affidavit and Mareva order was first disclosed by the Vancouver daily The Province in an article by Keith Fraser.

Follow by Email
Visit Us

Leave a Reply

Your email address will not be published. Required fields are marked *