Hollinger’s Legal Bills Hit $56 Million in Black Probe

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By: E&P Staff

It has cost Hollinger International about $56 million so far in legal bills for the investigation that alleges Chairman and CEO Conrad Black and other former executives improperly pocketed fees and services amounting to nearly $400 million, the company said in a filing Wednesday with the U.S. Securities and Exchange Commission (SEC).

In the document, which explains why the company is still unable to file its required 10-Q statement, the owner of the Chicago Sun-Times and other papers said it spent a total of approximately $46.3 million over the past nine months, most of it legal fees incurred by the so-called special committee headed by former SEC chief Richard Breeden. The amount includes the cost of litigation against Black, former Sun-Times Publisher F. David Radler, and others. Last month, Hollinger International re-filed a lawsuit in U.S. District Court in Chicago seeking $542 million in punitive and actual damages.

Hollinger International had previously indicated it spent another $9.8 on litigation during 2003 for a total of approximately $56.1 million.

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