Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Lord Black pays a price for FDR papers
Financial Times ^ | Aug 18, 2003 | By Stephanie Kirchgaessner

Posted on 08/18/2003 4:59:22 PM PDT by AdamSelene235

Conrad's Black's passion for former US president Franklin Delano Roosevelt has resulted in strained relations between the newspaper publisher and investors in Hollinger International, the company he runs.

The upcoming publication of Franklin Delano Roosevelt, Champion of Freedom, represents the culmination of a 20-year mission for author Lord Black. But the recent disclosure by Hollinger, which publishes the Daily Telegraph and the Chicago Sun-Times, that it purchased $8m-worth (£5-worth) of FDR historical documents has angered at least one shareholder.

The institutional investor alleged that Hollinger's March disclosure suggested Lord Black was using Hollinger's coffers for his own benefit.

In June, the company was forced by Tweedy Browne, another investor, to investigate some of its prior disposals and millions of dollars in fees paid to Lord Black and others.

However, Lord Black has defended the purchase of the documents, only two of which out of many thousands were referred to in the book's footnotes, he said.

"This doesn't cause any embarrassment. The value today is undoubtedly more than we paid," Lord Black said. The chief executive said he had determined not to use his own money to purchase the papers because "$8m was not something I was prepared to spend".

Although Lord Black portrayed the purchase of the memorabilia as a typical example of corporate art buying, he also admitted none of the historical documents was on display in Hollinger's offices.


TOPICS: Business/Economy; Crime/Corruption
KEYWORDS: communistsubversion; fdr
Well who would have ever guessed the Daily Telegraph and the Chicago Sun-Times were run by an overt Communist?
1 posted on 08/18/2003 4:59:22 PM PDT by AdamSelene235
[ Post Reply | Private Reply | View Replies]

To: AdamSelene235
Its his money (mostly).
2 posted on 08/18/2003 5:01:28 PM PDT by Eric in the Ozarks (Wing attack, plan R.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: *Communist Subversion; MEDIANEWS
Bump!
3 posted on 08/18/2003 5:01:41 PM PDT by AdamSelene235 (Like all the jolly good fellows, I drink my whiskey clear....)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Eric in the Ozarks
Its his money (mostly).

It sounds like its the shareholder's money.

Interesting behavior for a corporations that has 595 million in debt and is hemorrhaging nearly 100 million a year.

4 posted on 08/18/2003 5:07:30 PM PDT by AdamSelene235 (Like all the jolly good fellows, I drink my whiskey clear....)
[ Post Reply | Private Reply | To 2 | View Replies]

To: AdamSelene235
I thought the Blacks were quite wealthy...
5 posted on 08/19/2003 5:55:32 AM PDT by Eric in the Ozarks (Wing attack, plan R.)
[ Post Reply | Private Reply | To 4 | View Replies]

To: Eric in the Ozarks
The papers were purchaed by Hollinger not Black.
6 posted on 08/19/2003 8:39:46 AM PDT by AdamSelene235 (Like all the jolly good fellows, I drink my whiskey clear....)
[ Post Reply | Private Reply | To 5 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson