Canadian press baron Conrad Black will be the star witness today in a trial about the future of his newspaper empire.
Black, who is charged with lining his pockets with millions of dollars in unapproved payments from Hollinger International, is expected to be the final witness today in a three-day trial in Delaware that pits the newspaper tycoon and member of the House of Lords against board members at Hollinger International.
Black denies the company's contention that he collected improper payments during his tenure as chairman and chief executive of the company, which owns the
Chicago Sun-Times, the
Daily Telegraphand the
Jerusalem Post.
His testimony has been eagerly awaited in the trial, which could determine whether he can sell his controlling stake in the Chicago-based company to the Barclay brothers or whether the publisher's new management can thwart the deal and proceed with its own plan to auction off assets.
The company has filed a separate lawsuit in Chicago federal court accusing Mr Black and several associates of collecting more than $200 million (€157.9 million) in improper payments, altering company records and misleading board members about the compensation.
Mr Black says all payments he received were fully authorised by the board. He has begun a defamation lawsuit in Canada against Richard Breeden, the former U.S. securities regulator overseeing a special probe into the company, and several board members.
Mr Black resigned as chief executive officer in November after the special internal panel uncovered $32 million in disputed payments to him, several top deputies and Hollinger, the Canadian holding company used by Black to control Hollinger International.
Hollinger International removed him as chairman last month, but he remains controlling shareholder.