A report filed today in a Chicago court by a committee investigating the financial improprieties by company executives said that Black, former chief financial officer David Radler and associates, took 95.2% of Hollinger's adjusted net income during the period of 1997 to 2003.
Yesterday, the news broke that the Securities & Exchange Commission, the US financial regulator, had issued a Wells Notice to the company and a similar notice to some of its directors and officers. A Wells Notice indicates that the SEC will accuse the company of wrongdoing in a civil action, and gives the chance for the company to contest the action.
Hollinger has said that it will respond to the SEC notice, but has not as yet.
Meanwhile a Canadian TV documentary called 'Citizen Black' is due to air in Canada. Media commentator Roy Greenslade said in yesterday's Guardian that "[It becomes clear] that Black is not on this planet. He does not seem to understand why everyone -- fellow directors, judges, investors, financial regulators and journalists -- should be so upset with him.
"The guy is in denial. Like Robert Maxwell, Black believes himself immune to the laws which others obey. He is above it all."
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