Fade to Black for Conrad
Monday, July 16, 2007
Conrad Black entering the Dirksen Federal Building in Chicago. Photo by John Gress
Black was found guilty of arrainging "non-compete" payments to himself and several co-defendants. Non-compete payments are set up when a news paper is sold. The seller is paid an extra fee in exchange for not setting up a rival news paper. In the case of Lord Black these non-compete payments were made to Black directors so they would not compete with a paper of which Black was part owner. In all, it is said that Black received $60 million in ill-gotten non-compete payments.
Black has vowed that he will fight these convictions on appeal. With these four guilty verdicts the strength of civil suits against Black have become much stronger.