From British daily The Guardian:
Chicago Sun-Times collapses into a Conrad Black hole
The rump of Conrad Black‘s media empire files for bankruptcy protection after paying $118m in legal fees for the jailed tycoon and his henchmen
* Andrew Clark in New York
* Tuesday 31 March 2009 19.39 BST
The rump of Conrad Black’s former newspaper empire, Sun-Times Media, filed for bankruptcy protection today, citing the burden of paying the disgraced press baron’s legal fees as one of its financial woes.
Previously known as Hollinger International, the Chicago-based Sun-Times group once controlled a global network of papers – including Britain’s Daily and Sunday Telegraph – built up by Black, who controlled the business until he was caught plundering money from shareholders in 2003.
The company, which owns the Chicago Sun-Times and 58 local papers, said it was struggling to cope with slump in advertising on top of tax and legal liabilities dating back to previous management.
May Conrad Black’s colleague as media multimillionaire, extreme Rightist, warmonger and con man, Rupert Murdoch, follow Conrad Black soon into bankruptcy and into jail. Already there are ominous financial signs about the MySpace part of the Murdoch empire.