UK: Barclays triumph in Telegraph bid

[muriel_volestrangler]

http://news.bbc.co.uk/1/hi/business/3828791.stm

The papers were put up for sale as a result of the bitter fight between Lord Black, who still controls 70% of Hollinger International voting rights despite holding only 30% of the shares, and the group's board.

An audit had revealed millions of dollars in "non-competition payments" allegedly paid to Lord Black and fellow directors without authorisation.

Hollinger International is now suing the peer for $1.25bn, accusing him of "racketeering" by using the company's money to support his lifestyle.

Lord Black is still expected to explore legal options to block the sale.

Richard Perle is one of the fellow directors under investigation.

The Barclay brothers are still rich and right wing, but not as bullying and suspect as Conrad Black. The Telegraph will stay right wing (it would be commercial suicide for it to change), but it's nice to know Black has one less mouthpiece.

[Taxloss]

1. They might back Labour.

They said they'd end automatic partisanship.

They won't, of course.

PS It's a pleasure to come across a fellow Round the Horne fan, as Julian might say.