Blogging from the Highlands of Scotland until I return to the Murcia region of Spain in the Autumn for a month or so
'From fanaticism to barbarism is only one step' - Diderot

Friday, 27 February 2004

The battle for the 'Telegraph' Group is now wide open

Conrad Black has been lambasted by Judge Leo Strine in a Delaware court, who said Black had:

"breached his fiduciary and contractual duties persistently and seriously"

The 'sweet deal' earlier announced by Black to sell the Hollinger group to the Barclay Brothers is now off and the operation will likely go to auction, presumably obtaining the best price for ALL the existing shareholders, consistent with satisfying the competition authorities as to the implications for the diversity of the British press as well as the suitability of potential purchasers to own a major newspaper group.

One cannot help but feel that this latest twist in the saga at last restores some sanity to the process by which this company is to be reorganised for the future.

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