Never thought you'd see this, did you?
Ken McLaren, an investment advisor who helped lead the charge at the Ontario Securities Commission in early 2005 to shut down Lord Black's attempt to privatize Hollinger Inc., says he now feels "embarrassment more than anything" and is unhappy the Hollinger Inc. shares he owns have sunk to $1 apiece from the $7.60 Lord Black was offering.
"It's kind of a dismal story in terms of the public shareholders of [Hollinger] Inc.," Mr. McLaren said in a telephone interview from his office at Blackmont Capital Inc. in Vancouver.
...
Mr. McLaren said the value of his shares in Hollinger Inc. dwindled to "pocket change" after the privatization plan died because the interests of Canadian shareholders have taken a back seat to a crusading regulator and prosecutors in the United States.
The pursuit of Lord Black provided a "marquee" case to Patrick Fitzgerald, the U.S. Attorney for the Northern District of Illinois, who has charged Lord Black with fraud, racketeering, money-laundering and obstruction of justice, he added.
"The U.S. prosecutor has taken over the agenda here. All it's done [for Canadian shareholders] is further dissipate any assets we might claim," Mr. Mc- Laren said.
Civil suits, including a $700- million lawsuit filed by Hollinger Inc. against its Chicago subsidiary, are on hold until the criminal trial and any appeals are over. In addition, the U.S. prosecutor is seeking tens of millions of dollars in restitution and "forfeiture" from Lord Black and his codefendants.
"It's frustrating to sit from where I sit and watch this happening," said Mr. McLaren. "If this had been anything other than a Conrad Black story, [it] would've been over."
Finally, some people are coming to their senses and realizing the absurdity of this envy-driven witch hunt.
