Lord Black and the other executives have agreed to pay back the cash by June 2004, Hollinger added.
Hollinger's compensation committee has two members, Thompson and Burt, and it met just once last year.
He has vowed to simplify the pyramid of holdings by merging Ravelston with Hollinger Inc.
Once Black stepped down as chief executive officer of Hollinger in November 2003 things got ugly.
With 68% voting control of Hollinger International through a Canadian shell company he also controls, Hollinger Inc.
Investors who collectively own over half of Hollinger International's shares have banded together to seek legal advice.
One looming lawsuit against Hollinger International's directors is from Cardinal Value Equity Partners, a shareholder in Hollinger International.
In 2000 Black sold Hollinger International's Canadian newspapers to CanWest Global Communications Corp.
Cardinal and other value investors originally bought Hollinger stock because it looked cheap.
Shareholders reckon that they have leverage over the new owners because of all the lawsuits swirling around Hollinger Inc.
The former president of Hollinger International struck a plea bargain with American prosecutors.
Hollinger International (nyse: HLR - news - people ) went dark in August 2003, enveloped in scandal.
It remains to be seen what, if anything, minority shareholders in Hollinger International can do to retrieve the situation for themselves.
Lord Black of Crossharbour, is scrambling to fend off a battle royal at the annual meeting of Hollinger International, his globalnewspaper chain.
This is the latest twist in the remarkable affair involving Hollinger International, a newspaper group, and its long-time controlling owner, Conrad Black.
The Jerusalem Post is published by Hollinger International, which also owns the UK's Daily and Sunday Telegraph newspapers and the Spectator magazine.
Now photos of Black, former head of the Hollinger International newspaper empire, are plastered all over newspapers, and not in a flattering way.
Hollinger, in turn, owns 32%of the equity and 73% of the voting control of Hollinger International, the Big Board media company that owns the newspapers.
Minority shareholders in Hollinger International reckon that their shares would be worth far more if the assets are sold than if control simply passes to the Barclays.
It also lifts the lid on the extraordinarily lavish lifestyle he and his wife, Barbara Amiel Black, enjoyed - paid for, Hollinger alleges, by the company itself.
The report has been eagerly awaited not least to see how much blame it would heap on Hollinger International's directors for failing to stop the alleged looting.
"It's been good for me, " said Barney Hollinger, owner of Elder Point Oyster Co. of Port Norris, who started practicing aquaculture in 2007 after decades of wild fishing.
Lord Black's defenders argue that the cure has been worse for Hollinger's shareholders than the disease though prosecutors would no doubt retort that breaking the law deserves punishment regardless.
Mark Steyn is the senior contributing editor for Hollinger Inc.
CENTERFORSECURITYPOLICY: Left-hand/right-hand disconnect spells CAIR-lessness
Hollinger International went dark in August 2003, enveloped in scandal.
This week, Hollinger International's board launched a campaign, including the creation of a poison pill, to stop Lord Black selling control of the firm to the wealthy Barclay brothers.
They want to get a proper valuation for their shares, and not one obtained by selling out, since they think that Hollinger International's share price severely undervalues its assets.
Until recently shareholders were happily waiting for Lazard, an investment bank hired to produce a strategic review for Hollinger International, to get on with selling the company's assets for a big premium.
The companies he controls--Hollinger Inc. and closely held Ravelston -- have just an 18% economic interest in Hollinger International through Class B shares that have ten times the voting rights of common stock.
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