We, as stakeholders of Hollinger Inc. and other concerned citizens, in order to establish justice, promote the general welfare, and secure the blessings of fairness for ourselves and our posterity, do publicly denounce: 1) the ongoing court-ordered and court-supervised Inspection of Hollinger Inc. by Ernst & Young, which began in October 2004, has cost over $20 million, has found no wrongdoing, but is still costing Hollinger some $10,000 a month; 2) the ongoing court-ordered and court-supervised Restructuring of Hollinger Inc. (currently conducted by Chief Restructuring Officer William Aziz, who is being paid $65,000 a month plus expenses), which began in August 2007, has cost over $140 million, has produced nothing for the stakeholders, but is still costing Hollinger some $100,000 a month; 3) the ongoing court-ordered and court-supervised activities of Hollinger Inc.’s Litigation Trustee (retired judge Jack Ground, who is being paid $800 an hour plus expenses) and his two Advisors (Montreal lawyer William Brock and Toronto consultant Arnold Cader), which began in May 2008, with the following unproductive results: • Secret settlements with Torys and KPMG, each of which took five years of expensive negotiation and mediation to reach, and which cannot be implemented without court approval; this approval is being contested by several parties because both Torys and KPMG required, as a condition of their agreeing to a settlement, that the Court bar all further claims against them by other injured parties. This dispute will take years to litigate unless the parties all agree to negotiate a resolution of the issues. No such negotiations are contemplated. • A claim against former Hollinger director Ralph Barford for $250 million, made in March 2007, and which Mr. Barford has vigorously disputed; no proceedings are pending in this case and no settlement discussions are under way. • A claim against three banks (CIBC, TD and Scotia) for $65 million plus interest at 12 7/8 % for eight years since March 2003, made in June 2007; no proceedings are pending in this case. We proclaim our disgust with the system that permits and even encourages such disregard for the rights and interests of the stakeholders of Hollinger Inc., and we demand that these abusive proceedings be brought to a halt and that the few remaining assets of Hollinger Inc. be distributed to their rightful owners instead of to the restructuring community of lawyers, accountants and consultants who have already pocketed some $200 million of Hollinger’s money since 2004 while the stakeholders have received nothing.
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Emmanuel Dion WeissCanada3 years ago
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