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Hollinger settles civil fraud lawsuit with SEC for $21.3M
Legal PR | 2008/03/27 16:09

Hollinger Inc., the Canadian holding company with an interest in former newspaper publisher Hollinger International has agreed to pay the US Securities and Exchange Commission (SEC) $21.3 million to settle claims that from 1999 to 2003 it violated securities law by failing to disclose to investors payments and other transactions that benefited the executives to the detriment of the company. The settlement stems from a lawsuit filed by the SEC in November 2004 against former Hollinger International chairman Conrad Black, former Hollinger president David Radler, and Hollinger Inc. Under the terms of the settlement, Hollinger Inc. has agreed to be permanently enjoined from committing future securities laws violations. The settlement must still be approved by US District Judge William T. Hart before it becomes final.

Radler was sentenced in December to 29 months in prison for one count of mail fraud, after pleading guilty and agreeing to serve as a witness against Black. Black was convicted in July of mail fraud and obstruction of justice and sentenced to 78 months in prison; he began serving his sentence earlier this month after a federal appeals court rejected his request to remain free on bail while his appeal is pending. Radler, Black and other Hollinger executives were prosecuted in the United States in connection to allegations that they diverted more than $80 million from Hollinger International, now Sun-Times Media Group, and its shareholders during the company's $2.1 billion sale of several hundred Canadian newspapers.



Diana Sen Selected as Regional Finalist
Law Firm Topics | 2008/03/27 15:45

The White House yesterday announced that Diana Sen (NY Litigation) has been selected as one of 97 Regional Finalists across the country for the White House Fellows Program. Founded in 1964 by President Lyndon B. Johnson, the program offers exceptional men and women first-hand experience working at the highest levels of the Federal government. Selection as a White House Fellow is highly competitive and based on a record of remarkable professional achievement early in one’s career, evidence of leadership potential, a proven commitment to public service, and the knowledge and skills necessary to contribute successfully at the highest levels of the Federal government.

During March and April 2008, Regional Finalists participate in a rigorous interview process. Based on the results of the interviews, approximately thirty candidates will be named National Finalists. The President’s Commission on White House Fellowships will interview the National Finalists in June 2008 and then recommend candidates to President George W. Bush for a one year appointment as White House Fellows.

Throughout its history, the program has fostered leaders in many fields including Secretary of Labor Elaine Chao, Former Secretary of State Colin Powell, United Nations Foundation President and Former U.S. Senator Timothy Wirth, Pulitzer Prize-winning author and historian Doris Kearns Goodwin, U.S. Army General Wesley Clark, U.S. Senator Samuel Brownback and Marshall Carter, Chairman, New York Stock Exchange.




Nebraska legislature rejects death penalty ban
Legal News | 2008/03/27 12:13

A Nebraska bill that would have banned the death penalty, replacing it with a sentence of life in prison without parole, failed in the Nebraska Legislature  on Tuesday, receiving only 20 of the 25 necessary votes to move forward. Last month, the Nebraska Supreme Court ruled that execution by electric chair, the only method authorized in the state, was "cruel and unusual" punishment and therefore prohibited by the Nebraska constitution. Nebraska Governor Dave Heineman on Tuesday voiced support for the death penalty, saying that the the legislature should decide on a new means of execution that can pass constitutional muster.

In February, Nebraska Attorney General Jon Brunning filed a motion for rehearing on the ban of the electric chair. Nebraska is the only state to solely rely on the electric chair for capital punishment.



Sidley Austin Expands with Addition of Six
Law Firm Topics | 2008/03/26 16:20

Chicago – Sidley Austin LLP announced that sixlawyers will join the firm in Chicago in the private equity practice.These lawyers, S. Michael (Sy) Peck, Jeffrey Smith, Roger Wilen, DirkAndringa, Alexis Cooper and Nancy Kasko, will integrate theirsignificant experience representing private equity sponsors and theirportfolio companies with Sidley’s well established M&A andsecurities practices and expanding private equity practice.

“Theseare six exceptionally talented and successful lawyers in the privateequity arena and they will make valuable contributions to our privateequity team,” said Fred Lowinger, co-head of the firm’s M&A andPrivate Equity practice. “Our new colleagues will be an integral partof our efforts to expand the scope and depth of our services to theprivate equity community.”

“Sidley offers us the idealplatform to grow our practice in all areas of private equity,” saidPeck. “Sidley is already recognized as global leader in so many areas,including M&A, capital markets, financing, corporate governance andhedge funds. Their global private equity practice is extremely activeand we are thrilled to not only be a part of this, but to add a newdimension of experience to an already substantial practice.”

Thesesix new private equity lawyers have extensive experience in a widerange of complex corporate transactions, including LBOs, equityinvestments, add-on acquisitions, divestitures, public offerings,recapitalizations and restructurings.


SEC Proposes "Naked" Short Selling Anti-Fraud Rule
Legal News | 2008/03/26 16:15

On March 17, 2008 the Securities and Exchange Commission (SEC or Commission)
issued a release proposing a new anti-fraud rule under the Securities Exchange Act of
1934, as amended (Exchange Act), which addresses “naked” short selling, which the
SEC has generally defined as “selling short without having stock available for delivery
and intentionally failing to deliver stock within the standard three-day settlement
cycle.”

Specifically, proposed Rule 10b-21 is intended to target: (i) short sellers who
deceive certain persons, such as their broker-dealers, about the source of borrowable
shares, to circumvent the Regulation SHO “locate” requirement; and (ii) long sellers
who misrepresent to their broker-dealers that they own the shares being sold, also to
circumvent Regulation SHO, as well as certain other rules.

The deadline for submitting comments on proposed Rule 10b-21 is May 20, 2008.


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