Media Baron Gets $1 Million Added to Bond

Wow - what a story. New York Times covered the latest news about Conrad Black, who is being held on racketeering and fraud charges. He apparently lied about his net worth, so they slapped an extra $1 Million onto his bond.

From the article:

“It’s appropriate to increase the bond somewhat in this case,” Judge St. Eve told lawyers for Lord Black in demanding an additional $1 million in cash.

“I’m not here to micromanage his finances,’’ the judge said. “I’m here to assure bond is sufficient to assure his future appearances before this court.”

A lawyer for Lord Black said the additional $1 million would be paid.

Up to now, Lord Black’s $20 million bond has been secured by $30 million in assets, including a Florida home. Some of those assets are subject to forfeiture if he is convicted.

It looks like Black may have left out some key information on leins on one of his homes, as well as underestimated the worth of some of his holdings. Wow - what a penalty.