I can barely keep my eyes open long enough to give you this idiot's guide to the Hollinger scandal. Summary: rich people shuffle money, want other rich people's money.

1. WHO?
Lord Conrad Black: eccentric newspaper baron. His father was a rich beer executive, and Black began buying newspapers early. By the 90's, his company, Hollinger, owned 60% of Canadian newspapers alone. Black, born in Montreal, renounced his Canadian citizenship to become a titled schmuck thanks to the House of Lords in 1999.

This image was lost some time after publication, but you can still view it here.

Hollinger International: publishers of the Daily Telegraph, The Spectator, the Chicago Sun-Times, the Jerusalem Post, and others. In 1999, Hollinger had revenues greater than $2 billion.

2. WHAT THE HELL HAPPENED?
Lord Black is accused of "misappropriating" $200 million, or maybe $300 million, according to a shareholder's lawsuit. Black says he doesn't owe them jack. No one knows if Black has any money or if he's gone "broke." (Not broke like you and me, broke like rich people.)

Hollinger has filed suit against Black and others. A few days ago, Black was removed as CEO of Hollinger International.

Currently Black would like to sell his controlling share in Hollinger to the tune of $178 million (according to the Times) or $300 million (according to the Post) or 423.8 million (according to the Toronto Star, probably in their silly "Canadian money."). Black has an agreement to sell to these crazy British billionaire twins (they share the title of 34th richest men in England), the Barclay brothers, but the SEC doesn't think he can sell.

3. WHAT'S THE SHOCK LEVEL and WHY DO I CARE?
Eh, well, you know: the rich are greedy. Surprise! Black's columnist wife was reportedly on the newspaper payroll for $275,000 a year, which is pretty sleazy. But can't see any reason why you should care about this whatsoever: especially when the SEC gets involved, one's eyes tend to glaze over. You'll be hearing about this for the next three years, I'm sorry to say.
Media Baron Goes to Court for Approval of Stake Sale [NYT]
Black: Sacked, sued, and selling [Toronto Star]
Lord Black's directors accused of negligence [Guardian]
Fighting Black [NY Post]
Hard to write about the paper [Chicago Sun-Times]
Conrad Black [CBC]