Thousands were duped by a pyramid scheme, writes Stephen Rogers

HOLLINGER, the holding company that was at the centre of Conrad Black’s collapsed newspaper empire, has filed for bankruptcy protection while asserting control over its main remaining asset, a stake in Sun-Times Media Group.

Former owner of the Daily Telegraph Conrad Black and long-time business partner David Radler have resigned as officers and directors of Ravelston Corporation, the private holding company behind the troubled Hollinger media empire.

NORTEL Networks Corp, North America’s largest maker of telephone equipment, fired chief executive Frank Dunn because of accounting mistakes and said it may have to reduce last year’s earnings 50%.