Steyn on the Conrad Black trial

conrad_black%20072707.jpgMark Steyn continues his excellent analysis of the criminal case against Conrad Black (prior posts here) with this lengthy piece on the trial, in which he agrees with me regarding the defense team’s decision not to have Lord Black testify:

When Black declined to testify in his own defence, the result was that he was defined only by the glimpses of him permitted by the government: he was the guy who, in Alana’s phrase, got the money, and sent boorish emails, and installed heated towel rails in his Park Avenue apartment. Had he been put on the stand, he would certainly have been tripped up by government lawyers in some areas, but he would have opened up others that allowed the jury to see Conrad Black as a man in full, warts and all, rather than only the warts, the unsightly carbuncles of non-compete fees and company-jet perks and a security video of a British peer taking boxes down the back stairs of a Toronto office building.

Steyn also has some choice words for the Black defense team, which he viewed as largely dysfunctional. Reading Steyn’s piece along with this lengthy Adrian and Olga Stein essay (pdf) on the background of the case against Lord Black leaves one with a depressing image of how the U.S. criminal justice system is being manipulated to regulate the unpopular businessperson of the moment.

Is Landry’s in trouble?

Landry%27s%20logo.gifCerberus Capital Management’s decision earlier in the week to terminate its attempted sale of $12 billion in Chrysler debt underscored the quickly tightening U.S. credit markets (except on oil patch deals!), and the ripple effects are already being felt in Houston. Check out this Houston Business Journal article about Houston-based restaurant company Landry’s:

Landry’s Restaurants Inc. is looking for new financing to replace its current credit agreement and outstanding 7.5 percent senior unsecured notes.
The Houston-based casual dining chain operator said Wednesday that it would not be able to file its annual report for the year ended Dec. 31 because an internal review of stock option granting practices is not complete.
As a result, Landry’s (NYSE: LNY) said it has been notified by U.S. Bank National Association — the trustee of its $400 million unsecured notes — that the unpaid principal and any interest is now due.
Landry’s expects to be able to refinance the loan, but due to “the recent tightening of the credit markets,” it could be under less-favorable financing terms.
The company also said it is not in compliance with a $450 million credit agreement with Wachovia Bank, National Association and other lenders. Landry’s expects it can get a waiver of the covenant and does not expect Wachovia to accelerate the indebtedness of the agreement. The amount outstanding is about $97 million.

Late yesterday, Standard & Poor’s Ratings Services lowered its credit ratings of Landry’s and continued to place the company’s ratings on negative watch because of Landry’s failure to file its 10K regulatory filing with the SEC for fiscal 2006 and its 10Q for the first-quarter 2007.
H’mm.
Update: Tilman’s bad dream.

Fit Nation Map

Fit%20Nation.gifThe map on the left purports to track the increase in the percentage of obese persons in the U.S. over the past 20 years. I don’t know about the methodology of the statistical analysis, but the map is pretty darn cool.