As the verdict was read out, Barbara Amiel looked wearily resigned and Alana seemed momentarily to tremble on the brink of tears. The judge ordered him to surrender for incarceration on March 3rd.

As often in this courtroom, the moment of high drama has been tripped up by procedural haggling. Conrad Black is still standing at the bar, his nemesis Sussman behind him. They're in profile staring at some functionary arguing about an unaccounted sum of $135,000. The defendant, with silver hair and powder-blue suit, makes the prosecutor looks like a shrunken shadow. But the little man has brought the big man to his lowest point - a six-and-a-half year jail term.

Aside from the 78 months, Conrad has to pay a small six-figure fine plus restitution of $6.1 million. However, she denied the government motion to seize the Palm Beach home.

Conrad Black rose moments ago to address the court, unusually sotto voce and subdued - at least to begin with. He then expressed his "deep regret" for the $1.2 billion in shareholder value lost to the company by the inept management of his successors.

This probably isn't the remorse Mr Sussman had in mind. But moments after, the defendant's remarks concluded, somewhat abruptly.

"Mr Black, you have committed very serious crimes," began Judge St Eve, addressing him directly as she began explaining the rationale of her sentence. "Mr Black, you have violated your duty to Hollinger International and its shareholders... - In the United States, Mr Black, there is equal justice under the law."

Sentence: 78 months.

Gene Fox of Cardinal Capital Management is now addressing the court. Hitherto one of the more affable minority shareholders, he is evidently unhappy to have been dismissed by the defendant as an "idiot" useful merely as a source of "cheap capital". He's calling for Black to be given the maximum sentence.

It's worth noting that the government declined to call any aggrieved shareholders during the trial, when they would have been subject to cross-examination. Now the statement will go uncontested. As with Prosecutor Sussman, he seems focused on charges of which the defendants were acquitted.