Week of mixed fortunes for embattled ex-media tycoon Conrad Black. And on the balance of things, he has come off second best in the lead up to his multi-million fraud trial kicking off next month. Black and three business partners have been charged with looting more than $80 million from Hollinger International. Black faces up to 95 years in prison and $7 million in fines if he is convicted on all counts. Black denies the charges.

During the week, Black suffered a big blow when the receivers of his former company, Ravelston (the outfit that sat on top of his media empire), got the go-ahead to plead guilty in the trial. It's a plea bargain deal where Ravelston pays a $7 million fine and cops the rap for one count of fraud for collecting an unauthorized $100,000 non-compete payment in connection with the sale of Hollinger International newspapers to Forum Communications.

Just the sort of deal that will ensure all the dirty laundry is going to be hung out. Black's lawyers have argued that it would damage their client's chances of getting a fair trial and have told reporters they will appeal.

Prosecutors have lost out on the bid to make a case accusing Black of market manipulation to boost the share price of Hollinger.

But on the other side of the ledger, they have won their bid to allow evidence about his wife Barbara Amiel Black's spending habits of lavish parties and handbags to be brought before a jury. Who, according to prosecutors, treated Hollinger like the "Bank of Conrad Black", reports the Globe and Mail.

More juicy details about her spending habits in my blog entry here.

So, all up we won't hear anything about insider trading but lots of about shopping. Which is pretty bad for Black.

As Editor & Publisher puts it, the Ravelston and Amiel rulings are a double blow.