Conrad Black's appeal against his fraud conviction will have massive implications on the system, regardless of what the decision is. Black, as we know, was convicted two year ago of a a $6.1-million fraud and obstruction of justice related to his eight years as head of his company Hollinger International. The latest appeal is due to be heard late this year and we can expect a ruling by June 2010. He was sent to jail for six and a half years.

CBC News reports that Black remains upbeat. True to his arrogant form, he emailed the network telling them of his hope that "justice will prevail". Absolutely no remorse at all.

Editor&Publisher has an interesting piece saying that it will be a landmark case because it revolves around the question of "honest services" fraud where corporate executives have a duty to shareholders and if they renege on that, they have withheld honest services and therefore committed a crime.

As the piece says: "If the Supreme Court accepts the concept, it will give prosecutors a powerful weapon in prosecuting alleged fraud. If the court rejects "honest services" fraud, Conrad Black won't be the only convicted white collar criminal winning back his freedom — and many people who will never be accused of any crime are likely to cheer a limitation on what's become almost standard federal prosecutorial overreaching."

In other words, this case could have ramifications well beyond Conrad Black. We know which side other white collar criminals will be supporting.