Will this lead to any changes?

The situation at Hollinger Corp. is becoming more unusual. The SEC has issued notices to the former members of the audit committee that threaten them with legal action for failing to spot the fraudulent actions of Lord Black and his cohort. Like most boards of directors of public companies, those comprising the audit committee of Hollinger are not unknown: former governor of Illinois, wife of very prominent financier, former ambassador to Germany. Perhaps, this action will put a little of the fear of God in some corporate directors and make them stop being toadies to management.