The twins win.

Five months ago Sir David and Sir Frederick Barclay shocked rivals by agreeing to pay Lord Conrad Black $465 million for his stake in Hollinger Inc, a holding company that owns 30% of the shares and 72% of the voting rights of Hollinger International, which owns Britain's "Daily Telegraph". Now, ironically, only Black himself can prevent the Barclays from buying the paper. At stake is how much cash Black walks away with. Under the new deal, the Barclays' money will go first to Hollinger International, which is expected to pass on a good deal of it to shareholders. As the firm is suing Black and his associates for $1.25 billion on racketeering charges, it may try to withhold his share of the cash. So Black is likely to try to block the deal--or at least use that threat to extract some money. For the Barclays, a pressing task will be to negotiate with Richard Desmond, half-owner of the Daily Telegraph's main printing plant outside London. He has the right to buy the other half from the newspaper if it changes hands. Another decision will be whether to launch a tabloid edition.