Lord Black’s financial saviour: Who is Roger Hertog?

Conrad Black left a Florida prison on Wednesday, thanks in part to New York money-man and long-time friend Roger Hertog.

Hertog guaranteed the former media baron’s $2 million US bail set earlier in the day by a U.S. District Court in Chicago, but the American businessman, financier, conservative philanthropist is no stranger to putting up cash.

Although Hertog was described in Courtroom 1241 as a "friend" of Black’s, their relationship is likewise rooted in business: Hertog is known as the man who fronted the initial money for the New York Sun, a venture that was bolstered by a key investment from Black.

The duo reportedly shared a vision for the newspaper, and sought to provide a more conservative alternative to the reigning New York Times.

But that was then, and this is now.

Black’s empire has been dismantled, and legal fees from years of court proceedings are no doubt staggering. And so Hertog, the business friend, has come to the rescue by signing bail paperwork, with onlookers saying he did so without hesitation.

The $2-million US cost of securing the newspaper magnate’s release is not only a small sum compared to what Hertog – president of namesake non-profit The Hertog Foundation and a trustee of neo-conservative think-tank American Enterprise Institute for Public Policy Research – has put up in past philanthropic endeavours, it also amounts to more than a tenth of the bail set by Amy St. Eve back in 2005.

Indeed, Black’s attorney Miguel Estrada said Wednesday morning that his client’s financial situation is "different from when your honour last considered bail."

Hertog, also vice-chair emeritus of Alliance-Bernstein L.P., an investment firm which was reportedly valued at $100-billion US in 2002, left the courtroom with a firm "no comment" to the media Wednesday.

The man is not exactly known, however, for flying under the radar.

In 2007, Hertog received the National Humanities Medal in a White House ceremony with former president George W. Bush. The award citation praised him for "enlightened philanthropy on behalf of the humanities."

And the graduate of City College of New York is also entrenched in that city’s philanthropic community. He is chairman of the New York Historical Society, chairman emeritus of the Manhattan Institute, and a trustee of the New York Public Library, the New York Philharmonic, and the Thomas Jefferson Foundation.

Much like his friend Black – who spent his time in the Florida correctional facility teaching fellow inmates history, while writing a book and newspaper column – Hertog is known for his commitment to education and media.

He chipped in to join Martin Peretz as a co-owner of The New Republic, which was bought out by former Canwest Global Communications Corp. in 2007 and then eventually passed along to private investors.

According to the American Prospect, the Bronx-born Hertog also reportedly sends his money to the Club for Growth, a political-action committee that aggressively backs conservative, free-market Republican candidates.