Another Lordly Writ Hits Hollinger Intl

22 July 2004

Lord Conrad Black of Crossharbour (an area in London's docklands where the Telegraph titles are printed) has slapped yet another writ on his former fiefdom Hollinger International [H-Intl] in a desperate effort to block the sale of the Telegraph Group to Britain's Barclay twins.

The latest legal salvo from lawyers acting for Black's holding company Hollinger Incorporated [H-Inc] posits that H-Intl failed to consider the sale of all of the newspaper group's assets because such a move would require shareholder approval.

Argues the filing: " The simple fact is that the [H-Intl corporate review committee] was in a rush to dispose of International's assets and effect a fundamental change in its make-up and operations because of a limited window in which it could exercise unfettered control."

Not so, riposte lawyers acting for H-Intl: "The evidence is overwhelming that Hollinger International conducted an exhaustive and conscientious auction process, entertaining and pursuing bids to sell the whole company which would have required shareholder approval as well as bids to sell individual assets and proposals to maintain the status quo."

Judge Leo Strine, Vice Chancellor of the Delaware Court of Chancery, who has already endured a lifetime of plea and counter-plea in the case of Hollinger versus Hollinger, will on Friday submit to yet more submissions.

He is expected to rule before July 30, when the sale of H-Intl's Telegraph properties is scheduled for completion.

Data sourced from: Financial Times; additional content by WARC staff