Black Sues Hollinger International for $170 Million

11 March 2004

Lord Conrad Black of Crossharbour can't get his fill of litigation, it seems.

Having taken a battering last month at the hands of Judge Leo Strine, Vice Chancellor of the Delaware Court of Chancery [WAMN: 27-Feb-04], the ex-Canuck British peer has again resorted to the courts against his former chattel, Hollinger International [H-Intl].

Black claims H-Intl owes him $170 million (€138.18m; £93.34m) in compensation for loss of office. The cash would certainly come in handy for His Lordship, given that he faces two other lawsuits which, if successful, will part him from around $500m.

One action, launched by tenacious New York investment firm Tweedy Browne, owner of some thirteen million H-Intl shares, has filed a lawsuit demanding that Black returns some $300m in 'management fees' extracted from H-Intl [WAMN: 01-Dec-03]. The other lawsuit has been filed by H-Intl itself, mirroring the Tweedy claim and demanding the return of $200m.

But whoever wins, it'll be slim pickings after the lawyers have sliced the prime cuts.

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