Black Takes Hollinger Appeal to Delaware Supreme Court

16 March 2004

Lord Conrad Black of Crossharbour didn't get where he was yesterday by avoiding a scrap.

So it comes as no surprise to followers of His Lordship's exploits that he has chosen to challenge the recent decision by Judge Leo Strine, Vice Chancellor of the Delaware Court of Chancery. Much is at stake.

Last month Strine blocked Black's sale of his 26% stake in holding company Hollinger Incorporated [H-Inc] to Britain's entrepreneurial Barclay twins -- a move that would have handed them control of the UK's Telegraph Group, leaving operating company Hollinger International [H-Intl] shorn of its crown jewel.

A statement issued by H-Inc at the weekend read: "As we previously indicated, Hollinger Inc and Lord Black respectfully disagree with Vice-Chancellor Strine's view of the facts and equities in his decision. Accordingly, we are exercising our right to seek review of the decision by the Delaware Supreme Court."

H-Inc originally inferred it would not appeal the decision, issuing a statement after the hearing: "Notwithstanding our challenge to the decision, we continue to support the efforts now under way by Lazard to achieve full value for shareholders."

Although all of H-Intl assets are up for sale via investment bank Lazard, Telegraph Group is the main honeypot around which eager buyers buzz.

Data sourced from:; additional content by WARC staff