Hollinger Incorporated [H-Inc], the holding company through which Lord Conrad Black at one time controlled his media empire, boasts three directors fewer than it did last week - by order of Justice Colin L Campbell of the Ontario Superior Court.
Out have gone Barbara Amiel-Black (aka Lady Black), F David Radler and J A Boultbee. Lord Black himself had already resigned the company's chair, purportedly to facilitate his attempt to convert the publicly owned company to private status. Justice Campbell also ruled there is no need to appoint board replacements for the ousted trio.
The ousting of the acolytes arose from a petition by H-Inc shareholder Catalyst Fund General Partner I, a major shareholder in the company - presumably to ensure that any sale to Black is on terms acceptable to itself and other shareholders.
H-Inc's only asset of significance is its 18.2% equity interest in newspaper publishing company Hollinger International [H-Int], a stake which Black magic has transmogrified into 68% voting control of the publisher.
Despite being H-Int's controlling shareholder, His Lordship was unplugged as its chairman/ceo last year. He and other Hollinger ex-directors are currently embroiled in civil lawsuits brought both by shareholders and the US Securities and Exchange Commission [WAMN 16-Nov-04].
The latter alleges the diversion of more than $85 million (€65.67m; £43.99m) of Hollinger assets into the pockets of Black, Radler and other directors.
Data sourced from Wall Street Journal Online; additional content by WARC staff