According to a source 'familiar with the situation', beleaguered newspaper tycoon Lord Conrad Black will resign from the board of Hollinger Incorporated [H-Inc], the Toronto-headquartered holding company through which - until recently - he controlled the publishing business Hollinger International [H-Intl].
In the continuing battle over allegedly improper payments made to Black and certain of his co-directors, major shareholder Catalyst Fund General Partners has demanded his removal from the H-Inc board and filed a lawsuit to that end with the Ontario Superior Court of Justice.
But His Lordship, almost as quick on his feet as Muhammed Ali, is set to bob off the ropes by resigning - purportedly to pursue his intention to take the company private. Last week he floated such a proposal, notably (and typically) lacking in any detail.
At a court hearing Friday, one of Black's attorneys indicated his client is prepared to step down from the H-Inc board but declined to stipulate the timing. The company's independent directors, said the lawyer, had discussed Black's possible resignation but nothing firm has been decided!
Data sourced from Wall Street Journal Online; additional content by WARC staff