(AP) An Ontario judge ordered the removal of three directors from the board of Hollinger Inc., the Toronto-based company announced Thursday.
Barbara Amiel-Black, the wife of former CEO Conrad Black who resigned earlier this month, J.A. Boultbee, and F. David Radler were immediately removed from the board, according to the decision supporting an application by Hollinger Inc. shareholder Catalyst Fund General Partner I Inc.
Black resigned as Hollinger Inc. chairman to ease his attempt to take it private
Justice Colin L. Campbell of the Ontario Superior Court of Justice also ruled that there is no need at this time for any additional directors to be appointed.
Hollinger’s board of directors will now have six members: Paul A. Carroll, Robert J. Metcalfe, Donald M.J. Vale, Gordon W. Walker, Allan Wakefield, and Peter G. White.
Hollinger’s principal asset is its approximately 68 percent voting and 18.2 percent equity interest in Hollinger International, a Chicago-based newspaper publisher whose assets include the Chicago Sun-Times and community newspapers in the Chicago area.
Hollinger International announced plans Wednesday to sell The Jerusalem Post to an Israeli media company for $13.2 million.
Hollinger International has been selling off assets after removing Black, a Canadian-born press tycoon, as its CEO along with several of his associates last year. An internal investigation found that Black and others siphoned off tens of millions of dollars from the company, and the company is suing him to recover the funds.
In July, Hollinger International sold The Daily Telegraph of London to the Barclay brothers for $1.2 billion, after a Delaware court blocked an effort by Black to circumvent an auction process by privately selling his voting shares, also to the Barclay brothers.
Although Black has been removed as chairman and CEO of Hollinger International, he remains the company’s controlling shareholder through supervoting stock held in Hollinger Inc.
A Canadian shareholder of Hollinger Inc. is pushing for an investigation into the company’s books, and Black is trying to take the company private through Ravelston Corp., another private Canadian company that he controls.