By: E&P Staff The Delaware Supreme Court on Tuesday upheld a 2004 court ruling that found Conrad Black had "persistently and seriously" violated his fiduciary duties to Hollinger International, the Chicago Sun-Times parent company he once headed.
In its ruling, the state high court also rejected Black's contention that he had no duty to support the so-called "strategic process" in which the financially strapped Hollinger International shed some of it properties, including the Daily Telegraph of London. Black had appealed a Feb. 26, 2004 ruling by Delaware Chancery Court Judge Leo Strine that blocked him from selling his controlling stake in Hollinger International to the Barclay brothers of Britain.
The Supreme Court also rejected an appeal of Strine's ruling by Hollinger Inc., the holding company controlled by Black that owns a 17% equity and 67% voting interest in Hollinger International.
Black has resigned as Hollinger Inc. chairman, and the new management has lodged $550 million lawsuit against Black and his holding company Ravelston. On April 13, Hollinger Inc. announced it was taking steps to seize shares Ravelston holds in Hollinger and other companies, and it was evicting the company from Hollinger's Toronto headquarters.
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