Related
Internal Links
The move, which Black signalled was coming last week, clears the way for a proposed buyout of minority shareholders by Ravelston Corp., a private company he controls.
- FROM OCT. 28, 2004: Conrad Black to resign as Hollinger Inc. CEO and chairman: lawyer
Black and some associates are at the centre of a controversy and stand accused of looting millions of dollars from Hollinger International, the Chicago-based newspaper company that Hollinger Inc controls.
Conrad Black (CP file photo)
Hollinger International owns the Chicago Sun-Times and in June agreed to sell the London Daily Telegraph to British financiers for about $1.8 billion.
Black resigned as Hollinger International's CEO late last year after the accusations of improper payments were first raised. Hollinger International's board later ousted him as chairman.
Hollinger International is now run by independent directors and has sued Black, Hollinger Inc. and several other associated companies and individuals for more than $500 million US.
Black strenuously denies misappropriating money and has countersued.
He has, however, acknowledged there were errors in financial reporting, which he blamed on subordinates.
The embattled media baron announced last Thursday that his personal holding company Ravelston Corp. planned to buy out minority shareholders and take Hollinger Inc. private.
Shares in Hollinger Inc. (TSX:HLG.C)added another 10 cents, rising to close at $6.35 Tuesday. They had soared on Friday following the buyout news, rising $1.54 to close at $5.85 on the TSX.
Black's resignation would allow Hollinger's board to examine Black's offer without any conflict of interest, his lawyer said last week.
Tuesday's announcement came ahead of an Ontario Superior Court hearing on an application by Catalyst Fund General Partner I Inc., a recent investor in Hollinger Inc., seeking to have Black removed as chairman and CEO.
Share Tools
Top News Headlines
- Aylmer triple stabbing leads to first-degree murder charges
- The estranged partner of a young mother who was stabbed to death along with her parents at their home in Aylmer, Que., has been charged with first-degree murder Friday. more »
- Severe storm in Quebec leaves damage in its wake
- Trees were uprooted, roofs damaged and windows shattered as severe thunderstorms, and possibly a tornado, rattled through southwestern Quebec Friday night. more »
- The risks and responsibilities of taking on Mt. Everest
- The deaths of five climbers last weekend on Mt. Everest, with more summits underway this weekend, fuels the debate about the risks and responsibilities of high altitude climbing. more »
- Ex-Mubarak PM vows not to recreate old regime
- The last prime minister of ousted Egyptian President Hosni Mubarak is denying claims that he's trying to recreate the old regime. more »
Latest Canada News Headlines
- Severe storm in Quebec leaves damage in its wake
- Trees were uprooted, roofs damaged and windows shattered as severe thunderstorms, and possibly a tornado, rattled through southwestern Quebec Friday night. more »
- B.C. premier unhappy with disgraced Mountie's transfer
- B.C. Premier Christy Clark says she is not happy with the RCMP decision to transfer a disgraced Alberta Mountie to the West Coast. more »
- Canada ending 'Buffalo shuffle' for visas, closing consulate
- The federal government is shutting the Canadian consulate in Buffalo less than two years after costly renovations, while dropping a requirement for visas to be renewed outside the country, CBC News has learned. more »
- Calmer winds ease fire threat in northeastern Ontario
- It's going to be a tense weekend in northeastern Ontario where strong, shifting winds have been fuelling a forest fire that has blanketed the Timmins area with smoke and ash. more »
The National
The Current
- What does it take to get fired at the RCMP? May. 25, 2012 5:02 PM After a senior Mountie was demoted for disgraceful conduct including sex with subordinates, exposing himself and drinking on the job, some former employees wonder what you have to do to get fired.
- Aylmer triple stabbing leads to first-degree murder charges
- Everest victim's husband says family not seeking government help
- B.C. premier unhappy with disgraced Mountie's transfer
- Canada ending 'Buffalo shuffle' for visas, closing consulate
- The risks and responsibilities of taking on Mt. Everest
- What a Greek euro exit could mean for Canada
- Ottawa man in hospital after lightning strike
- Police probe Halifax homicide after shooting
- Calmer winds ease fire threat in northeastern Ontario
