Conrad Black has resigned as director of Ravelston Corp., the private holding company through which he continued to nominally control his crumbling media empire.

His long-time business partner David Radler has also resigned as officer and director of Ravelston.

The announcements were made in Ontario Superior Court court on Wednesday, as Ravelston was placed in receivership at its own request. Ravelston was also granted creditor protection.The company appears to have run out of cash as its legal troubles have mounted.

Conrad Black (CP file photo)

Documents filed with the court on Tuesday said Ravelston was facing a financial "crisis."

The Ravelston directorship was 60 year-old Black's last post in the pyramid of companies that made up the outspoken tycoon and amateur historian's media holding.

He was forced to resign as chairman and chief executive of Hollinger International in late 2003, when allegations of his and his associates' "looting" of tens of millions of dollars from his companies first surfaced in court.

In 2004 he relinquished the posts of chairman and chief executive of Hollinger Inc., as Ravelston made an offer to buy out minority shareholders in that company.

Its bid was blocked last month by the courts.

In Tuesday's court filing, Black's long-time associate Peter White said Ravelston Corp. and a subsidiary, Ravelston Management, wanted creditor protection because they were "insolvent."

In an affidavit, White said Ravelston had run out of money because it was no longer getting management fees from Hollinger Inc. and Hollinger International.

Those fees were terminated in 2003 amid allegations that Black and some of his associations received more than $30 million in improper payments.

Black owns 60 per cent of Ravelston, while Radler has 14 per cent. The remainder is held by other individuals.

Ravelston holds a 78-per cent stake in Toronto-based Hollinger Inc., which in turn controls 68.8 of the voting interest and 17.4 per cent of the equity in Chicago-based Hollinger International, the owner of the Chicago Sun-Times newspaper and a number of other, smaller publications.

Hollinger International sold last year its other two principal assets, Britain's Daily Telegraph group and Israel's Jerusalem Post.

Last week, Hollinger Inc. told Black to clear out of his downtown Toronto office by the end of May, saying Black's personal holding company owes it millions.

Hollinger said the notice to vacate was separate from the $636-million lawsuit it launched in late March against Black, Ravelston and several of Black's associates.

That suit seeks $550 million in monetary damages along with $86 million Hollinger said is owed to it by Ravelston.

Hollinger said the monetary damages include management fees and non-competition payments "misappropriated" to Ravelston and the defendants since 1998.

Black has also been accused of improperly taking millions of dollars from Hollinger International.

All of the allegations have yet to be proven in court. Black has consistently denied he's done anything wrong and has countered with several lawsuits of his own.