WASHINGTON, (AFX) - Delaware's Supreme Court affirmed a lower court ruling stripping media tycoon Conrad Black of control of Hollinger International Inc because he breached his fiduciary responsibility, company officials said.
Hollinger International, the Chicago-based operating company established by Black and has been feuding with him for over a year, said in a statement it "welcomed the Delaware Supreme Court's decision" affirming a Delaware Court of Chancery decision of February 26, 2004.
Hollinger International currently owns the Chicago Sun-Times newspaper among other titles, and until last year owned Britain's Daily Telegraph.
Canadian-born Black was ousted last year as chairman of Hollinger International, amid allegations, which he denies, that he diverted company funds for his own benefit.
The board has claimed he looted the company through a variety of improper payments. Black has countersued for libel.
bur-rl/jjc/ec
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and the AFX Financial News logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Hollinger International, the Chicago-based operating company established by Black and has been feuding with him for over a year, said in a statement it "welcomed the Delaware Supreme Court's decision" affirming a Delaware Court of Chancery decision of February 26, 2004.
Hollinger International currently owns the Chicago Sun-Times newspaper among other titles, and until last year owned Britain's Daily Telegraph.
Canadian-born Black was ousted last year as chairman of Hollinger International, amid allegations, which he denies, that he diverted company funds for his own benefit.
The board has claimed he looted the company through a variety of improper payments. Black has countersued for libel.
bur-rl/jjc/ec
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and the AFX Financial News logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
