Having completed the sale of the Telegraph Group to the Barclay brothers, Hollinger International at the weekend announced that it intends to sue former chairman Conrad Black for damages and compensation relating to his management of the Group.
Ruling in Delaware on Thursday, Judge Leo Strine refused the motion brought by Hollinger Inc. to delay the closure of the Telegraph deal so that it could be put to a shareholder vote.
Canadian-born Lord Black was removed as CEO of Hollinger International following the discovery of unathorised payments made to himself and other board members. However, the 18.2% of shares owned by his holding company in Hollinger International are of a special kind, meaning that he in fact retains a controlling stake with 68% of the votes.
An immediate appeal lodged by the peer with the Delaware Supreme Court was also dismissed.
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