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Management and Organizational Studies 2276A/B Study Guide - Rbc Dominion Securities, Ontario Securities Commission, American Justice


Department
Management and Organizational Studies
Course Code
MOS 2276A/B
Professor
Frederick King

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Corporate Law 2/27/2013 10:14:00 AM
Conrad Black
Black’s newspaper company Hollinger International controlled 60%
of global newspapers
o By 1999, it was the third largest newspaper company in the
world
o In 1999, when Britain offered Black his lordship, Jean
Chretien brought up the fact that Canadians could not receive
British titles, so Black rescinded his Canadian citizenship
Black put 350 North American newspapers up for sale to help dig
Hollinger out of debt
o By 2002, the future wasn’t looking bright for Hollinger
o Black resigned as CEO in 2003
o In 2004 the value of the shares plummeted and Black was
sued by a group of investors, Hollinger, and Hollinger
International
o Black also sued Hollinger
Black said he was entitled to the payments (money he was taking
to from the company) and that he didn’t have to inform the
shareholders
Black’s control over Hollinger:
o Even though he wasn’t the majority shareholder in any of the
companies, he has strong influence over voting decisions so
he could essentially vote anyone on the board he wanted
Interview
o Black continued to blame the unjust and corrupt American
justice system for wrongfully convicting him
o He has never shown any sort of remorse
Corporate Governance
2004 Black was charged, case was heard by 2007
Lawrence Ritchie’s speech in 2007
o Says corporate governance is far better today that it ever has
been
o Goal of corporate governance (necessary for capital markets
to be successful and to promote trade and commerce):
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