Corporate Law.docx

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

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Description
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offered Black his lordship, Jean Chretien brought up the fact that Canadians could not receive British titles, so Black rescinded his Canadian citizenship  Black put 350 North American newspapers up for sale to help dig Hollinger out of debt o By 2002, the future wasn’t looking bright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):  To provide protection to investors from unfair or fraudulent practices  To foster fair and efficient capital markets  To promote confidence in financial markets o The above goals make sense, but we aren’t doing a very good job at achieving them o Ontario Securities Commission has a reputation for being soft on white collar crimes – they didn’t press any charges against Black  Convictions:  Larry Woods – convicted in 1994, first person to be given jail time for insider trading  Glen Harper – convicted in 2000 of illegally selling $4m in shares – paid a $2m fine and served 1 month in jail  Losses  President and CEO sells $7m in stock days before  David Fingold – found not guilty of insider trading in 1996  Andrew Rankin – managing director of M&As at RBC Dominion Securities, gave Daniel Dewick insider information allowing him to mak
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