Pot calls kettle Black

4 February 2004 By Fiona Maharg-Bravo

That s a bit rich. It appears to be a case of the pot calling the kettle Black. Lawsuits are popping up like popcorn at Hollinger. At least the Delaware lawyers are set to make a killing from this mess.

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Lord Black has filed a lawsuit against Hollinger International (HI) to prevent illegal manoeuvring intended to interfere with Black's sale of Hollinger Inc to the UK billionaire Barclay Brothers. Black said HI's launch of a poison pill last week to thwart the takeover was blatant thievery of Hollinger Inc's voting rights. Hollinger Inc owns 30% of the economic interest in HI but 73% of the voting rights.

Defendants in the lawsuit include former Illinois Governor James Thompson and Richard Breeden, the former head of the Securities and Exchange Commission heading up a special committee investigating the payment of millions of dollars in management and noncompete fees to Black and his associates.

Meanwhile, the Louisiana Teachers Retirement System, a small shareholder in HI filed its own lawsuit claiming that "Lord Black and his accolytes surreptitiously pocketed millions of dollars generated from sales of Hollinger assets".

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