Hollinger Inc.

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Hollinger Inc.
Industry
Hollinger International

Hollinger Inc. was a Canadian media company based in Toronto which was established by businessman Conrad Black. At one time, the company was the third-largest media empire in the world.[3] The company went bankrupt in 2007.

History

Hollinger Inc. was used by Conrad Black as a

E.P. Taylor's conglomerate, Argus Corporation
. Black took control of Argus in 1978, and he sold off its assets by 1985.

Hollinger Inc. was controlled by Canadian-based Ravelston Corporation, which was used as a personal holding company by Black. Ravelston was placed in receivership in the summer of 2005.[citation needed]

Holdings

Hollinger Inc. was the parent company of Chicago-based

Hollinger International in 1996. In 2000, Hollinger sold its Canadian newspaper, magazine and internet assets to Canwest Global for $3.5 billion.[5]
Hollinger became a holding company for stakes in various companies, including its controlling stake in Hollinger International.

The ownership structure of Hollinger and other related companies was described as "complex" and "convoluted."[6]

Demise

A series of non-competition payments and management fees made between 1999 and 2003 to Black and his associates would later lead to lengthy court and regulatory proceedings.[7] In 2003 and 2004, Black was removed as owner from Hollinger, and other corporate positions, after there were claims made that he had looted his companies for personal profit.[8][9] Shareholders learned that the company was facing serious financial problems.[10] Shortly afterward, a number of court and regulatory orders left the company with no income or operating business.[8]

On August 2, 2007, Hollinger filed for bankruptcy protection in Canada and the United States.[7] At the time, the company was 78% owned by Black's company Ravelston. Hollinger continued to assert control over Sun-Media Times Group Inc.[7] Hollinger shares were delisted from the Toronto Stock Exchange in August 2008.[11]

References

  1. ^ Federal Corporation Information
  2. ^ "Company Profile for Hollinger Inc (CA;HLG.C)". Retrieved 2008-10-14.
  3. ^ "Hollinger shareholders 'left out to dry'". Financial Post. Retrieved 2015-10-21.
  4. ^ "Conrad Black settles lawsuits involving Hollinger". The Canadian Press. CBC News. Nov 28, 2014. Retrieved 30 September 2015.
  5. ^ "CanWest Global buys Hollinger's Canadian newspapers - Archives - Ottawa Business Journal". www.obj.ca. Archived from the original on 2016-03-04. Retrieved 2015-10-21.
  6. ISBN 9780888644398
    .
  7. ^ a b c "Hollinger Inc. seeks bankruptcy shelter; Asserts control over Sun-Times Media". Brantford Expositor. 2 August 2007. Archived from the original on 4 March 2016. Retrieved 21 October 2015.
  8. ^ a b Service, CanWest News. "Hollinger declares bankruptcy, cleans house at Sun-Times". Canada.com. Retrieved 2015-10-21.
  9. ^ Beasley, M. S., Frank A Buckless, S. M. Glover, and D. F. Prawitt (2015). Auditing Cases: Instructor Resource Manual, 6th Edition. Upper Saddle River, NJ (PDF). Pearson. Archived from the original (PDF) on 2016-10-10. Retrieved 2016-05-05.{{cite book}}: CS1 maint: multiple names: authors list (link)
  10. ^ York, David Teather in New (22 May 2003). "Hollinger Inc faces investors' wrath". the Guardian. Retrieved 2015-10-21.
  11. ^ "Hollinger Shares Delisted From the Toronto Stock Exchange". Retrieved 2008-10-14.[permanent dead link]
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