Ravelston Corporation
Ravelston Corporation Limited was a Canadian holding company that was largely controlled by Conrad Black and business partner David Radler. At one time, it held a majority stake in Hollinger Inc., once one of the largest media corporations in the world. The company was placed into receivership in 2005 and went bankrupt in 2008.[1]
History
Ravelston was founded by a group of businessmen including Bud McDougald, Max Meighen and Conrad Black's father George Montegu Black. The company was a holding company for Argus Corporation.[2] In 1978, Conrad Black took control with his brother of Ravelston after his father's death.[3] Black later transformed Ravelston into a holding company which was the head of his global media empire in the 1980s and 1990s.[1] The company was mostly owned by Black, who held a 67% share to Radler's 14%.[4]
At one time, Ravelston controlled 78% of
Demise
As a result of Black's and Radler's legal problems involving allegedly unauthorized 'non-compete' payments in the sale of Hollinger International newspapers, Ravelston entered into receivership in summer 2005. On April 20, 2005, Black and Radler resigned from Ravelston to facilitate a filing for bankruptcy protection.[
References
- ^ a b c d e Walde, Paul (4 December 2008). "Lights out for Black's once-mighty Ravelston". The Globe and Mail. Retrieved 21 October 2015.
- ISBN 9781551996905.
- ISBN 9781551993164.
- ISSN 0362-4331. Retrieved 2015-10-21.
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