Business Services Industry
Ousted U.K. press baron may pocket millions from Daily Telegraph sale.
Knight Ridder/Tribune Business News, October, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Oct. 28--Cash-strapped Lord Black could finally pocket millions from the Daily Telegraph sale after agreeing to keep out of the affairs of his former company for another three months.
The ousted press baron will not contest an extension to the injunction that prevents him selling his controlling stake in Hollinger International if it distributes a portion of the 665 million pounds proceeds from the disposal to shareholders -- including him -- by the end of January.
Black faces a cash crunch after Hollinger cut off payment of his management fees. But he still owns 18 percent of the shares and 68 percent of the voting rights in the company.
The accord, which must be approved...
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