TORONTO, Ontario, April 20 (UPI) -- Former newspaper tycoon Conrad Black and his top aide, David Radler, have reportedly resigned from their Ravelston Corp. holding company.
The resignation of Black as director of Ravelston was announced in Ontario Superior Court in Toronto as the private holding company, whose largest asset is controlling interest in Hollinger International, filed for bankruptcy protection.
Ravelston and Ravelston Management, a subsidiary, said in court documents they were insolvent, the Canadian Broadcasting Corp. reported
Black resigned as chairman and CEO of Hollinger International in 2003, after he and Radler were accused of taking more than $30 million in improper payments from Hollinger, parent of the Chicago Sun-Times.
The Ravelston Corp., the last piece of Black's empire that once included the Daily Telegraph and the Jerusalem Post, last month offered to buy all minority shareholders of Hollinger Inc., but Canadian courts blocked the bid that would have allowed Black to regain voting control of Hollinger.
