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Board to hold emergency meeting Tuesday Conrad Black agreed to sell the Toronto-based newspaper publisher a day after Hollinger said it was removing Black as chairman and suing him. Updated: 10:57 a.m. ET Jan. 19, 2004LONDON - Hollinger International will hold an emergency meeting on Tuesday to weigh its options after press mogul Conrad Black agreed to sell his controlling stake, a source close to the situation said. advertisement "The big issue is should they fight this or not," the source said on Monday. Black announced a surprise deal on Sunday to sell control of his scandal-ridden newspaper business to David and Frederick Barclay -- 68-year-old identical twin brothers who own London's Ritz Hotel and The Scotsman newspaper -- only hours after he was sued by his own company for $200 million and sacked as chairman. The deal may still be scuppered by separate lawsuits filed against Black by the company, the U.S. Securities and Exchange Commission (SEC) and a private investor. He resigned as chief executive in November after the board uncovered $32 million in unauthorized payments to him and other executives -- payments Black now says were authorized, based on new evidence he says he has found. The Barclays agreed to buy from Black a 78 percent stake in Toronto-based holding company Hollinger Inc, which in turn controls 73 percent of Hollinger International voting shares.
Approximate Word count = 808
Approximate Pages = 3.2
(250 words per page double spaced)
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