19.04.2005 22:52:00
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Hollinger International Comments on Delaware Supreme Court Decision to
NEW YORK, April 19 /PRNewswire-FirstCall/ -- Hollinger International Inc. ("the Company") today welcomed the Delaware Supreme Court's decision to reject Conrad Black and Hollinger Inc.'s appeal of the Delaware Court of Chancery's decision of February 26, 2004.
The Delaware Supreme Court affirmed the findings and rulings of Vice Chancellor Strine in that case, including that: Appellant Black breached fiduciary duty and violated material provisions of the Restructuring Proposal Agreement; ByLaw Amendments introduced by Appellants were legally ineffective because they had been adopted for an inequitable purpose; and the Company's Rights Plan was legally valid. In today's ruling, the Supreme Court also rejected Appellant Hollinger Inc.'s claim that "(i) it was not a party to or bound by the Restructuring Proposal Agreement; (ii) it had no fiduciary or contractual duty to support the Strategic Process; and (iii) and even if Inc. had such a duty, there is no evidence to support a conclusion that Inc. breached any contractual of fiduciary obligation."
About Hollinger International
Hollinger International Inc. is a newspaper publisher whose assets include The Chicago Sun-Times and a large number of community newspapers in the Chicago area as well as in Canada.
Cautionary Statement on Forward-Looking Statements
Certain statements made in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain the words "believe," "anticipate," "expect," "estimate," "project," "will be," "will continue," "will likely result" or similar words or phrases. Forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from the forward-looking statements. The risks and uncertainties are detailed from time to time in reports filed by Hollinger International with the Securities and Exchange Commission, including in its Forms 10 K and 10 Q. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Hollinger International Contacts: US/Canada Media Molly Morse Kekst and Company molly-morse@kekst.com 212-521-4826 UK Media Jeremy Fielding Kekst and Company jeremy-fielding@kekst.com 1-212-521-4825
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