Ravelston Corporation
| Company type | Holding company |
|---|---|
| Industry | Media |
| Founder | Bud McDougald, Max Meighen, George Montegu Black |
| Defunct | 2008 |
| Fate | Filed for bankruptcy |
| Headquarters | Toronto , Canada |
Key people | Conrad Black (majority owner, CEO and Chairman of Hollinger Inc.), David Radler (associate, President of Hollinger Inc.) |
| Products | Controlling interest in Hollinger Inc., ownership of newspapers including the British Daily Telegraph and Toronto’s National Post |
| Owner | Conrad Black (67%), David Radler (14%) |
Ravelston Corporation Limited was a Canadian holding company predominantly owned by Conrad Black and his associate David Radler. It formerly possessed a controlling interest in Hollinger Inc., a significant international media enterprise. The corporation entered receivership in 2005 and subsequently filed for bankruptcy in 2008.
History
Established by entrepreneurs such as Bud McDougald, Max Meighen, and Conrad Black's father George Montegu Black, Ravelston functioned as the holding company for Argus Corporation. After the passing of their father in 1978, Conrad Black and his brother assumed control. Throughout the 1980s and 1990s, Black reshaped Ravelston into the holding structure for his worldwide media interests. Ownership was heavily concentrated, with Black owning 67% and Radler holding 14%.
At one point, Ravelston controlled 78% of the shares in Hollinger Inc., where Black served as CEO and Chairman and Radler as President. The company also maintained stakes in Black’s other media ventures, including Hollinger International (currently known as Sun-Times Media Group). Based in Toronto, Ravelston owned notable newspapers such as the British Daily Telegraph and Toronto’s National Post, which were eventually sold primarily to Canwest Global.
Demise
Ravelston entered receivership in 2005 following legal controversies over alleged unauthorized 'non-compete' payments connected to the sale of Hollinger International newspapers. To enable bankruptcy protection proceedings, both Black and Radler stepped down from their positions. Subsequently, Black and four other executives were convicted of fraud concerning the misappropriation of $6 million from Hollinger International. The US Attorney’s office in Chicago charged Ravelston with fraud, leading to its placement under court-appointed receiver RSM Richter, who arranged a settlement in 2007. Ultimately, the company filed for bankruptcy in December 2008.