Posted on 04/12/08
Lights out for Black's once-mighty Ravelston
The company at the heart of Conrad Black's business empire has been quietly put into bankruptcy, marking the end to a storied name in Canadian corporate history.Yesterday, Mr. Justice Peter Cumming of the Ontario Superior Court approved a motion to place Ravelston Corp. Ltd. into bankruptcy effective Dec. 18. The company had been under the control of a receiver RSM Richter Inc. since 2005, when Lord Black first ran into trouble over allegations of fraud and gave up control of Ravelston. In a report filed in court this week, the receiver said its work was completed and it asked the court to approve the bankruptcy application. Court filings show Ravelston's only assets were $5.2-million in cash.
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