Cunning and calculated: a damning verdict

In a stinging judgment, Vice Chancellor Leo Strine attacked Lord Black's attempted deal with the Barclay brothers. His 130-page report contained a rebuke for the press baron over his "cunning behaviour".

The judge said Black "immediately violated" his obligations by applying himself "in a cunning and calculated way" and had "misrepresented facts to the (Hollinger) International board, used confidential company information for his own purposes without permission and made threats ... towards International's independent directors".

He had "breached his fiduciary and contractual duties and had repeatedly behaved in a manner inconsistent with the duty of loyalty he owed the company."

He said he found Black "evasive and unreliable" and it "became impossible for me to credit his words."

The judge also said Black's behaviour "threatens grave injury" to Hollinger International and to other shareholders in the newspaper group.

Strine said: "To rectify the irreparable harm Black's wrongdoing obviously threatens, an injunction will issue against the Barclays transaction and further breaches of the restructuring proposal."