Lawyers acting for Black, the group's former chairman, have claimed the new board at Hollinger International deliberately disregarded bids for the entire company in order to freeze him out. Black is appealing to a US judge in Delaware to take into account the shareholders' right to vote on its disposal.
A sale of "all, or substantially all of the company's assets" triggers the requirement of a shareholder vote. Black owns a 68 per cent equity stake and 29 per cent voting stake in Hollinger International.
His submission claims that Hollinger had received "non-binding indications of interest for 100 per cent of Hollinger" including one from the US venture capital group Kohlberg Kravis Roberts. Black claims these were ignored and the board pressed on with selling the Telegraph Group.
Hollinger disputes this, saying it conducted an exhaustive auction process, as well as considering bids to sell the individual assets.
A legal hearing is scheduled for 23 July with a ruling expected before 30 July, when the deal is scheduled to close.
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