According to weekend reports Colson, who is also chief operating officer of Hollinger International, has resisted calls for him to stand down because it is believed that it would damage the newspapers at a time considered critical for the sale of Hollinger International's assets.
At the time of the alleged breach of fiduciary duties Colson was a director of both Hollinger International and Hollinger Inc. A source told The Business newspaper that Colson would have been failing in his duties to Lord Black's Hollinger Inc if he had breached Lord Black's confidentiality.
Colson is one of Lord Black's associates to remain on the Hollinger International board following the criticism of the press baron for alleged misappropriation of funds. Judge Leo Strine singled out Colson for his role in Lord Black's attempts to sell the newspaper two weeks ago. Colson and his boss failed to inform shareholders in Hollinger International that they had divulged key contractual information about the group to the Barclay brothers.
The judge ruled that Colson gave a private equity firm and potential buyer a tour of Hollinger International's Chicago operations without the permission of Hollinger International chief executive Gordon Paris or Lazard the investment bank acting on the sale.
Barbara Amiel, the wife of the Telegraph Group's former owner, has also come under criticism for remaining on the board of Hollinger.
Last week, in a new twist to the Telegraph saga, Lord Black announced that he would appeal against the Delaware ruling that blocked him from selling the Telegraph to the Barclay brothers.
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