The Argus Corporation was an investment holding company based in Toronto, Ontario. During the 1960s and 1970s, it was the most powerful and best known conglomerate in Canada,[1] at one time controlling the companies making up 10 percent of all shares traded daily on the Toronto Stock Exchange.[2]
At its height in the 1970s, it was a true conglomerate with many unrelated businesses. Among these were Dominion grocery stores, Orange Crush soft drinks, Massey Ferguson farm machinery, Domtar wood products and Carling O'Keefe breweries.
The company was purchased by Conrad Black in 1978. Black and his associates sold off most of the Argus assets by 1985, and by 2005 Argus contained only one asset and was itself wholly owned by Black's Ravelston Corporation. Due to the fallout of ongoing lawsuits, Ravelston went bankrupt in 2008, and Argus disappeared.[citation needed]
Shortly after the death of McDougald in 1978, his widow and her sister sold their shares to Conrad Black while the widows were under the influence of what The Globe and Mail called "slow-witted advisers".[2] The transaction led to a high-profile falling out between the families.[9] The move gave Black effective voting control and he became president of the corporation.[10] The move also was financially lucrative for Black - his net worth grew to an estimated $50 million in 1978.[9] Black and his associates sold off most of the assets by 1985, and used the money to invest in media properties. In 2005, Argus's only asset was the Toronto-based holding company Hollinger Inc. Argus itself was 100 percent controlled by Ravelston Corporation[11]—itself a holding company controlled until 2005 by Black and his long-time associate David Radler. The company went into receivership along with Ravelston in 2005 due to the legal troubles of its chairman, and eventually went bankrupt in 2008 while Black was in prison.[12][13]