Majority of minority rule I lived through this with sears Canada in 2005. Back than lambert was trying to take it private. Another hedge fund guy bill ackman saw this and started to buy shares. He bought enough to hold the majority of the minority and was successful in cancelling the deal. This is the rule that protects minority shareholders. In the end sears Canada did disappear.
In Torstar case Watsa is the majority of the minority. However rather than represent their interest he is lined up with the voting trust. His long time now retired president and Bitove bought this on the cheap.
legally I don't think anything can be done here. Very cleverly designed transaction to pass regulatory hurdles.