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BRIEFLY

The losing bidder for UPI sued the news agency.

January 03, 1986

Financial News Network and its financial backer, Biotech Capital Corp., charged the wire service and the Mexican publisher who is expected to buy it with several misdeeds, including conspiring to foil their offer and violating racketeering and restraint of trade statutes. UPI picked Mexican publisher Mario Vazquez-Rana's bid over FNN's last November, even though FNN claims that its bid would have netted UPI's creditors more money. Since then, FNN has tried several maneuvers to renew its offer--including raising its price--but a federal judge overseeing UPI's bankruptcy and sale has indicated that he will probably accept Vazquez-Rana's offer. FNN is seeking $625 million in compensatory damages and $350 million in punitive damages.

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