Hemdale Film Co., a Hollywood firm that financed such hit movies as the Vietnam War story "Platoon," disclosed plans Friday to go public by merging with a shrunken Chatsworth concern that was once a leading computer component maker.
Hemdale plans to combine with Computer Memories, a one-time manufacturer of disk drives that has liquidated most of its assets since IBM's 1985 decision to stop buying its products.
The proposed deal will be a so-called reverse merger. Under such a transaction, a privately held business takes over another company with publicly traded stock but generally few other assets. It enables the private firm to become public without having to substantially reorganize itself or to submit extensive filings to the Securities and Exchange Commission.
Hemdale is entirely owned by John Daly, 49. A native of Britain, Daly founded Hemdale in London in 1967 with actor David Hemmings, who left in 1970.