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Milan Panic

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BUSINESS
June 13, 2002 | RONALD D. WHITE, TIMES STAFF WRITER
Milan Panic, the man who said he was "born to fight" even when it wasn't a good idea, chose not to Wednesday, announcing that he would step down as chairman and chief executive of ICN Pharmaceuticals Inc., the company he began in Los Angeles 42 years ago.
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BUSINESS
August 4, 2006 | Daniel Yi, Times Staff Writer
Milan Panic, the controversial executive who became a symbol of corporate excess, agreed to pay $20 million to Costa Mesa-based Valeant Pharmaceuticals International to settle charges that he received unwarranted bonuses four years ago as the company's chairman. The payment settles all outstanding disputes between Panic and the company he founded, formerly known as ICN Pharmaceuticals Inc., Valeant said Thursday.
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BUSINESS
June 26, 2002 | Ronald White
Milan Panic, the mercurial former chief executive of ICN Pharmaceuticals, has wasted little time in opening up his latest venture, MP Enterprises, which he said would focus on international business and humanitarian issues. Panics' new offices are just blocks away from the company he founded 42 years ago, in the Orange County Performing Arts Center commercial and cultural complex in Costa Mesa. As chairman of ICN, Panic initiated a $1-million pledge of support to the center.
BUSINESS
July 2, 2003 | Ronald D. White
ICN Pharmaceuticals Inc. of Costa Mesa said it sold its biomedical research and diagnostic business to its former chairman and founder, Milan Panic, for about $15 million. Panic purchased the division through his newly formed private company, MP Global of Irvine, using the approximately 1 million shares of ICN stock he owned. As part of the deal, MP Global will get a Boeing 737 jet that was converted for corporate use. A smaller ICN jet was sold in November.
BUSINESS
August 15, 2002 | Bloomberg News
ICN Pharmaceuticals Inc. said it paid $12 million in severance to company founder Milan Panic, who resigned as chairman and chief executive in June after years of battling shareholders and regulators. Panic remains a director of the company, which makes the hepatitis drug ribavirin. Costa Mesa-based ICN disclosed the payment in a regulatory filing.
BUSINESS
July 19, 1987 | JOHN O'DELL
Milan Panic, volatile founder and chairman of ICN Pharmaceuticals Inc. in Costa Mesa, doesn't deny that he called Food and Drug Administration Commissioner Frank Young "the jerk commissioner" during a interview published last Sunday. But he says he regrets the name-calling, which occurred as Panic was complaining of the treatment his company's drug, ribavirin, has received at the hands of the FDA. Calling Young a "jerk," Panic says, can only hurt ICN. He says he has called Young to apologize.
OPINION
October 4, 1992 | Robert Scheer, Robert Scheer is a national correspondent for The Times. He interviewed Milan Panic during the prime minister's visit to Newport Beach last week
No one is quite sure what to make of Milan Panic, the Orange County businessman who suddenly became Yugoslav prime minister. His country is being torn apart by some of the most vicious internecine warfare in modern history. Yet, he insists that historical ethnic and religious rivalries have emerged only because of the manipulation of politicians and are the dastardly work of some "bad elements." Difficult to accept.
BUSINESS
August 26, 1993 | JAMES M. GOMEZ, TIMES STAFF WRITER
A federal appeals court dealt a blow to ICN Pharmaceuticals Inc. on Wednesday, overturning a lower court ruling that had barred a dissident shareholder from trying to overthrow the company's colorful chairman. Beverly Hills stockbroker Rafi Khan, who once sold ICN shares but has since become one of the company's chief detractors, is now free to press on with his proxy battle to oust ICN's directors, including Chairman Milan Panic, who founded the company in 1960.
BUSINESS
April 13, 1993 | CHRIS WOODYARD, TIMES STAFF WRITER
A Beverly Hills stockbroker alleged in a lawsuit filed Monday that Milan Panic, chairman of ICN Pharmaceuticals, broke federal law by continuing to transact ICN business while serving last year as prime minister of Yugoslavia. The lawsuit, filed in U.S. District Court in New York by broker Rafi Khan, also disputes allegations against Khan by ICN, which is battling his attempt to oust Panic and the other seven members of the company's board.
BUSINESS
May 14, 1996 | JAMES S. GRANELLI, TIMES STAFF WRITER
Controversial pharmaceutical executive Milan Panic will have to prove he spent more than 500 hours a year operating his private investments in the late 1980s to get out of back taxes and penalties totaling $951,000. The chairman of ICN Pharmaceuticals Inc. contends in a U.S. Tax Court petition filed May 3 that he actively participated in operating two Budget Motels of America in San Diego and other investments and is therefore entitled to write off greater losses and reduce his tax liability.
BUSINESS
May 23, 2003 | Ronald D. White and Jerry Hirsch, Times Staff Writers
ICN Pharmaceuticals Inc. paid its founder and former Chief Executive Milan Panic a lot of money last year, and now the company wants some of it back. At ICN's annual meeting in Costa Mesa on Thursday, Chairman Robert W. O'Leary, Panic's successor, said the company planned to reclaim the $47.8 million that Panic and other former officers were paid as bonuses for completing a spinoff. Panic collected $33 million for selling 20% of Ribapharm Inc.
BUSINESS
March 7, 2003 | From Reuters
ICN Pharmaceuticals Inc. on Thursday reported a fourth-quarter loss versus a year-earlier profit as it took charges to consolidate after years of geographic expansion spearheaded by retired founder Milan Panic. ICN, based in Costa Mesa, had a loss of $100.7 million, or $1.20 a share, compared with a profit of $33.5 million, or 40 cents a share, a year ago. Excluding one-time items, ICN reported a profit of 11 cents a share for the latest quarter. Wall Street analysts on average had expected a profit of 10 cents, according to Thomson First Call.
BUSINESS
November 8, 2002 | Ronald D. White, Times Staff Writer
Investors boosted ICN Pharmaceuticals Inc.'s shares by 30% Thursday after the Costa Mesa company announced a new management team, a restructuring plan and better-than-expected earnings. The company said Robert O'Leary, who had been serving as interim chief executive, will take the position permanently. ICN also named Timothy Tyson, an executive at British drug maker GlaxoSmithKline, as president and chief operating officer, and Bary G.
BUSINESS
September 6, 2002 | From Bloomberg News
ICN Pharmaceuticals Inc.'s former chairman, Milan Panic, is adding to his investment in the Costa Mesa drug company he founded, buying almost $8 million worth of its convertible bonds on the open market, a regulatory filing shows. The 72-year-old executive, who founded ICN in a Los Angeles garage in 1959, resigned as chairman and chief executive in June after dissident shareholders won a proxy fight to gain control of the company's board.
BUSINESS
August 15, 2002 | Bloomberg News
ICN Pharmaceuticals Inc. said it paid $12 million in severance to company founder Milan Panic, who resigned as chairman and chief executive in June after years of battling shareholders and regulators. Panic remains a director of the company, which makes the hepatitis drug ribavirin. Costa Mesa-based ICN disclosed the payment in a regulatory filing.
BUSINESS
June 26, 2002 | Ronald White
Milan Panic, the mercurial former chief executive of ICN Pharmaceuticals, has wasted little time in opening up his latest venture, MP Enterprises, which he said would focus on international business and humanitarian issues. Panics' new offices are just blocks away from the company he founded 42 years ago, in the Orange County Performing Arts Center commercial and cultural complex in Costa Mesa. As chairman of ICN, Panic initiated a $1-million pledge of support to the center.
BUSINESS
October 28, 1993 | JAMES M. GOMEZ, TIMES STAFF WRITER
Opening salvos were fired this week in a battle for control of ICN Pharmaceuticals Inc., a Costa Mesa company that has come under fire from a dissident stockholder intent on toppling its board of directors. Rafi M. Khan, once one of ICN's most ardent followers, is now its chief detractor. In spring, he threatened to launch a proxy fight to unseat Milan Panic, who founded the drug company in 1960, and the other eight directors.
BUSINESS
May 23, 2003 | Ronald D. White and Jerry Hirsch, Times Staff Writers
ICN Pharmaceuticals Inc. paid its founder and former Chief Executive Milan Panic a lot of money last year, and now the company wants some of it back. At ICN's annual meeting in Costa Mesa on Thursday, Chairman Robert W. O'Leary, Panic's successor, said the company planned to reclaim the $47.8 million that Panic and other former officers were paid as bonuses for completing a spinoff. Panic collected $33 million for selling 20% of Ribapharm Inc.
BUSINESS
June 13, 2002 | RONALD D. WHITE, TIMES STAFF WRITER
Milan Panic, the man who said he was "born to fight" even when it wasn't a good idea, chose not to Wednesday, announcing that he would step down as chairman and chief executive of ICN Pharmaceuticals Inc., the company he began in Los Angeles 42 years ago.
BUSINESS
May 25, 2002 | From Times Staff and Reuters
In a blow to the board of ICN Pharmaceuticals Inc., an influential proxy advisory firm that had backed insurgent director nominees last year once again recommended that its shareholder clients vote Wednesday for a slate of dissident candidates. Institutional Shareholder Services is backing three independent candidates nominated by Franklin Mutual Advisers LLC and Iridian Asset Management.
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