June 12, 1986
Hughes Tool Co., as expected, is appealing its May 5 removal from Smith International Inc.'s creditors' committee, according to documents filed Tuesday in Los Angeles federal court. U.S. Bankruptcy Judge James R. Dooley had removed Hughes from the committee, even though the Houston-based company is Smith's largest unsecured creditor.
May 15, 1987 |
Smith International Inc. posted net income of $12 million for the first quarter, largely due to changes in accounting. In the quarter a year ago, Smith suffered a $24.8-million loss. Revenues fell 50%--to $71.6 million from $141.4 million a year ago--due to "the worldwide decline in drilling activity compounded by continued intense price competition," the Newport Beach oil services company said in a prepared statement.
August 17, 1985
In response to a continuing slump in the market for oil-drilling equipment, Smith International Inc. Friday laid off 38 employees in two divisions. The most recent layoff included 33 people in the Dyna-Drill downhole motors division in Irvine, and five employees of Houston-based Datadril, which provides measurement-while-drilling and directional drilling services for the oil and gas industry. Smith has reduced its workforce by 12% since the end of 1984.
April 26, 1986 |
Hughes Tool Co. of Houston filed an appeal Friday, seeking to increase the $204.6-million judgment it was awarded last month in its patent-infringement lawsuit against Irvine-based Smith International Inc. Smith already has filed its own appeal, claiming that the award--determined by U.S. District Judge Harry L. Hupp--is too large. Both Smith's appeal and Hughes' cross appeal will be heard by the U.S. Court of Appeals for the Federal Circuit in Washington.
June 30, 1987
Smith International Inc. said Baker Hughes has agreed to delay until Aug. 4 the deadline for Smith to file a plan of reorganization with the federal bankruptcy court in Los Angeles. Previously, Newport Beach-based Smith was required to file the plan by July 3 under an agreement in which Baker Hughes would accept $95 million from Smith to settle a $204.6-million patent infringement judgment.
May 21, 1986
Hughes Tool Co. has filed an appeal of a federal bankruptcy judge's decision to remove it from a creditors' committee overseeing the bankruptcy reorganization of Smith International Inc. U.S. Bankruptcy Judge James R. Dooley said Hughes' participation on the committee would create a potential conflict of interest because Houston-based Hughes and Newport Beach-based Smith are direct competitors in the oil-field equipment market. Hughes attorney David Toy said that in its appeal to the U.S.
December 12, 1986 |
Industrial Equity Ltd., a Hong Kong investment company, has increased its Smith International Inc. holdings to 9.1% of the Newport Beach oil services and equipment company's common stock. Smith is operating under a Chapter 11 bankruptcy reorganization. According to a document filed Thursday with the Securities and Exchange Commission, Industrial Equity paid $3.16 million to purchase 790,300 shares of Smith stock on the open market between Nov. 7 and 10.
June 5, 1988
Completion in the first quarter of next year is scheduled for the first phase of the $150-million, 68-acre Irvine Plaza development by Hillman Properties. The initial phase of the development in the Irvine Business Complex will have a four-story and a five-story building with a total of 285,500 square feet of office space, according to a spokeswoman for the Newport Beach-based developer. The design by Gensler & Associates incorporates a three-acre park in the tradition of a town square.
March 20, 1987 |
Manufacturing and engineering employees of the Irvine-based Smith Tool Co. subsidiary of Smith International Inc. will not be immediately affected by the consolidation of Smith Tool with Houston-based Smith Drilling Systems, a company official said. Although some of Smith Tool's administrative personnel will be transferred to Houston and some will be laid off because of the consolidation, Smith Tool will continue to occupy the Irvine plant it sold to Hillman Properties West Inc.