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Special Situations Partners Inc

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BUSINESS
May 11, 2001 | Marc Ballon
In an increasingly bitter proxy fight, ICN Pharmaceuticals Inc. sued dissident shareholder Special Situations Partners Inc. and others, accusing them of giving shareholders false and misleading information. Special Situations, which owns about 4% of the Costa Mesa drug maker, has three nominees vying for the ICN board at the firm's May 30 annual meeting. Dissident shareholders criticize ICN for its slow pace in splitting into three companies.
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BUSINESS
October 6, 2000 | From Bloomberg News
ICN Pharmaceuticals Inc. said Thursday that it won't give a dissident shareholder internal documents related to the Costa Mesa drug maker's planned reorganization. Special Situations Partners Inc., an investment firm, asked ICN on Tuesday to turn over memorandums, presentations and other documents related to the company's restructuring. Special Situations said it needs the information to investigate possible mismanagement and wrongdoing by the company.
BUSINESS
October 4, 2000 | Bloomberg News
A dissident ICN Pharmaceuticals Inc. shareholder asked the Costa Mesa drug maker Tuesday to turn over documents related to a planned restructuring, saying it needs the information to investigate possible mismanagement and wrongdoing by the company. Special Situations Partners Inc., which owns about 8.5% of ICN, including options, said in a letter to ICN that it wants memos, presentations and other documents related to the restructuring and reports from ICN's outside advisors.
BUSINESS
April 20, 2001 | Marc Ballon
Costa Mesa drug maker ICN Pharmaceuticals Inc. said Thursday it plans to reduce its 14-member board by two seats, part of a restructuring negotiated previously with dissident shareholder groups. The company also scheduled its annual meeting for May 30. Directors Thomas Lenagh, Andrei Kozyrev and Robert A. Smith will not stand for reelection. Lenagh and Kozyrev will join the board of ICN International, one of three separate units being created in ICN's planned restructuring.
BUSINESS
April 4, 2001 | Marc Ballon
Even as ICN Pharmaceuticals Inc. works to settle federal civil and criminal claims against it, the Costa Mesa drug maker is being besieged once again by dissident shareholders upset with Chairman Milan Panic and the slow pace of a plan to split the company into three independent units. A new group called the ICN Committee to Maximize Shareholder Value said it had submitted a slate of three directors for the 14-member board. Shareholders are scheduled to meet in May.
BUSINESS
March 9, 2001 | MARC BALLON, TIMES STAFF WRITER
ICN Pharmaceuticals Inc., revising its plan to split its business into three separate publicly traded companies, said Thursday that it will sell 40% of its proposed ICN International to the public, twice the amount originally announced. The Costa Mesa drug maker, under fire for not moving quickly enough on the restructuring plans, said it intends to sell the shares in the second quarter and hopes to have the stock listed on the Budapest Stock Exchange.
BUSINESS
January 27, 2001 | MARC BALLON, TIMES STAFF WRITER
A dissident shareholder that has pressured ICN Pharmaceuticals Inc. to break the company into three parts said Friday that the company should abandon the plans and, instead, sell itself to the highest bidder. Special Situations Partners Inc., based in the Cayman Islands, accused the company of failing to move quickly enough on plans to cut the Costa Mesa drug maker into separate publicly traded companies.
BUSINESS
September 2, 2000 | MARC BALLON, TIMES STAFF WRITER
ICN Pharmaceuticals Inc.'s chief executive is floating an idea for spinning off two divisions completely as an alternate way to break up the Costa Mesa drug maker, a move that could appease dissident shareholders. Milan Panic said the new plan would greatly enhance shareholder value and reduce the company's role in the two spinoffs. Under a current proposal, the company would still own 80% of each division after they go public.
BUSINESS
September 22, 2000 | From Bloomberg News
ICN Pharmaceuticals Inc.'s dissident investor Special Situations Partners Inc. met with other shareholders in New York to detail its opposition to ICN's reorganization plan and push for an auction of the company. Special Situations, an investment company that owns about 8.5% of the Costa Mesa drug maker, including options, met with investors who own about 35% of ICN's stock, according to David Batchelder, an ICN board member and managing member of Relational Investors, which owns 2% of ICN.
BUSINESS
March 9, 2001 | MARC BALLON, TIMES STAFF WRITER
ICN Pharmaceuticals Inc., revising its plan to split its business into three separate publicly traded companies, said Thursday it will sell 40% of its proposed ICN International to the public, twice the amount originally announced. The Costa Mesa drug maker, under fire for not moving quickly enough on the restructuring plans, said it plans to sell the shares in the second quarter and hopes to have the stock listed on the Budapest Stock Exchange.
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