Upper Deck Company

A shareholder in The Upper Deck Company has withdrawn a lawsuit charging that two Orange County men used their positions with a baseball card company to reprint famous cards, made valuable by errors, for personal profit, it was announced Thursday. In a two-page statement released by the company, shareholder William Hemrick admitted that the lawsuit he recently filed in Orange County Superior Court was based on misleading information provided by a disgruntled former employee.

Shares of baseball card company Topps Co. fell 7% on Wednesday after hostile suitor Upper Deck Co. dropped its $417-million bid, leaving Topps with a $378-million offer from a buyout group and a firm led by former Walt Disney Co. Chief Executive Michael Eisner. Topps said it planned to "hold Upper Deck accountable for all damages suffered by Topps and our stockholders, as a result of Upper Deck's actions." In May, Upper Deck disclosed its unsolicited offer of $10.

New Cards in Town: The Upper Deck Co., an Orange County deluxe baseball-card company, has been licensed by the National Football League and the National Football League Players' Assn. to produce football-trading cards. The Yorba Linda company won approval to start producing the cards beginning next season. Already, Upper Deck produces cards for Major League Baseball and the National Hockey League. The company has become a favorite of card collectors by taking an old idea and doing it one better.

Upper Deck Co. withdrew its offer Tuesday to buy rival baseball card maker Topps Co., clearing one obstacle in the way of a proposed private equity takeover of the iconic sports memorabilia company. New York-based Topps, maker of baseball cards and Bazooka bubble gum, has recommended that shareholders approve a deal with investors, including a group led by former Walt Disney Co. Chief Executive Michael Eisner. Shareholders are scheduled to complete a vote on that deal next week.

If Upper Deck were a baseball player, the sports trading card company's best season would have been 1991, when, according to court testimony revealed this week, the young, privately held company generated an astounding $66.7 million in dividends. Upper Deck's all-star performance was even more incredible coming during the start-up company's third year in the highly competitive trading card business.

An Orange County Superior Court jury on Wednesday unanimously agreed with two local attorneys who have long insisted that they own a 3% share in Upper Deck Co., the fast-growing baseball-card company. The 12-member Santa Ana jury deliberated for more than a day before determining that Upper Deck executives gave the 3% share to attorney Andrew Passante Jr. in 1988. Passante subsequently agreed to split the 3% stake with Andrew J. Prendiville, said Vincent J. Bartolotta Jr.

Topps Co., the maker of baseball cards and Bazooka bubble gum, questioned how serious Upper Deck Co.'s interest in buying the company was after it failed to review a draft merger agreement based on its $425-million offer. Upper Deck didn't respond to attempts to complete the accord after weeks of talks and the expiration of an antitrust waiting period, Topps said in a letter to lawyers for Carlsbad, Calif.-based Upper Deck.

The Upper Deck trading card company, which is based in Yorba Linda, has signed a five-year contract to sponsor the series of baseball old-timers' games formerly sponsored by the Equitable. As part of the agreement, Upper Deck will donate a minimum of $260,000 to the Baseball Assistance Team, an organization that helps former major and minor league baseball personnel who are in financial need. Upper Deck has grown from a staff of seven people two years ago to 450 employees in four buildings.

Shares of baseball card company Topps Co. fell 7% on Wednesday after hostile suitor Upper Deck Co. dropped its $417-million bid, leaving Topps with a $378-million offer from a buyout group and a firm led by former Walt Disney Co. Chief Executive Michael Eisner. Topps said it planned to "hold Upper Deck accountable for all damages suffered by Topps and our stockholders, as a result of Upper Deck's actions." In May, Upper Deck disclosed its unsolicited offer of $10.

Topps Co., the maker of baseball cards and Bazooka bubble gum, questioned how serious Upper Deck Co.'s interest in buying the company was after it failed to review a draft merger agreement based on its $425-million offer. Upper Deck didn't respond to attempts to complete the accord after weeks of talks and the expiration of an antitrust waiting period, Topps said in a letter to lawyers for Carlsbad, Calif.-based Upper Deck.

Upper Deck Co., a closely held maker of baseball cards, launched a tender offer Monday to buy shares of rival Topps Co. for $10.75 each. The offer, which expires July 24, values Topps at about $425 million, Upper Deck said. Topps has agreed to be acquired by a group led by former Walt Disney Co. Chief Executive Michael Eisner for $9.75 a share.

Topps Co. and some of its directors were sued by rival baseball-card maker Upper Deck Co. over claims that Topps breached a confidentiality agreement reached during merger talks. Upper Deck, joined in the suit by Topps investor Northwood Investors, also sought an injunction to block shareholders from voting June 28 on the company's sale to a Michael Eisner-led investment group, Topps said Wednesday in a regulatory filing. Topps, based in New York, agreed March 6 to be bought for $384.

Upper Deck Co. is looking to seize the upper hand from Michael Eisner. The trading card company trumped the former Walt Disney Co. chief executive's bid for venerable bubble gum and card maker Topps Co. with an unsolicited $416-million offer made public Thursday. Eisner leads an investment group bidding $385 million. So far, he's holding his cards close to the vest and isn't commenting. Upper Deck's $10.

MPS Photographic Services Inc. in Fountain Valley has filed a lawsuit against Upper Deck Inc. and onetime California Angel third baseman Doug DeCinces, a former president of the sports card company. The case, filed Tuesday in Orange County Superior Court, alleges that DeCinces and Upper Deck committed fraud and breached a July, 1993, service contract with MPS Photographic. MPS says it was contracted to supply services including printing, color-processing design and photography.

A shareholder in The Upper Deck Company has withdrawn a lawsuit charging that two Orange County men used their positions with a baseball card company to reprint famous cards, made valuable by errors, for personal profit, it was announced Thursday. In a two-page statement released by the company, shareholder William Hemrick admitted that the lawsuit he recently filed in Orange County Superior Court was based on misleading information provided by a disgruntled former employee.

Upper Deck Co., a closely held maker of baseball cards, launched a tender offer Monday to buy shares of rival Topps Co. for $10.75 each. The offer, which expires July 24, values Topps at about $425 million, Upper Deck said. Topps has agreed to be acquired by a group led by former Walt Disney Co. Chief Executive Michael Eisner for $9.75 a share.

In the face of concern about a saturation of baseball cards on the marketplace, stands the new kid on the block, Upper Deck, and its president, Richard McWilliams. Upper Deck began printing cards last season. "When we opened, I had 20 employees and 25,000 square feet of space," McWilliams said. "Now we have more than 360 employees and need 80,000 square feet. Right now we are in three locations. That's why we're moving to Carlsbad next year."

If Upper Deck were a baseball player, the sports trading card company's best season would have been 1991, when, according to court testimony revealed this week, the young, privately held company generated an astounding $66.7 million in dividends. Upper Deck's all-star performance was even more incredible coming during the start-up company's third year in the highly competitive trading card business.

An Orange County Superior Court jury on Wednesday unanimously agreed with two local attorneys who have long insisted that they own a 3% share in Upper Deck Co., the fast-growing baseball-card company. The 12-member Santa Ana jury deliberated for more than a day before determining that Upper Deck executives gave the 3% share to attorney Andrew Passante Jr. in 1988. Passante subsequently agreed to split the 3% stake with Andrew J. Prendiville, said Vincent J. Bartolotta Jr.