NEWPORT ASKS NOTE HOLDERS TO OK SETTLEMENTNewport Pharmaceuticals International Inc. of Laguna Hills,Calif., said Wednesday that it asked note holders to approve apreviously announced conditional settlement of twoshareholder class action lawsuits filed in 1986.
Terms of the settlement provide for Newport to pay $1 millionin cash and issue its own shares with a market value ofbetween $1.75 million and $2.1 million. To complete thearrangement, all holders of its 10 percent senior securedconvertible notes must approve the terms by Feb. 15.
ECOVA NAMES CEO; ISIS ELECTS DIRECTOR
Ecova Corp. of Redmond, Wash., named Michael Elkinspresident and chief executive officer, replacing Douglas Rogers,who became chairman. ... William R. Miller, former director andvice chairman of the board of Bristol-Myers Squibb, waselected a director of Isis Pharmaceuticals of Carlsbad, Calif.
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