HUGHES ELECTRONICS PLANS TO DIVEST WHITTAKER SHARES.Byline: Enrique Rivero Daily News Staff Writer Hughes Electronics Corp. is selling the 107,841 shares of Whittaker Corp. stock it acquired in May, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Securities and Exchange Commission documents filed by Whittaker. El Segundo-based Hughes received the stock as royalty payments on sales that Whittaker was required to pay as part of its purchase two years ago of the Hughes LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. System division, which was renamed Whittaker Communications Inc. and has since been discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: , according to Whittaker officials and the documents filed Friday. Hughes' shares represent less than 1 percent of Whittaker shares outstanding, which closed Friday at 13 3/64, up 3/64. Whittaker makes fluid control and fire safety systems. ``The sale of the stock was part of a continuing re-evaluation of the company's business plan,'' Hughes spokeswoman Marcy Garber said Friday. Lexington, Mass.-based electronics giant Raytheon Co. sold its entire 1.97 million shares of Whittaker stock on June 12 to Beverly Hills-based investment group Canpartners Investments IV LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for $11.95 a share. Whittaker chairman and chief executive officer Joseph Alibrandi said Whittaker Communications was shut down in early 1997. The technical know-how that was left was sold along with Xyplex earlier this year to Chatsworth-based MRV Communications  OverviewMRV NASDAQ: MRVC is a company that designs, manufactures, sells, distributes, integrates and supports communication equipment and services, and optical components. Inc. Hughes' sale of the stock is unlikely to have a negative effect on Whittaker, Alibrandi said. Hughes has been talking to Noun 1. talking to - a lengthy rebuke; "a good lecture was my father's idea of discipline"; "the teacher gave him a talking to" lecture, speech rebuke, reprehension, reprimand, reproof, reproval - an act or expression of criticism and censure; "he had to an investment group that is interested in purchasing the stock, he said. He did not know the name of the group, and Garber refused to identify the company. |
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