IN BRIEF.VALLEY INDEX DROPS: Stocks in the Daily News/ Bloomberg Index fell 1.47 to 122.88, led by Calabasas-based Tekelec and Vitesse Semiconductor Corp. of Camarillo. Tekelec fell 2 9/16 to 35-7/8. Vitesse fell 2 5/16 to 40 1/16. ?13- Bloomberg News MATTEL SELLS DIVISION: El Segundo-based Mattel Inc. said it agreed to sell its Mattel Sports division Sports Division was one of the biggest sports retailers in the United Kingdom during the 1990s. In 1998 it was sold to its main competitor, JJB Sports for approximately £295 Million. It was set up by Sir Tom Hunter in 1984, to sell trainers, see article about him for more information. to closely held A phrase used to describe the ownership, management, and operation of a corporation by a small group of people. In a closely held corporation, the same people often act as shareholders, directors, and officers, and no outside investors exist. Wham-O Inc. for an undisclosed price. Wham-O, a toy company formed to acquire and reinvigorate classic toy brands, is majority owned by the closely held investment firm Charterhouse Charterhouse [Fr.,=Chartreuse], in London, England, once a Carthusian monastery (founded 1371), later a hospital for old men and then a school for boys, endowed in 1611. The school, which became a large public school, was removed (1872) to Godalming, Surrey. W. M. Group International Inc. ?13- Bloomberg News BOARD DECLARES DIVIDEND: The board of Sherman Oaks-based American Pacific State Bank approved a 5 percent stock dividend and a 10 cent per share cash dividend to all shareholders of record as of today. The bank's assets reached a record $350 million during the year, the bank said. American Pacific has eight branches in the San Fernando San Fernando, city, Argentina San Fernando (săn fərnăn`dō), city (1991 pop. 144,761), Buenos Aires prov., E Argentina. It is a district administrative center in the Greater Buenos Aires area. and Santa Clarita valleys. ?13- Daily News IMALL RAISES CASH: Studio City-based iMall has raised $10.7 million in the first phase of a private placement of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". and warrants to purchase common stock. The Internet shopping specialist will use the funds to increase sales and marketing efforts, retire debt, for further development of its hardware and software products and for capital expenditures. ?13- Daily News COMPANY RECEIVES $2 MILLION INVESTMENT: Westlake Village-based Franklin Telecom has received a $2 million investment in its convertible preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . Funds will be used for production, deployment and development of additional features for the Tempest, its product for phone-to-phone service over the Internet. |
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