Putting A Lid On The Fracas At Icn
No more takeover talk--for now--about ICN Pharmaceuticals since a federal judge in New York issued a preliminary injunction on May 18 against stockbroker Rafi Khan. Khan was trying to replace ICN's board and its chairman, Milan Panic, who returned to ICN this spring after a stint as Prime Minister of Yugoslavia. The judge found that the broker had breached his fiduciary responsibility to the company by trying to oust management after acting as an underwriter for the public offering of one of its subsidiaries. The judge also said that Kahn had engaged in insider trading in ICN shares for his own account and that he had willfully given false testimony. Kahn declined to comment.