A Bit Of Respite For Icn's Panic
The proxy fight at ICN Pharmaceuticals may be over, but the legal wrangling goes on and on. Shareholders at the drugmaker's annual meeting on Feb. 1 "overwhelmingly" supported its directors against a slate put forth by stockbroker Rafi Khan, the company says. The vote ended a 10-month offensive by Khan to unseat ICN founder Milan Panic. Now, the battle moves to a New York courtroom, where ICN is suing Khan for $75 million. It says Khan traded ICN stock using inside information. In his own suit, Khan charges Panic with illegally managing ICN while he was Prime Minister of Yugoslavia.