Syntro Corp. and former Chairman Thomas Parmeter have reached an agreement to transfer the development of Syntro’s proprietary biopolymer technology to a new San Diego-based company called Protein Polymer Technologies (PPT), which Parmeter will head.
Parmeter resigned from Syntro in June after the company’s board decided to abandon polymer development to pursue veterinary vaccine products. He will be joined at PPT by eight former Syntro employees, including seven scientists. Using recombinant DNA techniques, the new company will try to develop a synthetic fabric resembling silk.
In exchange for retaining an equity interest in the new company, Syntro will license the company its technology, rent it laboratory and office space and provide financial assistance through the end of the year. By that time, Parmeter said, he hopes to have arranged outside financing through research contracts or equity funding.
Shareholders have filed two class-action suits against Foodmaker, the San Diego-based parent company of the Jack in the Box restaurant chain, according to a Securities and Exchange Commission filing. The suits also name Fulcrum L.P., a management-led limited partnership that is attempting to acquire Foodmaker in a leveraged buyout.
According to an SEC filing, shareholders Rodney Shields and Natalie Trager filed separate suits charging breach of fiduciary duty. The suits seek an injunction that would halt the management-led leveraged buyout.
Details of the lawsuits, which were filed by the Milberg, Weiss, Bershad Specthrie & Lerach law office in San Diego, were unavailable late Monday afternoon.
The number of residential building permits issued in San Diego County during the first six months of 1988 fell to 12,208 units, a 41.8% drop from the 20,713 unit permits issued over the same period in 1987, according to a survey by the Greater San Diego Chamber of Commerce.
The year-to-date permit total is the lowest issued since the region emerged from the recession five years ago, the chamber said in its current Economic Bulletin. But it is still enough to place the county 14th among U. S. communities in terms of residential building permits issued over the six-month period.
This is the second straight year of building permit declines in San Diego County. After peaking at about 43,000 units in 1986, the total dropped to 32,000 in 1987, and observers expect the total to dip to 23,000 or lower in 1988.
Fleet Aerospace Corp. of Canada has agreed to exchange two of its subsidiaries with San Diego-based Langley Corp. for 4.5 million of Langley’s common shares, according to a filing with the Securities and Exchange Commission.
The two defense industry suppliers agreed “in principle” to Langley’s acquisition of Fleet’s subsidiaries--Aeronca and Engineered Magnetics--in exchange for the 4.5 million shares and the recapitalization of Langley.
If the merger is consummated, Fleet will increase its stake in Langley from about 50% to 88%. Langley will be renamed Fleet Aerospace Inc. if the plan is approved by shareholders.
Under the plan, Langley stockholders would receive a preferred share, a common share and $.50 for each Langley common share exchanged in the recapitalization.
Langley, a metal-product manufacturer, reported $324,000 in net income and $9.3 million in revenue for the nine months ended July 31.
Aeronca and Engineered Magnetics, which design jet engine components, reported $931,000 in net income and $53.2 million in revenue for the nine months ended June 30.
A Dallas-based savings bank holds a 24.9% stake in San Diego-based Christiana through a subsidiary, according to a filing with the Securities and Exchange Commission.
Through TCAP Corp., Sunbelt Savings owns 708,700 shares of Christiana as an investment.