OTHER NEWS - Dec. 10, 1991
From Times Staff and Wire Reports
Standard Brands Lines Up Cash Infusion: The ailing Torrance-based paint manufacturer has reached an agreement with a New York investment group called Founders Equity that would result in a capital infusion of about $12 million. Under the plan, Founders and a group of affiliated investors will give Standard Brands $6 million in exchange for stock. Another $6 million will be raised through a rights offering to shareholders. Founders will also buy warrants to purchase additional stock. When the deal is closed, Founders will control four seats on the company’s nine-member board. Standard Brands also announced that retail executive Carl A. Bellini was named chief operating officer.
