Sheppard Pratt buys PSI network
Sheppard Pratt Health System Inc. has acquired an Annapolis-based network of five psychiatric outpatient treatment offices to extend its outpatient services to Anne Arundel County and the Eastern Shore. Terms were not disclosed.
Psychological Services Inc. of Annapolis was renamed the PSI Counseling and Therapy Center of Sheppard Pratt, a Pratt spokesman said. With offices in Annapolis, Crofton, Severna Park, West River and Stevensville, PSI had about 600 patients served by 14 mental health professionals before the merger.
USAir seeks to sell securities
USAir Inc. and its parent company, USAir Group Inc., are requesting regulators' clearance to sell $500 million in debt securities and preferred and common stock.
In a filing with the Securities and Exchange Commission, Arlington, Va.-based USAir sought approval for a shelf offering, which allows them to sell corporate debt from time to time. USAir Group said proceeds from the offering will be used for general corporate purposes, including repaying debt and financing capital expenditures.
Spelling to buy Republic Pictures
Spelling Entertainment Group Inc. said it will buy Republic Pictures Corp. for about $100 million.
Blockbuster Entertainment Corp., the largest shareholder in both companies, will own about 70 percent of the combined entity. Blockbuster, which has been expanding beyond its video store base, paid $25 million in January for 35 percent of Republic, the 10th-largest U.S. home video distributor, and owns 64 percent of Spelling.
Ford son-in-law sentenced
Henry Ford II's son-in-law was sentenced to three years of probation yesterday for his role in a high-society insider-trading scheme that allegedly involved a member of the Revlon founding family and other wealthy businessmen.
Edward Downe Jr., 63, married to Charlotte Ford, is a former director of Bear Stearns Co. and Kidde Inc. He previously pleaded guilty to two counts of tax and securities fraud.
Smith Barney draws bank's ire
Efforts by Smith Barney, Harris Upham and Co. to cut costs since its merger with the Shearson brokerage system have run afoul of the Mellon Bank in Pittsburgh, owner of a company providing back-office services to Shearson's mutual funds.
In suits filed Friday, Mellon contended that Smith Barney and its parent company, Primerica, had violated an agreement that called for Mellon's affiliate, the Boston Co., to provide back-office services for Shearson's mutual funds until 1999.