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In Brief: Alfin acquisition

This article was originally published in The Rose Sheet

Executive Summary

Alfin acquisition: Investment group headed by J. Robbins Securities (Phoenix) Manager Barry Blank advances Alfin $500,000 in working capital and agrees to raise at least $2 mil. by April 30 to gain control of the company. The initial $500,000 is in the form of a 12% five-year note convertible to common stock at 25 [cents] a share. Alfin Chairman and CEO Elizabeth Fayer has agreed to resign and put her 7.1 mil. shares of common stock in a voting trust for which Blank carries a proxy. On Aug. 1, Blank will have the option to purchase the stock for 12 months at 25 [cents] a share, constituting the purchase of a controlling interest in the firm. Long-time Alfin Chief Financial Officer Michael Ficke will stay on at the company, as will the recently named Senior VP Retail Sales Mary Panvini, who comes from Estee Lauder and Christian Dior. The investment group must deal with Alfin's suit against former spokeswoman and Adrien Arpel founder Adrienne Newman and try to find alternative distribution channels to the Home Shopping Network, which discontinued its marketing agreement with Alfin. The firm has begun to sell its skin and cosmetic products in a catalog sent to 90,000 of Spiegel's top customers...
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