Numbers
of companies interested in acquiring Polychrome 5 . By Mr. Bob Gumbinner
Mr.
Halpern met with Mr. Kawamura the president of Dainippon. Dainippon
agreed to put ten million dollars of additional capital into the
Polychrome operation. They did not expect Mr. Halpern to tender his
stock. However he did so and resigned as CEO in 1980. Before
resigning he forced Bernard Gold out of the company. We had a
meeting at Mr. Halpern’s house to decide who should be the
president of Polychrome. He
selected Henry Levy to be the president of Polychrome Later
Dainippon Ink and Chemicals made Joe Piot a friend of Mr.
Kawamura the president of Polychrome.
After
Mr. Halpern tendered his stock to Dainippon, the Polychrome board
declared a reverse split of one share of stock for each share of
Polychrome common stock to obtain 100% of the Polychrome shares.