SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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ICN Pharmaceuticals, Inc.
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(Name of Registrant as Specified in Its Charter)
ICN Committee to Maximize Shareholder Value
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Press Release
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ICN Shouldn't Be "On The Sidelines"
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May 3, 2001. On behalf of the ICN Committee to Maximize Shareholder
Value, Eric Knight, Managing Director of SSP-Special Situations Partners, Inc.,
commented on this week's revelation by Milan Panic, Chairman of ICN
Pharmaceuticals, Inc. (NYSE: ICN), that ICN is now waiting "on the sidelines"
until the markets recover.
Mr. Knight said, "After a year of promises, we find Mr. Panic and his
board all too willing to hide behind the market and embrace the status quo. We
suspect, despite their protestations to the contrary, that they do not intend to
deliver on the restructuring they committed to in October."
"It's our position that, if market conditions preclude the
long-promised public offerings, ICN can and should move forward - seek any
necessary tax rulings and debtholder consents - and distribute 100% of Ribapharm
to ICN stockholders as soon as possible."
"Our three director nominees - who are totally independent of Mr. Panic
and who own over $6 million of ICN shares - are committed to taking the measures
needed to execute the restructuring as announced in October without unnecessary
delay."
"ICN shareholders have a choice: continue to believe in Mr. Panic's
oft-repeated promises or vote for action to unlock ICN's value."
Enquiries:
Eric Knight
SSP-Special Situations Partners Inc.
Tel. + (377) 93 10 61 40
In connection with its solicitation of proxies with respect to ICN
Pharmaceuticals' 2001 Annual Meeting, the ICN Committee to Maximize Shareholder
Value (the "Committee") has filed a proxy statement with the Securities and
Exchange Commission (the "SEC") and is furnishing the proxy statement on or
about May 3, 2001 to security holders of ICN Pharmaceuticals, which security
holders are advised to read as it will contain important information. Security
holders may obtain a free copy of such proxy statement and any other relevant
documents filed with the SEC, from the website of the SEC at www.sec.gov. Copies
of any proxy soliciting materials filed by the Committee with the SEC may also
be obtained for free from SSP's website at
www.ssp-specialsituationspartners.com.
The Committee, SSP - Special Situations Partners Inc., Providence Capital, Inc.,
Edward A. Burkhardt, General Ronald R. Fogleman, Steven J. Lee, Richard E.
Lazarow and John J. Hill will be (and certain of the executive officers and
directors of SSP and Providence may be) participants in the solicitation by the
Committee of proxies with respect to ICN Pharmaceuticals' 2001 Annual Meeting.
None of such persons has any direct or indirect interests in the matters to be
acted upon at the 2001 Annual Meeting other than as a stockholder or a nominee
for election as a director of ICN Pharmaceuticals. Further information
concerning the participants and their direct or indirect interests can be found
in the definitive proxy statement filed with the SEC by the Committee on May 2,
2001.