Blue Cross sells subsidiaryBlue Cross and Blue Shield of...

BUSINESS DIGEST

December 10, 1993

Blue Cross sells subsidiary

Blue Cross and Blue Shield of Maryland has sold its pharmacy management subsidiary, ParadigM Pharmacy Management Inc., to Advance Pharmacy Services Inc. of Dallas. The price was not disclosed, but the insurer said it would add $10 million to reserves.

Timomium-based ParadigM reported $2.3 million in revenues last year. Blue Cross said the sale was part of its effort to focus on its core health insurance business.

Former banker sentenced

Former banker Christopher Drogoul was sentenced yesterday to more than three years in prison for helping to arrange $5.5 billion in illegal loans to Iraq before the Persian Gulf war.

Mr. Drogoul, 44, the fired Atlanta branch manager of Italy's Banca Nazionale del Lavoro, had been charged with masterminding the scheme. Some of the loans were used by Iraq to build up its military before it invaded Kuwait. He pleaded guilty to 60 counts last year but withdrew the plea after a sentencing hearing in which he claimed to be a scapegoat for failed U.S. foreign policy.

Decision on rice imports delayed

Japan's ruling coalition bowed to pressure from its biggest party yesterday and delayed until at least tomorrow a decision on allowing rice imports that is a key to a global trade pact.

Despite the Socialists putting up the stiffest opposition to any market opening, Prime Minister Morihiro Hosokawa had planned to announce today a partial opening of the rice market to imports -- a highly emotional issue in Japan.

Encore Books plans 'superstore'

Encore Books, a division of Rite Aid Corp. of Camp Hill, Pa., plans to open a new "superstore" book outlet in Pikesville next fall that will feature a cappuccino bar along with expanded book and magazine selections.

The 24,500-square-foot store will be in a building to be constructed next year at the Woodholme Center Complex on Reisterstown Road. Encore has 103 book stores in six states from Connecticut to Maryland, including 11 in the Baltimore area.

Analyst released after being shot

The Moody's Investor Service Inc. senior researcher critically wounded in Tuesday evening's rush-hour train shootings on Long Island in New York was discharged from the hospital yesterday. Alfred Casazza, 60, an 11-year veteran at the rating agency and an assistant vice president-senior analyst in industrial bonds, was wounded in the chest by a bullet fired by a gunman.

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