CXR Telcom Corp of Mountain View, California, and Torotel Inc of Grandview, Missouri, have reached agreement in principle to settle pending litigation over the sale of Halcyon Communications Inc assets to CXR in March of 1986: Halcyon, located in San Jose, was a subsidiary of Torotel, and a suit is pending in the US District Court in San Francisco in which CXR is seeking damages and other relief; CXR has now agreed to pay Torotel $1.35m in exchange for return of a $2.5m note and 5m shares of CXR Telcom common stock worth $1.775m.
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