Two Long Beach brothers have acquired a...

Two Long Beach brothers have acquired a 45.2% stake in the Encino-based Discovery Associates Inc., according to a filing with the SEC. Leo David received 1.13 million common shares in connection with the canceling of a $3.4-million promissory note of Leo’s Stereo Inc., the company’s principal operating subsidiary. Leo David’s brother, Simon David, exchanged a similar note. Combined with shares from other interests, the brothers control an aggregate of 5.5 million shares. Leo David is a nominee for director at the 1988 annual shareholder’s meeting. Discovery Associates lists its main function as business consultants.