COMPANY TOWN ANNEX

Former Paramount Chief Forms Investment Firm: Martin S. Davis’ Wellspring Associates plans to invest in “undervalued companies requiring radical restructuring.” The company expects to be in operation by September with offices in New York and Westport, Conn. Davis resigned as chairman and chief executive of entertainment giant Paramount Communications Inc. after Viacom Inc. bought a controlling interest in the huge entertainment conglomerate. Joining Davis at Wellspring will be Donald Oresman, who was Paramount’s executive vice president and general counsel.