Orange County Business Journal

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Recent and archived news stories on: Banks, Credit Unions, Mortgage Lending, SBA, Stocks/Bonds, Venture Capital, Wealth Management...

Two Freedom Shareholders Press for Receivership

Two investors who helped Aaron Kushner and Eric Spitz finance the purchase of Freedom Communications in 2012 have asked the Delaware Chancery Court to put the media company’s operations into receivership, claiming “it needs independent oversight because the company is insolvent and in financial distress from mismanagement,” according to the website Law360.

By Mediha DiMartino November 6, 2014 11:52 a.m.   Share
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Gross-Managed Fund Gets $500M from Soros

Billionaire hedge fund manager George Soros has put $500 million in a fund managed by Bill Gross at Janus Capital Group Inc.

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Valeant, Ackman Cash Out of Allergan

Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman’s Pershing Square Capital Management LP have slashed their stake in Irvine-based Allergan Inc. after losing a bidding war to Actavis PLC.

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OC Adds 15,800 Jobs, Unemployment Falls to 5%

Orange County employers added 15,800 jobs in October, helping push down the unemployment rate to 5%.

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NB Title Company Acquired for $36M

Newport Beach-based title insurance company Experience 1 Inc. has been acquired by Solutionstar Holdings LLC for $36 million in cash.

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Wet Seal Inc. Names Interim CFO

Wet Seal Inc. named Thomas Hillebrandt its interim chief financial officer.

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Wet Seal Inc. Names Interim CFO

Wet Seal Inc. named Thomas Hillebrandt its interim chief financial officer.

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SEC Suspends Trading of Penny Stock

The U.S. Securities and Exchange Commission said today that it halted trading in Anaheim-based Wholehealth Products Inc. and three other penny stock companies that “claim to be developing products and services in response to the Ebola [virus] outbreak.”

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Universal Protection Buys Guard Services Firms

Universal Protection Service in Santa Ana has acquired two guard services companies on undisclosed terms.

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Corinthian to Sell 56 Campuses to NonProfit

Santa Ana-based for profit schools operator Corinthian Colleges Inc. said it will sell 56 campuses of its Everest College and WyoTech to Zenith Education Group Inc., an affiliate of Oakdale, Minn.-based student loan guarantor agency ECMC Group.

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Habit Goes Public

Irvine-based Habit Restaurants Inc. went public on Nasdaq this morning priced at $18 a share and has doubled in price to about $36.

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UCI Nabs Stem Ed Grant

The University of California-Irvine will work with three community colleges to recruit and retain women and minority students to study science, technology, engineering and math at the schools, an effort supported in part by a $1.8 million grant.

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Corinthian Gets Second Nasdaq Notice

Santa Ana-based Corinthian Colleges received a second notice from the Nasdaq for failure to file timely reports, the company said today.

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Segerstrom Center Plans Dance School

The Segerstrom Center for the Arts in Costa Mesa plans to open a dance school in September 2015 with American Ballet Theatre, the center said.

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Habit IPO Set

Habit Restaurants Inc. has priced its initial public offering of 5 million shares tomorrow at $18 a share, the company said.

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Supervisors Accept 2,500 Acres

The Orange County Board of Supervisors voted unanimously today to accept a donation of 2,500 vacant acres by the Irvine Company, said the parks unit of the county’s Community Resources department.

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Garden Grove IT Company Acquired

Garden Grove-based Bar Code Specialties Inc. will be acquired by Quest Solution Inc., a Nevada IT integrator.

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Ackman Withdraws From Meeting

Activist investor Bill Ackman said today that he would withdraw from a special shareholders’ meeting he had planned in the wake of Irvine-based Allergan Inc.’s $66 billion acquisition by Actavis PLC, according to CNBC.

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El Pollo Loco Lock-Up Date Waived

Costa Mesa-based El Pollo Loco Holdings Inc. said insiders will be able to sell 6 million shares as early as Wednesday, November 19, after a “lock-up” date was waived by the lead managers of its initial public offering in July.

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Allergan Acquired by Actavis for $66B

Irvine-based Allergan Inc. has agreed to be acquired for $66 billion by Actavis PLC.

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Cal Republic Raises $90M, Swings to Profit in Q3

Irvine-based California Republic Bancorp has raised about $90 million in equity and debt offerings.

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Freedom Communications Folds Magazine

Freedom Communications Holdings Inc. will cease publication of OC Register Metro, according to the monthly magazine’s founder, Steve Churm, who announced the move during Freedom’s Hot 25 event on Thursday at the Island Hotel Newport Beach.

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Subprime Auto Lender in Deal, Loses Irvine HQ

The owner of CarFinance Capital LLC is combining the Irvine-based subprime auto lender with another such company in its portfolio.

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Irvine Mortgage Bank Sold

Irvine-based mortgage lender American Interbanc Mortgage has been acquired by Seashine Financial LLC, also in Irvine.

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LoanDepot Buys Massachusetts Firm

Foothill Ranch-based mortgage lender loanDepot.com LLC has acquired Mortgage Master Inc. on undisclosed terms.

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UCI Develops Faster Blood Test

University of California-Irvine researchers have developed a new bloodstream infection test technology to speed up accurate diagnosis of ailments including Ebola, the school said.