ENERGY
Rolling blackouts hit OC and elsewhere last week as demand due to warm temperatures overstressed the state’s electricity grid The Legislature passed and Gov. Gray Davis signed a bill authorizing a $13.4 billion bond to fund state energy purchases Davis called on power generators to settle for 70% of the $1.2 billion they are owed by Southern California Edison The state Energy Commission approved a 10-year permit for AES Corp. to refurbish and restart two generators at its Huntington Beach plant, subject to an environmental review after five years and the condition that all of the generators’ output be sold to California utilities Blackouts in California this year could cost the state $26.4 billion in lost production and income, according to a report commissioned by business groups.
TOP STORIES
Lenders led by Credit Suisse First Boston terminated a $475 million line of credit for Newport Beach-based Conexant Systems Inc. and its shares fell 12% to 9.87 on the news Bergen Brunswig Corp., Orange, received a five-year, $1.05 billion supply contract from Beverly Enterprises Bankrupt Edwards Theatres Circuit Inc., Newport Beach, agreed to be acquired by Philip Anschutz and Oaktree Capital Management, Los Angeles ICN Pharmaceuticals Inc., Costa Mesa, sued a group of dissident shareholders led by Special Situations Partners Inc., alleging they are giving shareholders false and misleading information and seeking to disqualify votes for the dissidents’ board candidates Kingston Technology Co., Fountain Valley, cut 80 jobs,or about 4% of its work force,half of them in OC and the rest in Ireland Cal-OSHA will not investigate the fall of an oak tree at Disneyland that injured 29 people, including two park employees.
TECHNOLOGY
EMachines Inc., Irvine, hired Credit Suisse First Boston to evaluate its business options, including a possible sale of the company DDi Corp., Anaheim, acquired Olympic Circuits Canada, Toronto Litronic Inc., Irvine, will lay off 25 employees,about 20% of its work force,and restructure its product lines Microsemi Corp., Irvine, will seek shareholder approval to increase its shares authorized from 20 million to 100 million to accommodate a 2-for-1 stock split and possible future splits or offerings Go2 Systems Inc., Irvine, received a contract to provide its wireless information service to customers of MobileAria Inc., San Jose Robert P. Lilleness was named president and COO of Cypress-based Universal Electronics Inc., replacing Paul Arling, who was promoted to CEO in October.
HEALTHCARE
The FTC asked for more information on AmeriSource Health Corp.’s planned acquisition of Orange-based Bergen Brunswig Corp., extending the review period.
GOVERNMENT
Pro-El Toro airport cable TV commercials and mailers paid for by the city of Newport Beach debuted; a group of anti-El Toro airport cities voted to sue Newport Beach over the ads and to sue the Southern California Association of Governments over its endorsement of the airport plan A temporary barrier was put in the Talbert Channel in Huntington Beach to divert urban runoff to sewage treatment facilities Gov. Gray Davis appointed San Juan Capistrano mayor Wyatt Hart to the state Youthful Offender Parole Board.
WHAT ELSE IS NEWS
Fluor Corp., Aliso Viejo, while denying wrongdoing, agreed to pay $8.2 million to settle a suit alleging it over-billed the federal government for up to $9.3 million Shareholders of Diedrich Coffee Inc., Irvine, approved a $6 million placement of shares with a group led by chairman Paul Heeschan and a 1-for-4 reverse stock split and authorized up to 10 million more shares Burtin Polyurethanes Corp., Santa Ana, was acquired by Germany’s BASF AG Procter & Gamble Co. acquired Moist Mates, Placentia Cal State Fullerton economist Anil Puri lowered his forecast of OC job growth this year from 3% to 2.7% Mark Hoffman resigned as COO of Anaheim-based Pacific Sunwear of California Inc. Dan Werbin was named president of North American operations for Ford Motor Co.’s Volvo unit, which is moving to Irvine Shaky’s Inc., Garden Grove, named Sean Flynn president Arthur Andersen resigned as the independent auditor for Krause’s Furniture Inc., Brea California Adventure may add an attraction based on the “Who Wants to Be a Millionaire” TV show, the Register reported.
