TOP STORIES
Broadcom Corp., Irvine, acquired U.K..-based Element 14 for $641 million … Edmond Thomas resigned as president and COO of Wet Seal Inc., Foothill Ranch; no replacement was named (see story on page 15) … Dissident shareholder Special Situation Partners demanded that ICN Pharmaceuticals Inc., Costa Mesa, turn over documents related to its proposed reorganization; the company refused, saying the requested information is “sensitive, confidential and proprietary.”
TECHNOLOGY
Conexant Systems Inc., Newport Beach, completed its acquisition of NetePlane Systems Inc., Dedham, Mass. … Minnesota investors Wayne and Tamara Mills increased their stake in Newport Beach-based Metalclad Corp. to 23.3% … A bid by STM Wireless Inc., Irvine, for a $28 million wireless infrastructure contract was accepted by the Peruvian government … Ceradyne Inc., Costa Mesa, received four contracts totaling $2.3 million over two years to develop armor and other ceramic products for the federal government … Check Point Software Technologies Ltd. said it is working with Irvine-based Broadcom Corp. on chips to perform Internet security functions … Quantum Communications Group Inc., Anaheim, acquired Delru/Rigid-Flex Inc., Anaheim, for $1.35 million … Winfire Inc., Newport Beach, began offering digital subscriber line service in San Diego, San Jose and elsewhere in the Bay area.
GOVERNMENT
The state closed escrow on a 649-acre parcel in and around Coal Canyon, which will be preserved as a wilderness area … The federal government is proposing to combine the LA and OC metropolitan statistical areas into one for the purpose of tracking economic statistics … A preliminary Southern California Association of Governments study says the proposed El Toro airport would significantly boost OC’s economic output in 2020; meanwhile, a SCAG survey found that the percentage of OC drivers using car-pool lanes dropped to 12% in 1999 from 16% in 1996 … The OC Sanitation District said it will spend up to $450,000 per year to treat urban runoff from Huntington Beach and Newport Beach … Teachers in the Orange Unified School District ratified a new contract but also voted no confidence in the school board … Dr. Jerry Nilsson filed a claim against the city of Irvine, claiming his detention by city police and FBI agents in connection with the Biofem case caused him to have a heart attack and lose billions of dollars of backing for an anti-AIDS project.
HEALTHCARE
TriZetto Group Inc., Newport Beach, completed its acquisition of Connecticut-based IMS Health Inc.’s software unit … Irvine-based Beech Street Corp.’s president and COO Bill Hale was named CEO … Radiance Medical Systems Inc., Irvine, raised $13.4 million in a secondary offering … ChromaVision Medical Systems Inc., San Juan Capistrano, raised $12 million in a private placement with Safeguard Scientifics Inc. and IncuVest LLC … NeoTherapeutics Inc., Irvine, raised $8 million in a private placement … Biolase Technology Inc., San Clemente, received a patent for its dental laser technology … Allergan Inc., Irvine, received federal approval for a psoriasis treatment … James R. Mellor was named chairman of the executive committee of Orange-based Bergen Brunswig Corp., replacing Robert E. Martini, who remains board chairman and CEO … The directors of Fullerton-based Beckman-Coulter Inc. approved a 2-for-1 stock split; separately Beckman signed what it called a multimillion dollar pact to supply hematology systems and supplies to HealthTrust Purchasing Group in Nashville, Tenn.
REAL ESTATE
Pacific Sunwear of California Inc., Anaheim, acquired a 19-acre Anaheim parcel from Boeing North American Fitness Inc. for $12 million and will build a new headquarters and distribution center on the site (see story on page 8) … Capital Pacific Holdings Inc., Newport Beach, acquired the Bradley Office Plaza in Orange … The state Public Utilities Commission approved Southern California Water Co.’s request to provide water and sewer service to the proposed 1,235-home Bolsa Chica development and approved an environmental report on the plans … Standard Pacific Corp., Irvine, said it expects to post better-than-expected third-quarter results … Newport Beach-based Realty World America Inc. filed for Chapter 11 bankruptcy protection to delay payment of a $631,000 judgment in a Northern California breach-of-contract suit … A judge ordered owner Sam Menlo to spend 60 days confined to his Ridgewood Gardens apartment complex in Anaheim and to bring the buildings there up to code within 15 months … A former employee of Simon Property Group at its Shops at Mission Viejo sued the firm, alleging sexual harassment by the mall’s general manager.
FINANCE
The Federal Trade Commission filed suit against bankrupt Irvine-based First Alliance Corp., alleging misleading lending practices … The SEC filed a suit alleging that the principals of TLC America Inc., Brea, sold unregistered securities and operated a Ponzi scheme that brought in up to $156 million … The U.S. Supreme Court refused to reinstate the fraud convictions of former Lincoln Savings & Loan chief Charles H. Keating Jr. … The FBI arrested Kristoff Holsten, former assistant manager of a Wells Fargo Bank branch in Fountain Valley, on charges that he wired $800,000 from a customer’s account to an offshore bank account he controlled.
WHAT’S NEW
La Habra-based Master-Halco Inc., acquired Reeves Southeastern Corp. unit for $35.5 million and the assumption of certain liabilities … Standard & Poor’s lowered its debt rating for Anaheim-based CKE Restaurants Inc. … The family of a man killed in a Christmas Eve 1998 accident at Disneyland settled its claim against the park; terms were not disclosed; meanwhile, Walt Disney Co. opened a redesigned Disney Store in South Coast Plaza … MainPlace/Santa Ana will not pursue a lawsuit it filed against American Multi-Cinema Inc. over the closing of the AMC theater in the mall … CertainTeed Corp., Valley Forge, Pa., will close its Santa Ana plant and move its operations to a Lodi facility and a yet-to-be-opened Southern California site … Authorities arrested two men and confiscated $5 million in counterfeit brand-name clothing in Westminster … The U.S. Customs Service warned that a secret compartment in shoes made by Costa Mesa-based Sha Sha Fine Shoes Inc. could be used for smuggling.
