TOP STORIES
Newport Beach chip maker Conexant Systems Inc. said it plans to spin off its fast-growing Internet equipment business by selling 20% in a January initial public offering and distributing the remaining shares to Conexant investors; Conexant shares surged on the news late last week Toshiba America Electronics Components Inc., Irvine, received a three-year, $5 billion contract to supply memory and display products to Dell Computer Corp. Salomon Smith Barney Inc. said it plans to buy financial advisory firm Geneva Group Inc., Irvine, for an estimated $200 million Parker Hannifin Corp. said it sold its former Aerospace Group facility in Irvine to KFPLB Michelson Jamboree LLC for undisclosed terms Broadband Interactive Group, Irvine, a company founded by Broadcom Corp. co-founders Henry Nicholas and Henry Samueli with Gotcha Chairman Marvin Winkler, laid off 64 of its 130 employees and said it will stop publishing six magazines and scale back its, bluetorch.com … Masimo Corp., Irvine, said it hopes to raise $69 million in an IPO (see related story on page 3 and the list of medical device makers beginning on page 28)
TECHNOLOG
Y
Emergent Information Technologies Inc., Newport Beach, received a five-year, $40 million NASA subcontract for engineering, science and technology services … DDi Corp., Anaheim, said it and several shareholders will sell up to 6 million shares in a secondary offering valued at about $200 million based on last week’s share price level … Intersil Corp., Irvine, priced its secondary offering of 11 million newly issued and currently held shares at $48 a share AltaVista Co. said it is cutting jobs at its Shopping.com in Irvine as part of a larger downsizing (see related story, page 24) Newport Corp., Irvine, said it has received $18 million in orders from chip equipment manufacturers Epoch Internet Inc., Costa Mesa, received a $27 million infusion from Williams Communications Inc., Tulsa, Okla., and committed to purchase $128 million in services from Williams … Two founders of Universal Broadband Networks Inc., Irvine, who six years ago signed consent judgments over alleged securities violations, resigned from the communications carrier and turned over 2.25 million shares and options, which will be cancelled Starbase Corp., Santa Ana, received $17.5 million in funding from BayStar Capital LP … Ingram Micro Inc., Santa Ana, promoted Gary Abramo from chief information officer to the new post of chief strategist … Investors Wayne and Tamara Mills of Minnesota acquired a 19.4% stake in Metalclad Corp., Newport Beach … Webzter Corp., Irvine, received a contract to provide planning services and a Web-based logistics and project management system to Worldwide Wireless Networks Inc., Orange … Aspeon Inc., Irvine, received a $1.2 million contract for a range of services from Fuddruckers Restaurants … Telenetics Corp., Lake Forest, named Shala Shashani chairman and Terry Parker president and CEO; they replace Michael Armani, who was named chairman emeritus; the company also named John McLean to the new position of COO and added Brad Jacobs to its board … BuyNow, Aliso Viejo, named Corey Hutchison CEO … Comarco Inc., Irvine, approved a 3-for-2 stock split set for Oct. 27.
HEALTHCARE
PacifiCare Health Systems Inc., Santa Ana, asked the federal government to OK changes in its Secure Horizons Medicare HMO offerings, including limits on prescription drug coverage and higher premiums … Doctors at San Clemente Hospital and Medical Center formed San Clemente Medical Center LLC and bought the hospital from Nashville-based NetCare Health Systems … I-Flow Corp., Lake Forest, received a contract to provide infusion pump management services to Beech Street Corp., which has a combined 19 million managed-care clients … AccentCare, Irvine, acquired San Jose-based ContinueCare, which it plans to merge with Victorian Care Providers, acquired in July … UCI may require all students to have health insurance as a condition of enrollment … SafeGuard Health Enterprises Inc. said a federal judge has dismissed a stockholder lawsuit filed against the Aliso Viejo company in December after SafeGuard said it would restate its financial results for a nearly three-year period.
GOVERNMENT
LA Superior Court Judge S. James Otero did not rule on a court challenge to the anti-El Toro airport Measure F at a hearing, but will issue a decision within 90 days … The Orange County Transportation Authority bus system switched to a routing system stressing straight routes on major streets … The proposed restoration of the Bolsa Chica wetlands could cost $30 million more than originally estimated, or more than $100 million, a State Lands Commission staffer said … The Newport Beach City Council and negotiators for the unincorporated Newport Coast area agreed on terms for the city to annex the nearly 5,000-acre area … California State University, Fullerton, was re-accredited for 10 years by the Western Association of Schools and Colleges.
REAL ESTATE
The regional water board ordered The Irvine Company to halt the runoff of water from the Crystal Cove development into a system of pipes that empties onto Crystal Cove State Beach; Irvine Co. lawyers argued the runoff falls within state guidelines Carol Hoffman resigned as VP for entitlement and community relations at the Irvine Co. to start her own consulting firm.
WHAT’S NEW
The Los Angeles Times said it will close its 14 Our Times community news sections in OC and elsewhere, laying off 170 editors, reporters and advertising employees (see related story, page 9) Corinthian Colleges Inc., Santa Ana, said it is buying Computer Training Academy Inc. for about $12 million; meanwhile an investor, three officers and the company will offer a total of 3 million shares, doubling the number available for trading … HomeBase Inc., Irvine, re-opened the first five stores converted to its new House2Home interior-decorating retail concept … Toni Oliphant donated $3 million to Chapman University for construction of a 43,000-square-foot music building and renovation of an existing facility; also, Richard and Hyla Bertea donated $1 million to endow a chair at the music school … GolfGear International Inc., Garden Grove, will acquire Leading Edge, Santa Monica … Frank Cruz of Laguna Niguel was re-elected chairman of the Corporation for Public Broadcasting for his second one-year term … Donna Karan International Inc., New York, said it will open a store in South Coast Plaza in March … Ad Agency SCDRG Inc., Irvine, named Francisco J. Valle chairman and COO … Sir Speedy, Mission Viejo, opened a franchised center in Singapore … Three female members filed a sex-discrimination suit against the Mission Viejo Country Club.
