Entertainment by Grammy winners Chris Botti and Billy Childs, remarks from Arnold Schwarzenegger, fireworks, food and libations for 1,500 guests—that was quite a show for a name change. But there’s more to the OC Performing Arts Center being renamed Segerstrom Center for the Arts than was announced at last week’s festivities. In exchange for getting their name on the entire arts complex—just in time for a big 25th anniversary publicity drive—Henry Segerstrom and the rest of the family released their rights to Founders Hall, the planned art museum plaza and future naming opportunities. That frees center officials to peddle naming rights that could bring in millions of badly needed dollars. Center Chairman Tom McKernan said “everybody wanted to make some recognition” to the Segerstroms for their vital contributions over the years, including the center’s 14 acres and some $60 million from Henry alone. “But we also want to make sure we can finish off the capital campaign, so we need to have some big things to offer.” The center remains $51 million short of paying off the $240 million cost of the Renee and Henry Segerstrom Concert Hall more than four years after it opened. McKernan said the deal was reached after “many, many, many meetings, many hours, many dead ends.” But, “it came out well.” With Segerstrom as the umbrella name, what are the chances the original Segerstrom Hall or the newer concert hall also will be offered for new naming rights? Seemingly remote. McKernan said the subject came up early in talks but was dropped. Does McKernan think the name change means less recognition for Orange County? “I think everyone knows where Kennedy Center is. Over time, everyone will know” …
A modestly positive economic indicator: Golf club memberships have come off the bottom. Shady Canyon memberships, which plummeted from the $300,000 level to $100,000 in the recent recession, are said to be moving “briskly” in the $130,000-$140,000 range. Big Canyon memberships, which dropped from about $370,000 to a little less than $200,000, are up to about $225,000 with a waiting list, the Insider is told …
Making a “brazillion” dollars: In a Jan. 7 column for Bloomberg News, Newport Beach-based Pimco’s chief Mohamed El-Erian hailed retiring Brazilian President Luis Inacio Lula da Silva as his country’s economic savior and a role model for other politicians. What El-Erian didn’t mention (modesty, perhaps?) was the killing he made by betting that union leader Lula wouldn’t default on the country’s debts upon becoming president in 2003. While other investors fled, El-Erian scooped up hundreds of millions of dollars worth of Brazilian bonds, often for about 50 cents on the dollar. The bonds doubled within a year of Lula taking office; the profit undoubtedly was higher when including interest payments and currency appreciation …
Something else for Erwin Chemerinsky and John Eastman to debate: WikiLeaks, Jan. 21 at the Irvine Marriott. Info at www.worldaffairscouncil.org.
