TOP STORIES
Fluor Corp., Aliso Viejo, received a 10-year, $2.4 billion contract to manage the closure of the Fernald uranium-processing facility near Cincinnati … KPC Medical Management, Anaheim, closed its 38 Southern California medical offices and said it will file for Chapter 11 bankruptcy … Broadcom Corp., Irvine, and Intel Corp. settled litigation over Broadcom’s hiring of three Intel engineers, who will remain at Broadcom … Burnham U.S.A. Equities, Newport Beach, acquired Orange Town & Country Center for $26 million … Downey Financial Corp., Newport Beach, hopes to raise $300 million in a sale of securities … The Board of Supervisors voted to challenge in court the constitutionality of Measure H, an initiative approved by voters this month mandating that most of the county’s share of the national tobacco settlement be spent on healthcare programs … Bruce Hallett and Richard Fink left the Irvine office of Brobeck, Phleger & Harrison LLP to form a venture capital firm with Broadcom Corp. co-founder Henry Samueli as a prime investor.
TECHNOLOGY
Exult Inc., Irvine, and Bank of America finalized a 10-year, $1.1 billion agreement for Exult to take over some of the bank’s human resources operations … Massachusetts Financial Services Co. reduced its stake in Costa Mesa-based Emulex Corp. from about 10% to 6.5% (see related story on page 1); meanwhile, an individual investor in Emulex sued Internet Wire, Los Angeles, for distributing a false press release that caused him and other investors to sell at a loss … Telenetics Corp., Lake Forest, said its recent deal to manufacture wireless products for Motorola Inc. will triple its revenue and make it profitable a year earlier than planned … Buy.com Inc., Aliso Viejo, discontinued its Australian operations … The state Supreme Court declined to review a lower court decision to reinstate an $870,000 judgment against Santa Ana-based Amplicon Inc. in a former employee’s case alleging assault by CEO Patrick Paddon … A Huntington Beach-built Boeing Delta II rocket successfully orbited three satellites from Vandenberg Air Force Base.
REAL ESTATE
A move to condemn the Montgomery Ward and Burlington Coat Factory stores in Huntington Beach Center to make way for a renovation there failed before the Huntington Beach City Council on a 3-3 vote … Festival Cos. plans to build a 150,000-square-foot entertainment addition to the Buena Park Mall, featuring an 18-screen Krikorian Premier Theatres movie house … Beacon Properties, Boston, acquired the 118,000-square-foot Planhold Corp. facility in Irvine for $15.4 million … The Roman Catholic Diocese of Orange will acquire 15 acres near Bear Street and MacArthur Boulevard from C.J. Segerstrom & Sons and said it may build a cathedral there … Thirty tenants of the Ridgewood Gardens apartment complex in Anaheim, where owner Sam Menlo is serving a 60-day home-detention sentence for repeated health and building code violations, received eviction notices; Menlo said the evictions are necessary to rehabilitate the building; tenants contend they are being retaliated against.
GOVERNMENT
A report to the Board of Supervisors said keeping the public recreational and non-aviation uses of the former El Toro base operating will cost the county $3.9 million in the current fiscal year and $3.8 million next fiscal year, reversing earlier projections which showed surpluses … The Board of Supervisors voted not to seek an extension of the court settlement agreement limiting operations at John Wayne Airport, but will reconsider the matter Dec. 5 … OC Superior Court Judge Eileen C. Moore was appointed by Gov. Gray Davis to the 4th District Court of Appeal … The Red Hill Avenue bridge over the San Diego (405) Freeway reopened after a nine-month rebuilding project.
FINANCE
A bankruptcy judge in Santa Ana ruled that all legal actions against First Alliance Corp., Irvine, will be heard by that court … A federal judge OK’d an SEC request to shut La Palma-based Concord Capital Enterprise and freeze its assets and those of founder Scott Yoshizumi, whom the government is accusing of fraud.
HEALTHCARE
Imagyn Medical Technologies Inc., Irvine, sold its disposable surgical instruments unit in Kalamazoo, Mich., to ConMed Corp., Utica, N.Y., for up to $8 million, depending on future performance … Beckman Coulter Inc., Fullerton, received FDA approval to market a test for testosterone … Radiance Medical Systems Inc., Irvine, elected president and COO Jeffrey Thiel to its board and named him CEO, replacing founder Michael R. Henson, who remains chairman.
WHAT’S NEW
A bankruptcy court approved a revised executive compensation package for Edwards Theatres Circuit Inc., Newport Beach, that trims the salaries of some Edwards family members and drops others from the payroll altogether … An Anaheim woman sued McDonald’s Corp. and franchisee J.C. Mac Inc., alleging she was injured when served cleaning solution instead of a soft drink at an Irvine McDonald’s restaurant.
