Once celebrated as one of Orange County’s biggest money managers, Palley-Needelman Asset Management is a shell of its former self. The firm was hit in the past year and a half by key personnel departures and institutional withdrawals. Assets under management have fallen from a peak of more than $5 billion to a ballpark $200 million, and staffing has dropped from around 40 to a half dozen, the Insider is told. Namesake partner Roger Palley left several months ago for Wells Fargo, where he’s managing money for the bank’s Private Client Group. Palley took issue with comments suggesting that relations between him and Chet Needelman are strained, but he also said he doesn’t know the value of his half-interest because he no longer has access to the books. Needelman left a voice message: “We get all this misinformation and disinformation about us.” He did not elaborate Businessman-philanthropist Mark Johnson isn’t the only person to e-mail well-wishes following the Sept. 11 terrorist attacks, but he sent 1,414 of them in the first 24 hours. Johnson said he received “hundreds” of responses, moving him to tears. Many of the messages were from people stuck in airports around the world, including a friend who was grounded in Reno after a New York trip that included two days at the World Trade Center. Johnson called the exercise “a cyberspace bonding catharsis.” For Johnson’s take on the attacks, see page 42
… Supernova: In a luxury suite at The Pond for the recent Ducks-Phoenix game: Wayne Gretzky and Sugar Shane Mosely … Have you seen comedian-impressionist Rich Little around town? The Insider is told he has a getaway in Laguna Beach, in addition to his main residence in Vegas OC lawyer-commentator Hugh Hewitt’s syndicated radio show moves from morning drive time to afternoon drive time, adding Boston, Chicago, New York, Pittsburgh and San Francisco. He’s heard here on KRLA 870 AM Libertarian-intellectual Ken Grubbs is back home in Irvine exploring opportunities after becoming a job casualty of the retrenching Investor’s Business Daily. Grubbs, the Register’s former editorial page chief, spent the past two years writing commentary for IBD in LA He’s a hard worker, well-mannered, good-looking, muscular and a certified stud. No, he’s not Sheldon Ascher, he’s Little Sugs Hickory, a 3-year-old gelding who’s being auctioned at the Cattle Barron’s Ball benefiting the American Cancer Society Oct. 20 at Newport Dunes Waterfront Resort. Call (949) 219-0005 for more info People at Forbes read the OCBJ. After eluding the national magazine’s radar for 10 years, George Argyros is back on its rich list at $1 billion, the same estimate the OCBJ made for Argyros on its inaugural OC rich list two months ago. But they don’t read everything. Donald Bren tops Forbes’ OC contingent at $4 billion, which is 50% shy of the Business Journal estimate Former Irvine Company spokesman Paul Kranhold has joined Fleishman-Hillard in San Francisco as a senior VP.
