Stories for November 2008

Friday, November 28

Mixed Black Friday at Malls

South Coast Plaza was enjoying Black Friday as the Costa Mesa shopping center was jammed, while elsewhere around the county malls were slower.

UBS Slashes target on Bank of America

UBS slashed its price target on Bank of America Corp. by 48%, citing tighter credit conditions, uncertainty over near-term prospects of the Merrill Lynch & Co. deal and risk of additional write-downs.

Grubb & Ellis Board Fight Coming to Head Next Week

One of the noisier board fights Orange County has seen in years comes to a head next week some 2,500 miles away in Washington, D.C., at the annual meeting for Santa Ana-based Grubb & Ellis Co.

Macy's CEO Sees Closing up to 10 Stores Next Year

Macy's Inc. expects to close up to 10 stores next year and is in a position to use $950 million in cash to pay down debt, its chief executive said on Friday.

Britain takes 58% RBS Stake as Investors Shun Deal

Britain bought a 58% stake in Royal Bank of Scotland on Friday as the state picked up $23 billion of shares in the lender after investors shunned a rescue plan.

Wednesday, November 26

First American Up on Rival's Bankruptcy, Unit Sales

Shares of Santa Ana-based title insurer First American Corp. surged Wednesday on word that a rival is filing for bankruptcy protection.

Chrysler Readying "Viable" Turnaround Plans

Chrysler CBS.UL is prepared to meet "accountability and viability" criteria requested by Congress as a condition for considering a government bailout for the auto industry, Chief Executive Bob Nardelli said.

Henry Nicholas' Ex-Wife Sues Over Joint Trust

The former wife of Henry "Nick" Nicholas is suing the beleaguered Broadcom Corp. cofounder to break up a joint trust that controls about 30% of the Irvine chipmaker, according to the Orange County Register.

Whitney: Banks to Write Down about $44 Billion in Q4

Banks will incur about $44 billion in write-downs and loss provisions in the fourth quarter, and much of the U.S. Treasury capital will be diverted to plug holes on their balance sheets, prominent banking analyst Meredith Whitney said.

Valeant Seeking to Sublease Aliso Viejo HQ

Valeant Pharmaceuticals International is trying to sublease all or part of its Aliso Viejo headquarters just two years after the slimmed down drug maker moved its operations there from Costa Mesa.

Consumers Cut Spending, Durable Goods Orders Fall

Consumers cut spending during October at the steepest rate in more than seven years and orders for costly manufactured goods plummeted, according to Commerce Department reports on Wednesday that implied a steep recessionary downturn was at hand.

Tuesday, November 25

Conexant Renews Credit Line

This qualifies as news these days: Newport Beach-based chipmaker Conexant Systems Inc. has renewed a credit line for $50 million through November 2009.

Microsemi Set to Shutter Colorado Plant After Delays

Irvine's Microsemi Corp., which makes chips for industrial uses by the military, is finally wrapping up a plant closure in Colorado that has been hung up for years.

FDIC: Problem Banks Rise to 171 at End of Third Quarter

The number of problem banks and thrifts jumped in the third quarter to 171, from 117 at the end of the prior quarter, marking the highest level since the end of 1995 and adding to expectations that more banks will fail, regulators said on Tuesday.

OC Home Prices Off 29% from Year Ago; Sales Surge

The price of an existing Orange County home stands nearly $200,000 below its year-ago price, after slipping another $5,650 in October from September, the California Association of Realtors said on Tuesday.

Consumer Confidence Improves Moderately

Consumer confidence improved moderately in November from a record low in October, with the "present situation index" slipping slightly but the expectations index improving, according to a business research company index released on Tuesday.

Fed Announces New Plan to Support Mortgages

The Federal Reserve, in another massive life-support intervention for the financial system, on Tuesday announced a $600 billion program to buy mortgage-related debt and securities and a $200 billion facility to support consumer debt securities.

Monday, November 24

FDIC Irvine Office Set to Create Jobs

Details on the Federal Deposit Insurance Corp.'s Irvine lease

Hyundai Shift Set To Drive Irvine Ad Shop

World Marketing Group is about to become the biggest local advertising agency you've never heard of

U.S. Bails Out Citi With $20 Billion Capital, Guarantees

The government has bailed out Citigroup Inc., agreeing to shoulder most of the potential losses on $306 billion of high-risk assets and inject $20 billion of new capital in its biggest move yet to rescue a bank.

Cancer Device Maker Focuses on Business, Investors on Litigation

SenoRx's stock has taken a hit after the company was one of the biggest local IPOs in 2007

Impac Mortgage Shifting Focus Away from Home Loans

Impac Mortgage is starting to shed some light on the big changes it is making to its ever evolving corporate strategy, in the Real Estate column

Downey Financial to File for Bankruptcy Protection

Downey Financial Corp. plans to file for bankruptcy this week after its savings and loan was seized by federal regulators on Friday.

Malls Lay Pampering Plans to Keep Tired Shoppers Spending

Malls still expect the same holiday crowds though less spending, in the Marketplace column


Let Trusts Solve Mortgage Crisis. Commentary by Joseph Tomkinson


This past week's news from and other sources


Resort at Pelican Hill, Newport Coast


A listing of events happening all around Orange County - November 24 - December 3, 2008

Beyond Badges, Concealed Weapons, Sheriff Eyes Crime Surge, 2010 Vote

Beyond Badges, Concealed Weapons, Sheriff Eyes Crime Surge, 2010 Vote


Projects, developments and other activity in cities in and around OC

Report: UBS Clients Seek Amnesty on U.S. Taxes

Some wealthy clients of UBS AG are coming forward to make amends with U.S. tax authorities after a former UBS private banker was indicted, a sign that U.S. efforts to battle offshore tax evasion are having the desired effect, the Wall Street Journal repor



Surviving the Fire; Lindstrom Joins Bren's Top Team

Surviving the Fire; Lindstrom Joins Bren's Top Team

Register Settles Carriers' Lawsuit

The Orange County Register has settled a long-running lawsuit brought against it by a group of 5,000 carriers who deliver the daily newspaper.

Hyundai Names U.S. Chief Executive

South Korea's Hyundai Motor Co. has named one of its longest-serving U.S. executives to head its Fountain Valley-based U.S. operations.


Hirings, promotions and other moves at local businesses

Newport Hyatt Plans $50 Million Hotel Expansion

Sunstone Hotel Investors is planning a $50 million expansion of the Hyatt Regency Newport Beach hotel


Sales and leases of offices, industrial buildings, retail space and apartments

Kern's Launches Juices with Disney, Santa Ana Shop

Specialized Marketing Services is heading up a marketing campaign for Stremicks Heritage Foods, in the Media & Marketing column


The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance

Restructuring Valeant to Sublease Aliso HQ

Valeant Pharmaceuticals is trying to sublease all or part of its Aliso Viejo headquarters

Valeant Calls Drug Trial Encouraging

Valeant Pharmaceuticals International said Monday that mid-stage clinical trial results for a hepatitis C drug candidate were encouraging.

Memorial Health Pushes Projects, Cautious on More

Cautious investing and spending is shielding Memorial Health Services from the worst of the credit crisis, in the Healthcare column

Existing Home Sales Drop 3.1 Percent in October

The pace of sales of existing homes fell 3.1 percent in October to a 4.98 million-unit annual rate, while the median home price dropped to its lowest in more than four years, a National Association of Realtors report showed on Monday.


The retail market is in for a wild ride in 2009. PLUS: CHARTS - Net Absorption; Vacancy Rates; Average Asking Lease Rates

Youth Appeal

After a failed attempt at enticing young customers, St. John Knits is launching a line for women in their 20s, 30s and 40s


Fundraisers and charitable donations from companies and people

People Mover

Alar Staffing has started a subsidiary that offers affordable transportation to its temporary workers

'Velvet Hammer'

A deal for new space in Irvine caps a year of big changes at Kofax

Quartics Recruits CEO to Replace Founder Qureshey

Startup Quartics Inc. has recruited a chief executive, in the Technology column

Friday, November 21

Hedge Fund Elliott Associates Withdraws Offer for Epicor Software

New York-based hedge fund Elliott Associates LP on Friday pulled out of its hostile bid to buy Irvine's Epicor Software Corp.

Survey: Consumers Expect Steep Unemployment Rise

Consumers expect the unemployment rate to rise steeply in a prolonged recession, and as a result have slashed spending plans, according to a survey released on Friday.

Wal-Mart's Scott Retiring as CEO, Duke to Succeed

Wal-Mart Stores Inc., the world's largest retailer, said Lee Scott will retire as chief executive early next year and will be succeeded by Mike Duke, who heads its international operations.

Citigroup Shares Drop as CEO Plans to Keep Smith Barney

Citigroup Inc. shares tumbled for a fifth straight day, as Chief Executive Vikram Pandit tried to downplay speculation the banking giant might sell major businesses to restore its health and investor confidence.

Oct. Job Losses Hit High Water Mark for Year at 35,100

The county's running job losses hit a new recent high in October as employers shed 35,100 workers versus a year earlier, according to the state's Employment Development Department.

Thursday, November 20

Quiksilver Debt Downgraded After Rossignol Fire Sale

Huntington Beach-based Quiksilver Inc.'s fire sale of its struggling ski business has prompted Moody's Corp. to lower ratings on the clothing maker.

GM Shares Hit 70-year Low as Bailout Hopes Dim

Shares of General Motors Corp. tumbled more than 35 percent to hit a 70-year low on Thursday as prospects dimmed that lawmakers would reach a compromise on a proposed $25 billion bailout for automakers before Congress adjourns this week.

Jobs Data Miserable, Regional Factories Slump

The number of American workers on the unemployment rolls surged to the highest in a quarter century and a regional manufacturing gauge slumped as economic misery intensified.

Citigroup Shares Plummet 25 Percent Despite Alwaleed Move

Citigroup Inc.'s largest individual investor gave the troubled bank new support, saying he would boost his stake modestly, but failed to revive investor confidence as the bank's shares tumbled another 25 percent.

Ingram Micro Completes Buy of European Distributors

Santa Ana's Ingram Micro Inc., the world's biggest distributor of technology products, software and consumer electronics, said it purchased two smaller European distributors.

Retailer Wet Seal Warns About Tough Holiday Quarter

Cost cutting helped Wet Seal Inc. post a quarterly profit that met Wall Street projections, but the Foothill Ranch-based mall retailer warned that profits and sales for the current quarter would fall short of expectations.

Wednesday, November 19

Fox-Pitt: Citi to Write Down $3 Billion in Fourth Quarter

Fox-Pitt Kelton said it expects Citigroup Inc. to take net write-downs of $3 billion during the fourth quarter, and widened its loss expectation on the company for the period to reflect higher credit costs and write-downs.

Hedge Fund Extends Deadline for Epicor Buyout Offer

New York hedge fund Elliott Associates LP said Wednesday it extended its deadline to buy more shares in a hostile buyout bid of Irvine's Epicor Software Corp.

Analyst: Pacific Sunwear Likely to Survive

Shares of Anaheim-based Pacific Sunwear of California Inc. got a boost on Wednesday after an analyst upgraded the company's stock, saying the struggling retailer likely will stay in business.

Family Businesses Honored

A bank that survived the Depression and an upstart maker of packs for exercisers were among five businesses honored Wednesday at the annual Family Owned Business awards luncheon put on by the Business Journal and California State University, Fullerton's F

Grubb & Ellis Blasts Former Chariman's Board Bid

The ongoing fight at Santa Ana-based Grubb & Ellis Co. took another turn Wednesday as directors accused former chairman Tony Thompson of using a "costly and disruptive proxy contest" to force unwanted change on the real estate brokerage and investment com

Auto Execs Set for More Grilling on Aid Plan

Auto executives headed to Capitol Hill for a second day to argue their case for a $25 billion aid package in the face of mounting political opposition to another huge government bailout.

October Consumer Prices and Home Starts Plummet

Consumer prices dropped at the fastest rate on record in October and new home construction was at a record low, according to government reports on Wednesday that underlined how rapidly the economy was weakening.

Tuesday, November 18

October Producer Prices Fall by Record 2.8 Percent

Producer prices fell a record 2.8 percent in October as energy prices slid, government data on Tuesday showed, but a measure of core inflation at the farm and factory gate rose more than forecast.

Auto Executives Take Case For Bailout to Congress

Auto executives were set to take their case for a $25 billion industry bailout to Congress on Tuesday as they hope to overcome political opposition from influential congressional Republicans and the White House.

NYSE Plans to Delist Impac by Friday

Shares of Irvine-based Impac Mortgage Holdings Inc. closed down 40% Tuesday after the New York Stock Exchange said the company's stock should be removed from trading on the prestigious exchange by this Friday.

Pacific Sunwear Results In Line, Warns for Current Quarter

Anaheim-based mall retailer Pacific Sunwear reported a slim quarterly profit before charges Monday that met Wall Street expectations, but the company also warned about the current quarter.

Qualcomm Found in Contempt of Chip Ban Again

A Santa Ana judge on Tuesday found San Diego's Qualcomm Inc. in contempt of a ban on chips that were found to infringe on patents held by Irvine-based rival Broadcom Corp.

FDIC Opening Irvine Office, Signs Big Spectrum Lease

The Federal Deposit Insurance Corp. said on Tuesday it will be opening a temporary office in the Irvine Spectrum next month, and it signed one of the largest office leases seen in Orange County in several years.

Home Prices Slip in October, Off 35% from Peak

Orange County's median home price slipped another $5,000 in October from September, but sales volumes continued to improve over year-ago levels.

For Homebuilders, 2009 Shaping Up Worse Than '08

The housing slump is set to worsen in 2009, as fallout from this year's plunge in the stock market and consumer confidence continues to cast a pall over potential buyers.

Monday, November 17


A look at people, companies and institutions receiving awards, accolades, grants and other honors

Old School Disney, Pixar Dominate Park Remodel

Disney is spending $1.1 billion to make over its disappointing California Adventure park


The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance

Inside Vizio

A profile of the Vizio top-tier management who support Chief Executive William Wang in running the company

Article: Health Groups Hire HMO Radiology Managers

Recent media reports have analyzed health insurers' need to approve hospital medical scans, in the Healthcare column

Riviera Magazine Gets New Look in Print, On the Web

Riviera Magazine debuts a redesign this month, in the Media & Marketing column


Hirings, promotions and other moves at local businesses

Shares Slide as Citigroup to Slash 52,000 Jobs

Citigroup Inc. revealed plans to cut 52,000 jobs by early next year in Chief Executive Vikram Pandit's most dramatic move yet to restore profitability and bolster a sagging share price.

Pimco's McCulley Sees Year-Plus to Economic Recovery

The national economy could take 12 to 18 months to rebound, according to Paul McCulley, a managing director with Newport Beach-based bond fund manager Pacific Investment Management Co.

Fire Zone Residents Return Home, Some Businesses Closed

Residents of Brea, Yorba Linda and Anaheim Hills headed back to their neighborhoods on Sunday to assess damage or count their blessings after fire swept through the area over the weekend.

Broadcom Leads Chipmakers' 6% Job Gain

How Broadcom helped OC's chipmakers boost their employee count in the past year

Retailers Just Hope to Match, Not Beat, National Trend

Retailers are forecasting a grim holiday season, in the Marketplace column


Sales and leases of offices, industrial buildings, retail space and apartments


A listing of events happening all around Orange County


Analysis of the Albuquerque, Las Vegas and Seattle office markets

Industry Rebounds in October But Factory Outlook Grim

Industrial output rebounded in October after hurricane disruptions produced a stunning fall in September, but early data suggested manufacturing would suffer this month, according to reports on Monday.

Hozell Designs Clothes for Golfing Surfers

Hozell makes clothes inspired by two of the most popular leisure sports in OC, in the Small Business column

Businesses Look At Space Needs, Hurts Industrial

Businesses Look At Space Needs, Hurts Industrial

Renter's Paradise

Tough Housing Market Isn't a Boon for Apartment Owners Who Compete with Homeowners


Scenes from business, social, charity and other events

McKernan Go-To Guy on Driving, OCPAC, Prop 11

McKernan Go-To Guy on Driving, OCPAC, Prop 11

Analyst Projects Pacific Sunwear Loss

Pacific Sunwear of California Inc. is expected to report a quarterly operating loss Tuesday as the clothing retailer continues to battle declining sales, an analyst said Monday.

Grubb & Ellis Takes Over Leasing for its Santa Ana HQ

The Santa Ana office tower that holds the headquarters of Grubb & Ellis has a new leasing agent: Grubb & Ellis, in the Real Estate column

Marblehead Bankruptcy: Bid to Save Key Project?

The future of Marblehead is in doubt after an involuntary bankruptcy filing by SunCal Cos.

Wet Seal's Faring Better than PacSun

The economy has taken a toll on OC's top two retailers

Economy Pushes Businesses to Take Less Office Space

Economy Pushes Businesses to Take Less Office Space

Survey: U.S. in Recession, Jobless to Peak at 7.5 Percent

The economy is in recession and will contract at a faster pace in the fourth quarter, extending the decline into early 2009 as high unemployment crimps consumer spending, a survey showed.

Years in the Making, GardenWalk Mall Suffers Bad Timing

Anaheim's GardenWalk has opened during one of the toughest markets for retail in recent memory


This past week's news from and other sources

Mindspeed Sees Voice over Internet Protocol Chip Sales

Mindspeed Technologies is betting on chips for voice over Internet protocol, in the Technology column

Trial Run

An OC startup has ideas on how to improve the process of getting patients into drug and device trials


Analyses of the OC, Inland Empire and San Diego office markets


Analysis of the Chicago, Atlanta, and Boston office markets

L.A. Story

Little Office Development Helps Stem Downturn, Empty Space Grows as Rents Stagnate


Why OC's commercial market could be in for a long and painful 2009

Culinary Adventures Bankruptcy Continues to Resonate

Recent media reports have analyzed health insurers' need to approve hospital medical scans, in the Healthcare column

The Real Top Sales

Orange County's office market saw some big changes last quarter.

Properties in Limbo

With many local experts bracing for a commercial real estate tumble, the fates of some big deals are up in the air.

Cable Access

Cox Communications has spent the past five years developing its local advertising business

Spending Pullback Led to Increased Retail Vacancy

Spending Pullback Led to Increased Retail Vacancy

Friday, November 14

Report: Citigroup to Cut at Least 10,000 Jobs

Citigroup Inc. is cutting at least 10,000 jobs in its investment bank and other divisions throughout the world, the Wall Street Journal said, citing people familiar with the matter.

St. Joseph to Buy Laguna Beach Hospital

Adventist Health, owner of South Coast Medical Center, on Friday selected St. Joseph Health System to buy the Laguna Beach hospital.

Allergan Slumps on Skin Filler Report

Shares of Irvine drug maker Allergan Inc. fell Friday on news that regulators received reports of serious problems in people treated with skin-filling injections.

Valeant Buys Australian Drug Maker

Valeant Pharmaceuticals International said Friday it bought DermaTech Pty Ltd., an Australian company, for $12.2 million.

J.C. Penney Profit Falls 53 Percent

Retailer J.C. Penney Inc. on Friday said quarterly profit fell nearly 53 percent and warned of worsening results for the rest of the year, just weeks before the crucial holiday shopping season begins.

Retail Sales in Record Fall, but Sentiment Up

Sales at retailers suffered a record decline in October as fears of recession sapped spending, but part of the drop was due to slumping gasoline prices, which helped buoy consumer confidence this month.

Thursday, November 13

Wal-Mart Net up 10 Percent, But Outlook Lowered

Wal-Mart Stores Inc. reported a slightly better-than-expected 10 percent rise in quarterly profit on Thursday as shoppers seeking relief from deteriorating global economic conditions scoured its aisles for discounts on groceries and medicine.

Analyst: Nortel Bankruptcy a "Distinct Possibility"

Nortel Networks Corp., North America's biggest maker of telephone equipment, will have to rely on asset sales to fund its battered operations and risks running out of money and collapsing under its debt load before 2011, an analyst warned on Thursday.

Quiksilver Completes Rossignol Sale

Quiksilver Inc. has closed the sale of its struggling Rossignol unit for $50 million, or about 40% of what it had hoped to get in August and a fraction of the $560 million it paid for the French ski maker in 2005.

Microsemi's Outlook Flat; Quarterly Results Meet Expectations

Shares of Irvine-based chipmaker Microsemi Corp. rose after the company gave an outlook for the current quarter that was flat with the recently ended quarter but in line with Wall Street's expectations.

Jobless Claims Hit 25-year High, Imports Plunge

The number of workers drawing jobless benefits hit a 25-year high this month and imports suffered a record drop in September, according to reports on Thursday that underscored a rapid drop-off in the economy.

Hyatt Regency Newport Beach Plans Expansion

San Clemente-based Sunstone Hotel Investors Inc. is planning a $50 million expansion of its Hyatt Regency Newport Beach.

Epicor Software Set to Slash Jobs to Cut Costs

Epicor Software Corp., an Irvine maker of business software, said Thursday it's set to cut jobs in a bid to save money.

SunCal's Marblehead Development Files for Bankruptcy

The future of San Clemente's stalled Marblehead Coastal development is in further doubt after the 248-acre project was placed in Chapter 11 bankruptcy by the management of Irvine-based SunCal Cos.

Wednesday, November 12

Best Buy Slashes Profit Outlook

Best Buy Co., the No. 1 U.S. electronics chain, slashed its fiscal 2009 profit forecast on Wednesday, driven by weak consumer spending heading into the crucial holiday selling season.

Pimco's El-Erian: More To Come in Financial Crisis

The financial crisis could be about three-quarters of the way through with more turmoil still to come, Mohamed El-Erian, co-chief executive of Newport Beach-based bond manager Pacific Investment Management Co., told CNBC on Wednesday.

Treasury Backs Away From Plan to Buy Bad Assets

Treasury Secretary Henry Paulson on Wednesday said he was backing away from buying troubled mortgage assets using a $700 billion bailout fund, instead favoring a second round of capital injections into financial institutions that would match private funds

Blizzard Fans Camp Out for Online Game Launch

Diehard fans of "World of Warcraft," the blockbuster online game from Irvine's Blizzard Entertainment Inc., have lined up a day early to be the first to get their hands on the newest installment of the game at an Anaheim electronics store.

Macy's Posts Loss But Tops Expectations; Shares Up

Macy's Inc. reported a quarterly loss on Wednesday as shoppers curbed trips to the mall and avoided all but the most crucial of purchases as the economic crisis deepens, but the department store operator beat Wall Street estimates, sending its shares up 3

Impac Sees $16M Loss; Ends Auction Partnership

Irvine-based mortgage investor Impac Mortgage Holdings Inc. on Wednesday posted a third-quarter loss of $16.2 million and said it is ending a profitable partnership with a local auction company to sell foreclosed homes.

Taco Bell Seeing Layoffs as Parent Restructures

Irvine-based Taco Bell Corp., the largest restaurant chain based in the county, is set to see an undisclosed number of layoffs as its parent company cuts hundreds of jobs.

Tuesday, November 11

Citigroup to Help At-risk Borrowers Stay in Homes

Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers remain in their homes -- making Citi the latest big bank to announce sweeping efforts to try to curtail losses from souri

Survey: Small Business Optimism Tanks in October

Small business owners are losing confidence in the economy and have little hope that recent Federal Reserve interest rate cuts will do much to boost sales, a survey released on Tuesday showed.

Online Game Company Readies Biggest Release

NHN USA, an online game developer that recently moved to Irvine, has plans to role out six multiplayer games in the next year or so, including its biggest release yet.

Pacific Life Investments Include Small Portion of Mortgages, Credit Swaps

Newport Beach-based life insurer Pacific Life Insurance Co. has released the details of its investments to the public.

Fund Industry Braces for Deep Job Cuts

Job losses at asset managers could rival layoffs in the last big bear markets of 2001-02 and 1991-92 as investors pull record amounts of money out of mutual funds in the financial crisis, experts say.

Register Parent Scales Back Printing of Phoenix-Area Paper

The parent company of the Orange County Register is cutting production of its Phoenix-area paper as it deals with an ongoing industry downturn.

Monday, November 10

Latest QLogic, Emulex Battle Mostly Marketing so Far

The war of words between local rivals Emulex and QLogic has gotten louder lately

The Other Broadcom

A profile of the man who tamed the once wild and unruly Broadcom

Allergan, Spectrum Ink Deal for Bladder Cancer Drug

Allergan is adding more potential drug candidates to its arsenal, in the Healthcare column

As Banks Look to Buy, Some See Consolidation Wave

FINANCE: Tightened credit, fewer loans could result in combinations

Nicholas Aide Pleads Guilty to Evading Bank Law

A lawyer who worked for Broadcom Corp. cofounder Henry "Nick" Nicholas has pleaded guilty to evading a banking law and could work with prosecutors as they prepare stock fraud and drug cases against his former boss.


Sales and leases of offices, industrial buildings, retail space and apartments

Endocare Combining with Israeli Device Maker

Weeks after rejecting a hostile takeover bid, Irvine device maker Endocare Inc. said Monday it was combining with Galil Medical Ltd., an Israeli company.


Hirings, promotions and other moves at local businesses


Why is OC Democratic party chairman Frank Barbaro smiling? Could it because of Barack Obama? ... This Huntington Beach company is a winner in the surf, but a wipeout on the slopes... In this economy everything is tighter, except maybe, faces? And a Happy


The low-rise office market is attracting businesses looking to cut costs. PLUS, CHARTS - Net Absorption; Vacancy Rates; Average Asking Lease Rates

Grubb & Ellis in Boardroom Fight, Lays Off 100 Brokers

Former Grubb chairman Tony Thompson has nominated a trio of heavy hitters for the brokerage's board

Government Increases AIG Bailout to $150 Billion

The government dramatically boosted its bailout of insurer American International Group Inc. and eased the terms of its loans to the company on Monday after an initial rescue plan failed to stabilize the company.

Online Game Company Readies Biggest Release

NHN USA wants to be the No. 1 gaming portal in North America


Projects, developments and other activity in cities in and around OC

Marshall Hopes to Make Yamaha Dirt Bikes Stand Out

Marshall Advertising and Design has launched an ad campaign for Yamaha Motor Corp, in the Media & Marketing column

Before Making History, Obama Calls Barbaro; Herb Turns 100

Before Making History, Obama Calls Barbaro; Herb Turns 100


The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance

Local Branches Expected to Survive JPMorgan Chase's WaMu Takeover

Local Branches Expected to Survive JPMorgan Chase's WaMu Takeover

Boutique Law Firm's Working for Free

Year-old Eagan O'Malley looks to grab a piece of the market by working on contingency cases for businesses


This past week's news from and other sources

Irvine's Kofax Inks Big Lease with Irvine Co.; New HQ

Irvine's Kofax PLC, a maker of business software, said on Monday is set to move its headquarters to the Irvine Spectrum and increase its square footage by a third.

Circuit City Files for Bankruptcy

Circuit City Stores Inc., the No. 2 U.S. consumer electronics retailer, filed for bankruptcy protection on Monday just a few weeks before the start of the key holiday shopping season, becoming the largest retailer to file under Chapter 11 this year.

King for a Day

Local Banks' Strategy Vindicated in Crisis, But Some Worry About Worsening Conditions

Printer Opens in Irvine Near Client Taco Bell

Commercial printer Tukaiz has opened an Irvine facility to be closer to Taco Bell

Report: Auto Dealers Could See a Better Year in 2009

Auto dealers may have a better year in '09, in the Marketplace column

Money Talk

Bankers, Credit Union Executive on Lending, Stability of Local Financial Institutions

Taco Bell Takes HQ From Shrunken Ford

Taco Bell is moving its headquarters from the John Wayne Airport area to the Irvine Spectrum

Report: Citigroup in Talks to Buy a Bank

Less than a month after walking away from Wachovia Corp., Citigroup Inc. is in discussions to acquire another U.S. bank, the Wall Street Journal said, citing people familiar with the situation.

Advanced Medical's Big Laser Eye Push Now Waiting Game

AMO remains bullish on laser vision surgery amid the slow economy


What it feels like to wake up in a liberal world. Commentary by Michael D. Capaldi


Fundraisers and charitable donations from companies and people



Deposit Shift, Financial Crisis Reshape Region's Bank Landscape

Deposit Shift, Financial Crisis Reshape Region's Bank Landscape

Taco Bell Takes Office Space From Shrunken Ford

Irvine-based Taco Bell Corp., the largest restaurant chain operator based in Orange County, has signed a deal to move its headquarters from the John Wayne Airport area to the Irvine Spectrum.

Court Win Cheers Small Resellers, Cisco May Appeal

An OC judge recently awarded a local reseller of Cisco gear $6 million in damages, in the Technology column

Treasury Invests in Little Saigon Bank But Not Downey

Treasury Invests in Little Saigon Bank But Not Downey

Coastal Housing Holds Up, Santa Ana Homes Declining

It remains a tale of two markets when talking about OC housing, in the Real Estate column

Friday, November 7

September Pending Home Sales Fall 4.6 Percent

Pending sales of existing homes fell in September on tighter credit and worsening economic conditions, data from a real estate trade group showed on Friday.

First American Up on Rivals' Combination

Shares of Santa Ana-based title insurer First American Corp. closed up 18% on Friday on word that two of its rivals are combining.

Grubb & Ellis in Boardroom Fight, Lays Off 100 Brokers

In the latest installment of the Grubb & Ellis Co. boardroom fight, former chairman Tony Thompson has nominated himself and a pair of heavy hitters for the board of the Santa Ana-based real estate brokerage and investor.

Job Losses Soar, Jobless Rate at 14-year High

Employers slashed an unexpectedly steep 240,000 jobs from payrolls last month and the jobless rate shot up to a 14-1/2-year high, the government said on Friday in a report underscoring the economy's steep slide.

Ford Loses Nearly $3 Billion, More Cost Cuts Ahead

Ford Motor Co. posted a deeper-than-expected $2.98 billion quarterly operating loss on Friday and told investors it would take aggressive actions to further cut costs as it faces a severe slump in demand.

Thursday, November 6

Jobless Claims Fell 4,000 Last Week

The number of workers filing new claims for jobless benefits fell by 4,000 last week to 481,000, according to a Labor Department report on Thursday that still showed the job market under severe strain.

Tough Oct. for PacSun; Wet Seal Holds Up, Minus Arden B Chain

Anaheim-based mall retailer Pacific Sunwear of California Inc. saw a steeper than expected fall in October sales and warned of a quarterly loss, while Foothill Ranch-based Wet Seal Inc.'s decline came in better than expected.

Toyota Hacks Forecasts as U.S. Carmakers Seek Help

Toyota Motor Corp., the world's No.1 automaker, warned operating profits will sink to a 13-year low this year, as other carmakers sought more state help to ride out a financial crisis that is crippling demand and squeezing credit around the globe.

Retail Sales Worst in Decade; Shoppers Cut Back

Retail chains posted the worst monthly sales data in this decade as consumers stunned by a financial crisis that has derailed the economy cut spending sharply in October.

Sources: Downey HQ No Longer Up for Sale

The Newport Beach office buildings that long have served as the headquarters of Downey Financial Corp. are no longer up for sale, according to the company and real estate sources.

Grubb & Ellis Slumps on Loss, Outlook

Shares of Santa Ana-based Grubb & Ellis Co. were down nearly 25% in early afternoon New York trading Thursday, after the real estate brokerage and investor reported a loss and said it wouldn't meet 2008 earnings goals because of tough conditions in the co

Valeant's Q3 Misses Views

Valeant Pharmaceuticals International reported third-quarter earnings Thursday that were below Wall Street's estimates.

Automaker Working to Reopen Lamborghini Orange County

Italy's Automobili Lamborghini Holding SPA is trying to help reopen its largest U.S. dealership, Lamborghini Orange County, which abruptly closed this week.

Wednesday, November 5

McCain Narrowly Wins OC; San Clemente Backs Redevelopment

Orange County voters gave John McCain a narrow nod in the presidential race and soundly backed a measure to restrict pension benefit increases, while San Clemente residents said "yes" to a redevelopment project there.

Grim Jobs, Services Data Greet New President

The private sector jobs market deteriorated rapidly in October while the service sector contracted sharply as the worst financial crisis in 80 years hammered the world's largest economy.

Boost Seen for Natural Gas Under Obama; Setback For Oil

The election of Democratic Sen. Barack Obama to the presidency should be a boon to natural gas producers, but the forecast is turning dark for oil and coal industries already coping with falling prices.

Corinthian Colleges' Results Meet Views, Holds Outlook

Santa Ana-based Corinthian Colleges Inc. on Wednesday reported a quarterly profit Wednesday that met Wall Street's expectations and upheld its outlook for the rest of the year.

Obama Win Met With Urgent Call For Global Action

Political leaders urged President-elect Barack Obama on Wednesday to help forge a new economic order to lead the world out of its worst financial crisis since the 1930s.

Tuesday, November 4

Epicor Software Rejects Lower Buyout Bid

Directors at Irvine's Epicor Software Corp., a maker of business software, on Wednesday rejected for a third time a hostile buyout bid from hedge fund Elliott Associates LP.

UBS Says Money Outflows Slowing, Wary on Fourth Quarter

UBS AG said a state bailout was helping stem client money outflows, but it needed stable markets to revive its key wealth management business and could take a 6 billion Swiss franc ($5.13 billion) accounting hit this quarter.

Voters Weigh in on Local, State National Races; High Turnout Expected

Orange County voters headed to the polls Tuesday to weigh in on the historic presidential race, congressional and state races, contentious state propositions and local measures and council races.

William Lyon Posts Narrowed $41M Q3 Loss

Newport Beach-based homebuilder William Lyon Homes Inc. on Tuesday reported a $41.1 million loss for the third quarter, about $19 million less than it lost a year earlier.

Australia Cuts Rates; Hopeful Signs in Credit Markets

Global credit markets showed some signs of a thaw on Tuesday as Australia cut interest rates sharply ahead of expected reductions in Europe later this week, though the deep freeze in bank lending still appeared far from over.

Monday, November 3

Advanced Medical Rises on Upgrade, Results

Shares of Advanced Medical Optics Inc. surged Monday after Wall Street reacted well to its third-quarter results.

Under a Microscope

Pacific Life No AIG, Seeks to Reassure Policyholders Just the Same

Shares of Multi-Fineline Electronix Fall on Cautious Outlook

Shares of Anaheim-based Multi-Fineline Electronix Inc., a maker of flexible circuit boards for cell phones and other mobile devices, fell Monday after the company gave a cautious outlook for the current quarter.

Rolls Dealership Moves Closer to Airport, Private Jets

Newport European Motorcars is moving from one Newport location to another, in the Marketplace column


A look at people, companies and institutions receiving awards, accolades, grants and other honors

Frenchman Trades Surf-Inspired Glasses for Couture

Philippe Vergez wants to change the way women see the world, in the Small Business column


The Week's Best, Worst Performers; Roth OC50, Billion Dollar Club, OC Tech; Index Watch, 52-week Performance

San Clemente Votes on Lab Creator's Project

Shaheen Sadeghi's project for downtown San Clemente hinges on Tuesday's election

Comarco Streamlines Business with Sales

Comarco is a shell of its former self

Court Might Require Law Malpractice Insurance Disclosure

INSURANCE: Ruling could impact local small firms, sole practitioners

L.A. Times Ignores, Register Touches on Speculation

While the OC Register has touched on it, the L.A. Times won't comment on the biggest story in OC media in years, in the Media & Marketing column

Global Companies Suffer as Recession Rears Ugly Head

Corporate results and outlooks worsened as government officials around the globe pressed efforts to bolster weakening economies, which claimed fresh victims from banks to retailers to manufacturers.


4.5% Mortgages. A local businessman has a plan to get housing back on track, in Viewpoint

Dr. Fresh Buys Binaca Brand, Plans to Move It to Buena Park

Dr. Fresh is bringing more brands to OC

AT & T; Pushes TV Services, Ups Ante With Cable Operators

AT & T; is entering the war for your TV


This past week's news from and other sources

Broadcom Could Go After Freescale, TI Wireless Units

Broadcom could look to snatch up some businesses left dangling by competitors, in the Technology column

Coping with the Meltdown, from Argyros to Yoost

Coping with the Meltdown, from Argyros to Yoost

Rossignol Sale Firmed Up, Quiksilver Seeks Funding

An update on the status of Quiksilver's Rossignol sale amid the ongoing credit crisis


A listing of events happening all around Orange County. November 3-November 12, 2008

Blackstone Closes Apria Buy, Longtime Boss Higby Retires

Apria Healthcare starts its new life as a privately held company

Manufacturing Crashes to 26-year Low in October

U.S. factory activity contracted sharply in October, falling to its lowest in 26 years as the financial crisis ravaged the world's largest economy, an industry report showed on Monday.

Healthcare Insurers Warn Brokers to Not Combine Products

INSURANCE: Carriers threaten to terminate contracts if not obeyed

Wealth Advisers Hold Hands, Seek Bargains

How the county's top financial advisers have been dealing with the economic meltdown

Office Market Seeing Deals from Insurance Firms

REAL ESTATE: Company layoffs putting sublease space back on market

Worker's Compensation Premiums on the Rise

Worker's Compensation Premiums on the Rise


Letters to the Editor. Who You Calling Old?

Circuit City Closing 155 Stores, Seeking Options

Circuit City Stores Inc. is closing 155 stores and considering all options to restructure its business as it struggles with a deteriorating liquidity position and tighter credit conditions from vendors.


More high-rise office space is up for sublease, in Real Estate Watch. PLUS: CHARTS - Net Absorption; Vacancy Rates; Average Asking Lease Rates


Hirings, promotions and other moves at local businesses

Hedge Fund Ups Advanced Medical Stake

A New York hedge fund has upped its stake in Advanced Medical Optics, in the Healthcare column

Smoke Free

Companies Take Different Tactics to Reduce Employee Smoking, Cut Healthcare Costs

Less Is More

Hyundai Motor America has stepped up its marketing to keep its brand atop a chaotic market

Maguire Leasing Buildings, Still Third Empty

Maguire is still looking to offload office properties here


Sales and leases of offices, industrial buildings, retail space and apartments

Shea Homes: Housing Market to Hit Bottom Late '09

Shea Homes isn't expecting a turnaround in the housing market any time soon, in the Real Estate column