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ADDENDUM – June 18, 2012

Other news items of interest from the Orange County Business Journal

Langston: late co-founder of Snyder Langston

University of California, Irvine, Executive Vice Chancellor and Provost Michael Gottfredson was set to be named president of the University of Oregon after emerging as the sole finalist in a candidate search. Gottfredson is the No. 2 administrator at UCI.

Irvine-based Brandman University’s nursing school was named for local philanthropists Paul and Marybelle Musco after the couple made an unspecified donation. Paul Musco is chairman and founder of Santa Ana-based precious metals company Gemini Industries Inc. He is a Brandman regent and Chapman University trustee.

Disneyland Resort’s California Adventure in Anaheim opened Cars Land. The new attraction is part of a $1 billion renovation that was celebrated with a star-studded bash two days prior to its public opening on June 15.

The Orange County Transportation Authority approved a $1 billion budget calling for 49 job cuts. It proposes hikes in various bus fares amounting to a 25% increase to the current base price of $1.50.

Hospital operator St. Joseph Health in Orange reorganized some administrative operations and is asking certain employees to reapply for posts. St. Joseph, which expects to eliminate 76 jobs in the process, owns St. Joseph Hospital in Orange, Fullerton’s St. Jude Medical Center and Mission Hospital of Mission Viejo and Laguna Beach.

Mission Viejo-based Auxilio Inc., which markets electronic-record systems, announced a five-year, $35 million contract with the Bon Secours Health System of Marriottsville, Md. Auxilio will serve 14 Bon Secours hospitals and several affiliated facilities in six states.

Chicago-based Katten Muchin Rosenman LLP opened an office in Costa Mesa with longtime Orange County attorney Craig Barbarosh as managing partner. Barbarosh was managing partner of the Costa Mesa office of San Francisco-based Pillsbury Winthrop Shaw Pittman LLP, which closed recently.

Newsong, an Irvine-based church, backed out of the purchase of the Santora Arts Building in Santa Ana. The church cited unspecified problems identified in due diligence. Developer Michael Harrah owns the Santora building, which was built in 1928 and is on the National Register of Historic Places.

William Earl Langston, co-founder of the Irvine-based construction company Snyder Langston, died after a prolonged battle with cancer. He was 80. Langston’s many professional and career contributions included a stint as president of the Orange County Economic Development Corp. and service on the county’s Airport Land Use Commission and the board of the California Housing Finance Agency. He received the City of Hope’s Spirit of Life Award in 1998, and as president of the Lincoln Club he was honored as the group’s “Man of the Year” in 1981.

Newport Beach-based networking chipmaker Mindspeed Technologies Inc. plans to raise $32 million through the sale of convertible senior notes. Raymond James & Associates will issue and sell the notes. Mindspeed makes chips for routers, switches and other networking equipment.

Emulex Corp. Chairman Paul Folino joined the board of Irvine-based networking equipment maker Lantronix Inc. Folino will chair Lantronix’s corporate governance committee and sit on the audit and compensation committees.

Prepayd Inc., a prepaid-wireless phone service provider, is moving its headquarters and convention marketing division from Newport Beach to Henderson, Nev. The company said it will be less expensive to operate in Nevada.

The Roman Catholic Diocese of Orange, which recently took over ownership of Crystal Cathedral in Garden Grove, changed the name of the iconic venue to Christ Cathedral. The diocese plans to renovate the cathedral in a year-long process set to begin in July 2013.


ECONOMIC INDICATOR

UP: Home sales in Orange County, which rose 12.3% in May from the previous month and 23.1% from a year earlier, according to San Diego-based DataQuick. A total 3,275 residential sales were completed during the month, the most in May since 2006. The median price inched up 2.4% from a year earlier, to $435,000. It was the first year-to-year increase in the monthly figure since November 2010.

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