Edwards Seeks Big Investor; Shea Said To be Exiting Politics

The Insider is told that Edwards Theatres Circuit Inc. , OC’s biggest movie-theater chain and the county’s largest woman-owned company (see this week’s list, page 36), is seeking an investor who could wind up with majority ownership. The company is being shopped by Bank of America following a recent restructuring of a ballpark-$200 million loan, sources say; BofA unit Banc of America Securities, nee Montgomery Securities, is brokering the deal. The Insider is told that Edwards, suffering from over-building woes like those that have afflicted much of the movie theater industry, needs an equity infusion to finish off an ambitious expansion program. Observers say finding a partner may not be easy, since the likeliest candidates, other big movie-house chains, are leveraged up, too. The deal as envisioned would leave the Edwards family in charge of management. It marks a pivotal moment for the family that has defined and dominated movie-going in OC. After the death of founder James Edwards Jr. in April 1997, James Edwards III emerged from his father’s shadow to grow the once-local chain into a regional megaplex giant, with 840 screens on its way to 1,000. Alarms sounded in March, when Edwards retained Beverly Hills bankruptcy-law specialist Stutman Treister & Glatt to revise or end leases on 25 aging theaters; Edwards has stopped paying rent on closed complexes, prompting lawsuits. Banc of America Securities managing director Saverio Flemma, identified as the person handling Edwards, did not return a phone message by press time. Jim Edwards did, denying that the company was for sale or even that it was working with Banc of America Securities. But the Insider is assured that the Banc is actively seeking an investor for Edwards and has been distributing a prospectus Some of the sizzle will go out of Irvine politics, for sure: Word is that Mayor Christina Shea won’t be seeking another term on the city council,the perky Shea, a single mom, has decided it’s time to make some money in the private sector A local guy is buying up a few of the 350-some company-owned stores that CKE Restaurants is selling to franchisees. Craig McClure of San Juan Capistrano is buying 19 Hardee’s in Tennessee and Virginia Gone casual: Legal boutique The Busch Firm in Irvine. The Insider invites other examples of non-technology companies shedding their ties and suits Young heartthrobs like Leonardo DiCaprio, Ryan Phillippe and James Van Der Beek didn’t stand a chance in the Cal State Fullerton Daily Titan’s online poll of who should play Anakin Skywalker in the next “Star Wars” movie. The role has been given to 19-year-old Hayden Christensen, but the multiple-choice winner of the Titan poll, with 52% of the 103 votes, was just-turned-65-year-old heartthrob (and CSFU prez) Milton Gordon.