TOP STORIES
Shareholders of Costa Mesa-based ICN Pharmaceuticals Inc.’s former plant in Belgrade, Yugoslavia, voted to restore ICN’s majority ownership, which was seized in 1999 by the government under recently deposed president Slobodan Milosevic; the company said it also expects to receive from the new government $176 million it is owed for drugs delivered to the state health system … PacifiCare Health Systems Inc., Santa Ana, issued an earnings warning for the third quarter and said it is halting enrollment in parts of Texas and Washington and considering similar moves in other areas; the company’s shares fell 67% in two days to 10 7/8 on the news (see story on page 8) … Standard & Poor’s downgraded its rating of Orange-based Global Health Services Inc., saying its ability to make a $12.4 million debt payment Nov. 1 is in doubt … Western Digital Corp., Irvine, received a contract to supply disk drives to Microsoft Corp. for its Xbox video game console … Exult Inc., Irvine, received a contract to handle human resources functions for Bank of America and its shares rose 25% to 14 1/2 in late trading Friday … Aspeon Inc., Irvine, said it is delaying release of its fiscal 2000 year-end SEC report a second time, after Nasdaq halted trading in its shares.
TECHNOLOGY
McGlen Internet Group Inc., Tustin, will be acquired by Industry-based Lan Plus Corp. … DDi Corp., Anaheim, raised $120 million in a secondary offering … Ethentica, Lake Forest, received $25 million in a private placement and $15 million from Hewlett-Packard Co. in a convertible debt deal (see story on page 3) … EMachines Inc., Irvine, said it plans to release an MSN Companion device for Internet access developed with Microsoft Corp. … Quest Software Inc., Irvine, launched a software package designed to improve the performance of Unix and Windows NT databases … The directors of Costa Mesa-based Emulex Corp. approved a 2-for-1 stock split … Motorola Inc.’s $160 million acquisition of Anaheim-based Printrak International Inc. received antitrust clearance from the FTC … CR Computing Solutions, San Juan Capistrano, was acquired by El Segundo-based CarParts.com … James E. Bailey was promoted to CEO at ColorMax Technologies Inc., Tustin, replacing Donald H. Hansen, who continues as president; also, CFO and COO Richard R. Milewski resigned and his duties were assumed by secretary and treasurer Julie Kim … Ron Nieman was named CEO of Santa Ana-based RemoteVideo.com … Selwyn H. Joffee was named president and chief executive of Netlock Technologies Inc., Brea … Procom Technology Inc., Irvine, hired Ask Jeeves Inc. to enhance its technical support services (related story on page 16) … Precision Systems Concepts Inc., Chicago, will use Newport Beach-based IPNet Solutions Inc.’s IPNet eBizness Suite software, and the two companies will co-host a seminar on e-business in the Chicago area this week.
HEALTHCARE
Greater Newport Physicians signed a 2001 contract with PacifiCare of California, Cypress … Hycor Biomedical Inc., Garden Grove, received FDA approval to market a test for vasculitis … Edwards Lifesciences Corp., Irvine, began a discount program to encourage holders of fewer than 100 shares to sell them or add shares to total more than 100.
GOVERNMENT
The Orange County Transportation Authority allocated $77 million in sales tax funds to 212 projects over five years … A draft study for the city of Irvine said the “Great Park” plan for the former El Toro base being pushed by Councilman and mayoral candidate Larry Agran would cost $200 million over 20 years to develop and generate $20 million a year in revenue; meanwhile, a consultant to the county said the night-flight curfew at John Wayne Airport will have to be lifted to accommodate the projected growth in demand for air service if an airport is not built at El Toro … The regional water board fined the OC Sanitation District $107,500 for a sewage spill fouled the ocean off Seal Beach in June.
REAL ESTATE
The Orange City Council approved The Irvine Company’s Santiago Hills Phase II plan to build 1,746 homes on 494 acres … Prometheus Real Estate Group, Redwood City, acquired the Cascades Apartments in Anaheim from Bear Stearns Joint Venture for $41 million … The Coastal Commission approved a plan by Hellman Properties LLC to build 70 homes on the 196-acre Hellman Ranch property in Seal Beach, while setting aside 150 acres for conservation and wetlands restorations.
WHAT’S NEW
Irvine investment bank The National Capital Cos. acquired Westwood-based InterFirst Capital Corp. in a deal that stands to double its brokers to 640 and annual revenue to $60 million Culinary Holdings, Newport Beach, acquired the El Paso Bar-B-Que chain from Agoura Hills-based Easyriders Inc. for $11.5 million; John Martin is chairman of both firms … Whyrunout.com, Aliso Viejo, expanded an agreement with Stater Bros. Markets for delivery of groceries to cover all of Southern California … World Shopping Network Inc., Santa Ana, will acquire Delphi Communications Inc. … Nine Dots, Irvine, was acquired by CyberSight, Portland, Ore.; Craig Holland will continue as CEO of Nine Dots and become a VP of CyperSight … Michael Haynes was named president and COO of Tangible Asset Galleries Inc., Newport Beach; Silvano DeGenova remains chairman and CEO … The state Department of Corporations concluded a non-monetary settlement of claims filed against it by investors in the defunct First Pension Corp. … A hacker broke into the OC Register’s Web site and changed three of the stories; the newspaper said it had traced the identifying information on the perpetrator and turned it over to federal authorities.
