EXECUTIVE SUMMARY
Compiled by Mike Mason
TOP STORY
Orange-based CheckMate Staffing Inc. filed for bankruptcy protection, and its founder,
Luis “Lou” Perez, stepped down as chief executive. The embattled staffing company recently agreed to pay $7 million to settle a lawsuit over unpaid workers’ compensation premiums with the State Compensation Insurance Fund. CheckMate also is the subject of a criminal probe over possible workers’ comp fraud. The company named Laurie Holcomb as chief executive and hired Irvine-based turnaround specialist Crossroads LLC. Perez, who founded CheckMate in 1990, will remain as company chairman.
TECHNOLOGY
Irvine-based Best Software Inc., a unit of the United Kingdom’s Sage Group PLC, said it plans to buy Pleasanton-based Accpac International Inc. for $106 million. Accpac is a unit of Islandia, N.Y.-based Computer Associates International Inc. The deal could close as early as March … Newport Beach-based Acacia Research Corp. said the interactive unit of Falls Church, Va.-based General Dynamics Corp. licensed the company’s audio and video transmission technology … Costa Mesa-based Irvine Sensors Corp. said its operating loss for the 12-month period through Sept. 28 was $5.8 million, flat versus a year earlier, on an 18% decline in sales to $12.6 million.
HEALTHCARE
Irvine-based Sun Healthcare Group Inc. agreed to sell its rehabilitation operations to Fort Smith, Ark.-based Beverly Enterprises Inc. for $34 million plus some assumed debt. The deal, expected to close by the end of January, must be approved by Beverly’s board of directors … Shares of San Juan Capistrano-based Chroma- Vision Medical Systems Inc. got a boost after the company won approval from the Food and Drug Administration to sell a microscope for use in breast cancer screening. The company’s stock tripled to 3.9 on the news before backing off to 3.4 the next day … Irvine-based Allergan Inc. said it won a patent case against Canada’s Apotex Corp. over its anti-inflammatory drug Acular. Apotex has been barred from making a generic version of Acular until Allergan’s patent expires in 2009, according to the ruling … Anaheim-based Alliance Imaging Inc. said its earnings before interest, taxes, depreciation and amortization charges in the fourth quarter would be at the low end of a previous forecast of $40.7 million to $42.7 million. Alliance said it expects earnings in the first quarter to be $37 million to $38 million on sales of $99 million to $102 million … Germany’s Henkel KGAA said it plans to buy Costa Mesa-based Advanced Research Laboratories Inc. for undisclosed terms. Advanced Research has about 180 workers … Irvine-based medical device maker Cardiac Science Inc. said it signed a pact to sell 50 automated defibrillators to the Kissimmee, Fla., police department. The devices are used to treat victims of a heart attack … San Diego’s Biosite Inc. got Food and Drug Administration approval to sell a congestive heart failure test device for to be made by Fullerton-based Beckman Coulter Inc. as part of Beckman’s Immunoassay Systems diagnostic test.
REAL ESTATE
Santa Ana-based First American Corp. said it plans to buy Seattle-based Pacific Northwest Title Holding Co. and Howell, Mich.-based Metropolitan Title Co. Terms weren’t disclosed in either deal. Metropolitan has 1,400 workers, with Pacific Northwest counting 500 employees … Irvine-based law firm Kasdan, Simonds, Riley & Vaughan LLP filed a class-action lawsuit against Newport Beach-based Fieldstone Communities Inc. on behalf of homeowners who say the builder set up shell companies to do construction and repair work without licenses. Homeowners say the Fieldstone units, Fieldstone River Ranch North LLC and Fieldstone Home Services, didn’t disclose that they lacked a state contractor’s license, which the homebuilder disputes.
FINANCE
Irvine-based Instafi.com tapped Burbank-based CMA Business Credit Services to liquidate its assets. Instafi.com recently ceased operations and dismissed most of its staff amid the slowing market for mortgage refinancing … The FBI raided the Lake Forest offices of Financial Advisory Consultants, which is run by James P. Lewis Jr. of Laguna Niguel. Investigators are looking into allegations that the investment company is an $813 million Ponzi scheme that defrauded 5,200 investors.
WHAT ELSE IS NEWS
Rosemead-based Edison International pulled out of its $50 million, 20-year ballpark naming pact with the Anaheim Angels. In opting out of the deal, Edison cited higher costs linked to the team’s improved attendance level and its World Series win in 2002. The ball club renamed the park Angel Stadium of Anaheim … Newport Beach-based American Vanguard Corp. said it completed its $5 million buy of an ingredient in an insecticide used to control flies and animal parasites from Switzerland’s Novartis AG … Santa Ana-based Corinthian Colleges Inc. said it opened a National Institute of Technology campus in Detroit. Meanwhile, Corinthian named William Murtagh Jr. president of its Toronto-based CDI Education Corp. unit, which has 46 colleges in Canada … Huntington Beach-based Chicago Pizza & Brewery Inc. said it signed leases to open restaurants in Folsom and Roseville, near Sacramento … An electrical transformer exploded at Fashion Island during the holiday shopping season, burning one woman and causing a blackout at the Newport Beach mall. Electricity was restored by the next day.
