TOP STORIES
In an effort to ease the energy crunch, the state began signing long-term contracts with power generators to stabilize supplies; Edison International chairman John Bryson said his company would be willing to sell its power transmission grid to the state for about $6 billion Irvine-based Broadcom Corp. CEO Henry Nicholas warned that the company’s sales growth will be less than previously expected, citing delayed or canceled orders; the firm’s shares fell 11% to 82 13/16 on the news Toshiba America Information Systems Inc. will eliminate 500 computer assembly jobs at its Irvine facility, about 25% of its work force there, and shift much of the work to Asia PacifiCare Health Systems Inc., Santa Ana, said it expects to post 2001 earnings more than triple the analysts’ consensus estimate, and its shares rose 35% to 33 1/2 on the news Ford Motor Co.’s Irvine-based Lincoln Mercury division unveiled five new Mercury models at the Chicago Auto Show, including the Marauder, an eight-cylinder four-door Newport Corp., Irvine, completed its acquisition of Kensington Laboratories Inc., Richmond, Calif., for $275.4 million, and acquired Design Technology Corp., Billerica, Mass., for an undisclosed amount.
TECHNOLOGY
Connexion by Boeing, an in-flight Internet unit of Boeing Co., began moving 300 employees into 100,000 square feet of space in the Irvine Spectrum The Unit 3 reactor at the San Onofre Nuclear Generating Station was closed indefinitely after a small fire in a circuit breaker Nasdaq halted trading of shares of Aliso Viejo-based MindArrow Systems Inc. after a company audit found up to 1.1 million unauthorized shares in circulation; the firm said it found questionable transactions by a now-defunct transfer agent and notified the FBI, which is investigating Conexant Systems Inc., Newport Beach, unveiled new chips for cable set-top boxes and for computer networking, which will compete directly with chips made by Broadcom Corp., Irvine; meanwhile, Standard & Poor’s lowered its rating on Conexant and its debt Aliso Viejo-based buy.com Inc.’s founder, Scott Blum, sued the company’s vice president of finance, Murray Williams, for more than $1 million, alleging Williams defaulted on a loan; Williams’ attorney contended that Blum owes Williams “millions” and promised a counter-suit; meanwhile, buy.com sold its British e-commerce site to The John Lewis Partnership NowDocs Inc., Aliso Viejo, laid off 35 employees,about 18% of its work force,and closed three of its 13 offices Wonderware Corp., Irvine, will acquire assets of its Scandinavian distributor, Industrial Communications Group AS Digital Paths Inc., Stanton, partnered with MSNBC.com to deliver information from the news site through its Web browser for handheld devices Co-founder Tracy K. Price was named president and CEO of FieldCentrix, replacing co-founder David Key Pen Interconnect Inc. moved its headquarters from Irvine to Santa Ana McGlen Internet Group Inc., Tustin, appealed a delisting notice from Nasdaq LMKI, Irvine, changed its name to Myrient and its symbol to MYNT.
HEALTHCARE
UCI Medical Center will pay $4.1 million as part of a larger settlement by the University of California of federal claims that the system’s hospitals overbilled Medicare Worldwide Medical Corp., Irvine, was cited by the FDA and faces up to $3.3 million in fines for allegedly selling urine-test kits prior to their June 2000 marketing approval by the agency Shares of NeoTherapeutics Inc., Irvine, rose 30% to 4 5/32 after the company announced it will conduct a new trial of its Netrofin Alzheimer’s drug in higher doses Interpore Cross International Inc., Irvine, sued a unit of Johnson & Johnson alleging patent infringement ICN Pharmaceuticals Inc., Costa Mesa, added Occidental Petroleum Co. chairman Ray R Irani and Occidental director Rosemary Tomich to its board and said 17-year director Richard Starr died in January Standard & Poor’s placed debut securities issued by Newport Beach-based Insight Health Services Corp. on credit watch.
GOVERNMENT
Supervisors approved new leases for businesses in the Dana Point Harbor, clearing the way for an $82 million renovation The Board of Supervisors green-lighted final negotiations with Aloha Airlines for two daily flights to Hawaii from John Wayne Airport Assemblyman Lou Correa, D-Anaheim, introduced a bill to require Tustin to devote at least 100 acres at the former Tustin Marine base to new school facilities for Santa Ana districts The Transportation Corridor Agencies agreed to a deal with Sirit Technologies Inc., Toronto, to market its fee-collection transponders system to businesses for electronic payment by their customers The South Orange County Community College District board voted to pay Irvine Valley College president Rathu Mathur $36,000 to settle a suit he brought seeking reimbursement for attorney’s fees from another suit OC Department of Education superintendent John F. Dean will retire April 6.
REAL ESTATE
The Costa Mesa City Council approved development plans for the Town Center area that includes expansions of South Coast Repertory and the Performing Arts Center, a new hotel, and three new office buildings The U.S. Fish and Wildlife Service designated more than 180,000 acres in Southern California critical habitat for the endangered Southwestern Arroyo toad, including land in the proposed Foothill South (261) Toll Road right-of-way Turner Development Corp., Newport Beach, acquired the San Juan Capistrano Business Park from Birtcher Real Estate Group, Laguna Niguel, for $22.7 million Werdin Corp., Newport Beach, acquired the 157,000-square-foot Waters at Creekside office complex in Costa Mesa from Metro Commercial Realty Corp., Newport Beach, for $20 million The OC District Attorney’s Office was investigating Arnel Management Co., Newport Beach, for allegedly overcharging renters for repairs when they moved out The Coastal Commission agreed to reconsider its approval of the Athens Group’s $150 million resort play at the Treasure Island parcel in Laguna Beach Highland Holdings International Inc. agreed to acquired Titus Real Estate LLC and will move its headquarters to Huntington Beach temporarily.
FINANCE
PriVest Bank, Costa Mesa, named its president, Brian M. Riley, to the additional post of CEO, succeeding J.B. Crowell, who remains chairman First American Corp., Santa Ana, sold its Contour Software Inc. subsidiary to Ellie Mae Inc., Pleasanton Nicolas Myles Garcia of Laguna Beach was sentenced to 30 months in prison for stock fraud.
