TOP STORIES
ICN Pharmaceuticals Inc., Costa Mesa, will spin off its European operations to become Moscow-based ICN International and spin off its research and development arm as Ribapharm Inc., to be based in Costa Mesa; ICN will retain a majority stake in both and ICN Chairman and Chief Executive Milan Panic will be chairman of both spinoffs; ICN will relocate to New Jersey where partner Schering-Plough Corp. is based; ICN shares fell 20% to 27 1/2 on the news … Broadcom Corp., Irvine, will buy the 87% of El Segundo-based Innovent Systems Inc. it does not already own, for $457.1 million … OC supervisors voted to create an office to oversee El Toro airport planning that reports directly to them, effectively voiding the contract of County Executive Jan Mittermeier; former John Wayne Airport director O.B. Schooley was named interim director of the office, pending a search … Wynn’s International Inc., Orange, will be acquired by Cleveland-based Parker Hannifin Corp. for $497 million … The Coastal Commission approved the plan for the $150 million Treasure Island resort in Laguna Beach … Boeing Co. said it will launch a Huntington Beach-based Delta III with a dummy payload to demonstrate its reliability following two failed launches … CKE Restaurants Inc., Anaheim, named executive VP and general counsel Andrew F. Puzder CEO of its Hardee’s chain, replacing Tom Thompson, who remains CEO of CKE and of its Carl’s Jr. chain.
TECHNOLOGY
MAI Systems Corp., Irvine, will sell its Hospitality Information Systems unit to Irvine-based California Software Corp. for $36.3 million in stock and assumed debt and a seat on California’s board … Conexant Systems Inc., Newport Beach, will open a design center near Boston; meanwhile, shares of Conexant rose 16% to 48 on a “strong buy” recommendation from Morgan Stanley Dean Witter … Western Digital Corp., Irvine, signed a South American distribution deal with SED International Inc. … Odetics Inc., Anaheim, agreed to a reduction in a patent-infringement settlement from Storage Technology Corp. in return for an accelerated payment schedule … Buy.com, Aliso Viejo, will provide fulfillment services for Hollywood Entertainment Corp.’s Reel.com e-commerce site; meanwhile, Buy.com CEO Greg Hawkins said he expects the company to reach profitability by 2002. Verizon Wireless area president Nancy Hobbs was named president and COO of IJNT.net Inc., Irvine, which also named Steve M. Pierson as its chief technical officer.
Real Estate
The Huntington Condominium Association, Orange, settled a suit against developer Beazer Homes and 25 subcontractors for $6 million … Standard & Poor’s upgraded its credit rating for William Lyon Homes, Newport Beach, from “negative” to “stable.”
HEALTHCARE
PacifiCare Health Systems Inc., Santa Ana, said it will close units in Kentucky and Ohio, affecting about 60,000 members, and take a $3 million to $4 million second-quarter charge; meanwhile, shares of PacifiCare rose 6.7% to 71 7/8 after Standard & Poor’s upgraded its outlook for the firm … Medical device maker Masimo Corp., Irvine, received $10 million from Franklin Templeton Investments … Pacific Building Care Inc., Irvine, sued Anaheim-based KPC Medical Management Inc. for $222,500 in alleged unpaid fees … Edwards Lifesciences Corp., Irvine, received federal approval to market its Thrombex PMT anti-clot system … Hycor Biomedical Inc., Garden Grove, hired Prudential Vector healthcare Group to assist in M & A; and strategic partnership negotiations … Nexell Therapeutics Inc., Irvine, completed a 1-for-4 reverse stock split … The family of a patient at the French Center, Los Alamitos, a nursing home, sued the center, UCI and doctors, alleging the patient was tested for antibiotic-resistant bacteria without her consent as part of a study.
FINANCE
The trustee overseeing the bankruptcy liquidation of Irvine-based First Alliance Corp. established a committee to protect the interests of borrowers who have sued the lender and may set up a separate committee to represent the 18 states investigating the firm.
GOVERNMENT
Irvine Mayor Christina Shea made it official she won’t run for the City Council this year … The county Registrar of Voters certified for the November ballot an initiative to require that 80% of the county’s tobacco-settlement funds be spent on healthcare … The Navy agreed not to shut down recreational programs at the El Toro base on July 1, to give the county more time to negotiate a long-term operating agreement … The Richard Nixon Library & Birthplace, Yorba Linda, will receive about $6 million from the settlement of a suit by the former president’s estate over the government’s seizure of tapes and documents from his White House tenure … Lockheed Martin IMS said it will terminate its contract to collect fares on the county’s toll roads … The OC Transportation Authority board approved a $526 million fiscal 2001 budget that includes the purchase of 160 less-polluting buses and the hiring of 34 new drivers … Supervisors approved a change order for expansion of the Olinda Alpha landfill from the original $270,000 to $6.8 million; the overrun was blamed on giant boulders and a layer of sandstone that required special excavation equipment and caused delays … Indicted Santa Ana councilman Ted Moreno said he will resign before the end of his term so that he can run again without violating the city’s term-limit ordinance.
WHAT’S NEW
RemedyTemp Inc., Aliso Viejo, issued an earnings warning … St. John Knits, Irvine, agreed to pay $13.8 million to settle lawsuits by shareholders dissatisfied with the management-led buyout of the firm last year … Glacier of Anaheim LLC requested a two-month extension of the city of Anaheim’s deadline for it to arrange $130 million in financing for the proposed Gotcha Glacier indoor extreme-sports park … Bristol Retail Solutions Inc., Newport Beach, named David Kaye president and CEO and William Kerechek CFO … Lupe Rodriguez was elected business manager of the 3,100-member Laborers’ International Local 652, Santa Ana, which represents construction workers … William Popejoy filed a suit against the operators of the Balboa Bay Club, alleging they slandered him in comments to the press about previous lawsuits over the aborted sale of the club to a Popejoy-led group … Five employees sued Nissan North America Inc. alleging racial discrimination and harassment at the Costa Mesa parts warehouse where they work.
