TOP STORIES
Edwards Theatres Circuit Inc., Newport Beach, filed for Chapter 11 bankruptcy reorganization, saying it lost $40 million on sales of $299 million last year and plans to close about 15% of the company’s theaters … A hoax press release targeting Costa Mesa-based Emulex Corp. sent its stock reeling and caused a trading halt; the stock subsequently bounced back; the Emulex news put the stock of Aliso-Viejo-based QLogic Corp. on a similar roller-coaster ride Fluor Daniel, Aliso Viejo, will lead a consortium to develop a $1 billion oil project in Venezuela … OC supervisors approved a five-year lease with the Navy for the former El Toro base that will allow recreational and community uses there to remain open; county officials said the facilities will need a subsidy of up to $5 million from the general fund in the first year of the lease, but will show a profit by the third year and generate $14 million in the fifth year … Costa Mesa-based ICN Pharmaceuticals Inc.’s chairman and CEO, Milan Panic, has been replaced as chairman of its soon-to-be-spun-off Ribapharm Inc. subsidiary by ICN board member Michael Smith … Boeing Co.’s Anaheim-based electronic systems and missile defense unit experienced cost overruns of $319 million in the first half of this year on its $2.2 billion, three-year contract to manage the U.S. missile defense program; also, a Huntington Beach-made Boeing Delta III rocket placed a simulated payload in orbit in a demonstration launch from Cape Canaveral … Powerwave Technologies Inc., Irvine, raised $61.8 million in a placement with Deutsche Banc Alex Brown … Ista Pharmaceuticals Inc., Irvine, raised $31.5 million in an IPO … Stauffer Biscuit Co., York Pa., signed a 15-year, $21.5 million lease for 217,000 square feet in Santa Ana’s Gateway Corporate Center and will employ about 200 people at a manufacturing and distribution center there … Tool and equipment importer-exporter International Merchandising Service, Commerce, leased 111,000 square feet in the Fullerton Crossroad business park and will relocate its headquarters and showroom there in September … The state Supreme Court ruled that arbitration agreements between employers and workers must allow for discovery in some cases, provide for awards as large as could be obtained in a civil suit and use neutral arbitrators, with arbitration procedures paid for by employers.
TECHNOLOGY
Directfit Inc., Irvine, received $20 million in funding from Crosspoint Venture Partners … Omnis Technology Corp., San Carlos, acquired Irvine-based PickAx Inc. for $37.7 million … Conexant Systems Inc., Newport Beach, will be the exclusive supplier of modem technology for the next-generation Nintendo Co. Ltd. game console … Escrow.com, Irvine, received a contract from Ariba.com … TMEX USA, Newport Beach, received a 12-month contract worth $60 million from Mak-Tel, Clifton, N.J. … Advanced Thermal Technologies Inc., Anaheim, said it hopes to raise $44 million in an IPO … Nexgenix Inc., Irvine, received $15 million in funding from a group led by Meritech Capital Partners and Gemini Investors LLC … Atairgin Technologies Inc., Irvine, raised $7.2 million in a private placement … Aspeon Inc., Irvine, received a $1.2 million contract to automate Schlotzky’s Inc.’s stores nationwide … STM Wireless, Irvine, received a $750,000 order from satellite operator Station 12 … David Palmore was named president and COO of the Newport Beach-based U.S. operations of Switzerland-based Day Interactive Holding AG … Paul Farber was named CEO of ProcessClaims.com, Irvine … Lantronix Inc., Irvine, opened an office in Breda, Netherlands.
GOVERNMENT
Assemblyman Lou Correa, D-Anaheim, introduced a bill to prohibit the annexation by a city of any part of the former El Toro base until Jan. 1, 2007; meanwhile, the county told the Navy to upgrade or remove five underground fuel tanks at the former base or face legal action.
HEALTHCARE
Kaiser Permanente will charge its 30,000 Medicare HMO members in OC a $20 premium beginning next year … Radiance Medical Systems Inc., Irvine, said it will sell an 11.65% stake and its former parent, EndoSonics Corp., will sell all its 1.35 million shares in a secondary offering … PharmaPrint Inc., Irvine, settled its lawsuits with American Home Products Corp., terms undisclosed … Rajesh C. Shrotriya was named president of NeoTherapeutics Inc., Irvine, replacing Alvin Glasky, who will remain CEO and chairman … Beckman Coulter Inc., Fullerton, and Oncotech Inc., Irvine, will jointly develop and market cancer diagnostic technology … AMDL Inc., Tustin, received a $2.4 million order for one of its cancer tests from Taiwan-based Chinese Universal Technology Co. … Techniclone Corp., Tustin, said it will change its name to Peregrine Pharmaceuticals Inc.; the company said it could not account for a share-price rise of 33%.
REAL ESTATE
The Irvine Company scaled back its proposed Santiago Hills Phase II development, reducing the number of homes and eliminating a 25-acre commercial center … The Newport Beach City Council gave preliminary backing to a plan by Sutherland Talla Hospitality to build a $30 million, 153-room resort on the 9.8-acre Marinapark mobile home site on the Balboa Peninsula … Four former Charles Dunn Co. executives have formed Tiarna Real Estate Services Inc., Newport Beach, to represent commercial landlords; the new firm said it has 2 million square feet under contract … Burnham USA Equities, Newport Beach, acquired the Orange Town & Country Mall for $26 million.
FINANCE
Orange-based BYL Bancorp said merger talks with LA-based PBOC Holding Inc. had stalled and were unlikely to result in a deal … First American Corp., Santa Ana, acquired a minority interest in Naperville, Ill.-based Consumer Benefit Services and an interest in Ontario, Canada-based Debt Recovery Network; its First American Title Insurance Co. subsidiary formed a unit to handle vacation-ownership and timeshare transactions.
WHAT’S NEW
Caliber Collision Centers, Irvine, raised $20 million in a debt placement … Saleen Inc., Irvine, unveiled its Saleen S7 sportscar, a limited-edition 550-horsepower two-seater that will sell for $375,000 … Trans World Airlines said it will begin nonstop service between John Wayne and JFK on Oct. 29 … The Festival of Arts Foundation board voted to separate the foundation from the Festival of Arts and keep its $2.7 million in assets in Laguna Beach … Just Off Melrose Inc., Anaheim, acquired the 90-employee Palm Springs Baking Co. … Richard Rodriguez resigned as president of the Gloria Jean’s unit of Diedrich Coffee Inc. … American Vanguard Corp., Newport Beach, acquired the U.S. rights to Bayer Corp.’s Aztec insecticide line … Valerie Kesler, a former employer of Biofem Inc., Irvine, sued the company alleging she was exposed to potentially dangerous materials at the firm and wrongfully fired after going into seclusion following the shooting of the company’s CEO and suicide of its founder.
