EXECUTIVE SUMMARY
Compiled by Roger Bloom
TOP STORIES
A fund managed by Prudential Real Estate Investors acquired the 12-story, 268,000-square-foot Opus Center Irvine I building in Irvine from Opus West Corp. and an affiliate of SPI Holdings for $70 million Boeing Co.’s Seal Beach-based space and communications group received $408 million in Air Force contracts to build two military satellites; meanwhile, Conexion by Boeing, Irvine, won a contract worth up to $112 million to equip aircraft used by federal government officials with two-way Internet, e-mail and TV capability The State Lands Commission approved a $100 million restoration plan for the Bolsa Chica wetlands; meanwhile, a San Diego judge reversed her earlier decision and reinstated a lawsuit by Bolsa Chica mesa landowner Hearthside Homes against the state Coastal Commission, alleging the state agency’s restrictions on development on the mesa constitute an illegal taking of Hearthside’s property.
ENERGY
The Public Utilities Commission and the state Department of Water Resources agreed on a plan for repaying up to $13.4 billion in bonds intended to reimburse the state for its energy purchases, clearing the way for the bonds to be issued.
TECHNOLOGY
Bank of America Corp. sold 1 million shares of Exult Inc., Irvine, and Exult stock fell 25% to 8.74 on the news of the December sale; Exult shares were upgraded from “market outperform” to “recommended list” by Goldman Sachs, citing the lower price as “a compelling entry point” FileNet Corp., Costa Mesa, reported better-than-expected fourth-quarter results and its shares rose 15% to 22.05 on the news SimpleTech Inc., Santa Ana, posted better-than-expected fourth-quarter earnings and its shares rose 10% to 5.10 on the news Smith Micro Software Inc., Aliso Viejo, was tapped by Verizon Wireless Inc. to supply software for Internet access via digital phones, and Smith Micro shares rose 57% to 1.52 on the news.
HEALTHCARE
Allergan Inc., Irvine, sued to block Alcon Laboratories Inc. and Bausch & Lomb Inc. from selling generic versions of its Alphagan glaucoma treatment Sicor Inc., Irvine, exercised its option to redeem the rest of its convertible preferred stock, following its repurchase of 81% of those shares in January Dr. Albert Nichols, founder of Nichols Institute, San Juan Capistrano, now a unit of Quest Diagnostics Inc., died in Aspen, Colo.; services are set for Wednesday, 11 a.m. at the Newport Beach Four Seasons Orqis Medical, Lake Forest, was awarded a patent for technology to treat congestive heart failure.
GOVERNMENT
The Orange County Transportation Authority approved a study of its possible purchase of the 91 Express Lanes and hired Ernst & Young to conduct an appraisal The Legislature approved $2.2 billion in spending cuts to the current state budget Standard & Poor’s, citing improved sales and bed tax revenue in November, removed Anaheim’s general obligation bonds from its “credit watch” list; meanwhile, former Assembly Speaker Curt Pringle said he is “very seriously” considering running for mayor of Anaheim, but stopped short of announcing his candidacy The staff of the state Coastal Commission recommended that a $2.8 million commission fund to develop a youth hostel in Dana Point be devoted instead to the restoration of the cottages at Crystal Cove State Park Former county supervisor Gaddi Vasquez was confirmed by the U.S. Senate to lead the Peace Corps.
FINANCE
First American Corp., Santa Ana, acquired a one-third stake in Irvine Technology Corp.; First American also named General Counsel Craig DeRoy and Chief Financial Officer Thomas Klemens executive vice presidents Richard A. Parker, principal of Laguna Hills-based loan brokerage Morgan, Weinstein & Co., was arrested on charges of illegally retaining $17 million in refundable retainers Former Huntington Beach mayor Dave Garofalo resigned from the board of Pacific Liberty Bank.
WHAT ELSE IS NEWS
Donald Sodaro was named chairman of the board of trustees of Chapman University, Orange, succeeding George Argyros, who resigned upon his confirmation as U.S. ambassador to Spain Del Taco Inc., Laguna Hills, signed a deal with a franchise group to open 14 restaurants in the St. Louis area in the next seven years San Diego-based Milberg Weiss Bershad Hynes & Lerach confirmed it is under investigation by a federal grand jury in Los Angeles that is looking into whether it and other firms paid people to be plaintiffs in shareholder class-action suits.
Economic Indicators
Up: New-home prices in OC in 2001, according to the Meyers Group, which put the average sales price for the year at $429,990, 12.6% higher than in 2000. A 22% drop in unit sales for the year was attributed to the lack of buildable land, not dampening of demand.
Down: Manufacturing in OC in the fourth quarter, according to Chapman University, whose sector index was 34.9, down from 38 in the third quarter. An index of less than 50 indicates contraction.
