EXECUTIVE SUMMARY
Compiled by Roger Bloom
TOP STORIES
The Marine Corps has proposed relocating its recruit depot adjacent to San Diego’s Lindbergh Field to 1,500 acres at the 4,700-acre former El Toro base, the San Diego Union-Tribune reported Bill Gross of Newport Beach-based Pacific Investment Management Co. said his company sold $1 billion of General Electric Co.’s bonds it held and will not buy more, citing the company’s high debt level and “doubt” about the consistent earnings growth posted by GE for years ICN Pharmaceut-icals Inc., Costa Mesa, raised by 30% the number of shares of its Ribapharm unit that it plans to offer, increasing to $390 million the amount it expects to bring in with the offering and lowering its stake in Ribapharm to 82.7% after it is spun off; ICN set April 8 as the target date for a Ribapharm offering James A. Frey was named president and chief executive of PacifiCare of California Inc., Cypress, replacing Chris Wing, who resigned (see story, page 3) Boeing Co.’s Seal Beach-based space and communications group said it expects seven Delta III launches instead of the previously projected 18, and it is switching parts in its inventory to other rocket programs.
TECHNOLOGY
MSC.Software Corp., Santa Ana, plans to acquire Mechanical Dynamics, Ann Arbor, Mich., for $120 million Scott Blum, founder of Aliso Viejo-based buy.com Inc. and ThinkTank, will move to Jackson, Wyo., and take ThinkTank with him DDi Corp., Anaheim, said its first-quarter sales will not meet analysts’ expectations and its net loss will increase from the fourth quarter Interplay Entertainment Corp., Irvine, and founder Brian Fargo said they had settled “issues” stemming from his departure from the company in January Anaheim-based Odetics Inc.’s Iteris unit received a $300,000 contract from the Sacramento Area Council of Governments to assist in a rapid-transit study Joseph Arnold Triglia, former chief financial officer of Irvine-based Sonnet Technol-ogies Inc., was arrested and charged with embezzling $100,000 from the company.
GOVERNMENT
The Assembly passed and sent to the Senate a measure authorizing two state bonds totaling $25 billion for school construction and modernization; the bond issues would have to be approved by the state’s voters The Labor Department sued Brea-based Earle M. Jorgensen Co., alleging the company overvalued shares contributed to its employee pension plans Garden Grove and three pro-El Toro airport groups filed suit to overturn Measure W, which rezoned the former base for a park and other non-airport uses; meanwhile, county officials said they want to open talks to have the Navy resume responsibility for maintenance and other costs at the former base UCI will not renew the contract of David H. Blake to be dean of its Graduate School of Management, but he will remain in the post on an interim basis while the school searches for a successor Virginia Grebbien was named general manager of the Orange County Water District, replacing William R. Mills, who is retiring.
FINANCE
Experian, Orange, will acquire the online consumer-credit reporting unit of Homestore.com Inc., Westlake Village, for $130 million First Alliance Corp., Irvine, agreed to refund $60 million to borrowers to settle a Federal Trade Commission suit alleging predatory lending practices.
REAL ESTATE
William Lyon Co., Newport Beach, acquired a 22-acre surplus school site in Nellie Gail from the Saddleback Valley Unified School District for $18.3 million A state appeals court ruled that a suit by Signal Landmark Inc. and Hearthside Homes against the state Coastal Commission over its restriction of development on the Bolsa Chica mesa can proceed.
WHAT ELSE IS NEWS
Hines Horticulture Inc., Irvine, will sell its Vancouver, British Columbia-based Sun Gro peat-moss unit for $113 million to a fund set up by Sun Gro and funded by the sale of units to Canadian underwriters General Atlantic Partners LLC, Greenwich, Conn., upped its stake in Costa Mesa-based Tickets.com Inc. to 62% with a $20 million investment and will appoint two members to the Tickets.com board Fluor Corp., Aliso Viejo, sold its S & R; Equipment Co. unit to United Rentals Inc. The Hyatt Regency Orange County in Garden Grove reopened after a $40 million renovation and expansion that increased its rooms to 662 and added a new ballroom, meeting space and restaurant Wet Seal Inc., Foothill Ranch, said its first-quarter earnings will exceed analysts’ estimates J. Micheal Jenkins resigned as chief executive of Diedrich Coffee Inc., Costa Mesa, for health reasons and Philip G. Hirsch was named interim chief executive Vans Inc., Santa Fe Springs, lowered its guidance for the current quarter State investigators said inadequate safety restraints led to a woman’s fatal fall from Knott’s Berry Farm’s Perilous Plunge ride in September Mitchell Gold of San Juan Capistrano pleaded guilty to charges stemming from a $27 million telemarketing fraud and a scheme to cheat golfers of $8 million Quiksilver Inc., Huntington Beach, opened a Boardriders Club store and a Quiksilver Youth store in Woodfield Shopping Center in Schaumburg, Ill., a suburb of Chicago.
