TOP STORIES
Pacific Life Insurance Co., Newport Beach, withdrew plans to expand its Newport Center headquarters by 420,000 square feet, citing the upcoming vote on the city’s anti-growth Greenlight initiative … Premier Laser Systems Inc., Irvine, halted production of its dental lasers, furloughed 54 of its 80 employees for at least three weeks, and hired Newport Beach-based Crossroads Capital Partners to evaluate its options; CEO Michael Quinn said he would work without salary; Ophthalmic Imaging Systems, Sacramento, called off its merger with Premier … Advantica Restaurant Group Inc., Spartanburg, S.C., said it will sell its Irvine-based Coco’s and Carrow’s units …The state Coastal Commission approved a six-year, $460 million plan to dismantle the Unit 1 reactor at the San Onofre Nuclear Generating Station and a plan to dismantle the Belmont Island oil platform and use the scrap to enhance the Bolsa Chica artificial reef off Huntington Beach … The Laguna Beach City Council approved a plan by Phoenix-based Athens Group to develop a hotel, homes, condos and two restaurants on the Treasure Island site First American Financial Corp., Santa Ana, disclosed that it laid off 13% of its workforce over the past year.
PERSONNEL
Mike Parnell, Oakley Inc.’s vice chairman and former CEO, resigned with a two-year consulting contract to devote his time to a foundation for victims of a rare kidney disorder Michael Lesher resigned as sales director of Hurley International, Costa Mesa, citing personal reasons … Diedrich Coffee Inc., Costa Mesa, named Matthew C. McGuinness CFO, replacing Ann Wride, who previously was named to the new position of senior VP of strategic development … The OC Register named Chris Meyer editor in chief of its new OCR Magazines unit.
GOVERNMENT
An LA Times poll found 56% of likely voters supporting the anti-El Toro airport Measure F, 18% opposed and 26% undecided; 52% opposed the airport plan, up from 42% a year ago; a Navy draft EIR concluded the non-aviation Millennium Plan would add more to the economy than an El Toro airport; county planners questioned the EIR’s methodology; state senator and Congressional candidate Rob Morrow, R-Oceanside, said that if elected he would introduce legislation to prevent the transfer of El Toro to the county (related items, pages 3, 90 and 91) … The supervisors voted to create an independent panel to review a compromise plan to expand the James A. Musick jail, agreed to by Sheriff Mike Carona, Irvine and Mission Viejo; supervisors asked the Public Finance Advisory Committee to reconsider its decision to have the county hire bond counsel Orrick, Herrington & Sutcliffe and consultant Sperry Capital for a tobacco-sale bond underwriting, because the firms advised on the aborted 91 Express Lanes sale … The Coastal Commission postponed action on a plan by Robert Mayer Corp., Newport Beach, to include a 0.8-acre degraded wetland site in Huntington Beach in a proposed housing development … About 500 people attended an OC “summit” of California and Mexico municipal officials (story, page 68).
CONTRACTS
The Air Force said it will re-bid a $1 billion satellite contract held by Boeing Co.’s Seal Beach-based space group, because it is changing the specs … Hurley International, Costa Mesa, said it had stopped distributing its clothing through Anaheim-based Pacific Sunwear of California Inc.’s stores … Core Inc., Irvine, said it had reached a tentative agreement on a three-year contract extension with its largest client, which it did not name but had previously identified in SEC filings as Bell Atlantic … SM & A; Corp., Newport Beach, received a $900,000 Defense contract to develop software to track healthcare for military personnel.
DEALS
HC Power Inc., Irvine, agreed to be acquired by Power-One Inc., Camarillo, for $95 million … E-Net Financial.Com Corp., Irvine, said it will acquire First Guaranty Financial Corp., Costa Mesa … U.K.-based Sage Group plc, whose U.S. operations are headquartered in Irvine, completed its $445 million acquisition of Virginia-based Best Software Inc. … Parent H & R; Block said it will combine the retail operations of its Irvine-based Option One Mortgage unit and its Burlington, Mass.-based Assurance Mortgage Corp. of America into H & R; Block Mortgage Corp. (see story, page 3) Freedom Communications Inc., Irvine, said it will trade The Fort Pierce (Fla.) Tribune to E.W. Scripps Co. for two Florida weeklies and an undisclosed amount of cash … Autobytel.com, Irvine, announced the formation of 30%-owned Autobytel Australia; Autobytel completed its acquisition of CarSmart.com, San Ramon, for $23 million Caliber Collision Centers, Irvine, acquired Bob’s Custom Paint & Body, San Bernardino … Jackson Federal Bank, San Bernardino, said it will buy a Fidelity Federal branch in Fullerton and two others.
FINANCIAL
Tickets.com Inc., Costa Mesa, said it invested $30 million in Santa Monica-based EncrypTix … ColorMax Technologies Inc., Tustin, said it is working on a $4 million private placement … FutureLink Corp., Irvine, agreed to pay $5 million and issue warrants for 3 million of its shares to settle a contract dispute with SmallCaps Online Group LLC, New York Broadcom Corp., Irvine, completed a 2-for-1 stock split … MedCom USA, Irvine, canceled a planned 1-for-3 reverse stock split because of the firm’s rising stock price Fitch IBCA downgraded its rating on the senior unsecured debt of Ingram Micro Inc., Santa Ana; Fitch downgraded its rating of bonds used to finance the San Joaquin Hills (73) Toll Road, and Standard & Poor’s lowered its outlook for the bonds.
WHAT’S NEW
Billabong USA, Irvine, said it will sponsor a new World Championship Tour surf contest at Lower Trestles beach in September … 2TheMart.com, Irvine, said it will apply for listing on the OTC Bulletin Board … Boeing Co. said it will develop 230 acres north of Long Beach airport and begin selling the property in 2003 … Cam Data Systems Inc., Fountain Valley, said it will move to the Nasdaq from the Nasdaq small-cap market … Discovision Associates, Irvine, entered into a license agreement with France-based SNA Compact Disc to for the manufacture and sale of Discovision optical discs.
LITIGATION, INVESTIGATIONS
Hawaiian regulators were investigating suspected Medicare fraud at a pharmacy operated by the PharMerica unit of Bergen Brunswig Corp., Orange … Onyx Acceptance Corp., Foothill Ranch, was hit with a strike suit … Jeffrey Jhyfang Lo of Cypress was arrested at LAX for allegedly trying to smuggle restricted military technology to China … Frederick Johnston, imprisoned ex-chairman of Orange-based Statek Corp., has $32 million in gold in a Swiss bank, former partner Miklos Vendel said in court papers … A Tolo whistleblower and ex-employee obtained a preliminary injunction to halt B.F. Goodrich’s auction of its discontinued Irvine unit’s equipment.
IN CONCLUSION
OC health officials closed part of the Laguna Beach shoreline after a 500-gallon sewage spill into Aliso Creek … Kaufman & Broad offered a year’s supply of Krispy Kreme doughnuts to anyone who bought a house at one of its 33 developments in LA and Orange counties … The state said net migration in OC was essentially flat in the 12 months ended last June 30.
