EXECUTIVE SUMMARY
Compiled by Mike Mason
TECHNOLOGY
Aliso Viejo-based QLogic Corp. named interim Chief Financial Officer Tony Massetti as the company’s permanent financial chief … Shares of Santa Ana-based Troy Group Inc. rose 15% to 3.1 after the company agreed to be bought by Dirk Inc., which is controlled by Troy founder Patrick Dirk and his family, for about $32 million, or $3.06 a share. Shareholders must approve the deal. The Dirk family owns a majority of the company’s shares. Troy rejected a $4 a share bid for the company from Costa Mesa-based Westar Capital LLC last year … Newport Beach-based Acacia Research Corp. licensed its digital transmission technology to Capella Education Co., an Internet-based school … Yorba Linda-based NetGuru Inc. said it posted a profit in the quarter ending March 31,it’s first quarterly profit in six years. The software developer reported $77,000 in net income in the quarter, versus a loss of $1.5 million a year earlier, on an 11% jump in revenue to $5.1 million. Last year NetGuru cut its staff by 18% and reorganized some of its executive ranks.
HEALTHCARE
The state’s nurse staffing law was upheld after a challenge by the California Healthcare Association, a hospital lobbying group. The association had sought to water-down the Safe Staffing Law, which went into effect in January and requires hospitals to increase their nurse-to-patient ratio … Costa Mesa-based Valeant Pharmaceuticals Inter-national elected Timothy Tyson, president and chief operating officer, to its board. Tyson is in line to take over as chief executive from Robert O’Leary … A court ruled Minneapolis-based Medtronic Inc. infringed a patent held by Irvine-based Interpore Cross International Inc. The court still must rule on Medtronic’s counterclaim that the patent is invalid … Irvine-based Allergan Inc. signed a licensing pact with Japan’s Kyorin Pharmaceutical Co. Kyorin will commercialize Allergan’s glaucoma treatment Alphagan in Japan in return for undisclosed royalties and an upfront payment.
REAL ESTATE
California Quartet won court approval for a 266-home development in Trabuco Canyon called Saddleback Meadows that had been contested since the 1970s. The settlement calls for the builder to construct a 30-foot-high berm to shield the neighboring Ramakrishna Monastery, and set aside land for a wildlife corridor. Construction is expected to begin in 2005.
FINANCE
Newport Beach-based Roth Capital Partners LLC said it sold its international brokerage unit to Euro Pacific Capital in Newport Beach for undisclosed terms. The sale includes about $100 million of accounts … Irvine-based Westcorp said it plans to buy the 16% of Irvine-based WFS Financial Inc. it doesn’t already own for about $345 million in stock.
GOVERNMENT
John Wayne Airport said passenger traffic in April grew 16.1% to 766,920, versus a year earlier. The number of flights during the month rose 7.9% to 31,112.
WHAT ELSE IS NEWS
Western State University College of Law in Fullerton agreed to give up current accreditation with the American Bar Association in August in exchange for getting five more years of provisional accreditation starting next year. In return, the for-profit school said it would drop its lawsuit against the bar association, which was filed after a pair of ABA committees recommended that the law school lose its accreditation last year … Britain’s GUS PLC said its board will consider several long-term options for its Costa Mesa-based Experian Information Solutions Inc., including an initial public offering, sale, expansion or no change … The Orange County Performing Arts Center said it planned to sell $180 million in bonds to fund the 2,000-seat Renee and Henry Segerstrom Concert Hall, the 500-seat Samueli Theater and an education center. Fundraising for the complex was slower than expected, but officials say it will open as planned in September 2006 … Moody’s Investors Service downgraded the $1.9 billion in bonds sold to build the San Joaquin Hills (73) Toll Road to junk status. The ratings service also said it would keep the toll road on its watch status that could lead to additional downgrades. Other agencies Standard & Poor’s and Fitch Inc. already have lowered their ratings on the toll road to junk status … Foothill Ranch-based Wet Seal Inc. said it dropped a lawsuit against Bebe Stores Inc. over the Brisbane-based clothing retailer’s hiring of Greg Scott, former president of Wet Seal’s Arden B. unit. Bebe said it might take action against Wet Seal and would look to recover its court costs. Meanwhile, struggling Wet Seal unveiled its back-to-school clothes line, designed by Creative Director Victor Alfaro, who joined the company last year and is charged with reviving the retailer’s apparel … White Plains, N.Y.-based Venue Services Group was tapped to do about $1 million of improvements to the Arrowhead Pond of Anaheim’s scoreboard control room and sound and video systems … The Orange County Fair & Exposition Center approved a design concept for a renovation of the Pacific Amphitheatre that is expected to cost up to $12 million in the next five years. Improvements include weatherproofing the stage, improving sound projection, restoring concession stands, and adding a new orchestra pit, dressing rooms, wardrobe room and kitchen … Badi Gammoh’s suit against La Habra over a law that bans lap dances was thrown out. Gammoh, owner of Taboo Gentlemen’s Club, argued the city’s law was vague and unconstitutional.
