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Thursday, Dec 8, 2022
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EXECUTIVE SUMMARY

EXECUTIVE SUMMARY

Compiled by Mike Mason





TOP STORIES

The finance committee for the Foothill and Eastern toll roads recommended merging its boards and finances with the troubled San Joaquin Hills (73) Toll Road to prevent the 73 from defaulting on bonds; the move is expected to send $14 million a year from the 241 to the 73 and needs approval by the full 241 board at a meeting set for June 13 Anaheim-based DDi Corp. said it will close or sell its Moorpark and Dallas plants, cut 13% of its 2,200 workers and take a charge in the current quarter of $15 million to $20 million amid falling revenue and rising losses The Walt Disney Co. named a chief safety officer and publicly released a 30-page safety report after two accidents in the past couple of years led to criticism about safety policies at its parks.

TECHNOLOGY

Irvine-based Microsemi Corp. sold a Pennsylvania plant and its line of radio frequency transistors for $12.2 million to Bend, Ore.-based Advanced Power Technology Inc. Irvine-based Rainbow Technologies Inc. said it’s closing its Long Beach-based information technology services unit, Spectria, and will cut 8% of its workforce, or 45 jobs, due to the closing; Rainbow will move Spectria’s security services to Irvine Officials at Hackensack, N.J.-based Skyworks Technol-ogies Inc. said they were considering action to force Skyworks Solutions Inc., a venture formed by the wireless business of Conexant Systems Inc. and Woburn, Mass.-based Alpha Industries Inc., to change its name Denver-based Frontier Airlines Inc. said it will use Irvine-based LiveTV’s satellite entertainment system on its flights.

HEALTHCARE

Hoag Memorial Hospital Presbyterian in Newport Beach is one of seven hospitals that will pay $6.3 million to settle a lawsuit accusing them of falsely billing government health programs; Hoag, which did not admit wrongdoing, will pay $305,000 of the settlement Fullerton-based Beckman Coulter Inc. licensed its MHC Tetramer technology to Wyeth for use in vaccine discovery programs … Anaheim-based Alliance Imaging Inc. said its chief operating officer, Jamie Hopping, will resign June 30 for another opportunity.

GOVERNMENT

County officials said they would tap its reserves to make up an expected $57 million budget shortfall Irvine and Navy officials said they would have a plan for disposing of the former El Toro Marine base by mid-June Irvine and county officials reached a tentative deal to create a trust fund for El Toro property taxes to pay for parks in the North County; Supervisor Cynthia Coad said she would agree to the plan, which would provide up to $800,000 a year for the parks, if it was formalized by June 25 Irvine’s City Council approved a 12,350-home, business and research development on 3,600 acres of mainly agricultural land owned by The Irvine Company near the former El Toro Marine base The Huntington Beach City Council will designate 172 acres east of the Pacific Coast Highway as a redevelopment area so the city can use property taxes for a $35 million toxic waste cleanup Former Secret Service manager Ashley Williams was named federal security director at John Wayne Airport The Orange County Transportation Corridor Agencies raised fines on toll-cheating drivers to $30 and said they would levy a $2 fee on FasTrak subscribers if their transponders fail due to driver error University of California, Irvine will award 159 doctorates this year, 23 less than last year and the lowest number in a decade Planning commissioners approved a plan to create an entertainment complex in Garden Grove that would call for incorporating 200 acres of residential land by using eminent domain; the city council is set to debate the plan June 25.

REAL ESTATE

Irvine-based Standard Pacific Corp. plans to buy Westfield Homes USA Inc.’s operations in Florida, North Carolina and South Carolina for $109 million in a cash, stock and debt deal The Ayn Rand Institute said it is moving its headquarters to a 12,500-square-foot office on Alton Parkway in Irvine from its previous home in Marina del Rey.

FINANCE

Irvine-based Westcorp Inc. plans to sell seven branches in Northern California and said it will focus solely on Southern California.

WHAT ELSE IS NEWS

Foothill Ranch-based Oakley Inc. said it is developing protective lens and bootwear for the U.S. military; the company said a deal has not been finalized,a boot prototype will be sent to the military by September and the lens soon after Huntington Beach-based Quiksilver Inc. said its operating profit fell 1.6% in its second quarter on a 10.6% sales increase compared to a year earlier; the company said European sales jumped 29% while U.S. revenue rose 0.7% Irvine-based Meade Instruments Corp. filed a lawsuit against Tasco Worldwide Inc. and Tasco’s Celestron International Inc. unit, charging them with patent infringement of Meade’s newly issued telescope alignment patent; regulators sought to block Meade from buying its rival Celestron a week earlier In a swap of positions at Ford Motor Co.’s Irvine operations, Victor Doolan will become president of Volvo Cars North America, while the unit’s former president, Dan Werbin, becomes executive director of Irvine-based Premier Automotive Group, Doolan’s old job.

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