TOP STORIES
Robert O’Leary resigned as president and CEO of PacifiCare Health Systems Inc., Santa Ana, after three months on the job, saying his skills do not match the company’s needs; CFO Howard Phanstiel was named interim CEO (see related story, page 4) … Bill Gross, fund manager of Newport Beach-based Pimco Advisors, said he believes the outlook for corporate bonds is poor … Fluor Corp., Aliso Viejo, warned that its fourth-quarter earnings will fall short, and that it will take charges of $25 million related to the spin-off of its A.T. Massey Coal unit and another $25 million related to the shedding of its heavy-equipment dealership unit … EMachines Inc., Irvine, said it will cut production by as much as 20% because of weak PC sales (see related item in Earnings, page 16) … Sweden-based Telelogic AB will acquire Irvine-based Continuus Software Corp. for $42 million … Winfire Inc., Colo.com and Qwest Communications signed leases totaling 97,000 square feet and $28 million in the renovated 19000 MacArthur Office Tower, which is now fully leased … Broadcom Corp., Irvine, was added to the Nasdaq 100 Index … The state Industrial Welfare Commission voted to raise the state minimum wage to $6.75 an hour as of Jan. 1.
TECHNOLOGY
STM Wireless Inc., Irvine, received a patent for its broadband satellite communications technology and its shares rose 51% to 2 5/8 on the news … High Tower Software, Irvine, received $10 million in a second round of venture funding led by Liberty Partners … NewMillennia Solutions Inc., Irvine, was acquired by Fremont-based Credence Systems Corp. for $11.3 million … United Autocomp Computer Inc., Irvine, was acquired by Carbiz.com Inc., Toronto … California Software Corp., Irvine, acquired the assets of ALE Systems, Richmond., Va. … Mcglen Internet Group Inc., Tustin, raised $1 million in a private placement … FirstWorld Communications Inc., Denver, and Anaheim settled a suit by the city against the firm, with the city acknowledging that the company has completed a fiber optic network as per its contract and FirstWorld agreeing to continue payments under the contract … Don Plekenpol was named president and CEO of Versifi Inc., Newport Beach.
GOVERNMENT
The Irvine City Council voted to scrap the “Great Park” plan for the former El Toro base in favor of making the land part of the state park system; meanwhile, a poll by Cal State Fullerton’s Center for Public Policy found 58% of county residents opposed to the proposed El Toro airport, 33% in favor and 9% unsure … The staff of the regional water board recommended that the board order The Irvine Company, the Laguna Beach Unified School District, Caltrans and the state parks department to halt runoff from their properties into the ocean off Crystal Cove State Park … At the city’s request, the U.S. EPA will coordinate a $1 million cleanup of hazardous materials at the former Monitor Plating plant in Anaheim … Lt. Gov. Cruz Bustamante asked California State University chancellor Charles Reed to look into discrimination and harassment allegations by employees of the Fullerton campus; Reed’s office said it is satisfied with the school’s review of the charges, which found no problems … Rancho Santiago Community College District received a $736,000 U.S. Labor Department grant to develop training for high-skill jobs.
HEALTHCARE
Dissident shareholder David Batchelder of Relational Investors LLC resigned from the board of Costa Mesa-based ICN Pharmaceuticals Inc. … NeoTherapeutics Inc., Irvine, reported that its Netrofin drug appeared to reduce some symptoms in Alzheimer’s patients in a clinical trial … Allergan Inc., Irvine, plans to raise $350 million in a sale of convertible debt securities … Shareholders of SafeGuard Health Enterprises Inc., Aliso Viejo, authorized creation of an additional 10 million shares, to be exchanged to eliminate the firm’s debt … Edward Lifesciences Corp., Irvine, received FDA approval to market a monitor that tracks blood circulation in a patient’s heart … Allergan’s Lumigan anti-glaucoma drug was found in a Phase III clinical study to be effective in reducing fluid pressure in the eye, and it was given “priority review” status by the FDA … Techniclone Corp., Tustin, signed a deal to license its tumor-treatment technology to Germany-based Merck KgaA … ProLaser Ltd., Duesseldorf, Germany, acquired the assets of the EyeSys Corneal Topography division of Premier Laser Systems Inc., Irvine, and tentatively agreed to merge Premier into its operations when the local firm emerges from bankruptcy.
REAL ESTATE
The Meyers Group, Irvine, named Michael F. Henn president, replacing founder Jeff Meyers, who remains chairman and CEO … The Irvine Co. sued Mossimo Inc., Santa Monica, for $4.5 million in unpaid past and future rent on warehouse space in Irvine … Owner Sam Menlo agreed to pay $6,850 in penalties and make repairs to the 350-unit Ridgewood Gardens apartment complex in Fullerton to settle a code-violation case brought by the city.
FINANCE
Providential Securities surrendered its license and closed after the NASD imposed severe restrictions following an audit; meanwhile, parent Providential Holdings Inc., Fountain Valley, signed a letter of intent to buy San Francisco brokerage Holt & Collins … Cox Securities Inc. was shut down and owner Edward R. Cox of Orange agreed to be barred permanently from being a broker or dealer by the SEC as part of a settlement of fraud charges; Cox neither admitted nor denied wrongdoing.
WHAT’S NEW
South Coast Repertory has raised $22.6 million of a hoped-for $40 million to fund a third theater set to open in 2002 and other programs, including $2.5 million each from Emulex Corp. CEO Paul Folino and Broadcom Corp. CEO Henry Nicholas; SCR will rename its Mainstage theater the Segerstrom Theatre and will rename its Second Stage the Nicholas Studio Theatre, but the yet-to-be-built third stage has not been named … Corinthian Colleges Inc., Santa Ana, completed its acquisition of Educorp Inc., Los Angeles … Walt Disney Co. purchased the lease of Doll City USA on Harbor Boulevard in Anaheim; the site is to be part of a planned third Disney park in the city … Aviation Distributors Inc., Lake Forest, said it will plead guilty to federal charges stemming from alleged falsification of records to obtain a loan … PowerHiring.com, Tustin, raised $1.6 million in first-round funding … Prandium Inc., Irvine, opened its first Mesquite Beach fresh-Mexican restaurant in Orange … Five Festival of Arts trustees, including president Sherri Butterfield, were recalled by a vote of the membership, effectively killing the prospect of the festival moving from Laguna Beach … Tuan Tong, former box-office manager at the OC Performing Arts Center, was arrested and charged with embezzling $42,200 from the center … A Los Angeles man sued Knott’s Berry Farm, alleging the lap bar on the Jaguar Roller Coaster injured him.
