ENERGY
The Federal Energy Regulatory Commission was expected to expand wholesale energy price caps this week to more Western states and to all times, rather than just peak use periods in California Gov. Gray Davis was expected to release this week details of the power purchases the state has signed Davis waived emission limits on power plants as long as they sell their electricity in California The Bush administration will not waive a requirement that gasoline sold in California include a clean-burning additive such as ethanol, which is expected to raise gas prices in the state (see Editorial, page 58) Williams Cos. said it may have to refund $11 million for electricity sold in California at prices deemed too high by federal regulators AES Corp. petitioned the state to rescind its requirement that power produced at two generators undergoing renovation in Huntington Beach be sold in California Pickens Fuel Corp., Seal Beach, was acquired by BCG eFuels Inc., Vancouver, British Columbia; the combined firm has yet to be named and is set to be based in Seal Beach, said CEO Andrew Littlefair Taco Bell Corp., Irvine, stopped charging customers a 10- to 15-cent energy surcharge, after complaints.
TOP STORIES
Relational Investors, San Diego, will sell about four-fifths of its 20% stake in Costa Mesa-based Apria Healthcare Group Inc.; Relational principal Ralph Whitworth said he will remain Apria’s chairman WFS Financial Inc., Irvine, filed to sell up to $2 billion in auto-loan-backed securities Beckman Coulter Inc., Fullerton, shelved a $200 million debt offering announced the week before, citing market conditions (see related story on page 1).
TECHNOLOGY
Automatic Data Processing Inc., Roseland, N.J., will buy $20 million worth of shares from Exult Inc., Irvine, giving it a 1.4% stake, and committed to buy another $30 million worth in the future; the two firms also will form a joint venture to provide human resources services to large companies Lantronix Inc., Irvine, filed for a secondary offering of 6 million shares Ingram Micro Inc., Santa Ana, warned that it will break even or post a net loss for the second quarter Epoch Internet, Costa Mesa, laid off 80 people, about 40% of its workforce Powerwave Technologies Inc., Santa Ana, warned that its second-quarter revenue will be lower than expected and it laid off about 50 of its 1,300 workers Boeing Co. will form a joint venture with American Airlines, Delta Airlines and United Airlines to deploy its Irvine-made inflight Internet access system Microsemi Corp., Irvine, acquired Compensated Devices Inc., Melrose, Mass., for $11.5 million and New England Semiconductor Corp., Lawrence, Mass., for $9.1 million Broadcom Corp., Irvine, unveiled a chip that triples the speed of voice and data transmission over cable TV lines General Motors acquired a 20% stake in Irvine-based Quantum Technologies, unit of Impco Technologies Inc., Cerritos Mexico agreed to pay Metalclad Corp., Newport Beach, $15.6 million to settle the firm’s NAFTA claim against that country, and the company’s share price rose 26% to 2.07 on the news Rainbow Technologies Inc., Irvine, warned that it expects to post a net loss for the second quarter Terry Hopp resigned as CFO of Lake Forest-based Western Digital Corp. A Reno man and his accomplice, a stock transfer agent, will plead guilty to selling 1.1 million counterfeit shares of Aliso Viejo-based MindArrow Systems Inc. in a scam that netted them $16 million Troy Group Inc., Santa Ana, acquired the printing systems unit of Boise, Idaho-based Extended Systems Inc. for $1.76 million cash and the assumption of warranty liabilities A judge threw out a suit by shareholders of Costa Mesa-based Emulex Corp. against Bloomberg and Internet Wire Inc. over news stories based on a fake press release that caused Emulex’s share price to plummet Intersil Holding Corp., Irvine, changed its name to Intersil Corp. and will retain the ticker symbol ISIL.
HEALTHCARE
Nexell Therapeutics Inc., Irvine, will lay off 66 workers,two-thirds of its workforce,and license the rights to its cell-processing products to 38% stakeholder Baxter International Inc. Imagyn Medical Technologies Inc., Irvine, will sell its remaining line of minimally invasive surgical devices to Con Med Corp., Utica, N.Y., for $30.5 million Irvine-based Cardiac Science Inc.’s $20 million acquisition of Artema Medical AB was delayed a second time by federal regulators TriZetto Group Inc., Newport Beach, priced a secondary offering of 6 million shares at $9.25 each Peregrine Pharmaceuticals Inc., Tustin, acquired worldwide marketing and distribution rights to Schering AG’s anti-lymphoma drug Oncolym and will manage its clinical trials Physiciansite.com Inc., Newport Beach, filed for bankruptcy liquidation.
GOVERNMENT
OC’s Republican congressmen asked the Board of Supervisors to rescind its agreement to use union workers on all large county projects Weeger Bros., Huntington Beach, began a $12.2 million renovation of facilities at Bolsa Chica State Beach Irvine City Councilman Chris Mears asked the city staff to look into limits on “big-box” retail stores Former OC assemblyman Tom Umberg said he will run for state insurance commissioner.
REAL ESTATE
The Roman Catholic Diocese of Orange acquired a 15-acre Santa Ana site from C.J. Segerstrom & Sons for $17 million and will build a 2,500-seat sanctuary there Nationwide Health Properties Inc., Newport Beach, raised $18 million in a private placement William Lyon Homes, Newport Beach, repurchased $26.5 million in senior notes Defend the Bay sued to overturn Irvine’s rezoning of 604 acres of farmland owned by The Irvine Company for commercial development GME Development proposed a 136-home development for the 24.5-acre Maag Ranch site in Anaheim Hills.
FINANCE
LoanTrader Inc., Irvine, will be acquired by Ultraprise Corp., Frederick, Md., which will change its name to Ultraprise Loan Technologies Inc. Founder Anthony Hsieh resigned as CEO of Huntington Beach-based LoansDirect.com, which was acquired by E*Trade Group Inc. in February.
WHAT ELSE IS NEWS
Wet Seal Inc., Foothill Ranch, named Christopher Staff president and COO, replacing Edmond Thomas, who resigned in October; subsequently, CFO Ann Cadier-Kim resigned; meanwhile, Wet Seal will ask shareholders to approve an increase in authorized shares and implement a 3-for-2 stock split if it is approved Prandium Inc., Irvine, will eliminate 40 jobs, including that of Gayle DeBrosse, president of its Koo Koo Roo unit An OC jury ordered Bell Helicopter Textron Inc. to pay $8.7 million to the widow of a pilot killed a crash caused by a faulty fuel system Ogden Corp. is negotiating to sell its management contract for the Arrowhead Pond to the Nederlander Organization The Los Angeles Times announced a voluntary retirement program.
