TOP STORIES
Pacific Life Insurance Co., Newport Beach, said it will move 450 jobs to new facilities in Foothill Ranch from Newport Center and Fountain Valley (related story, page 1) … Caltrans opened new carpool lanes on the 10-mile stretch of the Riverside (91) Freeway between the Santa Ana (5) Freeway and the Orange (57) Freeway … FutureLink Corp., Irvine, said it will acquire New York-based Madison Technology Group for $57.5 million and Toronto-based Charon Systems Inc. for $31.3 million, and it completed its acquisition of Beltsville, Md.-based VSI Technology Solutions for $26.5 million … The California Teachers Retirement System said it will withdraw plans for an office development on land it owns in Newport Center (related story, page 8) … Quest Software Inc., Irvine, said it is planning a secondary offering; the company acquired QMaster Software Solutions, Inc., Calgary, for $15 million … Saint-Gobain Performance Plastics, Anaheim, acquired the former Techmedia Computer Systems building in Garden Grove for $13.8 million and said it will move its 430-employee headquarters there … PharmaPrint Inc., Irvine, said it will move its headquarters to San Diego in June; the company said it had formed a joint venture with China New Industries Investment Co. to sell its herbal products in China (related stories, pages 31 and 34) … PacifiCare Health Systems Inc., Santa Ana, acquired Harris Methodist Health Plans, Arlington, Texas, from Texas Health Resources for $117.5 million … Steven U. Lee was named president of the Los Angeles Times’ OC edition, replacing Roger Oglesby, who resigned to become publisher of the Seattle Post-Intelligencer (see page 37).
FINANCE
DDi Corp., Anaheim, said it hopes to raise $150 million in an IPO Western Digital Corp., Irvine, said it will sell 20 million shares to an institutional investor … Standard & Poor’s downgraded eight of Orange-based Bergen Brunswig Corp.’s bond issues to below investment grade … Autobytel Japan, an affiliate of Irvine-based Autobytel.com Inc., said it plans to begin selling shares on the Tokyo Stock Exchange next year … LoanTrader Inc., Irvine, raised $17.6 million in a private placement … Malaysia-based Berjaya Group Ltd. sold its remaining 6.1% stake in Irvine-based STM Wireless Inc. … U.S. Bancorp said it will lend an additional $10 million to Irvine-based New Century Financial Corp. Conexant Systems Inc. CEO Dwight Decker and Senior VP Raouf Halim filed to sell a combined 319,400 shares of the firm.
DEALS
Standard Pacific Corp., Costa Mesa, said it will acquire Writer Corp., Englewood, Colo., for $52.4 million … Allergan Inc., Irvine, reached agreement with Oculex Pharmaceuticals Inc. to jointly develop intraocular drug treatments … Cruttenden Roth Inc., Newport Beach, and Ventana Global, Irvine, said they had formed a strategic alliance to nurture tech growth companies … Cooper Cos. Inc., Irvine, completed its acquisition of a group of women’s healthcare products from Florida-based Leisegang Medical Inc. for $10.5 million … Furon Corp., Laguna Niguel, acquired a 182,000-square-foot industrial building in Garden Grove for $13.7 million … Fidelity National Financial Inc., Irvine, sold its leases for credit-card terminals and other point-of-sale processing equipment and software to Newcourt Financial USA Inc. for $22.15 million … InSight Health Services Corp., Newport Beach, acquired two imaging centers in Indiana from Soterion Corp. … Research Engineers Inc., Yorba Linda, said it will acquire India-based Interra Global Ltd. … The principals of Financial Institutional Partners Mortgage Co., Irvine, completed their acquisition of 84% of Mission Savings & Loan Association, Riverside, and are expected to move its headquarters to Irvine and rename it Commercial Capital Bank … Bank of Orange County, Fountain Valley, completed its acquisition of Fullerton-based Security First Bank … NetRidium Communications Inc., Tustin, was acquired by Fremont-based ESS Technology Inc. New Horizons Computer Learning Centers Inc., Santa Ana, received two military contracts totaling $1.8 million.
GOVERNMENT, INSTITUTIONS
OC GOP chairman Tom Fuentes said John Crean gave another $25,000 to Unity 2000, the Fuentes-led effort to beat back the central committee challenge of the corporate-executive-led New Majority Committee; according to filings, the New Majority had raised $120,000 through Jan. 22, had $150,000 in cash on hand and had spent $30,550 on candidate mailers; Unity 2000 reported raising $19,650 and having $12,950 in cash on hand (related story, page 1) … El Toro airport supporter George Argyros donated $172,000 to the anti-Measure F effort, according to filings; consultants for Irvine said the Navy has underestimated soil and groundwater pollution at El Toro; state and federal officials said they will review the matter … The regional water-quality board staff said there is evidence raw sewage has seeped into Aliso Creek, but Laguna Niguel officials denied that is so … The Santa Ana school board voted to accept the OC High School of the Arts at a new campus in downtown Santa Ana.
PERSONNEL
Pimco Advisors Holdings, Newport Beach, created a corporate services division, headed by general counsel Richard M. Weil; it named executive VP Douglas M. Hodge director of the Asia-Pacific region in its Pacific Investment Management Co. unit … Francisco Nebot, CFO of First Alliance Corp., Irvine, was promoted to president; he will take over day-to-day management from founder Brian Chisick, who remains chairman and CEO Terry Herbeck was named COO of eSat Inc., Fountain Valley …Worldwide Wireless Networks Inc., Orange, named Charles C. Bream president and COO … Former CEO Donald R. Roden resigned from the board of Bergen Brunswig Corp., Orange.
WHAT’S NEW
Koll Development Co., Newport Beach, said it will build a 500,000-square-foot retail center in Wood Village, Ore. … EMachines Inc., Irvine, said it will stop its free-Internet-access program on Feb. 14 … Allergan Inc., Irvine, received FDA approval to market its next-generation intraocular lens for cataract-surgery patients … Downey Savings, Newport Beach, signed an agreement to provide mortgage services on America Online Inc.’s personal-finance web site … Hycor Biomedical Inc., Garden Grove, received FDA approval to market a new test for antiphospholipid syndrome, which can cause strokes or heart attacks … Sicor Inc., Irvine, received FDA approval to market two drugs used in the treatment of leukemia and cancer … Orconet.com, Orange, launched a fiber-optic network covering seven states Brea-Olinda Venture LLC, owner of the 280-acre Olinda Ranch, filed Chapter 11.
IN CONCLUSION
Dr. Michael C. McNalley, founder of the the Hoag Memorial Hospital Presbyterian cardiology department, died at 68 … Judge John E. Ryan approved distribution of $816 million in litigation proceeds to public agencies that lost money in the 1994 OC bankruptcy, ending the case.
