Compiled by Mike Mason
The Board of Supervisors approved Rancho Mission Viejo LLC’s plan to develop 23,000 acres into 14,000 homes, golf courses and 5.2 million square feet of commercial space in South Orange County. The plan is likely to be challenged in court, with several environmental studies pending … Santa Ana-based Advanced Medical Optics Inc. said it plans to buy Santa Clara-based Visx Inc., a maker of lasers used in corrective eye surgeries, for about $1.3 billion in cash and stock. Both companies’ boards of directors have approved the deal. Advanced Medical, which makes devices for eye surgery and contact lens solutions, said the combined company would save $10 million to $15 million in costs next year and post about $1 billion in sales. Shares of Advanced Medical fell 12% to $37.5 following the announcement. The deal is set to close in the first quarter next year (see story, page 1) … Conexant Systems Inc. ousted chief executive Armando Geday and tapped former chief Dwight Decker to replace him. Decker said that the struggling chipmaker planned to cut workers and restructure top management. The company, which moved its headquarters to Red Bank, N.J., after buying GlobespanVirata, which Geday ran, will move back to Newport Beach.
Irvine-based Autobytel Inc. was hit with a class-action lawsuit related to a decline in its stock price last month when the car selling operation said it was reviewing some revenue accounting … Aliso Viejo-based Fax.com was barred from doing business in Idaho. The fax spamming company was accused of sending unsolicited faxes to consumers in the state … Santa Ana-based Troy Group Inc. shareholders approved a buyout offer of about $11 million from Dirk Inc., which is controlled by Troy founder Patrick Dirk and his family. Dirk plans to take the check-printing equipment maker private. Costa Mesa-based Westar Capital LLC withdrew a higher bid for the company, citing its weaker than expected earnings results and other investment opportunities. Meanwhile, some minority shareholders who voted against the buyout plan are set to ask a judge to value the company’s stock price.
HEALTHCARE
General Electric Co.’s healthcare unit inked a deal to distribute Irvine-based Cardiac Science Inc.’s defibrillators to hospitals in the U.S. and Canada … Irvine-based Cortex Pharmaceuticals Inc. tapped Haskell & White LLP, also of Irvine, as the drug maker’s independent auditor. Haskell replaces Ernst & Young LLP.
REAL ESTATE
Santa Ana-based First American Corp., Jacksonville, Fla.-based Fidelity National Financial Inc. and other title insurers agreed to pay permit fees for about 100 Huntington Beach condominiums that were illegally converted from apartments. Residents, who faced about $20,000 in fees each to get the permits, won’t pay a dime.
FINANCE
Peter Schiff, chief executive of Newport Beach-based Euro Pacific Capital Inc., is moving to New Canaan, Conn., to open an East Coast office for the money management firm. Schiff will continue to head the company, which has 10 investment advisers.
GOVERNMENT
Anaheim’s City Council said it would take action against Anaheim Angels’ owner Arte Moreno if he tries to change the team’s name to Los Angeles. City officials said the Angels’ lease with the city requires the name to remain Anaheim. The Angels have been considering a name change after taking Anaheim off road uniforms, tickets and press releases last year (see Insider, page 3).
Foothill Ranch-based Wet Seal Inc. said SAC Capital Management LLC and others will buy at least $40 million of convertible debt from the struggling teen retailer. The investors are likely to close many of Wet Seal’s 460 stores and 95 Arden B. locations. Shares of the company, which have fallen 85% from their 12-month high, rose 25% to $1.9 after the deal was announced. Meanwhile, Wet Seal’s chairman and chief executive, Peter Whitford, stepped down when the financing deal was announced. Joseph Deckop, executive vice president, will take over on an interim basis, with board member Henry Winterstern becoming chairman … Walt Disney Co.’s Local 50 food service employees OK’d a three-year contract that will boost healthcare premiums paid by workers, but gives them an easier path to fulltime status. The deal brings workers at Disneyland and California Adventure theme parks in Anaheim under one contract … Los Angeles-based Sage Group LLC bought Anaheim-based L.A. Spas for an undisclosed amount. Sage said it didn’t plan to cut any of the spa maker’s 100 workers … Carpinteria-based CKE Restaurants Inc. said its Anaheim-based Carl’s Jr. unit posted a 5.6% gain in same-restaurant sales for the four weeks ended Nov. 1.
