EXECUTIVE SUMMARY
Compiled by Mike Mason
ENERGY
The Federal Energy Regulatory Com-mission said California owes energy producers $1.2 billion for unpaid bills during the energy crisis last year; the state had been seeking $9 billion from the producers and plans to push its case in court Tustin-based Commonwealth Energy Corp. was ordered to pay $2.7 million to 15 former stock salespeople who helped the company raise some $40 million in the late 1990s; the sales staff was asking for $4.1 million in unpaid compensation, despite acknowledging that they engaged in unlicensed fundraising Irvine-based Quantum Fuel Systems Technologies Worldwide Inc. plans to raise $10.2 million in a stock sale.
TECHNOLOGY
Irvine-based Multek Multilayer Techn-ology Inc., part of Singapore’s Flextronics International Ltd., said it cut 310 workers here and moved its circuit-board operations to Guadalajara and Roseville near Sacramento Santa Ana-based Ingram Micro Inc. said weak computer demand in North America will result in fourth-quarter revenue at the low end of its previous guidance of $5.75 billion to $5.9 billion San Jose-based Phoenix Technologies Ltd. said it would close its Irvine operations as it moves software work to Taiwan and Japan; Phoenix, which also is shuttering a Louisville, Colo., office, is cutting a total of 60 workers Irvine-based Rainbow Technologies Inc. said it won a $3 million contract to encrypt the Department of Homeland Security’s telephone system Shares of Anaheim-based MTI Technology Corp. will trade on the Nasdaq SmallCap exchange after failing to keep above the minimum price level to stay listed on its main exchange Meanwhile, shares of Anaheim-based DDi Corp., trading at 35 cents at recent check, also moved to Nasdaq’s SmallCap market Irvine-based Newport Corp. opened a 42,000-square-foot precision optics plant next to its headquarters Irvine-based Epicor Software Corp. bought the electronic commerce operations of Atlanta-based Clarus Corp. for $1 million Irvine-based Microsemi Corp. said Chairman Philip Frey retired and Nick Yocca is taking over as head of the board; Frey has been a director since 1973 and chairman for 16 years Costa Mesa-based FileNET Corp. said it signed a pact with Japan’s NS Solutions Corp., a unit of Nippon Steel Group, in an effort to grow its software sales in Japan.
HEALTHCARE
Irvine-based NeoTherapeutics Inc. changed its name to Spectrum Pharmaceuticals and began trading under the ticker symbol “SPPI” on the Nasdaq SmallCap exchange Edwards Lifesciences Corp. said it licensed tissue-based heart-valve technology from Cook Biotech, a unit of Bloomington, Ind.-based Cook Group Inc.
GOVERNMENT
The Orange County Planning Comm-ission cut 39 workers amid a financial crisis at the department, which faces a $2.5 million deficit and monthly costs of $500,000 greater than its budget Class-action status was granted for a lawsuit that charges the county with leveling property tax hikes greater than Prop. 13’s 2% maximum; OC could face refunds of up to $1 billion if it loses the suit An $8.5 million Balboa Village makeover can go forward now that the city of Newport Beach and the Balboa Arbor Society have reached agreement to save two ficus trees.
REAL ESTATE
A Marine official told the OC planning department that homes should not be built on a Rancho Mission Viejo tract of land that bounds Camp Pendleton; the Marines say noise from planes and ammunition would cause too many complaints from homeowners; the ranch’s planning developer said noise mitigation efforts would dull the sound The California Coastal Commission blocked plans for John Laing PLC’s 70-home Heron Point development on Hellman Ranch in Seal Beach; the project can proceed when the developer comes up with a plan to protect an American Indian cemetery that was discovered during excavation.
FINANCE
Rafi Khan, who unsuccessfully tried to oust Milan Panic, the then-chief executive of Costa Mesa-based ICN Pharmaceuticals Inc., in the mid-1990s before being banned from the securities industry for allegedly manipulating the stock price of Lake Forest-based L.L. Knickerbocker Co., among others, could be in hot water again; the Securities and Exchange Commission is investigating whether Khan is back in the stock promotion game, which would violate a deal with the government.
WHAT ELSE IS NEWS
Boeing Co.’s Huntington Beach-based Boeing Launch Services Inc. unit won a deal from the National Aeronautical and Space Administration that could be worth up to $1.2 billion; the pact calls for 12 launches of the Delta II rocket, with an option of up to seven more San Juan Capistrano-based The Glacier of Anaheim LLC filed for bankruptcy liquidation, putting an official end to the proposed 620,000-square-foot, $150 million indoor ski and skate sports center in Anaheim; project backers said the Glacier was 92% leased, but didn’t have the financial backing to get off the ground The Walt Disney Co. said it would likely delay until 2010 the opening of a Disneyland park in mainland China; Disney, which had plans for a park set to open in 2008 in Shanghai, said it didn’t want to disrupt a partnership that calls for a $2.8 billion theme park in nearby Hong Kong set to open in 2006 Meanwhile, Disney won a court ruling allowing it to use the name “California Adventure” for its Anaheim theme park; Tracyton, Wash.-based World Impressions had claimed it had the rights to the name Irvine-based The Keith Cos. won an $8.8 million contract to improve the water system in Fenton, Mich.
The Orange County Board of Super-visors and the Newport Beach City Council OK’d a plan to boost John Wayne Airport’s passenger cap by almost 30% to 10.8 million by 2011 and add six gates; the Federal Aviation Administration is considering the plan.
