TOP STORIES
Costa Mesa-based ICN Pharmaceuticals Inc. agreed with dissident shareholder Special Situation Partners on a new plan for splitting the company into three publicly traded units that will limit Chairman and CEO Milan Panic to a single executive position at ICN International, which will include the firm’s European and Asian operations (the other two units to be spun off will be its R & D; operation and its North and South American operations); ICN also said it would explore the possibility of a sale of the company before the restructuring, and SSP agreed not to run a slate at ICN’s December shareholders’ meeting; meanwhile, Panic said he may step down as ICN’s CEO before the meeting … St. Joseph Health System, Orange, said it will not renew 12 of its 16 HMO contracts (see story on page 1) … Irvine-based Broadcom Corp. agreed to acquire Allayer Communications, San Jose, for $275.8 million … Western Digital Corp., Irvine, created a new unit, Keen Personal Media Inc., to develop and market digital recorders and signed a software development and licensing deal with Scientific-Atlanta Inc. … Sun Microsystems Inc. signed a six-year, $10 million lease for the top two floors of the 12-story Opus Center Irvine … U.K.-based BP Amoco expanded its human resources management contract with Exult Inc., Irvine, to include ARCO, which BP acquired in April.
TECHNOLOGY
Go2Systems Inc., Irvine, received $27 million in funding from a group led by Amdocs and Science Applications International Venture Capital Corp., and signed a deal to provide software to Motorola for use in cell phones … Newport Corp., Irvine, called off its acquisition of U.K.-based International Metrology Systems, citing unspecified business and legal issues … Moody’s Investors Service lowered its rating of some of Santa Ana-based Ingram Micro Inc.’s debt securities, citing declining operating income … FutureLink Corp., Lake Forest, has eliminated 75 jobs, about 10% of its workforce, in a consolidation following a series of acquisitions … Buy.com Inc., Aliso Viejo, will pay $575,000 to settle a class-action suit stemming from its cancellation of orders for equipment mistakenly listed on its Web site for a very low price; separately, buy.com launched an Auto Center on its online shopping Web site that features links to auto-related products and services … Universal Broadband Networks Inc., Irvine, failed to secure a new round of funding and asked Nasdaq to halt trading of its shares pending a management review of its options … Viasource Communications Inc., Fort Lauderdale, Fla., will provide high-speed DSL technology to Flashcom, Huntington Beach … Advanced Communications Technologies Inc., Irvine, will acquire 51% of digital Comm Link Inc., Davie, Fla., for $10 million to $20 million … Dense-Pac Microsystems Inc., Garden Grove, will acquire Productivity Enhancement Products Inc., Laguna Hills for $6 million … JAMS, Irvine, formed a joint venture with Poorman-Douglas Corp. to launch EJams, an online dispute-arbitration service for e-commerce companies … GoToWorld.com Inc., Irvine, called off its merger with 2TheMart.com Inc., Irvine.
GOVERNMENT
The OC District Attorney’s Office is seeking millions of dollars in fines from Atlantic Richfield Co. and Thrifty Oil, alleging that leaking storage tanks at more than 100 of their gas stations have polluted groundwater supplies … President Clinton signed a law to increase the number of H-1B special work visas available for skilled workers to 195,000 in each of the next three years … The OC Transportation Corridor Agencies let a three-year, $10 million contract to Chase Manhattan Bank to operate the county’s toll roads … The Irvine City Council censured councilman and mayoral candidate Larry Agran for releasing a consultant’s preliminary report on his “Great Park” proposal for the former El Toro base; the majority said the report was premature and misleading; Agran said taxpayers should see reports they’re paying for … Huntington Beach Mayor Dave Garofalo was served with recall papers … Three of four Newport Beach officials negotiating with Conexant Systems Inc. on a proposed expansion of its facility in the city own stock in the firm, the Register reported.
HEALTHCARE
IntraLase Corp., Irvine, raised $22 million from investors led by InterWest Partners and Domain Associates LLC … Nexell Therapeutics Inc., Irvine, said it will cut 50 jobs, about one-third of its work force, and take a $500,000 fourth-quarter charge as it narrows its product-development efforts … I-Flow Corp., Lake Forest, agreed to settle its patent-infringement suit against Minnesota-based Novacon Corp. for $144,000 and 2.5% of Novacon; I-Flow previously had won a $1.3 million judgment … Endocare Inc., Irvine, received FDA clearance to market a new cryosurgery method.
REAL ESTATE
Fujitsu Business Communication Systems signed a $17 million lease with The Irvine Company for 146,000 square feet in the Irvine Spectrum where it plans to move its existing Anaheim operation … Morton’s of Chicago signed a lease for the former Planet Hollywood site in South Coast Plaza Village and will build a new, larger restaurant there.
FINANCE
Chairman William P. Foley II registered to sell up to 101,000 shares of Fidelity National Financial Inc., Irvine … American National Financial Inc., Orange, acquired Chicago Title Insurance Co.’s operations in Pima County, Ariz.
TOP STORIES
Resources Connection Inc., Costa Mesa, said it hopes to raise about $59 million in its planned IPO, down from $103 million it originally estimated … Sunstone Hotel Properties, San Clemente, said it will build a 132-room Marriott Residence Inn in downtown Rochester, N.Y., next year … A unit of American Vanguard Corp., Newport Beach, will acquire an Alabama factory from DuPont Co. … The Cooper Cos. Inc., Lake Forest, acquired MedaSonics Inc. for $7.1 million … A faculty committee was set to recommend that UCI create a law school … Bally Total Fitness signed a lease to operate a 28,000-square-foot facility in the proposed Gotcha Glacier indoor action sports facility in Anaheim … The Keith Cos. Inc., Costa Mesa, completed its acquisition of Crosby Mead Benton & Associates … Hart Industries Inc., Newport Beach, announced a 1-for-25 reverse stock split and changed its symbol to HRII.
