ENERGY
State Controller Kathleen Connell said long-term power supply contracts entered into by the state could cost more than the $43 billion estimated by Gov. Gray Davis; meanwhile, Davis offered to reduce California’s $9 billion in refund claims against power producers in return for renegotiation of the supply pacts, the Washington Post reported The state Independent System Operator said that it ordered production cutbacks at Duke Energy Corp.’s San Diego plant that were cited by Davis as examples of price manipulation Several power producers backed out of sales to California utilities because of uncertainty over what price they would receive under federal price controls Duke Energy Corp. reduced by $20 million the amount it says it is owed for power sales in California Huntington Beach appealed the South Coast Air Quality Management District’s decision to ease air-quality restrictions in its approval of the renovation of two generators at the AES Corp. plant in the city.
TOP STORIES
ICN Pharmaceuticals Inc., Costa Mesa, plans a private sale of $250 million in subordinated convertible notes; ICN also licensed its levovirin anti-hepatitis drug now in trials to Roche Holding Alliance Imaging Inc., Anaheim, filed to raise up to $183.3 million in an IPO; a previous planned IPO was called off by the company in March.
TECHNOLOGY
Conexant Systems Inc., Newport Beach, will sell its global positioning systems chip business to SiRF Technology Inc. for a stake in the San Jose-based startup Interplay Entertain-ment Corp., Irvine, said talks with an unnamed suitor for a sale of the company have been delayed Richard Roll resigned as president and chief operating officer of Irvine-based Epicor Software Corp. and Chief Executive George Klaus added the president’s title Autobytel.com Inc., Irvine, said it will reduce its 20-person European workforce Micro General Corp., Santa Ana, was added to the Russell 3000 FutureLink Corp., Lake Forest, will remain listed on Nasdaq after meeting its minimum-price requirement Broadcom Corp. board member Myron S. Eichen died and the board will meet this month to consider a replacement.
HEALTHCARE
InSight Health Services Corp., Newport Beach, is set to be acquired for $54 million by J.W. Childs Associates, Boston, and Halifax Group, Washington, D.C. Edwards Lifesciences Corp., Irvine, completed the sale of its San Diego-based Cardiovascular Resources Inc. unit to German firm Fresenius Medical Care for $45 million Mark E. Bennett resigned as president and chief executive and Michael Malet resigned as chief operating officer of Irvine-based MedCom USA Inc., which also was delisted by Nasdaq; James P. Covert was named to replace Bennett Bakersfield Heart Hospital sued Santa Ana-based PacifiCare Health Systems Inc., alleging it is owed $6.2 million in unpaid bills by the HMO’s Secure Horizons unit.
GOVERNMENT
The state Senate passed and sent to Gov. Gray Davis a bill to require that Tustin cede 100 acres of the former Tustin air base to two Santa Ana school districts Aliso Viejo was formally incorporated as the county’s 34th city Dr. Raman Unnikrishnan was named dean of California State University, Fullerton’s College of Engineering and Computer Science.
FINANCE
South Korean regulators approved a proposal by Santa Ana-based First American Corp. to open a title insurance office in that country.
WHAT ELSE IS NEWS
A bankruptcy judge approved Newport Beach-based Edwards Theatres Circuit Inc.’s petition to dissolve its agreement with Imax Corp. and close its six Imax theaters Aug. 1; Imax said it will filed a $29 million claim against Edwards, which contends it owes Imax nothing EMAP PLC sold its U.S. unit,which includes the San Clemente-based Action Sports Group, publisher of Surfer, Skateboarder, Snowboarder, Bike and Powder magazines,for $515 million to Primedia Inc., publisher of San Clemente-based Surfing Hyundai Motor America Inc., Fountain Valley, won a $1.9 million judgment in a fraud suit against Ace-A-Dent Inc. and will seek to have the award trebled under federal racketeering law Nike Team Sports, with operations in Foothill Ranch and Beaverton, Ore., will lay off 40 employees Ely Callaway, founder and chairman of Carlsbad-based Callaway Golf Co., died of pancreatic cancer at 82 Walter Parks was named executive vice president and chief financial officer of Foothill Ranch-based Wet Seal Inc. Winemaker Robert Mondavi Corp. said efforts to promote Walt Disney Co.’s California Adventure are encouraging, saying it would break even on its $12 million investment in the project in fiscal 2002.
