TOP STORIES
Gov. Gray Davis authorized the state to sell up to $10 billion in bonds to buy electricity and issued an emergency order requiring retailers to cut outdoor lighting in half or face fines of up to $1,000 Gary Hunt resigned as executive VP of The Irvine Company; no replacement was named Bergen Brunswig Corp., Orange, signed a four-year, $220 million pact to supply generic drugs to Costco Wholesale Corp. and a five-year, $400 million deal to supply drugs and services to Comprehensive Pharmacy Services Inc. Fidelity National Financial Inc., Irvine, raised $256.2 million in a public offering to pay down debt Global Health Sciences Inc., Orange, filed for Chapter 11 bankruptcy protection and is seeking to sell its operations Philip Anschutz reportedly is negotiating to acquire a stake in bankrupt Edwards Theatres Circuit Inc., Newport Beach DDi Corp., Anaheim, hopes to raise $90 million in a stock offering and $100 million in a sale of convertible debt.
TECHNOLOGY
Online retailer buy.com Inc., Aliso Viejo, laid off 25 of its 250 workers and curtailed operations after reporting a wider-than-expected loss and a 2% drop in sales Epoch Internet, Costa Mesa, laid off 50 of its 250 workers Procom Technology Inc., Irvine, plans to sell $35 million in stock Intersil Corp., Irvine, initiated a tender offer to holders of its long-term debt securities Three directors and CEO Paul Folino of Costa Mesa-based Emulex Corp. filed to sell a total of up to 360,000 shares valued at about $37 million Irvine Sensors Corp., Costa Mesa, added former defense secretary William Perry and former CIA director John Deutch to the board of its INetworks Corp. unit; the firm’s shares rose 31% to 2 11/16 on the news Former Wyle Electronics Inc. president and CEO Thomas A. Beaver was named president and CEO of 3DSP Corp., Irvine, replacing founder Kan Lu, who remains chief technology officer Interplay Entertainment Corp., Irvine, formed an online unit, Interplay.com Creditors of 2TheMart.com, Irvine, filed to force the firm into bankruptcy Cerplex Group Inc., Irvine, said it will convert its Chapter 11 reorganization into a liquidation Newport Corp., Irvine, sued Web site designer Irvine-based WareNet alleging it changed passwords and threatened to shut down Newport’s site unless it is paid a “substantial sum of money”; a WareNet attorney alleged that Newport is trying to use WareNet’s technology without paying Kathleen Cote, president of Boston-based Seagrass Partners, was elected to the board of Western Digital Corp., Lake Forest Churchill Equity Capital Partners, Minneapolis, acquired a majority stake in Cal Quality Electronics Inc., Santa Ana.
GOVERNMENT
The county agreed to pull outside attorney Michael Gatzke off of El Toro airport matters to settle a suit brought by airport foes alleging he was hired illegally; meanwhile, a court ruling that invalidated the anti-El Toro airport Measure F was appealed County supervisors are set next week to consider a proposal by Aloha Airlines for flights from John Wayne Airport to Hawaii South Orange County Community College District trustees voted not the renew the contract of Chancellor Cedric Sampson Edison International paid a $20 million note held by an OC investment pool in full and on time UCI received 28,547 applications for 4,100 freshman slots next school year; meanwhile, the UCI Academic Senate unanimously approved a plan to establish a law school at the campus.
HEALTHCARE
Dissident 4% stakeholder Special Situations Partners Inc. urged Costa Mesa-based ICN Pharmaceuticals Inc. to abandon a plan to divide into three public companies and instead sell itself to the highest bidder David M. Thomas, chairman and CEO of Westport, Conn.-based IMS Health Inc., was named to the board of Newport Beach-based TriZetto Group Inc. NeoTherapeutics Inc., Irvine, said its Netrofin drug candidate for treatment of Alzheimer’s disease showed promising results in tests on mice and its shares rose 18% to 2 23/32 on the news Biolase Technology Inc., San Clemente, received FDA approval to market its TwiLite laser for teeth whitening, and its shares rose 27% to 3 1/32 on the news.
FINANCE
First American Corp., Santa Ana, said it plans to acquire Credit Management Solutions Inc., Annapolis Junction, Md. MacArthur Business Credit LLC, Irvine, was acquired by VenServ Inc., Agoura Hills Escrow.com, Santa Ana, laid off 30 employees, about a third of its work force Paul G. Wollatt resigned as COO of Downey Financial Corp., Newport Beach Bankers Mutual, Irvine, changed its name to Berkshire Mortgage Finance.
REAL ESTATE
Wohl Investment Co., Irvine, acquired four Inland Empire commercial and retail properties for $33 million Costa Mesa-based Strategic HR Services completed its separation from CB Richard Ellis Summit Builders, Newport Beach, broke ground on a 356-room DoubleTree Hotel in Santa Ana The John Wayne Airport area ranked 10th nationally in a list of the best office markets in which to invest according to Integra Realty Resources Inc. of New York.
WHAT’S NEW
Motorsport Aftermarket Group Inc., Yorba Linda, secured $39 million in private funding from a loan and sale of securities and used the proceeds to acquire two unidentified companies The Keith Cos., Costa Mesa, acquired privately held Hook & Associates Engineering Inc. of Phoenix Quiksilver Inc., Huntington Beach, said it will increase capital spending and open up to 30 retail stores by Oct. 31 South Coast Toyota, Costa Mesa, and South Bay Toyota, Gardena, reportedly will pay $2 million without admitting wrongdoing to settle a state investigation into alleged lease fraud Prandium Inc., Irvine, said it delayed interest payments on four debt securities issues and hired Crossroads LLC, Newport Beach, to negotiate a financial restructuring with debt holders Diedrich Coffee Inc., Irvine, said it expects to take a $2 million charge in the next quarter for costs associated with closing stores, expects to terminate two franchise development agreements, and hired an investment bank to attract equity investors Crown Books will close four OC stores OfficeMax, Cleveland, will close two OC stores A Knott’s Berry Farm employee was severely injured when he was caught and dragged by the Calico Railroad train.
