TOP STORIES
Emulex Corp., Costa Mesa, announced plans to acquire Concord, Mass.-based Giganet Inc. for $645 million … The state Supreme Court ruled in a case involving Newport Beach-based William Lyon Co. that homeowners cannot bring construction-defect suits unless the alleged defect has caused physical injury or economic loss … HomeBase Inc., Irvine, said it will close 22 stores and convert its remaining 62 home-improvement warehouses into House2Home home-furnishing outlets … Sequoia Equities, Walnut Creek, bought four South OC apartment complexes from Denver-based Simpson Housing for $100 million … Intersil Holding Corp., Irvine, said it expects to meet earnings estimates in the fourth quarter but fall 5% short of revenue estimates; the company’s shares fell 21% to 22 13/16 … UCI and UC San Diego will receive $100 million from the state for four years to develop the California Institute for Telecommunications and Information Technology … FutureLink Corp., Lake Forest, named Howard E. Taylor CEO and president, replacing Philip Ladouceur and Glen Holmes, respectively, and Richard M. White executive VP and CFO, replacing Raghu Kilambi; Ladeuceur will remain chairman and Holmes a director; the company’s shares rose 69% to 1 3/8 on the news … QLogic Corp., Aliso Viejo, will be added to the S & P; 500 this week … Single-day admission to the California Adventure park will be $43 for adults and $33 for children … Acting County Executive Officer Michael Schumacher was named to the permanent job by the Board of Supervisors.
TECHNOLOGY
International Rectifier Corp., El Segundo, will acquire Irvine-based Unisem Inc. for about $50 million … TherOx Inc., Irvine, received $30 million in funding … Rainbow Technologies Inc., Irvine, said it will reorganize into four business units and add up to 100 employees … First Union Securities initiated coverage of Irvine-based Newport Corp. with a buy rating and it shares rose 21.5% to 69 1/4 on the announcement … Flashcom Inc., Huntington Beach, canceled an IPO it originally hoped would raise $125 million … Quest Software Inc., Irvine, will buy back up to 2 million common shares, about 2.3% of outstanding … Irvine-based PickAx Inc. was acquired by Raining Data Corp., San Carlos, for $12.2 million … Digital Transit Inc., Dana Point, received $2.5 million on funding from Nokia Venture Partners … Directors of Dense-Pac Microsystems Inc., Garden Grove, approved the repurchase of up to 500,000 shares, about 2.5% of shares outstanding … Bridge Technology Inc., Garden Grove, formed a Japanese subsidiary, Optics Japan Corp. … NQL Inc., Santa Ana, hired William Blair & Co. to advise it on potential partnerships and investments … California Software Corp., Irvine, ended merger talks with Marietta, Ga.-based UniComp Inc. and filed a lawsuit alleging fraud … 2TheMart.com Inc., Irvine, filed suit alleging that GoToWorld.com, Irvine, wrongly terminated a merger agreement … Authorities have frozen the assets of Fountain Valley-based Gametek while they investigate complaints that the firm has failed to deliver Sony Playstation 2 consoles ordered through its Web site.
HEALTHCARE
TriZetto Group Inc., Newport Beach, completed its acquisition of Resource Information Management Systems Inc. for $46 million … Trimedyne Inc., Irvine, named William J. Schubert CEO and vice chairman and acquired his Texas-based Mobile Surgical Technologies Inc. for $750,000 … Texas officials ordered Santa Ana-based PacifiCare Health Systems Inc. to submit by Dec. 22 a plan to remedy problems in that state with patient access to care and payments to doctors; meanwhile, a strike suit against PacifiCare was filed in Florida … Nexell Therapeutics Inc., Irvine, hopes to raise $25 million in a share offering … Safeguard Health Enterprises Inc., Aliso Viejo, will repurchase up to 500,000 shares, or 10.5% of outstanding … Roex Inc., Irvine, hopes to raise $6 million in an IPO … Synthetic Blood International Inc. will move from Kettering, Ohio, to Costa Mesa early next year.
REAL ESTATE
Richard Sim was promoted to the new post of chairman of the investment properties group of The Irvine Company; Irvine Apartment Communities was merged into the investment properties group and its president, Clarence Baker, was named to replace Sim as president of the group … First American Real Estate Solutions, Anaheim, acquired property-ownership files in nearly 600 counties in 35 states.
GOVERNMENT
OC supervisors voted to raise their salaries 10.4% to $108,000 annually … Opponents of the El Toro airport proposal said they will try to place an initiative on the March 2002 ballot to rescind the voters’ 1994 approval of the airport plan … The supervisors voted to divide this year’s $28.4 million tobacco-settlement payment evenly between healthcare programs and debt repayment … The OC Transportation Authority unveiled a revamped plan for a light-rail line from Fullerton to the Irvine Spectrum that calls for most of the route to be elevated … Supervisors approved a halved plan for the expansion of the James A. Musick Branch Jail, conditional on the Irvine City Council agreeing to the plan … Kathryn McCullough was elected mayor of Lake Forest, becoming the county’s first black mayor … OC Supervisors voted to join Newport Beach in seeking an extension of the legal settlement limiting operations at John Wayne Airport.
FINANCE
Leucadia National Corp., New York, cut its stake in Irvine-based Fidelity National Financial Inc. from 8.6% to 4.2% … A bankruptcy judge approved the bid by Robert Wahler and current managers to acquire Wahlco Inc., Santa Ana, from bankrupt Tennessee-based Thermatrix Inc. for $1.8 million.
WHAT’S NEW
Economists at Chapman University, Orange, predicted that OC’s economy will add 50,000 jobs in 2001 and the gross county product will rise 7% to $133 billion … Water Pik Technologies Inc., Newport Beach, warned that its earnings and sales will be lower than expected this year and its shares fell 14% to 7 7/16 on the news … Edison International’s Irvine-based Edison Mission Energy Global Management Inc. unit will hold a meeting of holders of preferred shares to vote on its dissolution and liquidation … Keith Cos., Costa Mesa, said it had increased its engineering services staff 20% to meet growing demand for power-plant development in the West … Federal Judge Manuel Real barred six companies, including three in OC, from selling scooters that allegedly infringe on Razor USA’s patents, pending a trial set for Jan. 30 … Ron Ahlfeldt, senior VP of P & D; Aviation and a consultant to the county on the proposed El Toro airport, died of natural causes at age 54.
