Compiled by Mike Mason
TOP STORIES
Orange-based Ameriquest Mortgage Co. agreed to pay up to $50 million to settle a class-action lawsuit brought by borrowers in California and three other states. The lawsuit claimed some workers at the subprime mortgage lender levied higher fees and interest rates than borrowers had agreed to in initial loan estimates. Under the tentative agreement, Ameriquest would pay between $15 million and $50 million in refunds to some borrowers in California, Texas, Alabama and Alaska … The Navy sent a formal award letter to Lennar Corp., which won bidding on all four parcels of the former El Toro Marine base. Miami-based homebuilder Lennar is set to pay the Navy $650 million for the property.
Newport Beach-based Conexant Systems Inc. extended Chief Executive Dwight Decker’s contract at the chipmaker through Nov. 9, 2006 … Irvine-based Broadcom Corp. said it completed its buy of Santa Clara-based Zeevo Inc., a designer of chips for wireless audio headsets, for $32 million in cash and stock … Costa Mesa-based Irvine Sensors Corp. said it won government contracts worth up to $10.9 million. The contracts include government research and development pacts, along with additional work tied to existing contracts. The company said about $1.7 million of the new contracts are optional … Tepid demand for printed circuit boards hit Anaheim-based DDi Corp. in the fourth quarter. The company reported quarterly sales of $44 million, down slightly from a year earlier and off 7% from the third quarter … Irvine-based Autobytel Inc. asked Nasdaq to extend a deadline to April 15 to file new financial reports for 2002, 2003 and 2004 because of accounting errors … Irvine-based Comarco Inc. picked up some contracts related to freeway call boxes. Comarco was awarded $3.9 million worth of projects by the San Diego Service Authority for Freeway Emergencies.
Brea Community Hospital was put in the hands of a court-appointed trustee, and was set to close unless staff was paid last Friday. The hospital owes $13 million. Two groups,Sovereign Healthcare and Prime Healthcare Systems,have shown interest in buying the hospital … Irvine-based Spectrum Phar-maceuticals Inc. said its board approved a plan to cut its directors from seven to five. The drug developer said the board reduction would better reflect the size of the company … Irvine heart valve maker Edwards Lifesciences Corp. entered a critical phase in the development of a product it sees playing a key role in future heart surgeries. A team of Michigan cardiac surgeons said they inserted a new Edwards valve into the first American patient as part of a clinical trial … Costa Mesa-based Valeant Pharmaceuticals International restated its fourth-quarter and 2004 results. The new results reflect a revaluing of a tax allowance related to losses from discontinued operations and increased investment in research and development, as well as lower royalties from the sale of Ribavirin … San Juan Capistrano-based ChromaVision Medical Systems Inc. changed its name to Clarient Inc., now trading under the CLRT symbol on Nasdaq … The Securities and Exchange Commission sued Irvine-based BodyScan Corp. and its chief executive, Anthony Sciuto, for allegedly making false claims about the size of the company.
Irvine-based SunCal Cos. and New York’s Lehman Brothers Holdings Inc. paid $120 million to the state for 470 acres in Chino. The site has been approved for 2,200 homes and a retail center.
Irvine-based Quantum Fuel Systems Technologies Worldwide Inc. inked a parts contract worth up to $60 million in revenue in the next 12 months. Quantum, which makes fuel systems for hydrogen, fuel cell and hybrid vehicles, said a unit, Tecstar Automotive Group, won the deal from an unnamed automaker. As part of its contract win, Tecstar will build a parts distribution center on a 5.2-acre parcel Quantum has in Irvine.
Regulators said Westminster-based First Vietnamese American Bank can up its stock offering from $11 million to $15 million. The startup bank, which expects to open in April, said it attracted $34 million in pledges.
The Orange County Transportation Authority identified 25 bottleneck points on the county’s freeways that it plans to fix. Remedying the bottlenecks would cost $500 million, according to the agency, with work expected to begin on five projects as early as next year … The City Council voted to close the Costa Mesa Job Center June 30. The $103,000 a year center helped day laborers line up work.
Foothill Ranch-based Wet Seal Inc. said Joseph Deckop, executive vice president, resigned “to pursue other interests.” Deckop was named interim chief executive after Peter Whitford left last November. Joel Waller took over as permanent chief executive in February … Houston-based Metals USA Inc. said it planned to more than double its Buena Park operations to 168,000 square feet.
ECONOMIC INDICATORS
Mixed: Orange County’s housing picture in February, with the median price of a home sold up 17% to $555,000, versus a year earlier, but the number of homes sold down 11% to 2,890, according to DataQuick Information Systems.
Up: OC’s jobs picture in February, with the unemployment rate at 4.1%, versus 4.6% a year earlier, and total nonfarm payroll rising 1.9% to 1,463,000 jobs, according to the state Employment Development Department.
