Compiled by Mike Mason
Scott Blum stepped down as chief executive of Aliso Viejo-based Buy.com Inc., the company he founded and unsuccessfully tried to take public late last year. The online retailer named Neel Grover, chief operating officer and president, the new chief executive as of May 19. Blum will remain chairman Irvine-based Ritz Interactive Inc. withdrew its plans to raise up to $34.5 million in an initial public offering. It gave no reason for the move. Ritz, which operates e-commerce Web sites that sell digital cameras, boating and fishing products, among others, was founded in 1999 and has about 44 workers. It posted sales of $22 million for the 12 months ended June 30, 2005. WR Hambrecht and Newport Beach-based Roth Capital Partners LLC were set to be underwriters on the deal Irvine-based VitalStream Holdings Inc. said it bought Knoxville, Tenn.-based Eonstreams Inc. for stock worth about $17 million. VitalStream said earlier this year it was on track to post $23 million to $25 million in sales this year.
SenoRx Inc., a medical device maker in Aliso Viejo, filed to raise up to $86.3 million in an initial public offering. The company develops minimally invasive medical devices to detect and treat breast cancer. EnCor, its lead product, allows doctors to obtain multiple breast biopsy samples through a single probe insertion. SenoRx received regulatory clearance for EnCor in 2004 and started selling it in November. Banc of America Securities LLC, Citigroup, SG Cowen & Co. and First Albany Capital are the underwriters on the deal. SenoRx lost $8.6 million on sales of $19.3 million last year Santa Ana-based Advanced Medical Optics Inc. named Chief Executive James Mazzo chairman. Mazzo replaces William Grant, who’s set to remain a board member Costa Mesa-based Valeant Pharmaceuticals International saw its outlook revised down from “negative” to “stable” by Standard & Poor’s Ratings Services. The downgrade reflected Valeant’s recent setback in its development of Viramidine, a hepatitis C drug, as well as other challenges (see related story, page 1).
Santa Ana-based First American Corp. settled with New York Attorney General Eliot Spitzer, who led a probe into alleged improper business practices at the company and other title insurers. As part of the settlement, First American and rival Fidelity National Financial Inc. of Florida are paying fines of $2 million each and agreed to stop paying rebates to favored customers. The companies also agreed to seek title insurance rate cuts of 15% for all New York properties with a value of up to $1 million. First American acknowledged no wrongdoing in the settlement The Irvine Company is expected to tap former Los Angeles-based Maguire Properties Inc. co-chief executive and president Richard Gilchrist as the new head of its office division, replacing William Halford, who left the company earlier this year. Gilchrist resigned from Maguire effective Jan. 1, and was to serve as an adviser to Maguire for a six-month period, ending June 1 (see story, page 3). Meanwhile, the Irvine City Council approved the Irvine Co.’s 761-condominium development at Woodbury East. Model homes, set for 95 acres between Irvine Boulevard and Trabuco Road along the former El Toro Marine base, are expected early next year.
Britain’s GUS PLC said it plans to spin off Costa Mesa credit rating and financial services company Experian Group in October, the early end of a timetable set out in March. Two months ago, GUS said it planned to “demerge” Experian in six to 12 months. Experian also said Chief Executive Don Robert plans to move to London, where the independent company is set to be based.
An appeals court invalidated the sale of PBS affiliate KOCE-TV Channel 50 to its foundation. Religious broadcaster and rival bidder in the 2004 sale, Daystar Television Network, had appealed the sale, alleging religious discrimination. While the court said the sale process was flawed, it didn’t grant the station license to Daystar. The foundation said it is considering its options.
ECONOMIC INDICATORS
Down: Sales of autos and trucks in Orange County this year through April, down 10.7% to 14,994, versus a year earlier, according to the Orange County Automobile Dealers Association.
Mixed: Orange County detached home prices in April, with the median price at $729,370, up 7% from a year earlier, but the number of sales off 33%, according to the California Association of Realtors.
