TOP STORIES
For the first time in more than five weeks, the state’s electrical grid operated free of an alert or emergency declaration; Gov. Gray Davis said the state could seize Pacific Gas & Electric Co.’s power lines using eminent domain if negotiations for a state purchase reach an impasse, while Southern California Edison Chairman John Bryson said his firm may seek bankruptcy protection rather than sell its transmission grid to the state at a price it considers too low; state air-quality regulators have ordered the AES Corp. power plant in Huntington Beach to install scrubbers to cut its emissions by 90%, which would shut the plant for two months, while Huntington Beach filed a formal appeal with state Energy Commission of a plan to “fast-track” a request by AES to refurbish and restart two mothballed generators at the plant Bergen Brunswig Corp., Orange, received a three-year, $3.5 billion contract to supply brand-name drugs to AdvancePCS Fluor Daniel Inc., Aliso Viejo, won a contract to manage a $2.6 billion petrochemical project in Nanjing, China, for BASF-TPC Co. John Martin resigned as chairman of Irvine-based Diedrich Coffee Inc. and was replaced by 14.5% stakeholder Paul Heeschen Wet Seal Inc., Foothill Ranch, said its fiscal fourth-quarter earnings will surpass analysts’ estimates by about 30% Newport Corp., Irvine, revised its estimated sales growth for the year upward, from 40% to 66%.
TECHNOLOGY
Lehman Brothers Inc. lowered its revenue forecast for Irvine-based Broadcom Corp. and its shares fell 13% to 64 3/8 on the news Emulex Corp., Costa Mesa, was hit with a strike suit Irvine-based Datum Inc. CEO Erik H. van der Kaay said his is “nervous” about the turmoil at Lucent Technologies Inc., Datum’s largest customer Comarco Inc., Irvine, said it expects its income from continuing operations to be about the same for its recently ended fiscal year as it was in the prior year David Frosh resigned as president of Fountain Valley-based CAM Commerce Solutions Inc. and the company said his responsibilities will be divided between founder and new CEO Geoff Knapp and newly appointed COO Greg Freeze Worldwide Wireless Networks Inc., Orange, disputed an announcement by Garden Grove-based Bridge Technology Inc. that the two firms had canceled a planned deal for a Bridge unit and severed relations MindArrow Systems Inc., Aliso Viejo, shelved its acquisition of Ireland-based Twelve Horses Ltd. A bankruptcy court approved Covad Communications Group’s acquisition of about 24,500 customers from Huntington Beach-based Flashcom Inc. for up to $3.5 million MAI Systems Corp., Irvine, agreed to pay $4 million to settle a suit over its acquisition of CCSA Holding Ltd.’s stake in Hotel Information Systems The Quantum Group Inc., Tustin, acquired a unit of Utek Corp. that holds a license for a new de-icing technology Capstone Turbine Corp., Chatsworth, said it will open an OC office for its newly formed alternative-energy unit The last MD-11 to be built was delivered in a ceremony at the former McDonnell Douglas facility in Long Beach, now owned by Boeing, which will redevelop it into a business park.
GOVERNMENT
The nine-city anti-El Toro airport El Toro Reuse Planning Authority was set to reverse its opposition to expansion of John Wayne Airport Two Santa Ana school districts sued Tustin over its plans for the closed Tustin Marine base Huntington Beach city officials have proposed creating a redevelopment zone in the coastal industrial area between Beach Boulevard and Magnolia Street; meanwhile, a jury awarded $1.2 million to Gary Mulligan, owner of Perq’s bar on Main Street in Huntington Beach, in a suit over the city’s downtown redevelopment The OC Fire Authority OK’d a new contract with county firefighters that will increase wages 20% over five years The OC Transportation Authority began talks with its bus drivers’ union on a new contract to replace a five-year deal that will expire April 30 The Fountain Valley city attorney ruled that Councilman Chuck Conlosh, who checked himself into a psychiatric facility in January, has vacated his council seat by not attending a council meeting for 60 days.
HEALTHCARE
Economist Arthur B. Laffer and former Walt Disney Co. vice chairman Sanford Litvack were named to the board of PacifiCare Health Systems Inc., Santa Ana; meanwhile, the state Department of Managed Care said it will fine PacifiCare of California, Cypress, for delinquent payments to doctors and hospitals and has sent an examiner to the company’s offices to make sure the payments are made ColorMax Technologies Inc., Tustin, said the SEC is investigating its restatement of first-half 2000 financials and said it won’t be able to make payroll without access to funds frozen by a shareholder lawsuit.
REAL ESTATE
Kohl Corp. acquired 5.5 acres in Rancho Santa Margarita and will build a 93,000-square-foot store there, its first in the state The OC Building Industry Association said it opposes the proposed CenterLine light-rail project for OC.
FINANCE
San Clemente Securities Inc., a defunct firm under SEC investigation, filed for Chapter 7 liquidation.
WHAT’S NEW
Autobytel.com Inc., Irvine, received a contract from General Motors Corp. to test GM’s new system for shopping for cars online (see related story on page 3) Mitsubishi Motors Corp. was reportedly set to cut its worldwide work force by 15%, but a spokesman for Cypress-based Mitsubishi Motor Sales of America said no significant change in employment is anticipated here Mexmil Co., Santa Ana, will open a new 220,000-square-foot plant in Mexicali, Mexico, next month and close its 23-year-old, 200,000-square-foot facility there Chicago Pizza and Brewery Inc., Huntington Beach, secured $8 million in debt financing from Union Bank after raising $2 million in a private placement; the buyers of the shares also have an option to buy up to $8 million in additional shares, subject to shareholder approval Fluor Corp., Aliso Viejo, promoted Rick Robinson to president of its Fluor Constructors International Inc. unit, replacing Richard Flinton, who retired The Los Angeles Times will double its weekday newsstand price to 50 cents on March 5.
