EXECUTIVE SUMMARY
Compiled by Roger Bloom
TOP STORIES
Conexant Systems Inc., Newport Beach, will sell 55% of its chip fabrication operation to Washington, D.C.-based Carlyle Group Inc. for $50 million and it will become a separate company; unit chief Shu Li will become chief executive of the new company, which has not been named The Anaheim City Council approved the $600 million Anaheim Garden Walk project, formerly known as Pointe Anaheim, and agreed to put $30 million in projected bed and sales tax revenue toward financing the project Southern California Edison repaid $5.5 million in debts accumulated during the state’s electricity crisis in 2000 and 2001 Tustin and two Santa Ana school districts settled their dispute over use of the former Tustin air base, paving the way for the Navy to transfer the land to the city Orange County Clerk-Recorder Gary Granville, 72, died of a heart attack.
ENERGY
Gov. Gray Davis asked the Federal Energy Regulatory Commission to lower the prices in the state’s long-term energy contracts by $21 billion or force power producers to renegotiate them.
TECHNOLOGY
The Air Force may buy 102 additional C-17 transports, made by Boeing Co. in Long Beach, instead of the 60 additional planes previously announced Shares of Rainbow Technologies Inc., Irvine, fell 31% in two days to 7.75 ahead of its fourth-quarter results, in which its earnings exceeded the consensus estimate; subsequently, Needham & Co. upgraded the company’s shares from “hold” to “buy” SSP Solutions Inc., Irvine, received a $2.3 million contract to provide the military with information-security software QLogic Corp., Aliso Viejo, named Frank Calderoni chief financial officer, replacing Thomas Anderson, who retired Raining Data Corp., Irvine, said it will seek a hearing on Nasdaq’s intention to delist its shares.
HEALTHCARE
Biomerica Inc., Newport Beach, will acquire Lancer Orthodontics Inc., San Marcos ICN Pharmaceuticals Inc., Costa Mesa, posted better-than-expected fourth-quarter earnings; meanwhile, ICN received Food and Drug Administration approval to market its NLite laser system for treatment of wrinkles I-Flow Corp., Lake Forest, received a U.S. patent for its catheter infusion technology The FDA approved Biolase Technology Inc.’s surgical cutting system for expanded use in oral surgery.
GOVERNMENT
A federal judge, at the request of the Bush administration, invalidated the “critical habitat” designations on about a half-million acres in Southern California The House of Representatives passed and sent to the Senate a bill that would free the regional Bell telephone companies from having to share their high-speed data wires with rivals The Orange County Sanitation District will begin adding bacteria-killing chlorine to sewage pumped to an outfall off the Huntington Beach coast (see related story on page 1) Glenn R. Roquemore, vice president of instruction at Irvine Valley College, was named interim president, replacing Raghu P. Mathur, who was appointed chancellor of the South Orange County Community College District Supervisors voted to appeal new storm water runoff rules approved last month by the state water board (see related story on page 1) Entrepreneur Fred Kavli donated $1 million to University of California, Irvine, to endow a professorship in the Earth System Sciences Department and $100,000 toward construction of Croul Hall Huntington Beach Police Chief Ron Lowenberg will retire Oct. 18.
REAL ESTATE
Nationwide Health Properties Inc., Newport Beach, raised $34.6 million in a private placement SunCal Cos. agreed to pay the Orange Unified School District $1 million immediately and up to $2.4 million in the next 18 months and to build a playing field and parking lot at Anaheim Hills Elementary School, to settle a legal dispute over developer fees Benefit Land Title Co., which has two office in OC, will change its name to Commerce Title.
FINANCE
New Century Financial Corp., Irvine, is in discussions with a creditor to renew and expand a $300 million credit line that will expire in May.
WHAT ELSE IS NEWS
Hyundai Motor Co., which has U.S. operations in Fountain Valley, said it has narrowed candidate sites for its first U.S. production facility to Montgomery, Ala., and Glendale, Ky. Wet Seal Inc., Foothill Ranch, said it expects fourth-quarter earnings to meet or exceed analysts’ estimates The Richard Nixon Library and Birthplace, Yorba Linda, unveiled plans for a $10 million, 47,300-square-foot expansion that will include a replica of the East Room of the White House for banquets and events Marie Callender’s Pie Shops Inc., Orange, launched its first broadcast ad campaign since 1998.
