TOP STORIES
Broadcom Corp., Irvine, will acquire Irvine-based NewPort Communications Inc. for $1.24 billion (see related story on page 1) … Struggling KPC Medical Management, Anaheim, received a commitment from eight HMOs for a $30 million financing package … ESynch Corp., Tustin, received $25 million in financing from First Fidelity Capital Inc. … ATL Products Inc., Irvine, leased 180,000 square feet in two buildings in the University Research Park to expand its headquarters … Cygnion Corp., Irvine, a 10-month-old spinoff of Sweden-based Ericsson, terminated its 100 employees and consultants and filed for Chapter 11 bankruptcy; Valence Semiconductor hired 50 of the laid-off workers, acquired Cygnion’s Irvine Spectrum lease and may buy some of Cygnion’s intellectual property, but Cygnion said it will retain the rights to its CyberGenie product … Anaheim-based Odetics Inc.’s Iteris unit contracted to sell as many as 50,000 of its lane-departure detection systems to Ford Motor Co.
TECHNOLOGY
Ingram Micro Inc., Santa Ana, will build an 800,000-square-foot distribution center in Mira Loma … Buy.com Inc., Aliso Viejo, completed its acquisition of Indianapolis-based Telstreet.com for $4 million … Irvine-based Interplay Entertainment Corp.’s appeal of a planned delisting by Nasdaq was successful and it will continue to trade on the national market … Ann Delligatta resigned as CEO of Autobytel.com Inc., Irvine, and will become a consultant to the firm; no replacement was named … A federal judge ruled that Tickets.com, Costa Mesa, can continue collecting information from Ticketmaster’s Web site and referring its customers to inside pages of the Ticketmaster site to make purchases, pending a trial of Ticketmaster’s suit to halt the practice; meanwhile, Tickets.com got the contract to handle ticket sales for the Chicago Cubs beginning next year … Shares of Conexant Systems Inc., Newport Beach, rose 8.6% to 37 3/16 after Merrill Lynch reiterated its “buy” rating … First Security Van Kasper raised its rating of Irvine-based Meade Instrument Corp.’s shares to “buy” and the stock rose 11.3% to $17.25 on the news.
GOVERNMENT
OC supervisors were unable to approve a lease agreement with the Navy for the El Toro base because the county has not conducted an environmental assessment of the property, which could make it liable for environmental cleanup … The executive director of the Local Agency Formation Commission recommended that the group approve Aliso Viejo’s application for cityhood and include a 190-acre area including Aliso Viejo Plaza that Laguna Hills wants to annex.
HEALTHCARE
Cardinal Health Inc. completed its acquisition of Orange-based Bergen Brunswig Corp.’s medical-supplies distribution unit for $181 million … Ista Pharmaceuticals Inc., Irvine, said it now hopes to raise $28 million in its planned IPO, down from a $57 million estimate in earlier filings … Biomerica Inc., Newport Beach, unveiled a test for peptic ulcers and stomach cancer … Korea Green Cross Corp., a biomedical firm, will establish a U.S. headquarters in Irvine … Micro Therapeutics Inc., Irvine, received FDA approval to market an addition to its micro-catheter line … Interpore Cross International Inc., Irvine, received permission to market its AGF bone repair and bone graft products in Canada; separately, Lasswell Medical Co. Ltd. contracted to distribute Interpore’s spinal implant products in Canada.
FINANCE
First American Corp., Santa Ana, hopes to raise $200 million with a sale of unsecured senior notes … American Sterling Bank, Irvine, acquired Commerce Security Bank of Sacramento, a division of Laguna Hills-based Eldorado Bancshares … Luigi Michaele DiFonzo, founder of now-defunct Irvine-based DFJ Italia, which is being investigated as an alleged Ponzi scheme, was found dead at his Laguna Niguel home in an apparent suicide.
REAL ESTATE
The Meyers Group, Irvine, received $18.5 million in second-round funding from a group led by AGL Capital Investments … Heritage Escrow Co., Irvine, acquired Beverly Hills-based Beverly West Escrow … R.D. Olson Construction, Irvine, paid a $31,700 fine for illegally discharging tainted water into a creek that empties into the ocean off Crystal Cove State Park while working on a timeshare project for Marriott Ownership Resorts … Pacific Industrial Properties, Newport Beach, changed its name to Hager Pacific Properties.
WHAT’S NEW
Edison Mission Energy, Costa Mesa, and its partner, Argentina-based Impsa, received $460 million in financing for the rehabilitation and expansion of a power plant in the Philippines; meanwhile, Edison Mission sold a 30% stake in its Perth, Australia, power plant to Singapore-based SembCorp Energy … The Newport Beach-based Harry and Grace Steele Foundation will make one to three gifts totaling $20 million and then dissolve by the end of next year … Oakley Inc., Foothill Ranch, agreed to pay $17.5 million to settle an investor lawsuit … Mossimo Inc., Irvine, warned that uncollected receivables and $3.5 million in potential liability related to markdown reimbursements that the company is contesting threaten its ability “to continue as a going concern” … Diedrich Coffee Inc., Irvine, warned it expects to post operating losses of $5 million to $6 million for its fiscal year and take charges of $15 million to $18 million related to the closures of 39 poorly performing Gloria Jean’s stores … Festival of Arts officials signed a non-binding tentative lease agreement with San Clemente to move the festival and Pageant of the Masters there from Laguna Beach … Caliber Collision Centers, Irvine, acquired three Body Tek Collision Repair and Automobile Painting shops in Austin, Texas … The operators of the Irvine Ice Rink filed for bankruptcy and the landowner filed suit to evict the rink and recover $450,000 in back rent … Tropitone Furniture Co., Irvine, recalled 1,440 Echo swivel rocker chairs … George L. Argyros Jr., son of developer George Argyros, has been charged with six misdemeanors for allegedly harassing and threatening to kill a former girlfriend; in court papers, Argyros denied threatening the woman … Newport Beach-based L.A. Fitness stopped providing towels for its members’ use, citing an $800,000 annual cost for replacement of stolen towels.
