Compiled by Julie Leupold
TOP STORIES
California State University, Fullerton’s business school received a $30 million donation,the largest gift for the school. Steven Mihaylo made the donation, which ranks among the largest charitable gifts in Orange County. The money is set to go toward recruiting professors, creating chairs, providing scholarships and developing programs at the business school. Cal State Fullerton’s $87.5 million business school is set to be completed next year and named Steven G. Mihaylo Hall. Separately, UCI said it received $30 million for a telescope project, including $10 million from Microsoft Corp. founder Bill Gates.
TECHNOLOGY
A judge ordered Broadcom Corp. rival Qualcomm Inc. to stop making and selling some chips for cell phones. The injunction against San Diego-based Qualcomm was issued early last week by U.S. District Judge James Selna in Santa Ana. The judge also ruled that Qualcomm can continue to sell other disputed chips until January 2009 but must pay royalties on them to Broadcom. Qualcomm said by the end of the quarter it will release a chip that doesn’t infringe on Broadcom’s patent.
HEALTHCARE
Irvine’s IDM Pharma Inc. is losing France’s Sanofi-Aventis as a partner, which will lead to cutbacks in its staff of 80 people. Sanofi will stop working on Uvidem, an immune-system stimulant that’s in clinical trials for treatment of melanoma.
REAL ESTATE
OC is expected to be one of the top 10 U.S. markets for apartment and retail properties this year, according to a Grubb & Ellis Co. report. OC tied with San Diego for No. 7 in retail and ranked No. 3 for apartments.
Irvine-based homebuilder Standard Pacific Corp. is pulling out of the southern Arizona. Miramonte Homes is buying Standard Pacific’s assets in the Tucson region, after the company opted to exit the market, according to a report in the Arizona Daily Star. Craig Campbell, the former president of Standard Pacific’s Southern Arizona division, will act as the Miramonte’s new president. The sale includes about 70 homes currently under way, and 700 vacant lots.
Irvine-based New Century Financial Corp. has come to terms with unsecured creditors on its bankruptcy but wants until March 28 to come up with a final plan. If approved by the court, New Century would continue to have exclusive control of its bankruptcy.
APPAREL
Shares of Costa Mesa-based Volcom Inc. plunged late last week after an analyst said he expected the clothing and accessories maker to face a difficult tough retail environment in the first half of 2008. Volcom shares fell about 15% on the report with a market value of about $460 million last week.
Anaheim-based clothing retailer Pacific Sunwear of California Inc. plans to close 154 stores selling urban styles as well as a distribution center at its headquarters. The company plans to take a charge of $35 million to $50 million to close its remaining demo stores. Pacific Sunwear also is moving its Anaheim distribution center to one in Olathe, Kan.
EDUCATION
The former finance director of Aliso Viejo’s Soka University of America pleaded innocent last week to charges he embezzled $1.7 million from the private university during seven years. Kiyoshi Hatanaka, 52, of Aliso Viejo left his job at university in early 2006 after allegations arose that he had created sham university accounts at a Los Angeles bank to gamble large sums at casinos in Temecula and Las Vegas, officials said. He was indicted on eight counts of embezzlement and eight counts of money laundering. A trial date has been scheduled for Feb. 12.
ECONOMIC INDICATORS
Down: 84 of 112 OC companies on a Bloomberg stock index closed lower in 2007.
Down: Distressed homes made up 24% of OC homes for sale in late December, up from 23% two weeks earlier.
