TOP STORIES
Walt Disney Co. said it will develop a third theme park at the Disneyland Resort in Anaheim that may include a water park, hotel or retail center and could open by 2003 … Sunstone Hotel Investors LLC, San Clemente, acquired 10 hotels for $132 million from Lodgian Inc., Atlanta … The county filed suit to keep Measure H, an initiative that would mandate that 80% of the county’s share of the national tobacco settlement be spent on healthcare programs, off the November ballot … A management-led group completed its buyout of Irvine-based BNC Mortgage Inc. for $47 million … A bankruptcy judge approved a deal between Mossimo Inc., Irvine, and creditors who had filed an involuntary bankruptcy petition against the apparel company … CKE Restaurants Inc., Anaheim, sold 121 Hardee’s restaurants for $39 million in two separate deals … Newport Corp., Irvine, priced a 3.1 million-share secondary offering at $112 a share.
TECHNOLOGY
Odetics Inc., Anaheim, retained investment banker S.G. Cowen to help explore “strategic alternatives” for its Gyyr electronic-security unit; meanwhile, Odetics CEO Joel Slutzky, chairman of Project Tomorrow, said the group will identify the two lowest-performing OC public schools and invest funds to improve their science education … Bitcentral.com Inc., Irvine, received a $4.5 million equity investment from a Taiwanese consortium … Starbase Corp., Santa Ana, moved from the Nasdaq SmallCap Market to its national market … An analyst at Thomas Weisel Partners downgraded Dense-Pac Microsystems Inc., Garden Grove, from “strong buy” to “buy” and the company’s shares fell 22% to 11 15/16 … Gauss Interprise AG, Frankfurt, completed its acquisition of Irvine-based Magellan Software Inc. … A state appeals court reinstated an $870,000 jury award to a former employee of Amplicon Inc., Santa Ana, in a wrongful-termination suit … Steve Johnson was named CEO of signOnline Inc., Irvine; meanwhile, the company partnered with Orange-based Experian to confirm identities of people completing contracts online … Michael P. Hoopis, president and CEO of Newport Beach-based Water Pik Technologies Inc., was elected to the board of Meade Instruments Corp., Irvine … IMC Networks, Foothill Ranch, promoted CFO Michael Dailey to president and CEO, replacing founder Jerry Roby, who was named chairman … Autobytel.com, Irvine, formed a subsidiary in Spain … FutureLink Corp., Irvine, received a contract to provide a computer network for El Toro High School, Lake Forest … A judge awarded Conexant Systems Inc., Newport Beach, $250,000 in sanctions against San Francisco’s Omni Dimensional Networks, which had sued it for alleged patent infringement … Cerplex Inc., Irvine, filed for Chapter 11 bankruptcy protection … John Lappington, founder of Atlanta-based Digital Furnace, now a unit of Broadcom Corp., Irvine, will join the Georgia Tech Advanced Technology Development Center as its “entrepreneur in residence.”
GOVERNMENT
The San Diego Regional Water Quality Board fined Laguna Beach $60,000 for eight sewage spills that closed beaches during an 18-month period … Westminster City Councilman Tony Lam had quintuple bypass surgery.
HEALTHCARE
Cardiac Science Inc., Irvine, raised $20.8 million in a private placement … Tenet Healthcare Corp., Santa Barbara, sued Orange-based St. Joseph Health System, Orange, alleging failure to pay Tenet hospitals for specialist and emergency treatment of St. Joseph HMO patients.
REAL ESTATE
Triangle Square Investment LLC sued Loews Cineplex Entertainment Corp., the guarantor of a lease for an eight-screen Edwards Theatres Circuit Inc. theater that the landlord alleges is $520,000 in arrears … County officials were investigating the grading of an access road through an environmentally sensitive area near Irvine Regional Park by a contractor to The Irvine Company … California Industrial Properties, Irvine, changed its name to CIP Real Estate and acquired Irvine-based Smyth Asset Management Co., which will be called CIP/Smyth.
FINANCE
Ameriquest Mortgage Co., Orange, entered a cooperative program with subprime industry critic ACORN to provide $360 million in home loans coupled with financial counseling … A bankruptcy court approved the sale by Irvine-based First Alliance Corp. of its servicing-rights portfolio to OCWEN Financial Corp. … Sean Downs was named president of HNC Insurance Solutions, Irvine.
WHAT’S NEW
Australia-based Anaconda Nickel Ltd. filed a $586 million claim against Fluor Corp., Aliso Viejo, over delays in project in that country; the claim will be decided by Australian arbitrators … Klages Carter Vail & Partners, Costa Mesa, was acquired by RNL Design, Denver … Pick Systems, Irvine, acquired Newport Beach-based Just Educational Services … CKE Restaurants Inc., Anaheim, promoted senior VP and assistant general counsel E. Michael Murphy to general counsel and secretary, replacing Andrew F. Puzder, who recently was name president and CEO of the firm’s Hardee’s unit … Executive VP Herbert J. Friedman was promoted to president of Krause’s Furniture Inc., Brea, a position that had been vacant since 1996 … A new freeway offramp and parking structure were opened at Disneyland; meanwhile, a former employee sued Disneyland, alleging wrongful termination and racial discrimination … Cedar Fair said it will keep its Soak City USA water park in Buena Park open an extra four weeks this year, until Oct. 22 … Festival of Arts members voted to hold a board recall election within 60 days … The Laguna Art Museum received a donation of 517 works by late Los Angeles artist Peter Krasnow … Pyong Yol Cha, owner of now-defunct Santa Ana-based Aculine was arrested and charged with reckless endangerment for allegedly dumping hazardous chemicals at the firm’s site … Envelopments Inc., Tustin, was selected from four finalists to design an invitation for a wedding to take place on the “Today” show.
ECONOMIC INDICATORS
Mixed: New-home sales and prices in the second quarter, according to the Meyers Group, which reported sales down 27% from the year-ago quarter, while prices of attached homes rose 25% and detached homes 10% in the same period.
