TOP STORIES
Eldorado Bancshares Inc., Laguna Hills, announced plans to be acquired by Salt Lake City-based Zions Bancorporation for $190 million … Lee D. Roberts, president and CEO of FileNET Corp., Costa Mesa, added the title of chairman, replacing founder Ted Smith, who is retiring but will remain on the board … PacifiCare Health Systems Inc., Santa Ana, will cut 550 jobs and take a charge of $15 million to $17 million in the fourth quarter … Flashcom Inc., Huntington Beach, laid off 40% of its workforce, about 160 people, and filed for Chapter 11 bankruptcy protection … Anaheim-based CKE Restaurant Inc.’s $90 million sale of its Taco Bueno chain to San Diego-based Commercial Revolution was called off (see related item in Earnings, page 4).
TECHNOLOGY
Broadcom Corp., Irvine, completed its purchase of San Jose-based Allayer Communications for $116.4 million, plus the reservation of 1.48 million of its shares to cover outstanding Allayer options and warrants and an additional payment should performance goals be met; meanwhile, Broadcom formed an alliance with 3Com Corp. to jointly develop gigabit ethernet products … NetGuru Inc., Yorba Linda, signed a distribution agreement with Stoneham, Mass.-based Isis Tele-Communications Inc. that it said would generate $1 million in revenue in the first six months … Needham & Co. initiated coverage of Irvine-based Lantronix Inc. with a “strong buy” rating, and the firm’s shares rose 43% to 8 3/4 on the announcement … Comarco Inc., Irvine, acquired Eugene, Ore.-based EDX Engineering Inc. for $6.4 million … The union representing 5,000 Boeing Co. engineers at its Huntington Beach facility and other Southern California sites voted to affiliate with the Office and Professional Employees International Union, a member of the AFL-CIO … Telenetics Corp., Lake Forest, said its expects flat fourth-quarter revenue, with increased sales in the first quarter as a contract with Motorola Inc. kicks in … Bridge Technology Inc., Garden Grove, signed a three-year, $10 million lease for a manufacturing plant in Shanghai … Kingston Technology Co., Fountain Valley, unveiled a computer security system using technology licensed from Lake Forest-based Ethentica Inc. … COO John B. Rush was promoted to CEO and president of Micro Therapeutics Inc., Irvine, replacing co-founder George Wallace, who became chairman; Wallace said he wants to devote time to Sub-Q Inc., San Clemente, which he founded three years ago … Worldwide Wireless Networks, Orange, said it no longer will provide digital subscriber line service as a reseller for Los Angeles-based Zyan Communications, which has filed for bankruptcy; the firm also said it is seeking $20 million in a secondary offering.
GOVERNMENT
The state Regional Water Quality Control Board ordered Huntington Beach to check its groundwater and clean up any residue of sewage that leaked for years from old sewer pipes but was not reported by the city (see related stories on page 29) … The Environmental Protection Agency fined Orange County and Soli-Flo Partners LP, co-owned by Aliso Viejo-based Fluor Corp., $735,000 for more than 1,000 violations of ocean dumping permits in connection with the dredging of Upper Newport Bay … An appeals court overturned a lower court and ruled an environmental report on the proposed expansion of the James A. Musick Branch Jail adequate; meanwhile, the Irvine City Council put off a vote on a proposed compromise expansion plan backed by the county and Lake Forest … OC transportation officials rejected a Riverside County proposal that the 91 Express Lanes be condemned as a first step toward their acquisition by government … The Irvine City Council voted unanimously to back local control of any park created at the former El Toro Marine base … The Orange County Transportation Authority debuted the first hybrid-electric bus to be put into service in the West.
HEALTHCARE
Schering-Plough Corp. is seeking federal approval to market Costa Mesa-based ICN Pharmaceuticals Inc.’s ribavirin separately from its own anti-hepatitis drug; ICN shares rose 13% to 29 5/16 on the news; meanwhile, ICN Chairman and CEO Milan Panic dropped his planned sale of 50,000 shares amid speculation that the move presaged bad news for the company … Standard & Poor’s placed Costa Mesa-based Apria Healthcare Group Inc. on a credit watch with an eye toward upgrading its rating … The Health Care Financing Administration approved Medicare coverage for Irvine-based Endocare Inc.’s cryosurgery system for prostate treatment.
REAL ESTATE
Nationwide Health Properties Inc., Newport Beach, declared tenant Balanced Care Corp. in default on two master leases and seized $2 million in security deposits … Century Theatres will build a 20-screen movie complex at Ezralow Retail Property LLC’s planned Huntington Crossings mall (see related story on page 6) … Brookfield Homes formed a Southern California luxury-homebuilding unit based in Costa Mesa.
WHAT’S NEW
Sundance Travel International, Irvine, was acquired by TraveLeaders Group, Coral Gables, Fla. … Day Runner Inc., Fullerton, secured debt restructuring that the firm said will provide financing through July 2002 … Directors of Foothill Ranch-based Oakley Inc. approved the repurchase of up to $20 million worth of the company’s shares, which would be about 2% of outstanding at last week’s share price level … Aviation Distributors Inc., Lake Forest, was fined $750,000 after pleading guilty to fraud and false filing charges; former CEO Osamah S. Bakhit pleaded not guilty to similar charges in a separate trial … The more than 800 part-time teachers in the North Orange County Community College District unionized … A Delta Airlines jet blew three tires on landing at John Wayne Airport, blocking the runway for four hours and delaying or diverting 50 flights in and out of the facility … Kenneth R. Lally was named president and CEO of Buyproduce, Irvine … John Cassady was named executive director of the Newport Beach Conference and Visitors Bureau, replacing the late Rosalind Williams … Conrad Parkhurst, 74, founder of Cycle World magazine, died of lung cancer … Sekisui TA Industries Inc. broke ground on a $7 million, 185,000-square-foot headquarters and manufacturing facility in Brea.
