Michael V. Drake, University of Cal-ifornia’s vice president for health affairs, was named chancellor of UC Irvine. UC President Robert C. Dynes recommended Drake to the UC Board of Regents, which voted for the candidate at its regularly scheduled meeting last week in San Francisco. Drake is the fifth chancellor of UCI. He is set to take over July 1 from Ralph J. Cicerone, chancellor since July 1998. Cicerone is leaving to head the National Academy of Sciences in Washington, D.C. London-based GUS PLC said it plans to “separate” Costa Mesa-based Experian Information Solutions Inc. after first spinning off a clothing and retail chain. The company didn’t offer more details on its plans for Experian.
Irvine-based Quest Software Inc. closed its buy of privately held Imceda Software Inc. Quest had announced its plan to buy Burlington, Mass.-based Imceda in April for about $60 million. Imceda makes tools to develop software for databases. Quest’s software works alongside databases to make them easier to use Autobytel Inc., which links car buyers to dealers online, said the Nasdaq National Market’s listing council is set to review an extension to file past-due financial reports. The Irvine-based company must make timely filings by Tuesday to maintain its trading spot on the Nasdaq National Market Irvine-based DynTek Inc. said Steven J. Ross, chairman, chief executive and president of the technology consulting and services company, has resigned to pursue other opportunities. Ross’ resignation from those posts is effective June 30. Casper Zublin Jr., DynTek’s chief operating officer, is set to assume the role of chief executive with Robert Webber, chief financial officer, taking over as president.
Shareholders approved Santa Ana-based Advanced Medical Optics Inc.’s $1.3 billion buy of Santa Clara-based Visx Inc. Bright Now Dental Inc., a dental practice management company, has traded hands between private equity firms. San Francisco’s Gryphon Investors Inc. said it sold its majority stake in Bright Now to Freeman Spogli & Co. of Los Angeles. The companies didn’t disclose terms … Botox, the flagship drug of Irvine-based Allergan Inc., may help treat some overactive bladder conditions, according to a study released last week. Allergan paid for the study, which was run by Dr. Brigitte Schurch, head of the neurology department at University Hospital Balgrist’s Spinal Cord Injury Centre in Zurich, Switzerland. Results were presented at the American Urological Association’s annual meeting in San Antonio 3F Therapeutics Inc., a Lake Forest heart device maker, has received $6 million in “insider” commitments toward a $20 million round of venture financing.
An affiliate of Santa Ana’s First American Corp. said it reached an agreement to buy the title company’s credit information unit for $570 million in an all stock deal. St. Petersburg, Fla.-based First Advantage Corp. said the deal is valued at $20.50 per share. First American, the largest shareholder in First Advantage, announced the deal in March at a price of $550 million … Newport Beach’s William Lyon Homes Inc. said it formed a special committee to consider Chairman William Lyon’s proposal to take the company private. It also said it hired Credit Suisse First Boston LLC, a unit of Switzerland’s Credit Suisse Group, as a financial adviser. The law firm of Skadden, Arps, Slate, Meagher & Flom LLP of New York is set to serve as legal counsel to the committee. Some shareholders have filed suit to block William Lyon’s move, claiming the buyout price is too low Internal Revenue Service investigators searched Igor Olenicoff’s Olen Properties Corp. Olenicoff said he believed the search is related to a $90 million tax dispute the real estate investor has with the IRS Donald Bren, chairman of The Irvine Company, pledged an extra $20 million and created a trust for a sprawling land preserve that stretches from the hills to the Pacific Ocean. Bren gave the money to fund some 30 trails to be cleared in the 50,000-acre reserve in the next five years. It’s also set to go toward keeping up wilderness areas. Bren also created the Irvine Ranch Land Reserve Trust, a nonprofit that’s set to work with the county of Orange and other agencies on public access and upkeep of the land Irvine-based Commercial Capital Bancorp said it plans to buy the 1031 tax-deferred real estate investment unit of Miami-based North American Title Group Inc. for undisclosed terms … Irvine-based homebuilder Standard Pacific Corp. said it’s opening a Las Vegas unit headed by Gary L. Cavender, former chief operating officer for Signature Homes in Las Vegas. Standard Pacific also has operations in California, Texas, Arizona, Colorado, Florida and the Carolinas.
Orange County’s proposed $4.9 billion budget for 2005-06 is 6% higher than the current one. The Board of Supervisors is set to vote on the budget June 28, after public hearings are held.
Foothill Ranch-based Wet Seal Inc. said its first-quarter operating loss narrowed to $6.8 million versus a loss of $24.8 million a year earlier, on a 3.9% rise in sales to $103.8 million. Wet Seal closed 105 unprofitable stores in the period Irvine-based Diedrich Coffee Inc. said it received a Nasdaq delisting notice. Diedrich was given the notice for failing to file its quarterly report for the period ended March 9 with the Securities and Exchange Commission. Diedrich is threatened with losing its trading spot on Nasdaq. The coffee retailer has delayed submitting the report because of a still-uncompleted review of its method of accounting for property leases Home Depot Inc. could lay off up to 57 workers at a division office in Orange, according to a filing with the state Employment Development Department. Home Depot previously announced plans to consolidate some of its Orange, Chicago and Marietta, Ga., operations at the company’s Atlanta headquarters.
