TOP STORIES
Buy.com, Aliso Viejo, said it hopes to raise up to $168 million in an IPO, which would impute a value of about $1.5 billion to the company (see related story, page 20) ICI Development, Santa Ana, said it will buy the 54-acre former Chevron office complex in La Habra for an undisclosed price … Coldwell Banker acquired Danny Bibb’s Coast Newport Properties, Newport Beach, a fixture along with CB on the rich Newport Coast; the deal makes CB the clear leader of OC residential brokerages, with $1.6 billion in 12-month sales … The Orange County Transportation Authority board tabled a vote on whether to proceed with its controversial light rail project but approved $1 million to complete environmental studies William Cvengros said he will resign as CEO of Pimco Advisors Holdings LP, Newport Beach, when its acquisition by Munich-based AllianzAG is completed and become CEO of San Diego-based PacketVideo Corp. … First American Financial Corp., Santa Ana, said it will lay off 2,400, or 12%, of its workforce nationwide and expects to post a loss for the fourth quarter (related item, page 22) … AutoNation Inc. closed its Irvine store and 22 others nationwide, and said it will lay off 1,800 and take a charge of $430 million to $490 million … Costa Mesa homebuilder Standard Pacific Corp., said president Stephen Scarborough will replace founder Arthur E. Svendsen as CEO; Svendsen will remain chairman Rexall Sundown Inc., Boca Raton, Fla., said it will acquire Irvine-based Met-Rx Nutrition Inc. for $78 million … Capital Group International Inc. acquired a 10.6% stake in PacifiCare Health Systems Inc., Santa Ana … Abandoning plans for a controversial bond sale that would have enabled it to sell the 91 Express Lanes to a non-profit entity, California Private Transportation Co. said it will instead refinance the project; allegations and disclosures mounted amid calls for hearings in the Legislature Doug Antone resigned as executive VP and a division president at Ingram Micro Inc., Santa Ana, to become CEO of Lake Forest-based Who?Vision … The state Public Utilities Commission suspended a plan to overlay a new area code on the 714 calling area, pending a study.
DEALS
Bergen Brunswig Corp., Orange, signed a five-year, $1 billion supply contract with Duane Reade Inc., New York … Interpore Cross International, Irvine, acquired the intellectual property of San Rafael-based Quantic Biomedical Inc. for about $1.1 million … The Cooper Cos., Irvine, said it will pay $10 million for certain assets of Leisegang Medical, Boca Raton, Fla. … Pequot Capital Management Inc., Westport, Mass., lowered its stake in STM Wireless Inc., Irvine, from 11% to 8.1% … CAM Data Systems Inc., Fountain Valley, acquired the rights to the accounting software of Cubig Corp., Baldwin Park … American Sporting Goods Corp., Irvine, said it will buy the footwear division of Pennsylvania-based Global Sports Inc. for $11 million … Research Engineers Inc., Yorba Linda, acquired the 30% of Massachusetts-based Netguru Systems Inc. that it did not already own … Nutek Inc., Huntington Beach, acquired the gas reserves of Clipper Operating Co., San Antonio, for $1.6 million Ericsson AB spun off its Brea-based CG Technologies unit, which was renamed Cygnion Corp.; the new firm’s largest investor is Taiwan-based WK Technology Fund and Ericsson retains an undisclosed stake.
CONTRACTS
Boeing Co. said it had received $11.6 billion in previously unannounced orders for its jetliners; Ireland-based aircraft leasing company Pembroke ordered 15 Boeing 717s, valued at $450 million … Anaheim extended for five years its contract with Aramark, Philadelphia, for catering and food services at the Convention Center.
FINANCIAL
New Century Financial Corp., Irvine, sold $217 million in bonds backed by home loans … Onyx Acceptance Corp., Foothill Ranch, filed to issue $20 million in debt … The board of Oakley Inc., Foothill Ranch, authorized the repurchase of up to $20 million in shares … The board of Bridgford Foods Corp., Anaheim, authorized the repurchase of up to 1 million, or about 9%, of its shares … Advanced Communications Technologies Inc., Irvine, said it would merge with an unidentified company and had received $40 million in equity funding.
WHAT’S NEW
FileNet Corp., Costa Mesa, and Sunnyvale-based Aspec Technology Inc. formed a joint venture to provide online management systems for manufacturers … Hycor Biomedical Inc., Garden Grove, received FDA approval to market a second immune-system test kit … Oakley Inc., Foothill Ranch, said it will create four online web sites to sell its products … Pink Dot, a Camarillo-based on-line grocer, opened a facility to serve Huntington Beach and Westminster Pacific Sunwear of California Inc., Anaheim, said it will sponsor ESPN’s 2000 Winter X Games .
LEGAL MATTERS
A federal court jury ordered Japan-based bicycle parts maker Shimano Inc. and its Irvine-based U.S. subsidiary to pay $9 million in an unfair business practices suit … Union Carbide Corp. sued Aliso Viejo-based Fluor Corp. and Siemens AG, over alleged defective generators at a Louisiana plant.
GOVERNMENT
Superior Court Judge William F. McDonald overruled county Registrar of Voters Rosalyn Lever and said an anti-Measure F argument had been submitted in time by the pro-El Toro airport Citizens for Jobs and the Economy for the March election; the proposed airport would create 95,000 jobs and add up to $18.7 billion to the local economy by 2020, an OC Business Council report said (related item, page 18).
IN CONCLUSION
More than 700,000 water customers in South County were asked to curtail their water use after the rupture of one of two main supply lines … The Festival of the Arts filed a federal suit against Laguna Beach over its lease of the festival grounds.
ECONOMIC INDICATORS
Up: The median home price in OC in November, according to Acxiom/Dataquick, to a record $247,000 from $244,000 in October. Sales totaled 3,745 units, up 4.7% year-to-year.
Up: New-home sales in OC in the fourth quarter, according to The Meyers Group, which said there will be 1,710 sales, up 13% from the third quarter and 32% year-to-year. The median new-home price was unchanged from the third quarter, at $372,000.
Up: The cost-of-living picture in Southern California, where the Consumer Price Index fell 0.1% in November.
