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Japan’s Mitsubishi Motors Corp. is seeking a buyer for its troubled Mitsubishi Motors North America Inc. unit in Cypress, the Wall Street Journal reported. Officials with the Tokyo-based automaker held talks with potential buyers at Detroit’s North American International Auto Show in January. According to the report, possible buyers range from private equity investor Ripplewood Holdings LLC to other automakers including Fountain Valley-based Hyundai Motor America Inc. and Irvine’s Kia Motors America Inc., both part of South Korea’s Hyundai Motor Co. Mitsubishi denied the business is up for sale. Last week, Mitsubishi named Hideyasu Tagaya to head the Cypress unit. Tagaya quit as president of the Japanese parent in January after a product defects scandal battered the automaker there. Tagaya replaces Rich Gilligan, who stepped in after former chief Finbarr O’Neill left late last year. Gilligan remains president of the North American unit Miami-based homebuilder Lennar Corp. outbid rivals for all four parcels at the former El Toro Marine base. Lennar is set to pay $650 million for the parcels that were put up for bid by the Navy earlier this month. Irvine is set to charge Lennar another $400 million in development fees to cover roads, sewers and other basics. The 3,700 acres being sold include land zoned for housing, retail and commercial. The Navy’s El Toro online auction, first announced in 2003, has faced delays and issues over environmental cleanup … The parent of Irvine-based subprime mortgage lender Encore Credit Corp. made its Wall Street debut, raising $386 million in an initial public offering. ECC Capital Corp.’s shares debuted at the low point of their expected range of $6.75 to $7.25. After fees, ECC Capital expects to take in $354 from the offering. The company plans to use the proceeds to build up its portfolio of home loans. It operates as a real estate investment trust, paying out most of its profits to shareholders as dividends.
Major League Baseball’s Internet unit said it plans to buy Costa Mesa-based Tickets.com Inc. for about $66 million. Tickets.com became the primary ticket service for MLB before the 2001 season. That deal expired at the end of the 2003 season … Santa Ana-based MSC.Software Corp. released details of a year-long look at its accounting. Analysts said they weren’t surprised by the findings, which aren’t likely to impact the company’s financial results. The review delayed MSC’s annual financial filings, which has caused the New York Stock Exchange to move to delist the company’s shares March 11 … Printronix Inc. said a printer for radio frequency identification tags is being used by Hewlett-Packard Co. and Sun Microsystems Inc. Shares of the company rose 8% on work of the news … Irvine-based Comarco Inc. said it won a patent for its technology that boosts the performance of portable power adapters.
Santa Ana-based Advanced Medical Optics Inc. said it sees its buy of Santa Clara-based Visx Inc. concluding in the second quarter instead of the current one. The companies said they are awaiting year-end audited financial results for inclusion in a proxy statement for shareholders voting on the deal … San Clemente-based Biolase Technology Inc. won a European patent for a dental laser device … Newport Beach-based Acacia Research Corp. said its CombiMatrix unit has moved a potential treatment for exposure to nuclear weapons, dirty bombs and other terrorism-related weapons into pre-clinical development and animal testing.
Montage Resort & Spa officials said they would consider other development plans after Orange County Supervisor Tom Wilson spoke out against its proposed expansion of Aliso Creek Inn Golf Course from nine to 18 holes. The Montage bought Aliso Creek Inn last year. The golf course is next to the Aliso & Wood Canyons Wilderness Park, which would have to give up some of its land under the Montage plan. The luxury Montage in Laguna Beach doesn’t have a golf course.
The city of Anaheim voted to challenge Arte Moreno’s name change of his Angels baseball team to Los Angeles. The city voted to appeal a judge’s refusal to grant a temporary injunction on the name change while the sides await a trial. Meanwhile, Moreno said he would consider owning part of a TV station that shows the baseball team’s games as part of his bid to boost broadcasting. Moreno also said that while he’s committed to Anaheim, he’s been contacted by other cities seeking to lure the team away (see story, page 4) The Orange County Transportation Authority killed the proposed CenterLine light-rail project. The 9.3-mile, $1 billion rail line would have connected John Wayne Airport to downtown Santa Ana.
Irvine-based St. John Knits International Inc. said it plans to refinance its debt with an eye to retiring what it owes in 2009. After that, St. John said it plans to stop reporting financial results to the Securities and Exchange Commission. The privately held company also said it plans to buy 450,000 shares of stock from trusts controlled by the founding Gray family at $30 per share, or about $13.5 million … Western State law school in Fullerton had its American Bar Association accreditation restored. The school, owned by Pittsburgh-based Educational Management Corp., has five years to get permanent accreditation … Nasdaq told Santa Ana-based Calavo Growers Inc. that it doesn’t have enough independent directors on its 10-member board to remain listed on the exchange. Calavo said it plans to file a plan with Nasdaq that outlines a timetable for complying.
