TOP STORIES
Broadcom Corp., Irvine, acquired Atlima Communications Inc., San Jose, for $560 million as part of an expansion into the small-to-medium business networking market … C.J. Segerstrom & Sons said it is planning a 255,000-square-foot office tower at Bristol Street and Sunflower Avenue in Costa Mesa and a 186-room hotel at Bristol and Anton Boulevard; meanwhile CommonWealth Partners is proposing two office towers totaling 430,000 square feet on sites south of Anton and east of Bristol … QLogic Corp., Aliso Viejo, completed its acquisition of Minnesota-based Ancor Communications … Quiksilver Inc., Huntington Beach, completed its $60 million acquisition of Quiksilver International Pty. Ltd., holder of global trademark rights to the Quiksilver brand name … PacifiCare Health Systems Inc., Santa Ana, said it will pay doctors and hospitals more for patient care; its shares fell 14.3% to 57 9/16 on the news; the company also said it expects to raise premiums about 10% this year and next.
TECHNOLOGY
NowDocs.com Inc., Aliso Viejo, received $31 million in funding from Staples Inc. and a group led by Goldman Sachs Group Inc. … DDi Corp., Anaheim, will acquire the assets of bankrupt Virginia-based Automata International Inc. for $20 million … Sea Launch, Long Beach, successfully placed a PanAmSat Corp. communications satellite in orbit with a rocket fired from a floating platform in the Pacific Ocean near the equator … Irvine-based Lantronix raised $60 million in an IPO … In a bid to go private, MotorVac Technologies Inc., Santa Ana, offered to buy back shares at $3.50 each, a 48% premium at the time of the announcement and said it will take itself off the Nasdaq market … The application of LMKI Inc., Irvine, to join Nasdaq was rejected; the company said it will remove a director who did not tell the company of past allegations of securities fraud and then reapply for listing … Buy.com Inc., Aliso Viejo, launched an online sporting goods store … Smith Micro Software Inc., Aliso Viejo, will acquire the CheckIt line of products from TouchStone Software Corp. … Internet Business’s International Inc., Newport Beach, acquired 66% of PMCC Financial Corp., Roslyn Heights, N.Y. … Telmar Holdings Inc., Irvine, acquired the West Chester, Pa.-based Plug -In sales division of Hitech Corp. … MTI Technology Corp., Anaheim, was hit with a shareholder strike suit … Alyn Corp., Irvine, laid off 32 of its 36 employees and filed for Chapter 7 bankruptcy liquidation.
HEALTHCARE
Louis Silverman was named president and CEO of Quality Systems Inc., Tustin; Silverman had been COO of CorVel Corp., Irvine … The state Medical Board revoked the license of Dr. Del B. Dalton, convicted last year on three counts of sexual battery, and ordered his Laguna Niguel practice closed … The state Department of Health Services cited Garden Grove Hospital for 10 violations of state law, including four related to sterilizers that repeatedly failed tests but were kept in use.
REAL ESTATE
The Coastal Commission staff recommended approval with restrictions for The Irvine Company’s 635-home Crystal Cove project; meanwhile, Clayton Engineering sued the Irvine Co. for breach of contract, alleging that delays, design errors and extra work at a project in Peter’s Canyon Wash Channel cost the smaller firm $2.2 million that the Irvine Co. said it would not reimburse; the engineering firm also alleges it was not paid $600,000 for work performed; the Irvine Co. said it agreed to arbitration with Clayton in January, but otherwise declined comment … The Holiday Inn at the Park in Anaheim was acquired by New Age Anaheim Inc., funded by a Hong Kong group, for $8 million to $10 million … Yoder-Shrader Management Co., Santa Ana, agreed to pay $226,000 to settle a housing-discrimination lawsuit … The new owner of the Seal Beach Trailer Park sued the city redevelopment agency, saying many park residents no longer qualify for subsidized rents and seeking to invalidate a covenant with the city that sets aside 120 spaces to be rented at “affordable” rates … A report commissioned by a developer group said that a federal plan to list 800,000 acres in Southern California as a critical habitat for the endangered California gnatcatcher would cost the economy $5.5 billion over 20 years.
FINANCE
An OC jury found the former Coopers & Lybrand, now part of PricewaterhouseCoopers, liable for general and punitive damages in a suit brought by investors in the failed First Pension Corp., whose principals were jailed for fraud … First American Corp., Santa Ana, formed a joint venture with LandAmerican Financial Group Inc., Richmond, Va., to create a network of online title-information databases to be called Data Trace Information Services; meanwhile, First American acquired the Intellitech unit of Transamerica Corp. for $22.5 million.
GOVERNMENT
The Newport Beach City Council will ask the Board of Supervisors to extend by 20 years an agreement limiting operations at John Wayne Airport, to 2025 … State and federal environmental agencies said Huntington Beach will receive $4 million for urban runoff countermeasures … OC Treasurer John Moorlach proposed a ballot measure that would mandate that 40% of the county’s share of the national tobacco settlement be spent on paying down county debt, 42% be spent on healthcare programs and 18% be spent on public safety and jails … Seal Beach City Manager Keith Till resigned.
WHAT’S NEW
Pacific Sunwear of California Inc., Anaheim, said it expects to meet analysts’ consensus estimate of its fiscal second-quarter earnings; its shares rose 29% to 18 13/16 on the news … Foot Locker agreed to distribute Foothill Ranch-based Oakley Inc.’s line of shoes in 150 of its stores … Sun & Sun Industries, Huntington Beach, was acquired by Tulsa-based TechLite Inc. … Teamster truckers struck Sysco Newport Meat Co., Irvine, saying the company has refused to negotiate with the newly unionized drivers … The OC Fair drew a record 808,550 attendees during its 17-day run in July, organizers said … Disneyland closed its Space Mountain ride after a malfunction injured nine people.
, compiled by Roger Bloom
