TOP STORIES
PacifiCare Health Systems Inc., Santa Ana, received from its lenders a one-year extension on $800 million of debt; meanwhile, PacifiCare received approval to offer new preferred provider organization plans in California, Texas and Oklahoma The Federal Reserve lowered the federal funds rate by a quarter-point to 3.5% First Community Bancorp, Rancho Santa Fe, will acquire Pacific Western National Bank, Brea, for $36.6 million.
ENERGY
Southern California Edison said it supported a plan being developed in the state Assembly to allow the utility to pay its debts to banks and small alternative power producers with bonds to be repaid through charges on business customers; separately, Denver-based City Light & Power Inc., which operates and maintains street lights in Long Beach, was reported to be considering an acquisition of parent Edison International A state forecast predicted that ample electricity supplies will make blackouts unlikely next summer and supply will far outstrip demand by 2004.
TECHNOLOGY
Shares of Irvine-based Broadcom Corp. fell 18% to 33.98 in the days following major customer Scientific Atlanta Inc.’s warning of slowing sales Ingram Micro Inc., Santa Ana, will acquire a British sales unit of Cisco Systems Inc. Micro General Corp., Santa Ana, acquired SoftPro Corp., Raleigh, N.C., for $8.5 million Impco Technologies Inc.’s Irvine-based Quantum Technologies unit won a $1 million NASA contract to make hydrogen oxygen tanks for fuel cell-powered airplanes Shares of Interplay Entertainment Corp., Irvine, fell 26%, to 1.18, after it reported a 41% drop in sales in the second quarter and said its accountants are concerned about its ability to keep operating if credit issues are not resolved by the end of the year Buy.com Inc. director James B. Roszak stepped down as interim chief executive and the board named chief financial officer Robert R. Price president to run daily operations with executive VP Keven Baxter; meanwhile, Buy.com said a financial guarantee offered by founder Scott Blum enabled it to extend for a year its contract with a credit-card sales processor that had threatened to stop servicing Buy.com orders Sept. 1, which could have forced it to shut down The Mighty Ducks of Anaheim hired MindArrow Systems Inc., Aliso Viejo, to promote the team via the Internet.
HEALTHCARE
A bankruptcy judge approved a plan to consolidate the patient records of defunct Anaheim-based KPC Medical Management at a single site run by Boston-based storage company Iron Mountain Inc., which will work for a year to return them to patients.
GOVERNMENT
The Huntington Beach City Council approved a $60 annual tax on residents and business owners to pay for repair and maintenance of sewer lines in the city The OC Transportation Authority and its bus drivers agreed on a new three-year contract that provides for 12.5% raises and eliminates concessions made by the union in the wake of the county’s 1994 bankruptcy Caltrans said the county’s plan for an airport at the El Toro base does not “mitigate the project impacts to the freeway system to an acceptable level.”
REAL ESTATE
The Pierside Pavilion retail complex at Main Street and Pacific Coast Highway in Huntington Beach has been put up for sale.
WHAT ELSE IS NEWS
Chicago Pizza & Brewery Inc., Irvine, completed an $8 million private placement with BJ Chicago LLC, its largest shareholder Callaway Golf Co., Carlsbad, named president and chief executive Ronald Drapeau chairman to succeed its late founder, Ely Callaway Thomas F. Gallagher was promoted to president and chief operating officer of Irvine-based HomeBase Inc., replacing Herbert Zarkin, who remains chairman and chief executive Foothill Ranch-based Wet Seal Inc. reported better-than-expected second-quarter earnings Ford Motor Co.’s Irvine-based Jaguar unit recalled 3,550 of its 1994 to 1996 XJ12 and XJS models Randall Baumberger was named senior vice president at Disneyland Resort, overseeing the resort’s three hotels and the Downtown Disney entertainment center; meanwhile, Disneyland opened its $3 million Pioneer Virtual Resort attraction in Tomorrowland Trinity Law School, Santa Ana, removed Winston L. Frost as dean and will seek to fire him from his tenured faculty position, for alleged plagiarism United Airlines will initiate nonstop daily service between John Wayne Airport and Washington’s Dulles International Airport on Oct. 31 World Industries Inc., Huntington Beach, recalled 10,000 skateboard helmets after they failed impact tests Two principals of Newport Beach-based Oakridge Corp. were indicted on federal bribery and conspiracy charges for allegedly bribing Colton and San Bernardino County officials for permits to put up billboards at the San Bernardino (I-10) and Ontario (I-15) freeway interchange.
