Compiled by Mike Mason
TOP STORY
Gateway Inc. founder and Chairman Ted Waitt said he plans to sell about $97 million worth of shares in the Irvine-based
computer maker. Waitt’s filing with the Securities and Exchange Commission allows him to sell up to 21 million shares within a year. If all the shares are sold, he’ll still own 82 million shares, or 22% of the company, and remain Gateway’s biggest shareholder. Waitt said he’s selling to diversify his wealth … Aliso Viejo-based US Technology Resources LLC acquired Costa Mesa’s eBuilt Inc., a developer of e-commerce and other software for businesses. Terms of the deal weren’t disclosed.
Costa Mesa drug maker Valeant Pharmaceuticals International said it’s spending $324 million to buy Xcel Pharmaceuticals Inc., a privately held maker of neurology drugs. The deal includes $44 million worth of San Diego-based Xcel’s debt, which Valeant plans to retire. The boards of Valeant and Xcel have approved the deal, which still needs regulatory approval … The sale of four Orange County hospitals owned by Tenet Healthcare Corp. to Costa Mesa-based Integrated Healthcare Holdings Inc. was expected to be approved by the state Department of Health Services as early as last Friday. Approval was likely to come after Sen. Joe Dun, D-Garden Grove, said he wouldn’t delay it … Irvine-based Micro Therapeutics Inc. received $3.7 million for its share of C.R. Bard Inc.’s $60 million buy of Genyx Medical Inc. in Aliso Viejo. Micro Therapeutics held a minority share of Genyx, a venture-backed company that it spun off in the 1990s … Cypress-based PacifiCare Health Systems Inc. said it has enrolled some 85,000 people in its SignatureFreedom self-directed health plan. The plan is PacifiCare’s entry into the “consumer-directed health plan” market, which aims to make workers more responsible for the actual costs of providing healthcare.
Bidding on four parcels at the former El Toro Marine base is due by 3 p.m. Wednesday, federal officials said. Developers had made bids on two parcels as of late last week.
Camarillo-based First California Bank said it plans to buy Irvine’s South Coast Bancorp for about $36 million.
Mitsubishi Motors Corp. said it plans to cut 300 jobs at its Cypress credit operations. The automaker has about 930 workers in Cypress, headquarters of its Mitsubishi Motors North America unit … Snell & Wilmer LLP plans to move its OC operations from Irvine to Costa Mesa, where it leased 57,000 square feet at Plaza Tower. Phoenix-based Snell inked a 10.5-year deal for what sources said was about $23 million, or $3.20 per square foot per month. The law firm said it will move in the summer … New stores helped Irvine-based St. John Knits International Inc. see a 7% rise in sales to $396 million for the 12 months ended Oct. 31, according to a recent filing with the Securities and Exchange Commission (see related story, page 1) … A pair of OC apparel retailers said that their same-store sales rose in January. The surprise was Foothill Ranch-based Wet Seal Inc., which said January same-store sales rose 8.2% for the four weeks ended Jan. 29. The struggling retailer has posted month after month of sales declines for more than a year. Just a year ago, same-store sales fell 21.4%. Wet Seal also named three new board members to help steer its turnaround: Sidney Horn, a lawyer with Montreal’s Stikeman Elliott LLP; Harold Kahn, former chief executive of Macy’s East; and Kenneth Reiss, a retired partner of Ernst & Young International. They replace Walter Loeb and Wilfred Posluns, who retired, and Howard Gross, who resigned. Meanwhile, Anaheim’s Pacific Sunwear of California Inc. reported a same-store sales gain of 8.1% in January … Aliso Viejo’s Firstrax Inc., a maker of pet supplies, was bought by Cincinnati-based United Pet Group Inc. for undisclosed terms. Firstrax has yearly sales of about $20 million … Seal Beach-based Magnetar Technologies Corp. won a patent suit filed by Switzerland’s Intamin AG last year. A judge found Magnetar didn’t violate patents held by Intamin. Magnetar makes brakes for amusement rides … Santa Ana-based Troy Group Inc. said it plans to deregister its shares so it won’t have to file quarterly and annual reports with the SEC. Trading of the company’s shares will move to the Pink Sheets over-the-counter market after being deregistered.
