Judge Guts Case Against Broadcom; Anaheim Plays Nice

There’s not much left of the controversial shareholder suit by a group of prominent citizens against Broadcom and its philanthropist-founders Nick Nicholas and Henry Samueli. The suit, filed in February 2002, sent tremors through Orange County’s high society, spoiled friendships and affected fund-raising. Plaintiffs sought “in excess of $50 million” for alleged stock fraud. But U.S. District Judge Gary Taylor has dismissed most of the claimants, including Tom and Elizabeth Tierney, Tom Tucker, Ben and Carmela Du, and Robert and Carole Follman. It’s not enough to own a stock that drops in value, the judge ruled,persons must buy and sell shares during the contested period to qualify for damages. Taylor agreed with Broadcom that most of the plaintiffs either didn’t buy or sell shares in the period, or they didn’t net a loss from their transactions. The ruling also limits the remaining claimants’ potential recovery. Broadcom lawyer David Siegel of Irell & Manella says that even if they prevail (which he contends is remote), the most they’ll collect is $1.3 million. If he’s right, further litigation could be cost-prohibitive. Plaintiffs’ lawyer Adam Miller of Engstrom, Lipscomb & Lack says he’s preparing for trial, but no date is set. The Insider detects resignation in the plaintiffs’ camp … Anaheim officials considered putting the Angels’ naming dispute in bright lights last week, when Major League Baseball held its widely covered winter meetings in the city. But they decided against organizing fan protests or other demonstrations; PR firm Waters & Faubel was instructed to keep the “Keep the Name the Same” petition drive away from the convention center. City officials feared that embarrassing Arte Moreno in front of his fellow baseball owners could backfire, making it harder to reach a settlement and possibly tarnishing Anaheim’s reputation as a meeting place. But the convention center was festooned with banners welcoming the owners to the home of the Anaheim Angels, and city officials made their case privately to baseball people David Wilson’s marketing slogan for his planned Lexus dealership in Newport Beach: “It’s about time” Julie Hill, Victoria Collins and Judy Rosener hosted a brunch for consultant Eileen Padberg, home for a few days before returning to the green zone in Iraq Dan Lubeck’s Solis Capital Partners sent out a holiday letter instead of a card: “We are attempting to drive down American Greetings’ market cap and share some of the more noteworthy accomplishments of Solis in 2004” At his swearing-in as an Orange Unified School District trustee, accidentally elected Steve Rocco delivered a diatribe about OC being controlled by corrupt politicians, judges and officials. The skinny Rocco wore black. It appears he’s stealing Will Swaim’s act.