AGRICULTURE
A.G. Kawamura, owner of Irvine-based Orange County Produce, and Tom Nassif, president and chief executive of Irvine-based Western Growers, were appointed to the agricultural advisory committee of Republican presidential nominee Donald Trump’s campaign, the Orange County Register reported.
FINANCE
Irvine-based Banc of California is the naming partner to the Los Angeles Football Club’s upcoming $275 million soccer stadium, which is scheduled to open in 2018. The club is the newest L.A.-area Major League Soccer franchise. The bank also will be the official bank of the soccer club and its foundation and said it will expand branch services to businesses in the local area. Ground broke last week on the facility, which along with the adjacent Los Angeles Memorial Coliseum will be a lynchpin of an entertainment district to feature a public plaza, restaurants, retail stores, and a conference-and-events center, the sports franchise said (see related item in OC Insider, page 3).
Retired NBA player Kobe Bryant added venture capitalist to his postretirement activity with a $100 million fund that will invest in technology, media and data companies. He and business partner Jeff Stibel, a serial entrepreneur and investor, will provide the capital for the fund and manage it through their L.A.-based company, Bryant Stibel Market Opportunities L.P., which they founded in 2013.
HEALTHCARE
County supervisors voted to accept a $3 million state grant to help start two emergency medical centers for psychiatric patients to help alleviate strain on local hospitals and provide adequate treatment to patients experiencing psychiatric episodes, the Orange County Register reported. The money will pay for building retrofits and outpatient program startup costs at two locations that had yet to be designated.
LAW
The Costa Mesa office of law firm Theodora Oringher said it obtained a $26 million settlement for Orange County against India-based Tata Consultancy Services Ltd. The settlement is the largest amount recovered by Orange County in any lawsuit in 18 years, dating back to the fallout from the county’s 1994 bankruptcy, according to lead attorney Todd Theodora. The county filed a federal fraud and breach of contract lawsuit against global IT services provider Tata Consultancy Services and its U.S. affiliate, Tata America International Corp., that was settled in a mediation session held in July. Tata also will dismiss its counterclaim against the county. Neither party admitted liability.
RESTAURANTS
Lake Forest-based Farrell’s Ice Cream Parlour Restaurants, whose sales have been dipping, got a life line last week when millionaire Marcus Lemonis of reality business TV show “The Profit” invested $750,000 in the company, taking a 51% stake, the Orange County Register reported. The chain has closed two locations and is now making changes to remaining ones based on Lemonis’ guidance, including upcoming menu tweaks.
SPORTS
Recently renewed negotiations between the city of Anaheim and the Los Angeles Angels of Anaheim baseball club took a bad turn when the city’s planning commission voted to recommend approval of developer LT Global’s 15-acre mixed-use project next to Angel stadium. The city council is scheduled to vote on the project in October. Team officials told the city that the development could hinder its plans to develop a commercial area on what is now a stadium parking lot to help pay for stadium improvements. The Angels are negotiating with the city on a new stadium lease and development of city-owned land next to the stadium.
