Automotive
An OC Superior Court jury awarded the former Superior Automotive Group $256.5 million in damages in its fraud case against Nissan Motor Acceptance Corp., the financing arm of Nissan Motor Ltd. Superior was a group of Nissan and Toyota dealerships in Los Angeles and the San Francisco Bay area owned by Orange County resident Michael Kahn that went out of business in 2009. NMAC defaulted on the dealerships following past-due inventory payments. Kahn said he reached out to it in an effort to reconcile the issue but was told there was nothing he could do, according to a news release by his law firm, Miller Barondess LLP. NMAC said it plans to appeal the court’s decision.
Nonprofits
Human Options gave its 2017 Dove Award to Julie Hill at its “Serious Fun” gala at Balboa Bay Resort. The Irvine-based nonprofit serves domestic violence victims. Last year marked its 35th year of operation. Hill, a past board chairperson of the group, has supported it since 1993. As chief executive of U.S. operations for U.K.-based builder-developer Costain Homes, she helped lead a public-private partnership that built Human Options’ emergency shelter, the nonprofit said. It said she led its board through a period of “substantial” growth.
Restaurants
Taco Bell Corp. again updated midrange goals at its annual investor and analyst day, including ambitious plans for annual revenue, international expansion and unit totals. The fast food chain, headquartered in Irvine, is part of Louisville, Ky.-based Yum Brands Inc. It wants in the next five years to grow annual sales from $10 billion to $15 billion; about double the number of countries with Taco Bell locations; and add locations 2.5 times faster than in the past five years.
Technology
Resolve Systems, an Irvine-based software company with 125 employees, was sold to Insight Venture Partners of New York on undisclosed terms. Resolve, which was owned by Solis Capital Partners of Newport Beach, makes enterprisewide software systems that use automation to help internet, security and service desk operations teams identify problems. The acquisition will permit it “to move faster in key business areas,” Chief Executive Martin Savitt said. All of Resolve Systems’ employees will transfer to the new owner.
