Amusement
The Walt Disney Co. said it has no plans for a third theme park at the Disneyland Resort, dispelling long-running rumors, according to the Orange County Register. Chief Executive Bob Iger said the company does plan to expand but dismissed the idea of a “third gate” after Disneyland and Disney California Adventure. His comments came at the company’s annual shareholder meeting in San Francisco, where Iger said it won’t rule out a third gate “forever.”
Apparel
Versa Capital Management LLC in Philadelphia acquired the remnants of Foothill Ranch-based retail chain Wet Seal Inc., according to a report in the Wall Street Journal. The buy includes $7.5 million in cash for unsecured creditors and the assumption of a $20 million financing commitment from Los Angeles-based investment bank B. Riley Financial Inc., which also has an office in Newport Beach. B. Riley is in line for a $625,000 breakup fee for the investment bank, which ultimately lost the bidding battle. Versa will acquire at least 140 stores and invest $10 million to operations. The development comes about two months after Wet Seal filed for Chapter 11 bankruptcy.
Finance
Irvine-based Plaza Bank settled a federal lawsuit brought over third-party payment processors, agreeing to pay more than $1.2 million, the U.S. Department of Justice said. Prosecutors accused the bank of dismissing warning signs, allowing a payment processor client to make millions of dollars in unauthorized withdrawals from consumer accounts at other banks on behalf of “fraudulent merchants.” Such processors handle merchants’ banking activities, and banks are required to report any suspicious activity on their part. Plaza also entered into a permanent injunction to reform its practices to prevent future fraud.
Seattle-based community bank HomeStreet Bank added an office in Orange County with a nine-person team that will specialize in U.S. Small Business Administration loans. The lending activity will include business, real estate and equipment loans and contract financing for small and medium-sized businesses in California.
Healthcare
Irvine-based Kareo Inc. said it bought San Francisco-based DoctorBase Inc. for an undisclosed amount. Kareo makes cloud-based software for small medical practices. DoctorBase provides marketing and patient communication services for its doctor clients. Kareo raised $15 million in mezzanine debt financing in October, bringing its 2014 total capital raised to $47 million in a round led by Austin, Texas-based Escalate Capital Partners.
Manufacturing
Lake Forest-based iPourIt plans to supply beer vending machines from Atlanta-based Plug in & Pour with its brew-dispensing hardware. iPourIt makes self-serve beer and wine systems for restaurants, hotels and sports venues.
Technology
Blizzard Entertainment Inc.’s annual fanfest, BlizzCon, will be Nov. 6 and Nov. 7 at the Anaheim Convention Center. Tickets, which have historically sold out quickly, go on sale April 15 and April 18 for about $200 apiece. The event typically draws more than 20,000 fans, many of whom travel from across the U.S. or world to test new games, compete in costume and other contests, and meet their favorite artists and fellow gamers. An exclusive pre-event dinner is scheduled for Nov. 5 to benefit Children’s Hospital of Orange County.
Finance and sales veteran Bill Carpou was named chief executive of Irvine-based nonprofit organization Octane, which links startups and emerging companies with resources and investors. He serves as senior vice president of sales for consulting firm Kaplan Performance Solutions. Carpou replaces Matthew Jenusaitis, who recently was named chief of staff at University of California, San Diego, Health System.
San Juan Capistrano startup GlobeChat raised nearly $1 million in a seed round as it gets closer to bringing its video and text messaging service to the market. Investors include founder and Chief Executive Kevin Strom and website and app developer KiwiTech, which has offices in New York, Washington D.C., and San Francisco. GlobeChat’s communication service is billed as linking users on smartphones, PCs, tablets and other devices from any manufacturer. The company, which has been in stealth mode, is looking to raise another $2.1 million.
Transportation
Alaska Airlines has applied to regulators in the U.S. and Mexico to offer service to Puerto Vallarta and Los Cabos, Mexico from John Wayne Airport, according to the airline. Approval would bring competition to Southwest Airlines Co., John Wayne’s busiest airline and the only carrier that currently flies to Mexico from the facility. Alaska said it expects U.S. approval in four weeks. It didn’t give a timeframe for approval from Mexican government officials.
