Finance
Irvine-based Commercial Bank of California appointed Michael J. Helmuth to the new role of Orange County market president, and Claudia Bodan to a similar new role in Los Angeles. CBC’s assets have grown approximately 8.4% since the end of last year, and its net loans increased by 6.6%. A statement said it’s hired more than 35 employees in Southern California this year. For the past four years, Helmuth served as a regional president at Community Bank, where he led 11 of its 16 branch offices. Before joining CBC, Bodan was market manager and senior vice president at Bank of America Corp. She was previously a vice president and commercial loan officer at Wells Fargo & Co.
— Peter J. Brennan
Hospitality
A luxury hotel Walt Disney Co. had planned near Disneyland Resort was canceled after the city eliminated a 20-year hotel tax rebate, according to news reports. City officials blamed Disney, saying it changed the location of the hotel after the two agreed on the rebate deal. Disney hasn’t indicated its plans for the site, where it closed restaurants and stores at its Downtown Disney shopping center to make way for the project.
— Hannah Mitchell
Technology
Irvine-based independent gaming studio Obsidian Entertainment Inc. is rumored to be sold to tech giant Microsoft Corp., according to news reports. It was launched in 2003 by previous software designers and engineers at Interplay Productions in Irvine. Obsidian specializes in PC role-playing games and created the “Pillars of Eternity” franchise, “South Park: The Stick of Truth,” and “Fallout: New Vegas.”
— Chris Casacchia
Obituary
Mike Lutton, a fixture in the local commercial real estate industry for 30 years, died at 62. He held multiple notable positions in his career, including running Newport Beach-based Irvine Co.’s office and industrial portfolios. In the mid-1990s, he was chairman and chief executive of Houston-based PM Realty Group, leading a staff of 3,000, and was an executive managing director at Cushman and Wakefield, serving as an adviser to John Cushman III.
More recently, he was on a development team that proposed turning a carwash site across the street from Fashion Island into a luxury condominium project. The development didn’t advance. He held several senior leadership positions at area real estate organizations, including the Urban Land Institute and the International Conference of Shopping Centers.
— Mark Mueller
Los Angeles Chargers majority owner Alexander Gus Spanos died last week at 95. The Chargers moved their headquarters and training facilities to Costa Mesa last year as they await construction of a stadium in Inglewood that they’ll share with the Los Angeles Rams. Spanos bought the franchise in 1984 for $72 million and oversaw its lone Super Bowl appearance in 1995 when the 49ers beat the Chargers 49-26. He served on several NFL committees through the years and helped secure the 1998 and 2003 Super Bowls in San Diego. He turned over daily management of the operation in 1994 to his oldest son, Dean, who’s controlling owner and board chairman.
— Chris Casacchia
