Pensions are a hot topic in this week’s edition: note Canada’s No. 2 pension fund taking a 40% stake, and providing a $400 million war chest, to Steve Jones’ Allied Universal (see story, front page).
The Santa Ana security firm’s 210,000 employee count is roughly three times the size of the active personnel in the Canadian Armed Forces, by the way.
The news of the Canadian pension fund investment came hours before Ontario’s Blackberry completed its $1.4 billion buy of Stuart McClure’s Cylance. McClure is remaining in charge of the combined Irvine ops, although you might see him a bit more on some local golf courses (see story, page 80).
For more pension news, see the somewhat worrisome back-page take from Chapman University’s Jim Doti and Fadel Lawandy on what rising pension liabilities mean to OC cities and their economic health.
Even more distressing pension fund news came out last week when federal pension fund regulators sued former OC Register owners Eric Spitz and Aaron Kushner, and others, alleging a massive “breach of fiduciary duties” related to the newspaper’s employee pension fund.
The lawsuit—covered by the LA Times and WSJ, but not the Register—isn’t a pretty read; the feds want $54.7 million from the defendants.
Editor at Large Rick Reiff—host to some of the most spirited local televised debates prior to the ’18 elections—waded into blue waters last week. Here’s the Original Insider’s report:
Who better to comment on the changing face of Orange County than its new Democratic House reps? Asked about the county’s rich and easy reputation in an OC Forum Q & A at the Pacific Club, north county Congressman Gil Cisneros quipped, “They aren’t filming any ‘Real Housewives’ episodes in the 39th [district].” That brought a smile, wave of acknowledgment and quick rejoinder from south county’s Katie Porter: “My housewives are woke!”
Cisneros, Porter and Harley Rouda, stunning winners in last November’s blue wave election, discussed policy goals in broad strokes, for the most part steering away from anti-Trump rhetoric and striking bipartisan notes. Rouda said 10 of his first 87 votes have broken from the Democratic Party line.
Memo to Republicans aiming to take back the seats in 2020: These three are working their districts. Porter said she’s logged more than 26,000 miles in six weeks commuting back and forth from Washington, D.C.
Two weeks ago we featured the new emergency room at Hoag Hospital Irvine, funded in large part by Ben and Carmela Du.
OCBJ reporter/editor Paul Hughes got an up close and unexpected tour of the facility last week when a nose bleed led to a 911 emergency. Like a true journalist, the incident didn’t stop Paul from taking notes or pictures.
All’s now well. His report: “When bleeding profusely, head over to Hoag and make sure Cynthia’s your PA and Sarah’s your nurse.”
