APPAREL
Irvine-based clothing maker La Jolla Group Inc. has put the True Love & False Idols brand on hold as part of a restructuring, according to a spokesperson. True Love & False Idols’ edgy T-shirt designs represented a departure from La Jolla’s portfolio of action sports brands. La Jolla also has the license to make clothes under brands such as O’Neill, Rusty and Metal Mulisha. Jim Shubin, former True Love & False Idols vice president of sales and marketing, is no longer with the company, according to the spokesperson. Also gone is Ryan Divel, who had served as vice president of promotions. Courtney Kincaid was promoted to director of men’s sales for La Jolla’s O’Neill Clothing USA division, a new position. Kincaid joined O’Neill as national sales manager for footwear and men’s accessories in July.
MANUFACTURING
One Source Industries expanded to 14,000-square-foot headquarters in Irvine, increasing its space by about 30%. One Source makes specialty and promotional packaging and provides supply-chain management to Canon USA Inc., 3M Co., and others. It employs about 40 workers here and has offices in Bentonville, Ark., Memphis, Tenn., Chicago, New York and Hong Kong.
International Polymer Solutions, which makes plastics under the Beco Manufacturing name, moved its headquarters from Laguna Hills to a larger headquarters in Irvine. The company manufactures parts for the food, chemical, medical and solar industries, among others. It employs about 50.
REAL ESTATE
Irvine-based master developer SunCal Cos. and New York-based Lehman Brothers Holdings Inc. announced a settlement of their legal fight over the long-stalled Marblehead Coastal development in San Clemente. SunCal agreed to hand over control of Marblehead and more than a dozen other bankrupt Southern California projects. Lehman agreed to release SunCal Chief Executive Bruce Elieff from some $230 million in bond debt related to the projects. SunCal has the option of buying back two bankrupt projects outside Orange County, and also is getting a $3 million payment from Lehman as part of the settlement. The agreement requires approval from a bankruptcy carries. Lehman is expected to put Marblehead, which carries debts of more than $300 million, up for sale once it gets court approval for its plan.
The board of directors of the bankrupt Crystal Cathedral Ministry in Garden Grove voted to accept a $50 million bid for its 40-acre campus and buildings from Chapman University in Orange. The school’s bid trails a $53.6 million offer from the Roman Catholic Archdiocese of Orange but include the possibility of buying back the property in the future. The ministry has been allowed the chance to pick a winner in the bidding because both offers exceeded its total debts. The choice still must be confirmed by the bankruptcy court, which could approve the deal as early as Nov. 14. Chapman has said it plans to develop a campus for health science studies on the Crystal Cathedral site.
RESTAURANTS
Costa Mesa-based El Pollo Loco Inc. named restaurant and hotel industry veteran Ed Valle its new chief marketing officer. He replaces Karen Eadon, who left the company a year ago. Valle joins El Pollo Loco from Silver Spring, Md.-based hotel franchisor Choice Hotels International Inc.
TECHNOLOGY
BlueCava Inc., an offshoot of Irvine security software maker Uniloc USA Inc., raised $9.5 million in a second round of funding from Austin, Texas-based S3 Ventures, billionaire Mark Cuban, and Texas oil executive Tim Headington. Cuban and Headington put $5 million into the company a year ago. Irvine-based BlueCava handles sales of Uniloc’s software, which helps online retailers and other website operators protect against fraud and improve targeted online advertising. Uniloc still owns a stake in the company. Cuban, owner of Denver-based cable network HDNet Inc. and the National Basketball Association’s Dallas Mavericks, is on BlueCava’s board. S3 Ventures executive Brian R. Smith and Marsh Marshall of Putney Capital are new board members.
ECONOMIC INDICATOR
DOWN: Revenue from home sales in Orange County in September, which fell to its lowest level in four years, according to the California Regional Multiple Listing Service. The combined value of all homes sold here by brokers and agents was $1.19 billion last month, down 7.3% from a year earlier. The total revenue came on 2,275 sales, up 2.4% from a year earlier. The average price fell 9.5% last month compared with a year earlier, to $523,266.
