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USC President Nikias to Step Down Amid Scandals

USC President C.L. Max Nikias has agreed to step down as a series of scandals has rocked the university, according to a statement from the university’s board release late on May 25.

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Silicon Beach Report May 25: Electric Bus Maker Proterra Raises $100M

Proterra raises $100 million for electric buses; new european data privacy regs wreak havoc on U.S. sites; L.A. biotech lab to close

New Jersey Biotech Firm to Shut Down Boyle Heights Genetics Lab

Cancer Genetics Inc., a DNA-based cancer diagnostic company based in New Jersey, has announced the pending closure of its Los Angeles laboratory in a move that could affect dozens of workers.

Cutting Edge Healthcare Acquires Respiratory Therapeutics Group

Cutting Edge HC Inc., a newly formed management company based in the Miracle Mile, has acquired Respiratory Therapeutics Group for an unknown sum.

Molina’s Pacific 6 to Finance New Long Beach Publication

Long Beach millionaire John Molina’s new company, Pacific 6, will finance a Long Beach publication dedicated to local news that will directly compete with the Long Beach Press-Telegram, and employ the Press-Telegram’s three recently departed editorial employees.

Cannabis Firm MedMen Nears Public Offering; Valuation North of $1.6 Billion

MedMen Enterprises, a Culver City-based cannabis investment and management firm, is on the verge of a public offering on the Canadian Stock Exchange, with a value north of $1.6 billion, according to a source familiar with the transaction.

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LAX Passenger Traffic Up 4 Percent in April, 5.5 Percent Year-to-Date

Passenger traffic at Los Angeles International Airport rose 4.1 percent in April compared to last year and was up 5.5 percent for the first four months of this year, according to figures released May 25 by airport officials.

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Hanmi Financial to Acquire Texas-Based SWNB Bancorp Inc. for $76.7M

Hanmi Financial Corp., a Koreatown-based holding company for Hanmi Bank, has agreed this week to acquire SWNB Bankcorp Inc. for a deal valued at $76.7 million.

L.A. Pursues New Army Post

ECONOMY: Procurement center seen as spur for tech

A new U.S. Army procurement office could bring 500 direct jobs and hundreds of millions in economic benefits if it lands in L.A.

Is Coworking Sustainable?

REAL ESTATE: Moves beyond roots in recession

Is the trend toward coworking spaces sustainable?

High Tide for Money Firms

FINANCE: Top 100 in L.A. notched 15.5% gain last year

Strong year for money managers.

ANASTASIA SOARE

Founder and Chief Executive, Anastasia Beverly Hills

No other entrepreneur was so singularly focused on eyebrows – much less made millions of dollars from them – before Anastasia Soare started out on her American dream.

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MICHAEL MILKEN

President, Co-founder, Milken Foundation

Michael Milken was a disruptor long before the Digital Age.

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WOLFGANG PUCK

Founder, Wolfgang Puck Worldwide Inc.

Celebrity chef and restaurateur Wolfgang Puck did not finish high school, but from an early age – 14 to be exact – he knew he wanted to be a chef.

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THOMAS PRISELAC

President and Chief Executive, Cedars-Sinai Medical Center

Thomas Priselac, a national force on the national health care scene, has served as Cedars-Sinai chief executive for 24 years, and as an employee of the Beverly Grove-based health system – the largest nonprofit hospital in the western U.S. – for 39 years.

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High Note for Baldwin Park Retail Development

Newly-built fast-food chain property hits $1,225 PSF after several offers

A recent sale in Baldwin Park set a benchmark for retail space in the eastern San Gabriel Valley.

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Zigs & Zags; Trump & L.A. Times; Icons & Eli

California often zigs when the rest of the country zags, and Los Angeles has long been the chief locus of the instinct – perhaps never more than these days when it comes to China.

Report: Real Mex Seeks Buyer

RESTAURANTS: Santa Monica-based Tennebaum part of current ownership

Real Mex restaurant chains reportedly on sales block.

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Security Tech App Raises $7 Million

TECHNOLOGY: Allows secure office entry via smartphones; draws local, Silicon Valley backers

Culver City-based office security tech firm Openpath launched May 22, helped by a $7 million funding round and local funds.

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Pasadena Campus Pegged at $250M

Coretrust Capital Partners plans upgrades

Downtown-based real estate investment firm Coretrust Capital Partners last week acquired the six-acre Corporate Center Pasadena, the largest office campus in the city, according to the company.

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