Stories for September 2003
Monday, September 29
Buy.com Provides Music Industry With Rare Online Ally
It's hard to find a friend of the recording industry these days. But you can count Buy.com Inc. among the few.
BANKRUPTCIES
Weekly List of recent L.A. bankruptcies
Appeal Rejected, Tur Gets Nothing
Bob Tur may have zoomed in a bit too close this time.
Casden Brothers Back in Court In Round Two of Family Feud
WALL STREET WEST
Banks Looking to Lend Again In Search of Assets, Earnings
Commercial banks are finally putting out the welcome mat in an effort to jump-start loan growth as mortgage originations begin to slacken.
ECONOWATCH L.A. COUNTY
Charts of Economic Indicators, Real Estate, Tourism...
LABJ FORUM - Facing Turbulence
The Business Journal asks: What do you think of companies handing over confidential customer information to the government?
Looking Into the Camera
Photographer Todd Frankel says so long to the Business Journal after 14 years and tens of thousands of images that reflect both the community and the times. Here is a small sample of his work.
No Deficit of Ideas for Reforming Budget
It's the most vexing financial problem facing California today and has been at the heart of the recall effort: how to bring more money into state coffers and not be so dependent on volatile income taxes?
EXECUTIVE SUMMARY / THE PACESETTER
Summaries of this week's List - Savings & Loan associations, L.A. County-based; ranked by assets as of June 30, 2003
Pension Obligations Could Require Cash Outlay by Northrop
Northrop Grumman Corp.'s underfunded pension obligation that's been three years in the making now has some analysts wondering whether the defense giant will need to infuse more cash into the program.
No Clear Answer Presented by Other States' Budget Strategies
Do other states have better ways of raising money? Yes, but that doesn't necessarily mean they will work here. And it doesn't even mean they work there.
Hint of a Fiber Optic Rebound Breathes Life Into MRV Shares
CORPORATE FOCUS: Projections of resumed spending on fiber optic networks have brought some optimism on Wall Street about MRV Communications Inc.
Patina Relocating to Disney Concert Hall
Restaurateur Joachim Splichal has extended his relationship with the Los Angeles Music Center by completing a deal to move his flagship Patina restaurant from its Hollywood home to Walt Disney Concert Hall.
REVIEW / PREVIEW
Review of this week's other top news; Preview of upcoming stories and events...
THE LABJ STOCK INDEX
Tracking 200 selected Los Angeles County-based companies; Market Diary, Market indexes, Industry analysis, 52-week performance, weekly top Gainers & Losers, Market summary, weekly profile
Calendar
Calendar of L.A. business events, conventions, and announcements
Retail Spending Expected to Keep L.A.'s Economy Afloat
Consumer spending will continue to lead L.A.'s economy through next year as shoppers shrug off increases in mortgage rates and a stagnant job picture, according to two economic forecasts.
Monday, September 22
With Gambling Site on a Roll, Gemstar Deals Suit to Youbet
WALL STREET WEST: Online betting firm Youbet.com is locked in a tangle with its largest outside investor, Rupert Murdoch-controlled Gemstar-TV Guide International Inc.
EXECUTIVE SUMMARY / THE PACESETTER
Summaries of this week's List - Women-owned Businesses, L.A. County-based; ranked by 2002 revenues
CALENDAR
Calendar of L.A. business events, conventions, and announcements
Businesses Brace for Flurry of Bills Now on Governor's Desk
Besides workers' compensation reform and employer-provided health care, numerous other measures coming out of the just-completed legislative session could affect California employers.
Thinly Traded Defense Supplier Looks to Capitalize on Growth
Thinly Traded Defense Supplier Looks to Capitalize on Growth
"Vampire" Games Publisher Sues Sony Over Copyright Claims
Sony Pictures Entertainment Inc. has been sued by a Georgia comic book publisher that claims the studio's "Underworld," set to be released last weekend, violates its copyrights.
Landmark Health Legislation a Quirk of Timing
When state Sen. Jackie Speier introduced a two-page bill a year ago that would establish employer-mandated health coverage, barely anyone noticed and those who did gave it scant chance of passing.
THE LABJ STOCK INDEX
Tracking 200 selected Los Angeles County-based companies; Market Diary, Market indexes, Industry analysis, 52-week performance, weekly top Gainers & Losers, Market summary, weekly profile
BANKRUPTCIES
Weekly List of recent L.A. bankruptcies
Universal Calculates $100 Million Lost to Online "Hulk" Theft
Smarting from the disappointing performance of its big-budget summer release "The Hulk," Vivendi Universal SA is blaming Internet piracy and may sue to recover what it claims is as much as $100 million in lost revenues.
Warner Bros. Lands Burbank Lease Deal
Warner Bros. has signed a lease for the entire 430,000-square-foot Studio Plaza in Burbank
REVIEW / PREVIEW
Review of this week's other top news; Preview of upcoming stories and events...
Model for Mandated Coverage Exists, but Costs Are Unknown
While many details of the landmark health care bill that passed the Legislature this month will need to be worked out over the next two years, those who helped craft SB 2 already know much about what the final product might look like.
Parent of Korean-American Bank Eyes Sale While Bidders Take Aim
In the close-knit Korean-American banking community, every chief executive is eyeing the same prize these days: Pacific Union Bank, the third-largest bank in Los Angeles serving the ethnic niche.
ECONOWATCH L.A. COUNTY
Charts of Economic Indicators, Real Estate, Tourism...
Greater Scrutiny Creates Room For Specialists, Boutique Firms
Greater Scrutiny Creates Room For Specialists, Boutique Firms
LABJ's LA Stories / The Roving Eye
Weekly Columns; More news and talk from around the town, behind the scenes...
LABJ FORUM - Florida Redux?
The Business Journal asks: What do you think of the courts getting involved in the recall process?
Labor Tension Continues at Port Despite Hard-Won Pact
If there ever was a honeymoon between unionized dockworkers and steamship lines calling on the Ports of Los Angeles and Long Beach, it's long gone.
Monday, September 15
K-Swiss Insiders Sell Off Shares as Stock Prices Keep Rising
Steven Nichols, chairman and president of K-Swiss Inc., has taken advantage of the Westlake Village-based athletic shoe maker's rising share price, cashing in $14.7 million worth of stock so far this year, according to securities research firm Thomson Fin
Wherehouse Looks for Path Out of Bankruptcy
Eight months after filing for Chapter 11 bankruptcy protection and shutting most of its 370 stores, Wherehouse Entertainment Inc. is pursuing two different tracks in hopes of emerging from its second bankruptcy in eight years.
CALENDAR
Calendar of L.A. business events, conventions, and announcements
Sports Bringing a Fresh Profile To Infinity News Station KFWB
In a bid to boost its lagging ratings and create a distinct identity from sister news station KNX-AM (1070), KFWB-AM (980) has struck a deal with Westwood One Inc. and CBS Radio to carry up to three games a week from the National Football League.
Small Firms Expected to Lead Hiring
Caution Persists as Economy Begins to Stir; In a surprisingly strong vote of confidence in the local economy, nearly 25 percent of L.A. County businesses plan to expand their operations within the next year
THE LIST - Temporary Placement Firms
Ranked by 2002 L.A. County revenues
THE LABJ STOCK INDEX
Tracking 200 selected Los Angeles County-based companies; Market Diary, Market indexes, Industry analysis, 52-week performance, weekly top Gainers & Losers, Market summary, weekly profile
Tetra Tech Moves Away From Telecom and Towards Military
Federal contracts and acquisitions have helped Tetra Tech Inc. rebound after being caught up in the bursting telecom bubble.
Inventory of New Homes Dips to 30-Year Low in Region
The longtime Lancaster real estate agent has been trying to meet the highest level demand for new houses in the last 25 years, including many buyers willing to sign before a shovel is in the dirt.
Renaissance Leading Uptick in Room Rates At Hollywood Hotels
The average price of a Hollywood hotel room in July jumped nearly 18 percent compared to a year earlier, according to PKF Consulting.
REVIEW / PREVIEW
Review of this week's other top news; Preview of upcoming stories and events...
LABJ's LA Stories / The Roving Eye
Weekly Columns; More news and talk from around the town, behind the scenes...
After Recall, Public's Attention To Civics Is Likely to Dissipate
As the fifth biggest city in the state, Long Beach has no shortage of news sources.
BANKRUPTCIES
Weekly List of recent L.A. bankruptcies
EXECUTIVE SUMMARY / THE PACESETTER
Summaries of this week's List - Temporary Placement firms, ranked by 2002 L.A. County revenues
NEWSMAKERS
New President Mindful of Retailer's Torrid Growth Pace
Ideas for Political Reform Get Closer Look Amid State Woes
Ideas for Political Reform Get Closer Look Amid State Woes
LABJ FORUM - Steering Into Controversy
The Business Journal asks: What do you think of the new law that will allow illegal immigrants to obtain California driver's licenses?
ECONOWATCH L.A. COUNTY
Charts of Economic Indicators, Real Estate, Tourism...
Analyst Slaps "Sell" Rating on Public Storage After Stock Rise
WALL STREET WEST
Lowered Debt Doesn't Spur Investing
Caution Persists as Economy Begins to Stir; Like homeowners who have refinanced their mortgages over the past year or two, L.A.'s largest public companies have been restructuring their debt burdens to take advantage of lower interest rates.
Lockout in the Legislature
Lockout in the Legislature
Monday, September 8
Legislators Race to Beat Deadline for Reform
The struggle to reform the state's costly workers' compensation system will likely go down to the wire this week in the Legislature.
LABJ FORUM - The "Must Have" List
The Business Journal asks: What's the must have product of the back-to-school season?
No Simple Formula for Repairing Dysfunctional Workers' Comp System
Much of the blame for the current workers' comp crisis has been ascribed to a dysfunctional system that has allowed medical and other costs to escalate.
NEWSMAKERS - Operations Head Aims to Bring New Blood to Red Cross
Businesspeople and businesses in the news, on the move...
Link-Up With Visa Puts Bounce Back in Check Processor's Step
CORPORATE FOCUS: Electronic Clearing House Inc. has seen some early returns from its strategic bet on electronic checks.
Manatt Severs Two Practice Groups in Washington
Manatt Phelps & Phillips LLP, citing poor financial performance, has dissolved two practice groups in its Washington, D.C. office.
New Urgency Sensed as LAWA Steps Up PR Selection Process
Los Angeles World Airports is nearing a decision in its yearlong search for a public relations firm that would be heavily involved in Mayor James Hahn's $9 billion modernization plan for LAX.
Interior Designers Cut Staff, Refocus As Fees Fall Again
With business expansion still largely on hold and office tenants preferring to renegotiate and extend existing leases, the interior design sector has seen a second consecutive year of declining billings.
LABJ's LA Stories / The Roving Eye
Weekly Columns; More news and talk from around the town, behind the scenes...
Grocers Assume Hard Line Early In Contract Talks
In what is likely to be the beginning of stormy contract talks, the union representing Southern California grocery workers has disclosed a management proposal that would seek changes to work rules and overtime pay policies.
ArtistDirect Restructuring Interest in Record Label
Online firm ArtistDirect Inc.'s expensive effort to transform itself into a traditional music label may soon come to an end.
REVIEW / PREVIEW
Review of this week's other top news; Preview of upcoming stories and events...
Hahn Business Strategy Shifts Amid Criticism
If nothing else, L.A. Mayor James Hahn is clear about his business development priorities.
Refurbished Sherman Oaks Galleria Still Searching for Its Retail Identity
A "lifestyle center" is not to be confused with a shopping center and that continues to be a challenge for Sherman Oaks Galleria.
BANKRUPTCIES
Weekly List of recent L.A. bankruptcies
Warning Signals Abound but 99 Cents Shares Show Strength
Short sellers are staging an all-out war against Los Angeles-based 99 Cents Only Stores and they appear to be losing.
EXECUTIVE SUMMARY / THE PACESETTER
Summaries of this week's List - Dental Plans, ranked by enrollment in L.A. County
Mercury Air Fights for Control With U.K. "Corporate Raiders"
WALL STREET WEST - Several investment funds linked to British money manager Christopher H.B. Mills have targeted Mercury Air Group with the intent of overthrowing management.
THE LABJ STOCK INDEX
Tracking 200 selected Los Angeles County-based companies; Market Diary, Market indexes, Industry analysis, 52-week performance, weekly top Gainers & Losers, Market summary, weekly profile
CALENDAR
Calendar of L.A. business events, conventions, and announcements
ECONOWATCH L.A. COUNTY
Charts of Economic Indicators, Real Estate, Tourism...
Galpin Makes Bid on Burbank Tract for New Ford Dealership
Bert Boeckmann, owner of Galpin Motors, says he's revived plans to purchase a prime swath of property in Burbank owned by the Ford Motor Co. and bring a Galpin auto franchise to the city.
Monday, September 1
Short Sellers Take Their Licks As J2 Global Shares Hit a High
CORPORATE FOCUS
THE LABJ STOCK INDEX
Tracking 200 selected Los Angeles County-based companies; Market Diary, Market indexes, Industry analysis, 52-week performance, weekly top Gainers & Losers, Market summary, weekly profile
ECONOWATCH L.A. COUNTY
Charts of Economic Indicators, Real Estate, Tourism... (Adobe pdf file)
Earnings Rebound Generates Optimism About L.A. Firms
If investors had any question about which direction earnings are going for L.A.-based companies, they only need to look at the stock prices of the 10 largest companies in the LABJ 200 index.
REVIEW / PREVIEW
Review of this week's other top news; Preview of upcoming stories and events...
Missing Lunch Breaks Haunt Companies
An affiliate of AFSCME (American Federation of State, County and Municipal Employees) sued Tenet Healthcare Corp. on behalf of 5,000 nurses.
CALENDAR
Calendar of L.A. business events, conventions, and announcements
Projects Move Forward on Westwood's "Golden Mile"
Reflecting a hot real estate market and still-low interest rates, Wilshire Boulevard's "Golden Mile" could be on the verge of its biggest growth spurt in more than a decade.
Tokyo Slot King Gambles on Hollywood Play
After years of dominating Japan's lucrative slot machine market, Tokyo-based Sammy Corp. created Sammy Studios Inc. last year as part of a $25 million effort to establish itself in the growing interactive entertainment market.
Talk Show Hosts Are Unheralded Resource In Universal Auction
As the bidding war for Vivendi Universal S.A.'s entertainment assets reaches its final stages, who would have thought that Maury Povich and Jerry Springer could be holding a couple of keys to the deal?
Sony Seeks Gaming Edge for New Film
In Hollywood's latest attempt to tie movie promotions with video games, Sony Pictures is letting game developers graft characters from its upcoming action-horror movie "Underworld" onto an existing PC game.
Council Takes New Shot at Stricter Strip Club Rules
A proposed ordinance that would effectively ban lap dancing in L.A.'s strip clubs has gained new momentum in the wake of an LAPD report detailing solicitations of sex-for-pay.
EXECUTIVE SUMMARY / THE PACESETTER
Summaries of this week's List - Largest private employers, ranked by number of employees in L.A. County
EUniverse Finance Chief Quits As Accounting Errors Detailed
WALL STREET WEST - EUniverse Inc., the formerly high-flying Internet company, replaced its chief financial officer three days before filing its long-delayed annual report.
BANKRUPTCIES
Weekly List of recent L.A. bankruptcies
LABJ FORUM - It's Not Easy Being Big
The Business Journal asks: Are you rethinking whether to buy an SUV or to continue driving one?
NEWSMAKERS
Businesspeople and businesses in the news, on the move...
L.A. Times Debuts Magazine Aimed at Richest Angelenos
In the past couple of weeks, 50,000 copies of the first issue of Distinction were mailed, unsolicited, to some of the most expensive addresses in Los Angeles and Orange counties.
LABJ's LA Stories / The Roving Eye
Weekly Columns; More news and talk from around the town, behind the scenes...