Stories for September 2010
Thursday, September 30
Trio-Tech Moves to Profit
Trio-Tech International said strong sales of its semiconductor test equipment helped move the company to a profit in its fiscal fourth quarter.
Teva Version of Amgen Drug Delayed by FDA
OTHER NEWS
U.S. health regulators have delayed approval of Teva Pharmaceutical Industries Ltd's biotechnology medicine to boost white blood cells that is similar to Amgen Inc's big-selling Neupogen.
Will Patch Become the WalMart of News in L.A.?
OTHER NEWS
When AOL, the digital dinosaur from the Internet's dial-up days, announced its big push into hyperlocal journalism known as Patch, a network of bloglike sites, the corporation spun it as a feel-good story. But in L.A., not everyone sees it that way.
Missing Real Estate Broker Found Alive
Ed Rosenthal, the veteran L.A. commercial real estate broker who’d been reported missing in Joshua Tree National Park, was found alive Thursday in critical condition.
Governor Vetos Debit Fee Bill
Gov. Arnold Schwarzenegger has vetoed a bill that would have banned merchants from charging fees on debit card purchases.
Mattel Unit Recalls 10 Million Toys
Mattel Inc.'s Fisher-Price unit is recalling tricycles, high chairs and toys sold in the United States and Canada because of the potential for serious injury to children.
Weiss Moves to Kroll
Risk consultant Kroll officially announced that former Los Angeles city councilman Jack Weiss will lead the Los Angeles office of its business intelligence and investigations practice.
Wednesday, September 29
Tutor Perini Awarded Aqueduct Project
Tutor Perini Corp. has won a $241 million contract to renovate portions of the famed Aqueduct Racetrack in Queens, New York.
Shopzilla Makes Deal with Google
Shopzilla Inc. has signed a strategic partnership with Google Inc. that will include the Los Angeles company’s Bizrate ratings and reviews within certain Google search and ad products.
L.A. Man Wanted in Ponzi Scheme Arrested in France
OTHER NEWS
Bruce Fred Friedman, a Los Angeles financial adviser charged with defrauding investors in a $228 million Ponzi scheme has been arrested in France.
Live Nation Chairman to Resign
Barry Diller is resigning as chairman and director of Live Nation Entertainment Inc. according media reports.
Cornerstone OnDemand Files IPO
Software developer Cornerstone OnDemand Inc. has filed for an initial public offering, saying it wants to raise up to $115 million.
Tuesday, September 28
Search Continues for L.A. Real Estate Broker
The search continues for veteran commercial real estate broker Ed Rosenthal, who was reported missing after his car was found at the Black Rock campground in Joshua Tree National Park over the weekend.
Tix to Delist from Nasdaq
Tix Corp. said that it giving up on trying to meet Nasdaq listing requirements and will move its stock to the Pink Sheet’s new OTCQX market.
Northrop Wins Homeland Security Contract
Northrop Grumman Corp. has been awarded a contract, valued up to $2.63 billion, to install information technology systems at the U.S. Department of Homeland Security’s new headquarters in Washington D.C.
Disney, CBS, Fox Sue Online Subscription Service Ivi
OTHER NEWS
Walt Disney Co.’s ABC, CBS Corp. and other broadcasters sued Ivi, an online subscription service, for streaming television programs over the Web without authorization.
Barnes & Noble Stockholders Snub Burkle
Barnes & Noble Inc. shareholders settled a contentious proxy battle by voting for a slate backed by Chairman Leonard Riggio rather than candidates proposed by Los Angeles billionaire Ron Burkle.
Namvar Appears in Court
Ezri Namvar, the Westside real estate investor accused of defrauding hundreds of investors, delayed entering a plea on criminal charges during an arraignment in U.S. District Court in Los Angeles.
Monday, September 27
California May Seek $5 Billion From Wall Street
OTHER NEWS
California is lining up a short- term loan of more than $5 billion from a group of Wall Street banks to tide the state over with enough cash after a record- long budget impasse, Treasurer Bill Lockyer said.
Revolution Prep Raises $15 Million
Revolution Prep, a Los Angeles provider of test preparation software and services, has raised $15 million in its first institutional financing round, which was lead by a London private equity firm.
FTC Says POM Juice Ads Are Deceptive About Health
OTHER NEWS
Federal regulators have filed complaints against the makers of POM Wonderful Pomegranate Juice, saying there's no science to support claims that the products treat or prevent diseases such as prostate cancer and erectile dysfunction.
Who Wins, Loses from Mass Immigration to California?
OTHER NEWS
No state and almost no developed economy has absorbed so many immigrant workers so quickly as California. The arrival of more than 5 million foreign workers over the past four decades raises a basic question: Who wins, and who loses?
Prominent Local Real Estate Broker Missing
Veteran commercial real estate broker Ed Rosenthal was reported missing Sunday evening after his car was found left over the weekend at the Black Rock campground in Joshua Tree National Park.
Northrop Plans Local Aerospace Layoffs
Northrop Grumman Corp., which plans to move its headquarters to the Washington, D.C. area next year, said that around 500 employees -- mostly in Los Angeles County -- will be laid off by the end of the year.
Money Manager in Madoff Case Dies at 84
Former Beverly Hills money manager Stanley Chais, who was accused of investing nearly $1 billion of his celebrity clients’ money in Bernard Madoff investment schemes, has died in New York City
Near and Far
Pasadena web channel to rely on overseas staff
The owner of a Pasadena news website that outsources its reporting overseas hopes to adapt the business model to web TV.
Investor Puts Out Welcome Mat to Malibu Home
CHIEF DWELLINGS: Jonathan Frank reduces price by 20 percent to $40 million for estate.
Listings and sales of executive homes.
Facial Animation Company Sports a New Head
TECHNOLOGY: Image Metrics hires chief executive for his simulation expertise.
Santa Monica facial animation company Image Metrics has tapped a new chief executive to expand the company’s technology from video games and movies to computer simulation for uses that could include combat training.
Mideast Envoy
Local consultant helps Hollywood movies connect overseas.
An Iranian-born consultant is helping film studios connect with Middle Eastern audiences.
Little Produced In Namvar Sales
Creditors on pace to get 5 cents on the dollar.
Creditors of Ezri Namvar are on pace to receive less than 5 percent of what they are owed.
Analysts Differ on Impact of Fraud Indictment
Trustee says criminal indictment is unlikely to impact bankruptcy proceedings
Newport Beach Brokerage Heads North to L.A.
REAL ESTATE: Voit taps ex-CB Richard Ellis trio to open Commerce office.
Voit Real Estate Services LLC, a Newport Beach commercial real estate brokerage and asset services firm, opened its first brokerage office in Los Angeles County on Sept. 1.
Calendar & Events
Calendar
Big-Name Clients Fuel Culver City Firm’s Growth
ADVERTISING & PR: Burger King, NBC accounts swell Pitch’s staff to new heights.
Pitch Inc., a creative ad firm in Culver City, has grown its payroll about 52 percent in the last six months after winning two major accounts.
Bank of America Thinks It May Have the Answer
BANKING & FINANCE: Chain to deploy specialists at L.A. sites to handle customer questions.
After its high-profile acquisitions of mortgage giant Countrywide Financial Corp. and investment bank Merrill Lynch, Bank of America Corp. is looking to establish itself as a one-stop financial superstore.
Liquidator Sees Business, Share Value Evaporate
Stock falls 92 percent in a year for Great American Group.
Formerly flush Woodland Hills liquidator Great American has been left high and dry as business evaporated.
News of the Week
News of the Week
Roses Are Red, Violets Are Blue, This Lease Extension Is Just for You
PAGE 3
Commercial real estate broker Ed Rosenthal, 64, is known as the poet-broker of downtown Los Angeles.
Hoping To Have Last Laugh
ComedySportz hustles to keep the lights on at its Hollywood home.
Hollywood troupe ComedySportz is improvising financial ways to keep the show rolling.
Class Action Needed on Lawsuits Targeting Schools
OP-ED
David Houston warns that students are paying the price for frivolous lawsuits against schools.
California Dreaming in the Worst Way
OP-ED: L.A. lawmakers work to lure jobs to the city with no regard to the quality of those positions.
Madeline Janis writes that Los Angeles needs to do its homework when bringing employers to the city.
Going the Distance for TV News
COMMENT
Charles Crumpley hopes a news purveyor’s outsourcing business model may yield improved local coverage.
Out of Bounds?
L.A. city proposal to favor local bidders could leave many low-cost contractors on outside looking in.
Critics say a city of L.A. proposal to favor local bidders would hit too close to home.
Making A Splash by The Beach
Santa Monica Pier’s new restrooms make a national top 10 list.
Santa Monica Pier has shored up its reputation with a design award for its restrooms.
Church Lender Prays for Fuller Plates
L.A. savings and loan hurt as congregations’ donations dip.
L.A. thrift Broadway Federal has seen trouble grow in its loan portfolio as its church borrowers have watched donations shrink.
Clock Runs Out On 12-to-2 Plan
L.A. kills permit streamlining proposal.
Los Angeles now plans to overhaul its proposed overhaul of the city permitting process.
L.A. Non-Profit Has WWII Warship in Cross Hairs
TRADE & TRANSPORT: Los Angeles port to study plan to dock USS Iowa in San Pedro.
The Port of Los Angeles has selected a consultant to look into the feasibility of bringing an iconic World War II battleship to Southern California as a tourist attraction.
Getting Point Across
Language Weaver now sells computerized translations to commercial customers in addition to the government.
Language Weaver hopes its computerized translations speak to commercial as well as governmental customers.
Ken Klee: Crystal Clear
Bankruptcy lawyer Ken Klee has no doubt that his legal world success has been aided by New Age practices such as energy healing.
Lawyer Ken Klee gets energized when making a case for New Age health practices.
Sunday, September 26
Comcast COO Burke takes top spot at NBC Universal
OTHER NEWS
Comcast Chief Operating Officer Steve Burke will succeed Jeff Zucker as the new CEO of NBC Universal later this year, when Comcast takes control of the broadcaster.
New Team Alters Disney Studios’ Path
OTHER NEWS
When you spend 38 years producing movies, as Jerry Bruckheimer has, you see studio regimes come and go — out with the old, in with the new. The circumstances differ, but one aspect, he said, is always the same: “Hollywood kills you when you bring in an outsider.”
Friday, September 24
The Week’s Big Movers
The Business Journal’s weighted index of the largest local public companies closed up for the week as a reported rise in capital spending buoyed investors distressed about lackluster home sales.
KB Home Narrows Loss
KB Home reported a much smaller fiscal third-quarter loss than a year earlier. The homebuilder benefited from higher selling prices, but warned that a slowdown in new orders will hurt its recovery.
Rock & Republic Files Chapter 11 Exit Plan
Premium denim maker Rock & Republic has announced a rescue package of up to $48 million that would bring the company out of its Chapter 11 bankruptcy.
Amgen Initiates Partial Drug Recall
Amgen Inc. is recalling certain lots of its anemia drugs Epogen and Procrit because the vials could contain glass flakes.
Aecom Makes Acquisition
Aecom Technology Corp. plans to buy a Montreal engineering company named RSW for an undisclosed price.
NBC Universal's Zucker to Leave After Comcast Takeover
OTHER NEWS
NBC Universal Chief Executive Officer Jeffrey Zucker will step down once Comcast Corp. completes its takeover of the company, giving the new owners a chance to reshape management.
Thursday, September 23
California Govenor, Lawmakers Reach Budget Compromise
OTHER NEWS
California lawmakers and Governor Arnold Schwarzenegger agreed on “the framework” to close a $19 billion deficit, ending an impasse that pushed the most-populous U.S. state near insolvency for a second year running.
Mattel To Sell $500M in Debt
Mattel Inc. is selling $500 million in senior unsecured notes, part of which will be used to pay off older debt.
The $9 Billion Subway-to-Sea Rip-off
When USC professor and transportation expert James Moore heard the findings several days ago that the $9 billion Subway to the Sea won't relieve congestion on the Westside, as vowed by Antonio Villaraigosa, Moore was among a number of transportation insiders who wasn't stunned
Ameron’s Profit Rises
Ameron International Corp. beat Wall Street expectations by reporting a 50 percent jump in fiscal third-quarter earnings.
Breitburn Commences Debt Offering
Breitburn Energy Partners LP is planning a private offering to eligible purchasers of $250 million in senior unsecured notes.
Warner Bros. Prepares for Succession
OTHER NEWS
Long-time Warner Bros. President Alan Horn will leave his post in April, succeeded by a group of three executives, a plan announced Wednesday by Jeff Bewkes, chief executive of the film studio's parent, Time Warner Inc.
Wednesday, September 22
U.S., India Near Deal for Long Beach's Boeing C-17s
OTHER NEWS
After months of negotiation, India and the United States are nearing completion of a roughly $3.5-billion defense deal that includes the purchase of at least 10 Boeing C-17s. The deal would be a major boost to the C-17 plant in Long Beach.
Namvar Indicted on Fraud Charges
Ezri Namvar, the bankrupt Westside businessman who amassed an estimated $2.5 billion real estate portfolio that collapsed two years ago amid allegations he was operating a Ponzi scheme, has been indicted on wire fraud charges.
Alexandria Sells New Stock
Alexandria Real Estate Equities Inc. has raised $343 million from a larger than originally announced public offering of 4.5 million common shares.
DineEquity Plans $825 Million Debt Offering
DineEquity, Inc. plans to offer up to $825 million in its senior unsecured notes.
Tuesday, September 21
Disney Earnings Leaker Admits to Scheme With Boyfriend
OTHER NEWS
Bonnie Hoxie, a former assistant to Walt Disney Co. corporate communications chief Zenia Mucha, admitted in court that she tried to sell confidential earnings information in a scheme with her boyfriend.
Alexandria Commences Secondary Offering
Alexandria Real Estate Equities Inc. is making a public offering of 4 million common shares.
Teledyne Acquires Underwater Vehicle Maker
A Teledyne Technologies Inc. subsidiary has acquired Hafmynd ehf, an Icelandic maker of a submersible that has commercial, scientific and defense uses.
MMC Sells Mail.com
Specialty website operator MMC – formerly known as Mail.com Media Corp. – is getting out of the email business by selling its Mail.com to a German company.
Tetra Tech Venture Gets Wind Energy Contract
A Tetra Tech Inc. business in Canada has been awarded a $30 million contract to provide turn-key construction services for the Lamèque Wind Power Project in the province of New Brunswick.
Four LAX Dining Contracts Awarded, But Fifth To Be Rebid
OP-ED
Efforts to spice up the culinary selections at Los Angeles International Airport took a leap forward when a City Council committee awarded four out of five recommended airport dining contracts spanning Terminals 4, 5, 7 and 8.
SEC Alleges Bait-And-Switch Using Hollywood Lure
OTHER NEWS
The Securities & Exchange Commission has sued two Atlanta men, alleging cold-called investors across the country paid $3.2 million for what they thought were shares of LA Digital Post, a small Los Angeles post-production company about to go public, only to find the money was diverted fraudulently
Monday, September 20
Proxy Firm Sides with Burkle
A notable proxy-advisory firm said shareholders should support Ron Burkle's director slate for Barnes & Noble, giving the Los Angeles billionaire investor some crucial support before a shareholders’ meeting next week.
Bon Appétit to Leave Los Angeles
Respected food magazine Bon Appétit will move its editorial office from L.A. to New York this fall, publisher Condé Nast said. Longtime editor Barbara Fairchild will leave the monthly publication after the relocation.
Report: Indian Company In Talks for MGM
OTHER NEWS
Indian conglomerate Sahara India Pariwar is in exploratory talks on acquiring beleaguered movie studio Metro-Goldwyn-Mayer Inc. for more than $2 billion, according to a media report.
ValueClick Seen as Good Investment
Shares of Internet advertising company ValueClick Inc. jumped more than 9 percent Monday after a Wall Street analyst upgraded shares to a “buy.”
Internet Brands to Be Acquired
Internet Brands Inc., an El Segundo Internet media firm, is being acquired a private equity firm in a deal valued at roughly $640 million.
Art Walk Steps Up Attractions
Miracle Mile event organizers add dancers despite budget cuts.
Miracle Mile Art Walk organizers are reframing the event with added attractions such as dancers.
PennyMac Branches Out With Origination Division
Special Report: BANKING & FINANCE QUARTERLY
From a new Bank of America division to a hard-money lender, mortgage deals are still getting done in L.A.
Frozen Yogurt Chain Heats Up Growth Drive
RETAIL & APPAREL: Pinkberry CEO looks to serve up 100 stores by end of this fall.
Pinkberry executives spent the past two years devising a growth plan, and now the frozen yogurt chain is opening stores at a rapid clip.
Building Up
LACMA pavilion elevates Resnicks in arts world
LACMA’s new Lynda and Stewart Resnick pavilion moves the business couple into the first rank of L.A. arts patrons.
Alan Mendelson: News Break
INTERVIEW: Former L.A. TV reporter Alan Mendelson now works on the small screen as an infomercial pitchman and host of his ‘Best Buys’ paid-programmig show.
Former TV reporter Alan Mendelson has changed channels and now works as an infomercial pitchman.
Screen Test
Venice agency’s TV series for Red Bull is an example of the new role firms play in entertainment production.
A Venice agency’s new TV show is an example of how advertising companies are creating content.
Lender Offers Options to ‘Subprime’ Borrowers
Special Report: BANKING & FINANCE QUARTERLY
From a new Bank of America division to a hard-money lender, mortgage deals are still getting done in L.A.
Countrywide Business Bolsters Bank of America
Special Report: BANKING & FINANCE QUARTERLY
From a new Bank of America division to a hard-money lender, mortgage deals are still getting done in L.A.
Investor Courts Creditor Clash
Meruelo rips ‘takeover’ attempt by bank.
Richard Meruelo and his creditors have stepped up their fight for control of his bankrupt real estate company.
A New Bank Order
Special Report: BANKING & FINANCE QUARTERLY
While national banking chains have become the biggest mortgage lenders in Los Angeles County, some local businesses are building a presence.
R&D Tax Credit Works for Manufacturers
OP-ED
Brandon K. Edwards backs Obama’s R&D tax credit proposal as a boost for local companies.
Charging Up Los Angeles
OP-ED: City will more than make back the incentives offered to land Chinese maker of electric vehicles
Carol Schatz explains the benefits of L.A.’s incentives to land Chinese electric car maker BYD.
Losing LAX Concessionaires Serve Up Sour Grapes
OP-ED
Richard Karno says complaints about LAX’s concessionaire process are just sour grapes.
Putting Politics Before Science
OP-ED: Environmentalists are relying on ideology as they hijack a revamp of the state’s chemical review process.
Jack Stewart warns environmentalists are playing politics with the state’s Green Chemistry Initiative.
L.A. Localizes Bad Policy
COMMENT
Charles Crumpley opines that L.A.’s proposed local preference ordinance may make people feel good but it’s bad policy.
Beverly Hills Firm Enjoys Its Northern Exposure
REAL ESTATE: Toronto’s Fairfax picks up properties with Kennedy-Wilson.
All it took was Berkshire Hathaway’s annual meeting in Omaha, Neb., to seal a $278 million partnership between Beverly Hills investment firm Kennedy-Wilson Holdings Inc. and Toronto financial services firm Fairfax Financial Holdings Ltd.
Calendar & Events
Calendar
Regional Reports
Regional Report
Long Beach Ticket Vendor In Grand Prix Driver’s Seat
SPORTS BUSINESS: Tix takes over IndyCar event from industry giant Ticketmaster.
Robert Edmison has been a ticketholder for the Toyota Grand Prix of Long Beach for years.
Partners Take Corporate Gig in Downtown L.A.
LAW: Winston hires Levin and Loui to deal with transactions.
The announcement that local attorneys C. James Levin and Warren Loui have joined Winston & Strawn LLP as partners means that the firm finally has attorneys to handle corporate transactions in its downtown L.A. office.
Court Rejects LAX Hotels’ Claims on Banquet Fees
Employees win ruling on access to money they say costs them tips.
LAX-area hotels lose legal ruling in battle with unions over who gets services fees charged at banquets.
News of the Week
News of the Week
At the Intersection of Shopping and Circuitry
PAGE 3
Technology might still be a male-dominated field, but at a Girls in Tech event two weeks ago, it was all about the women.
Prize Has Ups, Downs
Area non-profit offers zero-gravity flight with James Cameron.
X Prize got $30,000 from bids to take a zero-gravity flight with “Avatar” director James Cameron.
It’s a Snap for Amateur Paparazzi
New iPhone app allows users to message in celebrity photos.
Celebrity Vibe’s iPhone app offers users a shot at being paid paparazzi.
Business School To Work Alumni
UCLA Anderson eyes ways to make up state money
UCLA’s Anderson business school hopes first-class fundraising will offset its decision to ditch state money.
Extended Shelf Life
BIZ PROFILE: Student’s plan helps boost sales and customer base of family’s retail display business.
Xochitl Cortez’s business plan made the grade with her family’s retail display company.
Clinical Lab Partnership to Kick Off in Burbank
HEALTH CARE & BIOTECH: Providence, Pathology Associates to launch business next year.
Providence Health & Services is partnering with Pathology Associates Medical Laboratories to create a clinical laboratory intended to compete in the region with national companies.
Culver City Firm Dialed In to Making Twitter Pay
Culture Jam compensates users for their tweets promoting brands.
Culver City firm hopes to put a price on Twitter’s potential by rewarding users for promotional tweets.
Friday, September 17
The Week’s Big Movers
The Business Journal’s weighted index of the largest local public companies closed down for the week, even though most companies on the list were up for the week.
American Apparel Gets Extension
Shares of American Apparel Inc. jumped nearly 17 percent late Friday after the struggling retailer said NYSE Amex regulators had agreed to its updated plan to avoid delisting.
Bankrupt Rock & Republic Pursued by Landlords
OTHER NEWS
Rock & Republic, the Los Angeles premium-denim house in financial hot water, faces an important court date next month to ease its climb out of bankruptcy.
Torre To Retire as Dodgers Manager
OTHER NEWS
Joe Torre announced Friday he will retire as manager of the Los Angeles Dodgers, who are mired near the bottom of the NL West, and the team immediately said hitting coach Don Mattingly will replace him.
L.A. Jobless Rate Hits 12.6 Percent
Los Angeles County lost nearly 13,000 jobs last month as government payrolls were slashed, pushing the unemployment rate up two-tenths of a point.
Worker Lawsuit Against Dole Dismissed
Dole Food Co. Inc. said that the Los Angeles County Superior Court has dismissed a lawsuit brought by 185 Colombian plaintiffs who claimed Dole had paid off Colombian paramilitary organizations.
Northrop May Find Shipyard Buyer
OTHER NEWS
Northrop Grumman Corp. may be able to find a buyer for a Louisiana shipyard targeted for closing after the U.S. Navy said it plans to accelerate production of a new class of refueling vessels.
Thursday, September 16
Gores Group Acquires Washington Mill
Gores Group LLC said that it led an investor group that has acquired the Cosmopolis specialty cellulose mill in Washington state from Weyerhaeuser Co.
Michael Jackson's Mother Sues AEG
OTHER NEWS
A lawsuit filed by Michael Jackson's mother once again places the spotlight on the pop star's final days as it focuses not just on the doctor charged in his death but also on the concert promoter that was supposed to pay the physician.
Furloughs Next Step in Long Beach Budget Cuts
OTHER NEWS
In addition to approving massive cuts to city services, including dozens of police and firefighter positions, the Long Beach City Council also approved taking the first steps toward implementing furloughs in the coming year
Canon Communications To Be Acquired
Canon Communications LLC said that its owners have agreed to sell it for $287 million to London trade publisher United Business Media Ltd.
OSI Gets Large TSA Contract
OSI Systems Inc.'s security division has won a contract, potentially worth up to $325 million, to supply its baggage-inspection X-ray machines to the U.S. Transportation Security Administration.
Wednesday, September 15
Proxy Advisor Supports Barnes & Noble in Burkle Contest
OTHER NEWS
Proxy-advisory firm Glass Lewis & Co. has recommended Barnes & Noble Inc. shareholders vote for founder and Chairman Leonard Riggio and his slate of directors, throwing water on a proxy contest being waged by activist investor Ronald Burkle's Yucaipa Cos.
SouthWest Water Names New CEO
SouthWest Water Co. which went private this week, announced that its new owners have selected Floyd E. Wicks as chief executive officer.
Record Fine Levied Against 99 Cents Stores
The U.S. Environmental Protection Agency said that a federal judge has fined 99 Cents Only Stores Inc. a record $400,000 in penalties for selling cleaning and pest control products that contained illegal pesticides.
Ameron Sells Remaining Stake in Steel Mill
Ameron International Corp. has agreed to sell its 50 percent stake in steelmaker Tamco for $82.5 million in cash.
Budget Despair Continues for Unpaid State Vendors
OTHER NEWS
Without a state budget, California is relying on a patchwork of bank loans and personal credit lines to help sustain essential services around the state. By its venders.
Tuesday, September 14
Management Shake-Up at Warner Bros. Records
OTHER NEWS
In a management shake-up at one of the nation's biggest music labels, Tom Whalley, chairman and chief executive of Warner Bros. Records, is departing after nine years on the job.
Peerless Reports Loss in Quarter
Peerless Systems Corp., which licenses digital imaging and networking technologies, said it lost money in its second quarter largely due to lower fee revenue.
Eisner Downplays Reports He May Run Tribune Co.
OTHER NEWS
Former Disney chief executive Michael Eisner is downplaying reports that he is being considered to head Los Angeles-Times parent Tribune Co. after it exits bankruptcy protection.
Magic Johnson-led Group Selected for LAX Contract
OTHER NEWS
Overturning the wishes of LAX staff, a five-member council committee has awarded an airport retail contract worth $30 million a year to a business group that includes Magic Johnson.
Lionsgate and Televisa Unite on Films
OTHER NEWS
Lionsgate’s African-American-focused film business, anchored by Tyler Perry titles, has become a gold mine for the studio. Movies with predominantly black casts that tell stories rooted in black culture bring out a sizable black audience. The study now wants to pull off the same trick with Hispanic-focused films.
Amgen Sells $1.5 Billion in Debt
Biotech giant Amgen Inc. is selling $1.5 billion in notes, its second large debt sale this year.
Farmer Bros. Narrows Loss
Farmer Bros. Co. narrowed its fiscal fourth quarter loss by 18 percent, despite lower net sales, and reported an even better fiscal 2010 due to contributions from an acquisition.
Monday, September 13
SouthWest Water Acquisition Closes
SouthWest Water Co. said it completed its $427 million acquisition by institutional investors and went private at the end of trading Monday.
Radnet Makes Software Acquisition
Diagnostic imaging center operator RadNet Inc. plans to acquire radiology software developer Image Medical Corp. for more than $10.7 million in cash and promissory notes.
She Means Business
Trainer Valerie Waters launched line of sliding exercise discs.
West L.A. trainer steps out with new sliding exercise discs that replace bulky boards.
Business Interests Chop Down 'Job Killers'
REGULATION WATCH: Eleven such bills now face likely veto from governor.
Business interests were largely successful in stopping bills they labeled as antibusiness in the recently concluded legislative session.
New CEO to Change Path Of Beverly Hills’ Meteor
TECHNOLOGY: Titles with more complexity the goal of Zac Brandenberg.
A new chief executive has landed at Meteor Games.
Big Names Join the Rotation
Drucker forum turns into annual event with celebrity speakers.
Former Disney chief Michael Eisner will kick off Drucker Business Forum’s annual event.
PAC All Business When It Comes to Politics
The Valley Industry & Commerce Association throws its hat in the ring with a PAC to back business-friendly candidates.
L.A. Lacks the Juice to Land Electric Car Plant
Santa Monica’s Coda to finish cars in Bay Area.
Electric car maker Coda looks like it is pulling the plug on L.A. as the site for an assembly plant.
For Those About to Rock, We Salute You
PAGE 3
Will Shepler has his eyes on a prize called the AdJam Axe – a guitar with special significance in local advertising circles.
Sports Bar Steps Up TV Viewing
Westwood location of Barney’s Beanery has stadium seating.
The owner of Barney’s Beanery in Westwood hopes to get a rise out of customers with stadium seating for TV viewing.
Candidates Must Make an Issue of Small Businesses
OP-ED
Theresa Ynzunza, Manny Cons and Jorge C. Corralejo would like to see campaigning politicians make small business a high priority.
A Healthy Prescription?
OP-ED: Beverly Hills’ cap on medical space helps limit the city’s exposure to a market that provides few positives.
Ex-City Manager Rod Wood says Beverly Hills made a healthy choice in limiting medical office space.
Electric Car Dream Short-Circuits
COMMENT
Charles Crumpley says this is no time to wave the checkered flag in L.A.’s race to be an electric car capital.
Santa Monica Place: Coming ’Round
New mall a big boost, draw for Third Street Promenade.
Business has stepped up at walking mall Third Street Promenade courtesy of the adjacent revamped Santa Monica Place.
Louis Perry: Building Security
INTERVIEW: His acting jobs never made him enough money, but Louis Perry made it big in the guard business.
Louis Perry thinks he made a safe and sound decision when he scrapped his acting career to launch a security firm.
L.A. Firm Feels Pressed on Releases
Marketwire forced to expand services or face extinction.
Marketwire hopes to get the word out on its service to track the impact of clients’ press releases on the web.
Westwood Firm’s Latest Deal Signed and Sealed
BANKING & FINANCE: Gores buys biggest envelope maker in U.S., among other moves.
The dealmaking environment is looking up for firms with cash to spend. Just ask the Gores Group.
Rival Reborn
Recycler site sets sights on Craigslist
Recycler.com thinks its print editions and new website are handy tools to compete with classified king Craigslist.
Real Estate Investor in Beverly Hills Double-Play
CHIEF DWELLINGS: Wehba listing one home at $9.8 million, another at $68.5 million.
Listings and sales of executive homes.
Restaurateur Has Something Cooking in Hollywood
REAL ESTATE: Ground floor to serve up new eatery from chef David Myers.
Michelin-starred chef David Myers will open a restaurant in Hollywood after his company, David Myers Group LLC, purchased the ground floor of the Lofts at Hollywood and Vine.
Calendar & Events
Calendar
Newsmakers
Newsmakers
Good Fit for a Recession
Van Nuys apparel business Cherokee has managed to stay buoyant by licensing clothes but not making them.
Apparel company Cherokee’s licensing business seems tailor-made for the recession.
Regional Reports
Regional Report
West Hollywood Firm Sees Ex-Nike Exec as Shoo-In
ADVERTISING & PR: Wider services at marketer a priority for new chief.
Former Nike executive Daryl Butler is the new managing director at the West Hollywood office of Jack Morton Worldwide, a corporate marketing event production firm.
Eatery Chains Feast on Reported Burger King Deal
Investors serve up big gains for DineEquity, Cheesecake Factory stocks.
DineEquity and Cheesecake Factory stock feasted last week on reports of a multibillion-dollar offer for the Burger King fast-food chain.
News of the Week
News of the Week
Sunday, September 12
Hollywood Reporter to Become a Weekly Magazine
OTHER NEWS
The Hollywood Reporter has been dying a slow death for a decade, bleeding from layoffs, vanishing advertisers and diminished relevance in a news cycle now dominated by cutthroat entertainment blogs.
SAG to Expand AFTRA Joint Bargaining Pact
OTHER NEWS
Ramping for what will surely be a heated battle between pro and anti AFTRA-merger voices within SAG, the Screen Actors Guild national board this weekend voted to begin negotiation on a new Educational and Industrial contract alongside its sister labor org.
Friday, September 10
The Week’s Big Movers
The Business Journal’s index of the largest local public companies closed down for the week even though the overall market rose on Friday following encouraging economic news.
Myricom Promotes CFO to CEO
Myricom Inc., an Arcadia developer of hardware used in high-performance computing, has named Nanette Boden as its chief executive and president.
Profit Down at Virco
Virco Manufacturing Corp.'s profit fell in the second quarter, hurt by lower sales of its institutional furniture products.
Thursday, September 9
Saban and Munger Duke It Out Over Propositions
OTHER NEWS
What on earth are two billionaires doing with a couple of convoluted state initiatives that most California voters have never even heard of?
City National Sells Notes
City National Corp. has sold $300 million worth of senior notes in a public offering, and will use proceeds to buy back higher interest securities sold last December.
CoreObjects Acquired
CoreObjects Software, a Los Angeles software development company, has been acquired by an Indian company.
Korn/Ferry’s Quarter Exceeds Expectations
Korn/Ferry International returned to a profit in its fiscal first quarter with revenue from executive recruitment fees rising as client companies worldwide began recovering from the downturn.
AeroVironment Sees Smaller Loss
AeroVironment Inc. narrowed its loss in its fiscal first quarter as sales of its small unmanned aircraft to the military picked up. The loss was better than Wall Street expected.
Wednesday, September 8
Spyglass Reportedly Signs Letter of Intent with MGM
OTHER NEWS
Metro-Goldwyn-Mayer Inc. reportedly has signed a non-binding letter of intent to hand over management of the film studio to Spyglass Entertainment Group’s Gary Barber and Roger Birnbaum.
Kennedy Wilson Creates $278M Partnership
Kennedy-Wilson Holdings Inc. has formed a $278-million real estate investment partnership with Canada’s Fairfax Financial Holdings Ltd.
J2 Global Acquires Florida Competitor
J2 Global Communications Inc. has bought Venali Inc., an Internet fax messaging service provider that had sued it in 2006, for about $17 million.
Local Cuts Could Come from Boeing Restructuring
OTHER NEWS
Boeing plans to restructure its Military Aircraft division as it braces for drastic cuts in defense spending here and abroad through much of the decade.
Asian Trips Aim to Woo Trade to L.A., Lancaster
OTHER NEWS
Gov. Arnold Schwarzenegger and Los Angeles-area officials and business leaders are off to Asia this week on overlapping trade missions, hoping to bring home investment and jobs to a region starved for economic boosts.
Gores Makes Acquisition in Texas
The Gores Group LLC has acquired nearly all assets and assumed certain liabilities of National Envelope Corp., a Texas company considered the world’s largest envelope producer. The company has been going through Chapter 11.
Profit Falls at Cherokee
Cherokee Inc.'s fiscal second quarter earnings fell 14 percent on lower income from its overseas business.
Tuesday, September 7
David Westin Resigns as President of Disney's ABC News
OTHER NEWS
David Westin resigned as president of ABC News after 13 years, saying he will seek opportunities outside of the Walt Disney Co. network.
UCLA Anderson to Become More Self-Sufficient
UCLA’s Anderson School of Management plans to no longer take public funding, as the UC system faces significant cuts due to the state’s $20 billion budget deficit. The proposed shift will bring higher tuition for M.B.A. students.
Semco Instruments Acquired
Semco Instruments, a Valencia manufacturer of aerospace components, has been acquired by a Cleveland company in a deal valued at $74 million.
Lions Gate Signs Jane Fonda Deal
Lions Gate Entertainment Corp. has signed a home entertainment distribution deal with actress and ’80s fitness star Jane Fonda, who is launching a line of videos aimed at aging baby boomers.
Bay Cities Bank Announces Infusion
Bay Cities National Bank has entered into an agreement in which it will get $460 million of new capital from investment banker Stephen Gordon and 25 other investors as part of a change in control at the South Bay bank.
Monday, September 6
Report: American Apparel in Talks with Restructuring Firm
OTHER NEWS
American Apparel Inc. reportedly is in talks to bring in an outside restructuring firm as the manufacturer and retailer struggles to fix its flagging operations.
Labor Tries to Organize Carwashes in Los Angeles
OTHER NEWS
The carwashes of Los Angeles would appear to be an unlikely target for a unionization drive. Nonetheless, labor organizers have set out to unionize this city’s carwash workers, hoping to improve their paltry pay and end widespread abuses.
Weaving Web of Donations
Internet entrepreneur’s venture turns ad fees into philanthropy.
Online search engine GoodSearch helps users get a line on philanthropy by donating ad fees to charities.
CALENDAR & EVENTS
Calendar of Events
Newsmakers & Kudos
Newsmakers
Overhauling Auto Industry Drives Biofuels Chief Technology Officer
FEATURED NEWSMAKER
Brian Goodall grew up far from Los Angeles, in a British town called Letchworth.
Jet-Setter Flies Away From Airport Gig
PAGE 3
Life is busy, especially for entrepreneur Sam Nazarian.
Intellectual Property Attorney Leads Team Exodus
LAW: Richard de Bodo takes partners from Hogan to Piper.
One of the biggest local names in intellectual property has a new home.
Left at a Loss on Labor Day
COMMENT
Charles Crumpley gets worked up about L.A.’s anemic job scene this Labor Day.
Office Supply Giant Looks to Lock Up Security Firm
Analysts expect 3M to face rival bids for Pasadena’s Cogent
Office supply maker 3M sees its purchase of Pasadena security firm Cogent as a safe bet.
News of the Week
News of the Week
Official Seal Of Approval
Long Beach looks to endorsement deals to generate revenue.
Long Beach officials see endorsement deals with businesses as a way to boost city revenue.
Something’s Always Cooking
Beverlywood eatery puts a new chef on the menu every few days.
Turnover is very high at Beverlywood’s Test Kitchen as the eatery showcases a new chef and menu every few days.
Alec Shankman: The Real Deal
Midwest transplant Alec Shankman launched a casting site for reality TV hopefuls after working as an agent for some of the genre’s stars.
Reality hit home for Alec Shankman while working with some of the TV genre’s eccentric stars.
Setting the Table
West Hollywood’s Urbanspoon pushes local eateries to make the switch to its online reservation service.
Urbanspoon wants restaurants to get over their reservations about switching to its table-booking service.
Grounds for Growth
Vernon’s Gavina & Sons brews up ‘super-premium’ lines to target consumers who drink at home.
Vernon coffee roaster F. Gavina & Sons hopes a home-brewed product line heats up sales.
Downtown L.A. Developer Goes on Offensive
REAL ESTATE: Sonny Astani launches ad campaign ripping holder of Concerto project loan.
Sonny Astani, the real estate developer trying to keep his Concerto condo project in downtown Los Angeles out of the hands of investment firm Starwood Capital Group, is airing his grievances though a media campaign.
County Leaders Fret Northrop’s Flight
Officials hope to tie down work after HQ relocates.
County leaders are scrambling to maintain Northrop Grumman’s large footprint locally after the company’s headquarters moves to Virginia.
Still No Room For Fast Food
South L.A. likely to keep new-eatery ban.
South Los Angeles looks likely to serve up permanent limits on building stand-alone fast-food eateries.
Port Drivers Will Keep On Truckin’
Independents look to maintain L.A. access.
Independent truckers foresee a long road of appeals ahead as they battle to retain access to the L.A. port.
Sticker Shock?
Electric car maker’s jobs to cost L.A. millions
Is the city of Los Angeles facing a shocking bill in its drive to land a Chinese electric car maker?
Downtown L.A. Festival In Ring With Big Sponsors
SPORTS BUSINESS: Event links with Mexican Independence Day to lure Latino audience.
Oscar de la Hoya’s Golden Boy Promotions has some punch with corporate marketers seeking to reach the Latino market.
Malibu Company Makes No Secret of Spy Line
RETAIL & APPAREL: Jakks plans to have new products under wraps for holiday season.
Jakks Pacific Inc. is letting kids play at being the next secret agent.
Cargo Spike Buoys Port Hiring in L.A., Long Beach
TRADE & TRANSPORT: Eleven of 13 terminals will add off-peak late-night, weekend shifts.
Recent surges in cargo volumes have prompted the majority of marine terminals in Southern California’s two major ports to reinstate late-night and weekend operating hours this week.
New Exec to Tune Up Radio to Work With Print, TV
Steve Carver the latest tapped by CBS to oversee L.A. stations.
CBS Radio has dialed up a new chief for the L.A. market to oversee collaboration with newspapers and TV.
LAX Concession Process Hits Some Turbulence
OP-ED
Madelyn Alfano rips what she believes is LAX’s half-baked process for awarding eatery concessions.
Buttoning Up Surcharges
OP-ED: New state bill would prevent retailers from adding a use fee to debit cards and jacking up prices on goods.
State Sen. Jenny Oropeza defends her measure banning merchants from applying debit card surcharges.
Friday, September 3
Paramount Chief Sells L.A. Home for $21.5M
OTHER NEWS
Paramount Chief Executive Brad Grey has sold his Pacific Palisades home for $21.5 million.
The Week’s Big Movers
The Business Journal’s index of the largest local public companies closed up for the week as markets rallied on an improved jobs report.
SouthWest Water Deal Gets Final Approval
The California Public Utilities Commission has approved SouthWest Water Co.'s acquisition by an institutional investor partnership that will take the company private.
Vicente Capital Makes Investment
Vicente Capital Partners has taken a minority stake in an Emmy Award-winning TV graphics technology company in North Carolina that needs money to expand.
Thursday, September 2
Disney, Time Warner Cable Reach ABC, ESPN Deal
OTHER NEWS
Walt Disney Co. reached a long-term agreement with Time Warner Cable Inc. that keeps ESPN’s football games and ABC’s comedy “Modern Family” on the air for the cable operator’s almost 13 million video customers.
Filmyard Says No Problem with Miramax Sale
The investment group headed by Ronald Tutor and Tom Barrack, said that it had sufficient money to complete its $660 million purchase of Miramax Films, despite reports that some investors had dropped out.
Mattel Sues MGA Over Assets
Mattel Inc. has filed suit against longtime rival MGA Entertainment Inc. to preserve its right to the Bratz doll assets if it wins an upcoming retrial over the doll line.
UTi’s Quarter Better Than Expected
Shares of UTi Worldwide Inc. rose Thursday after the logistics company said higher freight volumes enabled it to report a better-than-expected second quarter.
Berkshire Won't Budge on Wesco Bid
OTHER NEWS
Warren Buffett's Berkshire Hathaway Inc. said the price it is offering to pay for the shares it doesn't own in its subsidiary Wesco Financial Corp. is "fair" and it doesn't intend to pay more to boost its ownership in Wesco to 100 percent.
Wednesday, September 1
SEC Ends KB Home Investigation
KB Home said that the Securities and Exchange Commission had completed its investigation into potential accounting and disclosure violations by the homebuilder and would not recommend any enforcement action.
AT&T U-verse Drops Hallmark Channels
AT&T Inc. has dropped Crown Media Holdings’ two Hallmark channels from its U-verse cable TV lineup after the companies failed to reach a new contract.
Irani Expected to Retire
Occidental Petroleum Corp. Chief Executive Ray Irani is expected to soon set a date to step down as investor anger over his high pay mounts, according to a report in the Wall Street Journal.
HCP Settles with Management Company
HCP Inc. said it reached a $50 million deal to improve the contract terms on 27 of its senior housing communities managed by Sunrise Senior Living Inc., ending a protracted dispute between the two companies.
Del Amo Fashion Center Announces $200 Million Upgrade
OTHER NEWS
The owners of Torrance's Del Amo Fashion Center, prodded by city officials who have seen sales tax revenues slide in recent years, said they will spend $200 million to upgrade the dowdy mall.