On Thursday, coastal-access advocates set foot on the sand at David Geffen's sprawling beachfront estate, some for the first time, celebrating the opening of a 9-foot-wide public pathway to the ocean in Malibu. Creation of the walkway came after Geffen reluctantly made good on a 22-year-old legal promise to let the public onto part of Carbon Beach, east of the Malibu Pier. The public will have access to the path as well as most of the beach in front of the Geffen estate. Geffen installed video security cameras that scanned the paved path off Pacific Coast Highway and beachfront in front of his house, watching for "trespassers" stepping onto his private sand, the Los Angeles Times said.
DreamWorks Hopes 'Madagascar' Helps Tame Wall Street Complaints
Just seven months after the company went public, DreamWorks Animation SKG has been chastened by the pummeling it took this month from investors, who hammered the company's stock when earnings fell well short of expectations. Investors and analysts criticized the company and Chief Executive Jeffrey Katzenberg for failing to cushion the blow by preparing investors for the earnings shortfall as a more seasoned public company might have done. Now, DreamWorks hopes to make amends and reignite investor interest with "Madagascar." Regaining Wall Street's trust is especially important because DreamWorks is weighing a secondary stock offering to allow some of its key shareholders to divest a portion of their holdings. When that offering happens hinges on how "Madagascar" performs, the Los Angeles Times reported.
Non-profit Might Gain Windfall After Failure of Project
A nonprofit corporation headed by Harbor Commissioner James Acevedo stands to make a handsome windfall on land it bought in Winnetka for low-income rental housing that was never built, the Daily News of Los Angeles reported. The parcel was bought nearly four years ago with a $485,000 loan from the state, but soaring costs in construction materials and other problems led to delays. Now, the city's Community Redevelopment Agency plans to pay as much as $1.9 million for the property, reflecting the rise in property values, and use it for a scaled-back home-ownership project for families whose incomes are not as low. The CRA offer came after the state demanded that the property be turned over because the borrower failed to move ahead on the planned project.
L.A. City Council to Decide Fate of China Shipping Deal
A $22.2 million agreement to settle a claim made by China Shipping for delays in opening the company's terminal will go before the Los Angeles City Council for final approval now that the harbor commission signed off on the pact this week, the Daily Breeze reported. The Shanghai-based China Shipping Holding Co. asked the port for $42 million in March 2004 to cover the cost of the delays and other expenses resulting from a legal settlement on the project, although port officials this week said the company's initial demand was $72.7 million. A long period of negotiations followed, culminating in the agreement for the lesser amount approved Wednesday by commissioners.
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