DODGER BLUES: Dodgers owner Frank McCourt and his wife, Jamie, the team's chief executive officer, have separated, raising questions about potential ramifications for the ownership of the team. The McCourts, who bought the team in 2004, confirmed their separation in a statement released by the team. No mention was made of a possible divorce. A dispute between San Diego Padres owner John Moores and his estranged wife, Becky, resulted in the sale of the team, and that possibility was immediately evoked in Los Angeles. Falling short of that, however, statements from both sides indicated that the McCourts might be preparing for a battle over ownership of the team as the Dodgers were continuing postseason play.
SEC PROBE: KB Home disclosed in a regulatory filing that the company was under investigation by the Securities and Exchange Commission for possible accounting and disclosure violations. KB Home said the regulator notified it that a formal order of investigation had been launched regarding "possible accounting and disclosure issues." KB Home said no further details were available and it is cooperating with the investigation. The company said it did not believe liabilities or costs from the probe would have a material effect on its financial position or operations.
IPO ROLLOUT: Dole Food Co. is launching an initial public offering of more than 35.7 million shares of common stock, expected to price between $13 and $15 per share. That should raise at least $500 million, net proceeds of which will be used to pay down debt. The Westlake Village fresh foods supplier controlled by billionaire David Murdock has nearly $2 billion in debt.
BANANA PEEL: Dole Food Co. said it is dropping a defamation lawsuit against Swedish filmmaker Fredrik Gertten over his controversial documentary "Bananas!" The film follows an attorney in his quest to sue the company over workers allegedly harmed by pesticides at its Central American plantations, but a judge found that many of the claims were bogus. Dole dropped the suit after the defendant's claim that the company's suit was an infringement on free speech. Dole contended the film is a biased and inaccurate portrayal of operations at its Nicaraguan banana plantations.
STOCK OFFERING: Cathay General Bancorp priced a secondary public offering of 7.6 million shares of common stock at $9.25 per share, for expected gross proceeds of about $70 million. The offering price was a 3 percent discount from the stock's closing price before the offering launched, but shares still rose the next trading day. The Los Angeles parent of Cathay Bank expects to use the proceeds for general corporate purposes and acquisitions.
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