SPORTS GUY: The Los Angeles Sports Council has named L.A. business leader Alan Rothenberg interim chairman to replace former KPMG partner Scott London. London resigned as Sports Council chairman after acknowledging his role in an insider trading case at KPMG. Rothenberg is founder and chairman of 1st Century Bank and chairman of Premier Partnerships, a Santa Monica sports and entertainment consulting company. He served as the Sports Council’s chairman between 2003 and 2011. London was fired from accounting giant KMPG earlier this month and faces criminal and civil federal charges.
MPG SALE: New York’s Brookfield Office Properties Inc. has announced that its newly formed DTLA Holdings will acquire downtown L.A.’s troubled MPG Office Trust Inc. Brookfield will offer holders of MPG’s common stock $3.15 a share in cash and begin a tender offer for preferred stock at $25 a share. Total value of the deal is $180 million.
BATTERY PROBLEM: California regulators have ordered the shutdown of a battery recycling plant in Vernon for failure to control pollution at the facility. The plant has been operated under an interim permit for more than 30 years by Milton, Ga., battery maker Exide Technologies. It recycles about 22 million lead-acid automotive batteries annually.
THEATER CLOSING: The Gibson Amphitheatre will go silent this fall as part of a massive $1.6 billion expansion of the Universal Studios Hollywood theme park. The theater site will be converted to part of the Wizarding World of Harry Potter attraction. The Gibson was the site of thousands of rock concerts for more than a generation.
DODGER MONEY: Jamie McCourt’s attorney has urged a judge to accept his client’s assertion that she was not fully informed by Frank McCourt about the potential value of the Los Angeles Dodgers when she agreed to a $131 million divorce settlement. Frank McCourt last year sold the team for $2.15 billion six months after the couple announced their settlement.
BOND ISSUE: PennyMac Mortgage Investment Trust plans to issue its first residential mortgage bonds, starting in the third quarter. The Moorpark real estate investment firm joins other companies issuing bonds to finance residential housing without a government guarantee. Since its founding in 2009 by former executives of Countrywide Financial, PennyMac has mainly focused on distressed investments and government-backed home programs.
EARNINGS: OSI Systems Inc. reported third quarter net income of $13.5 million, a 7 percent increase from the same period a year earlier. Revenue fell 5 percent to $198 million. … Amgen Inc. reported first quarter net income of $1.43 billion, 21 percent higher than in the same period a year earlier. Revenue rose 5 percent to $4.24 billion.
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