Apathy Wins as 72 Percent Fail to Vote
Nearly three-fourths of L.A.s’ 1.47 million registered voters sat out Tuesday’s mayoral election, allowing Antonio Villaraigosa to make the runoff with the backing of 8 percent of those eligible to vote and James Hahn with just 6 percent, the Daily News of Los Angeles reported. The dismal turnout 100,000 fewer voters than in 2001 allowed Hahn to come in second with less than 90,000 votes. Voters were largely uninspired to go to the polls despite a smorgasbord of five legitimate candidates who spent months and millions of dollars sparring over civic issues.
House Panel OKs Pair of Industry Bills
A pair of bills, one long sought by Hollywood and the other reviled by the industry, could soon be on the way to the president’s desk for his signature as a single measure, The Hollywood Reporter said. Legislation won approval Wednesday by the full House Judiciary Committee that includes language making it a federal crime to “camcord” a movie and making it easier to prosecute pirates. At the same time, the Family Movie Act, which would indemnify from lawsuits companies that make video players that edit purportedly offensive content, won approval as well.
Federal Transit Bill Contains Millions for South Bay Projects
The South Bay and Harbor Area would get a $50 million infusion for road and transit projects under a massive transportation bill the House is expected to approve today, the Daily Breeze reported. The projects part of a six-year, $284 billion plan include road improvements to relieve congestion, money for remote passenger terminals for Los Angeles International Airport and $32,000 to upgrade equipment for emergency first responders in Culver City. Projects designated for California in the bill total more than $2.1 billion, more than any other state.
Investors No Longer Wince at Tech Shares Just Yawn
Five years to the day that the Nasdaq Stock Market peaked, technology-sector loathing is no longer in fashion on Wall Street. It has been replaced by what some tech mutual fund managers say is even unkinder treatment: simple disregard by many investors, the Los Angeles Times reported. While technology holds little cachet in a stock market where oil, real estate, copper and other hard assets have become the new darlings, investors who can look out one to two years will find no shortage of companies in computer networking, electronic gaming and Internet commerce, industry fans say.
Amgen Says CEO’s Pay Rose 36 Percent
Thousand Oaks-based Amgen Inc. disclosed Wednesday that its chief executive received a 36 percent increase in salary and bonus in 2004, although the company’s shares climbed just 2.8 percent, the Los Angeles Times reported. Kevin W. Sharer received $1.3 million in salary, a bonus of $3.6 million and $617,000 in other compensation, which includes his personal use of company aircraft, according to a filing with the Securities and Exchange Commission. Sharer exercised stock options worth $140,757 during 2004. And he received options that could be worth $5.4 million to $12.7 million one day.
Burnett, Firm File Dueling Lawsuits
A pair of lawsuits involving the indisputable king of reality TV has pulled back the curtain to reveal how the high-stakes reality business really works, the Los Angeles Times reported. Late week, Mark Burnett, the creator of the hit shows “Survivor” and “The Apprentice,” sued Madison Road Entertainment, a Los Angeles production firm, accusing it of fraudulently misrepresenting its relationship with him. Burnett alleges that the firm, which helped lure companies to place their products in episodes of “The Apprentice” during the show’s second and third seasons, overcharged advertisers, demanded “exorbitant” fees and pocketed money that should have gone to him. On Wednesday, Madison Road countersued, accusing Burnett of defamation and libel.
French Raised Concern, Witness Says
A top executive of a French company targeted by California’s lawsuit over the collapse of Executive Life Insurance Co. testified Wednesday that she was aware that a French bank was concerned about “American regulations” prohibiting foreign ownership of insurers. Patricia Barbizet, managing director of French holding company Artemis, appeared in federal court in Los Angeles on Wednesday to deny allegations that Artemis was created as part of a scheme to hide the role of French banking giant Credit Lyonnais in acquiring the assets of failed California insurer Executive Life in 1991. The case being pursued by Commissioner John Garamendi, the Los Angeles Times reported.
Man Is Convicted in Actors Guild Scam
An L.A. man accused by authorities of scamming actors by offering them phony work vouchers from the Screen Actors Guild has been convicted by a jury of two counts of petty theft, eight counts of false advertising and one count of lacking a business tax certificate, the Los Angeles Times reported. Thyvronn Verlin Hill had been accused of soliciting nonunion actors to serve as TV audience members by offering them the vouchers, three of which are needed to gain entry to the union. Sentencing is scheduled for April 1.
