NEW DEAL: Grupo Televisa, Mexico’s largest broadcaster, will take a stake of up to 35 percent in Univision Communications Inc., ending its differences with the Spanish-language broadcaster owned by an investor group led by L.A. billionaire Haim Saban. Televisa has provided popular programming to Univision for many years, but has had a contentious relationship with its American partner. The new agreement raises royalty rates and increases the amount of Televisa content that Univision can run on its TV, online and interactive platforms.
NO RELIEF: A federal court has shut down American Tax Relief, a Beverly Hills company claiming to offer tax relief services. The Federal Trade Commission alleges that the company bilked 20,000 consumers out of $100 million by falsely claiming it could settle delinquent federal and state tax cases for far less than clients owed. A federal district court judge in Chicago froze American Tax Relief’s assets and prohibited the company and its owners — spouses Alexander Seung Hahn and Joo Hyun Park — from making further deceptive claims.
ACQUISITION: Aspiriant, which has more than $7 billion of assets under management and advisement , has acquired Deloitte Investment Advisors, a registered investment advisory group that was owned by Deloitte Tax LLP. Aspiriant is based in Los Angeles and San Francisco, and the purchase will give it operations in New York, Boston, Cincinnati, Minneapolis, Milwaukee and Detroit. Financial terms were not disclosed.
IN COURT: Bankrupt real estate investor Ezri Namvar pleaded not guilty to five courts of wire fraud in connection with federal charges that he stole $23 million from five clients. Namvar is accused of stealing investment money held in his now-bankrupt Namco Financial Exchange Corp. in order to pay back investors of his main company, Namco Capital Group Inc., which also is bankrupt. Bankruptcy creditors in a civil case claim they are owed at least $866 million. Namvar is free on $300,000 bond.
CREDIT ASSIST: Struggling L.A. apparel manufacturer and retailer American Apparel Inc. has been able to amend a credit agreement with its key lender to avoid a default. The amended agreement with Lion Capital eliminates a requirement that American Apparel meet minimum operating income this year as measured by consolidated earnings before interest, taxes, depreciation and amortization. Lion also will work with American Apparel Chief Executive Dov Charney to hire several senior executives to help manage the trendy clothing company, which has struggled through sales slumps and an immigration raid that forced the company to lay off many of its production workers.
CHINA PROBLEMS: Commercial property broker CB Richard Ellis Group Inc. fired six employees in China after discovering improper payments to local governmental officials. The payments, which included nonbusiness entertainment and gift expenses, are “minor” in amount, the L.A. company said. The finding was made during an internal investigation that the company launched in the first quarter.
MERGER: First General Bank and American Premier Bank have signed a definitive merger agreement. First General, based in Rowland Heights with branches in Arcadia and San Gabriel, will retain its name. American Premier is based in Arcadia. The banks did not provide a value for the stock deal.
TOY STORY: MGA Entertainment Inc. is being sued by a rival toymaker, this time over MGA’s Legend of Nara Battling Bugs robotic toy line. Innovation First, based in Greenville, Texas, contends that Legend of Nara infringes on its copyrights for the Hexbug Nano, a toy carried by major retailers that moves with insectlike motion and rights itself if flipped on its back. Van Nuys-based MGA called the lawsuit “specious” and “a marketing ploy.”
ACQUIRED: Stonefield Josephson Inc., a 35-year-old accounting firm headquartered in Century City, said it has agreed to merge with a large New York firm. Marcum LLP, the nation’s 15th largest accounting firm, will integrate all of Stonefield’s 150 employees into its expanding national operations and rename the outfit MarcumStonefield. Terms of the deal were not announced. The merger gives Marcum a presence in Southern California.
EXPANDING: Aecom Technology Corp. is completing a $324 million acquisition of project management firm Davis Langdon. Davis Langdon, which is based in London and has operations in Australia, New Zealand, Europe, the Middle East and the United States, has 2,800 employees that serve government and private sector clients. The acquisition of Davis Langdon’s South Africa operations is expected to be completed by the end of October. Aecom, an L.A. consulting company, said the acquisition is expected to add approximately $1.7 billion in annual gross revenue.
PAYOFF: International Lease Finance Corp. has repaid a $2 billion bank loan. The Century City aircraft leasing company, a subsidiary of American International Group Inc., said the loan was issued as a 2005 revolving line of credit that became fully drawn in September 2008, when the company and its parent were hurt by the economic downturn. ILFC in recent months has been able to increase its liquidity by more than $12.5 billion through debt, extensions of debt and sales of aircraft.
NEW OWNERS: Geolo Capital, the private equity arm of San Francisco billionaire John A. Pritzker, has acquired the 250-room Custom Hotel near Los Angeles International Airport from New York hedge fund Marathon Asset Management LLC. The 12-story boutique hotel underwent a $20 million-plus renovation in 2007 by Avi Brosch’s Palisades Development Group, which lost the property to foreclosure during the credit crunch. Geolo has turned over management of the hotel to one of its San Francisco portfolio companies, Joie de Vivre Hospitality. Financial terms of the deal were not disclosed.
CORRECTION: An article in the Oct. 4 edition headlined “In the News” incorrectly stated there was a gag order that prevented Full Disclosure Network from interviewing Richard Fine in jail. The refusal was by the Los Angeles Sheriff’s Department, not by a judge.
