OC Business News http://ocbiz.freedomblogging.com All the latest news that matters to Orange County investors, consumers and businesses. Sat, 21 Nov 2009 00:00:09 +0000 http://wordpress.org/?v=2.7 en-us hourly 1 St. Regis ends rough year with awards - and perhaps a new owner http://ocbiz.freedomblogging.com/2009/11/20/st-regis-monarch-beach-adds-stars-to-diamonds/15909/ http://ocbiz.freedomblogging.com/2009/11/20/st-regis-monarch-beach-adds-stars-to-diamonds/15909/#comments Fri, 20 Nov 2009 18:47:59 +0000 Gary Warner http://ocbiz.freedomblogging.com/?p=15909
The St. Regis Monarch Beach earned top scores in recent hotel ratings

The St. Regis Monarch Beach earned top scores in recent ratings

The St. Regis Monarch Beach ended a rough year with diamonds and stars amid reports that is is about to be sold.
The St. Regis was among five hotels in Orange County to recently receive a five diamond rating from AAA. Recently, the 2010 issue of the Forbes Travel Guide (formerly sponsored by Mobil) gave the St. Regis the only top rating in the county.
The awards came just before news earlier this week that the hotel is close to being sold by Citigroup to an unidentified group of investors. The bank had taken control of the resort in June when the previous owners defaulted on loan payments. The resort gained notoriety during last year’s financial meltdown as the site of a controversial party for affiliates of AIG, the insurance giant bailed out by federal taxpayers.
The St. Regis was among a small group of California hotels to receive the Forbes five-star rating. The others:

The Beverly Hills Hotel
Montage Beverly Hills
The Penninsula Beverly Hills
Raffles L’Ermitage Beverly Hills
Chateau du Sureau, Oakhurst
Four Seasons San Francisco
The Ritz-Carlton San Franciscco
St. Regis San Francisco

Meanwhile, Orange County held a monopoly on the Forbes list of top spas. The spa at the St. Regis, along with the spas at the Montage in Laguna Beach, and the Ritz-Carlton Laguna Niguel, received five star ratings. No other California spas made the list.

The full Forbes ist can be found here

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Freedom execs defend bankruptcy plan http://ocbiz.freedomblogging.com/2009/11/19/freedom-execs-defend-bankruptcy-plan/15877/ http://ocbiz.freedomblogging.com/2009/11/19/freedom-execs-defend-bankruptcy-plan/15877/#comments Fri, 20 Nov 2009 01:40:30 +0000 Mary Ann Milbourn http://ocbiz.freedomblogging.com/?p=15877 (Update Nov. 20 - The East Valley Tribune in Mesa, Ariz. reports a buyer has emerged for the paper, which Freedom had said it would close by the end of the year.)

Two executives from Irvine-based Freedom Communications Inc. today defended the company’s bankruptcy reorganization plan — which has been criticized by a former chief executive as “wicked and immoral”  — and said they expect to complete the process by June 2010.

freedom-monument-sign-cropped-lrg1“We are making progress with the effort to restructure the company through the Chapter 11 filing,” said Freedom Chief Executive Burl Osborne during a conference call with a group of Freedom reporters.  It was the first time officials at Freedom, parent of the Orange County Register, have discussed the reorganization plan since the company filed for bankruptcy Sept. 1.

Freedom filed voluntary bankruptcy after working out a prepackaged deal with its lenders. Under the plan, the banks would get  a 98 percent stake in the company in return for reducing the company’s debt from $770 million to $325 million.  Existing shareholders — members of the founding Hoiles family and two private equity firms— would get a 2 percent interest in the restructured company and the opportunity to buy 10 percent more.

The unsecured creditors committee, however, called the plan the product of  “an unholy alliance” between the banks and the current board of directors. The creditors claim they are being offered just $5 million of the $300 million they are owed.

Freedom Chief Financial Officer Mark McEachen said the plan is fair because the shareholders will get no stake if the unsecured creditors do not approve the reorganization plan.

“Everyone’s interests are aligned,” he said.

In addition, he said the $300 million figure had been misunderstood.  He said it represented total liabilities but that “less than $25 million” is owed to the unsecured creditors. (That does not include a separate $28.9 million legal settlement with Register newspaper carriers. The company contends the bankruptcy filing voided the settlement.)

“That number, that ratio of $5 million to less than $25 million is a lot better recovery than in usual recoveries,” McEachen said.

Rob Feinstein, attorney for the unsecured creditors committee, said he took the $300 million figure from the company’s bankruptcy filing.

“If the numbers work out better than that, great,” he said.

Feinstein, however, said it was unfair to give the unsecured creditors less then they are owed and then make any payment contingent on the existing shareholders retaining a stake in the company.

“Creditors are impaired all the time, but you don’t impair the creditors and give more to the shareholders,” he said.

Among the unsecured creditors are about 100 highly-compensated current and former executives and their survivors who are owed about $17 million in pension money. The company cut off those pension payments as part of the bankruptcy.

Osborne said he was sympathetic to those who lost their pensions but that such plans often are voided in bankruptcy proceedings.

“It’s not that someone at Freedom did not like this program and wanted to get rid of it,” Osborne said.

Former Chief Executive Alan Bell, who is leading an effort to recover the pension money, accused the company of needless cruelty. He said these people worked hard, believing that they would be paid pensions.

McEachen said Freedom is not currently shopping the company and has declined several offers by what he called “bottom feeders.”

The Freedom-owned East Valley Tribune in Mesa, Ariz. reported Friday that an unnamed buyer had emerged for the newspaper.  Freedom had announced the paper would be closed by Dec. 31.  Osborne and McEachen said the buyer came in with a last-minute offer that would save a “large number” of the jobs at the Mesa paper.  They said Freedom will ask the bankruptcy court to approve the sale.

The unsecured creditors committee has asked the bankruptcy court in Delaware for permission to seek buyers or to offer alternative proposals for the company.

Earlier stories on the Register and Freedom Communications ..

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Silverado Canyon resident to lead burger chain http://ocbiz.freedomblogging.com/2009/11/19/silverado-canyon-resident-to-lead-burger-chain/15857/ http://ocbiz.freedomblogging.com/2009/11/19/silverado-canyon-resident-to-lead-burger-chain/15857/#comments Thu, 19 Nov 2009 18:03:02 +0000 Nancy Luna, Staff Writer http://ocbiz.freedomblogging.com/?p=15857 michael-smithIslands Restaurants recently named Orange County resident Michael Smith as the chain’s new president.

Smith, formerly vice president of operations, has worked for Islands for 22 years.  He grew up on Catalina Island, and now lives in Silverado Canyon.

“Michael has been an integral part of our culture and growth for over two decades,” said Islands founder and CEO Tony DeGrazier. “We know Michael is a strong leader with a good vision and are very excited to have him step-up and play an even more significant role in the next chapter of Islands .”

As president of Islands, Smith will oversee all business aspects for the Carlsbad based company.

For more restaurant news:

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Daily Digest: Cobra, Christmas & Crashes http://ocbiz.freedomblogging.com/2009/11/18/daily-digest-cobra-christmas-crashes/15853/ http://ocbiz.freedomblogging.com/2009/11/18/daily-digest-cobra-christmas-crashes/15853/#comments Wed, 18 Nov 2009 23:31:53 +0000 Jon Lansner http://ocbiz.freedomblogging.com/?p=15853 We know information flies fast these days! As a service for the many of you who simply can’t keep up, here’s snippet summaries of business blog posts created by Orange County Register reporters and editors on Nov. 18

OC Deals

Marla Jo Fisher, Staff Writer: My Thanksgiving turkey last year After a careful and highly scientific analysis of today’s weekly shopping specials, here are my favorites among the many grocery deals floating out there in space. If you don’t trust my judgment (I admit i … (3:06 pm) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: Hello! It’s Wednesday, and you know what that means:  Grocery stores start their weekly specials. Now that most stores offer them online, it’s easier than ever to compare the offerings,  just with a little click of your pinkie. This is … (2:04 pm) MORE »

Fast Food Maven

Nancy Luna, Staff Writer: Here’s a few food headlines and Fast Food Maven Tweets to chew on: After my co-worker Lou Ponsi reported the freebie event at the soon-to-open T.G.I. Friday’s in Brea, the restaurant’s phone lines were jammed.  As of this afternoo … (2:04 pm) MORE »

Lansner on Real Estate

Jon Lansner: The “LA Land” real estate blog from our pals at the Los Angeles Times is no more. It’s a victim,so to speak, of a consolidation strategy where most business content will appear in one giant financial blog. LA Land’s last post … (1:50 pm) MORE »

South Coast Homes

KELLI HART, THE ORANGE COUNTY REGISTER: Two homes in Laguna Beach’s prestigious Emerald Bay community just saw price reductions in the past few days. The first is a home neighboring Warren Buffett’s former house - it’s located at 33 Emerald Bay (Buffett’s is 35 Emer … (1:00 pm) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: TowelBathrobe.com is offering a one-day Black Friday special, one day only, Friday, Nov. 27. ONE DAY ONLY: Use Coupon “blackfriday” for an additonal 15% OFF on the company’s high-quality Turkish cotton bathrobes and towels that are … (12:53 pm) MORE »

OC Deals

Brittany Levine, The Orange County Register: Work off those holiday meals or get ready to actually stick to that New Year’s resolution to shed pounds this time around with a free outdoor fitness class from Outdoor Fitness Adventure Club in San Clemente. The catch: you have to be a San Cle … (12:32 pm) MORE »

Irvine and Tustin Homes

Erika Chavez, Staff Writer: That’s right, readers… after two years of renting a townhome in Irvine and scouring dozens of open houses from Woodbridge to West Irvine, we finally purchased a home– in Orange. So for the curious, I’ll attempt to answer some … (12:29 pm) MORE »

The Gadgetress

Tamara Chuang, a.k.a. The Gadgetress: The California Energy Commission today unanimously voted to force TV manufacturers to build more energy-efficient big TVs by 2011, reports the Associated Press. The move affects new TVs up to 58 inches. The change would reduce TV energy consumption … (12:13 pm) MORE »

Jan Norman on Small Business

Jan Norman, small-business columnist: Steve Jobs is the  entrepreneur that teenagers admire most, according to a survey by Junior Achievement, the world’s largest economic education program for junior high and high schools. Here are the most admired entrepreneurs in the survey of … (12:00 pm) MORE »

Huntington Homes

Marilyn Kalfus, real estate reporter: A mission-style house in the Lake Park area of Huntington Beach dating back to 1924 that retained many of its vintage touches sold last week for $1,165,000. It was going for $1,497,00 last Spring. “They just wanted something really special … (12:00 pm) MORE »

Lansner on Real Estate

Jeff Collins: Nationwide survey found 12% of people responding plan to buy a home as an investment, twice the share (5.6%) expressing such interest in March. The survey by the online property listing service Move.com said the lure of lower prices and foreclosure b … (12:00 pm) MORE »

Auto Motion

Matt Degen: A new batch of cars have earned the designation “Top Safety Pick” by the Insurance Institute for Highway Safety for 2010. This year, the parameters to make the cut were tougher than ever because vehicles had to show good roof strength to … (11:09 am) MORE »

Handling Hard Times

Mary Ann Milbourn: Two bills have been introduced in Congress that would extend the COBRA insurance subsidy that is due to expire Dec. 31. The economic stimulus package approved in February provides a 65% subsidy on COBRA premiums for nine months for those unemployed b … (11:00 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: I am going to be the Orange County Register’s Black Friday blogger this year, getting up before dawn the day after Thankgiving to cover what’s going on in Orange County. Since this is the first year I’ve done this, I could use some … (10:16 am) MORE »

Lansner on Real Estate

Jon Lansner: John Karevoll of DataQuick has followed the local real estate market for the past two decades. As Orange County housing hits its fourth-year anniversary of its collapse, we figured we’d check in with him again to see what he’s thinking. ( … (9:40 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: If you’re interested in heading to the landmark Pantages Theater this holiday season to see the Broadway touring company of “How the Grinch Stole Christmas,” you might like to know you can see the show in orchestra seats for as lit … (9:10 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: Do you like to bowl? Then you might just love this deal. If you bowl two games at Fountain Bowl in Fountain Valley and get a frequent-bowler card, bring that card to Huntington Beach Mazda to be entered in a drawing to win a 2010 Mazda 3. The car wil … (9:06 am) MORE »

The Gadgetress

Tamara Chuang, a.k.a. The Gadgetress: Vizio and Samsung continue to compete neck and neck in vying for consumer love when it comes to LCD TVs. This quarter, Samsung sold more TVs in the U.S. than the Irvine HDTV firm. According to market research firm iSuppli Corp, the battle for first … (9:04 am) MORE »

Handling Hard Times

Mary Ann Milbourn: Southern California consumers continued to benefit in October from the drop in gasoline prices which helped push inflation down 0.4% over the last year, reports the U.S. Bureau of Labor Statistics. Consumer prices in the Orange County-Los Angeles-Riv … (6:57 am) MORE »

Fast Food Maven

Nancy Luna, Staff Writer: I hope the wines are better than Trader Joe’s famous Two Buck chuck. If I only lived in Costa Mesa. The Trader Joe’s on West 17th Street has launched a free wine tasting program. The Costa Mesa store is the only one in Orange County to offe … (6:45 am) MORE »

Jan Norman on Small Business

Jan Norman, small-business columnist: The State Compensation Insurance Fund will increase its workers compensation insurance premiums for California businesses an average 5% effective on or after Jan. 1, 2010. The State Fund is the largest workers compensation insurer in California with … (6:00 am) MORE »

Irvine and Tustin Homes

Erika Chavez, Staff Writer: For the calendar month of October – DataQuick’s freshest homebuying stats — these sales trends appear in Irvine ZIPs … • Citywide sales totaled 255 – that’s +38% vs. a year ago. Countywide, sales were -1% vs. a … (5:00 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: Our mascot, Wednesday Addams Good morning, it’s wonderful Wednesday. In the Bible, Wednesday was the day the sun and moon were created. I’m not sure if we’ll see either one today as there’s a chance of rain. In the interest of … (4:14 am) MORE »

South Coast Homes

KELLI HART, THE ORANGE COUNTY REGISTER: Here are the sales trends that appear from DataQuick’s freshest homebuying stats for the calendar month October in our South Coast beach cities … • 3-city sales totaled 156 – that’s +20% vs. a year ago. Countywide, sales w … (4:00 am) MORE »

Huntington Homes

Marilyn Kalfus, real estate reporter: For calendar month October, DataQuick’s freshest homebuying stats show these trends in Surf City: • City sales totaled 175 — that’s +17% vs. a year ago. Countywide, sales were -1% vs. a year ago in same period. • Of the cityR … (3:00 am) MORE »

Mortgage Insider

Mathew Padilla: A mixed forecast courtesy of National Mortgage News: Residential originations will decline by almost 30% next year to $1.38 trillion as rising interest rates put a crimp on new originations, according to a new forecast from Fannie Mae. The GSE believ … (1:00 am) MORE »

Fast Food Maven

Nancy Luna, Staff Writer: Six Dollar Cheeseburger cost $2.79. In another smack aimed at McDonald’s, Carl’s Jr. will debut today a discounted Six Dollar burger that claims to be nearly twice as big as a Quarter Pounder. Carl’s Jr.’s Angus burgers normal … (12:01 am) MORE »

Lansner on Real Estate

Marilyn Kalfus, real estate reporter: How to sell the $9.5 million — oops, now $6.7  million — waterfront Corona del Mar house seen Monday night on Bravo TV’s “Million Dollar Listing”? Those of us who watched the show observed some remode … (12:01 am) MORE »

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Wells Fargo to return investors’ money in securities flap http://ocbiz.freedomblogging.com/2009/11/18/wells-fargo-to-return-investors-money-in-securities-flap/15803/ http://ocbiz.freedomblogging.com/2009/11/18/wells-fargo-to-return-investors-money-in-securities-flap/15803/#comments Wed, 18 Nov 2009 21:04:29 +0000 Mathew Padilla http://ocbiz.freedomblogging.com/?p=15803
Brown

Brown

(Update: Response from Wells Fargo.)

Wells Fargo will buy back $1.4 billion in securities from investors to settle a long running dispute, said California Attorney General Jerry Brown, who previously sued  affiliates of Wells Fargo.

The return of investors’ money follows the collapse of the market for auction-rate securities, an investment that became hard to sell after credit markets collapsed in 2007 and early 2008. Dow Jones reports that including settlements by other companies, firms have agreed to repurchase more than $61 billion in auction rate securities from investors.

“Based on misleading advice, investors bought these risky securities,” Brown said. “Now, retail investors and small businesses are finally getting their money back.”

Wells Fargo issued a statement saying it will buy auction-rate securities issued before February 13, 2008. It added eligible investors, including retail clients, investors and charitable organizations will receive additional information about the buyback offer by mail within 90 days.

The bank also said it reached separate agreements with Brown and the North American Securities Administrators Association.

Wells said: “The settlement agreements resolve all active regulatory investigations and enforcement actions concerning Wells Fargo’s participation in the ARS market, without Wells Fargo admitting to the allegations in the various investigations and complaints. The company has agreed to pay $1.9 million in fines and expenses.”

According to Brown, Wells Fargo will buy back $1.4 billion including about $700 million held by California investors. Wells Fargo will also pay legal costs and future monitoring expenses of Brown’s office. Here’s more from Brown:

Earlier this year, Brown filed the suit against three Wells Fargo affiliates-Wells Fargo Investments, LLC; Wells Fargo Brokerage Services, LLC; and Wells Fargo Institutional Securities, LLC-for violating California’s Securities Law. Brown’s suit contended that Wells Fargo routinely misrepresented, marketed and sold auction-rate securities as safe, liquid and cash-like investments, omitting material facts. The company was also charged with failing to supervise and train its sales agents and selling unsuitable investments.

The lawsuit contended that Wells Fargo ignored clear industry and internal warnings about risk and previous auction failure. In March 2005, the Securities and Exchange Commission (SEC), the “Big 4″ accounting firms, and the Financial Accounting Standards Board all determined that auction-rate securities should not be considered “cash equivalents.”

Despite these warnings, Wells Fargo continued to aggressively sell and falsely market auction-rate securities as safe, liquid, cash-like investments until the nationwide auction markets froze in early 2008.

In marketing and selling these investments, Wells Fargo failed to inform investors about how auction-rate securities or the auction process worked, as well as the risks and consequences of auction failure.

More business headlines…

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Daily Digest: Airfares, Home sales & Togo’s http://ocbiz.freedomblogging.com/2009/11/17/dailt-digest-airfares-home-sales-togos/15795/ http://ocbiz.freedomblogging.com/2009/11/17/dailt-digest-airfares-home-sales-togos/15795/#comments Wed, 18 Nov 2009 00:30:25 +0000 Jon Lansner http://ocbiz.freedomblogging.com/?p=15795 We know information flies fast these days! As a service for the many of you who simply can’t keep up, here’s snippet summaries of business blog posts created by Orange County Register reporters and editors on Nov. 17

OC Deals

Marla Jo Fisher, Staff Writer: Southwest Airlines announced last-minute travel deals for you turkeys, er, Thanksgiving travellers who haven’t made any plans but still want to go somewhere. Click here to go to the Southwest Airlines Thanksgiving sale Web site Update: Also cli … (3:40 pm) MORE »

Huntington Homes

Marilyn Kalfus, real estate reporter: The inability to sell higher-end homes at the Brightwater development overlooking the Bolsa Chica wetlands has led to 3rd quarter revenues that were $4.3 million lower than in Q3 2008, the builder said in a news release.   Irvine-based Califo … (3:00 pm) MORE »

Auto Motion

Matt Degen: Chrysler is recalling 161,450 Jeep Wrangler vehicles from model year 2007 and 2008 over what can potentially turn into a fire hazard in the engine bay. The Jeeps affected are ones with automatic transmissions that were made between June 2006 and July … (2:52 pm) MORE »

Fast Food Maven

Lou Ponsi, Staff Writer: Before a new T.G.I. Friday’s opens next week at the Brea Marketplace, the restaurant is making a rare gesture to guests:  preview our food for free. The brand new restaurant, which has been under construction for 18 months, is offering free me … (2:42 pm) MORE »

South Coast Homes

KELLI HART, THE ORANGE COUNTY REGISTER: Register reporter Brittany Levine listed the newest foreclosures to hit the market in San Clemente. One of them includes this snazzy Sea Pointe Estates home we wrote about HERE. To read the full story and check out photos of these foreclosur … (2:30 pm) MORE »

Lansner on Real Estate

Jeff Collins: click to enlarge click to enlarge This month marks the fourth year since the discovery of what turned out to be the latest housing slump — the one that triggered the worst recession since the Great Depression. October 2005 was the first … (2:18 pm) MORE »

Irvine and Tustin Homes

Erika Chavez, Staff Writer: There are 479 homes for sale in Irvine, down from 495 available properties two weeks ago, according to a report from Steven Thomas of Altera Real Estate. The city has an expected market time of 2.01 months. That’s a benchmark tracking how many mont … (1:59 pm) MORE »

Mortgage Insider

Mathew Padilla: DataQuick reports lenders filed 2,152 notices of default in Orange County in October, down 3.2 percent from September but up 132.6 percent from a year ago. Default notices fell for the third straight month, which could reflect borrowers getting more … (1:50 pm) MORE »

South Coast Homes

KELLI HART, THE ORANGE COUNTY REGISTER: Laguna Beach has not only trimmed its expected market time since two weeks ago, but the coastal city also dropped from its ranking as the county’s second slowest housing market to the third slowest. Topic DP LB SC Listed 251 339 362 Pend … (1:00 pm) MORE »

Fast Food Maven

PAUL HODGINS, THE ORANGE COUNTY REGISTER: Booze on a Budget by Paul Hodgins I am the definition of the term “Joe Sixpack.” For years, my idea of good beer was the same as my dad’s and father-in-law’s: The cheaper the better. Gradually, my tastes changed with my inco … (1:00 pm) MORE »

The Gadgetress

Tamara Chuang, a.k.a. The Gadgetress: There are three more things AT&T U-verse customers can do on their TV: See who’s calling on the phone, watch four ESPN channels at the same time (for ESPN Full Court customers only) and get instant discounts on movies on demand. None of th … (12:58 pm) MORE »

Irvine Business

Erika Chavez, Staff Writer: I’ve lived in Irvine for more than two years, and I’m still discovering things that surprise and delight me. My latest discovery: there’s an actual Christmas tree farm in Irvine, and you can choose your tree starting this Saturday, … (12:31 pm) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: The Tustin branch of the Orange County Public Library is holding movie matinees every Monday and Wednesday at 11 a.m. Here’s the list of upcoming films that are screening at the Tustin Library. It looks like a good mix of contemporary movies a … (12:23 pm) MORE »

Lansner on Real Estate

Jeff Collins: MDA DataQuick reported today that Southern California home prices continued to increase in October over the month before, rising $5,000 to $280,000. County Median price Vs. 2008 Sales Vs. 2008 Los Angeles $325,000 -8.5% 7,409 8.6% Orange $436, … (12:03 pm) MORE »

Jan Norman on Small Business

Jan Norman, small-business columnist: Cal State Fullerton student Craig Martyn, 24, is a finalist for Global Student Entrepreneur for the second year in a row. Martyn was 15 when he started BLMA Models, a manufacturer of highly accurate locomotive and scenery Craig Martyn, BMLA Models a … (12:00 pm) MORE »

Lansner on Real Estate

Jon Lansner: For October – DataQuick’s freshest stats — Orange County homebuying patterns showed: 40 of O.C.’s 83 ZIP codes had gains in their respective median selling price. Overall, prices were +3.9% vs. a year ago. 5 of 83 O.C. ZIPs … (11:10 am) MORE »

Auto Motion

Matt Degen: Honda’s Dog Friendly Element officially went on sale today, and we’ve already put one through the wringer with the help of my canine companion. The special-edition Element features a built-in crate behind the rear seats and a ramp that ca … (10:27 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: Last updated Tuesday Nov. 17 10 a.m. I’m going to be getting up in the dark on Black Friday, Nov. 27, to head out and blog about the day-after-turkey-deals out there and how people are responding. To prepare myself emotionally for this feat, … (9:59 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: Bargain hunter Janice Davis of Garden Grove alerted us to check out the Viva Bargain Center, next to the Target store at 12220 Harbor Blvd., near Chapman. She says you can buy 12-packs of Propel water there for $1.99 per pack. If you’ve ever ch … (9:58 am) MORE »

Lansner on Real Estate

Jon Lansner: Have local homes prices gotten ahead of Orange County real estate shoppers’ wallets? For October – DataQuick’s latest homebuying report — Orange County saw … _ WHERE DID THEY BUY IN OCTOBER? (Click image for details!) $ … (9:48 am) MORE »

Irvine and Tustin Homes

Erika Chavez, Staff Writer: I’m still in the middle of an unpacking frenzy as we settle into our new home (details to come, I promise!), but here’s a look at Irvine real estate issues in the news and blogosphere… The Irvine City Council approved a scaled-back, … (8:54 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: Our mascot, Tuesday Weld It’s Tuesday and you know I love Tuesdays! Hope you are going to have a good day today. Tuesdays are great days because there are always good bargains on Tuesdays. Keep your eyes open today! Military, veterans get into … (7:06 am) MORE »

Jan Norman on Small Business

Jan Norman, small-business columnist: TTM Technologies Inc., a Santa Ana-based printed circuit board maker, has acquired Meadville Holdings TTM laser cutter Limited of Hong Kong in a cash and stock deal worth approximately $521 million. Accompanying photos are courtesy of TTM Technologie … (6:00 am) MORE »

The Gadgetress

Tamara Chuang, a.k.a. The Gadgetress: The folks at Santa Ana’s sound-technology company SRS Labs have discovered a way to soften loud commercials and plan to offer a device to consumers in upcoming months.  It works — I’ve experienced it at the company’s offices. … (5:26 am) MORE »

Fast Food Maven

Nancy Luna, Staff Writer: 11 a.m. update to correct bun size The mini-foods trend erupted this year with the invasion of petite desserts and slider burgers. Now Togo’s is joining the pint-size trend by debuting a line of six Mini Classic sandwiches.  Starting Wednesda … (5:01 am) MORE »

South Coast Homes

KELLI HART, THE ORANGE COUNTY REGISTER: The folks from Realtor.com pulled together a list of the top 10 most searched homes for sale on their Web site in our south coast cities. These hot homes are tracked within 20% of the median list price for Dana Point, Laguna Beach and San Clemente c … (4:00 am) MORE »

Handling Hard Times

Mary Ann Milbourn: Think no one is hiring these days?  Well Uncle Sam is. Between a wave of Baby Boomer retirements, stimulus spending and expansion into new areas, the federal government may be the biggest employer out there for local jobs. The non-profit Partnership … (3:00 am) MORE »

Huntington Homes

Marilyn Kalfus, real estate reporter: In his blog this week, mortgage broker Dennis C. Smith of Stratis Financial in Huntington Beach looks ahead. He sums up next year this way: “Outlook for 2010? More regulations, more policies, more paperwork and fewer opportunities for borrower … (3:00 am) MORE »

Mortgage Insider

Mathew Padilla: “There was a reasonable doubt on every charge,” said a juror in the case against two former Bear Stearns hedge fund managers. The quote comes from the New York Times. Ralph Cioffi and Matthew Tannin were found not guilty of securities fra … (1:00 am) MORE »

Lansner on Real Estate

Marilyn Kalfus, real estate reporter: The Balboa island and peninsula areas of Newport Beach this month emerge as the Orange County communities with the most home price reductions – each with 41% of the listings there reduced, according to Trulia.com. Another Newport area commu … (12:01 am) MORE »

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Daily Digest: Fed, foreclosures & flatbread freebie http://ocbiz.freedomblogging.com/2009/11/16/daily-digest-fed-foreclosures-flatbread-freebie/15789/ http://ocbiz.freedomblogging.com/2009/11/16/daily-digest-fed-foreclosures-flatbread-freebie/15789/#comments Tue, 17 Nov 2009 01:13:28 +0000 Jon Lansner http://ocbiz.freedomblogging.com/?p=15789 We know information flies fast these days! As a service for the many of you who simply can’t keep up, here’s snippet summaries of business blog posts created by Orange County Register reporters and editors on Nov. 16 …

South Coast Homes

KELLI HART, THE ORANGE COUNTY REGISTER: These south coast homes received price reductions of $100,000 or more in the past seven days. CLICK on address links for photos and additional information. Laguna Beach 114 South La Senda Drive Now: $8,995,000 Was: $9,995,000 2898 Rounsevel Terra … (4:32 pm) MORE »

Auto Motion

Matt Degen: Arizona Senator and 2008 Republican presidential nominee John McCain has some stinging words regarding the fate of Chrysler, which like GM, went into bankruptcy this year and took billions of dollars in tax money for a bailout. According to the Detro … (4:18 pm) MORE »

The Gadgetress

Tamara Chuang, a.k.a. The Gadgetress: New company alert: Startup Simple Mobile in Orange County officially launched its prepaid wireless service today claiming to “revolutionize the unlimited prepaid wireless market.” It comes from Clay Berryhill, a former exec of defunct A … (3:18 pm) MORE »

South Coast Homes

KELLI HART, THE ORANGE COUNTY REGISTER: Reflecting the countywide trend, distressed inventory increased in Orange County’s south coast cities, according to a biweekly report by Steven Thomas of Altera Real Estate. City Listed Distressed % Dana Point 251 57 22.7 Laguna Beach 33 … (1:00 pm) MORE »

Orange County Retail

Lisa Liddane, retail reporter: Bargain. Discount. These are the two key words that are on shoppers’ minds as consumers gear up for the holiday shopping season. Although some shoppers have begun making their holiday purchases before Thanksgiving day, the day after that holiday  … (12:50 pm) MORE »

Huntington Homes

Marilyn Kalfus, real estate reporter: Here’s the closed sale on the downtown Huntington Beach cottage that got nearly 4 dozen offers after the bank, which foreclosed for $531,250, listed it for $376,200. The winning bid was $575,000 with a new loan. But then someone changed the … (12:45 pm) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: This announcement just now from the Facebook page at CSUF Irvine: Wednesday (Nov. 18) on Campus, FREE Harry Potter and the Half-Blood Prince screening at 2 p.m. and 4 p.m. in the Irvine TSU. Be there or the Dark Lord will get you! CSUF Irvine campus … (12:16 pm) MORE »

Irvine and Tustin Homes

Erika Chavez, Staff Writer: Yes, readers, after two years of renting an Irvine town home, this blogger is once again the proud owner of a 30-year mortgage! So let’s have a little fun… What city is our new home in? Irvine … (12:00 pm) MORE »

Mortgage Insider

Mathew Padilla: Ben Bernanke, head of the Federal Reserve, said Monday the central bank will continue to support the mortgage market while bank lending remains constrained, reports National Mortgage News. Here’s more: “We continue to encourage banks to r … (11:50 am) MORE »

Auto Motion

Matt Degen: General Motors today said it lost $1.2 billion from the time it left bankruptcy protection on July 10 through Sept. 30, a loss which is actually better than it has reported in previous quarters. For example, from 2006 until the first quarter of this … (10:47 am) MORE »

Jan Norman on Small Business

Jan Norman, small-business columnist: Pacific Coast National Bank of  San Clemente, which had received $4.1 million in federal TARP bailout funds, was shut down Friday, and Tustin-based Sunwest Bank has acquired it and reopened it today, Nov. 16. Pacific Coast, which had two branches, i … (9:40 am) MORE »

Lansner on Real Estate

Jon Lansner: Look who’s no. 1, so to speak! The latest Orange County home inventory report from Steve Thomas at Altera Real Estate in Aliso Viejo says that as of November 12 the local real estate market saw … Hottest Supply Deals Mon. Yr. ago Pri … (9:01 am) MORE »

Lansner on Real Estate

Jon Lansner: The latest O.C. home inventory report from Steve Thomas at Altera Real Estate in Aliso Viejo shows his “market time” benchmark — tracking how many months it theoretically takes to sell all the inventory in the local MLS for-sale lis … (9:00 am) MORE »

OC Deals

Nancy Luna, Staff Writer: Freebie alert: On Tuesday (11/17), Jamba Juice will give away free sandwiches after 2 p.m. Here’s how it works: The first 150 customers who walk in the store after 2 p.m. will get their choice of four Flatbreads: Tomo ArtichokoTM Flatbread, Smo … (8:23 am) MORE »

The Gadgetress

Tamara Chuang, a.k.a. The Gadgetress: If you hate waiting all day for the cable guy to install service, Time Warner Cable will now let Orange County and Southern California customers tackle the project themselves — and save some money. The cable TV provider is expanding its Easy Co … (8:23 am) MORE »

The Gadgetress

Tamara Chuang, a.k.a. The Gadgetress: Noted: Wall Street Journal wrote about the trend of interactive ads on TV, including one from Burger King, Axe Body Spray and Charmin. All three have TV commercials offering viewers a way to respond immediately and either ask for a coupon, watch rel … (7:59 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: When I was a girl, libraries were never this much fun! The Huntington Beach library was planning to sponsor a “Twilight Pizza Party” Wednesday, but the distributor pulled the rights to show the Twilight movie, so they’re showing  … (7:24 am) MORE »

Fast Food Maven

Nancy Luna, Staff Writer: Freebie alert: On Tuesday (11/17), Jamba Juice will be giving away free sandwiches after 2 p.m. Here’s how it works: The first 150 customers that walk in the store after 2 p.m. will get their choice of four Flatbreads: Tomo ArtichokoTM Flatbrea … (7:19 am) MORE »

Jan Norman on Small Business

Jan Norman, small-business columnist: Garden Grove retailers are being targeted by the state in its search for unpaid sales taxes. Inspectors for the California State Board of Equalization sent letters on Nov. 13 to businesses in Garden Grove’s 92844 and 92845 ZIP codes and 11 othe … (6:00 am) MORE »

Fast Food Maven

Nancy Luna, Staff Writer: Bliss Froyo in Orange is among several froyo shops that have closed in O.C. recently. Orange County’s froyo craze appears to be crashing after nearly two years of steady, out-of-control growth. Several shops have shuttered over the past few mon … (5:47 am) MORE »

OC Deals

Marla Jo Fisher, Staff Writer: Happy Monday.  In English, the word Monday came from the old English word for “moon’s day.”  In French, the word is lundi, which means “day of the moon.” It is considered a good day for fasting in some religions. Not i … (5:17 am) MORE »

Irvine and Tustin Homes

Erika Chavez, Staff Writer: For the 22 business days ending Oct. 22 – DataQuick’s freshest homebuying stats — these sales trends appear in Irvine ZIPs … • Citywide sales totaled 245 – that’s +43% vs. a year ago. Countywide, sales were +9% … (5:00 am) MORE »

South Coast Homes

KELLI HART, THE ORANGE COUNTY REGISTER: A recent post about a home for sale where a family of 5 was found dead sparked a discussion on this blog about California law regarding home sales. Take our poll below! According to state law, a real estate agent and seller must disclose: “A d … (4:00 am) MORE »

Handling Hard Times

Mary Ann Milbourn: The California Employment Development Department says it is working to get the new unemployment extension checks out as soon as possible. A specific date has not yet been set. People who potentially are eligible will be contacted directly so EDD offi … (3:00 am) MORE »

Huntington Homes

Marilyn Kalfus, real estate reporter: Here’s what houses in Huntington Beach are going for nowadays. These are closed sales for the week ending  Nov. 8. I’ve highlighted the lowest and highest sale prices, as well as houses that sold for the most above and below their original aski … (3:00 am) MORE »

Mortgage Insider

Mathew Padilla: There were more foreclosures and short sales on the market last Thursday in Orange County than two weeks earlier — not a comforting trend heading into the holidays. click to enlarge The chart from Steve Thomas at Altera Real Estate in Aliso Vie … (1:00 am) MORE »

Lansner on Real Estate

Marilyn Kalfus, real estate reporter: The waterfront Corona del Mar house we showed you that’s co-listed by a Realtor on Bravo TV’s “Million Dollar Listing” will air on tonight’s episode. A spokeswoman for the reality show sent us this blurb on what’s … (12:01 am) MORE »

Post from: OC Business News

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Broadcom: tech sales looking good, for now http://ocbiz.freedomblogging.com/2009/11/12/broadcom-tech-sales-looking-good-for-now/15749/ http://ocbiz.freedomblogging.com/2009/11/12/broadcom-tech-sales-looking-good-for-now/15749/#comments Thu, 12 Nov 2009 23:19:48 +0000 Mathew Padilla http://ocbiz.freedomblogging.com/?p=15749 Sales of high-tech products have picked up since the beginning of the year, but the holiday season will be the real test of demand, said Scott McGregor, chief executive of Irvine-based chip maker Broadcom Corp.

“Please all, go out and spend,” McGregor told a crowd of more than 100 attendees of the nonprofit Orange County Forum in Irvine today. The Orange County Register is one of the Forum sponsors.

McGregor

McGregor

In a separate interview with the Register, McGregor said he is hopeful 2010 will be a good year, but he declined to speculate on sales.

Broadcom’s outsourced manufacturing can respond quickly to customer orders and so the company need not worry about stocking inventory that it might not be able to sell, McGregor said.

During his 45-minute talk, McGregor demonstrated several electronic gadgets that use Broadcom chips, including a wireless controller for the popular Wii video game system. The company’s chips also appear in cable modems, cell phones and GPS systems.

If Intel chips are the brains of electronic devices,  then Broadcom’s chips are the nervous system, McGregor said.

“We are connections that make the body work,” he said.

McGregor’s talk came just three days after Costa Mesa-based rival Emulex sued Broadcom, alleging the chip maker engaged in a campaign of lies to prevent Emulex from gaining a foothold in the Broadcom-dominated market for 10-gigabit-per-second Ethernet devices.

Broadcom had previously sued Emulex for alleged infringement on Broadcom’s patents.

Relations have been strained between the two companies since Broadcom launched, and later dropped, a hostile takeover attempt of Emulex last spring.

Broadcom on Monday issued a statement describing the new lawsuit as “a diversionary tactic” to shift the focus away from the patent infringement case.

Read more about the dispute HERE.

Broadcom employs about 2,000 people in Orange County, mostly at its Irvine headquarters.

More Broadcom headlines…

Post from: OC Business News

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Calpers trims Pimco bond investments http://ocbiz.freedomblogging.com/2009/11/12/calpers-trims-pimco-bond-investments/15743/ http://ocbiz.freedomblogging.com/2009/11/12/calpers-trims-pimco-bond-investments/15743/#comments Thu, 12 Nov 2009 19:55:53 +0000 Jon Lansner http://ocbiz.freedomblogging.com/?p=15743 Bloomberg News reports this investment change involving Newport Beach bond gurus Pimco …

The California Public Employees Retirement System, the largest U.S. public pension, is cutting by almost half what it invests in international and high-yield bonds managed by AllianceBernstein L.P. and Pacific Investment Management Co.

The California fund is lowering to $500 million from $978 million international bonds managed by AllianceBernstein and to $100 million from $200 million the funds Pimco invests as a U.S. high-yield bond manager, according to an agenda for a Calpers’ meeting Nov. 16.

Calpers said it will sell $8 billion of its fixed income assets during the next 12 months as part of a June decision to lower its allocation to bonds to 20 percent from 23 percent.

Read MORE HERE!

Post from: OC Business News

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Dow highest this year. Will it last? http://ocbiz.freedomblogging.com/2009/11/09/dow-highest-this-year-will-it-last/15727/ http://ocbiz.freedomblogging.com/2009/11/09/dow-highest-this-year-will-it-last/15727/#comments Tue, 10 Nov 2009 00:27:09 +0000 Mathew Padilla http://ocbiz.freedomblogging.com/?p=15727 wall-street-signThe Dow Jones industrial average rose to its highest level in 13 months Monday as a falling dollar boosted prices for gold, oil and other commodities. Stocks also got a boost from anticipation governments around the globe will keep interest rates low to help their economies.

The world’s most watched stock index jumped 200 points for the second time in three days, closing at 10,226.94, or about 2% above Friday’s level. Read more from the Associated Press, HERE.

However, some market watchers say the economy is not out of the woods yet, and they say stocks may lose some of the ground they just gained. The nation’s unemployment rate recently hit 10.2 percent, the first double-digit jobless reading in 26 years.

What do you think?

Will the Dow retreat?
View Results

Post from: OC Business News

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