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Median home prices up in 2Q for most US cities
Exxon Mobil lifts production warning in Nigeria
Stocks retreat as Fed grows more cautious
Mortgage applications nearly flat last week
Ahead of the Bell: Cree shares dive
Fortress buying most of AIG's American General
OC new hires, promotions, awards
PEOPLE ON THE MOVE
Costa Mesa-based bottled water brand Hawaiian Springs named Clint Welker as national sales manage. Welker will lead the Hawaiian Springs sales effort across the mainland United States.
Kirsten Knauer has been named to the newly created position of private dining sales manager for Fleming’s Prime Steakhouse & Wine Bar nationwide. Most recently Knauer was with CourseCo golf management as food and beverage manager at The Clubhouse at Boundary Oak, owned by the city of Walnut Creek, California.
Uyemura USA announced that Paramount USA, a supplier of primarily laminate and prepreg products headquartered in Orange, will represent Uyemura PCB product lines in southern California. The announcement was made by Don Walsh, Uyemura director of operations.
Laguna Niguel resident Randy Free, international tax partner of Grant Thornton’s Southern California tax practice, has been named a new member of the board of directors at Providence Speech and Hearing Center in Orange.
California United Bank announced that Stephanie Juneau, a longtime banker in Orange County, has been named vice president, relationship manager for the Orange County Region.
The board of directors for Court Appointed Special Advocates of Orange County has named Gene Howard as its new chief executive officer. Howard will be charged with developing the organization’s vision and achieving its goals for financial stability and community engagement.
ANNOUNCEMENTS
KTGY Group, Inc., Irvine, Calif., was honored with a Gold Nugget award from the Pacific Coast Builders Conference for design work on three new craftsman-style Habitat for Humanity homes recently completed in Yorba Linda.
Amtec Human Capital announced that Jay Ramos was selected as Orange County Staffing Professional of the Year by California Staffing Professionals. The award is based on standards of excellence and recognizes one individual for leadership, production, education, accreditation and business development.
The Doubletree Guest Suites Anaheim Resort/Convention Center is the recipient of Doubletree Hotels’ 2009 Connie Award for top-performing large hotel. The award, named in honor of company founder Conrad Hilton, is given annually to the top small and large hotels.
Windermere Real Estate has opened its first office in Orange County and has appointed Jim Crotwell as general manager. The new North Orange County office is located in Brea.
Janson Group, a full service public relations, marketing and branding firm specializing in the nonprofit sector, announced it has contracted with the Alzheimer’s Association to provide public relations strategies and services for its Orange County Chapter.
Don D’Ambrosio, who will speak about an alternative funding source known as asset-based lending, will hold a free workshop at 5 p.m. July 22 at the Bell Tower Community Center, 22232 El Paseo in Ranch Santa Margarita. D’Ambrosio is president of Oxygen Funding, and has 20 years of experience in the financial services industry. For more information, or to register, call951-818-9101.
EMC Collaborative, a business development and marketing firm working in the commercial real estate industry, announced that after a short sabbatical they are back in business.
Ioana Toma of Anaheim has been elected president of the Orange County Chapter of the International Association of Workforce Professionals. IAWP is a nonprofit association with a worldwide membership. Toma works for the Employment Development Department.
More business people news ….
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OC new hires, promotions, awards is a post from: OC Business News
SEC sues O.C. man over e-mail stock promotions
The Securities and Exchange Commission has sued Huntington Beach stock promoter Songkram Roy Sahachaisere and his company, InvestSource Inc., for fraud.
In its complaint, filed Friday in U.S. District Court in Santa Ana, the SEC alleged that Sahachaisere touted seven penny stocks in a massive e-mail campaign. Between January 2008 and March 2009, Sahachaisere allegedly sent nearly 450 misleading e-mails to some 24 million recipients.
Sahachaisere allegedly got stock in the companies he promoted. According to the complaint he would post reports about his clients, then sell his stock as investors jumped in. He didn’t tell investors that he was selling at the same time he was encouraging them to buy. His alleged take: $276,000.
Sahachaisere controlled one of the seven penny stocks he promoted, FIMA Inc. The others were China Forestry Inc., Hearth Health Inc., New Asia Gold Corp., Obee’s Franchise Systems Inc., Praebius Communications Inc. and Pure Spectrum Inc.
The SEC is seeking an injunction against Sahachaisere and InvestSource and an order requiring them to disgorge ill-gotten gains.
SEC sues O.C. man over e-mail stock promotions is a post from: OC Business News
OC hires, promotions, awards and recognitions
PEOPLE ON THE MOVE
Marcos Sandoval has been named manager of Wells Fargo’s Tustin office. Sandoval began his Wells Fargo career in 1999 as a teller and has held various retail positions. He became a branch manager in 2004 and his most recent position was store manager at the Chapman Jamboree location in Orange.
Worldwide Facilities, Inc. announced that Ted Clayton has joined its Irvine office as vice president and property broker.
Voit Real Estate Services announced the addition of Jason Di Rocco as a senior associate in its Anaheim office, according to Kurt Strasmann, managing partner for Voit’s Orange County region. Di Rocco specializes in northern Orange County industrial projects.
Rick Webster was promoted to director, sales and marketing, at Neudesic Media Group. He was formerly a member of the leadership team at NationPoint.com, a wholly-owned subsidiary of Merrill Lynch Bank and Trust.
Seapoint Farms, a manufacturer of frozen edamame, has appointed corporate and food industry executive Philip Siegel as chief operating officer, it was announced Wednesday.
HYCOR Biomedical Inc., a manufacturer of in vitro diagnostic products for the global allergy, autoimmune and urinalysis markets used in clinical laboratories, announced the appointment of Richard Hockins to the position of vice president, sales and marketing.
AWARDS AND RECOGNITIONS
CoreLogic, a provider of consumer, financial and property information and business services, today announced it has been recognized as a 2010 “Innovator” by SourceMedia’s Bank Technology News, the banking industry’s source of technology coverage.
Kitchen Tune-Up has been ranked as an AllBusiness AllStar Franchise by AllBusiness.com. for 2010. Kitchen Tune-Up is ranked #1 in the Building and Remodeling category and #92 overall.
The Catholic Health Association of the United States named Sr. Suzanne Sassus, senior vice president of governance and sponsorship at St. Joseph Health System, as the 2010 recipient of its prestigious Sister Concilia Moran Award at the annual Catholic Health Assembly in Denver, Colo.
Barry McKinley was selected by SCORE in Orange County at its recent annual meeting as both office and cyber counselor of the year. SCORE is a non-profit organization with 110 O.C. business executives that provides advice to small businesses at no charge.
More business people news ….
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OC hires, promotions, awards and recognitions is a post from: OC Business News
O.C. nursing-home firm hit with $670M verdict
Skilled Healthcare, a Foothill Ranch-based nursing home operator, faces potential financial ruin after a California jury hit it with a $670 million judgment after finding the company provided poor service to clients. Skilled operates 76 skilled nursing facility and 21 assisted living facility business affiliates. …
- Says Reuters: “The jury found Skilled Healthcare violated California’s health and safety code by not providing the minimum 3.2 hours of direct nursing care per day to patients at 22 facilities.”
- The Wall Street Journal reports, “Chief Executive Boyd Hendrickson said in a news release Wednesday that Skilled strongly disagrees with the verdict and plans to ‘vigorously challenge it.’ Skilled would be required to post 150% of the final judgment amount to defer it pending any appeal.”
- ThePopTort blog reports: “”This is a really strong statement to Skilled Healthcare that they have to follow the law,’ said plaintiff’s Attorney Michael Thame.
- And it could get worse for Skilled, says the Times-Standard: “… the jury will return in the coming days for an additional trial to establish any punitive damages to be awarded in the case. Judge Bruce Watson will then decide if an injunction is assessed against Skilled Healthcare, which would mandate the company — one of the largest nursing home chains in the country — to comply with the law in the future.”
- Forbes notes that insurance won’t cover $670 million in damages.
- Wall Street reacted harshly, says MarketWatch. Skilled Healthcare’s stock tanked 75% on the jury verdict.
HOUSING TRENDS
ECONOMY TRENDS
O.C. nursing-home firm hit with $670M verdict is a post from: OC Business News
O.C. new hires, promotions and awards
PEOPLE ON THE MOVE
The U.S. Small Business Administration announced the appointment of Elizabeth Echols as the regional administrator in Region IX, to oversee the SBA’s programs and services in California, Nevada, Arizona, Hawaii and Guam. Echols currently serves as director of the Northern California chapter of the U.S. Green Building Council, where she focuses on developing public policy and forging alliances to support green jobs.
Ioana Toma of Anaheim has been elected president of the Orange County Chapter of the International Association of Workforce Professionals. IAWP is a nonprofit educational association with a worldwide membership. Toma works for the Employment Development Department.
Newport Beach resident Dr. Alexis Meshi announced the opening of her psychiatric clinic at 1100 Quail Street. Meshi is a general adult psychiatrist and has a strong interest in treating women.
Amtec Human Capital announced that California Staffing Professionals has selected Jay Ramos as its Orange County Staffing Professional of the Year. This designation is given to five chapter award winners from whom one state award winner is selected.
Paul McMahon, 41, was promoted from director to vice president of Content Management Solutions at Acquity Group in Irvine. He joined Acquity Group in August of 2002 and currently serves as the Content Management Solution leader of the west region.
PrideMark-Everest Insurance Services in Santa Ana hired David Trevino as vice president of sales focusing on commercial property and casualty insurance as well as workers compensation.
Skullcandy, a manufacturer and developer of core audio products, named Tim DeBrincat as international marketing manager. Operating out of the new Skullcandy office in San Clemente, DeBrincat is responsible for leading the creation and implementation of international marketing strategies.
Sunwest Bank named Andy Phillips as market area president of Northern Arizona. Phillips previously served as executive vice president and chief credit officer for Community First Bank in Bend, Oregon. Sunwest Bank has California branches in Tustin, Anaheim, Newport Beach, Laguna Hills, San Clemente and Encinitas and targets small and mid-size businesses.
Lages & Associates, a public relations and marketing communications firm in Irvine, hired Stephanie Olsen as account executive. Olsen will serve several Lages clients with a variety of public relations activities, including account management and tactical implementation, media and analyst relations, written materials creation, article placement and speaking opportunities.
More business people news ….
Submit items about hires and promotions to levezich@ocregister
O.C. new hires, promotions and awards is a post from: OC Business News
OC new hires, promotions, awards
PEOPLE ON THE MOVE
Plaza Bank in Irvine has named Ron Ventre vice president and senior relationship manager for the commercial division. He will focus on asset-based lending in the Southern California area.
SoCal-based “green energy” company, 808 Renewable Energy, announces the addition of their new capital development director, Julio G. Macedo, to the firm’s management team. Macedo is an Orange County resident.
University of California, Irvine announces the appointment of Larry Cooperman to the board of directors for both the OpenCourseWare Consortium and the African Virtual University.
MERGERS AND ACQUISITIONS
Hunter Wise Financial Group and Bill Owen, managing director, announced that its client, Fabrication Network, Inc. has been acquired by Anaheim-based Pinnacle Precision Sheet Metal. The two companies will operate out of their respective facilities until they can consolidate into Pinnacle’s new building in Irvine.
AWARDS AND RECOGNITIONS
KTGY Group, Inc. Architecture and Planning, announced that the National Association of Home Builders recognized five KTGY-designed multifamily residential communities as part of its annual Pillars of the Industry Awards program.
The Muller Company, specializing in development of commercial real estate in the western United States, was awarded LEED Gold Certification for design and construction under the U.S. Green Building Council’s Leadership in Energy and Environmental Design rating system.
Habitat for Humanity of Orange County’s Vice President of Development Heather McKenzie-Densmore was recently named 2010 Outstanding Fundraising Professional by the Association of Fundraising Professionals. For 19 years McKenzie-Densmore has led efforts to raise over $18 million to benefit Orange County children and families.
Linda Crowley and Carie Boyce, co-founders of Newport Beach-based Crowley & Boyce Retail Property Advisors, are among the first real estate professionals from California to receive the International Council of Shopping Centers’ newest educational certificate in Debt Workout, Transactions & Repositioning of Distressed Assets.
More business people news ….
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OC new hires, promotions, awards is a post from: OC Business News
Freedom Communications taps former Fox TV exec as CEO
Mitchell Stern
Freedom Communications Inc. today named Mitchell Stern, the former chairman and chief executive of Fox Television Stations Inc. who later headed DirecTV Inc. U.S., as CEO of the Irvine-based media company. Freedom owns The Orange County Register.
“We are very pleased that Mitch has agreed to lead Freedom Communications as its chief executive officer,” said James Dunning Jr., Freedom board chairman, in a statement from the company. “With his 30 years of experience in the media industry, he brings a wealth of experience and forward-thinking to the job. His talents as both a strategic thinker and a hands-on executive are a perfect fit for Freedom and make him the right person to lead our talented associates and diverse properties in tackling the challenges of the new media environment.”
Stern called his new job a great opportunity.
“There is a multitude of talent at Freedom and a real desire on the part of everyone to move forward and create new ways of serving the company’s many communities,” he said in the company’s press release. “With its local focus and national breadth and with a successful restructuring behind it, Freedom is perfectly positioned to demonstrate what it means to be a new kind of media company. My job from day one will be to focus all our talents and energies on achieving that goal.”
Stern, 54, succeeds Burl Osborne, who stepped in as Freedom’s interim CEO last July after Scott Flanders left to run Playboy Enterprises Inc. The new Freedom CEO takes over Thursday, July 1. Osborne will remain on the board and serve as special advisor to the company.
The announcement comes two months after Freedom exited Chapter 11 bankruptcy. As part of the reorganization, the company was relieved of $450 million in debt. It is now operating under new owners that include three investment firms and a group of banks.
Stern was one of five new directors who joined Osborne on Freedom’s post-bankruptcy board. A seventh board member, Larry Kramer, founder of the financial website MarketWatch, was added earlier this month.
In an interview, Stern said he didn’t envision making any wholesale changes or cuts, noting the company already scaled back during the bankruptcy and is well-positioned even with the sluggish economy.
“Freedom will be just fine,” he said. “It’s in much better shape than people think.”
Both Stern and Dunning played down the possibility of any acquisitions in the near term, but said they are looking for alliances that will generate revenues and create value.
“There are lots of ways to do expansion,” Stern said. “An out and out acquisition is not likely.”
Stern said his emphasis will be on local content and leveraging technology to create a direct relationship with the community.
“There is new technology, new ways to reach readers, viewers, advertisers,” Stern said. “We have a lot to do to be innovative.”
Stern brings to Freedom strong credentials in television and in building companies in a competitive environment. He joined Fox Television Stations in 1986 and rose to head the company and its Twentieth Century syndication arm from 1998 to 2003. He was vice president and station manager at KTTV/11 in Los Angeles from 1990 to 1992
Fox, which is owned by Rupert Murdoch’s News Corp., had 35 owned-and-operated stations, when Stern left. In addition to the Register, Freedom has eight television stations — five CBS, two ABC network affiliates and one CW affiliate. The company also owns 26 other daily newspapers and about 70 weekly newspapers, magazines and other specialty publications.
Stern was dispatched to head DirecTV after News Corp. bought a 34 percent interest in Hughes Electronics Corp. in late 2003. Hughes created and developed the satellite television company.
While at DirecTV, Stern positioned the nascent satellite television business to expand and take on cable for subscribers. As part of that effort, he brought on Saigon Broadcasting Television Network, then the only 24-hour Vietnamese-language channel originating in the U.S., as the first network on DirecTV’s “VietnameseDirect” service.
Stern abruptly left DirecTV in March 2005 without explanation, according to a DirecTV Group U.S. Securities and Exchange Commission filing. “The time was right for me to move on,” he said at the time.
In the interview today, he said that he left DirecTV because he wanted to retire. In recent years, he has been an independent consultant working with private equity firms on possible media acquisitions.
Stern’s DirecTV contract guaranteed him a minimum $5 million a year in compensation and he received at least a $6 million payout on his departure, the filing said. Privately-held Freedom did not disclose what Stern will be paid.
It was through DirecTV that Stern met Eddy Hartenstein, now publisher of the Los Angeles Times. Hartenstein, trained as an aerospace engineer, created and developed DirecTV for Hughes. He served as DirecTV Inc.’s chairman and CEO from 2001 to 2004. Hartenstein was vice chairman and a board member of The DirecTV Group until his retirement in December 2004.
Stern held various programming and management positions earlier in his career at CBS Corp. in New York from 1978 to 1986. He has an MBA from the University of Chicago and received his undergraduate degree from the University of Pennsylvania. Freedom Chairman Dunning received his degree in economics from Pennsylvania’s Wharton School.
The new Freedom CEO also serves on the board of Triton Media Group, which provides applications, services and content to the media. It’s Triton Digital division provides digital services to the radio industry with more than 6,000 station affiliations, according to the company’s website. Triton Radio Networks’ Dial-Global provides sales reps to radio production companies.
Stern, who currently lives on Long Island, said he will be buying a house in Orange County.
Did you miss these other recent media stories …
Freedom Communications taps former Fox TV exec as CEO is a post from: OC Business News
Lawmakers strike deal on financial reform
House and Senate lawmakers reached a deal on financial overhaul overnight and presented President Obama with a bill he hopes to sign by July 4.
Before leaving for Toronto early Friday morning to attend a Group 20 summit, President Obama announced that Congress was “poised to pass the toughest financial reforms” since the Great Depression.
After nearly 20 hours, members of a House-Senate conference committee managed to reconcile competing versions of legislation that would reform the way financial institutions are regulated.
According to the New York Times committee members’ “work on toughened financial rules culminated at 5:39 a.m. Friday in agreements on the two most contentious parts of the financial regulatory overhaul and a host of other provisions. Along party lines, the House conferees voted 20 to 11 to approve the bill; the Senate conferees voted 7 to 5 to approve. “
Among the reforms approved in the bill:
- Proposals to restrict trading by banks for their own benefit
- Requirements for banks and their parent companies to segregate much of their derivatives activities into a separately capitalized subsidiary.
- A new consumer protection agency to oversee the activities of credit card companies and financial firms.
- An end to the concept of institutions that are “too big to fail”.”
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Read more about the bill …
- USA TODAY: Obama: ‘Toughest financial reforms since the Great Depression’
- NEW YORK TIMES: House and Senate in Deal on Financial Reform
- LOS ANGELES TIMES: House, Senate Lawmakers reach deal on financial reform
- MARKETWATCH.COM: Wall Street will complain but it got off light
Lawmakers strike deal on financial reform is a post from: OC Business News