Stories for June 2014
Monday, June 30
Qualstar Corp. will switch the Nasdaq market on which it trades, a move that will put the company back in compliance with Nasdaq rules, the company announced Monday.
San Fernando Valley Business Journal won first place in two categories at the 2014 SoCal Journalism Awards, presented Sunday night by the Los Angeles Press Club.
Moorpark Town Center has finished work on its redesign of the 140,000-square-foot retail complex.
The Los Angeles Metropolitan Transportation Authority is once again going back to the ballot box to get more money to build out the county’s mass transit system.
Media: Founding CEO leaves Hasbro’s cable network.
Media: The Hub, a Burbank family cable network, faces serious questions in a highly competitive market.
Vitesse reinvents itself with products for the ‘Internet of Things’
Technology: Vitesse Semiconductor has raised $28 million in a secondary offering as the company looks to rebound.
Transportation: VICA forms coalition to push for three rail lines.
Transportation: Local business leaders are forming a coalition to push for more rail in the Valley.
The calling card of any community is its main street – the area travelers see as they pass through the center of each town.
Surprise! California, and even maligned L.A. County, are leading in the creation of higher paying jobs.
Op-Eds: Despite the best efforts of Rick Perry, California is coming out of the recession strong.
From the Newsroom: Business leaders may be gung ho on bringing more light rail to the Valley. Much easier said than done.
News and notes from around the greater San Fernando Valley
Liquidation and inventory-lending company Great American Group Inc. has completed its merger with West L.A. boutique investment bank B. Riley & Co. LLC.
Real Estate: Vision Scenery flees offices in Burbank where Ikea will build store.
While Burbank and its boosters are swooning over plans to construct the country’s largest Ikea store, there are some legitimate businesses that are losing out.
Giving: Media giant donates $104,000 to Henry Mayo in Valencia.
Walt Disney Co. is headquartered in Burbank right next to Providence St. Joseph Medical Center, but its largesse has extended all the way to Henry Mayo Newhall Memorial Hospital.
Law: ALAW beefs up Chatsworth office by adding ‘title’ specialist.
ALAW, a Florida firm that represents lenders saddled with troubled home mortgages, has hired an attorney in the Valley as part of a national expansion strategy.
Former dancer Richard Giorla tapped into his entrepreneurial spirit to found Cardio Barre.
Q&A: Richard Giorla danced for Michael Jackson. Now he’s running Cardio Barre, a hot exercise concept.
Politics: Antelope Valley boosters say McCarthy can assist aerospace.
Politics: What does the election of Rep. Kevin McCarthy to Majority Leader mean for the Antelope Valley?
Development: An effort by the city to improve Thousand Oaks Boulevard is starting to pay dividends with new streetscape and shops.
Development: An initiative to improve and attract businesses to Thousand Oaks Boulevard has shown results.
The Numbers: Two companies own nearly half of all San Fernando Valley retail real estate.
Glendale firm offers speaker upgrades to already pricey systems.
Innovation: Local Valley company designs high-end after-market speaker systems for BMWs.
The paper lauded as best in the nation among its peers.
Awards: The Business Journal wins top honors in a national business journalism competition.
Crowded CSUN gets cash to hire 74 more tenure-track professors.
Education: With some state dollars in pocket, Cal State Northridge is going professor shopping.
Finance: Affiliated Moorpark firms fail to excite investors.
Finance: It’s been about a year since PennyMac Financial Services went public, and the stock has been underwhelming.
Friday, June 27
MannKind Corp. on Friday finally secured government approval to sell its Afrezza brand of inhalable insulin, but it came with conditions: it cannot be used for patients with asthma or other lung conditions.
The Burbank Bob Hope Airport on Friday opened its $82 million Regional Intermodal Transportation Center built to improve ground access to the terminal.
Nestle USA issued a recall Friday for mismatched packaging on select ice creams that did not identify peanuts as an ingredient.
Thursday, June 26
A bill that would benefit Antelope Valley by giving California aerospace companies up to $420 million in employment tax credits has passed the Assembly.
Marijuana growing supply company GrowLife Inc. announced on Thursday will restate first quarter non-cash losses totaling nearly $34 million.
Erika A. Endrijonas has been appointed president of Los Angeles Valley College amid an effort to turn around the debt-ridden institution, which also has been threatened with the loss of accreditation.
A California State Senate committee has given its backing to a bill requiring mandatory condom usage on adult film sets.
Wednesday, June 25
A California Senate committee approved on Wednesday proposed legislation to renew the film and television tax credit program to keep production in the state.
Paula Kent Meehan, a television actress, who founded Valley cosmetics giant Redken Laboratories died earlier this week after a lengthy battle with lung infections. She was 82.
Six Flags Magic Mountain has completed upgrades on its Bugs Bunny World rollercoaster, making it the amusement park with the most children’s rides in the country.
Tuesday, June 24
Heritage Provider Network Inc. and Rite Aid Corp. announced on Tuesday a partnership to coordinate care for patients with serious health conditions.
Construction has started on the $21 million Park at Van Nuys, which will consolidate piston aircraft and related businesses into a single location at Van Nuys Airport.
The Valley Economic Development Center has named a veteran construction industry executive as its first chief operating office.
Monday, June 23
Ixia on Monday finally filed its 2013 annual report, as well as amendments to quarterly earnings statements that were the subject of various accounting errors.
Talon International Inc. announced on Monday it is partnering with Levi Strauss & Co., which will use an advanced Talon waistband for its Dockers pants.
Glendale has received a nearly $1 million grant to help create a more sustainable downtown.
Friday, June 20
L.A. County’s unemployment rate dipped to 8.2 percent in May as 15,000 more residents found jobs during the month, according to state figures released Friday.
Internet forum operator CrowdGather Inc. of Woodland Hills has licensed two online casino games from a game developer in Argentina through a subsidiary.
Thursday, June 19
Agoura Hills real estate investment trust American Homes 4 Rent is partnering with a fund owned by the state of Alaska to buy, renovate and lease homes. The venture could invest as much as $500 million.
American Apparel shares rose on Thursday after the company’s decision to suspend Dov Charney as chairman and chief executive pending his ouster.
San Fernando Valley home prices rose slightly in May as the number of properties on the market grew, according to a report released Thursday by the Southland Regional Association of Realtors.
Antelope Valley area Rep. Kevin McCarthy was elected Thursday as the new majority leader in the House of Representatives.
Wednesday, June 18
Los Angeles radio ratings for May released on Wednesday showed a drop for two Valley Spanish-language stations caught in a controversy over ratings manipulation, according to media reports.
Shares of IPC The Hospitalist Co. continued to fall on Wednesday falling news that the U.S. Justice Department has filed a lawsuit accusing the company of fraud.
DreamWorks Animation SKG Inc. is now the owner of Felix the Cat, the cartoon feline whose appearances in animated shorts dates back to the 1920s and in printed comics since the 1950s.
Tuesday, June 17
The largest shareholder of Vitesse Semiconductor Corp. has purchased an additional 1.6 million shares concurrent with a secondary offering.
Construction has started in Shanghai on what will be the world’s largest Disney Store, according to Chinese media reports on Tuesday.
A land parcel in Agoura Hills entitled for 18 apartments has sold for $2.1 million.
Monday, June 16
A Glendale music radio station has fired an employee who allegedly manipulated its ratings and has caused Nielsen to delay and review its data for the Los Angeles market, according to media reports on Monday.
Shares in DreamWorks Animation SKG Inc. dropped by 10 percent on Monday following a poor weekend showing of its newest film, “How to Train Your Dragon 2.”
Amgen Inc. announced on Monday it is joining a high-level research partnership that will test its experimental cancer drug rilotumumab on lung-cancer patients.
Cherokee Inc. announced on Monday new strategic alliances in five countries as it continues the international expansion of its brands.
Entertainment: Nickelodeon develops ‘Loud House’ series for Internet, TV.
Nickelodeon is turning up the volume up for its newest animated series.
Developer plans five-star resort at low-key Simi Valley spread
Real Estate: Hummingbird Nest Ranch could become a five-star resort in Simi Valley.
Biotech: Layoffs please Street but raise questions on future.
Biotech: Amgen’s recent layoff of 70 workers comes at a time of big decisions for the pharmaceutical giant.
Manufacturing: Japanese facility to cost $50 million.
Manufacturing: Kinkisharyo plans to build a Palmdale plant to assemble Metro rail cars.
Valencia landscaper goes ‘green,’ converts mowers to propane.
Environment: Landscaper goes green with a switch to propane-powered tools.
Camarillo jalapeno supplier was in middle of Sriracha brouhaha.
Agriculture: Ventura County farmer takes deep breath as Sriracha stink subsides.
Economy: Loss of state funds for projects prompts Glendale to form new agency.
Economy: Can economic development corporations replace redevelopment?
As cities like Glendale make moves to navigate economic development without the help of redevelopment funds, an initiative out of Orange County is working to bring the tool back.
David Nazarian has big plans for CSUN following his $10 million gift – the school’s largest ever.
Q&A: David Nazarian discusses his $10 million donation to CSUN, the largest in school history.
Retail & Hospitality: ‘Cupcake Wars’ champ plans to expand with franchising.
People are finally eating out again, so much so that many Valley restaurateurs are expanding.
Health Care: Entrepreneur founds Valley website that claims unbiased referrals.
Daniel Sagal has started a website to help people like himself who need an assisted living facility in the San Fernando Valley.
Real Estate: Homebuilder plans 132 houses at old Pinecrest School site.
Los Angeles homebuiler KB Home is set to go vertical on a so-called “small-lot” housing tract at the site of the former Pinecrest School in Van Nuys.
News and notes from around the greater San Fernando Valley
A veteran aerospace executive is the new chief executive of Align Aerospace Holdings Inc. Andrew C. Roberts will head up the Chatsworth firm, one of the world’s largest distributors of aerospace parts and components.
Market Watch Summary
Stocks made decent gains during the two-week period ended June 11 with the Dow Jones increasing 1.3 percent and the Nasdaq exchange rising 2.5 percent.
Editor: Can submarine cars and space tourism help us forget painful reality?
The Valley needs three new rail lines to relieve congestion and provide a foundation for economic growth.
Op-Ed: Great Streets are not enough.
Sherman Oaks firm eschews chemicals for non-toxic pest control.
Innovation: Non-poisonous rodent extermination kit targets do-it-yourselfers.
Management: Mean pay increase of 26 percent equals Valley index.
Management: Chief executives at the Valley’s largest public companies got a 26 percent raise last year.
Friday, June 13
Los Angeles is one of four U.S. cities approved to bid for the 2024 Summer Olympics, the U.S. Olympic Committee announced Friday.
Internet giant Google Inc. may make a $30 million investment in commercial spaceship developer Virgin Galactic LLC, according to media reports on Friday.
With Rep. Kevin McCarthy all but assured to become House Majority Leader, the Antelope Valley will have a powerful supporter for its business interests in Washington D.C.
An Oxnard mortgage broker has been sentenced to eight years in federal prison for orchestrating a fraud scheme.
Diabetes drug developer MannKind Corp. of Valencia is exploring multiple partnership opportunities to take its inhalable insulin drug Afrezza to market as the company awaits FDA approval.
Thursday, June 12
A California Senate committee has passed a bill lifting a ban on light rail construction along portions of the Orange Line busway.
Vitesse Semiconductor Corp. will raise $23.2 million in a secondary offering, the company announced on Thursday.
Tutor Perini Corp. has received a $255 million contract for construction of an 82-story, mixed-use apartment tower along Biscayne Bay in Miami.
Margaret Loesch, chief executive of The Hub Network in Burbank, will step down at the end of the year when her contract expires, according to media reports on Thursday
The California economy will benefit from job growth and reduced unemployment in the next three years, according to the UCLA Anderson Forecast released Thursday.
Wednesday, June 11
Universal Music Group has signed a 146,636-square-foot lease at the LNR Warner Center office building in Woodland Hills.
A small drone made in Simi Valley became the first unmanned aircraft to operate in a commercial application under Federal Aviation Administration guidelines.
The U.S. House of Representatives on Tuesday narrowly defeated an amendment to a transportation appropriations bill that would have allowed Burbank Bob Hope Airport to adopt a mandatory curfew for commercial aircraft operations.
Home prices in Southern California continued to rise in May, but sales have begun to slow due to growing inventory and affordability issues, according to San Diego real estate data firm DataQuick.
Tuesday, June 10
A joint venture of Tutor Perini Corp. has won an $80 million judgment in a long-standing fight with the Massachusetts Department of Transportation (MassDOT) over its Central Artery/Tunnel Project in Boston, commonly called the Big Dig.
The NBA is poised to take several steps in response to Donald Sterling's reversal on his agreement to allow the sale of the Clippers to proceed.
Apollo Medical Holdings Inc. has reached an agreement with Blue Shield of California to provide doctors for the insurer’s policy holders at hospitals the company already services, Apollo announced Tuesday.
Home foreclosures continued to drop in Southern California in May, with rates in the greater Valley varying widely, according to a report released Tuesday.
Elephant Bar Restaurant will close all four of its San Fernando Valley locations, resulting in the loss of up to 250 jobs.
Monday, June 9
Amgen Inc. appointed David W. Meline as its chief financial officer on Monday luring him from 3M with a $2 million signing bonus.
Ricon Corp., which designs and manufactures wheelchair lifts, is moving its headquarters from Panorama City to San Fernando.
Sci-fi thriller “Edge of Tomorrow” put in a strong performance over the weekend for Warner Bros. with a global box-office take of more than $140 million, as its star Tom Cruise continues to draw well internationally.
Los Angeles Mayor Eric Garcetti announced on Monday that more than 140 local employers have pledged to hire more than 10,000 veterans over the next three years.
Friday, June 6
Amgen Inc. plans to lay off 70 workers at its Thousand Oaks headquarters, mostly in information technology jobs.
Four executives with a Chatsworth production company have been indicted on federal charges of defrauding investors of $22.6 million to make a 3-D version of “The Wizard of Oz.”
Great American closes private placement, BNK shareholder re-elect board, Princess Cruises donates to American Heart Association.
Thursday, June 5
Anschutz Entertainment Group on Thursday categorically denied a New York Post report that it is shopping the Kings hockey team for a sale.
A veteran aerospace executive has been named chief executive of Align Aerospace Holdings Inc., the company announced Thursday.
MannKind hits a 52-week high. Northrop Grumman delivers 150th F-35 fuselage.
Wednesday, June 4
The uncertainty over the future of the Los Angeles Clippers appears to have ended as multiple media outlets reported Wednesday afternoon that owner Donald Sterling has agreed to drop his lawsuit against the NBA to stop the sale of the team.
Twelve scientific payloads from universities, research institutions and private companies will be taken into space aboard the SpaceShipTwo suborbital vehicle under development in the Antelope Valley.
Envy Medical Inc., a Westlake Village skin care company, announced on Wednesday it has received an undisclosed investment from HCP & Co., a Chicago private equity firm.
The Los Angeles Times will begin hosting a site later this month dedicated to news and lifestyle issues in the local gay community.
Tuesday, June 3
The first development under the Warner Center Specific Plan has been approved by the Woodland Hills Warner Center Neighborhood Council.
Encino bank holding company CU Bancorp will acquire downtown Los Angeles lender 1st Enterprise Bank in an all-stock deal, the banks announced Tuesday.
The return of customs clearance for international flights at Van Nuys Airport cleared a hurdle Monday after the Los Angeles Board of Airport Commissioners recommended approval of an agreement between Los Angeles World Airports and Signature Flight Support Inc.
TouchCommerce Inc. moved its global headquarters to a larger space in Agoura Hills, where the company has been located for the past 15 years. The move is to accommodate employee and revenue growth, the company announced Tuesday.
Qualstar receives Nasdaq warning, Wesco's major stockholder will sell shares, Cherokee signs a licensing agreement and Apollo Medical makes an acquisition.
Monday, June 2
An Encino jeweler who received insider-trading tips from former KPMG LLP partner Scott London was sentenced on Monday to a five-month prison term.
The Fallbrook Center outdoor mall in West Hills has sold for $210 million to a San Diego real estate investment trust
Maker Studios will lay off about 10 percent of its workforce this week following the YouTube network’s acquisition by Walt Disney Co.
Los Angeles real estate investment firm Rexford Industrial Realty Inc. announced on Monday it has added to its fast-growing Valley portfolio with a $15.4 million Burbank acquisition.
Proponent of initiative argues the three-part act would reduce medical errors and avoidable patient deaths.
Op-Ed: The case for raising the cap on medical malpractice lawsuits.
Advertising: Petition drive to retain signs roils Santa Clarita.
Advertising: A citizen’s referendum could overturn Santa Clarita’s billboard law.
Real Estate: Veteran jumping from NAI Capital to illi.
Real Estate: Two long-time Valley brokers team up to tackle the retail market.
Burbank player running 75 miles for area cancer group.
Non-Profits: Roy Wiegand takes a run at cancer to raise funds for his son’s lost friend.
North Hollywood native’s anthem scores 9 million YouTube hits.
Music: An anthem for L.A. plays on YouTube, but will it sell merchandise?
Market Watch Summary
Stocks turned in positive results for the two-week period ended May 28.
News and notes from around the greater San Fernando Valley
DreamWorks Animation SKG Inc. will design an education entertainment attraction for a resort complex to open this year in Manila.
Real Estate: Owner carrying out $25 million improvements to Westlake Plaza center.
As competition continues to grow in the Westlake Village retail market, an old shopping center is freshening up.
CPA Robert Oberstein has made a career of representing creative talent in the entertainment industry.
Q&A: Robert Oberstein has spent a career keeping the numbers straight for creative types.
Profile: At Miller Kaplan Arase, forecasting future income from the Internet is a complex science.
Profile: Four brothers make R.C. Baral & Co. Inc. a formidable family firm in Hollywood.
Entertainment: Doing the books not what it was in new digital era.
Entertainment: New markets, technologies and tax regulations have changed the game of Hollywood accounting.
Show Biz - the land of creative accounting, where billion-dollar movies can look like money losers on the backend.
Calabasas, Agoura Hills skirmish over ... office property?
Taxes: Agoura Hills and Calabasas disagree on who should control one particular land parcel.
Expansion: Ferguson Case looks to move beyond core Ventura market.
The largest law firm in Ventura County has opened a new office in Westlake Village to better penetrate the county’s afflucent Conejo Valley market.
Franchising: Move into Valley, L.A. by chain could cost $12 million or more.
When Dunkin’ Brands Group Inc. announced plans to expand its Dunkin’ Donuts chain into Southern California, Aharon Aminpour jumped at the chance to be the Valley franchisee.
Disaster: Donations pour in to Valley shelter that burned down.
The San Fernando Valley Rescue Mission has seen an outpouring of support from local community businesses and organizations following a devastating fire last month that caused $2.5 million in damages.
technology: Motor Vehicle Software Corp. is a leader in the new industry of registering cars electronically for California car dealers.
Technology: When car dealers need new license plates, they use DMVdesk software.
Sun Valley firm sells disaster water rated to last 50 years in can.
Innovation: Sun Valley firm extends timeline for home water storage.