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Thursday, Nov 30, 2023

The Digest

The Digest A ROUNDUP OF SAN FERNANDO VALLEY NEWS OCP Settles Patent Suit Optical Communication Products Inc. has resolved its pending patent infringement lawsuit with Stratos Lightwave Inc. The lawsuit, originally filed by Methode Electronics Inc. in October 1999 against OCP and Infineon Technologies Corp., alleged that OCP’s 1×9 pin configuration products and its gigabit interface converter (GBIC) products infringe on one or more of Methode’s patents. Stratos Lightwave, a Methode spin-off and assignee of the patents-in-suit, was added as an additional plaintiff to the lawsuit in June 2000. The settlement resolves all claims in the lawsuit among OCP, Stratos Lightwave and Methode Electronics. As part of the settlement, OCP has entered into a license agreement with Stratos Lightwave covering Stratos Lightwave’s portfolio of optoelectronic transceiver patents. First State Bank Plans Stock Split First State Bank of California has proposed a two-for-one stock split of the bank’s common stock. Although the split is subject to approval by the California Department of Financial Institutions and the required filings with the California Secretary of State, it is anticipated that the stock split will be effective and will be paid to shareholders during the second quarter of 2002. As of March 31, the bank’s total assets were $126 million, compared to $94 million on March 31, 2001, a 34-percent increase. Over the same period, total deposits increased from $84.4 million to $114.5 million, representing 35-percent growth. First State Bank of California is headquartered in Granada Hills and also has a full service branch in Burbank. Wireless Becomes 2KSounds Wireless Synergies Inc., an integrated music company located in Woodland Hills, and 2KSounds Inc. have consummated their previously announced merger and 2KSounds is now a wholly-owned subsidiary of Wireless. John Guidon, Michael Blakey, Bruce Gladstone and J. Michael Nixon, each a member of the 2Ksounds board, were appointed to serve as the directors of Wireless until the next annual meeting of Wireless stockholders. Wireless Synergies issued 15.5 million shares of its common stock in exchange for all of the outstanding capital stock of 2KSounds. That represents 77.5 percent of the total number of outstanding shares of common stock of Wireless. Following the closing of the merger, the new board announced that it had approved a change in the name of Wireless to 2KSounds Corp., and that the company intends to complete a 20-for-1 forward split of its outstanding common stock. Boesky Signs On to Help Tremor Tremor Entertainment Inc. in Burbank has retained Boesky & Company to assist it with strategic planning, mergers and acquisitions, as well as organizational and marketing development. Prior to establishing Boesky & Company three years ago, Keith Boesky was President of Eidos Interactive Inc., where he focused on expansion of Eidos properties, including “Tomb Raider: Starring Lara Croft, ” into film, toys and publishing, as well as the acquisition of new properties, such as “Fear Effect” and “Final Fantasy VII.” Tremor has developed games for Sega Dreamcast and Sony Playstation II. Tremor is currently developing an original title under the Microsoft label. Jackson Fed Buys Glendale Branch Jackson Federal Bank has bought a Glendale branch of Fremont Investment & Loan with $108 million in deposits. The branch is on Brand Boulevard in Glendale. The deal increases the number of Jackson Federal branches in Southern California to 15. Lockheed Martin Settles Skunk Works Suit Lockheed Martin Corp. has agreed to pay $1.25 million to settle all outstanding claims by residents who contend they were sickened by chemical contamination at the company’s former Skunk Works in Burbank. The settlement ends a six-year legal battle over lingering toxins at the 300-acre site where the F-117A stealth fighter, among other military aircraft, was designed, tested and built. It was declared a federal Superfund cleanup site in 1986. Since 1996, Lockheed has paid $66 million in three legal actions over toxic contamination. This was the only remaining case. The lawsuits focused on the dumping of perchloroethylene, or PCE, and trichloroethylene, or TCE, from the old Lockheed plant into the air, soil and ground water near homes. Another Home Sales Record Residential real estate activity in the San Fernando Valley increased 9 percent in March even as the number of homes listed continued to drop. According to the Southland Regional Association of Realtors, a total of 1,192 single-family homes closed escrow in March, 12.7 percent more than in March 2001 and 38.4 percent more than in February. Condominium resales of 457 were virtually the same as a year ago, but up 29.8 percent from this February. The 2,677 active listings at the end of March were down 36.8 percent from a year ago. The median price of a single-family home hit a record high of $285,000, surpassing the prior record set this January. The median price was 15.6 percent higher than a year ago and 3.1 percent ahead of the median posted in February. The condominium median resale price of $175,000 was up 14.4 percent from a year ago and up 6.1 percent over the previous month.

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