Amount Moores Group Is Offering to Peregrine Victims is $55 Million; Originally, Plaintiffs Wanted Over a Billion
John Moores and four other former officials of scandal-plagued and bankrupt Peregrine Systems are offering to pay aggrieved investors a collective $55 million, according to papers on file in U.S. District Court. Originally, plaintiffs had sought almost $1.5 billion from …
Union-Tribune's New Buyout Program Suggests the Company May Be Bought Out Soon, and May Be in Cash Flow Squeeze
The Union-Tribune today (Aug. 28) offered still another buyout program to non-union employees with 5 years or more of service. Full-timers will receive an amount equal to two weeks of base pay for every year of continuous service up to …
Union-Tribune Seeking More Buyouts Today; Details To Come Later
The Union-Tribune, which has pared the payroll sharply in the last two years, today (Aug. 28) offered another buyout package to employees. Some are excepted. I understand employees have to make up their minds in a hurry -- something like …
John Moores and Peregrine Cronies Agree to "Very Significant" Settlement in Civil Suit, but Victims' Lawyers Battle
John Moores, former chairman of the fraud-suffused Peregrine Systems, along with four former officers and directors, has agreed to what a judge calls a "very significant" settlement in a major civil case, according to papers on file in U.S. District …
Amylin Pharmaceuticals Stock Plunging Again on More Bad News on Diabetes Drug
Stock of biotech Amylin Pharmaceuticals is down 23.49 percent today (Aug. 27) to $20.84, the lowest level in three years, as more bad news on its diabetes drug Byetta has been revealed. Those suffering from pancreatitis have died using the …
Asian Households Had Highest Median Incomes in County in 2007, Census Data Show
An analysis by the Center on Policy Initiatives of 2007 U.S. Census Bureau data shows that households of people of Asian extraction had the highest median income in the county: $75,686. In second place were whites at $70,486. Lagging were …
San Diego Single Family Home Prices Have Now Plunged 30 Percent from Their 2005 Peak
San Diego existing single family home prices in June dropped 24.2 percent from a year earlier, according to the Standard & Poor's/Case-Shiller Home Price Indices, revealed this morning (Aug. 26). San Diego was 5th worst among the 20 largest metro …
Canadian Newspaper Company Looking at Union-Tribune; Would Take Advantage of Strong "Loonie"
Black Press Ltd., which produces newspapers in Alberta and British Columbia, Canada, sent its bean counters and press experts to look at the Union-Tribune Friday (Aug. 22). An executive with broad experience in buying and selling media properties led the …
State Lands Commission Approves Lease of State Property for Poseidon's Carlsbad Desalination Plant
The State Lands Commission today (Aug. 22) voted to approve a lease of state property for the Carlsbad desalination plant proposed by Poseidon Resources Corp. Earlier this month, the California Coastal Commission approved the project. Poseidon believes that the favorable …
McCains Have Eight to Eleven Homes -- Two in Coronado, One in La Jolla, Says Blog
Presumptive presidential candidate John McCain doesn't know how many homes he and his wife own, but Talking Points Memo, a popular blog, says it has it figured: eight to eleven. That includes only homes that they live in; it does …
UCSD Tied for 35th in U.S. News's Annual Ranking of Universities
The University of California/San Diego is tied for 35th in this year's newly released ranking of universities by the magazine U.S. News. The others at 35th are Georgia Tech, Lehigh, University of Rochester, and the University of Wisconsin-Madison. The magazine …
Mike Aguirre's Brother Will Be Unpaid Intern
Gary Aguirre, brother of City Attorney Mike Aguirre, will be an "unpaid intern," says his brother Mike. In an earlier post, I reported that Gary, an experienced lawyer who made a bundle practicing in San Diego, had joined the city …
Billionaire Richard Mellon Scaife Not Interested in Buying U-T
Richard Mellon Scaife, the Pittsburgh billionaire who owns newspapers and is a major donor to conservative causes, is not interested in buying the Union-Tribune, I have learned from a source close to him. The rumor that Scaife was interested has …
Mike Aguirre Has Hired His Brother at City Attorney's Office; Flak Expected
City Attorney Mike Aguirre has hired his brother, Gary Aguirre, at the city attorney's office, insiders confirm privately. His brother will be in the criminal division. I could not reach Mike Aguirre last night or this morning (Aug. 21). Gary …
If You Get Pitch from L.A. Company called Property Tax Reassessment, Call the D.A.
People in San Diego County and throughout the state are getting a dubious pitch from a company called Property Tax Reassessment. For a fee of $171, it says it will help you get a reduction in property taxes if the …
Novatel Stock Down 24.3 Percent as Wireless Company Foresees Rough Times
Stock of San Diego's Novatel Wireless, broadband access equipment provider, has plunged 24.3 percent today (Aug. 20) following a weak earnings projection and analyst downgrades. The company expects to be barely profitable in the second quarter, down from a profit …
Maritime Terminals Create Good Jobs, Says Research Institute; Idea to "Double-Deck" 10th Ave. Terminal Would Hurt Economy
The two maritime terminals operated by the Port have an estimated annual economic impact between $1.7 billion and $1.8 billion, says the San Diego Institute for Policy Research. The terminals provide 19,298 jobs that on average pay 28 percent more …
Amylin Strock Plunges 13 Percent As Deaths Reported in Use of its Diabetes Drug
Stock of Amylin Pharmaceuticals plummeted 13 percent today (Aug, 18) to $29.76 as the Food and Drug Administration said it is seeking a stronger warning for the company's Byetta diabetes drug. Last year, the drug accounted for 80 percent of …
San Diego Continues Losing Jobs; Unemployment Rate in July Was 6.4 Percent, Above Nation's 6.0 Percent
San Diego County continues to lose jobs, according to the report for July issued today (Aug. 15) by the state's Employment Development Department. Nonfarm employment declined by 9,100 between June and July of this year. The county lost 4,600 jobs …
Bad News for Copley, Good for KUSI: Cox Selling Austin, Other Papers Amid Gloomier Newspaper Environment
Cox Enterprises has put the Austin American-Statesman up for sale, along with ten papers in smaller cities such as Waco. That will leave Cox with only three papers, including the Atlanta Journal-Constitution. Austin is generally considered a market quite similar …
Co-Counsel in District Attorney's Pension Conflict of Interest Case Takes Job with Superior Court
Will La Fond, who has been co-counsel with Steve Robinson on the district attorney's conflict of interest case against six former City employees and labor leaders, has taken a new job coordinating research lawyers in Superior Court. Deputy District Attorney …
U-T Continues To Overstate Its Circulation Publicly, but a Potential Buyer Won't Be Fooled
On April 28 of this year, the Audit Bureau of Circulations, the official statistics-keeper on newspaper circulation, reported that the Union-Tribune's Monday-Friday circulation was 288,669 for the first six months of 2008. The U-T told its employees recently that June …
Recession Hitting San Diego's Superrich; Some Socialites Wearing the Same Gown Twice; Jewel Ball Doesn't Sell Out
The bear market and economic downturn are taking their toll on San Diego's Beautiful People, reports Margo Schwab, who covers the social scene through "The Social Diary.com." Says Schwab, "Events that always sell out are not. Auction items are less …
Wealthy Local Citizens Discuss Buying U-T, Combining It with KUSI-TV, Possibly Having 24-Hour News Program
A group of wealthy local citizens has approached the Union-Tribune about buying the newspaper, I have confirmed. Michael McKinnon, who along with two sons owns 82.5 percent of the station and its parent, McKinnon Broadcasting, is a major member of …
Mission Hills Nation's 5th Most Overpriced Neighborhood, Says Forbes.com
San Diego's Mission Hills is the country's fifth most overpriced area, according to the new Forbes.com article, "America's Most Overpriced Zip Codes." To be ranked as excessively priced, homebuyers must pay the highest prices relative to what they could pay …
Moores's JMI Knocks Condos Out of Austin Project, Citing San Diego Failures
John Moores's JMI Realty has reduced the size of a planned Austin, Texas building, Hotel Van Zandt, to 16 stories from 29, according to the Austin Business Journal. JMI has scrapped plans for 55 condos in the building that were …