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CoStar’s People of Note (Aug. 8-14)

August 12, 2010

This week’s People of Note includes the following markets: Chicago, Kansas City, Los Angeles, New York City, Northern New Jersey, Philadelphia and San Francisco. NORTHERN NEW JERSEY Bangia Joins Realogy’s Global Client Solutions Team Parsippany…

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Union Bank Senior Vice President Leticia Aguilar Named Regional Executive for Los Angeles and San Bernardino-Riverside

August 5, 2010

Veteran Banker, Community Leader Returns to Los Angeles to Support Union Bank’s Growth

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Video: Sri-Kumar Says U.S. Stock Market Rally Is `Temporary’: Video

August 2, 2010

Aug. 3 (Bloomberg) — Komal Sri-Kumar, chief global strategist at the Trust Company of the West, talks with Bloomberg’s Susan Li about the outlook for U.S. stocks. Sri-Kumar, speaking from Los Angeles, also discusses the outlook for the U.S. economy and Federal Reserve monetary policy. (Source: Bloomberg)

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Ecstasy Surge in Los Angeles Triggers Death, 18 Hospitalized after Rave

June 10, 2010

By Tom Randall June 10 (Bloomberg) — Rising use of the stimulant hallucinogen known as ecstasy led to 18 hospitalizations and one death after a New Year’s Eve dance party attended by 45,000 people in Los Angeles, a U.S. investigation found. The hospitalizations resulted from overdoses during the party, not from contaminated pills, according to the report by the U.S. Centers for Disease Control and Prevention in Atlanta. One patient was admitted to the intensive-care unit with multiple organ failure. Another partygoer, not included in the tally, died after consuming ecstasy, cocaine and heroin. The study is the first to examine a cluster of ecstasy- triggered hospital visits after an all-night electronic dance party known as a rave . Use of the drug is increasing, and many overdoses go underreported, according to the report. The number of patients at treatment programs in Los Angeles County citing ecstasy as their drug of choice increased almost sevenfold from 2005 to 2009. “Patients began to arrive at emergency departments shortly after the rave began,” investigators wrote in the report. “This cluster occurred in the setting of a likely overall increase in ecstasy use in Los Angeles County during 2005-2009, indicating a possible ongoing and underreported public health problem.” The party in the report was held at a rented public facility owned jointly by the city of Los Angeles and the state of California. Three separate stages featured music from 6 p.m. local time on December 31 to 4 a.m. on January 1. Raves are all- night dance parties that began in the 1980s at abandoned warehouses and outdoor areas, according to the report. More recently, raves have become organized events. Ecstasy Preference Forensic specimens containing ecstasy in Los Angeles County more than doubled to 13.4 cases per 100,000 residents in 2009 from 5.2 cases per 100,000 in 2005. Ecstasy preference at clinics increased to 1.65 cases per 100,000 residents, from 0.22 per 100,000, according to the study. A tablet obtained from one of the patients contained equal parts of MDMA, the chemical name for ecstasy, and caffeine. Thirteen of the patients had also ingested alcohol or other drugs including marijuana and prescription medications. About 894,000 people in the U.S. used ecstasy for the first time in 2008, a 45 percent increase from 2005, according to an annual survey conducted by the Substance Abuse and Mental Health Services Administration. To contact the reporter on this story: Tom Randall in New York at trandall6@bloomberg.net .

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Mayors Beat World Leaders Promoting Cycle Paths

June 4, 2010

By Mark Scott and Jeremy van Loon June 4 (Bloomberg) — Los Angeles: city of freeways, smog, and — bike lanes? That’s where Mayor Antonio Villaraigosa wants to take his town. In one of the less likely transformations in the global effort to cut carbon output, Los Angeles plans to spend $230 million on 1,700 miles of bicycle paths, Bloomberg Businessweek reports in its June 7 issue. Most of the program will be completed by 2015, and includes changing rooms, showers, and bike storage areas operated by the city and private partners, the city’s Web site says. It comes on top of subsidies for installing solar panels and incentives for planting trees and switching to electric vehicles. “We have to make a change,” says Michelle Mowery, senior coordinator for the city’s bike program. “We can’t fit any more cars in.” From the freeways of Los Angeles to the canals of Amsterdam, cities are taking the lead in the fight to reduce carbon-dioxide emissions. As world leaders squabble over how to cut greenhouse gases, city hall is becoming the best hope for reducing heat-trapping emissions, Peter Lacy, a sustainability consultant at Accenture, said in an interview. Given their smaller jurisdictions, local officials can green-light eco-projects faster than national programs can be started. ‘Right Now’ “We’re not going to wait for national politicians, we’re acting right now,” Toronto Mayor David Miller said in an interview. His city plans to invest more than $1 billion in public transport and eco-friendly air-conditioning systems for buildings by 2017. The efforts could have a profound impact. Cities are home to more than half the world’s population and pump out more than two-thirds of CO2 globally. That may grow as people flock to megacities in the developing world, Angel Gurria , the secretary general of the Organization for Economic Cooperation and Development, said in Paris last month. “It’s obvious where the fight for a sustainable civilization will be decided, and that’s in large cities,” said Peter Loescher , chief executive officer of Siemens AG, which aims to profit from selling its streetcars, wind turbines, and other technologies to municipalities worldwide. Just as no two cities are alike, there are differences in local strategies. In Toyko, 68 percent of trips are already made by bike, subway, or on foot. Houston residents, by contrast, make 95 percent of their journeys by car. Markets vs Vehicles So while the Texas city is giving officials electric vehicles to reduce emissions, the Japanese capital in April announced a citywide CO2 cap-and-trade program, the kind the U.S. Senate has been unable to pass so far. Copenhagen will spend $1.6 billion by 2012 on bike paths, green energy projects, and retrofitting city buildings, said Frank Jensen, the city’s lord mayor. “We have a responsibility to our citizens to reduce emissions because so much carbon dioxide comes from cities,” he said in an interview. Melbourne plans to bar cars from downtown and offer incentives to developers who invest in efficiency. “It’s a green gold rush,” Melbourne Lord Mayor Robert Doyle said in an interview. London’s Effort London’s Mayor Boris Johnson is targeting a 400 percent increase in cycling over 2001 levels by 2026, according to the Transport for London website. The city’s government is opening designated cycling lanes across the capital it expects will add 120,000 cycle trips per day. The government is also making 6,000 bikes available for the public to rent from this summer. Johnson, who is also considering car-free days to fight pollution in the capital, rode with 65,000 cyclists across London last September. In Amsterdam, city elders are in the midst of a five-year, $1 billion program to improve creaking infrastructure. All of Amsterdam’s 2,400 houseboats have been fitted to use electricity instead of diesel. They’re now converting cargo barges as well. And some 300 homes are testing display panels that show energy usage in real-time, a program that may be expanded citywide. If residents can be convinced to take advantage of the technology to cut power use at peak times, their electricity bills could fall by up to 40 percent, said Ger Baron, senior project manager at the venture overseeing the project. “Our biggest challenge is changing people’s habits,” he said. Not to be outdone, New York has laid out a program called “PlaNYC.” The measures includes tax breaks for solar panels, legal changes that spur property owners to make buildings more energy-efficient, and power plants that use food waste and wood chips. Though a proposal to charge a congestion fee for drivers entering much of Manhattan was scrapped, New York officials aim to quadruple its 450 miles of bicycle paths by 2030. New York’s plan has even sparked envy on the West Coast. “Los Angeles isn’t New York,” said L.A. cycling chief Mowery. “But we’re getting there.” To contact the reporters on this story: Mark Scott in London at mscott50@bloomberg.net . Jeremy Van Loon in Berlin at jvanloon@bloomberg.net

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CoStar’s People of Note (May 23-29)

May 27, 2010

This week’s People of Note includes the following markets: Atlanta, Charlotte, Houston Los Angeles, New York City and Retail LOS ANGELES, RETAIL Champion Targets $500M in Retail Acquisitions; Boss to Lead Initiative Champion Real Estate Co. announced…

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Customer Stuck With Counterfeit Money From The Post Office

May 25, 2010

A business inadvertently gives you counterfeit money — are you stuck with it? In most cases, yes. But what if that business happens to be a branch of the federal government? Los Angeles resident David Lipin found himself asking this question the other day after he cashed a $1,000 Postal Service money order at a West Hollywood post office.

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New Science and Technology Practice Leader Joins SmithGroup in Washington, D.C.

May 20, 2010

WASHINGTON, DC–(Marketwire – May 20, 2010) – H. Michael Smith, AIA, LEED AP, has joined SmithGroup ‘s Washington, DC office as Science and Technology Practice Leader. He relocated from the firm’s Los Angeles office where he led their Southern California science studio. Smith’s move will enhance SmithGroup’s science and technology capabilities in the Mid-Atlantic region in response to growing academic, biomedical and government laboratory design opportunities.

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New Science and Technology Practice Leader Joins SmithGroup in Washington, D.C.

May 20, 2010

WASHINGTON, DC–(Marketwire – May 20, 2010) – H. Michael Smith, AIA, LEED AP, has joined SmithGroup ‘s Washington, DC office as Science and Technology Practice Leader. He relocated from the firm’s Los Angeles office where he led their Southern California science studio. Smith’s move will enhance SmithGroup’s science and technology capabilities in the Mid-Atlantic region in response to growing academic, biomedical and government laboratory design opportunities.

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CoStar’s People of Note (May 9-15)

May 13, 2010

This week’s People of Note includes the following markets: Chicago, Los Angeles, New York City, Northern New Jersey and Orange County. LOS ANGELES Mumper Joins Colliers in Greater L.A. Hans Mumper was named managing director in Colliers International…

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CoStar’s People of Note (April 25-May 1)

April 29, 2010

This week’s People of Note includes the following markets: Atlanta, Baltimore, Boston, Los Angeles, New York City, Sacramento and Pittsburgh ATLANTA, BALTIMORE, BOSTON, LOS ANGELES, NEW YORK CITY CBRE Investors Names Khourie as CEO Matt Khourie…

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Toyota Lawsuits: LA Court Chosen By US Panel For Toyota Lawsuits

April 9, 2010

MIAMI — A federal judge in Southern California was chosen Friday to preside over more than 200 lawsuits filed against Toyota in the aftermath of the automaker’s sudden acceleration problems, which could potentially mushroom into one of the nation’s biggest product liability cases. A judicial panel consolidated the ever-growing list of cases before U.S. District Judge James V. Selna, 65, a 2003 appointee of former President George W. Bush. Selna’s court is in Orange County, Calif., near Los Angeles and close to Toyota’s U.S. headquarters. “This is a big milestone in what will be a very historic case,” said Tim Howard, a Northeastern University law professor who leads a group of attorneys in 26 states who are suing Toyota. Attorneys estimate that if Toyota were to settle the cases for even a modest payout to affected motorists, it could cost the company at least $3 billion and possibly much more. In comparison, drugmaker Merck & Co. has paid more than $4.8 billion into a settlement fund for tens of thousands of claims from people who used its withdrawn painkiller Vioxx. Selna, one of six federal judges in Orange County, will hear important pretrial motions for all cases, eventually leading to trial, settlement or dismissal of the lawsuits. Selna declined comment through a spokeswoman. Attorney Mark Robinson Jr., who practices in Orange County and is representing Toyota owners in some of the cases, said Selna has broad experience with more than 28 years as a practicing lawyer before his appointment to the federal bench. “He’s a very skilled judge. He will do everything appropriately,” said Robinson, who is best known for negotiating a $128 million settlement in a case involving exploding fuel tanks on the Ford Pinto. Toyota, in a statement, said it is “pleased with the decision and the location” of the consolidation of lawsuits. More than 130 lawsuits are potential class-action cases filed by Toyota owners who claim their vehicles plummeted in value after the recalls. A key early decision in those cases is whether to establish millions of similar Toyota owners as a single class, meaning all would be affected by a potential damages award or settlement. At least 100 other lawsuits seek damages from Toyota for injuries or deaths attributed to sudden acceleration, which the U.S. Judicial Panel on Multidistrict Litigation determined should also be part of the centralized case. “The liability discovery in all the cases will certainly overlap,” the panel said in its ruling. The lawsuits began appearing last fall as Toyota initiated the first of a series of recalls eventually involving about 8 million vehicles – including about 6 million in the U.S. – over acceleration problems in several models and brake issues with the popular Prius hybrid. The National Highway Traffic Safety Administration, which has linked 52 deaths to acceleration problems, this week imposed a record $16.4 million fine on the Japanese automaker for failing to disclose its safety problems to the government in a timely manner. NHTSA said in a letter to Toyota released Friday that it is considering a second civil penalty against the automaker because the accelerator pedals at issue “exhibit two separate defects that may require two separate remedies,” NHTSA chief counsel O. Kevin Vincent wrote. Many of the lawsuits blame the acceleration problems on glitches in Toyota’s electronic throttle controls, which the company has repeatedly denied. The company traces the issue to sometimes-sticky acceleration pedals and accelerators that can become jammed in floor mats. “The result of these decisions by Toyota was to expose millions of American drivers, passengers and pedestrians to the dangers of driving with a sticking accelerator pedal,” Vincent wrote. Toyota has until April 19 to accept or contest the original $16.4 million fine. Selna, the judge chosen to preside over the consolidated lawsuits, was previously a partner at a Los Angeles law firm that focused on antitrust litigation. In one of his better-known cases, last May Selna ruled that a public high school history teacher violated the First Amendment when he called creationism “superstitious nonsense” during a classroom lecture. The lawsuit was filed by a student in 2007 who claimed teacher James Corbett violated the amendment’s establishment clause by making repeated comments in class that were hostile to Christian beliefs. Toyota favored Los Angeles as the location for consolidation of the lawsuits, near its U.S. headquarters in Torrance, Calif., and a relatively easy trip from Japan. Other attorneys suing Toyota pushed for Kentucky – where Toyota has a large plant and engineering facility – as well as Louisiana, New Jersey, Ohio, South Carolina, New York and elsewhere. Howard, the plaintiffs’ attorney and Northeastern University law professor, said the California location makes sense and also presents some obstacles. “There are a lot of efficiencies because the corporate headquarters is there. It’s easy to get flights to Japan,” Howard said. “But there are some challenges, because a lot of the evidence is nationwide and the cases are nationwide.” _____ Associated Press writers Ken Thomas in Washington and Greg Risling in Los Angeles contributed to this story.

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LA May Sell 88B In Bonds

March 27, 2010

Los Angeles is planning to raise up to 88 billion in bond sales

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LA May Sell 88B In Bonds

March 27, 2010

Los Angeles is planning to raise up to 88 billion in bond sales

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Cash-Strapped State Governments Hike Traffic Fees

March 20, 2010

LOS ANGELES — Shomari Jennings was willing to pay the $70 ticket he received for driving without a seatbelt, but not the slew of tacked-on fees and penalties that ballooned the cost more than tenfold. Every $10 of his base fine triggered a $26 “penalty assessment” for courthouse construction, a DNA identification program, emergency medical services and other programs. Other fees ranged from $1 to $35. “It’s the new tax,” Jennings, 30, complained while waiting in traffic court to contest a staggering bill compounded by a $500 fine for missing a court date. And motorists can only expect more of the same as cash-strapped cities and states consider measures ranging from expansion of red-light camera systems to charging drivers for cleanup after accidents. In Iowa, lawmakers grappling with shortfalls in the state’s public safety budget are exploring ways to increase fines for traffic violations. There’s a proposal in Maryland to add a $7.50 charge to traffic fines to help pay for law enforcement and fire protection equipment. Cash-strapped California, however, is seeing some of the most aggressive efforts to squeeze money out of motorists. Last year, lawmakers agreed to a budget deal that nearly doubled the vehicle license fee that owners pay when they register their cars every year. The fee rose from .65 percent of a vehicle’s value to 1.15 percent. A significant portion of the revenue goes to the state’s general fund, and the rest to local crime prevention programs. This year, Gov. Arnold Schwarzenegger suggested retrofitting 500 city and county traffic cameras to cite not only drivers who blow through red lights but speeders, too. The state, facing a $20 billion deficit, would collect 85 percent of the money, using the projected $338 million to help pay for courts and court security. An estimated 60 local governments, including fire protection districts and municipalities, have in place or are considering plans to send accident cleanup bills to drivers involved in a crash, according to the Association of California Insurance Companies. “It’s really victimizing people twice,” said Samuel Sorich, the association’s president. Many insurance companies do not cover cleanup fees, he added, and if the practice becomes widespread it could lead to higher premiums. In Los Angeles, city officials are thinking about doubling red-light cameras to 64 intersections. Last year, 44,000 red-light camera tickets were issued in the city, netting more than $6 million. The fine for running a red light is nearly $500 when city and county fees combined with various penalty assessments, which are set by the Legislature, and traffic school are factored in. The majority of the red-light camera citations, however, were for making right turns without a full stop, a $381 violation. Steve Finnegan, government affairs manager for the Automobile Club of Southern California, said the cameras are justified when they’re intended to stop drivers from running red lights, but when they’re used for citing less dangerous right-turn violations motorists can get cynical about their purpose. “One has to question if finance isn’t a part of the motivating factor for putting in these cameras,” Finnegan said. He noted that Schwarzenegger’s red-light camera idea was included in a budget proposal. “This is clearly a financial proposal,” he said. “It’s not being driven by safety consideration.” The importance of revenue from traffic fines is evident in the competition among governments to control it. A Los Angeles city councilman who is critical of the high cost of red-light tickets thinks it can be reduced if the city starts to process the citations. Dennis Zine contends that the switch would increase revenue for the city and take some of the burden off the county courts. State Sen. Jenny Oropeza, however, has introduced legislation prohibiting local governments from collecting and keeping traffic fines. Zine argues that the city pays for the cameras as well as training and equipping police. “The state collects a majority of the fine for doing nothing when we’re burdened with all the responsibilities,” he said. Los Angeles, which is facing a $212 million budget gap this fiscal year, is also lobbying to change the state vehicle code to allow placement of immobilizing “boots” on cars with as few as three unpaid parking tickets. Currently, the law allows booting after five accumulated parking tickets. The change could help the city collect up to $61 million in overdue parking citations, according to a transportation department analysis. Drivers, meanwhile, already face a greater likelihood of being hit with fines under existing laws. Citations for traffic infractions across Los Angeles County in the last fiscal year jumped more than 150,000 above the previous year’s 1.67 million, indicating stepped-up enforcement. In the midst of recession, that means more people coming to court to fight tickets or to admit fault and ask to perform community service instead of paying fines. Coupled with reduced hours and furlough days due to state budget cuts, the result is long lines of people snaking out the door of the county’s biggest traffic court. “That’s not surprising if your red light ticket is now $500,” said Judge Gail Ruderman Feuer, who supervises the Metropolitan courthouse. “You have more people coming into court in hopes of getting a break.” But even a break can have too high a price. Lupe Ocaranza, 20, said she was assigned 60 hours of service in lieu of a $500 fine for driving with an expired license. After doing 27 hours of janitorial duties at a school she decided to pay a reduced $270 fine. “I can’t afford to miss work for this,” she said.

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E! Renews HQ Lease in Los Angeles

March 14, 2010

E! Entertainment Television has re-upped its headquarters lease in Los Angeles, signing a 10-year renewal at Wilshire Courtyard. Comcast’s popular entertainment network occupies a total of 335,304 square feet at 5700 and 5750 Wilshire Blvd. It is…

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Blog About Your Small Business For The Huffington Post

March 11, 2010

We are launching a small business group blog! Using our four local verticals—New York, Chicago, Denver, and Los Angeles—as a guide, we’ll pick about ten small business owners to blog about their experiences owning a small business in America. We’re looking for anyone from community bank owners to hot dog stand vendors. Are you a small business owner in Los Angeles, New York, Denver or Chicago? Would you like to blog for the Huffington Post about your experiences? If so, fill out the form below! Loading…

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Los Angeles cuts 4,000 state jobs

February 20, 2010

Los Angeles cuts 4,000 state jobs

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Beijing Seen Vacant for 50% Commercial as Chanos Predicts Crash (Bloomberg)

February 12, 2010

Feb. 12 (Bloomberg) — Jack Rodman , who has made a career of selling soured property loans from Los Angeles to Tokyo, sees a crash looming in China. He keeps a slide show on his computer of empty office buildings in Beijing, his home since 2002. The tally: 55, with another dozen candidates.

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Los Angeles eliminates 1,000 city jobs

February 7, 2010

Los Angeles eliminates 1,000 city jobs

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Los Angeles- Beyonce wins six early Grammys

February 1, 2010

Los Angeles- Beyonce wins six early Grammys

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Polanski Must Come to U.S. to Be Sentenced in 1977 Sex Case, Judge Rules

January 23, 2010

By Edvard Pettersson Jan. 23 (Bloomberg) — Film director Roman Polanski will have to return to California to be sentenced, more than 32 years after he pleaded guilty to having sex with a 13-year-old girl, a judge said. California Superior Court Judge Peter Espinoza , at a hearing yesterday in Los Angeles, denied Polanski’s request to be sentenced in absentia. The judge, who last year denied Polanski’s request to dismiss the case for alleged judicial and prosecutorial misconduct, said that as a fugitive, Polanski must surrender to the court before he can get a hearing. Polanski’s lawyers had sought a sentencing hearing, without the director present, to provide evidence that the original judge in 1977 had agreed not to incarcerate Polanski after he had undergone a diagnostic study at Chino State Prison. Polanski should be sentenced to the time he served in prison, which was 42 days, his lawyers said in court filings. “I do not disagree that the intended sentence was the time spent in Chino, but it was never imposed,” Espinoza said at yesterday’s hearing. Polanski, 76, is under house arrest at his Swiss ski chalet while waiting for a decision on a U.S. extradition request. The director, who fled California in 1978 before he was sentenced, was arrested at Zurich airport Sept. 26 as he arrived to collect an award at the city’s film festival. A French and Polish citizen, Polanski has been living in Paris since fleeing the U.S. His lawyers said he fled because the judge at the time reneged on the promise not to send him back to prison. Original Charges Polanski was initially charged with six felony counts on allegations he drugged and raped then 13-year-old Samantha Geimer during a photo shoot at actor Jack Nicholson’s house. He later pleaded guilty to one count of unlawful sexual conduct with a minor after the girl’s family asked prosecutors to avoid a jury trial. Yesterday, Espinoza denied a request by a lawyer representing Geimer for a hearing on alleged misconduct by the judge and a prosecutor in 1977 and 1978. Geimer joined Polanski’s request in December 2008 to have the case dismissed and has opposed the Los Angeles District Attorney’s attempt to extradite him. Lawyers for Polanski claim the judge, Laurence Rittenband, ordered Polanski in 1977 to undergo a 90-day diagnostic study and said that would constitute his entire punishment. The judge reneged on that promise, encouraged by a prosecutor not assigned to the case, after Polanski was released after only 42 days, his lawyers said. ‘Corrupt Judge’ “Mr. Polanski did not flee from justice,” Chad Hummel , one of Polanski’s lawyers said at yesterday’s hearing. “Mr. Polanski left the country because a corrupt judge threatened to sentence him a second time.” Deputy District Attorney David Walgren said at the hearing that prosecutors want a resolution to the case and that it was up to Polanski to surrender. Walgren, when asked by Hummel, didn’t say what prison term he would be seeking if Polanski returns to California. In a filing with the Swiss government, prosecutors said Polanski faces a prison sentence of as long as two years. Hummel declined to comment after the hearing. The case is People of the State of California v. Roman Polanski, A334139, California Superior Court (Los Angeles). To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net .

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Fox Is Interested in Conan O’Brien, Says Contract With NBC Poses Obstacle

January 8, 2010

By Andy Fixmer Jan. 8 (Bloomberg) — News Corp.’s Fox network said it’s interested in hiring Conan O’Brien for late-night programming. O’Brien’s contract with NBC is an impediment, Los Angeles- based Fox said today in an e-mailed statement. To contact the reporter on this story: Andrew Fixmer in Los Angeles at afixmer@bloomberg.net

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Slow recovery forecast for Denver commercial real estate in 2010

January 8, 2010

predicted Friday that the Denver areas commercial real estate market will start a slow recovery in 2010, ahead of the national commercial market thats expected to bounce back in 2011. Based in Los Angeles, publicly traded Grubb &

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Societe Generale’s TCW Group Sues Gundlach After Defections to DoubleLine

January 7, 2010

By Sree Vidya Bhaktavatsalam and Edvard Pettersson Jan. 7 (Bloomberg) — TCW Group Inc., the Los Angeles-based unit of Societe Generale , sued former investment chief Jeffrey Gundlach after more than half of the fund’s fixed-income investment professionals joined Gundlach’s new firm. TCW, in a complaint filed today in state court in Los Angeles, accuses Gundlach and some of the employees who joined DoubleLine Capital LP of breach of fiduciary duty, unfair competition and misappropriation of confidential information. TCW seeks more than $200 million in damages, according to the complaint. “The allegations are clearly untrue and will be easily proven to be untrue,” Gundlach said in a phone interview. “We are focused on the future and our clients.” Gundlach, 50, was fired by TCW on Dec. 4, the same day that the firm acquired a rival investment company, Metropolitan West Asset Management LLC. TCW said it dismissed Gundlach because he threatened to quit and take key people with him. Gundlach disputed that assertion, saying that he heard TCW and Paris- based Societe Generale wanted to fire him. Gundlach started DoubleLine with financial backing from Oaktree Capital Management LP , founded by former TCW managers including Howard Marks , who left TCW in 1995. About 40 of the 65 investment professionals at TCW’s fixed-income group have left for DoubleLine since its founding on Dec. 14. Barach, Redell Those included portfolio manager Philip Barach , who was made president of DoubleLine, and Ronald Redell , who formerly led TCW’s mutual-fund unit. The dismissal and subsequent departures triggered withdrawals by investors in the TCW Total Return Fund. Under Gundlach and Barach, that fund had beaten 99 percent of similarly managed funds. The fund, which had $12 billion as of Dec. 4, had about $6.2 billion as of Jan. 4, according to data from Morningstar Inc. in Chicago. TCW also liquidated a fund raised to participate in the U.S. Treasury Department’s program to buy mortgage securities from banks. The case is Trust Company of the West v. Jeffrey Gundlach, BC429385, Superior Court of California (Los Angeles). To contact the reporter on this story: Edvard Pettersson in Los Angeles at epettersson@bloomberg.net ; Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net

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Johnson & Johnson Heir Casey Johnson Found Dead in Hollywood, Police Say

January 4, 2010

By Greg Chang Jan. 4 (Bloomberg) — Casey Johnson, a Johnson & Johnson heir, has died, a Los Angeles police spokeswoman and a family spokesman said.

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Unical Aviation Inks Largest Industrial Lease in Los Angeles This Year

December 15, 2009

Unical Aviation is relocating its corporate headquarters and warehouse, signing a long-term lease for a facility in City of Industry, CA. The deal is valued at $20.6 million. At 467,119 square feet, it is the largest industrial lease in Los Angeles…

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