BRIEFLY L90 ENDS MERGER DEAL WITH E-FIRM.Byline: - From Staff and Wire Reports L90 Inc., a Los Angeles-based online media and direct marketing company, announced Thursday that it has formally terminated its merger agreement with eUniverse Inc. In connection with the termination, L90 paid certain merger-related expenses of eUniverse. Thomas A. Sebastian, L90's chief financial officer, was placed on administrative leave on March 10 and resigned effective Tuesday. L90 is an online media and direct marketing company that works with marketers and publishers to build relationships with customers on the Internet. Hawthorne lands First Fidelity bank EL SEGUNDO El Segundo (ĕl sēgŭn`dō), industrial city (1990 pop. 15,223), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1917. Its products include navigation and computer systems, aircraft parts, office machines, telephone apparatus, and - The parent company of Hawthorne Savings announced Thursday it will acquire First Fidelity Bancorp Inc., parent of First Fidelity Investment and Loan, in a deal valued at $68 million. The acquisition will allow Hawthorne Financial Corp. to further expand into Orange and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. counties. First Fidelity is a privately owned real estate secured lender with $500 million in loan assets secured primarily by Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, real estate, and $413 million in deposits generated from its four branches, two in Orange County and two in San Diego County. Hawthorne is a real estate secured lender with $1.8 billion in assets, and $1.2 billion in deposits generated from its nine branches in Southern California, primarily in the South Bay region of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County. During the past two years, Hawthorne has been increasing its presence in Orange and San Diego counties by lending in the region. One-quarter, or $500 million, of Hawthorne's loan portfolio is secured by real estate in those two counties. First Fidelity's management team will join Hawthorne, said Hawthorne President and Chief Executive Officer Simone Lagomarsino. Nearly 1.3 million shares of Hawthorne Financial stock and $37.4 million in cash will be issued for the 1.8 million shares of First Fidelity Bancorp stock and 88,000 options outstanding. First Fidelity shareholders will have the opportunity to indicate a preference for cash, stock, or a combination of the two. The transaction is expected to be comprised of 55 percent cash and 45 percent stock, and will qualify as a tax-deferred reorganization. The deal is subject to regulatory approval and approval by stockholders of both companies. WorldCom to offer DirecTV service CLINTON, Miss. - WorldCom Inc. said Thursday it will provide DirecTV Broadband Inc. with access to its nationwide digital subscriber line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and services, allowing the DirecTV unit to expand in the West and Midwest. DirecTV Broadband will use WorldCom's network to provide DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary services to residential customers. Terms were not disclosed. Consumer Price Index is up again WASHINGTON - Consumer prices rose modestly in February, lifted by higher costs for clothing, medical care and airline tickets. But shoppers still could find bargains: Prices fell for cars, computers and home furnishings. The Consumer Price Index, a closely watched gauge of inflation, went up 0.2 percent for the second month in a row, the Labor Department The Department of Labor (DOL) administers federal labor laws for the Executive Branch of the federal government. Its mission is "to foster, promote, and develop the welfare of the wage earners of the United States, to improve their working reported Thursday. Those mild increases came after prices dipped in October, November and December. Companies had aggressively cut prices, offered low financing and provided other incentives to lure buyers during the slump. The slight pickup in consumer inflation is consistent with an economy that is recovering from a recession, economists said. $60 million fund is offered in deal SANTA ANA Santa Ana, city, El Salvador Santa Ana (sän'tä ä`nä), city (1993 pop. 129,873), W El Salvador. It is the second largest city in the country and the commercial and processing center for a sugarcane, coffee, and cattle region. - Consumers victimized by an Irvine firm's predatory mortgage practices will have a $60 million fund available for redress of their claims, under terms of a lawsuit settlement announced Thursday. California Attorney General The California Attorney General is the State Attorney General of the government of the state of California in the USA. The officer's duty is to ensure that "the laws of the state are uniformly and adequately enforced" (California Constitution, Article V, Section 13. Bill Lockyer William Westwood "Bill" Lockyer (born May 8, 1941) is the current State Treasurer of California. Prior to this, he served as California's Attorney General and head of the Department of Justice for the U.S. state of California. announced the settlement of a consumer lawsuit against First Alliance Mortgage Co. It requires liquidation of the firm's assets in bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. and creation of a $60 million fund. If a federal judge approves the settlement, the money will be available to borrowers who obtained loans from the company between Jan. 1, 1992, and March 23, 2000, when First Alliance declared bankruptcy, Lockyer said. The settlement is believed to be the largest against a predatory lending company in the country, he said. |
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