May 17, 2013 |
Tesoro Corp. won federal and state clearance for its purchase of BP's Carson refinery, Arco stations and other assets for $2.4 billion, an acquisition that would further concentrate the state's fuel-making capacity into only two players - Tesoro and Chevron Corp. The twin actions Friday were immediately blasted by consumer advocates as a disaster for California consumers, who already pay some of the nation's highest gasoline and diesel prices. Tesoro and Chevron would control more than half of the refining business in California, which the activist groups contend would allow the two companies to influence what customers pay at the pump.
May 17, 2013 |
State and federal authorities cleared the way Friday for Tesoro Corp. to buy BP's Carson refinery, the Arco brand and other assets, and the Texas oil giant agreed to California restrictions on prices, jobs and retrofits to protect the environment. The $2.5-billion deal, cut in the aftermath of the BP oil drilling disaster in the Gulf of Mexico, could be completed as early as June 1. Under the deal with the California attorney general's office, Tesoro agreed to maintain the 1,000 jobs at its Wilmington refinery for the next two years.
May 2, 2013
Los Angeles stock brokerage Crowell, Weedon & Co. on Wednesday said it was acquired by a larger rival, though terms were not released. Chief Executive Andrew Crowell said his firm was bought by D.A. Davidson & Co. The deal would further strengthen the firms, Crowell said. Combined, they will hold $43.5 billion in client assets, with Crowell Weedon bringing in $9 billion of that. Discussions of a combination began about three years ago, Crowell said, but really took off in the last year and a half.
April 26, 2013 |
On May 21, Angelenos will have the opportunity to elect a new mayor, along with a city attorney, city controller and several City Council members. The importance of this election cannot be overstated. It is generally well known that City Hall shapes tax, regulatory and land-use policies and provides oversight and appointment powers over numerous commissions, departments, agencies and the civil workforce. What many may not know is that it also owns economic assets that are responsible for a large portion of the region's workforce and overall economic horsepower: LAX, the Port of Los Angeles, the Convention Center and the Department of Water and Power.
April 24, 2013 |
Jamie McCourt has no claim to half the proceeds from the sale of the Dodgers and no grounds to throw out a divorce settlement never intended to provide her with that, an attorney for Frank McCourt argued in court Wednesday. Los Angeles Superior Court Judge Scott Gordon heard closing arguments in the matter on Wednesday, then indicated he would not rule before a related procedural hearing on June 5. The Dodgers were sold for $2 billion last year, five months after Jamie McCourt agreed to settle the couple's divorce by relinquishing any claim to the team in exchange for $131 million.
April 23, 2013 |
Assets in 529 college-savings plans are soaring as American families search for ways to offset rising college costs and crushing student-loan debt. As of year-end 2012, investors had more than $166 billion in the college savings accounts, up 25% in a year and nearly 40% in the last two years, according to a study by Morningstar Inc. The increase stems partly from investment gains, particularly in the stock market. But the rise in 529 assets far outdistances the improvement in most stock indexes, such as the Standard & Poor's 500, which was up a bit more than 13% from 2010 to 2012.
CALIFORNIA | LOCAL
April 22, 2013 |
A Los Angeles County judge lifted freeze orders on roughly $3 million in assets belonging to Ramin Salari, the property tax consultant arrested in October on charges that he bribed county Assessor John Noguez to lower tax bills for wealthy clients. On Monday afternoon, Superior Court Judge Shelly Torreabla wrote that prosecutors had been unable “to show good cause” for the freeze orders, which were placed on Salari's property in October and December of last year. She then ordered the district attorney's office to remove liens from Salari's house in Scottsdale, Ariz., and from his mother's home in Encino, and to return four cars, including a BMW, a Mercedes-Benz and a Ferrari.
April 5, 2013 |
Stymied by unsuccessful efforts to craft a deal with Chinese investors to save the company, struggling carmaker Fisker Automotive laid off most of its workers Friday. Analysts said the move, combined with retaining a bankruptcy law firm last month, likely signals the death of the Anaheim company, which was founded by auto designer Henrik Fisker in 2007 with high hopes of selling highly styled hybrid sports cars and sedans. That could leave the federal government essentially owning the automaker.
March 29, 2013 |
Dear Liz: Could you advise us on how to protect our 93-year-old mother's assets if she should become ill or die? She does not have a living will or a trust regarding her two properties. Answer: "If" she should become ill or die? Your mother has been fortunate to have had a long life, presumably without becoming incapacitated, but her luck can't hold out forever. Your mother needs several legal documents to protect both herself and her assets. Perhaps the most important are powers of attorney for healthcare and for finances.
March 15, 2013 |
Two small Southern California credit unions have been shut down by federal regulators, who said they would return deposits to members. Pepsi Cola Federal Credit Union of Buena Park and ICE Federal Credit Union of Inglewood were insolvent, with no prospects for restoring viable operations, the National Credit Union Administration said Friday in news releases . Deposits are federally insured up to $250,000. National Credit Union Administration officials said that no deposits were uninsured and that the agency would send letters to affected individuals within a week.