Elaine M Ornitz

Top officials of Ocean Pacific Sunwear Ltd., one of the nation's largest surf-wear companies, on Friday denied allegations by its largest stake-holder that the company is "hopelessly insolvent." Elaine M. Ornitz, who owns more than 30% of the partnership that controls the Tustin company, alleged in a lawsuit that "nothing short of a sale" or a massive cash infusion could save the partnership from bankruptcy.

Top officials of Ocean Pacific Sunwear Ltd., one of the nation's largest surf-wear companies, on Friday denied allegations by its largest stake-holder that the company is "hopelessly insolvent." Elaine M. Ornitz, who owns more than 30% of the partnership that controls the Tustin company, alleged in a lawsuit that "nothing short of a sale" or a massive cash infusion could save the partnership from bankruptcy.

The biggest stake holder in Tustin-based Ocean Pacific Sunwear Ltd. has sued the surf-wear company for fraud, contending that it is "hopelessly insolvent." OP officials Friday insisted that the company is healthy. Elaine M. Ornitz, who owns more than 30% of the partnership that controls the company, alleged in a lawsuit that "nothing short of a sale" or massive cash infusion can save the partnership from bankruptcy.

The biggest stake holder in Tustin-based Ocean Pacific Sunwear Ltd., one of the nation's largest surf-wear companies, has filed a lawsuit that alleges fraud and that the partnership is "hopelessly insolvent," it was learned Thursday. Elaine M. Ornitz, who gained control of more than 30% of the partnership that controls the company after the 1988 death of her husband, Lawrence D. Ornitz, states that "nothing short of a sale" or massive cash infusion can save the partnership from bankruptcy.

Ocean Pacific Sunwear Ltd., licensers and manufacturers of the nation's best-selling brands of surf wear, said Wednesday that it has agreed to sell the company to a West Coast investment group. Financial terms of the deal and the identity of the buyer were not disclosed. "We're pleased with the financial strength of the West Coast investor group and we think they have very solid plans about going forward with the company," said Mike Balmages, senior executive vice president.