December 17, 1991 |
A Louisville, Ky., energy services company has completed its acquisition of Hadson Power Systems Inc., a builder and operator of electrical plants, for $50.5 million in cash. The company's parent, Hadson Corp. of Oklahoma City, sold the Irvine subsidiary to LG&E Energy Systems Inc., a subsidiary of LG&E Energy Corp. of Louisville. Company officials did not say whether any jobs will be lost as a result of the change in ownership. Hadson Power employs 1,000 people in Irvine.
CALIFORNIA | LOCAL
November 29, 1991 |
A "Wish Tree" bearing holiday gift requests from people with developmental disabilities will be placed in the Huntington Center mall near the J.C. Penney store on Saturday, with other trees to be placed around the county soon after. The trees bear gift wishes from about 900 disabled people of ages 2 months to 90 years, all clients of the Developmental Disabilities Center of Orange County.
February 14, 1991 |
Hadson Power Systems in Irvine and Virginia-based Westmoreland Energy Inc. said Wednesday that they have received the federal and state approvals needed to go ahead with their joint venture to build a 165-megawatt coal-fired cogeneration plant in Roanoke Rapids, N.C. The $285-million project, known as Roanoke Valley, will sell electricity to North Carolina Power and steam to Patch Rubber Co., the rubber products unit of British-based Myers Industries.
April 4, 1991 |
The office market around John Wayne Airport is showing signs of life as a major tenant says it has leased space in an office tower there and an even bigger tenant is also shopping the neighborhood. Ultrasystems Inc., an Irvine energy company, has signed a lease for 87,000 square feet--about four floors--at a Koll Co. high-rise at 2020 Main St. in Irvine. Ultrasystems isn't expected to move in before July because the company has been put on the block by its parent, Oklahoma's Hadson Corp.
April 14, 1988 |
A San Diego County company has ended a licensing agreement with Ultrasystems involving the Irvine-based engineering and construction firm's struggling business in micro-cogeneration power systems. Design Systems Research and Development, a small energy-consulting company in Alpine, said Wednesday it has ended the 2-year-old licensing agreement. The license gave Ultrasystems worldwide rights to patented technology used in micro-cogenerators. The patents are held by Craig L.
September 1, 1989 |
The Securities and Exchange Commission Thursday accused a former Ultrasystems executive of insider trading shortly before Hadson Corp. announced that it was buying the Irvine engineering concern in 1987. The executive, Gerald A. Horwitz, consented to give up $1,700 in profits and pay a fine of $1,400, the commission said. Without admitting guilt, Horwitz also agreed not to violate insider trading laws.
June 5, 1990 |
Ultrasystems Engineers and Constructors said Monday that it had won a $14-million contract to build a unique facility that will convert methane gas from landfills into diesel fuel and other useful materials. If the experimental project in Pueblo, Colo., is successful, it could open the way for dozens of similar facilities at landfills in Southern California and elsewhere, said Ultrasystems Vice President Jackson Yu.
CALIFORNIA | LOCAL
February 5, 1988 |
Sioux leaders chose a 59-year-old Newport Beach man Thursday to be their first war chief in more than a century and lead the battle to recover their ancestral land in the Black Hills of South Dakota. Phillip J. Stevens was named to this post, a Sioux spokesman said, so the Sioux tribes could show a united front in their campaign to persuade the federal government to pay $3.1 billion in reparations and return 1.3 million acres in South Dakota.
March 20, 1991 |
In an unusual use of insider trading laws, the Securities and Exchange Commission filed charges Tuesday against the founder and former chairman of Irvine-based Ultrasystems Inc., accusing him of illegally leaking bad news about the company's earnings to a select group of stock analysts in 1987. The retired executive, Phillip J. Stevens, 62, of Newport Beach, simultaneously agreed to settle the civil charges and pay $126,455 in penalties, without admitting or denying the allegations.