Last month, the median price of an Orange County home was $425,000, and if we compare the price of August, it was a 3.4 percent decline from that. In August, the median home price was $440,000. Now, the county’s home prices are off $145,000 or 25 percent from a year ago and about 34 percent from June 2007, that which was county’s all-time high prices.

The county witnessed sale of 2,667 homes in September, which was up 62 percent from previous year’s record-low levels. But, sales volume was down about 2 percent from August. Foreclosure resales accounted for 37 percent of the county’s total sales in last month.

In the same month, the median price of a Southern California home was $308,500, a 33 percent drop from a year ago and 6.5 percent from August. The total sales in Southland were up 65 percent from a year ago. Reportedly, foreclosed home sales accounted half of all Southland sales in September.

“We have tried to provide a voice for Orange County with ‘Daybreak OC,” said Bert Ellis. “Unfortunately, the L.A. advertising market has declined precipitously and is just too weak to support ‘Daybreak OC,’ which is an extremely expensive proposition for our station.”

However, he added, “At some point in time, I’m going to bring it back.” “I just don’t have confidence in the economy. And advertising isn’t a leading indicator. It will take a good while to come back.”

In August, “Daybreak OC” was switched back from a two-hour broadcast starting at 6 a.m. to a one-hour show starting at 10 a.m., in order to stand out from the direct competition with Los Angeles-based morning TV shows. KDOC is the Orange County’s only commercial broadcast station, that reruns programs like, “Get Smart” and “Magnum P.I.”

Quest Software shares closed up 5% on a market value of almost 1.2 billion dollars. A lot of people who were investing in the stock began to react to the company’s announcement that it is planning to buy back $135 million to $400 million worth of its shares.

Wall Street generally likes buybacks. It is due to the fact that buybacks boost a favorite number of analysts and investors—profits expressed on a per share basis.

In a statement, the company said Douglas Garn, currently its president, will also serve as Quest’s CEO.

Quest also said Wednesday “it will buy back between $135 million and $400 million of its stock in a Dutch auction tender offer.”  The price range was set from $13.25 to $15.50.”

Quest said it would try to raise debt funding of up to $300 million, but that if it can’t borrow money on acceptable terms, it will go ahead with the offer or buy back shares on the open market using cash on hand.

The company said Smith, the former CEO, plans to tender 3 million shares, about 9 percent of his stake.

There was a split of 3-3 for the delegation for the approval of the revised bailout that came out on Friday.

Loretta Sanchez, the delegation’s only Democrat and the one who represents parts of Santa Ana, Garden Grove and Anaheim, kept her “no” vote from Monday

Republicans Dana Rohrabacher, also held their "no" votes from Monday.

Three backers who were from the original plan gave their individual votes for the Friday’s revised version.

• John Campbell, a Republican who represents Irvine, parts of Newport Beach and South County.
• Ken Calvert, who represents parts of South County.
• Gary Miller, representing northern, eastern and southern parts of the county.

"Senators and representatives can now know that a ‘yes’ vote on the financial rescue plan is now a vote to rescue America’s working families from this financial crisis, with the right tax relief at just the right time," Baucus, Senate Finance Committee Chairman, said in a statement.

The revised bailout plan 263-171, has been passed by the The House of Representatives, with big gains on Wall Street beforehand on expectations of approval. On Monday, the House voted down 228-205, sending stocks sharply lower. It was the initial version of the bailout plan.

John Campbell, who represents Irvine, parts of Newport Beach and South County voted for the emergency rescue package and urged his colleagues to support the legislation. “I desperately hope and pray that we as a body, Democrats and Republicans alike, have the courage to pass this bill,” said Campbell. Other two Orange County representatives who joined him were Ken Calvert and Gary Miller.

On the contrary, fellow Orange County’s congress members namely, Dana Rohrabacher, Loretta Sanchez and Ed Royce didn’t support the bailout plan. Sanchez stated explaining her opposition, “this package does not do enough to help the average American keep their home, and to ensure that the Wall Street executives that got us in to this mess don’t walk away with millions of dollars.”

And Dana Rohrabacher called the legislation an example of “hysteria-based policy making,” and said, “Emergency measures without policy reform to correct what brought you to the emergency in the first place makes no sense.”

Owing to such regional delegation split on the plan, the House of Representatives ultimately rejected the bailout bill on a 228-205 vote on Monday. As a result of the rejection, Orange County’s stocks fell severely with the broader market.

The 26,600 jobs loss over the last 12 months was however slightly tempered from July. August saw the second highest job loss in this year after July’s 30,000 job loss. Now, the local unemployment edged up to 5.8 percent, up from July’s 5.7 percent and 4.2 percent from a year earlier. The 5.8 percent is the highest jobless rate since August, 1994.

Orange County’s August job losses were mostly led by financial activities, such as credit intermediation and related activities with the loss of 11,700 jobs. Professional and business services declined 6,400 and construction saw 5,900 positions eliminated. The government sector shed 2,000 jobs in August, most in education amid summer recess.

The deal is expected to close in the fourth quarter. It is likely to be very hefty as Meguiar’s Inc. has acquired a half yearly sales of more than $100million.

Meguiar’s, based in Irvine, Calif., employs 115 people, the companies said in a prepared statement today. The company manufactures products like Mirror Glaze polishes and waxes for professional use, as well as consumer products.

The products will add to St. Paul-based 3M’s range of automotive products, the company said.

"The addition of Meguiar’s builds on our professional offering for the automotive industry and brings the expertise of Barry Meguiar in the growing enthusiast market for car care products," said Ian Hardgrove, who is the vice president of 3M automotive aftermarket division, in a statement.
 
"Together, Meguiar’s and 3M will collaborate to deliver even more innovative high performance products for enthusiasts around the world." he further added

Combining with 3M will greatly enhance our ability to serve and support Car Crazy people on a global basis," said Barry Meguiar, president and CEO, Meguiar’s Inc. "We are excited about the opportunity to grow our business by joining forces with one of the world’s great global companies–working together to increase our support of the car hobby worldwide."

According to Jessica Canning, Director of Global Research for Dow Jones VentureSource, “We’ve seen deal activity in India hold steady for three consecutive quarters but this most recent quarter posted the second-highest investment total on record, due in large part to the $70 million second round for Laqshya Media of Mumbai, the second-largest deal ever completed in India,” “This highlights two growing trends within the region — one being a growing interest in advertising plays that capitalize on India’s emerging infrastructure and growing Internet usage; the other being an increase in second-round deals, which is expected as VCs are helping their portfolio companies expand and steering them toward liquidity.”

According to reports, during the quarter, India had seven second-round deals, garnering a record $161 million and exceeding the $118 million, which was invested in second round in all of 2007. Ten seed and first round deals accounted for about $77 million in investment.

During the second quarter, India’s Business & Financial Services industry, including the advertising/marketing sector, received investment of $131 million over nine deals, while the Information Technology (IT) industry, recorded three deals with $33 million worth of investment, a decline of 55 percent from the $73 million invested in nine deals during the same period in 2007.

Canning said, “While the size of venture deals in the U.S., Europe and even China continues to climb, venture capitalists have shown some restraint in terms of investments in India, due largely to the risk still associated with this emerging region. In fact, since we began tracking venture investment in India, the median deal size has dropped from $17 million in 2005 to $10 million in 2006 and now to $8 million in the first six months of 2008.”

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Maguire said that the disposition is part of the company’s previously announced plan to sell certain Orange County properties in order to eliminate project debt and funding obligations and improve Funds from Operations.

“We are extremely pleased to close this significant transaction, which eliminates in full our obligation under the project loan, funding obligations as well as operating losses, and as a result we will realize an improvement in FFO,” said Mr. Nelson C. Rising, President and Chief Executive Officer.

The company said, the sale was done in a cooperative arrangement with the property’s project lender and it facilitated the conveyance of the property. This was the Maguire’s second largest Orange County sale in the past month as part of the debt reducing plan.

City Plaza is a 18-story tower, which is located at the Block in Orange County, near the Garden Grove Freeway. Maguire acquired the property form the Blackstone Group in February 2007.

This device is basically a cow-tissue device. It will be used to replace a patient’s diseased mitral valve, that is located between the left atrium and ventricle in the heart.
 
"The PERIMOUNT Magna mitral valve represents a significant advancement for patients needing mitral valve replacement. It extends the exceptional hemodynamic performance and durability of the Magna valve platform to a design that is unique and specific to the mitral valve," said Donald E. Bobo, who is a  Jr., Edwards’ corporate vice president, heart valve therapy.

"When surgeons see the new PERIMOUNT Magna mitral valve, they immediately appreciate that its design offers an advanced and easily implantable option." he further said.
 
Dr. A. Marc Gillinov, who is a Cardiac surgeon at the Cleveland Clinic Heart and Vascular Institute, a consultant to Edwards, said, “This valve provides patients and surgeons with an important option for mitral valve replacement” and is “designed to provide ease of implantation in a difficult valve position.”