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Friday, Feb 3, 2023

Week in Review

Quote of the Week

‘They really need (a new stadium) and have to get out of that mostly tin can, but how are they going to do it without a partner?’

, Lee Hamilton of XTRA Sports AM 1360 radio, referring to the Chargers.

Click here for the story.

Tuesday, Jan. 15

Peregrine Figure Pleads Guilty:

Gary Lenz, former president and chief operating officer of Peregrine Systems Inc., pleaded guilty to a single count of making a false material statement involving his role in an accounting fraud that led to the software company’s failure.

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Lenz made his plea before federal Judge Thomas Whelan, and faces a maximum prison term of five years and a $250,000 fine when he is sentenced April 8.

Lenz is the 12th defendant in the Peregrine case to plead guilty to charges since federal indictments were issued beginning in 2004.

He and three other defendants went on trial last year, but after a trial lasting three months, followed by 11 days of deliberation, the jury could not come to an agreement, and Whelan declared a mistrial.

Lenz, 60, was facing another trial on 32 felony counts that was scheduled to begin Jan. 29.

Peregrine Systems, which makes software that helps large companies manage extensive assets such as computers and vehicles, was a successful public company in San Diego during the late 1990s, but in 2002 the company revealed it would have to restate past financial results. An audit showed the company overstated its revenue for three years by about $500 million, and understated its net loss by more than $4 billion.

A lengthy investigation resulted in an indictment against 11 people in 2004, along with guilty pleas by three others. Among those pleading guilty last year was former Chief Executive Officer Stephen Gardner.

Peregrine filed for bankruptcy protection in 2002, and emerged from that within a year. In 2005, the company was sold to Hewlett-Packard Co. for $425 million.

, Mike Allen

– – –

Exec Eyes Mayor’s Chair:

Businessman Steve Francis announced his formal candidacy for mayor of San Diego.

Francis, chairman of AMN Healthcare Inc., the nurse staffing firm he founded with his wife and built to a successful public company, came in third place in the last mayoral primary, in 2004, behind City Councilwoman Donna Frye and the winner, Jerry Sanders. Sanders is seeking re-election.

Francis, a former member of the Nevada Assembly, resigned in 2005 as AMN Healthcare’s chief executive officer, but maintains his chairman’s title. In 2006, he founded a local think tank called the San Diego Institute for Policy Research LLC, a private, nonprofit research agency.

, Mike Allen

Wednesday, Jan. 16

Stylish News For CHIC:

Charlotte Russe Holding Inc., an operator of mall-based clothing stores, said that same-store sales had increased 1.5 percent, and that net sales for the first quarter were $238.2 million, up from $209.2 million in the same quarter one year ago.

The company’s first quarter ended Dec. 29.

The company said it expects earnings of 55 cents to 56 cents per diluted share, up from a previous estimate of 47 cents to 50 cents per diluted share.

The company releases earnings Jan. 23.

Charlotte Russe trades on Nasdaq as CHIC. Shares rose 7.5 percent to close at $14.35 on Jan. 16.

, Brad Graves

Thursday, Jan. 17

One More Hat In The Ring:

San Diego City Councilman Brian Maienschein, who is in his second and final term representing the 5th District, which includes Carmel Valley and Rancho Bernardo, has decided to run for the city attorney’s job now held by Michael Aguirre, Maienschein’s office confirmed.

Maienschein was elected in 2000, and joins a host of candidates trying to unseat Aguirre, who was elected in 2004. The primary election is June 3.

Among the declared candidates for the city attorney position are San Diego Superior Court Judge Jan Goldsmith and local attorneys Dan Coffey and Lee Burdick.

Deputy District Attorney Bill Gentry dropped out of the race and has endorsed Goldsmith. Alan Bersin, former superintendent of the San Diego Unified School District and current chairman of the San Diego County Regional Airport Authority, has been mulling whether to enter the race as well.

, Mike Allen


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