Los Angeles Business Journal

Debt Fund Loses Clients After Founder Departs

The departure of Larry Post from Santa Monica high-yield debt fund Post Advisory Group has led to a loss of clients and a legal battle with firm owner Principal Financial Group Inc., Bloomberg reports.

Court Stops Construction of VA Theater

A federal appeals court on Monday ordered the U.S. Department of Veterans Affairs to halt construction of an amphitheater on its West Los Angeles campus, the Los Angeles Times reports. The theater was being developed by a nonprofit group for alternative therapies for veterans and their families, including tai chi and yoga, but the attorney who sued over it questioned why veterans would need a stage to do tai chi.

A Movie a Day for a Monthly Fee

AMC Theaters has struck a pilot partnership with MoviePass, a three-year-old company focused on letting people attend a movie a day for one monthly fee, the New York Times reports.

Obit: Larry Cano, Founder of El Torito

Larry Cano, who pioneered the Mexican dinner house concept and popularized the margarita as the founder of the El Torito chain, which had its first location in Encino, has died at 90, the Orange County Register reports.

James Bond is Switching Vodka Brands

Belvedere Vodka has signed on to co-star in the next James Bond movie, “Spectre.” The deal, which involves three firms with rights to the Bond brand – Eon Productions, Metro-Goldwyn-Mayer Studios and Sony Pictures Entertainment – will include product placement, worldwide advertising campaigns, limited-edition bottles with 007 themes and a drink named the Belvedere Spectre martini, the New York Times reports.

Stocks Up

The Dow Jones industrial average was up 187 points in Tuesday morning trading to 17,368. The S&P 500 was up 21 points to 2,011. The Nasdaq was up 23 points to 4,628.

Police Storm Sydney Cafe, Ending Seige

Heavily armed Australian police stormed a cafe in central Sydney where gunman Haron Monis had been holding hostages at gunpoint, bringing an end to a siege lasting more than 16 hours, the Wall Street Journal reports.

More Rain Tonight

A relatively smaller storm is expected to reach the Los Angeles area tonight with steady rainfall continuing into Tuesday morning, the Los Angeles Times reports.

Oil Jumps as Fighting Stops Exports

Crude oil prices jumped the most in two weeks early Monday after fighting stopped exports from Libya’s largest and third-largest crude ports, and workers at Nigerian oil platforms and shipping terminals began an indefinite strike that will soon affect production, Bloomberg reports.

Sony Demands That Media Delete ‘Stolen’ Information

Sony Pictures Entertainment warned media outlets on Sunday against using the data leaked by hackers, the New York Times reports. In a letter sent to news organizations, David Boies, a lawyer hired by Sony, said the documents are “stolen information” and demanded that they be destroyed if they had already been downloaded or otherwise acquired.

Sony Hack a Wakeup Call for Hollywood

As the hack on Sony Pictures airs the studio’s dirty laundry, major film companies are examining how to best protect their computer systems and are telling employees to be more guarded with what they put in emails, which could lead to a shift toward more face-to-face conversations, the Los Angeles Times reports.

California Gets Federal Funding for Earthquake Early-Warning System

California received congressional funding to begin rolling out an earthquake early-warning system next year, The Los Angeles Times reports.

Largest Private-Equity Buyout of the Year

PetSmart Inc. agreed to be acquired by a group led by BC Partners Inc. for more than $8.2 billion in the largest private-equity buyout this year, the Wall Street Journal reports.

Obituary: Phil Stern

Photographer Phil Stern, who captured intimate portraits of Marilyn Monroe, James Dean, Frank Sinatra and other Hollywood stars, died Saturday, Variety reports. He was 95.

Box Office: ‘Exodus’ Dethrones ‘Mockingjay’

20th Century Fox and Chernin Entertainment’s biblical epic “Exodus: Gods and Kings” topped the U.S. box office this weekend with a $24.5 million debut, dethroning “The Hunger Games: Mockingjay — Part 1,” which fell to the No. 2 slot, taking in $13.2 million, according to the Hollywood Reporter.