AND THE OSCAR WENT TO: The eyes...

AND THE OSCAR WENT TO: The eyes of the world may have been on Hollywood on Monday night, but the Valley didn’t come up empty-handed at this year’s Academy Awards. Technical Oscars were awarded three weeks ago to Tarzana-based Panavision, for camera lens development, and to Manfred G. Michelson, president of Chatsworth-based Technical Film Systems, for a souped-up film processor. . . . Reached in his car Monday afternoon, Michelson said he was “delighted” at the honor. “What else can I say?” he chuckled.

POST-SHOCK BLUES: For most, Sunday’s 5.3 aftershock caused little more than a temporary case of frayed nerves. For others, the effects were more permanent--and heartbreaking (B1). . . . “Now I’m homeless,” said 85-year-old Mary Bond after a city crew flattened the Studio City home she’d built with her late husband. “Otherwise, I’m doing OK.”

NOT-SO-GOLDEN STATE: Business is booming for Valley companies like the Cheesecake Factory, International House of Pancakes, Superior Industries and Players International, but don’t expect the local economy to rebound any time soon. Thanks to restaurants, factories and casinos operated out of state, the businesses are reporting record profits everywhere but here. “Southern California is the only region where we’re negative in sales,” said IHOP’s Fred Silney. . . . Still, most say they haven’t given up on California--yet. (Valley Business, Page 12)

QUAKE-UP CALL: Residents with earthquake insurance got a jolt of another kind Monday--this time from the insurance industry. Quake victims faced the possibility of having to meet their deductible all over again if damage caused by Sunday’s temblor is classified as a separate incident (D1). . . . In addition, many of the largest insurers, including Woodland Hills-based 20th Century Insurance Co., suspended writing new policies in the area for up to 30 days.

ARMY OF LOVE: It began in 1991 as a kind of therapy--a group of veteran comedians gathering to lift the spirits of actor Dick Yarmy, who was dying of lung cancer. Nicknamed Yarmy’s Army, the gang would assemble once a week at a Sherman Oaks restaurant to cheer up their ailing friend (E1). But while Yarmy lost his battle with the disease nearly two years ago, the Army marches on. . . . “We realized we could not let go,” said comedian Harvey Korman. “We had to keep meeting. It was no longer just for Dick.”