James J. Cotter, who last year waged...

James J. Cotter, who last year waged a proxy fight to win a seat on the board of Valley Federal Savings & Loan, quit his director’s post at the Van Nuys-based S&L; . . . New York-based venture capital firm J. H. Whitney & Co. officially launched its tender offer, valued at between $1.2 billion and $1.4 billion, for Prime Computer Inc. on Thursday, while MAI Basic Four Inc. extended its offer without announcing whether it will match or beat the rival Whitney bid . . . Bakersfield-based Central Pacific Corp. said its second-quarter net income is expected to be between 33 cents and 36 cents a share . . . The Investment Company Institute reported that the assets of the nation’s 469 money market mutual funds decreased $445.8 million to $320.82 billion for the week ended June 28.