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Stars Rock Memories Strike Authorization Vote Sunday nb43p01.qxp 10/19/2007 7:13 PM Page 1 TOP STORIES REPORT Bloomberg moves HEALTH CARE to push through How aging boomers his 2030 plan will force changes PAGE 2 in the system ® Smith & Wollensky PAGE 19 eyes new outposts and fresh menu in big growth push VOL. XXIII, NO. 43 WWW.CRAINSNEWYORK.COM OCTOBER 22-28, 2007 PRICE: $3.00 PAGE 2 SCORING WITH READERS Number of copies sold* Business is Times Sq. booming in NYC for collection agencies 52,000 39,000 48,000 businesses PAGE 3 Spitzer is behind fear strike the right agenda; how he can win the on B’way Albany game Walkout could cost EDITORIAL, PAGE 12 $5 million a day; Behind the scenes negotiations have at the MTA as it reached impasse decides whether to raise fares BY MIRIAM KREININ SOUCCAR THE INSIDER, PAGE 14 a strike on broadway could cost the city $5 million a day, devastate restaurants and stores in the theater district, and even hamper the city’s new international tourism drive. Theaters could go dark as early as Monday,as the League of Amer- ican Theatres and Producers begins imposing parts of its final offer on the stagehands. Contentious con- BUSINESS LIVES tract negotiations between the two FANTASY FOOTBALL groups reached an impasse last *Accounts for approximately 70% of total sales. As of Oct. 14, 2007. Source: Nielsen BookScan week over producers’ demands for Fans’ passions know work rules changes that would low- no bounds; employers er costs. The union, Local One of PAGE 35 try to set them the International Alliance of The- atrical Stage Employees, held a Stars rock memories strike authorization vote Sunday. AT DEADLINE A strike would affect 22 of the Autobiographies offer another chance to climb charts 39 Broadway theaters owned by SHOEMAKER STEVEN MADDEN Jujamcyn Theaters and the Shu- MAY BE SOLD, following treme living,today’s anthem might ers who themselves are a little creaky. bert Organization. Those theaters approaches from unnamed BY MATTHEW FLAMM be, “Hope I can remember enough Clapton: The Autobiography is currently house hits like Jersey Boys suitors who want to buy the to finish my memoirs.” the current No. 2 best seller. Won- and Spamalot. firm, which sells its shoes and forty-odd years ago, The Who As the music gods of yesteryear derful Tonight, a memoir by Pattie The Nederlander Organiza- accessories in department could sing “I hope I die before I get move into their twilight, they’re Boyd—ex-wife of guitar legends tion, the third major theater owner stores and its own retail chain. old” and mean it. But for the rock spilling the beans on the wild days Eric Clapton and George Harri- on Broadway, has been observing Industry insiders say that stars who survived decades of ex- of long ago—delighting book buy- See ROCKING on Page 8 See TIMES SQ. on Page 8 potential buyers include St. Louis-based Brown Shoe Co.; London-headquartered TowerBrook Capital Partners, which earlier this year bought Loan mess will yield big payday for banks a footwear firm; and Deckers Outdoor Corp., the Goleta, Calif.-based maker of Ugg cleaning up a mess of its own mak- boots and Teva sandals. Steven $650 million in fees as they finance fund ing,” says Michael Shedlock, a ON THE HOOK Madden shares recently hit a to stop panic in subprime, other debt money manager at Sitka Pacific 52-week low amid concerns Capital Management. Holdings of Estimated asset-backed assets over declining sales. banks to plug a gaping hole in the The fund would buy hard-to- commercial paper in SIVs BY AARON ELSTEIN financial system. sell assets from a group of about 30 CITIBANK INCREASED RETAIL The proposal, announced last so-called structured investment CITIGROUP DEPOSITS in New York City by bankers are already beginning week, envisions a $100 billion vehicles, sparing them from hav- 12% in the year ended June 30, to queue up for what could be a ma- fund to soak up mortgage-related ing to resort to fire sales to raise $99B $100B See AT DEADLINE on Page 2 jor opportunity spawned by the and other hybrid securities that needed cash.The SIVs’ combined J.P. MORGAN CHASE plan by the nation’s three largest investors now shun as too risky. holdings are estimated at as much Even though the plan is a shot as $400 billion. $98B $0 43 in the dark, just raising the vast Though much remains unclear BANK OF AMERICA 5 sums required to create the fund about the fund—including what will take a small army of bankers. other banks might participate and $76B $0 The prize: fees that could total as precisely how big it would be—it BANK OF NEW YORK MELLON ELECTRONIC EDITION much as $650 million,according to would be financed by a mountain experts. of medium- and long-term debt, $5B $0 “Leave it to Wall Street to fig- according to Brad Hintz, an ana- NEWSPAPER Source: CreditSights See LOAN MESS on Page 8 71486 01068 ure out a way to make a killing from 0 CNYB 10-22-07 A 2 10/19/2007 7:10 PM Page 1 AT DEADLINE PlaNYC moves proceed, Continued from Page 1 THE NET COST MARKET according to SNL Financial, SUPERMARKET CHAIN, which which adjusted recently released caters to Eastern European FDIC branch totals so only residents, will open its first store with or without state OK retail branch deposits would be in Staten Island as early as this considered. It was the only week.The company signed a institution of the 10 largest 15,000-square-foot lease at that could be reused. of international and public affairs at banks in the city to gain market 3155 Amboy Road in the Focus on results Chaired by Deputy Mayor Columbia University, argues that share. In the process, it Oakwood Heights section of rather than format; Daniel Doctoroff, the Sustainabili- the city and upstate economies are increased its market share to the borough; the site formerly ty Advisory Board will try to un- so different that the city should be 16.71% from 16.14%. J.P. housed a Foodtown backups in place leash the persuasive power of the allowed to set its own standards to Morgan Chase is the market supermarket. Net Cost has four to deal with Albany city’s most effective advocacy and make energy planning workable. leader with a 22.24% share. stores in Brooklyn. Kalmon business groups. Yet Mr. Doctoroff “When it comes to tax policy, in Citibank had lost market share Dolgin Affiliates represented says he has fallback options if recent the case of cigarettes, the state has in recent years. Net Cost in the transaction, and BY ANNE MICHAUD history repeats itself and the Legis- been perfectly willing to separate the landlord, AVR Realty, lature or Gov. Eliot Spitzer defeats out the city and tax us more,” says THE NUMBER OF LIQUOR represented itself. six months after Mayor Michael the package. Ms. Fuchs, who served in the LICENSES FOR BARS, nightclubs Bloomberg announced his ambi- For example, the city is creating Bloomberg administration for four and restaurants has dropped LONG ISLAND UNIVERSITY HAS tious plan to limit greenhouse gas an Office of Environmental Reme- years. “Local governments do some since the end of 2005, a decline AGREED TO PROVIDE a nurse- emissions and prepare for 25 years of diation and seeking a director for it. things better. They’re closer to the business owners say is due to education program at Kings population growth, his ad- If the state grants local con- ground; they can get a lot more stricter policies at the New York County Hospital to help address ministration is laying the trol of brownfields, the of- done.” State Liquor Authority.“There a severe nursing shortage in groundwork to accomplish 127 fice would administer the should be some growth during a Brooklyn. As part of the as much as possible without INITIATIVES program; if not, it would Congestion pricing panel contained period of time when the city’s agreement, the New York City the help of Albany law- in the plan’s serve as a guide to shepherd mr. bloomberg kicked off economy has done well,” says Health and Hospitals Corp. will makers. vision for applicants through the com- PlaNYC on Earth Day, April 22, Robert Bookman, a lawyer for spend more than $7 million to Today, as PlaNYC 2030 the city plex state program. and the spotlight was quickly stolen the New York Nightlife renovate an area in King’s celebrates its six-month an- “We’re much more fo- by the most controversial part of the Association, which represents County for the new program. niversary, momentum is building cused on the results than getting agenda: congestion pricing to re- bars and clubs. to codify many of its goals into city everything in the form we’re pro- duce traffic. City and state officials WFAN-AM’S NEW MORNING law. The 16-member board that is posing,” Mr. Doctoroff says. “We created a separate panel to consider VENTURE CAPITAL INVESTMENTS DRIVE-TIME SHOW, Boomer & spearheading the plan is also want to engage in conversation with congestion fees, and some form of IN NEW YORK AREA companies Carton, seems to be working preparing to lobby Albany for a leg- the Legislature and the governor.” traffic mitigation seems likely to dropped 17% during the third better than Imus in the Morning. islative package that includes city Board members are willing to emerge. PlaNYC contains 126 oth- quarter from the same period According to Arbitron, for the control of energy planning and fight for the plan they helped craft, er initiatives, however, and Mr.
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