DETROIT BUSINESS MAIN 01-28-08 A 23 CDB 1/24/2008 4:45 PM Page 1

January 28, 2008 CRAIN’S BUSINESS Page 23

FOCUS:BIG DEALS 2007 CRAIN'S LIST: NON-LOCAL SALES Ranked by price

Price Rank Building Buyer Seller Broker Square feet ($000,000) Edenborne Commons, Gonzales, La. Redico Management Inc., Southfield Three Thirty-Nine L.L.C. / Emirau Coldwell Banker Commercial Real Estate 303 acres B $150.0 1. Partners L.P., Baton Rouge, La. / Cushman & Wakefield 2. The Pier Shops at Caesar's, Atlantic City, N.J. Taubman Centers, Bloomfield Hills Gordon Group Holdings, Greenwich, None 303,000 133.1 Conn. C The Marchant Building, Berkeley, Calif. Redico Management Inc., Southfield The Regents of the University of CB Richard Ellis 523,404 D 100.0 3. California, Berkeley, Calif. Four-building portfolio, Hawaii Redico Management Inc., Southfield Hawaii Agricultural Research Center, Buchanan Street Partners 370,920 98.0 4. Honolulu Eleven-building portfolio, Raleigh/Durham, N.C. Lutz Real Estate Investments, First Industrial Realty Trust, Chicago Colliers Arnold 631,582 56.3 5. Farmington Hills 677 Ala Moana, Honolulu, Hawaii Redico Management Inc., Southfield CEP Hawaii Investors L.L.C., San PM Realty Group, Eastdil Secured 272,191 55.5 6. Francisco, Calif. 7. Reichhold World Headquarters, Durham, N.C. Redico Management Inc., Southfield ORIX Real Estate Capital Inc., Chicago DTZ Rockwood 347,992 55.0 8. Nine-property portfolio, Canton and Akron, Ohio Farbman Investment Fund, Southfield undisclosed NAI Farbman 1,800,000 50.0 9. 10300 Boggy Creek Road, Orlando, Fla. Eaton Vance Corp., Boston Private investor, Mt. Clemens Signature Associates 493,300 45.0 Manana Village Center, Pearl City, Hawaii E Redico Management Inc., Southfield City and County of Honolulu, CB Richard Ellis 6.7 acres 40.0 10. Honolulu University Marketplace, Marion, Ind. Redico Management Inc., Southfield Marion Development Group L.L.C., None 78 acres 35.0 F 11. Bloomfield Hills 6701 San Pablo, Oakland, Calif. Private investor, Southfield Regents of the University of California, Signature Associates 506,000 35.0 11. Oakland, Calif. Bradford Plaza, West Chester, Pa. Urdang Capital Management Inc. Lutz Real Estate Investments, Fameco Real Estate 143,000 27.3 13. Farmington Hills 4405 Continental Drive, Flint Agellan Capital Partners, Toronto Maple-Linden Development Grubb & Ellis 400,000 23.9 14. Associates L.L.C., Warren 15. 216 Jackson St., Chicago 216 Jax Acquisition L.L.C., Southfield 216 West Jackson L.L.C., Chicago NAI Farbman 176,000 22.0 Kathleen Road, Lakeland, Fla. Burton-Katzman Development, North Lakeland Development Signature Associates 67 acres 13.3 16. Birmingham Orchard Plaza, Byron Center, Mich. Goldrick & Kest Industries, L.L.C., Redico, Southfield CB Richard Ellis 185,649 12.3 17. Culver City, Calif. 18. 6410 Ameriplex Drive, Portage, Ind. Eaton Vance Corp., Boston Private investor, Mt. Clemens Signature Associates 116,677 12.0 Four SeaGate, Toledo, Ohio Allegiance Realty Corp./Toledo Office Kojaian Management Corp., Marcus & Millichap NA 11.0 19. Investment, L.L.C., Charlotte, N.C. Bloomfield Hills List is based on information from CoStar Group Inc., Crain's research, from published information or as submitted by brokers, advisers or property owners. Crain's has tried to list all brokers involved in a transaction, but in some cases brokers may have been omitted. B Includes $11 million in land. C Gordon retains 22-percent ownership. D Includes $35 million in infrastructure. E Includes $13 million in land. F Includes $1.5 million in land. DETROIT BUSINESS MAIN 01-28-08 A 24 CDB 1/24/2008 5:00 PM Page 1

Page 24 CRAIN’S DETROIT BUSINESS January 28, 2008

FOCUS:BIG DEALS 2007 CRAIN'S LIST: LOCAL SALES Ranked by price

Price Rank Building Buyer Seller Broker/advisers Square feet ($000,000) 1. Oakland Mall, Madison Heights Urban Retail Properties, Chicago The Kogan Cos., Bloomfield Hills None 1,500,000 $150.0 B

2. North Troy Corporate Center, Troy Emmes & Co. L.L.C., New York Gale Real Estate Services, New Jersey CB Richard Ellis 1,207,596 $80.0

3. First Center Office Plaza, Southfield Sovereign Group, New York Liberty Property Trust, Malvern, Pa. None 638,615 $66.0

4. Troy Workspace Portfolio, Troy Sovereign Group, New York Liberty Property Trust, Malvern, Pa. CB Richard Ellis 952,824 $63.0

5. Rand Business Center, Ann Arbor Oxford Co., Ann Arbor Rand Associates, Brighton None 25,000 $49.8

6. Tower 100 & 200 at Riverfront, Detroit Empirian Acquisitions, Montvale, N.J. Ram Real Estate, Detroit Hendricks & Partners 555 units $49.5

7. 26442-26450 Haggerty Road, Farmington Hills Individual investors, Delaware Liberty Property Trust, Malvern, Pa. None 637,764 $41.0

Sheffield Plaza, Troy Farbman Group and other investors, Crowe Holdings, Texas NAI Farbman 520,000 $40.0 8. Southfield 325 N. Old Woodward, Birmingham Intercontinental Real Estate Corp., Boston Burton-Katzman Development Co., Signature Associates 101,000 $38.2 9. Bingham Farms 10. portfolio, Detroit C Wayne County, Detroit The Sterling Group, Detroit Hines Interests L.P. 780,000 $33.5

Delphi Building, Auburn Hills Metcalf Family Living Trust, Lafayette, Valeo Electrical Systems Inc., Paris Grubb & Ellis, Binswanger, L. 437,812 $33.0 11. Calif. Mason Capitani Crossing At Canton, Canton Twp. Core Real Estate Services L.L.C., Dolben Honeytree L.P., Boston Hendricks & Partners 10,680 $32.0 12. Buchanan, Mich. 13. Former Northville Psychiatric Hospital, Northville Schostak Bros. & Co. Inc., Livonia State of Michigan, Lansing Colliers International, Sperry Van 414 acres $31.5 Township Ness 14. Troy Technology Park, Troy The Hayman Co., Troy Centerline Capital, Texas CB Richard Ellis 426,653 $30.0

14. Chase Tower, Detroit Sterling Group, Detroit JP Morgan Chase, New York CB Richard Ellis 680,000 $30.0 B

Oakland Commons, Southfield Farbman Group and other investors, TIAA-CREF, New York, Mark Jacobson, NAI Farbman, Cushman Wakefield 314,092 $30.0 B 14. Southfield Bloomfield Hills 17. International Place Apts., Ypsilanti McKinley Inc., Ann Arbor Mark Jacobson, Bloomfield Hills Friedman Real Estate Group 800 units $28.1

Onyx Office Plaza, Southfield Argus Realty Investors L.P., San DRA Advisors L.L.C., New York DRA Advisors L.L.C. 259,340 $25.7 B 18. Clemente, Calif. 2705 Commerce Parkway, Auburn Hills Pegasus Group, New Jersey General Development Co., Southfield Signature Associates, Colliers 172,000 $21.6 19. International 20. 500 Centerpoint Parkway N., Pontiac Top Terraces Inc., California Group of local investors, Birmingham Grubb & Ellis 363,200 $21.3

Wilshire Plaza, Troy Summit Property Management Corp., Troy Wilshire Corp., Glendale, Calif. CB Richard Ellis 186,954 $20.0 21. Southfield 22. Beachwood Townhomes, Harrison Twp. GFI Realty Services, New York Waterton Associates, Chicago Hendricks & Partners 376 units $19.3

5600 Bow Pointe Drive, Clarkston BC & JC Investments Inc., Gardena, Calif. Northern Equities Group, Farmington Marcus & Millichap 120,000 $19.0 23. Hills 24. Executive Hills Technolgy Center, Auburn Hills The Hapsmith Co., Culver City, Calif. Group of local investors, Wixom Marcus & Millichap 103,822 $19.0

25. 12 property First Industrial portfolio, Taylor MRI AGA Mobile L.L.C., Los Angeles First Industrial Realty Trust, Southfield Marcus & Millichap 382,351 $18.0

26. 3300 University Drive, Auburn Hills Sierra Realty, New York GKN Automotive, Auburn Hills Marcus & Millichap 114,000 $17.9

Kensington Portfolio, Novi Stag Capital Partners L.L.C., Boston State of Michigan Retirement Systems, Signature Associates, Kensington 351,552 $17.8 27. Lansing Realty Advisors First Distribution Bldg, Romulus Pinchal & Co., Houston First Industrial Realty Trust, Chicago Grubb & Ellis, Colliers 302,832 $17.7 28. International 29. Westwind Lake Village Shops, West Bloomfield Milestone Realty Services Inc., Royal Oak Butler Properties, Southfield Marcus & Millichap 120,573 $17.3

1601 Brown Road, Lake Orion Monmouth Capital Corp., Freehold, N.J. Jones Development Co. L.L.C., Kansas None 193,371 $17.0 30. City 31. Brownstown Shopping Plaza, Brownstown Albert Nigri, New York David Friedman, Farmington Hills Friedman Real Estate Group 98,335 $14.5

DaimlerChrysler Training Center, Auburn Hills Thomas M. Cooley Law School, Lansing Chrysler L.L.C., Auburn Hills Grubb & Ellis, Colliers 67,598 $14.0 32. International, UGL Equis Stu Evans Lincoln Mercury, Clinton Twp. Spirit Finance Corp., Scottsdale Stu Evans Lincoln Mercury, Clinton None 51,290 $13.9 33. Twp. 34. Gardens of Clinton, Clinton Twp. Group of investors, New York Third Centrum Inc., Virginia Marcus & Millichap 116 units $13.3

35. Cumberland Tech Center, Southfield The Sovereign Group, New York Group of local investors, Livonia Grubb & Ellis 107,496 $13.3

36. 12141 Charlevoix, Detroit Crown Enterprises Inc., Ohio ThyssenKrupp Budd Co., Troy Signature Associates 2,000,000 $13.0

37. RC Schmidt & Sons Portfolio (4 properties), STAG Capital Partners L.L.C., Boston Redico Management Inc., Southfield Colliers International 478,803 $11.0 Chesterfield Twp. 37. Walled Lake Commons, Walled Lake Phillips Edison, Cincinnati Stuart Frankel Development Co., Troy None 90,875 $11.0

37. 36211 S. Huron Road, New Boston AIC Ventures, Dallas SET Enterprises Inc., New Boston None 105,000 $11.0

40. BAE - Auburn Hills, Auburn Hills Bradley Associates, Chicago BAE Industries, Center Line Marcus & Millichap 120,000 $10.8

Village Green on Lake St. Clair, Harrison Twp. Village Green Cos., Farmington Hills Acquest Realty Advisors Inc., Hendricks & Partners 222 units $10.8 41. Bloomfield Hills ACN Building, Farmington Hills Liberty Investments II L.L.C., West Liberty Property Trust, Southfield Thomas Duke 92,988 $10.5 42. Bloomfield

List is based on information from CoStar Group Inc., Crain's research, from published information or as submitted by brokers, advisers or property owners. Crain's has tried to list all brokers involved in a transaction, but in some cases brokers may have been omitted. B Crain's estimate. C Plus 1,450 parking spots and Detroit Savings & Loan Building. LIST RESEARCHED BY DANIEL DUGGAN DETROIT BUSINESS MAIN 01-28-08 A 25 CDB 1/24/2008 4:44 PM Page 1

January 28, 2008 CRAIN’S DETROIT BUSINESS Page 25

FOCUS:BIG DEALS 2007 Outside investors hot on Detroit commercial real estate

BY DANIEL DUGGAN would cost to rebuild them, with the area is a combination of low more expensive every year as feet of office space in Michigan in CRAIN’S DETROIT BUSINESS some calling the area the “dollar prices and possible growth. costs increase for concrete, plastic, 2007, including the 520,000-square- store” of commercial real estate. “When it comes to the Detroit copper and drywall. foot Sheffield Plaza in Troy and the ’s inventory of New York-based Emmes & Co. market, the perception is not the re- “So you have appreciation built 314,000-square-foot Oakland Com- commercial real estate continues L.L.C. bought the eight-building ality,” said Urban CEO Ross Glick- in when you own in this market,” mons in Southfield. to provide hot prospects for out-of- North Troy Corporate Center for man after the Oakland Mall sale he said at a recent real estate con- “Most of our competitors are sit- $80 million. New Jersey-based Em- closed. “We’re bullish on Detroit ting on their hands; we think the town investors. ference. “You buy something at $50 pirian Acquisitions bought the River- and see a lot of upside to this.” opposite,” said CEO and co-Presi- Seven of 2007’s 10 biggest sales (per square foot), it will be worth were purchased by companies or front Towers apartment buildings An average industrial building dent Andy Farbman. “It’s a once- for $49.5 million. Chicago-based Ur- can be purchased for $50 per at least $75 when it costs $90 to in-a-lifetime opportunity to buy as- investors outside metro Detroit. ban Retail Properties purchased square foot but would cost $90 per build it new.” sets below replacement cost then The area’s reputation as a risky Oakland Mall in Madison Heights square foot to build, said Jon Some locally based real estate continue to capture the upswing in place for investment has been both for an estimated $150 million. Savoy, president of the Novi office firms are still buying in the area. the marketplace.” good and bad. The investors for all three sales of Lee & Associates. The Southfield-based Farbman Daniel Duggan: (313) 446-0414; The risk has driven away large, said the reason for purchasing in New construction will become Group acquired 1 million square [email protected] conservative investors such as Pennsylvania-based Liberty Property Trust, which sold $180 million worth of Detroit-area holdings in 2007. But the risk has also pushed prices for buildings below what it Detroit December 2007 Pittsburgh St. Mary Mercy Hospital to merge into St. Joseph Mercy Health System

BY SHERRI BEGIN CRAIN’S DETROIT BUSINESS

St. Mary Mercy Hospital in Livo- nia said it plans to merge into Ann Arbor-based St. Joseph Mercy Health System effective Feb. 1. Both are members of Novi-based Trinity Health, which claims to be the fourth-largest Catholic health care system and the 10th-largest overall in the country. The expanded St. Joseph Mercy in partnership with management Health System will employ nearly 8,500 employees, 1,600 physicians has recapitalized and serve more than 1.5 million, making it the largest health care provider in Washtenaw, Liv- ingston, western Wayne and southwestern Oakland counties, the two said in a release. St. Mary Mercy Hospital will join three other hospitals under the St. Joseph Mercy Health Sys- tem banner: St. Joseph Mercy Hospi- tal in Ann Arbor, St. Joseph Mercy Livingston Hospital in Howell and St. Joseph Mercy Saline Hospital in Saline. Leveraging its health care experience, Huron has completed an investment in The merger will eliminate dupli- Michigan Orthopedic Services (“MOS”). Headquartered in Livonia, MI, MOS cation of services, said Jennifer Kennedy, a spokeswoman for St. operates a network of patient care centers that design, fit and fabricate custom Mary Mercy Hospital. orthotic devices and prosthetic limbs. MOS is pursuing a growth strategy that The hospitals in the newly ex- includes referral network expansion, new locations and acquisitions. panded system will share physi- cian and professional expertise, technology advancements and in- novation, best practices and med- ical breakthroughs, the health sys- tem said in a release. St. Mary Mercy Hospital and St. Joseph Mercy Health System have HURON CAPITAL PARTNERS LLC been collaborating since 2000 in a number of areas, they said, includ- ing reimbursement and account- 500 Griswold, Suite 2700 225 Ross Street, 4th Floor ing support, sharing of best prac- Detroit, Michigan 48226 www.huroncapital.com Pittsburgh, Pennsylvania 15219 tices and mutual support, Tel: 313.962.5800 Tel: 412.201.7040 neonatology and emergency angio- plasty. Sherri Begin: (313)446-1694, sbe- Management Buyouts | Recapitalizations | Corporate Spin-Offs | Buy & Build Platforms | Family Succession Transactions [email protected] DETROIT BUSINESS MAIN 01-28-08 A 26 CDB 1/24/2008 5:06 PM Page 1

Page 26 CRAIN’S DETROIT BUSINESS January 28, 2008

FOCUS:BIG DEALS 2007 CRAIN'S LIST: OFFICE LEASES Ranked by square feet

Rank Building Asking rate Owner Tenant Broker Square feet 1. 585 South Blvd., Pontiac $9.00 B General Motors Corp. EDS Corp. CB Richard Ellis, Jones Lang LaSalle 568,503

3000 University Drive, Auburn Hills $9.00 Metcalf Family Living Trust Delphi Corp. Grubb & Ellis, L. Mason Capitani, 435,000 2. Binswanger 3. Arboretum Office Park, Farmington Hills $18.95 Burton-Katzman Development Co. Trinity Health Corp. Plante & Moran Cresa 223,588

4. 20255 Victor Parkway, Livonia $24.00 Kojaian Management Corp. Quicken Loans Inc. Friedman Real Estate Group 193,434

Farmington Hills Officenter II, Farmington Hills $24.50 Kojaian Management Corp. Daimler Mercedes-Benz Financial UGL Equis 153,500 5. Services 6. 777 E. Eisenhower, Ann Arbor $25.00 Transwestern Investment Co. Medstat Cushman & Wakefield 143,523

7. Earhart Corporate Center, Ann Arbor $19.50 Kojaian Management Corp. Con-way Freight Bluestone Realty Group 132,247

8. Columbus Corporate Office Centre, Novi $20.50 Northern Equities Group Henry Ford Health System NAI Farbman 130,767

9. 14555 and 14661 Rotunda Court, Rotunda $9.75 Ford Land Severstal N.A. None 122,968

10. Haggerty Corridor Corporate Park, Novi $18.25 Northern Equities Group Ryder System Inc. CB Richard Ellis 120,000

11. 211 W. Fort St., Detroit $20.00 B Minskoff family, New York U.S. States Attorney Klugman Commercial Properties L.L.C. 108,977

12. 1441 W. Long Lake Road, Troy $22.00 Piedmont Office Realty Trust Delphi Corp. Jones Lang LaSalle 107,152

13. 150 Stephenson Highway, Troy $10.95 ING Clarion Partners Valeo Inc. L. Mason Capitani, Friedman 103,253

14. The Dime Building, Detroit $19.50 The BOSC Group Inc. H&R Block CB Richard Ellis 101,997

15. Comerica Tower, Detroit $25.00 iStar Financial Dickinson Wright P.L.L.C. CB Richard Ellis 98,678

16. 401 E. Liberty St., Ann Arbor $30.00 McKinley Financial Center L.L.C. Google Inc. CB Richard Ellis 85,763

17. 27555 Farmington Road, Farmington Hills $22.00 Kojaian Management Corp. Quicken Loans Inc. Friedman, Grubb & Ellis 82,670

18. 20255 Victor Parkway, Livonia $24.00 Kojaian Management Corp. Quicken Loans Inc. Friedman Real Estate Group 78,522

19. Orchards Corporate Center, Farmington Hills $24.00 B Kojaian Management Corp. Sprint Grubb & Ellis 77,000

20. 999 Republic Drive, Allen Park $9.75 Ford Land Meridian Automotive None 58,737

21. 2000 Centerpoint Parkway, Pontiac $9.00 B General Motors Corp. EDS Corp. CB Richard Ellis 55,729

22. 400 Galleria, Southfield $17.46 Galleria Properties L.L.C. Quicken Loans Inc. Friedman Real Estate Group 51,714

23. , Detroit $20.50 Redico Management Inc. C Marketing Associates L.L.C. CB Richard Ellis, Signature Associates 51,402

23. One Kennedy Square, Detroit $20.50 Redico Management Inc. C Walbridge Aldinger CB Richard Ellis 51,402

23. One Kennedy Square, Detroit $20.50 Redico Management Inc. Health Plan of Michigan CB Richard Ellis 51,402

North Troy Corporate Center, Troy $14.53 Gale Real Estate Services Co. Siemens Product LifeCycle Mgmt. Friedman Real Estate Group 51,014 26. Software 27. 17390 Laurel Park Drive, Livonia $21.75 Schostak Bros. & Co. Inc. AAA Life Signature Associates 51,000

28. 14909 Beck Road, Plymouth $14.00 DeMattia Group Flint Group None 50,025

29. 26711 Northwestern Highway, Southfield $19.50 Kojaian Management Corp. Computer Sciences Corp. USI Real Estate 49,604

1791 Harmon Road, Auburn Hills $10.95 Magnum Industrial Building Co. Continential Teves Signature Associates, Colliers 45,027 30. International 31. Haggerty Corporate Office Centre, Novi $24.50 Northern Equities Group Trinity Health Corp. Plante & Moran Cresa 44,524

25929 Telegraph Road, Southfield $19.50 Newtower Trust Co. Multi-Employer Dentemax CB Richard Ellis 43,676 32. Property Trust 33. Orchards Corporate Center II, Farmington Hills $23.50 Kojaian Management Corp. Hewlett-Packard Grubb & Ellis 42,499

34. Wixom Technology Park, Wixom $15.00 Kojaian Management Corp. Waste Management Inc. Signature Associates 40,000

34. Bingham Office Center, Bingham Farms $17.00 Bingham Center L.L.C./ Farbman Group Comcast NAI Farbman 40,000

34. Arboretum Office Park, Farmington Hills $18.95 Burton-Katzman Priority Health Waters Corp. 40,000

37. National City Center, Troy $19.50 Kojaian Management Corp. Champion Enterprises UGL Equis 38,799

38. 3200 Greenfield Road, Dearborn $19.50 SM II Greenfield L.L.C. Unicare Life & Health Insurance Co. CB Richard Ellis 38,749

39. 901 Wilshire Plaza, Troy $20.00 Troy Wilshire Corp. Titan Indemnity Co. CB Richard Ellis 38,658

40. Haggerty Corridor Corporate Park, Novi $16.50 Northern Equities Group Art Institute of Michigan Signature Associates 38,000

Southfield Town Center, Southfield $22.11 BRE/Southfield L.L.C. Stout Risius Ross Inc. CB Richard Ellis, Plante & Moran 37,530 41. Cresa, Pankhurst 42. Oxford Pointe, Southfield $22.75 Kirco Plante & Moran P.L.L.C. Plante & Moran Cresa 37,322

43. North Troy Corporate Center, Troy $23.27 LNR Property Corp. LMS North America Friedman Real Estate Group 35,226

44. 15500 Lundy Parkway, Suite 120, Dearborn $9.75 Ford Land Hewlett-Packard None 33,756

45. 17000 Federal Drive, Allen Park $9.75 Ford Land Performance Transportation Services None 33,735

46. , Southfield $23.50 Redico Management Inc. URS Corp. Studley 33,443

47. , Detroit $17.50 Northern Group Hamilton Anderson Associates Inc. Signature Associates 32,000

48. American Center, Southfield $23.50 Redico Management Inc. Sun Communities None 31,346

49. Stroh River Place, Detroit $17.50 Stroh Cos. United States Census Bureau CB Richard Ellis 31,221

Troy Officentre - Bldg A, Troy $17.00 B Osprey-Troy Officentre L.L.C. Vertical Lend Newmark Knight Frank, CB Richard 30,557 50. Ellis 3500-3900 Joslyn Road, Auburn Hills $6.95 Redico Management Inc. Roush Industries Signature Associates, Plante & Moran 30,000 51. Cresa List is based on information from CoStar Group Inc., Crain's research, from published information or as submitted by brokers, advisers or property owners. Crain's has tried to list all brokers involved in a transaction, but in some cases brokers may have been omitted. Some leases were omitted because of a lack of complete information. B Crain's estimate. C Sublease from Visteon Corp. LIST RESEARCHED BY DANIEL DUGGAN DETROIT BUSINESS MAIN 01-28-08 A 27 CDB 1/24/2008 3:46 PM Page 1

January 28, 2008 CRAIN’S DETROIT BUSINESS Page 27

FOCUS:BIG DEALS 2007 Some of 2007’s big deals don’t fit the mold

Not all of the deals of 2007 will fit quarters it owns on Big Beaver “If you look at my history, I’ve Valentine’s Day surprise ended share and repurchased about $200 neatly on the Crain’s list of largest Road, but trying to sell that build- done this all of my life. You buy the nine-year marriage of the Ger- million in stock. mergers and acquisitions. ing in a down economy might com- companies that are not in favor,” man and U.S. automakers. Ann Arbor-based Domino’s said Highlighted here are two deals plicate any such move. Icahn said in an interview with Cerberus completed its pur- it restructured its debt because it involving global players that have — Tom Henderson Crain’s in March. “They are in a chase of an 80.1 percent stake in could get lower interest rates and a significant effect here, an unusu- business with big barriers to en- Chrysler Holding L.L.C. for $7.4 bil- because an asset-backed loan of- al debt restructuring and a poten- try. People don’t realize that seats lion in August. fers greater flexibility and fewer tial big acquisition that ended up Continental’s acquisition are not a commodity business. Daimler renamed itself Daimler loan covenants. being rejected by shareholders. of Siemens makes history They are in a business that takes AG and Chrysler, now named The deal also more than doubled some skill.” Chrysler L.L.C., is a privately held the pizza chain’s debt from about Siemens AG of Munich, Ger- It turned out that Lear wasn’t out American company. $740 million to the $1.85 billion. De- Sale of LaSalle Bank many, set the stage at the begin- But analysts say Chrysler is too of favor enough. At $36 per share, spite the additional debt, Domino’s ning of 2007 for one of the largest small to survive on its own. How said its financial performance is spotlights global economy Lear’s other shareholders balked automotive supplier acquisitions soon before the company is sold strong enough to assume the addi- The global economy? Connect in history when it announced its and voted against the deal in July. again? tional risk. the dots on this deal to see just how intent to either issue an initial For Icahn, it was a rare defeat in — Brent Snavely Domino’s debt ratio increased global. public offering or sell Siemens VDO a long career. Still, Icahn remains from about three times operating To fend off hostile suitors and Automotive AG. Lear’s largest shareholder. What income to about seven times oper- help complete its planned sale to Continental AG of Hanover, Ger- will he do with his holdings this Domino’s restructures debt, ating income. London-based Barclays plc last many, eagerly and publicly pur- year? pays big dividend Since then, Domino’s has been April, Netherlands-based ABN sued Siemens VDO, announcing Cerberus had more luck with hit by escalating cheese costs and Amro Holding NV agreed to sell its an agreement in July to acquire Chrysler. Last year, Domino’s Pizza Inc. de- also reported disappointing third- Chicago-based subsidiary, LaSalle the automotive electronics suppli- On Feb. 14, Dieter Zetsche, CEO cided it wanted its debt backed by quarter earnings in October. Bank Corp., which included Troy- er for more than $16 billion. of DaimlerChrysler AG, announced the royalties of its franchisees in- Domino’s went public in 2004. based LaSalle Bank Midwest N.A., to That price tag prompted com- that “all options” were on the table stead of bank loans, and wanted to Domino’s stock has fallen from North Carolina-based Bank of Amer- petitor TRW Automotive Holdings for Chrysler Group, and a bidding reward its shareholders. $19.63 on May 7, the first day after ica Corp. for $21 billion. Corp. of Livonia to confirm that it, war for the smallest of the Detroit On April 16, Domino’s complet- the payment of the dividend, to a That move was considered a poi- too, looked at Siemens, but balked 3 ensued. ed a $1.85 billion asset-backed loan, low of $11.57 on Jan. 8. son pill that got rid of the Ameri- at the price. Cerberus won, and Zetsche’s authorized a dividend of $13.50 a — Brent Snavely can holdings the hostile suitors “An extremely full price has wanted. The same day it an- been paid, I mean extremely full,” nounced that sale, ABN Amro an- TRW President and CEO John nounced it had agreed to be bought Plant said during a quarterly con- For more information about this announcement, visit millercanfield.com. by Barclays for $90.1 billion. ference call with Wall Street ana- But the hostile suitors — a con- lysts in August. “And that is some- sortium that included the Royal thing that we Bank of Scotland Group plc; Fortis did not and N.V., a Belgian-Dutch bank; and could not con- Banco Santander Central Hispano S.A. template.” of Spain — upped their ante, and “We feel we angry ABN shareholders filed suit, paid a fair claiming they should have been price,” William asked to approve the LaSalle sale. Kozyra, presi- The last dots to finish the con- dent and CEO of nection? Barclays needed help to Continental Auto- was lead counsel in 2007 on corporate merger, fund its offer and sold equity motive Systems Kozyra stakes itself in an $18.8 billion joint North America, deal with the China Development said in response. “We are in simi- acquisition and sale transactions for a combined Bank, an arm of the Chinese gov- lar businesses with very little ernment, and Temasek, an invest- overlap.” total purchase price in excess of ment firm controlled by the Singa- Continental completed the ac- pore government. quisition in December with a final price of about $16.7 billion. Togeth- A Dutch court upheld ABN er, Continental and Siemens VDO $1,500,000,000 Amro’s right to sell LaSalle, but employ about 1,600 in Michigan, the hostile suitors refused to give and the North American head- up. The battle raged on into Octo- quarters for both companies are in ber, when Barclays conceded de- Auburn Hills. feat. The RBS consortium’s final The combined company ranks The above transactions included the following: offer of $98 billion cash prevailed. among the top five automotive The sale of LaSalle Bank Mid- suppliers in the world with sales of + Global transactions, spanning 35+ countries west closed in October, and al- more than $36 billion and about + Publicly traded strategic buyers and sellers though BOA announced it would 140,000 employees globally, based cut about 1,500 of the bank’s 4,000 + Closely held company buyers and sellers on 2006 figures. jobs over two years, it was still Continental makes brake sys- +2TKXCVGGSWKV[JGFIGHWPFCPFğPCPEKCNDW[GTU good news of sorts. LaSalle has 256 tems, systems and components for branches in the state and as of last +#ESWKUKVKQPUQHğPCPEKCNN[FKUVTGUUGFEQORCPKGU the powertrain and chassis, instru- June was the No. 1 bank in Michi- mentation, infotainment solutions, + Venture and technology company exits gan for deposit market share, at vehicle electronics, and tires. 15.1 percent. — Brent Snavely BOA officials say that plans aren’t complete, but they expect to close few, if any, branches. Had Icahn and Cerberus LaSalle been sold to RBS, which al- take M&A to grand stage ASK US WHAT’S IN THE PIPELINE FOR 2008. ready had a strong presence in Michigan through its Charter One As 2007 began, it seemed that subsidiary, numerous branch clos- there was no deal too big or too ing likely would have resulted. audacious for New York’s high- LaSalle has been a fertile re- powered private-equity firms. cruiting ground for area banks, And then Carl Icahn and Cer- particularly Bloomfield Hills- berus Capital Management L.P. based PrivateBank-Michigan, which came along and proved it. announced in December it had On Feb. 9, Lear Corp.’s board of hired away from LaSalle 11 vice directors announced that leg- presidents of commercial banking. endary corporate raider Icahn’s Detroit Mayor Kwame Kil- affiliate, American Real Estate Part- IT’S MORE THAN JUST THE LAW. IT’S CONNECTING YOU WITH THE RIGHT RESOURCES AROUND THE WORLD. patrick has been trying to per- ners L.P., was offering to pay $5.3 suade Bank of America to move billion for the Southfield-based downtown from the current head- automotive seat-maker. DETROIT BUSINESS MAIN 01-28-08 A 28 CDB 1/24/2008 2:33 PM Page 1

Page 28 CRAIN’S DETROIT BUSINESS January 28, 2008 CALENDAR Individual Leadership Influencing members. Contact: Wendy Nodge, tional Geographic Channel. $32 mem- TUESDAY Seminar. 8-10:30 a.m. Inforum “Lead- THURSDAY (313) 596-0336. bers, $27 junior members, $15 students JAN. 29 ing Through Change: The Power of JAN. 31 with ID, $37 others. (313) 872-7850. San One” seminar series. Donna DeLosh. Marino Club, Troy. State of the State for the Detroit Re- DiverCity Luncheon: Small Businesses Living the Brand: 2008 Detroit Metro Comerica Tower, Southfield. $65 mem- gion’s Business Community. 7:30-10 and the Resources and Funding Avail- Convention and Visitors Bureau Annu- bers, $85 others. Contact: (877) 633- al Meeting. 9:30 a.m.-2:30 p.m. Includes a.m. Detroit Re- able to Them. 11:30 a.m.-1 p.m. The 3500. trade show, meeting, and optional gional Chamber Pontiac Regional Chamber. Cynthia COMING EVENTS and AT&T. Gov. Grubbs, manager of diversity initia- tour. Detroit Institute of Arts. $40 Surviving the Michigan Economy: members, $50 others. Contact: Harriet Jennifer tives, Michigan Economic Develop- Beating ’Em and Joining ’Em! 7:30 Carter, (313) 202-1981. Granholm will de- ment Corp. Hyatt Place, Auburn Hills. liver her State of $25 per person, $175 table of eight. a.m.-12:30 p.m. Feb. 5. The Detroit Dis- WEDNESDAY trict Council of the Urban Land Insti- the State message Contact: Claudia Brady, (248) 335-9600. Wayne County Certification & Busi- JAN. 30 live to the busi- tute. This networking and member- ness Services Seminar. 8:30 ness community, ship event will explore how to beat the a.m.–noon. Wayne County Depart- Pioneering an Industry; Globalizing a immediately after odds locally to accelerate the state’s ment of Human Relations. Join Brand. 7-9 a.m. Marketing & Sales Ex- her address to the economic growth. Centerpoint Mar- Wayne County Executive Robert Fi- ecutives of Detroit. Carl Camden, pres- House and Sen- FRIDAY riott, Pontiac. $45 for members with a ident and CEO, Kelly Services Inc. guest and $55 for a nonmember with- cano and learn how to become a coun- Granholm ate. MGM Grand FEB. 1 ty-based enterprise. Wayne County MSU Management Education Center, Detroit Casino. out a sponsored member. Contact: Building, Detroit. Free. Contact: Be- Troy. $35 members, $50 others, Con- $35 Chamber members Business Adcraft Club of Detroit. 11:30 a.m. Ce- (800) 321-5011. linda Williams, (313) 224-0643. tact: (248) 643-6590. Builder and above, $50 Venture level sar Millan, “The Dog Whisperer,” Na- Inforum Inner Circle. 5:30-7:30 p.m. Feb. 6. Inforum, Deloitte, and others. An event that honors women of achievement and helps future women leaders build meaningful relation- ships that will enhance their profes- sional and personal growth through one-on-one networking with accom- plished women leaders. The Reserve, Birmingham. $50 members, $60 others (add $10 after Jan. 30 and at the door). Contact: (877) 633-3500.

National Association of Women Busi- ness Owners Greater Detroit “Connec- tions” Speed Networking Event. 5-7 p.m. Feb. 7. Come early to meet new members and learn about benefits of membership and participate in “Con- nections” speed networking. The Fill- more, Detroit. $10 members, $20 oth- ers. Contact: (313) 961-4748.

American Exports and Emerging Mar- kets. 11:30 a.m.-1:30 p.m. Feb. 8. World Trade Center Detroit Windsor and the U.S. Commercial Service of the U.S. De- partment of Commerce. Israel Hernan- dez, assistant secretary for trade pro- motion and director general of the U.S. & Foreign Commercial Service. Fair- lane Club, Dearborn. $30. Register by Feb. 5. Contact: (313) 388-2345, ext. 222.

Annual Economic Forecast Meeting. 7:30 a.m. Feb. 12. The Association for Corporate Growth Detroit A lot of banks want Chapter and the Risk Management Association. State of the economy to sell you business banking. presentation by Dana Johnson, se- nior vice presi- dent and chief Huntington would rather talk business with you. economist for Comerica Inc. Johnson Glenn Oaks Golf & Country Club, Farmington Hills. $20 members, $40 guests. Contact: (877) You have enough people trying to sell you things. 2007 894-2754. Huntington wants to listen to you. Find out what you want Engineering & Technology Job Fair. 2-7 to do. Discover where you want to go. And then make sure p.m. Feb. 19. Engineering Society of Detroit, Crain’s Detroit Business, and we put those opportunities within reach. It’s this personalized the city of Southfield. Showcase for approach and attention to detail that won Huntington a some of Michigan’s largest engineer- ing, technology, and management cor- Greenwich Award honoring excellence in business banking. EXCELLENT porations. Companies will be recruit- Overall Customer Satisfaction ing in all disciplines, including chemical, civil, computers, design, Huntington National Bank What’s standing between you and more success? We can’t electrical, architects, environmental, manufacturing, mechanical, technical wait to find out. Give us the opportunity to show you how a and other technology-related fields. relationship with our award-winning team can help you. . $15. Contact: Leslie Smith, (248) 353-0735, ext. 4152.

CALENDAR GUIDELINES More Calendar items can be found on the Web at www.crainsdetroit. com. Please send news releases for Calendar to Joanne Scharich, Call 1-866-921-4990 or visit huntington.com. Crain’s Detroit Business, 1155 Gratiot Ave., Detroit, MI 48207- Greenwich Associates is a leading worldwide strategic consulting and research firm specializing in financial services. Excellence award selection was based upon the results of the 2007 Business Banking Study conducted by 2997, or e-mail jscharich@ Greenwich Associates. Banks selected for an award had to have a significantly different percentage of “excellent” ratings than the mean for all banks at a 95% confidence level. Member FDIC. ® and Huntington® are federally crain.com. You also may submit registered service marks of Huntington Bancshares Incorporated. ©2008 Huntington Bancshares Incorporated. Calendar items in the Calendar section of crainsdetroit.com. DETROIT BUSINESS MAIN 01-28-08 A 29 CDB 1/25/2008 11:56 AM Page 1

January 28, 2008 CRAIN’S DETROIT BUSINESS Page 29 BUSINESS DIARY ACQUISITIONS American Express Travel U.S. Represen- business offers professional therapeu- estate firm’s offices at 1000 Town Cen- offering 10 degree programs at the tative Network. tic massages by certified massage ter and 3000 Town Center, and at Domi- Lansing Community College Univer- Load One Transportation and therapists. Local franchisor Bruce no’s Farms in Ann Arbor. sity Center. The Southfield-based , Taylor, has purchased Brendy Barr Communications L.L.C., Logistics PDQ Carpman also opened a location in university offers seven of its bache- and , Oakland Township, has been selected Angel Trucking Inc. has moved its cor- Expediting Inc. PDQ Logistics Ann Arbor in April. Web site: lor’s degrees and three master’s de- Taylor. to provide public-relations services to porate offices from Troy to 24220 Blue Amber Medical Spa & Wellness, www.touchofelements.com. Mound Road, Warren. Angel Truck- grees to Lansing-area students. Five TMW Enterprises Inc., Troy, has ac- West Bloomfield Township. Priority Health, a Grand Rapids-based ing can now store materials in its new other Michigan universities are also quired a majority share of Servit Inc., health plan, has added Integrated 15,000-square-foot building. Tele- offering programs at the new center. a Charleston, S.C.-based automotive Rich and Associates, Southfield, an- Health Associates to its network. IHA phone: (586) 755-8940. dealer service software firm. The new nounced six cities have selected the parking design and planning firm to is a private practice physician group Modern Professional Services L.L.C., STARTUPS company, Servit L.L.C., will continue in Washtenaw and Wayne counties. the introduction and launch of the conduct downtown parking studies. formerly Modern Engineering Inc., Wine Sync, 65 Macomb Place, Suite D, proprietary dealer service merchan- The cities are: Urbana, Ill.; Woodstock, Chase, Detroit, opened two bank has moved to 5700 Crooks Road, Suite Mt. Clemens, offers international and Ill.; Chapel Hill, N.C.; Cary, N.C.; Love- dising Web-based system at dealer- branches in Macomb and Oakland 450, Troy. Telephone: (248) 537-1300. domestic wines. Wine Sync also of- land, Colo.; and Temple, Texas. counties. The first opened at 21700 21 ships across the U.S. and Canada. The JPRA Architects, to 41050 West 11 Mile fers wine vinegar, cheeses, San Fran- Mile Road, Macomb Township. Tele- company headquarters is being relo- Designhaus, a Rochester-based archi- Road, Novi. Telephone remains: (248) cisco Chocolate Factory products, cated from Charleston, S.C., to Troy. tectural firm, was awarded the con- phone: (586) 468-9584. Chase also 737-0180. Web site: www.jpra.com. opened a branch at 51967 10 Mile Road, specialty gift baskets, wine tastings, tract to design new office space for , a sports and entertainment South Lyon. Telephone: (248) 344-2861. Dietz Trott and a private e-mail club. Telephone: CONTRACTS ES3, a performance-improvement, management firm, to 31440 Northwest- marketing and communications com- St. Joseph Mercy Oakland, Pontiac, (586) 469-WINE. Web site: The Designate, Pleasant Ridge, an- ern Highway, Farmington Hills. Tele- winesync.com. pany. Avripas Construction Manage- has opened Waterford Urgent Care at phone remains: (248) 723-6589. nounced it now offers its on-call chauf- ment Co. of Rochester was awarded 5800 Highland Road, Waterford Town- feur services as a benefit to employees the contract to serve as general con- ship. It treats patients with non-life- OTHER of ePrize, also based in Pleasant Ridge. tractor for the build out of the 8,000- NEW PRODUCTS threatening medical problems and is Advantage Mobility Outfitters, Wayne, The pilot program offers ePrize em- square-foot facility. open evenings and weekends. Tele- Fathead L.L.C., a Livonia sports and en- has been certified by the National Mo- ployees a company-paid ride home by phone: (248) 673-2474. tertainment graphics company, an- The Designate’s drivers after an EXPANSIONS nounced it added images of National bility Equipment Dealers Association evening of business or personal enter- Basketball Association stars Kevin as a member of its Quality Assurance , Livo- LITERATURE tainment. TRW Automotive Holdings Corp. Garnett, Kevin Durant and Tony Park- Program. Advantage Mobility Outfit- nia, has opened a new steering sys- Azure Dynamics Corp., an Oak Park de- Attendance on Demand Inc., Farming- er to its line of life-size wall graphics. ters modifies existing vehicles for in- veloper of commercial vehicle hybrid- tems manufacturing plant in Nove ton Hills, announced the availability dividuals with physical disabilities. Mesto nad Vahom, Slovakia. of two white papers on employee time electric and electric powertrains, has NEW SERVICES Pure Visibility, Ann Arbor, has re- Huntington Bank has opened a branch clocks: “Time Clocks for Employee signed a contract with Florida Power & ceived a Google Analytics Authorized at 44190 Five Mile Road, Northville. Attendance Tracking,” and “Biomet- St. Joseph Mercy Oakland, Pontiac, is Light to deliver a parallel hybrid Ford Consultant designation. It is awarded E-450 vehicle to the electric company’s Telephone: (734) 414-5306. rics: Advantages for Employee Atten- the first Michigan hospital to perform by Google Inc. to organizations that fleet. Foley & Lardner L.L.P. has opened in dance Verification.” They are at a custom fit total knee replacement show extensive knowledge of its the Bank of America Tower at 100 S.E. www.attendanceondemand.com. procedure. It enables surgeons to pre- Bianchi Public Relations Inc., Troy, has serve more bone and ligaments, allow- Google Analytics Web service. been named public-relations agency of Second St., Miami. The Milwaukee- Oakland County Michigan 2008 is now based law firm has offices in Detroit. available to travelers at Detroit Metro- ing for better implant fit and align- record for Seton Co., a Norristown, Pa.- ment. based supplier of leather for automo- Auntie Anne’s Soft Pretzels has politan Airport, Romulus, and Flint’s tive interiors. opened a pretzel and soft drink kiosk Bishop Airport. The free and official SurplusTrack.com, Ann Arbor, DIARY GUIDELINES in the Eastland Mall, Harper Woods. county magazine is also available in launched version 3.0 of its online in- Wayne State University, Detroit, and public libraries, in the 46 communi- dustrial exchange, which helps busi- , Detroit, have en- Owner and operator VJ & O’Neal En- Send news releases for Business ties that participated in producing the nesses buy and sell surplus industrial tered into a partnership to establish a terprises L.L.C. plans to open 10 Michi- Diary to Joanne Scharich, Crain’s magazine, and in selected hotels. inventory and equipment. joint training program leading to a gan and 30 nationwide Auntie Anne’s Detroit Business, 1155 Gratiot Master of Science in Radiologist Assis- locations in the next year. Zana Network L.L.C., Detroit, now of- Ave., Detroit, MI 48207-2997 or tant degree. The WSU Eugene Apple- Quality Home Health Care Services of MOVES fers its members small-business mi- send e-mail to jscharich@crain. baum College of Pharmacy and Health Michigan, a Southfield-based home The Law Office of Douglas C. Wozniak, cro loans from $5,000 to $25,000. com. Use any Business Diary item Sciences is accepting applications un- health care agency, has opened an of- Gregory M. Filar and Marlayna Schoen The Detroit Regional Chamber an- as a model for your release, and til Jan. 30 for the program, which is to fice at 18100 Meyers, Detroit. Tele- from 8155 Annsbury, Suite 100, to 8152 nounced a new Chamber Capital pro- look for the appropriate category. begin in May. The program is for expe- phone: (313) 340-1240. 25 Mile Road-Suite B, Shelby Township. gram in partnership with Hennessey Without complete information, your rienced radiographers with bachelor’s Elements Therapeutic Massage Inc. CB Richard Ellis has moved its main lo- Capital. The program offers financing item will not run. Photos are degrees and other qualifications. has opened its second Michigan studio cal office to 2000 Town Center, Suites options and advice for the chamber’s welcome, but we cannot guarantee Lumecon and Relume Technologies, at 29480 Woodward Ave., Royal Oak. 500 and 625, Southfield. The office has small-business members. they will be used. Farmington Hills, won a contract with The Highlands Ranch, Colo.-based 110 employees who moved from the real Lawrence Technological University is the city of Ann Arbor to supply more than 1,000 LED light retrofits for the city’s conversion to 100 percent LED downtown streetlights. WorkForce Software Inc., Livonia, an- nounced the Matanuska Telephone As- sociation of Palmer, Alaska, has chosen its EmpCenter Online suite for manag- ing HR and payroll systems. The twists and turns of business Qualitech, Bingham Farms, was select- ed by Aprotech Powertrain, a Troy man- restructuring are complex and ufacturers representative and automo- demanding. At McDonald Hopkins, tive supplier, to provide a new filer server in its North Carolina location we approach every case with creativity and two VOIP phone systems in Michi- and insight to ensure the solutions are gan and North Carolina. United Solar Ovonic L.L.C., Auburn cost-effective and practical. At every turn, Hills, has entered into an agreement you can be confident that our attorneys with Baltimore-based Sun Edison L.L.C. to supply the solar energy company will guide you through the process. That's with Uni-Solar solar laminates in 2008. why we have grown to be one of the largest Madonna University, Livonia, contract- ed with Monal Inc., Farmington, for a restructuring practices in the Great Lakes campuswide upgrade of its electrical region. When you turn to McDonald and distribution system. Hopkins for restructuring legal services, it Schuler Inc., Canton Township, has re- tained The Quell Group, Troy, for brand- will be a turn in the right direction. ing, market positioning and ongoing market communication. Hile Design, Ann Arbor, has been se- Business Restructuring Services lected by City Mission Manila to design • Debtor Representation its Web site. Published in both German and English, the site features informa- • Creditors’ Rights tion about City Mission Manila’s hu- manitarian work serving the urban • Distressed M & A poor in the Philippines. McGraw Wentworth, Troy, has been chosen to manage health benefits for 39533 Woodward Avenue, the 400 U.S.-based employees of Ricardo Inc., an automotive supplier with tech- Suite 318 nical centers in Detroit, Van Buren Bloomfield Hills, MI 48304 Township and Chicago. MR1, a Berkley-based facility services Stephen M. Gross company, has signed a contract with Office Managing Member the charter school Edison Oakland Academy, Ferndale, to handle all facili- 248.646.5070 ty services, including janitorial, main- tenance, HVAC preventive mainte- Chicago • Cleveland • Columbus nance and building repairs. Horne Travel Consulting, a Livonia Detroit • West Palm Beach travel agency, has been added to the DETROIT BUSINESS MAIN 01-28-08 A 30,31 CDB 1/25/2008 11:54 AM Page 1

Page 30 CRAIN’S DETROIT BUSINESS January 28, 2008 PEOPLE ARCHITECTURE World-Class Services in Detroit IN THE SPOTLIGHT Troy-based automotive supplier ArvinMeritor Inc. has appointed Sherry Welsh IPO’s vice president of sales and M&A marketing for the light SEC compliance vehicle systems business Virtual Datarooms Borrelli Smith group. Welsh, 44, had Richard Borrelli to eProxy senior associate, been senior Hobbs+Black As- Welsh vice president of sales for SEC thought leadership sociates Inc., Ann Arbor, from prin- Robert Bosch L.L.C. in Farmington cipal, TMP Archi- Hills. She replaces Frank Pierce, XBRL tecture, Bloom- who is now vice president of light field Hills. Also, vehicle systems for China. Donald Smith to She earned a bachelor of arts construction spec- degree in industrial engineering ifier, from associ- from Lafayette College in Easton, Financial communication delivered Kohler ate, Redstone Ar- Pa., and an MBA from the by advanced technology, personal chitects Inc., University of South Carolina in Southfield; and Daniel Kohler to pro- Columbia. service and industry insight. ject architect, from president and Walsh is a member of the owner, Daniel Kohler, Architect, Ann Marketing and Sales Executives of Arbor. Detroit. Gerald Kaplan to senior project man- ager, Giffels, Southfield, from project ENGINEERING manager, Skanska USA Building Inc., Lisa Sullivan to associate I, resource Southfield. Also, Jim Biel to director of assessment and management group, perfection project development, from vice presi- ASTI Environmental, Brighton, from dent of sales, Atlas Mortgate Co., field technician. Farmington Hills. VISIT BOWNE.COM/SERVICES2 ENTERTAINMENT CONSTRUCTION DEALMAKERS AND COMPLIANCE PROFESSIONALS TURN TO BOWNE FOR SPEED AND ACCURACY. Frank Guastella to director of opera- Jeff Buckley to project manager, Clay- tions/marketing, Franklin Golf, Clark- co Inc., Livonia, from project manag- ston, from co-owner, Red Fox Run Golf Bowne Financial Communications er, Norcon Builders, Woodinville, Course, Gwinn. Wash. 610 W. Congress, Detroit, MI 48226 FINANCE EDUCATION Phone: 313.964.1330 Terry Pryor to executive vice president Ted Blashak to and director of commerical banking, president, The Art TCF Bank Michigan, Livonia, from se- Institute of Michi- nior vice president and division head gan, Novi, from of commerical real estate. vice president of Roger Bick to management consul- business research tant, Kenneth J. Dalto & Associates, and effectiveness, Farmington Hills, from vice president Apollo Group in commercial credit underwriting, Campus Services, J.P. Morgan Chase, Mt. Clemens. Phoenix. Also, Marc Sherrod to Becky Killarney to management con- dean of academic sulting marketing manager, market- Blashak affairs, from dean ing team, Plante & Moran P.L.L.C., of academic af- Southfield, from operator, Vital Force fairs on education Inc., Bloomfield Hills. issues and busi- Scott Stearsman to region manager, ness metrics, The greater Michigan/Indiana, Bank of Art Institute of America, Troy, from consumer mar- Colorado, Denver. ket executive, Charlotte, N.C.; Joseph Sidney Katz to ex- Heisler to market executive in Michi- ecutive director, gan for Premier Banking and Invest- Akiva Hebrew Day ments, Troy, from state sales manag- School, South- er, LaSalle Financial Services; John field, from associ- Irwin to executive in charge of U.S. ate, litigation, val- Trust/Bank of America private Sherrod uation and wealth management, Troy, from investigative services group, Plante & Michigan wealth management, Moran P.L.L.C., Southfield. LaSalle Bank, Troy; and N. Donald Health to commercial real estate bank- Cynthia Bechill to president, Troy ing executive for Michigan, Troy, campus, International Academy of De- from group senior vice president in sign & Technology, from interim pres- charge of commercial real estate for ident. Michigan, LaSalle Bank, Troy. Ronald Miller to associate vice Fausto Jose Mar- president for de- tin to vice presi- velopment, East- dent and chief ern Michigan Uni- claims officer, versity Auto Club Insur- Foundation, Ypsi- ance Association, lanti, from vice Dearborn, from president of devel- national physical opment, the De- damage claims as- troit Institute of sistant vice presi- Arts, Detroit. dent and national Miller director of prop- Jennifer Hudson Martin Parke to advancement director, The erty claims, Safe- Academy, Grosse co Insurance Co. of America, Seattle. Pointe Farms, from marketing manag- Christian Cook to director, perfor- er, University Cultural Center Associ- mance improvement practice, Alix- ation, Detroit. Partners, Southfield, from senior man- Melanie Gibson to director of admis- ager, mergers and acquisitions sions, The Art Institute of Michigan, practice, Deloitte Consulting, Detroit. Novi, from managing associate direc- Colleen Thiessen and Melanie Watts tor of admissions, The Art Institute of to senior vice president, Willis of Philadelphia, Philadelphia. Also, Steve Michigan Inc., Novi, from vice presi- Simpson to academic director of culi- dent. Also, Cynthia Ray to vice presi- nary arts, from executive chef, Papa dent, from assistant vice president. Joe’s Gourmet Market and Catering, Jamey Schalter to associate, restruc- Rochester Hills and Birmingham. turing and operations improvement DETROIT BUSINESS MAIN 01-28-08 A 30,31 CDB 1/25/2008 11:55 AM Page 2

January 28, 2008 CRAIN’S DETROIT BUSINESS Page 31 PEOPLE team, Plante & Moran P.L.L.C., South- Abbott Nicholson, Detroit. Also, Leslie Baranowski to vice presi- Seth Grass to production manager, dent, JFK Investment Co., Bloomfield field, from solution engineer, SAP dent, manager account planning, from Signature Audio, Wixom, from produc- Hills; and David Davis to associate, in- Inc., Southfield. MANUFACTURING manager, account planning; Jason tion assistant. vestment properties group, from in- Macemore to vice president, social vestment sales department, Signature Jennifer Krausman to regional sales Jeff Jollay to vice president of market- Emile Mahanti, Leslie Pardo and Alan media experience planner, from social Associates, Southfield. and service manager, Chase, Detroit, ing and product development, Brass- Upchurch to senior vice president, from Macomb district manager. Also, media experience planner; Lynne Craft, Novi, from vice president, sales Marx Layne & Co., Farmington Hills, Cindy Fitch to manager of new branch- Schrage to vice president, account su- SUPPLIERS and consumer marketing, HON, Mus- from vice president. es in eastern Oakland and Macomb pervisor, from account supervisor; catine, Iowa. Brett Healy to president and CEO, We- counties, from product support to and Jeanne Senda to vice president, Wallace Snyder, president and CEO, basto Roof Systems Inc., Rochester bank branches in Southeast Michi- group program manager, from group American Advertising Federation, Hills, from vice president business de- gan; Shak Adebimpe to Macomb dis- MARKETING program manager. Washington, D.C., to the board of di- velopment and program management. trict manager, from supermarket Antje Newby and Mark Seng to vice president, after- rectors, Valassis, Livonia. branches district manager; Lori Pratt Elizabeth Roach market and commercial vehicle, R.L. to north district manager, mid-Michi- to senior vice Polk & Co., Southfield, from senior REAL ESTATE TRANSPORTATION gan, the Thumb and northern Oak- president, man- manager of e-commerce and electron- Mike Gerard to senior managing direc- Dawn Pape to manager of passenger land County, from sales wholesaler; agement supervi- ic data services, Federal-Mogul, tor of the Midwest region, CB Richard services, the Old Road Dinner Train and Sarina Kissella to Detroit metro sor, Campbell- Southfield. Ellis, Southfield, from managing direc- Blissfield and Old Road Dinner Train south district manager, from manag- Ewald, Warren, Meghan Edwards to senior account ex- tor, operations. Charlotte, The Adrian & Blissfield Rail er, Briarwood branch, Ann Arbor. from vice presi- ecutive, Identity Marketing & Public Also, John Latessa Jr. to managing di- Road, Westland, from Old Road Din- dent, manage- Relations, Bingham Farms, from ac- rector, southeast Michigan operations, ner Train Blissfield dinner train man- FOOD Newby ment supervisor. count executive. from principal and senior vice presi- ager. Eric Lundy to creative and marketing director, Forte Belanger Catering, Troy, from lead event designer. Also, Natalie Matovski to lead designer, from event designer; and Christina Si- mon to sales associate, from sales as- sistant. HEALTH CARE Mike Richards to executive director of senior services, St. John Health, War- Potential made possible. ren, from senior administrator for se- nior services. Kim Knight to area CEO of operations Selected Recent Transactions responsible for Michigan and Ohio hospitals, Triumph Health Care, De- troit, from CEO, Triumph Hospital, Detroit. INDUSTRY GROUPS Steven Hyder to assistant director of labor relations, Construction Associa- tion of Michigan, Bloomfield Hills, from operator of a private law prac- tice, Howell. INFO/TECHNOLOGY Doug Rossman to vice president of procurement services, Osiris Innova- tions Group, Auburn Hills, from direc- tor of purchasing North America, GDX Automotive, Farmington Hills. completed the private placement of Also, Stephen Turk to director of im- $30,500,000 plementation, from global IT manag- Convertible Preferred Equity er, General Motors Corp., Detroit. with Pharos Capital Group, LLC Highlander Partners, LP Hopewell Ventures LAW River Cities Capital Funds Mary Mansfield, Jason Abel, Sean Crotty, Matthew Disbrow, Jeffrey Kuras, H. Roger Mali, Arthur O’Reilly, Stanley Pitts, Melissa Resslar, Aaron Sil- ver and Jennifer Watkins to part- ner, Honigman Mansfield Miller Schwartz and Cohn L.L.P., Detroit, from associate. Also, Jill Schloff to partner, Bloomfield Hills, from associate. At P&M Corporate Finance, we measure our success Jay Kennedy to senior counsel, Warner Norcross & Judd L.L.P., Southfield, by our clients’ successes. And in that regard, 2007 was from shareholder and chair of the tax another very good year. In fact, over the last 15 years, and estate planning practice group, our team of investment bankers has helped hundreds PEOPLE GUIDELINES of clients realize their potential. We can help you, too. Please contact Phil Gilbert (248.223.3326), Paul Flanagan Announcements are limited to management positions. Nonprofit (248.223.3550) or Matt Jamison (248.223.3368). and industry group board appointments can be found at www.crainsdetroit.com. Send submissions for People to Joanne Scharich, Crain’s Detroit Business, 1155 Gratiot Ave., Detroit, MI 48207-2997, or send e-mail to [email protected]. Releases must contain the person’s name, new title, company, city in which the person will work, former title, former company (if not promoted from within) and former city in (*8<0:0;065:‹:(3,: +0=,:;0;<9,:‹*(70;(39(0:05.‹:;9(;,.0*(+=0*, which the person worked. Photos CHICAGO DETROIT CLEVELAND pmcf.com are welcome, but we cannot guarantee they will be used. DETROIT BUSINESS MAIN 01-28-08 A 32 CDB 1/25/2008 12:17 PM Page 1

Page 32 CRAIN’S DETROIT BUSINESS January 28, 2008 Delphi executive payout cutback a victory for unions, many say

BY MARK BRUNO victory against management. have to reduce this amount by was a fair and reasonable amount” nized labor is involved. CRAIN NEWS SERVICE “That’s the way it’s being viewed roughly 80 percent, to $16.5 million to be paid to executives upon “A bankruptcy court can say or around here,” said Robert Steven- — a move Delphi spokesman Lind- emerging from bankruptcy. Drain do whatever it wants,” said Gerald For most of the nearly 27 months son, benefits attorney at Stevenson sey Williams told Financial Week did not specifically say how the Meyers, University of Michigan busi- since Delphi Corp. filed for bank- Keppleman Associates, an Ann Ar- that the company will officially cash should be put to use, however. ness professor and former chair- ruptcy protection, the automaker bor-based law firm that works with make in the very near future. “You have seen a clear trend in man of American Motors Corp. “But has been bashed by union leaders. automotive and auto-parts compa- Once Delphi makes the adjust- recent years that the government is executive compensation issues be- Mostly, the complaints centered nies. “It’s been contentious from ments to its executive compensation trying to find ways to cut back on ex- come so much more visible when a on the cash payouts earmarked for the get-go, but it seems that the arrangements, Drain is expected to ecutive compensation, especially in union is involved that it can often the company’s executives once unions won this battle.” confirm his approval of Delphi’s bankruptcy proceedings,” said John become a condition of settlement.” Delphi emerged from Chapter 11. Several hundred executives for plan to emerge from one of the Utz, an attorney at benefits and com- Unions that support Delphi work- So when a federal judge said just Delphi were slated to receive a total largest bankruptcies in U.S. history. pensation law firm Utz, Miller & Kuhn. ers, including the United Auto Work- last week that he would OK Del- of $87 million in cash bonuses upon A copy of the transcript from “There is some real anger in various ers and IUE-CWA, have been vocal in phi’s bankruptcy plan — but only if emerging from bankruptcy, under Tuesday’s hearing was not imme- branches of government concerning protesting the executive compensa- the board agreed to substantially the company’s original reorganiza- diately available. But a source in excessive payouts.” tion packages that the company has cut back its “emergence” cash pay- tion plan. But Federal Bankruptcy attendance said Drain decided Del- Other observers point out that proposed throughout its reorgani- outs for executives — it appeared to Judge Robert Drain said specifical- phi was unable to “meet their bur- executive compensation issues of- zation plans. Of late, union leaders many that organized labor scored a ly last Tuesday that Delphi would den and show that (the $87 million) ten turn even thornier when orga- have argued that some of the pack- ages — including an $8.3 million emergence bonus Delphi Chairman Robert “Steve” Miller was slated to receive for guid- ing the company through bank- ruptcy — were excessive. That’s particularly true, they say, in light of the job cuts and wage re- ductions many of Delphi’s employ- ees endured Miller since the company filed for bank- ruptcy in October 2005. Along with Miller’s $8.3 million emergence payout, Rodney O’Neal, Delphi’s CEO, was in line to re- ceive $5.3 million in cash when the company came out of bankruptcy. When these “emergence” bonuses were revealed in a filing earlier this month, it drew the ire of union officials, with IUE-CWA automo- tive conference board chairman William Thorpe calling the large payouts “ridiculous.” Delphi management has con- tended the incentives are necessary for the company to retain its key executives during the bankruptcy process. Indeed, many executives at the auto-parts supplier agreed to greatly reduced salaries to illus- trate their “commitment” to Del- phi’s transformation, Miller said in a statement at the time. For his part, Miller, who re- ceived a $3 million signing bonus when he joined Delphi in 2005, vol- unteered to reduce his salary to $1 in 2006 and also agreed to waive his bonus. O’Neal also reduced his own compensation at the time, low- ering his base salary by 20 percent. In light of Drain’s decision, it re- mains to be seen how both Miller and O’Neal will be rewarded when Delphi exits from Chapter 11 bank- ruptcy protection — no small feat, given that the company must still secure $4.5 billion in exit financing in a shaky credit environment. Williams said the two executives will have their emergence bonuses paid from a cash pool of $16.5 mil- lion, adding that Delphi’s compen- sation committee will ultimately determine their new exit payments. The judge’s decision only impacts the emergence cash pool, Williams pointed out, adding that other ele- ments of the executive compensa- tion plan will remain in place. In particular, several hundred execu- tives and managers will still be enti- tled to an 8 percent equity stake in the reorganized company. Reported- ly, that stake could be worth up to $400 million. From Financial Week DETROIT BUSINESS MAIN 01-28-08 A 33 CDB 1/25/2008 11:52 AM Page 1

January 28, 2008 CRAIN’S DETROIT BUSINESS Page 33

Dan Everdeen, manager of in vitro services at Molecular Imaging Research Inc., is one of several former Pfizer employees who are helping PHOTO COURTESY OF MOLECULAR IMAGING RESEARCH INC. MIR grow quickly. MIR growing with help from former Pfizer workers Red BlackBerry® Pearl™ 8130 Smartphone

BY TOM HENDERSON Economic Development Corp.; and received CRAIN’S DETROIT BUSINESS more than $1.4 million in two loans from the MEDC, the most recent for $1.2 million from Molecular Imaging Research Inc., an Ann Ar- the 21st Century Jobs Fund in 2006. bor-based company formed in 2003 to help Half its revenue comes from large phar- fund research at its parent company, Molecu- maceuticals, including Pfizer and New Jer- lar Therapeutics Inc., has proven the stronger sey-based Sanofi-Aventis U.S. L.L.C., the other of the two entities. half from contract work for small biotechs. MIR, which also does business as MIR Pre- Leopold said about two-thirds is U.S.-based, clinical Services, provides imaging services with the rest coming from companies in a and a variety of other in vivo and in vitro wide range of countries, including Israel, services to help pharmaceutical companies France, Spain, Australia, New Zealand, test new compounds. It is profitable, has Canada and the United Kingdom. weaned itself from federal and state grants The company has 28 employees, up from to keep the lights on, and is rapidly growing 16 at the end of 2006, and expects to add five its business, both in the U.S. and abroad. more this year. Molecular Therapeutics, based on Univer- Last July, it moved from cramped quar- sity of Michigan research and founded in ters of 8,000 square feet on North Main 2002 to make nanoscale drug-delivery prod- Street that it leased from its parent company ucts, now exists only as a shell company. to 21,000 square feet in the Avis Farms in- MIR is still a subsidiary but is scheduled to dustrial park south of town. become a separate legal entity this summer, Two-thirds of MIR’s revenue comes from 2.0-MP Camera & Video Bluetooth® Enabled said MIR President and CEO Dick Leopold. traditional pharmacology services, such as Media Player Trackball Navigation Despite raising $15 million in private and studying cells in culture, doing blood SM public capital, including chemistries and measuring tumors it grows 3.5mm Headset Jack Sprint Music Store $1.3 million from Michi- in mice to see if drugs are having a response. External MicroSD Slot Web & Email Capable gan’s Technology Tri-Cor- MIR stores in liquid nitrogen about 200 ridor program in 2005, samples of about 20 different tumors taken Supports Up To 8MB Voice Notes and at one point having 20 from patients during biopsy, which it im- Sprint TVSM Enabled Voice Dialing employees and revenue of plants into the mice. $4 million, the parent Imaging processes, which evaluate how Speakerphone BlackBerry® Maps company failed. new compounds combat cancer, account for GPS Enabled SureType® Keypad MIR’s growth has been the other third and are a growing piece of helped in part by the addi- the revenue pie. They include much higher Leopold tion of seven Pfizer em- resolution magnetic resonance imaging ployees who joined the than generally available; computed tomog- company after the drug giant announced it raphy scans, also known as CT or CAT was closing its Ann Arbor operations. scans; positron emission tomography (PET); “The good news for us was that the Pfizer and bioluminescence and fluorescence news came when our revenue was on track imaging, which result from engineering to double and we were desperate for staff,” cells lines so that tumors emit light. said Leopold, a one-time chemical engineer MIR is cancer-centric, but is broadening for Exxon who got his Ph.D. in oncology from its revenue base by offering services for the University of Wisconsin in 1981. He is also those developing drugs for arthritis and oth- Activate or Upgrade your BlackBerry® smartphone an adjunct professor of medicinal chemistry er inflammation-related diseases. at UM. David Fry is a consultant to drug-discov- at the BlackBerry Store from Wireless GIANT. In addition, MIR houses a startup founded ery companies, and he recommended MIR to by two laid-off Pfizer researchers called Cut- Ann Arbor-based Avidimer Therapeutics L.L.C., ting Image Histology L.L.C., which could aug- which needed tests run on an anti-cancer ONE FREE BlackBerry training session with any ment MIR’s services to clients. compound. Leopold formerly was executive director “I knew the experiments would be done BlackBerry smartphone purchase and activation. of cancer research in Ann Arbor for Pfizer. exactly as we designed them and the results After Pfizer bought Pharmacia Corp. in July Training is currently available for BlackBerry smartphone users, would be valid,” he said. see store for schedule of classes and applicable fees. 2003, it shut down its local cancer research, Patrick Vincent is a research fellow in and Leopold joined the fledgling MIR, which preclinical cancer pharmacology at Takeda was incorporated that August. San Diego Inc., a U.S. subsidiary of a Japan- MIR’s revenue was up by about 40 percent ese company. He said Takeda San Diego is 31380 Orchard Lake Rd, Farmington Hills, MI 48334 in 2007, to about $4.5 million, with projec- small and contracts out a lot of its research, tions of about $6 million for 2008, said some of it to MIR. (Southeast corner of Orchard Lake Rd & 14 Mile Rd) Leopold. “The goal was to build a client base “They’re the best in the business in my to get independent of grants, and we have mind,” said Vincent, who said MIR’s imag- done so,” said Leopold. ing “tells me how much of a drug I need and 248·855·5777 The company received funding through for how long. … We get an earlier read that **Our monthly surcharges are not taxes (incl. a Universal Service Fee [varies quarterly], cost recovery fees up to $1.55 per line, & state/local fees [vary by area]). Details: Sprint.com. federal grants to its parent company; has gives us the confidence that our drug is do- Coverage not avail. everywhere. Avail. features & services will vary by phone/network. Sprint National Network reaches over 262 million people. Offers not avail. in all markets/retail locations. Subject to credit approval, $36 activation & $200 early termination fee per line. Deposit may be req’d. Blackberry shared three grants with researchers at ing what we want it to do.” Data Plan required on all active Blackberry devices. Add’l terms & restrictions apply. See store or Sprint.com for details. ©2008 Research In Motion Wayne State University, one from the National Tom Henderson: (313) 446-0337, thender- Limited. All rights reserved. BlackBerry®, RIM®, Research In Motion®, SureType® and related trademarks, names and logos are the property of Research In Motion Limited and are registered and/or used in the U.S. and countries around the world. ©2008 Sprint Nextel. All rights reserved. Sprint, Institutes of Health and two from the Michigan [email protected] the logo, and other trademarks are the trademarks of Sprint Nextel. Page 34 CRAIN’S DETROIT BUSINESS January 28, 2008

Confidential Reply Boxes Available Call Us For Personalized Service: See Crainsdetroit.com/Classifieds (313) 446-6068 CRAIN’S CLASSIFIED for more classified advertisements See our Classified ads on www.crainsdetroit.com FAX: (313) 446-1757 MAIL: Classified Advertising, Crain’s Detroit Business, CLOSING TIMES: Monday 3 p.m., PAYMENT: All classified ads must be prepaid. E-MAIL: [email protected] 1155 Gratiot Ave., Detroit, MI 48207-2997. one week prior to publication date. Checks, money order or Crain’s credit approval INTERNET: www.crainsdetroit.com/classifieds Include name, company, address and phone number. Please call us for holiday closing times. accepted. Credit cards accepted.

ANNOUNCEMENTS & BUSINESS & SERVICES INVESTMENTS BUSINESS SERVICES BUSINESSES FOR SALE CRAIN’SEXECUTIVE RECRUITER Profitable, high end tanning salon & spa for sale in Novi. High volume with solid clientele of 10+ years . If you have it, we’ll cure it... Premium equipment, all purchased, no debt. Recently ADVERTISING/MARKETING GENERAL MANAGEMENT remodeled. High positive cash flow yielding high rate AccountileDysfunction.com of return for both operator and investors. Inquiries to Professional Controllers & CFO’s (248) 470-7572. VP / FUNDRAISING City Manager www.BestPractices247.com ACCOUNT EXECUTIVE AND DEVELOPMENT Phone (248) 470-7728 BUSINESS OPPORTUNITIES City of Rochester, MI PART TIME MEDIA PLANNER Planned Parenthood is looking for a TRAVEL COMPANY IS EXPANDING qualified professional with proven ex- A unique opportunity to manage an up- More than doubled last year. 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Arbor and is responsible for fundraising cess in organizational leadership. A full po- TWO MEN AND A TRUCK Part time MEDIA PLANNER responsible for Royal Oak, MI. 248-549-6667 within Southeast Michigan. sition profile can be viewed at Franchise Available supporting Public Relations and Media Buying. www.ci.rochester.mi.us. Résumé, cover Experience required • Metro Detroit & Surrounding Communities Contact: letter, salary history and references to: City FINANCIAL SERVICES • Turn key operation • Great support Staff [email protected] Contact [email protected] Manager Search, City of Rochester, 400 • Terrific opportunity at $750,000 or fax: 734-973-0595. Sixth St, PO Box 10, Rochester, MI 48308- LOW COST COMMERCIAL LOANS Commercial Loans or Lines of Credit, 1st or 2nd Lien Call Peter 0010, or submit résumé in Microsoft Word Position, No Environmental Study or Appraisal Fee. 313-724-6683 or text format to [email protected] Stated Income. Contact Mr. Heyman at or [email protected] by 2/15/08. Request confidentiality, if [email protected] or (248)229-9672 SALES desired, under provisions of MI Open Vice President of Family Meetings Act. BUSINESSES WANTED MISCELLANEOUS SALES MANAGER Preservation Services Local Group Looking to Acquire INDUSTRIAL ELECTRONICS Seeking Vice President of Family Preserva- 3 MONTH LOANS ON WORTHWHILE JEWELRY Fast Food Franchise with or without real estate. Jason Silver tion. Duties include ensuring contract compli- OPERATIONS DIRECTOR Contact: [email protected] Distributor of electronic/electrical control products ance & model fidelity of Family Preservation Lew Silver Diamond Brokers and services seeks manager to motivate and lead 9 Mile at Greenfield programs, and grant/ proposal writing. Mas- MMro is seeking a Operations Director to the growth of inside/outside industrial sales or- ter's degree required with a minimum of 15 248-559-5323 EQUIPMENT & ganization. Must have industry-specific manage- handle operations for Workers’ Compensa- years administrative experience in a non-profit tion and/or Disability assessments. MMro BARNETT OIL COMPANY MERCHANDISE ment experience. Fax or e-mail resume and sal- environment. ary req. to (248)414-5971 or [email protected]. is a national provider of medical assess- Is drilling a well for oil and gas in the summer ments, providing services to leading insur- of 2008. For more information OFFICE FURNITURE www.galco.com Submit resume to Black Family ance carriers, employers, third party ad- Call 248-618-8907 Development, Inc. 2995 E. Grand Blvd., ministrators, and government agencies. MUST SELL, OFFICE CLOSED Detroit, MI 48202. Position is responsible for operational PHOTOGRAPHY Desks $99, Chairs $39, Files $49, Partitions $50, Visit our website at management of 20-35 people. Lateral Files $99, Cubicles, Office Phone Systems GENERAL www.blackfamilydevelopment.org. Health/Medical experience is necessary as Call (248) 548-6404 or (248) 474-3375. E.O.E. is previous managament experience in the the medical/healthcare setting. Competi- Clinical Director tive salary is offered with addl compensa- TELECOMMUNICATIONS tion for operational efficiency and volume. Seeking Clinical Director. Duties include pro- REAL ESTATE Healthcare benefits and 401K Plan is LUCENT . . . AVAYA. . . PARTNER. . . available. MAGIX. . . VOIP. . .LEGEND . . . viding oversight of clinical services. Candi- MERLIN. . .SPIRIT Systems/Parts New/refurbished. date must possess knowledge of current ac- Please email resumes to Omnicall Equipment Corp. (248) 848-9282 creditation standards, and federal, state, and [email protected] or fax to local regulatory standards. Masters degree re- 248-530-7411. WE HAVE USED PHONES quired with at least 10 years experience in SALES POSITION Nortel, Lucent, phone systems. Almost any new or clinical services. Outstanding opportunity to join one of used phone available. Expert installation available. Call (248)548-6404 Michigan’s most experienced com- CRAIN’S EXECUTIVE Submit resume to Black Family mercial real estate brokerage firms. Development, Inc. 2995 E. Grand Blvd., RECRUITER WORKS! Detroit, MI 48202. Responsibilities will include sales and leasing of industrial and office properties. Visit our website at For an appointment please contact Jason www.blackfamilydevelopment.org. Capitani at 248-637-9700 or email E.O.E. CRAIN’S REAL ESTATE resumes to [email protected]. CRAIN’S

APARTMENT BUILDINGS COMMERCIAL PROPERTIES MANAGER OF TAX AND PRESIDENT/CEO RESIDENTIAL 8 ACRES FOR SALE OR INVESTOR WANTED 1000 SQ. FT. RETAIL SPACE FOR LEASE FINANCIAL REPORTING Clinton Township. SE Corner of 19 Mile & Hayes MichiganWorks™ Career Alliance, Inc. Zoned multiple senior apartments. 80 units, excellent is seeking a new President/CEO. The location, Waterford, ready to build. in the 19 & Hayes Villa. ACCOUNTANT 313-530-4293 Call 586-536-1616 successful candidate will have a reputation PROPERTIES of impeccable integrity and a history of A successful Real Estate Group with a GROSSE POINTE WOODS, MI proven track record of achievement is seek- Beautiful 6,000 sq. ft.retail building for lease building and managing successful teams COMMERCIAL PROPERTIES Premier location on Mack Ave. while exhibiting fiscal responsibility with ing a Manager of Tax and Financial Report- WATERFRONT PROPERTY Also excellent for office/medical. the organization’s resources. The candi- ing. Position requires an independent self LaHood Realty 313-885-5950 date will also have a demonstrable record starter with employee supervision experi- A Great Reason to Live in Michigan! FOR SALE 4000 SQ. FT. COMMERCIAL BUILDING. of building and maintaining positive rela- ence and both Tax and Financial Reporting Come home to your new custom home (your plans or 16 NORTHEAST OHIO Eastpointe, former bakery, 30 pan oven, 10 x 30 walk tionships with constituents from all sectors experience. CPA certification required. Ex- ours). Enjoy water sports and stunning sunsets. In Brighton at HiltonPointeEstates.com GAS STATIONS in freezer, Hobart Mixers, more! of the community. perience in MRI, Timberline, GoSystems Call 586-536-1616 and/or ProSystemsfx helpful, but not re- CONTACT Requirements include experience in ad- quired. Please send resume and salary histo- LUXURY PROPERTY ministration of employment and training TOM PRATT ry to [email protected]. FOR SALE ON I-275 / I-696 programs; a Bachelor’s Degree in Business 216.771.1229 Administration, Economics or Related – LUXURY PROPERTY – or PARAMOUNT BANK BUILDING Field; Excellent communication skills; A BLOOMFIELD TOWNSHIP ZAK SCHWEDA 31000 Northwestern Hwy., Farmington Hills minimum of 7 years progressively respon- 33,426 SF sible administrative and managerial experi- 216.771.8278 50% Occupied Class A Office ence in a supervisory position of five or more subordinates; and a minimum of two FIRST CLASS HQ AT I-696 17500 Eleven Mile Rd., Lathrup Village years as a member of senior management. 11,782 SF Evidence of strong networking/ relation- EXQUISITE ONE-OF-A-KIND WORLD CLASS DESIGN Copper, Stone & Brick Construction ship building skills is required. Experi- – 4 bedrooms, 3 ½ baths, 4,890 sq. ft. surrounded by ence working successfully with local, state a 2 acre wildlife sanctuary. Presents brazilian cherry & ANCHOR BUILDING or federal government would be a plus. slate flooring, mahogany, rosewood, lace wood and 29688 Telegraph Rd., Southfield 12,775 SF Salary will be commensurate with qualifi- much more – unsurpassed detail. Gourmet kitchen, 50% Occupied - Excellent Investment cations presented. Applicants are request- great room with spectacular view of pool, vaulted ceil- ed to forward resumes via Internet (prefer- ings, wet bar, cabana, etc. Completely renovated. VICTOR PARKWAY MEDICAL BUILDING red) to: $1,850,000. Visit www.conniebarnard.com. 38525 W. Eight Mile Rd., Livonia 6,637 SF [email protected] Beautiful Medical Office at I-275 Exit Materials may be submitted in comparable form to: AVALON POINTE AT I-96 President/CEO Search 41855 Eleven Mile Rd., Novi DHR International Advertise your 10,000 SF 1200 17 Street, Suite 2175 Connie Barnard New General / Medical Condos Denver, CO 80202 CENTURY 21 TOWN & COUNTRY goods and services in 248.353.5400 To insure full consideration, materials 294 E BROWN, BIRMINGHAM, MI 48009 should be submitted no later than [email protected] ED WUJEK ALAN WEISS Office Phone : (248) 642-8100 Personal Mobile : (248) 766-3504 Crain’s Detroit Business [email protected] [email protected] February 7, 2008 DETROIT BUSINESS MAIN 01-28-08 A 35 CDB 1/25/2008 12:17 PM Page 1

January 28, 2008 CRAIN’S DETROIT BUSINESS Page 35 CRAIN’S REAL ESTATE Tax forms for nonprofits INDUSTRIAL PROPERTY

ECONOMIC DEVELOPMENT ALLIANCE OF FREE LAND OFFER ST. CLAIR COUNTY St. Clair County bring mixed reaction Where Blue

Meets Green BY SHERRI BEGIN CRAIN’S DETROIT BUSINESS WHAT’S NEW IN THE 990 TAX FORM 105 acres fully serviced ɿ Rail Access ɿ 4 mile direct Taking cues from the inquiries of Sen. Charles Among the additions on the form for nonprofits are: access to I-94 45 minute drive to downtown Detroit ɿ ɿ Ⅲ A four-page schedule for hospitals and health care 735 Erie Street, Suite 250 Sites 2 to 50 acres ɿ Broker protected Grassley and the U.S. Senate Finance Committee inves- Port Huron, MI. 48060 tigations of the past few years, the Internal Revenue Ser- systems for information on community benefit, Phone 877-982-9511 (Toll Free) Additional Properties & Land for Sale or Lease: outstanding bonds, joint ventures and contracts with Fax: 810-982-9531 vice has designed new tax forms for nonprofits to de- Fully viewable property list on our website www.edascc.com management companies. www.edascc.com termine whether they are exhibiting sound Ⅲ A new schedule requiring more detailed management practices. COMMERCIAL PROPERTIES OFFICE BUILDING compensation information on executives making “There has been some question about whether the $100,000 or more. AVAILABLE IN DETROIT SOUTHFIELD AREA IRS should be asking (governance) questions or re- Ⅲ A new schedule on non-cash contributions such as High Profile Restaurant And Fast Food BEST LEASE RATE quiring that information,” said Dave Lindberg, vice art work, boats, stocks, cars, antiques and other areas Restaurant Locations Available in the BEST VALUE president for finance and administration at the Coun- the IRS has said donors take inflated deductions. Downtown Detroit Area. Call Pierre LeBlanc WAS $14.75 psf NOW $9.75 psf plus electric, plus cil of Michigan Foundations. Ⅲ A schedule where nonprofits can report anything, 313.319.0113 electric. Clean, secure, well maintained Southfield office “From their standpoint, asking these questions such as mission statements, a list of good things the building. Up to 15,000 sq. ft. available - can be divided. nonprofit does, or grant dollars it receives to support Smallest 757 sq. ft. Available while it lasts. about governance will promote better-run organiza- www.friedmanrealestate.com Call 231-932-1700 its mission. tions.” Ⅲ A summary page to list information from the The IRS released the forms, the first comprehen- INVESTMENT PROPERTY previous and current tax filing years for benchmark INDUSTRIAL PROPERTY sive redesign in 25 years, late in December after as- comparisons. John’s Cleaners And Tailor For Sale sessing more than 3,000 comments on the draft ver- Leasing 3 Units - 24,000 to 130,000 sq. ft. @ Property and Business For Sale In Livonia. Full tals an opportunity to report bad debt and Medicare Burt Indust’l Pk. (I-96/Telegraph), Very Clean, Dry, Service Dry Cleaner With Plant Located on sion released last June. Well-Maint., Docks, Truck Pkg, EZ Freeway Access. Plymouth & Middlebelt Call 248-344-8970 The final forms retained three guiding principles, shortfalls, she said. (248) 356 - 5466 said Lois Lerner, director of exempt organizations at “I think they got it pretty darn close to right,” Dan OFFICE SPACE the IRS, in a December conference call. Hale, general counsel and executive vice president for public affairs at Novi-based Trinity Health, told Crain’s Bloomfield Hills "A" Office -- Window office(s) The principles are: enhancing transparency, pro- available in existing law firm suite; optional secretarial moting compliance and minimizing the burden to sister publication, Modern Healthcare. station; includes library/conference room and kitchen; But not all hospitals are happy with the final form South Genesee’s Premier Warehouse optional use of internet, fax, copier and scanner - nonprofit filers. 248-645-1450 The forms will be phased in depending on the non- and lack of instructions for them, said David Seaman, profit’s budget size, with the largest nonprofits begin- executive vice president of the Michigan Health and 45,000 sq. ft. 83,700 sq. ft. GREAT VISIBILITY! ning to file them as early as the 2008 tax year. Hospital Association in Lansing. With 4 Docks With Rail Prime Location - Garfield & 16 Mile The forms include new schedules on governance, Since the IRS does not expect to release instruc- 625 sq. ft. & Up fund-raising gaming practices, use of professional tions to implement the new forms until later this Quality Tenants year, hospitals will be guessing which data to collect, Exceptional Value Includes Build-Outs & Utilities fund-raisers, and on transactions with insiders. On-site Management “The IRS’s feeling is that good governance equates he said. That will mean many hospitals 586-286-0334 to good tax compliance,” said Catherine Bonnes, se- will have to do retroactive reviews Catellus Group, LLC 810-695-7700 nior manager in Plante & Moran P.L.L.C.’s nonprofit tax of data to assemble the information group, based in Portage. the IRS tells them they can or must Real Estate Advisors - Call Us FOR LEASE f Among other new requirements on the forms are submit, Seaman said. DETROIT, MICHIGAN requests for more detailed information on top-com- Duplicate reporting, but not nec- pensated executives. essarily uniform reporting, to the 72,000 sq. ft. Warehouse, 6 Truck Docks A new schedule for nonprofit hospitals and health agencies could create additional Howard St. & Lodge care systems requires information on the manage- work for hospitals and systems, he 313-506-0534 ment companies hospitals contract to employ hospital said. 34935 Schoolcraft, Livonia Caldwell Office Suites Available 300 to 4,000 sq ft executives, and hospital joint ventures — to make “Perhaps our fear of redundancy sure a for-profit is not gaining excessive profits will be alleviated; but based on history, I’m guessing AVAILABLE NOW through the joint venture. one (federal) hand may not be watching the other,” Hospitals and health systems also will be required 4,000 to 100,000 sq. ft. Seaman said. to outline the community benefits they provide, to Also 10,000 & 25,000 sq. ft. Kyle Caldwell, president and CEO of the Michigan justify their tax exemption. Free Standing Bldgs w/truckwells. Nonprofit Association, agrees that nonprofits will have “Health care systems are not real happy with this a learning curve on the type of data they will now be 1 Mile from Metro Airport 250 N. Center, Northville REA CONSTRUCTION Presently a Thai Restaurant with drive-thru whole schedule. It’s definitely a bigger burden for required to collect, based on their budget size. 2,160 sq ft them,” Bonnes said. The IRS is “asking for more information, so it’s go- (734) 946-8730 The draft version of the 990 form sparked contro- ing to take more time for nonprofits and their ac- Also Heavy Industrial Erwin Tonch, CCIM versy because it did not include bad debt and counting firms to get the necessary information they Land Available TONCH Properties Medicare shortfalls in its definition of community need to fill out the forms,” he said. www.reaconstruction.net www.tonch.com (734) 522-1200 benefit, Bonnes said. “But all in all … the new forms will lead to much In the final form, those two items are still excluded, greater transparency.” but the IRS added a separate schedule to give hospi- Sherri Begin: (313) 446-1694, [email protected] OFFICE BUILDING RETAIL SPACE

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Page 36 CRAIN’S DETROIT BUSINESS January 28, 2008 Detroit Renaissance board Area nurses join adds UM endowment chief lawsuits over wages,

million, and would invest another $2.5 million if the fund raised $75 Valenti named chairman million. claim collusion BY TOM HENDERSON tal L.L.C., has Other commitments include De- CRAIN’S DETROIT BUSINESS been named as troit-based Blue Cross Blue Shield of chairman of the Michigan and Detroit-based DTE En- BY MELANIE EVANS bany, Chicago, Detroit, Memphis Erik Lundberg, chief invest- board. ergy Co. The amounts will be dis- CRAIN NEWS SERVICE and San Antonio don’t blaze any ment officer of the $7.1 billion Uni- closed after the first close. new legal ground, though collu- Other mem- The nation’s anemic supply of versity of Michigan endowment bers are Dick Valenti is president of Masco sion cases brought against buyers fund, joined a roster of prominent Capital Corp., which manages Mas- nurses is a familiar headache for are less common than those Gabrys, former recruiters or executives who Southeast Michigan business lead- vice chairman co Corp.’s pension-fund invest- brought against sellers. ers on the board of directors of the ments. Masco’s board is expected grapple with hospitals’ daily oper- Antitrust attorney Jeff Miles, of Deloitte & ations and budget. fledgling investment fund at De- Touche L.L.P. and to vote soon on a possible invest- with Ober, Kaler, Grimes & Shriver in troit Renaissance. ment in the fund. Valenti is not on Now it’s an issue for hospitals’ Washington, says the lawsuits Valenti former dean of general counsels as well. “That is a really nice catch,” the business school at Wayne State that board. hinge in part on whether discov- said Renaissance President Doug When asked when the fund Lawsuits in a handful of states ery — pretrial evidence-gathering University; Alan Gilmour, former — including Michigan — allege Rothwell of vice chairman and CFO at Ford Mo- could begin investing, Rothwell — uncovers proof of a wage-fixing Lundberg. said, “My guess is we’re looking at that hospital executives conspired deal among employers directly or tor Co.; and Frank Hennessey, to hold down wages amid a nation- “We’re really founder of Huntington Woods- summer.” by sufficient circumstantial evi- happy to have Valenti said he has begun talks al nursing shortage, just when eco- dence. Proving the latter is more based Hennessey Capital L.L.C. nomic theory says demand should him.” The Renaissance fund, an- with potential fund managers, in- difficult when a few major players Under Lund- cluding one venture-capital veter- be pushing pay upward. At stake dominate a market. nounced in Crain’s last June, ex- are millions of dollars in alleged berg’s guid- pects to raise $100 million. A fund an he declined to name who left Under such conditions, busi- ance, the UM Michigan for a job in another state. lost wages if judges in Albany, nesses anticipate that competi- of funds, it will invest in area ven- N.Y.; Chicago; Detroit; Memphis, endowment, the ture-capital and private-equity “I’m counting on getting some- tors will mimic changing prices, third largest one hired fast,” said Valenti. “The Tenn.; and San Antonio grant wages or other maneuvers, Miles firms, which in turn will invest in plaintiffs class-action status. Rothwell among public name of the game is to hit the wrote. Businesses lose the incen- growing companies. Nurses’ yearly wages fell thou- U.S. universities, had a 25.6 per- ground running and start doing tive to cut prices or hike wages Rothwell said he will name the sands of dollars short of where cent return on investment in fiscal deals. We’ll top this fund off at $100 because it may only prompt rivals area corporations that have com- they should have been, lawyers 2007, growing over the year from million and then shoot for $200 to do the same, he wrote, and busi- mitted money to the fund when it contend. In Detroit, that amount- $5.6 billion. Its annualized return million for the next one. We’ll get ness may act independently and has a first close, which will occur ed to $5,000 and ranged from over the last three years was 20.3 a lot of companies doubling down, legally, but results resemble col- after it receives signed commit- $1,334 in San Antonio to $14,100 percent, and over five years was lusion. ments of $50 million. and I’ll start hitting the founda- per nurse in Memphis, says 17.2 percent. Robert McCann, an antitrust at- It is thought that at least five tions, the nonprofits and the state Daniel Small, a Washington attor- Sam Valenti III, who has been torney who is a partner at Drinker area companies or institutions of Michigan.” ney with Cohen, Milstein, Hausfeld leading fund-raising efforts for the Biddle & Reath, calls proving that have committed about $40 million. Valenti was chairman of Michi- & Toll, who is representing nurses Renaissance fund and is executive hospitals agreed to act on infor- Troy-based eastern region of gan’s pension board from 1992 to in all five cities. chairman of Bloomfield Hills- mation “a big step” from showing Huntington Bank announced in July 2000. In Detroit, rough estimates of based TriMas Corp. and CEO of they exchanged information. it would invest at least $5 million, Tom Henderson: (313) 446-0337, the nursing workforce could put Bloomfield Hills-based Valenti Capi- contingent on the fund raising $50 [email protected] However, market concentra- total lost wages as high as $200 tion may aid nurses’ second claim million. that hospitals’ practice of swap- The lawsuits, filed since June ping wage information allowed 2006, name 73 hospitals and 16 employers to pay below-market Our transaction advisory services have a health systems and allege hospi- compensation, Miles says. Ex- tal executives agreed to regularly changing wage data is illegal if global appeal. swap nonpublic figures on pay such activity stifles competition and anticipated raises for nurses among employers in a market. and agreed not to compete on Judges have yet to rule on the compensation. The lawsuits con- class-action status for any of the There is a select group of individuals in this world who have a tend that hospital officials relied nurses’ antitrust actions. passion for mergers & acquisitions. And that group happens on informal and commercial wage Novi-based Trinity Health, one of to be the professionals in Grant Thornton’s transaction advisory surveys and professional meet- the defendants, which owns and ings to exchange information on services group. Our passion for what we do for our clients, operates 43 hospitals, has moved nurses’ compensation, anticipat- our expertise and partner involvement, have made us one to be dismissed from the wage-fix- ed raises and bonuses. ing litigation. The Catholic sys- of the largest accounting organizations in the world, through The defendants have rejected tem claims the Detroit lawsuit our member firms in more than 110 countries. And with the claims. Employers contend names Trinity without “including Grant Thornton, you get the industry experience and knowledge they set nurses’ pay and benefits a single, specific allegation as to that’s been our hallmark for 80 years. Give William P. Erfourth, independently using legitimate, how (if at all) Trinity participated competitive compensation strate- Principal, a call at 248.213.4230, or contact one of our in any conspiracy,” according to gies, according to court filings. the system’s motion. transaction advisory services partners. Lawsuits fail to cite direct evi- Trinity’s attorneys cite in their We will be happy to discuss the many ways dence of a conspiracy for actions defense a recent U.S. Supreme in which we can assist you on your next that could just as easily be compet- Court decision, Bell Atlantic merger, acquisition or refinancing. We can itive, note attorneys for Baptist Corp. v. Twombly, that refined Health System, based in San Anto- also provide you with some of our thought criteria courts use to decide nio. Nearly every defendant dis- whether conspiracy cases have leadership, such as a copy of the misses the lawsuits as an organiz- enough factual allegations to jus- ACG/Grant Thornton whitepaper, ing vehicle for the Service tify the costly, lengthy process of Bridging the global, cross-border Employees International Union, one of pretrial discovery. Kevin DiCola, transaction gap: What more middle- the nation’s largest nurses unions. a Trinity spokesman, declined to market dealmakers need to know about Small rejects the claims of comment, as did several hospitals union organizing as “distrac- named in the lawsuits. global M&A. It’ll give you an enlightening look at tions” from the lawsuits’ collu- Dwight Angell, a spokesman emerging issues that affect private equity. Call us today. sion allegations. for four-hospital Henry Ford Health Find out how it feels to work with people who love what they do. Cathy Glasson, president of the System, says that the Detroit sys- union’s 85,000-member nursing tem “has set, adjusted and in- arm, defends the union’s inquiry creased its compensation and into nurses’ wages as necessary to benefits program unilaterally and address a critical issue that un- independently at competitive lev- dermines nurses’ working condi- els.” Angell says Henry Ford tions and exacerbates the U.S. Health System was vigorously de- Financial and Tax Due Diligence | Transaction Structuring | State & Local Tax Planning | IT, HR, Operational Due Diligence | Merger Integration nursing shortage. fending itself against the claims. The class-action lawsuits in Al- From Modern Healthcare