DIA's Big Picture Is Solo Effort
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20120423-NEWS--0001-NAT-CCI-CD_-- 4/20/2012 6:11 PM Page 1 ® www.crainsdetroit.com Vol. 28, No. 17 APRIL 23 – 29, 2012 $2 a copy; $59 a year ©Entire contents copyright 2012 by Crain Communications Inc. All rights reserved Page 3 Visteon sale gives boost DIA’s big to real estate market Hospice unit gets contract to manage ACO’s sickest picture is solo effort Museum’s hope: Car customizing biz puts social media in driver’s sear ANDREW POTTER Copy zoo tax OK A sparse crowd watches the Detroit Pistons and the Cleveland Cavaliers last week at the Palace of Crain’s Lists Auburn Hills. Season ticket sales have dropped by half since 2007. BY SHERRI WELCH CRAIN’S DETROIT BUSINESS Largest Oakland County The Detroit Institute of Arts plans to borrow a page employers, Page 16 from the Detroit Zoo’s playbook when it comes to Palace charge: Fix the flat long-term funding: It’s seeking a regional millage that would require approval from voters in Wayne, This Just In Oakland and Macomb counties. That makes the DIA the second local group to try Perks fly to pump up Pistons attendance to go it alone. The zoo’s millage was approved in 2008. Jaffe Raitt names Sider Given the number of such groups in the region, CEO, managing partner BY BILL SHEA strate the health of the franchise or the why are cultural organizations CRAIN’S DETROIT BUSINESS work you have to do,” said Dennis Man- seeking millage support one by Southfield-based Jaffe Raitt nion, the former Los Angeles Dodgers presi- one rather than collectively? Heuer & Weiss PC has appoint- Losing has proved to be financially dent hired last September to run Palace History and recent polling have ed Bill Sider to succeed Richard painful for the Detroit Pistons. Sports & Entertainment Inc., the umbrella shown that a consolidated ap- Zussman as CEO and manag- The National Basketball Association fran- company for the Pistons, The Palace of proach won’t work, they say. ing partner. chise lost half of its season ticket base in the Auburn Hills and its sister venues. “In today’s political and eco- Sider, 51, a past five years, a trend that’s coincided In addition to the drop in season ticket nomic climate, it’s unfortunately member of with the team’s continued abysmal play on holders, overall attendance has collapsed, not the time for a more broad- the tax prac- the court. and the team is missing based public support initiative for tice group That’s a decline of more than 6,000 out on millions in arts and culture,” said Maud and a Jaffe season tickets since 2007, repre- revenue by not Lyon, executive director of the Lyon senting about $6 million in lost Raitt attor- See Pistons, Cultural Alliance for Southeastern Michigan. annual revenue. ney since Page 25 Seventeen of the region’s largest cultural institu- 1986, said he “That’s a pretty good- tions sought a millage twice, in 2000 and 2002. The ef- expects to fo- sized drop. Your full-season forts passed in Wayne County but failed in Oakland cus on sever- equivalents often demon- County — at first by a narrow margin and the sec- Sider al legal mar- ond time by a little more. kets as possible growth That doesn’t mean it won’t be different 10-20 years drivers for the firm, includ- from now when a consolidated approach might BUSINESS ing biotechnology, the Ann DETROIT make sense, said Ron Kagan, executive director and Arbor area and wealth trans- CEO of the Detroit Zoo. fer planning. But when the zoo sought and won its bid for a 10- Zussman, 57, became CEO year operating millage in 2008, that was the case. in 2003 and continues as a See more in Crain’s And it’s still the case as the DIA seeks a millage of its partner handling commercial weekly online newscast, own, he said. real estate, business planning crainsdetroit.com/video See DIA, Page 23 and mergers and acquisitions JEFF JOHNSTON/CDB — a practice he expects will grow with the economy. “Among the achievements I’m proud of (as CEO) is that during the downturn, we did- Study: Women may find more leader roles in private biz n’t have to make any lay- offs,” he said. “We have been BY MIKE TURNER key leadership roles than the clusive groups. Beth Brooke, global vice chair of able to plan and make adjust- SPECIAL TO CRAIN’S DETROIT BUSINESS state’s largest publicly held corpo- “When groups public policy for Ernst & Young, ments without changing the rations, a new report indicates. are homoge- will discuss the “third billion” — character of this firm.” Michigan’s high-growth, entre- The Michigan Entrepreneurial nous, there’s no women from developing countries — Chad Halcom preneurial private companies may Leadership Report, released by the one there to who are entering the middle class be more likely to employ women in Inforum Center for Leadership and challenge any and will rival the billion-person Ernst & Young LLP, concludes that ideas,” George populations of India and China as the results “reinforce the long-held said. an economic force. belief in the power of diversity to The leader- The Michigan Entrepreneurial drive innovation and growth.” ship report will Leadership Report is meant to Survey respondent Claudine be unveiled George build on the Inforum Center for George, owner of Iconma LLC, a Tuesday during Leadership’s Michigan Women’s Troy-based staffing company, said an Inforum-sponsored event at the Leadership Index, said Terry Bar- her workplace experience bolsters Westin Book Cadillac in Detroit ti- clay, president and CEO of the cen- NEWSPAPER research that shows diverse work tled “The Growing Economic Pow- teams tend to outperform nonin- er of Women.” Featured speaker See Women, Page 24 20120423-NEWS--0002-NAT-CCI-CD_-- 4/20/2012 4:43 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS April 23, 2012 MICHIGAN BRIEFS U.P. company leaves bankruptcy as three smaller lines in Wiscon- sin and Michigan. The line could because buyer likes recycling A small U.P. bank attracts a big hedge fund’s money cost up to $705 million. Months of uncertainty in U.S. Ⅲ The National Grape Cooperative, Bankruptcy Court ended last week Mackinac Financial Corp., a bank holding company Cohn LLP, said the decision by Steinhardt Capital to better known to consumers as for Manistique Papers Inc. when a based in Manistique in the Upper Peninsula, hopes invest is a big deal for Mackinac Financial. Welch’s Foods, said the recent frost private investment firm, The Water- to use an investment from a legendary hedge fund “The Steinhardt family is very sophisticated. was the worst that Michigan’s mill Group, received the court’s ap- manager to jumpstart its expansion plans. They were early pioneers in the hedge-fund busi- grape growers have suffered. The proval to purchase the assets of the Mackinac (Nasdaq: MFNC), the holding company ness,” he said. “Having them or Wilbur Ross saying cold killed 95 percent of all the 90-year-old company. for mBank, has seven branches in the U.P., three in there are compelling reasons to invest in Michigan juice grapes in Berrien, Cass and Lexington, Mass.-based Water- the northern Lower Peninsula and one in metro De- is good for the state.” Van Buren counties — “a complete mill liked that Manistique Papers troit — in Birmingham, where the company’s chair- In February, Ross’ private equity firm, New York wipeout,” in the words of a survey- was the only North American com- man and CEO, Paul Tobias, has his office. City-based W.L. Ross & Co. LLC, committed about $43 or for Welch’s. pany that produces high-value, un- Mackinac Financial recently announced it has be- million of an investment round of $174 million for Ⅲ The Soaring Eagle Waterpark coated printing and writing paper gun a $7 million rights offering of common stock for Troy-based Talmer Bancorp Inc. and Hotel in Mt. Pleasant is sched- from 100 percent recycled fiber, the current shareholders. In conjunction with that offer- That followed a commitment of just under $50 mil- uled to open after more than a Daily Press in Escanaba reported. ing, the company in March entered into a securities lion in a round of $200 million raised by Talmer in year of construction. The Morn- Terms of the sale were not disclosed. purchase agreement with the New York City private April 2010 to kick-start its growth from a one-branch ing Sun reports that the Saginaw Plans call for the Upper Peninsu- equity firm Steinhardt Capital Investors LLLP, whose co- bank. It now has operations throughout Southeast Chippewa Indian Tribe, which also la plant, about 90 miles west of the manager, Michael Steinhardt, was one of the pio- Michigan and in Wisconsin and plans to expand into operates the Soaring Eagle Casino Mackinac Bridge, temporarily shut neers of the hedge fund industry on Wall Street. Ohio, Indiana and Illinois. and Resort, plans a soft opening to- down in August after the bankrupt- Tobias said the bank wants to raise at least $11 Mackinac has more than $495 million in assets. day. So now you can take a swim cy filing but reopened in Septem- million to pay off what it owes to the federal Trou- According to its annual report to the U.S. Securities in the pool after you take a bath at ber. Plans call for the plant, about 90 bled Asset Relief Program.