Real Estate Economy, Acquisition, Bonus Pay Cited As Reasons for Attrition
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20100705-NEWS--0001-NAT-CCI-CD_-- 7/2/2010 6:48 PM Page 1 ® www.crainsdetroit.com Vol. 26, No. 27 JULY 5 – 11, 2010 $2 a copy; $59 a year ©Entire contents copyright 2010 by Crain Communications Inc. All rights reserved Page 3 After attrition, Auto suppliers lead Butzel Long regroups Royal Oak COURTESY OF ANN ARBOR STREET ART FAIR takes critical Artist booths line a walkway at the annual Ann Arbor Street Art Fair. look at This year’s fair, held with three the way to strong 1Q liquor others in Ann Arbor, is July 21-24. licenses 61 companies report total $5.8B turnaround Ann Arbor BY TOM HENDERSON sors-Investment Banking LLC, said it Auto suppliers led the way: All Inside CRAIN’S DETROIT BUSINESS was confirmation that auto suppli- nine had better first quarters this ers have done a better, faster job of year than one year ago, and all had Sam Valenti III of Bloomfield rightsizing their operations than profits. Bill would lessen tax fair adapts Hills-based Valenti Capital Manage- anyone could have predicted. In the first quarter of 2009, only on tobacco distributors. ment said the first Their reason for optimism is the Visteon Corp. finished in the black, quarter was “spec- QUARTERS combined result of first-quarter and then just barely, with net in- Capitol Briefings, Page 15 tacular.” earnings reported by Southeast come of $2 million. Last year, Lear to remain David Sowerby, COMPARED Michigan public companies. Corp. lost $264.8 million, Johnson Con- chief market ana- Of the 61 companies reporting as trols Inc. lost $212 million, TRW Auto- lyst in the Bloom- Chart: See of Crain’s deadline Friday, 42 had motive Holdings Corp. lost $129 mil- Crain’s Lists what a field Hills office of difference a better earnings than in the first lion, Federal-Mogul Corp. lost Loomis Sayles & Co. year makes, quarter last year. $101 million, ArvinMeritor Inc. lost Largest residential brokers, among elite LP, said it rated a Page 15 They combined for net income $49 million, and the sector com- B-plus. of $3.2 billion, compared with a bined for losses of $794.4 million. largest nonresidential Cliff Roesler, managing director combined loss of $2.6 billion a year property managers, Page 11 Collaboration of Birmingham-based Angle Advi- ago — a turnaround of $5.8 billion. See Suppliers, Page 15 among changes This Just In BY CONSTANCE CRUMP SPECIAL TO CRAIN’S DETROIT Snyder leads gubernatorial BUSINESS rivals in TV ad spending The Ann Arbor Street Art Fair is Ilitches would buy working to expand its palette of Michigan’s gubernatorial artists and art buyers and build contest has spurred nearly more year- $3.4 million so far in televi- round rele- sion advertising, the nonpar- vance in the tisan Michigan Campaign Fi- art communi- more than a team nance Network reported ty. Friday. Executive Still, with the Aug. 3 pri- Arena, and Fox, Masonic and City Director Mau- mary a month away, TV Pistons deal could DELVING INTO DETAILS theaters. reen Riley is spending lags well behind Owning the Pistons and the en- preparing the Pistons sale: It’s a family the pace of Michigan’s past tertainment venues would bring backdrop for matter, Page 18 two gubernatorial cam- create a monopoly new dollars into the Ilitch coffers this month’s In the same league: A list of paigns, the network said. Riley — possibly up to $70 million in an- 2010 show. multiple-team owners, Page 18 Rick Snyder, chairman and nual concert and event gross rev- Her mission — besides wran- CEO of Ann Arbor venture- on entertainment enue — and likely grow what the gling 100 volunteers, 150 artists, have long been entertainment dol- capital firm Ardesta LLC, re- family already had, industry insid- half a dozen staff members and BY BILL SHEA lar rivals to the Ilitch-owned or mains in the spending lead at ers say. a $350,000 budget — is keeping CRAIN’S DETROIT BUSINESS managed Cobo Arena, Joe Louis nearly $1.5 million, but his “I imagine it’s all attractive. It her event among pace has slowed. Michigan The attractiveness of owning makes them the one-stop shop for the top art fairs Attorney General Mike Cox FAIRE the Detroit Pistons to Mike and Mar- entertainment options in the De- in the country at ranks second with close to ian Ilitch may be equaled by a de- troit area,” said Gary Bongiovan- a time when art $1.2 million in ad buys. FEATURES sire to create one of the largest re- ni, editor-in-chief of concert indus- fairs are chang- try trade magazine Pollstar. Oakland County Sheriff Coming gional entertainment monopolies ing with e-com- Mike Bouchard has spent soon: Do-it- in the country. The Palace has been voted Are- merce and eco- $97,298, while U.S. Rep. Peter yourselfers The Pistons are expected to be na of the Year eight times by Per- nomic trends. Hoekstra, R-Holland, has in Dearborn, sold as a package with Auburn formance magazine and twice by The fair has spent $5,470. Page 16 Hills-based Palace Sports & Enter- Pollstar and is among North fostered a com- On the Democratic side, tainment Inc. — which would give America’s top-grossing arenas, petitive process to select artists, House Speaker Andy Dillon, D- the Ilitches the Palace of Auburn Pollstar said. is working more closely with Redford Township, has spent Hills, DTE Energy Music Theatre and DTE Energy Music Theatre has the other Ann Arbor fairs held the contract to manage Meadow been listed as the nation’s most at- the same week and is refining See This Just In, Page 2 Brook Music Festival for Oakland Uni- tended amphitheater by Amuse- See Art fair, Page 16 versity. ment Business/Billboard each of That is, if the Ilitch- the 19 years of PS&E ownership. es are interested. De- spite mounting evi- Ilitch interest dence, they’re coy about it, and Palace Renewed speculation arose two Sports is mostly silent. weeks ago that the Ilitches are in- The PS&E venues terested in buying the Pistons. collectively host 300 They now own the Detroit Tigers and Detroit Red Wings. NEWSPAPER events for 3.5 million people annually and See Entertainment, Page 18 JEFF JOHNSTON/CDB 20100705-NEWS--0002-NAT-CCI-CD_-- 7/2/2010 6:09 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS July 5, 2010 Lisa Dancsok, senior vice presi- Colonial will continue to oper- about $225,000. THIS JUST IN The way it was: 1989 dent of marketing and communi- ate under that name. Last year, If Billy Casper does not meet cations, is leaving at the end of Ross closed on $600 million in its target of $265,000, Anderson ■ From Page 1 Throughout our 25th-anniversary July to start her own business. loans. said, Troy is entitled to a nonper- year, Crain’s will use this space Also departing this month are — Tom Henderson formance fee that will make up to look at interesting items from COO Deb Dansby and Doug Parks, the difference. $335,380. past issues. The network, which collected senior vice president of business Private firm to run Troy courses The combined courses’ costs in advertising data from the public development and attraction. last year’s city budget were files of state broadcasters and ca- Everyone Greg Main, president and CEO The city of Troy-owned Sylvan $2.8 million, which included debt ble systems, noted no ad purchas- “ of the MEDC, declined on Friday Glen and Sanctuary Lake golf cours- and bond payment. es so far for Democratic con- just got up and to comment on the departures. es will be managed by a private The two golf courses are Vien- tender and Lansing Mayor Virg Dancsok also declined to com- company, Billy Casper Golf, in a rev- na, Va.-based Billy Casper’s first Bernero and state Sen. Tom George, went to the ment. Dansby was unable to enue-generating plan for the city. in Michigan. R-Kalamazoo. comment by Crain’s deadline, Course owner and operator Bil- In April, Pontiac selected Torre A group called Americans for phones. There was not a pay and a message was left Friday af- ly Casper is guaranteeing the city Golf Management, an affiliate of Job Security has spent $272,680 to telephone to be found in the ternoon in Parks’ voice mail. combined net operating income Pontiac-based landscaping firm purchase ads opposing Hoekstra. Bridget Beckman, MEDC public of no less than $265,000 per year Torre & Bruglio Inc., to manage — Amy Lane information officer, is reportedly for the two courses, said Carol day-to-day operations, conces- Amway Grand Plaza Hotel. becoming vice president of mar- Anderson, director of the city’s sions and grounds maintenance ” keting and communications. She parks and recreation depart- at the Pontiac Municipal Golf Level One raises $13.1M to buy Ed Wendover, The Community Crier, was on vacation Friday and could ment. In previous years, the com- Course. troubled banks’ assets or stock Plymouth not be reached for comment by bined net operating income was — Shawn Wright voice or e-mail. From a Jan. 30, 1989, Rumblings Farmington Hills-based Level — Amy Lane item about editors calling their CORRECTIONS One Bancorp Inc. has closed on a pri- newspapers from a Michigan Ⅲ The photos of Linda LoCicero vate fundraising of $13.1 million, Press Association convention in which it will use to try to acquire Grand Rapids after word got out Ross Mortgage acquires and Judy Perry were incorrectly the assets or stock of struggling that the U.S.