28/42 Bwn/Awp

INSIDE Talks with actors Matthew Modine and Glenn Close BROOKLYN’S REAL NEWSPAPERS Including The Brooklyn Heights Paper, Carroll Gardens-Cobble Hill Paper, DUMBO Paper, Fort Greene-Clinton Hill Paper and the Downtown News Published every Saturday — online all the time — by Brooklyn Paper Publications Inc, 55 Washington St, Suite 624, Brooklyn NY 11201. Phone 718-834-9350 • www.BrooklynPapers.com • © 2005 Brooklyn Paper Publications • 16 pages BWN •Vol. 28, No. 42 •Saturday, October 29, 2005 • FREE Philly bank’s stock tanks after it buys Brooklyn’s Indy / Tom Callan / Tom The Brooklyn Papers The Brooklyn For the soldiers Gabe and Kyra Zimmerman and Zina and Sylvia Precht-Rodriguez were among the Brooklynites who assembled at the southwest corner of Prospect Park Wednesday evening for a candlelight vigil to com- memorate the deaths of 2000 U.S. troops in Iraq / Jori Klein The Brooklyn Papers The Brooklyn Independence Community Bank CEO Alan Fishman (center) with JP Morgan Chase Director William Campbell and actress Glenn Close, during the Brooklyn Academy of Music’s annual Next Wave gala, in Manhattan on Tuesday. More on the event in GO Brooklyn, page 10. BLOWIN’ IN By Deborah Yao then acquire Independence Community Bank Fishman said. The foundation “is vitally impor- Associated Press Corp. for $42 a share in cash. tant to Brooklyn,” he said.] Shares of Sovereign Bancorp fell more The deal will allow Santander, the ninth- Scott Keller, president of DealAnalytics.com, largest bank in the world, to re-enter the lucra- a New York mergers and acquisition research than 8 percent Tuesday, the day after it tive U.S. banking market, which it had left firm, said Sovereign is using the Santander cash announced plans to acquire Brooklyn- about a decade ago. By buying Independence, to buy an “asset of questionable quality.” based Independence Community Bank Corp. Philadelphia-based Sovereign gains entry into He said Independence’s operating margins THE WIND for $3.6 billion in cash. the New York metro market. are shrinking and its branches largely are in a Investors feared the Brooklyn bank might be [The Sovereign deal is “a great outcome for market that’s already saturated with banks. While it will set the Coop back an ronmental pollution. An example: too big for Sovereign to absorb. One analyst everyone at Independence,” Independence CEO “New York is such an over-banked market,” Park Slope Food additional $15,700 a year — rais- the store has been using a more ex- termed Independence “a has-been.” Alan Fishman told The Brooklyn Papers Tues- he said. “Why does Sovereign need to buy a ing its electric bill by 10 percent — pensive ammonia-based air condi- On Monday, Spain’s Grupo Santander agreed day evening, at the Brooklyn Academy of Mu- has-been?” Coop to run on it won’t require a windmill atop the tioning system since 1991, so as to to pay $2.4 billion in cash, or $27 a share, for a sic’s Next Wave gala in Manhattan. Collyn Bement Gilbert, an analyst at Ryan wind power store. not emit byproducts that might 19.8 percent stake in Sovereign Bancorp, the [The Independence Community Foundation, Beck & Co., downgraded Sovereign to “market In fact, the Coop will still be damage the ozone layer. parent of Sovereign Bank. which supports a number of Brooklyn organiza- perform” from “outperform.” She also lowered By Ajla Grozdanic purchasing electric from the same See WIND POWER on page 4 With that infusion of capital, Sovereign will tions, “will be stronger, will be able to do more,” her 12-month price target to $25 from $27. pool as your average household — “They have decided to take this infusion of for The Brooklyn Papers they’ll just demand a greater capital and make this very large acquisition, far More power to them — wind amount of wind power be added to larger than what they’ve done historically and power that is. the pool. out of the path of what they normally acquire,” The Park Slope Food Coop says Community Energy’s Web site she said. “This transaction is a clear diversion its operations will be 100 percent (www.newwindenergy.com) ex- A few from what they’ve historically set.” wind-powered for the next five plains the process as such: If the Sovereign shares fell $1.99 to close Tuesday years. The Coop switched from fos- electric grid is a bathtub filled with at $21.38 on heavy volume on the New York sil fuels after its board voted 66 to 0 electricity flowing from three faucets good Stock Exchange. Its 52-week range is $20.05 to in favor of the more expensive but — “nuclear,” “fossil fuel” and $24.79. Independence shares were up 23 percent environmentally friendly electricity. “wind” — then every time someone to $39.90 on high volume on the Nasdaq. “We’re proud to lead this com- buys wind-generated electric, more pooches Sovereign is facing a challenge from Relational munity in an effort to build more power being poured into the tub Investors LLC, a San Diego-based asset manage- support for a clean energy future in comes from the “wind” spigot. Elizabeth McGowan receives ment firm. Relational wants to nominate two of its New York and in the region,” said “The amount of wind energy wet doggie kisses from Missy, principals to the thrift’s board of directors. It has Joe Holtz, general coordinator of one pays to add to the grid equals a mixed breed two-year-old criticized Sovereign for what it sees as a lagging the store, on Union Street between the amount of conventional energy at the North Shore Animal share price and directors’ conflicts of interest. Sixth and Seventh avenues. “The removed from it,” explained League’s Adopt-A-Thon, Joseph Fenech, an analyst at Sandler O’Neill environmental ethic of the Coop Sharone David, a member of the held on Shore Road and in New York, said he’s concerned that Sover- and individuals here almost re- Coop’s environmental committee. 71st Street on Sunday, Oct. eign is “side-stepping approval of their share- quired us to make this move.” That’s something the Coop holds 23. Dozens of stray pets holders” by the way the deals are structured. at a premium. The purchase of 920,000-kilo- were up for adoption. Pets Since Santander’s purchase of the stake in watt hours (kWh) of wind energy “We are willing to pay extra for Callan / Tom Sovereign is less than 20 percent, and the deal can be seen at Brooklyn from New York and Pennsylvania our electricity to have less negative for Independence is all cash, Sovereign can by- wind farms was made through a impact on the environment,” Holtz Shelter Animal Care and pass shareholder approval, he said. five-year contract with Community told The Brooklyn Papers, pointing Control Center on Linden “The path is now more difficult for the activist Energy, a marketer and developer out that the Coop has a history of Blvd. Call (718) 272-7205 for investor,” Fenech said. of wind-generated electricity. going out of its way to lessen envi- more information. The Brooklyn Papers The Brooklyn See INDY BUY on page 4 Ratner execs huddle with heads of CB2 By Ariella Cohen The meeting, described by Forest City public was speaking, at the environmen- The Brooklyn Papers spokesman Joe DePlasco as an informal tal scoping hearing on Oct. 18? project update and question and answer That four-hour state-mandated event Aprivate meeting between Forest session, was not publicly announced and attracted nearly 800 people — but no of- City Ratner executives and the exec- was not open to the public. ficial representatives of CB2 spoke. utive committee of Community Board Its privacy provoked criticism from “When I left the hearing I was really 2 has left some who were excluded excluded CB2 board members and resi- wondering where the board was,” said up in arms. dents who say the first meeting between Sandy Balboza, President of the Atlantic Two days after skipping the first pub- the company and the board in nearly a Avenue Betterment Association and a lic hearing on the environmental impact year should not have happened behind member of CB2. “It makes you ask what / Aaron Greenhood / Aaron of the proposed Atlantic Yards mega-de- closed doors. their priorities are.” velopment, the executive committee met “As a rule, the [community] board is The invitation to meet with Forest City privately with Forest City Ratner Execu- a public body. You represent your com- officials at their Metrotech headquarters tive Vice President James Stuckey and munity,” said former CB2 member Irene arrived to the CB2 district office at 4:15 other top company brass. Van Slyke. “A private meeting in this on Tuesday, 45 minutes before the start of The Brooklyn Papers The Brooklyn The executive committee consists of circumstance is almost illegal. It’s highly the first of two public hearings on the pro- RATNER’S PICK: At House of the Lord Church in Boerum Hill (from left) Rev. Herbert Daughtry, McKissack & McKissack President the board’s chairwoman, Shirley Mc- inappropriate.” ject’s environmental impact, according to Cheryl McKissack, and Forest City Ratner Executive Vice President James Stuckey, announce the designation of McKissack and Rae, and officers and chairpersons of Furthermore, ask the excluded, where CB2 District Manager Robert Perris. McKissack as constructions manager for the rail yards in the proposed Atlantic Yards site. See story on page 13. board committees. was the executive committee when the See PRIVATE on page 13 ©The Brooklyn Papers.

Load more