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Merger Boomlet Goes Bust

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IN THE BOROUGHS Three amigos boost Bronx business CRAIN’S® FPO PAGE 3 NEW YORK BUSINESS VOL. XXIX, NO. 29 WWW.CRAINSNEWYORK.COM JULY 22-28, 2013 PRICE: $3.00 INFRASTRUCTURE REPORT Merger boomlet Tunnel vision goes bust It took 44 years and $5 billion, but an aquatic artery Wall Street’s dealers is finally built. Manhattan faucets will never run dry hit worst dry spell in decade despite big BY DANIEL GEIGER uptick in early 2013 It’s the biggest infrastructure project that no BY AARON ELSTEIN one has ever heard of, and if all goes well, no one will even notice. Yet without this near- It looked as though Wall Street’s lucra- ly $5 billion behemoth, Manhattan could tive deal-making machine was back well run dry. big-time in February, when, in mere It is the city’s Water Tunnel No. 3, begun days,Warren Buffett teamed up with a when Richard Nixon was in the White private-equity firm to acquire Heinz House, worked on in fits and starts ever since, for $23 billion, American Airlines and US Airways announced an $11 billion and about to deliver its first 350 million- merger, and Dell Inc. popped up with gallon daily dose of water to an area stretch- a $24 billion leveraged buyout offer. ing all the way from West 79th Street to low- And then, as quickly as the merger er Manhattan.Turning on the latest 8.5-mile boomlet had begun,it was over.In fact, leg of the tunnel is a historic occasion.While 2013 is shaping up to be the slowest no celebrations are yet planned, experts are al- year for corporate mergers and acqui- ready beginning to breathe easier. sitions since 2004, with activity down “For someone like me, who struggles to 11% from last year. “It’s clear that the pace of M&A ac- get to sleep at night, it will be a big relief to tivity has declined materially from have another major artery that feeds Man- 2012, which was itself a relatively slow hattan,” said James Roberts, the deputy period,” lamented Scott Bok, chief ex- commissioner of the city’s Department of ON TAP: Turning on See MERGERS on Page 23 Environmental Protection, the tunnel’s the latest leg of the city’s third water builder. “Tunnel No. 1 has been in continu- tunnel will be a ous service for a century, and because of that historic occasion. we’ve never had a chance to even inspect it.” Meanwhile, the problem with Tunnel Bloomberg No. 2, which was finished in 1936, is that it serves only Brooklyn, Queens and Staten Is- land. For just over 80 years the fate of Man- bigs head hattan has hinged on a single, increasingly leaky, now 96-year-old conduit. Finding the billions of dollars to build a for the exits new tunnel was always going to be diffi- cult. Unlike other grand infrastructure projects—the extension of the No. 7 sub- Sadik-Khan, Burden way line, a new park along the Hudson River, or a replacement for Staten Island’s mull biz partnership Goethals Bridge—the public will not ride as the exodus begins on, lounge in, cross over or even see the new water tunnel. In fact, the only sign of BY ANDREW J. HAWKINS its existence will be that pristine water con- tinues to flow uninterrupted from Manhat- The city’s transportation chief, Janette See WATER TUNNEL on Page 17 Sadik-Khan, and planning czar, Amanda Burden, are close friends who dep share a passion for creating vibrant, sustainable cities.They have been trav- el companions—to India,Amsterdam, MORE INFRASTRUCTURE Rotterdam, Copenhagen—and even Modular constuction has its moment P. 13 sat next to each other at a recent bene- fit gala honoring Ms. Sadik-Khan. ELECTRONIC EDITION Largest construction firms P. 14 And when the Bloomberg admin- THE LISTS istration draws to a close this year, the Largest architecture firms P. 19 powerful pair could go into business NEWSPAPER See BLOOMBERG on Page 24 EDITOR’S NOTE All a-Twitter FYICRAINSNEWYORK.COM I started in the office earlier than usual last Monday, determined to Hospitals seek Rx for their share my awesomeness with my tens of followers in the Twitter- market ills in huge merger sphere. As @GlennCNYB, yours et ready for it.The title of largest medical truly tapped out several 140- system in the city will soon pass to Mount character riffs on stories in that Sinai Health System, the product of a day’s issue of Crain’s New York @GlennCNYB G merger of Mount Sinai Medical Center and Business. Awesome, right? Then I Continuum Health Partners.The tie-up won flipped through last Monday’s board approval last week. Regulators willing, the issue of sibling publication Crain’s Detroit Business. new behemoth will be born this fall. buck ennis “Whoa,” I tweeted, “@crainsdetroit EIC Keith The merger comes amid a wave of hospital Crain writes that ‘Bankruptcy is inevitable for consolidations nationwide as health systems adapt to the federal health reform law and new Detroit.’ ” Translation: Detroit’s editor in chief methods of reimbursement that emphasize quality of care over sheer volume. Mount Sinai’s (who’s also chairman of our Detroit-based parent bigger footprint will let the system emphasize prevention and manage patients’ health, not company and the brother of my editor in chief, just acute-care medical issues, said Donald Scanlon, Mount Sinai’s chief financial officer. Rance Crain) had written in his weekly column: But the merger of seven hospitals comes at a time when demand for inpatient services is plum- “There are plenty of folks in this country to whom meting. More patients are being treated at ambulatory-care facilities, and far fewer are being the city of Detroit owes money. We’re talking a lot hospitalized. Hospitals make money by filling beds. When those beds go empty, revenue falls. of money, billions of dollars. The city owes it to The closure plan filed last week for Long Island College Hospital in Brooklyn is the latest them yesterday, today and tomorrow. Plenty of reminder of the fragility of hospital finances. —barbara benson tomorrows.” Just three tomorrows later, Detroit offi- cials filed the nation’s biggest municipal bankruptcy, SEC ACCUSES COHEN OF NEGLIGENCE. seen is whether JPMorgan Chase will citing more than 100,000 creditors and nearly $20 The Securities and Exchange Com- admit to doing anything wrong. … HOORAY! in debt. Awesome, in a different way. New York mission charged billionaire hedge SILVERSTEIN’S AIRLINE CLAIM TWINKIES ARE BACK, twitterati were soon warning that Motown’s misery manager Steven Cohen of failing to GROUNDED. A judge ruled against de- thanks to private-equity prevent two employees from insider veloper Larry Silverstein, who had firms Apollo Global could be repeated in Gotham, where our municipal Management and trading. A civil enforcement action sought $3.5 billion from American Metropoulos & Co., which unions have been working without contracts for was filed against the head of SAC and United airlines, whose planes hit paid Hostess years in hopes of persuading the next mayor to sign Capital Advisers. The SEC wants to the World Trade Center on Sept. 11. $410 million off on nearly $7 billion in catch-up raises. It may be bar Mr. Cohen from overseeing in- Mr. Silverstein, who had leased the for the vestor funds. ... BIG BANKS IN CLOVER. Twin Towers in 2001, sued, blaming brand. a strained comparison, considering New York City’s The nation’s biggest banks reported the airlines for negligence. The carri- stronger financial fundamentals. Still, as Citizens strong second-quarter earnings. Net ers said the developer was covered by Budget Commission President Carol Kellermann income at Citigroup hit $4.2 billion, insurance and should not be double- rightly emailed me last Friday: “Detroit’s situation the highest since 2007. Meanwhile, dipping.… CITY JOB BOOST. The city’s OY VEY! Goldman Sachs’ profit doubled, to job outlook is sunnier. In the first half MOCKINGBIRDS should remind voters [here] why prudent and com- $1.9 billion,from the same quarter last of the year, a total of 60,700 new jobs attacked petent city management is so important. Both city year. Morgan Stanley also posted a were created—the highest rate of patrons of Transmitter Park and union officials should be reminded why coming strong rebound in net income,up 66% growth of any six-month period since in Brooklyn. to the table and bargaining in good faith, based on from a year ago, to $980 million. The 2000.More New Yorkers are out look- Nesting season downside for banks is ing for jobs,and com- is winding down, what the city can afford to pay, is critical.” Usually in and the birds that their strong re- ‘Every once in panies are picking up are protecting life, 140 characters is merely the start of a story. sults will likely be their hiring efforts.… their hatchlings. istockphoto seized on by regula- a while, there LONELY LADY LIBERTY. tors who say the insti- is a perfect Fewer people are THIS WEEK IN CRAIN’S tutions can well afford flocking to the Statue to visit both islands.… MAYOR TO CITY: tougher regs. … JPM storm—on of Liberty since it re- STEP UP. Mayor Michael Bloomberg FACING RECORD FINE. opened July 4. Visitor wants New Yorkers to take the stairs to IN THE BOROUGHS-------------------------- 3 JPMorgan Chase is television’ numbers were down burn calories. He proposed requiring —Thomas Vitale, vice IN THE MARKETS----------------------------------4 reportedly seeking to by about 8% from July new buildings to install glass doors to settle charges that it president of programming 4 to July 15,compared stairwells to make them more wel- THE INSIDER -----------------------------------------------6 manipulated electrici- at the Syfy channel, with the same period coming.
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