2008 Newsmakers of the Year

20080105-NEWS--0001-NAT-CCI-CD_-- 12/31/2008 5:24 PM Page 1 ® www.crainsdetroit.com Vol. 25, No. 1 JANUARY 5 – 11, 2009 $2 a copy; $59 a year ©Entire contents copyright 2009 by Crain Communications Inc. All rights reserved Inside Michigan banks get Detroit Lions redo business playbook The 2010 Buick LaCrosse sedan is short end of TARP one of three new production vehicles Page 3 GM is expected to unveil at the auto show. Treasury avoiding state, some bankers say Inland Pipe acquires a national presence BY TOM HENDERSON lar Inc. bank got $935 million. (It was announced on NAIAS CRAIN’S DETROIT BUSINESS Dec. 29 that Detroit-based GMAC Financial Services Page 3 L.L.C. would receive $5 billion but that money is not With the deadline for federal approval fast ap- included for this story because GMAC is not a tradi- proaching, a summary of Michi- tional bank.) gan-based banks that have received One other state bank was ap- Local companies scope out greener, funding from the U.S. Treasury as proved for funding but declined $3B defense contract part of the Troubled Asset Relief the offer of $84 million — Mid- Program is short and, from the per- $172 billion land-based Chemical Financial Page 17 spective of local bankers, not so Of TARP funds distributed to Corp. leaner sweet. 208 banks nationwide in the Many national and large re- The Treasury has set a deadline first round gional banks that have branches of Jan. 15 for approving applica- in Michigan have been approved This Just In tions still pending. but analysts expect their lending Economy, not glitz, As of Dec. 29, according to the $372 million in the state based on TARP mon- 19 communities get HUD Treasury Web site, a total of $172.5 Distributed to two Michigan ey to be limited. funds to buy houses billion of the first round of $250 bil- banks And in October, Pittsburgh- is new mantra lion of TARP money has been dis- based PNC Financial Services Group Nineteen local communi- bursed to 208 banks nationwide. announced it would use $5.2 bil- ties, including 10 along Eight BY RICK KRANZ Two of them were headquartered in Michigan and lion of its $7.7 billion in TARP money to buy the be- Mile Road, will receive and AND RYAN BEENE none in Southeastern Michigan — Flint-based Citi- leaguered National City Corp. of Cleveland. National apply a collective $134 mil- CRAIN’S DETROIT BUSINESS zens Republic Bancorp Inc. got $300 million and Ionia- City had the second most bank branches in Michi- lion in federal funds for the based Independent Bank Corp. got $72 million. gan as of June 30, its 272 trailing Chase’s 297. These are tough times, but the coming year to offset falling That works out to two-tenths of one percent of the Several area community bankers, who asked not property values by buying show must go on. The 2009 North TARP funds invested so far going to state banks, a abandoned or foreclosed American International Auto Show figure easily surpassed by Puerto Rico, whose Popu- See TARP, Page 19 homes. kicks off at Cobo Center with press The funds are part of a days Jan. 11-13. $3.92 billion federal package The preshow news has centered allocated in the fall by the on automakers that opted out of U.S. Department of Housing and the show to Urban Development. The funds WEB EXTRA conserve will be disbursed over the marketing coming months to allow com- For more on cars money — munities to purchase trou- at NAIAS, go to namely Fer- bled properties at a discount www.crainsdetroit. rari, Land for resale or redevelopment. com/extra Rover, Mit- subishi, Nis- Along Eight Mile, the Mary Sue Coleman Richard Dauch John Dingell John Ferchill Dan Gilbert cities of Detroit, Eastpointe, san, Porsche, Rolls-Royce and Suzuki. Ferndale, Hazel Park, Oak But show organizers say more Park, Livonia, Southfield than 50 vehicles will make their and Warren plus Redford global or North American debuts. and Royal Oak townships Buick, Dodge, Ford, Honda, Mercedes- will receive more than $69 Benz, Toyota and Volvo are among million. Those areas expect the automakers and brands expect- to begin acquisition, resale ed to have the press buzzing. or demolition work with And coming on the heels of the John HertelKwame Kilpatrick Daniel Loepp Ken Matzick L. Brooks Patterson their funds in the next few U.S. Treasury Department’s $17.4 bil- months, according to an an- lion rescue of General Motors Corp. nouncement last week by the and Chrysler L.L.C. that enabled 8 Mile Business Association. them to narrowly avert a bank- Allocations from HUD ruptcy that could have crippled 2008 range in size from $47.1 mil- the entire industry, the timing lion for Detroit to just over $2 couldn’t be better for a belea- million for Waterford Town- guered industry to show off its lat- ship, with some communi- est and greatest in front of a home- town crowd and the rest of the Newsmakers of the Year See This Just In, Page 2 See NAIAS, Page 21 Here’s what they did: Set a record for a capital campaign. Made a comeback. Lost a job. Kept a job. Opened a hotel. Spearheaded a transit plan. Profiles on Pages 6-7. Year in Review, Pages 12-13. The absurd, Page 14. The Newsmaker of the Year will be announced Jan. 19 NEWSPAPER 20080105-NEWS--0002-NAT-CCI-CD_-- 12/31/2008 4:55 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS January 5, 2009 Private-equity M&A deals off cated shows. will cater to seniors who are be- interceptor, but will save money THIS JUST IN Blair was paid upfront to gen- ginning to show signs of forget- on the refinancing because a 2.5 Mergers and acquisitions fi- erate that much advertising over fulness. percent interest surcharge will be ■ From Page 1 nanced by private equity plum- 18 months, but court records The 70,000-square-foot facility dropped. meted in the first 11 months of show Adell claims only $253,000 is owned by MetSun L.L.C., a joint The transaction still requires ties obtaining a share of funds al- 2008, according Thomson Reuters. in sales. venture between MetLife Inc., approvals from Detroit and the located to Wayne, Oakland, Ma- The number of deals financed WADL is unaffiliated with a New York, and Sunrise Senior Liv- Macomb Wastewater Disposal Dis- comb and Washtenaw counties. by private equity nationwide national network. ing, McLean, Va. trict and was part of a compromise Other recipient communities in- dropped by 24 percent from the — Bill Shea — Jay Greene reached Dec. 18 in the long-run- cluded Pontiac, Taylor, Clinton same period of 2007 to 1,383, with ning federal court case before U.S. Township, Canton Township, the deal value off by 75 percent, End of sewerage dispute to District Judge John Feikens over Dearborn, Sterling Heights and from $501.7 billion to $127.4 bil- Acord consolidates offices DWSD treatment plant pollution Lincoln Park. lion. save Macomb County $50M of the Detroit River. — Chad Halcom The total volume of M&A ac- Acord Holdings L.L.C. will con- — Robert Ankeny tivity in the U.S., regardless of solidate three of its offices into A settlement of disputes be- funding, fell by 22 percent, to one building in Rochester Hills, tween the Detroit Water & Sewer- Rehmann shortens name, has 8,190, with the value falling by 31 increasing its office size. age Department and the suburbs Shapiro named to board of acquisitions take effect percent, from $1.6 trillion to $1.1 The company manufactures will save Macomb County sewer Holocaust foundation trillion. State data was not avail- leather trim for the automotive customers an estimated $50 mil- Today, the Rehmann Group L.L.C. able. industry and is currently using lion over the next 30 years, Pub- Director Steven Spielberg’s Sur- will announce it has shortened its — Tom Henderson three buildings in Rochester lic Works Commissioner Anthony vivors of the Shoah Visual History name to Rehmann for branding Hills. It will move into the 70,000- Marrocco said. Foundation has named local real purposes and that, effective Jan. 1, Adell Broadcasting Corp. sues square-foot building at 2655 Prod- Marrocco said the savings estate developer Mickey Shapiro to it had affiliated itself with Nexia In- uct Drive in the TAN Industrial comes from Macomb buying con- its board of councilors. ternational, a London-based coali- N.Y. advertising sales firm Park, using more space. Colliers In- trol of 20 miles of sewer intercep- Spielberg created the foundation of auditors and consultants ternational, Southfield, was the tor from DWSD and sharing con- tion in 1994 to document the testi- with 620 offices in 97 countries. The parent company of Clin- trol of another 19 miles of Detroit monials of Holocaust survivors ton Township-based WADL-TV brokerage. Also on Jan. 1, two acquisitions — Daniel Duggan interceptor with Oakland Coun- and other eyewitnesses. announced earlier went into ef- Channel 38 has sued a New York ty. Shapiro, a principal at Lautrec fect, of MSW Group P.L.C. in Farm- City-based national broadcast Macomb County plans to sell Ltd. in Farmington Hills, was ington Hills and of Pridnia LaPres sales firm to recoup $1.5 million Bloomfield Hills getting new bonds for about $83 million to born in a displaced persons camp, P.L.L.C.

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