DOCSLIB.ORG

TRW-GM Rift Signals Power Shift

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
TRW-GM Rift Signals Power Shift 20131111-NEWS--0001-NAT-CCI-CD_-- 11/8/2013 5:57 PM Page 1 ® www.crainsdetroit.com Vol. 29, No. 46 NOVEMBER 11 – 17, 2013 $2 a copy; $59 a year ©Entire contents copyright 2013 by Crain Communications Inc. All rights reserved Page 3 Bill would can ban TRW-GM rift signals power shift on logos on bar, eatery glasses JOHN PLANT: “I think the Suppliers less willing to take low-margin deals situation may Pistons rebound with BY DUSTIN WALSH cus on shareholder influence, experts say. be best characterized CRAIN’S DETROIT BUSINESS In a filing with the U.S. Securities and Exchange Com- assist from tickets mission in September, TRW said that it terminated the by: Our Last month, TRW Automotive Inc. CEO John Plant – and talent customers have contract with an undisclosed customer, which repre- a view about told investors the Livonia-based supplier was walk- sented a 6.5 percent margin in 2012. the price point ing away from a $700 million brake contract. Neither company would comment on the specific When the corner office that they feel Sources told Crain’s a pricing dispute between reason for terminating the contract, but Plant told in- they want to TRW and General Motors Co. led to the contract termi- vestors on its quarterly conference call on Oct. 29 that is the pulpit pay for certain nation for parts supplied out of TRW’s Saginaw plant. pricing was the sticking point. components, which sometimes The move represents one of the largest dropped “I think the situation may be best characterized by: coincides with ours, and sometimes contracts in recent memory, and some local experts it does not; and we have to make an Our customers have a view about the price point that CRAIN’S say it is representative of the new power shift be- they feel they want to pay for certain components, assessment of where we believe that tween North American suppliers and automakers. MICHIGAN BUSINESS our competitive situation is or our which sometimes coincides with ours, and sometimes position assets are.” The new hard-line stance for better pricing is the result of strong demand, limited capacity and a refo- See Suppliers, Page 29 MATTHEW GRYCZAN Stocking Children’s Man’s plan for deer park Hospital to comes with a past, Page 11 build tower, This Just In Duggan’s Cabinet Detroit River wildlife refuge expand rooms to get a visitor center er Kevyn Orr, who must approve all actions taken The Detroit River Internation- He’s not naming names, but by a mayor — including the filling and creation of BY SHERRI WELCH al Wildlife Refuge will get a vis- Cabinet positions. CRAIN’S DETROIT BUSINESS itor center that’s expected to be used by school groups and others are making predictions Children’s Hospital of Michigan is others to help explore and un- Political connections making plans to construct a six- derstand the wildlife that call BY KIRK PINHO Duggan, who won Tuesday’s election 55 percent to story patient tower and reconfigure the region home. CRAIN’S DETROIT BUSINESS 45 percent over Wayne County Sheriff Benny all of its double-occupancy rooms to A groundbreaking event Napoleon, told Crain’s that he has not offered specific private rooms for an estimated in- ow hiring: “First-class” administrators for was scheduled for Friday for jobs to anyone. Nor has he revealed whom he’s spoken vestment of $100 million or more. the 12,000-square-foot facility Mike Duggan’s Cabinet. To make room for the tower at in Trenton. The center is to be N Detroit political observers and campaign See Duggan, Page 27 Mack Avenue and Beaubien Street, built at the Refuge Gateway, supporters believe the mayor-elect should look to a the hospital plans to relocate the near the refuge’s Humbug mix of trusted inner-circle supporters and leaders Whoever Mike Duggan Ronald McDonald House Charities of picks for his Marsh area, by fall 2015. with proven private sector management skills. Southeastern Michigan house in Mid- Duggan has repeatedly said he wants to hire a Cabinet still must town from land it Wayne County, the U.S. pass muster with Fish and Wildlife Service and “first-class Cabinet,” mean- deeded condi- ing an administration with Emergency others worked for nearly a TUBE STILL RULES Manager Kevyn tionally to the decade on restoration of the strong, competent leaders Orr, who must charity to a new Refuge Gateway. Located on Got a mayoral who are able to do their jobs approve all site at Mack and the river’s Trenton Channel, message? Still hard without a micromanager actions taken Brush Street, it was the site of a Chrysler to stop the power of looking over their shoulders. by a mayor. about a half mile TV, Page 26 manufacturing facility that Who’s on the short list? away, for an ad- was deactivated in 1990. Duggan isn’t saying, but like- ditional $3.5 mil- When built, officials say, ly names are found among campaign staffers and lion. the visitor center will include supporters, former city department heads, former The new tow- Ewald a theater, classrooms and of- Detroit Medical Center colleagues and er and hospital fices along with a wildlife ob- even current and former state reconfiguration are part of the $850 servation area and outdoor lawmakers. million promised when Vanguard patios. Whoever those leaders turn Health Systems — now Tenet Health- The refuge includes more out to be, they will face the care Corp. — acquired the Detroit than 5,700 acres along 48 possibility that their selec- Medical Center in 2012, said Luanne miles of the lower Detroit tion could ultimately be Ewald, vice president of business River and western Lake Erie. scuttled by Detroit’s current development and strategic plan- — Associated Press leader: Emergency Manag- NATHAN SKID/CDB See Tower, Page 29 For advertising information, contact Marla Wise NEWSPAPER at 313-446-6032 or [email protected] 20131111-NEWS--0002-NAT-CCI-CD_-- 11/8/2013 4:12 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS November 11, 2013 MICHIGAN BRIEFS LG Chem back making batteries, the cleanup of the Torch Lake tox- ic waste site in Houghton County repays feds to resolve trouble Kellogg to cut 7% of global workforce to trim costs in the Upper Peninsula, The Asso- Nearly two months after shut- ciated Press reported. The EPA ting down production because it About the only people to extract anything good The cost-cutting plan involves increasing growth said that about 200 million tons of lacked approval from the U.S. Envi- out of this announcement last week were all the in emerging markets, consolidating facilities and a mine tailings were dumped there ronmental Protection Agency to use a headline writers who were given the opportunity to global emphasis on regional brands, according to during copper milling and smelt- key chemical in production, Hol- write “grrrreat!” in big type. Battle Creek-based Kel- the statement. Kellogg had about 31,000 employees ing operations from 1868 to 1968. land-based LG Chem Michigan Inc. logg Co. said it will cut 7 percent of its global work- as of Dec. 29, according to regulatory filings. Ⅲ Canada-based Graymont Inc. restarted production of lithium- force, or about 2,000 jobs, as part of a four-year cost- Also last week, Kellogg said it plans to borrow an wants to acquire more than 10,000 ion batteries for electric vehicles, saving plan, Bloomberg News reported. The reason: additional $500 million to help cover costs of the re- acres of state-managed forest in The Holland Sentinel reported. Slower sales of breakfast items and snacks. So structuring, Bloomberg News reported. Rather than Mackinac County in the Upper About the same time, the compa- maybe it’s not the most important meal anymore. curb dividends, the company may add to its $7.4 bil- Peninsula for use as an under- ny said it would pay about $1.2 mil- “We are making the difficult decisions necessary lion in borrowings over the next three years, CFO ground limestone mine. The Michi- lion to resolve federal allegations to address structural cost-saving opportunities Ronald Dissinger said during a conference with ana- gan Department of Environmental Quali- that it improperly sought and ob- which will enable us to increase investment in our lysts and investors. Bloomberg says Kellogg already ty would have to OK any mining. tained funds to pay workers en- core markets and in opportunities for future is the most leveraged among the five largest U.S. Ⅲ The Grand Rapids-Kent County Con- gaged in recreational and volun- growth,” CEO John Bryant said in the statement. food manufacturers. vention/Arena Authority extended its teer activities, according to a management contract with Con- statement from the U.S. Department shohocken, Pa.-based SMG for anoth- of Justice. long struggled with budget prob- law bars marijuana use and pos- MICH-CELLANEOUS er two years. That means SMG will LG Chem already has refunded lems and, like Detroit, is under a session unless it’s medical mari- manage Van Andel Arena, the DeVos $842,000 to the U.S. Department of state-appointed emergency manag- juana. Last year, Grand Rapids Ⅲ Midland-based Dow Chemical Co. Place convention center and the De- Energy after allegations that feder- er. voters made possession of small has announced plans to retire up to Vos Performance Hall on behalf of the al stimulus funds were used to pay Ⅲ Voters in Saugatuck and Dou- amounts of marijuana a civil viola- $500 million in debt in the fourth authority until June 20, 2016.
Load more

Recommended publications
  • The Bankruptcy of Detroit: What Role Did Race Play?
    The Bankruptcy of Detroit: What Role did Race Play? Reynolds Farley* University of Michigan at Michigan Perhaps no city in the United States has a longer and more vibrant history of racial conflict than Detroit. It is the only city where federal troops have been dispatched to the streets four times to put down racial bloodshed. By the 1990s, Detroit was the quintessential “Chocolate City-Vanilla Suburbs” metropolis. In 2013, Detroit be- came the largest city to enter bankruptcy. It is an oversimplification and inaccurate to argue that racial conflict and segregation caused the bankruptcy of Detroit. But racial issues were deeply intertwined with fundamental population shifts and em- ployment changes that together diminished the tax base of the city. Consideration is also given to the role continuing racial disparity will play in the future of Detroit after bankruptcy. INTRODUCTION The city of Detroit ran out of funds to pay its bills in early 2013. Emergency Man- ager Kevyn Orr, with the approval of Michigan Governor Snyder, sought and received bankruptcy protection from the federal court and Detroit became the largest city to enter bankruptcy. This paper explores the role that racial conflict played in the fiscal collapse of what was the nation’s fourth largest city. In June 1967 racial violence in Newark led to 26 deaths and, the next month, rioting in Detroit killed 43. President Johnson appointed Illinois Governor Kerner to chair a com- mission to explain the causes of urban racial violence. That Commission emphasized the grievances of blacks in big cities—segregated housing, discrimination in employment, poor schools, and frequent police violence including the questionable shooting of nu- merous African American men.
    [Show full text]
  • Detroit's Municipal Bankruptcy and the Case of Austerity Urbanism
    Detroit’s Municipal Bankruptcy and the Case of Austerity Urbanism by Sarah Phinney A thesis submitted to the Faculty of Graduate and Postdoctoral Affairs in partial fulfillment of the requirements for the degree of Master of Arts in Political Economy Carleton University Ottawa, Ontario © 2016, Sarah Phinney i ABSTRACT Urban theorist Jamie Peck theorizes austerity urbanism as a dominant state practice of financially “restructuring” the fiscal agendas of local governments in order to reduce government budget deficits in times of economic recessions. This thesis examines how austerity urbanism as a theoretical lens can be used to describe urban transformations in the City of Detroit. My central argument is that Detroit, specifically following its municipal bankruptcy, is experiencing an austerity moment as a result of the United States’ shift towards neoliberalism that dismantled Keynesian principles and compelled the federal and state government to withdraw their presence in fiscal aid transfers to local governments. This era created a reinvigorated neoliberal politics of austerity in the City of Detroit that is based on balancing state budgets and favouring cuts in government expenditure. ii ACKNOWLEDGEMENTS I would like to first give a sincere thanks to my supervisor, Dr. Jennifer Ridgley, for her enormous patience and guidance. I would also like to express my gratitude to my friends and colleagues in the Political Economy program, especially those whom I learned and grew with over the course of the last two years. I would like to thank my grandparents, and two sisters, Kristen and Ashley, for always supporting me in life. I would also like to offer a very warm thanks to my father and mother whose support was influential in helping me complete and pursue my research.
    [Show full text]
  • Store # Phone Number Store Shopping Center/Mall Address City ST Zip District Number 318 (907) 522-1254 Gamestop Dimond Center 80
    Store # Phone Number Store Shopping Center/Mall Address City ST Zip District Number 318 (907) 522-1254 GameStop Dimond Center 800 East Dimond Boulevard #3-118 Anchorage AK 99515 665 1703 (907) 272-7341 GameStop Anchorage 5th Ave. Mall 320 W. 5th Ave, Suite 172 Anchorage AK 99501 665 6139 (907) 332-0000 GameStop Tikahtnu Commons 11118 N. Muldoon Rd. ste. 165 Anchorage AK 99504 665 6803 (907) 868-1688 GameStop Elmendorf AFB 5800 Westover Dr. Elmendorf AK 99506 75 1833 (907) 474-4550 GameStop Bentley Mall 32 College Rd. Fairbanks AK 99701 665 3219 (907) 456-5700 GameStop & Movies, Too Fairbanks Center 419 Merhar Avenue Suite A Fairbanks AK 99701 665 6140 (907) 357-5775 GameStop Cottonwood Creek Place 1867 E. George Parks Hwy Wasilla AK 99654 665 5601 (205) 621-3131 GameStop Colonial Promenade Alabaster 300 Colonial Prom Pkwy, #3100 Alabaster AL 35007 701 3915 (256) 233-3167 GameStop French Farm Pavillions 229 French Farm Blvd. Unit M Athens AL 35611 705 2989 (256) 538-2397 GameStop Attalia Plaza 977 Gilbert Ferry Rd. SE Attalla AL 35954 705 4115 (334) 887-0333 GameStop Colonial University Village 1627-28a Opelika Rd Auburn AL 36830 707 3917 (205) 425-4985 GameStop Colonial Promenade Tannehill 4933 Promenade Parkway, Suite 147 Bessemer AL 35022 701 1595 (205) 661-6010 GameStop Trussville S/C 5964 Chalkville Mountain Rd Birmingham AL 35235 700 3431 (205) 836-4717 GameStop Roebuck Center 9256 Parkway East, Suite C Birmingham AL 35206 700 3534 (205) 788-4035 GameStop & Movies, Too Five Pointes West S/C 2239 Bessemer Rd., Suite 14 Birmingham AL 35208 700 3693 (205) 957-2600 GameStop The Shops at Eastwood 1632 Montclair Blvd.
    [Show full text]
  • Detroit's Grand Bargain
    Detroit’s Grand Bargain Philanthropy as a Catalyst for a Brighter Future Irene Hirano Inouye Philanthropic Leadership Fund The Center on Philanthropy & Public Policy University of Southern California About the Center on Phil AnthroPy & PubliC PoliCy The Center on Philanthropy and Public Policy promotes more effective philanthropy and strengthens the nonprofit sector through research that informs philanthropic decision-making and public policy to advance public problem solving. Using California and the West as a laboratory, The Center conducts research on philanthropy, volunteerism, and the role of the nonprofit sector in America’s communities. In order to make the research a catalyst for understanding and action, The Center encourages communication among the philanthropic, nonprofit, and policy communities. This is accomplished through a series of convenings and conversations around research findings and policy issues to help key decision makers work together more effectively to solve public problems and to identify strategies for action. This case study is underwritten by the Irene Hirano The Center on Philanthropy & Public Policy Inouye Philanthropic Leadership Fund at The Center Sol Price School of Public Policy on Philanthropy & Public Policy. University of Southern California We want to acknowledge the assistance of Michael Lewis Hall, Room 210 Thom, and the insights and perspectives offered Los Angeles, California 90089-0626 by the individuals interviewed for this case. Listed Phone: (213) 740-9492 at the end of the case, they included many of the Email: [email protected] principals involved in the Grand Bargain. Website: cppp.usc.edu An electronic copy of the case can be downloaded Copyright ©2017 by on The Center’s website at cppp.usc.edu.
    [Show full text]
  • Application Record
    Court File No. ONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST) IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED AND IN THE MATTER OF A PLAN OF COMPROMISE OR ARRANGEMENT OF PAYLESS SHOESOURCE CANADA INC. AND PAYLESS SHOESOURCE CANADA GP INC. (the “Applicants”) APPLICATION RECORD February 19, 2019 Cassels Brock & Blackwell LLP 2100 Scotia Plaza 40 King Street West Toronto, ON M5H 3C2 Ryan Jacobs LSO#: 59510J Tel: 416. 860.6465 Fax: 416. 640.3189 [email protected] Jane Dietrich LSO#: 49302U Tel : 416. 860.5223 Fax : 416. 640.3144 [email protected] Natalie E. Levine LSO#: 64980K Tel : 416. 860.6568 Fax : 416. 640.3207 [email protected] Lawyers for Payless ShoeSource Canada Inc., Payless ShoeSource Canada GP Inc. and Payless ShoeSource Canada LP TO: SERVICE LIST ATTACHED LEGAL*47453748.1 SERVICE LIST TO: Cassels Brock & Blackwell LLP Scotia Plaza 40 King Street West, Suite 2100 Toronto, ON M5H 3C2 Ryan Jacobs Tel: 416.860.6465 Fax: 416.640.3189 [email protected] Jane Dietrich Tel: 416.860.5223 Fax: 416.640.3144 [email protected] Natalie E. Levine Tel: 416.860.6568 Fax: 416.640.3207 [email protected] Monique Sassi Tel: 416.860.6572 Fax: 416.642.7150 [email protected] Lawyers for Payless ShoeSource Canada Inc., Payless ShoeSource Canada GP Inc. and Payless ShoeSource Canada LP, (collectively, the “Payless Canada Entities”) LEGAL*47453748.1 AND TO: Akin Gump Strauss Hauer & Feld LLP One Bryant Park New York, NY 10036-6745 Ira Dizengoff Tel: 212.872.1096 Fax: 212.872.1002 [email protected] Meredith Lahaie Tel: 212.872.8032 Fax: 212.872.1002 [email protected] Kevin Zuzolo Tel: 212.872.7471 Fax: 212.872.1002 [email protected] Julie Thompson Tel: 202.887.4516 Fax: 202.887.4288 [email protected] Lawyers for Payless Holdings LLC and its debtor affiliates AND TO: FTI Consulting Canada Inc.
    [Show full text]
  • Strategic Racism, Technocracy, and the Poisoning of Flint's Children
    The Emergency Manager: Strategic Racism, Technocracy, and the Poisoning of Flint’s Children1 Forthcoming in The Good Society Jason Stanley Michigan’s fiscal crisis nudged the snowball of Detroit’s financial collapse a little farther down the hill. As Snyder pondered how to prevented [sic] an avalanche, he selected the Democratic Michigan Speaker of the House, a financial specialist named Andy Dillon, to serve as the treasurer in his administration. In their search for solutions, they met an investment banker from New York who was born in Detroit and had his sights set on helping to fix his hometown. – from Nathan Bomey, Detroit Resurrected (Norton, 2016) This is a test being looked at by cities across the US - even the world," Charity says. "We will not let water be used as a weapon to remake the city in a corporate image. We will re-establish what it is to live in a democracy, with a water system that is part of the commons, that affirms human dignity and that ensures everyone's access. -Charity Hicks of the Detroit People’s Water Board, quoted in Martin Lukac’s June 25, 2014 article in the Guardian, “Detroit's Water War: a tap shut-off that could impact 300,000 people”, 1 This paper is dedicated first and foremost to the activists in Michigan, particularly Detroit and Flint, who have fought so hard to retain the jewels of our democracy, our public infrastructure. It is dedicated to the local Michigan investigative journalists who have so brilliantly and courageously followed the story, particularly Curt Guyette, Kate Levy, and Allie Gross.
    [Show full text]
  • Top Pick for Detroit Emergency Financial Manager Could Have Conflicts | Detroit Free Press | Freep.Com Page 1 of 4
    Top pick for Detroit emergency financial manager could have conflicts | Detroit Free Press | freep.com Page 1 of 4 CLASSIFIEDS: CARS JOBS HOMES APARTMENTS CLASSIFIEDS SHOPPING E-CIRCULARS DAILY DEALS ADVERTISE SUBSCRIBE News Sports Autos/Biz Classifieds Entertainment Life Opinion Obits Help MORE: Detroit Self-Portrait Politics/Elections e-Edition Marathon DealChicken Find what you are looking for ... SEARCH ADVERTISEMENT Top pick for Detroit emergency financial manager could have conflicts March 13, 2013 | 4 Recommend Be the first of your friends to recommend this. Comments Recommend 0 A A ADVERTISEMENT Most Popular Most Commented More Headlines 1 Young metro Detroit couples buying big, pricey starter homes Detroit City Council representatives appeal in Lan...: Acting Corporation Counsel along with financial advisors for the 2 Michigan's Spike Albrecht didn't get Detroit City Council came to Lansing for an appeal hearing with the hopes of making a case for no emergency financial lots of looks in school, but that's manager for Detroit. Eric Seals/Detroit Free Press changing now 3 Army employee shot, killed at Fort Knox in Kentucky 4 Minnesota 3, Detroit 2: Eduardo Escobar's hit, Tigers' outfield confusion lead to wild ninth inning Detroit City Council Protesters rally against representatives appeal emergency manager for in Lan... Det... 5 Drew Sharp: Tigers' bullpen problems will shrink if starting rotation rolls on By Matt Helms Gov. Rick Snyder's expected announcement this week that lawyer Detroit Free Kevyn Orr is his top choice for emergency financial manager of Press Staff Detroit may set up at least a couple of intriguing political and legal Writer Most Viewed conflicts, beyond opposition from critics.
    [Show full text]
  • Detroit Ch. 9 May Set Pension Precedent
    20130805-NEWS--0001-NAT-CCI-CD_-- 8/2/2013 6:28 PM Page 1 ® www.crainsdetroit.com Vol. 29, No. 31 AUGUST 5 – 11, 2013 $2 a copy; $59 a year ©Entire contents copyright 2013 by Crain Communications Inc. All rights reserved Page 3 We are trying “ to be fair, but we are trying to Detroit Ch. 9 may set deal with the realities that have been coming here for a long time. pension precedent Kevyn ”Orr Orr:Law doesn’t shield retirees from cuts BY CHAD HALCOM Tools of political influence: AND KIRK PINHO MORE ON DETROIT’S BANKRUPTCY CRAIN’S DETROIT BUSINESS Opinion, cash Q&A: Felix Rohatyn was there when New York City NATHAN SKID/CDB A new committee will take shape in the com- was on the brink, and he has some ing weeks to represent more than 23,000 re- advice, Page 24 HIGHLIGHTS OF KEVYN ORR’S PLANS tirees in court and negotiate their future bene- Video: Kevyn Orr on good-faith fits as a class of creditors in Detroit’s Chapter 9 bargaining, communicating with retirees The city is working to restructure all debt, with and why the focus isn’t just on health care, bankruptcy. www.crainsdetroit.com/video health care and pension liabilities at the top of But do the retirees have any special legal CARTER SHERLINE the pile. claims that set them apart as creditors? may well make the call that sets the new legal Negotiations with creditor groups are ongoing Detroit Emergency Manager Kevyn Orr told and a cram-down plan (involuntary imposition of standard on retirees’ creditor rights at U.S.
    [Show full text]
  • Additional Information
    LOC Location Main # Location Name Location Address Phone Number ST Store Manager Email ASM/HR Manager Email HR Assistant/Backup Email Grand Junction, CO - 2424 US Highway 6 & 50, Grand 344 Herberger's - Mesa Mall Junction, CO 81505 970-245-0900 CO Lynnette Summy [email protected] Carol Schilling (ASM) [email protected] Lesley Kainu [email protected] 1903 Park Avenue, Muscatine - Younkers - Muscatine, IA 52761 173 Muscatine Mall 563-264-0744 IA Emily Scott [email protected] Sherry Eckhardt (HRM) [email protected] 1110 Quincy Avenue, Ottumwa, Ottumwa - Herberger's - IA 52501 326 Quincy Place 641-682-3262 IA Charlotte Katko [email protected] Jennifer Jones (HRM) [email protected] Ames, IA - Younkers - North 2801 North Grand Mall, 401 Grand Plaza Ames, IA 50010 515-663-4300 IA Greg Kruse [email protected] Nojud Malouf (HRM) [email protected] 102 South Delaware, Mason City - Younkers - Mason City, IA 50401 402 Southbridge Mall 641-421-2020 IA Carrie Kamm [email protected] Candy Hinderman (HRM) [email protected] Fort Dodge - Younkers - 217 South 25th Street Suite 33 403 Crossroads Mall Fort Dodge, IA 50501 515-574-4231 IA Pam Skeel [email protected] Nicole Tracy (HRM) [email protected] Marshalltown - Younkers - 2500 South Center St., 404 Marshall Town Mall Marshalltown, IA 50158 641-752-7151 IA Greg Kruse [email protected] Open (3/12/2018) (HRM) Waterloo - Younkers - 2060 Crossroads Blvd., Waterloo, 408 Crossroads Mall IA 50702 319-234-8848
    [Show full text]
  • Big Impasse in Talks with State
    20120326-NEWS--0001-NAT-CCI-CD_-- 3/23/2012 7:19 PM Page 1 ® www.crainsdetroit.com Vol. 28, No. 13 MARCH 26 – APRIL 1, 2012 $2 a copy; $59 a year ©Entire contents copyright 2012 by Crain Communications Inc. All rights reserved Page 3 Sports Hall of Fame is game to drop debt Lawmakers quick with fix CPAs wanted: M&A, better Courts put real estate investors on the hook; bill frees them economy drive job growth BY DANIEL DUGGAN the state’s most prominent real es- The bill, which is awaiting sig- “The implications were huge,” CRAIN’S DETROIT BUSINESS tate investors and developers — in- nature from Gov. Rick Snyder, said Janet Langlois, executive di- cluding the brother of Robert voids a provision in many signed rector of the Building Owners and Inside It took two court decisions to Schostak, chairman of the Michi- loan agreements that allows Managers Association, the trade highlight a way for lenders to pur- gan Republican Party — worked lenders to sue for the personal as- group representing developers and sue the personal bank accounts of with industry groups and legisla- sets of real estate investors in the investors, leading the efforts. Opera Theatre en route some real estate investors whose tors to counteract the rulings. event of foreclosure. “There was risk to investors for to paying down debt, Page 4 buildings went into foreclosure. Their goal was to retroactively However, investors contend that future development, but also risk And then it took just three indemnify real estate investors they paid higher interest rates on for everything they have.” weeks for a bill to pass both the against personal liability in non- bonds sold to support projects The case that started it all in- Michigan House and Senate to pro- recourse loan agreements, and to based on the understanding that volved the Cherryland Center at M&A Awards tect those investors’ assets.
    [Show full text]
  • Water Supply System Revenue and Revenue Refunding Bonds Series 2016
    NEW ISSUE--BOOK-ENTRY ONLY See “RATINGS” herein. In the opinion of Bond Counsel, subject to compliance with certain covenants, under existing law and except as described under “TAX MATTERS” herein, interest on the Series 2016 Bonds is excluded from gross income for federal income tax purposes, and the Series 2016 Bonds and the interest thereon are exempt from taxation by the State of Michigan or by any taxing authority within the State of Michigan, except estate taxes and taxes on gains realized from the sale, payment or other disposition of the Series 2016 Bonds. See “TAX MATTERS.” $917,805,000 GREAT LAKES WATER AUTHORITY Water Supply System Revenue and Revenue Refunding Bonds Series 2016 $88,000,000 $443,930,000 Water Supply System Revenue Senior Lien Bonds Water Supply System Revenue Refunding Senior Lien Bonds Series 2016A Series 2016C $163,830,000 $222,045,000 Water Supply System Revenue Second Lien Bonds Water Supply System Revenue Refunding Second Lien Bonds Series 2016B Series 2016D Dated: Date of Delivery Due as shown on inside cover page The Water Supply System Revenue and Revenue Refunding Bonds set forth above (collectively, the “Series 2016 Bonds”) will be issued by the Great Lakes Water Authority (the “Authority” or “GLWA”) pursuant to the Bond Ordinance (as defined herein) of the Authority to (i) refund certain Refunded Bonds (as defined herein), (ii) pay certain costs of improvements, enlargements, extensions and repairs to the Regional Water System and Local Water System (each as defined herein), and (iii) pay certain costs of issuance of the Series 2016 Bonds.
    [Show full text]
  • The Bankruptcy of Detroit: What Role Did Race Play?
    Editorial: The Urban Sociology of Detroit Hilary Silver Brown University This is my last issue as Editor of City & Community, an appropriate place to thank those who wrote and reviewed for the journal during my two terms. It was a privilege to serve with the longstanding senior Associate Editors, Nancy Denton and Sharon Zukin, who provided wise counsel, intellectual guidance, and good sense. I am also grateful to the many Editorial Board members who contributed to making City & Community such an engaging, scholarly, high-quality publication. Managing Editors Sukriti Issar, Orly Clerge, Omar Pereyra, and Aaron Niznik ably organized the review process and made the lonely job of editing the journal more enjoyable. It has also been a pleasure to work with the staff at Wiley-Blackwell. Finally, thank you to the members of the ASA Section on Community and Urban Sociology for the honor of allowing me to read your work and learn so much from you over the past six years. To mark the transition, our newest Associate Editor, Karyn Lacy of the University of Michigan, kindly consented to solicit and edit a symposium of peer-reviewed essays on Detroit. The idea for this issue originated with William Tabb, who, with others in Michi- gan, has been exploring the idea of a Detroit School of urbanism. He recalled that the inaugural 2002 issue of our journal contained a debate over the existence of a Los Ange- les School of urbanism, to complement or challenge the hegemonic Chicago School. In 2003, David Halle proposed the existence of a New York School of urbanism as well.
    [Show full text]