top cop flashes badge of biz cred - crain's new york business

BY DANIEL MASSEY

After the city’s bedrock financial sector tanked in2008,Bloomberg administration officials met withhundreds of entrepreneurs, venture capitalists,chief executives and community leaders and in-structed them to come up with a “game changing”idea for the local economy.

The result of that brainstorming is at hand:Topapplied sciences schools from around the world arescrambling for the city’s blessing to build a campushere. When Mayor Michael Bloomberg gave amid-July speech about the competition at a Crain’s

conference, Cornell University sent at least 30 rep-resentatives, including trustees and its president.

The mayor hopes the plan will propel New Yorkpast Silicon Valley as the world’s leading tech center,a development that would define his legacy.City of-ficials call the contest an “Erie Canal moment” thatcould wean the city off Wall Street, transform theeconomy and create 22,000 jobs over 35 years.

While that may be overstating things—thecity’s offer of land on Roosevelt Island, GovernorsIsland or at the Brooklyn Navy Yard and up to $100million for infrastructure is relatively modest—thecontest has created worldwide buzz.

Already, 27 institutions have formally expressedinterest, and within two weeks of the release of the

parameters for the project,several top applied sci-ences institutions said they would submit pro-posals by the October deadline.

“We believe this is a once-in-a-lifetime op-See THE RACE on Page 23

NEW

SPA

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VOL. XXVII, NO. 31 WWW.CRAINSNEWYORK.COM AUGUST 1-7, 2011 PRICE: $3.00

TOP STORIES

INDEX

Run, Forest, run:Feds, Icahn takeaim at pharma firmPAGE 3

StalledbuildingsiteslingeracrosscityPAGE 2

Corporate donorswriting big checksto charities againPAGE 4

In Flushing, a bid tobecome the PennStation of Queens NEIGHBORHOODS, PAGE 4

Why Ray Kellyshouldn’t be mayor GREG DAVID, PAGE 11

NEIGHBORHOOD JOURNAL _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _4THE INSIDER _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _8VIEWPOINT _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _10FOR THE RECORD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _18REAL ESTATE DEALS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _19CLASSIFIEDS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _20HOT JOBS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25EXECUTIVE MOVES _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _25THE WEEK AHEAD _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _27

INSIDE

GOTHAM GIGSHistoric farmer P. 25

● ANNE FISHERBusiness advice forwomen, by women P. 25

● MOVERS & SHAKERSYou gotta sell a lot ofItalian ices to drive aBentley P. 26

● GAEL GREENE MissLily’s rainbow P. 27

IVESLUSINESSB

Schools go all outfor right to buildapplied sciences campus in NYC

Top copflashesbadge ofbiz cred

BY SHANE DIXON KAVANAUGH

The swagger was familiar to NewYork’s business community when stateSen. Eric Schneiderman campaignedfor state attorney general last year.Thehard-charging, labor-backed, UpperWest Side liberal ran to the left to winthe Democratic primary. He called forexpanding the office’s powers, whichmany businesspeople believed were al-ready too extensive.

“We thought it was the secondcoming of John Liu,” said one businessinsider, referring to the left-leaningcity comptroller. Or much worse—

BY GALE SCOTT

It’s enough to make a New Yorker lookforward to getting sick.

From billboards along the WestSide Highway, to 60-second commer-cials on prime-time TV, to full-pagedisplays in newspapers and magazines,the city is awash in advertisementsfrom hospitals touting their superla-tive care, brilliant physicians andgrateful patients. Even a trip to the

See STATE’S TOP COP on Page 23

Schneiderman triesto allay fears that he’sanother Spitzer

Hospitalads: They’reeverywhereLocal med centers ontrack to spend $80Mon bragging this year

See HEALTHY on Page 23

WHICH NY

COMPANIES

HAVE THE

BIGGEST CASH

CUSHIONS?

PAGE 15

THERACEIS ON

20110801-NEWS--0001-NAT-CCI-CN_-- 7/29/2011 7:50 PM

ELECTRONIC EDITION

2 | Crain’s New York Business | August 1, 2011

IT TURNS OUT DIAMONDS ARE MANHATTAN’SBEST FRIEND, TOO. DIAMOND AND JEWELRYbusinesses throughout the city generate morethan $24 billion in economic impact annually,and diamonds rank as the state’s No. 1 export,according to a report commissioned by the47th Street Business Improvement District.The city’s diamond district is home to 4,100businesses that together employ more than22,000 people, 69% of them immigrants, thereport estimates.

TWO LEGENDARY CITY RESTAURANTS—LEBERNARDIN AND ‘21’ CLUB—WILL GETmakeovers in August. Le Bernardin closed thispast weekend and will reopen Sept. 9 after arenovation, while ‘21’ Club is building a 10-seatbar called Bar ‘21’ during its annual summerhiatus, Aug. 12 through Labor Day.Theformer speakeasy will have bar stools for thefirst time and serve beer on tap.

EXTELL DEVELOPMENT CO. HAS REACHED ADEAL TO SECURE A $700 MILLION CON-struction loan from Bank of America Corp. fora $1.3 billion skyscraper already rising on West57th Street, sources said. Extell broke groundearly last year without a loan for what will bethe tallest residential building in the city, a1,005-foot tower across from Carnegie Hallthat will include a Park Hyatt Hotel and about135 apartments. Neither Extell President GaryBarnett or Bank of America commented. n

IN BRIEF

BY THE NUMBERS

GOLD AND DUNKIN’ DONUTS did famously last week. Almost everything else suffered amidmore signs of a faltering recovery and politicalgridlock.

GOING DOWN After rising steeply in the recession,bankruptcy filings in New York have been trending lowerfor nearly a year.

Weekly shift of the city’s economy

é4.6%

Drop inBloomberg/

Crain’s NY StockIndex over the last

five days

vol. xxvii, no. 31, august 1, 2011—Crain’s New York Business (issn8756-789x) is published weekly, except for double issues the weeks ofJuly Fourth, Labor Day and Christmas, by Crain CommunicationsInc., 711 Third Ave., New York, NY 10017. Periodicals postage paid atNew York, N.Y., and additional mailing offices. Postmaster: Sendaddress changes to: Crain’s New York Business,Circulation Department,1155 Gratiot Avenue, Detroit, MI 48207-2912. for subscriber serv-ice: Call (888) 909-9111. Fax (313) 446-6777. $3.00 a copy, $59.79 oneyear, $109.79 two years. (GST No. 13676-0444-RT)©Entire contents copyright 2011 by Crain Communications Inc.All rights reserved.

ADDICTED TO NUMBERS?

GET A DAILY DOSE AT @STATSANDTHECITY

1TWATT-HOURS NYC

used in 4-dayheat wave; equalsVermont’s use in

2 months Source: Consolidated

Edison Inc.

2.4%RISE in weekdaysubway ridershipin March, vs. a

year earlier, to 5.4million riders.

Source: MetropolitanTransportation

Authority

SOME HIGHLY CREATIVE PROPOSALS FOR CITY’S DORMANT SITES

Vishaan Chakrabarti

Director, real estate develop-ment program, ColumbiaUniversity

CREATE a virtual Museum of theStreets of New York in empty

lots across the city with an art installationseries that tells a story and is managed by oneentity that would program and curate all thespaces.

Anne Pasternak

President and artistic director,Creative Time

LOCAL MUSICIANS couldcompose pieces that reflect theneighborhood or the history of

the site, so that when people get close they canbe surprised and uplifted through the audio.

Vin Cipolla

President, The Municipal ArtSociety of New York

THERE COULD be stagesfeaturing live danceperformances. The possibilities

are endless. There is so much pent-up desire onthe part of the creative community to expressitself.

CORRECTIONS

MTR Corp. earned $1.56 billion in after-tax profits in 2010. TheJuly 25 article “After exit of Walder, rough ride for MTA” stated thefigure as pretax earnings.

Alessandra DiGiusto, chief administrative officer and director forDeutsche Bank Americas Foundation, oversees grant-makingactivities. President Gary Hattem runs the foundation. Thosefacts were unclear in the July 25 feature “The Culture Club.”

*From the Manhattan office of the Southern District and the Brooklyn office ofthe Eastern District. Source: U.S. Bankruptcy Court

BY AMANDA FUNG

In the spring of 2008, Time Equities be-gan demolishing the three buildings at 50West St. to make way for a $600 million,62-story hotel and residential develop-ment. Several months later, LehmanBrothers—and the financial markets—crashed and the project was put on hold.

“Market conditions were too unstableto proceed at the time,” said Francis

Greenburger,chief executive of Time Eq-uities.“We just secured the site and decid-ed to wait until conditions improved.”

In 2009, when the city’s Departmentof Buildings began compiling a list ofstalled construction sites, that 13-acre lotwas on it. It is still on the list, one of about650, many of them in hot neighborhoodslike lower Manhattan and Willamsburg,Brooklyn.

Restarting work requires banks to findnew developers, owners to restructuredebt, new investors to inject cash intoprojects—or some combination of those.Experts say the process will probably takelonger than it did after the last big real es-tate downturn in the early 1990s.

“It’s hard to be optimistic when the listof stalled sites is still so stubbornly high,”said Richard Anderson, president of the

New York Building Congress, which re-cently reported that industry employ-ment was at a nearly 13-year low in thefirst quarter.

Difficult financing

Banks’ unwillingness to make con-struction loans is a key piece of the picture.Borrowers without extensive track recordsand their own cash to put into a project areout of luck, experts said. But even estab-lished players like Time Equities acknowl-edge that it’s tough to get funding.

“Financing markets are getting a littlebetter, but the larger the project, the moredifficult it is,” Mr. Greenburger said.

In other cases, lenders or special ser-vicers—brought in to represent creditorsafter a loan default—are delayingworkouts in the hope that the

Whole lot of holes iTwo years aftermarket bottom, 646sites stuck on city’slist of stalled projects

LARGE

S. Eighth St.(multiplenumbers)

95,275Lot size in sq. ft.

ph

ot

os

by b

uck

en

nis

apa

20110801-NEWS--0002,0003-NAT-CCI-CN_-- 7/29/2011 7:53 PM Page 1

n

s in the ground

Bitter pillfor chief ofForest Labs

BY AARON ELSTEIN

Howard Solomon, the chairman, CEO and presidentof Forest Laboratories, began his latest annual letterto shareholders by touting the company’s line ofpromising new drugs: “This year may be the most re-markable year in Forest’s history, or maybe in the his-tory of any pharmaceutical company.”

It may well be that, but not for the reasons Mr.Solomon suggested as Forest faces pressure from bothoutraged federal regulators and a famous corporateraider.

Mr. Solomon, 83, is one of New York’s mostdurable and successful CEOs. Over his 34-yeartenure, he’s transformed Forest from a tiny companyinto a giant valued at $11 billion. Along the way, hehas generated average annual shareholder returns of23%—just a hair below Warren Buffett’s 24%. Butnow, Washington could force Mr. Solomon to abdi-cate his throne.

Uncle Sam plays hardball

The government, fed up with Forest’s encouragingdoctors to prescribe for children antidepressants ap-proved only for adults, has demanded that Mr.Solomon be sent packing.If the company fails to com-ply, Washington will effectively bar Medicare andMedicaid from buying its drugs. Such a move “couldamount to a corporate death sentence,” according to amemo co-authored by Kenneth Breen, a partner atPaul Hastings, a law firm that has represented Forestin the past.

Uncle Sam’s hardball approach,coming six monthsafter the Justice Department extracted three guiltypleas from the company and more than $300 millionin fines and penalties, has some people on Wall Streetcrying foul.

“What the government is doing to Solomon is un-fair,” said Ronny Gal, a health care analyst at Sanford

See A BITTER PILL on Page 24

Long-serving CEO faceswrath of feds—and Icahn

August 1, 2011 | Crain’s New York Business | 3

James CrispinoPresident, Francis CauffmanArchitects

ON THE LOT at East 33rd and

Madison, build a distinctly New

York version of the London Eye:

a 60-story Ferris wheel that has enclosed glass

pods seating eight to 10 [for lunch or cocktails]

and that does a full rotation every 60 minutes.

Brad Lander

City Councilman,Brooklyn

A PROJECT at 23 Caton Place in

Kensington that stopped at

seven stories should be turned

into a haunted house that would illustrate the

horrors of the economic crash.

Stephen YablonPrincipal, Stephen YablonArchitect

THESE SPOTS could be

campsites for tourists who don’t

have a lot of money for a hotel.

It would be cool to look up at the stars from a

hole. If there’s a building frame, put up some

protective railings.

LONG HAUL: HowardSolomon, 83, has ledForest Laboratories formore than 30 years.

blo

om

ber

g n

ew

s

market will improve.“Special servicers are selling some

notes, but not as aggressively as anyoneanticipated,” said Robert Knakal, chair-man of Massey Knakal Realty Services.

Some projects have found new ownersor have received equity injections but arestill not progressing, as owners struggle toadjust to new realities that can range fromzoning changes to shifts in buyer prefer-ence.

David West,partner at Gold-stein Hill &West Ar-chitects,reg-

ularly gets calls from developers interest-ed in restarting work. His response is thatthey must be prepared to “start fromscratch,” Mr. West said.

Since peaking at 710 in November,the number of stalled sites has been de-clining steadily,a trend that is expected tocontinue.

“There was a period when no one wasdoing anything, and things were bleak,”

said Robert LiMandri,commissioner of the De-partment of Buildings.About 550 sites have

restarted in thetwo years

the list has existed, he said, adding that“there are projects that are shaking out.”

Several of the revivals are in Williams-burg. Condo projects such as 111 KentAve. and 175 Kent Ave. have been re-vived, albeit as luxury rentals.

Mr. LiMandri notes that it is actuallya positive sign that only 20 developershave entered a 2-year-old program thatlets them renew expired building permitsat stalled projects for up to four years ifthey agree to follow strict safety guide-lines. The commissioner had expectedmore demand for the program, designedto help developers start building again.

OLDOn list since 4/7/09

212 N. NinthSt.


NEWOn list since 8/3/10

205 N. SeventhSt.


See STALLED on Page 24

NUMBER OF STALLED CONSTRUCTIONSITES AS OF JULY 24

BROOKLYN 299 QUEENS 135 MANHATTAN 128 STATEN ISLAND 52 BRONX 32 TOTAL 646Source: NYC Department of Buildings

HARD HIT: WEST WILLIAMSBURG, BROOKLYN


Flushing-Main St.subway cracks10-busiest list

BY HILARY POTKEWITZ

When people thinkof the mostheavily usedsubway stations,hubs like Times

Square, Penn Station and UnionSquare quickly come to mind.Flushing-Main Street definitelydoes not, but it should.

In fact, it ranked among the 10busiest stations in the city last year,according to data released in June bythe Metropolitan TransportationAuthority. It was the only non-Manhattan stop to do so.

That’s impressive for a stationserved by just one line, the No. 7,which begins and ends there.Flush-ing-Main Street handled more than18.6 million riders last year, 2%more than in 2009 and about a thirdof the number of passengers as No.1 Times Square, which is served by11 subway lines.

“It’s a very busy station with ahuge ridership,” said ChuckApelian,a Flushing resident and thevice chairman and land-use chair-man of Queens Community Board7, which includes the station.

In fact, the last time a non-Man-hattan subway station breached theMTA’s Top 10 was 2003—and thestop was Flushing-Main Street.

Some community leaders are de-termined to capitalize on their sta-tion’s exalted status.The communi-ty board and other local groups aretrying to persuade the MTA to en-large the mezzanine level, add bath-rooms and renovate the Flushing-Main Street Long Island Rail Roadstation a block away—all with agrander goal in mind.

“We have the potential to be-come the Penn Station of Queens,”boasts City Councilman Peter Koo,whose district includes Flushing.

Trains, buses, feet

In the heart of Queens’ China-town, Flushing-Main Street has 23bus routes radiating out to the rest ofQueens and to Nassau County.Thatexplains much of the foot traffic,saysSarah Wyss, director of short–rangebus service planning for the MTA.

“More people transfer betweenbuses and subways in Flushing thananywhere else in the city,” Ms.Wysssaid.

That traffic is a boon for localbusinesses, which report strongsales, even with other areas feelingthe downturn’s effects.

“There seems to be no lull inpedestrian action,” Mr. Koo said.

“On a Sunday night around 9 p.m.,you’d think it was Saturday.”

Flushing’s popularity as a fooddestination has boosted traffic, too.

“People know that if you loveChinese food, you should go toFlushing at least once—if not 10times,” said Alex Van Buren, con-tributing editor for Chow.com. Shehas noticed a steady increase inreaders venturing to the neighbor-hood, with 69 postings with Flush-ing in the title on the popular sitelast month alone.

Making the trek

Jason Wang knows about thetrend first-hand. He and his fatherstarted Xi’an Famous Foods fiveyears ago as a stall in a food court nearthe station. Xi’an’s signature spicylamb and hand-pulled noodles werefeatured on celebrity chef AnthonyBourdain’s No Reservations, and itsstatus grew among foodies willing totrek to Flushing.The Wangs openedthree Manhattan locations last year.

“The subway definitely helpedincrease overall awareness of ourbusiness and helped us expand,”Mr.Wang said.

But despite its megastation po-tential,Flushing-Main Street is stillsmall-time in some important re-spects. Its millions of passengers an-nually move through just six streetexits. Penn Station boasts 26, ac-cording to the MTA.

And though the subway stationwas renovated 12 years ago,the LIRRstation has gone virtually untouchedfor decades.It’s an elevated train plat-form with no elevator, so it’s nothandicap-accessible. And althoughthe stations are only a block apart,they are not connected. Locals arehoping this year’s rankings will givethem more attention from the MTA.

“The [Main Street] station canbarely hold the current amount ofpassengers as it is, and as the com-munity evolves we’re only going tobring more people,” said Dian Yu,executive director of the FlushingBusiness Improvement District.“We deserve attention, and we havethe ridership to prove it. I’m just notsure the city has the money.” n

Boosters push forupgrade as 18.6Mriders flow through


NEIGHBORHOOD JOURNAL

IN THE MARKETS Aaron Elstein’sWall Street column returns next week.

BY MIRIAM KREININ SOUCCAR

Corporations are once again writingbig checks to charities, in many cas-es for the same or even largeramounts than before the recession.

Cash gifts rose 13% last yearfrom 2009, a huge relief to nonprof-its, which had weathered a declineof 7.5%,according to a survey of 180companies by the Chronicle of Phil-anthropy, released last week. Withthe inclusion of product donations,corporate giving rose nearly 20%.

“There is a rebound,” said AlisonRose, manager of standards andmeasurement at the CommitteeEncouraging Corporate Philan-thropy. “Even amidst ongoing eco-nomic uncertainty, companies rec-ognize the importance of investingin their communities.”

With the fragile economic re-covery, though, fundraising expertsworry that corporate money willagain stop flowing. In fact, mostcompanies in the Chronicle’s surveyexpect their giving to be flat thisyear.

A number of the companies withthe biggest jumps last year are basedin New York. Goldman Sachs

moved into the No. 2 spot for cashdonations—just below Wal-MartStores Inc.—with a 353% rise, to$315.4 million,a record for the firm.JPMorgan Chase & Co. gave$216.4 million, 106% more than in2009. And Citigroup gave away$109.8 million, a 16% increase.

Executives said Citigroup isworking to get its philanthropy backto pre-recession levels.

“We’ve seen an incremental re-bound in our total giving in 2010,and we expect 2011 will show a sub-stantial increase,” said Pam Flaher-ty, president of the Citi Foundation.

Though Goldman Sachs was atarget of blame for the financial cri-sis and many suspect that its extragiving is an attempt to blunt criti-cism, a spokesman said that the

Surge in corporate cashfills charities’ coffersNonprofits nervousthat uncertainty willagain restrict giving

FOOT TRAFFIC is heavy around the station.

TOP LOCAL GIVERS

See CORPORATIONS on Page 24

ist

ock

ph

ot

oCompanies headquartered here gave cash and product donations.

COMPANY 2009 2010

Pfizer $2.35B $3.11B

Bristol-Myers Squibb $283.6M $473.4M

Goldman Sachs $69.6M $315.4M

JPMorgan Chase $105.2M $216.5M

Citigroup $94.7M $109.8M

Source: Chronicle of Philanthropy

20110801-NEWS--0004-NAT-CCI-CN_-- 7/29/2011 3:17 PM Page 1

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Ellen Marshall, Commercial Banking Executive

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NEW YORK,NEW YORK

Downtown eateriesare really cookingSouthWest NY will close on Sept.26, due to the World FinancialCenter renovation.The next day,customers can walk one blockwest to Albany Street and havelunch at its new home.

Owner Abraham Merchant didn’twant the successful eatery—whichgenerates more than 150 deliveryorders each day and attracts apower lunch crowd—to end its12-year run.

In fact, Merchants HospitalityInc. is on a tear, despite the ailingeconomy. “We are definitely inexpansion mode,” said therestaurateur, who runs the firmwith longtime partners Andy Emmet

and Richard Cohn.The company has opened four

new restaurants over the past year,including Neely’s Barbecue Parlor,a joint venture with Food Networkstars Pat and Gina Neely that openedlast month, and Merchants RiverHouse (below), which took overthe former Steamers Landingspace on the Hudson RiverEsplanade in January.

The company, which operates10 eateries, has anotherdowntown project in the works “asclose to the water as you can get,”

Mr. Merchant said, though hedeclined to give details.Themajority of the company’srestaurants are located downtown,where “landlords were willing tooffer good deals,” he added.

—lisa fickenscher

Luxury digsfor dogsThe pampered pooches of theUpper West Side just got newdigs. Spot, a Manhattan-baseddoggie day care company, openedthe largest such facility in the cityat 105 W. 72nd St. last week.Thelocation, with a 5,000-square-footinterior, also features a 5,000-square-foot, split-level outdoorspace with cushioned turf and apool. “It’s nicer than some of therooms I’ve stayed in,” said Mitch

Marrow, a former NFL playerturned hedge fund executive whois now Spot’s chief executive.

The company, a hit withcelebrity pet owners like Gerard

Butler, Amy Poehler and Donna Karan,operates three other locations inthe city. But it’s not done markingits spot in New York.The firmplans to open more than a dozennew centers here over the nextyear, with further expansion intoother major U.S. cities, includingLos Angeles.

Mr. Marrow said there’s a greatneed for the kind of upscale petcare Spot offers. “It’s like havingchildren,” said Mr. Marrow, whohas a St. Bernard named Reggieand a bullmastiff named Hank theTank. “My life revolves around mydogs.”

—ian thomas

Where modelscan pedal Strutting the catwalk is one wayFashion Week’s skinny modelswill get their exercise this fall. Orthey can ride a designer bike.

A host of the industry’s topdesigners, including Diane von

Furstenberg, Isaac Mizrahi and Nicole

Miller, have agreed to decoratesome 30 bicycles provided byBowery Lane Bicycles for theevent.

“We wanted to marry the ideaof who we are with the seriousissue of transportation and con-gestion in the city,” said BarbaraRandall, president of the FashionCenter Business ImprovementDistrict, which is sponsoring theprogram. “We’re celebrating eco-transportation and the Americanfashion design community thatmakes its home here.”

Fashion Week runs from Sept. 7 through Sept. 15.

—jermaine taylor

Advertisers married to gay paper

The marriage equality act is expected to bring plentyof economic benefits to New York state, but thenew law has already proved to be a windfall for

Gay City News. ¶ Advertisers ranging from local caterersto Macy’s Wedding and Gift Registry have flocked tothe Manhattan-based fortnightly, which launched aspecial section, Love & Marriage, for its July 20 issue.Altogether, the paper carried 60 pages of ads, versus 28in the year-earlier issue. More than 30 of its 57advertisers were new to the publication. ¶ “Therewould have been way more [ads], but we had to put acap on it,” said Troy Masters, Gay City News’ founderand associate publisher. He added that the next issue,out Aug. 3, will be the same size, and that he’ll publish the specialsection through the early fall. ¶ In addition to new local clients, several new nationaladvertisers signed on. “That bodes well for the future,” said Todd Evans, president ofRivendell Media, a rep firm that books national advertising for gay and lesbian publications.¶ Mr. Evans has seen a 25% jump in requests for proposals for New York publications sincethe gay marriage bill passed.That’s important, he said, because the new advertisers “becomepart of your base.” —matthew flamm

edited by Valerie Block


A HIT WITHCELEBS: Donna Karan isa client of dogcare companySpot.

ge

tt

y i

ma

ges


Transportation and a former aide toSens. Charles Schumer and the lateDaniel Patrick Moynihan.

Ms. Trottenberg headed Build-ing America’s Future, a nonprofitcreated by Mayor Michael

Bloomberg. But while the mayor hasfour appointees on the MTAboard, the pick to run the world’slargest mass-transit system will bemade by Gov. Andrew Cuomo, whohas six.

REBNY favors independent DemsThe Real Estate Board of NewYork contributed a mere $6,000 tothe 26 members of the SenateDemocratic conference in the pastsix months, according to an analy-sis by the New York State PublicInterest Research Group.

Meanwhile, the well-heeled realestate group gave $30,900 to BronxSen. Jeff Klein and each of the otherthree members of the IndependentDemocratic Conference.

“We support people who are in-terested in a pro-developmentpoint of view and take a responsi-ble approach to budgeting,” said areal estate insider.

Real estate interests contributed$87,000 of the $813,000 raised bythe independent conference in thelast filing period.

Bill would stop bike-lane projectsThe proposal by HouseRepublicans to cut 30% from themain federal transportation

funding bill would eliminate moneyfor bicycle-related projects. Becauseabout 80% of the city’s bike-lanefunding comes from Washington,D.C., the bill would drasticallycurtail bike-lane construction here.

Pro-biking group Transportation

Alternatives is trying to rally opposi-tion to the measure. New bikelanes have helped boost bike com-muting 62% since the spring of2008, the city announced lastweek.

Supermarket baronsupports KellyJohn Catsimatidis will rule outrunning for mayor in 2013 ifPolice Commissioner Raymond

Kelly (right) throws his hat inthe ring. “My preference is thatwe get a qualified person for thejob,” said the billionaireowner of GristedesFoods and RedApple Group.

Mr. Catsi-matidis wasplanningto run asa Republi-can candi-

date in 2009 before it became clearthat the mayor would run for re-election.

Mr. Kelly led the field of poten-tial candidates in two independentpolls released last week.

City to enforce energy reportsOn Aug. 1, the city will beginenforcing a law established underPlaNYC that requires all buildingslarger than 50,000 square feet toreport energy and water usage tothe Department of Buildings.

Failure to do so will costproperty owners $500.

The city plans to use thedata to establish new ener-

gy-efficiencybenchmarks,which it hopes

will save NewYorkers $700million ayear by

2030. n

Jay Walder (left) will parlay his two-year stint asMetropolitan TransportationAuthority chairman and chiefexecutive into a seven-figurejob running Hong Kong’sprivately funded transit

system. But insiders said that won’tnecessarily persuade private-sectortransportation executives to leavetheir lucrative posts for the headachesof an MTA job that pays only about$350,000.

Mr. Walder was previously incharge of London’s public transit system, and his successor inNew York is likely to come from the public sector as well. Onetransit insider cited two New Yorkers in government whowould make good candidates: Karen Rae, a deputyadministrator at the Federal Railroad Administration whoworked at the state transportation agencies of New York,Pennsylvania and Virginia; and Polly Trottenberg, the assistantsecretary for transportation policy at the U.S. Department of

THE INSIDERby Jeremy Smerd and Shane Dixon Kavanaugh

DEBT DEBACLE Democrats’ dilemmaWHILE THE FOCUS of the debt-ceiling story in Washington,

D.C., last week was on House Republicans’ struggles to

unite behind a plan, their Democratic counterparts in the

city faced their own dilemma. Any legislation to resolve the

crisis that reached them for a vote would undoubtedly

include cuts to the entitlements and other programs they

cherish. At the same time, they viewed raising the debt

ceiling as imperative.

On the floor of the House, Rep. Edolphus Towns said, “I

want to be sure we don’t try to solve our spending problem

on the backs of the poor, the backs of children and on the

backs of our senior citizens.” But his spokesman later

acknowledged that if the choice “is between bad and

terrible, the congressman will support the bad.”

To avoid that, the city’s Democrats pushed instead for

President Barack Obama to raise the debt ceiling

unilaterally by invoking the 14th Amendment. The idea

came from Bronx Rep. Eliot Engel.

“I’ve always called it an option of last resort,” he said. “If

progress is not made, the president should invoke it and let

the courts decide.”

Mr. Engel floated the idea to Democratic House leaders,

who went public with it, saying the president could use the

amendment because it guarantees U.S. debt. By the time

Mr. Engel held a press conference—on the corner of 14th Street and

Constitution Avenue in Washington—the White House had already rejected

the tactic.

If nothing else, with the GOP lacking the votes in its conference to pass a

compromise plan, House Democrats became relevant for the first time in

2011, which they have spent as the chamber’s minority party. But they were

not eager to cut spending without raising taxes on high earners and

corporations.

“One side is saying we want the poor and middle class to pay a tax while

the rich and powerful don’t,” said Queens Rep. Joseph Crowley. “I can go

back to my constituents and say, ‘We all have to take some hits here,’ but

there has to be skin in the game on all sides. That’s what a bargain is.”

Manhattan Rep. Jerrold Nadler said Republicans were only using the

debt ceiling to bully Democrats into cutting entitlements. His prepared

remarks called the debate “more like a bad gangster movie than a

responsible discussion.”

Mr. Engel’s plan drew criticism for envisioning an end-run around

Congress, but the Bronx representative said, “I would support the president

invoking the 14th Amendment only because the majority in the House is

being so irresponsible. The greater good is the republic.”

Jerrold Nadler

Eliot Engel

Joseph Crowley


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CN014493 7/7/11 2:43 PM Page 1

September primary elections won’t be around inNew York much longer.The 2009 Militaryand Overseas Voter Empowerment Actrequires that absentee ballots be mailed toAmericans overseas at least 45 days prior tofederal elections, which means primaries mustbe held in August or earlier.

The law, designed to give military members a fairopportunity to vote, could be a blessing for all New Yorkers.Although the legislation pertains to federal elections, state andlocal primaries will be moved with them for efficiency’s sake.

September primaries are an anachronism designed tobenefit politicians, not voters. Until the early 1970s,primaries in New York were held in June. State legislatorsback then were in session until Memorial Day weekend,and disliked being stuck in Albany while challengerscampaigned in their districts. So they pushed the primaryinto September.

Voter turnout has since dropped substantially. Having theelection at the end of summer was surely a factor. It alsomeant that disputed results were often not resolved untildays before the November election.

State legislators, however, have since enjoyed re-electionrates of well over 90%. Apart from retirement or death, themost common cause of incumbents’ removal from office ismalfeasance. Challengers deserve a better shot.

Compelled by the federal law, both houses of theLegislature have introduced bills to move the primary.TheSenate bill, however, would hold it in the dog days ofAugust, when voters are vacationing or otherwise payinglittle attention to politics. Rather than put their owninterests before voters’, lawmakers should back the Assemblybill, which moves the primary to June. And that bill’s

effective date, now 2013, should be 2012, obviating the needfor a waiver from the Department of Justice.

Legislators will again whine about being in Albany whilerivals are wooing voters in their districts. Spare us the sobstory. Incumbents are in session for only half the year andwill continue to enjoy numerous other advantages overprimary challengers, such as fundraising power andtaxpayer-funded mailings. Here is a chance to put votersfirst. Lawmakers should pass the measure in the fall, whenthey are expected back for a special session.

Solar warming Even those who think global warming is a myth cannot denythat we’ve had scorching-hot weather this summer, pushingour electrical grid to the brink. Wouldn’t it be nice to have apower source that increases in supply when it’s needed most?

In fact, we do—it rises in the east every morning. Whileconverting the sun’s energy to electricity is expensive,improvements in technology and economies of scale arelowering costs every year. Adding solar power will improvesystem reliability without producing the greenhouse gasesthat make our weather more extreme. But the state is fallingbehind: Last year alone, New Jersey installed twice as muchsolar photovoltaic capacity as exists in New York, where lessthan 0.1% of electricity comes from the sun.

A state bill called the Solar Jobs Act promises to boostthat figure to 1.5% by 2020 while creating jobs in design,manufacturing and installation—more than offsetting theeconomic drag caused by a tiny projected increase in rates.The legislation has support in Albany but needs a push fromGov. Andrew Cuomo.

Putting the electorate first

V I E W P O I N T


READER: SHE SHOULD’VE BEEN LISTED

I loved your “The 50 MostPowerful Women in NewYork” ( June 27-July 10issue). It was such aninteresting read.

But how could you haveleft Lynda D. Curtis, chiefexecutive of BellevueHospital, off the list?

The flagship of the city’sHealth and HospitalsCorp., Bellevue handleshalf a million outpatientvisits a year. And because the majority of thepatients lack the resources to pay for their care,many come to Bellevue as the hospital of lastresort with chronic, multiple illnesses.

—leo v. stimmler

DIGGING DOWNTOWN

“Vibrant … sustainable … family-friendly …an urban model.” I completely agree with yourdescription of lower Manhattan 10 years after9/11 (“The New New Downtown,” July 18).

I am so glad I moved here. I live by the

seaport on John Street, and we have plenty ofrestaurants and bars and, even more important,three supermarkets, two hardware stores, abunch of Duane Reades and two decent wineand liquor stores.

The East River Park and dog run justopened. I can stroll to Chinatown or TriBeCa.Work is an easy 20-minute walk over to theWorld Trade Center complex, and whenconstruction is finally finished there (distantfuture, no doubt), this will be widely seen as areally nice area.

—kevin dowd

BELOW-GRADE EATS? NO THANKS

For a restaurant to get a letter grade lower thana B is simply willful disregard for thecustomer. To the commenters on the Crain’s

online poll who think the grading system is agovernment conspiracy, enjoy a plate of E. coli!

—daniel polowetzky

A power trip, indeedCOMMENTS CRAIN’S ONLINE POLL

DO YOU PAY ATTENTION TO RESTAURANT LETTERGRADES?Date of poll: July 25

161 votes

For this week’s questions: Go to www.crainsnewyork.com/poll to have your say.

Absolutely.I eat onlyat placesthat earn

an A or a B.

Lynda D. Curtis

44%

19%

37%

Sometimes. I don’tplan my mealsaround them.

.

.

.

CRAIN’S WELCOMES SUBMISSIONS to its opinion

pages. Send letters to [email protected].

Send columns of 475 words or fewer to

[email protected]. Please include the writer’s

name, company, address and telephone number.

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Nope. I chooserestaurants fortheir flavors, notthe city’s stampof approval.



O P I N I O N

beehive of economic activity wheresmall industries flourished.

The U.S.government also playeda role, constructing Federal Build-ings 1 and 2 in 1916 as Navywarehouses. Connected to BushTerminal, these massive, 1.1 mil-lion-square-foot, eight-story struc-tures were part of a booming port.By 1937, the terminal handled 16%of all imports and exports in NewYork.

However, in the 1960s the rise ofcontainerization shifted shippingactivity to New Jersey. In subse-quent years, New York’s industrialsector, which traditionally support-ed the city’s middle class, faced un-relenting headwinds. Sites inBrooklyn began a dramatic decline.Federal Building 1 became a deten-

tion center. Since being vacated bythe Food and Drug Administration10 years ago, Federal Building 2 hassat dormant, a concrete monumentto Brooklyn’s industrial past.

Municipal, federal and state of-ficials are now partnering with lo-cal advocates to revitalize this neg-lected area. In May, we took anenormous step toward the reinven-tion of Federal Building 2. Afterseveral false starts, this cornerstoneof Brooklyn’s industrial waterfrontis at last set for a full-scale redevel-opment.

With a private developer havingbeen selected through competitivebidding, the property will soon besold for private use.The facility willbe primarily devoted to industrialpurposes, generating up to 1,300

permanent industrial jobs and 400new construction jobs—a shiningexample of economic renewal.

In largely immigrant neighbor-hoods like Sunset Park, such oppor-tunities are essential. Sunset Park isa walk-to-work community, somany of these new jobs will be filledby local residents.

Supporting projects that createstable, good-paying industrial jobsis critical to our city’s economichealth.The industrial sector still ac-counts for 16.4% of the city’s privateemployment. These jobs provideopportunity to those who often havefew options. In fact, 75% of manu-facturing workers do not hold col-lege degrees, yet secure a mean wageof $62,000.

The latest economic downturnwould have been far worse for NewYork were it not for our diversifiedeconomy, including industry. Forour local economy truly to flourish,we must support the growth of theindustrial and maritime sectors.

Rehabilitating Federal Building2 is one of many investments origi-nally outlined in the City’s Water-front Plan, unveiled in March. Thisproject, along with other importantprojects in Sunset Park, will serve asan example of how public-privatecooperation can encourage indus-trial rebirth, strengthening our city’seconomy for the long term.

Democrats Jerrold Nadler and NydiaVelázquez each represent parts of Brooklynin the House of Representatives. Seth Pinsky is president of the city EconomicDevelopment Corp.

BY REP. JERROLD NADLER, REP. NYDIA VELÁZQUEZ AND SETH PINSKY

One of the city’s most underutilized economic re-sources is the Sunset Park waterfront in Brook-lyn,a historic stretch with tremendous potentialfor spurring job growth, just as it has done in thepast.

At the turn of the 20th century, this area saw the country’sfirst industrial park. Irving T.Bush’s massive Bush Terminal in-tegrated piers, roads, rail and multistory buildings, becoming a

Industrial revivalin Brooklyn

dismal 40% in May,when he was still tryingto climb out from underhis administration’s in-ept response to the De-cember snowstorm andhis disastrous appoint-ment of Cathie Black asschools chancellor. Me-dia reports claimed theimprovement was treat-ed with “relief ” at CityHall.

The mayor’s politi-cal people are too smartto really think that. Mr. Bloom-berg’s popularity is far below thelevel required to mobilize supportfor his policies, one reason he cavedin the final negotiations with the

City Council over abudget. Consider thatin June 2001, amid dai-ly coverage of RudyGiuliani’s nasty divorceand after seven years ofconfrontation and divi-sive leadership, a simi-lar poll found that 55%of New Yorkers still be-lieved in Rudy. It is amyth that New Yorkerscouldn’t wait to see himleave office until theterrorist attacks. The

difference also shows how weak thismayor is.

In fact, the mayor has been lessthan popular for some time.Throughout his re-election cam-

paign, polls showed him with lessthan 50% of the vote.The media ig-nored that important fact to focuson the big lead he held over chal-lenger William Thompson.Bloomberg campaign aides later ad-mitted they knew the race was goingto be close because any incumbentwith less than 50% in pre-electionpolls is in trouble.

It isn’t clear what the mayor cando to improve his popularity. Call itthe curse of the third term.

As for Ray Kelly, one numbermatters a lot more than the findingthat 23% of those surveyed say heshould be the next mayor. Thatnumber is 72, which would be Mr.Kelly’s age during the final monthsof a campaign for mayor. His boss,who is one year younger, says he issimply too old to consider a run forpresident in 2012.

The mayor is knowledgeableabout most of the issues that wouldbe important in a presidential cam-paign. Mr. Kelly has never shownthe slightest interest or understand-ing of issues beyond public safety—education, the economy, the budg-et, social welfare or snow removal.Both Mr. Bloomberg and Mr. Giu-liani before him had spent yearsprepping for their mayoral races;Rudy was in his 40s and Mike in his50s.

The moral of the story: Don’t ex-pect the mayor to become popularagain, and don’t expect Ray Kelly torun for mayor.

Mayor Michael Bloomberg’s popularity is recov-ering, says the latest Quinnipiac poll, and Po-lice Commissioner Ray Kelly leads the manynames being talked about as 2013 mayoral can-didates.Talk about the summer doldrums.This

news falls under the heading of much ado about nothing.Let’s start with the mayor’s rebound. Quinnipiac found that

45% of New Yorkers approve of the job he is doing, up from a

Bloomberg, Kellyand those polls

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S M A L L B U S I N E S S

BY ALEC FOEGE

After graduating fromPolytechnic Institute ofNew York Universitywith a computer sci-ence degree in 2006,

Mike Aiello took a job in computer

security with Goldman Sachs.But ittook just a few years for the entre-preneurial urge to kick in.

Mr.Aiello, 27, founded LifeEn-sured, which allows for the disposi-tion of online accounts and otherstored data after a person’s death, inAugust 2010. Its clients are typi-cally law firms making arrange-

ments for families, according toMr. Aiello.

Despite the financial sector’s re-cent recovery, young people whomight have gone into—or stayedin—traditional Wall Street careersare instead pursuing ventures inwhich they can leverage their skills infinancial research and services.

A good chunk of the 20 tenants at160 Varick St., the site of an incuba-tor funded through a partnership ofNYU-Poly and the city of New York,

are fledgling onlinefirms stoking the hopesof those who want to seea vigorous financial techsector here.

“Wall Street hadbeen a huge brain drainin terms of engineers,”said Nate Westheimer,executive director of thenonprofit NY Tech Meetup.

What will it take to lure morebanking talent to startups? The ex-

periences of those at 160 Varick of-fer insight into some factors, fromintangibles like being part of a vi-brant community, to basics likecheap rents ($300 a cubicle).

Michael Chuang, 35, left a nine-year career as a salesman for bondsand mortgage-backed securities—at Lehman Brothers and, most re-cently, UBS—to found an onlinebrokerage dealing exclusively withbonds. Mr. Chuang launched iTBHoldings in March 2008 with $3million from savings, as well as fromfamily, friends and angel investors.He now has five full-time employ-ees at the incubator and 10 more inEastern Europe.

Watching New York become acenter of innovation was an addedimpetus for departing Wall Street,according to Mr. Chuang.

Disenchanted

Anand Sanwal, 37, credits theVarick Street incubator with help-ing him take CB Insights to the nextlevel. A graduate of Wharton andformer business strategist at Amer-ican Express, Mr. Sanwal started upin January 2008 and sublet 120square feet of space in downtownManhattan to house the business,which provides customized analysesof private companies to venture cap-ital firms and other investors.Mulling an expansion move to Jer-sey City, he instead scored a spot at160 Varick in July 2009.

Some at the incubator becamedisenchanted with Wall Street ca-reers during the recession and havebeen drawn by the opportunity torun firms their own way.

Raj Udeshi, 34, a self-described“sales and trading guy,” was laid offfrom a Latin American derivativesbroker in late 2008. He investedabout $40,000 of his savings shortlyafter to co-found HiddenLevers asa “virtual” resident at the incubator,securing limited services for $150 amonth.

HiddenLevers, which offersmarket analyses to small investmentadvisers, is now a full-time tenant,with three employees. Mr. Udeshiwelcomes the chance to offer paidinternships to NYU-Poly students,recalling that he lost his job whileless productive workers with moreseniority were retained.

“Meritocracy is absolutely deadon Wall Street,” he said.

Not that Mr. Udeshi resents fi-nancial-sector veterans—in fact,points out, he designed his compa-ny to help them. n

Downturn, innovative atmosphere combineto make entrepreneurs of financial techies

Off the Street, into the incubator

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To sign up for Crain’sSMALL BUSINESS newsletter, go to www.crainsnewyork.com/smallbiz.

LAUNCH-READY:Mike Aiello was with Goldman Sachsbefore heading outon his own.

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C O R P O R A T E F I N A N C E

BY HILARY JOHNSON

Ditching Unilever’s creaky budgeting approachcouldn’t happen fast enough for Neal Vorch-heimer, the company’s senior vice president of fi-nance for North America.

“Everyone was frustrated with the annualbudget process—how much time we put into it,and how out-of-date” the budget was as soon asit was finished, Mr. Vorchheimer said.

Three years ago, the consumer products giant

adopted what is known as a rolling budget. Exec-utives of other companies now regularly approachMr. Vorchheimer and his colleagues at Unileverto ask about how the new system works.

Although a few big corporate names, includ-ing General Electric and Electrolux, have longemployed rolling budgets instead of the “static”12-month variety, they remain the exception atU.S. companies. Management experts say morebusinesses are now adopting them, however, asglobal economic and financial uncertainty be-

comes an almost daily part of doing business.“We’re definitely seeing more demand for

companies to improve their ability to forecast,”said Scott Brennan,director of the enterprise per-formance management practice at Accenture, aglobal consulting firm.

Traditional annual budgets typically address afull fiscal year in advance and consume a seniormanager’s time from September (early drafts)through November (sign-offs).Rolling budgets cancover an even longer period—as long as eight quar-ters—but are continually updated and adjusted.

A sudden change in costs (oil prices have re-

Ah, whatto do withall thatmoola

BY FRAN HAWTHORNE

Finding itself with $2.8 billion inexcess cash this spring, moneymanagement giant BlackRockdecided to expand. It launchedprivate-equity and renewable-energy investment vehicles, andit hired three new managing di-rectors.

BlackRock still had cash tospare, though,so it paid $500 mil-lion and borrowed $2 billion moreat ultralow interest rates to buyback shares held by Bank ofAmerica. It then spent another$300 million to boost its dividendby 37.5 cents a share.

“We have meaningful oppor-tunities for organic growth and toreward shareholders,” said AnnMarie Petach, chief financial of-ficer at BlackRock. “We haveenough cash that we’re notchoosing between them.”

Though not every company hasthat luxury, U.S. corporations as agroup are sitting on record-highpiles of cash—about $1 trillion, bymost published estimates—as a re-sult of deep cost cuts made duringthe recession and prolonged bor-rowing at next-to-nothing rates.

The total cash stash for public

NY companieshave $200B in cashfor deals, dividendsor just sitting tight

See WHAT TO DO on Page 16 See NEVER-ENDING on Page 17


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INSIDE New York area’stop-paid chief financial officers PAGE 17

‘[Those] with the highest reinvestmentrates have the best returns.’

—Gregory Milano, chief executive, Fortuna, Page 16

Once-a-year ritual morphs into a perpetual notion


companies in the metro area standsat $206 billion, up 90% since 2007,according to New York-based For-tuna Advisors. Among the flushestof the flush are MetLife, witharound $30.6 billion; Pfizer, with$26.9 billion; and American Ex-press, with $22 billion, according toresearch by Standard & Poor’s.

Such sizable stakes can present apuzzler for CFOs and other topbrass. What should they do with allthat money? Use it to buy anothercompany? Invest it in new machin-ery and employees? Repurchasestock? Increase dividends? Paydown debt? Sit on it awhile longer,in case there’s another recession orfinancial crisis?

The decisions are not as easy asthey might appear. Some optionscarry risk—maintaining outsize cashholdings might attract a corporateraider, for instance. What’s more,ever-changing economic or interest-rate conditions might suddenly makea strong option look weak.

Don’t sit there—buy something

A popular but often-maligneduse for excess cash is making acqui-sitions.Skeptics point to overpriced,ill-considered deals such as NewsCorp.’s 2005 purchase of Myspacefor $580 million. In June, just beforeits phone-hacking scandal erupted,News Corp. took the humbling stepof unloading the site for a mere $35million.

“Far worse than leaving cash toidle in [safe but low-interest invest-ments] would be to substantiallyoverpay for an acquisition,”says De-nis Gagnon Jr., who runs the NewYork practice of consultancy B2BCFO.

Yet optimism apparently springseternal. Merger and acquisition ac-tivity has been increasing, with1,276 transactions totaling $454billion in the first five months of2011—a 39% rise in value from theyear-earlier period, according toPricewaterhouseCoopers.

In some cases,companies that are

committed to dealmaking as a pathfor growth are employing approach-es that effectively hedge their bets.Aspokeswoman for drugmaker Bris-tol-Myers Squibb, which has one ofthe 10 largest cash hoards in NewYork, notes that its strategic priori-ties include not just acquisitions butalso licensing and joint ventures.

Some companies do not see theM&A route as an option becausethey are absorbing a previous ac-quisition. That’s the case at Black-Rock, which Ms. Petach said is stillintegrating Barclays Global In-vestors, which it bought for $13.5billion in 2009.

Reinvesting (and it feels so good)

Some management experts insistthat plowing extra cash back into acompany to boost production or toexpand research and developmentoffers the optimum outcome.

“Companies with a higher rein-vestment rate—companies that in-vest in plant equipment and re-search—produce better shareholderreturns, without question,” saidGregory Milano, CEO of Fortuna,a New York-based advisory firm.

In an analysis of the largest 1,000nonfinancial U.S. public companiesover the 10 years ending in 2009,Fortuna found that those with thehighest rates of reinvested cash flowin their businesses also had thehighest compound annual growthand total shareholder returns.

New York-based L-3 Commu-

nications Holdings, for example,reinvested an average of 135% ofcash flow each year over the decadeand delivered a cumulative totalshareholder return of 318%.

Express Scripts Inc. had evenmore impressive results. The St.Louis, Mo.-based company rein-vested 120% of cash flow and post-ed a cumulative total shareholder re-turn of 980%.

The key, of course, is that theremust be demand for what a compa-ny makes or develops. If not, it maysimply end up with unused capacity.

Baby got buyback

Repurchasing stock from share-holders is a classic move meant to in-crease share prices by decreasing thenumber of outstanding shares—ef-fectively un-diluting the share pool.

In June, Standard & Poor’s re-ported the seventh straight quarter-ly increase in such buybacks.Amongthe major repurchasers in the NewYork area is Bristol-Myers, whichannounced a $3 billion, multiyearbuyback in April 2010.

Some observers are skeptical ofthis approach and point out thatcompanies too often make the clas-sic mistake of buying stock when itsprice is high.

Mr. Milano believes that thereare often better ways for firms tospend their greenbacks. “Compa-nies that buy back stock are throw-ing their hands up and saying theycan’t find anything very good to in-vest in,” he said.

Buybacks can serve other pur-poses, however, such as bolsteringan organization’s image with share-holders. After News Corp.’s trou-bles sank its stock price last month,the company announced that itwould nearly triple its buyback pro-gram, to $5 billion.

Dividend shields

S&P reported 255 dividend in-creases among companies in its 500-

stock index last year and has predict-ed nearly 300 for this year. Bristol-Myers, which raised its dividend by3% last December, is again a typicallocal example.

Another high-profile dividend-raiser in the city: JPMorgan Chase& Co. The bank hiked its dividendby 20 cents in March, to 25 cents ashare, after getting the go-aheadfrom federal regulators. CEO JamieDimon told an investor conferencelast September, that his first choicefor deploying cash is to “ultimatelyreturn” to a dividend of between 30and 40 cents.

But richer dividends don’t makesense for all companies, Mr. Milanosaid. Though they may be the onlyway stockholders see substantialgains at “low-growth, low-returncompanies,” at companies withhigher-performing stocks, “divi-dends don’t matter,” he said.

Stay safe on the sidelines

With the global economy in atenuous state, a company can neverhave too big a cushion, right?

Loews Corp.—a holding com-pany whose interests range from ho-tels to insurance to offshoredrilling—has $4.6 billion in tradi-tionally safe instruments such asTreasury bills but did spend $200million in a share buyback earlierthis year.

CEO James Tisch isn’t thrilledwith the T-bill strategy. “If youround Treasury bill rates off to thenearest 10 basis points, the yield iszero,” he said.

Still, Loews can’t justify mostother uses—including acquisi-tions—for its cash right now. “Weare very particular about what we in-vest in,”Mr.Tisch said.He sees cor-porate America’s growing cashhorde as “a real measure of the un-certainty that a lot of CEOs have,”he added. “Notwithstanding howlow interest rates are, they’re just notspending.” n

What to do with all that dough Continued from Page 15


R E P O R T C O R P O R A T E F I N A N C E

CASH KINGS

New York-area companies(excluding banks) with the largestcash holdings as of March 31. In billions.

�MetLife $30.57

� Pfizer $26.87

� American Express $22.03

�MF Global Holdings $21.52

� Verizon $14.73

� News Corp. $11.78

� Loews Corp. $8.61

� Nasdaq OMX Group $7.44

� Bristol-Myers Squibb $6.79

� Icahn Enterprises $6.56

S&P defines cash more broadly than Bristol-

Myers and Loews do.

Source: Standard & Poor’s

CASH BALANCED: CFO AnnMarie Petach says BlackRockhas been able to use its cashboth to develop business linesand reward shareholders.

bu

ck

en

nis



New York Area’s Highest-Paid CFOsRanked by 2010 compensation (figures in thousands, unless otherwise noted)

cently fluctuated by double-digits in a singleday) or a disaster (the Fukushima nuclear cri-sis, the Icelandic volcano eruptions) mightknock a standard budget off course. Butrolling budgets give companies more ability toaccount for such unforeseen circumstancesand emergencies.

Easy to ramp up, scale back

The budgets, also called rolling forecasts orflexible budgets, can reduce the time financeexecutives spend explaining “misses” and cancurtail the spending that’s encouraged whendepartments are accorded a lump sum each

year. Businesses that use them find them amore efficient and effective platform.

A rolling budget is “better than an annualbudget for seeing where the business is today,”said Donald Stewart, chief financial officer ofSpire Capital Partners, a New York private-equity firm that owns small marketing andmedia companies. “It’s a really good tool.”

Mr. Stewart prefers that the companies inSpire’s portfolio use rolling budgets, espe-cially the ones that are highly dependent onvolatile commodities, or experiencing fast orchoppy growth. A rolling budget makes iteasy for the latter group to ramp up spendingin a quarter when demand is high or scale

back when sales are less brisk.Still, many finance executives are ambiva-

lent about abandoning the traditional annu-al budget.

The main difficulty lies in changing a cor-porate culture that revolves around quarterlysales and earnings goals, and compensationtargets that tie bonuses to annual results, saidScott Wallace,a director at Deloitte Consult-ing in Minnesota.

“There’s pent-up desire to move to rollingforecasts,” said Mr. Wallace. “But it can be abig stretch for companies to try to change thatculture.”

Evolution versus revolution

One solution can be to phase in rollingbudgets by using them first in key parts of thebusiness. Some companies take a hybrid ap-

proach, in which the budgets are combinedwith an overarching annual goal.

“What we’re seeing is an evolutionarypath,” said Steve Player, managing partner ofThe Player Group, a Dallas-based consultan-cy. “Companies that are moving to rollingbudgets are [doing it] in a safer way.”

Even Unilever still uses annual targets forrevenue, profit, cash flow and market share,and compares rolling budgets against themthroughout the year. If results fall short, thecompany determines how to improve, for ex-ample, by launching a new product, offering apromotion or increasing advertising, accord-ing to Mr. Vorchheimer.

“You’re still reflecting back to your target,”he said. “But you’re calling it as you see it andfocusing everyone on trying to improve thedrivers of better business performance.” n

The never-ending budget

Company

2010 revenue 2010 net incomeTotal Salary/ Nonequity Stock awards/ Other (in millions)/ (in millions)/ One-year

Executive (age)/ compensation bonus incentive plan option awards compensation % change % change shareholderRank company (ticker) in 2010 in 2010 in 2010 in 2010 in 2010 from 2009 from 2009 return

Thomas E. Dooley (54) $64,610.21 $1,875.0 $8,906.3 $32,344.7 $12.2 $13,356.03 $1,548.0 +29.6%3

1 Viacom Inc. (VIA.B)2 $0.0 $21,472.0 -0.9% +30.1%

Douglas L. Braunstein4 (49) $15,237.4 $383.3 $0.0 $10,080.0 $0.0 $115,475.0 $17,370.0 +2.3%2 JPMorgan Chase & Co. ( JPM) $3,840.0 $934.1 -0.1% +48.1%

David A. Viniar (55) $13,953.3 $600.0 $0.0 $7,650.0 $303.3 $45,967.0 $8,354.0 +0.4%3 Goldman Sachs Group Inc. (GS) $5,400.0 $0.0 -11.0% -37.6%

Ruth Porat (53) $11,367.4 $750.0 $0.0 $6,911.3 $6.1 $38,036.0 $4,703.0 -7.4%4 Morgan Stanley (MS) $3,700.0 $0.0 +26.2% +249.4%

Laurence A. Tosi (43) $10,747.9 $350.0 $0.0 $5,441.1 $306.8 $3,119.3 -$370.0 +12.4%5 Blackstone Group (BX) $4,650.0 $0.0 +75.9% n/m

Joseph R. Ianniello (43) $10,694.1 $1,505.8 $0.0 $1,800.0 $188.3 $14,059.8 $724.2 +37.0%6 CBS Corp. (CBS) $6,000.0 $1,200.0 +8.0% +219.7%

Daniel T. Henry (61) $10,140.7 $838.5 $1,212.0 $3,437.5 $362.5 $30,242.0 $4,057.0 +7.7%7 American Express Co. (AXP) $2,350.0 $1,940.2 +13.1% +90.5%

John K. Martin Jr. (43) $10,128.7 $1,500.0 $5,450.0 $1,973.8 $13.7 $26,888.0 $2,578.0 +13.3%8 Time Warner Inc. (TWX) $0.0 $1,191.2 +5.9% +4.1%

Kathryn F. Fagan (44) $9,459.9 $1,086.0 $0.0 $0.0 $10.0 $2,634.9 $1,267.3 +18.6%9 Annaly Capital Management Inc. (NLY) $8,363.9 $0.0 -23.0% -35.4%

David L. Herzog (51) $7,159.8 $492.8 $0.0 $5,656.6 $10.4 $77,301.0 $7,786.0 +92.2%10 American International Group Inc. (AIG) $1,000.0 $0.0 +2.6% n/m

Hermann Waldemer (53) $6,856.1 $1,064.8 $2,566.3 $3,189.9 $35.1 $67,713.0 $7,259.0 +26.5%11 Philip Morris International (PM) $0.0 $0.0 +9.1% +14.5%

David F. DeVoe (63) $6,468.5 $2,853.8 $2,000.0 $1,426.9 $187.8 $32,778.0 $2,539.0 +32.8%12 News Corp. (NWS.A) $0.0 $0.0 +7.7% n/m

Thomas P. Gibbons (54) $6,135.3 $650.0 $2,050.0 $1,641.2 $170.7 $14,483.0 $2,518.0 +9.3%13 Bank of New York Mellon Corp. (BK) $0.0 $1,623.4 +75.6% n/m

Ian G. H. Ashken (50) $6,035.1 $939.1 $939.1 $2,918.4 $299.4 $6,022.7 $106.7 +0.9%14 Jarden Corp. ( JAH) $939.1 $0.0 +16.9% -17.1%

Robert D. Marcus5 (45) $6,000.2 $904.9 $2,059.0 $1,262.1 $31.2 $18,868.0 $1,308.0 +63.4%15 Time Warner Cable Inc. (TWC) $0.0 $1,743.0 +5.6% +22.2%

Frank A. D’Amelio (53) $5,969.7 $1,090.0 $1,175.0 $2,673.3 $193.8 $67,809.0 $8,257.0 +0.2%16 Pfizer Inc. (PFE) $0.0 $837.6 +35.6% -4.4%

Mark Loughridge (57) $5,917.5 $720.0 $1,482.0 $3,567.7 $147.8 $99,870.0 $14,833.0 +14.0%17 International Business Machines Corp. (IBM) $0.0 $0.0 +4.3% +10.5%

Gordon J. Coburn (47) $5,901.7 $485.2 $735.3 $4,600.6 $80.6 $4,592.4 $733.5 +61.7%18 Cognizant Technology Solutions Corp. (CTSH) $0.0 $0.0 +40.1% +37.1%

Randall J. Weisenburger (52) $5,843.0 $975.0 $4,800.0 $0.06 $68.0 $12,542.5 $827.7 +19.0%19 Omnicom Group Inc. (OMC) $0.0 $0.0 +7.0% +4.4%

Jay S. Benet (58) $5,655.3 $687.5 $2,550.0 $1,360.0 $157.8 $25,112.0 $3,216.0 +14.6%20 Travelers Cos. (TRV) $0.0 $900.0 +1.8% -11.2%

Joseph Macnow (65) $5,635.6 $1,000.0 $0.0 $2,344.0 $284.3 $2,779.7 $647.9 +22.9%21 Vornado Realty Trust (VNO) $505.7 $1,501.6 +3.1% +510.2%

John F. Killian7 (56) $5,592.2 $825.0 $928.1 $3,681.6 $157.58 $106,565.0 $2,549.0 +19.3%22 Verizon Communications Inc. (VZ) $0.0 $0.0 -1.2% -47.9%

Michael J. Peninger (56) $5,440.8 $550.0 $852.0 $3,952.4 $86.4 $8,527.7 $279.2 +32.8%23 Assurant Inc. (AIZ) $0.0 $0.0 -2.0% -35.2%

Charles D. McLane Jr. (57) $5,256.3 $600.0 $820.0 $3,800.4 $35.9 $21,013.0 $254.0 -3.8%24 Alcoa Inc. (AA) $0.0 $0.0 +14.0% n/m

Jacqualyn A. Fouse9 (50) $5,065.5 $185.8 $506.6 $958.7 $1,000.0 $3,625.7 $880.5 +6.2%25 Celgene Corp. (CELG) $0.0 $2,414.4 +34.8% +13.4%

Compensation and shareholder return data provided by Equilar Inc., www.equilar.com. Company data provided by Compustat, www.compustat.com and Capital IQ, www.capitaliq.com. Additional research by Dana Gordon, Suzanne Panara and Irvin Ibarguen. New York area includes NewYork City and Nassau, Suffolk and Westchester counties in New York, and Bergen, Essex, Hudson and Union counties in New Jersey. Executives may have additional titles. Executives’ ages are derived from information in company proxy statements and may not reflect recent birthdays. Basesalaries are taken from the Summary Compensation Table and are not annualized for executives employed for less than a full fiscal year. All financial data derived from the most recent 10-K’s available as of May 2, 2011. The most recent data for companies with fiscal years ending in Marchthrough December are for the year ended in 2010; the most recent data for companies with fiscal years ending in January and February are for the year ended in 2011. Compensation data derived from filings available from the SEC as of May 2, 2011. Compensation and financial figureshave been rounded to one decimal place. Total compensation represents sum of base salary, bonus, nonequity incentive plan, grant date fair value of option and stock awards, and other compensation. Salary may be paid for a full or partial year, if employment commenced during the year. Non-

equity incentive plan represents cash awards earned in connection with short- and long-term incentive plan awards given in the last year. Stock and option awards represent the aggregate grant date fair value of service- and performance-based option awards given in the last year. Other com-

pensation represents the value of benefits and perquisites given in the last year. One-year shareholder return represents the change in stock price plus any dividends paid over the most recent fiscal year. n/m Not meaningful. 1-Mr. Dooley ended his term as CFO on Sept. 30, 2010. Compen-sation includes a one-time equity grant valued at $24, 201,887 and a one-time stock option grant of $16,672,000, both of which were for his promotion to chief operating officer and the extension of his employment agreement. 2-For the nine months ended Sept. 30, 2010, except wherenoted. 3-Fiscal year changed to Sept. 30 from Dec. 31. For the 12 months ended Sept. 30, 2010. 4-Appointed CFO on June 22, 2010. 5-Acting CFO, as of Dec. 14, 2010. Had been the CFO since Jan. 1, 2008. 6-Excludes performance-based restricted stock units with a value of $2,400,000granted in fiscal 2011 based on performance in 2010. 7-Served as CFO until Nov. 1, 2010, and left the company on Dec. 31, 2010. 8-Excludes $1,783,141 in severance-related payments. 9-Joined the company as CFO on Sept. 27, 2010.

Continued from Page 15

R E P O R T C O R P O R A T E F I N A N C E


BANKRUPTCIES

The following listings are selected from themost recent available filings by companiesseeking bankruptcy protection in theSouthern and Eastern Districts of NewYork. Information was obtained from U.S.Bankruptcy Court records available onPublic Access to Court Electronic Records.Listings are in alphabetical order.

● AUG Funding

165 Remsen St., BrooklynFiled for Chapter 11 bankruptcyprotection on July 18.The filing citesestimated liabilities of $1,000,001 to $10million and estimated assets of$1,000,001 to $10 million. Among thecreditors with the largest unsecuredclaims are Sabre Hospitality Solutions,owed $5,722.05; Alex Linens & Laundry,owed $1,330.35; and City of MiamiWater Account, owed $1,036.63.

● Little Rest Twelve Inc.

25 Little West 12th St., ManhattanFiled for Chapter 7 bankruptcyprotection on July 19.The filing citesestimated liabilities of $10,000,001 to

$50 million and estimated assets of$1,000,001 to $10 million. Among thecreditors with the largest unsecuredclaims are Areal Plus Group, owed atleast $17,000,000; Solby+WestbraePartners, owed $15,639,375; and 19 SHC Corp., owed $13,249,020.

● Party Shops Plus Inc.

93 Central Park Ave., Scarsdale, N.YFiled for Chapter 11 bankruptcyprotection on July 14.The filing citesestimated liabilities of $500,001 to $1million and estimated assets of $500,001to $1 million. Among the creditors withthe largest unsecured claims are AmscanInc., owed $51,067.19; Funworld, owed$34,334.74; and Rubies Costume Co.,owed $27,120.63.

GOVERNMENT CONTRACTOPPORTUNITIES

Following are selected contractopportunities recently announced by NewYork City agencies. To learn how to sellgoods and services to city government, visitwww.nyc.gov/selltonyc. For a searchable

database of current procurement notices,visit www.nyc.gov/cityrecord. Listings are alphabetical by category anddepartment.

CONSTRUCTION SERVICES● Department of Design and Construction

Seeks competitive sealed bids by 11 a.m.on Aug. 10 for the emergencyrehabilitation of sanitary and combinedsewers using the Shotcrete lining methodin various locations citywide. Biddocuments can be downloaded fromwww.nyc.gov/buildnyc.To makeinquiries, contact Ben Perrone at (718) 391-2614, or Alicia Williams at (718) 391-2610 [email protected].

● Department of Design and Construction

Seeks competitive sealed bids by 11 a.m.on Aug. 16 for the construction of stormsewers and appurtenances, includingwater main and best managementpractice work, in various locations inQueens. Bid documents can bedownloaded from www.nyc.gov/buildnyc.To make inquiries, contact Ben Perroneat (718) 391-2614, or Alicia Williams at(718) 391-2610 or [email protected].

GOODS AND SERVICES● Health and Hospitals Corp.

Seeks competitive sealed bids by 2 p.m.on Aug. 11 for the monthly delivery of100 boxes of assorted Kellogg’s cereals tothe dietary department of Sea ViewHospital Rehabilitation Center &Home on Staten Island. To makeinquiries, contact Pedro Irizarry at (718) 317-3375, or Alex Cheng at (718) 317-3377 or [email protected].

REAL ESTATE DEALS

Companies that would like to have details oftheir recent transactions appear in theselistings should e-mail descriptions in thisformat to ELaermer @crainsnewyork.com,with “Real estate transaction” in the subject line, or enter them online atcrainsnewyork.com/submitadeal. Deals arelisted in order of square footage.

COMMERCIAL● Oppenheimer & Co. signed a 15-yearlease for 270,000 square feet at 85 Broad

St. Cushman & Wakefield’s MattAstrachan, Steven Bauer, Mitch Konskerand Jon Herman represented the tenant.JLL’s Peter Riguardi, Frank Doyle,Cynthia Wasserberger and Alexis Tenerrepresented landlord MetLife.Theasking rent was in the low to mid-$50sper square foot.

● Bevmax Office Centers signed a leasefor 27,384 square feet at 40 Worth St. Thebuilding is now 100% occupied.Newmark Knight Frank’s BrianSteinwurtzel, Roy Lapidus and Jeff Guralrepresented the tenant.The building’sowner, Newmark Holdings, wasrepresented by Mr. Steinwurtzel and Mr.Lapidus.The asking rent was $34 persquare foot.

RETAIL● Mom + Pop Music signed a two-yearlease for 1,860 square feet at 1140

Broadway. David Rose and Haim Vinikof A.C. Lawrence represented thetenant, while Colliers International’sMichael Joseph represented the landlord.The asking rent was $38 per square foot.

STOCK TRANSACTIONS

Following are recent insider transactions atNew York’s largest publicly held companiesfiled with the Securities and ExchangeCommission by executives and majorshareholders. Listings are in order oftransaction value. The information wasobtained from Thomson Reuters.

● MasterCard Inc. (MA)

The MasterCard Foundation sold44,520 shares of common stock at pricesranging from $306.02 to $310.85between July 13 and July 20, in atransaction worth $13,716,004. It nowdirectly holds 13,011,900 shares.

● C.R. Bard Inc. (BCR)

Todd C. Schermerhorn, senior vicepresident and chief financial officer,exercised options on 53,400 shares ofcommon stock at prices ranging from$35.71 to $54.97 between July 8 andJuly 15, in a transaction worth$2,550,031. During the same period,he sold 53,400 shares of common stockat prices ranging from $111.83 to$112.51, in a transaction worth$5,984,327. He now directly holds119,481 shares.

● CBS Corp. (CBS)

Leslie Moonves, president, chiefexecutive and director, exercised optionson 187,500 shares of common stock at$13.43 on July 15, in a transaction worth$2,518,125. On the same day, he sold187,500 shares of common stock at$27.49, in a transaction worth$5,153,438. He now directly holds1,799,180 shares. n


ABOUT THIS SECTIONFOR THE RECORD is a weekly listing of information from the public record that

can help businesspeople in the New York area find opportunities, potential

new clients and updates on competitors.

To ask questions or get more information on this section, contact Suzanne

Panara at [email protected].

F O R T H E R E C O R D


Social targeting firm33Across, which helpscompanies improve theironline marketing, is ramp-ing up its operations in

Manhattan’s Silicon Alley, morethan tripling the size of its New Yorkheadquarters in a move to a new lo-cation.

The tenant has signed a lease for12,500 square feet on the top floorof 229 W. 28th St., near the HighLine. The asking price for the 10-year lease was $34 per square foot.The company will leave its current4,000-square-foot home on West34th Street.

“The majority of the biggest andbest brands arehere in NewYork,” saidEric Wheeler,CEO andfounder of33Across. “It’salso a rapidlygrowing inno-vation andtechnology

hub with some of the biggest Inter-net tech companies making theirhome here.”

The company’s name alludes tothe large horizontal word that acts asa sort of pivot point at the center of acrossword puzzle.

“They needed space that wouldgive them the ability to better ac-commodate their rapid growth,”saidDavid Danick, the Coldwell BankerCommercial Hunter Realty brokerwho, with Andrew Zezas of Real-Strat Corp., represented the tenant.The company has seen its staffquadruple over the past year.

Barry Bernstein of Winoker Re-alty Co. represented landlord JossRealty Partners.

—jermaine taylor

Office suite dealfor Flatiron spaceMicro Office Solutions has chosenthe Flatiron district for the locationfor its fourth Manhattan outpost,half of which will be set aside fortech and new media firms.

The 8-year-old firm,which rentsfully furnished offices to small busi-nesses and other fledgling compa-nies for as short as one month, hassigned a 20-year lease for 33,000square feet at 902 Broadway.The ask-ing rent for the space was $39 persquare foot.

The firm will take the entire sixthand seventh floors.It will devote onefloor to tech and media firms inter-ested in renting affordable officespace and the other to small busi-nesses from all types of industries.

“We’re right near Union Square,in the area called Silicon Alley,” saidDavid Rotbard, co-founder of Mi-cro Office. “It’s a great time to capi-

talize on the growing number oftech companies here.”

Mr. Rotbard expects the space toopen this fall and is investing$350,000 to $400,000 in upgradingit. Private offices will start at $1,000a month,while rents on cubicles willbegin at $395 a month.

The new space will offer roughly70 private offices and 130 worksta-tions for rent.

Perry Mesmer and Martin Mey-er of Colliers International repre-sented Micro Office and the build-

ing’s landlord, 902 Associates.—amanda fung

Pilates studioin good shapeA Pilates studio is stretching itsspace out in Gramercy Park.

Kinespirit Inc. will double its siteto 3,000 square feet when it movesdown the street to 125 E. 23rd St.,fromits current home one block west.

“An essential part of the deal was

that they wanted to stay within twoto three blocks of their existing lo-cation,” said Anand Melwani ofARM Real Estate Group, who rep-resented the tenant, as well as thetwo Greek brothers who own thebuilding. “They are expanding, andtheir business is thriving.”

The asking rent for the five-yearlease was not disclosed, but brokerssay that the asking rent for similarspace in the neighborhood is in thehigh $30s per square foot.

Kinespirit’s lease began on July 1,and it will be moving into the spaceby the end of this month, Mr. Mel-wani said.

—emily laermer


BACK INDEMAND

Net absorption of industrial

space in New York City

(in thousands of square feet).

Source: Cassidy Turley

R E A L E S T A T E D E A L S

Growing firm triples HQ

KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC, and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. Key.com is a federally registered service mark of KeyCorp. ©2011 KeyCorp ADL3613

Delivering resultsWe know that successful, long-term business relationships depend upon delivering results for our clients.

At KeyBanc Capital Markets,® more than 500 professionals leverage extensive industry knowledge, equity and debt capital markets expertise, and a leading merger and acquisition advisory practice to deliver strategic solutions that help our clients capitalize on opportunities.

To learn more: Contact Randy Paine, Co-Head of KeyBanc Capital Markets 216-689-4119,

Doug Preiser, Co-Head of KeyBanc Capital Markets 216-689-5944 or

David L. Gruber, Managing Director, Equity Capital Markets

216-689-0444.

Visit key.com/kbcm

$158.1 Million

Common Stock Follow-On Offering

December 2010

Joint Bookrunner

Co-Manager

April 2011

$302.1 Million


Co-Manager

April 2011

$167.4 Million

Common Stock Initial Public Offering

Co-Manager

March 2011

$72.8 Million


®

Joint Bookrunner

April 2011

$64.7 Million


Joint Bookrunner

June 2011

$157.3 Million


Joint Bookrunner

June 2011

$87.5 Million


Co-Manager

March 2011

$142.3 Million


Co-Manager

March 2011

$377 Million


Lead Manager

March 2011

$2.1 Billion


and Convertible Preferred Offering

33Across finds its answer in new Silicon Alley location



PUBLIC & LEGAL NOTICES

Notice of Qualification of Vintage FundGSVA, L.P. App. for Auth. filed withSecy. of State of NY (SSNY) on 5/17/11.Office location: NY County. LP formedin Delaware (DE) on 3/16/11. SSNYdesignated as agent of LP upon whomprocess against it may be served.SSNY shall mail process to: 200 WestSt., NY, NY 10282. DE address of LP:2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Name/addressof each genl. ptr. available fromSSNY. Cert. of LP filed with DE Secy.of State, P.O. Box 898, Dover, DE19903. Purpose: any lawful activity.

NOTICE OF FORMATION OF OptimumMedia Services LLC. Articles ofOrganization filed with the Secretaryof State of NY (SSNY) on 04/22/2011.Office location: NEW YORK County.SSNY has been designated as agentupon whom process against it maybe served. The Post Office addressto which the SSNY shall mail a copyof any process against the LLC servedupon him/her is: United StatesCorporation Agents, Inc., 7014 13thAvenue, Suite 202, Brooklyn, NY11228. The principal businessaddress of the LLC is: 33 West 19thStreet, Floor 4, New York, NY 10011Purpose: media buys.

Notice of Qualification of MorganStanley HedgePremier/York CreditOpportunities Fund LP. Authority filedwith NY Dept. of State on 4/6/11.Office location: NY County. Princ. bus.addr.: 522 Fifth Ave., 13th Fl., NY, NY10036. LP formed in DE on 4/5/11. NYSec. of State designated agent of LPupon whom process against it may beserved and shall mail process to: c/oCT Corporation System, 111 8th Ave.,NY, NY 10011, regd. agent upon whomprocess may be served. DE addr. ofLP: 1209 Orange St., Wilmington, DE19801. Name/addr. of genl. ptr.available from NY Sec. of State.Cert. of LP filed with DE Sec. ofState, 401 Federal St., Dover, DE19901. Purpose: any lawful activity.

Notice of Qualification of CreditSightsAnalytics, LLC. Authority filed withSecy. of State of NY (SSNY) on07/01/11. Office location: NY County.LLC formed in Delaware (DE) on05/23/11. Princ. office of LLC: 470Park Ave. South, 12th Fl., NY, NY10016. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail process tothe LLC at the addr. of its princ. office.DE addr. of LLC: Corporation ServiceCo., 2711 Centreville Rd., Ste. 400,Wilmington, DE 19808. Cert. of Form.filed with Jeffrey W. Bullock, Secy. ofState of the State of DE, 401 FederalSt., Dover, DE 19901-3639. Purpose:Any lawful activity.

Notice of Qualification of AcquisitionFunds GP - L.P. Authority filed withNY Dept. of State on 6/21/11. Officelocation: NY County. Princ. bus.addr.: 375 Park Ave., NY, NY 10152.LP formed in DE on 6/2/11. NY Sec.of State designated agent of LPupon whom process against it maybe served and shall mail process to:c/o CT Corporation System, 111 8thAve., NY, NY 10011, regd. agentupon whom process may be served.DE addr. of LP: 1209 Orange St.,Wilmington, DE 19801. Name/addr.of genl. ptr. available from NY Sec. ofState. Cert. of LP filed with DE Sec.of State, 401 Federal St., Dover, DE19901. Purpose: any lawful activity.

Notice of Qualification of TriPointeCapital Partners, LLC. Fictitious name:TCP, LLC. Authority filed with Secy.of State of NY (SSNY) on 7/7/11.Office location: NY County. LLCformed in Delaware (DE) on 12/22/10.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto: The LLC, 237 Layfayette St., NY,NY 10012, also the principal officeaddress. Address to be maintained inDE: 2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Arts of Org.filed with DE Secy. Of State, 401Federal St., Ste. 4, Dover, DE 19901.Purpose: any lawful activities.

Notice of Formation of INK MARKENTERTAINMENT, LLC. Arts. of Org.filed with Secy. of State of NY(SSNY) on 05/17/07. Office location:NY County. Princ. office of LLC: 200W. 57th St., Ste. 1300, NY, NY 10019.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process toKevin Foster, 7 Emory Rd., HighlandMills, NY 10930, regd. agent uponwhom and at which process may beserved. As amended by Cert. ofAmendment filed with SSNY on08/03/10, the name was changed to:PROJECT TWENTY ONE, LLC.Purpose: Any lawful activity.

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Notice of Formation of EHT HRPNMEMBER LLC. Arts. of Org. filedwith Secy. of State of N.Y. (SSNY) on6/27/11. Office location: New YorkCounty. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to: The LLC, 145 East 126thStreet, New York, NY 10035.Purpose: any lawful activity.

Notice of Qualification of ParksHoldings Acquisition Sub LLC.Authority filed with NY Dept. of Stateon 6/24/11. Office location: NYCounty. Princ. bus. addr.: 100Universal City Plz., Universal City, CA91608. LLC formed in DE on 6/3/11.NY Sec. of State designated agentof LLC upon whom process againstit may be served and shall mailprocess to: c/o CT CorporationSystem, 111 8th Ave., NY, NY 10011,regd. agent upon whom process maybe served. DE addr. of LLC: c/o TheCorporation Trust Co., 1209 OrangeSt., Wilmington, DE 19801. Cert. ofForm. filed with DE Sec. of State,401 Federal St., Dover, DE 19901.Purpose: all lawful purposes.

NOTICE OF FORMATION OF LIMITEDLIABILITY COMPANY. NAME: SIMCONGROUP LLC. Articles of Organizationwere filed with the Secretary of Stateof New York (SSNY) on 06/09/11.Office location: New York County.SSNY has been designated as agentof the LLC upon whom processagainst it may be served. SSNY shallmail a copy of process to the LLC,688 Avenue of the Americas, #3, NewYork, New York 10010. Purpose: Forany lawful purpose.

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NOTICE OF FORMATION OF ZNTAIRecords LLC. Articles of Organizationfiled with the Secretary of State of NY(SSNY) on 4/26/11. Office location:NEW YORK County. SSNY has beendesignated as agent upon whomprocess against it may be served. ThePost Office address to which theSSNY shall mail a copy of any processagainst the LLC served upon him/heris: c/o Mario Larrea, 166 First Ave. #1,New York, NY 10009. The principalbusiness address of the LLC is: 166First Ave. #1, New York, NY 10009.Purpose: any lawful act or activity.

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EMERGENCY

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AAF HOLDINGS LLC, a domesticLimited Liability Company (LLC), filedwith the Sec of State of NY on3/2/2011. NY Office location: NewYork County. SSNY is designated asagent upon whom process againstthe LLC may be served. SSNY shallmail a copy of any process againstthe LLC served upon him/her to TheLLC, c/o Elisabeth M. Kovac, Esq.,90 Park Ave., Ste. 1710, NY, NY10016. General Purposes.Affiliated Dermatology, PLLC. Arts of

Org filed w/Sec of State of NY (SSNY)on 6/30/11. Office location: NY County.SSNY designated as agent for serviceof process against PLLC and shallmail copy to L. Witman, WitmanStadtmauer, P.A., 26 Columbia Tpke,Florham Park, NJ 07932. Purpose: anylawful activity. Principal address: 35East 35th St. Ste. 208, NY, NY 10016.

Notice of Formation of HildaChazanovitz & Company, LLC. Arts.of Org. filed with Secy. of State of NY(SSNY) on 6/15/11. Office location:NY County. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to: The LLC, 755 WestEnd Ave., NY, NY 10025. Purpose:any lawful activity.

Notice of Formation of IntegrityManagement Holdings, LLC. Arts. ofOrg. filed with Secy. of State of NY(SSNY) on 07/12/11. Office location:NY County. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to LLC: 15 Broad St,Ste. 1400, NY, NY 10005. Purpose:any lawful activity.

Notice is hereby given that a license(#TBA) for LIQUOR has been appliedfor by AMERICA OOTOYA INC. atretail, in a Restaurant, under the ABCLaw at 6-8 W. 18th St. NY, NY 10011for on-premises consumption.

Notice of Qualification of RELATEDRECOVERY FUND AGW LLC. Auth-ority filed with Secy. of State of NY(SSNY) on 07/18/11. Office location:NY County. LLC formed in Delaware(DE) on 07/15/11. Princ. office of LLC:60 Columbus Circle, NY, NY 10023.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto c/o Corporation Service Co. (CSC),80 State St., Albany, NY 12207. DEaddr. of LLC: c/o CSC, 2711Centerville Rd., Ste. 400, Wilmington,DE 19808. Cert. of Form. filed withSecy. of State of DE, John G.Townsend Bldg., Federal and Dukeof York Sts., Dover, DE 19901.Purpose: Any lawful activity.

NOTICE OF FORMATION OF: NanoEndeavour LLC. Articles ofOrganization filed with the Secretaryof State of NY (SSNY) on 4/20/2011.Office location: NEW YORK County.SSNY has been designated as agentupon whom process against it maybe served. The Post Office addressto which the SSNY shall mail a copyof any process against the LLCserved upon him/her is: 345 West 50Street, #7Z, New York, NY 10019.Purpose: any lawful act or activity.

Automobile Safe Drivers Club LLC.Arts. of Org. filed with Secy. of Stateof NY (SSNY) on 5/23/11. Office inNY County. SSNY designated agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to Jack Franco, 110 W. 32ndSt - 8th Fl, NY, NY 10001. Purpose:General.

Entertainment Visa Consultants LLC.Arts. of Org. filed with Secy. of Stateof NY (SSNY) on 6/3/11. Office in NYCounty. SSNY designated agent ofLLC upon whom process against itmay be served. SSNY shall mailprocess to David King, 867 W 181stSt 4E, NY, NY 10033. Purpose:General.

ZEROCINQUEQUATTRO LLC, adomestic Limited Liability Company(LLC), filed with the Sec of State ofNY on 5/13/11. NY Office location:NEW YORK County. SSNY is desig-nated as agent upon whom processagainst the LLC may be served. SSNYshall mail a copy of any processagainst the LLC served upon him/herto Richard K. Eng, Esq., 100Lafayette St., Ste. 403, New York,NY 10013. General Purposes.

Notice of Qualification of ComcastShared Services, LLC. Authority filedwith NY Dept. of State on 7/7/11.Office location: NY County. Princ.bus. addr.: 100 Universal City Plz.,Universal City, CA 91608. LLC formedin DE on 11/8/01. NY Sec. of Statedesignated agent of LLC upon whomprocess against it may be served andshall mail process to: c/o CTCorporation System, 111 8th Ave., NY,NY 10011, regd. agent upon whomprocess may be served. DE addr. ofLLC: c/o The Corporation Trust Co.,1209 Orange St., Wilmington, DE19801. Cert. of Form. filed with DE Sec.of State, 401 Federal St., Dover, DE19901. Purpose: all lawful purposes.

Notice of Qualification of DailyCandy,LLC. Authority filed with NY Dept. ofState on 7/7/11. Office location: NYCounty. Princ. bus. addr.: 100Universal City Plz., Universal City, CA91608. LLC formed in DE on 1/27/00.NY Sec. of State designated agent ofLLC upon whom process against itmay be served and shall mail processto: c/o CT Corporation System, 1118th Ave., NY, NY 10011, regd. agentupon whom process may be served.DE addr. of LLC: c/o The CorporationTrust Co., 1209 Orange St.,Wilmington, DE 19801. Cert. of Form.filed with DE Sec. of State, 401 FederalSt., Dover, DE 19901. Purpose: alllawful purposes.

Notice of Qualification of Dovir LLC.Authority filed with NY Dept. of Stateon 7/19/11. NYS fictitious name:Dovir Creative LLC. Office location:NY County. LLC formed in DE on5/18/11. NY Sec. of State designatedagent of LLC upon whom processagainst it may be served and shallmail process to: c/o CT CorporationSystem, 111 8th Ave., NY, NY 10011,regd. agent upon whom process maybe served. DE addr. of LLC: 1209Orange St., Wilmington, DE 19801.Cert. of Form. filed with DE Sec. ofState, 401 Federal St., Dover, DE19901. Purpose: all lawful purposes.

NOTICE OF FORMATION of 333 FishTacos NY 1, LLC, Arts of Org filed wSSNY on 6/22/11 in NY County.SSNY designated as agent uponwhom process may be served andshall mail a copy of any process toCorporation Service Co., 80 StateSt., Albany, NY 12207. Principalbusiness address: 56 W 22 St., NY,NY 10010. Purpose: any lawful act.

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Notice of Qualification of 200/300North End Avenue Capital LLC.Authority filed with Secy. of State ofNY (SSNY) on 06/23/11. Office loca-tion: NY County. LLC formed inDelaware (DE) on 06/20/11. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process toc/o Corporation Service Co. (CSC),80 State St., Albany, NY 12207-2543.DE addr. of LLC: c/o CSC, 2711Centerville Rd., Ste. 400, Wilmington,DE 19808. Cert. of Form. filed withState of DE, Secy. of State, Div. ofCorps., John G. Townsend Bldg.,401 Federal St., Ste. #4, Dover, DE19901. Purpose: Any lawful activity.

Notice of Qualification of GIAS FIXEDINCOME: OPPORTUNISTIC TAX-EXEMPT FUND LLC. Authority filedwith Secy. of State of NY (SSNY) on06/23/11. Office location: NY County.LLC formed in Delaware (DE) on06/16/11. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to c/o Corporation ServiceCo., 80 State St., Albany, NY 12207,regd. agent upon whom and at whichprocess may be served. DE addr. ofLLC: 2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Cert. of Form.filed with Secy. of State of DE,Townsend Bldg., Federal & York, Dover,DE 19901. Purpose: Any lawful activity.

Notice of Qualification of AG-MetropolitanRiverdale Crossing, L.L.C. Authorityfiled with NY Dept. of State on 4/21/11.Office location: NY County. Princ. bus.addr.: 245 Park Ave., 26th Fl., NY, NY10167. LLC formed in DE on 4/14/11.NY Sec. of State designated agent ofLLC upon whom process against itmay be served and shall mail processto: c/o CT Corporation System, 111 8thAve., NY, NY 10011, regd. agent uponwhom process may be served. DEaddr. of LLC: The Corporation TrustCo., 1209 Orange St., Wilmington, DE19801. Cert. of Form. filed with DE Sec.of State, 401 Federal St., Dover, DE19901. Purpose: any lawful activity.


Notice of Formation of BALANCEAPPMAKER, LLC, a domestic LLC.Arts. of Org. filed with the SSNY on06/01/2011. Office location: NYCounty. SSNY has been designated asagent upon whom process against theLLC may be served. SSNY shall maila copy of process to: C/O BalanceMedia, 34 W 27th St. 6th Fl, NY, NY10010. Purpose: Any Lawful Purpose.

Notice of Formation of SHEROWMANAGEMENT, LLC. Arts. of Org.filed with Secy. of State of NY (SSNY)on 6/8/2011. Office location: NYCounty. SSNY designated as agent ofLLC upon whom process against it maybe served. SSNY shall mail processto: c/o Vaslas, Lepowsky, Hauss &Danke, LLP, 630 Third Ave., 5th Fl., NY,NY 10017. Term: until 12/31/2061.Purpose: any lawful activity.

Notice of Formation of LOWLANDPRODUCTIONS LLC. Arts. of Org.filed with Secy. of State of NY(SSNY) on 06/09/11. Office location:NY County. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to Jason Ludman, 124E. 24th St., Apt. 4H, NY, NY 10010.Purpose: Any lawful activity.

Notice of Qual. of 1180 AOA FundingLLC, Auth. filed Sec’y of State (SSNY)4/28/11. Office loc.: NY County. LLCorg. in DE 4/26/11. SSNY desig. asagent of LLC upon whom processagainst it may be served. SSNYshall mail copy of proc. to NRAI,875 Ave of the Americas, NY, NY10001, the Reg. Agt. upon whomproc. may be served. DE off. addr.:160 Greentree Dr., Ste. 101, Dover,DE 19904. Cert. of Form. on file:SSDE, Townsend Bldg., Dover, DE19901. Purp.: any lawful activities.

Notice of Formation of Donzoola LLC.Articles of Org. filed with Secy. of Stateof NY (SSNY) on 05/19/11. Officeloc.: New York Co. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to the LLC, 49 E 21stST APT 2D, New York, NY 10010.Purpose: any lawful act or activity.

OPPCAP GROUP LLC, a domesticLimited Liability Company (LLC), filedwith the Sec of State of NY on 4/15/11.NY Office location: New York County.SSNY is designated as agent uponwhom process against the LLC maybe served. SSNY shall mail a copy ofany process against the LLC servedupon him/her to Francis Hager, 14Deer Path Ln., Berkeley Heights, NJ07922. General Purposes.

Notice of Formation of Harlem DowlingManagers LLC, Art. of Org. filedSec’y of State (SSNY) 4/27/11. Officelocation: NY County. SSNY desig-nated as agent of LLC upon whomprocess against it may be served.SSNY shall mail copy of process to37 W. 20th St., Ste. 603, NY, NY10011. Purpose: any lawful activities.

NOTICE OF FORMATION OF JojotalkLLC. Arts of Org filed with the Secyof State of NY (SSNY) on 04/05/11.Office location: NY County. SSNYhas been designated as agent uponwhom process may be served andshall mail a copy of any process tothe principal business address:1173A 2nd Avenue #134, NY, NY10065. Purpose: any lawful acts.

Notice of Formation of F. Afrique Media,LLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 6/21/11.Office location: NY County. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process to:c/o The LLC, 60 5th Avenue, NY, NY10011. Purpose: any lawful activity.

Name: AMERIGO A LLC Art Of Org.Filed Sec. Of State of NY 05/04/2011.Off. Loc.: New York Co. SSNY desig-nated as agent upon whom processagainst it may be served. SSNY tomail copy of process to THE LLCC/O, Sau Lan Moi, 158 Hester Street,#5G, New York, NY10013. Purpose:Any lawful act or activity.

Notice of Formation of DIEPPARESTREPO LLC, a domestic LLC.Arts. of Org. filed with the SSNY on05/09/2011. Office location: NY County.SSNY has been designated as agentupon whom process against the LLCmay be served. SSNY shall mail a copyof process to: 29 Essex St., NY, NY10002. Purpose: Any Lawful Purpose.

HIDDEN VALLEY FILMS LLC, adomestic Limited Liability Company(LLC), filed with the Sec of State of NYon 5/27/11. NY Office location: NewYork County. SSNY is designated asagent upon whom process against theLLC may be served. SSNY shall maila copy of any process against the LLCserved upon him/her to The LLC, 242West 38th St., P.O. Box 905, NY, NY10018. General Purposes.

NOTICE OF FORMATION ofMcKane-Lins, LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on4/26/11. Office location: NY County.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto: 520 E. 90th St., 2A, NY, NY10128. Purpose: any lawful activity.

NOTICE OF FORMATION OF GENIUSBRANDS LLC. Filed with Sec’y ofState of NY (SSNY) on 5/17/11. Officeloc: NY County. SSNY designated asagent upon whom process may beserved. Mail copy of process to: USCA,7014 13th Ave, Ste 202, Bklyn, NY11228. LLC business address is: 3505th Ave, FL 4, NY, NY 10118.Purpose: Any lawful acts.

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Notice of Qual. of 371 Seventh AvenueCo., Lessee LLC, Auth. filed Sec’y ofState (SSNY) 7/13/11. Office loc.: NYCounty. LLC org. in DE 7/7/11. SSNYdesig. as agent of LLC upon whomprocess against it may be served.SSNY shall mail copy of proc. to DavidDuncan c/o Denihan Hospitality Group,551 5th Ave., NY, NY 10176, the Reg.Agt. upon whom proc. may be served.DE off. addr.: 160 Greentree Dr., Ste.101, Dover, DE 19904. Cert. of Form.on file: SSDE, Townsend Bldg., Dover,DE 19901. Purp.: any lawful activities.

NOTICE OF FORMATION OF LIMITEDLIABILITY COMPANY. NAME: 2589WESTSIDE ENTERPRISES LLC.Articles of Organization were filed withthe Secretary of State of New York(SSNY) on 05/19/11. Office location:New York County. SSNY has been des-ignated as agent of the LLC upon whomprocess against it may be served.SSNY shall mail a copy of process tothe LLC, 253 West 72nd Street, Suite211, New York, New York 10023.Purpose: For any lawful purpose.

Notice of Formation of CHENG MENGFURNITURE LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on06/17/11. Office location: NY County.Princ. office of LLC: Daniel Ryan, 195Chrystie St., #501C, NY, NY 10002.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto the LLC at the addr. of its princ.office. Purpose: Any lawful activity.

LAFORCE & COMPANY, LLC, adomestic Limited Liability Company(LLC), filed with the Sec of State ofNY on 6/24/11. NY Office location:New York County. SSNY is desig-nated as agent upon whom processagainst the LLC may be served.SSNY shall mail a copy of anyprocess against the LLC servedupon him/her to Marglo AssociatesLtd., 46 Woodbine Ave., Northport,NY 11768. General Purposes.

Notice of Qualification of IRG 38 LLC.Authority filed with Secy. of State of NY(SSNY) on 06/06/11. Office location:NY County. LLC formed in Delaware(DE) on 06/03/11. Princ. office of LLC:ELB Holdings c/o Eric L. Birnbaum,745 5th Ave., NY, NY 10151. SSNYdesignated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process tothe LLC at the addr. of its princ. office.DE addr. of LLC: 2711 CentervilleRd., Ste. 400, Wilmington, DE 19808.Cert. of Form. filed with Secy. ofState, 401 Federal St., Dover, DE19901. Purpose: Any lawful activity.

Notice of Qualification of GERSONGLOBAL CAPITAL ADVISORS LLC.Authority filed with Secy. of State ofNY (SSNY) on 06/21/11. Officelocation: NY County. LLC formed inDelaware (DE) on 06/17/11. Princ.office of LLC: c/o Gerson GlobalAdvisors, LLC, 70 E. 55th St., 21stFl., NY, NY 10022. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to the LLC at the addr.of its princ. office. DE addr. of LLC:c/o Corporation Service Co., 2711Centerville Rd., Ste. 400, Wilmington,DE 19808. Cert. of Form. filed withSecy. of State of the State of DE, Div.of Corps., P.O. Box 898, Dover, DE19903. Purpose: Any lawful activity.

NOTICE OF FORMATION OF ExquityRealty LLC. Articles of Organizationfiled with the Secretary of State ofNY (SSNY) on 05/09/11. Officelocation: NEW YORK County. SSNYhas been designated as agent uponwhom process against it may beserved. The Post Office address towhich the SSNY shall mail a copy ofany process against the LLC servedupon him/her is: 120 E 34th St Apt10J, New York NY 10016. Theprincipal business address of theLLC is: 120 E 34th St Apt 10J,New York NY 10016. Purpose: anylawful act or activity.

Notice of Formation of 400 PROPERTY,LLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 07/06/11.Office location: NY County. Princ.office of LLC: 667 Madison Ave., 24thFl., NY, NY 10065. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to Timothy P. Terry atthe princ. office of the LLC. Purpose:Any lawful activity.

Notice of Formation of 254 W10THSTREET P/L LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on06/15/11. Office location: NY County.Princ. office of LLC: 7 Times Sq.,NY, NY 10036-7311. SSNY designated as agent of LLC uponwhom process against it may beserved. SSNY shall mail process toc/o G. Warren Whitaker, Esq., DayPitney LLP at the princ. office of theLLC. Purpose: Any lawful activity.

Notice of Qualification of Miller Pipeline,LLC. Authority filed with NY Dept. ofState on 6/2/11. Office location: NYCounty. LLC formed in IN on 12/31/10.NY Sec. of State designated agent ofLLC upon whom process against itmay be served and shall mail processto: c/o CT Corporation System, 1118th Ave., NY, NY 10011, regd. agentupon whom process may be served.IN and principal business addr.:8850 Crawfordsville Rd., Indianapolis,IN 46234. Cert. of Form. filed with INSec. of State, 302 W. Washington St.,Indianapolis, IN 46204. Purpose: alllawful purposes.

116 AVENUE C, LLC, a domesticLimited Liability Company (LLC), filedwith the Sec of State of NY on4/26/11. NY Office location: New YorkCounty. SSNY is designated asagent upon whom process against theLLC may be served. SSNY shall maila copy of any process against theLLC served upon him/her to MaroldaProperties, Inc., 46 Trinity Pl., 3rd Fl.,NY, NY 10006. General Purposes.Latest date to dissolve 5/1/2041.

Notice of Formation of 4 CHELSEASQUARE, LLC. Arts. of Org. filed withSecy. of State of NY (SSNY) on07/13/11. Office location: NY County.Princ. office of LLC: 400 W. 59th St.,NY, NY 10019-8200. SSNY designatedas agent of LLC upon whom processagainst it may be served. SSNY shallmail process to the LLC, c/o J. DeanAmro at the princ. office of the LLC.Purpose: Any lawful activity.

Notice of Formation of HID 960 LLC,Art. of Org. filed Sec’y of State (SSNY)9/11/09. Office location: NY County.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail copy ofprocess to c/o Hidrock Realty, Att:Abie Hidary, 65 W. 36th St., Ste.1200, NY, NY 10018, the Reg. Agt.upon whom proc. may be served.Purpose: any lawful activities.

Notice of Qualification of MILLENNIUMTECHNOLOGY VALUE PARTNERS II(GP), L.P. Authority filed with Secy. ofState of NY (SSNY) on 06/03/11.Office location: NY County. LP formedin Delaware (DE) on 10/14/08. Princ.office of LP: Millennium TVP II (UGP),LLC, 747 Third Ave., 38th Fl., NY, NY10017. SSNY designated as agent ofLP upon whom process against it maybe served. SSNY shall mail processto the LP at the addr. of its princ. office.Name and addr. of each generalpartner are available from SSNY. DEaddr. of LP: c/o Corporation ServiceCo., 2711 Centerville Rd., Ste. 400,Wilmington, DE 19808. Cert. of Form.filed with Secy. of State of DE, Div. ofCorps., 401 Federal St., Ste. 4, Dover,DE 19901. Purpose: Any lawful activity.

Notice of Qualification of EigerInternational Financial Management LLCApp. for Auth. filed Sec’y of State (SSNY)on 6/6/11. Office location: New YorkCounty. LLC org. in DE 2/7/11. SSNYdesignated as agent of LLC upon whomprocess against it may be served. SSNYshall mail copy of process to 19 West44th St., Suite 312, New York, NY 10036.Office address in DE 40 E. Division St,Suite A, Dover, DE 19901. Cert. of Form.on file: SSDE, Div. of Corporations,John G. Townsend Bldg., 401 FederalSt., Suite 4, Dover, DE 19901. Purpose:any lawful activities.

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Name of For. LLC: Perella WeinbergPartners ABV Opportunity DelawareIntermediate Fund III LLC. App. forAuth. filed NY Dept. of State: 5/10/11.Jurisd. and date of org.: DE 1/7/11Cty off. loc.: NY Cty. Sec. of Statedesignated as agent of foreign LLCupon whom process against it may beserved. Sec. of State shall mail copyof process to: 767 Fifth Ave., NY, NY10153. Addr. of foreign LLC in DE is:Corporation Service Company, 2711Centerville Rd., Ste. 400, Wilmington,DE 19808. Auth. officer in DE whereCert. of Form. filed: DE Secy. ofState, Duke & York St., Dover, DE19901. Purpose: any lawful activity.

RESOURCE FURNITURE LICENSING,LLC, a domestic Limited LiabilityCompany (LLC), filed with the Sec ofState of NY on 3/17/11. NY Officelocation: New York County. SSNY isdesignated as agent upon whomprocess against the LLC may beserved. SSNY shall mail a copy ofany process against the LLC servedupon him/her to The LLC, 969 ThirdAve., NY, NY 10022. General Purposes.

NOTICE OF FORMATION of AnnaSeibert LLC. Arts. of Org. filed w/ Secof State of NY (SSNY) on 4/29/11.Office location: NY County. PrincipalBusiness address: 330 3rd Ave, 4H,NY, NY 10010. SSNY has been desig-nated as agent upon whom processagainst it may be served and shallmail process to: c/o Anna Seibert LLC,330 3rd Ave, 4H, NY, NY 10010. Datefor Dissolution: None. Purpose ofLLC: any lawful activity.

NOTICE OF FORMATION of limitedliability company (LLC). Name: ZCAM,LLC. Articles of Organization filedwith Sec. of State of NY (SSNY) on6/6/11. Office location: New York Co.SSNY designated as agent of LLCupon whom process against it may beserved and address SSNY shall maila copy of process is 54 West 39thStreet, 15th Floor, New York, New York10018. Purpose: any lawful purpose.

Notice of Qualification of HHLP UnionSquare Associates, LLC. Authorityfiled with NY Dept. of State on 6/15/11.Office location: NY County. Princ. bus.addr.: 44 Hersha Dr., Harrisburg, PA17102. LLC formed in DE on 6/14/11.NY Sec. of State designated agent ofLLC upon whom process against itmay be served and shall mail processto: c/o CT Corporation System, 1118th Ave., NY, NY 10011, regd. agentupon whom process may be served.DE addr. of LLC: 1209 Orange St.,Wilmington, DE 19801. Cert. of Form.filed with DE Sec. of State, 401Federal St., Dover, DE 19901.Purpose: any lawful activity.

ALPHA JETS, LLC, a domesticLimited Liability Company (LLC), filedwith the Sec of State of NY on5/19/11. NY Office location: NewYork County. SSNY is designated asagent upon whom process againstthe LLC may be served. SSNY shallmail a copy of any process againstthe LLC served upon him/her to TheLLC, 400 E. 54th St., Ste. 6G, NY, NY10022. General Purposes.

Notice of Qualification of MHR INSTI-TUTIONAL ADVISORS LLC. Authorityfiled with Secy. of State of NY (SSNY)on 06/07/11. Office location: NYCounty. LLC formed in Delaware (DE)on 01/26/98. SSNY designated asagent of LLC upon whom processagainst it may be served. SSNY shallmail process to c/o CorporationService Co. (CSC), 80 State St.,Albany, NY 12207-2543, regd. agentupon whom and at which processmay be served. DE addr. of LLC: c/oCSC, 2711 Centerville Rd., Ste. 400,Wilmington, New Castle Cnty., DE19808. Cert. of Form. filed with Secy.of State of the State of DE, 401Federal St., Dover, DE 19901.Purpose: Any lawful activity.

THIRTEEN LIMITED PARTNERSHIP,a domestic Limited Partnership (LP),filed with the Sec of State of NY on5/19/11. NY Office location: NewYork County. SSNY is designated asagent upon whom process againstthe LP may be served. SSNY shallmail a copy of any process againstthe LP served upon him/her to StonesThrow Partners Limited LiabilityCompany, Attn: Evan Bell, ManagingMember, 380 Lexington Ave., NY, NY10168. Latest date to dissolve12/31/2099. General Purposes.

Notice of Qual. of 1552 BroadwayRetail Owner LLC, Auth. filed Sec’y ofState (SSNY) 5/4/11. Office loc.: NYCounty. LLC org. in DE 4/29/11. SSNYdesig. as agent of LLC upon whomprocess against it may be served.SSNY shall mail copy of proc. toNRAI, 875 Ave of the Americas, NY,NY 10001, the Reg. Agt. upon whomproc. may be served. DE off. addr.:160 Greentree Dr., Ste. 101, Dover,DE 19904. Cert. of Form. on file:SSDE, Townsend Bldg., Dover, DE19901. Purp.: any lawful activities.

CAMPRODON INVESTORS LLC, adomestic Limited Liability Company(LLC), filed with the Sec of State of NYon 3/7/11. NY Office location: NewYork County. SSNY is designated asagent upon whom process againstthe LLC may be served. SSNY shallmail a copy of any process againstthe LLC served upon him/her toBlumberg Excelsior CorporateServices, Inc., 62 White St., NY, NY10013. General Purposes.

Notice of Qualification of MorganStanley & Co. LLC. Authority filed withNY Dept. of State on 6/2/11. Officelocation: NY County. Princ. bus. addr.:1585 Broadway, NY, NY 10036. LLCformed in DE on 5/31/11. NY Sec. ofState designated agent of LLC uponwhom process against it may beserved and shall mail process to: c/oCT Corporation System, 111 8th Ave.,NY, NY 10011, regd. agent upon whomprocess may be served. DE addr. ofLLC: 1209 Orange St., Wilmington, DE19801. Cert. of Form. filed with DE Sec.of State, 401 Federal St., Dover, DE19901. Purpose: all lawful purposes.

Notice of Qualification of 200 WEOWNER LLC. App. for Auth. filedwith Secy. of State of NY (SSNY) on6/17/11. Office location: NY County.LLC formed in Delaware (DE) on5/12/11. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to: c/o The Klein Group, 25BHanover Road, Ste. 130, FlorhamPark, NJ 07932. DE address of LLC:c/o United Corporate Services, Inc.,874 Walker Road, Ste. C, Dover, DE19904. Arts. of Org. filed with DE Secy.of State, Townsend Bldg., Dover, DE19901. Purpose: any lawful activity.

Notice of Qualification of VCRKHoldings LLC. Authority filed with NYDept. of State on 6/15/11. Officelocation: NY County. Princ. bus. addr.:411 W. Putnam Ave., Greenwich, CT06830. LLC formed in DE on 6/9/11.NY Sec. of State designated agent ofLLC upon whom process against it maybe served and shall mail process to:c/o CT Corporation System, 111 8thAve., NY, NY 10011, regd. agent uponwhom process may be served. DEaddr. of LLC: The Corporation TrustCo., 1209 Orange St., Wilmington, DE19801. Cert. of Form. filed with DE Sec.of State, 401 Federal St., Dover, DE19901. Purpose: any lawful activity.

Notice of Formation of Special EventConsulting LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on5/16/06. Office location: NY Co.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto: Louis Rose, 19 East 95th St., Apt.3F, NY, NY 10128. Purpose: any law-ful activities.

NAKEDPIZZA NYC 14TH STREET,LLC; Arts., of Org., filed with NY Sec.of State (“SSNY”) 2/28/2011. Officein New York County; SSNY designatedagent for service of process with copymailed to Pryor Cashman LLP, 7 TimesSquare, Attn: Richard S. Frazer, Esq.,As amended by Cert. of Amend., filedwith SSNY on 4/21/11, the name ofLLC is NP NYC 14TH STREET, LLC.,All lawful business purposes.

Name: 5th AVE DOLLAR LLC Art. OfOrg. Filed Sec. of State of NY03/22/2011. Off Loc.: New York Co.SSNY designated as agent uponwhom process against it may beserved. SSNY to mail copy of processto THE LLC, C/O Muhammad Abbasi,128 Keswick Drive, Piscataway, NJ08854. Purpose: Any lawful act.

Notice of Formation of BRP NMTCFUND MANAGER LLC. Arts. of Org.filed with Secy. of State of NY (SSNY)on 6/17/11. Office location: NYCounty. SSNY designated as agentof LLC upon whom process againstit may be served. SSNY shall mailprocess to: 18 E. 41st St., NY, NY10017, Attn: Steve Smith. Purpose:any lawful business purpose.

Notice of Formation of Troop 41Productions, LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on6/23/11. Office location: NY Co. SSNYdesignated as agent of LLC upon whomprocess against it may be served.SSNY shall mail process to: The LLC,41 Great Jones St., 5th Fl., NY, NY10012. Purpose: any lawful activities.

Notice of Qualification of El ToroCarmesi, LLC. Application forAuthority filed with Secy. of State ofNY (SSNY) on 05/06/11. Office loc.:New York Co.; orig. juris.: Texas. SSNYdesignated as agent of LLC upon whomprocess against it may be served. SSNYshall mail process to the LLC, 6904Hideaway Hollow, Austin, TX 78750.Purpose: any lawful act or activity.

Notice of Formation of AC HocekArchitecture LLC. Articles of Org. filedwith Secy. of State of NY (SSNY) on03/30/11. Office loc.: New York Co.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to theLLC, 285 Lafayette Street, 4B, NY, NY10012. Purpose: any lawful activity.

Notice of Formation of NS MEDICALPLLC. Arts. of Org. filed with Secy. ofState of NY (SSNY) on 5/26/11. Officelocation: NY County. SSNY designatedas agent of PLLC upon whom processagainst it may be served. SSNY shallmail process to: The PLLC, 73 SpringSt., Ste. 601, NY, NY 10012. Purpose:practice the profession of medicine.

Notice of Formation of Diana DaimwoodConsulting, LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on4/28/11. Office location: NY County.SSNY designated as agent of LLCupon whom process against it may beserved. SSNY shall mail process to:United Corporate Services, Inc., 10Bank St., Ste. 560, White Plains, NY10606. Purpose: any lawful activity.

Notice of Formation of BLDG 123 THIRDAVENUE LLC amended to BLDG 123THIRD AVE LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on6/17/11. Office location: NY County.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto: c/o BLDG Management Co., Inc.,417 Fifth Ave., 4th Fl., NY, NY 10016.Purpose: any lawful activity.

Notice of Formation of FLATIRONARCHITECTS LLC. Arts. of Org. filedwith Secy. of State of NY (SSNY) on06/20/11. Office location: NY County.SSNY designated as agent of PLLCupon whom process against it maybe served. SSNY shall mail processto the LLC, 6 W. 18th St., NY, NY10011. Purpose: Architecture.

Notice of Formation of PETE THEDOG, LLC. Arts. of Org. filed with Secy.of State of N.Y. (SSNY) on 6/29/11.Office location: New York County.SSNY designated as agent of LLCupon whom process against it maybe served. SSNY shall mail processto: The LLC, 101 West 12th Street,Apt. 7Z, New York, NY 10011-8114.Purpose: any lawful activity.

Notice of Qualification of Far ViewCapital Management, LLC. Authorityfiled with NY Dept. of State on6/29/11. Office location: NY County.LLC formed in DE on 3/10/11. NY Sec.of State designated agent of LLCupon whom process against it may beserved and shall mail process to theprincipal business addr.: 575 MadisonAve., 10th Fl., NY, NY 10022-2511,Attn: David B. Hathaway, regd. agentupon whom process may be served.DE addr. of LLC: Corporation TrustCo., 1209 Orange St., Wilmington, DE19801. Cert. of Form. filed with DESec. of State, Federal & Duke of YorkSts., Dover, DE 19901. Purpose: alllawful purposes.

NOTICE OF FORMATION OF FarleyRealty Group LLC filed with theSecretary of State of NY (SSNY) on2/25/11. Office loc: NEW YORK Cty.SSNY designated as agent upon whomprocess may be served. SSNY shallmail process to the LLC: 60 E 42ndStreet, Suite 1841, New York, NewYork 10165. Purpose: any lawful acts.

Infrared Capital Partners (US) LLC;App., for Auth., filed with NY Sec. ofState (“SSNY”) 5/09/2011. Office inNew York County; LLC formed in DEon 1/12/2011, SSNY designatedagent for service of process withcopy mailed to c/o HSBC Capital(USA) Inc., 452 Fifth Ave, NY, NY10018. All lawful business purposes.

PROFITNESS COLLECTIVE LLC, adomestic Limited Liability Company(LLC), filed with the Sec of State of NYon 6/17/11. NY Office location: NewYork County. SSNY is designated asagent upon whom process againstthe LLC may be served. SSNY shallmail a copy of any process againstthe LLC served upon him/her to TheLLC, 52 ST. NICHOLAS PLACE, #54,NY, NY 10031. General Purposes.

Notice of Formation of BowtieProperties LLC. Art. Of Org. filed withSSNY on 5/20/11. Office Location:NY County. SSNY designated asagent for process. SSNY shall mail acopy of any process to: c/o RobertC. Susser, Esq., 270 Madison Ave.,15th Fl NY, NY 10016. Purpose: Toengage in any lawful act or activity.

NOTICE IS HEREBY GIVEN that alicense number 1255696 for an onpremises liquor license has beenapplied for by Vargomez Corp. to sellliquor at retail in a restaurant under theAlcoholic Beverage Control Law at300 East 5th Street, New York, N.Y.10003 for on premises consumption.

NOTICE OF FORMATION OF HybridCapital Management, LLC. Articlesof Organization filed with the Secretaryof State of NY (SSNY) on March 17,2011. Office location: NEW YORKCounty. SSNY has been designatedas agent upon whom process againstit may be served. The Post Officeaddress to which the SSNY shallmail a copy of any process againstthe LLC served upon him/her is: 126East 24th Street, Suite 1B, NY, NY10010. The principal businessaddress of the LLC is: 126 East 24thStreet, Suite 1B, NY, NY 10010.Purpose: any lawful act or activity.

Notice of Qualification of BLACKSTONESTRATEGIC ALLIANCE MASTERFUND X L.P. Authority filed with Secy.of State of NY (SSNY) on 06/07/11.Office location: NY County. LPformed in Delaware (DE) on 06/01/11.Princ. office of LP: 345 Park Ave., 28thFl., NY, NY 10154. SSNY designatedas agent of LP upon whom processagainst it may be served. SSNY shallmail process to Blackstone StrategicAlliance Associates II L.L.C. at theprinc. office of the LP. Name andaddr. of each general partner areavailable from SSNY. DE addr. of LP:Corporation Service Co., 2711Centerville Rd., Ste. 400, Wilmington,New Castle Cnty., DE 19808. Cert. ofForm. filed with DE Secy. of State,Div. of Corps., John G. TownsendBldg., 401 Federal St., Ste. 4, Dover,DE 19901. Purpose: Investments.

NOTICE OF FORMATION OF GREENTAO, LLC. Articles of Organizationfiled with the Secretary of State of NY(SSNY) on January 25, 2011. OfficeLocation: New York County. SSNYhas been designated as agent uponwhom process against it may beserved. SSNY shall mail process to:Caroline Angoorly, 212 East 48thStreet, Ste 5A, New York, NY 10017.Purpose: Any lawful act or activity.

NAKEDPIZZA NYC 57TH STREET, LLC;Arts., of Org., filed with NY Sec. ofState (“SSNY”) 2/28/2011. Office inNew York County; SSNY designatedagent for service of process withcopy mailed to Pryor Cashman LLP, 7Times Square, Attn: Richard S. Frazer,Esq., As amended by Cert. of Amend.,filed with SSNY on 4/21/11, the nameof LLC is NP NYC 57th STREET, LLC.,All lawful business purposes.

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Eliot Spitzer, despised by WallStreeters for his headline-grabbinginvestigations.

But the fears about Mr. Schnei-derman have proved unfounded sofar. In his first seven months in theoffice, the Democrat has cultivatedthe image of a measured pragmatistrather than the lefty juggernaut hechanneled on the campaign trail.

Instead of brandishing scalps forthe camera, the unabashedly wonkyMr. Schneiderman has touted initia-tives to protect taxpayers and pursuepublic corruption. He has backed offhis legislative effort to broaden theMartin Act, which Mr. Spitzer usedas attorney general to pummel WallStreet.

“He has gained a great deal of re-spect,” said Steven Spinola, presi-dent of the Real Estate Board ofNew York,whose members met withthe newly minted attorney general inJanuary.Other business leaders havedescribed Mr.Schneiderman as fair-minded and professional.

The favorable perceptions are notan accident. Since defeating StatenIsland District Attorney DanielDonovan in November,Mr.Schnei-derman has courted the groups thatopposed him, hustling to meetingsand breakfasts of the Manhattan In-stitute, the Buffalo Niagara Partner-ship and Westchester business lead-ers, among others.

During his appearances, Har-vard-educated Mr. Schneiderman,56, plays up his business bona fides.He discusses how he has cut his of-fice’s costs by hiring a chief financialofficer and using data-driven man-agement practices. The state’s topcop notes that he has added resourcesto pursue corruption and establishedthe Taxpayer Protection Bureau.

Mr. Schneiderman also touts hisyears as a partner at Kirkpatrick &Lockhart, where he representedMerrill Lynch, J.H. Whitney & Co.and the New York Stock Exchange.“I’m the first attorney general in mod-ern history who spent more of my ca-reer in the private sector than in pub-lic service,”he told an Association fora Better New York audience in April.

Some claim he changes his em-phasis with liberals and is simply pay-ing lip service to rival constituencies.An article in the New York Observerlast week profiled Mr.Schneidermanas a champion of the left, supportedby long quotes from the subject.

Though he has been overshad-owed by Andrew Cuomo’s successfulfirst year as governor,Mr.Schneider-man turned heads when he chal-lenged the Defense of Marriage Actlast week and sued the federal govern-ment for failing to study the effects ofhydrofracking in the Delaware WaterBasin several months ago.He has alsogained national coverage for his in-vestigation of big banks’ peddling ofmortgage-backed securities duringthe housing bubble.

“He’s been operating very careful-ly and very thoughtfully,” said JamesTierney, a former attorney generalfrom Maine who runs the NationalState Attorneys General Program atColumbia University. “He’s follow-ing the pattern of an AG who expectsto be there a long time.”

Despite his bank probes, Mr.Schneiderman is no longer pushingto expand the Martin Act.As a statesenator, he tried to pass a bill allow-ing defrauded investors to seekrestitution under the act, whichgives the attorney general broadpowers to investigate fraud in thesale of securities and other assets.

“It’s not something I’ve been real-ly engaged on since I’ve been in of-fice,” Mr. Schneiderman said.

Pundits say Mr. Schneidermancould be looking beyond the finan-cial sector to establish his brand.

“This whole notion of ‘blameWall Street’ is getting stale,” saidJonathan Greenspun, a lobbyist andpolitical consultant. “Chasing thatbogeyman would not be politically orpractically advantageous for Eric.”

Some businesspeople are opti-mistic that Mr. Schneiderman willcontinue to heed that advice. SinceJanuary,billionaire John Catsimatidishas introduced Mr. Schneiderman toa number of his business associatesand has donated $20,000 to the attor-ney general’s campaign fund.

Not done with Wall Street

But Mr. Schneiderman’s bankinvestigation proves that he’s not ex-empting Wall Street. While the 50state attorneys general negotiate asettlement with banks over theirmortgage operations, he is leadinghis own examination of how banksbundled and sold mortgage securi-ties during the boom.Delaware’s at-torney general has joined his effort,and California’s and Massachusetts’offices have expressed an interest.“If my colleagues [in the business

community] think that public angerover the crash and the bailout isgone, they are mistaken,” Mr.Schneiderman said. “We still havework to do to rehabilitate the imageof the industry.”

He argues that his inquiry couldhelp restore public confidence andallow housing to rebound. But crit-ics assail that reasoning.

“It’s a signal that the attorneygeneral of New York is not interest-ed in the economic and fiscal inter-ests that are at great potential risk bydragging out a settlement,” said onefinancial insider.

Mr. Schneiderman’s investiga-tion could prove to be a fishing ex-pedition—or make him the next“Sheriff of Wall Street.”

“I am hoping that he doesn’t fol-low that path,” said Mr. Catsima-tidis. “Business has suffered enoughalready. New York has sufferedenough.” n

State’s top copContinued from Page 1

beach offers no respite—there areads on the Hampton Jitney.

Times may be tough for medicalcenters,but they are coming up withmillions for ad campaigns. Healthcare institutions in the New Yorkarea are on track to spend more than$80 million in advertising this year,compared with $69.3 million lastyear, according to Kantar Media inManhattan. First-quarter spendingwas $19.8 million, up 28% from theyear-earlier period.

“We are definitely entering themost competitive hospital-market-ing era seen in New York in years,”said Ellis Verdi, a partner in DeVi-to-Verdi, a Manhattan ad agency.

New initiatives have beenlaunched or announced by NYULangone Medical Center (whose adsare on the jitneys), New York-Pres-byterian Hospital,Montefiore Med-ical Center and North Shore-LIJ.These and other institutions are notonly spending more but also promot-ing themselves in new places andways, said Mr. Verdi, citing a greaterdependence on television. “Sixty-second commercials were unheard-of several years ago,” he said.

Hospitals are also taking advan-tage of new media, advertising on-line and buying sponsored links onGoogle and other search engines.Enter the words “cancer” or “heart

attack” and a pop-up ad appears fora hospital near you.

One campaign appears to triggeranother.After New York-Presbyter-ian and other centers began recentbrand-building efforts, Montefiore,in the Bronx, got into the game.

“If you don’t play a role in defin-ing yourself, others will define you,”said Montefiore CEO Dr. SteveSafyer, whose organization in Junekicked off a campaign for The Chil-dren’s Hospital at Montefiore withthe tagline, “Excellence is closerthan you think.” The center is alsoabout to launch a broader, $3 mil-lion ad effort. “We need to makesure the world-class stuff we are do-ing in the Bronx is known else-where,” he said.

Investment, not expense

The ad binge may seem like anextravagance in an era of narrow op-erating margins and uncertaintyover the impact of governmentbudget cuts. But the pressuressqueezing hospitals mean that thecompetition to survive is fierce.

“We don’t see it as an expense; wethink of it as a strategic investment,”said David Feinberg, vice presidentof marketing at New York-Presby-terian.The system is running a cam-paign featuring 60-second TV spotsin which actual patients recount sto-ries of near-miraculous recovery.

The tagline: “Amazing things arehappening here.”

Taking a similar narrative ap-proach, NYU Langone uses black-and-white still photography for printads telling patients’ heartwarmingstories in a campaign titled “Any Giv-en Moment.”

Not to be outdone,North Shore-LIJ will launch an image-buildingcampaign in the fall based on theslogan “Hope lives here,” said DonSimon, vice president of marketing.

“It will make an emotional ap-peal, build our image and show thatNorth Shore-LIJ has widened itsfootprint,” Mr. Simon said. Hepoints out that the system’s servicearea now includes Manhattan be-cause of its acquisition of Lenox HillHospital on the Upper East Side.

Despite the intensity and ex-pense of the battles, hospitals arehardly being wasteful, observesDavid Sandman, senior vice presi-dent of the New York State HealthFoundation, a policy think tank.

“In a perfect world, these dollarswould be spent on improving patientcare,”Mr.Sandman said.“In the realworld, empty beds don’t generaterevenues,and advertising that resultsin increased patient volume can be arational investment.” n

Healthy market for hospital adsContinued from Page 1

portunity and a paradigm shift inscience and engineering education,”said Peretz Lavie,president of Tech-nion-Israel Institute of Technology.

Stanford University, ranked No.2 on U.S. News and World Report’s2011 U.S. Graduate EngineeringSchools list, and No. 10 CornellUniversity have been the loudest inexpressing their desire to team upwith the city.

“Applied Sciences NYC is a bigidea,” Stanford President John Hen-nessy said, citing the name of thecompetition. “Stanford has alwaysbeen about big ideas.” In an earlierround,the university proposed a $1.2billion applied research and high-technology center on Roosevelt Is-land that would eventually have 100faculty members and 2,200 students.

In April, Mr. Hennessy devotedhis annual speech to Stanford’s Aca-demic Council to the New York bid.The university then publicly re-leased details of its preliminary pro-posal, including how it would usetechnology to extend its Palo Altocampus to the city.

Cornell went even further. Ithired the city’s top-grossing lobby-ist, Suri Kasirer, and powerhousepublic relations firm BerlinRosen,and snatched up three tables at theCrain’s event. It mobilized alumniwho have tech companies here topromote the bid. And to shape itsproposal and raise funds, it estab-lished a trustee task force, includingCornellians Irwin Jacobs, a co-founder of Qualcomm; AndrewTisch, co-chair of Loews Corp.; and

Abby Joseph Cohen, a partner atGoldman Sachs.

The university envisions a Roo-sevelt Island campus featuring fourhubs tied to industry sectors, in-cluding ones for mobile and socialtechnology and healthier living.

“Our approach is to create some-thing unprecedented not only herein New York City, but unprecedent-ed anywhere,” said David Skorton,Cornell’s president.

International partners

Carnegie Mellon University,ranked No. 6 by U.S. News, con-firmed it will be part of two separateproposals, including one with Stein-er Studios focused on digital mediatechnology.No.11 Purdue Universi-ty also intends to submit a proposal.

The city is advising foreignschools to partner with U.S.-baseduniversities, largely because of dif-ferences in funding and accredita-tion. Stanford and Cornell said theywould consider a foreign partner.

Mr. Lavie, of Technion, was inNew York last week for “serious ne-gotiations” with one of the U.S.-based institutions that has expressedinterest. A team of Technion and atop domestic engineering schoolwould be formidable.

“We believe that Israel can be amodel to the city of New York—how we turned an economy upsidedown,” Mr. Lavie said, noting that60% of the 129 Israeli companieslisted on Nasdaq were started or arerun by Technion graduates.

Local universities also plan to sub-mit proposals. Columbia University,

ranked No. 16 on the U.S. News list,and the City University of New Yorkcame up with a preliminary idea for aresearch center for the developmentof information systems in areas suchas new media and cyber security.

CUNY was also part of a groupincluding New York University,Carnegie Mellon and the Universi-ty of Toronto that proposed an ur-ban science center. Some insidersbelieve the administration is intenton choosing an institution that isn’talready here,as the perception of thecity as a tech center would be great-ly enhanced by a top school choos-ing to open up shop in the city.Noneof the city’s schools are in U.S.News’top 15.But Seth Pinsky,president ofthe city’s Economic DevelopmentCorp., said, “We’re just looking forthe best proposal that will have themost impact on the city’s economy.”

A Columbia spokesman said theapplied sciences are a major compo-nent of the university’s $7 billionManhattanville expansion and thatinstead of using the locations of-fered by the city, Columbia “will fo-cus on opportunities that are consis-tent with our commitment tolong-term academic and economicgrowth in upper Manhattan.”

Regardless of whether an insideror outsider is chosen, technologycompanies in New York City hopethe mayor’s proposal swells the poolof potential employees.

“Google would have grownfaster in New York if we had foundmore talent,” said Alfred Spector,vice president of research at thecompany, which has about 1,100scientists and engineers in the city.n

The race is on Continued from Page 1


SEEKINGDEFINITION:Schneidermanis trying tocultivate apragmaticimage.

LISTEN to a discussion at CrainsNewYork.com/podcasts



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Meanwhile, two sites—inBrooklyn and Long Island City,Queens—are back online because ofthe Housing Asset Renewal Pro-gram,also 2 years old, that uses pub-lic funds to turn stalled projects intoaffordable housing.

There are also signs of hope at afew prominent stalled sites. One ofthe city’s largest landlords, BostonProperties, recently announced thatafter signing an anchor tenant, itcould resume work on an844,000-square-foot toweron West 50th Street. Simi-larly, real estate sources sayactivity may begin on thelong-dormant Drake Hotelsite, at Park Avenue and East56th Street, by year’s end.

But the length of the list and theslow rate at which it is getting short-er indicate that many lots will re-main vacant for a while. Lastmonth’s rise in the unemploymentrate to 8.7% and recent reports ofmore Wall Street layoffs contributeto that outlook.

“We won’t see projects come outof the ground this year if the econo-my continues to slow,” said DanielAlpert founding managing partnerof Westwood Capital, an invest-

ment bank and advisory firm.That realization is leading some

to come up with uses for empty lots.

Ahead of its time

One solution—wrapping a sitewith art—has been popular forsome time. The Downtown Al-liance created a public art programdubbed Re:Construction in 2006 tomake active sites less obtrusive. Fiveof its 13 installations in the area nowsurround inactive sites—including

Time Equities’ 50 West St.Other ideas range from

classics like parking lots andcommunity gardens to theslightly odd. Jeffrey Holmes,a principal at architecturefirm Woods Bagot NewYork, has conducted feasi-

bility studies for building temporary“icebergs” at two stalled sites. Thestructures, consisting of white plas-tic tents over thin steel beams, couldbe rented as pop-up stores.

“Everyone is excited about theconcept,”said Mr.Holmes.“The realchallenge is how to create somethingthat will draw people but not inter-fere with future development.” n

Stalled constructionContinued from Page 3

C. Bernstein & Co. “I understandthe need to hold CEOs to account,but in this case you had a criminaland civil settlement struck monthsago, and now the government iscoming back with more demands.”

At this point, though, the fedsaren’t the only ones breathing downMr. Solomon’s neck. Carl Icahn hasbought 7% of Forest’s stock and isdemanding that four of his candi-dates be elected to its nine-memberboard at the annual meeting on Aug.18. Should Mr. Icahn prevail, thenew directors will probably push tosell Forest to a larger rival.

Adding to the troubles, Forest’searnings are expected to fall by morethan 50% in the next few years.Thecause of the projected decline is a“patent cliff,” a drug-industry mala-dy in which a company’s patent pro-tections on key brand-name drugsexpire. In 2013, that will happenwith Lexapro, an antidepressantthat accounts for almost half of For-est’s $4.4 billion in annual sales.

The company is feverishly tryingto develop new drugs and has hadsome success, such as with anAlzheimer’s treatment that had morethan $1 billion in sales in the last fis-cal year.Yet that drug’s importance to

Forest only compounds the pressureon the CEO, as Medicare accountedfor two-thirds of those sales, accord-ing to Bernstein research.

Forest’s difficulties date back to1998, when a subsidiary began pro-moting the company’s blockbuster

antidepressant, Celexa, to childrenand teenagers, even though it wasapproved only for adults. Accordingto federal prosecutors, Forest con-cealed a study showing that the drugwas not effective for minors andmight even pose risks, includingmaking them suicidal. Forest mar-keted the drug illegally for fouryears, the feds alleged.

The company also got in troublewith the Food and Drug Adminis-tration, which in a 2003 letterwarned Forest to stop marketing anunapproved new drug. Rather thancomply immediately, prosecutorssaid,Forest tried to move as much ofthe item as possible, going so far asto override computer systems, hireextra trucks and pay staffers over-time at a St.Louis distribution facil-ity before halting shipments a dayafter receiving the FDA missive.

Forest pleaded guilty last No-vember to obstructing justice, dis-tributing an unapproved drug anddistributing a misbranded drug. Inaddition to agreeing to $313 millionin penalties—equal to about a thirdof earnings in the last fiscal year—Forest signed a Corporate IntegrityAgreement with the Department ofHealth and Human Services’ in-spector general. The matter seemedresolved until April, when theagency dropped the bomb and in-sisted that Mr. Solomon be “exclud-ed” from Forest.

What triggered the action isn’tclear; neither the inspector general’soffice nor Mr.Solomon would com-ment. But in an interview in Junewith online publication Pharmalot,

an assistant inspector general saidthe office was determined to holdmore senior health care executivesaccountable.“One of our concerns isthat we’re not protecting federalhealth care programs … by contin-uing to enter into ... settlementswhere the only result is paying mon-ey,which is perceived as a cost of do-ing business,” the official said.

HHS has forced out the chief ex-ecutive of KV Pharmaceutical, whopleaded guilty to presiding over theproduction and distribution of over-sized morphine tablets. The agencyalso orchestrated a coup at PurdueFrederick after the CEO and twoothers pleaded guilty to misbrand-ing OxyContin.

What makes the potential expul-sion of Mr. Solomon unusual, Mr.Breen noted,is that he wasn’t chargedwith personal wrongdoing in thecriminal and civil cases against For-est. Mr. Solomon has challenged theexclusion action, but few believe thegovernment will back down.

In transition

“We’re kind of in this in-betweenworld,” Chief Financial OfficerFrank Perier conceded during a con-ference call with analysts last month,adding that Forest’s board had alreadyidentified Mr. Solomon’s successor.(Candidates appear to have includedMr. Solomon’s son, David, who wasappointed head of corporate develop-ment and strategy last November.)

Meanwhile, Forest must alsodeal with Mr. Icahn. In the confer-ence call, Mr. Perier described twomeetings between Forest officialsand the activist investor as “substan-tive but short.” Mr. Icahn has “real-ly not offered any plan or strategy forthe company,” he added.

Mr. Icahn has pointed out thatForest’s stock—priced at about $37late last week—trades for about halfas much as it did seven years ago.Hehas also criticized board membersfor “putting their personal loyalty toand friendship with Mr. Solomonabove their fiduciary duties.”

Mr. Icahn’s slate has a “goodchance” of getting elected becausemany investors want new directorswho will keep a closer eye on man-agement, said Mr. Gal of SanfordBernstein, who added, “The share-holders I’ve talked to say, ‘Whywouldn’t I want that?’ ” n

A bitter pill for pharma CEOContinued from Page 3


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timetable for the firm’s three majorphilanthropic initiatives had beenplotted before the recession.

Goldman Sachs Gives, a donor-advised fund controlled by the firm’spartners and launched in 2007, gavemore than $200 million last year toa number of select groups, includingthe Harlem Children’s Zone. Theother two programs are 10,000Women, a five-year $100 millioncommitment launched in March2008; and 10,000 Small Businesses,a $500 million commitment an-nounced in 2009.

“We have been scaling a series ofstrategic initiatives for the last fouryears,” the Goldman spokesmansaid.

The bounty could be short-lived,however. Nearly three-quarters ofthe Fortune 500 companies that

participated in the Chronicle’s surveysaid that they planned to keep thisyear’s giving at 2010 levels; with afew exceptions, the rest expected toincrease donations.

Fragile conditions

“This has been a turnaround year,but we know how fragile that turn-around can be,” said Marcia Stein,executive director of Citymeals-on-Wheels. “Once again,” she added,“corporations and individuals arefeeling uncertain about what theywill give because they are uncertainabout the economy.”

The nonprofit, which deliversmeals to New York’s homeboundelderly, just came off a record year.Citymeals-on-Wheels raised $1.43million in corporate gifts of morethan $10,000 in fiscal 2011, whichended June 30, versus $1.19 million

the previous year.Citymeals-on-Wheels’ largest

sponsors, Fiji Water and AmericanAirlines, maintained their giving atprevious levels; and the nonprofitmanaged to snag several newdonors. Two of them, Amherst Se-curities and Sprinkles Cupcakes,gave $25,000 each.

But individual gifts cover about90% of Citymeals-on-Wheels’$18.5 million operating budget.With talk out of Washington aboutreducing the tax deduction for char-itable donations to 28% from 35%,and President Barack Obama’s planto raise taxes on households earning$250,000 or more,Ms.Stein is wor-ried that another major downturnin giving is on the horizon.

“This might have a really severeimpact on our individual giving,”she said. n

Corporations fill charities’ coffersContinued from Page 4

Should Icahnprevail, Forestwould be sold toa larger rival5

NUMBER ofinactive sites indowntownManhattanwrapped in art


EXECUTIVE

INBOX


Staten Island Farmer

KPMG: ChrisGoodman, 47, joinedthe audit, tax andadvisory firm as chiefmarketing officer. Hewas previouslyexecutive vicepresident and global

managing partner at Young & Rubicam.Child Mind Institute: Dr. Michael P.Milham, 36, joined as the foundingdirector of the Center for theDeveloping Brain at the children’smental health care organization. He waspreviously an associate director at thePhyllis Green and Randolph CowenInstitute for Pediatric Neuroscience atthe New York University Child StudyCenter.

Nickelodeon: SergioCuan, 47, waspromoted to seniorvice president andcreative director ofbrand and propertydesign, for the MTVNetworks brand. He

was most recently vice president andcreative director of brand and propertydesign.Sidley Austin: Matthew J. Rizzo, 35,joined the law firm as partner. He waspreviously a partner at McDermott Will& Emery.KeyBanc Capital Markets Inc.: PatrickCurry, 39, joined the investmentbanking arm of KeyCorp as a managingdirector and head of the new buildingproducts practice. He was previously a

Though David Cavagnaro has always wanted people to know wheretheir food came from, the former chef never thought he would beproducing it himself. ¶ Mr. Cavagnaro, 50, manages the 11-acreDecker Farm in Staten Island, a 201-year-old working farm. It ispart of Historic Richmond Town, a 17th-century restoration villagethat is a joint project of the Staten Island Historical Society and thecity of New York. ¶ “Want to see how to grow an urban farm? Comehere,” said Mr. Cavagnaro, the operation’s only paid employee. Hearrives at work as early as 2:30 a.m. from his home six miles away. ¶Decker Farm is hardly old-fashioned. It doesn’t use chemicals butharvests its herbs and vegetables, including lettuce, tomatoes andzucchini, with modern equipment. Mr. Cavagnaro also raises goats,chickens and other animals. He holds a market twice a week andalso finds time to prepare a monthly meal for those who want tosample the output. ¶ Mr. Cavagnaro, who jokes that people oftenask him if the farm was once a landfill, said: “Staten Island gets a badrap, but there are a lot of gems.This is one of them.”

—ian thomas

V.P. FINANCE

COMPANY Everlast Worldwide Inc.

JOB DESCRIPTION Monitordivisional and overallperformance within budgetaryframework

MOST IMPORTANT TASK Workwith executive committee tokeep operating costs withinbudget

CREDENTIALS NEEDEDBachelor’s degree; seven to 10years’ experience

SALARY $125,000 to$150,000

RECRUITER Internal

DOWNSIDE Possibleinvolvement in significantbudget cuts and layoffs

UPSIDE Power to influencecompany’s course

Everlast manufactures, marketsand licenses sporting goodsand apparel. Its products aresold in more than 20,000 retaillocations in the U.S. andCanada.

—IRVIN IBARGUEN

He jokesthatpeopleoften askif it’s aformerlandfill

HOT JOBS

EXECUTIVE MOVES

GOTHAM GIGS

A brain trust for femalebusiness owners

MARION HINDENBURG, ownerand president of Manhattan-based paper distributor Mrs.Paper, recently faced a problem:A longstanding customerstopped paying. Ms. Hindenburgmentioned the situation at ameeting of the WomenPresidents’ Organization, wherethe guest speaker happened tobe a psychologist with expertisein customer relations.

The expert’s advice: Keep

selling to delinquent customers,“because if you cut them off,they’ll just go run up a tab withsome other supplier and you’llnever see any of the money you’reowed,” Ms. Hindenburg recalled.

But, she said, “we made anew agreement where, everytime this customer ordered a newpallet of paper, he had to pay foran old one. That approach cutthe balance owed from $45,000down to $12,000.”

It was also typical of the

kind of insights WPO members

glean from their monthlymeetings. With six chapters inthe city, the nonprofit WPO,based on East 55th Street, hasgone global: About 1,800 femalebusiness owners on fourcontinents have signed up. Theircompanies average $14 millionin annual revenues and 93employees.

“When I started WPO 14years ago, there were lots ofprograms for women-ownedstartups, but nothing for femalebusiness owners who were well-established,” said WPOPresident Marsha Firestone.

The WPO, she added, is de-signed to “bring out the genius inthe group.”

Indeed, willingness to share

insights is one of the criteria

for joining the group, wherecandidates must own all or partof a service business with at least$1 million in annual sales or amanufacturing firm with at least$2 million in annual sales. “It’sall about giving, as well asgetting,” said Ms. Firestone.

DO YOU EVER ask other business owners for advice? Tell us atwww.crainsnewyork.com/execinbox.

USINESS IVESB LAnne Fisher

See EXECUTIVE MOVES on Page 26

8.8%New York City’s

unemployment ratefor June, vs. 9.4% in

June 2010Source: NYS Labor Dept.

bu

ck

en

nis

GROWN HERE: Aformer chef, DavidCavagnaro neverthought he’d actuallygrow food in the city.



EXECUTIVE MOVES

RÉSUMÉ REVIEW

covering the metals and mining sector.He was previously a senior analyst forMacquarie Securities.

RBC Capital Markets:Judith Fishlow-Minter,51, joined thecorporate andinvestment bankingarm of RBC as co-head of the U.S. loancapital-marketsinvestment-banking

group. She was previously a managingpartner at North Sea Partners.Harris Kretsge, 55, joined as a managingdirector and head of the U.S. municipalfinance public power group. He wasmost recently managing director andvice president of the public finance

BY JEREMY SMERD

Since buying a Staten Islandice cream maker from hisbrother in 2009, Dino Russoand his three partners have

expanded the Uncle Louie G’s chainto 50 shops from 12. Though mostlocations—owned by license-hold-ers—occupy storefronts in Brooklyn

and Staten Is-land, UncleLouie G’s cannow be foundas far away asFlorida andGeorgia.Nineemployeeswork in a6,000-square-foot factorythat houses 12

40-quart machines producing up to1,400 gallons daily of Italian ices andice cream.Mr.Russo,who has gained30 pounds since he bought the busi-ness, loves to joke but turns seriouswhen asked about his secret recipes.

How did you come to buy the company?

My brother and sister-in-law Johnand Carmen Russo started it about

15 years ago.They got tired of doingit. I had my own [Uncle Louie G’s]store and wanted to continue. I tookmy three friends Danny, Joe andPete.We took the company over andtook the numbers up drastically.

I noticed you drive a Bentley with Louie

G plates. Business must be good.

It’s OK.What,are you with the IRS?

No.

Don’t worry about my Bentley. It’smy dream car.

How did you grow the company so

quickly?

We grow by word-of-mouth. Wedon’t do too much advertising. Wehave a license-holder’s agree-ment. We supply everythingyou need and help you anyway we can; you agree tobuy our ice cream.

Who is Uncle

Louie G?

It’s just aname mybrotherinvent-ed.Theremight bean UncleLouie G liv-ing in Italy, butI don’t know. ButI hope he don’t looklike the picture.

I like the picture. You don’t?

We like it, but we love the product.

And who’s in charge of the product?

We have an R&D team, Rocco andMario. They’re chemists and mixflavors. We test every flavor. Webring kids in, volunteers, and gettheir ideas. They tell us if it’s toosweet, too bitter. My partner Joe,he’s a little slow in the head, so hefinds the kids. We don’t let him doanything in the factory.

What was the hardest flavor to get

right?

Birthday Cake Surprise. That tooka year. It’s five flavors, but we don’ttell people what they are. That andBrooklyn Cheesecake are our mostpopular ice creams. Rainbow andcherry are the most popular ices.

You seem like you’re having fun.

We’re always joking. Somepeople work to live—I live towork. I love coming here.It’s the best thing I’ve donein my life. I enjoy beinghere; I enjoy going to thestores. I like to watchpeople eat the ice cream.I like it when they com-pliment us. Where can afamily of four go out for

less than $10? Uncle LouieG’s. What did you think I was going to say,McDonald’s? n

Italian ice cream business is hot. Checkout owner’s Bentley

NAME MIKE NAJARIAN

SUMMARY

Disciplined and accomplished IT executive

PROFESSIONAL EXPERIENCE� Time Warner Cable

Project manager, video engineering consultant, 2010-presentDevelop and execute project-implementation plan encompassing audio and video network surveillance devices designed to prevent outages�WireLine LLC, Hillsdale, NJ

Founder, technology officer and network consultant, 2004-presentDraft proposals for small business owners detailing flexible, scalable wide and local area network connectivity; implemented wireless networkaccess points concentrating on increased customer service� Reed Elsevier

Senior project manager, network infrastructure consultant, June 2008 - Aug. 2008 Recruited for short-term engagement to gather sponsor and stakeholder requirements to fast-track a data center decommissioning

EDUCATION

� Saint Peter’s College, B.S., 1987� PMI PMP certified, 2009Résumé appears in condensed form.

EXPERT ADVICE

A résumé shouldn’t be over two pages. Eliminate wasted space, such asskipped lines between the company name and role. Also, bullets can be a fewsentences, but eight lines is too much information for one bullet. Thesummary and profile should be one section with a statement that Mike is anIT professional, along with three career accomplishments and his mainstrengths. The “hands-on technical, training and certifications” section shouldbe “Training and Certifications.” Last, “I” should never appear in a résumé.

—connie thanasoulis-cerrachio, career expert, Vault.com and SixFigureStart

To contact this candidate or to be featured in “Résumé Review,” e-mail usat [email protected].

Is your job search all it could be?We ask the experts.

Yo! Go to Uncle Louie G’s

CORPORATE LADDER

SPORT SALES PRO CIRCLES BACK TO NASCARSEAN DOWNES, 40, was named managing director, business development, atNascar. With the hire, the 63-year-old racing association welcomes Mr.Downes back into the fold. He was director of partnership marketing at theDaytona, Fla.-based organization from 2005 to 2009.

In his new role, Mr. Downes will be located in New York and will leadNascar’s sales efforts by focusing on adding blue-chip sponsors to investacross the sport—from the sanctioning body to the team and track levels.

Most recently, Mr. Downes was vice president,corporate hospitality sales at Madison SquareGarden, where he generated $200 million in newbusiness and renewals. From 2004 to 2005, heserved in a similar role as vice president at StrategicSports Group, where he worked on securing newbusiness and managed a portfolio of brands investedin multiple sports properties, including Nascar.

—JONAS ALTMAN-KUROSAKI

MOVERS &

SHAKERS

Dino

Russo

division at JPMorgan Chase.Paul Neuhedel, 47, joined as a managingdirector. He was previously executivedirector of public finance at JPMorganChase.Consolidated Carpet:Raymond Kappel, 50,joined as director ofoperations for thecommercial floorcovering contractor.He was previouslydirector ofinformationtechnology at Stark Carpet Corp.Riemer & Braunstein: Steven Fox, 50,joined the law firm as partner in thebanking and finance and bankruptcypractice areas. He was previously apartner at Epstein Becker & Green.Maura Russell, 44, joined as partner inthe banking and finance and bankruptcypractice areas. She was previously apartner at Epstein Becker & Green.Jonathan Jacobs, 31, joined as an associatein the banking and finance andbankruptcy practice areas. He waspreviously an associate at Schulte Roth& Zabel.Brett Nizzo, 35, joined as an associate inthe banking and finance and bankruptcypractice areas. He was previously anassociate at Epstein Becker & Green.Anthony Stumbo, 36, joined as anassociate in the banking and finance andbankruptcy practice areas. He waspreviously an associate at EpsteinBecker & Green.Bret Votano, 34, joined as an associate inthe banking and finance and bankruptcypractice areas. He was previously anassociate at Paul Hastings Janofsky &Walker.Doremus: Joey Jackson, 30, joined thebusiness communications firm as an

account supervisor. He was previouslyan account supervisor at McCannErickson.Donnelly Mechanical Corp.: Toni L.Tallerico, 35, was promoted to vicepresident of construction sales for themechanical contractor. She had been anestimator.Horizon Engineering Associates: KeithSeda, 44, joined the buildingcommissioning firm as director ofengineering. He was most recentlyStrategic Building Solutions’ regionaldirector of commissioning and energyservices.New York/New Jersey 2014 Super BowlHost Committee: Mark Bingham, 53,joined as executive vice president ofsales. He was previously senior vicepresident, premium partnerships, at theNew Meadowlands Stadium.Common Ground: Brenda Rosen, 43, wasappointed executive director of thehomeless housing and servicesorganization. She had been actingexecutive director.Kilpatrick Townsend & Stockton: Jill K.Tomlinson, 38, joined the law firm as anassociate. She was previously anassociate at Cowan Liebowitz &Latman.Kelley Drye & Warren: August T. Horvath,44, was named a partner at the law firm.He was most recently special counsel.

Vme: Ariel Martinez,33, joined the Spanishtelevision network inthe newly created roleof director ofintegrated marketingand digital sales. Hewas most recentlydirector, interactive

media sales marketing, at Univision.Horizon Kinetics: Steve Butler, 43, joined

the investment firm as head ofinstitutional sales. He was previouslydirector of consultant relations atCorbin Capital Partners.Cowen Group Inc.: Ray Cameron, 48,joined the financial services firm as amanaging director and head ofcorporate access. He was most recentlyhead of issuer services at LiquidNet.Joshua Jennings, 39, joined as a seniorresearch analyst in the medicaltechnology sector of the research group.He was formerly a senior medicaltechnology analyst at Jefferies & Co.A.C. Lawrence & Co.: Dean Dunbar, 50,joined as managing director of the realestate brokerage’s relocation division.He was previously a managing senioragent at BOND New York.Depository Trust & Clearing Corp.: AdamWysota, 46, joined the securities servicesfirm as chief technology officer. He wasformerly a managing director at BarclaysCapital.The Rosen Group: AbbyBerman, 28, waspromoted to vicepresident at the publicrelations firm. She waspreviously a senioraccount executive.Schiff Hardin: WilliamB. Duff, 62, joined thelaw firm as a partner. He was previouslythe chair of employee benefits andexecutive compensation at KattenMuchin Rosenman.

—jonas altman-kurosaki

EXECUTIVE PROMOTIONS

The fastest way to get an announcement intoCrain’s is to submit online. Fill out the form at www.crainsnewyork.com/section/executive_moves. The Executive Moves columnis also available online.

Continued from Page 25

managing director and head of buildingproducts and construction at Jefferies & Co.Scott Berman, 45, joined as a managingdirector in the mergers and acquisitionsgroup. He was previously a managingdirector at Morgan Joseph TriArtisan.The Topps Co.: Michael Bramlage, 30,joined the creator and marketer of sportscards and entertainment products as vicepresident, digital. He was most recentlydirector and head of product for NokiaCorp.Nomura: Curt Woodworth, 34, joined theinvestment bank as a senior analyst

buck ennis


Miss Lily’s sizzles witha runway of late-night chic-lettesand long-hairedbikers in ’80s thrift

shop primp.I can’t swear I am simplypleased by the robust goat curry andsavory oxtails. I might be mesmer-ized by immersion in a rainbow of di-versity to rival Red Rooster uptown.The slim unreal fawn with heart-shaped derriere in a striped eveninggown. The mahogany showstopperin a bare red mini. A young DianaRoss in black silk cutouts. Wouldn’tthey make a great fashion spread?And that’s just the staff.

The dazzle arrests me mid-chomp on the marvelous jerk-grilledcorn. Its toasted coconut makes it astrong contender in the ethnic cornleague. Miss Lily’s Favorite Cakes isnot Anna Wintour’s worst night-mare. It’s not the Serge Becker clubin her Village backyard that sheprotested so eloquently at the Com-munity Board 2 meeting in St. An-thony of Padua’s basement. Beckerretreated on plans for the private par-ty room next door with a terrace thatmight waft jerk smells and yells intothe landmarked MacDougal-Sulli-van garden out back shared by just 22townhouses, including Wintour’s.

And big shock, I have no prob-lem reserving for fabulous Thurs-day. So much for a club snub. Al-ready I’m sliding on orangeleatherette into a narrow booth witha down-home Formica table, defi-nitely digging the Caribbean cute:dish towel napkins, checkerboardfloors, and sconces of big floweredplatters centered by lightbulbs.

In the harrowing countdown toconvince the neighborhood that MissLily would not be anything like Beck-er’s bawdy nightclubs, but rather amodest Jamaican restaurant,the rightto sell serious booze fell by the way-side. So, we’re making do with $14cocktails, like Champagne Bubbla(with Lillet and raspberries) andPressure Drop (sake mixed with freshlime juice and kaffir lime leaves).

Our India-born fire-loving friendeats the torrid pepper shrimp, shelland all, but graciously peels one forhis spice-wary date.These heads-onfirecrackers—named Middle Quar-ters for the Jamaican town famed forthem—are almost too hot for me.The cod fritters are safe enough,plump so you can taste the cod,though their curry sauce seems bash-ful with the salty, Scotch bonnetshrimp burning on your lips.The lureof slightly soggy plantain chips to

drag through bland ackee escapes me.As it nears 10, dim lights grow

dimmer, the music—an island mixof reggae and hip-hop—gets loud-er. Instead of complaining, I findmyself bouncing along.

Amalie, our guest’s date, takes abite of her jerk chicken warily andannounces she can handle it. It’sjuicy enough, even the white meat,but the bird seems to have lost its es-sential jerk heat. Bradford Thomp-son, executive chef here, is marriedto a Jamaican woman whose latemother was a jerk chicken legendand has followed her recipe, but ad-mits it might have gotten too toneddown after complaints. Meanwhile,we have a spray bottle of jerk sauceon the table to shoot it up.

Jerk is not the only way to go.There’s a vegan Bushman plate,steamed grouper, and my oxtails lay-ered with deep flavor from three daysmarinating in garlic, onion, scallion,ginger and carrot.The rice and beansdon’t thrill me. Still, I’m eating thecoleslaw alongside—ordinary, butfreshly made.And I’d be back for thesplendid “pasture raised” curry goatwith Irish potatoes.

Of course, we’ll have dessert.Coconut cake so rich and lush doesthe trick.

Copyright © 2011 by Gael Greene.Syndicated by www.insatiable-critic.com.


WORKSHOPS

TUESDAY, AUGUST 9

ASIAN WOMEN IN BUSINESS invites you to“The Main Ingredient: Starting aSuccessful Restaurant.” A panel ofindustry professionals will address issuesranging from financing to food servicemanagement, offering strategies forsuccess. The workshop will take place atPranna Restaurant, 79 Madison Ave.,from 6 p.m. to 9 p.m. The cost is $50 formembers and $80 for nonmembers. Toregister, visit www.manhattancc.org. Forinformation, call (212) 868-1368.

WEDNESDAY, AUGUST 10

Join the Real Estate InvestorsAssociation of NYC for TAX LIENS AND

DEEDS INVESTING EXPOSED. Real estateinvestor George Fuchs will share hisexperiences and talk about how tobecome successful.The seminar will takeplace at The New Yorker Hotel, 481Eighth Ave., third-floor meeting room,from 6:30 p.m. to 10 p.m.The cost is $25for members and $30 for nonmembers.To register, visit www.reianyc.com. Formore information, call (646) 278-6724.

NETWORKING RECEPTIONS

MONDAY, AUGUST 8

The GREEN BREAKFAST CLUB will hold its

monthly networking event from 8:30a.m. to 10:30 a.m. The event will featurea keynote startup story and a networkingmodel for intergenerational mentoring,bartering and resource exchange. Theevent will take place at the Science,Industry and Business Library, 188Madison Ave. The cost to attend is $20.For more information and to register,visit www.greenbreakfastclub.com or call(888) 910-9980.

CULTURAL EVENTS

THURSDAY, AUGUST 11

The Young Members Circle of theMuseum of the City of New York invitesguests between the ages of 21 and 39 tothe fourth annual BIG APPLE BASH

benefit party. The event will featuremusic, raffles, cocktails and dancing tobenefit the museum. The benefit willtake place at the museum, 1220 FifthAve., from 7 p.m. to 11 p.m. The cost toattend is $40 for members, and $70 fornonmembers and members purchasingtickets at the door. For more informationand to purchase tickets, visitwww.mcny.org or call (212) 534-1672,ext. 3328.

TUESDAY, AUGUST 9, TO

SATURDAY, AUGUST 13

Join the JOYCE THEATER incelebrating the return ofODC/Dance and thecompany’s 40th anniversary. Artisticdirector and founder Brenda Waypresents the New York premiere ofWaving Not Drowning (A Guide toElegance). Performances begin at 7:30p.m. on Tuesday and Wednesday, and at8 p.m.Thursday through Saturday.Tickets range from $19 to $49 and canbe purchased by visiting www.joyce.org orcalling (212) 242-0800.

—suzanne panara

THE WEEKAHEADAUG. 8-14

INSATIABLECRITIC Gael Greene

Village eatery servesup Jamaican in AnnaWintour’s backyard

Miss Lily’s drawsdiverse crowd

WHAT SHE’S

READING

NEW YORK’S junior senator, KirstenGillibrand, is known for herlegislative focus on women’s

issues, and that interest extendsto her leisure time as well. Rightnow, Ms. Gillibrand is reading MikaBrzezinski’s Knowing Your Value:Women, Money and Getting WhatYou’re Worth. The MSNBC co-host’s blunt manifesto discussesequal pay for women, somethingthat Ms. Gillibrand holds close.

“It’s an important bookbecause it talks about a strugglethat a lot of people have, which isasking for the level of compensa-tion that they deserve,” Ms.Gillibrand said. “A lot of my staffmembers are reading this, too,and they can see themselves inher story.”

Her other read right now isBossypants, by Tina Fey, whichshe says is “just hysterical,” and“a wonderful biography abouthow to succeed in comedy.”

—ELIZA RONALDS-HANNON

flic

kr.c

om

/ch

em

ex

CRAIN’S PRESENTS:

C E & H P

A C: A

I D: S

www.crainsnewyork.com

For more information, please contact Irene Bar-Am at 212.850.7611 or

[email protected]

Crain’s New York Business’ annual Corporate Events & Holiday Parties sponsored section caters to meeting

and event professionals with tips and expert advice on planning successful corporate events in New York.

Timed to reach New York’s event professionals while they are gearing up to make holiday event plans,

this feature includes must-read information for those navigating the event planning scene in the

city. Don’t miss this unique sponsored section appearing in Crain’s New York Business.

Pick of the week

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MISS LILY’SFAVORITE CAKES

132 W. Houston St.(646) 588-5375

www.misslilysnyc.com

CUISINE Jamaican

PRICE RANGE Entrées $15-$23

SERVING Lunch, dinner, brunch

RESERVATIONS A must

NOISE LEVEL Gets noisier asnight goes on

I can’t wait to return.

I will definitely go back.

I’ll let them simmer awhile.

NO HATS Never again.

TONED DOWN? Jerk chicken

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Motorola Photon™ 4G

Biz 360 offers are available to corporate-liable customers only. Additional fees or monthly recurring charges may apply. Motorola Photon 4G requires activation on a select plan and a $10 Premium Data add-on. May require up to a $36 activation fee/line, credit approval and deposit. Up to a $200 early termination fee/line applies. Service availability is dependent upon phone/device. Coverage is not available everywhere. The Nationwide Sprint Network and the Sprint 3G Network reach over 278 million and 274 million people, respectively. The Sprint 4G Network reaches over 70 markets and counting, on select devices. See sprint.com/4G for details. Not all services are available on 4G, and coverage may default to 3G/separate network where 4G is unavailable. Offers are not available in all markets/retail locations or for all phones/networks. Pricing, offer terms, fees and features may vary for existing customers not eligible for upgrade. Restrictions apply. MOTOROLA and the Stylized M Logo are registered in the U.S. Patent and Trademark Offi ce. ©2011 Sprint. All rights reserved. Sprint and the logo are trademarks of Sprint. Other marks are the property of their respective owners.

The new Sprint Biz 360. A range of custom solutions that wearas many hats as you do, rain or shine.

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