Crains New York - June 17, 2013 - (Page 4)
IN THE
MARKETS
Discover
True Client Service.
by Aaron Elstein
newscom
Above and beyond
is our starting point.
Discover Excellence in Commercial Real Estate Services.
Discover Cassidy Turley.
Nathan’s dogged
by nasty food fight
Peter Hennessy
President, New York Tri-State Region
212.318.9790
Peter.Hennessy@cassidyturley.com
www.cassidyturley.com
Project & Development Services / Tenant Representation / Project Leasing / Property Management / Corporate Services / Capital Markets
CRAIN’S
Health Care
Symposium:
T
he annual Mermaid Parade comes to town this
weekend, and that means thousands of colorfully clad
folks will swarm upon Coney Island to celebrate the
beginning of summer and generally let it all hang out. Of
course, no trip to Coney Island is really complete without
munching on a Nathan’s Famous hot dog. Happily, the
flagship restaurant heavily damaged by Sandy reopened
last month.
But you know what they say about not watching how the
sausage gets made.
Make Way for
the Mega Docs
Turns out the folks who own
Nathan’s have been locked in a
nasty breach-of-contract lawsuit
with the company that has manufactured its wieners for decades.
Earlier this year, an appellate court
in Illinois affirmed a ruling that
awarded a $4.9 million judgment to
the supplier. That amount is equal
to nearly two-thirds of last year’s
profits at Nathan’s Famous Inc., and
the company has appealed the decision to the Illinois Supreme
Court.
Here’s what happened, according to the appellate court ruling:
Starting back in 1978, Nathan’s hot
dogs were made by a company
called John Morrell & Co. But,in 1994,
a Morrell executive led a management buyout of his division and
formed a new company called SMG
Inc. That same year, Nathan’s entered into a 20-year agreement to
have SMG make its hot dogs. As
part of the deal, the longtime partners agreed that Nathan’s could terminate the agreement if SMG were
sold to someone else.
Two competitive strategies and the impact on New York’s health care industry.
DATE:
Wednesday
July 17, 2013
VS.
NYC Hospitals,
One-Stop
Patient Experience
PLACE:
JW Marriott Essex House
160 Central Park South
OPENING KEYNOTE: To be announced.
PANEL DISCUSSIONS
Mega Practices: A New Era of Health Care
Panelists:
Scott Hayworth, MD FACOG
CEO, Mount Kisco Medical Group
Walter LeStrange
COO, ProHEALTH Care Associates
Simeon Schwartz, MD
President and CEO, WESTMED Medical Group
Hal Teitelbaum, MD, JD, MBA
Managing Partner & CEO, Crystal Run Healthcare
A View from Inside–The CFO Perspective
Panelists:
Joseph Guarracino
SVP & CFO, The Brooklyn Hospital Center
Joel Perlman
EVP and CFO, Montefiore Medical Center
Donald Scanlon
EVP and CFO, The Mount Sinai Medical Center
Robert Shapiro
EVP and CFO, North Shore-LIJ
4 | Crain’s New York Business | June 17, 2013
TIME:
Networking Breakfast:
8:00am – 8:30am
Program:
8:30am – 12:00pm
COST TO ATTEND:
$300 for individual ticket(s)
$3,000 for table(s) of ten
You must be pre-registered to attend this
event.
No refunds permitted.
For more information, please contact the
Events Hotline at (212) 210-0739 or
crainsevents@crainsnewyork.com.
For sponsorship information, please
contact Nancy Adler at (212) 210-0278 or
nadler@crainsnewyork.com.
Platinum Sponsor:
Silver Sponsor:
bloomberg news
Multi-Specialty
Suburban
Practices
Sure enough,in 2000,SMG was
acquired by a private-equity firm
called Glencoe Capital, which paid
Nathan’s $500,000 to sign off on
the transaction.
Then things went sour. SMG
hit hard times, and in 2006 needed
to restructure. Glencoe had sold a
majority of its stake through a 2003
initial public offering and was
swept aside as new investors took
control. Nathan’s contended it
wasn’t informed of the ownership
change and told SMG that its manufacturing agreement was over.
SMG fired back, alleging that
Nathan’s for years had overcharged
it for seasonings.
Ultimately, the courts ruled that
Nathan’s had to pay $4.9 million to
SMG for the overcharging infractions and had no grounds to tear up
its agreement.
There is a happy-ish ending to
this tale: Nathan’s said that starting
next year its hot dogs will be made
again by John Morrell & Co.,
which is now a subsidiary of
Smithfield Foods. Ⅲ
$115M
AMOUNT OF
LOSSES
suffered by
Warren Buffett’s Berkshire Hathaway for insuring
the BP oil rig in the Gulf of Mexico that exploded in
2010, causing a massive spill. The data were
contained in a letter from Berkshire to the
SEC released last week.
http://www.cassidyturley.com
http://www.cassidyturley.com
Table of Contents for the Digital Edition of Crains New York - June 17, 2013
IN THE BOROUGHS
IN THE MARKETS
THE INSIDER
SMALL BUSINESS
BUSINESS PEOPLE
OPINION
GREG DAVID
FOR THE RECORD
REPORT: FORTUNATE 100
THE LIST
REAL ESTATE DEALS
CLASSIFIEDS
NEW YORK, NEW YORK
SOURCE LUNCH
OUT AND ABOUT
SNAPS
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