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

Crains New York - June 17, 2013

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