ON THE RECORD
The Detroit News
to the 2012 TMA
for their year-
round support of
JUNE 16, 2012
“Detroit’s M@dison Building Filled Up”
discusses how Quicken Loans Inc.
founder Dan Gilbert and his partners
have turned the first building they
bought in downtown Detroit from
mostly vacant to completely full.
Renaissance in Downtown Las Vegas”
recaps a TMA Nevada Chapter event.
Downtown Las Vegas in 2008 was
a wasteland pockmarked by vacant
buildings and broken bottles.
Financing dried up and projects planned
for the urban core were abandoned.
The downtown area became just
another victim of the recession.
But the neighborhood still had some
believers who pulled together money
to start businesses in the area.
Some of them joined a Wednesday
night panel hosted by the Turnaround
Management Association of Nevada.
The M@dison Building—formerly known
as the Madison Theatre Building—has
added 27 tenants since it was purchased
in January 2011, a Quicken Loans
representative confirmed Friday. “Very
few in this whole city—big buildings—are
at 100 percent, or even 90 or 95,” said
“Gilbert buys buildings already
having prepared the kinds of tenants
he’s gone after and is going after to
fill up his building,” Dalto said.
Kenneth Dalto, Kenneth J.
Dalto & Associates (Detroit/
Grand Rapids Chapter)
The Detroit News
JUNE 14, 2012
“New Manager Set to Tackle Detroit’s
Turnaround” reports the new program
management director hired by Detroit
Mayor Dave Bing to help restructure
Detroit’s troubled finances has nearly
40 years in key private-sector financial
roles but none in public service.
“I’ve never done any public service in
my life and it’s time for me to do some,”
said Andrews, who expects to begin his
new post early next month. “So I kind of
look at it as my time with public service.”
“The turnaround and restructuring
experience I have had has forced
me to climb steep learning curves
and I’m fully prepared to climb
another one,” Andrews said.
William C. Andrews, CTP (Detroit/
Grand Rapids Chpater)
Las Vegas Review-Journal
MAY 18, 2012
“Panel Discusses Continuing
The Deal Pipeline
MAY 17, 2012
“Distressed M&A? Look Toward SNFs,”
written by Jeffrey R. Manning, CTP,
and Jerry Shapiro, details how Skilled
nursing facilities fill a middle ground,
providing care for patients who need
full-time care but not hospitalization.
After surviving a major hit in the late
1990s, SNFs recovered temporarily but
have been on a downward spiral in
recent years—making the industry a
prime target for distressed M&A activity
in 2012. The first blow to SNFs came in
1999 when the Health Care Financing
Administration announced a significant
change in Medicare reimbursement,
leading to a wave of SNF bankruptcies.
Under the new reimbursement system,
SNFs received fixed, predetermined
rates for each day of care, as opposed
to cost-based reimbursement, as
under the old system. This change was
followed by a period of relative stability,
if not prosperity. However, prompted
by a weakened economy as a result of
the Great Recession, another round of
massive changes in funding sources
could lead to the downfall of SNFs,
and there is no clear end in sight.
Jeffrey R. Manning, CTP, BDO Capital
Advisors LLC, and Jerry Shapiro,
BDO Consulting Corporate Advisors
LLC (New York City Chapter)