Crain's Cleveland Business

Page 1

VOL. 40, NO. 28

JULY 15 - 21, 2019

Source Lunch

Health care Akron’s two big health systems will have outside ownership. Page 28

The List

CLEVELAND BUSINESS

Amy Wong, Dot Org Solutions Page 31

Highest-paid female executives Page 26

Margot James Copeland, page 10

Françoise Adan, page 12

Christine Amer Mayer, page 13

Gina Beredo, page 13

Ellen Burts-Cooper, page 14

Toi Comer, page 16

Veronica Isabel Dahlberg, page 17

Marsha Dobrzynski, page 18

Ka-Pi Hoh, page 20

Lisa Kristosik, page 20

Cynthia Leitson, page 21

Kristen Lukas, page 22

Lori McClung, page 23

Ilene Shapiro, page 23

Jill Rizika, page 24

Vanessa Whiting, page 25

WOMEN of NOTE E

very year, Crain’s Cleveland Business salutes a group of inspiring women whose dedication and achievements enrich Northeast Ohio, its institutions and its people. A panel of Crain’s editors chose this year’s class from a deep and broad pool of nominations. In addition, our partner, The Cleveland Foundation, selected Margot James Copeland, just retired as CEO and president of the KeyBank Foundation, for this year’s Women of Note Legacy Award. The 2019 Women of Note will be honored at a luncheon at Cleveland’s Public Auditorium on Wednesday, July 17. Their stories, pages 10-25

Women of Note portraits by Jason Miller for Crain’s Cleveland Business

ENERGY

Bailout of Ohio’s nuclear power plants may come too late for FES By Dan Shingler dshingler@crain.com @DanShingler

Akron’s FirstEnergy Solutions (FES) might not get the bailout it says it needs in time to save its Perry and Davis-Besse nuclear power plants unless the company is able to change the deadline for refueling the plants a second time.

The company said it’s counting on the Ohio Senate to pass something akin to the recently passed House bailout bill, dubbed HB 6. FES said that plan, as recently amended by the Senate but not yet voted on, would give the plants a $150 million annual subsidy they need to remain open. If FES doesn’t get it, the company said, it is set to close the plants by May 2021, resulting in probable layoffs for more than 1,300 Ohio em-

Entire contents © 2019 by Crain Communications Inc.

ployees who staff and service them. FES initially said it needed a subsidy in hand by June 30 or it would not be able to refuel the plants in time to keep them in service. When that came and went without a bill’s passage, FES said it would need the subsidy approved by July 17. “We remain on path for a safe deactivation and decommissioning,” the company said in a July 1 statement. “Should we receive the longterm certainty that comes with an affirmative vote within this timeframe, we will immediately re-evaluate our options. Given the expectation that the legislation will be passed in the coming weeks, we have communicated our commitment to doing everything possible to accommodate this process, which will come with increased financial burden associated with missing the June 30 fuel purchasing deadline for Davis-Besse.” SEE BAILOUT, PAGE 29

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REAL ESTATE

IMG Center owner faces foreclosure By Stan Bullard sbullard@crain.com @CrainRltywriter

Office building owner and highprofile office broker James Breen always has been a free spirit in the Greater Cleveland real estate scene, such as being a candid critic of downtown development efforts when few realty types would go that route. Breen now is moving to a different tempo as a property owner, a generally happy group amid the prolonged positive cycle in real estate investments and development in the region and nation. However, Breen faces multiple fiscal challenges, most prominently a foreclosure filing against his largest asset, the 16-floor IMG Center, 1360 East Ninth St., and lawsuits from other creditors against properties or his James Breen Real Estate LLC

brokerage. Wells Fargo Bank, serving as trustee for the collateralized mortgage security loan referred to as UBSCM2018C9-OH IMG LLC, on Breen July 2 sued 1360 E. Ninth St., doing business as IMG Center, in Cuyahoga County Court of Common Pleas. The court filing, assigned to Judge Daniel Gaul, although it technically has to go through mediation, states that the property is in default on the $16.8 million loan Breen took out against the property in a 2018 refinance for failing to make monthly payments since February, as well as being in a technical default for having liens against the property. SEE IMG CENTER, PAGE 29

7/12/19 2:45 PM


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