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Clinic in an out-of-state state of mind Growth beyond Ohio leaves hospital system wanting more By TIMOTHY MAGAW tmagaw@crain.com
Cleveland Clinic CEO Toby Cosgrove hasn’t been shy about his quest to extend the medical giant’s footprint well beyond Northeast Ohio — and for good reason. The Clinic’s slate of out-of-state
locations experienced marked growth last year and, Dr. Cosgrove said, continue to provide a solid revenue stream for Northeast Ohio’s largest health system. The Clinic’s Lou Ruvo Center for Brain Health in Las Vegas, which the system acquired in 2009, saw a lofty 76% increase in patient visits in 2011 from levels of 2010. Likewise, the Clinic’s outpatient offices See CLINIC Page 25
GRAHAM WHITBY BOOT/ALLSTAR
The Clinic’s Lou Ruvo Center for Brain Health in Las Vegas saw a 76% increase in patient visits last year over 2010.
Even with higher taxes, drillers still will drill
InkStop trustee, investors target Skoda in lawsuits
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Failed retailer’s accounting firm accused of negligence
Leases will expire unless production begins By DAN SHINGLER dshingler@crain.com
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The leases that thousands of Ohio landowners have signed with oil and gas companies will drive the development of thousands of shale gas wells in the eastern half of the state during the next five years, even if the state proceeds with raising its taxes on the energy industry, according to experts on minerals rights. The catch for energy companies is that the leases require drillers to begin production on each property
INSIDE: Ohio’s plastics and specialty chemical companies aren’t worried about Shell’s decision to locate a new production facility in Pennsylvania, bypassing Ohio. Page 3 in three to five years. If a company fails to do so, it either loses the lease or must pay a cash bonus to renew it, at a cost of up to $6,500 per acre based on existing lease prices. There’s no escape clause for an energy company to say that it needs more time to develop a property
RUGGERO FATICA
A way to help wind David Matthiesen is leading the Wind Energy Research and Commercialization Center at Case Western Reserve University, the goal of which is to produce wind power more efficiently. PAGE 3 ALSO: ■ Buehler’s takes neighborhood hardware store business north to Cleveland’s suburbs. PAGE 6
See DRILLERS Page 24
By JAY MILLER jmiller@crain.com
Two-and-a-half years after InkStop Inc. filed to liquidate in U.S. Bankruptcy Court, the company’s courtappointed trustee and disgruntled investors separately are turning their legal attention to the role they allege accounting firm Skoda, Minotti & Co. played in the demise of the ink and toner retailer. Three lawsuits contend that the Mayfield Village firm, which was InkStop’s accountant and auditor, was negligent and failed to audit and
INSIDE: A timeline of InkStop’s rise and fall. Page 23 report accurately InkStop’s financial condition. The largest known amount sought in the lawsuits is $15.5 million. In a lawsuit transferred to U.S. District Court in Cleveland from Bankruptcy Court last Nov. 2, bankruptcy trustee Mary Ann Rabin charges Skoda Minotti with professional negligence. Ms. Rabin said the accounting firm failed to discover and report that InkStop’s officers See INKSTOP Page 23
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SPECIAL SECTION
Meet the honorees in Crain’s first in-house and general counsel awards ■ Pages 13-21
Entire contents © 2012 by Crain Communications Inc. Vol. 33, No. 13