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9/23/2011
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$2.00/SEPTEMBER 26 - OCTOBER 2, 2011
Poster child for wind likely to be sold Stalking horse bidder emerges with $3.9M offer for Cardinal Fastener By DAN SHINGLER dshingler@crain.com
ERIC MULL
Independence-based Quasar Energy Group and Forest City Enterprises Inc. have formed a joint venture to build digesters on properties the real estate giant owns, manages and develops, including this site in Collinwood.
ENERGY BUILDS AROUND DIGESTERS Forest City Enterprises, Quasar partner on construction of waste conversion technology to generate electricity By CHUCK SODER csoder@crain.com
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See CARDINAL Page 24
Banks sue to foreclose on real estate investor By STAN BULLARD sbullard@crain.com
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n its effort to make natural gas from America’s organic waste, Quasar Energy Group has a big ally. Forest City Enterprises Inc. and Quasar are in the process of building what Jon Ratner says will be the first of many anaerobic digesters on properties that the Cleveland-based real estate giant owns, manages or develops. The digester technology — which can convert materials such as sewage, crop waste and grease into methane — blew away other renewable energy technologies
It’s likely there soon won’t be a Cardinal Fastener & Specialty Co. anymore, though workers at the company that was hailed as a symbol of wind energy’s potential to benefit area manufacturers apparently will continue to make bolts at its plant in Bedford — at least if Germany’s Wurth Group has its way. Wurth Group North America Inc. has agreed to buy Cardinal’s assets, including its equipment, for $3.9 million, according to documents that are part of Cardinal’s bankruptcy filing in Cleveland. Other bidders will be able to outbid Wurth, which is a stalking-horse bidder that emerged from Cardinal’s efforts to sell itself, at an auction set for Oct. 26, pending Bankruptcy Court approval. Wurth also would have an opportunity to increase its own bid, if other buyers emerge at the auction, lawyers
In a multifaceted business career as part of one of Lake County’s bestknown families, Richard Osborne Sr. has made life tough for bankers by being an activist shareholder. Mr. Osborne even has sued to foreclose on a mortgage he held on a property
Osborne
See OSBORNE Page 26
INSIDE Forest City has considered implementing on its properties, said Mr. Ratner, its vice president of sustainability initiatives. That’s one reason why Forest City decided
Sponsors look for home runs Sponsorship partners of the Cavaliers, Indians and Browns want to directly tie more traffic to their doors and have bolstered their marketing programs in response. Read Joel Hammond’s story on Page 6.
See QUASAR Page 25
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SPECIAL SECTION
FINANCE Businesses and organizations employ more creative financing to initiate deals ■ Page 13 PLUS: WORKPLACE BANKING ■ ACCOUNTING NICHES ■ & MORE
Entire contents © 2011 by Crain Communications Inc. Vol. 32, No. 39