FAIRFIELD COUNT Y
BUSINESS JOURNAL
YOUR ONLY SOURCE FOR LOCAL BUSINESS NEWS • westfaironline.com PhoCusWright
Vol 48, No. 20 • May 14, 2012
FCBJ TODAY Foundations – the gifts that keep on giving? … 3 Pitney Bowes sets up its Volly consumer billing platform for Q4 … 5
BY ALEXANDER SOULE
casoule@westfairinc.com
W Shooting the rapids • 6
In the field: Louis Dreyfus acquires company that had 2008 explosion … 8 The List: the guaranteed places to find a small business loan ... 11 Special report: Are small businesses the jobs engines they purport to be? … 13 Also … “Women who already own businesses in Connecticut are growing them faster than in other states.” … 14
Kayak CEO Steve Hafner
Bar for the course
Arbitrating disputes on the links BY ALEXANDER SOULE
casoule@westfairinc.com
MEDIA PARTNER
NU takes ‘hard’ look at cost cuts
R
obert Harris has no hesitation when asked to tee up his favorite case: an attorney vacationing on Long Island 100 years ago who was forced to play a round of golf with an unfamiliar club, due to a repair company having lost his favorite “cleek” (1 iron) in the shop.
After a nightmare 18 holes, he did what any self-respecting lawyer would do – he sued and won damages totaling $1 from a sympathetic jury. “Then he did what really obnoxious lawyers do – he appealed,” Harris recalled. “He ended up with $4.” An attorney and mediator in the Bar, page 6
ith the ink still drying on merger agreements with state regulators – and memories still imprinted by the prolonged blackouts of 2011 – Northeast Utilities hinted it would accelerate planned cost cuts. In April, Northeast Utilities completed its merger with NStar, whose CEO Tom May now leads the combined company from its Boston offices. Former Northeast Utilities CEO Chuck Shivery is now chairman and Leon Olivier continues in his Northeast Utilities role as chief operating officer in Hartford. May said Northeast Utilities is still in the process of assigning managers their roles in the consolidated company, which starts anew with more than 9,000 employees. “We initially thought that we would have our management team all picked and in place and up and running by now,” May said in a conference call. “But because we had so much trouble getting this merger through the different gates, we sort of held off so that we wouldn’t be in a situation of selecting certain executives, which meant you ‘unselected’ others. And as a result, if it didn’t go through, we would have had some broken china in the process. So we’re a little bit behind.” Asked about the timing for cost reductions, former NStar and new Northeast Utilities CFO James Judge ruled “conservative” a previous multi-year plan the company filed with regulators that among other elements spelled out an attrition-based plan for workforce cuts, with the company not planning on replacing workers who retire or leave for other reasons. NU, page 6
Designs on a speedy build approval process … 2