Pittsburgh Tuesday takes
A filing is nigh?: Surely a Chapter 11 bankruptcy filing is not far off for West Penn Allegheny Health System. The latest sign is the failure of Pittsburgh's second-largest hospital group to meet last Friday's deadline for releasing an auditor's report of its fiscal year ended on June 30. The system is surviving only because it's being propped up by Highmark Inc., which is attempting to subsume operations. But the longer West Penn Allegheny waits to reorganize, the more likely it is that it won't be able to.
Results of a “closed market”: The preferential treatment continues for Continental Real Estate. The Ohio company developing land between Heinz Field and PNC Park for the Steelers and Pirates, part of that government-sanctioned sweetheart deal, has won a three-month extension for its latest project. Continental, winner of past extensions, says it still must secure a key office anchor tenant for its planned $26 million office complex. Had the competitive market been allowed to develop the parcels (versus the government-blessed “closed market”), we bet the 25-acre tract would have been fully developed by now.
There they went: Now the soul-searching begins for the Pittsburgh Steelers. The Black and Gold closed the 2012 campaign on a high note, defeating the Cleveland Browns. But the fact remains that the Steelers' wildly inconsistent play forced them to struggle just to finish the season with an 8-8 record and no playoff berth. Expect significant personnel changes in the off-season, on and off the field.