ARTICLES

Longtime executives unleash big donations:

Two Indianapolis business legends cemented their reputations for generosity in 2006 with charitable donations of $50 million and $15 million, respectively. The Indiana University School of Medicine announced in November that retail developer Melvin Simon and his wife, Bren, had committed $50 million to the school's cancer center to recruit and retain researchers and to help with an expansion. Apartment developer Gene Glick and his wife, Marilyn, earlier in the fall announced a $15 million contribution to the Indianapolis Cultural...
Read More

For Cornelius '06 was full of challenges:

Long-time Indianapolis business leader Jim Cornelius jumped from one daunting challenge to another in 2006. He started the year as chairman and CEO of Guidant Corp., as it weighed a possible sale to either New Jer sey-based Johnson & Johnson or Massachusetts-based Boston Scientific Corp. After Boston Scientific won, Cornelius became acting CEO of New York-based Bristol-Myers Squibb Co. in September. Cornelius stayed with Guidant from start to finish. He left his position as chief financial officer at Eli Lilly...
Read More

Boston Scientific swallows Guidant:

Massachusetts-based Boston Scientific Corp. finally sealed its purchase of Indianapolis medical device maker Guidant Corp. in April. But it was still paying a price for the $27-billion deal as 2006 wound to a close. Boston Scientific shares have tumbled since the deal closed, partly because of concern that its signature product, drugcoated stents that prop open obstructed heart vessels, can sometimes cause fatal blood clots. But many of the company's difficulties relate to product-liability problems at Guidant, one of the...
Read More

From blankets to burials, trustee work never ends:

You can turn to a township trustee for help if a fire leaves you homeless or a hospital stay leaves you penniless. You also look to the office if a dog devours your livestock or you need a fence dispute resolved. Indiana's 1,008 trustees make up the state's largest single group of elected officials, and their lengthy list of duties ranges from the conventional to the odd. Some are charged with destroying "noxious weeds" and "rank vegetation," according to the...
Read More

Guidant deal rides roller coaster:

Indianapolis-based medicaldevice maker Guidant Corp. spent most of 2005 shifting from one crisis to the next, as it endured national publicity over product defects, scores of shareholder and patient lawsuits, and marathon negotiations with potential buyers over its future. By the end of the year, it still had no clear vision for what that future holds. New Jersey-based Johnson & Johnson agreed in December 2004 to buy Guidant for $25.4 billion in cash and stock. That deal quietly moved through...
Read More

Success of Guidant lawsuit against Johnson & Johnson depends on definition of murky legal term:

The fate of Guidant Corp.'s lawsuit against Johnson & Johnson depends on how a judge or jury defines a legal term that escapes easy definition. The suit, filed Nov. 7 in federal court in New York, challenges J&J's contention that it doesn't have to complete its $25.4 billion Guidant purchase because the Indianapolis company has suffered a "material adverse effect" from product defects and recalls, among other troubles. The term "material adverse effect" is a bit of a head-scratcher among...
Read More

Winona's trustee seeking money, answers:

Winona Memorial Hospital hasn't treated a patient in more than a year, but it continues to care for the leftover medical records of roughly 60,000 people. The fate of those records is one of many loose ends waiting to be tied up by lawyers and others shepherding the defunct hospital through liquidation. Indianapolis attorney Paul Gresk, the hospital's Chapter 7 bankruptcy trustee, also wants to find cash to give hospital employees their last paycheck. And he wants to learn more...
Read More