Banking & Finance

Examiner appointed in HDG Mansur bankruptcy case

September 18, 2014
 Bloomberg News and IBJ Staff
An examiner will be appointed to conduct an investigation into the bankruptcies of two affiliates of troubled Indianapolis-based developer HDG Mansur. A judge, for the time being, denied a request to appoint a Chapter 11 trustee or convert the case to a liquidation in Chapter 7.
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Fed signals plan to keep key rate at record low

September 17, 2014
Associated Press
The Fed said it planned to keep its benchmark rate near zero as long as inflation remains under control, until it sees consistent gains in wage growth, long-term unemployment and other gauges of the job market.
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Fishers mobile app developer lands $1M in VC funding

September 16, 2014
Jared Council
Bluebridge Digital LLC, which creates and manages mobile software applications primarily for not-for-profits, announced Tuesday that it closed a $1 million round of venture capital fundraising and plans to double its work force within a year.
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Liquidation not needed, developer HDG Mansur tells court

September 15, 2014
 Bloomberg News and IBJ Staff
Two affiliates of troubled Indianapolis-based developer HDG Mansur oppose requests to appoint a Chapter 11 trustee or convert the case to a liquidation in Chapter 7, saying significant progress has been made toward a plan and global settlement of claims.
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S&P report: Stagnant incomes threaten Indiana revenues

September 15, 2014
Associated Press
Sales tax is Indiana's largest source of revenue. But it is tied to consumer spending, and Americans have become increasingly reluctant to spend as median incomes have remained virtually stagnant over the past 30 years.
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Crowdfunding site Localstake sees surge in deals

September 13, 2014
Jared Council
The seven-employee Indianapolis firm launched in June 2013, raising funds for two companies in its first six months. Over the following eight months, it brokered funding for eight companies and has eight in queue.
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Pete the Planner uses humor, straight talk to become media sensation

September 13, 2014
Sam Stall
Peter Dunn, a prolific tweeter who appears on broadcast outlets as well as in The Indianapolis Star, hopes the release of six books in January further builds his profile.
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Local pair wages battle against Manhattan financier

September 13, 2014
Greg Andrews
Jonathan Evans and Sean O’Connor of the Carmel investment firm JWEST LLC are trying to win election to the board of Rand Logistics, which they believe is being mismanaged by Chairman Laurence Levy.
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Former Indy Chamber exec joins Old National

September 11, 2014
Jeff Newman
Former Indy Chamber President John Myrland has been hired by Old National Bank in the new position of community engagement executive for its Indianapolis region, the bank announced Thursday.
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Accounting firm adding 100 jobs in South Bend

September 11, 2014
Associated Press
Chicago-based Crowe Horwath said the additional jobs stem from growth in its audit and tax practices.
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Local lawyer among first to accept Bitcoin for services

September 10, 2014
Indiana Lawyer Staff, Dave Stafford
Intellectual property attorney Paul Overhauser's clients are often on the cutting edge of Internet technology, so he decided that in addition to dollars, he'll take digital dough.
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Financial services firm to hire up to 153 in Castleton

September 10, 2014
Greg Andrews
Chicago-based Cortland Capital Market Services, which has $40 billion in assets under administration, has begun hiring for a variety of financial positions. The Indiana Economic Development Corp. has agreed to provide Cortland up to $1.8 million in tax credits.
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Bank to give homebuyers $15K for down payments

September 5, 2014
Jared Council
Wells Fargo is unveiling a $4.5 million program in Indianapolis that would provide a huge chunk of up-front money for eligible homebuyers.
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Appeals court affirms all but two of Durham's convictions

September 4, 2014
Greg Andrews
The appellate court reduced Tim Durham's felony convictions from 12 to 10 and ordered him resentenced. It said the government, in an "oversight," had failed to submit key evidence related to the two dismissed counts.
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Mortgage firm to expand to Westfield, add 360 jobs

September 4, 2014
Mason King
California-based Carrington Mortgage Services said Thursday it plans to spend $3.2 million to open an office in Westfield. In addition to the new hires, about 180 employees in Fishers would move to the Westfield location.
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Repayments to church scam investors wrapping up

September 3, 2014
Associated Press
The last refund checks to devout investors who lost millions in what amounted to a religious Ponzi scheme are ready to be mailed after being tied up in court for nearly a decade.
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Indiana blocks $78 million in wrongful tax refunds

September 3, 2014
Associated Press
The state Department of Revenue says a special investigations unit discovered more than 39,000 returns relying on identity theft to falsely claim $39 million.
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Smarter Remarketer gets $7M in fundingRestricted Content

August 30, 2014
Smarter Remarketer, an Indianapolis-based retail technology firm, said Aug. 27 that it has lined up $7 million in venture debt financing from Los Angeles-based City National Bank.
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Mourdock stepping down as Indiana treasurer

August 29, 2014
Associated Press
Mourdock, who defeated longtime Sen. Richard Lugar in the 2012 U.S. Senate primary only to lose the general election after a comment about rape, resigned Friday, four months before the end of his term.
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Nation's banks continue robust recovery as lending picks up

August 28, 2014
Associated Press
The FDIC says 57.5 percent of banks reported an increase in profit in the second quarter from a year earlier. They reduced their expenses, and lending marked its fastest pace since 2007.
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S&P 500 sets all-time high in intraday trading

August 25, 2014
 Associated Press and IBJ Staff
The index breached the 2,000-point barrier soon after markets opened on Monday, nearly hitting 2002 points around noon. The Dow also was near its high watermark.
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A love story with Christ Church takes contentious turn

August 23, 2014
Greg Andrews
This is far from the first time that heirs and beneficiaries of the Lilly family fortune have tangled over how it was managed.
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Lawmakers move to monitor State Board of Accounts

August 22, 2014
Jacob Rund, The Statehouse File
A subcommittee of the Indiana Legislative Council met this week to determine the goals and best practices of a new Audit Committee, which is meant to operate as a type of peer-review system for the State Board of Accounts.
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Yellen to give her outlook as Fed honeymoon fades

August 20, 2014
Associated Press
The perilous question that now awaits Janet Yellen's Federal Reserve has put investors on nervous alert: Can it manage to raise rates from record lows without weakening the U.S. economy or spooking markets?
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Inventor to try crowdfunding to launch cycling product

August 20, 2014
 Associated Press and IBJ Staff
An Indiana inventor plans to use the power of the people—and the World Wide Web—to secure funds to produce prototypes for the Land Zeppelin, an apparatus that allows bicyclists to ride in the rain without getting wet.
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  1. to mention the rest of Molly's experience- she served as Communications Director for the Indianapolis Department of Public Works and also did communications for the state. She's incredibly qualified for this role and has a real love for Indianapolis and Indiana. Best of luck to her!

  2. Shall we not demand the same scrutiny for law schools, med schools, heaven forbid, business schools, etc.? How many law school grads are servers? How many business start ups fail and how many business grads get low paying jobs because there are so few high paying positions available? Why does our legislature continue to demean public schools and give taxpayer dollars to charters and private schools, ($171 million last year), rather than investing in our community schools? We are on a course of disaster regarding our public school attitudes unless we change our thinking in a short time.

  3. I agree with the other reader's comment about the chunky tomato soup. I found myself wanting a breadstick to dip into it. It tasted more like a marinara sauce; I couldn't eat it as a soup. In general, I liked the place... but doubt that I'll frequent it once the novelty wears off.

  4. The Indiana toll road used to have some of the cleanest bathrooms you could find on the road. After the lease they went downhill quickly. While not the grossest you'll see, they hover a bit below average. Am not sure if this is indicative of the entire deal or merely a portion of it. But the goals of anyone taking over the lease will always be at odds. The fewer repairs they make, the more money they earn since they have a virtual monopoly on travel from Cleveland to Chicago. So they only comply to satisfy the rules. It's hard to hand public works over to private enterprise. The incentives are misaligned. In true competition, you'd have multiple roads, each build by different companies motivated to make theirs more attractive. Working to attract customers is very different than working to maximize profit on people who have no choice but to choose your road. Of course, we all know two roads would be even more ridiculous.

  5. The State is in a perfect position. The consortium overpaid for leasing the toll road. Good for the State. The money they paid is being used across the State to upgrade roads and bridges and employ people at at time most of the country is scrambling to fund basic repairs. Good for the State. Indiana taxpayers are no longer subsidizing the toll roads to the tune of millions a year as we had for the last 20 years because the legislature did not have the guts to raise tolls. Good for the State. If the consortium fails, they either find another operator, acceptable to the State, to buy them out or the road gets turned back over to the State and we keep the Billions. Good for the State. Pat Bauer is no longer the Majority or Minority Leader of the House. Good for the State. Anyway you look at this, the State received billions of dollars for an assett the taxpayers were subsidizing, the State does not have to pay to maintain the road for 70 years. I am having trouble seeing the downside.

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