Banking & Finance

Not following directions could bite local hospital

October 31, 2011
J.K. Wall
Indianapolis-based Westview Hospital might be on the hook for $160,000 because its advisers used a fax machine to tell Lehman Brothers it was canceling a financial agreement.
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Stocks surge on European debt deal, GDP growth

October 27, 2011
Associated Press
The Dow Jones industrial average surged nearly 340 points Thursday after European leaders agreed on a deal to slash Greece's debt load and prevent the crisis there from engulfing larger countries like Italy.
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NASDAQ set to remove EnerDel parent from exchange

October 26, 2011
 IBJ Staff
New York-based Ener1 said in a filing Tuesday with the Securities and Exchange Commission that it would be suspended from the NASDAQ exchange starting Thursday due to non-compliance with filing requirements.
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CNO Financial's quarterly earnings, revenue rise

October 25, 2011
 IBJ Staff and Associated Press
Carmel-based life and health insurer CNO Financial Group Inc. said Tuesday that its third-quarter earnings jumped nearly four times over last year's third-quarter results, but mostly because of a one-time tax-related gain.
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Strategist: Uncertainty still holding back U.S. economy

October 21, 2011
Scott Olson
2012 Augustine forecastIn order to get the U.S. economy to grow at a respectable 3-percent annual rate, the government needs to get a grip on the debt crisis while corporations needs to start spending the money they've stockpiled.
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Pacer Foster earns reputation as Buffett of basketball

October 20, 2011
Bloomberg News
Indiana Pacer Jeff Foster has played in the NBA for 12 years and earned more than $47 million, and he’s done something extraordinary: He’s saved about three-quarters of his take-home pay.
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PNC Financial's quarterly earnings tumble

October 19, 2011
Associated Press
PNC Financial Services Group Inc., which has about 1,200 employees and 88 branches in the Indianapolis area, made less money from loans, deposits, fees and charges in the third quarter.
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Filing shows Durham's personal finances in shambles

October 17, 2011
Even if everyone who owed Durham money paid him—which seems unlikely—his assets still would be a fraction of his debts.
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More Hoosier investment advisers will be regulated by stateRestricted Content

October 15, 2011
 IBJ Staff
The federal Dodd-Frank act shifts firms from Securities and Exchange Commission oversight.
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Bank directors feeling greater scrutinyRestricted Content

October 15, 2011
Francesca Jarosz
Tough economy, regulations dampen interest in the positions.
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More banks processing transactions by dateRestricted Content

October 15, 2011
Scott Olson
Fifth Third among them, after being hit with class action over whether to pay customers' biggest bills first.
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Cracker Barrel battling to keep Biglari at bay

October 15, 2011
Greg Andrews
Cracker Barrel Old Country Store Inc. has rejected Biglari’s request that directors appoint him and business partner Phil Cooley to the board. It also has rolled out a “poison pill” plan that would deter outside investors from taking over the business without negotiating with the board first.
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Waiting for construction industry to recoverRestricted Content

October 8, 2011
Tawn Parent
The recession officially ended more than two years ago. But the number of local construction jobs is still down 27 percent from 2007 levels. Will the industry ever feel relief? Some segments might not recover in a big way until 2013.
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Bank to report loss on sour Indianapolis loans

October 6, 2011
Columbus-based Indiana Community Bancorp, parent of Indiana Bank & Trust, said it will write off $13.3 million for the third quarter, primarily due to nine commercial customers in the Indianapolis area with total loan balances of $32.7 million.
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Simon Property Group gets new $4B credit facility

October 5, 2011
Associated Press
Indianapolis-based shopping mall giant Simon Property Group Inc. has received a new $4 billion unsecured revolving credit facility.
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Anderson racino emerges from bankruptcy

October 4, 2011
Francesca Jarosz
The parent company of Anderson racetrack and casino Hoosier Park has officially emerged from bankruptcy. The original shareholders of Centaur Inc., about 80 individual Indiana investors, lost their entire investment in the company.
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Jeweler plans massive sale in bid to escape bankruptcy

October 3, 2011
Scott Olson
Hofmeister Personal Jewelers Inc., which sought Chapter 11 reorganization in April, is asking the court to let it bring in a national consultant to oversee a huge sale that would begin next month and last until February.
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Burn treatment inspires Fifth Third's $5M Wishard giftRestricted Content

October 1, 2011
Kathleen McLaughlin
Fifth Third Bank executive Kevin Hipskind's experience as a patient in the burn unit of Wishard Hospital played a role in a $5 million gift the Cincinnati-based bank is making for Wishard’s new Eskenazi Hospital, under construction at IUPUI.
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Suit says Irwin Union Bank execs missed snowballing riskRestricted Content

October 1, 2011
Greg Andrews
The bankruptcy trustee's suit against the top three officers of the bank's parent seeks more than $500 million.
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Page Development CFO files for personal bankruptcy

September 30, 2011
J.K. Wall
Paul M. Pittman, one of four principals in a troubled Indianapolis-based condo developer, filed personal bankruptcy this week.
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T2 Systems receives $28 million infusion

September 30, 2011
The Indianapolis-based company that makes software to manage fee collections and enforcement for parking violations said it will use the funds to expand.
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Homebuilder Estridge files for bankruptcy

September 29, 2011
Anthony Schoettle
Paul Estridge Jr. owes a list of creditors including banks, suppliers and vendors more than $50 million, but has assets of less than $5 million, he said.
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Former Hoosier pleads guilty in Florida Ponzi case

September 29, 2011
Scott Olson
Former Indianapolis developer Sydney "Jack" Williams admitted to failing to report $6.4 million in income from 2004 through 2007 that he earned from Miami Beach, Fla.-based Capitol Investments, run by CEO Nevin Shapiro.
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Investor Buffett gets behind east-side revitalization project

September 28, 2011
Scott Olson
Warren Buffett joined other investors and Indianapolis community leaders Wednesday morning for a ribbon-cutting ceremony at the $27 million East Village at Avondale apartment project.
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Indianapolis tech firm BidPal receives $5.6M infusion

September 27, 2011
The investment from Allos Ventures in Carmel and MK Capital in Northbrook, Ill., will help the company expand into more cities. BidPal uses wireless handheld devices to automate charitable auction bidding.
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