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Banking & Finance
Angels invest where others fear to tread: Wealthy entrepreneurs join forces to create HALO Capital Group
May 5, 2008
Peter SchnitzlerSome high-tech companies are so risky that even venture capitalists quiver. That's when they turn to angels, who aren't afraid
to fly to the rescue of cash-strapped innovators with chancy yet possibly lucrative ideas. Last year, two dozen of central
Indiana's most successful business veterans decided to intercede on behalf of Hoosier entrepreneurs. They formed HALO Capital
Group, a network of angel investors who seek to speculate on promising Indiana startups. Every other month, the HALO group
meets at a...
MoreTurnaround specialists in demand: Economy creating opportunities for Periculum Capital, other firms
May 5, 2008
Peter SchnitzlerEven storm clouds have silver linings, if you know where to look. Likewise, even a slowing economy has market opportunities,
for those who can adjust. Economists haven't agreed yet about whether the U.S. economy has slipped into recession. But Indianapolisbased
investment banking firm Periculum Capital Co. LLC isn't waiting for the official call. Known since 1998 for its expertise
in corporate finance and mergers and acquisitions, Periculum is beefing up its expertise in business restructuring. "Most
people who build businesses...
MoreEquicor playing it 'cautious': Small projects fueling firm's steady growth
April 28, 2008
Scott OlsonAs one of a few local developers that pursues both commercial and residential projects, Equicor Cos. quietly has built a portfolio
of properties totaling more than $150 million. Among those under development is its most ambitious to date, Promenade of Noblesville,
at State Road 32 and Little Chicago Road. The 153-acre mixeduse development features retail and office lots, as well as 280
homes. Yet, the 16-year-old north-side company has been absorbing its share of "bumps and bruises" as of late,...
MoreDefaults also hit business property: Experts expecting bump in commercial loan woes
April 28, 2008
Scott OlsonIn the few short months since Gordon Hendry began leading the Property Management Division for the local office of CB Richard
Ellis, the firm has become involved in a growing number of commercial loan defaults. Locally, CB Richard Ellis is the courtappointed
receiver for Plainfield Crossing, a 92,000-square-foot West Washington Street strip center anchored by Value City, and for
Crooked Creek Center, a 52,000-square-foot center at 79th Street and Michigan Road. Hendry expects the local office will be
assigned to...
MoreBEHIND THE NEWS: Plans in beaten-down state test HHGregg's strategy
April 21, 2008
Greg AndrewsHHGregg Inc.'s audacious expansion strategy is about to get its biggest test. Since 1999, the Indianapolis-based electronics
and appliance retailer has charged into eight new metro areas, adding 78 stores in such markets as Atlanta; Knoxville, Tenn.;
Birmingham, Ala.; and Charlotte, N.C. The company doesn't tiptoe in. It starts with multiple stores to justify the cost of
building distribution infrastructure and launching an advertising blitz. The strategy has allowed it to swiftly build major
market shares everywhere it's gone. Now,...
MoreCarmel firm to determine Vonnegut's worth
April 7, 2008
Peter SchnitzlerMany readers would call the Indiana literary legend Kurt Vonnegut's legacy priceless. Not Mike Pellegrino. His job is to estimate
future sales of Vonnegut's work so his estate can be fairly divided today. That means Pellegrino will have to determine whether
the author's popularity is more likely to wax or to wane in the years to come.
MoreMortgage blues haven't hit all: Some firms are holding their own despite housing, credit slump
March 24, 2008
Scott OlsonThe local office of Cleveland-based KeyBank has hired a banking veteran to lead a revamped mortgage department that will boast
a larger sales force. And locally based mortgage firm Signature Group recently completed construction of its new headquarters
and added three brokers. In this climate of ballooning foreclosures and rising interest rates, one might wonder whether executives
of the aforementioned institutions are reading the wrong spreadsheets. To the contrary, despite the gloomy picture monthly
housing statistics paint, they are among...
MoreLocal bankers surprised by Bear bailout: Observers hope firm's sudden sale signals peak of financial turmoil
March 24, 2008
Cory SchoutenThe local president of Milwaukee-based M&I Bank, Reagan Rick, got the shocking news while waiting for a plane at Boston Logan
International Airport. It came in a text message from Robert Warrington, the former CEO of First Indiana Bank, the Indianapolis
bank M&I acquired last year for $529 million. Warrington told him 85-year-old New York-based investment bank Bear Stearns
Cos. had been sold to JP Morgan Chase Co.-with backing from the Federal Reserve-for a mere $2 per share. "The degree...
MoreICVA calls in headhunter to help fill top post: Experts say job should draw wide interest
March 17, 2008
Jennifer WhitsonA nationally renowned headhunter is tracking down candidates to fill the Indianapolis Convention & Visitors Association's
top job in hopes of having a new president in place by June 1. Industry observers expect plenty of applicants given an upcoming
hospitality building spree. "This is potentially the chance of a lifetime for someone to come in and make a huge difference,"
said Amanda Cecil, an assistant professor in IUPUI's Convention and Event Management Department. She called the Indianapolis
market a "gold...
MoreHoosier Heartland Highway pumps up hope on prairie: Expressway construction starting two years early
March 17, 2008
Chris O\'malleyLAFAYETTE-For years, they've driven on little more than paved-over wagon trails pioneers carved into the hills nestling the
Wabash River. Motorists on State Road 25 between Logansport and Lafayette have grown desperate for a replacement: the final,
33-mile western leg of the "Hoosier Heartland Highway." Today, the Hoosier Heartland expressway ends in Logansport-the western
terminus of a newly improved, four-lane U.S. 24 that runs east, to Fort Wayne. But last month Gov. Mitch Daniels surprised
highway proponents with word that...
MoreBEHIND THE NEWS: With benefit of hindsight, some sales look savvy
March 10, 2008
Greg AndrewsS o m e t i m e s , being a good businessperson means knowing when to get out of the business. That truism comes to mind because
of the recent carnage in banking. Shareholders in First Indiana Corp., it turns out, cashed in at the right time, as did investors
in privately held Union Federal Bank and its parent, Waterfield Mortgage Corp. Last July, just before the subprime mortgage
crisis threw credit markets into disarray, the board of...
MoreCommentary: When is the right time to sell?
March 10, 2008
Mickey MaurerLike the song says, "You gotta know when to fold 'em." But how do you know when it is the proper time to sell a business?
Age and health issues aside, I suggest the "trigger" moment is when there is a looming fundamental adverse change in the industry.
One should not sell needlessly. The government imposes a harsh penalty for those transactions. It's called a longterm capital
gains tax. I would not fault anyone, however, for a premature exit that...
MoreOffice tower bounces back: Renovated National City Center recovering from loss of Simon
February 25, 2008
Scott OlsonOnce reeling from the loss of its largest tenant, National City Center now has a rising occupancy rate amid a major renovation
that is resuscitating the aging office building. Indianapolis-based Simon Property Group Inc. vacated 182,000 square feet
in National City Center by moving to its new headquarters a block away in the fall of 2006. The departure left the 16-story
tower at the southwest corner of Washington and Illinois streets 28-percent unoccupied after years of being nearly full. Owner...
MoreBEHIND THE NEWS: How a smart businessman invested his way into prison
February 25, 2008
Greg AndrewsIn 1994, Indianapolis real estate entrepreneur Mark Ristow read some investment advice that changed his life. In the book
"Beating the Street," Peter Lynch, the former star mutual fund manager, described a "can't lose proposition (almost)" called
bank-conversion investing. The game: Buying stock in mutual, depositor-owned banks when they convert into public companies.
Depositors get in at the initial-public-offering price, often a discount. So "the next time you pass a mutual savings bank
or an S&L that's still cooperatively owned,"...
MoreFinancial crisis offers opening for banks' market-share reshuffling
February 4, 2008
Cory SchoutenMarket observers rank today's credit crisis on par with some of the ugliest moments in U.S. banking history. News service
Bloomberg predicted fourth-quarter lending losses could make it "the worst earnings period for the financial industry since
the Great Depression." Yet amid the carnage, financial institutions are sniffing around for opportunities.
MoreBusy year, no whoppers: Deals were numerous in 2007, but lack of blockbuster holds overall price tag down
January 28, 2008
Scott OlsonThe Indianapolis area didn't experience a monster-size business transaction in 2007 like it has in recent years, but that
doesn't mean the deal-makers weren't busy. IBJ's annual list of Big Deals tracked more large business transactions involving
Indianapolis-area companies than ever before in 2007, even though the total dollar amount of the deals was dramatically lower
than the previous year's. Deals compiled by the Indianapolis Business Journal that closed in 2007 totaled $23.4 billion, well
below the $38.5 billion posted...
MoreBEHIND THE NEWS: Pending IPOs bode well for tech startups of tomorrow
January 28, 2008
Greg AndrewsInitial public offerings often are bonanzas for company management and other insiders. In the case of Aprimo Inc. and ExactTarget
Inc. -two Indianapolis software firms on deck to go public-a throng of local business and technology leaders who provided
early financial backing would see a rich payoff as well. Filings with the Securities and Exchange Commission show the companies
snared as investors a who's who of Indianapolis business, from former venture capitalist Bob Compton to financial adviser
David Knall and...
MoreFew stocks avoid effect of housing, banking woes: Wall Street pessimism spreading across industries
January 14, 2008
Tracy DonhardtNineteen central Indiana companies have seen their stock prices fall more than one-quarter from the 52-week highs-a plunge
that largely reflects pessimism over the strength of the economy. The pullback has hammered some of the top-performing Hoosier
companies in recent years, including shopping mall owner Simon Property Group Inc. (off $46 a share, or 38 percent) and school
operator ITT Educational Services Inc. (off $52, or 39 percent). Former highfliers often take the biggest tumble when investor
sentiment turns bearish....
MoreRash of deals saves Gazelle venture-capital fund
January 7, 2008
Peter SchnitzlerBack in 1999, investors in Gazelle TechVentures expected a sprint to spectacular profits. Instead, they got a marathon slog.
According to Gazelle Chairman and largest investor Scott Jones, it was like training for a race on a sunny day, then running
it through a blizzard.
MoreFinancial Planning Titles: A list of acronyms after an adviser's name might look impressive, but those seeking credible advice
need to sort through designations
January 7, 2008
Scott Olsoninancial F Planning Titles A list of acronyms after an adviser's name might look impressive, but those seeking credible advice
need to sort through designations Investing your money is overwhelming enough already-especially with all the available options-without
having to fret over whether a financial adviser has the credentials to keep your retirement account afloat. Sure, there are
a litany of fancy titles financial planners can earn that may help ease your concerns. But what do they really mean? With
more...
MoreFirst Indiana sells bank
December 31, 2007
Cory SchoutenIndiana's largest locally based bank, First Indiana Corp., decided to end 92 years of independence in 2007, agreeing in July
to sell itself to Milwaukee-based Marshall & Ilsley Corp. for $529 million in cash, or $32 a share.
MoreBuyout firm lands $202M infusion
December 24, 2007
Peter SchnitzlerLocally based Hammond Kennedy Whitney & Co. closed on $202 million in new capital this month, doubling its size. Its resources
have increased, but HKW's investment philosophy is unchanged. It continues to buy small and midsize specialty manufacturing
companies, infuse them with cash and management expertise, then patiently wait for them to grow.
MoreKnall accepts suspension in unusual SEC case
December 10, 2007
Greg AndrewsNewly public records suggest that securities investigators had far from an airtight insider-trading case against David Knall,
the star Indianapolis investment broker who nonetheless agreed to settle the 3-year-old inquiry by agreeing to a one-year
suspension. The Securities and Exchange Commission announced the pact Dec. 4. In addition to consenting to the suspension,
Knall, a managing partner of Stifel Nicolaus & Co., agreed to pay $123,865.
MoreCredit unions resist conversion temptation: Nationwide, some institutions are opting to become banks to spur growth, but Indiana
hasn't joined the pack
October 29, 2007
Cory SchoutenNone of Indiana's 210 credit unions has flipped its charter yet, but analysts expect that will change in the coming years.
"Credit unions were formed because there weren't enough convenient banking resources for certain consumers," said Mike Renninger,
principal of Carmelbased Renninger & Associates LLC, a banking consulting firm that specializes in mergers and acquisitions.
"Today, it's a very different mission. There is a tremendous availability of financial services." Credit unions that convert
lose tax advantages that come with mutual...
MoreClinton's 401(k) proposal receiving mixed reviews: Experts disagree on whether plan can spur savings
October 29, 2007
Scott OlsonRepublican presidential candidate Herbert Hoover promised a chicken in every pot and a car in every garage, leading everyone
to believe they would be prosperous under his administration. Fast-forward 80 years and a candidate from the other side of
the aisle, Sen. Hillary Clinton, D-N.Y., is offering an incentive more fitting for the new millennium: a match on workers'
401(k) contributions. Time will tell whether Clinton becomes president and ultimately fulfills the pledge, but what prompted
it is Americans' reluctance...
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Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.
Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.
I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.
The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!