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Banking & Finance
Slinky maker’s owner buys bankrupt Fundex for $1.7M
December 20, 2012
Scott OlsonPrivate equity firm Propel Equity Partners is acquiring Fundex following a court-ordered auction in which a surprise bidder
surfaced, driving up the price of the company.
MoreFormer country club controller gets 2 years for fraud
December 19, 2012
Associated PressOfficials say Denise Abrell defrauded the Country Club of Indianapolis of $400,000 by writing checks to herself and using
the club's credit card without its knowledge.
MoreAuditors: Tech issues, worker rush led to state tax errors
December 17, 2012
Associated PressAuditors investigating Indiana's Department of Revenue are saying outdated technology and a work culture that sacrificed
accuracy for speed led to $526 million in tax errors from the state.
MoreAnalysis: Simon factions make peace as tax hike looms
December 14, 2012
Cory SchoutenWidow Bren Simon and her stepchildren finally managed to settle a long legal battle over the estate of mall magnate Melvin
Simon. The goal that appears to have united the survivors: Reducing Uncle Sam's take of a fortune that has swelled to nearly
$3 billion.
MoreActuarial firm plans expansion at Indy office
December 14, 2012
Milliman Inc. said it will add 26 jobs by 2017 and invest $2 million to install additional information technology equipment
at its office in downtown's Chase Tower.
MoreHome seizures by banks rise in Indiana, nationally
December 13, 2012
IBJ Staff, Bloomberg News, Associated PressHome repossessions rose in 29 states and the District of Columbia in November, led by an increase of 96 percent in Indiana.
However, the number of homes starting on the path to foreclosure declined to the lowest level in six years.
MoreSimon’s Rushmore Mall loan sent to servicer, Fitch says
December 12, 2012
Bloomberg NewsA loan with a balance of $94 million on a South Dakota shopping center owned by Simon Property Group was sent to a special
servicer because default is imminent, Fitch Ratings said.
MoreCummins to buy back up to $1B in stock
December 11, 2012
Associated PressCummins Inc. said Tuesday that its board approved the repurchase of up to $1 billion in stock. The Columbus-based engine maker
said it has nearly completed its previous $1 billion buyback plan authorized in February 2011.
MoreIndiana SBA lending drops in 2012, but still exceeds 2010
December 8, 2012
Indiana businesses borrowed $424.7 million through U.S. Small Business Administration programs in 2012, an 18-percent decline
from 2011, latest SBA statistics show.
MoreInvestors let down guard, opening door to Durham fraud
December 8, 2012
Greg AndrewsShouldn’t the 5,100 Ohio investors who lost more than $200 million when Fair collapsed have seen Fair’s lofty
interest rates as a red flag?
MoreMidwest Energy oil firm drilling for $15M
December 8, 2012
Chris O'MalleyAn Indianapolis investment advisory oil firm has been looking for blowouts in its own back yard. Midwest Energy Partners is
preparing for its seventh—and largest—round of funding to pay for oil drilling in southwestern Indiana and southeastern
Illinois.
MorePence taps banker Alley to stay in administration post
December 5, 2012
Former bank executive Mike Alley will continue in his position as commissioner of Indiana’s Department of Revenue under
Gov.-elect Mike Pence. Pence also announced two more cabinet appointments.
MoreFirst Internet Bancorp seeking to list on NASDAQ
December 5, 2012
Scott OlsonThe Indianapolis-based company said it has filed with the Securities and Exchange Commission to make the move from the over-the-counter
board to the more active NASDAQ exchange.
MoreNico raises $6.5 million more from existing investors
December 4, 2012
J.K. WallIndianapolis-based Nico Corp. wants to use its new round of capital to develop brain surgery products to address diseases
that were often considered inoperable, such as metastatic brain cancer and intracerebral hemorrhages.
MoreSlinky maker hoping to purchase bankrupt Fundex
December 4, 2012
Scott OlsonPlainfield-based Fundex Games Ltd., which filed for bankruptcy protection in September, said Poof-Slinky Inc. is the only
potential purchaser that has shown interest in acquiring the company's assets.
MoreSuccessful Durham appeal unlikely, outside lawyers say
December 3, 2012
Scott OlsonLocal criminal defense lawyers who tracked the trial of Tim Durham and his accomplices say chances are slim that they would
prevail on appeal. One said Durham would have a better chance of winning the lottery.
MoreVC funds hope to help early-stage life sciences firms
December 1, 2012
J.K. WallEarly-stage venture capital has been harder and harder to come by for life sciences companies in recent years, but two Indianapolis
investors are working to raise sizable funds to help fill the gap.
MoreDurham gets 50 years for fraud scheme
November 30, 2012
Greg Andrews, Scott Olson, Cory SchoutenFormer Indianapolis businessman Tim Durham was sentenced to 50 years in prison for running a Ponzi scheme that led to the
collapse of Fair Finance, costing thousands of investors $250 million. Accomplices Jim Cochran and Rick Snow received 25 years
and 10 years, respectively.
MoreLive tweets from Durham sentencing
November 30, 2012
Cory SchoutenIBJ provided ongoing updates from the courthouse where Ponzi schemer Tim Durham and two accomplices were sentenced
Friday afternoon.
MoreKAR Auction Services declares first dividend
November 30, 2012
Associated PressCarmel-based KAR Auction Services Inc. is declaring its first quarterly dividend since going public in December 2009.
MoreDurham fate rests in judge's hands
November 29, 2012
Cory SchoutenConvicted Ponzi schemer Tim Durham and two accomplices will find out Friday whether they will spend the rest of their lives
in prison.
MoreChurch's fate in judge's hands after insurance scheme sours
November 28, 2012
Cory SchoutenA federal judge will determine whether an Anderson church can exit bankruptcy with a lighter debt load, over objections from
its bank lender, after a church scheme to profit by selling life insurance on its elderly members failed.
MoreLocal designer’s bankruptcy tied to Fair Finance
November 28, 2012
Scott OlsonSC Design Inc. lists debt of $1.5 million. Most of it is owed to Fair Finance, formerly co-owned by convicted fraudster Tim
Durham, through a claim filed by a trustee seeking to recover investor funds.
MoreProsecutors: Durham, accomplices deserve life sentences
November 27, 2012
Scott OlsonSaying their crimes were "as serious as any financial fraud crime ever committed," federal prosecutors re-emphasized Monday
their recommendation that Ponzi schemer Tim Durham and his two accomplices deserve to spend the rest of their lives in prison.
MoreDurham asks court for five-year sentence
November 26, 2012
Scott OlsonConvicted Ponzi schemer Tim Durham is requesting a much shorter prison stay than the life sentence federal prosecutors want
him to serve. The convicted Ponzi schemer and two associates are set to be sentenced Friday.
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You guys have some "interesting" comments to say the least. I hope you will call in and share those opinions starting June 1. I'm looking forward to having you on the air.
For those who let this information strike a nerve, remember that this is still the America that allows the freedom to achieve dreams and goals. Should you really chastise those who are given a perk on a deal that is supported by the consumer (that is until they don't like the deal anymore due to envy) or should the dream of rewards for working be looked at a little closer? I say lets stick to the deal, go to work,earn our keep, shoot for dreams, change our jobs to have that dream or shut up about others achievements ..............while we are still afforded this liberty of America !
Three Magi
Cats out of the bag. The object of the game is to get acquired. That means the company has no idea how to grow beyond a certain point. Email is a 1990s technology. I have laughed at this company since day one. Such a small bit player. If it was anywhere but here, it wouldn't be newsworthy.
Esther, Indy has passed Chicago in the local government corruption arena. Don't downgrade us. We're No. 1 in the Midwest.