Lender Oak Street acquired by New York firm

October 28, 2010
 IBJ Staff
Carmel-based insurance lender Oak Street Funding LLC announced Thursday that it has been purchased by private equity funds managed by New York-based Angelo Gordon & Co.

Banks tread water as they wait for economy to improve

October 16, 2010
Francesca Jarosz
Banking experts say the health of Indiana institutions is taking baby steps forward along with the tepid economic recovery. But in these times, recovery looks grimmer than one might expect.

LEADING QUESTIONS: Regional M&I prez buzzes on banking

September 29, 2010
Mason King
LQ_Rick_watchvideoMarathoner, mountain climber and career changer Reagan Rick approaches his work in finance with high energy and a lofty perspective. He discusses the thin air in today's lending environment.

JPMorgan Chase sues to foreclose on Durham mansion

September 17, 2010
Greg Andrews
The bank says Durham stopped making the required $18,329 monthly payments on the 30-year mortgage this spring.

Tim Durham closes New Castle restaurant

August 13, 2010
Greg Andrews
A sign on the door of Durhams Ristorante says the moderately priced Italian eatery will be "closed until further notice."

Banker who wreaked havoc fesses up to felony charge

July 17, 2010
Greg Andrews
Overseeing a portfolio filled with deteriorating loans is downright excruciating, as lending officers who’ve lived through the carnage of the recession can attest. Rob Tolle apparently cracked under the pressure.

Appraisers have little to go on in tough deal market

July 6, 2010
Tom Harton
Until the market stabilizes, appraisers will be operating in an environment where 20 to 50 percent drops in property values aren’t uncommon.

Developer facing legal action everywhere it has built condos

June 12, 2010
Cory Schouten
Three of the four principals in Page Development were in court June 8 to sift through the fallout from a $1.35 million judgment against them. It's only the tip of Page Development's financial straits.

Battered banks don't see light at end of tunnelRestricted Content

May 29, 2010
Greg Andrews
Credit problems continue to bedevil banks big and small, many of them caused by soured commercial real estate loans.

Grameen Bank might open here, providing small loans that add up

May 29, 2010
Peter Schnitzler
Bangladesh-based Grameen Bank, the Nobel Peace Prize-winning financial institution that developed the concept of life-changing micro loans for the poor, is contemplating opening its third U.S. branch in Indianapolis.

New Indiana law aims to promote safety of traditional loansRestricted Content

May 22, 2010
Scott Olson
A new state program is encouraging lenders to promote the stability of their conventional mortgages to help Indiana's housing market rebound from a foreclosure crisis instigated by risky loans.

Report: Examiners failed to curb risky lending at Irwin Union

May 5, 2010
 IBJ Staff and Bloomberg News
The now-defunct Irwin Union Bank and Trust almost tripled in size from 2000 to 2005 as it extended credit to subprime mortgage borrowers with insufficient collateral.

A new real estate crisis could wreck recoveryRestricted Content

April 24, 2010
Greg Andrews
Borrowers may not be able to refinance many of the more than $1.4 trillion in commercial real estate mortgages coming due by the end of 2014.

PNC Financial's quarterly profit falls on bailout repayment

April 22, 2010
 IBJ Staff and Associated Press
PNC Bank has about 80 bank branches and 1,100 employees in the Indianapolis area, all doing business under the National City name.

AIG's American General unit said to be seeking $3B term loan

April 9, 2010
Bloomberg News
Bank of America Corp. is arranging a five-year loan that will be sold at a discount of 98 cents to 98.5 cents on the dollar, according to a source who declined to be identified because the discussions are private.

Dealer Services Corp. has rival Adesa taking noticeRestricted Content

August 6, 2007
Chris O'Malley
Dealer Services Corp. is an example of what happens when an entrepreneur sells his company to a bigger one and then comes back to haunt it after he is tossed aside. In this case, the spurned entrepreneur, John Fuller, became a thorn to Adesa Inc. a few years after its CEO sent him packing in late 2001.

Invoice-borrowing a growing credit optionRestricted Content

March 26, 2007
Jennifer Whitson
Bank loans and credit cards are common solutions to small businesses' cash-flow crunches, but small-business owners increasingly have another option: using unpaid invoices as collateral to borrow money from investors.

Columbia Club faces membership, financial issuesRestricted Content

January 15, 2007
Peter Schnitzler
The Columbia Club, the tradition-rich enclave where the city's business elite have gathered and cut deals for more than a century, is facing declining membership, the departure of its longtime general manager, and looming financial challenges--including a $5.5 million loan that comes due this summer.

Old National slaps Durham with suitRestricted Content

December 11, 2006
Greg Andrews
Indianapolis entrepreneur Tim Durham has run into trouble with one of his lenders. Evansville-based Old National Bank says in a Dec. 1 lawsuit that Durham's Indianapolis-based holding company,Obsidian Enterprises Inc., is in default on $2.6 million in loans that came due Nov. 1.
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  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.