News & Analysis

Lender purchases Renaissance Bay in sheriff’s sale

June 16, 2011
Scott Olson
Fort Wayne-based Star Financial Bank, which is trying to recover some of the more than $23 million it loaned for the condominium project, submitted the only bid for it on Wednesday. The bank said several potential buyers are interested in the property.
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USA Track & Field struggling to find new CEO

June 16, 2011
Anthony Schoettle
The Indianapolis-based sports group goes "around and around" in its search to replace fired CEO Doug Logan. A new candidate could be presented to the board next week.
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Accountants lose court battle with former firm

June 16, 2011
Scott Olson
A Marion County judge ruled against three former partners in a local accounting firm who were trying to collect the full amount of their stock ownership after they left the company to start a rival firm.
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City leaders look to 16th Street as future tech hub

June 16, 2011
Francesca Jarosz
Officials on Thursday shared details of a long-term plan to redevelop an industrial stretch northwest of downtown with the goal of attracting hundreds of residents and dozens of high-tech companies to the area.
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CTS names new president

June 16, 2011
Anthony Schoettle
After a nearly year-long search, Indianapolis seminary taps University of Chicago and Harvard Divinity School grad as new leader.
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Republic pins Frontier Airlines’ fate to pilot vote on savings

June 16, 2011
Bloomberg News
Republic Airways Holdings Inc. is counting on pilots approving concessions to kick-start a $120 million restructuring plan at its Frontier Airlines unit, 20 months after buying the carrier out of bankruptcy.
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Central Indiana home sales rise for first time in a year

June 15, 2011
Scott Olson
Sales in the Indianapolis area rose 32 percent last month compared with the same time a year ago, reversing a year-long slump in the residential market. But May 2010 home sales were down dramatically after the expiration of a special federal tax credit.
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Star folding Metromix section

June 15, 2011
Anthony Schoettle
The Indianapolis Star is halting publication of its free weekly stand-alone Metromix section after the June 23 edition, but some of the content intended to appeal to young readers will be posted online.
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Circle Idea Competition finalists selected

June 15, 2011
Gabrielle Poshadlo
Posters highlighting the top 12 proposals will be on display in Monument Circle storefronts until June 26 so members of the public can vote for their favorite. The ideas could be used by planners plotting the future of the downtown space.
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Fair Finance trustee sues National Lampoon

June 15, 2011
Greg Andrews
Fair Finance Co.’s bankruptcy trustee this week sued National Lampoon Inc. seeking to recover millions of dollars that indicted financier Tim Durham provided the ailing Los Angeles-based comedy business over the past decade.
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Local motorsports supplier acquiring safety gear vendor

June 15, 2011
Atlanta-based Racer Wholesale has helped build national recognition for G-Force Racing Gear, which supplies racers with helmets, driving suits, gloves, shoes and other safety gear.
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Rolls-Royce lands more military work

June 15, 2011
 IBJ Staff
Rolls-Royce Corp. this week was awarded a $34.2 million modification to an engine maintenance contract from the Department of Defense’s Naval Air Systems Command.
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WRTV up for sale

June 14, 2011
Anthony Schoettle
Station owner McGraw-Hill plans to sell its nine television stations, including the Indianapolis ABC affiliate. The impact on local operations is unclear.
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CIRTA launches campaign to support mass transit

June 14, 2011
The goal is to show state lawmakers the support that exists for local funding options that might improve mass transit. Organizers plan to deliver the signatures when the next legislative session convenes in January.
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ICVA expects to fall short of 2011 room-night goal

June 14, 2011
Scott Olson
The convention association set out to book 725,000 hotel room nights this year for future meetings but so far is trending below the goal. An aggressive drive last year exhausted many of its prospects, new ICVA CEO Leonard Hoops said.
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Carmel senior-living project to create 340 jobs

June 14, 2011
 IBJ Staff
Carmel Mayor Jim Brainard on Tuesday unveiled details of a multimillion-dollar project expected to create more than 200 construction jobs and 140 permanent positions over the next two years.
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Airport Borders store on bankrupt chain's hit list

June 14, 2011
Maria LaMagna
Indianapolis International Airport officials could know by next week whether the Borders bookstore inside the terminal will survive a third round of store closures tied to the chain’s Chapter 11 bankruptcy proceedings.
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Report paints brighter picture for retail

June 14, 2011
Tom Harton
The real estate investment firm Marcus & Millichap says vacancy rates and tenant concessions in Indianapolis are falling while rents and sale prices are poised to rise.
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State agency rejects Planned Parenthood tax credit

June 13, 2011
Associated Press
Planned Parenthood of Indiana is fighting the Indiana's Housing and Community Development Authority over the loss of a fundraising tax credit because of a new law that strips the not-for-profit of state funding.
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WellPoint pays big to tap fast-growing Medicare market

June 13, 2011
J.K. Wall
Analysts raised their eyebrows at the $800 million reportedly paid by WellPoint Inc. to acquire a West Coast Medicare plan, but with the commercial health insurance business stagnating, Medicare is vital to WellPoint’s future growth.
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City picks team for $15M Broad Ripple parking garage

June 13, 2011
Anthony Schoettle
The structure planned for the southwest corner of Broad Ripple and College avenues also would include first-floor retail space and a police substation. Construction is set to begin this summer and be complete by mid-2012.
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Federal judge dismisses Brightpoint fraud suit

June 13, 2011
Scott Olson
A London-based hedge fund sued Brightpoint over a $10 million loan it alleged the Indianapolis-based mobile phone distributor fraudulently brokered in anticipation of an acquisition that never materialized.
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Medco deal loses its luster

June 13, 2011
J.K. Wall
New Jersey-based Medco has hired just 430 workers in Whitestown—far short of its commitment of 1,400 by 2012—and its business trends suggest the company is shrinking, not growing.
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Q&A

June 13, 2011
J.K. Wall
Vi Shukla is a scientific leader at Indianapolis-based Dow AgroSciences LLC, focused on its Exzact Precision Technology tools for genetic engineering of plants and crops. Dow Agro used the technology in its own crop seed products, and has also been licensing for use in tomatos and trees.
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Republic may cut Frontier stake as pilots offer concessions

June 13, 2011
 IBJ Staff and Bloomberg News
Republic Airways Holdings Inc. agreed to seek new investors for Frontier Airlines, shrinking its stake to become a minority owner, in exchange for concessions from pilots at the unprofitable carrier.
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