News & Analysis

IndyCar, other circuits show signs of motorsports recovery

January 22, 2011
Anthony Schoettle
Open-wheel series leads resurgence in sponsorship dollars flowing to racing circuits, venues and teams.
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Lilly seeks to block imports of cancer drug copy

January 21, 2011
Bloomberg News
The local drugmaker told the International Trade Commission on Thursday that the generic version of Gemzar violates its patent on the process for making the active ingredient.
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City refocuses on targets, ramps up goals for tourism

January 21, 2011
Scott Olson
Tourism honchos outline aggressive goals for 2011, including increasing hotel room nights for conventions from 650,000 to 725,000, and targeting leisure travelers from Chicago and the United Kingdom.
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Former Allison exec settles suit alleging bribery

January 21, 2011
Kathleen McLaughlin
A former China-based executive of Allison Transmission has agreed to drop a lawsuit that claimed the company won business by bribing foreign officials. But it's likely that the firm still must deal with scrutiny from the Department of Justice, according to one legal expert.
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Tim Durham's exotic cars hit auction block

January 21, 2011
Greg Andrews
Fair Finance Co.'s bankruptcy trustee scheduled the Friday auction to raise money for creditors of the defunct company, including more than 5,000 Ohio residents who hold more than $200 million in unsecured investment certificates.
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Michigan City snack-food baker adding up to 100 jobs

January 21, 2011
Hearthside Food Solutions says it will invest $3.8 million to expand its operations and hire new workers. The company bakes snack foods for such brands as Keebler, Nabisco and Kraft.
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MainGate signs three-year pact with Churchill Downs

January 21, 2011
 IBJ Staff
For the Kentucky Derby, the Indianapolis-based retail and merchandising firm is providing licensed goods, handling official off-site retail locations and launching a new e-commerce website.
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Vote on North of South project's bond financing delayed

January 21, 2011
Scott Olson
The city's Economic Development Committee, which was set to vote on the downtown project's $98 million bond financing package on Tuesday, chose to wait until February after making a few changes.
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Lilly imaging drug fails to win FDA panel's backing

January 21, 2011
Bloomberg News
Eli Lilly and Co.'s Amyvid isn't ready to be approved to detect Alzheimer's-related deposits in the brain, according to FDA advisors. The medicine could still be approved if Lilly establishes a training program and a way to ensure that the results of brain scans are read consistently, they said.
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INSIDE DISH: Venezuelan chef keeps day job, hatches big plan

January 21, 2011
Mason King
Dish_Caracas_watchvideoDaniel Blanco took a serious shot at the restaurant biz, working 19-hour days as both a truck driver and owner of a South American eatery, with more on the way.
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UPDATE: Demand for distribution services drives firm's growth

January 20, 2011
Scott Olson
Indianapolis logistics firm Backhaul Direct LLC plans to invest $1.7 million to grow its downtown operation and add nearly 325 jobs by 2015 as demand for its distribution services grows.
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Federal judge backs jury award in FedEx-ATA dispute

January 20, 2011
Kathleen McLaughlin
Richard Young rules that the $66 million verdict against FedEx was rational and "not monstrously excessive."
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UPDATE: ITT Educational profit gives shares a boost

January 20, 2011
 IBJ Staff and Bloomberg News
Shares of ITT Educational Services Inc. rose the most in a year Thursday after the for-profit educator reported a fourth-quarter profit that beat analysts’ estimates.
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DeCoudreaux leaving Lilly for top job at Mills College

January 20, 2011
J.K. Wall
Alecia DeCoudreaux, the top attorney for Eli Lilly and Co.’s U.S. unit and an active community volunteer, will leave to become president of Mills College in California on July 1.
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ChaCha lands $3M investment

January 20, 2011
The Carmel-based company said the latest round of financing extends a $20 million investment it received in October to fund an expansion of its signature mobile service.
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BREAKING: Backhaul Direct plans expansion, 325 new jobs

January 20, 2011
 IBJ Staff
Indianapolis logistics firm Backhaul Direct LLC will invest $1.7 million to grow its downtown operation, adding nearly 325 jobs over the next four years. State officials announced the expansion plans Thursday morning.
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Statewide smoking ban bill clears House committee

January 19, 2011
Associated Press
The Indiana House Public Health Committee voted 9-3 to endorse the bill prohibiting smoking in public places and indoor work sites—after it exempted casinos and pari-mutuel horse tracks from the ban.
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Indiana House panel backs texting ban for all drivers

January 19, 2011
Associated Press
Drivers wouldn't be allowed to send or read text messages on cell phones under a bill approved by an Indiana House committee.
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Man gets 3 years in cemetery scheme

January 19, 2011
Associated Press
Mark Singer, who was convicted of scheming to steal as much as $27 million set aside to maintain the graves of people who had paid in advance for their funerals, has been sentenced to three years in prison.
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Bill would make Indiana schools start after Labor Day

January 19, 2011
Associated Press
Republican Sen. Mike Delph of Carmel said it makes sense to start school after Labor Day because families would have more summer vacation time together.
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Daniels' budget proposal wouldn't cut hearing aids

January 19, 2011
Associated Press
State budget director Adam Horst said he misspoke when he told the State Budget Committee last week that Daniels&' proposal would eliminate Medicaid coverage for hearing aids.
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Family Dollar plans 350 jobs in northeast Indiana

January 19, 2011
Scott Olson
A $70 million investment in a new distribution center by the North Carolina-based discount retailer is expected to create up to 350 jobs. The facility should be operational by spring 2012.
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Smaller meetings key to convention center expansion

January 19, 2011
Scott Olson
Large conventions typically get the most attention, but it's the smaller meetings that will be critical to ensuring the expanded Indiana Convention Center is adequately occupied.
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Salvation Army reaches holiday goal after late surge

January 19, 2011
Kathleen McLaughlin
The Salvation Army of Indiana announced Wednesday morning that it reached its holiday fundraising goal of $2.93 million after a last-minute appeal.
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Home building suffers another bad year, locally and nationally

January 19, 2011
 IBJ Staff and Associated Press
Building permits filed for new homes in the nine-county Indianapolis area rose just 2.6 percent in 2010, to 3,720. That’s just 95 more homes than in 2009—the worst year for local home construction in more than a quarter century.
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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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