News & Analysis

State charges Stifel Nicolaus didn't disclose risks of auction-rate securities

October 1, 2009
 IBJ Staff
An administrative complaint filed today by the Indiana Secretary of State's Office alleges Stifel Nicolaus failed to disclose risks associated with the sale of auction-rate securities to 141 Hoosiers who invested $54.9 million.
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IUPUI researchers land $22M in stimulus grants

October 1, 2009
J.K. Wall
Researchers at IUPUI have been awarded more than $22.3 million in grants by the National Institutes of Health, according to U.S. Rep. Andre Carson. The money is part of a $5 billion program that was part of the federal stimulus bill approved earlier this year, and will fund medical research across the country.
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Irsay joins ranks of nation's wealthiest

October 1, 2009
 IBJ Staff
Indianapolis Colts owner Jim Irsay has joined the ranks of the richest Americans, earning a spot on this year’s Forbes 400 list of the nation’s wealthiest people.
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Whirlpool agrees to maintain Evansville operations

September 30, 2009
Whirlpool Corp. has notified state officials that it will continue to operate its refrigeration product development center in Evansville that employs nearly 300 people.
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Charter Homes owner gets 2-plus years for mortgage fraud

September 30, 2009
Cory Schouten
Charter Homes owner Jerry J. Jaquess has been sentenced to two-and-a-half years in prison and ordered to pay restitution of $825,000 for his role in a $20 million mortgage fraud scheme.
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Waterworks proposes 35-percent rate hike

September 30, 2009
Chris O'Malley
The Indianapolis Department of Waterworks today unveiled a capital-improvements proposal that would raise water rates for the average residential customer by 35 percent, or $8 a month.
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London hedge fund sues Brightpoint over failed acquisition

September 30, 2009
Peter Schnitzler
A London-based hedge fund has sued Brightpoint Inc. over a $10 million loan it alleges the Indianapolis-based cell phone distributor fraudulently brokered in anticipation of an acquisition in France that never materialized.
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Dow Agro to become Purdue research tenant

September 30, 2009
Officials of Purdue University and Dow AgroSciences unveiled a collaboration Wednesday in which the Indianapolis-based company will become one of the largest tenants at the Purdue Research Park in West Lafayette.
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Purdue student-inventor nabs VC on TV show

September 30, 2009
 IBJ Staff
A Purdue University student who invented a soy-based modeling dough walked away with a $300,000 investment after appearing Tuesday on the ABC show "Shark Tank."
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Indiana hospitals settle Medicare lawsuit

September 30, 2009
 IBJ Staff
Six hospital systems, including three in Indiana, have agreed to pay the federal government $8.3 million to settle a whistleblower lawsuit alleging the hospitals deliberately overcharged Medicare for routine back surgeries.
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Indiana mine operations to close, costing 80 jobs

September 29, 2009
 IBJ Staff
Peabody Indiana Services LLC notified the Indiana Department of Workforce Development on Monday that it will close its surface mine operations at Francisco in southwestern Indiana, putting about 80 employees out of work.
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Toll road operator among water-utility suitors

September 29, 2009
Chris O'Malley
Among 23 firms that have expressed interest in operating Indianapolis’ water and sewer systems is Macquarie, the Australian firm that operates the Indiana Toll Road under a 75-year, $3.8 billion lease. In July, the city asked companies to express interest in operating the systems.
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Spurned Sponsel creates own CPA firm

September 29, 2009
Scott Olson
A longtime partner of Indianapolis-based Greenwalt Sponsel & Co. Inc. has left the accounting firm and started his own after he said it became apparent he would not become managing partner.
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Georges put north-side estate up for sale

September 28, 2009
 IBJ Staff
Tony George and his wife, Laura, have put up for sale their 12-acre, wooded estate at 8030 Spring Mill Road on the north side of Indianapolis.
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Carmel officials confirm Feinstein appointment

September 28, 2009
Kathleen McLaughlin
Singer Michael Feinstein will make as much as $400,000 in a single year to serve as artistic director of the Regional Performing Arts Center that’s still under construction in Carmel, officials confirmed this morning.
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Hat World acquires Minnesota sporting goods dealer

September 28, 2009
Indianapolis-based Hat World Inc. said Monday that its Impact Sports division has acquired Great Plains Sports in St. Paul, Minn.
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Emmis executive high on company's outlook, despite NASDAQ threat

September 28, 2009
Scott Olson
An executive of Emmis Communications Corp. is optimistic the company's performance will improve enough to boost its stock price above $1, eliminating the threat of being delisted by NASDAQ.
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Local Better Business Bureau names new leader

September 28, 2009
William J. Thomas has been named president of the Better Business Bureau of Central Indiana, the organization announced Monday.
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Renewable-energy firm eyeing Tipton County plant

September 28, 2009
A renewable-energy firm is considering manufacturing solar panels in an empty Tipton County plant where transmissions were to be built for Chrysler automobiles, according to the Kokomo Tribune.
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Carmel company plans to expand, add employees

September 28, 2009
Dealer Services Corp. announced Monday morning that it plans to create up to 60 jobs by the end of 2012 and invest $6.4 million in its Carmel headquarters.
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Widow likely biggest beneficiary of Simon's estate

September 26, 2009
Peter Schnitzler
Bren Simon likely will inherit at least one-third of her billionaire husband’s fortune and potentially much more, wealth managers speculate, based on the legal and tax issues involved in such a large estate.
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Bartering booms during recession

September 26, 2009
Peter Schnitzler
In a recession, cash is a commodity few small businesses can spare. That’s why more businesses are trading goods and services without exchanging cash.
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A battered stock market is no reason to stop investing for a college educationRestricted Content

September 26, 2009
Scott Olson
It's no time to be cautious about investing for a college education. Rather, the drop in the stock market presents an ideal time to be aggressive.
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New Indiana law requires schools to teach financial acumen

September 26, 2009
Peter Schnitzler
Indiana Superintendent of Public Instruction Tony Bennett plans to meet a state mandate to offer financial instruction by incorporating the topic in the classroom via real-world example.
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Hospitals, doctors finally integrating patient care

September 26, 2009
J.K. Wall
The stitching together of doctors and hospitals—two groups that historically have kept each other at arm’s length—is a trend picking up speed locally and nationally and could accelerate even further if Congress passes health care reform.
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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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