News & Analysis

Toyota in Indiana to work through production slowdowns

April 8, 2011
 IBJ Staff and Associated Press
Toyota Motor Corp. announced Friday that its Indiana plant in Princeton will operate on a reduced production schedule in the coming weeks, but employees will not lose work because of it.
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Simon CEO compensation jumps to $24.6 million

April 8, 2011
Bloomberg News
Simon Property Group Inc.’s board is working on a long-term employment agreement with Chairman and CEO David Simon, whose compensation rose more than fivefold last year.
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Columbus prepares for wave of Miller house visitors

April 8, 2011
Kathleen McLaughlin
The Indianapolis Museum of Art and Columbus Area Visitors Center expect national media attention to drive bookings for tours of the Miller house starting in May.
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Bank seeks foreclosure on two strip centers

April 8, 2011
First Financial Bank in Ohio is asking a Marion Superior Court judge to appoint a receiver for Woodland Shops on the city's northwest side and Lakewood Shops on the northeast side.
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WellPoint to give shareholders annual 'say on pay' vote

April 8, 2011
J.K. Wall
All publicly traded companies have to allow advisory votes about top executives compensation every two or three under the Dodd-Frank financial reform passed by Congress last year.
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Insurer seeks to avoid claims from wedding accident

April 8, 2011
Kathleen McLaughlin
A Michigan insurance company is seeking to avoid paying for any claims made by Mavris Arts & Event Center in Indianapolis involving a high-profile fatal wedding-shuttle accident last summer.
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Indiana Democrat fighting fines for walkout

April 8, 2011
Associated Press
Democrats who boycotted the Indiana House for five weeks are receiving smaller stipends because fines incurred during their walkout are being deducted from their checks, but at least one Democrat is fighting the process.
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Volleyball tourney expected to bring 20,000 to city

April 8, 2011
The 2011 Lids Team Sports Mid-East Qualifier, which will run Friday through Sunday, will feature top female high school players on 65 courts inside the Indiana Convention Center.
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Indiana March revenues come in more than expected

April 8, 2011
Associated Press
The state took in $977.2 million in March, up $69 million, or 8 percent, from the same month a year ago.
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Judge sends election dispute back to recount panel

April 7, 2011
Associated Press
A judge ruled Thursday that Democrats may have a valid argument in challenging whether Republican Secretary of State Charlie White should be kicked out of office, but said the issue should be decided by a state election recount commission.
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Indiana House speaker questions immigration crackdown

April 7, 2011
Associated Press
Indiana's Republican House speaker said Thursday he had concerns about aspects of a proposal calling for an Arizona-style crackdown on illegal immigration moving through the Legislature.
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Obama cancels visit to Indiana factory

April 7, 2011
Associated Press
President Barack Obama was scheduled to pay a Friday visit to Allison Transmission, a supplier plant that makes transmission systems for hybrid vehicles.
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LEADING QUESTIONS: Webber gives tech firms their wings

April 7, 2011
Mason King
LQ Webber Watch videoHow does angel investor Scott Webber choose which companies to buy into? What common mistakes does he see early-stage entrepreneurs make? What's the best advice his father gave him? The local tech guru reveals all.
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J.C. Penney closing warehouse, cutting 230 jobs

April 7, 2011
Associated Press
J.C. Penny Co. says it plans to close a warehouse in Plainfield by September 2012.
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Indicted businessman to remain in halfway house

April 7, 2011
Associated Press
A federal judge has denied a request by Tim Durham, who is accused in a $200 million fraud scheme, to be released from an Indianapolis halfway house
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Lawmakers still at odds over alcohol ID age requirement

April 7, 2011
Associated Press
Indiana legislators are disagreeing about how old someone should look before they have to provide identification when buying alcohol.
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U.S. attorney sues GOP donor over unpaid trading penalty

April 7, 2011
 IBJ Staff and Associated Press
The federal government is suing a former Indianapolis businessman and major Republican donor to collect a $600,000 federal penalty for commodities trading violations.
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Judge moves Durham fraud trial to next year

April 7, 2011
Scott Olson
Federal Judge Jane Magnus-Stinson on Thursday morning vacated the original trial date of May 16 and instead set jury selection for June 8, 2012. Meanwhile, lawyers for Tim Durham argued for his release from a halfway house he was sent to on Wednesday.
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UPDATE: City chooses manager for Velodrome, park

April 7, 2011
 IBJ Staff
Marian University will assume management of the Major Taylor Velodrome and the surrounding Lake Sullivan Sports Complex under a partnership announced Thursday morning by Indianapolis Mayor Greg Ballard.
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City considering abatement terminations, continuances

April 7, 2011
Scott Olson
Five companies are set to have their tax breaks terminated or continued as the city attempts to update the state of the benefits that date to the previous administration.
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Tax breaks approved for bioanalytical lab operator

April 7, 2011
The Metropolitan Development Commission on Wednesday preliminarily approved Advion BioServices Inc.'s request for a tax abatement to build a laboratory at Purdue Research Park in Indianapolis.
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Indiana Live parent files for bankruptcy protection

April 7, 2011
Indianapolis Downs LLC, which filed for Chapter 11 reorganization, attributed much of its heavy debt load to a $250 million slots-license fee paid to the state.
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Challenger alleges misconduct in Westfield mayoral race

April 6, 2011
J.K. Wall
Russell Cameron, who is challenging Westfield Mayor Andy Cook in a May 3 Republican primary, accused Cook’s deputy mayor of improperly using his position and city resources to campaign for Cook’s reelection.
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Judge hears arguments in White election challenge

April 6, 2011
Associated Press
Attorneys for Democrats and Republican Indiana Secretary of State Charlie White accused each other's clients of political manipulation during a Wednesday hearing.
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Compromise elusive on Indiana sentencing changes

April 6, 2011
Associated Press
An Indiana legislator trying to find a compromise on a plan that Gov. Mitch Daniels originally pushed to help stem the state's prison costs seems to still have work ahead.
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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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