News & Analysis

Health insurance investors unfazed by court ruling

December 15, 2010
J.K. Wall
This week’s ruling by a federal judge could force Congress to rework the new health law to avoid a health insurance market collapse. But the decision had little to no effect on investor sentiment toward WellPoint Inc. and its peers.
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Biomet owners look to arrange $11B marriage

December 15, 2010
J.K. Wall
Warsaw-based Biomet Inc. could get a whole lot bigger if rumors prove true that its owners have made a bid for U.K.-based rival Smith & Nephew plc.
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Simon bids $4.6B for U.K.'s Capital Shopping

December 15, 2010
Bloomberg News
Indianapolis-based Simon Property Group Inc., the largest U.S. mall owner, made an offer for Capital Shopping Centres Group Plc that values the U.K. company at $4.6 billion.
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Ivy Tech gets $23M to renovate old Stouffer's Hotel building

December 15, 2010
J.K. Wall
Grant from Lilly Endowment will create a workforce training center, space for distance education and administrative offices at 45-year-old former hotel on North Meridian Street.
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Chrysler to invest another $85M in Kokomo plant

December 14, 2010
Associated Press
Chrysler Group LLC said Tuesday it plans to invest an additional $85 million in its Kokomo transmission plant. The money is in addition to the recently announced $1.2 billion investment in other facilities in the north-central Indiana city.
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Hillenbrand wins ban of knockoff coffins from Mexico

December 14, 2010
Bloomberg News
The U.S. International Trade Commission said Monday that Ataudes Aguilares will be barred from bringing in caskets with attached memorabilia compartments, which Batesville-based Hillenbrand has patented.
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UPDATE: Competitors' woes could help Fishers mortgage firm expand

December 14, 2010
Francesca Jarosz
Fishers-based Stonegate Mortgage Corp. plans to spend about $3 million to expand operations, creating up to 300 jobs by 2015.
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CIB OKs $2.6M in carpet upgrades for convention center

December 14, 2010
Scott Olson
Capital Improvement Board plans to spend about $2.6 million to replace 370,000 square feet of carpeting in the older portion of the Indiana Convention Center to match the carpet in the new addition.
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New commission could run state museum

December 14, 2010
Kathleen McLaughlin
Interim leader is hoping that a more streamlined governance will help the struggling, state-supported museum be more successful in raising private donations and keeping CEOs.
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NAI Olympia brokerage firm closing after 20-year run

December 14, 2010
Cory Schouten
The principals of NAI Olympia Partners have decided to shut down the firm after 20 years in business, leaving its competitors to pick from more than 20 veteran office, industrial and retail brokers.
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Fishers-based mortgage company to add 300 jobs

December 14, 2010
Francesca Jarosz
Stonegate Mortgage Corp. plans to move next spring from its current location near 106th Street and Allisonville Road to a 29,000-square-foot office near 106th Street and State Road 37.
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GM considering Fort Wayne plant for $230M upgrade

December 14, 2010
Associated Press
General Motors is considering $230 million in upgrades to its truck assembly plant near Fort Wayne.
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TJX closing South Bend facility, cutting 725 jobs

December 14, 2010
 IBJ Staff
More than 700 workers will lose their jobs when an A.J. Wright distribution center in South Bend closes next year as part of as a national consolidation by parent TJX Cos.
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Lilly suspends late-stage trial for melanoma drug

December 13, 2010
Bloomberg News
Eli Lilly and Co. suspended a late-stage clinical trial of a medicine for skin-cancer patients after 12 patients in the study died.
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Lost funding puts brakes on commuter buses

December 13, 2010
Francesca Jarosz
The expiration of a federal grant will halt a popular suburban commuter bus service at year’s end, but central Indiana transit advocates say it may be just a temporary stoppage.
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Simon’s options for Capital Shopping takeover dwindling

December 13, 2010
Bloomberg News
Simon Property Group Inc. may be running out of options in its quest to take over Capital Shopping Centres Group Plc and become the largest mall owner in the United Kingdom.
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IU surgeon Pescovitz dies in accident

December 13, 2010
J.K. Wall
Dr. Mark Pescovitz, a surgeon at the Indiana University School of Medicine, died Sunday in a car accident outside Ann Arbor, Mich., after visiting his wife, Dr. Ora Hirsch Pescovitz.
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Big Ten names divisions 'Leaders' and 'Legends'

December 13, 2010
Associated Press
The conference, expanding to 12 teams in all sports and adding divisions and a championship game in football starting next season, on Monday also unveiled a new logo and 18 football awards, each named after two standout Big Ten performers.
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CIB finances faring better than expected

December 13, 2010
Scott Olson
The Capital Improvement Board, through the first nine months of the year, was running $12.3 million ahead of budget, by posting $6.5 million more revenue than planned while cutting $5.8 million in expenses.
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Longtime local Cadillac dealer loses fight to sell car

December 13, 2010
Francesca Jarosz
Tutwiler Cadillac, which has sold Cadillacs in the Indianapolis area for almost five decades, has lost its franchise despite a long battle with General Motors.
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Steak n Shake's annual profit sizzles

December 13, 2010
Scott Olson
The Indianapolis-based restaurant chain grew pretax profit in fiscal 2010 to $37.7 million, a 331-percent increase compared with the previous fiscal year.
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Area home sales continue downward spiral

December 13, 2010
 IBJ Staff
Home-sale agreements in the nine-county central Indiana region dropped 17.5 percent in November compared to the same month a year ago, the seventh straight month that year-over-year home sales have slumped.
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Brightpoint making $80M acquisition

December 13, 2010
 IBJ Staff
Indianapolis-based Brightpoint Inc. said Monday it has agreed to acquire Touchstone Wireless Repair and Logistics LP in an $80 million deal expected to close by the end of the year.
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British mall owner rejects Simon financing plan

December 13, 2010
Bloomberg News
Capital Shopping Centres Group Plc, Britain’s biggest shopping-mall owner, rejected a financing plan that would have given potential suitor Simon Property Group Inc. a larger stake in the company.
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Insurer Baldwin & Lyons names new CEO

December 12, 2010
 IBJ Staff
Indianapolis-based Baldwin & Lyons Inc. has named Joseph J. DeVito its new CEO, replacing Gary W. Miller, who has led the insurer for 13 years.
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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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