News & Analysis

Northeast-side office building falls into foreclosure

March 18, 2011
The 83,653-square-foot office building at 6666 E. 75th St. near Binford Boulevard and Interstate 465, is known as Heritage Park II. It is only 55-percent occupied.
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INSIDE DISH: Cafe bolsters base of Turkish food fans

March 18, 2011
Mason King
Bosphorus Watch VideoAscending from server to owner of Bosphorus Istanbul Cafe, Orhan Demirtas has leveraged a relationship with Eli Lilly and Co. to diversify revenue, and solidified his base by opening a new breakfast cafe and hookah bar.
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Regulators delay approval of Lilly's Alzheimer’s screen

March 18, 2011
Bloomberg News
The Food and Drug Administration said Lilly needs to create a training program to ensure brain scans are interpreted properly.
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Westfield businessman jailed for tax evasion

March 18, 2011
 IBJ Staff
U.S. Attorney Joseph Hogsett said Joseph Hinshaw, 57, under-reported his income from 2003 to 2007 to avoid taxes and to obtain federal and state student loans.
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Borders closing another local bookstore

March 18, 2011
 IBJ Staff
The Ann Arbor, Mich.-based bookstore chain, which filed for Chapter 11 bankruptcy reorganization last month, announced yesterday it would close the Border’s store in the Shops at River Crossing near the Fashion Mall.
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Shoe Carnival reports record annual profit

March 18, 2011
The Evansville-based shoe and apparel retailer said it earned $26.8 million in its last fiscal year. The company also reported record same-store sales.
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Butler still getting big bounce from 2010 NCAA run

March 17, 2011
Anthony Schoettle
The number of applications to Butler University is up 41 percent—to a total of 9,357—compared with applications received by the same time last year, according to school officials. Requests for information and campus visits by prospective students are both up 35 percent for the year.
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Estridge: We need cash to survive

March 17, 2011
Anthony Schoettle
Paul Estridge Jr. says potential investors have inquired about helping his homebuilding company. Without millions in capital and a line of credit, the business could close within a week.
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Fair Finance investors likely to recover little money

March 17, 2011
Scott Olson
Authorities say Fair Finance, led by indicted businessman Tim Durham, owes 5,200 investors $230 million. But they're likely to recoup just a "teeny-tiny" fraction.
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Trade agency to probe Lilly's infringement claim

March 17, 2011
Bloomberg News
Eli Lilly and Co.’s patent-infringement claim over Hospira Inc.’s generic version of the cancer treatment Gemzar will be investigated by a U.S. trade agency with the power to block imports of the copycat drug.
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Angie's List lands $53 million investment

March 17, 2011
Jeff Newman
The privately held firm, which has been raking in private investment since 2005, landed the biggest round of funding in its history from “two of the world’s largest public money managers.”
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Panel nixes transportation aid for charter schools

March 16, 2011
Associated Press
An Indiana Senate panel eliminated part of a proposal on Wednesday that would have required traditional public schools to help provide transportation to students attending charter schools.
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Indiana House walkout brings talk of recall elections

March 16, 2011
Associated Press
The Republican speaker of the Indiana House said Wednesday that the ongoing walkout by Democratic legislators has stirred up interest in one day making such actions illegal or allowing voters to remove boycotters from office.
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Officials: Fair Finance largest fraud case in state's history

March 16, 2011
Scott Olson
Indictment_WatchVideoTimothy S. Durham (pictured at far left), James F. Cochran and Rick D. Snow were all arrested on Wednesday following a grand jury indictment.
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Local home construction plummets again

March 16, 2011
 IBJ Staff and Associated Press
Home-building permits filed in the Indianapolis area fell by more than 40 percent in February compared with the same month last year. Nationally, builders broke ground last month on the fewest homes in nearly two years.
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BREAKING: Durham, two other executives indicted for fraud

March 16, 2011
 IBJ Staff
Beleaguered local businessman Tim Durham and two other executives tied to bankrupt Fair Finance Co. have been indicted on felony charges of wire fraud, securities fraud and conspiracy to commit wire fraud and securities fraud. The Securities and Exchange Commission also filed a complaint against the men in federal court.
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Another northwest-side apartment complex faces foreclosure

March 16, 2011
Lender Fannie Mae filed to foreclose on Inverness Apartment Homes, whose Vancouver-based owner allegedly owes $4 million on a note that was due in February.
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Economist: U.S. recovery ‘turning a corner’

March 16, 2011
Kathleen McLaughlin
Manufacturing growth will continue to lead an economic recovery in the United States, predicted PNC Financial Services Group senior economist Robert Dye, in town Wednesday to deliver his forecast at Meridian Hills Country Club.
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Wholesale prices jump on steep rise in food costs

March 16, 2011
Associated Press
Wholesale prices jumped last month by the most in nearly two years due to higher energy costs and the biggest rise in food prices in 36 years.
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Brightpoint invests in Latin American operations

March 16, 2011
 IBJ Staff
Locally based wireless phone distributor plans to spend more than $15 million for a stake in a Miami-based company focused on Latin America.
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Forklift accident kills worker at Indianapolis plant

March 16, 2011
Associated Press
Indianapolis fire officials say a forklift operator was killed at Royal Food Products Inc. when a floor collapsed beneath the machine at the food manufacturing plant.
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Dow Agro thinks it has a winner

March 16, 2011
J.K. Wall
The Indianapolis-based company released more details this month about its Enlist Weed Control System, which would genetically modify corn, soybeans and cotton to be resistant to one of the most common weedkillers.
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Lechleiter: After the deluge, we'll be fine

March 16, 2011
J.K. Wall
Eli Lilly and Co. CEO John Lechleiter visited Japan last week—three days before the massive earthquake—to deliver his tried-and-true message: Drug companies need to reinvent invention, governments needs to support innovation, and Lilly will be just fine after it has sustained the damage of the next three years.
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CARLSON: 'Nerdy' Daniels needs to turn laughs into votes

March 16, 2011
Margaret Carlson / Bloomberg News
When someone as staid as Indiana Gov. Mitch Daniels turns out to have a sense of humor about himself, it may be time to take him seriously.
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Estridge again seeking investors to avoid closing

March 15, 2011
Scott Olson
The Carmel-based homebuilder said Tuesday that it will shut down if outside investors or a line of credit aren't obtained soon. The company previously received a cash infusion last June from a group of subcontractors.
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