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State fund invests $600,000 in neutron-detection company

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Indiana’s 21st Century Fund said Friday that it has invested $600,000 in Bloomington-based PartTec Ltd., a manufacturer of neutron-detection technology.

The state’s capital infusion will be co-invested with $1.2 million raised through an offering to private investors by the Indianapolis office of David A. Noyes & Co.

The funds will help PartTec commercialize several products in its non-helium-3 neutron detector line, company CEO Herschel Workman said in a prepared statement.

The company's products are designed for use in medical and defense research laboratories.

“This investment is further validation of the global need for our technology and research,” he said. “It’s extremely rewarding to know that the state of Indiana believes in our products and our highly skilled and dedicated team.”

Indiana’s 21st Century Fund is the state’s principal fund for investing in high-tech companies.
 

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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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