William Crouse Jr., 39, of Greenwood, has been sentenced to 57 months in jail after he pleaded guilty to embezzling health care premiums and laundering money through his company, TRG Marketing. The company sold health care coverage through TRG Health Plan. Crouse embezzled more than $1 million of premiums, using about half of it to […]
Shipments of recreational vehicles are on track this year to fall for the first time since 2001, when the last recession ended, and the downturn is prompting experts to wonder if another recession could be on the way, according to Bloomberg. Recessions in the early 1980s, early 1990s and 2001 each were preceded by two […]
The Defense Finance and Accounting Service in Lawrence is expected to gain some of the more than 600 jobs scheduled to be eliminated from a similar base in Kansas City, Mo., when it closes in August 2008, according to the Kansas City Star. The Kansas City base, which provides accounting for all military branches, is […]
Cspine Inc., a startup orthopedic and dental device maker based in Plymouth, plans to launch research and development and prototype manufacturing operations in the northern Indiana town, the Indiana Economic Development Corp. said today. The move is expected to create as many as 49 jobs over the next five years. Cspine will spend about $3 […]
A second railroad has said it isn’t interested in building an intermodal facility in LaPorte County in northwestern Indiana. The Canadian National Railway expressed its lack of interest this week, according to the Post-Tribune of Merrillville. Last week, CSX Corp. announced it would build an intermodal site in northwestern Ohio and would not pursue one […]
Federal prosecutors have issued a subpoena to Genesco Inc., a move that suggests they’ve launched an investigation into allegations that the Tennessee company hid financial problems before agreeing in June to be acquired by The Finish Line Inc. for $1.5 billion. Genesco revealed late Monday afternoon that it had received the subpoena from the U.S. […]
A Boston-area developer has sued the University of Notre Dame and several other universities and foundations, claiming they violated a Massachusetts law that forbids charging interest rates greater than 20 percent. Notre Dame – along with Harvard, Yale and Princeton universities, among others – invested in Realty Financial Partners, an entity that made $16.7 million […]
Global warming will make winters in northwest Indiana feel like those in southern Ohio by 2030, with implications for business, a University of Illinois professor says. Quoted in the Times of Munster, Don Wuebbles said soybeans and wheat could be helped by the longer growing season, but that extremes in rain and drought could hurt […]
An insulin manufacturing plant that Indianapolis-based Eli Lilly and Co. began building in Prince William County, Va., has been acquired by Covance Inc. for an undisclosed price. Lilly announced in January that it had stopped construction because insulin demand wasn’t as high as anticipated. Covance, a drug development services company headquartered in Princeton, N.J., said […]
A shift in ownership of Wood-Mizer Products Inc. to its employees was completed Nov. 16 when employees acquired remaining shares in the Indianapolis manufacturer of portable sawmills. Co-founders Don Laskowski and Dan Tekulve sold 53.9 percent of Wood-Mizer to an employee stock ownership plan, or ESOP, in June 2004. The ESOP bought a small percentage […]
The northeastern Indiana town of Angola will see three companies expand or open new operations-creating a total of 152 jobs by 2010, according to the Indiana Economic Development Corp. Supreme Building Technologies, a start-up builder specializing in small modular buildings for the food and beverage industry, plans to make an existing facility home to its […]
Brightpoint Inc. said in a new regulatory filing that it invested $7.3 million to acquire a 9.1-percent stake in Maryland-based TESSCO Technologies Inc. TESSCO competes with Plainfield-based Brightpoint in the wireless-phone logistics business. In a press release, Brightpoint said it purchased 470,000 shares of TESSCO because “it believes that the shares are currently undervalued in […]
John Cannon, formerly senior vice president and deputy general counsel at CIGNA Corp., has joined WellPoint Inc. as executive vice president and general counsel. The appointment takes effect at WellPoint on Dec. 10, the Indianapolis-based health insurance giant announced yesterday. Cannon will oversee legal strategy, legal compliance, litigation and regulatory matters. “We are very pleased […]
Genesco Inc. stock plunged 23 percent today after a banker for Indianapolis-based Finish Line Inc. asked a New York judge to allow it to withdraw financing for Finish Line’s $1.5 billion acquisition of the Tennessee mall retailer. The shares plummeted to about $30 this morning before rebounding slightly. “The combined Finish Line-Genesco entity would be […]
Baekgaard Ltd., a Fort Wayne company that designs home furnishings and accessories, will build a $3.6 million corporate headquarters and distribution center on Interstate 69 near Fort Wayne, the Indiana Economic Development Corp. announced today. Baekgaard will add 55 jobs to its existing 10 employees as part of the expansion at Silverado Park industrial park. […]
The Wall Street Journal has ranked WellPoint Inc. CEO Angela Braly No. 1 on its “50 Women to Watch” list. It’s an annual ranking of women who Journal editors “believe have the potential to make a significant impact on business in the year ahead.” Braly, 46, became CEO of WellPoint on June 1, making the […]
J.J.B. Hilliard W.L. Lyons Inc., a unit of Pittsburgh-based PNC Financial Services Group Inc., is being sold to Houchens Industries Inc., a Bowling Green, Ky., holding company that owns businesses in construction, insurance, recycling, warehousing and grocery retailing. Financial terms were not disclosed. Hilliard Lyons is a Louisville, Ky.-based investment firm with 10 offices, including […]
Two decades ago the southern Indiana town of Seymour suffered from double-digit unemployment, a degraded tax base and an outflow of residents. Today, the town, located between Indianapolis and Louisville, is adding jobs along with housing, hotels and restaurants. The key was a 1986 decision by Toyota supplier Aisin Seiki to locate its first U.S. […]
Indianapolis-based athletic shoe and clothing retailer The Finish Line Inc. said yesterday that a “material adverse effect” has taken place regarding its acquisition of Genesco Inc.-putting the $1.5 billion deal in jeopardy. Yesterday’s filing with the U.S. Securities and Exchange Commission followed an amended complaint in Genesco’s September lawsuit seeking to force Finish Line to […]
Grim results in Steak n Shake Co.’s fiscal fourth quarter prompted a sell-off of its stock this morning. Shares in the Indianapolis-based restaurant chain dropped nearly 14 percent before staging a small comeback to trade near $11.65-still 9 percent below yesterday’s close. After the market closed yesterday, the company reported that same-store sales fell 3.9 […]
