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BEHIND THE NEWS: Mall of America ruling cites Simon ‘subterfuge’

May 9, 2005

A federal appeals court last month issued a ruling that gave affiliates of the Simon family some of what they wanted-a larger ownership stake in Mall of America. But the three-judge panel also gave them a lashing over dealings with their partner in the Minnesota mega mall, the Ghermezian brothers of Canada. “This case presents the worst kind of self-dealing and subterfuge” by Simon affiliates, the court wrote. Ouch. At issue was a deal Simon Property Group Inc., the family’s…

Convention payoffs won’t be instant: New deals, development unlikely until construction begins

May 9, 2005

The much-ballyhooed battle about funding for a new stadium and expanded convention center downtown appears to be over, but it will be some time before the victors get the spoils. Although state lawmakers authorized a series of tax increases to pay for the $900 million project, plenty of work remains to realize the promised payoffs-increased convention business, additional development and a shot at hosting the Super Bowl. “I don’t expect to see any of that until construction starts,” said Indianapolis…

New Symphony Bancorp raises $15 million: Nearly 200 investors stake quality-service-oriented de novo bank on Marion-Hamilton county line

May 2, 2005

Flush with $15 million, Symphony Bank is nearly ready to take the stage. A group of nearly 200 investors contributed the money necessary to underwrite the new bank, which will be at 3737 E. 96th St., just south of the border between Hamilton and Marion counties. Symphony Bancorp President and CEO Steve Tolen said dedication to customer service will differentiate his de novo bank from its stiff competition. “When we looked at the marketplace, we felt while we may be…

Sales, new spec space in the cards at Intech: Intech One and Two likely to fetch top dollar, draw national interest, investment broker says

May 2, 2005

Two years ago, Lauth Property Group Inc.’s Intech Park was arguably the most prominent sign of central Indiana’s soft office market. The northwest-side park’s largest buildings, Intech One and Two, had entire floors vacant and awaiting completion. Acterna LLC was pulling out of its 140,000-square-foot building, a retreat symbolic of the technology bust’s effect on the larger suburban office market. Today, helped by a robust investment market and Intech’s recent state designation as a certified technology park, Lauth hopes the…

More than money: Inception puts emphasis on nurturing fledgling firms

May 2, 2005

If money can’t buy love, as the Beatles sang 40 years ago, neither can it make a startup company prosperous. While David Becker and David Doyle are no John Lennon or Paul McCartney, their wisdom certainly makes sense for locally based Inception LLC. That’s the consultancy, incubator and venture capital firm they founded in November 2000. “Entrepreneurs always think that, if they had money, they would be successful [right away],” Doyle said. “That’s not always the case. There are very…

EYE ON THE PIE: Lessons from a low-profile death

April 25, 2005

Worldwide, about 57 million people will die this year. Few will make headlines like Pope John Paul II and Terri Schiavo did. Many will die as did Kianna Rowe Karnes of Indianapolis, attended by family but abused or neglected by the health profession. Karnes was 44 when she died a few weeks ago from kidney cancer. She was not brain dead. She was not at the end of a long life, but in the rich, middle years where she could…

Kite’s plan sparking controversy: Condos near Fashion Mall likely to face ‘battle royal’

April 25, 2005

A partnership headed by Paul Kite has ambitious plans for a mixed-use development featuring midrise condominium towers and retail space on the last undeveloped corner of 86th Street and Keystone Avenue. A proposal from PK Capital LLC, Kite’s partnership, calls for more than 180 condos and about 60,000 square feet of retail space on the north side of 86th Street between Haverstick Road and Keystone Avenue. The 10-acre property lies just south of Our Lady of Peace Cemetery and a…

Michigan Road project features upscale shops: Smaller version of CafÃ© Patachou planned for property

April 25, 2005

Developers of a small parcel of property on the northwest side are creating a courtyard of quaint shops that will feature an offshoot of the CafÃ© Patachou boutique restaurant. Daniel Altman and his wife, Colleen, bought the piece of land at the corner of 51st Street and Michigan Road last year and opened the upscale Catalpa Antiques & Objects in the historic home that sits on the property. Once completed, the Catalpa Place development will include five shops within a…

Y&L moving HQ to school: Ad firm to leave Massachusetts Avenue for renovated IPS building in Lockerbie

April 4, 2005

Advertising agency Young & Laramore is putting its highprofile Massachusetts Avenue building up for sale as it prepares to buy and occupy a former school building in Lockerbie Square. Y&L is listing its 17,000-square-foot building at 409 Massachusetts Ave. for $1.6 million, said Paul Knapp, the firm’s CEO. The building includes 4,000 square feet of storage space in the basement, leaving about 13,000 square feet as usable office space, Knapp said. The agency is leaving its headquarters behind after 15…

Locals seek $10M to lift Lampoon: Laikin seeks to ‘re-energize’ money-losing L.A. company

March 28, 2005

National Lampoon Inc.’s in the comedy business. Yet in recent years, anyone who perused the L.A.-based company’s financial statements would be more apt to grimace than crack a smile. A group of Indianapolis businessmen who own most of the stock think they can stem the company’s heavy losses and in the process breathe new life into a comedy brand best known for the 1978 classic “Animal House” and the 1980s “Vacation” films. Here’s the catch: They need more money to…

VOICES FROM THE INDUSTRY: There are reasons for rising school construction costs More technology More sports

March 28, 2005

Public school officials around the state have received sharp criticism in recent years for authorizing construction that critics decry as ostentatious and excessively expensive. Chief among the targets, but not exclusively, are athletic facilities that are often perceived as superior to all but the largest of our NCAA Division I colleges and universities. Without taking sides in the fray, I would simply remind everyone that K-12 education is basically a community function driven by local decisions. The bulk of the…

No backing down: Irsay leads crusade to strengthen NFL revenue sharing

March 28, 2005

Irsay became a central figure in the NFL franchises’ small-market vs. large-market battle at the annual owners’ meetings in Hawaii March 21-23. He told reporters he isn’t sure how long his-or any-team can be competitive in a city the size of Indianapolis if large-market teams have their way with the league’s revenue-sharing formula. The Indiana General Assembly is in the midst of a fierce debate over funding for a $600 million retractable-roof stadium for the Colts, but that could be…

STATEHOUSE DISPATCH: Lawmakers struggle amid chaos, but order will come

March 21, 2005

If you’re having a tough time following the twists and turns of the political soap opera that is the 2005 Indiana General Assembly, you are not alone. Legislators find themselves so perpetually distracted by all sorts of peripheral issues and actions that Eli Lilly and Co. might want to consider a new market for its adult ADD medication. What do we mean by this legislative attention deficit disorder? Think back to December, when the first order of business seemed to…

Lilly faction seeks split of exec roles: Shareholder group wants to separate chair, CEO jobs

March 21, 2005

The shareholders think Lilly should separate its chairman and CEO roles. Sidney Taurel currently holds both jobs and the title of president. The group wants an independent chairman. It’s one of six shareholder proposals on the agenda for Lilly’s April 18 annual meeting at its headquarters. The move would address “a leadership crisis at our company” created by the lack of access to affordable medicines, according to the proposal listed in Lilly’s recently filed proxy statement. Lilly’s board disagrees and…

Bankruptcy bill pushes debt repayment: Proposal could make it harder for individuals to escape debt, put limitations on corporate reorganizations

March 14, 2005

Upon seeking bankruptcy protection in late 2002, Conseco Inc. initiated a plan to shower key executives with millions of dollars in retention bonuses if they prevailed in reorganizing the company. The windfall for the six officers, totaling more than $9 million, is just one of many instances in which impoverished corporations have sought to recover from bankruptcy by dangling lucrative incentives to deter executives from fleeing. But in the aftermath of such scandals as Enron Corp. and WorldCom Inc. (now…

Auction company packing up Winona: Closed hospital has potential buyer, attorney tells court Getting organized

March 7, 2005

“That’s to keep the spirits away, make ’em happy,” Brian Hayes explained as he turned past the blaring radio. Auctioneers and the occasional unexplained phenomenon have taken over Winona, as the closed hospital nears an April auction date for its remaining equipment. Hayes, of San Francisco-based Rabin Worldwide Inc., has piled up seven-day workweeks since early February cataloging and organizing the defunct hospital’s assets. All that work may go for naught, however, if the auction proposal dies in bankruptcy court…

ECONOMIC ANALYSIS: Think before demonizing free-trade agreements

March 7, 2005

E c o n o m i s t s approach the issue of free trade with something resembling religious zeal. Outside of a few high-visibility defectors, such as CNN’s Lou Dobbs and columnist Paul Craig Roberts, we’ve found that the pros of liberalized trade between nations heavily outweigh the cons. That’s hardly the case in the general populace. The Indiana Senate’s recent approval of a meaningless but symbolic call on Congress for a moratorium on free-trade agreements with other…

TV weather war becoming a race for arms: Local TV news ratings, advertising dollars at stake VIPIR attack

March 7, 2005

A storm is brewing. But the weather-related tempest has as much to do with television viewer ratings and advertising dollars as it does with tornadoes and hailstorms. With an array of new forecasting technology hitting the market, Indianapolis’ four local TV news operations are arming for a weather war that would make Dorothy and Toto run for the nearest Doppler radar. “The weather is an enormous driver in local TV news ratings,” said Bill Perkins, president of locally based Perkins…

BEHIND THE NEWS: Mergers may shake up Simon’s department-store mix Last supper

February 28, 2005

Big changes are brewing at the department-store chains that anchor Simon Property Group Inc.’s shopping malls in Indianapolis and across the nation. That may be good news for the company’s strong malls but bad news for its weak ones. The Wall Street Journal says Cincinnatibased Federated Department Stores Inc., parent of Lazarus-Macy’s, has rekindled negotiations to buy St. Louis-based May Department Stores, the underperforming parent of L.S. Ayres. Such a deal would be the latest in a string of shakeups…

Villaggio condos aim high: Proposed eight-story project targets downtown’s SE side

February 28, 2005

A developer with deep roots in the Fletcher Place neighborhood is setting its sights on an ambitious eight-story condominium project on the southeast side of downtown. Villaggio at Page Pointe calls for 65 condos ranging in size from 1,600 square feet to 4,300 square feet. Most units will sell for $265,000 to $530,000, with three penthouse units listed for more than $900,000. The first floor of the building will house about 20,000 square feet of retail space. A parking garage…

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Articles

BEHIND THE NEWS: Mall of America ruling cites Simon ‘subterfuge’

Convention payoffs won’t be instant: New deals, development unlikely until construction begins

New Symphony Bancorp raises $15 million: Nearly 200 investors stake quality-service-oriented de novo bank on Marion-Hamilton county line

Sales, new spec space in the cards at Intech: Intech One and Two likely to fetch top dollar, draw national interest, investment broker says

More than money: Inception puts emphasis on nurturing fledgling firms

EYE ON THE PIE: Lessons from a low-profile death

Kite’s plan sparking controversy: Condos near Fashion Mall likely to face ‘battle royal’

Michigan Road project features upscale shops: Smaller version of CafÃ© Patachou planned for property

Y&L moving HQ to school: Ad firm to leave Massachusetts Avenue for renovated IPS building in Lockerbie

Locals seek $10M to lift Lampoon: Laikin seeks to ‘re-energize’ money-losing L.A. company

VOICES FROM THE INDUSTRY: There are reasons for rising school construction costs More technology More sports

No backing down: Irsay leads crusade to strengthen NFL revenue sharing

STATEHOUSE DISPATCH: Lawmakers struggle amid chaos, but order will come

Lilly faction seeks split of exec roles: Shareholder group wants to separate chair, CEO jobs

Bankruptcy bill pushes debt repayment: Proposal could make it harder for individuals to escape debt, put limitations on corporate reorganizations

Auction company packing up Winona: Closed hospital has potential buyer, attorney tells court Getting organized

ECONOMIC ANALYSIS: Think before demonizing free-trade agreements

TV weather war becoming a race for arms: Local TV news ratings, advertising dollars at stake VIPIR attack

BEHIND THE NEWS: Mergers may shake up Simon’s department-store mix Last supper

Villaggio condos aim high: Proposed eight-story project targets downtown’s SE side