It’s back: Bank hopes to salvage Di Rimini project
The bank that now owns the troubled Di Rimini apartment project wants to repair the building in an attempt to recoup some of the millions it stands to lose on the deal.
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Articles
Ivy Tech absorbs avalanche of new students
For the past four years, Ivy Tech Community College has soaked up 60,000 extra students displaced by the recession even though the funding for new staff and facilities has not kept pace. But now Ivy Tech President Tom Snyder says the sponge is waterlogged.
Symphony challenges complicate CEO search
Indianapolis Symphony Orchestra trustees are seeking a new leader who can help reverse three consecutive years of seven-figure budget deficits, raise $100 million to replenish its endowment and motivate staff working for reduced pay.
State to motorists: You break it, you buy it
Crash into a guardrail and chances are now higher that your insurer—or you—will get a repair bill from the Indiana Department of Transportation. INDOT has deployed a new way of tracking damage to state property at crash scenes and quickly collecting money from those responsible.
Indianapolis Downtown Inc. leader Zahn stepping down after 19 years
Indianapolis Downtown Inc. announced Thursday morning that President Tamara Zahn plans to leave her position by June. Zahn was IDI's first president and has been in the post for 19 years.
MCQUILLEN: Plan would trim bureaucracy for the benefit of students
As we work to rebuild our broken district, we must aim not for perfection, but for progress.
DOWD: The transformational wife behind Newt
The 45-year-old Callista has created an entirely new model for a spouse.
STOSSEL: More government won’t make us happy
The right to pursue happiness has been perverted into a government-backed entitlement to happiness.
WellPoint fires exec after Medicare woes
WellPoint Inc. finally canned the head of its consumer business after a string of disappointing results, and the move hasn’t further spooked the company’s jittery investors. Although that’s not saying much.
Extra money key to Mind Trust plan to transform IPS
The Mind Trust plan for transforming Indianapolis Public Schools calls for turning the district into a network of charter-like schools and giving them 15 percent to 25 percent more dollars to spend than Indianapolis charter schools currently enjoy.
Breast cancer charity tries to avoid collateral damage from Komen controversy
The Pink Ribbon Connection distinguishes its mission from one of the country’s most powerful health advocacy groups.
BioCrossroads has stoked state’s life sciences industry, but challenges remain
In the 10 years BioCrossroads has been promoting life sciences in Indiana, the effort has netted more than 330 new companies, an infusion of more than $330 million in venture capital, a tripling of exports, and a growing number of mentions in national reports on life sciences.
Telecommunications companies push bill to defend turf from state network
The new law would prevent the I-Light data network from straying beyond its stated mission of serving the state’s colleges and universities.
KISSINGER: Measuring success with wealth, not jobs
Today, we hear an endless drumbeat about job creation and use that as a metric to judge government incentives. What we really want is “wealth creation” through innovations that satisfy customers.
Indianapolis Parks Foundation leader plans retirement
The Indianapolis Parks Foundation will start looking this week for a replacement for President Cindy Porteous, who plans to retire after 12 years at the not-for-profit.
Foundation finds buyer for 16th Street buildings after 6-year search
Two brothers purchased the pair of connected buildings at the northwest corner of 16th and Alabama streets and will use the property for a 50-seat café and the offices for Nottingham Realty Group.
Company news
Eli Lilly and Co. will freeze base pay for most of its 38,000 workers this year, as the October 2011 patent expiration on its former best-seller Zyprexa has hammered finances. Lilly already eliminated 5,500 jobs in preparation for the generic competition to Zyprexa, an antipsychotic pill. But the pay freeze is the company’s next move to try to weather the storm caused by a string of patent expirations on five of its best-selling drugs, including the looming loss of its new best-seller, the antidepressant Cymbalta, at the end of 2013. The pay freeze also applies to top executives, Lilly disclosed in its preliminary proxy statement, filed Feb. 3. Overall compensation for Lilly’s top five executives fell slightly in 2011, the company disclosed. CEO John Lechleiter earned a salary of $1.5 million, unchanged from 2010, and total compensation of $16.4 million, down slightly from the previous year. Lechleiter has resisted buying another large company to mask Lilly’s looming sales loss, instead betting on the company’s research team to deliver new blockbusters. Also, Lilly has made several smaller acquisitions, and is currently rumored to be vying with five other rivals to acquire the Turkish drugmaker Mustafa Nevzat Ilac Sanayii.
Indianapolis-based Home Health Depot Inc. has acquired a majority stake in Iowa-based Advanced Rehab Technologies LLC, a provider of rehabilitation equipment. Financial terms of the deal were not disclosed. The three owners of the company will continue to manage it under Home Health Depot’s oversight. Advanced Rehab was founded 10 years ago. Home Health Depot had 2010 revenue of $13.8 million, according to IBJ research, ranking it the fifth-fastest-growing private company in the Indianapolis area. Home Health Depot also ranked last year as No. 736 on Inc. magazine’s list of the nation’s fastest growing companies.
Warsaw-based Symmetry Medical Inc.’s former CEO will return $450,000 in pay and stock proceeds to resolve U.S. Securities and Exchange Commission claims that he profited from accounting fraud by a United Kingdom unit, according to Bloomberg News. Brian S. Moore received the compensation based on financial results that were inflated by a scheme in which employees inflated financial results in 2005 and 2006 at Symmetry’s Thornton Precision Components Ltd. subsidiary, the SEC said in a complaint filed Jan. 30 in federal court in South Bend. The agency also settled claims against Symmetry Chief Financial Officer Fred L. Hite, who will pay $210,000. “It is important to emphasize that the SEC did not accuse Mr. Moore of any wrongdoing,” Russell G. Ryan, an attorney for Moore at King & Spaulding LLP, said in an e-mail statement. “He is glad to have put the matter behind him.”
Indianapolis-based Dow AgroSciences LLC reported record fourth quarter and annual revenue on strong sales of new products and above-average growing seasons. Fourth-quarter revenue grew 5 percent, to more than $1.3 billion, compared with the same period in 2010. For the entire year, sales increased to $5.7 billion. Earnings before interest, taxes, depreciation and amortization were $145 million in the quarter ended Dec. 31, a fourth-quarter record and double the $72 million reported for the 2010 period. The company, a unit of Midland, Mich.-based Dow Chemical Co., reported sales and volume gains in all geographic areas, led by Latin America.
Roche sales rise 4 percent in 2011
Roche Diagnostics Corp.’s North American business, which is headquartered in Indianapolis, posted a 4-percent boost in sales last year on the strength of its fluid analyzer business unit, even though its diabetes sales fell.
Health care VC hits new Indiana low in 2011
Indiana companies landed just $14.1 million in venture funding last year, the lowest amount of capital flowing to the state’s health care sector since BioEnterprises began tracking such deals in 2005.