Fair Finance trustee to continue pursuit into 2014
The attorney charged with recovering some $200 million for the 5,300 investors bilked by Tim Durham’s Fair Finance Co. plans to continue filing lawsuits for reparations into next year.
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WOJTOWICZ: Lots to consider when weighing mortgage payoff
You certainly don’t want to keep paying a mortgage if it restricts your business in other areas. But you don’t want to cough up too much at once and have the same effect.
City to review tax breaks for five tech firms
The biotech and technology companies could see their Marion County tax abatements reduced or cancelled if officials decide they didn’t fulfill promises on new investment and hiring.
Hospitals proving themselves wrong about prices
Whenever a new report claims hospitals are charging too much, a stock set of defenses comes out. But hospitals are cutting prices and expenses as we speak, undermining those arguments.
Indiana device makers absorbing Obamacare excise tax
The state’s medical-device companies are finding that they cannot pass on the new medical-device tax created by Obamacare to their hospital customers, causing them to continue to make cuts and to look to foreign markets for more profitable growth.
Company news
In a case that could have affected Dow AgroSciences LLC and companies developing biotech drugs, the U.S. Supreme Court sustained St. Louis-based Monsanto Co.'s claim that an Indiana farmer violated the company's patents on soybean seeds that are resistant to its weed killer. The justices, in a unanimous vote Monday, rejected farmer Vernon Hugh Bowman’s argument that cheap soybeans he bought from a grain elevator are not covered by the Monsanto patents, even though most of them also were genetically modified to resist the company's Roundup herbicide. Justice Elena Kagan said a farmer who buys patented seeds must have the patent holder's permission. Monsanto has a policy to protect its investment in seed development that prohibits farmers from saving or reusing the seeds once the crop is grown. Farmers must buy new seeds every year. The case had been closely watched by researchers and businesses holding patents on DNA molecules, nanotechnologies and other self-replicating technologies. But Kagan said the court's holding only "addresses the situation before us."
Warner Transitional Services LLC, a 10-month-old company that provides services to adults with developmental disabilities, plans to cease operations this summer, putting 112 employees out of work. The Indianapolis-based firm plans to terminate employment for 102 of its employees on June 7. The other 10 will remain with the company for less than another month to help wind down operations. Warner relies on funds from the Indiana Family and Social Administration, but FSSA recently decided to end that funding after numerous complaints against the company went unresolved. More than half of the employees affected are direct care professionals, a title usually held by nursing assistants or personal care aides. Warner is a subsidiary of Oconomowoc, Wis.-based Oconomowoc Residential Programs Inc., which operates several therapeutic, residential and in-home services businesses in the Midwest.
John Lechleiter temporarily relinquished the reins of Eli Lilly and Co. on Monday while he undergoes and recovers from cardiovascular surgery. Derica Rice, Lilly’s chief financial officer, will become acting CEO in Lechleiter’s absence. And Ellen Marram, lead independent director on Lilly’s board of directors, will be acting chairman. Lechleiter, 59, has been suffering from a dilated aorta, which is a swelling that can cause a rupture and bleeding in the main artery that carries blood from the heart. The company said the problem was discovered during unrelated testing and has not produced visible symptoms. Lechleiter will undergo a procedure in Indianapolis in which a portion of his aorta will be removed and replaced with a graft, said Lilly spokesman Ed Sagebiel. He will be recuperating for months, but is expected to return to the company “later this summer,” depending on the pace of his recovery. Rice, 48, has been Lilly’s CFO since 2006 and executive vice president of global services since 2010. He is the highest-ranking African-American executive at Lilly.
Former WellPoint Inc. CEO Angela Braly has been named by Gov. Mike Pence to serve as a board member of the Indiana Economic Development Corp. The appointment is the first high-profile post that Braly, 51, has accepted since she was ousted from the top spot at the Indianapolis-based health insurer in August. Braly’s tenure leading WellPoint was rocky, in part because WellPoint was painted by President Obama’s administration as the poster child of health insurance abuses during the lengthy debate of the president’s health reform law. Financial and operational missteps ultimately led investors to demand Braly’s ouster last summer. In February, WellPoint hired Joe Swedish, a longtime hospital executive, to replace Braly. WellPoint is Indiana's largest public company, ranking No. 47 on the new Fortune 500 list.
Lilly CEO to step down temporarily due to surgery
John Lechleiter has been suffering from a dilated aorta, Eli Lilly and Co. said Monday. Current CFO Derica Rice will take his place until later this summer.
ISO fills key VP of finance position
Symphony stays local with latest hire, pulling Suzanne Sweeney from the Indiana Repertory Theatre.
Inquiry targets cellphone subsidies
State officials want to know how an Oklahoma City company managed to set up 30,000 Indiana accounts for a federally subsidized phone program in less than a year. The Indiana Utility Regulatory Commission has launched an investigation into whether TerraCom LLC is repeating federal violations it allegedly committed in Oklahoma.
IUPUI students, faculty keep watch on parking issue
Opponents of privatization fear trustees will take action on the controversial issue over the summer.
People
Keith Lauter has been appointed chief financial officer of the Franciscan St. Francis Health hospital system. He succeeds Jay Brehm, who was appointed senior vice president of strategic planning and business development for Franciscan Alliance, the parent of Franciscan St. Francis, which is based in Mishawaka. Since 2004, Lauter has served as the CFO of Franciscan St. Elizabeth hospitals in Lafayette and Crawfordsville. Lauter holds a bachelor's in accounting from Ball State University and an MBA from Indiana Wesleyan University.
Dr. John Edwards has joined Indiana Blood and Marrow Transplantation at Franciscan St. Francis Health in Indianapolis. The group of four doctors cares for patients undergoing stem cell transplants and patients with blood cancers. Edwards previously worked as medical director at CTI Clinical Trial and Consulting Services in Cincinnati. Before that, he served stints as president of Lifeforce Cryobanks, a Florida-based cord blood bank, and as medical director of the Florida Hospital Cancer Institute Blood and Marrow Transplant Program. Edwards earned his medical degree from the University of Florida.
Tough times didn’t spur spike in poor relief
Heading into the 2008 recession, Center Township sat on $10.5 million in cash, but sky-high unemployment and rising poverty over the next four years failed to drain those funds, and the disconnect persists in several area townships.
Chief financial officer Millard leaving Angie’s List
Robert Millard, chief financial officer at Angie’s List for less than two years, will step down at the quarter’s end, the company announced Thursday.
Kite Realty is makeover artist for tired shopping centers
Having rejuvenated Glendale Town Center and Rivers Edge, Kite is turning its attention to Rangeline Crossing in Carmel.
Marsh closing stores in Marion, Columbus
The locally based grocery chain said it is shutting down the stores rather than renew leases. Following the closings, Marsh will have 91 stores in Indiana and Ohio.
Market’s surge fuels wave of executives’ insider selling
Insiders at Indianapolis-area companies cashed in millions of dollars of their own companies’ shares this month, a selling spree that might reflect growing sentiment the market rally is ending.
Witnesses: Don Marsh’s expenses never questioned
Lawyers for the former CEO of Marsh Supermarkets on Thursday hammered home their claims his expenses were widely accepted in the company as normal business costs, while witness testimony revealed a corporate culture that passed the buck on evaluating those costs.
Sun Capital execs ‘shocked’ by Marsh financials
Any feelings of satisfaction that Sun Capital Partners executives had after completing the acquisition of Marsh Supermarkets Inc. quickly turned to “shock and surprise,” a managing director of the private-equity firm told jurors Tuesday.
I-69 leg gobbling up state’s road funding
As legislators brace for a $250 million annual transportation spending gap down the road, the Indiana Department of Transportation has designated more than one-third of its entire federal highway aid this year toward building 27 miles of Interstate 69 between Crane and Bloomington.