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Watchdogs wishing for tough IURC: Consumer, biz groups hope Daniels picks commissioner who’ll say ‘no’ to utilities

June 20, 2005

Industrial and consumer interests say Gov. Mitch Daniels needs to fill a pending vacancy at the Indiana Utility Regulatory Commission with a regulator “able to say no” to utility companies. The IURC has too often allowed utilities to pass on increased costs for fuel or purchased power, for example, through so-called tracking mechanisms rather than through traditional rate cases that take into consideration offsetting reductions in other costs, they complain. “It’s important to be able to say no to the…

TAWN PARENT Commentary: This is no time for Hoosier hysteria

June 20, 2005

Some big decisions this spring have not made me particularly proud to be a Hoosier or a resident of Indianapolis. Sure, we got funding for a new stadium and a convention center expansion. That will bring more visitors to our community, and it says we care about sports and tourism. And glory hallelujah! We finally got daylight-saving time, the economic benefits of which are unproven. That says we care about being like everyone else, whether it makes any sense or…

Mayor announces $30 million in budget cuts:

July 4, 2005

Mayor Bart Peterson June 29 announced $30 million in emergency cuts from the city’s 2005-2006 budget. Public safety took the brunt of the cuts. The Indianapolis Police Department will lose 78 officers through retirements and attrition. The Indianapolis Fire Department will lose 44 firefighters, also through attrition. In anticipation of the need for cuts, the city began leaving some of those jobs open in January. When finished, IPD’s force will drop from 1,232 to 1,154. Unless the General Assembly approves…

Builders pine for acreage: Earlham expects big bucks from land freed by deal

July 11, 2005

Like vultures circling a lone man in the desert, local developers and home builders are jockeying to swoop in and take 413 acres of prime Carmel land when owner Earlham College gives it up following its settlement with Conner Prairie. But Earlham, recognizing the prominence of the last large undeveloped tract in eastern Carmel, isn’t going gently. Interested parties-more than two dozen, at last count-will be required to undergo a formal proposal process before one can feast on the farmland….

New public auto-loan firm in works: White River to buy failed Union Acceptance

July 11, 2005

A new public company is rising from the ashes of Union Acceptance Corp., the failed east-side car-financing company, and is preparing to raise $35 million through a stock offering. White River Capital Inc., which will operate from UAC’s former headquarters on North Shadeland Avenue, has agreed to buy out UAC’s shareholders for $3.1 million in stock and to buy Virginiabased auto lender Coastal Credit LLC for $50 million in cash. “It’s a tough industry, a hypercompetitive industry,” White River President…

Prime property can mend fences: Earlham land sale on right course

July 18, 2005

The process Earlham College has set up to sell 413 acres of prime Hamilton County acreage it expects to receive in its settlement with the Conner Prairie living-history museum is a silver lining to this otherwise stormy saga. In the more than two years since Earlham touched off the Conner Prairie drama by firing the museum’s board, we’ve had nothing good to say in this space about Earlham’s handling of the situation, but the land sale is shaping up as…

Ex-IPL officer fights utility: Claims wrongful termination, financial trickery

July 25, 2005

Not even a lineman at Indianapolis Power & Light Co. has more nerve than Dwane Ingalls. Floored that IPL’s CEO, Ann Murtlow, didn’t share his concerns that IPL was sending excessive cash to parent AES Corp. at the expense of electric-service reliability, the IPL vice president scheduled a meeting in mid-2003 at the Maryland home of AES CEO Paul Hanrahan. Hanrahan apparently didn’t see things Ingalls’ way. Within a year of the meeting, Murtlow terminated the 14-year AES employee. Now,…

Making way for a MONSTER: Airport to dish out millions to accommodate Airbus A380

July 25, 2005

The 7,700 acres that are Indianapolis International Airport may soon look like the city squashed by Godzilla-when big, bad A380 comes to town. And it is likely to cost tens of millions of dollars to keep the beast happy. The A380 is the Airbus Industrie superjumbo jet. Airport managers want to start crunching-er, make that estimating-what it will cost to accommodate the world’s biggest airliner. They plan to ask the Indianapolis Airport Authority board for $200,000 from the 2006 airport…

Docs asked to put ownership stake in writing: State now requires disclosure for some patient referrals

July 25, 2005

A new state law aims to shine more light on the touchy financial relationships that can crop up when a doctor refers a patient to another health care business. Since July 1, physicians have had to provide patients with a written disclosure when they make a referral to another business in which they have an ownership interest. That could mean a laboratory, specialty hospital or an imaging center, among other possibilities. State Rep. Vaneta Becker, R-Evansville, said she wrote the…

BEHIND THE NEWS: Neither SEC, Dick in rush to bring fraud suit to trial

July 25, 2005

The Securities a n d E x c h a n g e Commission didn’t file its civil-fraud suit against former Conseco Inc. Chief Financial Officer Rollin Dick until 2004, four years after he resigned under pressure. Under a timetable approved by federal Magistrate Judge V. Sue Shields July 14, Dick won’t stand trial until May 2007 at the earliest. By then, he will have turned 75, and the transactions challenged by the SEC will be more than seven years…

ABDUL-HAKIM SHABAZZ Commentary: Render unto the county what is the county’s

August 1, 2005

Well, not really. They should, however, fork over a few bucks to the government in the form of user fees. Like I said, this may be heresy, but I’ve never been mistaken for a true believer. As anyone who’s picked up a newspaper in the past few months knows, the city and county are facing huge budget shortfalls. And depending on whom you believe, it totals between $10 million and $35 million in the upcoming fiscal year alone. Mayor Bart…

Industry groups spar over audit proposal: Using parts of Sarbanes-Oxley Act to toughen financial reporting would be costly, unnecessary, NAMIC says

August 8, 2005

Insurance groups are choosing sides in a brewing battle over whether private insurance companies should be forced to adopt elements of the controversial Sarbanes-Oxley Act. The Kansas City-based National Association of Insurance Commissioners has proposed adding parts of the 2002 federal legislation to its audit rules. Public companies are already required to follow the Sarbanes-Oxley Act, which imposes stricter financial disclosure rules. The NAIC represents insurance regulators from all 50 states and is working jointly on the amendment with the…

State sipping on answers from Veolia Water utility: Regulators wonder if capital spending is adequate

August 8, 2005

About one-third of the 30 questions state regulators sent to Veolia Water Indianapolis in June relate to whether the operator of the city’s water system has designated enough money for capital improvements to meet demand and sustain water pressure during dry spells. “Please identify and provide the details for all capital improvement projects, system improvements and master plans, including proposed plans, for IW. When were those plans, if any, last revised?” read a typical question from the Indiana Utility Regulatory…

NOTIONS: A poem to honor positive and interesting ideas

August 8, 2005

My former boss loved to challenge our ad agency’s staffers with the wheelbarrow test. Developed by Professor Edward de Bono of Cambridge University and published in David Campbell’s book, “Take the Road to Creativity and Get off Your Dead End,” the instructions read: “Below is a side view of a proposed design for a new wheelbarrow. Write down five comments about the design.” If you’re like most adults, you’ll say the wheel’s too small or the handle too short. That…

Stadium neighbors see rising property values: Investors, entrepreneurs eye southwest side of downtown 70

August 29, 2005

The south end of downtown may not qualify as the hottest real estate market in town, but since plans for a new stadium were unveiled in January, the largely industrial area surrounding it has definitely heated up. Plans call for the stadium to be built on a two-square-block site bordered by Capitol Avenue, and South, Missouri and McCarty streets, now mostly occupied by surface parking. In the area surrounding that parcel, real estate sources report rising land prices and increased…

BULLS & BEARS: Acquisitions fun to make but might not add value

August 29, 2005

We’ve recently explored some of the alternatives companies have to deploy “free cash flow” to enhance value for shareholders. We defined free cash flow as what a company has left after making the expenditures needed to maintain its standing in its industry. A company typically has multiple options, including making incremental investments in plant and equipment to spur internal growth, paying or increasing dividends, and repurchasing the company’s stock on the open market. Perhaps the most exhilarating use of excess…

Earlier start dates draw criticism: Schools like to get a jump on the schedule, but tourist sites say business is suffering; legislators take notice

August 29, 2005

A schoolyard brawl is beginning to brew over whether districts are cutting summers short and sending students back to class too soon. For most school districts, the era of starting school after Labor Day went the way of the typewriter in the 1980s. But some Indiana lawmakers and tourism advocates are beginning to clamor for a state academic calendar that would turn the clock back on early start dates. That’s because many school districts in Indiana resumed classes in mid-August….

IPS building consensus before building: So far, seeking input from neighbors has avoided major legal fights during $832 million construction program

September 5, 2005

A plan to renovate School 57 in the eastside Irvington neighborhood might require the demolition of three nearby homes whose owners welcome the idea. That is in stark contrast to the Meridian-Kessler residents who vehemently opposed a proposal earlier this year that could have taken three houses to accommodate the expansion of School 84. But in both instances, Indianapolis Public Schools is likely to avoid invoking eminent domain powers to forcefully acquire the properties. In doing so, the school corporation…

IPS seeks property swap: School district will trade prime Mass Ave land if deal is right

September 12, 2005

But an unusual component of the soon-to-be-released request for proposals by Indianapolis Public Schools, the property’s owner, has many wondering if anyone has what it will take to win the coveted piece of real estate. What it’ll take is the offering of a replacement facility where IPS can move its central transportation facility and other school district operations. “That’s the general concept,” said SteveYoung, chief of facilities management for IPS. “We’re not looking to sell it. We would have to…

BULLS & BEARS: Conflict of interest arises when valuing companies

September 12, 2005

When two companies engage in an acquisition, within the proxy documents delivered to shareholders a “fairness opinion” is routinely provided. The fairness opinion is an analysis of the transaction typically conducted by an investment bank. Corporate boards hire these “third-party” advisers to satisfy their fiduciary duty to shareholders and to protect against legal challenges over a decision to do a deal. These opinions may be delivered by investment banking firms who have no other role in the deal. But they…

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Articles

Watchdogs wishing for tough IURC: Consumer, biz groups hope Daniels picks commissioner who’ll say ‘no’ to utilities

TAWN PARENT Commentary: This is no time for Hoosier hysteria

Mayor announces $30 million in budget cuts:

Builders pine for acreage: Earlham expects big bucks from land freed by deal

New public auto-loan firm in works: White River to buy failed Union Acceptance

Prime property can mend fences: Earlham land sale on right course

Ex-IPL officer fights utility: Claims wrongful termination, financial trickery

Making way for a MONSTER: Airport to dish out millions to accommodate Airbus A380

Docs asked to put ownership stake in writing: State now requires disclosure for some patient referrals

BEHIND THE NEWS: Neither SEC, Dick in rush to bring fraud suit to trial

ABDUL-HAKIM SHABAZZ Commentary: Render unto the county what is the county’s

Industry groups spar over audit proposal: Using parts of Sarbanes-Oxley Act to toughen financial reporting would be costly, unnecessary, NAMIC says

State sipping on answers from Veolia Water utility: Regulators wonder if capital spending is adequate

NOTIONS: A poem to honor positive and interesting ideas

Stadium neighbors see rising property values: Investors, entrepreneurs eye southwest side of downtown 70

BULLS & BEARS: Acquisitions fun to make but might not add value

Earlier start dates draw criticism: Schools like to get a jump on the schedule, but tourist sites say business is suffering; legislators take notice

IPS building consensus before building: So far, seeking input from neighbors has avoided major legal fights during $832 million construction program

IPS seeks property swap: School district will trade prime Mass Ave land if deal is right

BULLS & BEARS: Conflict of interest arises when valuing companies