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    David Bordenkecher

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Articles

VOICES FROM THE INDUSTRY: Despite the doomsayers, manufacturing still matters

June 11, 2007

From a manufacturing perspective, the United States in the 21st century is a curious place. In 1950s, science promised us the day when high-technology advances would perfrom a whole range of mundane work, thus releasing humanity to the pursuit of more noble intellectual and fulfilling activities. A half-century later, much of that promise-at least from the technology side-has been fulfilled. Yet, curiously, when the natural evolution of the free market affects U.S. manufacturing, all manner of handwringing and doom-saying emerge….

VOICES FROM THE INDUSTRY: U.S. companies should evaluate Chinese tax changes

June 11, 2007

Over the past three decades or so, foreign investment has been fueling China’s economic growth. Companies from around the world have flocked to meet the needs of the largest population in the world: 1.3 billion citizens and counting. Shifts in China’s political climate have made this Asian country ripe for commerce, and foreign companies-especially in the United States-have rushed in. Many U.S. manufacturers have been lured to China by tax holidays and reduced tax rates on income generated from their…

Ex-Marsh exec says ousted president asked him to inflate profit

June 11, 2007

By now, David Marsh might be regretting he ever decided to take on former employer Marsh Supermarkets Inc. in court. Since
he filed his lawsuit last fall charging the company his grandfather founded had shortchanged him on severance, the company
has stormed back with a blizzard of allegations.

Long-term care a long-term problem for Conseco: Losses mount in spite of huge insurance market

June 11, 2007

Conseco sells that coverage, called long-term-care insurance. But right now, it wishes it didn’t. The Carmel-based company has been losing millions of dollars a month on long-term-care policies, as the costs of providing care have outstripped the premiums collected. Conseco also is facing lawsuits and an investigation by a congressional committee into whether it wrongly denied customers’ claims under its long-term-care policies. The troubles have kept Conseco’s stock price depressed, furthering speculation that the company might be acquired. “It’s certainly…

For sale: Tony Dungy’s childhood home

June 6, 2007

A sister of Indianapolis Colts coach Tony Dungy has put their childhood home in Jackson, Mich., up for sale. Sherrilyn Sims is asking $52,900, nearly $6,000 less than its assessed value in the depressed south-central Michigan housing market, according to The Jackson Citizen Patriot. The buyer will receive an autographed photo and copy of Dungy’s […]

VOICES FROM THE INDUSTRY: Employers should prepare for strict Indiana wage law

June 4, 2007

It could happen to any business owner. A new employee is hired and promised two weeks of vacation per year. The employee doesn’t use the vacation time. Months later, she is fired for theft. Soon after, the company is presented with a bill for $6,000, the value of two weeks of the employee’s unpaid vacation time, plus two times that amount in liquidated damages-in addition to the claimant’s attorneys’ fees. This scenario may represent a good outcome for the former…

D’Amico responds through lawyer to being snubbed

May 28, 2007

Carol D’Amico has been publicly silent since the board passed over her for president of Ivy Tech Community College in March.
But a letter her attorney dashed off a day after the vote says she deemed neither of the finalists for the job qualified and
the selection process ripe for a lawsuit.

Public-company CEOs lavished in perks, disclosures reveal

May 28, 2007

Seven Indiana public companies not only own corporate jets, but also let their executives use them for personal trips. Cummins
Inc., Hillenbrand Industries Inc., Zimmer Holdings Inc., Eli Lilly and Co., NiSource Inc., WellPoint Inc. and 1st Source Corp.
all allow some personal use of company jets.

SURF THIS: Using the Internet can help you fight your battles

May 28, 2007

I just read the words “worm poop” in The Wall Street Journal. This is disturbing on a number of levels, some that have to do with journalistic integrity and others that have to do with general business practices. But mainly because it’s raised my interest in a classic underdog story. Tom Szaky, the 25-year-old CEO of TerraCycle, has gotten some good press over the last few years. He’s part of a growing green movement that is looking to offer improved…

Orphan Lilly antibiotic spurs $86.3 million IPO plan: Targanta Therapeutics aims to commercialize drug

May 28, 2007

A biotech company that’s attempting to commercialize an antibiotic developed by Eli Lilly and Co. has filed for an $86.3 million initial public offering. Targanta Therapeutics Corp. two years ago bought the rights to Lilly’s skin infection treatment, oritavancin. The company briefly had its headquarters in Indianapolis before moving it to Cambridge, Mass., last year. Lilly will see a big payoff if Targanta succeeds. The company’s IPO filing says it must pay the Indianapolis pharma giant $10 million when oritavancin…

Insurer stays on roll by hitting the brakes: Baldwin & Lyons profits more despite revenue drop

May 28, 2007

But that axiom doesn’t seem to apply to Baldwin & Lyons Inc. The quiet trucking-fleet insurer headquartered in Indianapolis happily let its revenue slide last year 7 percent, ending a four-year run of rapid growth. Why? Because new competitors have aggressively entered Baldwin’s traditional trucking market with lower prices. The industry’s margins have been slashed by half or more. Most businesses would call that trend a threat. But not Baldwin. President Joe DeVito disdainfully calls these new competitors “naive capital,”…

Jury finds Harcharik liable in Brightpoint case

May 25, 2007

A federal jury in Manhattan Friday afternoon found former Brightpoint Inc. manager Timothy Harcharik aided and abetted securities fraud at the company in the late 1990s. After a four-day civil trial, the jury found against Harcharik on three counts of aiding and abetting. The jury found in his favor on another aiding-and-abetting count and on […]

Appeals court upholds ruling tossing out F1 claims

May 25, 2007

The 7th Circuit Court of Appeals in Chicago today upheld a court decision that tossed out a class-action lawsuit brought by disgruntled Formula One fans. The unanimous decision affirmed a 2006 ruling by U.S. District Judge Sarah Evans Barker, who said the suit failed to state a claim for which relief could be granted, according […]

Emmis deal opens way for interactive Indianapolis 500

May 23, 2007

Indianapolis-based Emmis Communications Corp. and Indianapolis Motor Speedway have signed a unique, exclusive deal that will allow Indianapolis 500 fans to answer trivia questions and make race and Carburetion Day predictions via their cell phones. Carb Day is Friday and the race is Sunday. Financial terms were not released, but sports marketers said it’s an […]

UPDATE: IMS, Conseco would host bowl bashes

May 22, 2007

NASHVILLE, TENN.-Lucas Oil Stadium isn’t the only local sports venue that would see action if NFL owners pick Indianapolis to host the 2011 Super Bowl. Indianapolis Motor Speedway would be decked out for the league commissioner’s prestigious Friday night party, and Conseco Fieldhouse would be the site of a “star-studded concert” on the eve of […]

Civil trial for former Brightpoint worker to start

May 21, 2007

Jury selection was expected to begin late this morning in the civil trial of Timothy Harcharik, a former Brightpoint Inc. worker accused of helping orchestrate an $11.9 million accounting fraud in the late 1990s. Harcharik, 53, served as Brightpoint’s director of risk management from 1997 to 2002. The Securities and Exchange Commission says that in […]

Ex-Brightpoint officer points to higher-ups

May 21, 2007

John Delaney, a second-tier Brightpoint Inc. executive convicted of securities fraud last year, charges in a newly public
letter that upper management was in on the scheme. The 2004 letter implicates former Chief Financial Officer Phil Bounsall,
now executive vice president of locally based Walker Information.

Ruined Brightpoint manager heading to trial

May 21, 2007

Four years after the Securities and Exchange Commission accused Harcharik of committing securities fraud at Brightpoint Inc.,
he finally has his day in court. A civil jury trial is scheduled to start May 21 in Manhattan. It could last as long as three
weeks.

Initiative aims at more minority participation: Construction group says current strategy not working

May 21, 2007

More needs to be done to improve minority involvement in the construction industry than simply employing a certain percentage of the companies on projects. That’s the consensus of the Indiana Construction Roundtable, an organization made up of some of the biggest users and providers of construction services. Its diversity outreach initiative aims to increase minority participation within the trades by rewarding contractors who support education and training, employ minorities and women, and mentor small minority- and women-owned businesses. The initiative…

SPORTS: The great race isn’t as broken as some think

May 21, 2007

Recently, I served as a moderator for a panel that included Indianapolis Colts President Bill Polian; Conseco Fieldhouse Executive Director and Indiana Pacers Vice President Rick Fuson; NCAA President Myles Brand; Indianapolis Motor Speedway President Joie Chitwood; and former Indiana Sports Corp. Chairman Jack Swarbrick. Except for the moderator, it was an all-star lineup, convened to discuss the impact sports has had on Indianapolis. It was both informative and inspiring as it captured the essence of the sports initiative and…

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