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Preferred-shareholder group sues Emmis over restructuring

A group of Emmis Communications Corp. preferred shareholders, unhappy with a company proposal that would strip them of their right to collect millions of dollars in dividends, filed a lawsuit against the Indianapolis media firm Monday to try to prevent the move.

Fortune Industries shareholder seeks to stop proposed sale

A shareholder of Indianapolis-based Fortune Industries Inc. has filed suit against the public company and its top executives, seeking class-action status on behalf of shareholders who want to stop a transaction that would take it private.

Tour manager may be key to stage collapse lawsuits

The tour manager who was widely credited with saving the lives of country duo Sugarland before a deadly stage collapse at last summer's Indiana State Fair has become a central focus of lawyers seeking millions in damages for the families of seven people who died and dozens who were injured.

IPS issues rebuttal to Mind Trust’s reform plan

In an hour-long defense of Indianapolis Public Schools, Superintendent Eugene White outlined plans to streamline administrative staff, create more choices for parents, direct more resources to the district’s most challenged schools and give more autonomy to its highest performing schools.

Construction

Thompson Thrift Construction has started construction of a 4,846-square-foot IHOP restaurant at 395 W. Northfield Drive, Brownsburg. Completion is scheduled for August.

Residential

The average rate for 30-year mortgages fell from 4.23 percent to 4.11 percent in the week ended April 11, according to Bankrate.com. The rate for 15-year mortgages fell to 3.32 percent from 3.42 percent.

Leases/leasing contracts

-Southern Wine & Spirits of Indiana Inc. leased 25,201 square feet of office space at 8888 Keystone Crossing. The tenant was represented by Mike Semler of Cassidy Turley and Frank Gallagher of Capital Structures Realty Advisors. The landlord, BPG Properties Ltd., was represented by Abby Cooper of Jones Lang LaSalle.

-On-Demand Mail Services, LLC leased 12,800 square feet of industrial space at 2525 N. Shadeland Ave. The tenant was represented by Ralph Balber of Newmark Knight Frank Halakar. The landlord, Cassidy Turley, acting as court appointed receiver, was represented by Michael Weishaar and Todd Vannatta of Cassidy Turley.

-JAZ Properties LLC leased 8,000 square feet of industrial space at 5925-6021 W. 71st St. The tenant was represented by Scott Herider of Lee & Associates. The landlord, GI Partners, was represented by Bryan Poynter and Russ Van Til of Cassidy Turley.

-Paintman Auto Body LLC leased 7,790 square feet of industrial space at 4000 W. 10th St. The tenant was represented by Rob Christman of Colliers International. The landlord, Speedway Industrial Park, was represented by Bill Byram of Cassidy Turley.

-Once Upon a Child leased 6,335 square feet of retail space in an expansion/relocation within Old Town Shoppes, 1210 W. 86th St.  The landlord, Sandor Development, was represented by Sandor’s Drew Kelly. The tenant represented itself.

-Pet Centers of Indiana Inc. leased 5,608 square feet of retail space at Avalon Crossing, 6935 Lake Plaza Drive. The tenant was represented by Kevin Dick and Rob Warstler of Colliers International. The landlord, Avalon Crossing LP, was represented by Tiffany Oliver of Landmark Properties.

-Sallie Mae Inc. leased 5,200 square feet of industrial space at 9900 Westpoint Drive. The landlord, Clarion Partners, was represented by Fritz Kauffman and Bryan Poynter of Cassidy Turley. The tenant represented itself.

-First Watch Restaurants Inc. leased 3,985 square feet of retail space at 139 N. Illinois St. The tenant was represented by Don Williams and Allison Tiefel of Cassidy Turley. The landlord, MT Acquisitions, LLC, was represented by Dave Moore, Andrew Martin, Bennett Williams, Allison Tiefel and Darrin Boyd of Cassidy Turley.

-Brendanwood Financial leased 3,485 square feet of office space in Auburn Woods Park, 9650 Commerce Drive No. 523, Carmel. The tenant was represented by Jeff Hubley of Midland Atlantic. The landlord was represented by George Crawford of NAI Meridian.

-Leisure Pool & Spa leased 2,125 square feet of industrial space in Bash Business Center, 8501 Bash St. The tenant was represented by Spero Pulos of Lee & Associates. The landlord, Mann Properties, was represented by Debbie Mann.   

-Meridian Mortgage/Open Mortgage renewed its lease for 1,750 square feet of office space in Auburn Woods Park, 9640 Commerce Drive No. 414, Carmel. The landlord, Sandor Development, was represented by Sandor’s Nicholas Roth. The tenant represented itself.

-Crooked Creek CDC extended its lease for 1,200 square feet and is expanding into an additional 2,509 square feet of retail space at 7003 North Michigan Road, units A & B. The landlord, Sandor Development, was represented by Sandor’s Nicholas Roth. The tenant represented itself.

-Defender Direct leased 1,113 square feet of office space at 5455 W 86th St. The landlord, Polaris Commercial Investments LLC, was represented by Dan Baldini of Polaris Real Estate. The tenant represented itself.

-Kinny & Lee’s BBQ and Catering leased 960 square feet of retail space at 22nd Street Shops, 2200 N. Meridian St. The landlord, Sandor Development, was represented by Sandor’s Nicholas Roth. The tenant represented itself.

-The Flying Cupcake leased 856 square feet of retail space in Shops at River’s Edge, 4040 E. 82nd St. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, KRG River’s Edge LLC, was represented by Blake Beaver of Kite Realty Group.

Sales/acquisitions

-Dunbar Court LLC, a wholly owned subsidiary of Axia Urban LLP, bought the 30-unit Dunbar Court apartments at 1022 Martin Luther King Jr. St. The price wasn’t disclosed. Michael Wernke of Marcus & Millichap represented both the buyer and the seller, a lender that controlled the property formerly owned by DCA Renewal LLC.

-Merrillville-based Fox Hill Apartments LLC bought the 60-unit Fox Hill Apartment complex at 1300 W. Fox Hill Drive. The asking price was $1.9 million. The sale price wasn’t disclosed. Michael Wernke of Marcus & Millichap represented both the buyer and the seller, a lender that controlled the property formerly owned by NWJ SF I Fox Hill LLC.

Pence maintains massive money lead in race for governor

U.S. Rep. Mike Pence reported Monday that he raised $1.8 million through the first three months of 2012. Democrat John Gregg raised $585,000 during the same period. Pence had $4.9 million in his campaign coffers compared to Gregg's $1.5 million.

Company news

Shares of Endocyte Inc. more than doubled in value Monday morning after the company unveiled an up to $1 billion deal with Merck & Co. Inc. to bring an ovarian cancer drug to market. West Lafayette-based Endocyte’s stock had fallen 60 percent in the past 12 months. New Jersey-based Merck will pay Endocyte $120 million upfront with as much as $880 million in future payments possible based on regulatory approvals and sales of the drug EC145, also known as vitafolide. The agreement gives Merck worldwide commercial rights to EC145, in exchange for double-digit royalty payments to Endocyte. The two companies will split sales revenue and marketing costs in the United States. Endocyte already has begun studying EC145 as a potential lung cancer treatment, and intends to study it in still more applications. Merck also gained the rights to the drug for those other types of cancer. Chris Raymond, an analyst at Robert W. Baird & Co., called the agreement “an amazing deal” for Endocyte.

Shareholders of Eli Lilly and Co. failed once gain to remove the drugmaker’s tough poison-pill provision against unwanted buyers. The proposal garnered 62.4 percent of the shares voted at Monday’s annual meeting of shareholders, according to preliminary voting results. To pass, the proposal needed support from the owners of 80 percent of Lilly’s shares. That means Lilly’s corporate bylaws still contain an 80-percent approval threshold for hostile takeover bids, even though the company’s board has recommended removing the policy in each of the past three years. The proposal that failed Monday would have required just a bare majority of shareholder votes to approve key moves commonly used in hostile takeovers. In the past two years, the same proposal received 74 percent and 73 percent of all shares, respectively. The supermajority vote requirement dates from the 1980s, the heyday of “corporate raiders” making unsolicited bids to buy public companies. Lilly’s board, which has been fiercely independent during multiple waves of consolidation in the pharmaceutical industry, finally began to support removing the high threshold in 2010. That decision followed three straight years in which a majority of Lilly shareholders expressed support for removing the supermajority voting requirements.

Roche Diagnostics Corp.’s North American sales rose 7 percent in the first quarter, to 615 million Swiss francs, or about $670 million in U.S. dollars, assuming constant exchange rates across the world. The Swiss company’s North American headquarters is in Indianapolis, along with a significant diabetes manufacturing operation. Diabetes sales in North America shrank in the quarter 5 percent, to 119 million Swiss francs, or $130 million. Roche’s sales of lab and testing equipment, and the equipment and chemicals that go with it, all saw double-digit growth in the quarter. Worldwide, Roche’s diagnostic sales grew 4 percent, in constant currencies, to $2.4 billion Swiss francs, or $2.6 billion.

Bloomington-based medical-device maker Cook Group acquired General BioTechnology LLC, an Indianapolis biotech company with about 20 employees. Terms of the deal were not announced. Cook will rename the company Cook General BioTechnology LLC. General BioTechnology was founded in 1997 by former Indiana University School of Medicine researchers. It operates an umbilical-cord blood and tissue bank for families called The Genesis Bank and a reproductive tissue bank called Genome Resources.

Biomet Inc.’s sales rose 5 percent in the three months ended Feb. 29, to nearly $709 million, compared with the same period a year ago. The growth was driven by increased volumes in North America and the Pacific Rim. The Warsaw-based orthopedic-implant maker’s financial results are always closely watched as an early signal for the rest of the industry, which will report first-quarter results later this month. Biomet’s sales of knee implants rose 4 percent and sales of its hip implants rose 6 percent, compared with the same quarter last year. The company’s operating income rose 14 percent, to $108.1 million, primarily due to lower amortization expenses recorded from the company’s 2007 buyout by private equity firms. Biomet has a whopping $5.3 billion in debt, which required interest payments in the quarter of $117 million. That expense and tax payments led Biomet to a loss for the quarter of $16.5 million, up from $11.6 million a year ago.

Suspect in fatal hit-and-run arrested

Indianapolis detectives have arrested a suspect in a fatal Saturday morning hit-and-run accident. Officers arrested 24-year-old Justin Lang Saturday afternoon, preliminarily charging him with operating a vehicle while intoxicated, causing death. The accident happened about 2:15 a.m. Saturday near Manhattan Avenue and West McCarty Street, killing Johnny Parker, 34. Detectives worked almost 11 hours to identify the suspect and persuade his family to surrender him.
 

Highway worker dies in accident

A construction worker was killed in an accident on the city’s northeast side Monday morning. The accident happened on the ramp from Allisonville Road to westbound Interstate 465. The worker might have been run over by a backhoe while unloading road barriers. The ramp is expected to remain closed for several hours while the accident is investigated.
 

Police bust heroin ring

A major heroin ring operating in South Bend and Indianapolis has been busted, Indiana State Police announced Monday. Five people were arrested, but one suspect is still on the run. In coordinated raids last week, state troopers, federal agents and police from both cities seized 10 pounds of heroin in South Bend worth an estimated $400,000. They also seized $434,000 in cash, two guns and a number of vehicles. Darnell Beverly, 33, was arrested in Indianapolis. He is alleged to have dealt heroin from an automotive repair shop in the 1900 block of East 46th Street. One of his alleged partners, Dlon Edwards, remains at large.
 

Overlapping downtown events give hotels a boost

The annual Fire Department Instructors Conference attracts nearly 30,000 visitors to downtown. But with Race for the Cure on Saturday, demand for hotel rooms is even stronger, particularly toward the end of the week.