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Despite subsidiaries’ sales, Ontario struggles with debt: Lawsuit sheds light on tech holding company

Over the last five years, Daleville’s Ontario Corp. has successfully divested two of central Indiana’s larger high-tech firms. It’s had less luck resolving its debts. This month, a federal court in Indianapolis reopened a lawsuit filed three years ago by Charles Craig-one of Ontario’s former executives-and his wife, Barbara. Their complaint alleges Ontario defaulted on $1.3 million in promissory notes. According to court documents, the company east of Anderson provided the couple a series of 10-year notes in 2001 on…

No perfect fit for Main Street: Small-business owners fall on both sides of political line

Joe the Plumber has been getting plenty of attention in recent weeks, but what about Kimberly the Merchant or John the Manufacturer? For all the talk about whether this year’s presidential candidates favor Wall Street or Main Street, there’s little discussion of the fact that neither Democrat Barack Obama nor Republican John McCain may be perfect for all small-business owners. Indianapolis manufacturing firm owner John Raine is backing McCain because of his stance on taxes and labor unions. Local shop…

Surviving the season: Retail landlords worry that tight holiday budgets could doom some retailers

Retailers usually get that Christmas-morning feeling of anticipation for the holiday shopping season. This year, many are just hoping to survive. As consumers tighten their spending to cope with higher prices and shrinking savings, stores big and small are feeling the pinch. Some stores, including Linens ‘n Things, have filed for bankruptcy and plan to liquidate. Others, like Circuit City, still are fighting for survival. The holiday shopping season is looking more like a make-or-break period than the annual windfall-an…

Flat passenger counts not seen as threat to paying debt on midfield terminal

The big debt payments on the $1.1 billion midfield terminal at Indianapolis International Airport start coming due in January–just
as a recession hits and the battered airline industry cuts capacity. Despite the likely prospect of fewer passengers than
projected in the next year or two, airport managers say they don’t anticipate problems shouldering the roughly $40 million
a year in debt burden over the next 30 years for the new facility.

VIEWPOINT: Throw crooks in jail, fire dummies

The $700 billion bailout of our country’s financial system may be necessary, but it ultimately will prove useless unless real change is enacted to prevent a repeat performance of this fiasco. What the American people should be demanding is for someone to give them a clear explanation of what really happened to create the financial mess. Remember, after the market crash of 2000, the Wall Street research scandal (where nearly every Wall Street firm admitted to lying to clients through…

Ousted mayor guides local up-and-comers: Peterson named moderator for prestigious group

Voters decided last Election Day that they’d had enough of Bart Peterson, but the former mayor is in demand with academics, a think tank, and now the city’s premier leadership network. Peterson is moderator of the Stanley K. Lacy Executive Leadership Series, which introduces “emerging leaders” to Indianapolis and its problems. “It’s something I never went through as a class member. I’ve always envied those who did,” Peterson said of the series, which accepts just 25 applicants each year. “It’s…

NOTIONS: Lessons learned from the candidates’ communications

Have I told you about my e-mail from Sarah Palin? Did you know that Obama campaign manager David Plouffe briefs me on campaign strategy? I’ve let slip, haven’t I, that Bill Clinton invited me to his place to munch on potato chips and watch Hillary’s televised debate? I receive streaming video from Gov. Mitch Daniels letting me look in on campaign stops statewide. His opponent, Jill Long Thompson, connects via Facebook. And at 3 a.m. one Saturday, Barack Obama texted…

For funding, developers may need to think outside box: Amid tight credit markets, getting a project built often takes alternative financing sources, creative approaches

Although the spigot of bank financing has slowed to a trickle, money to fund commercial development projects remains available from alternative sources. Just ask David Amick, executive director of Premier Capital Corp., a local lender that uses federal funds to help finance expansions. “We’ve got money to lend,” he said. “I’ve got that [message] hung on the door.” The fragile credit markets have nearly diminished the ability of companies to borrow. But lenders such as Amick insist the money is…

MARKETING: Take ethical high road and set good example

A student bartender explained that the bar owner requires his employees to serve cheap liquor in place of the more expensive liquors listed on the menus. “The customers don’t know the difference. So who’s hurt?” she asked. What difference does it make that customers pay for a top-quality product and actually receive a low-quality substitute? Let’s see. What kind of ethical standard is the bar owner setting for his young employees? How many businesses down the road will be tainted…

You-review-it Monday

There was a lot to choose from this weekend.

Did you pick Hubbard Street Dance or David Byrne at Clowes? Or Gregory Hancock’s “Oh My Goth”? Stop in at the Indianapolis Symphony Orchestra, the Indianapolis Museum of Art, or the…

Daniels drops lottery privatization plan

Gov. Mitch Daniels said today that he is dropping the idea of privatizing the Hoosier Lottery as an option of funding a college scholarship program after the U.S. Department of Justice said such a move would not comply with federal law. The Oct. 16 opinion, which Daniels’ office said was requested by Indiana and New […]

Markets down after another rough week

Wall Street has ended the week with another sharp loss, joining stock markets around the world that fell on the growing belief that a punishing economic recession is at hand.It was a dramatic day, with the Dow Jones industrials falling more than 500 points soon after trading began, and – following the pattern of recent […]

Titans turn Polian’s policy on Colts

The Tennessee Titans are willing to pay what the Indianapolis Colts would not for three players, and now hope to use the trio against the AFC South rival Colts when the teams square…

UPDATE: Local NatCity branch layoffs unlikely

Layoffs are unlikely for employees of National City Corp.’s 77 Indianapolis-area bank branches, but back-office employees may be at risk after the Cleveland-based bank agreed today to sell itself to a Pittsburgh bank, observers say.National City, the second-largest bank in the Indianapolis area, agreed to be absorbed by PNC Financial Services Group Inc. in a […]

UPDATE: Stocks drop in early trading

Wall Street joined world stock markets in a precipitous plunge today, with the Dow Jones industrials dropping more than 400 points in the opening minutes of trading. The growing belief that the world will suffer a punishing economic recession has investors furiously dumping stocks.The massive decline was caused by increasingly grim news from overseas. In […]

National City Bank to be sold for $5.6B

Cleveland-based National City Corp., the second largest bank in the Indianapolis area, has agreed to sell itself to a Pittsburgh bank in an all-stock deal that values National City at just $2.33 per share.The $5.6 billion deal with Pittsburgh-based PNC Financial Services Group Inc. will create the nation’s fifth-largest bank by deposits and fourth-largest by […]

Emptying the arts notebook

Today, some random notes from around the arts world:

–Chris Jones at the Chicago Tribune has an interesting item today about customer service in theaters. See it here. Have you had any overwhelming negative or positive experiences from the front-of-the-house…

Aussies petition IRL to stay

The Indy Racing League is being greeted with much fanfare in Australia this week, but it remains doubtful the open-wheel series will return to race at Surfer’s Paradise next year.
The first two days…

Plunge freezes Dow Jones futures trading

 Wall Street headed for another precipitous drop today as fears of a punishing global recession stirred panic among investors and sent world financial markets into a tailspin. The Dow Jones industrial average futures were down 550 points, triggering a freeze in selling.The massive decline was caused by increasingly grim news from overseas. In Japan, shares […]