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Beleaguered mortgage lender American Home Mortgage Investment Corp. said last night it will close most of its operations-bad news for Fort Wayne, where the Melville, N.Y., company employs 155. In a statement, American Home Mortgage said it would shrink its workforce to 750 from 7,000 today because there is “no realistic alternative.” The Fort Wayne […]
Jim Rogers, the Beeland Interests Inc. chairman who predicted the launch of the commodities boom in 1999, is convinced the nation has yet to see the worst of the housing decline. In an interview with Bloomberg, Rogers, whose New York company bears his middle name, said he has sold short stock in house builders and […]
Locally based Urban Space Commercial Properties is working to fill space in a new hotel/retail project at the northeast corner of Meridian and South streets, company founder Brian Epstein said today. Here are preliminary renderings for the project, which is…
Indiana University and ChaCha Inc., the human-assisted Internet search engine based in Carmel, said this afternoon that IU will make its librarians and information technology staff available to ChaCha users. The IU experts will help ChaCha users sift through unwanted material in order to focus on the information users want. Users will be linked by […]
Saying its need for electricity can be filled in other ways, Evansville-based Vectren Corp. announced yesterday that it will not go forward with a southwestern Indiana coal gasification project it planned with Duke Energy Corp. Vectren instead will turn to buying power and will rely more on natural gas-fired peaking plants, renewable resources and persuading […]
Rising costs to sell and market a broadened line of electronics helped reduce fiscal fourth-quarter profit at Kimball International Inc. to $4.5 million from $10.4 million a year earlier. The Jasper electronics and furniture maker said the most recent quarter also looked poor because the same quarter a year earlier benefited from a tax break. […]
ChaCha Inc., the human-assisted Internet search engine based in Carmel, this afternoon is expected to announce a research-and-development alliance with Indiana University. ChaCha founder Scott Jones will join IU Vice President for Information Technology Brad Wheeler for a news conference at IUPUI. Founded last year, ChaCha quickly raised $6 million from investors, including Amazon.com founder […]
A record 116 patents were filed by Indiana University faculty and staff in the fiscal year ended in June, the IU Research & Technology Corp. said today. The figure was roughly double the number of the past three years. Activity had retreated following a surge early in the decade. Five businesses were created, also an […]
Saying its need for electricity can be filled in other ways, Evansville-based Vectren Corp. announced yesterday that it will not go forward with a southwestern Indiana coal gasification project it planned with Duke Energy Corp. Vectren instead will turn to buying power, according to the Evansville Courier & Press. The company also will rely more […]
So many mortgage opportunities are available over the Internet that the unfolding woes of a single lender, American Home Mortgage Investment Corp., have caused relatively few problems in the Indianapolis area, real estate professionals say. Some buyers have been unable to close home purchases through the Melville, N.Y., giant, but the numbers appear to be […]
Indiana American Water Co.’s proposed 18-percent rate hike would be cut nearly in half under a settlement agreement with the Indiana Office of Utility Consumer Counselor filed yesterday. The proposal would allow the Greenwood-based firm a 9.9-percent increase in rates and charges. Indiana American Water also agreed to develop a long-range water conservation plan, to […]
Contractors are laying the groundwork to start construction on the $50-million Virginia B. Fairbanks Art & Nature Park at the Indianapolis Museum of Art. IMA has chosen a construction manager, The Hagerman Group, and work is slated to begin in…
Carmel-based Sagamore Health Network will keep its name even thought it has been acquired by Cigna Corp. The Philadelphia-based health insurer said its acquisition of Sagamore, Indiana’s third-largest managed care organization, will make it much more competitive in the state. In Indiana, Anthem Insurance Co. dominates the health insurance market. “It also adds significantly to […]
The possible bankruptcy of Charlotte, N.C.-based Beazer Homes USA Inc. caused investors to dump its stock today. Its shares were down 19.8 percent, to $11.34, at noon. Beazer, which entered the Indianapolis area in 2002 through its acquisition of locally based Crossmann Communities Inc., is the second-largest homebuilder in the area, according to IBJ ‘s […]
Cigna Corp.’s purchase of Sagamore Health Network should make it a more formidable competitor to Indianapolis-based Anthem Insurance Co. in the central Indiana health insurance market. And that could be a good thing for employers. That’s the initial reaction of one local health care expert after Philadelphia-based Cigna announced this morning it is acquiring Carmel-based […]
The city of Columbus, Ohio, and an affiliated redevelopment group are suing Indianapolis-based Simon Property Group Inc. over unpaid rent at a local mall, according to an article in Business First of Columbus. Mayor Michael Coleman and Capitol South Community Urban Redevelopment Corp. CEO Guy Worley said yesterday that they have sued Simon and General […]
Cigna Corp. has bought Sagamore Health Network Inc, the CEO of the Philadelphia managed-care giant said this morning during a conference call with analysts. Carmel-based Sagamore is the second-largest managed care organization in the state, with 725,000 members enrolled as of January 2006, according to IBJ‘s Book of Lists. It was mostly owned by affiliates […]
City officials are seeking bids to redevelop 7.5 acres northeast of downtown in the Martindale neighborhood. The property is the old Ertel Manufacturing plant at 2045 Dr. Andrew J. Brown Ave. The…
The administrator of the U.S. Environmental Protection agency said yesterday that the agency won’t stop BP’s plans to expand and discharge more ammonia and suspended solids into Lake Michigan. In an interview with the Chicago Tribune, Stephen Johnson said, “In this case, it’s my understanding that Indiana issued a permit that it fully compliant with […]
The project is being designed by locally based Browning Day Mullins Dierdorf. The partner in charge of the project is Greg Jacoby.
