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A Marion County judge has appointed the Indiana Department of Insurance as receiver of Benicorp Insurance Co. to protect the ailing company’s 52,000 policyholders, the department announced today. Marion Circuit Judge Theodore Sosin appointed Insurance Commissioner Jim Atterholt to oversee the transfer of Benicorp customers to Minnesota-based UnitedHealthcare and, potentially, to liquidate Benicorp’s assets. Indianapolis-based Benicorp has […]
At least one local real estate broker thinks Simon Property Group’s plan to expand the Fashion Mall is a competitive dig at the nearby Venu mixed-use project. Simon said yesterday it would add 150,000 square feet to the Fashion Mall. The long-rumored addition of a second level on the west side of the property will […]
Kenilworth Systems Corp. announced today that it plans to open cafes where patrons can bet at casino tables via laptop computers while drinking coffee-and it wants to launch one of its first locations in Indianapolis. The New York company also said it hopes to open Roulabette Cafes in Boston, Chicago, New York City, Silicon Valley, […]
At least one local broker thinks Simon’s plans to expand the Fashion Mall are a competitive jab at Premier Properties, which is planning a mixed-use development called Venu southwest of the intersection of…
Batesville-based Hillenbrand Industries Inc. reported today that profit in its third fiscal quarter slumped 31.3 percent, to $35.7 million. Profit of 57 cents per share fell short of the 68 cents expected by analysts surveyed by Thomson Financial. The maker of health care equipment and caskets blamed the decline on disappointing growth in its North […]
Plans by Rockies Express Pipeline LLC to build a gas pipeline through Shelby County probably will result in court action, Shelby County Commission President Tony Newton said this week. The 1,679-mile project, which has prompted heated opposition in Shelby, Morgan and Johnson counties, is intended to carry Colorado gas to Ohio. The 42-inch line currently […]
A blog that follows Silicon Valley gossip is implying that new Indiana University President Michael McRobbie had a conflict of interest when IU formed a partnership with Carmel-based ChaCha Search Inc. The blog, ValleyWag, said the deal appears suspicious because McRobbie had a long history as an IU information technology and research executive before becoming […]
Funds from operations, a common measure of real estate investments trusts, increased 10.7 percent in the second quarter for Indianapolis-based Kite Realty Group Trust. The $11.7 million was driven by strong performance in its core operations, the shopping center developer said this afternoon. Progress also continued on development and redevelopment projects, it said, adding that […]
Ehren Bingaman will quit his job as executive director of the Fort Harrison Reuse Authority at the end of the month to coordinate rapid transit in the Indianapolis area. Bingaman will become the first executive director of the Central Indiana Regional Transportation Authority, which was created by state statute in 2004 to coordinate and define […]
Should it be against the law to photograph the City-County Building? Some in Indianapolis law enforcement think so. The IBJ photographer was told today that taking pictures of the building is a…
Indianapolis-based Simon Property Group said today that it plans to build 150,000 square feet onto the Fashion Mall next year and lure 20 additional tenants. Most of the expansion-100,000 square feet-will be added to the second level on the west side, Simon said. Nordstrom will occupy a total of 130,000 square feet on two levels. […]
Lawrence Utilities LLC, the private operator of the water and sewer system for the city of Lawrence, filed for Chapter 11 bankruptcy protection today. An attorney for the Lawrence-based utility, George Hopper, said the action was taken to protect the utility’s investment in the system and combat soaring legal bills stemming from its ongoing skirmish […]
Indianapolis-based Duke Realty Corp. is pulling out of Cleveland, but says it is committed to the Cincinnati area despite plans to sell about 2.3 million square feet of existing office space and drop an office tower project there. The city will remain in the top four of 19 markets where Duke does business, said Ken […]
Standard & Poor’s and A.M. Best have downgraded debt of Conseco Inc. after second-quarter earnings released by the Carmel-based insurer Monday evening disappointed investors. Standard & Poor’s bumped senior debt ratings and counterparty credit ratings to B+ from BB-. A.M. Best cut its rating to B+ from B++. Conseco said its loss widened to $64.5 […]
A federal judge in South Bend this month will weigh whether lawsuits filed by independent contractors against FedEx Corp. in two dozen states should be combined. About 150 independent contract drivers, designated by FedEx as part-time employees, seek to be classified as full-time workers, according to Bloomberg. That would entitle them to benefits and paid […]
Per-capita personal income rose 4 percent in the Indianapolis area in 2006, less than the 5.4-percent average increase across all metro areas, the U.S. Department of Labor reported yesterday. The Indianapolis area saw per-capita income climb to $37,849 from $36,391. The region’s income level ranked 59th. The average of all metro areas increased to $38,109 […]
Officials of Hoosier Park plan to build a 92,696-square-foot facility at the Anderson horse track for the addition of slot machines. Officials of track owner Centaur Racing rolled out the plans to the Anderson Park Board last night, according to The Herald Bulletin. The horse track leases property from the city, and the plans must […]
General Motors Corp. said today it has completed its $5.6 billion sale of Allison Transmission to Carlyle Group, based in Washington, D.C., and Onex, of Toronto. Allison employs about 3,400 in Indianapolis. Observers have said the equity firms’ ownership likely would benefit the Indianapolis operation because Carlyle has deep military and government connections that could […]
Stock in Conseco Inc. slipped 6 percent this morning to trade near $17 after the Carmel-based life and health insurer reported yesterday that its losses widened in its second quarter. The $64.5 million setback resulted from pouring more money into its hemorrhaging long-term care reserves and into a class-action lawsuit settlement over life insurance policies. […]
