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Coal vendor not digging coke plant closure: Virginia firm sues Citizens Gas for breach of contract

Citizens Gas & Coke Utility faces the first big fallout from a vendor involving the planned closure of its coke manufacturing plant. A breach-of-contract lawsuit by Bristol, Va.-based Central Coal Co. could make the plant even more of a money pit as Citizens seeks to cut its losses and escape the problems caused by falling coke demand and rising environmental compliance costs. Central Coal says it’s out almost $831,000 because Indianapolis Coke failed to buy all the coal required under…

Media trainer becomes driving force at Speedway: Firm teaches athletes how to behave on camera

While most eyes were on the Indianapolis Motor Speedway’s 2-1/2-mile oval this month, Kevin Long was more interested in what happened in the media room. Long is not a news reporter, but he’s been focused on every word spoken to the media this month by drivers, team managers and owners. It’s Long’s job to make sure those speaking into the mike maximize the benefit for themselves, their teams and sponsors. He owns and operates MVP Sports Media Training LLC, a…

Classic Niche: Local insurer riding wave of classic-car enthusiasm

In 1993, Dan Yogodnik started a business with a friend that leased out exotic cars for special occasions. The biggest hurdle the partners encountered was lining up insurance for the cars. That experience spurred Yogodnik, who had been working in the banking industry, to start his own insurance firm. “If we had our own insurance agency, then we wouldn’t have to chase all over the country [for the niche policies],” he said. What started out as a side business targeting…

Public-company CEOs lavished in perks, disclosures reveal

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

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…

EYE ON THE PIE: Immigrants need better financial options

Jorge Tortellini meets me at Goldberg’s International Deli. He orders borscht and a hot pastrami on rye. I go for the sweet-and-sour soup with a vindaloo chicken burrito. “We’re destroying ourselves,” Jorge tells me. I give a quizzical look, my mouth burning from my luncheon choices. He is studying his notebook. “Do you know how much immigrants are sending back home each year?” he asks. “The Inter-American Development Bank estimates that last year remittances from the United States to Latin…

BULLS & BEARS: Market history suggests election lead-up will rock

Two weeks ago, I mentioned that there could be a way to profit from now until the big election late next year. The election is still more than 500 days away, and I already am tired of the sound bites. But if there is a way to make a nickel from the candidates’ hot air, the race might be tolerable. On a recent television appearance, Rich Karlgaard of Forbes said he thought the Dow Jones industrial average could hit 18,000…

SPORTS Bill Benner: Likely results of a 2012 bid: Success or cruelty

Indianapolis was no less a great sports city the afternoon of May 22 than it was the morning of May 22. Without question, among most (but not all) of our citizenry, the disappointment of not being awarded the 2011 Super Bowl was profound, especially so for those who put all their heart, soul, creative energy and tiring effort into crafting the bid. And for those who have never liked Dallas Cowboys owner Jerry Jones even a little bit-yes, that’s my…

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

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…

VOICES FROM THE INDUSTRY: How variable annuities can ruin a good vacation

As I’m sitting on a sunny Mexican beach during vacation enjoying yet another all-inclusive beverage, all I can think about is how much I hate variable annuities. I despise them. Whether you are north or south of the Rio Grande, you should understand that variable annu ities, or VAs as they’re called in the industry, are typically lousy investments for just about everyone. This vacation was almost ruined by my associate, who put in my stack of reading materials an…

INVESTING: Outlook bright long term, but look out for potholes

Bull markets can take many forms, depending on the investor’s perspective. Terms like secular and cyclical get thrown around, along with more obscure references to Kondratief Waves and Fibonacci sequences. I know day traders who think a bull market lasts only two hours. Then there’s Warren Buffett, who still has a few positions he bought in 1974. I remember cruising around Indianapolis eight years ago looking for a home so my family could move from Florida and seeing gas at…

Gorilla exhibit to be one of nation’s largest: Apes and new oceans area designed to boost attendance, conservation

Fresh off the debut of a $9.5 million Oceans exhibit, the Indianapolis Zoo is already laying the groundwork for its next blockbuster. But it may come with a beastly price tag. A gorilla and bonobo habitat scheduled to open in 2013 is expected to cost tens of millions of dollars. “I can’t tell you if this is a $30 million project or a $50 million project,” said Indianapolis Zoo President Michael Crowther. “What I can tell you is that we’re…

RETURN ON TECHNOLOGY: Is techno-speak making your mind spin?

A BBC online story from November got me thinking about funny looks. I get those a lot, and not just because most mornings I look like a poorly repaired sidewalk. I get them because of the words I use. But I can’t help it. Nobody in technology can help it. When we talk about technology, we always sound like we’re mumbling jargon, even when we’re not. The article (news.bbc.co.uk/2/hi/business/6118828.stm) dealt with the frustration workers have with supposedly cool business jargon,…

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

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,”…

City gained momentum with Super Bowl bid

Indianapolis’ bid to host the 2011 Super Bowl missed by inches, but observers said the city nevertheless scored major points
that still could result in a victory. But not without suiting up again.

Taurel draws fire for getting rich while stock struggles

Eli Lilly and Co. stock has returned just 1 percent per year in the nine years since CEO Sidney Taurel took office. Meanwhile,
Taurel has taken home $44 million in pay and been given stock options valued at $114 million more. But most Lilly shareholders
aren’t raising a call for Taurel to hit the trail.

CHRIS KATTERJOHN Commentary: ‘Rip’ is just right for CICP

It’s been 15 months since Central Indiana Corporate Partnership CEO Mark Miles wrote in these pages that he felt like Rip Van Winkle when he returned to the city after being away for 15 years. Miles has done anything but sleep since he got back. Neither has the CICP board of directors. That group should be congratulated for making an outstanding choice of a new leader and for taking bold steps forward. This seems to have been a perfect match…

NOTIONS: From a father to his sons upon their graduation

Dear Austin and Zach: Well, my sons, it’s milestone week: your last day of high school; your 19th birthday; your mom and stepdad’s move to new digs designed for you as occasional guests rather than fulltime residents. Next up: “Pomp and Circumstance,” forgettable oratory and lots of unsolicited advice. And, of course, your big reward for 12 years of educational servitude: You get to move a tassel from the right to the left side of a rented mortar board. Inevitably,…

BEHIND THE NEWS: Missing the market rally: state retailers slumping

It’s a great stock market for many companies, but Hoosier retailers like The Steak n Shake Co., Finish Line Inc. and Shoe Carnival Inc. are being left in the dust. You know a retailer’s having a tough time when it says it was hurt by stormy weather, high gas prices and housingrelated woes-all at once. Steak n Shake CEO Peter Dunn put it succinctly in a conference call with analysts this month: “As gas prices go up and as interest…