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Condo wave a ripple locally: Shelved conversions show area not following in national footsteps

Condominiums are hot. Apartments are not. In many cities, that current market truism among would-be renters has led to a wave of conversions of apartment complexes to condos. But not in Indianapolis. To date, only a handful of apartment complexes have successfully made the leap from rental to for-sale, notably Lion’s Gate at 86th and Meridian and Ladywood Estates near Emerson Avenue and 56th Street. Much of the reason has to do with the affordability of single-family housing in the…

VOICES FROM THE INDUSTRY: Reaping the benefits of the American Jobs Act

Astute real estate professionals should be taking advantage of several tax-saving provisions of the American Jobs Creation Act of 2004. The act was signed by President Bush last October to spur economic development and investment. The primary components of the Amer ican Jobs Creation Act include increased depreciation deductions on leasehold improvements, greater flexibility for real estate investment trusts, modification of expensing rules for equipment and vehicles, and a reduction in the tax rate for domestic manufacturing activities. Leasehold improvements…

BEHIND THE NEWS IPALCO buyer wins key lawsuit but isn’t out of woods:

Score one big victory for former executives of AES Corp. and IPALCO Enterprises Inc., but they still face obstacles on other fronts. Last month, Judge Larry McKinney of U.S. District Court in Indianapolis dismissed the final claims in a shareholder lawsuit stemming from AES’ soured $3 billion purchase of the Indianapolis utility five years ago. McKinney didn’t buy plaintiffs’ charges that through omissions and misleading statements the companies had failed to disclose to IPALCO shareholders the risks of exchanging their…

New names shake up radio market ratings: Hank and Jack see gains; WFMS and WFBQ lose ground

Two radio newcomers known as Hank and Jack are two-stepping and fist-pumping their way up the local radio ratings ladder. Meanwhile, stalwarts WFMS-FM 95.5 and WFBQ-FM 94.7 have found their grips on the top rungs loosening. The first major reshuffling in local radio station ratings in nearly a decade is having wide-ranging effects on advertising demand and rates. The release of New York-based Arbitron Inc.’s spring rating book July 29 touched off a flurry of debate about who won and…

BULLS & BEARS: This would be wrong time to turn bearish on stocks

“The stock market stinks and isn’t going to get any better.” That, in a nutshell, is what a bearish soothsayer espoused recently in Barron’s. He said the tech-stock bust, 9/11, the Iraq War and frequent terrorism would keep a lid on returns for several years. He’s right about the market stinking. Most stock market investors haven’t made a nickel since the new millennium began. Starting at the beginning of this decade through the end of June, $10,000 put into the…

Local firm sues drugmakers over disclosure:

An Indianapolis law firm is the latest in the nation to bring a lawsuit against the makers of non-steroidal, anti-inflammatory drugs. Price Waicukauski Riley & DeBrota LLC filed a suit July 27 in U.S. District Court in Indianapolis on behalf of 21 trade unions in Indiana and surrounding states against the maker and marketers of Celebrex: Pfizer Inc., Pharmacia Corp. and G.D. Searle & Co. Celebrex, like Merck and Co.’s Vioxx, is alleged to pose a greater risk of heart…

Industry groups spar over audit proposal: Using parts of Sarbanes-Oxley Act to toughen financial reporting would be costly, unnecessary, NAMIC says

Insurance groups are choosing sides in a brewing battle over whether private insurance companies should be forced to adopt elements of the controversial Sarbanes-Oxley Act. The Kansas City-based National Association of Insurance Commissioners has proposed adding parts of the 2002 federal legislation to its audit rules. Public companies are already required to follow the Sarbanes-Oxley Act, which imposes stricter financial disclosure rules. The NAIC represents insurance regulators from all 50 states and is working jointly on the amendment with the…

GERALD BEPKO Commentary: State’s bulk-sales law should be repealed

Law is an important part of the infrastructure for our economy. It can be just as important as highspeed information networks, transportation systems or capital formation. And like all infrastructure, law has to be modernized to take account of changing conditions. Although much law regarding commerce comes from Congress, the states have an important role through something called the Uniform Commercial Code. The UCC reflects the best contemporary thought and is uniform in that it has been enacted in all…

NASCAR puts marketer in fast lane: Brown builds reputation for closing big sponsorship deals

Zak Brown retired as a race car driver years ago. But he’s never moved faster than he does today as the founder and president of Indianapolis-based Just Marketing. On the heels of this year’s Brickyard 400, Brown expects to announce two more major NASCAR sponsorship deals brokered by his company. Those deals-which he can’t yet discuss-along with recent deals to bring Johnnie Walker and Hilton Hotels to Formula One, will bring his sponsorship portfolio to near $150 million annually. Though…

Quiet approach drawing criticism: President’s lack of visibility hurts IU, some complain

Never mind the Herculean task of leading the state’s largest college system in a difficult economic climate; he knew that would be hard. But after two years of long weeks and late nights, he’s facing a more surprising challenge-defending himself from critics who question his ability to get the job done. IU seems to be adrift, naysayers argue, and so far Herbert doesn’t seem to be doing much to get it back on course. “It is with great regret that…

Industry making push for creation of state fraud unit: Indiana one of only 10 states without insurance fraud agency, but funding issues could be major obstacle

Members of the insurance industry have begun a campaign to bolster the state’s fight against fraud by targeting the creation of a bureau to help combat the crime. Indiana is one of only 10 states without an agency addressing insurance fraud, according to the Washington, D.C.-based Coalition Against Insurance Fraud. But the goal of the task force convened by Jim Atterholt, commissioner of the Indiana Department of Insurance, is to have a fraud bureau operating within his department sometime next…

Defining success: Those who’ve tasted it share their thoughts on just exactly what ‘it’ is

How do you define career success? We posed that question to a variety of high-profile women and men in the Indianapolis business community. While the responses did confirm some of our preconceived notions-such as that men would mention financial rewards more often than women-there are far more similarities than differences, regardless of gender or profession. Still, “Career success is defined differently by each individual,” as Alex Slabosky, president and CEO of The Healthcare Group, so wisely put it; and as…

Community entity wants to know where to grow next: Visionary Enterprises may test markets in several states

Community Health Network first exported its expertise in surgery-center management a few years ago. Now, the Indianapolis-based network wants to see how far beyond state lines it can push the growth for this moneymaking venture. The not-for-profit hospital network is exploring Kentucky, Illinois, Ohio and other Midwestern states as possible growth sites for Visionary Enterprises Inc., according to Community CEO William Corley. The for-profit arm of Community already runs an office and three locations in Michigan, along with five in…

State sipping on answers from Veolia Water utility: Regulators wonder if capital spending is adequate

About one-third of the 30 questions state regulators sent to Veolia Water Indianapolis in June relate to whether the operator of the city’s water system has designated enough money for capital improvements to meet demand and sustain water pressure during dry spells. “Please identify and provide the details for all capital improvement projects, system improvements and master plans, including proposed plans, for IW. When were those plans, if any, last revised?” read a typical question from the Indiana Utility Regulatory…

Dose of OPPORTUNITY: Wellpoint, other health care insurers forge strategies to grab their share of Medicare drug-plan business

Afresh market that could be worth billions of dollars lies just over the horizon for health insurers like Indianapolis-based WellPoint Inc. Medicare, the U.S. government program for the elderly and disabled, will add a prescription drug benefit starting Jan. 1, and it could spend as much as $60 billion next year on medicines for 30 million people, according to Bloomberg News. But before insurers can start cashing in on this potential, they must develop their drug plans, win over some…

Trustee balks at creditor legal bill: ATA bankruptcy watchdog calls hours ‘unreasonable’

The bankruptcy court watchdog has sunk its teeth into the hind pockets of a New York law firm representing creditors in the ATA Holdings Corp. bankruptcy, howling that it billed more hours than even the airline’s own counsel. U.S. Trustee Nancy J. Gargula filed the objection July 27 in U.S. District Bankruptcy Court for the Southern District of Indiana, citing the “unnecessary and per se unreasonable” hours billed by Akin Gump Strauss Hower and Feld LLP between ATA’s Oct. 26…

ECONOMIC ANALYSIS: Growth of GDP better than might first appear

What happens when the world’s largest economy continues to grow at a faster rate than that of any other industrialized nation? The answer is, a tremendous amount of wealth is created. That’s the real reason investment dollars and boatloads of consumer goods continue to land on our shores from abroad every day. Compared to the tepid growth in the rest of the other mature economies around the globe, we are still the best game to be found. That’s a more…

SPORTS: Before the first kickoff, all is well on IU gridiron

C H I C AG O – Almost a year ago in this space, I wrote about IU’s then-new athletic director, Rick Greenspan, observing that his arrival coincided with the beginning of football season, which would allow him to be immediately confronted with the Athletic Department’s most pressing and obvious problem. Under Gerry DiNardo, an uninspired choice to begin with, Hoosier football was continuing its mired-in-the-muck ways, hopelessly spinning its wheels. Horrible as a game coach and even worse in…

Who’ll fill it?: Nordstrom a possibility for Ayres space

Nordstrom, Neiman Marcus and Dillard’s may be candidates to fill pending department store vacancies at Castleton and Greenwood Park malls if smaller retailers don’t end up filling the void. The merger of the Federated and May department store companies that’s creating the vacancies is the latest move in a decades-long trend of consolidation in the industry. Some observers speculate a nondepartment-store retailer could end up occupying the space after the L.S. Ayres at Castleton Square and Macy’s in Greenwood close…

EYE ON THE PIE: Democrats’ rebirth depends on Lake County

It may not have been a major headline in your local newspaper, but Stephen “Bob” Stiglich died last week at age 70. He was the Lake County auditor and a longtime major figure among Lake County Democrats. His passing may be an important part of the necessary regeneration of the Democratic Party in Indiana. Robert Pasterick has been deposed as mayor of East Chicago. Scott King, mayor of Gary, has separated himself from the Democratic Party and now calls himself…