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Payola inquiry includes Emmis: New York AG, FCC study financial ties with record labels

Emmis Communications Corp. early this year received a subpoena in an investigation of pay-forplay practices throughout the radio industry, and the Indianapolis company confirms two of its employees in the New York market are under scrutiny. New York Attorney General Eliot Spitzer earlier this year began investigating whether record companies were using improper promotional practices to win airplay for their artists’ songs. In July, he reached a $10 million settlement with Sony BMG, owner of several record labels. This month,…

BULLS & BEARS: Share buybacks can be good use of excess cash

Long-term investors benefit greatly when a company is able to reinvest its excess earnings into projects that, in turn, produce a high rate of growth in future earnings. When management can expect these investments will produce more than a dollar of value for each dollar spent, the internal compounding of reinvested earnings creates business value and will be reflected in the stock market by a rising stock price. In addition to reinvesting earnings, a company has other alternatives available in…

Safety Resources Inc.: Safety pays off for ex-engineer Clients look to local firm for training, advice

Clients look to local firm for training, advice Robert Baldwin repeatedly describes his business as keeping people safe and alive. At Safety Resources Inc., that translates to making sure workplace policies and practices meet or exceed government standards and clients’ employees are trained in the safest ways to work. That can mean anything from the proper operation of heavy construction machinery to the right floor wax to reduce slip-andfall accidents. After several years as a chemical engineer, Baldwin, 50, saw…

Adidas sale could bring changes to former Reebok facility: German sports giant has a history of using overseas manufacturing sites

Adidas’ plan to buy Massachusettsbased Reebok International Inc. for $3.8 billion has put the future of Reebok’s eastside manufacturing plant in doubt again. Though Reebok officials insist the immediate future is secure for the 600,000-square-foot operation off Post Road, industry experts say changes are on the way. Reebok took ownership of the facility in 2001 when it bought Indianapolis-based licensed apparel maker Logo Athletic out of bankruptcy court. Since then, Reebok has invested heavily and expanded local staff from 400…

Sourwine planning to sweeten its local office offerings: Second-generation real estate firm has two new buildings in the works that could nearly double its holdings

When Jim Sourwine was 4 years old, he would sit outside the closed door to his father’s home office and play with his toy cars. Barred from entering the adult-only world, sounds of paper shuffling and adding machine clacking piqued his interest in his family’s real estate business. “I wanted in,” Sourwine recalls. By the time he was old enough to file and wash windows for the firm, his father had moved Sourwine Real Estate Services out of his home…

State bundles media buying: Firms here question whether small Fort Wayne-based agency can handle $10M contract

In a move that has rankled some central Indiana advertising agencies, Gov. Mitch Daniels’ office this month awarded a $10 million-$12 million media buying contract encompassing all state agencies to Fort Wayne-based Asher Agency. Asher in turn promised to save the state $900,000 in the coming year. The contract, a one-year deal with a oneyear renewal option, calls for Asher to place television, radio, print and outdoor advertising for the Hoosier Lottery, Indiana State Fair, Indiana Criminal Justice Institute, Office…

VOICES FROM THE INDUSTRY: Why like-kind exchanges don’t make sense for everyone

Section 1031 of the Internal Revenue Code allows you to defer federal taxes by swapping real property for like-kind property. For years, tax advisors have been recommending a 1031 strategy whenever real estate developers and owners are ready to harvest their gains. Today, with real estate valuations at record highs and capital gains tax rates at record lows, there is a good chance a 1031 exchange strategy could defer taxes but lose profits. You may be better off to recognize…

VIEWPOINT: Signs of economic recovery all around us

After weathering some difficult times over the last few years, there are encouraging signs that central Indiana has turned the corner on its road to economic recovery. The Indianapolis metro area added 22,000 jobs in the year ending in March-a 2.4-percent increase-and in May, the Indiana unemployment rate dipped below the national average for the first time since December. All signs point to continued modest growth. Patrick Barkey, IBJ contributor and Ball State University economist, says, “We should expect to…

Former Chamber of Commerce CEO launches firm: Christopher LaMothe leaves Oxford Financial Group

For a decade as Indiana Chamber of Commerce CEO, Christopher LaMothe pressed to enhance Indiana’s business climate. Then he spent several years leading Oxford Financial Group Ltd.’s team of advisers for wealthy clients. But the whole time, LaMothe aspired to be a dealmaker. Now, he’s done something about it. This summer, he founded the one-man Ascendanci Ventures LLC and is on the hunt for prospects. “I’m doing what I have dreamed about for the last 10 or 15 years,” LaMothe…

SPORTS: Tiller rescued Purdue but isn’t immune to critics

This year the NCAA mandated that Division I-A football media guides be reduced to a uniform 212 pages. Keep in mind that these fonts of information intended for inkstained wretches had morphed into voluminous pitch-tools for recruits and brag books for boosters. The cutback didn’t prevent Purdue’s sports information office from devoting a copious 11 pages of copy in its 2005 guide to Joltin’ Joe Tiller. Perhaps I (or you, dear reader) should read nothing more into that other than…

Group wants energy czar: Coalition believes utilities slow to climb on efficiency bandwagon

Chris Maher’s crews at Thermo-Scan Inc. have been plenty busy inspecting for drafts and puny insulation in many of the 14,000 new homes built each year in the metro area. Even so, the principal at the Carmel firm can’t help wonder about the vast potential to make the hundreds of thousands of existing homes and businesses more energy efficient-if only homeowners had a little more incentive. Utility companies, he says, have relatively few dollars budgeted to coax customers to install…

Past retail failures in China don’t scare Simon away: Developer’s partnership with Wal-Mart could be key

Executives of Simon Property Group Inc. are confident the shopping mall owner’s foray into China will prove successful, even though they acknowledge others have failed there. In a conference call with analysts late last month, the locally based real estate investment trust announced its plan to be the first American company to develop retailing projects in the communist country. Its first project will be a 500,000-squarefoot mall at Hangzhou, a city of 6 million people about two hours from Shanghai….

Eli Lilly spawns start-up: Maaguzi plans rapid growth selling software to manage clinical research trials

Eli Lilly and Co. has sold clinical-research software it created to a veteran Indianapolis entrepreneur who plans to market it globally, potentially growing his startup company into one of the area’s largest technology firms. Joe Huffine, best known as co-founder of the technology consultancy Onex Inc., said his new firm, Maaguzi LLC, should benefit as the market for research software grows explosively. Maaguzi’s software allows researchers and patients to record data electronically instead of on paper. The software is geared…

State firms pioneers in boosting electric efficiency:

Indiana already has a number of firms working on technology aimed at boosting energy efficiency and capacity. Early this month, Indianapolis-based Trexco LLC said the U.S. Patent Office awarded it two dozen patents for a cooling system it has developed for large electrical transformers, such as those used at utility substations. The “transformer extender” is designed to stretch the capacity and lifespan of the transformers, which typically cost $2 million to $5 million and are the size of a Mack…

Festival prepares to kick off with help from friends: Groups met in the middle to make theater on the Fringe

The plays are hardly household names: “A Midsummer Night of Fairies and Asses.” “Fresh Meat.” “Hooray for Speech Therapy.” Ditto for the performers: Ganas Theatre Productions. Master of Trades. Too Much Free Time Productions. That’s the point of Indianapolis Fringe Theatre Festival, a 10-day, 30-troupe, 150-show whirlwind of plays that people may never see again performed by groups from around the world. The inaugural festival kicks off downtown Aug. 19, the culmination of a twoyear effort that brought together myriad…

Humane Society makes progress, but has room to improve: Lilly Endowment grant to boost shelter’s fund-raising

Revenue continues to rise. Expenses are holding steady. And the shelter hasn’t borrowed as much money as expected. The road ahead may be littered with potential pitfalls, but those leading the charge believe they’re on the right path. “It’s been a good year, learning what we can do and how far we can stretch ourselves …,” Executive Director Martha Boden said. I have a tremendous amount of confidence we’ll get there.” Others agree. Local philanthropic heavyweight Lilly Endowment Inc., for…

ECONOMIC ANALYSIS: Indiana’s 2 economies: Indy and everyone else

I work for a state university. That’s an important reason why I try to keep up to date on what is happening in the state economy. That involves tracking what’s going on with things like job growth, unemployment rates, and earnings across the state. I also try to judge how the state’s economy is performing against other states, particularly those in the Midwest. That’s convenient, but it’s also a little misleading. Because for quite some time there really have been…

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…