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State revamps I-Light expansion project: Funding restored, but network limited to universities

Indiana Gov. Mitch Daniels has given high-speed Internet project I-Light the green light, but with a twist from its original intent. He agreed this month to support the final stages of funding for the project, which began in 1999 and connected supercomputers at Indiana University, Purdue University and IUPUI. The aim was to expand Indiana’s digital infrastructure by connecting 15 cities via a fiber-optic network. Under his directive, though, only universities and related research parks can tap into the network,…

GERALD BEPKO Commentary: Another reason I’m proud to be a Hoosier

Ashley Crouse was an attractive, talented, 21-year-old junior at Indiana University’s flagship campus in Bloomington who was filled with passion for good causes. On April 12, in one of those events that shake our beliefs to the core, she lost her life in an auto accident. At the time of her death, Ashley was a leader of IU students in efforts to raise funds for the Riley Hospital for Children through a dance marathon. These efforts began in 1991 when…

Another chapter added to Central Library debacle: Firm accused of flawed garage design sues library

The New York City firm that performed structural engineering for the world’s tallest building has filed suit against the Indianapolis-Marion County Public Library, which last year accused it of inept engineering on the parking garage beneath the six-story Central Library addition. Thornton Tomasetti Engineers, the structural mastermind behind the 1,483-foot Petronas Towers in Malaysia, said it is still owed more than $750,000 for services it performed for the library project. The suit was filed Oct. 17 in Shelby Circuit Court,…

SPORTS: IU sneaking up on Purdue, but not on its leader

One year ago, I used this column to be critical of my alma mater, Indiana University, while lauding upstate rival Purdue. In the nearly five years I’ve been writing for Indianapolis Business Journal, no column of mine has received as much reaction as that one. And while 90 percent of that piece was devoted to the athletics programs-football, in particular-the 10 percent in which I referred to the respective images and leaderships of Indiana and Purdue received the most attention….

Auto firms steer clear of a trial: Automotive Finance Corp., Dealer Services settle suits, sidelining 12 employees

Vehicle auction giant Adesa Inc. and a firm founded by ex-employees have halted a demolition derby in which each alleged the other tried to wreck its competing vehicle finance business. Prominent in the settlement reached last week in Hamilton Superior Court between Adesa’s Automotive Finance Corp. and newcomer Dealer Services Corp.-both based in Carmel-is a requirement that a dozen DSC employees take paid leaves of absence ranging from two to six months. A u t o m o t ive…

INVESTING: Use tax laws to your advantage, but don’t go overboard

Taxes may be one of two guarantees in life. But that doesn’t mean we have no control over how much we pay. History shows we’ll go to great lengths to trim our tax bill. Since the U.S. government enacted the income tax shortly before World War I, Americans have been changing their behavior to avoid paying taxes. In most cases, people act in ethical and legal ways because the government creates a tax incentive to do certain things. IRA retirement…

Crown Hill’s land in play: Cemetery negotiating 66-acre property sale with local developer

Carmel-based Brenwick Development Co., known for luxury residential developments in Hamilton County, has struck a deal to buy 66 acres of land at the north end of Crown Hill Cemetery. Brenwick has signed a letter of intent to purchase the wooded land, cemetery President Keith Norwalk confirmed. Negotiations between Brenwick and Crown Hill are in the early stages, Norwalk stressed. He said there won’t be a closing of the transaction anytime soon. “There will be significant negotiation before it’s a…

Being inventive to infinity: Entrepreneurial spirit still strong after 125 years of health care

Today, the entrepreneurial spirit of the Daughters, who are Roman Catholic, lives on. They have a rich legacy to celebrate as they approach the 125th anniversary of the founding of the hospital that was the forerunner of St. Vincent Hospital Indianapolis. “To do all that, these four Daughters of Charity had to pass the baton, the values and spirit along over many, many generations,” said Dr. Malcolm Herring, a vascular surgeon at St. Vincent Hospital and physician liaison to mission…

Hammond Kennedy Whitney buys centrifuge maker: Investment allows Midwest Engineered Products to expand sales and marketing

Sometimes, a profitable product isn’t enough to sustain a company’s growth. That’s what financial partners are for. Consider Midwest Engineered Products Corp. Founded in 1982 with a $1,000 investment by Jim Beattey and his son Jeff, the locally based industrial centrifugemaker has grown since then on bank loans and its own profits. These days, it brings in annual revenue of $10 million, with sales as far away as Europe and New Zealand. “We were having trouble keeping up with the…

Movements in midtown may mean more housing, retail: Handful of developers take on North Meridian projects

“It’s just a matter of time.” At this point, the statement may reflect more hope than reality. The city’s main corridor is a concrete jungle through much of midtown, filled with parking lots, for-sale signs and buildings exhibiting nearly nonexistent design standards. However, a small-butgrowing number of developers is showing interest in revitalizing the main corridor through midtown. One of the newest plans would create a mixed-use development at 21st and Meridian streets called Meridian at 21. Local businessman Jeffrey…

RETURN ON TECHNOLOGY: Will vicious bloggers be downfall of business?

A Forbes magazine cover story has set the techie world ablaze with indignation (www.forbes.com). Forbes, perhaps most famous for its list of the world’s wealthiest people, in its Nov. 14 issue ran a piece by Daniel Lyons portraying Internet blogs as nothing short of terrorist weapons targeting American businesses. In “Attack of the Blogs,” Lyons lists people and companies that were humiliated, brought low, had their share values demolished, or were otherwise savaged by vindictive bloggers. For the uninitiated, “blog”…

Ovation still standing: Electronics retailer faces tough decisions after Chapter 11

Best Buy now sells television sets that cost almost $10,000. Circuit City shoppers can pull a $400 DVD player off the shelves. Wal-Mart hawks “home-theaters-in-a-box.” Add it all up and it equates to a static-filled picture for Ovation Audio Video Specialists, the retailer of pricey electronic gizmos that filed for Chapter 11 bankruptcy protection last month. “We’re starting to see a diluting effect” as box retailers sell more highend merchandise, said Andy Willcox, president of the Custom Electronic Design &…

BULLS & BEARS: Problems look daunting? A lesson from Granddad

Granddad rocked back and said, “The news is pretty tough to read these days. Makes me want to sit on the porch and just watch the leaves turn.” He shook his head and mentioned all sorts of events that made him wonder if the United States could ever bounce back. First, he brought up the battles for control in the Gaza strip and the fierce fighting over Palestinian areas. Then came speculation on how the United States was going to…

Success of Guidant lawsuit against Johnson & Johnson depends on definition of murky legal term:

The fate of Guidant Corp.’s lawsuit against Johnson & Johnson depends on how a judge or jury defines a legal term that escapes easy definition. The suit, filed Nov. 7 in federal court in New York, challenges J&J’s contention that it doesn’t have to complete its $25.4 billion Guidant purchase because the Indianapolis company has suffered a “material adverse effect” from product defects and recalls, among other troubles. The term “material adverse effect” is a bit of a head-scratcher among…

EYE ON THE PIE: Economics and intelligent design

It felt strange sitting before an interim committee of the Indiana General Assembly. The questions were coming quickly and with a decided passion. “Mr. Marcus,” Rep. Rottweiler demanded, “did you teach economics at Indiana University between 1970 and 2003?” “Yes,” I confirmed. “During that time, did you teach the socalled ‘Law of Demand’?” he boomed. “If you mean did I teach that when the price falls, more will be taken, other factors being held constant, yes, I did teach that…

WISH, WRTV look to profit from national TV ratings flip: Local news king, WTHR, deals with lagging NBC ratings

Though television broadcasting is known to be a cyclical business, cycles that turn TV ratings upside down are unusual. With ABC and CBS overtaking NBC nationally, it is an especially interesting-and anxious-time for local affiliates. WTHR-TV Channel 13 has been the local news rating leader the last six years, but WISH-TV Channel 8 and WRTV-TV Channel 6 see this fall and winter as an opportune time to turn the tide. One week into the critical Nov. 2-30 ratings sweeps, ABC…

NOTIONS: An interdependent interaction with Bill Clinton

A few months ago, Butler University announced that former presidents Bill Clinton and George H.W. Bush would be among the speakers appearing on its Indianapolis campus during the school’s 2005-2006 sesquicentennial celebration. Within hours of the news breaking, my niece, a Butler junior and political science major, sent an e-mail asking if I’d like to join her for the first of these appearances, the one by Clinton on Nov. 8. Having long ago rounded up my fellow neighborhood kids for…

INVESTING: Machinations of stock market frequently defy logic

Wall Street is a tough place to figure out. One minute you’re up 8 percent or 9 percent for the year, the next you’re down 3 or 4. The last five years have been a little crazy. You may want to yell, “Hey, I’m not getting any younger. At some point, I want to retire!” One of the challenging things about stocks is there are few rules you can follow to bring consistent returns year after year. Formulas and methods…

Less empty office space downtown? Don’t count on it: Local market experts cast doubt on national report

A recent report lauding the health of Indianapolis’ downtown office market over the next two years may have caused a few bursts of excitement, but they were likely short-lived. New York-based Cushman & Wakefield cited Indianapolis’ downtown as a leading office market nationwide in a recent report, citing the possibility of vacancy around 7 percent in 2007, down from 13.5 percent now. If that happened, it would signal the healthiest downtown office market since the late 1990s. Few local observers…