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VIEWPOINT: Sorting out Social Security stats

There is an unfortunate misunderstanding going around about the Social Security trust fund. These are facts: First, the U.S. bonds that constitute its assets pay the same rate of interest as regular U.S. bonds. Second, the bonds held by Social Securi ty are not marketable, which means they can be cashed any time at par or face value. Other U.S. bonds are subject to the market if cashed before maturity. Third, the surplus is not there by accident; it was…

Guidant stock sales may fuel shareholder lawsuits: 4 insiders have cashed in more than $91M in shares

Top Guidant Corp. insiders have unloaded more than $100 million in company stock in recent months, a move that will blunt the financial impact they’ll feel if the Indianapolis company and Johnson & Johnson renegotiate the terms of their $25.4 billion merger. The sales also will serve as grist for class-action attorneys, who filed several lawsuits this summer charging insiders concealed from investors defects in the company’s heart devices. By not promptly disclosing defects publicly, one classaction suit filed in…

Emerging Tech, Johnson centers team up: Partnership links incubator’s startups with entrepreneurship students

Now as executive director of Indiana University’s Johnson Center for Entrepreneurship & Innovation, he has high hopes for his latest effort to introduce students to the real world of business. The Johnson Center, based in Bloomington, opened an office earlier this month at the Indiana University Emerging Technologies Center in downtown Indianapolis. The space gives MBA students the opportunity to provide consulting services to the 22 startups at the incubator. Unlike BSU seniors in the “spine-sweating” course who present an…

Lathering up for a buyout?: Local hair care products biz Kenra could fetch $80 million

Kenra LLC, a locally based hair-care products manufacturer that has nearly tripled its revenue in six years, is looking for a buyer. New York-based Giulliani Capital Advisors LLC is helping the 76-year-old company find a suitor, according to sources familiar with the situation. Kenra reported its annual sales doubled last year to $80 million on the strength of a new line called Kenra Platinum, an upscale haircare collection. Company officials told Women’s Wear Daily in March sales could increase another…

Out-of-state ad agency nabs lottery: Louisville’s Bandy Carroll chosen over native firms

The giggle will soon be gone. Hoosier Lottery officials are eliminating the tag line giggle in their ads. And, more significantly, they’re replacing the local firm that created those ads with a Louisville-based advertising agency. That decision has wiped the smile off many faces in the local advertising community. One local industry executive said agencies here are stunned given the state’s pledge to “buy Indiana.” The Louisville firm, Bandy Carroll Hellige, beat out Bloomington-based Hirons & Company Communications Inc. and…

Court battles widen for ProLiance Energy: Gas marketer sues its insurer for millions in legal fees

ProLiance Energy LLC, already facing a $38.9 million judgment under a federal racketeering law, now is battling its insurer in court to collect more than $2 million in legal fees for its defense. New Jersey-based Executive Risk Specialty Insurance Co. not only refuses to pay the claim but also wants ProLiance to return $1.3 million in defense expenses paid before the February verdict on behalf of Huntsville Utilities in U.S. District Court for the Northern District of Alabama. The jury…

Public broadcasters seek big bucks to feed Big Bird: WFYI capital campaign has ambitious $15.3M goal

Public broadcasters usually aren’t shy about asking for money. Indeed, their telethon-style fund-raising drives likely are as recognizable to audiences as Big Bird and Garrison Keillor. But when it comes to big money, they haven’t had much practice. Until now. For more than a year, Indianapolis broadcaster WFYI quietly has been lining up support for its largest-ever capital campaign-a $15.3 million effort to upgrade equipment, expand its Meridian Street building, and more than double the not-for-profit’s endowment. Station leaders were…

INVESTING: Don’t be so diversified that you miss the next big thing

Your portfolio is getting thumped lately, but at least you’re taking solace in the fact you bought a few energy stocks over the summer. You feel you have followed the prudent course of advisers everywhere and diversified enough to stay out of trouble. Think again! This is not garden-variety correction, and what we are seeing is just a warm-up for what’s to come. Conventional wisdom from advisers is that you can’t time the market, so don’t try. Instead, spread your…

Ahnafield helps disabled achieve self-dependence: 34-year-old firm makes high-tech mobility products

Driving a road sweeper when he was 18 years old, Ryan Kruse never saw the train that slammed into his vehicle and turned him into a quadriplegic. College and other plans for the future seemed out of reach for Kruse, who was paralyzed from his chest down that day 13 years ago. But recently, Kruse, who is working on a second bachelor’s degree at IUPUI, traveled to Georgia to celebrate his grandmother’s 80th birthday. He drove. With only limited use…

SPORTS: My apologies to the commish; college football rules

In that span, I viewed Indiana-Iowa, Purdue-Northwestern, Ohio State-Michigan State, Minnesota-Wisconsin, Notre Dame-USC, Michigan-Penn State and UCLAWashington State. Sometimes simultaneously. That’s because I also have picture-in-picture, which I also believe to be one of the great inventions of all time. Anyway, by the time day turned into night, I again was reminded why college football-with all due respect to the Indianapolis Colts and the NFL-remains far and above the superior form of the game. Allow me to clarify. There is…

ECONOMIC ANALYSIS: Bankruptcy of Delphi Corp. isn’t all bad news for state

The long-anticipated bankruptcy filing of Delphi Corp. has sparked yet another discussion of the viability of manufacturing as a pillar of the Indiana economy. Such discussions, unfortunately, have become commonplace in many communities across the state in the last 10 years, in the wake of other troubling developments. Most of us know the face of manufacturing has changed across the state, but to see the world’s largest auto-parts manufacturer-once part of mighty General Motors Corp. itself-succumb to this fate is…

EYE ON THE PIE: Time to realign taxes with services

Many folks want to get rid of property taxes. They think property taxes are o l d – fa s h i o n e d , although most who think so have not thought through the issue. These property-tax abolitionists want to use income or sales taxes, which they contend are more “fair,” whatever that means. They forget that one aspect of “fairness” is to relate taxes to services received. This is called beneficiary taxation. An example of beneficiary…

Indiana taps Meridian to handle surplus land: Second call put out for firms to oversee leasing

The state of Indiana has taken a first step in overhauling how it manages its real estate by selecting a local firm to sell surplus property. Meridian Asset Development was notified Oct. 12 of the state’s intent to award it a contract to manage the sale of potentially hundreds of acres of land the state owns. A contract could be in place within two weeks, pending negotiations over the exact terms, said Kevin Ober, deputy commissioner for the Indiana Department…

NOTIONS: Blessed by quality, cursed by access

Hetrick last week won the Lawrence H. Einhorn, M.D. Award from the Little Red Door Cancer Agency. A cancer survivor himself, Hetrick was recognized, in part, for IBJ columns about people with cancer, especially his wife, Pam Klein, who died in March at 49. He also was honored for advocating anti-smoking legislation. Following are excerpts from his prepared acceptance remarks. I don’t deserve this award. I don’t wield a scalpel, administer chemotherapy, invent drugs, change bed pans, hold patients’ hands,…

Breaking up may not be so hard to do: Despite taking lumps over rash of product recalls, Guidant remains strong, according to analysts

Guidant Corp. will be just fine if Johnson and Johnson walks away from its $25.4 billion purchase of the medicaldevice maker, Wall Street analysts say. Even so, the Indianapolis company would have to grapple with some tricky issues, they say, including quelling lingering product-safety concerns among doctors and stabilizing the executive ranks. Guidant has been battered by a series of product problems and recalls in recent months. On Oct. 18, it took another punch when J&J executive Robert Darretta told…

BioStorage gets set for major expansion: Three-year-old local firm eyeing West Coast, Europe

The 60 industrial-size freezers standing in formation like soldiers at attention look unassuming from the outside, but their contents are invaluable. Stored at temperatures of minus-80 degrees Celsius, the millions of biological samples inside the far-west-side warehouse represent the future of disease research and drug development. The repository is operated by BioStorage Technologies, a 3-year-old venture created by a pair of researchers who met at the local office of Princeton, N.J.-based Covance Inc., a drug-development services firm. Oscar Moralez developed…

BULLS & BEARS: DePauw’s Bayou blunder should be wake-up call

This month, the DePauw University Foundation revealed that, based on the advice of a high-paid consultant, it had invested $3.25 million in the Bayou Management hedge fund, which has collapsed amid allegations of fraud. As IBJ Daily reported Oct. 17, DePauw has filed a federal lawsuit against the consultant. Bayou, formed in 1996, had over time amassed more than $400 million from about 100 investors. The list of other investors caught in the debacle include the Massachusetts Bay Transit Authority…

Hot mod madness: Customizer Kenny Brown enjoys performance-car revival

In a dark corner of the Kenny Brown Performance garage is the 2005 Mustang Ford Motor Co. should have built. Supercharger. Disc brakes as big as the tires of some cars. All hung on a chassis that’s Prince Charles stiff. And shrouding its meaty tires are a protruding rear fender and a filled-in quarter window raked all the way back to the taillights, akin to the 1967 Mustang fastback. “It’s kind of like the marriage of heritage and technology,” said…

TAWN PARENT Commentary: New school districts worth the pain

Change seems to be the one constant at Indianapolis Public Schools. Superintendent Eugene White unveiled a major redistricting plan Oct. 12 that would send 14 percent of students to new schools next year. IPS has been redrawing its districts every few years since the ’70s. In recent years, children in my Irvington neighborhood have been assigned at various times to Thomas Carr Howe, Arlington and Broad Ripple high schools. Now, it’ll be back to Howe again. Some families, like mine,…

Affordable housing gets $2.3 million:

The City-County Council on Oct. 10 voted to allocate $1.5 million in federal grant money and $800,000 from the Indianapolis Housing Trust Fund toward affordable-housing efforts. One project that will benefit from the federal money is the Rink-Savoy redevelopment at Illinois and Vermont streets, which will create 62 rental units and five condominiums for low-income households. That project will receive $235,000. Westside Community Development Corp. will receive $248,000 to support the construction of 23 homes, all of which will be…