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Local bankers surprised by Bear bailout: Observers hope firm’s sudden sale signals peak of financial turmoil

March 24, 2008

The local president of Milwaukee-based M&I Bank, Reagan Rick, got the shocking news while waiting for a plane at Boston Logan International Airport. It came in a text message from Robert Warrington, the former CEO of First Indiana Bank, the Indianapolis bank M&I acquired last year for $529 million. Warrington told him 85-year-old New York-based investment bank Bear Stearns Cos. had been sold to JP Morgan Chase Co.-with backing from the Federal Reserve-for a mere $2 per share. “The degree…

Sinks, brownfields and insurance

March 17, 2008

Getting you up to date:

Airport sinks approved
The Indianapolis Airport Authority board has approved an obscure bid package known as “T-31” that provides for the installation of floor-level foot sinks for…

Hoosier Heartland Highway pumps up hope on prairie

March 17, 2008

Hoosier Heartland Highway pumps up hope on prairie Expressway construction starting two years early LAFAYETTE-For years, they’ve driven on little more than paved-over wagon trails pioneers carved into the hills nestling the Wabash River. Motorists on State Road 25 between Logansport and Lafayette have grown desperate for a replacement: the final, 33-mile western leg of […]

Hoosier Heartland Highway pumps up hope on prairie: Expressway construction starting two years early

March 17, 2008

LAFAYETTE-For years, they’ve driven on little more than paved-over wagon trails pioneers carved into the hills nestling the Wabash River. Motorists on State Road 25 between Logansport and Lafayette have grown desperate for a replacement: the final, 33-mile western leg of the “Hoosier Heartland Highway.” Today, the Hoosier Heartland expressway ends in Logansport-the western terminus of a newly improved, four-lane U.S. 24 that runs east, to Fort Wayne. But last month Gov. Mitch Daniels surprised highway proponents with word that…

UPDATE: FedEx hangar lease includes offices

March 10, 2008

Shipping giant FedEx has snapped up 126,000 square feet of the former ATA maintenance hangar at Indianapolis International Airport. About 80,000 square feet of the leased space is hangar bays, and the rest is office, training rooms and other uses, said FedEx spokeswoman Paula Bosler. FedEx will use the ATA space to maintain all but […]

AIT Laboratories adding 50 workers

March 10, 2008

An ongoing expansion of AIT Laboratories will create 50 jobs this year in addition to the 60 created last year, the Indianapolis forensics lab said today. By the end of next year, total headcount will hit about 214, said the company, which has expanded its operation at 2265 Executive Drive near Indianapolis International Airport. The […]

ATA exits Midway, Indianapolis jobs spared

March 6, 2008

ATA Airlines said today it would close its Chicago Midway hub and cease all scheduled service there, starting with domestic flights on April 14 and international flights as of June 7. The announcement comes after ATA parent Global Aero Logistics said in a January regulatory filing that it was considering selling all or part of […]

Fabric, French food and fillings

February 27, 2008

Today’s collection of retail and restaurant nuggets are brought to you by the letter F.

Eastside institution closing
Circle Fabric, a staple at 30th Street and Shadeland Avenue for more…

Bond market turmoil could raise costs for stadium, other projects

February 25, 2008

The debt strategy Gov. Mitch Daniels’ top financial officials developed to save the state money on major projects like
Lucas Oil Stadium has turned sour.

Danica look-alikes at LaGuardia

February 20, 2008

AirTran Airways, a sponsor of Danica Patrick’s, recently announced that passengers at LaGuardia Airport in New York will have the privilege of their own personal pit crew to get through check-in fast, thanks to a hustling team of Danica Patrick…

HANCOCK COUNTY

February 18, 2008

HANCOCK COUNTY Browning wants sweets The Hancock County Economic Development Corp. plans to ask the county council for tax incentives on behalf of Indianapolis-based Browning Investments for two speculative buildings the developer is eyeing for the booming Mount Comfort area. The value of the incentives was not immediately available. The request involves one building originally […]

Union wins at Towne first time in 42 years

February 12, 2008

Approximately 40 truck drivers employed by Towne Air Freight LLC in Indianapolis have voted to be represented by the International Brotherhood of Teamsters. It was the first time in Towne’s 42-year history that drivers have opted to join a union. The South Bend company had rebuffed four previous attempts over the decades. Drivers operating out […]

A smorgasbord of topics

February 8, 2008

Workers are installing Flagstar Bank signs on the One North Penn building this week, including a sign atop the 13-story building. What do you think of the sign and…

Adam’s Mark acquisition closes

February 8, 2008

San Francisco-based The Chartres Lodging Group LLC announced today that it has completed its purchase of the 406-room Indianapolis Adam’s Mark Hotel. The group now plans to spend $18 million over the next 18 months to rebrand and renovate the property near Indianapolis International Airport. The company didn’t disclose the new brand the hotel would […]

Browning stakes 150 acres in Hancock County

February 5, 2008

Indianapolis developer Browning Investments is planning a business park on about 150 acres south of Mount Comfort Airport, said Dale Pfeifer, a developer with Browning. The site is north of County Road 300 North and west of County Road 500 West, and is to have four warehouses with space ranging from 270,000 to 753,000 square […]

Technology park could boost area’s biomedical efforts: First phase of Purdue project, featuring accelerator building for up to 25 startups, should be finished this year

February 4, 2008

The park is expected to be a major amenity for the area’s growing biomedical economic development efforts. Purdue Research Foundation paid $2.5 million in June to purchase a half-interest in 78 acres at AmeriPlex industrial park. The university ultimately anticipates filling it with as many as 75 businesses and 1,500 jobs. AmeriPlex owner Holladay Properties, a South Bend developer of industrial parks, owns the other half of the site. Dubbed Purdue Accelerator Park at AmeriPlex-Indianapolis, the project is intended to…

Throttling up for big job cuts at Rolls-Royce?: Local impact of international job reductions isn’t clear

February 4, 2008

The more than 4,000 employees at the region’s second-largest manufacturer are waiting to learn whether some will lose their jobs. Rolls-Royce Group PLC plans to cut up to 2,300 U.S. and European positions. The British aerospace company on Jan. 11 said it plans to slash its work force by almost 6 percent among managerial, professional and clerical ranks. It blames rising raw material costs and the declining value of the U.S. dollar. First-half 2007 profits of $600 million were roughly…

ATA cuts jobs, reviews scheduled-service strategy

January 29, 2008

ATA Airlines is eliminating 30 positions at its Indianapolis headquarters while its Georgia-based parent considers options for its scheduled service business-including selling it in part or whole. Steve Forsyth, spokesman for Peachtree City, Ga.-based Global Aero Logistics, confirmed the job cuts to IBJ today. The cuts are due partly to rising fuel prices and decreases […]

Indianapolis plant wins manufacturing award

January 29, 2008

An Indianapolis plant owned by Kentucky-based General Cable Corp. has been named one of the 10 best in the nation by the trade publication Industry Week. The plant, at 7920 Rockville Road near Indianapolis International Airport, makes polymer compounds. It combines Six Sigma continuous improvement and lean manufacturing techniques, and blends managers and union workers […]

Skybus selling flights for $10 each

January 28, 2008

A new budget-priced airline will begin flying out of Gary/Chicago International Airport next month, reports The Times of Munster. The no-frills Skybus Airlines touts its ultra-low fares, with the first 10 tickets on each flight costing $10 apiece. Tickets are sold point-to-point, which means passengers make their own connections. No food is allowed on board […]

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People

Mark Busalacchi

Articles

Local bankers surprised by Bear bailout: Observers hope firm’s sudden sale signals peak of financial turmoil

Sinks, brownfields and insurance

Hoosier Heartland Highway pumps up hope on prairie

Hoosier Heartland Highway pumps up hope on prairie: Expressway construction starting two years early

UPDATE: FedEx hangar lease includes offices

AIT Laboratories adding 50 workers

ATA exits Midway, Indianapolis jobs spared

Fabric, French food and fillings

Bond market turmoil could raise costs for stadium, other projects

Danica look-alikes at LaGuardia

HANCOCK COUNTY

Union wins at Towne first time in 42 years

A smorgasbord of topics

Adam’s Mark acquisition closes

Browning stakes 150 acres in Hancock County

Technology park could boost area’s biomedical efforts: First phase of Purdue project, featuring accelerator building for up to 25 startups, should be finished this year

Throttling up for big job cuts at Rolls-Royce?: Local impact of international job reductions isn’t clear

ATA cuts jobs, reviews scheduled-service strategy

Indianapolis plant wins manufacturing award

Skybus selling flights for $10 each