Indianapolis-based Norwood Promotional Products is facing legal challenges from a half-dozen former executives who say board
members and investors conspired to fire them, withhold severance pay and cheat them out of as much as $3.6 million in company
stock.
It was a long time coming, but attorneys for the defunct Paul Harris women’s apparel chain have won a whopper of a settlement-$9.9 million-with the company’s auditor, PricewaterhouseCoopers. In a lawsuit filed five years ago, they accused PwC of “gross negligence” for failing to detect a $7.5 million inventory shortfall and other accounting breakdowns. They charged that the discovery of the discrepancy in the spring of 2001 scuttled the final stages of negotiations to extricate the Indianapolis-based company from bankruptcy…
A week or so ago, I spent a few lovely days at a conference in sunny San Diego while the mercury dropped below zero in the Midwest. For once, my timing was excellent. Weather aside, the days were filled with several thought-provoking speakers. Below is a smattering of takeaways that were interesting enough to share. Paul McCulley, an economist muckitymuck who sits at the right hand of bond investment guru Bill Gross at Pimco, made the observation that the world…
Appliance makers and other suppliers to the housing industry might feel the ripple effect of the housing downturn through the end of this year, according to a Bloomberg report. Sales of new and existing houses fell nearly 10 percent last year, though many observers believe the worst is over for the sales decline. The industry, […]
To do so the Indianapolis-based health insurer is moving to start its own bank, whose initial role will be to hold and manage its customers’ health savings accounts. An HSA is a relatively new breed of health insurance that places money-and more responsibility-in consumers’ hands. Well-Point bets more and more of its customers will start such accounts in the future. “We expect to see continued strong growth for these products. There is a tremendous amount of interest in the marketplace…
There are no longer any for-profit Blue Cross Blue Shield insurance plans for WellPoint Inc. to acquire as a means of growth.
State governments have effectively stopped those plans from converting to for-profits. That means new CEO Angela F. Braly
can’t keep WellPoint growing by gobbling up competitors.
But can a movie to be released March 9, “The Ultimate Gift,” inspire the masses to give money to charitable groups? Not-for-profits hope so, although the idea that an emotion-driven Hollywood film can translate into a thoughtful and deliberate giving plan remains to be seen. “Donor education is a very difficult thing to get done. This may be a good start,” said Gene Tempel, executive director of the IU Center on Philanthropy. The movie is based on the book of…
An old question has cropped up for shopkeepers in touristy Nashville, namely whether they should keep doors open past the common closing times of 5 to 6 p.m. Some in the Brown County community say customers wouldn’t come, while others maintain that they would, according to the Brown County Democrat. Chamber of Commerce Director Paul […]
Not only did airport tenant FedEx cancel its order for the cargo version of the “superjumbo” last November, but no other carriers have indicated they’ll likely use the super-jumbo here, said airport Director Patrick Dooley. Nor, Dooley added, is there a compelling case to be made for taxiway upgrades merely as a contingency for A380’s being diverted here occasionally from Chicago’s O’Hare International or other airports. So managers are removing all references to the A380 in a long-range airport plan…
A bill weaving its way through the Indiana General Assembly could give the state an edge in attracting and growing the type of high-tech ventures several states covet. Indiana House Bill 1461, introduced by Rep. Brian Bosma, R-Indianapolis, advanced to the Senate after sailing through the House of Representatives on Feb. 26 by a vote of 95-3. The legislation that was referred to the Senate’s Economic Development and Technology Committee would provide a tax incentive that would shield income from…
Temporary staffing agencies used to be like big-box discount stores: Customers could find anything and everything under one roof. As temp workers have become an increasingly important part of corporate business models, however, a more boutique approach is taking hold. Take Carmel-based LGC Associates, which specializes in providing temporary staffing for the food service and hospitality industries-and has started providing workers to fill the accounting, financial and administrative needs of its clients. LGC was launched in May 2003 by Carmel…
It’s a rite of spring. The annual arrival of Lilly Endowment Inc.’s annual report provides a rare glimpse into the operations of the secretive-butsuper-powerful Indianapolis-based foundation. This year, there’s more anticipation than usual. Beyond the listings of who received the hundreds of millions of dollars in grants the endowment passed out last year, the report-due to be released by the end of this month-also will show where the endowment invests its $7 billion in assets. Until now, that part of…
The American Basketball Association, an Indianapolis-based professional basketball league, and Toronto media company Caricom have signed a deal to create ABA Media, an initiative launched to maximize potential of a variety of media opportunities for the league, including television, radio, Web streaming, podcasting and other technologies. “Caricom is a new breed of media organization that […]
While most eyes were on the Indianapolis Motor Speedway’s 2-1/2-mile oval this month, Kevin Long was more interested in what happened in the media room. Long is not a news reporter, but he’s been focused on every word spoken to the media this month by drivers, team managers and owners. It’s Long’s job to make sure those speaking into the mike maximize the benefit for themselves, their teams and sponsors. He owns and operates MVP Sports Media Training LLC, a…
Seven Indiana public companies not only own corporate jets, but also let their executives use them for personal trips. Cummins
Inc., Hillenbrand Industries Inc., Zimmer Holdings Inc., Eli Lilly and Co., NiSource Inc., WellPoint Inc. and 1st Source Corp.
all allow some personal use of company jets.
Indiana’s two horse tracks could change hands as investors race to come up with the $250 million required to add thousands
of slot machines. The steep cost of a state license combined with the potential of a lucrative payoff has stakeholders in
Shelbyville-based Indiana Downs and Anderson-based Hoosier Park jockeying for position.
It wasn’t long ago that writing an economic analysis column meant-surprise-that you analyzed the ups and downs of the economy. And if you came of age in the 1960s and ’70s, there were plenty of ups and downs to keep track of. Volatility in just about everything was higher then, with strikes, inflation and more frequent recessions the order of the day. And even though that environment has changed remarkably since the mid-’80s, the habit of peering at the data…
David Young, co-founder of one of the city’s largest advertising agencies, is packing his bags and heading for Vancouver, British Columbia. This month, Young will oversee the opening of agency Young & Laramore’s first Canadian office, which is being set up to grow the firm’s 2nd Globe division in the Pacific Northwest. 2nd Globe, a 12-year-old division dedicated to bringing art, architecture and commerce together, is the brainchild of Young and is known for its work on several high-profile central…
Indiana deliberately chose not to invest the tens of millions necessary for technology that could provide an accurate property-tax
forecast. Instead, the state relied on an aging patchwork of property tax software that allows officials only to guess whether
assessed valuations of homes and businesses are correct.
A proposal by Indianapolis developer Paul Kite to build a retail center anchored by a Target in McCordsville has been rejected by the community’s town council because it’s in an area zoned residential. The 63-acre project would have been built at the southeast corner of county roads 1000 North and 600 West in Hancock County, […]
