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Replicating race cars of the past: Westfield firm plans to sell Ford GT40 reproductions

January 3, 2005

An upstart Westfield company’s reproduction of the 1966 Ford GT40 Mk1 race car turns heads wherever it goes. Whether it’s on the highway or in a showroom, people can’t help but gaze at the sleek, retro roadster built to emulate the original that dominated the 24 Hours of Le Mans races nearly 40 years ago. It dethroned Italian automaker Ferrari at the 1966 event, finishing first, second and third, and went on to win the race four consecutive times. Executives…

The recession hits churches

January 3, 2005

Churches, which tend to ride out recessions better than many other institutions, are struggling to finish building projects, reporter Kathleen McLaughlin writes in this weekend’s IBJ.

The recession and stock market downturn have forced parishioners to scale back commitments, resulting in…

EYE ON THE PIE: We’re saving more than you think

January 10, 2005

For years, I have been listening to Paul Harvey on the radio decrying the low savings rate of Americans. Our seemingly profligate ways, spending nearly all we earn, will lead us to the poorhouse, if not the eternal fires of debtors’ damnation. Many of my learned colleagues share this view. Americans are spending too much, consuming too much, saving too little. They tell us the personal-savings rate hit an all-time low in October, at 0.1 percent. That means we put…

NASCAR fuels C&R growth: Maker of custom racing parts diversifies from open-wheel roots

February 7, 2005

Though he’s only 45, Chris Paulsen is a grizzled veteran in racing circles. The storied mechanic has already been invited to take part in old-timer events at the Indianapolis Motor Speedway. But industry sources say Paulsen’s future is as wide open and promising as that of a schoolboy with a fresh diploma. The innovations that made him a household name in open-wheel have earned a following among NASCAR’s elite, and the insightful entrepreneur even talks of starting his own race…

BEHIND THE NEWS: Lawyers in big-biz cases get scolding from judges Taking stock of Lilly

February 14, 2005

Two big businessrelated cases are advancing toward trial, and the lawyers involved are getting nasty. At least that’s how it seems to the judges handling the cases, and they’re tired of it. In a Jan. 31 filing, federal Magistrate Judge V. Sue Shields gave a verbal spanking to attorneys for both Paul Harris Stores Inc. and the accounting firm PricewaterhouseCoopers. “All counsel are admonished that the court expects them to behave in a civil manner toward one another and to…

Ex-execs fly solo: Horn, Shoopman, others trade big firms for small

February 21, 2005

As president of The Dura Cos. Inc., Paul Shoopman was responsible for a 155-employee company that brought in $75 million in revenue in 2003 and built as many as 700 homes a year in Marion and the surrounding counties. Last year, Shoopman won an Ernst & Young national Entrepreneur of the Year award and sold his company to publicly traded California-based KB Home. This year, he’s starting over. Shoopman, 51, opened Indiana Land Development Co. in early January. From his…

Artsy edge propels Y&L: Agency shows its creativity with 2nd Globe

February 21, 2005

But Indianapolis-based Young & Laramore needed more than the “I think I can” mantra of bedtime stories to make tracks for the big time. It needed a plan. The four-part strategy was simple in concept, if challenging in execution: Attract the talent necessary to do national-caliber work, put it to good use, get results and earn widespread recognition. “I’m a big believer in developing plans for growth and working hard at them,” said Paul Knapp, a lawyer by training and…

George’s role as team owner draws criticism: Some say purchase is conflict of interest

February 21, 2005

Nine years of hunting for sponsors, recruiting and trying to retain drivers, and managing costs that had nearly doubled in recent years had taken its toll. The founder of locally based Kelley Racing shuttered his Indy Racing League team at the close of last season. And with the close of Kelley Racing, a new era for the Indy Racing League opened. Founded in 1996 as an alternative to CART, the open-wheel racing series stepped into what IRL founder Tony George…

BEHIND THE NEWS: Mergers may shake up Simon’s department-store mix Last supper

February 28, 2005

Big changes are brewing at the department-store chains that anchor Simon Property Group Inc.’s shopping malls in Indianapolis and across the nation. That may be good news for the company’s strong malls but bad news for its weak ones. The Wall Street Journal says Cincinnatibased Federated Department Stores Inc., parent of Lazarus-Macy’s, has rekindled negotiations to buy St. Louis-based May Department Stores, the underperforming parent of L.S. Ayres. Such a deal would be the latest in a string of shakeups…

Villaggio condos aim high: Proposed eight-story project targets downtown’s SE side

February 28, 2005

A developer with deep roots in the Fletcher Place neighborhood is setting its sights on an ambitious eight-story condominium project on the southeast side of downtown. Villaggio at Page Pointe calls for 65 condos ranging in size from 1,600 square feet to 4,300 square feet. Most units will sell for $265,000 to $530,000, with three penthouse units listed for more than $900,000. The first floor of the building will house about 20,000 square feet of retail space. A parking garage…

Auction company packing up Winona: Closed hospital has potential buyer, attorney tells court Getting organized

March 7, 2005

“That’s to keep the spirits away, make ’em happy,” Brian Hayes explained as he turned past the blaring radio. Auctioneers and the occasional unexplained phenomenon have taken over Winona, as the closed hospital nears an April auction date for its remaining equipment. Hayes, of San Francisco-based Rabin Worldwide Inc., has piled up seven-day workweeks since early February cataloging and organizing the defunct hospital’s assets. All that work may go for naught, however, if the auction proposal dies in bankruptcy court…

ECONOMIC ANALYSIS: Think before demonizing free-trade agreements

March 7, 2005

E c o n o m i s t s approach the issue of free trade with something resembling religious zeal. Outside of a few high-visibility defectors, such as CNN’s Lou Dobbs and columnist Paul Craig Roberts, we’ve found that the pros of liberalized trade between nations heavily outweigh the cons. That’s hardly the case in the general populace. The Indiana Senate’s recent approval of a meaningless but symbolic call on Congress for a moratorium on free-trade agreements with other…

TV weather war becoming a race for arms: Local TV news ratings, advertising dollars at stake VIPIR attack

March 7, 2005

A storm is brewing. But the weather-related tempest has as much to do with television viewer ratings and advertising dollars as it does with tornadoes and hailstorms. With an array of new forecasting technology hitting the market, Indianapolis’ four local TV news operations are arming for a weather war that would make Dorothy and Toto run for the nearest Doppler radar. “The weather is an enormous driver in local TV news ratings,” said Bill Perkins, president of locally based Perkins…

Bankruptcy bill pushes debt repayment: Proposal could make it harder for individuals to escape debt, put limitations on corporate reorganizations

March 14, 2005

Upon seeking bankruptcy protection in late 2002, Conseco Inc. initiated a plan to shower key executives with millions of dollars in retention bonuses if they prevailed in reorganizing the company. The windfall for the six officers, totaling more than $9 million, is just one of many instances in which impoverished corporations have sought to recover from bankruptcy by dangling lucrative incentives to deter executives from fleeing. But in the aftermath of such scandals as Enron Corp. and WorldCom Inc. (now…

STATEHOUSE DISPATCH: Lawmakers struggle amid chaos, but order will come

March 21, 2005

If you’re having a tough time following the twists and turns of the political soap opera that is the 2005 Indiana General Assembly, you are not alone. Legislators find themselves so perpetually distracted by all sorts of peripheral issues and actions that Eli Lilly and Co. might want to consider a new market for its adult ADD medication. What do we mean by this legislative attention deficit disorder? Think back to December, when the first order of business seemed to…

Lilly faction seeks split of exec roles: Shareholder group wants to separate chair, CEO jobs

March 21, 2005

The shareholders think Lilly should separate its chairman and CEO roles. Sidney Taurel currently holds both jobs and the title of president. The group wants an independent chairman. It’s one of six shareholder proposals on the agenda for Lilly’s April 18 annual meeting at its headquarters. The move would address “a leadership crisis at our company” created by the lack of access to affordable medicines, according to the proposal listed in Lilly’s recently filed proxy statement. Lilly’s board disagrees and…

Locals seek $10M to lift Lampoon: Laikin seeks to ‘re-energize’ money-losing L.A. company

March 28, 2005

National Lampoon Inc.’s in the comedy business. Yet in recent years, anyone who perused the L.A.-based company’s financial statements would be more apt to grimace than crack a smile. A group of Indianapolis businessmen who own most of the stock think they can stem the company’s heavy losses and in the process breathe new life into a comedy brand best known for the 1978 classic “Animal House” and the 1980s “Vacation” films. Here’s the catch: They need more money to…

VOICES FROM THE INDUSTRY: There are reasons for rising school construction costs More technology More sports

March 28, 2005

Public school officials around the state have received sharp criticism in recent years for authorizing construction that critics decry as ostentatious and excessively expensive. Chief among the targets, but not exclusively, are athletic facilities that are often perceived as superior to all but the largest of our NCAA Division I colleges and universities. Without taking sides in the fray, I would simply remind everyone that K-12 education is basically a community function driven by local decisions. The bulk of the…

No backing down: Irsay leads crusade to strengthen NFL revenue sharing

March 28, 2005

Irsay became a central figure in the NFL franchises’ small-market vs. large-market battle at the annual owners’ meetings in Hawaii March 21-23. He told reporters he isn’t sure how long his-or any-team can be competitive in a city the size of Indianapolis if large-market teams have their way with the league’s revenue-sharing formula. The Indiana General Assembly is in the midst of a fierce debate over funding for a $600 million retractable-roof stadium for the Colts, but that could be…

Y&L moving HQ to school: Ad firm to leave Massachusetts Avenue for renovated IPS building in Lockerbie

April 4, 2005

Advertising agency Young & Laramore is putting its highprofile Massachusetts Avenue building up for sale as it prepares to buy and occupy a former school building in Lockerbie Square. Y&L is listing its 17,000-square-foot building at 409 Massachusetts Ave. for $1.6 million, said Paul Knapp, the firm’s CEO. The building includes 4,000 square feet of storage space in the basement, leaving about 13,000 square feet as usable office space, Knapp said. The agency is leaving its headquarters behind after 15…

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Articles

Replicating race cars of the past: Westfield firm plans to sell Ford GT40 reproductions

The recession hits churches

EYE ON THE PIE: We’re saving more than you think

NASCAR fuels C&R growth: Maker of custom racing parts diversifies from open-wheel roots

BEHIND THE NEWS: Lawyers in big-biz cases get scolding from judges Taking stock of Lilly

Ex-execs fly solo: Horn, Shoopman, others trade big firms for small

Artsy edge propels Y&L: Agency shows its creativity with 2nd Globe

George’s role as team owner draws criticism: Some say purchase is conflict of interest

BEHIND THE NEWS: Mergers may shake up Simon’s department-store mix Last supper

Villaggio condos aim high: Proposed eight-story project targets downtown’s SE side

Auction company packing up Winona: Closed hospital has potential buyer, attorney tells court Getting organized

ECONOMIC ANALYSIS: Think before demonizing free-trade agreements

TV weather war becoming a race for arms: Local TV news ratings, advertising dollars at stake VIPIR attack

Bankruptcy bill pushes debt repayment: Proposal could make it harder for individuals to escape debt, put limitations on corporate reorganizations

STATEHOUSE DISPATCH: Lawmakers struggle amid chaos, but order will come

Lilly faction seeks split of exec roles: Shareholder group wants to separate chair, CEO jobs

Locals seek $10M to lift Lampoon: Laikin seeks to ‘re-energize’ money-losing L.A. company

VOICES FROM THE INDUSTRY: There are reasons for rising school construction costs More technology More sports

No backing down: Irsay leads crusade to strengthen NFL revenue sharing

Y&L moving HQ to school: Ad firm to leave Massachusetts Avenue for renovated IPS building in Lockerbie