Carmel council approves refinancing package
Carmel’s City Council on Monday night voted 7-0 to approve a proposal to refinance $195 million in debt incurred by the Carmel Redevelopment Commission.
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Two Indianapolis office buildings in foreclosure
The buildings on the northwest side of the city total nearly 200,000 square feet and are owned by an affiliate of a company that operates 12 cemeteries and four funeral homes throughout Indiana.
Indianapolis accounting firm settles with Fair Finance trustee
Somerset CPAs PC will pay $500,000 to settle litigation brought by the bankruptcy trustee of Fair Finance Co., the Ohio-based firm that convicted financier Tim Durham used to conduct a major Ponzi scheme.
Report tallies local government debt loads
A new reporting requirement on local governments gives taxpayers unprecedented access to debt information, but the data is also likely to raise many questions.
U.S. sues Bank of America for $1B-plus in mortgage fraud
The top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis.
State going after underwriter of $5M Estridge offering
The regulatory action is an outgrowth of a falling-out between Indiana Securities owner Frank Neese and Bank of Indiana, which lost its entire $1 million investment when The Estridge Cos. collapsed.
Lawmakers question Abound loan, citing quality issues
House Republicans want more information about a $400 million loan guarantee from the U.S. Energy Department to Abound Solar Inc., citing reports that significant “technological difficulties” with the company’s solar panels were known before the aid was approved.
Creditor could take ownership of downtown Comfort Suites
The owner of the hotel, an affiliate of Dora Brothers Hospitality Corp. in Fishers, filed for Chapter 11 bankruptcy in February. German American Capital Corp., which is owed $12 million, could own the property by the end of the year.
Receiver appointed to manage troubled Century Building
A Marion Superior Court judge has appointed a receiver to manage the seven-story building in downtown Indianapolis that is facing foreclosure. A lender to the building’s owner claims it is owed $10.5 million.
Notices going to those eligible for mortgage settlement
More than 37,000 Indiana borrowers who lost homes to foreclosure soon will receive claim forms for payments under the national mortgage settlement.
Basketball legend Robertson target of bank’s lawsuit
Oscar Robertson’s money troubles in Ohio have been well documented lately. But in his hometown of Indianapolis, he’s trying to convince a judge that he’s not responsible for a $203,000 bank loan.
CNO stock hits 4-year high on recapitalization strategy
Carmel-based insurer CNO Financial Group Inc. said Tuesday that it is seeking $950 million of loans and bonds to repay debt and reduce borrowing costs.
Allison Transmission sets rate on $500 million loan
Allison Transmission Inc., the locally based maker of transmissions for trucks, buses and the military, set the interest rate it will pay on a $500 million term loan the company is seeking to refinance debt.
Centre Properties retail center hit with $7M foreclosure suit
Indianapolis-based developer Centre Properties is the target of another foreclosure suit, this one involving Pyramid Place Shoppes, a retail center in a busy shopping area on the city's northwest side.
USA Funds CEO announces retirement
Carl C. Dalstrom says he will leave the student-loan guarantor on June 30, 2013. He has led the locally based not-for-profit since July 2000.
Sallie Mae plans to add 200 jobs in Muncie
The jobs are part of a $5 million expansion in which the company will add 20,200 square feet of space to its offices in Muncie. When finished next summer, the 75,000-square-foot facility will house 900 employees.
Web startup aims to connect private businesses, investors
Private firms that need to raise relatively modest amounts of capital have a hard time finding money. Now three Indianapolis entrepreneurs think they have the answer: crowdfunding. Individuals make small investments that are aggregated to fund a business. Indianapolis-based Localstake wants to be the matchmaker.
Six banks that owe Treasury walk TARP tightrope
Six of the 17 Indiana banks that relied on the federal government to shore up their balance sheets in the recession have yet to repay, and the U.S. Treasury isn’t going to wait forever.
Hofmeister files bankruptcy reorganization plan
Hofmeister Personal Jewelers Inc. plans to pay off its creditors over seven years as part of the well-known Indianapolis retailer’s bankruptcy restructuring.
IU to roll out student financial literacy program
Indiana University says its plans to offer a financial literacy program to give students the tools to complete college without excessive debt.