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Scott Olson

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States consider ‘vanity’ taxation: N. Jersey first to pass law; Indiana unlikely to follow

Tummy tucks are costing a few more bucks in New Jersey, but don’t look for a tax on cosmetic surgery procedures in Indiana anytime soon. The Garden State passed the first cosmetic surgery tax law in 2004. Since then, legislators in Arkansas, Illinois, New York, Tennessee, Texas and Washington have introduced similar proposals, although none of the states has passed the taxes into law. Cosmetic surgery is perceived by some lawmakers to be an easy target for additional tax revenue…

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ERODING FOUNDATION: Endowment’s assets fall with Lilly stock; heavy sale of shares dim chances for rebound

Endowment’s assets fall with Lilly stock; heavy sale of shares dim chances for rebound Wall Street is chipping away at Indianapolis’ most-venerable philanthropic institution. The value of Lilly Endowment’s primary asset-Eli Lilly and Co. shares-has dropped by more than half since 2000, forcing leaders to sell additional shares in order to give away hundreds of millions of dollars as required each year. Still, the privately run endowment remains a major Eli Lilly shareholder, with nearly 148 million shares of the company’s…

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Disappearing Ink: People go to great lengths, spend big money to erase their youthful body-art decisions

People go to great lengths, spend big money to erase their youthful body-art decisions When Allen George groggily awoke one morning 30 years ago after a night of drinking with two Army buddies, he couldn’t figure out why his arm was stuck to the bedsheet. A closer look revealed a large blood spot had soaked through and dried overnight. He carefully tore away the sheet and looked at his forearm. Staring back at him was a large, brightly colored peacock sitting…

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Center offers courses in global adjustment: Programs help companies learn cultural differences

In India, where cricket is the sport of choice, telling an employee he knocked the ball out of the park with his latest proposal most likely would confuse him. The communications gap and other cultural contrasts between the United States and a country such as India can be as vast as the 10-hour time difference. So, as local software developer Sigma Micro Corp. prepared to launch operations at what it refers to as an off-shore development center in the city…

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ITT Educational Services rebounds from federal probe: With stock at 52-week high, company plans growth

After rebounding from a federal criminal probe that uncovered no wrongdoing, ITT Educational Services Inc. is proceeding with an ambitious growth plan in hopes of building upon a bullish earnings run. The U.S. Attorney’s Office in Houston, which led the investigation into whether the Carmel-based private provider of postsecondary degree programs had falsified student records, acknowledged in June that it did not turn up evidence justifying the charges. “It was very, very disruptive and very distracting to the organization,” ITT…

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State revamps I-Light expansion project: Funding restored, but network limited to universities

Indiana Gov. Mitch Daniels has given high-speed Internet project I-Light the green light, but with a twist from its original intent. He agreed this month to support the final stages of funding for the project, which began in 1999 and connected supercomputers at Indiana University, Purdue University and IUPUI. The aim was to expand Indiana’s digital infrastructure by connecting 15 cities via a fiber-optic network. Under his directive, though, only universities and related research parks can tap into the network,…

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Butler construction project targeted for fall ’06 finish: Student housing, rec center to join historic campus

The landscape around Butler University’s historic Hinkle Fieldhouse is undergoing dramatic changes not seen on the private campus since the early 1960s. Construction began in May on a $50 million project to build a student recreation center west of the 77-year-old arena and student housing to the east. Both should be finished by the start of the fall semester in August. The construction projects are the largest since Irwin Library, Clowes Memorial Hall and Lilly Hall were built in 1961,…

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Construction materials costs set to soar: Hurricanes, other factors lead to current or predicted shortages, price jumps in PVC pipe, copper wiring, cement

A building boom in China and India is exacerbating the crisis, and further squeezing the profits of contractors and developers, including those in Indianapolis. The situation could become worse when rebuilding efforts begin. “I’ve talked to big commercial developers and we’ve all seen our margins shrinking,” said Greg Small, chairman and CEO of Indianapolis-based developer Equicor Cos. LLC. “As a businessperson, you’re going to have to be sharper at dotting your i’s and crossing your t’s.” Because the majority of…

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Credit-counseling mandate causing stir: Critics contend providers, including some under investigation, will unfairly profit from new bankruptcy law

The reform measures that took effect Oct. 17 will make it harder for filers to wipe away unsecured debt by steering more of them toward Chapter 13-instead of Chapter 7-which requires them to repay at least some obligations. But consumers wishing to declare bankruptcy must first undergo credit counseling within 180 days of filing and finish debtoreducation courses before exiting the courts. Critics contend the extra step will add more time to the pre-filing phase and increase the cost for…

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Center director ready to score: Ball State’s new entrepreneurship chief has big plans for top-rated program

The 6-foot-6-inch Cox visited the Indiana University campus on Dec. 24, 1974, as a member of the Nebraska Cornhuskers basketball team. The starting center scored 15 points and pulled down five rebounds in a 97-60 loss to the thenmighty Hoosiers. His team took solace in a free meal from a local fast-food joint that gave each ticketholder a burger, fries and shake every time IU won by 30 points or more. After scavenging the stands for discarded stubs, the ‘Huskers…

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Fixin’ to retire: East-side repairman closing doors after 45 years of business

Dave Roberts is an ordinary-looking guy who would hardly stick out in a crowd. But as the man called Mr. Fix-It, he can command cult-like status. “I’ll go to a restaurant and people will say, ‘Hey Mr. Fix-It!'” he exclaimed from behind the counter of his cluttered repair shop. “I feel like a celebrity sometimes.” But the moniker that made him an east-side institution will no longer exist after Dec. 31, when Roberts closes the doors on 45 years of…

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Somerset enjoying freedom: Firm grew under First Indiana, but independence brings control, president says

Leaders of Somerset CPAs PC are soaking in the single life, one year after they split from First Indiana Corp. Twenty-one Somerset partners bought the assets of the accounting firm from the locally based public company on Oct. 25, 2004, ending a four-year relationship in which bad timing contributed more to the breakup than bad karma. The corporation is the holding company of First Indiana Bank. At a time when the Sarbanes-Oxley Act mandates auditor independence, Somerset President Patrick Early,…

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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…

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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…

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Willingness to adapt keeps benefits firm growing: Key adjusts to ever-changing health insurance market

Larry Dust capitalized on a then-radical health insurance concept 25 years ago that thrust him to the forefront of the corporate movement to outsource employee benefits services. Much has changed in the world of health care since, but Dust and Key Benefit Administrators Inc. continue to redefine the way employers approach insurance. “The cheese has moved in this business,” Dust said, “and if you don’t believe it, you better get out.” The 57-year-old Knox native entered the insurance industry after…

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Taking aim at the middle: New Conseco Insurance leader says growth will be found in average households

Four months into his job as president of Conseco Insurance Group, Michael Dubes is explaining his strategy to return the subsidiary to profitability. Then, ice cream enters the conversation. Dairy Queen, he argued, continues to thrive despite an onslaught of competitors offering more expensive treats. The key to the franchise’s success is that it has never wavered from its middleincome target audience, Dubes said. He is applying the same simple tactic to grow the group’s portfolio of policyholders, while many…

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South-side exit finally sparking development: Wal-Mart might by key to I-65/County Line interchange meeting expectations

An interchange linking Interstate 65 and County Line Road completed six years ago is finally helping attract large commercial development to a busy Johnson County corridor. While Greenwood city officials are pleased by the amount of activity occurring there, they question why it took so long. “We thought it would take off much sooner than it did,” said Ed Ferguson, Greenwood’s director of planning, zoning and economic development. “We still have several hundred acres available in what we call the…

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Herron-Morton planning grows beyond art campus: Foundation hopes to redevelop 3 nearby buildings

Members of Herron-Morton Place Foundation Inc. are ecstatic that city planners chose their proposal to rehabilitate three vacant buildings as part of a larger redevelopment of the former Herron School of Art campus. The dilapidated structures, known as the Foundry buildings, are a block east of the campus. Under the foundation’s plan, they will be transformed into retail shops and should benefit from the foot traffic generated by the revitalization of the Herron property on 16th Street. But now comes…

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Coalition targets disparities in minority health care: Group enlists CEOs to help it develop plan of action

Black people are nearly twice as likely to have diabetes than white people, less likely to engage in leisure activity and, on average, die five years earlier. Those statistics from the Centers for Disease Control provide motivation for a local consortium that wants to improve health care for minorities. Known as the CEO Health Disparities Roundtable, the year-old group has moved from setting objectives to developing a plan of action. The plan is aimed at reducing health care disparities among…

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Expanding adult market might boost Strattera sales: Eli Lilly looks for rebound of struggling ADHD drug

One of the main benefits touted by Lilly is that Strattera is the only ADHD drug on the market that is not a stimulant, meaning users are less likely to abuse it. The makers of Adderall and Concerta have advertised their drugs in magazines geared to parents of kids with ADHD. And Lilly has been running television ads aimed at adults who may not realize they have the disorder. ADHD symptoms include impulsivity, trouble concentrating, disorganization, procrastination and hyperactivity. Several…

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