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VOICES FROM THE INDUSTRY: Congress, IRS taking aim at college tax practices

Congress and the IRS have taken a number of significant steps recently to increase their scrutiny of colleges, universities and related organizations. What’s the next step? The IRS has already tipped its hand and indicated that it intends to design and initiate unrelated business income tax-or UBIT-inquiries directed toward colleges during 2007 and 2008. This upcoming year will likely usher in a new tax climate focused upon enforcement initiatives and public transparency. The Pension Protection Act of 2006 included several…

INVESTING: Congress’ first 100 hours suggest we’re in for long year

Investors could get shafted from the big guys at the top. The most powerful people in America potentially could fleece the average investor, and the only recourse we might have is hope. No, I am not talking about the outrageous but legal (a contract was signed) exit pay package of the former CEO of Home Depot. I am not talking about the options scandal that eventually wrapped up Steve Jobs from Apple, even though he is worth every penny the…

NOTIONS: A prayer for common sense on the issue of prayer

Dear God, please hear my prayer. We need a little divine guidance here (or at least a few thunderbolts of common sense). I pray today not for relief from the usual litany of woes (You hear enough about those). I ask, instead, that You help us past a nagging distraction so we might move on to more pressing concerns. As You know (because You know all), there’s a lot weighing on us in these little Edens called Earth, America and…

BEHIND THE NEWS: Ex-devotee of Brightpoint now on other side of table

Durham, who bet big on Brightpoint when it was near financial ruin, now is part of a group that is among the largest shareholders in Texas-based Cellstar Corp., a rival wireless phone distributor buffeted by nearly $200 million in losses from 2002 through 2005. In December, Cellstar announced plans to liquidate, with Brightpoint Inc. acquiring the bulk of its business-its U.S. and Latin American operations-for $88 million. Analysts say it’s a savvy deal for Brightpoint, which picks up $450 million…

Getting to know you: Companies are using sites like MySpace to learn much more about job candidates

In today’s Internet age, companies are going well beyond reading résumés and contacting references to check out job candidates. More and more would-be employers are turning to the Web to conduct background checks on prospects. MySpace and Facebook are two hugely popular social networking sites where college and high school students often post risqué photographs and provocative content about drinking, recreational drug use, sexual exploits and other personal conduct. But what some job seekers might mistakenly consider relatively private information…

Local sign makers enjoy brisk business thanks to bank mergers

Bank mergers have proven lucrative for local sign companies over the years. A string of mergers in the late 1980s and early
1990s wiped out the city’s three big national banks–American Fletcher, Merchants National and Indiana National. In the years
since, the industry has continued to consolidate, spawning a flurry of additional name changes.

Suburban builder J. Greg Allen to tackle downtown

J. Greg Allen & Associates has made a name for itself building suburban subdivisions, office buildings and retail complexes.
Now, the developer is poised to tackle a pair of projects downtown.

Business elite back alternative high school: Catholic college-prep Cristo Rey puts students to work to earn and learn

Every other month, it seems, someone announces another promising alternative to the city’s public schools and their low achievement levels and high dropout rates. If it isn’t Indianapolis Public Schools announcing another specialty school within a high school, it’s a new charter school anointed by Mayor Bart Peterson-a number now approaching 20. So one could be forgiven for being a bit cynical about these schools, as parents who can afford to continue to leave the city for better schools. But…

Simon gets sweeping rating upgrade from Fitch

Fitch has upgraded several debt ratings for Simon Property Group by one notch. One example is its senior unsecured notes, which were pushed to A- from BBB+.   Fitch attributed its decision to the Indianapolis company’s stable cash flows and large, well-diversified asset portfolio of shopping malls.

Guide accelerates Anderson plant closing-to today

Guide Corp. has told its employees that its Anderson car taillight plant will close today, ahead of a June 2007 target announced in October. The action was caused by General Motors’ shifting production to alternative, lower-cost producers, the Pendleton company said in a statement published on The Herald Bulletin‘s Web site. About 265 hourly workers are affected […]

Ford sues Navistar over engine prices, warranty

Diesel engines made at a Navistar International Corp. plant on Indianapolis’ east side are at the center of a lawsuit Ford Motor Co. has filed against Navistar in Michigan. Ford claims Illinois-based Navistar isn’t adequately sharing warranty costs for the engines, which are used in its lucrative Super Duty F-Series pickup trucks, according to Chicago […]

Indiana a likely contender for Toyota plants

Toyota Motor Corp. probably will look closely at Indiana as it adds assembly plants to meet its rising sales, according to Kim Hill, associate director of the not-for-profit Center for Automotive Research in Ann Arbor, Mich. Now ramping up its Tundra pickup truck plant in San Antonio, the Japanese automaker is thought to be considering sites […]

Anti-clotting prospect most important for Lilly, report says

A drug Eli Lilly and Co. is developing to prevent blood clots is the most important in Lilly’s pipeline, according to a report on TheStreet.com this morning. Prasugrel, which aims to prevent heart attacks and strokes, faces important clinical trials this year, and could yield several billion dollars in sales. However, its impact on the […]

Symmetry paid $10M for British aerospace products co.

Warsaw orthopedic equipment maker Symmetry Medical Inc. paid $10 million for U.K.-based Whedon Ltd. and its subsidiary, Clamonta Ltd. The deal was announced Jan. 9 but the price was not disclosed at the time. Symmetry disclosed the price in a Securities and Exchange filing late yesterday. The company, which forges parts for airplane engines, is […]

Hat World closes on Hat Shack deal

Hat World, the Indianapolis subsidiary of Nashville, Tenn.-based Genesco Inc., has closed its acquisition of Hat Shack Inc. for $16.6 million. Marietta, Ga.-based Hat Shack operates 49 retail hat stores, mostly in the Southeast. Genesco bought Hat World Corp. in 2004 for $177.4 million. Hat World was one of Indianapolis’ top entrepreneurship success stories, having […]

Shelbyville too close to Honda for some suppliers

Several auto-parts suppliers have avoided locating plants in Shelby County because they don’t want to compete against Honda Motor Co. for workers, Shelby County economic development chief Dan Theobald told The Shelbyville News. The Japanese auto maker is building a $550 million assembly plant in adjoining Decatur County. However, Shelby County, which is southeast of […]

Toyota lobby is stronger, GM official complains

Outspoken General Motors Corp. Vice Chairman Robert Lutz told reporters yesterday that it is being out-muscled in Washington, D.C., by Toyota lobbyists. Toyota, the nation’s third-largest automaker behind GM and Ford Motor Co., is treated well because its sales are rising and it has a growing number of factories in many states, Lutz said in a The New […]

Ford to close east side steering component plant

Ford Motor Co. said Thursday it was unable to find a buyer for its east-side Indianapolis steering-systems plant and thus will close it by the end of next year, The Associated Press reported. The plant employs more than 1,500 workers. Ford spokeswoman Della DePietro told AP the plant was too large to attract buyers. The automaker […]

Lilly says Zyprexa settlement cost $495 million

Eli Lilly and Co. revealed in a regulatory filing today that the recent settlement of a Zyprexa class-action lawsuit cost $495 million, according to Bloomberg. The Indianapolis pharmaceutical company announced Jan. 4 that it had reached the agreement on 18,000 claims, leaving 1,200 remaining to resolve. The plaintiffs claimed the drug caused them to gain […]

Champps to be sold to private equity group

Champps Entertainment Inc., which operates two of its casual dining eateries in Indianapolis, has agreed to be bought by Kinderhook Industries LLC for $75 million. Kinderhook Industries is a New York-based private-equity firm. Champps plans to reinvest the sale proceeds in another business. There are about 65 Champps restaurants in 22 states.