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Threat of Crean’s exodus moves IU

Indiana University is making me look pretty smart these days. And it has nothing to do with the degree I earned there almost 20 years ago.

Three weeks ago I was asked on a…

Illegal smiles: Pot comedy returns

Variety reports today that “Up in Smoke” comedy legends Cheech and Chong will be hitting the road for the first time in 25 years. Their national tour, titled “Hey, What’s that Smell?” will be announced tomorrow.

Meanwhile, the latest comedy from…

Alcoa fires workers over alleged slowdown

Ten workers have been fired at Alcoa Inc.’s aluminum smelting and fabrication operation near Evansville and another 20 have been disciplined after the company said they purposely slowed production. Managers claimed the workers were putting in only modest effort, and that data from machinery in the plant showed production slowed from the same time last […]

Pac-Van sold again, for $159M

By Norm Heikens Pac-Van Inc., an Indianapolis company that leases mobile offices and storage units, has been sold again, nearly two years after it was acquired from its founders. General Finance Corp. of Pasadena, Calif., acquired Pac-Van parent Mobile Office Acquisition Corp. in a deal valued at $158.8 million, the companies announced late yesterday. California-based […]

City sues insurers over brownfield cleanup

A discovery of insurance policies abandoned by now-defunct Ertel Manufacturing Co. has led the city of Indianapolis to sue at least 15 insurance companies for costs to clean up the site, the city said yesterday. The city is seeking more than $5 million for removing PCBs, cadmium and solvents from the site northeast of downtown […]

GM adding to furlough at Fort Wayne plant

The full-size pickup plant General Motors Corp. operates in Fort Wayne will be shut down an additional week in August due to allow inventories to shrink, Bloomberg reported. Today’s announcement by GM brings to three the number of weeks the plant will be idle. The Detroit automaker also said today that it will eliminate one […]

Interactive Intelligence profit plunges

Shares of Interactive Intelligence Inc. plunged in after-hours trading after the Indianapolis call center software firm reported second-quarter net profit falling to $845,000 from $2.4 million in the same quarter a year earlier. The report was issued after markets closed. The shares plummeted 22.3 percent to $8.75 a piece. However, the company revenue hit a […]

Old National profit holds its ground

By Norm Heikens Old National Bancorp today reported second-quarter profit of $19.5 million, up marginally from $19.3 million in the same period last year. The Evansville-based parent of Old National Bank also said revenue climbed to $109.4 million from $97.3 million. “Given the challenges that exist in the economy today and unprecedented challenges that exist […]

You-review-it Monday

You have to love an Indianapolis weekend when it’s impossible to get to everything you want to see.

While I caught Allalike Productions’ “bare,” Theatre on the Square’s remarkable “A Very Merry Unauthorized Children’s Scientology Pageant,” ShadowApe’s “Transformations” and ACT’s young…

Simon funds rise, hit analyst expectations

Simon Property Group Inc. reported $427.9 million in funds from operations in the second quarter, a 14.7-percent increase from a year earlier and slightly more than analysts anticipated. The Indianapolis-based real estate investment trust also projected funds from operations for the year of $6.38 to $6.45 per share, nearly identical to the $6.35 to $6.45 […]

Tony, tires, Danica make news

The big stories in the world of motorsports have been coming at such a high rate of speed, it’s been difficult to keep up.

The long weekend kicked off with Tony Stewart getting into an altercation with a U.S. Auto Club…

Elkhart newspaper looks beyond RVs, housing

Sweeping diversification is necessary for the Elkhart area to snap its reliance on making recreational vehicles and manufactured housing, the Elkhart Truth opined in an editorial yesterday. A string of layoffs and other bad news from the sectors has rocked the area this month, raising questions about a difficult future for workers who know little […]

Boone development chief switches jobs

Kristy McKillip has taken a business development post with Indy Partnership after four years as executive director of Boone County Economic Development Corp. The Boone County group is one of 10 members of Indy Partnership, which markets the region to businesses looking to expand. McKillip’s new position involves building relationships with companies considering expansions in […]

Marsh sues Roche over sublease deal

Two giants of local business are preparing to slug it out in court over a soured sublease deal. Marsh Supermarkets filed
suit in Hamilton County this month to enforce a deal with Swiss pharmaceutical and medical-equipment powerhouse
Roche to sublease the grocer’s entire 148,000-square-foot headquarters in Fishers. The deal, worth more
than $47 million over 18 years, is one of the largest of its kind in central Indiana in years.

Mortgage industry under more scrutiny: Tougher rules don’t include yield-spread premiums

A housing crunch resulting from a flood of foreclosures has cast the spotlight on the deceptive practices that cause borrowers-particularly those with weak credit-to unknowingly pay more than necessary for a mortgage. The Federal Reserve earlier this month unanimously approved new lending rules in an attempt to tighten standards and prevent another such crisis. The changes will apply to all mortgage lenders and take effect Oct. 1, 2009. In the subprime category, a lender will have to assess a borrower’s…

ECONOMIC ANALYSIS: State’s new mortgage law is regulation gone awry

Indiana is known as a state possessed of thoughtful and minimalist regulatory constraint of business. That’s why a littleknown law enacted in 2007, which further regulates mortgage brokers, should come as a shock to many Hoosiers. As of July 1, when the law became effective, roughly 600 Indiana mortgage brokers (perhaps 1/10th of 1 percent of all small businesses in the state) were out of compliance. When a one-month extension granted by Secretary of State Todd Rokita expires next month,…

Pearson Partners recovers from HHGregg loss: Agency gains new clients, projects 20-percent growth

Ron Pearson said business at his Indianapolis-based advertising agency over the last year has been “stellar.” Exaggeration or not, any growth at Pearson Partners is a 180-degree reversal from the dire situation the firm faced just a year ago. In April 2007, Pearson’s firm-then called Pearson McMahon Fletcher England-lost its biggest client, HHGregg. Last summer, Pearson cut nearly half its work force, paring the agency down to about 20 employees in the wake of losing the $20-million-plus account. Pearson’s capitalized…

SPORTS: NASCAR: Good for the city, not so fun to watch

Depending upon when IBJ lands in your hands, the 15th Allstate 400 at the Brickyard will be either coming to or going from the Indianapolis Motor Speedway. So let’s talk racin’. Let me begin by saying how pleased I am that Tony George took that giant leap in 1994 and welcomed NASCAR to the hallowed openwheel grounds of IMS. By most accounts, the Brickyard 400 instantly became the second-most-coveted prize on the NASCAR circuit and it has remained in that…

Commentary: Every office should have a defibrillator

Tim Russert died last month at age 58. He was Washington bureau chief for NBC and the moderator of “Meet the Press.” His physician, Michael Newman, described the cause of death as coronary thrombosis-sudden cardiac arrest. Russert’s untimely death was possibly preventable. We can learn something here that may save lives at our businesses. Russert had been diagnosed with asymptomatic coronary artery disease that he controlled with medication and exercise. According to Newman, his stress test in April was normal….