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Boberschmidt appointed Premier trustee

Philip Boberschmidt of the downtown law firm of Boberschmidt and Powers has
been appointed trustee to oversee liquidation of Premier Properties USA – a task that begins today.

Sharper Image store to close

The Sharper Image Corp. store at the Fashion Mall at Keystone at the Crossing will close. The bankrupt company announced Sunday that it will shutter all of its remaining stores. Eighty-six stores will be liquidated. The company liquidated 96 of its stores following its February bankruptcy, which was blamed on a slow economy and tight […]

IRL wins again in Milwaukee

The Indy Racing League is continuing its popularity growth.

After a strong month of May in Indianapolis, the IRL saw a 30 percent attendance increase at its race yesterday in Milwaukee, to just more than 30,000.

While…

You-review-it Monday

I wish I had more to report from the weekend, but I was under the weather and didn’t get to take advantage of Indy’s offerings.

If nothing else, I had hoped to get out to The Jazz Kitchen for Sunday night’s…

Fortune closes on $32M line of credit

Indianapolis-based Fortune Industries Inc. has closed on a $32 million line of credit with the company’s majority shareholder, Carter Fortune. The credit line replaces one with Fifth Third Bank and is secured by most of the company’s assets. John Fisbeck, the company’s CEO, will personally guarantee up to half of the credit line. The company […]

Etiquette for high gas prices

It seems like more people are driving below the speed limit now that gas has become expensive.

Particularly on interstates, it isnâ??t uncommon to come upon congestion only to realize that somebody, for
no apparent reason, is puttering along and holding…

Cummins to furlough 125 diesel engine workers

Sluggish demand for Dodge Ram pickup trucks has prompted Cummins Inc. to announce plans to lay off 125 workers at its diesel engine plant in Walesboro, just south of Columbus, from June 8 to mid-August. Rising fuel prices are hurting Ram sales. In October, the Columbus-based diesel engine maker ended contracts with 90 temporary workers […]

ECONOMIC ANALYSIS: Sky-high gas prices are revving up the political rhetoric

From all the noise surrounding gasoline prices, you’d think nobody actually benefited from the high prices. But, of course, some folks do benefit. Let’s figure out who they might be. Obviously, consumers don’t benefit. The average car owner in the United States pays about $80 more per month with gas at $4 per gallon than he did back when it was $2.25. Not good news, of course, but hardly the end of the world. Folks who provide goods and services…

Commentary: The ‘Oracle of Omaha’-live! “Only know-nothings diversify.” -Warren Buffett, May 3, 2008

Last September, I instructed my retirement plan to purchase two of the very expensive Berkshire Hathaway (A) shares so I could attend the annual meeting of shareholders and participate in the numerous peripheral activities. Actually, I could have purchased just one share of the B stock for much less and still have been entitled to four credentials. Warren Buffett, one of the richest men in the world, and his partner, Charlie Munger, are retail hucksters. They have created the perception…

Zender trying to sell 18 apartment complexes for about $40 million

A locally based property management firm is struggling to find a buyer for its downtown apartment complexes, even as the city’s
rental market continues to thrive. The privately owned Zender Family Limited Partnership, which was founded 38 years ago,
placed its 18-property apartment portfolio up for sale in November.

NBA revenue-sharing plan could save Pacers: Team could get more than $6 million annually

The Indiana Pacers got an assist recently from other National Basketball Association owners that could push the team out of the red. In April, the league’s board of governors approved a 63-percent increase in the amount of revenue shared among teams after a letter signed by Pacers co-owner Herb Simon and seven other small-market teams urged the change. The revenue challenges faced by smallmarket teams can no longer be ignored, said the letter signed by Simon in late 2006. Though…

Two central Indiana racinos debut amid tough economy

The next few weeks will be critical for the state’s two new racinos, which need to open with a splash to meet their ambitious
projections of drawing more than 3 million visitors apiece annually. Hoosier Park in Anderson will open June 2, and Indiana
Downs in Shelbyville will follow a week later.

SPORTS: Open-wheel racing’s full recovery still miles away

Well, to all but one sourpuss. “The [Indy Racing League] is garbage,” said caller “Gordon from Zionsville” on WNDE’s sports-talk show, “The Drive,” on the Tuesday following the big race. Gordon was weighing in to denigrate the IRL and praise NASCAR. Back to him in a moment. For the time being, the IRL’s competition isn’t NASCAR. While overnight ratings showed the afternoon Indy 500 scored a bigger rating than NASCAR’s prime-time 600-miler at Charlotte-and that Indy’s ratings were up from…

VOICES FROM THE INDUSTRY: Could employees file suit over retirement plan fees?

In fewer than two years, workers have filed 30 lawsuits against their employers regarding fees charged to the employees’ 401(k) plan accounts. Half of the lawsuits have been filed by a single St. Louis law firm. Ten suits have been filed in Illinois. Employers that have been sued include Bechtel Corp., General Dynamics Corp., International Paper Co., Kraft Foods Global, Inc., Lockheed Martin Corp., Northrop Grumman Corp., United Technologies Corp. ABB, Inc., Deere & Co. and Unisys Corp. In order…

VIEWPOINT: A prayer for the housing market

Please, Chairman, forgive me, for I have sinned and I herewith repent. Please Chairman Bernanke, hear my prayers. Please give me only one more housing bubble and I will forever honor you with the restraint you desire. I have succumbed to the seven deadly sins of investing and I herewith vow never again to do so, so long as you let interest rates continue to fall. I have been weak in seven ways: Hubris. Yes, it is true. I believed…

A&E: Musical milestone reconsidered at the IRT

At the beginning of this IRT season, Peter Amster directed “Our Town,” in which a knowing narrator gave a worldly perspective to the follies and joys of a young couple in love. As the season closer at the IRT, Peter Amster directs “The Fantasticks,” in which a knowing narrator gives worldly perspective to the follies and joys of a young couple in love. This time, there’s music. I don’t say this to trivialize either production. Rather, these additional levels are…

EYE ON THE PIE: County income disparities are growing

The income disparities among Indiana’s 92 counties have been growing for decades. My imperfect memory recalls no administration and no candidate that has addressed the issue. In 1970, Marion County led the state in per-capita personal income (PCPI), at 115 percent of the state’s average. At the same time, Owen County was just 66 percent of that average. Thus, the average Owen County resident had income that was 57 percent of the level enjoyed by the average Marion County resident….

Benicorp cleanup praised: Customers, employees ease through liquidation

When cash ran dry last summer at Indianapolis-based Benicorp Insurance Co., it could have created a major mess. But 10 months later, Indiana insurance regulators have kept all of Benicorp’s customers covered by health insurance and given its employees a soft landing as they make the transition to new jobs. The last of a backlog of claims has been paid off. “No family in Indiana will have an uncovered claim,” said Jim Atterholt, the Indiana commissioner of insurance. “That’s a…