Former Lifestyle gym building target of foreclosure
The owner of the building at 4225 E. 82nd St. owes $4.9 million on a $7.4 million loan, according to the suit. The tenant, Lifestyle Family Fitness, closed the location in November 2011.
Banking & Finance
Articles
Analysis: Ordinary folks are losing interest in stocks
Defying decades of investment history, ordinary Americans spooked by the Great Recession have been selling more stocks than they’ve been buying. The selling has not let up despite unprecedented measures by the Federal Reserve to persuade people to buy and the come-hither allure of a levitating market.
Former brokerage VP suing for sex, age discrimination
Attorneys for Dana Hurst say in a Dec. 20 court filing that David A. Noyes & Co. didn’t grant her pay increases or year-end bonuses during her last 15 years on the job, while male counterparts were better rewarded.
REWIND: IBJ’s top 10 business stories of 2012
The state's labor landscape changed, and the housing market improved. Indianapolis basked in the glow of a flawless Super Bowl, and big-name CEOs were shown the door. IBJ's reporters and editors recall the year's biggest stories.
Women’s physician building targeted for foreclosure
A lawsuit from the lender claims that Women’s Physician Group still owes $8.7 million on a $9 million loan it received for a northwest-side building.
U.S. economy grew at 3.1 percent in summer
Exports increased, consumers spent more and state and local governments added to growth for the first time in three years. But the economy is likely slowing in the current quarter.
Slinky maker’s owner buys bankrupt Fundex for $1.7M
Private equity firm Propel Equity Partners is acquiring Fundex following a court-ordered auction in which a surprise bidder surfaced, driving up the price of the company.
Former country club controller gets 2 years for fraud
Officials say Denise Abrell defrauded the Country Club of Indianapolis of $400,000 by writing checks to herself and using the club's credit card without its knowledge.
Auditors: Tech issues, worker rush led to state tax errors
Auditors investigating Indiana's Department of Revenue are saying outdated technology and a work culture that sacrificed accuracy for speed led to $526 million in tax errors from the state.
Actuarial firm plans expansion at Indy office
Milliman Inc. said it will add 26 jobs by 2017 and invest $2 million to install additional information technology equipment at its office in downtown’s Chase Tower.
Analysis: Simon factions make peace as tax hike looms
Widow Bren Simon and her stepchildren finally managed to settle a long legal battle over the estate of mall magnate Melvin Simon. The goal that appears to have united the survivors: Reducing Uncle Sam’s take of a fortune that has swelled to nearly $3 billion.
FDIC suits charge JPMorgan worsened Irwin Union’s woes
The FDIC says offering circulars Irwin Union relied on when it bought residential mortgage securities contained false and misleading information.
Home seizures by banks rise in Indiana, nationally
Home repossessions rose in 29 states and the District of Columbia in November, led by an increase of 96 percent in Indiana. However, the number of homes starting on the path to foreclosure declined to the lowest level in six years.
Simon’s Rushmore Mall loan sent to servicer, Fitch says
A loan with a balance of $94 million on a South Dakota shopping center owned by Simon Property Group was sent to a special servicer because default is imminent, Fitch Ratings said.
Cummins to buy back up to $1B in stock
Cummins Inc. said Tuesday that its board approved the repurchase of up to $1 billion in stock. The Columbus-based engine maker said it has nearly completed its previous $1 billion buyback plan authorized in February 2011.
Midwest Energy oil firm drilling for $15M
An Indianapolis investment advisory oil firm has been looking for blowouts in its own back yard. Midwest Energy Partners is preparing for its seventh—and largest—round of funding to pay for oil drilling in southwestern Indiana and southeastern Illinois.
Indiana SBA lending drops in 2012, but still exceeds 2010
Indiana businesses borrowed $424.7 million through U.S. Small Business Administration programs in 2012, an 18-percent decline from 2011, latest SBA statistics show.
Investors let down guard, opening door to Durham fraud
Shouldn’t the 5,100 Ohio investors who lost more than $200 million when Fair collapsed have seen Fair’s lofty interest rates as a red flag?
Pence taps banker Alley to stay in administration post
Former bank executive Mike Alley will continue in his position as commissioner of Indiana’s Department of Revenue under Gov.-elect Mike Pence. Pence also announced two more cabinet appointments.
First Internet Bancorp seeking to list on NASDAQ
The Indianapolis-based company said it has filed with the Securities and Exchange Commission to make the move from the over-the-counter board to the more active NASDAQ exchange.