Appraisers have little to go on in tough deal market
Until the market stabilizes, appraisers will be operating in an environment where 20 to 50 percent drops in property values
aren’t uncommon.
Banking & Finance
Articles
Bond swaps cost city units $93M in penalties
Wall Street bankers for decades sold municipalities like Indianapolis on debt instruments called swaps as a safe way to reduce
borrowing costs and hedge against rising interest rates. In reality, the swaps were complicated bets that relied
on misguided assumptions, and taxpayers paid.
Vera Bradley files for $175M IPO
The 28-year-old company reported profit in its latest fiscal year of $43.2 million on $288.9 million in sales.
FBI scoops up Tim Durham’s car collection
An agreement with Durham's attorney paved the way for FBI agents to pick up 18 cars from Durham's residences in Indianapolis
and Los Angeles.
New securities law lets some victims recoup losses
A new state law allows the securities commissioner to award up to $15,000 or 25 percent of unrecovered awards to victims who
can prove that a court or other agency awarded restitution for fraud that occurs after July 1 of this year.
Durham attorney blasts FBI after vehicle seizures
Embattled financier Tim Durham’s lawyer, Larry Mackey, said the FBI should have known a bankruptcy trustee had the titles.
An attorney for
the trustee said investigators were aware.
Lawmakers approve big Wall Street revamp
Bill headed for Obama's desk would reform financial regulation in effort to protect consumers, curb risks, boost surveillance
of threats to markets, and give regulators more emergency powers to avoid future bank bailouts.
Durham willingly turning over assets in Fair bankruptcy
Tim Durham, the Indianapolis businessman who purchased Akron, Ohio-based Fair Finance Co. eight years ago, is facing up to
the reality he owes the company a bundle and is shoveling over assets. Nevertheless, the FBI seized some Durham vehicles on
June 24.
RUBENSTEIN: New law may put limits on residential seller financing
A new federal law intended to enhance consumer protection and reduce fraud in the residential loan market may put the kibosh on seller financing of residential properties. This has huge implications for owners of rental housing.
OneAmerica to acquire McCready and Keene
McCready and Keene Inc. is the fifth-largest employee benefits firm in the Indianapolis area. It employs 95 people nationally, 82 of them in Indianapolis, according to IBJ research.
Sale of local funeral home, cemetery business finalized
Pennsylvania-based StoneMor Partners could pay up to $32 million for Memory Gardens Management Co. after trust-fund and debt
obligations are made.
Schrenker auction expected to fall well short of claims
More than $30 million in claims have been filed against Marcus Schrenker, but a court-appointed receiver expects an auction
of the financier’s property on Saturday to bring in less than $1 million.
Study of local mortgage defaults shows benefit of counseling
A study by the Federal Reserve Bank of Chicago finds a strong correlation between pre-mortgage credit counseling and loan
performance after
comparing Indianapolis Neighborhood Housing Partnership clients with other low-income Marion County borrowers.
Durham poised to turn over proceeds of mansion sale
Beleaguered financier Tim Durham acknowledges owing millions to Fair Finance and is turning over artwork and selling assets
to reduce the loan, according
to an attorney overseeing the company’s bankruptcy.
Katz Sapper caught up in Simon estate battle
The longtime accounting firm for Simon family interests objected to subpoenas it received from Melvin Simon’s daughter
Deborah, saying the information
requested was far too broad.
Home Loan Bank CEO dashes talk of impending merger
The recent chatter followed the bank board’s decision to award CEO Milton J. Miller II a severance agreement entitling him to extra pay in the event of a merger.
HAUKE: Despite much bad news, market outlook OK for now
Another fact emerged during May. People became way too bearish. Surveys and market action both suggested a growing fear that
became almost everyone’s opinion.
HICKS: Four recommendations for your reading list
Though I am no slave to fashion, summertime is a long occasion for the reading of good books.
Shelbyville man sentenced for ripping off employer
John K. Branam was sentenced to 57 months in prison after pleading guilty to embezzling $1.6 million over four years from
King’s Title & Abstract Co.in Shelbyville.
Indiana’s biggest private companies majored in the basics in 2009
Health care, plastics, other fundamental consumer needs kept some companies on upswings.