A federal judge in Indianapolis refused to throw out wiretap evidence in the $200 million fraud trial of former Indiana businessman Tim Durham as the government outlined a case largely based on those recordings.
The Indianapolis media company is on track to have less than $75 million in debt by this summer—down from $1.6 billion before it launched the divestiture of its TV stations seven years ago.
Cornelius M. Alig, chairman and CEO of Mansur Real Estate Services Inc., filed for Chapter 7 protection, listing $11 million in personal debt he attributed to the prolonged slump in the real estate market.
The bank said it will terminate all 450 employees at its office on the northeast side of Indianapolis as the troubled residential mortgage servicing provider prepares to sell a large portion of its assets.
A fast-growing Indianapolis bank that became one of the biggest U.S. Small Business Administration lenders in the state has returned to profitability after a harrowing stretch of massive losses from borrower defaults that nearly led to its failure.
Despite objections from unsecured creditors, a federal bankruptcy judge granted the jeweler's request to hire an outside consultant to help it seek alternative financing to repay the balance of a PNC Bank loan.
Anderson will be heavily featured in a game show that gives residents who are facing a repossession a chance to have their vehicle paid off on the spot by answering questions correctly.
Indianapolis Downs LLC, parent company of Indiana Live horserace track and casino in Shelbyville, wants lenders to grant a one-year extension of financing for the Chapter 11 reorganization that otherwise would expire in April.
Indianapolis-based Stonegate Mortgage Corp. has received funding from Long Ridge Equity Partners, a private-equity firm, to help it expand in mortgage origination and servicing, the company said Monday.
Leading indicators for Indiana’s economy are looking up: Banks are increasing lending, real estate developers are pulling the trigger on long-shelved projects, manufacturers are expanding, and consumers are even buying big-ticket items, including automobiles.
The purchaser, The Whitesell Group of Companies, bought the assets but not the liabilities, including $5 million owed to various unsecured creditors.
Muncie-based First Merchants Bank, which on Friday acquired significant loans and deposits held by SCB Bank in Shelbyville, declined to bring the failed bank’s CEO into the new ownership.
Central banks around the world worked Wednesday to give banks easier access to dollars, jolting stock markets and easing fears of a global credit crisis. The Dow Jones industrial average had its biggest daily gain since March 2009.
Traffic is low and vacancies are high at Washington Square Mall, the most troubled local property for Indianapolis-based mall giant Simon Property Group Inc.
A Shelbyville-based bank appears to have missed a federally mandated deadline for boosting its capital levels, a failure that might put it at risk of government takeover.
U.S. farmers face increased financial risk because of higher operating costs and volatile commodity prices, even as income this year reaches a record, said Michael Boehlje, an economist at Purdue University.
Columbus-based Indiana Community Bancorp, parent of Indiana Bank & Trust, said it will write off $13.3 million for the third quarter, primarily due to nine commercial customers in the Indianapolis area with total loan balances of $32.7 million.
During these difficult times, small-business lenders are looking harder at intangibles—including a borrower’s character.
The national two-year default rate rose to 8.8 percent last year, from 7 percent in fiscal 2008, according to the Department of Education. Driving the increase was an especially sharp increase among students who borrow from the government to attend for-profit colleges.
Indiana regional banks and national institutions are faring better, a possible indication that Indianapolis’ economy isn’t recovering as quickly as expected.
