Indianapolis Business Journal articles from February 2003

Indianapolis Business Journal archives from February 2003

UAC fall spurs blame game: CEO takes heat from ex-employees as auto-finance firm seeks buyers for remaining assets.
February 17, 2003... After a spectacular rise in the late 1980s and '90s, Union Acceptance Corp. is flaming out in equally spectacular fashion. The east-side car-financing company is negotiating deals to sell all the major parts of its business, according to...

SBC alters giving plan; reduces sponsorships: Eiteljorg Indian Market, Yuletide Celebration may suffer.
February 17, 2003... Two high-profile utilities purchased by out-of-state companies have changed their approaches to corporate giving. The SBC Foundation has severed a relationship with the Eiteljorg Museum of American Indians and Western Art and is reviewing...

Cash woes catch up to Q Media: Internet provider made promises it couldn't keep to clients, workers, vendors.
February 17, 2003... When locally based Internet service provider Netisun LLC faced a severe cash crunch in early 2002, a Detroit-based technology firm looked like the company's savior. But less than a year later, that company, Q Media LLC, has shut down...

Little movement in police-pay rift: city, FOP still at odds after nine months.
February 17, 2003... The Fraternal Order of Police is convinced Indianapolis cops are chronically underpaid, and have been for years. Mayor Bart Peterson's administration believes it is already offering them all it possibly can, particularly in a shaky economy. ...

Olive Garden eyes city core: chain waiting for buildings' sale to go through.
February 17, 2003... A mainstay in casual chain dining may soon take root on South Meridian Street downtown. Olive Garden, one of four national concepts owned by Orlando-based Darden Restaurants Inc., is considering opening this year at 201 and 209 S. Meridian...

High prices fuel new competitors: grocers, discounters lure motorists to pumps as independent stations cling to market share.
February 17, 2003... In this economy, pennies count. That kind of thinking is driving more and more motorists toward cheaper sources of gasoline in a quest to avoid sticker shock. They are finding that the same discounters who offer values on paper towels,...

Ex-CEO Swanson's vanishing act leaves trail of questions. (Behind the News).
February 17, 2003... As ex-Country-mark CEO David Swanson remains on the lam, is he facing serious health woes? That's one of the questions that surfaces from a close reading of the court papers filed in the days leading up to Jan. 24 -- when Swanson failed to...

City pursues $500,000 abatement claw-back: former Software Artistry had brokered 10-year incentives while promising property upgrades, jobs.
February 17, 2003... The city of Indianapolis is pursuing a $500,000 claw-back for economic incentives it granted the former Software Artistry Inc. in 1997. The Metropolitan Development Commission of Marion County passed a final resolution Feb. 5 to terminate...

Grants available for programs on old buildings.
February 17, 2003... The Indiana Humanities Council and Historic Landmarks Foundation of Indiana are offering grants for educational programs related to historic Indiana structures. Schools and other not-for-profit organizations may apply until the March 3...

Supporters hopeful about class-action reform: bill would move lawsuits into federal courts.
February 17, 2003... A federal tort-reform bill backed by pro-business groups wanting more oversight given to the filing of class-action lawsuits will again be debated by senators this session. And supporters believe the bill, first introduced about five years...

Conrad Hotels' plans puzzle some, please others: Ritzy chain to launch U.S. expansion in Indianapolis.
February 17, 2003... In the pecking order of major U.S. markets, Indianapolis is usually pretty far down the list. The city ranks 12th in terms of population, but often finds itself a distant contender on the radar screens of well-known chains and brands...

Battle between SBC, rivals is unprecedented in industry: economics of bill allowing company to charge competitors more are too high to ignore, observers say.
February 17, 2003... The advertising blitzes mounted by SBC and rivals AT&T and WorldCom Inc. that have inundated print and television outlets in recent weeks would make any political candidate proud. Both sides are spending big bucks on the pitches, and on...

State's fiscal problems could hit private colleges: financial aid cuts may prompt enrollment losses.
February 17, 2003... The best-case scenario doesn't look good for independent colleges in Indiana. With the state facing a deficit of nearly $1 billion, legislators are considering a budget request that would slash financial aid to private-school students--a...

Legislative ploy bad for regulation: IURC should deal with monopolies. (Editorial).
February 17, 2003... There's a campaign being waged for the soul of the Indiana Utility Regulatory Commission, a campaign replete with hard-hitting television ads, a high-dollar lobbying effort and legislation clearly dividing lawmakers. The incumbent telephone...

Pride isn't only casualty when IU loses. (Commentary).
February 17, 2003... Five losses in a row. It's bad for business. Bloomington Herald-Times columnist Lynn Houser had a good idea a few years ago when he quoted William Lowe Bryan. Bryan was an educator, psychologist and the 10th president of Indiana University....

Corrections.(Correction Notice)
February 17, 2003... * U.S. District Court Judge David Hamilton on Jan. 31 approved the plan to repay investors of the Church Extension of the Church of God Inc. The date was incorrect in a story last week. * Mark N. Bernstein's middle initial was incorrect in...

Here's a child's view of the state's fiscal crisis. (Eye on the Pie).(Little brat favors the taxation of property)
February 17, 2003... There I was, in a fast food restaurant in Jeffersonville, when a golden-haired child approached me. "Hi," she said, her curls bouncing as she sat, uninvited, opposite me. "Do you mind talking to a minor? I know it is dangerous for you. Any...

Letters.
February 17, 2003... DST column sparks differing responses I am squarely in [columnist Patrick Barkey's] camp regarding daylight-saving time (see Economic Analysis, Feb. 3). However, I have never seen a quantitative economic analysis of the cost to the state of...

The danger of circumventing regulators with legislators. (Statehouse Dispatch).(Column)
February 17, 2003... An interesting trend appears to be emerging at this point during the legislative session, a theme that may prove important for helping shape the direction of "the stuff of government" in the future. Some of the higher-profile issues to...

Eaton plans 86th Street town homes. (On the Beat).(Brief Article)
February 17, 2003... A local condominium developer has set his sights on eight acres at 86th Street and Township Line Road with the hopes of building up to 94 town homes on the former site of the New Orleans House restaurant. Eaton Investments Ltd. has agreed...

Architectural firm acquires Armstrong's design division. (Architecture).(Brief Article)
February 17, 2003... A2SO4 Architecture has acquired the architectural division of engineering firm R.W. Armstrong & Associates Inc. Four members of the engineering firm's architectural staff have moved to A2SO4's offices in the Stutz Building, and R.W....

Indiana Heart Hospital to open this month on campus. (Health Care).(Brief Article)
February 17, 2003... A second stand-alone heart hospital in the Indianapolis area will officially open for business later this month. The Indiana Heart Hospital, a joint venture between Community Health Network and physicians who are primarily members of...

Cultural tourism initiative broadens marketing plan. (Media & Marketing).(Indianapolis' Cultural Tourism Initiative )(Brief Article)
February 17, 2003... Indianapolis' Cultural Tourism Initiative is refocusing its marketing approach, letting a nine-month deal with Young & Laramore and Hetrick Communications expire as leaders finalize plans to broaden its scope. The city Cultural Development...

Kron & Associates Advertising Inc. (Media & Marketing).(Brief Article)
February 17, 2003... Former Communico President Ted Austin has left the local advertising agency to join Kron & Associates Advertising Inc. as an associate. He made the move in January, joining owner Randy Kron and a handful of colleagues at the Keystone...

Trendy Minds Inc. (Media & Marketing).(working with Aquent Indianapolis on Ball State University's electronic field trip program)(Brief Article)
February 17, 2003... Aquent Indianapolis is working with locally based advertising and new-media firm Trendy Minds Inc. to develop a Web-based delivery system for Ball State University's electronic field trip program. The field trips have given K-12 students across...

Weekly adoption features to continue in the media. (Philanthropy).(Brief Article)
February 17, 2003... Children's Bureau of Indianapolis has handed over control of Indiana's Adoption Initiative, but the local not-for-profit will continue to produce profiles of available children for WTHR-TV Channel 13 and The Indianapolis Star. The agency...

Hollywood Bar's future still uncertain downtown. (Retail).(Brief Article)
February 17, 2003... Downtown Hollywood Bar & Film-works owner Ted Bulthaun still isn't sure whether he will renew his lease that expires at the end of the month, despite receiving two business loans totaling $153,200. The cinema owner has been embroiled in a...

Qdoba Mexican Grill. (Retail).(Brief Article)
February 17, 2003... The local franchisee of Qdoba Mexican Grill will expand its south-of-the-border operations under a new agreement with the Denver-based chain. Aztec Partners LLC now plans to open 13 stores in central Indiana and a total of 25 statewide,...

Revised center counsels 125 in first three months. (Small Business).(Central Indiana Small Business Development Center )(Brief Article)
February 17, 2003... In its first three months of operation, the new Central Indiana Small Business Development Center has counseled 125 entrepreneurs, according to center Director Sandy Levine. The purpose of the free outreach is to help emerging and...

eTapestiry offers discounts to American Humane's members. (Technology).(Brief Article)
February 17, 2003... Locally based eTapestry, a provider of Web-based donor database and communications management software for not-for-profits, announced a partnership with the Denver-based American Humane Association. The partnership provides discounts on...

Virtual Scavengers Project Inc. (Technology).(donates computers to San Pedro de La Paz, Chile)(Brief Article)
February 17, 2003... The local not-for-profit Virtual Scavengers Project Inc. is donating 1,000 network-ready computer systems and servers to the town of San Pedro de La Paz, Chile, for use in schools, community centers and medical facilities. Virtual...

Carson gets transportation post. (Transportation).(Julia Carson appointed to House Committee on Transportation and Infrastructure)(Brief Article)
February 17, 2003... U.S. Rep. Julia Carson, D-Ind., has secured a slot on the House Committee on Transportation & Infrastructure. The transportation committee has jurisdiction over civil aviation, maritime law, ground transportation, water resource development,...

Accounting. (People).
February 17, 2003... Susan C. Bradford has been promoted to senior engagement coordinator at Ernst & Young. Andrew Wood has joined Katz Sapper & Miller, staff accountant, Real Estate Services Group. Anna Leung has joined as a tax manager. Jane Hadley...

Advertising/Marketing/Public Relations. (People).
February 17, 2003... Becky Fearrin has been promoted to a media buyer at EchoPoint Media

Architecture/Design/Engineering. (People).
February 17, 2003... David W. Bird has joined ATC Associates Inc., Indianapolis office, as a senior geotechnical engineer.

Civic/Not-For-Profit. (People).
February 17, 2003... The following officers have been elected to the Indianapolis Convention & Visitors Association Inc.: Gerald L. Bepko, Indiana University, chairman; William K. McGowan Jr., ICVA, and Jerry D. Semler, American United Life, vice chairmen; Robert...

Construction. (People).
February 17, 2003... Thomas Fisher has joined The Mattingly Corp. as a superintendent. John Andrews has joined Shiel Sexton Co. as business development manager.

Education. (People).
February 17, 2003... Tyrone M. Freeman has joined the IU School of Education at IUPUI as director of Development.

Finance. (People).
February 17, 2003... John Macke has been promoted to senior vice president, Strategy and Business Development, at Irwin Mortgage Corp.

Health Care. (People).
February 17, 2003... Vicki Burdine, MD, has joined Valle Vista Health System as medical director. Elizabeth Hollan has been named sales manager, Indianapolis, for Celltech Pharmaceuticals Inc.

Insurance. (People).
February 17, 2003... American United Life Insurance Co. has promoted the following: Marcia McHie, assistant vice president, Individual Systems; Angela Trefethen, vice president, Retirement Plan Services; and * Dave Woods, assistant vice president, national...

Law. (People).
February 17, 2003... Baker & Daniels has named the following management committee, Indianapolis offices: G. Fredrick Glass, chairman; Brian K. Burke, Thomas C. Froehle, Stephen H. Paul, Donald P. Bennett, Joseph H. Yeager Jr. and Roger P. Flower Jr.

Manufacturing. (People).
February 17, 2003... Maria Degols-Sainz has been named president, Cardiac Surgery, for Guidant Corp.

Media. (People).
February 17, 2003... Kelly Penzato has joined Indy Men's Magazine as account executive.

Professional/Trade. (People).
February 17, 2003... Kandi Kilkelly Hidde, Bingham McHale, and Douglas C. Talley, The National Bank of Indianapolis, have joined the board of directors of Volunteers of America of Indiana.

Real Estate. (People).
February 17, 2003... F.C. Tucker Co. has added the following residential associates: Suburban North--Jim Hitzeman, Vicki Rutter, Northwest Suburban--Amy Adie; Keystone/Haverstick--Paul Johnson, Scott Minler; West--Wendy Bouchard-Swain; Northeast--Lisa Ferguson;...

Closures add to west side's retail woes: Lafayette Square area faces more hurdles as Lazarus, Kmart depart, new stores pick locations farther west. (Focus: Commercial Real Estate).
February 17, 2003... With Lazarus and Kmart stores adding to a litany of closures in the Lafayette Square area, there appears to be little for local leaders to cheer about. But a group of city officials and volunteers headed by the Lafayette Square Area...

Duke faces life without Hefner: successor to veteran CEO likely to come from within. (Focus: Commercial Real Esate).(Thomas L. Hefner to retire from Duke Realty Corp.)
February 17, 2003... Duke Realty Corp.'s somewhat blurry management picture became a bit clearer last month, with the company laying out the early stages of a succession plan. Touching off the need for such a plan is the looming retirement of longtime leader...

A wealth of experience: at 80, real estate broker who put together MSA deal in 1970s still going strong. (Focus: Commercial Real Estate).(John Jewett helped to facilitate Market Square Arena deal)
February 17, 2003... Market Square Arena has been erased from the city's skyline, but it still stands tall in the memories of John Jewett. The longtime commercial real estate broker's name was virtually synonymous with MSA in the early 1970s when his firm, F.C....

Chain rolls out 25th unit in Indianapolis. (Focus: Commercial Real Estate).(Roly Poly )(Brief Article)
February 17, 2003... Since opening its first Indianapolis location at the City Market in 2000, Roly Poly has really been on a roll. Atlanta-based Roly Poly opened its 25th Indianapolis-area restaurant Feb. 10 at 6693 E. 82nd St. The newest Roly Poly is...

New ownership reverses tower's falling occupancy rate: One Indiana Square landing tenants after locally-led group purchases office building, makes improvements. (Focus: Commercial Real Estate).
February 17, 2003... In the span of about a year, One Indiana Square has gone from being a declining 36-story high-rise office building that was 70-percent empty to a promising property that is 70-percent full. Area commercial real estate experts attribute the...

Commercial real estate investment improving, survey says. (Focus: Commercial Real Estate).
February 17, 2003... U.S. commercial real estate is showing signs of improvement, as demand improves for apartments, warehouses and hotels, Moody's Investors Service said in a quarterly survey. The credit rating company gave the property market a score of 68 on...

New owner Target planning big face-lift for Nora Plaza: landlord expanding store, but won't 'super'-size it. (Focus: Commercial Real Estate).
February 17, 2003... Construction is planned to begin this summer on a new Target store in Nora Plaza on Indianapolis' north side. The 125,000-square-foot facility will replace Target's 93,000-square-foot store on the west side of the Plaza, on 86th Street between...

Denison looks to build on its success in Plainfield: land developer taps Franklin, Pittsboro for new parks. (Focus: Commercial Real Estate).(Denison Properties Inc)
February 17, 2003... When it comes to commercial real estate development, Mac McNaught proclaims he has never built anything taller than a fire hydrant. Still, the owner of Denison Properties Inc. has big dreams of building a small empire of industrial parks in...

Developer heads south to tackle new industrial project: Carmel-based Lauth Property Group makes plans for 93-acre business park in growing Greenwood area. (Focus: Commercial Real Estate).
February 17, 2003... Lauth Property Group may be the next developer to flex its muscles in the Greenwood industrial market, considered by many to be an up-and-coming location for large warehouses and distribution centers. The locally based developer has...

Duke sells pair of Florida holdings. (Focus: Commercial Real Estate).
February 17, 2003... Indianapolis-based Duke Realty Corp has sold a Florida office park and a 50-percent stake in other Sunshine State real estate holdings. The transaction with Flagler Development Co., the commercial real estate development subsidiary of...

Largest Indianapolis-Area Commercial Real Estate Developers.(Directory)(Illustration)
February 17, 2003... Largest Indianapolis-Area Commercial Real Estate Developers (Ranked by square feet completed or under construction in 2002) PERCENT OF ...

Gateway to the east: Market Square key to future development of downtown. (Focus: Commercial Real Estate).
February 17, 2003... When Market Square Arena came tumbling down nearly two years ago, it was treated as the end of an era. People mourned the demolition of the 18,000-seat multiuse stadium that served as home to the Indiana Pacers and the Indianapolis Checkers,...

Here's why this real estate slump isn't like the last slump. (Voices from the Industry).
February 17, 2003... People are asking about the current slump in the commercial real estate market. Is it like the early 1990s all over again? Is it just another typical cycle? Is it as bad as the last time? What will it take to pull out of it? The answer:...

Indianapolis Multi-Tenant Office Vacancy Statistics.(Brief Article)(Illustration)
February 17, 2003... Indianapolis Multi-Tenant Office Vacancy Statistics fourth quarter 2002, by submarket Vacancy rate 4Q 2002 3Q 2002 4Q 2001 ...

Largest Indianapolis-Area Multifamily Property Management Firms.(Illustration)
February 17, 2003... Largest Indianapolis-Area Multifamily Property Management Firms (Ranked by local multifamily units managed) MULTIFAMILY RANK FIRM UNITS MANAGED; 2002 ADDRESS ...

Home building strong, but commercial construction falters. (Focus: Commercial Real Estate).(Brief Article)
February 17, 2003... U.S. construction spending in December jumped by the most in 10 months, as the lowest interest rates in more than four decades fueled home building at a record pace, government figures showed. Spending increased 1.2 percent to $858.3...

Litigation's explosive costs make tort reform necessary. (Bulls & Bears).(Column)
February 17, 2003... Several months ago, I discussed how the environment was ripe for change in tax laws to allow dividend relief, which might help a somewhat dysfunctional capital allocation system that has favored debt over equity, option extremes and high stock...

Point Gainers & Losers.
February 17, 2003... POINT GAINERS & LOSERS Simon Property Group Inc. +.74 Security Financial Bancorp. +.67 Chromcraft Revington Inc. +.55 Finishmaster Inc. +.47 Anthem Inc. -4.04 Franklin Electric...

% Gainers & Losers.(recent stock price changes for select companies)(Brief Article)(Illustration)
February 17, 2003... % GAINERS & LOSERS above $2 Interactive Intelligence Inc. +9.2% ATA Holdings Inc. +5.5% Celadon Group Inc. +5.2% Supreme Industries Inc. +4.9% Escalade Inc. -14.5%...

Insider Trades.
February 17, 2003... The following purchases and sales of stock has been reported to the U.S. Securities and Exchange commission by officers, directors or major stockholders of those firms. Information in this column is supplied by Bloomberg News. Dec. 16 ...

Union Planters Corp. (Dividends).
February 17, 2003... Union Planters Corp. has declared a quarterly cash dividend of 33.33 cents per share on its common stock, payable Feb. 17 to shareholders of record on Feb. 3.

First Bancorp of Indiana Inc. (Dividends).
February 17, 2003... First Bancorp of Indiana Inc. has declared a semi-annual dividend of 23 cents per share on its common stock, payable to shareholders of record Jan. 31.

First Indiana Corp. (Dividends).
February 17, 2003... First Indiana Corp. has declared a quarterly cash dividend 16.5 cents per share on its common stock, payable March 14 to shareholders of record March 5.

Old National Bancorp. (Dividends).
February 17, 2003... Old National Bancorp has declared a quarterly cash dividend of 19 cents per share on its common stock, payable March 17 to shareholders of record March 3.

Over the counter.
February 17, 2003... OVER THE COUNTER February 6-12, 2003 Compiled by Morgan Stanley Wed week ytd % 52-week Close change change high AMB Financial (AMFC) ...

On the exchange.
February 17, 2003... ON THE EXCHANGE week week ytd % 52-week 52-week close change change high low Anthem Inc. (ATH) 54.21 -4.04 -13.8% 75.50 53.45...

Out-of-State Issues of Interest.
February 17, 2003... OUT-OF-STATE ISSUES OF INTEREST Wed week ytd % 52-week 52-week close change change high P/E Bank One(ONE) 34.98 -0.67 -4.3% 42.88 ...

Three principles of football excellence apply to stocks. (Investing).(Column)
February 17, 2003... A few days after the Super Bowl, I heard TV analyst John Madden talking about football in the abstract. He offered a few hard and fast rules, which he said were the true path to winning. Listening to him got me thinking about the stock...

Indiana Stock Index.
February 17, 2003... INDIANA STOCK INDEX Compiled by City Securities Corp. Date Closing Change 2/6 133.07 +0.24 2/7 131.80 -1.26 2/10 131.79 -0.02 2/11 130.52 -1.27 2/12 129.24 -1.28 Biomet - BMET Celadon...

Interest Rates.
February 17, 2003... INTEREST RATES Money Mkt. 6-month 12-month savings (1) CD CD Rates current as of Feb. 12, 2003 APY APY APY ...

Indexes.
February 17, 2003... INDEXES YTD change Dow Jones Industrial 7,758.2 -7.0% S&P 500 818.68 -7.0% NASDAQ composite 1,278.94 -4.2% DowJones Utilities 190.22 -11.6% Gold...

Rates.
February 17, 2003... RATES 3-month Treasury bill 1.17 10-year Treasury note 3.96 30-year Treasury bond 4.86 Municipal AAA long term 4.77 Prime rate 4.25 Discount rate 0.75 30-year fixed mortgage 5.49

Is the economy still bad? Then show me the numbers. (Economic Analysis).(Column)
February 17, 2003... Surely you've heard the jokes about economic forecasters. We're the people who have predicted five out of the last three recessions. We wonder if things that work in practice will work in theory. And we present our forecasts out to two decimal...

Economic Indicators.
February 17, 2003... ECONOMIC INDICATORS PASSENGER TRAFFIC HOTEL US IN INDIANAPOLIS Indianapolis International Airport thousand 11/01 524,710 11/02 545,462 Source: BBA -- Indianapolis Note: Table made from bar graph Supply &...

Security Financial Bancorp. (Proxy Corner).
February 17, 2003... Based in St. John, Security Financial Bancorp is the holding company for Security Federal Bank & Trust. It has several offices in northwest Indiana. A merger agreement with Hickory Hills, Ill.-based Standard Bancshares Inc. was announced Feb....

Assistance League of Indianapolis. (Not-for-Profit of Note).
February 17, 2003... 1475 W. 86th St., Suite E Indianapolis, IN 46260 Phone: 872-1010/fax: 872-1542 Web site: www.alindy.org Year founded: 1984 Number of paid employees: none Highest-paid staff member: none Top volunteers: Kathie...

Former brokerage exec lands in Monroe Co. pokey. (Stories First Reported Locally in IBJ Daily).(Brief Article)
February 17, 2003... David J. Shaw, a former Indianapolis stockbrokerage executive accused of mishandling nearly $4 million in investments, was arrested Feb. 6 in Monroe County at the request of Marion County officials. Shaw, 49, is the defendant in a lawsuit...

Lafayette jilted for engine plant. (Stories First Reported Locally in IBJ Daily).
February 17, 2003... Officials from three automakers had bad news for Indiana Feb. 11, when they announced plans to build an engine factory in Dundee, Mich., instead of Lafayette. A site in Illinois was also considered. The factory, which will employ 400...