Indianapolis Business Journal articles from January 2003

Indianapolis Business Journal archives from January 2003

Dollar Inn mogul downsizes: After scrutiny from city, Ritchie unloading motels.
January 13, 2003... Local businessman Carl Ritchie has quietly sold five of his nine Dollar Inns in Marion County, a move that heartens city officials who've complained of crime and code violations at the low-end motels. "We were concerned the number of...

Leadership shake-up: as O'Bannon's term fades, key department heads resign, shuffle positions.
January 13, 2003... It will be two more years before Gov. Frank O'Bannon leaves office. But in the month since Lt. Gov. Joe Kernan announced he won't try to succeed him, a number of key state department heads have resigned or changed jobs. Those in the...

Grocers reversing 'big' trend: Marsh quietly planning small-store concept in city.
January 13, 2003... Bigger is better. That's what grocery store experts have been saying for years. But do they now think smaller is smarter? That's the question Marsh Supermarkets Inc. is toying with as it lays out plans for a boutique grocery concept...

Local convention spending up: visitor impact rebounds, but major growth still years away.
January 13, 2003... Indianapolis is living proof of the roller-coaster reality of the events industry. The top 20 conventions planned for the Circle City this year are expected to generate more than $193 million in visitor spending--a far cry from a high of...

Influential Alliance plans 2003 agenda: coalition seeks education reform, economic growth; IMA likely to join group.(Indiana Manufacturers Association)
January 13, 2003... The most influential lobbying coalition in Indiana may soon hold even more sway. The Indiana Manufacturers Association is expected to join the broad Alliance For Indiana's Future this week. Last year, the Alliance's full-court press helped...

All eyes on Firebirds: local market part of plan to spur national passion.
January 13, 2003... The 2003 season could be critical to the Indiana Firebirds' long-term future in Indianapolis. The team has a high-profile position in the Arena Football League's new national television deal, and a new owner eager to see the franchise make...

Adviser feels spurned by client Brightpoint. (Behind the News).
January 13, 2003... You'd think Brightpoint Inc. and its financial adviser, Los Angeles-based Chanin Capital Partners, would be having a virtual love fest these days. Instead, they're battling each other in court. Brightpoint, the Indianapolis-based wireless...

Sports Corp. retires basketball debt, contemplates future: consideration given to closing Pan Am Plaza ice rink.(Indiana Sports Corp.)
January 13, 2003... The Indiana Sports Corp. has retired its $2.69 million debt from last fall's World Basketball Championship, but not without institutional introspection and pain. Sports Corp. officials have also been contemplating other aspects of their...

Reassessment delay tempts cash-hungry Legislature: postponement would spur constitutional, logistical problems as counties struggle with new market-based system.
January 13, 2003... Indiana's budget deficit next year is expected to be $800 million to $850 million. The 1-percent increase in state sales tax, raised last year to blunt the effect of property tax reassessment, should generate $800 million in revenue. With...

Humanities grant deadline approaches.(Indiana Humanities Council is offering grants to Indiana not-for-profit organizations)(Brief Article)
January 13, 2003... Indiana Humanities Council is offering grants to Indiana not-for-profit organizations that offer public humanities programs. The council offers this annual grant program with support from the National Endowment for the Humanities. ...

Women's group makes local awards.(Executive Women in HealthCare)(Brief Article)
January 13, 2003... Annie Holt, CEO of Women's Hospital of Indianapolis and Dr. Phyllis Schmidt of the Indianapolis Breast Center have received Excellence in Leadership Awards from Executive Women in HealthCare. Holt was recognized for her leadership at the...

Businessman continues fight to save sons' lives: alliances with Rutgers, Cornell, Stanford, biotech companies may result in cure.(Nathan's Battle Foundation)
January 13, 2003... For more than three years, Phil Milto has chased a cure for a fatal childhood disease that has two of his three sons in its clutches. But as time slips away and money runs low, Milto's at a turning point with Nathan's Battle Foundation. ...

'Code of conduct' order adds wrinkle to telephone battle: SBC, foes disagree on commission action, challenge each other's motives in deregulating service.
January 13, 2003... The latest order by the Indiana Utility Regulatory Commission can be seen as a win for competitors of SBC Indiana, the local service provider for a majority of Indiana's telephone customers. But the war to capture Indiana customers in a...

After 50 years, Noble still a work in progress: agency changes to better meet client needs.(Noble of Indiana sees changes in its 50-year history)
January 13, 2003... Today's Noble of Indiana doesn't bear much resemblance to the agency that opened its doors in Indianapolis in 1953. What started as a local school for people with developmental disabilities has evolved into a broad-based organization that's...

Local chefs hope to cook up funds for trade group.(Brief Article)(Calendar)
January 13, 2003... The Indianapolis chapter of the Council of Independent Restaurants of America will hold a fund-raising dinner and silent auction of rare wines on Jan. 19 at Peter's Restaurant at Keystone at the Crossing. Proceeds from the event will go...

Better air service tough to achieve: state could boost direct-flight goal. .(Editorial)
January 13, 2003... The Mayor's Air Service Task Force was formed to increase the number of nonstop and direct flights between Indianapolis and key business destinations, a feat that would enhance the attractiveness of doing business in Indianapolis. The goal of...

We need someone special to lead us: Mitch Daniels, Randall Tobias among most promising potential governors. (Commentary).
January 13, 2003... Who will lead us to the Promised Land? As the General Assembly convened last week to craft another two-year budget, it was faced with a deficit of $850 million, an economic landscape that produced thousands of Hoosier layoffs last year, a...

Let's set economic record straight. (Eye on the Pie).(Column)
January 13, 2003... It is time to put the facts on the record. This non-partisan public service has been stimulated by claims made by the Republican Party state chairman (in the Jan. 3 Indianapolis Star), but it is not intended to embarrass him. He and his...

Tension is not necessarily a dirty word. (Commentary).(creative tension; discusses tensions between board and staff)
January 13, 2003... When I was a boy, my mother explained that tension was important in operating a sewing machine, if the tension was too loose, it resulted in tangled loops. Too tight, and it resulted in puckered seams. if adjusted properly, you got smooth seams...

Letters.(Letter to the Editor)
January 13, 2003... In defense of Irsay Please ask Anthony Schoettle to write a companion piece [to the one in the Dec. 30 issue] about Jim Irsay-one that deals with all the good having an NFL franchise in the city brings. Irsay has been so generous to...

Despite common goals, tough economy hinders efforts. (Statehouse Dispatch).
January 13, 2003... Welcome to the 2003 session of the Indiana General Assembly, replete with a governor and lieutenant governor who will be serving out their final two years and easing out of the public spotlight, a new speaker of the House, a budget deficit...

U of I uses food to boost international business. (Education).
January 13, 2003... The University of Indianapolis' International Dinner Series will start the new year by serving up authentic Russian food and a history lecture 6:30-9:30 p.m. Jan. 16 at the Indianapolis Marriott Downtown, 350 W. Maryland St. Executive chef...

Board wants hospital sale funds invested in Anderson. (Health Care).(Brief Article)
January 13, 2003... St. John's Health System in Anderson has been sold, but there's now a controversy about where some of the proceeds will go. Thomas J. Snyder, chairman of St John's board, filed suit on its behalf m Madison County Superior Court Dec 31 and...

Priscilla Keith, who was an executive assistant for Gov. Frank O'Bannon. (Health Care).(has been appointed chief counsel for legal services for the Health and Hospital Corporation of Marion County)(Brief Article)
January 13, 2003... Priscilla Keith, who was an executive assistant for Gov. Frank O'Bannon, has been named chief counsel for legal services for the Health and Hospital Corporation of Marion County. In the new position, Keith will be responsible for legal...

Brylane workers will vote on unionization by secret ballot. (Manufacturing).(Brylane Inc.)(Brief Article)
January 13, 2003... After more than a year of fighting, officials for Brylane Inc. and members of a union that sought to organize labor at the company's Indianapolis facility have agreed to let workers vote on the issue. Officials for the Union of...

Interactive Intelligence Inc. (Manufacturing).(Brief Article)
January 13, 2003... Local software maker Interactive Intelligence Inc. recently signed a deal with Tokyo-based Hitachi Information Technology that allows the company to penetrate the lucrative Japanese market. Hitachi officials announced this month that...

Former USA Group building filling up. (On the Beat).
January 13, 2003... Nearly two years after canceling plans to build a canal-side headquarters, the Indiana Housing Finance Authority is close to moving out of its home for the last 10 years. IHFA has set it sights on a downtown office building that has...

Reports of Rosetta's death were greatly exaggerated. (Media & Marketing).(Brief Article)
January 13, 2003... Rosetta Advertising and Public Relations LLC is alive and well--despite rumors to the contrary. The Indianapolis-based firm moved its main offices from the 15th floor at 101 W. Ohio St. a few blocks east to One Indiana Square, at the...

Emmis Communications Corp. (Media & Marketing).(announces financial results)(Brief Article)
January 13, 2003... Indianapolis-based Emmis Communications Corp. released rosy financial results for its third quarter last week, reporting revenue of $155.5 million, up from $138.3 million in the prior year. Earnings per share in the quarter ended Nov. 30...

Radio One Inc. (Media & Marketing).
January 13, 2003... Applications are being accepted for the second round of grants from the Emmis Communications/Radio One Community Fund. The $1 million fund was established in 2001, after Maryland-based Radio One inc. bought Indianapolis radio station...

Clarian takes over space from Bank One at Gateway. (Real Estate).(Brief Article)
January 13, 2003... Clarlan Health Partners has removed a 60,000-square-foot thron from the side of Bank One Corp. The local health care giant in December agreed to sublease the bank's remaining office space at Gateway Plaza, 950 N. Meridian St. The deal...

Colliers Turley Martin Tucker. (Rent Estate).(highlights of company's "State of Real Estate" presentation)(Brief Article)
January 13, 2003... Colliers Turley Martin Tucker held its annual "State of Real Estate" presentation Jan. 9, providing a forum for two great traditions in commercial real estate-networking and numbers. Some 1,100 brokers, landlords, developers, property...

Computer recycler gets help. (Technology).(Brief Article)
January 13, 2003... Not-for-profit computer recycler Vlrtual Scavenger Project Inc. is partnering with locally based Computer Experts inc. to provide technical assistance for PC configuration and repair. Virtual Scavengers recycles used PCs and provides them to...

Accounting. (People).(Ernst & Young promotes John Federici)(Brief Article)
January 13, 2003... *John Federici has been promoted to senior manager, Assurance and Advisory Business Services practice, at Ernst & Young.

Advertising/Marketing/Public Relations. (People).(announces various appointments)(Brief Article)
January 13, 2003... Jill Proft and Ashley Bryan have joined Bates USA/Midwest in account services and production, respectively. *Ron Dickson has joined Wishoo as chief operating officer. *Amanda Hunter has joined Young & Laramore as assistant account...

Architecture/Design/Engineering. (People).(appointments at Carson Design Associates and Fanning/Howey Associates Inc.)(Brief Article)
January 13, 2003... Steven Strychaiski has been named facilities management team leader at Carson Design Associates. Julie Schrock has joined as interior designer. Kenneth H. Clarkson has joined Fanning/Howey Associates Inc. as educational technology...

Civic/Not-for-Profit. (People).(announces various appointments)
January 13, 2003... CICOA The Access Network has named the following Fountain Board of Trustees: Jean Rlchcreek, chairwoman; David Maas, vice-chairman; John Kinman, vice-chairman; Mark Mutz; secretary/treasurer; Kathryn Minx. Lesslle White has been named the...

Finance. (People).(appointments at City Securities Corp., Lincoln Financial Advisors Corp. and Veros Partners )(Brief Article)
January 13, 2003... * Robert V. Welch Jr. has been promoted to senior vice president of City Securities Corp. * Ailce Bryan has joined Lincoln Financial Advisors Corp. Veros Partners has added the following: * Amy McGowan, senior adviser; * Amy Glesler,...

Government. (People).(appointments at the Office of Attorney General Steve Carter in Indiana)(Brief Article)
January 13, 2003... Kristen M. Kemp has joined the Office of Attorney General Steve Carter as a Deputy Attorney General in the Collections Division. George Sherman has joined as a Deputy Attorney General in the Appeals Section.

Health care. (People).(announces various appointments)(Brief Article)
January 13, 2003... * Michael J. Kaiman, Turner Construction Co. of Indiana, has been named to the Howard Community Hospital Foundation board, Kokomo. The Rehabliltatlon Hospital of Indiana Foundation has named the following board: Sister Lucilie Marie....

Insurance. (People).(appointments at Shepherd Insurance & Financial Services and J. F. Molloy & Associates)(Brief Article)
January 13, 2003... * Andy Williamson has joined Shepherd insurance & Financial Services as a sales executive. * Dan Bond has been named vice president of J. F. Molloy & Associates.

Law. (People).(appointments at various law firms)(Brief Article)
January 13, 2003... * J. Mark McKlnzle has joined Riley Bennett & Egloff as a partner. Bingham McHale has added the following lawyers: *Stephen L. Due, Labor & Employment Law; * Whitney L. Mosby, Construction Law and Creditor's Rights Law; * Anna Elaine...

Manufacturing. (People).(appointments of Roche Diagnostics)(Brief Article)
January 13, 2003... Roche Diagnostics has added the following: Chris Wilbur, human resources director, Patient Care; Lou Bodine, account director, Information Technology; Gary Hobbs, director of Program Management and Business Integration, Information Technology.

Services. (People).(Grant Price appointed director of Information and Technology Services at the Haelan Group )(Brief Article)
January 13, 2003... Grant Price as joined the Haelan Group as director of Information and Technology Services.

Market woes hit state companies in 2002: local giants see double-digit price drops; banking sector provides bright spot. (Focus Personal Finance/Tax Planning/Investment).
January 13, 2003... The stock of some of Indiana's highest-profile companies took a pounding in 2002. Indianapolis-based Emmis Communications Corp., Eli Lilly and Co., Guidant Corp. and ATA Holdings Inc., along with Cummins Inc. in Columbus and Batesvile's...

Making sense of financial designations: with planners, acronyms are plentiful; here's how to sort through the soup. (Focus Personal Finance/Tax Planning/Investment).
January 13, 2003... CFA, CFP, ChFC, CLU... There are many impressive-looking designations financial planners string behind their names. They might look good on a business card, but what do they mean? "It's like an alphabet soup out there," said Lavonne...

Taxpayers should prepare for more breaks this year: no rebates, but brackets have been lowered for all. (Focus: Personal Finance/Tax Planning).
January 13, 2003... Taxpayers will have to get by without the checks that came in the mail last year through the one-time federal rebate that returned a maximum of $600 per household. But the lower, 10-percent tax bracket introduced at the same time is here...

Top-Performing Indiana Stocks.(Illustration)
January 13, 2003... Top-Performing Indiana Stocks (Ranked by 2002 return) COMPANY 2002 CLOSE: 2002: ADDRESS RETURN DEC. 31, 2002/ HIGH/ TELEPHONE/ FAX/ WEB SITE (%)...

Simon, other real estate bonds top performers in 2002: investors saw real estate investment trusts as safe havens after being burned by losses in other securities. (Focus: Personal Finance/Tax Planning/Investment).
January 13, 2003... Bonds of real estate owners, including Indianapolis-based shopping mall behemoth Simon Property Group Inc., had the best performance in 2002 among corporate debt with investment grade ratings, highlighting investor demand for securities backed...

New reform laws aimed at restoring investor confidence. (Voices from the Industry).
January 13, 2003... According to the Securities and Exchange Commission, Congress and many leading commentators, the Enron and WorldCom financial disasters have shaken investor faith in corporate governance standards and accountability. Other recent...

Annual review an essential part of financial planning. (Voices from the Industry).
January 13, 2003... Since I'm a financial adviser, one of the things I do every year is review my family's net worth and financial plan. As the statements come in, I put all the details on a big spreadsheet and see how we are doing. Then I compare it to our...

The power of mentoring: finding the right adviser can give your career a boost. (Women in Business).
January 13, 2003... When Ann Clifford decided she wanted to learn the recruiting business, she realized she could benefit from having a mentor with expertise in the field. "It was also important that this person be confident of their own success and thus not feel...

Administrator serves 'most precious': former nurse will be among the leaders of the new St. Vincent Children's Hospital. (Women in Business).
January 13, 2003... When St. Vincent Hospital and Health Services opens its new Children's Hospital to patients on Jan. 14, Mary Ann Scott will be able to get back to being the kind MARY ANN of administrator she likes to be-one who is visible. As executive...

Rapid response. (Women in Business).(Brief Article)
January 13, 2003... Q: Do you make a point of mentoring younger colleagues? "Yes. I received the benefit of strong mentors and believe that efforts in this area are quite important to the development and retention of high-quality lawyers. "Several years...

New year may be good time to get a grip on finances: advisers say the most important first step is simply getting all of your money in formation down on paper. (Women in Business).
January 13, 2003... If getting your financial house in order was one of your New Year's resolutions, you're not alone. "My office gets crazy the first of the year," said Nancy Beck-Leonard, founder of Beck Financial Strategies Inc., a local financial-planning...

How family-friendly is: National City Corp.(offers flexible work arrangements, child care assistance and other family-friendly benefits)
January 13, 2003... A holding company that operates banks and other financial-services subsidiaries Flexible work arrangements Depending on one's job duties, flexible work arrangements may be available. These arrangements can include telecommuting, job...

Yoga instructor feeds those who hunger for wholeness. (Mini Profile).(Barbara Kennedy is profiled)
January 13, 2003... Job: Yoga instructor with my own small business, Yoga-worx Age: 49 Years in this Job/line of work: 12 years How I got here (education/experience): With my master's in music education, I taught in public and private schools for 18...

Serving as a mentor can have its own rewards: some women go out of their way to share the wisdom they've gained with less-experienced colleagues. (Women in Business).
January 13, 2003... Although mentoring relationships often develop naturally, some women make a point of becoming advisers. Patty Prosser, managing partner of the local office of Career Consultants OI Partners, a career coaching firm, suggests that women who...

Which historical women had an effect on you? (Women in Business).
January 13, 2003... Is there a particular woman from history who inspired you in some way? Since March is Women's History Month, we decided to check with our readers to find out which historical women they admire and why. If you would like to share your...

Study offers advice on getting capital. (Women in Business).(Brief Article)
January 13, 2003... A study recently released by the Washington, D.C.-based National Women's Business Council highlights successful programs around the country that provide women business owners with the knowledge and assistance to secure capital. Although...

Analyst's 2002 predictions on the mark in most cases. (Bulls & Bears).(Morgan Stanley U.S. strategist Byron Wien makes predictions)
January 13, 2003... Each January, my firm's U.S. strategist, Byron Wien, publishes his 10 surprises of the coming year. Next week, I'll highlight Wien's surprises for 2003, but I thought readers might want a review of how he did on last year's predictions, which...

Point Gainers & Losers.(stock prices)(Brief Article)(Illustration)
January 13, 2003... POINT GAINERS & LOSERS Hillenbrand Industries Inc. +5.81 Franklin Electric Inc. +549 Starcraft Automotive Inc. +3.81 Eli Lilly and Co. +3.60 Escalade Inc. -2.67 First Shares Bancorp Inc....

Standard Management Corp. (Insider Trades).(Brief Article)
January 13, 2003... Ronald D. Hunter, chairman, bought 500 shares at $3.47 a share on Dec. 2, bringing holdings to 230,392 shares.

Wabash National Corp. (Insider Trades).(Brief Article)
January 13, 2003... William P. Greubel, CEO, bought 200 shares at $7.85 a share on Dec. 3, bringing holdings to 17,200 shares.

Standard Management Corp. (Insider Trades).(Ronald D. Hunter acquires 400 shares )(Brief Article)
January 13, 2003... Ronald D. Hunter, chairman, bought 400 shares at $3.32 a share on Dec. 3, bringing holdings to 230,792 shares.

Old National Bancorp. (Dividends).(Brief Article)
January 13, 2003... Old National Bancorp has declared an annual 5 percent stock dividend payable Jan. 27 to holders of record on Jan. 6.

River Valley Bancorp. (Dividends).(Brief Article)
January 13, 2003... River Valley Bancorp has declared a quarterly cash dividend of 25 cents per share of its common stock payable Jan. 10 to holders of record on Dec. 27.

Union Community Bancorp. (Dividends).(Brief Article)
January 13, 2003... Union Community Bancorp has declared a quarterly cash dividend of 15 cents per share of its common stock payable Jan. 14 to holders of record on Dec. 31.

Windrose Medical Properties Trust. (Dividends).(Brief Article)
January 13, 2003... Windrose Medical Properties Trust has declared a quarterly cash dividend of 13 cents per share of its common stock payable Jan. 10 to holders of record on Dec. 31.

Stocks.(Illustration)
January 13, 2003... STOCKS OVER THE COUNTER January 1-8, 2003 Compiled by Morgan Stanley Wed week ytd % 52-week close change change high AMB Financial (AMFC)...

Auto industry woes mirror market's overall malaise. (Investing).(Column)
January 13, 2003... My uncle is in the car business. He has been for more than 20 years and he currently owns two large dealerships in Southern California. I recently spent some time with him, and he offered a qualified view into the industry. The business of...

Indiana Stock Index.(Illustration)
January 13, 2003... INDIANA STOCK INDEX Date Closing Change 1/2 140.17 +4.17 1/3 139.67 -0.50 1/6 141.96 +2.29 1/7 141.04 -0.92 1/8 140.12 -0.92 The indiana Stock index was created in January 1983 to track stock prices...

Interest Rates.(Illustration)
January 13, 2003... INTEREST RATES Money Mkt. 6-month 12-month savings (1) CD CD Rates current as of Jan. 8, 2003 APY APY APY Financial Center (317)...

Indexes YTD change.(Illustration)
January 13, 2003... INDEXESYTD change YTD change Dow Jones Industrial 8,595.3 +3.0% S&P 500 909.93 +3.4% NASDAQ composite 1,401.06 +4.9% Dow Jones Utilities 226.68 +5.3% Gold ...

Rates.(Illustration)
January 13, 2003... RATES 3-month Treasury bill 1.20 10-year Treasury note 4.02 30-year Treasury bond 4.96 Municipal AAA long term 4.69 Prime rate 4.25 Discount rate 0.75 30-year fixed mortgage 5.49

What is government's role in economic development? (Economic Analysis).
January 13, 2003... Economic indicators If you scan a newspaper's letters to the editor on any given day, many people opine they know what government's supposed to do: just about everything. Sure, we want our roads plowed and our laws enforced. But we...

Economic Indicators.(Illustration)
January 13, 2003... HOME SALES * - AS OF JANUARY 8, 2003 Units sold (thousand) 11/01 1,813 11/02 1,627 Dollar volume sold (million) 11/01 $245.2 11/02 $240.8 Average price...

Vectren Corp. (Proxy Corner).(Company Profile)
January 13, 2003... Based in Evansville, Vectren Corp. distributes gas in Indiana and western Ohio, and electricity in southern Indiana. Subsidiaries provide energy-related products and services, including energy marketing, fiber-optic telecommunications and...

Important equipment needs top-notch surge protection. (Return on Technology).
January 13, 2003... Let us begin the new year by resolving to treat even the humblest of technology as an equal contributor to profit-or to loss. And technology doesn't come any humbler than the lowly, ignored security guard of our power lines: the surge...

Delco Remy to halve Anderson employment.(Delco Remy International Inc.)(Brief Article)
January 13, 2003... The state's manufacturing economy took another blow Dec. 7 when auto-parts maker Delco Remy International Inc. announced it will shut its Anderson factory. About 350 hourly and 50 salaried workers will lose their jobs when the plant closes...

Going once, going twice ... CFC auction set for February.(Conseco Finance Corp.)(Brief Article)
January 13, 2003... A bankruptcy court-mandated auction of Conseco Finance Corp. has been set for Feb. 28, with bids accepted until Feb. 24, Bloomberg News reported Jan. 6. The result is unlikely to be a surprise--CFN Investment Holdings LLC, which agreed to...

38th Street face-lift scheduled for spring.(Brief Article)
January 13, 2003... When the weather warms up, the cracks start showing in city streets, but travelers along 38th Street have relief on the way. A project to resurface and beautify 38th Street between Michigan Road/Dr. Martin Luther King Jr. Street and Fall...

Muzak looks to sound better with Klipsch.(Klipsch Audio Technologies-Muzak LLC contract)(Brief Article)
January 13, 2003... Elevator music just went high-performance. Local high-end audio company Klipsch Audio Technologies and music-subscription service Muzak LLC announced a contract Jan. 3 that pairs Klipsch speakers with Muzak systems. The three-year deal...

Brightpoint directors assert independence.(Brief Article)
January 13, 2003... The directors of locally based Brightpoint Inc. announced a slew of initiatives Jan. 6 that focus on empowering the company's independent directors. The wireless equipment and accessories distributor said the moves are in the best interest...