Indianapolis Business Journal articles from March 2002

Indianapolis Business Journal archives from March 2002

Firm's fate rides on buyout: Burlington hoping to cut $78M deal.
March 4, 2002... Lawyers last week were racing to arrange the sale of Daleville-based Burlington Motor Carriers by a March 4 deadline to avert a piecemeal liquidation that would leave its more than 2,000 employees jobless. The prospective buyer, New...

Kittle's battle plan: Furniture CEO brings business-like way to politics.
March 4, 2002... The last time Hoosiers elected a Republican governor, Jim Kittle was a 40-year-old chairman and CEO of his family furniture business, bringing in about $25 million in annual revenue. Eighteen years later, Kittle's sales have more than...

Agencies evalute credit-card practices: High-profile case puts not-for-profits on alert.
March 4, 2002... Noble of Indiana's policy is clear: Employees are forbidden from using the not-for-profit agency's credit card for personal purchases. No matter what. President Erv Picha evaluates all charges periodically, and the board chairman and audit...

Americans' Internet usage increases.
March 4, 2002... More than half of American households and more than half of all Americans are now connected to the Internet, according to a new Census study released by U.S. Secretary of Commerce Don Evans. The figures were included in "A Nation Online," a...

INDOT facing budget barrier: Projects including I-69 and U.S. 31 expansion could be halted.
March 4, 2002... Evaporation of state and federal funding for highway projects could halt local road improvement before the Indiana Department of Transportation's first-ever long-range plan really gets rolling. INDOT's plan, which was unveiled in 2000, was...

No show, no mercy: Local restaurants getting tough on fickle diners who ditch reservations.(Brief Article)
March 4, 2002... Remember the last time you stood up your dentist or hairstylist, or canceled less than 24 hours before the appointment? You might have gotten a bill anyway, and a harsh reminder that it's not nice to be a no-show. In the restaurant...

Eviciti Corp. Bankruptcy spurs legal squabble: Haverstick offered $15M in October negotiations, creditors allege.(Brief Article)
March 4, 2002... Frustrated creditors who suspect they were denied their rightful seats at the table when Haverstick Consulting Inc. struck its curious agreement in December with the struggling Eviciti Corp. will soon have their day in court. The deal,...

U.S. Filter recommended to run IWC. (IBJ Daily).(Indianapolis Water Co.)(Brief Article)
March 4, 2002... Moving with lightning speed for a city government agency, a review team gave U.S. Filter the edge in winning a 20-year contract to manage Indianapolis Water Co. On Feb. 22, candidates to run IWC were pared from five to two: U.S. Filter and...

Brightpoint officials named in lawsuit. (IBJ Daily).(Brief Article)
March 4, 2002... Nine executives and directors of locally based Brightpoint Inc. have been named in a shareholder lawsuit filed last month. Nora Lee filed her complaint in Marion Superior Court Feb. 8. Brightpoint, a wireless-equipment distributor,...

Local software firm prevails in trade-secret case. (IBJ Daily).(McRoberts Software Inc.)(Media 100 Inc.)(Brief Article)
March 4, 2002... McRoberts Software Inc., a local firm devoted to one video-production software. package, announced it won a jury trial verdict against a larger software company. A U.S. District Court jury on Feb. 22 awarded nearly $2.5 million to...

Simon's mall purchase hits snag. (IBJ Daily).(Simon Property Group Inc., Rodamco North America N.V.)(Brief Article)
March 4, 2002... Simon Property Group Inc.'s planned purchase of a stake of Netherlands-based mall owner Rodamco North America NV was rolling along smoothly until Feb. 22, when a Dutch judge threw a stick in the spokes. The judge agreed with a Dutch...

Conseco closes books on unprofitable year. (IBJ Daily).(Brief Article)(Statistical Data Included)
March 4, 2002... Carmel-based Conseco Inc. surprised no one when it released financial results for its fourth quarter and year-end 2001 on Feb. 21, showing higher loan defaults and $140 million in one-time charges. The financial services company also...

Open house showcases city as place to play, stay: Task force trying to increase leisure travel.
March 4, 2002... Downtown Indianapolis is rolling out the welcome mat for the rest of central Indiana this spring in hopes of increasing summer travel to the Circle City--and boosting business for hotels, restaurants, retailers and attractions. Plans are...

Area hotels make best of bad year.(Brief Article)(Statistical Data Included)
March 4, 2002... It could be worse. Indianapolis could be San Francisco. Or Boston. Or even Oahu, Hawaii. Those cities--each ranked in the top 25 hotel markets by Smith Travel Research--saw at least a 10-percent decrease in the number of hotel rooms sold...

$120M accord sidelines key Conseco allegations. (Andrews).(Brief Article)
March 4, 2002... The proposed $120 million settlement of securities-fraud class-action litigation against Conseco Inc. might mean that some of the most explosive allegations against company founder Stephen Hubert will go unlitigated. Hilbert, 56, has been...

AG files complaint against agent. (Circle City Spectator).
March 4, 2002... The Indiana Attorney General's Office has filed a formal complaint with the Indiana Real Estate Commission against Randy Keys, requesting the board take, action against his license. The commission could issue a letter of reprimand, censure...

McDonald's taps into Hoosier hysteria. (Circle City Spectator).
March 4, 2002... McDonald's has launched its first-ever regional marketing campaign in central Indiana using a peg near and dear to the Hoosier heartland: basketball. McDonald's Restaurants of Central Indiana and Learfield Communications joined to create...

Eviciti's belly-up leaves empty feeling. (Circle City Spectator).
March 4, 2002... Bruce Bodner knew he was taking a chance when he signed fledgling Internet consulting firm Eviciti to a multiyear lease at downtown's Morrison Opera place building. "When you take on a new company, there's always a risk they won't...

Cultural tourism campaign awarded. (Circle City Spectator).
March 4, 2002... The locally based team of Young & Laramore and Hetrick Communications has been selected to direct marketing for the city's $10 million Cultural Development Initiative. Y&L will handle advertising; Hetrick will do public relations. ...

Clarian keen on north Meridian corridor. (Real Estate).
March 4, 2002... It appears nothing, not even a 60,000-square-foot office building, will stand in the way of an expanded Meridian Corridor presence for Clarian Health Partners. Tenants in the Two Meridian Corporate Plaza building near Interstate 465 and...

Brokers find new home. (Real Estate).
March 4, 2002... Commercial real estate brokers left jobless by downsizing aren't waiting long to find new employment. Grubb & Ellis Harding Dahm and Co. said last week that it has hired seven brokers cut loose by the January closing of Prudential...

Health benefits ASP targets TPA insurance: $1.3M investment may put Healthx in black.
March 4, 2002... Name the Indianapolis-based e-services company that's just attracted another $1.3 million in venture capital to update the paper-intense health care claims process. It's not the firm you might first guess. So congratulations are in order...

Brickyard serves up new catering deal: Agreement cuts number of firms from 6 to 3.
March 4, 2002... Indianapolis Motor Speedway has cut the number of caterers it allows to work at the track--from six to three--and for the first time entered a multiyear deal with the chosen firms. IMS signed a three-year agreement in February with three...

SBC Ameritech fighting separation push: Rivals believe split would spur competition.
March 4, 2002... Fresh from a lengthy struggle to regain customer confidence, embattled SBC Ameritech is on the defensive again. This time, the challenge arises from disgruntled rivals. The Indiana Utility Regulatory Commission is scheduled to hear a...

Wishard employees get glimpse of future. (Health Care).
March 4, 2002... For the better part of a week in late January, Dr. Robert Jones, Wishard Memorial Hospital's CEO, spent several hours each day talking to hospital employees. Jones was trying to accomplish several things with his series of "State of...

Winona sales talk heats up. (Health Care).(sale of Winona Memorial Hospital)(Brief Article)
March 4, 2002... If the latest speculation is true, it appears the three-year wait for a sale of Winona Memorial Hospital may soon be over. Sources indicated an undisclosed Ohio hospital company is preparing a letter of intent to purchase Winona from Tenet...

Lawmakers advance bills at speedy pace. (Statehouse Dispatch).(Brief Article)
March 4, 2002... Usually when you see those (now politically incorrect) "Men Working" signs, you slow down. Work in progress naturally piques caution and you tend to slow down. In the Indiana General Assembly this year, however, where key bills continue to...

Living museum makes time travel possible.(Conner Prairie Farm and Prairietown village)(Brief Article)
March 4, 2002... Time travel has fascinated mankind for ages. Crawling into the imagination of H.G. Wells, Mark Twain and, more recently, Michael Crichton has afforded readers an opportunity to experience vicariously the thrill of smashing the time barrier....

Magazine ranks economic activity.(Site Selection ranks Indiana fifth)(Brief Article)
March 4, 2002... An annual survey conducted by Site Selection magazine placed Indiana fifth on its list of Top 10 states for economic activity in 2001. The survey ranks states according to the number of new facilities announced or constructed in the...

Caucus leaders must look at the big picture. (Editorial).(Brief Article)(Editorial)
March 4, 2002... Senate passage of House Bill 1004 last week disproved the notion Republicans won't vote for tax increases, if only under the banner of economic development. Now it's time for lawmakers to get past the posturing and down to the nitty-gritty:...

Cashing in on crises; line-item looters. (Thinking Things Through).(Brief Article)
March 4, 2002... Few news stories about disasters fail to add at the end that the National Guard has been called out to protect victims' property. If you loot, they shoot. Of course, those stories refer to unlaundered looters, the ones in old clothes and with...

People.(Brief Article)
March 4, 2002... ACCOUNTING Angela L. Riley has been promoted to manager at Ent & Imler. Sandra J. Cistrelli has joined as an accounting specialist. *Bernadette Fletcher has joined Katz Sapper & Miller as audit manager. ...

This silo story could be about your business.(Brief Article)
March 4, 2002... Once upon a time, there was a manager who worked in a big place. This manager directed a few dozen employees in a subsection of a department within a division beneath the left armpit of an organization. The manager admired the...

Americans head down road paved in 1929. (Investing).(Brief Article)
March 4, 2002... How does your personal balance sheet look lately? Do you even know? This is an answer most people should be able to give quickly and easily, but my bet is that at least 80 percent of Americans that are considered middle class or above could not...

Noble looking for new leader.(Brief Article)
March 4, 2002... After nearly 30 years with Noble of Indiana, Ervin J. Picha said he will retire at the end of next year. The not-for-profit agency's board of directors hopes to have a new president/CEO by Jan. 1, when Picha will begin a one-year stint as...

Patriot impact yet to hit: Details of security act still being worked out. (Banking & Finance Quarterly).
March 4, 2002... In the 21st century war against terrorism, cutting off the finances of terrorists and terror groups is a major weapon. Just what that's going to mean for banking and other financial services providers isn't clear yet. The Patriot Act,...

First IB dodges dot-com downturn: Internet bank stays profitable by sticking to its Cyberspace-only plan. (Banking & Finance Quarterly).(fiscal 2001 was profitable)(Brief Article)
March 4, 2002... Three years ago, David Becker launched a dot-com business just as thousands of others were going down a digital black hole, taking billions of investment dollars with them and shaking the pinstripes off Wall Street's suits. Last week, he...

CPAs consider changes in wake of Enron. (Banking & Finance Quarterly).(Brief Article)
March 4, 2002... Andersen LLP's role in the Enron Corp. bankruptcy scandal is already beginning to change the way accounting firms audit public companies; that much is obvious. The rest of its impact on the industry is still uncertain. The debate...

Bank tellers take on growing importance: ATMs can 't replace front-line employees. (Banking & Finance Quarterly).(Brief Article)
March 4, 2002... Don't look now, but the human side of banking is making a comeback. "For years as an industry, we have put into effect a strategy to remove people from our lobbies and drive-throughs," said Dan Doan, president of the Indianapolis district...

Local investment in gold far from a rush. (Banking & Finance Quarterly).(Indianapolis)(Brief Article)
March 4, 2002... All that glitters is not gold, even if it is gold. The market for gold remains a relatively minor one in Indianapolis, according to gold dealers and local investment brokerages. "The interest in gold is less than one-tenth of 1 percent...

Indiana bank stocks buck market decline: Conservative investors given credit for gains. (Banking & Finance Quarterly).(Brief Article)
March 4, 2002... In a year when many stocks took a beating, most Indiana-owned banks and thrifts saw a nice boost in share price. In some cases, a big boost. A strong real estate market, investors' flight to safer investments, good management and...

Economists predict slow, modest recovery. (Banking & Finance Quarterly).(Brief Article)(Statistical Data Included)
March 4, 2002... More than half of central Indiana residents think an economic recovery is on the way and should start in the second or third quarter, according to a new survey. Several economists disagree. They'll tell you the recovery started more than a...

Largest Indianapolis-Area banks and thrifts: (Ranked by local FTE employees).(table)
March 4, 2002... Largest Indianapolis-Area Banks and Thrifts (Ranked by local FTE employees) Local: Rank Bank FTE Assets (2): 2001 Address ...

Excuses for not diversifying can be overcome. (Voices from the Industry).(Brief Article)
March 4, 2002... Let's face it; many of us have too much of our investment pool tied up in one or two local stocks. There are many reasons for not diversifying, but, generally, the primary reason revolves around the investor being so sure of himself that he...

BKD opens advisory office in Indianapolis.(BKD Wealth Advisors LLC)(Brief Article)
March 4, 2002... In a move to strengthen its position in the wealth-planning arena, accounting firm BKD LLP has opened an Indianapolis office of BKD Wealth Advisors LLC. The new subsidiary is an investment advisory firm providing financial and investment...

Baden Gage buys consulting firm.(Michael Reese & Associates Inc.)(Brief Article)
March 4, 2002... Baden Retirement Plan Services LLC in Fort Wayne has acquired Michael Reese & Associates Inc., an Indianapolis-based consulting firm that provides pension administration and compliance services to companies and associations. Baden...

Property tax reform is top concern: Affordable housing also a major issue, industry experts say. (Who's Who in Residential Real Estate).(Brief Article)
March 4, 2002... Even in an industry as scorching hot as residential real estate, experts can find reasons to be concerned. It might seem a little nitpicky, considering the housing market recorded its strongest year ever in 2001. But when political,...

Who's who in residential real estate.
March 4, 2002... KEITH ALBRECHT Sales Associate Re/Max Age. 43 (7-11-58) While Albrecht now thrives in the real estate industry--he was named the No. I individual sales volume agent with Re/Max in the state of Indiana for the past three years--it...

The value of a business akin to that of a portfolio. (Bulls & Bears).(Small business management)(Brief Article)
March 4, 2002... Individual investors are used to keeping a close eye on the value of their portfolios. Small-business owners should do the same. Although many regularly monitor sales and profit figures, doing so without knowing how much the business is...

Indexes & Rates. (Market Week).(Brief Article)(Statistical Data Included)
March 4, 2002... Indexes & Rates Dow Jones Industrial Average 10127.60 YTD change 1.1% S&P 500 index 1109.89 YTD change -3.3% NASDAQ composite index 1751.91 YTD change ...

Gainers & Losers. (Market Week).(Brief Article)
March 4, 2002... Gainers & Losers POINT GAINERS Escalade Inc. +6.40 Anthem Inc. +3.98 Cummins Inc. +3.91 ArvinMeritor Inc. +3.35 POINT LOSERS Guidant Corp. ...

Out-of-State issues of interest. (Market Week).(Banks)(Brief Article)
March 4, 2002... Out-of-State Issues of Interest Wed week ytd % 52-week 52-week close change change high low Bank One (ONE) 35.65 1.00 -8.7% 40.00 ...

Over the counter. (Market Week).(stock prices, February 21-27, 2002)(Illustration)(Statistical Data Included)
March 4, 2002... Over the Counter February 21-27, 2002 Compiled by Morgan Stanley Dean Witter Wed week ytd % 52-week close change change high AMB Financial...

On the exchange. (Market Week).(securities prices)(Brief Article)(Illustration)(Statistical Data Included)
March 4, 2002... On the Exchange Wed week ytd % 52-week 52-week close change change high low Alltrista Corp. (ALC) 19.05 0.04 21.3% 19.25 10.70...

Indiana stock index. (Market Week).(Illustration)(Statistical Data Included)
March 4, 2002... Information for Indiana Stock Index provided by Bud Gremel at City Securities Corp. Biomet - BMET Coachmen Industries - COA Conseco Inc. - CNC Crossman Communities - CROS Cummins Engine - CUM Duke Weeks Realty - DRE...

Insider trades. (Market Week).(Hillenbrand Industries, Shoe Carnival Inc.)(Brief Article)(Statistical Data Included)
March 4, 2002... The following purchases and sales of stock have 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. Hillenbrand...

Earnings and Dividents. (Market Week).(Standard Management Corp.; First Capital Inc.; Marsh Supermarkets Inc.)(Brief Article)(Illustration)(Statistical Data Included)
March 4, 2002... Earnings and Dividents EARNINGS REVENUE NET INCOME (LOSS) this year - last year this year - last year Standard Management Corp. fourth quarter ...

% Interest rates. (Market Week).(various banks)(Brief Article)(Illustration)(Statistical Data Included)
March 4, 2002... % Interest Rates Money Mkt. 6-month 12-month 30-month savings (1) CD CD CD APY APY APY APY American...

Indiana's love-hate relationship with manufacturing automobiles. (Economic Analysis).(Brief Article)(Column)
March 4, 2002... Twenty years ago, in the midst of the second of two painful recessions, the call went out in Indiana and a number of other industrial states. The key to stable prosperity, it was said at the time, was economic diversification. It was time for...

OpenGlobe Inc. (Tech News).(board of directors apointee)(Brief Article)
March 4, 2002... OpenGlobe Inc., an affiliate of locally based Escient Technologies LLC, has appointed a former Thomson Multimedia executive to its board of directors. James E. Meyer started locally based consulting firm Aegis Ventures Inc. after he left...

Brightpoint Inc. (Tech News).(forms joint venture with Chinatron Group Holdings Ltd.)(Brief Article)
March 4, 2002... Brightpoint Inc. has completed formation of a joint venture with Hong Kong-based Chinatron Group Holdings Ltd. In exchange for a 50-percent interest in Brightpoint China, Brightpoint received preference shares in Chinatron with a face value of...

E-Recruiting Association. (Tech News).(offers new web site of job listings)(Brief Article)
March 4, 2002... E-Recruiting Association, a not-for-profit organization, announced the launch of DirectEmployers.com, the Internet's first cooperative, employer-owned search engine dedicated exclusively to employment.

LMiV. (Tech News).(ScreamingMedia partnership expanded to provide Web sites)(Brief Article)
March 4, 2002... Indianapolis-based LMiV has expanded its partnership with ScreamingMedia to provide affiliate radio station Web sites with customized, real-time news and information relevant to their specific audiences. The new arrangement means LMiV will...

Greenwood-based MegaSys Inc. (Contracts).(Tapped by Western Hoist for logistics)(Brief Article)
March 4, 2002... Greenwood-based MegaSys Inc. was selected as logistics provider for National City, Calif.-based Western Hoist Inc.

KeySpan Corp. (Contracts).(Tapped MegaSys Inc. for logistics services)(Brief Article)
March 4, 2002... Greenwood-based MegaSys Inc. was selected as logistics provider for New York-based KeySpan Corp. The contract is worth more than $2 million over three years.

Raytheon Technical Services Co. (Contracts).(to furnish engineering support to Naval Air Systems Command)(Brief Article)
March 4, 2002... Raytheon Technical Services Co. received a $75 million Navy contract to provide engineering support to Naval Air Systems Command. Work will be performed in Indianapolis and is scheduled for completion by Jan. 2003.

The state of Indiana. (Grants).
March 4, 2002... The State of Indiana was awarded a $3.1 million national emergency grant from the U.S. Department of Labor as part of the Workforce Investment Act. The grant will be administered through the Department of Workforce Development and will provide...

IU School of social work at IUPUI. (Grants).(Brief Article)
March 4, 2002... The IU School of Social Work at IUPUI received a $60,000 grant from the John A. Hartford Foundation Geriatric Enrichment and Social Work Education Program. The grant will enrich the aging-related content of the IU School of Social Work's...

Valparaiso's TBR USA Inc. (Grants).(Brief Article)
March 4, 2002... Valparaiso's TBR USA Inc. received a $100,000 Innovations Grant from the Indiana Department of Commerce's Energy Policy Division to develop a recycled-content truck cab.

The City of Indianapolis. (Grants).(Brief Article)
March 4, 2002... The City of Indianapolis received a three-year grant worth $375,000 from the Annie E. Casey Foundation. The grant will help the city develop a comprehensive accountability system for mayor-sponsored charter schools in Indianapolis.

Family Development Services Inc. (Grants).(Brief Article)
March 4, 2002... Family Development Services Inc. received a $10,860,704 grant from the U.S. Department of Health and Human Services for its early education Head Start program.

Jeffersonville's Kellems & Coe Tool Corp. (Grants).(Brief Article)
March 4, 2002... Jeffersonville's Kellems & Coe Tool Corp. received a $13,000 grant from the Indiana Department of Commerce's Skills Enhancement Fund. Kellems & Coe will use the grant to train 44 existing employees following a $65,000 investment in a new...

St. Joseph County's Liberty Township Volunteer Fire Department. (Grants).(Brief Article)
March 4, 2002... St. Joseph County's Liberty Township Volunteer Fire Department received a $500 Recycled Product Purchasing Grant from the Indiana Department of Commerce's Energy Policy Division. The grant will be used to purchase recycled plastic "cribbing,"...

ML Associates Inc. (Grants).(Brief Article)
March 4, 2002... ML Associates Inc. owner Maria Staiano received a $10,000 grant from Rye Brook, New York-based Balance Oasis, which supports entrepreneurial women. ML Associates will use the grant to research and market ergonomics for children.

Greencastle's DePauw University. (Grants).(Brief Article)
March 4, 2002... Greencastle's DePauw University will share a $60,000 planning grant from the Andrew W. Mellon Foundation with Granville, Ohio-based Denison University. The two liberal arts colleges will study initiatives that would help faculty members enhance...

Teachers' treasures. (Grants).(Brief Article)
March 4, 2002... Teachers" Treasures received an $8,000 grant from the Nicholas H. Noyes Foundation for operating expenses.

Madison's Arvin Sango Inc. (Grants).(Brief Article)
March 4, 2002... Madison's Arvin Sango Inc. received a $178,000 grant from the Indiana Department of Commerce's' Skills Enhancement Fund. The grant will help Arvin Sango train 547 existing and 50 new employees following a $15 million investment in a facility...

YMCA of greater Indianapolis's Urban mission branch. (Grants).(receives grant from USA Funds)(Brief Article)
March 4, 2002... YMCA of Greater Indianapolis's Urban Mission Branch received a $50,000 grant from USA Funds. The grant will help pay for services to assist students who are experiencing difficulty passing their Graduation Qualifying Exam.

New Albany's Key Communications Service Inc. (Grants).
March 4, 2002... New Albany's Key Communications Service Inc., wholly-owned subsidiary of Ft. Lauderdale, Fla.-based ProxyMed Inc., received a $14,000 grant from the Indiana Department of Commerce's Skills Enhancement Fund. Key will use the grant to train 49...

United way's winter assistance drive. (Grants).(Nina Mason Pulliam Trust)(Brief Article)
March 4, 2002... United Way's Winter Assistance Drive received a $65,000 grant from the Nina Mason Pulliam Trust, a $50,000 grant from IPL and a $20,000 grant from Citizens Gas. The fun helps low-income people avoid having their gas or electricity turned off...

Union Planters Corp. (Proxy Corner).(Acquires assets shed by merger of Bank One Corp. and First Chicago/NBD)(Brief Article)
March 4, 2002... Based in Memphis, Tenn., Union Planters Corp. is a holding company whose subsidiaries offer deposit, loan, trust, investment and insurance to consumers and businesses. It operates in 12 states, including Indiana, where it entered the market by...

Bosma Industries for the Blind Inc. (Not-for-Profit of Note).(Profile of nonprofit)(Brief Article)
March 4, 2002... Mission statement: To enhance the opportunities for individuals who are blind or visually impaired to achieve their potential in vocational, economic, social and personal independence. Year founded: 1915 (privatized in 1984) Web site:...

Mall space opens up. (Real Estate).(Brief Article)
March 4, 2002... A planned relocation by a Fashion Mall tenant could leave a major chunk of space up for grabs at the north-side shopping center. The Royal Gallery of Rugs is moving to space vacated by Davidson's, a women's apparel store that closed last...

FAA to commit $70.5 m to airport.(Brief Article)
March 4, 2002... The U.S. government will commit $70.5 million for the construction of a midfield terminal at Indianapolis International Airport, Sen. Evan Bayh and Mayor Bart Peterson announced last month. The Federal Aviation Administration plans to issue...