Conseco shares slide as losses mount

DJIA 13,451.6 -17.2 / S&P 500 1,470.9 +2.2 / NASDAQ 2,545.7 -1.7 Today: Oppressive heat. T-storms to the north. High 97. Tonight: Sticky. Isolated T-storms. Low 76.
	Tuesday, August 7, 2007
	Conseco shares slide as losses mount Stock in Conseco Inc. slipped 6 percent this morning to trade near $17 after the Carmel-based life and health insurer reported yesterday that its losses widened in its second quarter. The $64.5 million loss resulted from pouring more money into its hemorrhaging long-term care reserves and into a class-action lawsuit settlement over life insurance policies.   Allison Transmission sale completed General Motors Corp. has completed its $5.6 billion sale of Allison Transmission to Carlyle Group, based in Washington, D.C., and Onex, of Toronto. Allison employs about 3,400 in Indianapolis. Observers have said the equity firms' ownership likely would benefit the Indianapolis operation because Carlyle has deep military and government connections that could result in military contracts. Other companies, such as Ford Motor Co., also might be interested in buying the transmissions now that Allison is no longer owned by rival GM.
	Upgrade sparks rally in Simon stock Shares of Simon Property Group Inc. held steady this morning after jumping 2.9 percent yesterday to $87.46. The leap came after a Credit Suisse analyst upgraded the Indianapolis-based retail real estate investment trust on its historically solid performance and stock valuation. Analyst John J. Stewart lifted Simon's stock rating to "Outperform" from "Neutral," saying Simon has delivered the most stable profit growth in its sector over the past decade.   eTapestry bought by South Carolina firm eTapestry, which makes software for not-for-profit groups from its offices at Mount Comfort Airport in Hancock County, has been acquired by Blackbaud Inc., a Charleston, S.C., company that also specializes in software for not-for-profits. The sale price of $24.8 million could increase as much as $1.5 million under a stock-based incentive that is part of the deal. eTapestry stores fundraising information for not-for-profits. It was started in 1999 with $6.5 million in venture capital from HarbourVest Partners LLC in Boston and Gazelle TechVentures in Carmel.   Boone officials to appeal development decision Boone County commissioners voted last night to ask the Indiana Supreme Court to resolve a dispute with Whitestown over a tract of land Whitestown wants to annex, according to The Daily Sun of Lebanon. In July, the Indiana Court of Appeals reversed part of a trial court decision-handing Whitestown the right to annex 1,425 acres bordering Interstate 65 and State Road 334. Whitestown wants the land to add to its tax base. The county wants to include the same land in a redevelopment district it created.   Two more Starwood hotels in works Plans are in the works for at least three new hotels in Indianapolis that would carry the flag of Starwood's new brand Aloft. Locally based Premier Properties USA Inc. and Virginia-based Interstate Hotels & Resorts announced today that they plan to develop 136-room Aloft hotels at The Metropolis in Plainfield and The Venu, a new mixed-use development in the works southwest of 86th Street and Keystone Avenue. Southside developer J. Greg Allen also plans to open an Aloft as part of his Penn Centre project along Pennsylvania Street downtown. HealthSouth closing Terre Haute hospital Looming shortfalls with Medicare reimbursements and a shortage of local patients are among the business reasons HealthSouth Corp. cited for announcing yesterday that it will shutter its long-term acute-care facility in Terre Haute, the Tribune-Star reported today. About 80 full-time and 25 part-time workers were told the facility will close Oct. 4. Many patients served by the facility need care following surgery or other procedures at traditional hospitals. It currently has 15 patients. A spokesman for the Birmingham, Ala.-based HealthSouth said the decision was driven by a new federal rule that allows only 25 percent of patients to come from any one hospital.
	Correction A story in yesterday's IBJ Daily on WRTV-TV Channel 6's plan to launch a 7 p.m. newscast incorrectly said the station will continue to air news at 5:30 p.m. The Extra syndicated news magazine will fill that slot.   Protestors shut out of mayor's budget proposal Mayor Bart Peterson unveiled a billion-dollar budget last night to a less-than enthusiastic response outside the City-County Building. Dozens of angry citizens claim they couldn't get into the public assembly room because it was packed with the mayor's friends, including off-duty cops in uniform and city employees. The full council will hold a public hearing on the overall budget Aug. 27 with a final vote set for Sept. 17.
	Property tax deadline nears in Marion County The Aug. 10 deadline to pay the spring installment of Marion County property taxes is fast approaching. Taxpayers owe the same rate they paid in 2006. Residents with questions about that rate can go to the city-county government's Web site, indygov.org. Scrap metal thieves strike local church Scrap metal thieves yesterday snatched copper tubes from three air-conditioning units at St. Rita's Catholic Church, 1733 Dr. Andrew J. Brown Ave. on the northeastside. It's the third time in the past six months that tubing was stolen at the church. New biz refuels car exec Entrepreneur John Fuller has become a thorn in the side of Adesa Inc. six years after the Carmel auto auction firm sent him packing.   WellPoint aims for Hispanic market A team inside WellPoint Inc. has created a separate brand after extensive research into the Hispanic market.   Against the odds, Emmis grows publishing division Emmis Communications Corp. is expanding its magazine division as its flagship radio division contends with tumult in its industry.     Do you try to buy from green companies? How important to you is a company's environmental track record when you make purchasing decisions?  |   Sign up today for IBJ's Health Care Weekly E-mail Alert. This once-a week e-mail is delivered every Wednesday. Readers will find news about local hospitals, medical practices and health care companies as well as updates of stories that first appear in Indianapolis Business Journal. They'll also get people and event news and public policy changes that affect the health care industry. Sign up today for your free subscription.
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