Sale of HD Supply in jeopardy

DJIA 13,260.6 +24.7 / S&P 500 1,464.7 +2.2 / NASDAQ 2,545.7 +4 Tonight: Warm with storms. Low 76. Saturday: Scattered storms, muggy. High 86. Sunday: Sunshine, nice. High 85.
	Friday, August 24, 2007
	Sale of HD Supply in jeopardy The sale of HD Supply, a Home Depot subsidiary with several locations in Indiana, might not go through, several media reports say. Tightening credit and turmoil in the housing mortgage market have forced Atlanta-based Home Depot to consider cutting its $10.3 billion asking price by about $1 billion, but the sale is still uncertain.   Steak n Shake shares flat after announcement Shares of Steak n Shake Co. rose only 0.2 percent, to $15.30, this morning after the struggling Indianapolis-based hamburger chain announced late yesterday that it has hired the Wall Street firm Merrill Lynch & Co. as a financial adviser to help examine "potential opportunities." Specifically, Merrill Lynch will advise a special committee of three independent directors that was appointed recently. The committee is helping interim CEO Alan Gilman and senior management with a strategic plan that involves simplifying initiatives, focusing on field leadership and "critically reviewing the company's cost structure."
	Regular in-state flights to Indianapolis might resume Plans are in the works for an airline to start making regular direct flights to Indianapolis from South Bend and Evansville, officials said. The South Bend Airport Authority yesterday gave preliminary approval to the proposal by Massachusetts-based Cape Air to offer daily flights on Cessna planes that could carry up to nine passengers on an hour-long route.   WellPoint renews big California contract Indianapolis-based WellPoint Inc. has received a three-year contract to administer medical claims for the California Public Employees Retirement System, according to Bloomberg. CalPERS, which buys health insurance for 1.2 million people, is one of the nation's largest buyers of health benefits. WellPoint subsidiary Blue Cross of California has had the contract for eight years. UnitedHealth Group Inc. of Minnetonka, Minn., and Aetna Inc. of Hartford, Conn., also competed for the contract. PK Partners sells Nora Plaza to investment group Michigan-based Ramco-Gershenson Properties Trust and a Chicago-based partner, Heilman LLC, have purchased Nora Plaza on the northeast side for an undisclosed price. The 304,000-square-foot center is 93-percent occupied and anchored by a Target store, plus Wild Oats Natural Marketplace and Marshalls. The seller was locally based PK Partners LLC, which owns several other retail centers on the north side. Ramco-Gershenson also owns Merchants Square in Carmel. Locally based fraternity sued over fire Indianapolis-based Alpha Tau Omega Fraternity has been sued by the family of a University of Mississippi student who died in a 2004 fire at its Ole Miss fraternity house. The lawsuit alleges the fraternity refused to sponsor a safety program following the fire, according to The Clarion-Ledger of Jackson, Miss.   Lucas makes fan of Anderson police chief The chief of the Anderson Police Department is a huge Indianapolis Colts fan, but his support for Forest Lucas may be as endearing. A test of Lucas' synthetic oil on the department's fleet of 16 cars saved the city nearly $24,000 on oil changes.   From IBJ staff and Associated Press-Compiled by Norm Heikens
	Driver dispute halts bus routes for hours IndyGo buses are up and running after workers refused to drive this morning, stranding passengers. Drivers disputed work rules that require them to post their names inside the buses. Drivers say that's a security risk. While the dispute played out, passengers were left waiting at bus stops for hours. Supervisors took over some of IndyGo's 28 routes, but the regular drivers later agreed to return to work. Fox 59 will have more at 10 p.m. Presidential candidates attending conference The Midwest Republican Leadership Conference is drawing some big names to Indianapolis this weekend. Former Arkansas Gov. Mike Huckabee and former Massachusetts Gov. Mitt Romney will speak today. Both are presidential candidates. A possible presidential contender, Fred Thompson, also will be in town.
	Castleton carjacking suspect to appear in court Jeffrey Burger will appear in court today to face charges including kidnapping, auto theft and resisting arrest. He is accused of kidnapping Cidney Smith with a knife Aug. 10 while she was getting in her car near Castleton Square mall. Smith escaped by secretly dialing 911 and jumping out of her moving car. Hoosier serviceman remembered Visitation services will be held today for Hoosier serviceman Shawn Hensel, 20, at First Assembly of God Church in Logansport. Cpl. Hensel was killed last week in a firefight in Baghdad. Funeral services are scheduled tomorrow. Hensel is survived by his parents, two older sisters and a new bride. What do you think of the Colts off-season roster moves? Colts President Bill Polian is a master of managing the NFL salary cap, but his strategy sometimes means parting with fan favorites to keep player payrolls in line. Do you think the loss of veteran players this year will hurt the team's chances of defending the championship? | Largest Indianapolis-Area Retirement Communities Largest Indianapolis-Area Assisted-Living Facilities Does your office/department ever do any team-building social activities?   Visit IBJ's Web site, www.ibj.com       Indianapolis Business Journal has launched a redesigned Web site with news updated throughout the business day.     At www.ibj.com you will find the latest business news from the Indianapolis area and around the state, video of IBJ events, CEO interviews from the Inside IBJ radio program, and our weekly podcast.
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