Steak n Shake investor seeks board seats

DJIA 12,966 +120.2 / S&P 500 1,429 +17.7 / NASDAQ 2,481.2 +30.1 Tonight: Clear, cooler. L 60. Saturday: sunny, pleasant. H 81. Sunday: Ptly cloudy. Chance of P.M. storm. H 85.
	Friday, August 17, 2007
	Steak n Shake investor seeks board seats A Texas-based investment group disclosed in a regulatory filing this morning that it has amassed a 5.8-percent stake in The Steak n Shake Co. and wants two of its representatives added to the struggling company's board. Two members of the group met Aug. 13 with Steak n Shake Chairman Alan Gilman to discuss the company's operations and plans. On Aug. 16, the group sent a letter to the company asking that two of its representatives be included as nominees for board election at the annual meeting later this year.   Indiana in recession, forecaster says Indiana has been in recession since late last year, but is on a trajectory to climb out this fall, according to Moody's Economy.com, a national forecasting company. However, Indianapolis is in an expansion mode. Indiana's woes trace to Detroit automakers, which are retrenching in the face of competition from foreign companies by laying off workers and closing factories.
	Stocks surge after Fed cuts discount rate Stocks soared today, propelling the Dow Jones industrial index up more than 180 points, after the Federal Reserve, acknowledging that the stock market's plunge posed a threat to the economy, slashed its discount rate by a half percentage point.   IRL extends Iowa race deal two years Iowa Speedway today announced at the Iowa State Fair a two-year extension with the Indy Racing League to host the Iowa Corn Indy 250 through 2009. The Iowa Corn Growers Association will remain as title sponsor for the races. The announcement was made by ABC/ESPN racing analyst and former NASCAR driver Rusty Wallace, who designed and is part-owner of the track. Westfield OKs expanded Eagle Station project Westfield town councilors have unanimously approved an expansion of multi-use development Eagle Station to 997 acres, up from the 856 acres approved last year. The project now could include 2,230 single-family houses, 800 apartments and a number of businesses, according to the Noblesville Daily Times.   Indiana business costs rate more favorably Indiana ranks 36th in this year's annual "Cost-of-Doing-Business," an index compiled by the Milken Institute, a California think tank. Last year, Indiana placed 33rd. The ranking is a modest win for Indiana Gov. Mitch Daniels, who has focused much of his effort on lowering the cost of Hoosier business.   St. Vincent exec named to Michigan position Patricia Maryland, chief operating officer of the Indianapolis region of St.Vincent Health and president of St.Vincent Indianapolis Hospital, has taken a new position overseeing marketing in Michigan for Ascension Health. Ascension Health, the nation's largest Catholic and not-for-profit health system, is based in St. Louis. St. Vincent Indianapolis Hospital will name an interim president. Muncie's Cardinal Health changes leaders Cardinal Health System has named attorney and business leader Kelly N. Stanley as president and CEO to succeed Robert Curtis, who resigned Aug. 15. Stanley was named the health system's new leader hours after Curtis resigned for "personal reasons," according to Cardinal spokesman Will Henderson.
	Marbaugh acquired by Florida company Indianapolis-based Marbaugh Reprographics Supply Co. has been bought by Global Imaging Systems Inc., a Tampa, Fla., firm that was acquired by Xerox Corp. in May. Marbaugh sells and services wide-format copiers. The downtown company also scans, prints and offers other reproduction services. Former Marbaugh co-owner Brad Clough will be vice president and general manager Analysts continue love fest with Haynes Haynes International Inc., a Kokomo-based maker of alloy parts for the aerospace and energy industries, snagged another glowing analyst recommendation today. Matrix USA initiated coverage with a "strong buy" rating. Glowing ratings from Matrix, KeyBanc and others have come despite a pullback in Haynes' stock price after it missed analyst earnings estimates early this month.
	'Devastating' stretch awaits auto suppliers Hundreds, and possibly thousands, of auto parts suppliers could be forced out of business within five years as Detroit automakers continue downsizing to bring costs under control, a Michigan consultant told Bloomberg. "Some of these suppliers will go into bankruptcy and be bought up in pieces; some will just go away," Laurie Harbour-Felas said. "It will be devastating."   From IBJ staff and Associated Press -- Compiled by Norm Heikens Drag racing may have caused crash Police think drag racing caused a serious far-east-side crash early this morning. Lawrence police believe the driver of a blue Mustang was traveling at dangerous speeds on Post Road, lost control near Pendleton Pike, hit an electrical pole and went airborne. The driver and passenger went to Wishard Hospital. Fox 59 News will have more at 10 p.m. Overnight fire injures mother, daughter A mother and her daughter were treated for smoke inhalation after a fire ripped through their apartment on the northwest side this morning. Investigators say someone tipped over burning incense at the Abbington apartment complex near Interstate 65 and Georgetown Road. Firefighters contained the damage to the unit. Lights still out after storm Power might not be restored to parts of northern Indiana until Monday. About 100,000 customers had power interrupted by the storms Wednesday night and early Thursday. Northern Indiana Public Service Company says 40,000 customers remained without electricity Thursday, including 36,500 in Lake County. Has fantasy football found its way into your office? In offices where fantasy football is distracting employees, should managers crack down on non-work activities or use fantasy football's popularity to build morale? | Largest Indianapolis-Area Environmental Consulting Firms Largest Indianapolis-Area Environmental Contractors Largest Indianapolis-Area Industrial Parks Largest Indianapolis-Area Women-Owned Businesses Largest Indianapolis-Area Travel Agencies   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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