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 DJIA 12,311 +41.1 / S&P 500 1,344.7 +6.1 / NASDAQ 2,342.6 +26.2
 |  |  Tonight: Clear, very cold. Low zero. Tomorrow: Mostly sunny early, increasing clouds late. High 24.
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|  Thursday, January 24, 2008 |
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Bettenhausen estate wins appeal against Godby
The brother of former race team owner Tony Bettenhausen, who died in a plane crash nearly eight years ago, has won an appeal of a court case involving ownership of a related business. The Indiana Court of Appeals this month reversed a previous decision awarding business associate Thomas Godby full ownership of 109 Gasoline Alley LLC. Godby operates Godby Heating & Air Conditioning LLC. 109 Gasoline Alley owns a building at the address, which is south of Indianapolis Motor Speedway. Godby Heating & Air Conditioning is housed in the building. 
Slow economy throws Celadon profit into skid
Earnings for Celadon Group plunged 72 percent in the quarter ended Dec. 31, the Indianapolis-based trucking company reported yesterday, reflecting a continued downturn in the industry. Net income of $1.7 million was down from $6.1 million for the same quarter the previous year. Celadon, parent of Celadon Trucking, has been forced to take on less-profitable freight as a slowdown in the economy reduced demand among its key customers.
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ITT shares surge on strong profit
ITT Educational Services Inc. shares shot up nearly 20 percent this morning after the Carmel-based operator of technical schools reported that fourth-quarter profit rose 18.6 percent, to $48.5 million. The company said revenue was $230.4 million, up 11.7 percent from the year-ago period. The $1.20 per share in profit exceeded the $1.17 anticipated by analysts surveyed by Thomson Financial.
Fishers developer to build Cummins project
The 500 professional employees that Cummins Inc. plans to add near its downtown Columbus headquarters will be housed in offices built by a Fishers contractor. Dora Brothers Hospitality Corp. will build the four-story, 100,000-square-foot structure in an area long occupied by the aging Commons Mall. The building is expected to be finished by the first quarter of next year. The building project was discussed during the expansion announcement yesterday in Columbus.
Warner buys Metro fabrication division
Noblesville-based Warner Bodies Inc. said today that it has acquired the fabrication division of Metro Products, an Indianapolis company that makes a variety of products, for $850,000. The 15 workers at Metro have been asked to join Warner, a longtime maker of truck bodies.
Plainfield retail spurs plans in Terre Haute
Terre Haute is losing shoppers to Plainfield and Evansville, so two developers want to attract more stores to the western Indiana city. To make room for the stores, the Terre Haute-based developers, Thompson Thrift and Gibson Development, want land now occupied by the Wabash Valley Fairgrounds, according to the Tribune-Star.
Vectren planning $80M power plant
Vectren Corp. is working on plans to build an $80 million natural gas-powered electric generating plant in southwestern Indiana, as its contract to buy power from another company is expiring next year. Vectren expects to need the electricity generated at the new plant in Gibson County only during times of peak energy use, when air-conditioners increase power demands, company spokesman Mike Roeder said. The 100-megawatt plant would be built near the Toyota Motor Corp. factory about 25 miles north of Evansville.
Corrections
A story in yesterday's IBJ Daily about Freije Treatment Systems' moving to Mount Comfort contained an incorrect address. Freije is currently located at 7435 E. 86th St. A story in yesterday's IBJ Daily misidentified the appointment process for the Indianapolis Airport Authority Board. Marion County Commissioners appoint one voting member to a four-year term. | | | |
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From IBJ staff and Associated Press-Compiled by Norm Heikens
Formal charges in Hovey Street murders expected
Marion County Prosecutor Carl Brizzi is expected to file formal charges today against the five men suspected in the four murders last week at 3283 Hovey St., near East 30th Street and East Fall Creek Parkway. The suspects will appear in court today. Brizzi is considering pursuing the death penalty. Fox 59 will have the latest at 10 p.m.
Home invasion suspect on the run
Indianapolis Metropolitan Police are looking for a man they consider armed and dangerous after an early morning home invasion at 5424 Milhouse Road, near Mann Road on the southwest side. One of the four suspects shot at the homeowner before officers chased them by car and stopped them near National and Bartlett avenues, just north of interstates 465 and 74 on the south side. Police have three of the men in custody but the fourth is on the loose.
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Carmel police bust alleged prostitution ring
Carmel police are looking for more suspects in a prostitution ring. They arrested Xiuli Yang Hinderliter, a licensed massage therapist, yesterday after she allegedly offered sex to an undercover officer for money at the Paradise Massage Parlor, 622 E. Rangeline Road. Carmel officers have been cracking down on prostitutes posing as massage therapists. This was their first arrest since city officials passed an ordinance last year aimed at preventing prostitutes from setting up shop in Carmel.
IU shuts down fraternity
Indiana University officials are closing a fraternity on campus due to alleged hazing. Alpha Epsilon Pi will be shut down for the next two years. The fraternity is accused of depriving pledges of sleep, abandoning them in remote locations and threatening to physically hurt them. This is the second time since 2005 that Alpha Epsilon Pi has been disciplined for hazing.
Big deal boosts Indy venture ranking
Indianapolis scored the Midwest's biggest life sciences venture deal of 2007, making it the fourth-most-lucrative metro area for startup health care firms, according to a not-for-profit that tracks the industry. A $70 million round of financing that Targanta Therapeutics Corp. received in February topped all fund raising by companies in Minnesota, Wisconsin, Michigan, Illinois, Indiana, Kentucky, Ohio and western Pennsylvania, said BioEnterprise, a Cleveland-based business development group focused on life sciences. Venture capitalists poured money into seven other companies in the Indianapolis area, for a total of $114 million. That placed the metro area just behind Chicago for the largest amount of life sciences venture deals, BioEnterprise said. Indianapolis' eight deals in 2007 raised the city's ranking from 12th a year ago. 
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