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 DJIA 13,098.8 -165.9 / S&P 500 1,451.3 -17.1 / NASDAQ 2,611.5 -40.8
 |  |  Tonight: Clearing and frigid. Low 2. Thursday: Lots of sun, warmer. High 26.
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|  Wednesday, January 2, 2008 |
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Troubled mall owner goes up for sale
A giant Australian shopping mall company with four Indianapolis properties has put itself up for sale after a buying spree of U.S. malls drove it into financial problems. Centro Properties Group said today it is "evaluating options" to secure its financial viability. In Indianapolis, Centro owns Westlane Shopping Center on North Michigan Road and Marwood Plaza Shopping Center on Kentucky Avenue. In Speedway, it owns Speedway Super Center, and in Carmel, Meridian Village Plaza. 
Lafayette Square sale closes
A New York company has closed on its acquisition of Lafayette Square Mall and hired a management company to run the property. The new owner, Ashkenazy Acquisition Corp., plans to keep the 1.2 million-square-foot property as a regional mall and focus on filling vacant anchor spaces, since most of the smaller spaces are full, said mall spokeswoman Amanda Royalty. There are no plans for a wholesale redevelopment, like the one in the works at Glendale, she said.
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Conseco investor ratchets up stake
Steel Partners II LP has boosted its stake in Carmel insurer Conseco Inc. to 6.9 percent, according to a Securities and Exchange Commission filing on Monday. The New York-based investment partnership, which is controlled by Warren G. Lichtenstein, reported owning 12.8 million shares, or 6.9 percent of Conseco's 186.4 million shares outstanding as of Sept. 30. Steel Partners previously reported owning 11.1 million shares, or a 5.9-percent stake. The move comes after Fitch Ratings on Dec. 26 cut its noninvestment-grade rating on Conseco to BB from BB+.
Lilly to cooperate with British investigation
Eli Lilly and Co. will hand over documents to a United Kingdom agency that is investigating whether it and two other drugmakers bribed the administration of former Iraqi dictator Saddam Hussein. The U.K.'s Serious Fraud Office has requested documents from locally based Lilly as well as from U.K.-based GlaxoSmithKline and AstraZeneca, according to a Bloomberg report. Lilly spokesman Phil Belt said Lilly's U.K. unit would "promptly comply" with the request.
Bingham McHale absorbs McTurnan & Turner
The Indianapolis law firm of Bingham McHale has merged with McTurnan & Turner, which specializes in litigation. Both are downtown in Market Tower. Ten attorneys and seven support staff from McTurnan & Turner will join Bingham McHale, the firms announced today. A Bingham McHale spokesman said the merger will add business litigation prowess to an already-strong firm. McTurnan & Turner said it will gain greater capacity to handle civil litigation. With 123 attorneys, Bingham McHale was the fifth-largest law firm in the 2007 IBJ Book of Lists.
BorgWarner plans to demolish Muncie plant
The BorgWarner Automotive plant in Muncie will be torn down after production ends there in April 2009. Plant manager Doug Owenby says the grounds will be cleared of the plant, which is nearly a half-mile long. He said there is interest from other companies in the site along Indiana 32 on the city's west side. BorgWarner Inc., based in Auburn Hills, Mich., said its Muncie operation would close when the current union contract expires.
Blog: Ballard and the arts
With Greg Ballard now officially on the job as mayor, it's no secret that arts groups are a bit worried. Bart Peterson was a champion of arts and culture in the city and questions hover about how much value Ballard places on cultural tourism, individual artists' funding, etc. Are there convincing cases to be made for Indy arts and culture being essential? Is it time for arts and culture to do more fending for themselves? Read IBJ's new blog, Lou Harry's A&E .
From IBJ staff and Associated Press-Compiled by Norm Heikens | | | |
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Severe weather threatens Hoosiers
A severe winter storm that dumped several inches of snow and knocked out power to many parts of the Midwest has forced officials in Benton County, northwest of Lafayette, to close all roads, declaring a state of emergency. Low temperatures and high winds are making things even worse. Several parts of the state have seen wind chills well below zero. Fox 59 will have the latest at 10 p.m.
Police investigate fatal toll-road accident
Officers are investigating whether snow-covered roads are to blame for a deadly crash in northeastern Indiana this morning. Two women died after a rental van carrying a group of international students from Bowling Green State University in Kentucky overturned on the Indiana Toll Road near Orland this morning. |  | | | |
| Soldiers say good-bye to family, friends
Around 3,400 Indiana National Guard soldiers will gather at the RCA Dome today for a farewell ceremony as they prepare to deploy to Iraq for 12 months. This marks the largest deployment of Indiana National Guard troops since World War II.
Contamination concerns arise after crash
There's concern about contamination after a car drove into a canal near the Butler University campus. Police say the driver didn't realize a dead-end road was ahead and drove into the water. Everyone was able to get out on their own, but officials are now concerned about gasoline and other fluids leaking from the car.
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