 |
 |
 | | | |
 DJIA 12,386.6 -195.7 / S&P 500 1,345.9 -21 / NASDAQ 2,294.1 -37.5
 |  |  Tonight: A few flurries. Low 25. Tomorrow: Plenty of sun, dry. High 40. Sunday: Clouds increase, breezy. High 50.
| |
|  Friday, February 29, 2008 |
|
High-stakes Finish Line trial starts Monday
The outcome of a trial that begins Monday morning likely will go a long way toward determining whether Finish Line Inc. ultimately will complete the buyout of Tennessee-based Genesco Inc. and at what price. New York City federal Judge Loretta A. Preska has scheduled a 20-hour trial to determine whether forcing Indianapolis-based Finish Line to complete the purchase at the $54.50-per-share cash price it agreed to last June would cause the merged company to be insolvent. Finish Line's lender, Swiss financial giant UBS, wants the insolvency declaration because it says that would give it the right to yank financing for the $1.5 billion deal. 
IU tech transfer chief Long steps down
Indiana University's economic development guru has resigned. This morning, IU announced that Mark S. Long, CEO of the IU Research and Technology Corp., is stepping down March 30. The IURTC - which includes the school's high-tech business incubators in Bloomington and in downtown Indianapolis on the central canal - is responsible for helping research professors bring their discoveries to the commercial market. Long said his decision was tied to IU President Michael McRobbie's restructuring efforts.
|  | | | |
|  |
Strike forces GM to close Fort Wayne plant
General Motors is halting production at its 2,700-worker Fort Wayne truck-assembly plant tonight because of a parts shortage caused by a strike at one of its suppliers, Automotive News reported. The plant will cease production around midnight because of a United Auto Workers strike at Detroit-based American Axle & Manufacturing Holdings Inc., the trade publication said.
Wabash National to build $25M Kentucky plant
Semitrailer maker Wabash National Corp. said yesterday it will spend about $25 million to build a production facility to streamline production and improve costs. The Franklin, Ky., plant will allow trailers to be built near new customers, reduce the average production cost per trailer and boost margins, the company said in a release. Lafayette-based Wabash is receiving an incentive package from the state of Kentucky to build the facility on a 60-acre parcel, the company said.
Indiana music pillars launch youth Web site
Three Indiana-based musical organizations - the Indianapolis Symphony Orchestra, Indiana University Jacobs School of Music and Music for All - announced yesterday they have created a Web site for kids ages 7-12 to upload their musical performances and compositions. Select videos will lead to performances at IU and with the ISO in the fall.
Film processing plant in New Castle to close
New York-based Fujicolor Processing Inc. will close its film processing plant in Crawfordsville on April 28, displacing 105 workers, reports The Paper of Montgomery County. A shift by customers to digital photography from film has caused a slowdown in certain parts of the industry and is the reason for the plant's closure.
New Castle auto parts plant to cut 100 jobs
Falling demand from Chrysler LLC has prompted Metaldyne to set in motion plans to cut 100 workers at its New Castle parts plant in addition to the 25 who lost jobs recently. Metaldyne had 170 workers in New Castle as of May, 2007, according to The Star Press of Muncie. Metaldyne, headquartered in Plymouth, Mich., is owned by Japan-based Asahi Tec Corp.
Lawmakers urge pressing candidates on Great Lakes
Seeking to build support for the ailing Great Lakes, lawmakers from the region are urging voters in their states to let the presidential candidates know how critical the issue is to them. Democrats Barack Obama and Hillary Rodham Clinton and likely Republican nominee John McCain have signed pledges to support a comprehensive cleanup plan. But backers in Congress say the candidates need to hear from voters about the importance of the lakes.
| | | |
|
Blog: ABA hits the big screen
The Indianapolis-based American Basketball Association is getting a big marketing boost from the newly released movie "Semi-Pro" starring Will Ferrell. All 20 ABA teams are doing Semi-Pro promotions at their games this week. The league also made about $45,000 selling New Line Cinema 1,800 replica ABA basketballs for the making of the movie. To comment, go to IBJ's new sports business blog, The Score.
From IBJ staff - Compiled by Norm Heikens
Toddler is critical after near-drowning
A 3-year-old girl is in critical condition after her mother left her and another child unattended in a bathtub in an apartment complex in the 9300 block of East 42nd Street. A third child later discovered the girl underwater in the tub. The girl's mother performed CPR until officials arrived. Police are investigating but say it is too soon to know if charges will be filed. Fox 59 will have the latest at 10 p.m.
|  | | | |
| Mayor takes control of IMPD
Mayor Greg Ballard's takeover of the Indianapolis Metropolitan Police Department from Sheriff Frank Anderson took effect at midnight. Ballard broadcasted an official announcement to police officers when the transition went into effect. As part of the change, IMPD officers must be re-sworn in to continue to serve.
Icy roads cause morning accidents
Icy roads were responsible for several accidents across central Indiana this morning. Patches of ice on Interstate 74 between Interstate 465 and the Brownsburg exit caused a man to lose control of his vehicle and flip in a ditch. The driver wasn't hurt and climbed out a window.
Driver stays on cell phone during pursuit
Indianapolis Metropolitan Police say a driver kept talking on his cell phone during an overnight car chase that started at the Raymond Street exit on Interstate 65 south of downtown. Officers arrested the driver a short time later at the Shell gas station on the corner of 21st Street and Capitol Avenue.
| | | |
|
| |  | | | | | | 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. | |
| | | |
| | |
| | |
