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 DJIA 12,723.6 +39.7 / S&P 500 1,384 +2.6 / NASDAQ 2,355.9 +10.9
 |  |  Tonight: Evening flurries, frigid. Low 13. Tomorrow: Some sun, chilly. High 31.
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|  Wednesday, February 27, 2008 |
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Shareholder group backs Steak n Shake foes
Institutional Shareholder Services, a proxy advisory firm, is recommending that two Steak n Shake Inc. stockholders be elected to the Indianapolis company's board of directors at the annual meeting on March 7. For months, Sardar Biglari, who controls San Antonio-based Lion Fund, has been appealing to Steak n Shake investors through billboards and other means to elect himself, along with associate Philip Cooley. Biglari asserts that poor management is behind the restaurant chain's 10-quarter streak of declining same-store sales. 
MainSource buys Louisville bank
MainSource Financial Group Inc., a bank-holding company in Greensburg, said today it has acquired Louisville-based 1st Independence Financial Group Inc. in a cash-and-stock deal valued at $37 million. MainSource said the transaction brings a long-desired presence in Kentucky. Today's announcement comes less than a month after MainSource said its CEO, James L. Saner Sr., had resigned.
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|  | Muncie mayor reviewing development funds
Sharon McShurley, Muncie's new mayor, is scrutinizing economic development spending after learning the $1.5 million in income taxes the city collects annually will fall short by about $89,000. McShurley, a Republican who stunned Democrat Jim Mansfield in a recount in December, said she is considering reallocating some economic development dollars to matching funds that would attract more federal money for traffic-signal upgrades and other expensive projects, according to The Star Press of Muncie.
IU steps up security for McRobbie
Indiana University has boosted security for school President Michael McRobbie following the resignation of former men's basketball coach Kelvin Sampson. Although there have been no specific threats against McRobbie since Sampson resigned Friday, school officials said they are being cautious in light of the trouble that came after the September 2000 firing of former men's basketball coach Bob Knight.
Fed chief signals another rate cut
Federal Reserve Chairman Ben Bernanke, warning Congress of a period of sluggish business growth, sent a fresh signal today that the central bank again will lower interest rates to steady the teetering economy. "The economic situation has become distinctly less favorable" since summer, the Fed chief told the House Financial Services Committee. Since Bernanke's last such assessment last summer, the housing slump has worsened, credit problems have intensified and the job market has deteriorated.
Blog: Move over Danica
There could be as many as four women drivers in this year's Indy Racing League. Danica Patrick and Sarah Fisher have signed deals to race, and yesterday, Venezuelan Milka Duno signed to race several events for Indianapolis-based Dreyer & Reinbold Racing. Champ Car veteran Katherine Legge also may get a ride. To weigh in, go to IBJ's new sports business blog, The Score.
From IBJ staff - Compiled by Norm Heikens
More snow falls in northern Indiana
More lake-effect snow hit northwest Indiana this morning, and some communities could get up to another foot through tonight. Up to 10 inches fell in the area yesterday. Fox 59 News will have the latest at 10 p.m.
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Man burned in southwest-side fire
A fire late last night at Abbey Apartments, 4012 Mann Road on the southwest side, left a man in serious condition. The fire burned the top floor of the three-story building. Investigators are looking into the cause.
IPS lays off 15 administrators
The IPS school board voted unanimously yesterday to revoke contracts of 15 principals, vice principals and supervisors of alternative schools. Officials blamed poor performance and financial concerns. Some of the administrators could be reassigned. School officials say they may be forced to make similar decisions in the future if they can't find more ways to cut $20 million from the district's budget.
Property tax reform plan moves forward
A property tax relief and reform plan is moving to a joint conference committee in the General Assembly. The bill, which contains parts of Gov. Mitch Daniels' plan, has cleared the Republican-controlled Senate. Now, Democrat and Republican negotiators from the House and Senate will work to find a compromise. House and Senate versions of the proposal differ in many ways, but both would cap property tax bills and increase the sales tax.
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| Trooper rescues woman from freezing water
A Henry County woman is safe this morning after an off-duty state trooper pulled her out of freezing water. Fonda Griffith was following a friend, Connersville Trooper Nate Raney, when her Jeep skidded on an icy county road at Shirley, which is between Anderson and Knightstown. Her vehicle flipped and landed upside down in a creek bed. Raney rescued Griffith, who was wearing her seatbelt and suffered minor injuries.
McCord Square project up for final zoning vote
Final zoning approval is expected this week for a planned 540,000-square-foot, mixed-use project at Mount Comfort Road and Pendleton Pike in Hancock County. Construction of the $40 million McCord Square could begin in six to eight months, said Thomas Willey, with the Indianapolis office of Coldwell Banker Commercial Real Estate. Willey and his partner Kurt Mathewson are developing the project for California-based Tower Investments. Coldwell Banker will market and lease the project as well. 
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