Steak n Shake results expected next week

DJIA 11,947.6 -93.1 / S&P 500 1,297.1 -7.3 / NASDAQ 2,217.3 -3.2 Tonight: 1 to 2 inches of snow possible. Low 18. Tomorrow: Snow showers and windy. High 24. Sunday: Some sun. High 32.
	Friday, March 7, 2008
	Steak n Shake results expected next week A proxy skirmish over the future of Steak n Shake comes to a head today, but results likely won't be known until next week. The Lion Fund, a Texas hedge fund, is seeking to oust board members Alan Gilman, 77, and James Williamson, 76, both of whom have served stints as CEO of the Indianapolis-based restaurant chain. The fund wants to replace them on the nine-member board with Sardar Biglari, who heads the fund, and Philip Cooley, a finance professor and adviser to Biglari.   Partner: Lilly may halt inhaled insulin project The company helping Eli Lilly and Co. develop inhaled insulin said it expects Lilly to scuttle the project next week. Massachusetts-based Alkermes Inc. said in a news release this morning that Lilly officials have told the company they are evaluating the business prospects for inhaled insulin, called AIR Insulin. Alkermes' statement said company officials are not aware of any safety, efficacy, or manufacturing issues that have arisen since Lilly officials said in January they were pushing ahead with the program.
	Carlyle Capital in default on loans Allison Transmission owner Carlyle Capital Corp. Ltd. did not meet banks' margin calls on its $21.7 billion portfolio, according to several news services. A unit of Washington, D.C.-based private equity firm Carlyle Group, Carlyle Capital last fall bought Allison Transmission in Indianapolis from General Motors Corp. for $5.6 billion. Carlyle Capital has received several notices from banks indicating it was in default on loans. Those loans fund certain home mortgage bonds from Fannie Mae and Fannie Mac. Guidant investors lose lawsuit Guidant Corp. investors have lost a class-action lawsuit that claimed Guidant executives hid knowledge of defects in the corporation's heart defibrillators and pacemakers so the value of the company wouldn't slump at a time it was about to be acquired. Judge Sarah Evans Barker dismissed the case in late February, saying the investors didn't produce enough evidence to show the executives deceived them. The investors claimed they bought stock at inflated prices as a result of Guidant's not disclosing the problems.   Allied Waste to open center with 350 workers Allied Waste Industries Inc. said this morning it will establish a customer service center in Morocco, Ind., and add 350 jobs within six years, according to the Indiana Economic Development Corp. The center is the result of the Phoenix-based company's decision to consolidate its regional customer support operations into a centralized location. Morocco is between Lafayette and Merrillville in northwest Indiana.   ATA exits Midway, local jobs spared ATA Airlines said yesterday it would close its Chicago Midway hub and cease all scheduled service there, starting with domestic flights on April 14 and international flights as of June 7. The announcement comes after ATA parent Global Aero Logistics said in a January regulatory filing that it was considering selling all or part of the Indianapolis-based carrier. Global Aero Logistics is headquartered near Atlanta.   New York expands probe of WellPoint New York Attorney General Andrew Cuomo said yesterday he issued new subpoenas to Indianapolis-based WellPoint Inc. and other health insurers including Aetna Inc., Cigna Corp. and UnitedHealth Group Inc. in a broadening investigation of possible fraud. The attorney general said he believes the companies used UnitedHealth-owned Ingenix to set rates, which resulted in consumers being reimbursed at unfair and unjustifiably low rates. Low reimbursements mean higher out-of-pocket costs for consumers when they choose or need physicians outside their health plans.
	Wisconsin might kill Great Lakes Compact The Wisconsin Senate passed an interstate treaty yesterday designed to keep arid states from pulling water out of the Great Lakes. The 26-6 vote in the Democratic-controlled Senate sent the Great Lakes Compact to the state Assembly, where Republican leaders have raised objections to part of it. The governors of all eight Great Lakes states, including Wisconsin Democrat Jim Doyle, signed the compact in 2005 after years of negotiations.   Star editor taking position at Kansas Pam Fine, managing editor of The Indianapolis Star and a former Pulitzer Prize juror, has been named Knight Chair at the University of Kansas School of Journalism and Mass Communication. Fine, whose last day at The Star will be April 4, will be Knight Chair on News, Leadership and Community, a tenured professorship established in 1990.   Blog: Champ Car files bankruptcy Champ Car filed for Chapter 11 bankruptcy protection yesterday, a move that could pave the way for unification with the Indy Racing League or ignite a bidding war for its assets with other interested buyers. The filing reveals that IRL boss Tony George has offered $10 million for Champ Car's intellectual property rights, a mobile medical trailer and a consulting agreement with Champ Car principals. To weigh in, go to IBJ's new sports business blog, The Score.
	From IBJ staff - Compiled by Norm Heikens Three rescued from west-side fire Two adults and a 4-year-old child were rescued from an apartment fire this morning on Indianapolis' west side. About 5 a.m., firefighters received a report of a blaze at Chesapeake Landing Apartments, 3640 Beluga Lane. The three victims, trapped on the second floor, were rescued after staying on the phone with a dispatcher who relayed their location to firefighters. Fox 59 will have the latest at 10 p.m. Officer said he was helpless to stop crash No one was hurt when a car careened into a police cruiser and another car early this morning. Officer Kevin Larussa had pulled someone over for a traffic stop on 38th Street on the northwest side when he looked in his rear view mirror and saw a car coming up really fast behind him. The car swerved, sideswiped his cruiser and then hit the car the officer had pulled over. The driver was taken to police headquarters to be tested for drugs and alcohol. Blitz begins today State and local police are beefing up patrols for St. Patrick's Day. "Operation Pull Over Blitz 54" kicks off today and runs through March 23. Officers will be keeping a close eye out for drunk drivers. They'll also be on the lookout for seatbelt use and child restraint violations.
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