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 DJIA 12,839 +93.2 / S&P 500 1,397.5 +9.2 / NASDAQ 2,474.5 +29
 |  |  Tonight: Mainly clear and cool. Low 47. Tomorrow: Sunny, breezy and warmer. High 74.
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|  Monday, May 12, 2008 |
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Trustee to intervene in Premier bankruptcy
The U.S. Trustee's office plans to file a motion to intervene in a Chapter 11 bankruptcy case brought by Premier Properties USA Inc. because the development firm is insolvent. Two court hearings last week made it increasingly clear that Premier is in no position to work its way out of bankruptcy: None of its employees have been paid for at least eight weeks, and the firm's operating account balance has fallen to $14.33. U.S. Bankruptcy Court Judge Basil H. Lorch III said he will consider Trustee Mark Drummond's request to convert or dismiss the Chapter 11 filing at a hearing May 30. Drummond had not filed the request as of this morning. 
Emmis shares rise following earnings report
Emmis Communications Corp. Chairman Jeff Smulyan was as upbeat as ever about the company's earnings report today, but this time there might be greater reason for his optimism. Revenue at the Indianapolis-based media company rose 9 percent, to $85.8 million, in the fiscal fourth quarter despite having posted a $13 million loss. Much of the loss in the quarter ended Feb. 29 resulted from a $21.2 million charge for its broadcast license.
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|  | Work set to start on RCA Dome demolition
New traffic and sidewalk restrictions are being put in place near the RCA Dome so demolition work can begin. Closing two lanes of Capitol Avenue downtown will allow preliminary work, such as removal of the dome's signs. Police officials do not expect the new lane restrictions to cause significant traffic troubles. South Street is closed as construction work continues on the new Lucas Oil Stadium, which is scheduled to open in August. Contractors expect to use a controlled explosion in October to demolish the RCA Dome's upper seating section.
Massive auction of Miller art planned
The art collection in the estate of Columbus industrialist J. Irwin Miller and his wife, Xenia, could bring $80 million next month at a Christie's auction in Europe, according to The Republic of Columbus. The collection includes works from artists including Pablo Picasso, Henri Matisse and Andy Warhol, among others. A painting of water lilies by Claude Monet, "Le Bassin Aux Nympheas," could bring $35 million.
Lilly dedicates biotechnology complex
Eli Lilly and Co. this morning held a dedication ceremony for the last phase of its $1 billion biotechnology complex southwest of downtown Indianapolis. The latest addition is a 475,000-square-foot laboratory building. It will house nearly 500 Lilly scientists and support staff who are moving from an older building used to make propellers during World War II.
Opposition expected to proposed TIF district
Shelby County residents who oppose a tax increment financing district near the Indiana Downs racino are expected to show up in large numbers this evening at the last public meeting scheduled before the Shelbyville Redevelopment Commission, according to The Shelbyville News. The Shelbyville plan commission and city council already have approved creating the TIF district, which would use taxes collected in the area to fund infrastructure improvements rather than going toward schools, libraries and fire districts. If the redevelopment commission gives it final approval, Shelbyville's newest TIF district would be near the horse track off Interstate 74.
New ballpark draining Gary coffers, report says
U.S. Steel Yard, the baseball stadium Gary officials hoped would draw development into city's downtown, is experiencing mixed success five years after opening, according to the Post-Tribune of Merrillville. It still isn't making money and the city's stadium fund had $8,000 in it at the end of 2007, down from $15,000 when the year began. Yet, the home to the minor league Gary SouthShore RailCats has seen attendance climb to 166,000 last year from the 140,000 in 2003.
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Democrats hopeful after Clinton-Obama race
The Hillary Clinton and Barack Obama television commercials are off the air in Indiana and mailboxes are no longer filled with their literature. Their storefront offices have been cleaned out after the weeks-long rush that ended with last week's primary. But while the national campaigns have moved on, Democrats across Indiana hope they can still capture some advantage from the attention, activism and record voter turnout the presidential candidates generated.
Thompson faces uphill fight against Daniels
Jill Long Thompson says she knows it will be tough to unseat Republican Gov. Mitch Daniels in November, and she already has come out swinging. Just hours after squeaking out the Democratic gubernatorial nomination over Jim Schellinger last week, the former Indiana congresswoman verbally jabbed Daniels. "Four years ago he went through the state wearing a flannel shirt, driving an RV, eating a lot of tenderloins, and voters want more than a flannel shirt and a connoisseur of tenderloin," she said to reporters in Fort Wayne.
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You-review-it Monday
What did you see over Mother's Day weekend? Lou Harry's A&E
Emmis does better, sort of
Radio numbers are up. Is Emmis up, too? NewsTalk
Pacers reach out to corporate community
Herb Simon and Jim Morris meet with local businesses. The Score
From IBJ staff - Compiled by Norm Heikens
Toxic trailers for sale in Indiana
When the Federal Emergency Management Agency discovered formaldehyde gas inside trailers made for victims of Hurricane Katrina, they shipped thousands of them back to the manufacturers in Indiana. Now trailers with the same problems are being sold to unsuspecting Hoosiers on lots across the state. Fox 59 will have more at 10 p.m.
Overnight fire leaves many homeless
An early morning fire at Timber Ridge Apartments, 3321 Meadows Court on Indianapolis' northeast side, forced almost a dozen people from their homes. Firefighters shut off power to the building while fighting the flames. No one was hurt. Officials are trying to determine a cause.
Facebook ordered to reveal names in fake profile case
Facebook has been ordered to turn over information identifying the person who set-up a fake profile in the name of a Roncalli High School dean. A Marion Superior Court Judge issued the social networking site's order on Friday, one day after Dean of Students Tim Puntarelli sued the Web site. Puntarelli alleges harassment and identity theft by the unidentified creator of the profile. Facebook, based in Palo Alto, Calif., removed the fraudulent profile from its site after Roncalli officials reported it last month.
Simons poised to give estate to IU
Billionaire philanthropists Mel and Bren Simon are laying groundwork to donate Asherwood-their extravagant Carmel estate and golf course-to Indiana University Foundation.
VC fund thinking green
A former Silicon Valley sales executive and a Cincinnati investment manager have formed a venture fund here that's trying to raise $100 million to invest in the new darlings of the investment world: clean technology firms.
Radio ratings all shook up
Numerous format changes late last year caused a major shake-up in the first-quarter survey results of central Indiana's radio-listening habits.
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