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 DJIA 11,032.1 -197 / S&P 500 1,232.8 -20.8 / NASDAQ 2,221.8 -36
 |  |  Tonight: Muggy, chance of storms. Low 70. Tomorrow: Storms, some severe. High 90. Sunday: Morning shower, pleasant. High 80.
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|  Friday, July 11, 2008 |
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Oesterle buys church for Indianapolis Opera
Angie's List CEO Bill Oesterle has purchased the Holy Trinity Greek Orthodox Church building in Meridian Kessler for nearly $1.5 million and leased it to the Indianapolis Opera to use for rehearsals, educational programming and smaller performances. The building was put up for sale in the fall of 2005. In mid-2006, a charter-school group signed a contract to buy it, but the deal fell through when neighborhood groups rejected the idea over concerns the school would tie up traffic. Neighborhood groups have signed off on the opera's plan. 
Emmis investor castigates director Susan Bayh
Susan Bayh, lead director for Emmis Communications Corp. and wife of U.S. Sen. Evan Bayh, has been blistered in a letter from an Emmis investor who says she isn't taking proper responsibility for her board seat. Frank Martin, senior partner in Elkhart-based Martin Capital Management, said Bayh is indirectly responsible for a long-term decline in the Indianapolis radio and publishing company because she hasn't forced improved performance from CEO Jeff Smulyan despite her position as lead director. "The long-decaying destiny of Emmis seems irretrievably the consequence of a monumental and serial travesty of corporate governance that may be your legacy," Martin wrote in the four-page missive. Bayh couldn't be reached.
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Flood, bad loan wallop Columbus bank
Investors have been hammering Indiana Community Bancorp stock since the company announced Thursday that it will take a $1.9 million provision for loan and investment losses in the second quarter. The Columbus-based parent of Indiana Bank and Trust Co. said the move was necessary because of losses stemming from flood damage and investments gone bad. Yesterday, shares fell 10.3 percent, to $12.75. The stock is down an additional $1.03 today.
Cooling line break closes state museum, NCAA
The loss of indoor cooling because of a broken chilled water line has led to the temporary closures of the Indiana State Museum and NCAA headquarters downtown. Spokesman Dan Considine of the utility Citizens Gas said Friday that the loss of cooling also affects the IUPUI campus and - to a lesser extent - the Clarian Health hospital network. The line was damaged by construction work yesterday, and Considine said the utility hoped to have repairs made this afternoon.
Crown Point sues company over disputed loan
Crown Point Development Corp., the economic development arm of the northwestern Indiana city, has sued a company that was expected to create at least 200 jobs in the city, according to The Times of Munster. Crown Point loaned Plasmatronics Inc. $380,000 to lure the company to the city last year. However, Plasmatronics, which intended to make an ignition to improve gas mileage and cut pollution, quit operating in the city earlier this year and didn't repay the loan.
IU gets grant to expand Purdue partnership
The Indiana University School of Medicine has received $1.25 million from the National Institutes of Health to expand a partnership with Purdue University to train physician-scientists. The grant is one of 40 given nationally by the NIH. The IU-Purdue program leads to both a medical doctorate and a Ph.D. degree. IU accepts only five students each year from among 125 applicants. In a news release, IU officials said the NIH money will allow IU to admit more students, but the statement did not say how many more.
Analyst upgrades Steel Dynamics
An analyst upgraded Steel Dynamics Inc. today, citing a recent drop in its shares. Citi Investment Research upgraded the Fort Wayne steel recycler to "Buy" from "Hold." Since June 19, shares of Steel Dynamics are down 18 percent. The dip gives investors an opportunity, the investment bank said. | | | |
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Railroad reaches deal on traffic tickets
The Norfolk Southern Railroad has agreed with the Lake County prosecutor to settle more than 1,500 tickets for blocking streets in Hammond. Norfolk Southern attorney Geoffrey Blazi says there's also an informal agreement to reduce the amount of time city railroad crossings are blocked by trains. Both sides also have agreed to meet every two months.
McCain: States should control their own water
Republican presidential candidate John McCain says Michigan and other Great Lakes states are right to protect their water from dry regions such as his home state of Arizona. McCain told The Associated Press in an interview after a campaign stop in suburban Detroit yesterday that he supports the Great Lakes compact. Michigan on Wednesday became the last of the eight states involved to join the compact when Gov. Jennifer Granholm signed the compact bill into law. McCain says he can't envision a scenario in which Great Lakes water would be shipped elsewhere. |  | | | |
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Your summer reading list
Recommendations for summer reading on the arts. Lou Harry's A&E
Paddlefish caviar goes toxic
That caviar you're eating might be contaminated. NewsTalk Did Tony George save or doom open wheel?
Indy Racing League boss is still a polarizing figure. The Score
From IBJ staff - Compiled by Norm Heikens
Indianapolis cop shot in the line of duty
An Indianapolis police officer is in critical condition after being shot in the head last night. Jason Fishburn, 29, was chasing a murder suspect on the city's east side when the man opened fire on police. Investigators say the suspect might be connected to the murder of 69-year-old Clifford Haddix earlier this week. Fishburn is in a medically induced coma after undergoing emergency surgery to relieve swelling on the left side of his brain. Fox 59 will have more at 10 p.m.
Police officer dragged
A Beech Grove police officer is recovering after being dragged by a car for almost a mile. Lt. Scott Ferrer was conducting a routine traffic stop around noon yesterday when the suspect took off with Ferrer's hand stuck in the car. Witnesses say the suspect, 28-year-old Matthew Thomas, dragged Ferrer over trees and a large metal sign. The officer eventually was thrown over the hood of the car, resulting in cuts and bruises. Police caught Thomas, and charges are pending.
Fans have chance to meet Colts players
Indianapolis Colts fans will have the opportunity to meet players and cheerleaders today at Colts Fan Fest. The event kicks off today at 5 p.m. at Martinsville High School. The Colts are accepting donations for Morgan County flood victims. The team will match all donations up to a total of $10,000. The money will go to the Red Cross.
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