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 DJIA 11,85.3 +36 / S&P 500 1,257.7 +5.7 / NASDAQ 2,300.8 +20.7
 |  |  Tonight: Partly cloudy, muggy, isolated storm. Low 68. Saturday: Partly cloudy, spot storm possible. High 87. Sunday: Sun, clouds, warm and humid, with scattered late storms. High 88.
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|  Friday, July 25, 2008 |
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Walker Theatre board names developer
The Madame Walker Theatre Board said it has chosen a preferred developer for a mixed-use development and renovation of the historic venue on Indiana Avenue. Full Spectrum of NY LLC would lead the mixed-use development, which may include retail and restaurants, office space and a boutique hotel. The first phase would include renovating and expanding Madame Walker Theatre Center, which was built in 1927. 
Irwin shares shoot higher after loan sale
Columbus-based Irwin Financial Corp. shares rose 25 percent this morning, in the first trading session since the company announced late yesterday that it was scaling back its exposure to the battered mortgage business. The parent of Irwin Union Bank said it had struck a deal to sell $1 billion of home equity loans to a New York firm and to securitize an additional block of loans with the same firm. It said the moves are part of a restructuring that refocuses the bank on small-business and branch-based customers. Wayward house mortgages have bedeviled Irwin Financial for more than a year.
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Cape Air to end flights between Evansville, Indy
Cape Air, a Massachusetts-based airline, will discontinue flights between Evansville and Indianapolis after Aug. 31 because its planes have been flying at only about 50 percent of capacity. Cape Air began serving Evansville Regional Airport in November after the local airport was without direct flights to and from Indianapolis for nearly six years. The airport is looking for another carrier as a replacement.
Man accused of offering bogus investments
Indianapolis police have arrested an Indianapolis man for allegedly operating a Ponzi scheme. Phillip Moore faces 36 felony counts for guaranteeing high rates of return on loans over short time periods, and then not paying out the returns or writing checks that bounced. Working through a business called Moore Business Group, Moore promised a 20-percent return every four to six weeks, according to the Indiana Secretary of State's Office, which conducted the investigation.
DynAmerica closing Muncie plant
The devastated auto market and lender pressure are forcing the closure of the 105-worker DynAmerica Manufacturing LLC auto parts plant in Muncie, according to The Star Press. The Muncie-based company, which makes seat belt parts, was acquired by Chicago private equity firm TMB Industries in 2005. It sought bankruptcy protection on July 18. The Muncie plant will close in September. DynAmerica plants in Mexico and Ohio also are being shuttered.
Jeffersonville mulls $100M downtown project
A new study recommends that the southern Indiana city of Jeffersonville build a $100 million hotel and convention center complex to help revitalize its downtown.
The project should be financed with public and private funds and include 125,000 square feet for the convention center, 275 hotel rooms and a 1,000-vehicle parking garage, the News and Tribune of Jeffersonville reported.
River spill idles 200 ships near New Orleans
About 200 ships were stacked up today and more were expected to join them at a bottleneck along the Mississippi River caused by a massive spill of heavy fuel oil at New Orleans. Crews had sopped up about 9,500 gallons of oil from the fast-flowing river early today, a fraction of what was stored aboard a barge that split open early Wednesday in a collision with the Liberian-flagged tanker Tintomara. The Coast Guard said it could take days to reopen the nation's bustling waterway to commerce. | | | |
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Vectren unit to make electricity from landfill gas
Energy Systems Group, an arm of Evansville-based utility Vectren Corp., said today that it plans to use gas from a southwestern Indiana landfill to power an electrical generator. The company is tapping gas from Veolia ES Blackfood Landfill near Winslow with the aim of generating 1.6 megawatts initially and building to 3.2 million megawatts - enough to power 2,000 houses.
Updating disabilities regulations
The Justice Department wants to expand, clarify law. NewsTalk
Drafting off NASCAR
Tony George used Brickyard 400 money to forge the IRL. The Score
From IBJ staff - Compiled by Norm Heikens
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Greenwood police debut crime mapping
Greenwood residents are now able to get a better idea of police activity in their community. The Greenwood Police Department has teamed up with Family Watchdog to provide a new mapping Web site, www.greenwood.in.gov/crimemap, that tracks police runs. The system will allow residents to find local crime reports and emergency notifications. Fox 59 will have more at 10 p.m.
Basketball team delivers shoes to Peru
IUPUI basketball coach Ron Hunter is in the South American nation of Peru today armed with 30,000 pairs of shoes. He launched a campaign to collect the shoes during the team's past season. To promote the effort, he coached a game barefoot. A contingent from IUPUI will deliver the shoes on behalf of the not-for-profit Samaritan's Feet. The organization says some 300 million children around the world have no shoes. Hunter says giving the shoes to needy children will be "life changing."
Fans gear up for Allstate 400
Thousands of fans lined up outside Indianapolis Motor Speedway today for a chance to meet drivers. Gates opened at 8 a.m., but fans were gathering outside the track well before 5 a.m. Fans were given wristbands to get into autograph sessions. Practice for the Allstate 400 at the Brickyard revs up at 2 p.m. today, with the race scheduled Sunday.
Property assessment appeals due today
Today is the deadline for Marion County residents to appeal property tax assessments. Appeals must be submitted in writing to township assessors. Property owners who want to appeal assessments on several properties must file separate appeals for each.
Tours of new cancer center this weekend
Public tours of Indiana University's new Melvin and Bren Simon Cancer Center start today. Lab work, radiology, chemotherapy, radiation and surgery are all under one roof, giving the center a one-stop-shop approach to treating the disease. Tours of the facility, which is on the IUPUI campus, are today and tomorrow from 1 p.m. to 5 p.m.
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| |  | | | | | | 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. | |
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