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 DJIA 11,726.3 -70.1 / S&P 500 1,300.3 -5.0 / NASDAQ 2,444.4 +4.4
 |  |  Tonight: Mostly clear and cool. Low 60. Tomorrow: Late-day showers, mild. High 82.
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|  Tuesday, August 12, 2008 |
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Big portfolio of local apartments changes hands
A local construction company specializing in apartment renovations is paying $80 million to acquire a huge local portfolio from the nation's largest owner of apartment communities. Ardizzone Enterprises Inc. has agreed to buy 1,885 units from Denver-based Apartment Investment & Management Co., or AIMCO. Apartment properties are attractive to buyers because occupancy rates are rising as the market for single-family homes suffers. 
Special charge hammers Conseco profit
Conseco Inc. recorded a massive loss in its second quarter due to a $500 million accounting charge from a proposed spin-off of its long-term care business. Absent that special charge, the Carmel-based insurer would have swung to a profit compared with a loss in the same quarter a year earlier. For the three months ended June 30, Conseco lost $487 million compared with a loss of $60 million a year earlier. |  | | | |
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Steak n Shake reports another bleak quarter
The Steak n Shake Co. said late yesterday that it swung to a fiscal third-quarter loss as fewer customers visited its restaurants and as higher commodities costs, rising minimum wage rates and increased discounts ate into profits. The Indianapolis-based company lost $9.8 million compared with a year-ago profit of $124,000. Same-store sales, an important retail metric, declined 5.8 percent.
Noble Roman's profit plummets
A sluggish economy and stiffer enforcement of franchise agreements resulted in second-quarter profit plunging 44 percent for Noble Roman's Inc., the Indianapolis restaurant chain announced late yesterday. Noble Roman's generated profit of $395,307 for the quarter compared with $703,506 a year earlier. The company attributed most of the weaker results to slower growth in its co-branded franchises, which include Noble Roman's Pizza and Tuscano's Italian Style Subs.
Hundreds turn out for White auction
More than 1,000 people from nine states attended an auction Saturday of hundreds of items seized from Christopher P. White, the founder of bankrupt developer Premier Properties USA Inc. The auction, held at the Hamilton County Fairgrounds in Noblesville, was managed by Key Auctioneers of Avon. Key declined to say how much money the auction raised but in an e-mail to IBJ called it "very successful." Items sold include several Vespa scooters, a 22-foot pontoon boat, baby grand piano, foosball table, flat-panel TVs, dumbbells, wine racks, bongo drums and a "large quantity of costumes."
Enzon Pharmaceuticals might sell Indy facility
An Indianapolis plant that manufactures specialty drugs might be sold, its parent announced yesterday. Enzon Pharmaceuticals Inc., based in Bridgewater, N.J., said it might sell the plant or one or all of its products as part of a strategic review of its specialty pharmaceutical business. The plant at 6925 Guion Road on the far-northwest side makes Oncaspar, for leukemia; DepoCyt, for meningitis; Abelcet, for fungal infection; and Adegen, for the "bubble boy disease" immune disorder.
Amazon to open second Indy-area warehouse
Amazon.com will open a 950,000-square-foot warehouse in Airtech Logistics Park in Plainfield, the Indiana Economic Development Corp. announced late yesterday. The online retailer will hire more than 350 workers by 2011. Amazon in March committed to opening a 600,000-square-foot warehouse with 1,200 jobs in the Boone County community of Whitestown, and also plans to put a fulfillment center in the northwest Indiana city of Munster. | | | |
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Hummer maker to assemble taxies
AM General LLC, the Mishawaka company that manufactures the Humvee military vehicle and H2 Hummer consumer sport-utility vehicle, now plans to build taxies. AM General will make the Standard Taxi for Vehicle Production Group LLC of Troy, Mich., which recently landed $160 million in funding for the project, according to the South Bend Tribune.
Ice Miller named best law firm for women
Working Mother magazine has named Indianapolis law firm Ice Miller a Best Law Firm for Women. Ice Miller said in a release that law firms need to better cater to women, who make up nearly half of law school students. The firm was the only one in Indiana that made the list, which is limited to firms with at least 50 attorneys.
Nestle to expand new Anderson plant
Just three months after Nestle USA began ramping up production at its new plant in Anderson, the company said in a long-expected announced today that it will spend $200 million on an expansion. |  | | | |
| Nestle will add 135 workers to the 300 who staff the initial, $359 million project, the Indiana Economic Development Corp. said. The state offered Nestle $1.4 million in incentives for the expansion. The site manufactures Nesquik and Coffee-mate drinks. The company is an arm of Nestle S.A. of Vevay, Switzerland.
Ballard 'cannot eliminate the arts'
What was the underlying message to Ballard's speech? Lou Harry's A&E
Back to school in hard times
Enrollment at colleges and universities is booming. Newstalk
Colts have questions about Lucas Oil Stadium
Team hopes 'secret weapon' will make it as loud as Dome. The Score
Axia Urban pitches live-work project
A developer plans a new look for 22nd and Talbot streets. Property Lines
From IBJ staff - Compiled by Norm Heikens
Pendleton soldier to be laid to rest
A Pendleton family said goodbye this morning to Staff Sgt. Brian Miller, who died Aug. 2 in a vehicle accident in Iraq. Miller, 37, was assigned to the National Guard's 67th Brigade Combat Team, headquartered in Huntington. He graduated from Pendleton Heights High School. Fox 59 will have more at 10 p.m.
Medical records found in Broad Ripple dumpster
A retired doctor says he didn't throw away medical files found in a Broad Ripple dumpster, but admits that it was his responsibility to have ensured the records were disposed of properly. Dr. John Dugan's comments came after the FBI removed the dumpster and records from Northside Family Physicians yesterday. The files contained Social Security numbers, addresses and phone numbers of patients who once visited Dugan. The FBI is investigating and plans to contact affected patients.
Cop accused of driving drunk again
An Indianapolis police detective is expected in court tomorrow after his weekend arrest on drunken driving charges. George "Leon" Benjamin, a 23-year veteran, crashed his police car into a fence at the Carrier Air Conditioning plant near West Morris Street and Girls School Road. According to court documents, Benjamin has been accused of driving drunk before. He was involved in alcohol-related crashes in 2002, 2004 and again last month. Benjamin has been assigned to administrative duty pending the outcome of his trial.
Power player blows into city
Alternative-energy giant Horizon Wind Energy is opening an Indianapolis office focused on developing up to four new wind farms in Indiana at a cost of more than $2 billion. 
Interactive looking past stock slump
Indianapolis software developer Interactive Intelligence Inc. is buying back stock despite a recent slump in the price.
Push for personal medicine boosts firm
Software developer RND Group Inc. is so busy working on gene-based diagnostic services that it is turning away business. | | | |
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