The Indianapolis Star from Indianapolis, Indiana • Page 24

sr nr'H TUESDAY, JUNE 5, 1990 C-2 THE INDIANAPOLIS STAR INDIANA REPORT Business Record tEa ti COMPANY NEWS i 21 rv-J-l, pi ij Jill- i 4.. i .1 i 1 Kill 'It IM 4 A I i 'JUJU JJJJ Hi! ill" I43- uj-ju jjir jjii ji 1 V)h Hi j. 'ilkll lX iAJi! 1 11- -j sni. STAR STAFF PHOTO BUD BERRY The 297-room Meridian Hotel, 2820 North Meridian, has sat vacant since it closed in November 1989. GANNETT CO.

has named Richard L. Holtz publisher of the Lafayette Journal and Courier. He replaces W. Curtis Riddle, who has been appointed publisher of the Lansing State Journal in Lansing, Mich. Holtz, 50.

was publisher of the Journal and Courier from 1986 to 1988. before he moved to Stockton. Calif. AMPC has purchased M.A.G. Inc.

in Martinsville. M.A.G. Is a producer of custom precision injection molded plastic components. INB FINANCIAL CORP. has finalized its $16.4 million purchase of CSB Inc.

of Chesterton. CSB is the parent company of Chesterton State Bank, which operates eight offices in Porter County. RIEFER'S OF INDIANA INC. anticipates closing in coming weeks as it sells the last of its merchandise. The furniture retailer is located at 1525 North Meridian Street.

INDIANA DEPARTMENT OF INSURANCE has fined the following licensed insurance agents: Phillip E. Francis. $2,500: Thomas R. Hunsberger. $100; Russell E.

Lash. $500: Barry S. Miller. $500: Anthony E. Powell.

$300; Tyler C. Richards. $250; Richard H. Ruffard. $500; Tyree Terrell.

$1000. BLACK BEAUTY RESOURCES of Evansville and Pittsburg Midway Coal Mining Co. of Englewood, have formed a partnership company. Black Beauty Coal Co. The agreement includes Black Beauty's four mines in Indiana and one in Illinois, plus low-sulphur coal reserves in Knox County, Ind.

BANKRUPTCIES EMANUEL C. AND ANNA ALEXANDER Doing business as A Electric, Hobbs: Chapter debts, assets. $53,152. AUTOMATED RESOURCES TECHNOLOGIES INC. Formerly known as Exlcon, Indianapolis: Chapter 11; debts, assets, $21,812.

MARK A. AND CHRISTINA S. WEDEKIND HECK Doing business as Mah Builders, D. G. Heck Son, M.A.H.

Construction, Indianapolis: Chapter debts and assets not listed. TIMOTHY D. HELTON Doing business as Underground Construction, 4302 West Washington Street: Chapter debts and assets not listed. ZEDRIC D. BOTKIN Formerly doing business as National Construction, formerly doing business as McB Construction, Edinburgh: Chapter debts, assets, $3,260.

OSCAR AND GRETCHEN OSBORNE Formerly doing business as Osborne Drywall, formerly doing business as Southside Drywall, 7726 Rahke Road: Chapter debts and assets not listed. THE FAITH BAPTIST CHURCH OF AVON 13232 West Rock-vllle Road: Chapter 11; debts and assets not listed. MILLER POST ROAD MORTUARY 1112 East Prospect Street: Chapter debts, $233,577: assets, $21,307. NEW VENTURES VISION MASTERS INC. Willow Lake Shopping Center.

86th Township Line Road. RELOCATIONS MARKETING BY DESIGN Advertising and marketing. 63 South Park Boulevard, Greenwood. NAME CHANGE HACKETT STAMP COIN SERVICE Formerly L.S. Ayres Meridian Hotel to be auctioned June 20 Bank One to make offer on 297-room structure UPDATE The sheriffs sale could be halted if the hotel owners either declare bankruptcy or pay off the mortgage, Greer said.

"We can stop the foreclosure by paying $2 million to Bank One, which we're not going to do," he said. do better at a sheriff's sale," he said. Greer acknowledged it would be more advantageous for Inn at Indianapolis to sell the hotel on the open market rather than at a sheriffs sale. But, he said, "We have no present intentions to stop the sheriff's sale." By KAREN J. COHEN STAR STAFF WRITER The vacant Meridian Hotel is set to be sold at a sheriffs sale June 20.

The 296-room hotel, which opened in 1967 as the Stouffer's Inn and subsequently was acquired by the Sheraton closed Nov. 30. Sheraton ended its relationship with the hotel in February 1988. Bank One, Indianapolis, which holds the mortgages on the property, moved to place the hotel in receivership when revenues began falling and there were Indications the hotel would continue to lose money. Last September, Marion County Superior Court Judge Anthony J.

Metz III ruled that the hotel would close. The owners of the hotel. Meridian Hotel Associates owe $6 million to Inn at Indianapolis Joint Venture and $2 million to Bank One. In May, Meridian Hotel Associates deeded the building to the Inn at Indianapolis, which owned the land at 2820 North Meridian Street where the hotel was located, in lieu of foreclosure. Now Bank One has moved to force the sale of the property.

"Bank One is the moving party on the action," said Constance J. Goodwin, attorney for Bank One. Since going into receivership. Bank One has borne the cost of the hotel's monthly maintenance. "Bank One is funding the cost of receivership," Goodwin said.

"They wanted to protect the building to see that something doesn't happen to it. "It's the owner's responsibil- Ity but they said they couldn't do it. Bank One wouldn't want dangerous conditions to develop." Charlie Greer, attorney for the Inn at Indianapolis, said his clients are unable to pay for the hotel's maintenance. "They don't have the cash flow to do it," he said. "My clients' whole cash flow was in the hotel.

When the hotel closed, the source of the cash flow disappeared." All involved parties anticipate there will be a number of bidders at the sheriff's sale. Bank One is planning to be there. "It would be In Bank One's Interest to buy It for the amount they're owed," Goodwin said. "Bank One is owed In the neighborhood of $2 million, in Bank One's (court) judgment. "We're anticipating other bidders there.

We don't think it will go for less than $2 million." The hotel Is listed with F.C. Tucker Co. Realtors. Don R. Williams, vice president of Tucker, said that while several parties have expressed interest in the property, there have not been any offers.

"We've had substantial Interest, primarily from those who want to continue its operation as a hotel," Tucker said. "We have priced it at slightly over $15,000 a room. You couldn't build that today in Downtown Indianapolis." Cale J. Bradford, attorney for the court-appointed receiver, Charles Pechette, said he also expects a good turnout at the sheriffs sale. "Maybe they think they will Stamp and Coin department.

INDIANA STOCK TRANSACTIONS ESCALADE INC. Gerald J. Fox, director, purchased 1,500 shares at $5.88 per share on May 8 and now directly holds (eepYourMoheyMovikg 27,100 shares. Indiana Stock Transactions reports trades involving officers and directors and i owners of 10 percent or more of publicly held companies that are based or have a significant presence in Indiana. InvestNet North Miami, an investment adviser, compiles the information.

ti the right Direction AfiTu Am nil iCoal in nil iuiviuNin uu. was sold to a firm that he said competes with other coal sellers. That situation, he said, might give the state an opportunity to take advantage of an unsettled situation. "We've got to move very said James Hartung, director of Burns International Harbor. Gray Indicated that some company will get Into the transporting and blending business and that if it isn't done in Indiana it will be done elsewhere.

The largest such coal loading terminal on Lake Michigan is at the Illinois International Port In Chicago. The new operator of that facility, KCBX Terminals Is one of the the nation's largest bulk cargo handlers and a spokeswoman there scoffed Monday at suggestions that Indiana might try to dethrone it. However, no official comment was forthcoming from KCBX. Gray said he has three cranes at Burns International that can load 1 ,300 tons of coal per hour. However, he said that to upgrade the facility properly to a capacity of at least 2,000 hourly the business would need costly automated loading and unloading machinery.

Martin said any loading equipment would be the responsibility of the private sector. Port Commission directors said they would have to get an appraisal on the value of the sand dune and then solicit bids for its removal. Gray had offered $330,000 for the sand dune, which he said would cost as much as $4 million to remove if the state does it on its own. Now you can earn an annual interest rate of 8.00 compounded daily to yield 8.33 annually on our 18-Month Certificate of Deposit. The minimum deposit is $500, but you can deposit up to $100,000.

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'and Huntington are registered service marks ol Huntington Banc shares Incorporated 1990, Huntington Bancshares Incorporated. Continued from Page 1 that can be used as a fuel source at utility plants. Gray, who owns a large bulk transit business and has stevedoring contracts at Burns International Harbor, said he already has shipped 1 00.000 tons of coal and petroleum coke from the Porter County facility. However, he said the 8-acre coal storage yard there limits him to an annual shipping capacity of about 400,000 tons much smaller than the volume he envisions. Gray said he feels a budding business is available shipping petroleum coke there are at least four oil refineries in the Chicago-northwestern Indiana area and Illinois Basin coal that would be blended with Western states' coal for shipment to utilities located alongside Great Lakes shorelines.

"That's a common, practice, rail to boat," said Lazarz of the coal association. He said Indiana coal producers would welcome any additional marketing outlet for the 33 million tons of coal they produce annually. Indiana already ships almost 3 million tons of coal yearly through the Southwlnd Maritime Center near Mount Vernon on the Ohio River. That facility Is located close to the majority of the state's mines. Frank G.

Martin executive director of the port commission, said the agency Is studying what It might do to boost coal shipping. However, he said It's not likely that much coal would be shipped farther upriver on the Ohio because from Louisville, on eastward the state would have to compete with existing, privately owned docks. Gray said the Burns International plan Is attractive to him because a petroleum coke and coal shipper in Chicago recently Your checking account will sprout extra benefits with Junction 50 Watch your checking benefits grow when you sign up for Junction 50. If you're 50 or over, just keep a $100 balance to harvest free checking and these other benefits! Competitive Interest Rates Paid Monthly Free Checks Accidental Death Insurance, including $50,000 in Common Carrier Insurance. Cash Bonuses When You Travel Discount Pharmacy Service Eyewear Discount And Much More! Cultivate some checking advantages of your own ask for your Junction 50 Account today.

$5.00 monthly fee for accounts felling below $100.00 To place your Classified Ad Phone 633-1212 THE STAR THE NEWS North 879-2160 Northwest 299-4892 Elwood 552-5061 Downtown 637-0448 Southeast 787-6316 Greenwood 88Z-8724 East 898-4114 Northeast 842-2013 Alexandria 724-7791 Carmel 846-6605 Welt 271-9021 Brown County 812-9884633 CO RAILROADMEN'S .5 arg Akk.