Zionsville Times Sentinel

November 14, 2012

ASI may close at the start of the year

By Rod Rose/For the Times Sentinel
Zionsville Times Sentinel

Zionsville — What was described as a “ghost company” that was created by a bond holder to finish exterior walls for a Brooklyn convention center could shut down all operations next year.

FacadeTek Inc., which occupies the former ASI Limited factory at 4485 S. Perry Worth Road, Whitestown, has told the Indiana Department of Workforce Development it will lay off 72 people in January, the Indianapolis Business Journal reported.

ASI Limited closed in December 2011, throwing dozens of people out of work and putting the $1 billion Barclays Center completion in jeopardy. ASI president Ken Smith never returned phone calls, but Dax Norton, executive director of the Boone County Economic Development Corp., said he believed the company was having cash flow problems.

Norton said that FacadeTek was a “ghost company” created by Ohio Farmers Insurance Co., in Westfield, Ohio, because it had issued a bond to ensure that ASI finish the Barclay Center work. The New Jersey Nets are using the center as their new home.

See Wednesday's paper for the full story.