Chicago Business News for December 12, 2012

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Spire developer faces foreclosure on Bucktown building

A venture led by Irishman Garrett Kelleher defaulted on a $1.6 million loan on the office-and-warehouse building, a bank alleges in a complaint.

Attorney Mark Pearlstein dies at 64

The co-founder of Levenfeld Pearlstein and condo law specialist died of cancer, his Chicago law firm said.

Brodsky leaves a transformed CBOE

In 16-plus years, William Brodsky turned the small, member-run options organization into the world's largest options exchange with a half-billion dollars in revenue.

Chicago City Council OKs electricity deal with Integrys

Now Integrys will move quickly to lock in a power price through May 2015 for the more than 900,000 customers it soon will serve.

Caterpillar moves up quarterly dividend to Dec.

(AP) — Caterpillar Inc. on Wednesday said it would pay its 52-cent quarterly dividend early, in December, as potential tax increases loom next year.

Trader Don Wilson buys Gold Coast site of new Starbucks

He paid $12.35 million for the property at 1003 N. Rush, where the coffee chain just opened a flagship store that's one of the few in Chicago serving wine and beer.

Updated 1:00 p.m.

CBOE chief Brodsky to step down

The longtime chief, left, is expected to become executive chairman next year, with veteran Edward Tilly, right, taking over as chief executive.

Block 37 mall developer Freed accuses new owner of fraud

Joseph Freed & Associates alleges in a lawsuit that CIM Group negotiated about a partnership but really intended only to get confidential information and freeze out the Chicago firm.

Redbox video streaming plan takes on Netflix

(AP) — The DVD kiosk operator later this month will offer an unlimited streaming-video plan, a challenge to Netflix's supremacy.

Baxter rival plans another study for Alzheimer's drug

(AP) — Eli Lilly's experimental Alzheimer's drug has flashed potential to help with mild cases of the disease, but patients and doctors will have to wait a few more years to learn whether regulators will allow the drugmaker to sell it.

Where the wild things are – on your plate

"The new gatherer cuisine" — mushrooms, stinging nettles, oxalis, pineapple weed, purslane, cattails, Japanese knotweed, lamb's quarters, wood sorrel and ramps — is becoming mainstream at local restaurants and providing foragers with a steady living.

Freedom Communications wants Chicago Tribune

In an interview, Freedom CEO and Orange County Publisher Aaron Kushner said he's interested in Tribune's newspapers, which may be sold by its new creditor/owners after Tribune emerges from bankruptcy.

Navistar names Icahn managing director to board

(AP) — Navistar International Corp. has named Icahn Capital managing director Samuel J. Merksamer as a board member.

Morning 10: Brodsky departing | Trib shopper | new Adler president

CBOE Holdings Inc. CEO William Brodsky has told the board that he will resign as CEO after the annual meeting in May 2013. Read more here

Sterling Bay buys West Loop property, may develop data center

The Chicago company paid just over $23.5 million for a site along the east side of the Dan Ryan Expressway.

Hard Rock Hotel gets out of a financial jam

The owner of the Michigan Avenue property avoids foreclosure by landing a new, $48 million loan and putting in more cash.

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