From Eric Dondero:

In the 2010 election cycle, Lisa Murkowski who lost the Alaska GOP primary for Senate to Tea Partyer Joe Miller, seriously flirted with a run on the Libertarian Party ticket. The LP considered her bid. But after consultations, and input from the party's membership, the LPA executive committee unanimously voted not to allow her on their ticket.

Now, 2010 Alaska may be re-played in Indiana. Longtime incumbent Senator Dick Lugar, insulted the Tea Party last year, calling them irrelevent, and has now drawn a number of serious challengers for his seat.

The National Journal gives an analysis of Senator Dick Lugar's current predicament," Could Lugar Run As An Independent?":

An independent bid would cost Lugar much more time and effort. If he opts for that path, state law requires he collect nominating petitions from a number of voters equal to two percent of the votes cast in the most recent election for Secretary of State. That means Lugar would need 34,195 signatures just to reach the ballot as an independent.

Lugar also has the option of pursuing the nomination from the Libertarian Party, if he abandons his GOP campaign before Feb. 27. Although the idea seems far-fetched considering Lugar's political views -- Indiana Libertarian Party executive director Chris Spangle doesn't "see a world" where the scenario is possible -- he wouldn't need to go through a petition process. Lugar would have to win in a convention slated for a date in April 2012. Spangle isn't counting on that. "I don't see anything happening," he said.

In the unlikely result that Lugar got the Libertarian nomination, he would still be placed in the "Minor Parties" category since the Libertarian Party didn't break ten percent in the 2010 Secretary of State race.

Interestingly, Libertarian Party National Vice-Chairman Mark Rutherford is from Indiana. He's known as a leader in the pragmatic wing of the LP.

Lugar himself has yet to give any indication that he might consider such a route.

H/t Ballot Access News