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Editorial Results (free)

1. Fewer US Banks Fail as Industry Strengthens -

WASHINGTON (AP) – U.S. banks ended 2012 with their best profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They're helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers.

2. US Bank Earnings Rise 6.6 Percent, Most in 6 Years -

WASHINGTON (AP) – U.S. banks earned more from July through September than in any other quarter over the past six years. The increase is further evidence that the industry is strengthening four years after the 2008 financial crisis.

3. US Bank Earnings Rose 21 Percent in 2nd Quarter -

WASHINGTON (AP) – U.S. bank earnings rose 21 percent in the April-June quarter and lending to consumers increased, adding to evidence that the industry is strengthening four years after the financial crisis.

4. As US Economy Steadies, Bank Closings Become Rarer -

WASHINGTON (AP) – Fewer U.S. banks are failing than at any time since the financial crisis erupted in 2008. The healthier banking industry is helping sustain an economy slowed by lackluster hiring, weak manufacturing and Europe's debt crisis.

5. New York Co. Buys Into Four Lenox Park Bldgs. -

3150 Lenox Park Blvd., 6750 Lenox Center Drive, 6745 Lenox Center Court and 6775 Lenox Center Court Memphis, TN 38115

6. Clearbrook Village Financed for $3.8M -

New York City-based Clearbrook Village Apartments LLC has financed the apartment complex of the same name at 3516 Tall Oaks Circle for $3.8 million through Wells Fargo Bank NA.

7. Troubled Banks Made Up About 12 Pct of Total in Q1 -

WASHINGTON (AP) – The number of U.S. banks at risk of failing made up nearly 12 percent of all federally insured banks in the first three months of 2011, the highest level in 18 years.

8. Cabot Affiliate Buys Airport Industrial Warehouse -

3924 Crowfarn Drive
Memphis, TN 38118
Sale Amount: $2.2 million
Sale Date: March 28, 2011
Buyer: Cabot III-TN1M01 LLC
Seller: MM Industrial Memphis LLC

9. Clearbrook Village Apts. Sells for $2.7 Million -

Clearbrook Village Apartments LLC, a limited liability corporation associated with Brooklyn, N.Y.-based Besyata Corp., has bought Clearbrook Village apartments at 3516 Tall Oaks Circle from Alliance ES Clearbrook Village LLC for $2.7 million.

10. Fed Clears Way for Some Banks to Boost Dividends -

WASHINGTON (AP) – The Federal Reserve on Friday cleared the way for some major banks to boost stock dividends, prompting announcements from JPMorgan Chase, Wells Fargo and U.S. Bancorp.

11. Luminetx Uses Patents as Loan Collateral -

Memphis-based Luminetx Corp. has signed over the patents for the technologies behind its VeinViewer products to a Japanese company that has loaned it money.

The company assigned its “Contrast Enhancing Illuminator,” “Imaging System Using Diffuse Infrared Light” and “Imaging System Using Diffuse Infrared Light” patents over to Christie Digital Systems Inc., according to the U.S. Patent Office online database. The “security agreement” conveyance occurred after Luminetx announced this summer that it had settled a lawsuit alleging infringement on those same patents by another company, Accuvein LLC of Cold Spring Harbor, N.Y.

Chris Schnee, executive vice president of global marketing and international sales for Luminetx, said the conveyance was to secure a loan.

“When a technology company such as ours enters into a loan secured against the assets of the company, the creditor is given a security interest in the company’s assets, which includes the intellectual property and therefore the patents,” Schnee said. “The security interest in the physical assets is established with a filing at the Secretary of State’s office and the security interest in the IP, which requires a filing at the USPTO. This is an ordinary course transaction, and the intellectual property remains an asset of the company but is pledged to secure the repayment of the obligation as and when due.”

He did not disclose the amount of the loan. Luminetx is not a publicly traded company so its finances are not public record.

Herb Zeman, the inventor of the patents and the founder of Luminetx who was fired from the company in 2007, remains one of its major stockholders. He said he did not like the company going into debt with Christie. Christie is a wholly owned subsidiary of Ushio Inc., a Japanese company.

“At the stockholders meeting, there was a group of us who wanted to change the board and take over and get investor money,” Zeman said. “We failed at that effort. The group that was going to try to take over the board was going to essentially pay off the Christie loan.

“Christie lent the company money, and we were going to put up other money to pay off that loan. I suppose, then, the people lending the money would have gotten that same kind of listing on the USPTO Web site. That doesn’t mean that they really have the patent. It means they would get the patent if the loan defaulted.”

Under terms of the settlement agreement between Luminetx and Accuvein LLC, Accuvein agreed to license the Luuminetx technology that allows veins to be viewed easily underneath the skin. Other terms of the agreement were confidential.

Luminetx sued Accuvein last year after it announced it was launching a competing product. Luminetx began selling the VeinViewer in fall 2006 for about $25,000 a unit.

...

12. Bank Closings Top 100 for Year; Most Since 1992 -

WASHINGTON (AP) - Bank closings for the year surpassed 100 on Friday when regulators shut down small banks in Florida and Georgia. Financial institutions nationwide have collapsed under the weight of soured real estate loans and the Great Recession.

13. Federal Reserve Imposes Restrictions on 2 Banks -

OMAHA, Neb. (AP) - The Federal Reserve has imposed restrictions on two correspondent banks in Nebraska and Missouri owned by Midwest Independent Bancshares Inc. of Jefferson City, Mo. because of concerns about the banks' exposure to the commercial real estate market.

14. US Thrifts Earn $4M in Q2 -

WASHINGTON (AP) – U.S. thrifts eked out a $4 million profit in the second quarter, but the number of troubled institutions continued to rise, the government reported Wednesday.

The Office of Thrift Supervision said the small profit in the April-June period marked the industry's first positive earnings since the third quarter of 2007. It compared to a loss of $5.4 billion in the year-ago period, and $1.62 billion in the first quarter of this year.

15. CIT Shares Jump as Lender Seeks Rescue Financing -

NEW YORK (AP) - CIT Group Inc.'s shares doubled Friday as the commercial lender held talks with several large banks about securing emergency financing in hopes of avoiding a bankruptcy filing.

16. Public Scrutiny Blunted Bank Stress Tests -

WASHINGTON (AP) - Treasury Secretary Timothy Geithner said in February that putting the nation's biggest banks through "stress tests" was vital to getting the financial system back on solid ground.