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Editorial Results (free)

1. CCRFC Considers Conservation Bonds for Crosstown -

The Sears Crosstown redevelopment project could get an infusion of funds for energy conservation efforts.

The Center City Revenue Finance Corp., the financial arm of the Downtown Memphis Commission, is considering issuing $14.5 million in Qualified Energy Conservation Bonds for the $180 million Crosstown project for energy conservation efforts.

2. Memphis Music Nonprofit to Honor Stevie Wonder -

The music nonprofit launched by Memphis music icon David Porter has been busy since its launch in 2012, laying groundwork and assembling talent. Now it’s poised to bring a musical superstar to the city for a bash in October.

3. Springing to Life -

When Ridgeland, Miss.-based development firm the Bryan Co. broke ground on The Horizon condominium tower in 2007, it was at the peak of the housing bubble and optimism from elected officials and Downtown boosters was equally high.

4. Critical Decisions -

For the team behind the pending redevelopment of the massive Sears Crosstown property to reach its goal of maximizing the participation of women- and minority-owned businesses, it needed to make a crucial decision early in the planning process.

5. ‘A Step Closer’ -

The general contractor for the Crosstown redevelopment project recently applied for three building permits totaling $115.3 million as the development team approaches a key period for financing the ambitious project.

6. Southeastern Asset Management Posts Strong 2013 -

The annual year-end commentary from Memphis-based Southeastern Asset Management always provides an instructive look at the economic landscape and a peek at the playbook of an investment firm led by a pair of prominent Memphis businessmen.

7. New Memphis Institute Unveils Exec. Committee -

The New Memphis Institute has announced Baptist Memorial Health Care Corp. CEO Jason Little as its board of trustees chair for 2014.

8. New Memphis Institute Unveils Executive Committee -

The New Memphis Institute has announced Baptist Memorial Health Care Corp. CEO Jason Little as its board of trustees chair for 2014.

9. Crosstown Construction Bidding Process Underway -

Construction documents for the ambitious Sears Crosstown redevelopment project have hit the street.

Memphis-based Grinder, Taber & Grinder Inc. is serving as the general contractor for the $180 million project, and bids for subcontracting work on everything from electrical systems to plumbing went out this week.

10. Crosstown Effort Shines as Development Example -

Construction documents for the $180 million revitalization of the Crosstown building were scheduled to be finished Friday, Dec. 6, with the project moving toward closing and construction in the next months.

11. Crosstown Funding Mix of Local, State and Federal -

The $15 million in funding Memphis Mayor A C Wharton Jr.’s administration put together as the last piece of financing for the Sears Crosstown building redevelopment is not just a combination of state and federal grant money.

12. Community Impact -

Attendees on the opening night of the Indie Memphis Film Festival a few weeks ago saw splashed on movie screens, before their features got underway, the logo of Memphis-based investment firm Duncan-Williams Inc. and its two-word motto of “Do Well.”

13. Southeastern Asset Management Buys Stake in News Corp. -

Memphis-based Southeastern Asset Management Inc., the investment firm that along with activist investor Carl Icahn opposed the proposed buyout of Dell Inc., disclosed that it has taken a nearly 12 percent stake in News Corp.

14. Southeastern Asset Management Comments on News Corp. Buy -

Earlier this week, news outlets ran reports of Memphis-based Southeastern Asset Management disclosing it had taken a nearly 12 percent stake in the entertainment and media conglomerate News Corp.

15. Southeastern Asset Management Buys Stake in News Corp. -

Memphis-based Southeastern Asset Management Inc., the investment firm that along with activist investor Carl Icahn opposed the proposed buyout of Dell Inc., disclosed that it has taken a nearly 12 percent stake in News Corp.

16. Icahn Ends Takeover Battle for PC Maker Dell -

Billionaire investor Carl Icahn is giving up his bitter takeover fight for Dell Inc. a few days before shareholders are scheduled to consider the latest buyout offer from the struggling computer maker’s founder Michael Dell.

17. Longleaf Funds Disappoint in Second Quarter -

The Longleaf Partners family of mutual funds – for which Memphis-based Southeastern Asset Management acts as adviser – had a disappointing second quarter.

Three of the four funds were down for the quarter.

18. Longleaf Funds Underperform in Second Quarter -

The Longleaf Partners family of mutual funds – for which Memphis-based Southeastern Asset Management acts as adviser – had a disappointing second quarter.

Three of the four funds were down for the quarter.

19. Michael Dell Adds Dividend Payment to Buyout Offer -

ROUND ROCK, Texas (AP) – A special committee of Dell's board has agreed to an increased offer from founder Michael Dell that would add a special dividend for shareholders.

The struggling computer maker said Friday that a group led by its founder and investment firm Silver Lake Partners will tack a one-time shareholder payout of 13 cents per share to an offer they made last week to buy the company for $13.75 per share. The new offer also guarantees that the company's third-quarter dividend of 8 cents per share will be paid at or before the closing.

20. Icahn Contests Condition in Latest Dell Offer -

Billionaire investor Carl Icahn is renewing his attack on Michael Dell's leadership and warning that the latest offer from Dell to buy the struggling PC maker he founded bypasses an important shareholder safeguard.

21. Dell's Founder Boosts Offer to Buy the Company -

NEW YORK (AP) – A group led by Dell's founder raised its offer for the struggling computer maker Wednesday in hopes of attracting more shareholder support for its plan to take the company private.

22. Dell Delays Vote on Buyout, Sign It Lacks Support -

ROUND ROCK, Texas (AP) – Dell has delayed Thursday's vote on founder Michael Dell's plan to take the slumping computer maker private in a sign the board needs more time to rally support.

23. Shareholders Voting on $24.4 Billion Dell Buyout -

DALLAS (AP) – Dell Inc. is making a late push to win shareholder support for founder Michael Dell's plan to take the slumping computer maker private, an indication that Thursday's scheduled vote could be close.

24. Dell Raises Intrigue by Rescheduling Earnings Report -

ROUND ROCK, Texas (AP) – Struggling personal computer maker Dell will report its latest quarterly earnings ahead of schedule in a move likely to spur speculation that the results will be dismal.

25. Icahn, Southeastern Challenge Dell Takeover Plan -

One of the biggest critics of Michael Dell's plan to take the company he founded private has launched a fresh challenge to that $24.4 billion bid and says the slumping PC maker needs new leadership.

26. Southeastern Asset Management Favors Recent Dell Buyout Offers -

MEMPHIS (AP) – A major Dell shareholder is urging the slumping personal computer maker's board to scrap a $24.4 billion deal to sell the company to a group including CEO Michael Dell and pursue two competing bids instead.

27. Dell Board Will Deal With Icahn, Blackstone -

Michael Dell may have to hike the price he's willing to pay if he wants to take the computer company he founded private, thanks to competition from two new acquisition offers.

A special committee of independent Dell Inc. directors said Monday that it will negotiate with buyout specialist Blackstone Group and activist investor Carl Icahn over bids that rival an offer of more than $24 billion from CEO and Chairman Michael Dell and Silver Lake Partners.

28. Memphis Firm Continues to Press Dell -

The Memphis-based investment firm opposing Dell Inc.’s proposed $24.4 billion buyout because it says the amount undervalues the company is continuing to press its case, sending a letter this week to Dell’s board at the same time Dell’s share price was climbing higher.

29. Another Major Dell Shareholder Opposes $24.4 Billion Sale -

ROUND ROCK, Texas (AP) – Another major Dell shareholder is opposing the company's proposed $24.4 billion sale to a group led by its founder and CEO.

Mutual fund firm T. Rowe Price came out against the deal in a statement issued Tuesday.

30. Memphis Investment Firm at Odds With Dell -

Following Memphis-based Southeastern Asset Management’s public opposition to Dell Inc.’s proposed $24.4 billion buyout, the Texas-based tech company is trying to reassure shareholders that the deal will be beneficial.

31. Southeastern Forms New Longleaf Fund -

Southeastern Asset Management has launched the Longleaf Partner Global Fund, a new fund that seeks long-term capital growth.

The fund works to achieve its objective by investing largely in U.S. and non-U.S. companies believed to be significantly undervalued. It’s not a diversified fund; it’s generally invested in 15 to 25 companies. The fund also has an unconstrained portfolio, investing in companies of all market capitalizations without limit to geography.

32. Southeastern Forms New Longleaf Fund -

Southeastern Asset Management has launched the Longleaf Partner Global Fund, a new fund that seeks long-term capital growth.

The fund works to achieve its objective by investing largely in U.S. and non-U.S. companies believed to be significantly undervalued.

33. Privatization Thoughts Highlight Changes -

Here’s a roundup of what some of the city’s banks and bankers, investment professionals, mortgage brokers, asset management firms and other financial services shops have been up to in recent weeks.

34. Fund Managers Preach Patience -

“Sentiment is as fearful and irrational as we have experienced.” That’s a line from the most recent quarterly letter to shareholders of the Longleaf family of mutual funds that’s managed by Memphis-based Southeastern Asset Management.

35. MSO Announces New Board Members -

The Memphis Symphony Orchestra has announced the addition of four new board members who will serve a three-year term, ending in 2014.

They are Shelby County Mayor Mark Luttrell; Louise Barden, a corporate division manager at First Tennessee; Jim Vining, the former president and chief executive officer of Vining Sparks, IBG, a broker of Small Business Administration loans; and Lowry Howell, a senior analyst and principal at Southeastern Asset Management, as well as a former concertmaster of the Memphis Youth Symphony Orchestra.

36. Schools Planning Commission Begins Work -

The 21-member schools consolidation planning commission goes to work Thursday, Sept. 29, in a conference room at the city-county Office of Construction Code Enforcement in Shelby Farms.

37. Haslam Picks Cates for Consolidation Group -

Tennessee Gov. Bill Haslam has picked Memphis philanthropist and business leader Staley Cates as his nominee for the 21-member schools consolidation planning commission.

Cates is president of Southeastern Asset Management Inc.

38. Haslam Picks Cates for Consolidation Group -

Tennessee Gov. Bill Haslam has picked Memphis philanthropist and business leader Staley Cates as his nominee for the 21-member schools consolidation planning commission.

Cates is president of Southeastern Asset Management Inc.

39. Local Companies Working to Navigate Economic Straits -

The financial services business seems like a tough one to be in these days.

Investors have for the last few weeks treated bank stocks like the piñata of Wall Street. Bankers, attorneys and investment professionals have boiled a massive government overhaul of the country’s financial regulations down to clipped phrases like “finreg” and “Dodd-Frank” that they speak of often with a grumble or a shaking of the head.

40. Longleaf Funds Still Strong -

All three of Southeastern Asset Management’s Longleaf funds – the Partners Fund, the Small-Cap Fund and the International Fund – made “substantial gains” in the third quarter, the Memphis investment firm’s principals wrote in an update to shareholders this month.

41. Brighter Future -

The financial services industry in Memphis is apparently back to thinking about tomorrow, rather than simply making it through today.

Firms are hiring again, deepening their bench strength in key areas, recommitting to a focus on customer relationships – and, in some cases, once more turning a tidy profit.

42. Memphis Financial Firms See Optimism -

Policymakers, consumers and business leaders probably would like to hold the U.S. economy to the same standard the world’s best athletes have been striving for in Vancouver for the past two weeks.

But as the U.S. economy slaloms down the bumpy slope of recovery in 2010, its performance likely will be something less than the Olympic motto of “Faster, Higher, Stronger.”

43. Southeastern Asset Prez, CEO Up for Stock Manager Awards -

Memphians Staley Cates and Mason Hawkins – Southeastern Asset Management Inc.’s president and chairman/CEO, respectively – have been nominated as Domestic Stock Managers of the Year by Chicago-based investment research firm Morningstar Inc.

44. Banks Make Strengthening Moves -

A few months ago, First Horizon National Corp.’s then-chief investor relations officer was named by an industry magazine as the best IR officer among banks with a market capitalization less than $5 billion.

45. EmergeMemphis to Launch $1.3M Expansion -

EmergeMemphis, the 10-year-old business incubator helping groom more than two dozen companies from its 60,000-square-foot space on Tennessee Street, is ready to grow up.

After two years of planning, EmergeMemphis is poised to expand its space for fledgling startups by developing the top floor of its building, a project that will cost $1.26 million.

46. Longleaf Managers Reassure Investors as Bear Market Recedes -

In a letter they sent to shareholders a few days ago, the managers of a family of Memphis-run mutual funds worked to reassure investors their holdings are on track to recover last year’s losses.

The Memphis-based managers of the Longleaf Partners family of mutual funds – who promised, once the Great Recession took hold last year, they would keep a conservative approach as “an anchor against fear” – told shareholders they’re optimistic again. And they are slowly posting the results to back that up.

47. Southeastern Asset Mgmt. Touts Longleaf Funds -

Executives of Southeastern Asset Management in Memphis who manage the Longleaf Partners family of mutual funds sent a glowing letter to shareholders last week touting the second quarter performance of the three Longleaf funds, all of which posted strong numbers in the quarter.

48. Paper Trace Manages Documents, Records for Clients -

Patrick McGrail started Paper Trace LLC with $35,000 in personal savings five years ago and since has grown it into an operation with $1.4 million in annual revenue.

49. Longleaf Managers See Brighter Days Ahead - Memphians Mason Hawkins and Staley Cates apparently consider themselves “the luckiest managers in the mutual fund world.”

That’s the way they put it in the quarterly report released last week for the Longleaf Partners family of mutual funds they manage. They used those words to describe themselves because they have in large part not been abandoned by shareholders of their funds – even though those funds have taken quite a beating this year.

The Longleaf Partners fund, Longleaf Partners International fund and Longleaf Partners Small-Cap fund each have lost about half their net asset value so far in 2008. To get an idea about the reason for the financial pain, holdings of the trio of funds include FedEx Corp., Sun Microsystems, General Motors and Dell Inc., all of which have troubles of their own.

GM is teetering on the brink of bankruptcy. Stock analyst Keith Schoonmaker said Memphis-based FedEx took a “one-two punch” in 2008 in the form of lower package density combined with increases in jet and diesel fuel prices. Sun – a computer, computer parts and computer software vendor – announced last week it is cutting at least 6,000 jobs.

Fortunate days?

Meanwhile, the managers of the Longleaf Partners funds wrote in their third quarter shareholder update that they are lucky. The reason for their good fortune is they have “loyal and long-term fellow shareholders” who have continued to support the funds even as dark days appear to be on the horizon for the global economy.

“For those with the conviction, fortitude and time horizon to live through this volatility, we firmly believe that their patience will be rewarded,” the fund managers wrote to shareholders.

The quarterly report comes on the heels of a flurry of communication over the past several weeks from the managers of the Longleaf Partners funds who also are executives of the Memphis firm Southeastern Asset Management. Hawkins is chairman and CEO of the firm, and Cates is its president.

The money managers sent a letter to shareholders last month in which they promised a conservative appraisal of the funds’ economic picture as an “anchor against fear.” They arranged a conference call for shareholders on Oct. 7 for which the executives received more than 300 e-mails with questions in anticipation of the conference call.

Confident

The Q3 report adds context to the picture and represents a transparent assessment of the funds’ situation from its managers.

Investors are being urged to stay calm. “Some pundits are talking depression and positing that today’s environment is somewhat analogous to the 1930s,” Hawkins told investors during the conference call. “We strongly disagree and believe that such talk is not only irresponsible but is not supported by the facts.”

Among the themes of the Q3 report, Longleaf’s managers assure shareholders they know what the companies in their portfolios are worth and that many of the executives whose companies are included in the portfolios have much of their net worth tied to their own stocks.

As a further show of confidence, each director on the board of directors overseeing the Longleaf funds has much of their wealth tied up in the funds, according to Chicago-based investment research firm Morningstar Inc. The directors have more than $100,000 invested in the funds, and most of them have more than $100,000 in each of the three funds.

The Q3 report is available at the funds’ Web site, www.longleafpartners.com.

“We are confident that the Longleaf portfolios will deliver large returns coming out of the bear market because of the competitive and financial strength of our holdings, the extreme undervaluation of their shares, and the numerous and aggressive share repurchases at these discounted price levels,” the fund managers assured investors in the report.

...

50. Local Managers Keep Stake In Longleaf Funds -

“When the seas are roughest, a conservative appraisal is our anchor against fear.”

That’s one line from a letter sent to shareholders last month by the Memphis-based managers of the Longleaf Partners family of mutual funds. Its reference to choppy financial waters is an apt metaphor for the group of funds, three of which have taken a beating during the year-to-date period and at times lag the performance of rival funds and the S&P 500 Index.

51. Bed-and-Breakfast Owners to Seek Rezoning for Sale, Expansion -

When Steve and Katherine Mistilis decided to sell the bed-and-breakfast they've operated in Cordova for about 11 years, they made an irksome discovery.

Even though they'd always been given a business license to operate their B&B, an off-the-beaten path, 3,000-square-foot brick home originally built more than a century ago, somewhere along the line the zoning for their land had been changed. Which means using their property for a B&B apparently is not permitted.

52. Several Memphis Luminaries Make Power 100 List - "This list represents a 'who's who' of individuals spanning the world of politics, religion, academia and philanthropy, as well as commerce in our state," said Drew Ruble, editor of Business Tennessee.

The Power 100, a list ranking the 100 most powerful people in Tennessee, is available in this month’s edition of Business Tennessee magazine.

53. RACE Battle Heads for City Council Vote -

Until now, both sides in the debate over a proposed radioactive waste incinerator on Presidents Island have been mostly concerned with environmental issues.

The potential health risks of burning waste from hospitals, universities, nuclear power plants and other government facilities were the tie that first bound together several groups, including the Sierra Club, the Riverview Community Collaborative and Memphistruth.org, which is comprised of an assortment of civic and business leaders.

54. Askew Named National Director of Engineering Group -

Mark W. Askew, president of Askew Hargraves Harcourt & Associates Inc., was appointed to a two-year term as national director of the American Council of Engineering Cos. of Tennessee. Askew is a civil engineer with 30 years of structural engineering experience.

55. PaperTrace Handles Businesses' Document Needs -

Patrick McGrail and his colleagues at Southeastern Asset Management needed help converting client files from paper to electronic images, and the proposition looked bleak. Facing the conversion of nearly 4 million pages of client file records dating back to the company's inception, they couldn't find a document imaging provider they felt comfortable outsourcing the work to.

56. Archived Article: Law Talk - Law Talk Questions

Winding Career Path Leads to Corporate Work

MEGAN CATHEY

The Daily News

Charles D. Reaves, an attorney with Armstrong Allen PLLC in Memphis, earned a law degree from the University of Alabama Law School and a master of...

57. Archived Article: Calendar - Calendar of events May 5-11

Calendar of events May 5-May 11

May 6

The U.S. Department of Housing Urban Development and the city of Memphis are sponsoring a free Renewal Community Tax Incentive Conference at 9:15 a.m. Tuesday and 8:30 a.m. W...

58. Archived Article: Calendar - Calendar of events April 28-May 4

Calendar of events April 28-May 4

April 28

U.S. District Judge Bernice B. Donald will discuss Striving for Social Change and Equal Justice at 7 p.m. in Rhodes Colleges Blount Auditorium. She presides over t...

59. Archived Article: Calendar - Calendar of events April 21-27

Calendar of events April 21-April 27

April 21

Memphis Investors Group presents Surviving as a Real Estate Investor at 7 p.m. at the Memphis Area Home Builders Association, 776 N. Germantown Parkway. For inform...

60. Archived Article: Market Briefs - International Paper announced a regular quarterly dividend of 25 cents per share for the period from April 1 to June 30, inclu

International Paper announced a regular quarterly dividend of 25 cents per share for the period from April 1 to June 30...

61. Archived Article: Tech Focus - Six Month Progress Report

6 months later, tech world much the same

By STEVE PILGRIM

Special to The Daily News

In February, we published an article about the State of the Industry. We took a look at some of the big news facing the technol...

62. Archived Article: Maa P2 - Mid-America, Crow form joint venture

Mid-America, Crow form joint venture

Mid-America Apartments signed a partnership agreement with Crow Holdings to pursue the acquisition of multifamily redevelopment investment opportunities, company officia...

63. Archived Article: Longleaf P2 - Longleaf plans Level 3 investment

Longleaf plans Level 3 investment
Warren Buffett's Berkshire Hathaway Inc. and two other high-profile investors are expected to make a $500 million investment in Level 3 Communications Inc., a risky move int...

64. Archived Article: Ihop P.2 - Stakeholder wants to boost IHOP Stakeholder wants to boost IHOP Southeastern Asset Management Inc., which acquires stakes in undervalued companies, said Monday it plans to work with restaurant chain IHOP Corp. on its debts to boost value. ``Southeas...

65. Archived Article: Market Briefs - The annual meeting of Longleaf Partners Funds, managed by Southeastern Asset Management Inc The annual meeting of Longleaf Partners Funds, managed by Southeastern Asset Management Inc., is May 10 at the Memphis Botanic Garden, 750 Cherry Road. Cockt...

66. Archived Article: Southeastern (lead) - Memphis investment adviser Memphis investment adviser acquires stake in Aetna Southeastern Asset Management Inc., a Memphis-based investment adviser, has acquired a 6 percent stake in Aetna Inc., a top U.S. health insurer. Southeastern has invested ...

67. Archived Article: Market Briefs - Integrated Health Services Sells Home Kruger Inc., a tissue and pulp and paper company, acquired Shepherd Tissue Mill and will expand it under the Global Tissue name. Purchase price and terms were not disclosed, but officials said they plan to spend...

68. Archived Article: Market Briefs - Acxiom Acquires Database Marketing Investment advisory clients of Southeastern Asset Management Inc. have acquired more than 36.84 million shares of Gulf Canada Resources Ltd., totaling about 10.6 percent of the more than 348.9 million shares outsta...

69. Archived Article: Market Briefs - Federal Express Corp Federal Express Corp. has began Sunday delivery offering its Priority Overnight service by 3 p.m. to select ZIP codes in 50 U.S. metro markets. FedEx Sunday deliveries will include the same guarantees, package tracking and servi...

70. Archived Article: Longleaf Chg - By CAMILLE H Healthy investment market factor in closing funds By CAMILLE H. GAMBLE The Daily News The popularity of mutual funds over the past couple of years has caused some fund managers to pull back on the reigns and close the funds to new inves...

71. Archived Article: Marketplace Chg - By CAMILLE H Longleaf leads Memphis-based Longleaf Partners funds report positive returns for first quarter By CAMILLE H. GAMBLE The Daily News One of the top performing mutual funds in the country in 1996 is based right here in Memphis, and it is o...

72. Archived Article: Real Fcs Ledic - lj 10/5 cates Multi-family merger Three companies combine respective talents to broaden their presence in the apartment industry By LAURIE JOHNSON The Daily News Top executives of LEDIC Management Group, SPL Corp. and Residential Co. of America last...

73. Archived Article: Hall Of Honor Lj - lj 10/5 cates Pink Palace opens entrepreneur showcase By LAURIE JOHNSON The Daily News Starting this weekend, visitors to the Pink Palace Mansion will be able hear notable Memphis business leaders tell the secrets of their success "almost"...