Editorial Results (free)
1. Bernie Madoff Trustee Returns $355 Million More to Investors
- Tuesday, February 10, 2015
NEW YORK (AP) – About $355 million distributed last week to investors cheated in Bernard Madoff's Ponzi scheme means over half of allowable claims have been paid in full, the trustee recovering money for investors announced Monday.
2. Obama Proposes Publicly Funded Community College for All
- Monday, January 12, 2015
KNOXVILLE, Tenn. (AP) – President Barack Obama on Friday proposed to bring the cost of two years of community college "down to zero" for all Americans, an ambitious nationwide plan based on a popular Tennessee program signed into law by that state's Republican governor.
3. Bargain Travel Hotspots for 2015
- Tuesday, December 02, 2014
December is here and with it comes holiday decorations, busy party schedules and trips to Grandma’s house. And with Christmas presents being a drain on the wallet, future travel probably isn’t top of mind.
4. Rail House Mystery
- Thursday, August 07, 2014
Editor’s note: First in a three-part series. If you’re passing through Aberdeen, N.C., you should have no trouble finding Railhouse Brewery on East South Street. Moore County’s only microbrewery stands in the middle of downtown, just a few feet from the train track.
5. Carlisle Corp. Buys Sharky’s Property
- Tuesday, August 05, 2014
6201 Poplar Ave.
Memphis, TN 38119
Sale Amount: $2.9 million
Sale Date: July 29, 2014
Buyer: Wendelta Property Holdings LLC
Seller: Aaron Muschel
Details: An affiliate of Carlisle Corp. has paid $2.9 million for the recently closed Sharky’s Gulf Grill at 6201 Poplar Ave.
6. Polo Shops Retail Center Sells for $2.6 Million
- Wednesday, July 30, 2014
The Polo Shops retail center at 7444 Winchester Road and 7464 Winchester Road in Southeast Memphis has sold for $2.6 million.
7. Malone Center Owner Files $4.1 Million Loan
- Tuesday, July 08, 2014
The owner of the 23.7-acre Malone Distribution Center near the intersection of East Raines Road and Lamar Avenue in Oakhaven has filed a $4.1 million loan on the industrial property.
Cobalt Industrial REIT II filed the deed of trust with absolute assignment of leases and rents, security agreement and fixture filing July 1 through Wells Fargo Bank NA. The deed encompasses parcels at 4366 Malone Road, 4406 Malone and 4436 Malone.
8. Industrial Portfolio Sells for $43 Million
- Tuesday, April 01, 2014
4550 Swinnea Road, 6005 Freeport Ave., 3399 E. Raines Road
Sale Amounts: $10.1 million; $14.8 million; $18 million
9. Industrial Portfolio Sells for $43 Million
- Friday, March 28, 2014
Affiliates of Plymouth Meeting, Pa.-based Exeter Property Group have paid a combined $42.9 million for a Memphis industrial portfolio.
The companies, in three separate special warranty deeds, bought the Memphis International Distribution Center at 4550 Swinnea Road in Oakhaven for $10.1 million, the warehouse at 6005 Freeport Avenue for $14.8 million and the warehouse at 3399 E. Raines Road for $18 million.
10. Polo Shops Sells for $3.1 Million After Foreclosure
- Tuesday, February 25, 2014
7444 Winchester Road, 7464 Winchester Road
Memphis, TN 38125
Sale Amount: $3.1 million
11. Polo Shops Sells for $3.1 Million After Foreclosure
- Monday, February 24, 2014
The Polo Shops retail center on Winchester Road in Southeast Memphis has sold for $3.1 million following a foreclosure.
An entity called TOP11 - 7444 Winchester RD LLC bought the property, whose addresses are 7444 Winchester Road and 7464 Winchester Road, in a Feb. 19 substitute trustee’s deed from R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.
12. Ghosts of Holiday Programs Past
- Tuesday, December 24, 2013
It’s that time of year again. Time for holiday programs.
Such as the one recounted by John Irving in “A Prayer for Owen Meany.” The one directed annually by Rev. and Mrs. Wiggin. The one that made Owen mad, because the little kids were “disguised as turtledoves.”In costumes “so absurd that no one knew what these children were supposed to be”! They looked like “science-fiction angels, spectacular life-forms from another galaxy, as if the Wiggins had decided that the Holy Nativity had been attended by beings from faraway planets.”
13. Memphis Recognized for Job Creation
- Tuesday, September 24, 2013
Memphis is one of only seven cities cited by the U.S. Chamber of Commerce for its public-private relationships focused on spurring innovation, revitalization and job creation.
Memphis joins Dayton, Ohio, Irving and San Antonio, Texas, Minneapolis, Salt Lake City and Sioux Falls, S.D., on the Chamber’s Enterprising City List.
14. Bass Pro Shops Files $40 Million Permit
- Tuesday, September 17, 2013
1 A.W. Willis Ave.
Memphis, TN 38103
Permit Cost: $40 million
Project Cost: $150 million
Permit Date: Applied September 2013
Owner: City of Memphis
15. Dallas Company Buys Cordova Storage Facility
- Thursday, September 12, 2013
The Cordova Stor-N-Lock at 1570 Bonnie Lane has sold for $2.1 million for the second time in four months after facing foreclosure.
16. August 2-8, 2013: This week in Memphis history
- Saturday, August 03, 2013
1993: Shelby County Mayor Bill Morris kicked off his bid for the Democratic nomination for governor in 1994 with a series of press conferences in each of the state’s major cities, starting with Memphis.
17. UTHSC Names Champlin Assistant Vice Chancellor
- Monday, July 15, 2013
The University of Tennessee Health Science Center has named Shelia Champlin assistant vice chancellor for communications and marketing.
18. Oakhaven Warehouse Sells for $11.3 Million
- Tuesday, June 11, 2013
5155 Citation Drive
Memphis, TN 38118
Sale Amount: $11.3 million
Sale Date: May 21, 2013
19. Owner Files Loan on Humphrey Hampton Inn
- Thursday, June 06, 2013
The owner of the 121-room Hampton Inn at 33 Humphrey Center Drive in East Memphis has filed a $5.4 million loan on the property.
20. Cordova Stor-N-Lock Sells for $2.1 Million
- Tuesday, April 30, 2013
The Cordova Stor-N-Lock at 1570 Bonnie Lane has sold for $2.1 million following a foreclosure.
Special servicer C-III Asset Management LLC of Irving, Texas, bought the 54,199-square-foot property in an April 26 substitute trustee’s deed from R. Spencer Clift of Baker, Donelson, Bearman, Caldwell & Berkowitz PC, acting on behalf of the lender.
21. Swinnea Warehouse Sold in Lieu of Foreclosure
- Tuesday, March 19, 2013
4550 Swinnea Road, Memphis, TN 38118
Sale Amount: $4.2 million
Sale Date: March 7, 2013
Buyer: JPMCC 2007-LDP10 – 4550 SWINNEA RD LLC
Seller: Industrial Memphis International Owner LLC
Details: The Memphis International Distribution Center at 4550 Swinnea Road in Oakhaven has sold for $4.2 million in lieu of foreclosure.
22. Swinnea Warehouse Sold in Lieu of Foreclosure
- Friday, March 15, 2013
The Memphis International Distribution Center at 4550 Swinnea Road in Oakhaven has sold for $4.2 million in lieu of foreclosure.
23. Time to Ease Up on PDA With C-USA
- Friday, February 01, 2013
Josh Pastner adores Conference USA. If he were to put this sentiment to music, he would pick up a guitar and sing C-USA-inspired tributes such as “Hard to Love” and “You Don’t Know Her Like I Do.” As it is, he will send Valentine’s Day roses and chocolates to the league’s administrative offices in Irving, Texas.
24. Hostess Set to Announce Bidders for Twinkies
- Wednesday, January 30, 2013
NEW YORK (AP) – The indestructible Twinkie appears to be one step closer to a comeback.
Hostess Brands is close to announcing that it has picked two investment firms – C. Dean Metropoulos & Co. and Apollo Global Management – as the lead bidders for its Twinkies and other snack cakes, according to a source close to the situation who was not authorized to comment publicly on the talks.
25. Garage Demolition Site Locale of Notorious War Prison
- Thursday, January 10, 2013
The parking garage being demolished on North Second Street east of Court Square has a past.
To be precise, it’s the land on which the garage has stood for decades. Before the garage, the land was the site of the Irving Block Prison, part of the city’s Civil War history.
26. Lawmakers to Resume Education Focus in New Session
- Tuesday, January 08, 2013
NASHVILLE (AP) – Legislation that would allow parents to decide the fate of a struggling school is among several education-related proposals lawmakers are likely to discuss during the 108th Tennessee General Assembly that convenes Tuesday.
27. Hostess Expects to Split Up Snack Cakes in Sale
- Wednesday, December 26, 2012
NEW YORK (AP) – Twinkies, Wonder Bread and Devil Dogs are likely to return to shelves in coming months, but probably not under the same owners.
Hostess Brands Inc. said in bankruptcy court last week that it's narrowing down the bids it received for its brands and expects to sell off its snack cakes and bread to separate buyers. The testimony came from an investment banker for Hostess, which is in the process of liquidating.
28. Hickory Hill Warehouse Sells for $15.7 Million
- Tuesday, December 11, 2012
6380 Holmes Road Memphis, TN 38141
Sale Amount: $15.7 million
Sale Date: Dec. 5, 2012
29. Kensington Manor Sells for $2.2 Million
- Wednesday, December 05, 2012
The Kensington Manor Apartments at 2893 Getwell Road in Oakhaven have sold for $2.2 million to a Miami Beach, Fla., entity called Memphis Heights LLC.
30. Twinkies Maker Hostess Lives at Least Another Day
- Wednesday, November 21, 2012
WHITE PLAINS, N.Y. (AP) – Twinkies will live to see another day.
Hostess Brands Inc. and its second largest union agreed on Monday to try to resolve their differences after a bankruptcy court judge noted that the parties hadn't gone through the critical step of private mediation. That means the maker of the spongy cake with the mysterious cream filling won't go out of business yet.
31. So Long, Hostess
- Monday, November 19, 2012
Hostess Brands Inc. says it’s going out of business after striking workers across the country crippled its ability to make its Twinkies, Ding Dongs and other snacks.
32. ABC24, CW30 to Get New Owner
- Monday, July 23, 2012
Memphis television stations ABC24 and CW30 will soon have new owners.
Irving, Texas-based Nexstar Broadcasting Group Inc. plans to acquire 12 TV stations and associated digital sub-channels in eight markets, including Memphis, for $285.5 million.
33. MEPPI Files $155M Permit App For Rivergate Plant, Office
- Tuesday, June 12, 2012
2865 Riverport Road
Memphis, TN 38109
Permit Cost: $155 million
Permit Date: Applied June 2012
34. Lincoln at Wolfchase Sells for $27 Million
- Monday, June 11, 2012
Investment management firm Archon Group LP has bought the 408-unit Lincoln at Wolfchase apartment complex in Cordova for $27.3 million from Lincoln at Wolfchase Associates LLP.
35. Resignation Signals Change for Reform
- Friday, March 16, 2012
Irving Hamer made at least two, possibly three comments about a co-worker’s breasts last month at a private party.
36. Deputy MCS Superintendent Resigns Under Controversy
- Thursday, March 15, 2012
Deputy Memphis City Schools Superintendent Irving Hamer announced his resignation Wednesday, March 14, from the school system effective at the end of April.
37. Irving Leads Research Co. Animal Cell Therapies
- Wednesday, February 29, 2012
Adam M. Irving is chief executive officer of San Diego-based Animal Cell Therapies Inc., a company that develops stem cell treatments to treat a variety of ailments for animals. Irving is based in Memphis.
38. C-III Capital Acquires NAI Global
- Tuesday, January 31, 2012
The parent company of Memphis-based NAI Saig Co. has been acquired by an Irving, Texas-based real estate investment and special loan servicing firm for an undisclosed amount.
39. Apple Briefly Passes Exxon as Most Valuable Co.
- Thursday, January 26, 2012
NEW YORK (AP) – Apple briefly surpassed Exxon as the most valuable U.S. company after an excellent quarter, though the oil company has regained the lead at the market's close.
Apple's stock rose as much as 8 percent, while Exxon's fell as much as 2 percent during trading Wednesday.
40. Wonder Bread Maker Hostess Seeks Bankruptcy Protection
- Thursday, January 12, 2012
NEW YORK (AP) – Hostess Brands Inc., the maker of Twinkies and Wonder Bread, is seeking bankruptcy protection, blaming its pension and medical benefits obligations, increased competition and tough economic conditions.
41. Wonder Bread Maker Hostess Seeks Bankruptcy Protection
- Wednesday, January 11, 2012
NEW YORK (AP) – Hostess Brands Inc., the maker of Twinkies and Wonder Bread, is seeking bankruptcy protection, blaming its pension and medical benefits obligations, increased competition and tough economic conditions.
42. Less-Than-Angelic Christmas Programs
- Thursday, December 22, 2011
Again it is the time of year that reminds me of Christmas programs. Such as the one recounted by John Irving in “A Prayer for Owen Meany.” The one directed annually by Rev. and Mrs. Wiggin. The one that made Owen mad because “the smaller children were disguised as turtledoves. The costumes were so absurd that no one knew what these children were supposed to be; they resembled science-fiction angels, spectacular life-forms from another galaxy, as if the Wiggins had decided that the Holy Nativity had been attended by beings from faraway planets.”
43. Countywide Board Denies Charter Schools
- Monday, November 28, 2011
As the Thanksgiving holiday weekend began, the countywide school board had put the two public school systems’ long-held ambivalence about charter schools on a fast track to Nashville.
The board on Tuesday, Nov. 22, denied the applications of 17 charter schools for Shelby County’s two public school systems claiming the fiscal impact of the schools would be too much of a financial hardship on each system – city and county.
- Monday, November 21, 2011
The Center for Entrepreneurship and Innovation at the University of Memphis will host “Lunch with an Entrepreneur” Monday, Nov. 21, at noon at the FedEx Institute of Technology, 365 Innovation Blvd. Jason Gillum, president and founder of Millennium Search, will speak. For more information or to register, visit lunchwithanentrepreneur1121.eventbrite.com.
45. After 3 Years, Chances of More Madoff Charges Fade
- Tuesday, October 04, 2011
NEW YORK (AP) – One was Bernard Madoff's right-hand man for decades. Two others were executives in his firm. All are family – and presumed targets of the investigation of Madoff's epic fraud.
46. Prescott Leads Schools Planning Commission
- Friday, September 30, 2011
Former Memphis City Schools board member Barbara Prescott is chairman on the new schools consolidation planning commission.
47. The iPad Trumps Oil: Apple is Most Valuable US Co.
- Thursday, August 11, 2011
NEW YORK (AP) – Investors seem to think you want an iPad more than oil, as Apple Inc. became the most valuable company in the United States, surpassing Exxon Mobil Corp. on Wednesday.
48. Apple Passes Exxon as Most Valuable US Company
- Wednesday, August 10, 2011
NEW YORK (AP) – Apple has surpassed Exxon Mobil as the most valuable company in the U.S. The milestone occurred shortly before 2 p.m. Tuesday. Apple Inc.'s stock gained 3.4 percent to $365.10 Tuesday afternoon, bringing the iPhone and iPad maker's market capitalization to about $338 billion.
49. Soulsville Charter School Files $10M Loan for New Bldg.
- Tuesday, June 14, 2011
1115 College St.
Memphis, TN 38106
Loan Amount: $10 million
Loan Date: May 20, 2011
Maturity Date: May 5, 2018
Borrower: The Soulsville Charter School LLC
Lender: SunTrust Community Development Enterprises LLC
Details: The Soulsville Charter School LLC has filed a $10 million construction leasehold loan through SunTrust Community Development Enterprises LLC. The loan will fund construction of a new school building – announced last year – on a 2.1-acre parcel and a 1.9-acre parking easement owned by The Soulsville Foundation Inc.
50. Walnut Grove Hampton Financed for $3.3 Million
- Wednesday, June 08, 2011
A limited partnership entity called W2005 New Century Hotel Portfolio LP has financed the Hampton Inn Memphis-Walnut Grove/Baptist Hospital East hotel at 33 Humphrey Center Drive through German American Capital Corp. for $3.3 million.
51. 'More Opportunities'
- Monday, April 04, 2011
Despite scarce commercial construction and soaring gas prices, the health care industry is turning to builders and contractors perhaps more so now than ever before.
Two-thirds of hospitals nationwide are undergoing construction projects this year, a 35 percent increase compared with 2009. That’s the findings of a capital survey conducted by Irving, Texas-based VHA Inc., a national network of community-owned health care systems and their physicians.
52. Engaging Students
- Wednesday, March 30, 2011
The second in a series about how the iPad is revolutionizing local business.
Like millions of other Americans, Bobby Ireland will be getting his iPad 2 this week and he’s looking forward to it.
53. Cash Reform Agenda Clashes With Referendum
- Thursday, January 27, 2011
Two years into an aggressive reform agenda for the Memphis City Schools system, MCS Superintendent Dr. Kriner Cash had a lot of points to cover on the next phase of that reform. But a lot of frustration came through as well this week.
54. Grocery Chain Kroger Pumps Up Gas Biz
- Wednesday, January 12, 2011
CINCINNATI (AP) – The Kroger Co. will open gas station No. 1,000 on Wednesday, a milestone that underscores the growing link between groceries and gas in the drive to build customer loyalty.
55. Ryan’s Property in Millington Sells for $1.6 Million
- Tuesday, November 09, 2010
8165 U.S. Highway 61 N.
Millington, TN 38053
Sale Amount: $1.6 million
Sale Date: Oct. 15, 2010
Buyer: DPI Group LLC
Seller: FIGRYANH LLC
56. Tennessee Native Earl Keister Joins Thompson & Co.
- Wednesday, November 03, 2010
Earl Keister has joined Thompson & Co. as creative director.
Education: University of Tennessee, Portfolio Center
Work Experience: Fifteen years in the advertising field. I’m like Johnny Cash: I’ve been everywhere.
57. Millington Ryan's Site Sells for $1.6 Million
- Tuesday, November 02, 2010
Fresno, Calif.-based DPI Group LLC has bought Ryan’s restaurant property at 8165 U.S. Highway 51 North in Millington from FIGRYANH LLC for $1.6 million. The deal closed Oct. 15.
58. ‘Annie Get Your Gun’ Production Hits Target
- Monday, August 30, 2010
They say in theater that there are no small parts, just small actors. But Theatre Memphis’s season opener shows strength and professionalism in large and small roles alike.
Irving Berlin’s “Annie Get Your Gun,” running through Sept.12, hits several bull’s-eyes on the theater’s Lohrey Stage.
59. Schoolhouse Shuffle
- Monday, April 26, 2010
On a cold February morning, a group of excited parents clustered in a tent in back of Kate Bond Elementary School.
60. Louisiana Investor Buys Arlington Retail Center
- Tuesday, September 15, 2009
6050 Air Line Road
Arlington, TN 38002
Sale Amount: $1.8 Million
Sale Date: Sept. 2, 2009
Buyer: Southeast Investments LLC
Seller: Pleasant Place LLC, Waymon H. Welch, Danya Welch, Dawn Welch, Jon E. McCreery, Phillip Chamberlain
61. REIT Files Loan On Industrial Portfolio
- Friday, September 11, 2009
Cobalt Industrial REIT II has filed a $4.8 million first deed of trust, security agreement and fixture filing for the industrial real estate portfolio it acquired late last year. The Malone Distribution Center is a 382,500-square-foot, three-building portfolio at 4260 and 4436 Malone Road and 4366 Pilot Drive.
62. Sunken Economy Boosts Public Construction Projects
- Wednesday, September 09, 2009
MOUNT LAUREL, N.J. (AP) - Public construction projects, usually an exercise in cost overruns, are getting cheaper as material prices fall and builders compete for contracts just to stay afloat, a silver lining for cash-strapped governments but a worry to some contractors who risk lowballing themselves out of business.
63. Getwell Road Apartments Foreclosed, to Be Sold
- Monday, July 20, 2009
The Kensington Manor apartments at 2893 Getwell Road in Oakhaven/Parkway Village have been foreclosed and will be sold next month on the Shelby County Courthouse steps, according to a notice that appears on Page 36 of today’s print edition of The Daily News and also at The Daily News Online, www.memphisdailynews.com.
64. Bernard Madoff Gets Maximum 150 Years in Prison
- Tuesday, June 30, 2009
NEW YORK (AP) - Convicted Wall Street swindler Bernard Madoff was sentenced to 150 years in prison Monday for a fraud that the judge called so "extraordinarily evil" that he needed to send a message to potential copycats and to victims who demanded harsh punishment.
65. Judge Consolidates Madoff Liquidation Cases
- Wednesday, June 10, 2009
NEW YORK (AP) - Separate efforts to sell the business and personal property of disgraced financier Bernard Madoff have been combined to speed the process and get more of the proceeds to those he cheated.
66. Banco Santander Settles with Madoff Trustee
- Wednesday, May 27, 2009
NEW YORK (AP) - A European bank that was among the biggest losers in the Bernard Madoff swindle has agreed to pay $235 million to resolve potential legal claims by the trustee trying to unwind the massive Ponzi scheme.
67. Dueling Letters Set Stage For Thursday City Schools Discussion
- Monday, May 18, 2009
A series of letters exchanged over the past two weeks between attorneys for Memphis City Schools and the Memphis City Council suggests each side in the long-running school funding debate remains unlikely to give up any ground.
68. Trustee: Nearly 9,000 Claims in Madoff Scam
- Friday, May 15, 2009
NEW YORK (AP) - A court-appointed trustee unraveling Bernard Madoff's massive fraud signaled Thursday that he may go after the disgraced financier's family to pay victim claims, which have grown to almost 9,000.
69. Trustee Unveils Madoff Hardship Program
- Monday, May 11, 2009
NEW YORK (AP) - A trustee wants to give a break to investors hardest hit by the Bernard Madoff fraud.
Irving Picard unveiled a hardship program Friday that will put the victims first in line for up to $500,000 of relief.
70. Wal-Mart's Sam's Club Names New CEO
- Wednesday, March 11, 2009
NEW YORK (AP) - Wal-Mart Stores Inc. announced Monday that Brian C. Cornell, most recently chief executive at arts and crafts chain Michaels Stores Inc., will be the new president and CEO of its Sam's Club warehouse division.
71. Points Pondered Before School Funding Decision
- Wednesday, February 11, 2009
Nancy Richie, executive director of fiscal services for Memphis City Schools, laid out some dire scenarios in her July testimony in Shelby County Chancery Court.
72. Exxon Mobil Posts Biggest US Quarterly Profit Ever
- Friday, October 31, 2008
HOUSTON (AP) - Exxon Mobil Corp., the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.
73. Council Views School System Claims With Jaundiced Eye
- Thursday, September 25, 2008
Memphis City Schools Supt. Dr. Kriner Cash this week downplayed the latest changes in his portrayal of the school system’s economic bottom line.
He told the Memphis City Council Tuesday that eight teachers will be laid off instead of the 71 MCS planned to cut. He also has cut 322 unfilled positions, most of them administrative, from the school system’s budget.
74. Story Not Straight on MCS Layoffs
- Friday, September 19, 2008
Memphis City Council members left their public meeting at City Hall last week convinced they now have a more complete understanding of Memphis City Schools demographics. That feeling might prove to be short-lived.
75. City Schools, Council Sign Off on Funding
- Thursday, September 11, 2008
Memphis City Schools leaders formally did this week what they already informally had done last week. They accepted the funding compromise offered by the Memphis City Council for the current fiscal year. But they threw in a surprise that council members made sure was not overlooked before both sides made it official.
76. Next Bell Rings for Crucial Funding Deal
- Friday, August 22, 2008
Representatives of Memphis City Schools will be back in court soon to argue that a judge should force the school district and the Memphis City Council to negotiate new terms of a crucial funding deal.
But the circumstances MCS detailed in a court filing last week to show why the school district believes mediation is necessary have since changed in an important way.
The school district wants a court to force MCS and the city council to begin mediation to negotiate a compromise that preserves $423 million in state funding for the city schools. The deal they have now is a funding arrangement that was crafted at the same time the two sides remained locked in a pending Shelby County Chancery Court lawsuit over school funding.
Under the terms of the current funding compromise – which has the state’s blessing – the school district would be able to submit a balanced budget to the state even though the city council earlier this summer cut $66 million in funding to MCS. The City Council’s funding cut is what led to the school district’s lawsuit.
The deal approved by the state to keep the $423 million flowing to MCS took what had been described as a potential fiscal crisis off the table. Both sides will be back in court this morning, however, because MCS doesn’t like the terms of that deal.
Not only does MCS not like the terms of the funding deal, but in asking for the mediation, the school district pointed out that no decision about accepting the deal had yet been made by either MCS or the city council. MCS also argued that the nature of the opposing parties made it difficult to “effectively negotiate an agreement.”
“The State Department of Education has approved an outline for meeting maintenance of effort requirements,” the school district’s motion reads. “However, neither the Memphis City Schools nor the City Council has agreed to any arrangement which allows the Memphis City Schools to submit a legal budget and to avoid a … crisis.”
That’s no longer the case. The city council on Tuesday formally approved the terms of the funding compromise approved by the state.
Two weeks ago, the state commissioner of education gave his OK to the compromise deal, which had been weeks in the making. And while the compromise does not address the $66 million hole left by the council’s decision, it still keeps MCS from automatically losing the state’s larger funding contribution.
The fine print
Under the terms of the arrangement, MCS would transfer $57.5 million from its reserve funds to the city to settle a countersuit from the city over unpaid bond debt. The city, in turn, would give that money back to the school district so MCS can submit a budget to the state that maintains the school district’s state-mandated funding obligations.
But since the state’s acceptance of that plan was announced at the city council’s public meeting on Aug. 5, MCS officials have insisted the plan is unacceptable. They argue that the deal is not a genuine compromise because there is no net gain for the school district and because the district still will be forced to deplete the school’s reserve funds over time as a result of the council’s $66 million cut.
In an editorial written by school board president Tomeka Hart that appears in next week’s edition of The Memphis News, she argues: “When the transaction is final, the ‘financial position’ of MCS will not have changed, and it is easy to see that MCS will still have to make major cuts to its budget.”
Said Irving Hamer, the school district’s deputy superintendent of academic operations: “It’s very clear to me this is not full funding. This is what I call a pass-through. The money is coming from us, to the council then back to us. And that doesn’t correspond to my understanding of what full funding means.”
Context of compromise
But that misses the point of what the compromise was intended to do, the city likely will argue when the motion to compel mediation is heard Sept. 12.
“The issue of resolving the proposal with the state was never intended to encompass the $66 million. That is not on the table,” city council attorney Allan Wade said this week. “That is what they are arguing will make them financially unsound going into the future. That is a discussion we can have for another day, but that is not impacted in this proposal.
“This (compromise) is not intended to solve every problem MCS has. That’s what the lawsuit is about.”
At a council committee meeting Tuesday, council member Wanda Halbert rebuked MCS officials for criticizing a deal she said they had a hand in shaping.
“This compromise, or this agreement, was not reached by the city council alone. You all had representatives there,” she said. “And now to come back because you realize that whatever decision was made… that it doesn’t necessarily help you in the way you thought it would – there’s always a different way to approach it and deal with it.”
Final briefs in the chancery court school funding lawsuit were due this week. Chancellor Kenny Armstrong has not yet set a date to hear closing arguments....
77. C-USA to Boost Local Economy, But by How Much? Enough, Observers Say
- Thursday, March 08, 2007
With 12 universities spread across nine states, Conference USA's footprint is as widespread as any in the country, extending from West Texas to West Virginia, from New Orleans to North Carolina.
78. Mayor Herenton's Executive Assistant Moves to MLGW
- Wednesday, December 13, 2006
Gale Jones Carson has been named director of corporate communications for Memphis Light, Gas & Water Division. In her new executive-level position, she will report directly to MLGW president and CEO Joseph Lee III. She previously was executive assistant to Memphis Mayor Willie Herenton.
79. STIRRING IDEA
- Thursday, July 13, 2006
In the early 20th century, famed architect and city planner Daniel Burnham ridiculed small-scale ideas as having "no magic to stir men's blood."
Thinking big was the cornerstone of his philosophy, as it likely will be during a public forum scheduled today at 6:30 p.m. at the BRIDGES Center at 477 N. Fifth St. The forum, "Design Matters: Great Urban Solutions Through Collaboration," is where architects, planners and designers will interact with the public for the first time to promote the creation of a regional design center in Memphis.
80. Archived Article: Events
- Friday, December 17, 2004
The Shelby County Housing Authority meets at 3 p
The Shelby County Housing Authority meets at 3 p.m. today at 715 Rouge Bluff Road. For more information, call 358-6414. Ballet Memphis presents the opening of The Nutcracker at 7 p.m. today at The ...
81. Archived Article: This Week
- Monday, December 13, 2004
Memphis Bar, YLD Present Ethics Seminar
The Construction Specifications Institute hosts a board of directors meeting from 5:30 p.m. to 7:30 p.m. at The BBQ Shop, 1782 Madison Ave. Reservations must be made by noon today at ...
82. Archived Article: This Week
- Monday, October 04, 2004
MBA Presents the Irving Younger Video Series
Shelby County Mayor Hosts Town Hall Meeting
The Memphis Area Association of Realtors Multi-Million Dollar Club sponsors Professional Standards in the 21st Century from 9 a.m. to noon at Ge...
83. Archived Article: Events
- Thursday, December 18, 2003
The Local Workforce Investment Board holds a consortium meeting at 9 a
The Local Workforce Investment Board hosts a consortium meeting at 9 a.m. today at the Memphis Career Center, 444 N. Main St., second floor conference room B. Call 576-6810 or...
84. Archived Article: This Week
- Monday, December 15, 2003
Collierville Chamber Hosts Small Business Counseling
American Golf School Starts Beginner Course Dec. 15
The American Golf School starts its beginner golf course at 5:30 p.m. at the school, 119 South Main St. in Pembroke Square. The class meet...
85. Archived Article: Idb (lead)
- Thursday, November 09, 2000
Two projects seek tax freeze Investment plans would add jobs to city, county By SUE PEASE The Daily News Two tax assessment freeze applications representing $6.2 million in new capital investment and 50 additional jobs over the next four years will ...
86. Archived Article: Comm Focus (reunion)
- Friday, July 14, 2000
By STACEY WIEDOWER Rivalry aside, Central-Tech reunion in works By STACEY WIEDOWER The Daily News Ask a graduate of Central High School the name of the oldest high school in town, and expect an incredulous look and an immediate answer: "Central...
87. Archived Article: Benchmark (kellogg)
- Thursday, April 13, 2000
Kellogg and Exxon in cat fight over tiger logo Kellogg, Exxon in cat fight over use of tiger logo A court fight between corporate heavyweights Kellogg Co. and Exxon Mobil Corp. has been re-ignited over the use of cartoon tigers in advertisements of ...
88. Archived Article: Ft Mort P.2
- Monday, March 06, 2000
FT Mortgage changes name as part of consolidation FT Mortgage changes name as part of consolidation FT Mortgage Cos., one of the nation's top10 mortgage originators, and its business units will become known as First Horizon Home Loan Corp., company ...
89. Archived Article: Memphis Memos
- Wednesday, February 23, 2000
Memos 02-23-00 Memos 02-23-00 Samuel Brackstone has been named assistant vice provost for extended programs at The University of Memphis. Brackstone previously was director of extended programs and public service at the university, and has served as...
90. Archived Article: Page 2 (maa)
- Friday, February 04, 2000
Mid-America Apartment Communities has entered into definitive contracts to sell its Pine Trails and MacArthur Ridge apartment communities Mid-America Apartments sells two properties Mid-America Apartment Communities has entered into definitive contr...
91. Archived Article: Memos
- Wednesday, July 28, 1999
Mike W Mike W. Myers has been named chief operating officer for Back Yard Burgers Inc. Myers formerly was regional vice president of Whataburger Inc. in Irving, Texas. He has a masters degree from the University of Phoenix. Lawrence C. Day has been ...
92. Archived Article: Graphic
- Thursday, April 22, 1999
Most active bankruptcy attorneys Most active bankruptcy attorneys Several thousand bankruptcy petitions were filed in the U.S. Bankruptcy Court for the Western District of Tennessee during the first quarter of 1999 and those petitioners need legal r...
93. Archived Article: Calendar
- Monday, March 08, 1999
March 8 March 8 The Memphis Area Radio Stations Association will sponsor a seminar at the Ridgeway Inn featuring consultant Irwin Pollack. His topics will be radio ad selling from 8:30 a.m. to noon and radio station management from 1 p.m. to 3 p.m. ...
94. Archived Article: Calendar
- Monday, March 01, 1999
March 2 March 2 The 18th annual Freedom of Information Congress will be held at the University of Memphis at 7:30 p.m. in the psychology auditorium. The speaker will be Jack Anderson, who will discuss investigative reporting and the role of journali...
95. Archived Article: Law Briefs
- Thursday, August 13, 1998
The Memphis Bar Association will sponsor a seminar on choosing a business entity at noon today at the Peabody The Memphis Bar Association will sponsor a seminar on choosing a business entity at noon today at the Peabody. The speaker will be Richard ...
96. Archived Article: Graphic
- Thursday, August 13, 1998
Bankruptcy filings for 1998 are off their record-setting pace, but Memphis still has one of the highest rates of bankruptcies per capita in the United States Bankruptcy filings for 1998 are off their record-setting pace, but Memphis still has one of...
97. Archived Article: Law Briefs
- Thursday, August 06, 1998
The Young Lawyers Division of the Memphis Bar Association will sponsor a five-mile run/walk at 6:30 p The Young Lawyers Division of the Memphis Bar Association will sponsor a five-mile run/walk at 6:30 p.m. Aug. 7. The race will start Downtown and c...
98. Archived Article: Law Briefs
- Thursday, July 30, 1998
Shelby County judicial candidates will be interviewed by local journalists in forums that will be carried on Time Warner Communications cable channels Shelby County judicial candidates will be interviewed by local journalists in forums that will be ...
99. Archived Article: Backpage
- Wednesday, July 08, 1998
By SUZANNE THOMPSON Local small business receives grant money By SUZANNE THOMPSON The Daily News A local pharmaceutical research company, Molecular Design International Inc., recently received a $249,725 grant from the National Institutes of Health....
100. Archived Article: Page 3
- Tuesday, January 28, 1997
Embassy Suites completes conversion of 16 hotels Embassy Suites completes conversion of 16 hotels Embassy Suites has announced that it has completed the conversion and addition of 16 Crown Sterling Suites hotels to its system, bringing the total num...