Bank Reclaims 38 Lots From Builder in Bartlett

Merchants & Farmers Bank bought back 28 lots in the Hampton Grove Planned Development and 10 lots in Hampton Grove North Planned Development in Bartlett for a combined $1.1 million after foreclosing on the property that had been owned by Chamberlain & McCreery Inc.

M&F reclaimed the lots when Chamberlain & McCreery, a longtime Memphis homebuilder, defaulted on a $3.3 million loan through M&F dated Aug. 18, 2006. At that time, Chamberlain & McCreery bought 41 lots in Hampton Grove and 13 lots in Hampton Grove North from CMH Farms LLC for $3.2 million.

Near Shadowlawn Road and Shadowlawn Road East on the east side of Bartlett, Hampton Grove was approved in July 2006 for 61 lots on 32.86 acres and Hampton Grove North was approved for 22 lots on 19.25 acres.

Most of the Chamberlain & McCreery lots have appraised values of $64,200, according to the latest data from the Shelby County Assessor of Property.

Oaktree Homes LLC also bought lots in the subdivisions from CMH Farms. Oaktree paid $1.6 million in 2006 for 20 lots in Hampton Grove and seven lots in Hampton Grove North.

Source: The Daily News Online & Chandler Reports

– Eric Smith

MLGW to Consider Armored Car Contract

Among the contracts the Memphis Light, Gas and Water Division board of directors is scheduled to take action on at today’s meeting is one to Loomis Armored US Inc. for armored car services. The board is scheduled to vote on a resolution awarding a $432,686 contract to Loomis.

The board also is voting on a resolution awarding a $3.65 million contract for janitorial services to Kimco Corp.

The MLGW board will meet today at 3 p.m. in the boardroom of the MLGW Administration Building, 220 S. Main St.

– Andy Meek

Nov. Housing Construction Rises 8.9 Percent Nationally

Construction of new homes, helped by better weather, rebounded in November following a setback the previous month.

The gain is a hopeful sign that the housing recovery is continuing, a development viewed as critical to lifting the overall economy out of recession.

The U.S. Commerce Department Wednesday reported construction of new homes and apartments rose 8.9 percent in November to a seasonally adjusted annual rate of 574,000 units. The gain represented strength in all areas of the country although the increase was slightly lower than economists had expected.

Applications for new building permits were also up, rising 6 percent to an annual rate of 584,000 units, a stronger showing than economists predicted.

– The Associated Press

Bredesen Named Achieve Board Co-Chair

Gov. Phil Bredesen has been named co-chair of Achieve Inc., an organization that works to improve education.

Created in 1996 by the nation’s governors and business leaders, Washington-based Achieve is an independent, bipartisan, nonprofit organization. It helps states raise academic standards, improve assessments and strengthen accountability to prepare young people for postsecondary education, careers and citizenship.

Bredesen will co-chair the 12-member board with former Intel Corp. Chairman Craig Barrett.

The board is comprised of six governors – three Democrats and three Republicans – and six chief executive officers.

Bredesen joined Achieve’s board of directors in January.

– The Associated Press

Nucor Expects To Break Even in Q4

Nucor Corp. reported Wednesday it should break even or record slightly positive fourth-quarter results, which would mark the first time this year the steelmaker hasn’t posted a quarterly loss.

The Charlotte, N.C.-based manufacturer said its performance has been affected by lower volumes and a seasonal slowdown. It also expects a steel mill operating rate of no more than 60 percent in the October-December period, down from 69 percent in the previous quarter.

Analysts surveyed by Thomson Reuters are anticipating earnings of 28 cents a share for the fourth quarter, far above the outlook Nucor released Wednesday. In the fourth quarter of 2008, Nucor had net income of 34 cents a share.

KeyBanc analyst Mark Parr said he believes prices for Nucor’s scrap operations declined in October and November from a peak in August and September. He expects that swing to be limited to the fourth quarter.

The global economic downturn has severely crimped demand for steel because automakers and other big manufacturers have cut back.

Demand is improving, but companies are also paying more for raw materials.

Nucor recorded net losses of 60 cents per share in the first quarter, 43 cents per share in the second quarter and 10 cents per share in the third quarter of 2009.

Nucor operates a Special Bar Quality Products mill in Frank C. Pidgeon Industrial Park on Presidents Island.

– The Associated Press

Harris Shelton Attorneys Honored in SuperLawyers

Five attorneys from Harris Shelton Hanover Walsh PLLC have been selected for inclusion in the 2009 edition of Mid-South SuperLawyers, and four attorneys have been named Rising Stars.

The attorneys are Allen S. Blair, alternative dispute resolution; John L. Ryder, bankruptcy and creditor/debtor rights; Max Shelton, health care; William W. Dunlap Jr., personal injury defense, medical malpractice; and James B. Jalenak, real estate.

The attorneys honored as Rising Stars are Milton M. Hobbs Jr., business/corporate; Christopher S. Campbell, health care; Jeffrey L. Griffin, professional liability, defense; and Allison Gilbert, real estate.

Harris Shelton Hanover Walsh is a full-service law firm with two offices in Memphis and one office in Oxford, Miss.

– Taylor Shoptaw

Medtronic Offers Grants For CPR Training

The Medtronic Foundation has announced new grant opportunities for schools to conduct CPR and automated external defibrillator training.

The foundation will provide $1,000 grants for schools to help fund the training.

The deadline is Jan. 15. For details, visit bethebeat.heart.org/schools. Be the Beat is funded by a $1 million grant from the Medtronic Foundation.

– Tom Wilemon