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VOL. 126 | NO. 63 | Thursday, March 31, 2011

Daily Digest

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Glencore Grain Buys Mendenhall Warehouse

Glencore Grain USA LLC, a Stamford, Conn.-based affiliate of Swiss commodities giant Glencore International AG, has paid $6 million for the warehouse at 4834 S. Mendenhall Road.

ProLogis NA2 Tenenssee I LLC, an entity related to Denver-based developer ProLogis, sold the 406,204-square-foot property to Glencore Grain in a March 25 special warranty deed.

Built in 1978, the Class B warehouse sits on 20.32 acres at the southern terminus of Mendenhall just south of its intersection with East Shelby Drive.

The Shelby County Assessor of Property’s 2010 appraisal was $7.3 million.

Glencore “produces, sources, processes, refines, transports, stores, finances and supplies commodities that industries around the world need,” according to the company’s website.

The company has a handful of sites in North America, including Houston, Pittsburgh and Los Angeles.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Rusty Hyneman Files Chapter 7 Bankruptcy

Memphis real estate developer William “Rusty” Hyneman filed a Chapter 7 bankruptcy petition Tuesday in U.S. Bankruptcy Court for West Tennessee that lists assets of $3.7 million and liabilities of $69.3 million.

The nearly 60-page petition filed by Hyneman, who in the past has been a controversial backer of several figures on the local political landscape, identifies close to 50 creditors.

It also lists close to two dozen lawsuits and administrative proceedings Hyneman has been involved with during the 12 months prior to this week’s bankruptcy filing.

In a Chapter 7 – or “liquidation” bankruptcy – debtors often get to wipe away much of what they owe. Assets are sold to repay creditors.

Hyneman and his family’s associated companies once represented the largest homebuilders in Shelby County.

A $70,000 Rolex watch Hyneman allegedly gave to former state Sen. John Ford was among the items seized by the government in the Tennessee Waltz federal corruption case against Ford.

– Andy Meek

Trenary to Earn $1.7M as Pinnacle Consultant

Former Pinnacle Airlines Corp. president and CEO Phil Trenary will be paid a consulting fee of $1,682,440 for the two years that he serves as a consultant to the regional Memphis-based airline.

Pinnacle executives Tuesday filed details of the terms of Trenary’s departure with the Securities and Exchange Commission.

Trenary resigned from Pinnacle effective March 24.

The resignation includes not only the consulting fee but a one-year no-compete clause.

Trenary also collects any accrued money such as unpaid salary and bonuses.

– Bill Dries

Chamber Takes Trip to NYC for Media Tour

Representatives from the Greater Memphis Chamber, the Memphis Convention and Visitors Bureau and Mayor A C Wharton Jr.’s office visited New York City Monday through Wednesday to meet with national publications and share information about the Memphis business community.

Some of the key points in discussion were the upcoming Airport Cities World Conference & Exhibition, April 11-13, and the recent decisions of Electrolux and Mitsubishi Electric Power Products to choose to build manufacturing facilities in Memphis. Also part of the discussion was the MemphisED plan and strategies, which the chamber is responsible for marketing.

Representatives from the chamber included president and CEO John Moore, director of communications Amy Daniels, communication specialist Christina Meek and Memphis-Shelby County Airport Authority chairman and aerotropolis steering committee chairman Arnold Perl. Also in attendance were Mary Cashiola with Wharton’s office and Regena Bearden, vice president of marketing for the CVB.

Publications visited include Wall Street Journal, Forbes Magazine, Fortune Magazine, Newsweek Magazine, FastCompany Magazine and Business Facilities Magazine among others.

– Sarah Baker

$2M NIH Grant Funds Local Parkinson's Research

The National Institutes of Health has awarded a $2.1 million grant for Parkinson’s disease research to Dr. Charles Blaha, professor of psychology at the University of Memphis, and research collaborator Dr. Kendall Lee of the Mayo Clinic.

The five-year study will form the basis for the development of next generation Deep Brain Stimulation (DBS) systems that use neurotransmitter release in the brain as feedback to optimize DBS therapeutic efficacy.

DBS, an established therapy for neurological disorders, involves implanting stimulating electrodes into specific areas of the brain. When electrical stimulation is applied to these electrodes, the tremors and other motor symptoms seen in Parkinson’s patients disappear. However, it’s unknown how the process works.

The research team will use functional Magnetic Resonance Imaging to map the areas of the brain that are activated by DBS. Neurotransmitter recording techniques will enable them to measure neurotransmitter release in the areas of the brain identified by fMRI. The combined powerful technologies will provide important insights into the neurobiological mechanisms of the therapeutic action of DBS in humans.

“Dr. Lee is an accomplished neurosurgeon who routinely performs DBS surgeries at the Mayo Clinic,” said Blaha, who received his Ph.D. at the University of Oregon and taught at the University of British Columbia and Macquarie University in Australia before coming to the U of M in 2004.

– Aisling Maki

A2H to Host Blues Concert at Lakeland Gallery

Askew Hargraves Harcourt & Associates Inc., also known as A2H, is hosting a concert featuring blues singer/songwriters Delta Joe Sanders and Davis Coen Saturday from 7 p.m. to 9 p.m. in the A2H gallery, 3009 Davies Plantation Road in Lakeland.

Sanders, one of the foremost finger-style guitar pickers in town, produced his most recent album, “Another Saturday Night,” in 2009.

Recent accomplishments for Coen include having his music featured on the House of Blues Radio Hour, NPR’s Morning Edition & World Café programs, and the DVD release of Martin Scorsese’s PBS Special, “The Blues.” Coen also receives steady play on XM/Sirius Radio’s Bluesville channel.

The suggested donation is $15, with all proceeds going to the artists. Wine and light hors d’oeuvres will be served.

Seating is limited to the first 50 RSVP’s. For more information, contact marketing coordinator Casey O’Rourke at 372-0404 or caseyo@a2h.com.

– Sarah Baker

Late Jim Dickinson Honored With Beale Brass Note

The latest brass note on the sidewalks of the Beale Street entertainment district will honor the late Jim Dickinson.

The note outside the New Daisy theater will be unveiled Sunday at 3 p.m. in a ceremony that will feature his sons, Cody and Luther Dickinson.

Jim Dickinson was a musician and producer who worked with The Rolling Stones, Bob Dylan, Big Star and The Replacements.

His sons joined the family business forming the nationally known North Mississippi All Stars.

– Bill Dries

Howard Robertson Among Top 20 Honored in Radio

Howard Robertson of Memphis is one of the 20 most influential African-Americans in radio, according to Radio INK Magazine, a leading radio industry trade publication.

Robertson is CEO of Spotset Radio Network, which networks groups of radio stations from a database of 13,000 across the U.S. and Puerto Rico to meet the needs of advertisers and advertising agencies.

Spotset’s clients include the Tennessee Lottery, General Mills and Nationwide Insurance.

Robertson’s wife, Beverly, is president of the National Civil Rights Museum.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 79 146 10,368
MORTGAGES 95 202 13,529
FORECLOSURE NOTICES 0 24 2,668
BUILDING PERMITS 0 393 24,700
BANKRUPTCIES 60 120 10,012
BUSINESS LICENSES 21 37 3,773
UTILITY CONNECTIONS 99 248 14,805
MARRIAGE LICENSES 0 31 3,198

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