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VOL. 126 | NO. 247 | Tuesday, December 20, 2011

Daily Digest

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NY Co. Buys 7 Acres Near Summer/I-40

College Point, N.Y.-based JMDH Real Estate of Memphis LLC has bought 7 acres southeast of Summer Avenue north of Interstate 40 for $1.2 million.

The seller is Lewis Management Co. LP of Memphis.

The 7-acre site is part of two tracts totaling 16.4 acres listed on the sale deed. The first tract is 13.9 acres at 5299 Summer Ave., containing an 83,600-square-foot auto dealership/service shop built in 1973. The Shelby County Assessor of Property’s 2011 appraisal is $1.7 million. The second tract is 2.5 acres of vacant land at 5305 Summer. Its 2011 appraisal is $70,000.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Morgan Keegan Loses Financial Advisers

Memphis-based Morgan Keegan & Co. Inc. is continuing to lose financial advisers as a sale of the firm that’s been in the works for months drags on.

Philip Janney and Robert Kay, both based with Morgan Keegan in Richmond, Va., have left to join Janney Montgomery Scott LLC. According to InvestmentNews, the team had production of $1.5 million at Morgan Keegan.

Also last week, another unnamed team with production in excess of $1 million left the firm, according to InvestmentNews, which couldn’t learn the identities of the advisers until they moved their licenses to their new firm.

More than half a dozen advisers have left the firm in the last two and a half weeks, according to recruiter Ron Edde of Armstrong Financial Group.

– Andy Meek

On Location: MEMPHIS Begins Sponsorship Drive

As On Location: MEMPHIS prepares for its 13th annual international film and music fest April 19 to 22, it is launching its sponsorship drive. Individuals and corporations are invited to become an important part of one of Memphis’ oldest and most ambitious film festivals, showcasing films and music from Memphis and around the world.

Shauna Collins, the nonprofit’s sponsorship chair this year, is new to the staff, operating out of Nashville as a professional fundraiser.

– Sarah Baker

CMOM to Receive Largest Donation

The Children’s Museum of Memphis has announced local businessman John Dobbs and his wife, Katherine – longtime supporters of CMOM – have made a 10-year commitment to the museum for capital improvements and new exhibit projects.

The decade-long partnership was unanimously approved by the museum’s executive committee Dec. 7. Although details of the gift amount have not been released, the donation is the largest single gift ever for the museum and is earmarked for capital projects only. No single project has been decided on yet, but a few ideas under discussion include renovations to current indoor exhibits and construction of new indoor and outdoor exhibits.

CMOM this year was voted Best Children’s Museum in the AAA “Best of the South” membership poll, making it the only Memphis organization listed in any category. For five consecutive years, it has continued to see increased numbers of visitors, averaging 165,000 a year.

Attendance is up 6.3 percent this year at the museum, which currently boasts the largest membership in its 20-year history.

CMOM’s annual impact on the Memphis economy totals $6.2 million, according to the museum.

– Aisling Maki

Celtic's NYE Party Helps Humane Society

Celtic Crossing’s New Year’s Eve Midnight Masquerade party Dec. 31 will benefit the Humane Society of Memphis & Shelby County.

The evening will feature party favors, photos, a champagne toast and balloon drop. The theme is masquerade and guests are encouraged to wear their own masks, but novelty masks will be provided, as well.

DJ Tree will provide entertainment starting at 10 p.m., and Celtic Crossing, 903 S. Cooper St., will stay open until 3 a.m.

Guests can choose from three options for celebrating New Year’s Eve: $45 per person includes guaranteed table seating with champagne and a three-course dinner, plus a donation to the Humane Society; $40 per couple includes guaranteed table seating with a champagne package of two, which includes a bottle of champagne and an appetizer, plus a donation to the Humane Society, and $5 donation at the door includes entry and standard bar service.

For more information or to reserve a spot, call 274-5151.

– Taylor Shoptaw

Haslam Donates $45M to Charities Over Decade

Tennessee Gov. Bill Haslam over the past decade has given more than $45 million to two family-run charitable foundations that support education, religion and culture.

The Knoxville News Sentinel reports that governor has given the money to the Charis Foundation established by Haslam and his wife in 2001, and the Haslam Family Foundation set up by his father in 1998.

The foundations have a combined $100 million in assets, which the governor said he hopes is enough to sustain them for the next 50 years.

Haslam has refused to disclose how much money he has made from his unspecified stake in the family-owned Pilot Flying J truck stop chain. He told the paper that releasing details of his income would meet “a National Enquirer standard, not a good government standard.”

– The Associated Press

State Tourism Officials Create Winter Website

The Tennessee Department of Tourist Development has created an Elvis-centric winter website, winter.tnvacation.com.

The interactive site encourages visitors to experience the holiday season with Elvis Presley. The theme is “Winter With Elvis: Lights, Camera, Action.”

The site also has a contest with the prize including a stay at The Peabody, and tours of Graceland, Sun Studio, Stax Museum of American Soul Music and the Memphis Rock ‘N’ Soul Museum. The contest runs through Feb. 6.

– The Associated Press

Medicare Launches Trial to Improve Senior Care

Medicare says it’s launching a national experiment to improve care for seniors, and hopefully save taxpayers money as well.

Officials announced Monday, Dec. 19, that 32 networks of doctors and hospitals around the country are becoming Pioneer Accountable Care Organizations, or ACOs.

Behind the acronym is a coordinated approach to medicine so that risks like high blood pressure and elevated blood sugars are managed better and patients get help leading a healthier lifestyle.

The networks will be eligible for financial rewards if they improve care and lower costs. About 860,000 of Medicare’s 47 million beneficiaries will be involved in the test. They’ll still be free to go to any doctor.

Officials hope the test will lead to a new model for all of Medicare.

– The Associated Press

Justice Reports Record False Claims Recoveries

The Justice Department reported Monday, Dec. 19, that it has recovered nearly $9 billion in fraud against the government since the beginning of the Obama administration, a record three-year total.

The $3 billion recovered in the past fiscal year included an unprecedented $2.8 billion raised after whistle blowers filed lawsuits on behalf of the government to reclaim U.S. money or property such as Medicare benefits, military contracts and federal subsidies and loans.

Reports of these claims increased after Congress amended the False Claims Act 25 years ago to increase incentives for whistle blowers to 15 to 30 percent of funds recovered from the lawsuits.

Assistant Attorney General Tony West noted that 28 percent of the more than $30 billion in recoveries since then have come since President Barack Obama took office. He said that’s because the president decided shortly after taking office to make health care fraud a major push of his administration.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 134 16,547
MORTGAGES 72 144 21,576
FORECLOSURE NOTICES 5 31 4,297
BUILDING PERMITS 209 209 39,587
BANKRUPTCIES 80 149 15,691
BUSINESS LICENSES 15 28 5,519
UTILITY CONNECTIONS 117 201 23,774
MARRIAGE LICENSES 14 51 5,086

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