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VOL. 127 | NO. 199 | Thursday, October 11, 2012

Daily Digest

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Southwind Homewood Suites Facing Foreclosure

Homewood Suites by Hilton Southwind-Hacks Cross is facing foreclosure after its ownership group defaulted on a $10 million loan from Lehman Brothers Bank, according to a first-run foreclosure notice in Thursday’s Daily News.

Nonconnah Suites LLC, which opened the hotel directly across from FedEx Global Headquarters in 2002, took out the $10 million loan from Lehman Brothers Bank in 2007. The loan is currently held by LB-UBS 2007-C6 County Gate Road REO LLC.

The 123-room, four-story Homewood Suites is situated on 4.4 acres between County Gate and Hacks Cross roads north of Winchester Road. Substitute trustee Erika Barnes of Nashville-based Stites & Harbison PLLC has set the property sale for Nov. 2.

The full text of the notice is on page 31 of Thursday’s Daily News and at memphisdailynews.com.

Source: The Daily News Online & Chandler Reports
– Daily News staff

Property Tax Clinic Scheduled for Saturday

The fifth of six scheduled tax clinics, sponsored by Memphis City Council member Lee Harris and the law firm of Linebarger Goggan Blair & Sampson LLP, will be held Oct. 13.

The clinic, to be held at the Ed Rice Frayser Community Center at 2907 N. Watkins St., will last from 10 a.m. to 1 p.m. Its goal is to help property owners better understand the tax process and to work with delinquent taxpayers to develop a plan to pay their taxes.

Since these tax clinics began in March, Linebarger has successfully helped 120 taxpayers, with most placed on a payment plan designed to keep their property from being forced into a tax sale.

Anyone planning to attend the clinic should bring a tax bill, a recent letter from the Linebarger firm, or their account number. Calling 260-4058 ahead of time will reserve a seat as well as allow the law firm’s staff to research the account prior to the clinic.

One more clinic after this month’s is scheduled for this year. It will be held Nov. 10 at the Orange Mound Community Center, 2572 Park Ave.

– Andy Meek

Austin Byrd Joins Bailey & Greer Law Firm

Austin Byrd, a veteran medical device executive and health care compliance officer, has joined the Bailey & Greer PLLC law firm.

Byrd will concentrate on mass tort and multi-district litigation involving drugs and medical devices. He also is focused on Medicare fraud and other abuses within the health care system, including violations of the False Claims Act.

Byrd counsels health care professionals and medical device companies in commercial negotiations and dispute resolution. He also has an interest in aviation law and in injuries related to aviation operations.

– Andy Meek

MAAR Members Honored at State Association Convention

Several members of the Memphis Area Association of Realtors received recognition at the recent Tennessee Association of Realtors 93rd annual convention in Kingsport, Tenn.

Current MAAR vice president Steve Brown received TAR’s 2012 Presidential Award, which is given in honor of outstanding service to the leadership of the real estate industry.

Leon Dickson, immediate past president of MAAR, was chosen as TAR’s 2013-2014 division vice president. Pat Beech, also a past president of MAAR, was selected as 2013 secretary/treasurer.

Sue Turner, 2012 Tennessee association president, will continue to serve as immediate past president on the MAAR Executive Committee. Carol Lott, 2012 MAAR president, received the first-ever TAR Champion Award for her dedication to MAAR’s Realtors Political Action Committee.

New TAR Leadership graduates are Regina Hubbard, MAAR’s 2013 president-elect; Rae Ann Stimpson; Ludora Cooper; and Ron Guy. In addition, Dickson and Guy were elected to serve on the Tennessee Real Estate Education Foundation Board of Trustees.

– Sarah Baker

US Wholesale Stockpiles Grew 0.5 Percent in August

U.S. wholesalers increased their stockpiles in August and their sales rose for the first time in four months. The gains could provide a boost to the still-weak economy.

The Commerce Department said Wednesday that wholesale stockpiles grew 0.5 percent in August after a 0.6 percent increase in July.

Sales at the wholesale level jumped 0.9 percent in August, ending three months of declines. The sales increase was the biggest one-month gain since February.

Total wholesale inventories stood at $487.5 billion. That’s 26.9 percent higher than the post-recession low hit in September 2009.

It would take about five weeks to exhaust the level of stockpiles at the August sales pace. Steven Wood, chief economist at Insight Economics, said the level remains fairly lean, even after the modest increase in inventories over the summer when sales slipped.

Companies typically boost their stockpiles when they anticipate sales will rise in coming months. Faster restocking helps drive economic growth. When businesses order more goods, it generally leads to more factory production.

Growth has slowed this year, in part because high unemployment and low pay increases have kept U.S. consumers from spending more freely. Weaker global growth has also dampened demand for U.S. exports.

Many economists believe the U.S. economy grew over the summer at a 2 percent annual rate. That would be only a slight improvement from the tepid 1.3 percent annual growth rate in the April-June quarter.

A stronger job market could help boost growth in the final three months of the year. When more people find jobs, consumer spending typically increases. Consumer spending accounts for nearly 70 percent of economic activity.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 78 260 13,157
MORTGAGES 103 370 17,128
FORECLOSURE NOTICES 26 62 3,362
BUILDING PERMITS 0 366 30,930
BANKRUPTCIES 74 209 12,552
BUSINESS LICENSES 22 65 4,554
UTILITY CONNECTIONS 88 416 19,309
MARRIAGE LICENSES 27 94 4,003

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