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VOL. 128 | NO. 5 | Tuesday, January 08, 2013

Daily Digest

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Crews Development Files $1.9 Million Construction Loan

Crews Development LLC has filed a $1.9 million construction loan through Triumph Bank for 23.74 acres of land in Collierville.

The company filed the loan Jan. 3 for the Shepherd’s Creek Planned Development. The land is at the southwest corner of Frank and Shea roads, north of West Poplar Avenue.

Jason Crews signed the construction deed of trust, security agreement and fixture filing as president of Crews Development.

Crews Development bought the land Oct. 31 from Shea Partners for $1.3 million. Russell E. “Rusty” Bloodworth signed the warranty deed as executive vice president of Boyle Investment Co., managing partner of Shea Partners.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Federal Lawmakers Assess River Rock-Removal Effort

Two federal lawmakers from Illinois are getting a firsthand look at urgent efforts to clear some Mississippi River bedrock that’s crimping shipping on the waterway.

Sen. Dick Durbin and Rep. Bill Enyart were set to be briefed Monday about the work near Thebes, Ill., by Army Corps of Engineers and Coast Guard officials, then tour the site by boat.

Corps-hired contractors have been working since last month to clear the underwater rock pinnacles from the river.

The effort is considered vital in ensuring that stretch of river remains open to barge traffic as the lingering drought continues to lower the level of the Mississippi.

Barge industry trade groups have expressed concern the ever-dropping river could further restrict barge weights to the point that shipping on the river is halted.

– The Associated Press

Tennesseans Urged to Test for Radon

Two state agencies, the federal government and the American Lung Association are encouraging Tennesseans to test their homes for radon.

Radon is a naturally occurring gas that can enter homes through foundation cracks or openings. It’s invisible and odorless and high concentrations can cause health problems including lung cancer.

The Environmental Protection Agency estimates that 70 percent of Tennesseans live in areas with high or moderate risk of radon.

The Tennessee Health Department and the state Department of Environment and Conservation are offering more information about radon and radon testing on their websites or by calling toll free to 800-232-1130.

State officials recommend testing for radon during consistently cold weather.

– The Associated Press

Supreme Court Hears Dispute Over Class Actions

The U.S. Supreme Court is questioning efforts by consumers’ lawyers to limit the amount of money sought in class-action lawsuits so they are heard in state courts rather than more business-friendly federal court.

The justices on Monday appeared receptive to an insurance company’s argument that lawyers artificially lower the amount of money at stake to keep the lawsuits in state courts that often favor plaintiffs. The Standard Fire Insurance Co. of Hartford, Conn., says the tactic drags out lawsuits and makes fighting them so expensive that companies would rather settle.

The case involves a 2005 federal law that allows defendants to transfer class actions involving more than $5 million to federal court.

Standard Fire is being sued by an Arkansas homeowner over the cost of repairing hail damage.

– The Associated Press

High Court Rejects Medicare Challenge

The U.S. Supreme Court has turned away a challenge from former House Majority Leader Dick Armey and other Social Security recipients who say they have the right to reject Medicare in favor of continuing health coverage from private insurers.

The justices did not comment Monday in letting stand a federal appeals court ruling that held that there is no way for people who receive Social Security to reject Medicare benefits.

Armey, a Texas Republican, and two other former federal employees say private insurance covers more than Medicare. Two other plaintiffs are wealthy individuals who have high deductible private insurance and prefer to pay for their health care.

The case was funded by a group called The Fund For Personal Liberty, which says its purpose is to take on burdensome government regulations.

– The Associated Press

Bureau of Investigation Taking Applications for Citizen's Academy

The Tennessee Bureau of Investigation is accepting applications for its Citizen’s Academy.

The TBI says the academy is designed to develop a better understanding and awareness of the agency in the community. It offers citizens a close look at the TBI’s work investigating crime scenes and cyber crime, tracking terrorism information, and doing forensics examinations.

The academy runs from May 7 through May 28 at TBI headquarters in Nashville. It is limited to only 15 citizens.

Applicants must be at least 21 years old and be physically able to meet training and scheduling requirements.

Those interested should fill out the application located on the TBI website at www.tbi.tn.gov and submit it by Feb. 28.

– The Associated Press

Oil Falls as Uncertainty Hits Energy Markets

The price of oil fell Monday, hit by uncertainty about what the U.S. Federal Reserve might do with its bond purchase program and data showing the U.S. unemployment rate unchanged.

By early afternoon in Europe, benchmark crude for February delivery was down 44 cents to $92.65 per barrel in electronic trading on the New York Mercantile Exchange.

On Friday, the Nymex contract closed up 17 cents at $93.09 a barrel after the U.S. Energy Department’s Energy Information Administration reported that the nation’s crude supplies fell by 11.1 million barrels during the last week of 2012, much more than analysts expected.

The impact of last week’s release of a transcript of the Federal Reserve’s December meeting showing that policymakers disagreed over how long to keep a bond-purchase program in place was still being felt on the market.

Traders inferred the Fed might shorten the program, which could send U.S. interest rates, and therefore the dollar, higher. That in turn would hurt the price of oil. Oil, which is priced in dollars, tends to fall as the dollar strengthens and makes crude more expensive for investors holding foreign currencies.

On Monday, the euro was down at $1.3030 from $1.3065 on Friday.

Brent crude, used to price international varieties of oil, was down 44 cents to $110.87 a barrel on the ICE Futures exchange in London.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 17,721
MORTGAGES 0 0 23,068
FORECLOSURE NOTICES 0 0 4,519
BUILDING PERMITS 0 0 42,157
BANKRUPTCIES 0 0 16,691
BUSINESS LICENSES 0 0 5,781
UTILITY CONNECTIONS 0 0 25,174
MARRIAGE LICENSES 0 0 5,381

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