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VOL. 126 | NO. 110 | Tuesday, June 7, 2011

Temple-Inland Rejects IP Bid

The board of Austin, Texas-based packaging and building materials maker Temple-Inland Inc. has adopted a shareholder rights plan, or “poison pill,” in response to a hostile takeover bid from Memphis-based rival International Paper Co.

Council Prepares for Long Budget Session

Memphis City Council members have a long day ahead Tuesday, June 7, at City Hall with lots of numbers and important decisions.

Center of Attention

CCC rebrands, retools mission to enhance city’s core

Next month, several hundred business leaders, civic officials and Downtown stakeholders will gather at The Peabody hotel to hear Tennessee Gov. Bill Haslam argue for the importance of building up a city’s Downtown core.

Commission Delays Final County Budget Vote

Shelby County Commissioners cut several million dollars across county government Monday June 6 with a resolution suggesting all county employees making over $100,000 a year take a 10 percent pay cut. They also slashed $300,000 from the county’s office of early childhood and youth and moved $250,000 in funding for a sickle cell clinic from the general fund to the fund balance.

IP Takeover of Temple-Inland Rejected

MEMPHIS, Tenn. (AP) - Packaging and building materials maker Temple-Inland is rejecting a $3.3 billion unsolicited takeover bid from larger rival International Paper Co., saying the offer is too low and would face heavy regulatory scrutiny.

Local Weather
Currently
Memphis, TN
72.0°F
Mostly Cloudy
Wind: from the South at 17.3 gusting to 27.6 mph
Humidity: 57%

EVENTS

The Alliance for Nonprofit Excellence will hold a workshop Tuesday, June 7, from 8:30 a.m. to noon at its office, 5100 Poplar Ave., suite 502. Participants will learn the principles and practices of an effective internal control system. Cost is $60 for members, $110 for nonmembers and $55 for those in the Program for Nonprofit Excellence. For more information, call 684-6605 or visit www.npexcellence.org.

more events »

May Home Sales Drop 13 Percent

While May is traditionally thought of as the kickoff to homebuying season, last month’s sales total was down 13 percent from May 2010, proof that the depressed housing market has a way to go before full recovery.

Medtronic Inc. Slashing 82 Memphis Jobs

Medtronic Inc., the world’s largest manufacturer of medical devices, will lay off 82 employees in Shelby County starting Tuesday, June 7, and ending July 3, as reported to the Tennessee Department of Labor and Workforce Development.

Topless-Club Owner Sues Over Cordova Restaurant

A little more than a month after a Shelby County Chancery Court judge dismissed a previous lawsuit on the matter, topless-club owner Steve Cooper has filed a new suit over his attempt to open a Cordova restaurant that he says will have Coyote Ugly-style entertainment.

Clinic Gives Travelers ‘Passport’ for Safe Trips

Nurse practitioner Tonya Parson’s mother returned home last year from a Mexican getaway carrying an unwanted souvenir – a parasite that had taken up residence in her liver.

MGLCC Thwarts Closure, Raising $60K

After facing the threat of closure just weeks ago, the Memphis Gay & Lesbian Community Center at 892 S. Cooper St. has announced that it will remain open, thanks to generous financial support from the community and beyond.

MEPPI Buys Rivergate Park Acreage For Transformer Plant

186.2 Acres In Rivergate Industrial Park, Sale Amount: $3.7 million, Sale Date: May 31, 2011 -
Warrendale, Pa.-based Mitsubishi Electric Power Products Inc. has bought three parcels in Rivergate Industrial Park from Belz Investco GP for $3.7 million. The deal closed May 31. The first parcel is 9.3 acres on the north side of Riverport Road (listed in the deed as Rivergate Road). It backs McKellar Lake, and the Shelby County Assessor of Property’s 2011 appraisal is $419,000. The second parcel is 63 acres on the south side of Riverport Road, appraised at $604,600. The third parcel is 113.9 acres on the north side of Riverport Road, wrapping around the 9.3-acre parcel and including an offshoot of McKellar Lake. Its 2011 appraisal is $769,600.

LOCAL COLUMNISTS

Capturing Good And Bad Ideas

If I only knew then what I know now! How many of you have ever said or thought that? It’s a fairly common thought among humans, and it is a powerful thought.

Leadership Can Help Avert Panic

Yesterday I sat in Bronte restaurant at the bookstore formerly known as Davis-Kidd. I looked around and thanked my lucky stars that it was business as usual in my favorite hangout. I’m one of hundreds, perhaps thousands, of customers who waited anxiously to learn whether the store would remain open after the announcement that it would be sold by its parent company.

GOVERNMENT AGENDA

Memphis City Council Agenda

The Memphis City Council will meet Tuesday, June 7, at 3:30 p.m. in the Council chambers in City Hall, 125 N. Main St. Click on the meeting icon for a full agenda.

STATEWIDE

Symposium in Fayetteville to Explore Rural Growth

FAYETTEVILLE, Tenn. (AP) – A two-day symposium in Fayetteville, Tenn., is exploring ways rural communities can create growth.

Main Street Program Under Way Across Tennessee

NASHVILLE (AP) – Tennessee's Main Street Program is hosting multiple summer events across the state.

NATIONAL BUSINESS

Jobs Emerges From Leave, Unveils New Products

SAN FRANCISCO (AP) – Apple CEO Steve Jobs has briefly emerged from a medical leave as the company unveiled a new music and storage service and new software for Mac computers and mobile devices.

Usually a Job Engine, Localities Slow US Economy

WASHINGTON (AP) – In a healthy economic recovery, states and localities start hiring, expand services and help fuel the nation's growth.

Research Firm Cuts 2011 PC Sales Forecast

NEW YORK (AP) – Research firm International Data Corp. expects sales of personal computers to grow 4.2 percent this year, down from a previous forecast of 7.1 percent.

NATIONAL POLITICS

Diamond Withdraws Nomination for Fed Board

WASHINGTON (AP) – Nobel Prize-winning economist Peter Diamond is withdrawing his nomination for the Federal Reserve board, expressing frustration with Republicans who had blocked his appointment and questioned his practical experience.

Adult Signature Required on New Postal Service

WASHINGTON (AP) – The Postal Service is offering a new service that will require an adult to sign for materials received.

HEALTH CARE

Health Care Law Waivers Stir Suspicion of Favors

WASHINGTON (AP) – Call it the Department of Waivers and Adjustments. It's doing a brisk business with the new health care law.

Cellphone Cancer Warning Falls Lightly on US Ears

NEW YORK (AP) – News last week that an arm of the World Health Organization said cellphones might raise the risk of brain cancer has been greeted by Americans mostly with a shrug of the shoulder – one that's pinning a cellphone to the ear.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 89 344 19,573
MORTGAGES 110 422 22,914
FORECLOSURE NOTICES 0 8,303 8,303
BUILDING PERMITS 207 838 40,029
BANKRUPTCIES 60 356 13,104
BUSINESS LICENSES 21 194 6,137
UTILITY CONNECTIONS 30 147 12,996
MARRIAGE LICENSES 15 65 4,842

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