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VOL. TMN-9 | NO. 18 | Saturday, April 30, 2016
Weekly Issue

Grinding Recovery

Slow economic improvement makes it tough to value assets

Michael Drury is watching the current U.S. presidential season with a combination of professional detachment and an air of resignation.

Alternate Transit Options for Beale Street Music Festival

For those who plan to attend the Beale Street Music Festival this weekend but want to avoid the parking hassles, there are other options for getting there.

Federal Regulators Close Memphis-Based Bank

Trust Co. Bank of Memphis has failed, with state and federal regulators announcing Friday, April 29, they had closed all four branches of the West Tennessee financial institution and arranged a purchase agreement to protect depositors.

Norris and Geater Named Dunavant Award Recipients

Tennessee State Senate Republican Leader Mark Norris of Collierville and Lisa Geater, chief of staff to Memphis Mayor Jim Strickland, are the recipients of the annual Bobby Dunavant Public Servant Awards to be presented in May by the Rotary Club of Memphis East.

China Gives Final Nod to FedEx Acquisition of TNT

FedEx Corp. and TNT Express announced Friday, April 29, that the Ministry of Commerce People’s Republic of China has given unconditional approval for their merger.

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EVENTS

Independent Bookstore Day will be celebrated on Saturday, April 30, with special discounts, giveaways and events at Burke’s Book Store, 936 S. Cooper St., and The Booksellers at Laurelwood, 387 Perkins Road Extended. Among the highlights: participate in Litographs literary tattoo chain; purchase exclusive IBD books and art pieces; and visit both locations to be entered to win one of 10 prizes. Visit burkesbooks.com and thebooksellersatlaurelwood.com for full schedules.

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Broncos Draft Paxton Lynch in First Round

The defending Super Bowl champion Denver Broncos traded up in Thursday night’s NFL Draft and selected former University of Memphis quarterback Paxton Lynch in the first round with the 26th overall pick.

THE MEMPHIS NEWS EDITORIAL

Editorial: Our Violence and Our Prosperity

What did you talk about this week on a beautiful spring day following a beautiful spring weekend?

SPECIAL EDITION Securities & Investments

Waddell & Associates Merges With International Network

David Waddell’s Memphis-based investment firm is celebrating the third decade of its existence this year with more than just the acknowledgement of its longevity in the business of managing clients’ money.

Financial Adviser, To Millennial Investors: Don’t Rush

As a financial adviser with Morgan Stanley Global Wealth Management in Memphis, Kevin Kimery’s vantage point gives him visibility into the full spectrum of investment behaviors and client types – as well as common mistakes he sees new investors make.

Memphis Banking Market Finding Renewed Equilibrium

It took about 10 minutes for First Tennessee Bank’s parent company to wrap up its annual meeting of shareholders this week.

THE MEMPHIS NEWS ALMANAC

This Week in Memphis History: April 29-May 5

2015: Formal opening of Bass Pro Shops at The Pyramid, an adaptation of a former 20,000-seat arena that took a decade to pull off. City leaders approached Bass Pro Shops about opening a store with other attractions in the arena after a look at other adaptive reuses of arenas across the country.

COMMUNITY

Kyles Played Big Role in Civil Rights Movement

The world knows him through his story of standing near Dr. Martin Luther King Jr. on the balcony of the Lorraine Motel in 1968 just seconds before King was assassinated.

Reaction to the Death of Civil Rights Leader Rev. Samuel Billy Kyles

Rev. Samuel Billy Kyles died Tuesday in Memphis after a long illness. Here's a roundup of reaction from local leaders, Kyles' associates and the National Civil Rights Museum...

Women's Foundation Honors 3 Influential Memphians

The Women’s Foundation for a Greater Memphis is entering its 21st year as a nonprofit set on transforming the lives of underprivileged women and their families.

Shelby Farms Park Transformation Started With Plan

Two years ago this summer, the Shelby Farms Park Conservancy had raised $52 million to start its “Heart of the Park” work that is scheduled to open in the late summer and early fall.

OVERTON PARK

Memphis Zoo's New Attraction Takes High-Tech Dive Into Zambezi

On the African continent, the Zambezi River Valley is south of the savanna. At the Memphis Zoo, it is west of the savanna-like grassland environments where elephants, zebras and giraffes can be seen.

Overton Greensward Overcast Weekend Offers Temporary Interlude

For a few hours Saturday morning, April 30, in Overton Park there was no one on the Greensward – no cars, no zoo crew, no protesters, no yoga class, no dogs or dog walkers. On an overcast day, there wasn't even a shadow to be cast.

FINANCIAL

BancorpSouth Adds Universal Banker Model at New Memphis Branch

When new bank branches are built and opened in Memphis, they increasingly resemble not the traditional branches of yesterday, but something new.

SPORTS

Roster Remix? Grizzlies May Finally Shake Things Up

As amazing as it was that the Memphis Grizzlies set an NBA record by using 28 players this past season, it’s almost more unbelievable that they had to sign eight different players to 11 separate 10-day contracts.

Gasol on the Mend, Stephenson Looking For Home

Struggling to get over the way the Grizzlies’ season ended – in a wave of injuries and 10-day contracts before the San Antonio Spurs hit them with that first-round broom?

Mike Conley Leave the Grizzlies? Possible, but Unlikely

The on-court business of the season finished – the San Antonio Spurs made sure of that – the Grizzlies now turn to the offseason.

Dave Joerger: The NBA’s Invisible Man

Congratulations to Golden State’s Steve Kerr. You can’t say he wasn’t a worthy recipient for NBA Coach of the Year.

Born to Play Football, Paxton Lynch Just Changing Leagues

The player can’t tell you how it all started, not really. Neither can the player’s first coach and probably not the player’s dad.

Keelon Lawson To Be Part of Tubby Smith’s Memphis Staff, Pending NCAA Action

The ever-moving story of whether Keelon Lawson, father of freshmen forwards Dedric and K.J. Lawson, would have a place on the new University of Memphis basketball staff has taken another turn.

AIRPORT

OneJet Halts Memphis Flights, But City Remains in Picture

Business carrier OneJet has cut its flights out of Memphis.

HEALTH CARE

Methodist Takes IT, Electronic Records to Stage 6

Methodist Le Bonheur Healthcare’s race to not only digitize patient medical records but to improve the IT processes and technology around those records and throughout the organization has added Methodist to a distinguished club.

REAL ESTATE & DEVELOPMENT

Ikea: 'Everything's on Track' for New Memphis Store

A construction crew of nearly 500 is at work turning what is now a steel frame into Tennessee’s first Ikea store. This week, the crew began installing Ikea’s trademark cobalt-blue walls on the western edge of what will be a self-serve warehouse.

Grand Carousel’s New Home Ready for Construction

By mid-summer 2017, the historic Memphis Grand Carousel will be spinning in its new home at the Children’s Museum of Memphis.

Archimania Leads 2016 Architecture Awards

Memphis architecture firm archimania was the biggest winner Saturday night at the 2016 AIA Memphis Design Awards, an annual bash that honors the city’s top architecture firms.

REAL ESTATE RECAP

Farm-To-Table Restaurant For Shelby Farms

415 E. Patriot Lake Road, Memphis, TN 38134 -
Construction is soon to start on The Kitchen restaurant in Shelby Farms. 

SMALL BUSINESS SPOTLIGHT

LMCB Social Does the Marketing Many Small-Business Owners Can’t

Any business has a lot of variables, unique variables that those not in the industry could never fully grasp.

MEMPHIS-AREA GOVERNMENT & POLITICS

Commission Debates Full Bill for Police Body Cameras

Most Shelby County commissioners expressing an opinion say they favor body cameras for Memphis Police.

Council Members Express Impatience with Minority Contracting Complexity

Some Memphis City Council members want to challenge City Hall’s existing minority business system as its minority business effort is being streamlined.

EDUCATION

TNReady Contract Cancellation Deepens Complexity

When Measurement Inc. told state officials earlier this week that the company couldn’t get several million paper versions of its online student achievement tests shipped, the state went to Memphis-based FedEx to work around shipping limits.

SCS Board Eyes Three Charter School Closings

Shelby County Schools board members voted Tuesday, April 26, to close three Memphis charter schools performing in the bottom 5 percent of all schools statewide in terms of student achievement.

MEMPHIS NEWSMAKERS

Memphis Jewish Home's Bobby Meadows Wins National Honor

Bobby G. Meadows III, executive director of Memphis Jewish Home & Rehab, has been awarded the 2016 Young Executive Award by the Association of Jewish Aging Services. The award honors an executive younger than 45 who demonstrates significant potential in health care management by virtue of his or her cumulative achievements or innovative results in management or administration.

LETTER TO THE EDITOR

Reader Insists Parking Solution Already Exists for Zoo

I just read a very well thought out and thorough letter (from Richard Smith, mediator in the Overton Park parking controversy) about the zoo parking issue. I have another way of looking at it.

LOCAL COLUMNISTS

Does Your Company Website Need a Makeover?

You never get a second chance to make a first impression – and that concept also rings true for websites.

Tennessee Legislature's 2016 Session: Unbelievable

THE STATE OF UN. In this nadir of presidential elections with everyone awash in slimy sound bites, with Congress and a Supreme Court nominee stuck in the mud, it takes truly jaw-dropping state legislative idiocy to draw the attention of the national media, make the monologues of late-night hosts and inspire “Saturday Night Live” skits.

Re-Evaluate Your Cash Strategy

Ray’s take: When it comes to a cash reserve, the standard advice is three to six months of expenses. Do you think that’s enough? It might not be.

Leaders Say No at Times

Wise decision-making is a core function of leadership. Your job as a leader is to keep the main thing, the main thing. How do you achieve that goal knowing that there are times when everything seems like a good idea, everything seems important, achievable, a good decision.

Constitutional Violations Easy as Pie

His name is Cameron Ward. He was born in Montreal in 1957, graduated from the University of Waterloo in 1979, and received his law degree in 1983 from the University of Ottawa. He was admitted to the Bar of British Columbia in 1984, practiced with major Vancouver firms for nine years, and then founded his own firm in 1993.

Did ‘People Back Home’ Really Sway No Votes on Bible?

I thought about skipping church Sunday and playing golf. After listening to the House of Representatives’ debate on the Bible bill, I could probably skip church for a month and still be in good standing.

The Truth CEOs Must Help Employees Realize

A “company-wide sales culture.” Every CEO and business owner dreams of it, but few realize it. It is where everyone in the organization plays some role in supporting sales and growth efforts, though roles will vary.

Proclaim Email Debt Forgiveness

In today’s workplace, email is an inevitable fact of life. Gone are the days of predictable phone calls or regular in-person chats to check in. The bulk of communication is expected through email.

Essential Tactics For Innovation Intrepreneurs

For authentic innovation to occur at an organization, you have to craft the culture of a place to accept and embrace new ways of working together and being in the market.

Periodically Check Processes to Best Track Funds

Where’s the money? How do you process gifts?

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 88 397 5,985
MORTGAGES 97 492 7,484
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 134 813 13,723
BANKRUPTCIES 50 287 5,142
BUSINESS LICENSES 22 122 2,274
UTILITY CONNECTIONS 86 398 7,266
MARRIAGE LICENSES 16 109 1,532

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The Memphis News: Business, politics, and the public interest.