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VOL. 123 | NO. 240 | Tuesday, December 9, 2008

Daily Digest

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Whitehaven Dialysis Center Sells Again for $3.3 Million

The DSI Whitehaven dialysis center at 3420 Elvis Presley Blvd. in Whitehaven has sold for the second time this year. Net Lease Holdings LLC, a St. Louis, Mo.-based company, sold the 9,500-square-foot facility for $3.3 million to an entity called 3420 Elvis BSA LLC of Rochester, N.Y., in a special warranty deed.

The one-story brick building was built in 1993 and sits on a 2.43-acre lot on the east side of Elvis Presley Boulevard north of Winchester Road. The Shelby County Assessor of Property’s 2008 appraisal is $730,800.

The buyer, 3420 Elvis BSA, filed its limited liability company status with the Secretary of State of New York on Oct. 29, listing an address in Rochester, N.Y., as its principal business location. The Rochester City Newspaper published a legal notice announcing the formation of the LLC in its Dec. 3 issue.

Net Lease Holdings had bought the property in July for $2.9 million from Hilco DSI LLC, and took out a loan for that same amount from U.S. Bank NA in conjunction with that sale.

In 2007, Hilco DSI LLC purchased three local dialysis centers: the Elvis Presley Boulevard center, a center at 4180 Auburn Road and a third at 1166 Monroe Ave. The seller of all three centers was DSI Renal Inc. and the total sale amount was $8.2 million.

Timothy Crowley, the president of CFI Inc., the managing entity of Net Lease Holdings, said the location will remain a dialysis center.

Source: The Daily News Online & Chandler Reports

RFC to Consider PILOT For Saddlery Lofts Units

The Center City Revenue Finance Corp. today will consider a request of Tenn Street Partners LLC for a payment-in-lieu-of-taxes (PILOT) agreement for Units 112-113 of The Saddlery Lofts at 505 Tennessee St. The board also will get an explanation of that request and authorize the execution of any necessary documents for it.

In addition, the board will consider a resolution regarding the issuance of taxable bonds to finance a parking garage at 100 S. Main St. The 205-space public garage would sit beneath apartments and commercial space, which is part of a project being developed by a team that includes developer Henry Turley.

The meeting will begin at 9 a.m. at the Center City Commission office, 114 N. Main St.

Medtronic Loses Patent Lawsuit

A federal grand jury on Friday ordered Medtronic Inc. to pay $7.4 million to a competitor in a patent infringement lawsuit for spinal disc replacement implants. Spine Solutions Inc., a subsidiary of Synthes Inc., proved that Medtronic willfully infringed its patent, according to a Memphis federal jury.

The jury awarded Synthes $5.78 million for lost profit damages and 18 percent of $9.1 million for sales infringements.

Spinal solutions was awarded its patent in 2005 and sued saying that Medtronic’s Maverick artificial disc product line infringed on that patent.

Medtronic will appeal the jury verdict, said Marybeth Thorsgaard, the company’s corporate spokeswoman.

“We do not think this verdict is supported by the facts,” Thorsgaard said. “Therefore, we intend to appeal.”

The Maverick is one of Medtronic’s product lines, but it is not sold within the United States.

In other Medtronic news, the company on Monday announced a clinical trial study showed that its deep brain stimulation significantly reduced seizure frequency among epilepsy patients who do not respond to antiepileptic drugs.

The study showed that stimulating the left and right anterior nucleus of the thalamus – the brain’s central message and relay station – with Medtronic’s deep brain stimulation, in conjunction with drug therapies, produced a reduction in seizures. The findings were presented at the American Epilepsy Society Annual Meeting in Seattle.

Minneapolis-based Medtronic’s Spinal and Biologics Business is headquartered in Memphis.

Broader Response To Foreclosure Crisis Urged

More than half of all U.S. homeowners who had their loans modified to make the payments more affordable in the first half of the year are already in default again, banking regulators said Monday.

The new data raise questions about whether government money may be better spent on creating jobs, rather than averting foreclosures, said John Reich, director of the federal Office of Thrift Supervision office at a housing industry forum sponsored by his agency.

“I do have concerns about allocating federal resources,” Reich said.

However, many experts claim the bulk of loan modifications don’t actually provide much financial relief for borrowers.

The government’s data don’t include enough detail about the types of loan modifications that were made, said Sheila Bair, chairman of the Federal Deposit Insurance Corp.

“The quality of the (modifications) are not what they should be,” she said.

The U.S. economic picture has darkened over the past month. One in 10 Americans with a mortgage is either behind or in foreclosure, and more than 500,000 jobs were lost in November.

Unemployment stands at 6.7 percent, and the worldwide credit markets have only improved modestly from the freeze that led Congress to approve a $700 billion bailout before the election.

Mark Zandi, chief economist at Moody’s Economy.com, said the public is likely to be more sympathetic to efforts to assist troubled borrowers, because the link between the foreclosure crisis and the sinking economy is increasingly clear to most Americans.

“It’s now in every corner of the country,” Zandi said. “I think that people understand that this is a broader issue.”

Accredo Health Group Receives Training Grant

Memphis-based Accredo Health Group Inc. has been awarded an Incumbent Worker Training grant worth $38,625 by Gov. Phil Bredesen and the Tennessee Department of Labor & Workforce Development Commissioner James Neeley.

The grant assists employers with training needs associated with skills upgrades for their employees. The Nashville Career Advancement Center also played a role in awarding the grant to Accredo Health Group. The training will take place at the company’s Nashville facility.

A total of $381,562 in grants was awarded across Tennessee to 13 companies, including Accredo Health Group. Over the past three years, Incumbent Worker Training grants have totaled more than $5.7 million to assist more than 22,000 employees.

Saltsman Announces Run For RNC Chairmanship

Former Tennessee Republican Party Chairman Chip Saltsman said he’s seeking the chairmanship of the Republican National Committee.

Saltsman was joined by state Senate Speaker Ron Ramsey and former Senate Majority Leader Bill Frist when he made his formal announcement in Nashville on Monday.

The 40-year-old Saltsman said people are confused about what Republicans stand for, and he hopes to restore their confidence by re-emphasizing the party’s stance on issues such as abortion and gay marriage.

Saltsman was chairman of the Tennessee Republican Party from 1998 to 2001.

Ramsey and Frist say Saltsman will provide the national party with the leadership it needs.

ESPN’s Vitale To Sign Book in Memphis

ESPN analyst Dick Vitale will sign copies of his new book “Dick Vitale’s Fabulous 50 Players & Moments in College Basketball: From the Best Seat in the House During My 30 Years at ESPN” Dec. 19 from 2 p.m. to 3:30 p.m. at the University of Memphis Bookstore.

In his book, Vitale ranks his 50 favorite players and moments. Included in the book is Kansas guard Mario Chalmers’ three-point shot to force overtime against Memphis in the 2008 national championship game.

PROPERTY SALES 83 405 4,276
MORTGAGES 104 424 4,814
BUILDING PERMITS 148 883 10,151
BANKRUPTCIES 53 264 3,149