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VOL. 124 | NO. 37 | Tuesday, February 24, 2009

Daily Digest

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Storage Company Borrows $1.8M for Cordova Property

Extra Space Properties Twenty Nine LLC has borrowed $1.8 million for a 4.2-acre lot at 7954 Patriot Cove in Cordova. The lender was First Bank and Trust Co. of Illinois. The maturity date on the loan is Feb. 9, 2012.

The property was quitclaimed, or transferred, to the LLC by a related company, Extra Space Properties Two LLC, in conjunction with the loan. Charles L. Allen signed the quitclaim deed as the manager of Extra Space Properties Two LLC.

Extra Space Properties Two bought the land from Climasafe Memphis LLC in January 2007.

Both companies share a Salt Lake City address with Extra Space Storage Inc., according to the Secretary of State’s Business Information Web site. The company operates approximately 17 storage facilities in the Memphis area, according to the company’s Web site, www.extraspace.com.

The lot is home to a 55,537-square-foot, one-story metal warehouse built in 1997. It sits on the west end of Patriot Cove in an industrial-zoned area. The Shelby County Assessor’s 2008 appraisal of the property and building was $1.56 million.

Source: The Daily News Online & Chandler Reports

Smith Chosen as Dean For U of M Law School

Dr. Kevin Smith has been appointed dean at the University of Memphis Cecil C. Humphreys School of Law, according to an e-mail Monday from University of Memphis Provost Dr. Ralph Faudree.

Smith had been serving as the interim dean since October 2007. He was one of four candidates being considered for the position (see story in the Feb. 12 edition of The Daily News). He has been with the University’s law school for more than 15 years.

“I’m delighted to have the opportunity to work with faculty, staff, students, University officials, alumni and friends of the law school at this transformational time in the law school’s history,” Smith told The Daily News.

“He is an excellent professor, an active scholar and he has been the recipient of numerous awards and honors including the Thomas B. Preston Professorship,” Faudree said in the e-mail. “(School President) Dr. (Shirley) Raines and I look forward to his leadership during this time of opportunity and challenge, and as the law school transitions to a Downtown facility next year.”

The law school has been orchestrating a move to 1 N. Front St. since 2007, when fundraising for the project was completed. The building is the former U.S. Customs House and Post Office. The project is an approximately $48 million renovation, and when finished, will house two courtrooms, classrooms, an approximately 300-seat auditorium, a four-story law library and a legal history room.

Memphis Area Receives $4.6M for Homeless Aid

The administration of President Barack Obama is sending almost $18 million in grants to more than 100 homeless support programs in Tennessee, with almost $4.6 million of that money going to fund programs in Memphis and Shelby County.

The money is coming from the U.S. Department of Housing and Urban Development mainly through two ways. One is continuum of care grants, which provide permanent and temporary housing for the homeless, as well as the funding of job training, health care and related support. The other way the new HUD money is being used is through emergency shelter grants, which support the operation of local shelters.

The money in Memphis and Shelby County is going to support 21 entities or programs including Alpha Omega Veterans Services Permanent Supportive Housing and the Memphis Family Shelter.

Harrah’s Confirms 250 Layoffs To Come in Memphis

Harrah’s Entertainment Inc. is laying off 250 workers between now and September, according to a notice filed Friday with the state Department of Labor and Workforce Development.

The personnel moves are the result of an announcement last year that Harrah’s is shifting its Memphis office to the gaming company’s Las Vegas headquarters. The company announced in November the move from Memphis to Las Vegas and said it will be completed by the second quarter of this year.

The move meant cutting 250 jobs and transferring about 50 workers to Las Vegas.

Maiden & Bennett to Hold Refinancing Seminar

The Law Offices of Maiden & Bennett and local lending and refinancing professionals will present a free public seminar titled “Is Refinancing Right for You?” March 3 at 6 p.m. at the Maiden & Bennett office, 1155 Halle Park Circle, Suite 101.

Attendees will learn about the process of refinancing their home, how to determine if they are good candidates for refinancing and if refinancing now will save them money later.

The seminar will feature Chip Maiden of Maiden & Bennett, Tera Bloecher of Wells Fargo Home Mortgage, Regina Palmertree of Mortgage Lending Consultants Inc., Sam Liberto of Tri-State Title and Escrow Inc. and Karen Eaker.

For more information, visit www.mb-law.net or call 854-0777.

GTx Starts Trial For New Drug

GTx Inc. reported Monday it has initiated Phase 1 clinical trial of GTx-758, another drug to treat men with advanced prostate cancer.

The news follows an announcement last week that the U.S. Food and Drug Administration is reviewing GTx’s application for the drug candidate toremifene for the prevention of bone fractures in men with prostate cancer who are on androgen deprivation therapy.

With GTx-758, the company believes the drug has the potential to reduce testosterone, a primary growth factor of prostate cancer. Dr. Mitchell S. Steiner, the company’s chief executive officer, said the drug was discovered in the company’s lab and is its fourth clinical development program.

Medtronic Spends $1 Billion on Acquisitions

Medtronic Inc. will acquire two heart valve businesses for more than $1 billion.

The company will pay $700 million for Irvine, Calif.-based Corevalve and $325 million for Israeli firm Ventor Technologies.

Corevalve has a system that allows a surgeon to replace a heart valve without open-heart surgery by inserting the device through a small incision in the leg artery. Ventor Technologies’ products are designed for patients who are too sick to undergo surgery.

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

Schering-Plough to Aid With Pandemic Plan

Schering-Plough Corp., whose consumer products division is based in Memphis, has reported that it will work with the World Health Organization to provide access to pandemic influenza vaccine manufacturing technology in developing countries.

The company’s human vaccine unit, Nobilon, has granted WHO a license to develop, register, manufacture, use and sell seasonal and pandemic vaccines produced in embryonated chicken eggs.

Nobilon acquired in 2004 the majority of rights to develop, commercialize and manufacture the Live Attenuated Influence Vaccines from BioDem.

Memphis Heritage Launches Lecture Series

The city’s churches are the focus of this year’s Memphis Heritage Preservation Series.

Lectures about church history will occur next month on Mondays from 7 p.m. to 8:30 p.m. at Howard Hall, 2282 Madison Ave.

The registration fee is $50 for Memphis Heritage members and $60 for nonmembers. Topics include “Religion in Memphis,” “First Baptist Beale and Collins Chapel: A Contrast in Historic Legacies,” “A Survey of the Organ in Memphis,” ‘Historic Churches of Memphis: An Architect’s Perspective,” and “Stained Glass Windows: The Jewels of Memphis Churches.”

Services for Darden Set for This Week

Attorney Joe Darden, 83, died Thursday. Cause of death was not made known.

Darden was of counsel at Williams, McDaniel, Wolfe & Womack PC. He had been with the firm since 1987.

He was a former U.S. Army criminal investigator and instructor in criminal law. He served as an FBI agent, an assistant legal director at Plough Inc., and as an assistant district attorney for Shelby County.

Visitation will be today from 6 p.m. to 8 p.m. with funeral services Wednesday at 10 a.m., both at Memphis Funeral Home, 5599 Poplar Ave. Following the services, there will be a procession to the burial at West Tennessee State Veterans Cemetery, 4000 Forest Hill-Irene Road.

PROPERTY SALES 85 305 21,577
MORTGAGES 62 223 16,417
BANKRUPTCIES 34 138 6,717