Northside Manor Apts. Face Foreclosure

A first-run foreclosure notice appears on Page 31 of today’s paper for Northside Manor Apartments at 1541 Northside Drive. The Frayser apartments are on Northside Drive near the intersection of Thomas (U.S. 51) and North Watkins streets.

The owner, Northside Manor Apts. LTD Partnership, which lists a Nolensville, Tenn., address, has defaulted on a $2.3 million loan dated Feb. 14, 1973. Louis Weeks Jr. signed the trust deed at that time as the president of Northside Manor Apartments.

In March 1975, a Supplemental Deed of Trust for $84,000 was signed and the debts were consolidated in a consolidation and modification agreement, also signed that month. At that time, David Johnson signed the trust modification as the president of Northside Manor Apts. LTD Partnership.

In November 1980, the trust deeds were assigned to the Secretary of Housing and Urban Development and the note was insured by the U.S. HUD Secretary.

The foreclosure reads, “a default has been made ... in that payment due on Dec. 1, 2008 (and) was not timely made and remains wholly unpaid as of the date of this notice.”

Nashville attorney Thomas Kelly Derryberry has been assigned as the foreclosure commissioner for the apartment complex, which is scheduled for sale Oct. 8 on the southwest steps of the Shelby County Courthouse.

The apartment owners may be granted an extension of time by the HUD Secretary, according to the foreclosure notice. All extensions will be for 30 days and the purchaser – Northwest Manor Apts. LTD Partnership – must pay a fee.

The apartment complex is a 155-unit, two-story brick veneer building constructed in 1974. It sits on 12.6 acres along Northside Drive. The Shelby County Assessor of Property’s most recent appraisal of the building and land is just more than $1.3 million.

Per newspaper policy, no calls can be made to the owner or the trustee regarding the foreclosure until the first notice has appeared in The Daily News and at The Daily News Online, www.memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

Delta Says Available Cash Will Continue to Dwindle

Delta Air Lines Inc., the world’s biggest airline operator, reported Monday its available cash on hand will continue to fall by the end of the year as demand for air travel has been hit hard by the economic downturn.

The Atlanta-based airline also said in a regulatory filing that its 2010 funding requirement for its defined benefit pension plans, which have been frozen for future accruals, is estimated to increase by $450 million compared to 2009. The increase in required funding is due primarily to the decline in the investment markets in 2008.

On the positive side, Delta said it expects its year-over-year revenue per available seat mile decline for the third quarter will show a slight improvement from the second-quarter year-over-year change. The airline expects the sequential improvement to continue in the fourth quarter.

Delta said system yields for September-December are expected to be 11 percent to 14 percent lower than the same period last year. Yield is the revenue airlines get per seat for each mile flown.

System capacity is expected to be down 7 percent to 9 percent for 2009 compared to 2008, Delta said.

Delta, which acquired Northwest Airlines last year, said it remains on track with its integration and expects to receive a single operating certificate from the Federal Aviation Administration by the end of 2009.

As of June 30, Delta had $5.4 billion in unrestricted liquidity, including $4.9 billion in cash, cash equivalents and short-term investments and $500 million available under a line of credit.

Delta said previously it expects the total figure to fall to $5 billion by the end of the third quarter, which ends Sept. 30. It reiterated that Monday, but added it expects the total figure to fall to $4.6 billion by the end of the year.

Delta has a hub at Memphis International Airport.

Westin Beale Street Receives Four Diamond Rating

The Westin Memphis Beale Street hotel has earned a Four Diamond rating from AAA.

The award was presented for “exceptional accommodations offering upscale facilities, attentive service and a high standard of hospitality.”

Less than 4 percent of the more than 31,000 properties approved by AAA receive this designation.

Hotels are rated one to five AAA Diamonds, ranging from basic to luxury.

Four Diamond winners are “upscale in all areas. Accommodations are progressively more refined and stylish. The physical attributes reflect an obvious enhanced level of quality throughout,” according to AAA.

The Westin is a nine-story, 203-room hotel at 170 Lt. George W. Lee Ave., across from

FedExForum.

Credit Suisse Upgrades UPS to ‘Neutral’

Credit Suisse upgraded shares of United Parcel Service Inc. on Monday, saying a stronger economy is boosting the outlook for its freight business.

The bank raised its rating on the package-delivery company’s shares to “Neutral” from “Underperform.”

Credit Suisse analyst Christopher Ceraso said the shares were more reasonably priced than they were in April, when they “appeared out of whack” compared with other transport stocks.

Since then, he said, UPS shares have gained only 10 percent, compared with spikes of 40 percent at FedEx Corp., 20 percent at trucking companies and 30 percent at freight railroads.

Ceraso said Atlanta-based UPS can boost operating profit 10 percent per year for three to five years.

The analyst said the decline in freight tonnage probably bottomed in the second quarter. Declines will be smaller for the next six quarters when compared with year-earlier figures, he said.

New Elvis Credit Card To Help Foundation

There’s now an Elvis Presley credit card.

Elvis Presley Enterprises Inc. and CardPartner Inc. have jointly launched the Elvis Presley Visa Platinum Rewards credit card.

The majority of the card proceeds will benefit the Elvis Presley Charitable Foundation, which was formed by Graceland/Elvis Presley Enterprises in 1984.

The foundation supports a scholarship fund at the University of Memphis, St. Jude Children’s Research Hospital, a trauma center at the Regional Medical Center at Memphis and other endeavors.

The card will come in five designs, including one that features a rare photo of Elvis at his Graceland home.

First Horizon Ranks Second For Workers Older Than 50

First Horizon National Corp. has ranked second among the nation’s top employers for workers over 50, according to the 2009 AARP Best Employers for Workers Over 50 list.

More than 200 employers applied for Best Employers honors and AARP recognized the 50 companies on its list with the best practices and policies.

The companies were evaluated on innovative practices toward workers 50 and older including recruiting practices, education and career development, job sharing, flexible scheduling, health care and retirement benefits and workplace accommodations.  

GTx Progresses With Drug Therapy

The independent Data Safety Monitoring Board has recommended that GTx continue as planned the Phase III clinical trial evaluating toremifene 20 mg for the prevention of prostate cancer in men considered at high risk for the disease.

The monitoring board meets every six months to review safety data from the ongoing clinical trial. Nearly 1,600 patients with precancerous lesion of the prostate have been enrolled in the three-year clinical trial.

Plan Providers Lament Cost of Unhealthy Choices

A survey commissioned by Medco Health Solutions Inc., the parent of Memphis-based Accredo Health Group Inc., showed that 90 percent of health plan sponsors believe minimal attention to personal health and increased incidence of chronic illness, such as diabetes and heart disease, are the root of rising health care costs.

When asked what influences will have the greatest impact on controlling these escalating costs, nearly 60 percent of respondents said embracing the concept of wellness will yield the most savings. They cited the need to control preventable and self-inflicted diseases linked to obesity and smoking. The Health care Division of Haldy McIntosh and Associates polled 300 plan sponsors for the survey.