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VOL. 121 | NO. 216 | Monday, November 6, 2006

Daily Digest

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Bank Foreclosures On Lakeside Downs Apartments

     LaSalle National Bank has begun foreclosure proceedings on Lakeside Downs Apartments on the south side of Raines Road east of Airways Road. A first-run notice of the bank's intent to foreclose appears in the Foreclosures notices section of today's Daily News.
     In 1998, the complex's owners, Lakeside Downs Associates Ltd., mortgaged the property for $3.8 million through Lehman Brothers Holdings Inc. doing business as Lehman Capital. LaSalle was substituted as the creditor in January.
     The 228-unit complex was built in 1975 on 18.34 acres and has one-, two- and three-bedroom units, along with two swimming pools and a clubhouse/office facility.
     Lakeside Downs Associates bought the property in 1983 from L. Hall Hardaway Jr. for $4.6 million. The Shelby County Assessor's Office, which lists the property address as 2115 Oxford Square Court, appraised it in 2006 at $4.63 million.
     The property is scheduled to be sold Nov. 29 at the Shelby County Courthouse, 140 Adams Ave.

Smith & Nephew, Biomet Mum on Possible Acquisition

     London-based Smith & Nephew PLC confirmed Thursday the company has been involved in preliminary acquisition talks with Indiana-based Biomet Inc.
     Reportedly, Biomet earlier this year hired the investment banking firm Morgan Stanley & Co. Inc. after the abrupt resignation of Biomet's CEO, Dane Miller.
     Biomet officials also released a statement Thursday saying only that it had been involved in very preliminary talks with Smith & Nephew.
     "No agreement has been reached, and there can be no assurance that any transaction will be proposed or completed," Smith & Nephew officials said in its statement. "Smith & Nephew does not intend to make any further comment, or respond to any inquiries, unless or until there is further information to report."
     Biomet representatives said essentially the same thing.
     "Biomet is focused on implementing its strategic plan for growth and expansion," interim president and CEO Daniel P. Hann said in a statement. "Our market-leading products, superb team members, sales personnel and customers are the greatest source of value to our business."
     Smith & Nephew's two orthopedics divisions are headquartered in Memphis, employing more than 2,600 people.

Luminetx Gets $15 Million To Promote Vein-Locating Device

     Luminetx raised approximately $15 million from "strategic investors and existing shareholders" in a recent financing round, company officials announced Friday.
     The money will fund the marketing campaign to increase sales of the Memphis-based bioscience company's VeinViewer, a vascular imaging system that uses near-infrared light to look centimeters under the skin to find veins.
     "We saw this as a unique opportunity to not only build our financial resources, but to expand our investor pool to include key industry participants," said Jim Phillips, Luminetx president and CEO, in a release.
     In a speech to the Memphis Regional Chamber at the Cook Convention Center Thursday, Phillips said the company wants to sell 500,000 of the $25,000 machines, The Commercial Appeal reported Friday.
     The full-scale commercial introduction of the device follows clearance from the U.S. Food and Drug Administration, classifying the VeinViewer as a Class I Exempt Medical Device, the company announced Friday.
     In its May 29 edition, Red Herring magazine named Luminetx one of North America's top 100 private companies.
     Calls to Luminetx were not returned by press time.

Cooper Installed as State Attorney General

     Robert E. Cooper Jr. has been installed as Tennessee attorney general. He succeeds Paul Summers, who did not seek reappointment.
     Cooper, the 26th Tennessee attorney general, served almost four years as Gov. Phil Bredesen's legal counsel before being elected attorney general by the state Supreme Court on Oct. 30.      He will serve an eight-year term that expires Aug. 31, 2014.      Before being selected to serve as the Governor's legal counsel in January 2003, Cooper practiced law at Bass, Berry & Sims PLC for 19 years.
     He graduated from Yale Law School in 1983.

Cargill Donates Thanksgiving Turkeys

     The hungry and homeless in Memphis will be among hundreds of thousands of people in nearly 30 U.S. cities to benefit this Thanksgiving from the donation of more than 115,000 pounds of turkey.
     The donation comes as part of the national More To Share hunger-fighting program, sponsored by Kansas-based Cargill Meat Solutions, which produces Honeysuckle White and Shady Brook turkey products.
     Charitable organizations in nearly 30 cities across the United States will receive donated turkeys. The turkeys will be available through the Variety Club of Memphis through a partnership with The Kroger Co.
     "It is important and meaningful to us as a company to assist charities in feeding those in need who otherwise may not have turkey at Thanksgiving," said Amy Walenta, spokesman for the Shady Brook Farms More To Share program, in a release.
     Since the More To Share program began 11 years ago, approximately 1.1 million pounds of Honeysuckle White and Shady Brook Farms turkey have been donated to charities across the country.

Online Appraisal Company Subject of FTC Complaint

     Web-based real estate appraisal company Zillow.com is the subject of a discrimination claim, according to officials with the Federal Trade Commission.
     Zillow has been accused of misrepresenting home prices based on race, according to an Associated Press news story. A Washington-based advocacy group filed the complaint.
     Phone messages left at Zillow were not returned by press time.
     Zillow was launched in February by a group of Internet veterans, including founder and former Expedia CEO Richard Barton and former Expedia senior vice president Lloyd Frink, according to the Web site.
     Zillow officials denied the allegations, saying the site does not obtain demographic data for its housing data, according to the AP story.
     Zillow's company headquarters is in Seattle.
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047