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VOL. 122 | NO. 109 | Wednesday, June 13, 2007

Daily Digest

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Timbers Apartments Sell For Third Time in a Year

     The Timbers Apartments complex on New Allen Road in Raleigh has sold, marking the third time the property has changed hands since June 2006. Brocros Realty Corp., a 70-person company based in New York, bought the property from Saloman Brothers Realty LLC for $4.3 million.
     The 200-unit complex was built in the early 1970s and sits on 15.4 acres on the east side of New Allen north of Egypt Central Road. It has one-, two- and three-bedroom units in two-story buildings.
     The Shelby County Assessor, which in 2006 appraised the complex at $2.6 million, lists the property address at 4544 New Allen Road, but Timbers uses the address 4499 Sawmill Drive.
     JP Morgan Chase Bank, formerly known as Chase Manhattan Bank, bought Timbers at a foreclosure sale in June 2006 for $2.5 million. A couple of months ago, they sold it to Saloman Brothers Realty LLC for $2.8 million.
     Buckingham Management LLC will manage the property through the end of June, said senior property manager Abis Wilson. Buckingham is a division of Buckingham Cos., a real estate development, construction and management group based in Indianapolis.

County Files Suit In Chancery Court

     Shelby County Government has filed suit against United National Insurance Co. for a declaratory judgment, according to The Daily News Online,
     The suit was filed last week in Shelby County Chancery Court. The complaint involves an incident that occurred during a 2004 event at the Shelby Showplace Arena. United National is the insurer of the arena.
     The incident described in the complaint took place during the Tennessee National Barrel Horse Equine Event. A woman named Mary Williams had attended the event as a spectator, according to the complaint. While there, she also had planned to buy a horse. While walking the horse to her trailer, she stepped in an RV water hook-up and was injured, she alleged in the suit.
     United National has refused to cover the claim because it refutes Williams assertion that she was indeed a spectator, saying instead that she was a participant in the event and therefore not covered by the policy, according to the complaint.
     In asking for declaratory judgment, Shelby County is asking that the court declare the rights of the parties or the opinion of the court without ordering anything to be done, according to Black's Law Dictionary.

Kemmons Wilson Cos. Acquires Nevada-Based Software Firm

     Memphis-based private equity firm Kemmons Wilson Cos. (KWC) has acquired Zephyr Associates Inc.
     The Nevada-based company specializes in the development of analytical software tools such as StyleAdvisor and AllocationAdvisor for the investment management industry.
     The acquisition marks KWC's fifth in the investment management services industry and its second in the past 15 months.
     In February 2006, KWC acquired The Sharpe Group, a Memphis-based company that provides planned giving consulting and investment management services to nonprofit organizations throughout the nation.
     "The Wilson family has a successful track record in bringing their business acumen, substantial financial resources, clear vision and professional integrity to their business partnerships," said Zephyr chief technology officer Aaron Moore in a statement. "Joining the Kemmons Wilson Cos. provides us with a tremendous opportunity to grow our business and enhance our service lines. This partnership will greatly benefit our clients as well as our employees."
     KWC chief investment officer Charles Martin will assume the role of Zephyr chairman and CEO. Martin will oversee the development of new service lines for Zephyr and expansion of the company's clients across the globe.
     "The Wilson family is dedicated to perpetuating and enhancing the philosophy and entrepreneurial spirit of the late Kemmons Wilson," Martin said in a statement. "We have been impressed with the success of Zephyr and look forward to using our knowledge and resources to maximize the potential impact this company and its employees can have in the investment management industry in the United States and abroad."

Chumney Files Petition For Memphis Mayoral Race

     Memphis City Council member and current mayoral aspirant Carol Chumney pressed forward with her fledgling campaign this week, opening a headquarters and filing the petition with the Shelby County Election Commission that's necessary to qualify for the mayoral ballot.
     Earlier this month, her campaign finalized a lease for what's now her headquarters at 2879 Poplar Ave., in the Chickasaw Crossing shopping center. On Tuesday, she filed her petition and took questions from the media outside the Election Commission offices at 157 Poplar Ave. Memphians will go to the polls Oct. 4 to vote for the next mayor.

Memphis NFL Players Expected at Golf Tourney

     F.F.U.N. (Freedom From Unnecessary Negatives) is hosting a celebrity golf tournament June 21 at Galloway Golf Course, 3815 Walnut Grove Road.
     F.F.U.N. is a nonprofit organization started by Stevie Moore after his 23-year-old son was killed in 2003.
     Since his son's death, Moore has become a community activist holding rallies and talking to children in schools about not choosing a violent lifestyle.
     Expected to attend the event are a number of NFL players from Memphis, including Reggie Howard and DeAngelo Williams of the Carolina Panthers, Marcus Bell of the Detroit Lions and Deshea Townsend of the Pittsburgh Steelers.
     U.S. Rep. Steve Cohen, D-Tenn., is serving as the honorary chair for the tournament.
     The cost for the tournament is $125 per person or $500 per team. Money raised will be used to further the goals of F.F.U.N.
     Moore said the organization is planning to hold back-to-school rallies next month. And he also plans to collect school supplies to hand out to children before school starts in August.
     In the immediate future, Moore will be helping to remove graffiti throughout the city and will host a nonviolence rally Friday at noon in Riverview Park in South Memphis.
     Three teenagers were shot at the park a few weeks ago while playing basketball.
     For more information about the tournament, contact Anthony Williamson at 864-0990.

State Toll Road Authority Receives Legislative Approval

     A proposal to create a toll road authority in Tennessee is on its way for the governor's signature after being approved by both chambers of the state Legislature Monday.
     The measure was approved on a 19-11 vote in the Tennessee Senate and 72-21 in the state House of Representatives. The bill would limit the number of pilot toll projects to two: one bridge and one road.
     "All this does is give (the Tennessee Department of Transportation) authority to begin to talk about toll roads," said Sen. Diane Black, R-Gallatin, the main Senate sponsor.
     States are being urged to consider toll roads to make up for decreased federal funding for road projects, sponsors said. Tennessee will have to make do without $153 million worth of federal funds in the next budget year.
     "As we look at doing very large projects, we're going to have to start thinking outside the box," Black said.

Tennessee House Lowers Lottery Scholarship GPA

     The state House on Monday passed a measure to lower the cumulative grade-point average needed to maintain a lottery scholarship.
     Under the plan sponsored by House Education Chairman Les Winningham, D-Huntsville, students would need to maintain a 2.75 GPA to keep their scholarships. Students currently lose their scholarships if their GPA drops below 3.0 after their first year.
     The House bill differs from the Senate version headed for a floor vote that would maintain the current standards for students at four-year schools.
     Both versions would increase the annual scholarship from $3,800 to $4,000.
     The House passed the bill on a 94-1 vote.

This report compiled by Rosalind Guy with contributions from reporters Andy Meek, Eric Smith and Amy O. Williams, research analyst Kate Simone, editorial assistant Rebekah Hearn and The Associated Press.

PROPERTY SALES 79 321 2,586
MORTGAGES 90 426 3,033
BUILDING PERMITS 153 796 6,864
BANKRUPTCIES 37 213 2,000