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VOL. 122 | NO. 117 | Monday, June 25, 2007

Daily Digest

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Baptist Memorial Hospital Acquires Walnut Grove Building

     Baptist Memorial Hospital-Memphis has acquired a two-story, 20,500-square-foot building that formerly housed INSOUTH Bank near the corner of Walnut Grove Road and Humphreys Boulevard. HTA/TBT Building Joint Venture recently transferred, or quitclaimed, the property to Baptist.
     "When it was (transferred), the first floor was the bank and the second floor consisted of ancillary Baptist support offices," said Baptist Memorial Health Care Corp. spokesperson Thomas Whitehead. "We are still considering what will be in the building; however, we are not considering any patient-care services."
     Shelby County Register of Deeds' records show the recent quitclaim is related to the dissolution of HTA/TBT
     Building Joint Venture, a partnership between Health Tech Affiliates Inc. and Tennessee Bank and Trust. The joint venture bought
     the then-vacant land in June 1993, and the structure was built in 1995.
     The Shelby County Assessor's 2007 appraisal was $1.9 million.
     INSOUTH Bank's branch in the building has relocated to 5299 Poplar Ave.

Shelby County Commission Looks at Amending Jail Contract

     The Shelby County Commission will discuss today a resolution to amend a contract between Shelby County Government and Correct Care Solutions LLC.
     The contract is for the provision of inmate medical services for the Shelby County Jail and the Shelby County Correction Center from July 1 through June 30, 2008, for about $14 million.
     Correct Care Solutions is a Nashville-based correctional health care management company.
     Commissioners also are expected to approve an amendment to the contract between Shelby County Government and Forensic Medical Management Services Inc. for the period July 1 to June 30, 2008 for $2.8 million. Forensic Medical operates the office of the Shelby County Medical Examiner and Shelby County Regional Forensic Center on Madison Avenue.
     A joint ordinance by the Memphis City Council and the Shelby County Board of Commissioners amending the joint building code of Memphis and Shelby County also is expected to gain approval.
     The full commission meeting begins at 2:30 p.m. in the Shelby County Administration Building, 160 N. Main St.
     See Page 9 for full commission agenda.

Class-Action Suit Filed Against Equity Inns

     A class-action lawsuit has been filed against hotel real estate investment trust Equity Inns Inc. and Whitehall Street Global Real Estate Limited Partnership 2007 regarding the recently announced sale of Germantown-based Equity to Whitehall, according to The Daily News Online, www.memphisdailynews.com.
     Equity Inns announced last week it had agreed to be purchased by Whitehall for $1.26 billion in cash and the assumption of $940 million in debt.
     Company shareholder Howard Rosengarten filed the lawsuit on behalf of himself and other shareholders for what he calls a "breach of fiduciary duty."
     "Equity Inns has enjoyed a consistent increase in annual revenue, as well as a similar steady increase in its stock price," Rosengarten said in court documents. "The company is expected to continue to enjoy such steady growth and profitability in the future. In fact, as recently as last month, the company announced significant increased financial results for the first quarter for fiscal year 2007 and raised its overall outlook for 2007."
     Rosengarten said in the suit the sale is at "a grossly and inadequate price of $23 per share."
     The suit claims that Equity Inns, through the sale of the company, is denying shareholders the right to enjoy the company's significant growth potential.
     The sale is expected to close in the fourth quarter.

Community Not Giving Up On LeMoyne-Owen College

     While a lawsuit hangs in limbo regarding the Memphis City Council's decision to donate $3 million to financially strapped LeMoyne-Owen College, community support continues to flow in.
     It was reported last week private citizens were roaming the college campus trying to find someone to take their monetary donations.
     And the U.S. Department of Education recently awarded the college a four-year grant that will allow the college to help at-risk high school students become college graduates. The grant is for Upward Bound, an on-campus
     program that provides economic support to students from low-income families or who will represent the first generation in their family to attend college.
     Regarding the lawsuit, Dr. Howard Entman recently filed a lawsuit after the council voted to give the school $1 million a year over the next three years. The problem is Entman's lawyer, Duncan Ragsdale, hasn't been able to find a judge to hear the case. If no judge within this jurisdiction will hear the case, Entman might have to take his case elsewhere to be heard.

Dollar General Merger Approved by Shareholders

     Dollar General Corp. announced its proposed merger with Buck Acquisition Corp., an affiliate of Kohlberg Kravis Roberts & Co. LP (KKR), was approved at a special shareholders meeting Thursday.
     More than 79 percent of the total shares outstanding were voted at the meeting, with 99 percent in favor of the merger.
     Under the terms of the merger agreement, each outstanding share of Dollar General common stock will be converted into the right to receive $22 in cash without interest, less any applicable withholding tax.
     The merger is expected to take place on or about July 6.
     Dollar General also announced that chairman and CEO David A. Perdue expects to resign from the company upon completion of the merger.
     The company's current president and chief operating officer, David L. Beré, will be named interim CEO while a search for a replacement is under way.
     "This event marks a major milestone in the long and successful history of Dollar General," said Perdue in a company statement. "I believe that the merger is the right next step for Dollar General and I have confidence that KKR is committed to investing for the future competitiveness and growth of this great company."

In The Zone Brings ESPN Celebs to Town

     This week, men from all over the Memphis area will have the opportunity to sit down with other men and take part in a "giant conversation about the challenges they face including balancing family and work, leading spirituality, relationships, integrity and more."
     In The Zone, an event for Christian men, will be held Saturday from 9 a.m. to 1 p.m. at the DeSoto Civic Center in Southaven.
     Leading the conversation will be notable sports analysts Lee Corso, veteran ESPN football analyst; Chris Mortensen, ESPN senior analyst featured on "Sunday NFL Countdown," "Monday Night Countdown" and "SportsCenter"; and Spencer Tillman, lead studio analyst for CBS Sports' "College Football Today," former Orange Bowl MVP and NFL Super Bowl champion with the San Francisco 49ers. Mike Glenn, executive vice president, market
     development and corporate communications for FedEx Corp. also will be part of the conversation.
     The four topics considered central to today's men that will be discussed are "Balance, Making It All Fit," "Life at Work," "Differences Between Men and Women" and "Fatherhood."
     Tickets cost $39. For more information, call 662-280-9120.

Butler Snow Attorneys Recognized for Work

     Christy Jones and Lee Davis Thames, attorneys at Butler, Snow, O'Mara, Stevens & Cannada PLLC, have been named leading product liability lawyers in "Who's Who Legal - The International Who's Who of Business Lawyers."
     The two, who work out of the firm's office in Jackson, Miss., also were named in the 2007 "Guide to the World's Leading Product Liability Lawyers."
     "Who's Who Legal" is published by London-based Law Business Research Limited.
     Jones leads the health care department at Butler Snow and has national experience in litigation. Thames is a member of the firm's product liability group and concentrates his practice on drug and medical device litigation, toxic torts, product liability law, commercial litigation, complex litigation and environmental liability law. He has tried more than 150 cases here and abroad.

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Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 82 82 19,655
MORTGAGES 75 75 22,989
FORECLOSURE NOTICES 7 7 8,311
BUILDING PERMITS 138 138 40,167
BANKRUPTCIES 72 72 13,176
BUSINESS LICENSES 9 9 6,146
UTILITY CONNECTIONS 52 52 13,048
MARRIAGE LICENSES 30 30 4,872

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