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VOL. 122 | NO. 224 | Monday, November 26, 2007

Daily Digest

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Construction Loan Filed For 9 Acres on U.S. 70

     PPM X LP has filed a $2.5 million construction loan through Triumph Bank for two parcels on U.S. 70, also known as Summer Avenue.
     The property includes a 5.57-acre parcel and a 3.51-acre parcel. On the south side of U.S. 70 northeast of Appling Road, the land is roughly to the east of a Kroger grocery store and west of Twin Oaks Plaza shopping center. The Shelby County Assessor's 2007 appraisal of the land was $456,700.
     PPM X was conveyed interest in the land in 2005 through one $400,000 sale and two quitclaims, or property transfers.
     Sale documents list PPM as having a Cordova address, but a phone number there has been disconnected.

Foreclosure Notices Filed Against Matthews Dev.

     Seven first-run foreclosure notices for properties owned by Mark Matthews Development LLC appeared in the Foreclosures section of Friday's edition of The Daily News.
     Three loans were taken out in 2005 and four in 2006, all from Trustmark National Bank. The total amount of the mortgages in default is approximately $2.2 million.
     The foreclosures are one lot in Sutton Place East Planned Development; 10 lots in Stonebriar P.D.; 13 lots in St. Andrews Place P.D.; two lots in Afton Grove P.D.; three lots in Concord Estates Subdivision; and nine lots in Brookemeade P.D.
     The lots are scheduled for sale Dec. 19 at noon outside the Adams Avenue entrance of the Shelby County Courthouse.
     For more information on developments involving the Matthews brothers' companies, see the Oct. 24 and Oct. 29 issues of The Daily News.

Cohen Wants Restrictions In Iraq Funding Bill

     U.S. Rep. Steve Cohen, D-Tenn., stood with U.S. Rep. John Murtha, D-Pa., and Dave Obey, D-Wis., last week in refusing to pass an Iraq war funding bill without restrictions or mandates for troop redeployment.
     Cohen recently joined a majority in the House of Representatives who passed a bill on a vote of 218 to 203 that provided for funding for troops while requiring the president to redeploy U.S. forces. That bill was scuttled the next day by House Republicans in a parliamentary maneuver.
     Cohen's support of the new bill last week came the same day it was reported that the Pentagon has begun shifting money between its accounts to cover a shortfall caused by the fact that lawmakers have yet to agree on war funding.

Memphis Challenge Book Fair to Benefit Youth

     The Memphis Challenge will host its first book fair Sunday through Dec. 9 at all Memphis-area and nationwide Barnes & Noble bookstores.
     The Memphis Challenge is a leadership program for talented black students. The program was created in 1989 by Joseph R. Hyde III as a mentoring tool. The students are helped with academic advising, internship placement and professional development. The students also are encouraged to return to Memphis after graduation, as a way of creating diversity in the city's corporate and professional community.
     This year's signature sale, "Unwrap a Book...Give the Gift of Knowledge," also includes The Memphis Challenge Event Night to be held Dec. 4 from 4 p.m. to 8 p.m. at Bookstar (owned by Barnes & Noble) at 3402 Poplar Ave.
     The organization's goal is to raise $10,000 to benefit The Memphis Challenge's core programs.
     Visit www.memphischallenge.org for more information.

Holiday Shipping Deadlines Approach

     It's time to start that "to do" list for holiday cards and packages. The U.S. Postal Service is reminding customers that deadlines for sending holiday packages are approaching, particularly for those going to U.S. troops in Iraq and Afghanistan.
     To arrive before Christmas, mail going to members of the military in Iraq and Afghanistan should be sent by Dec. 4. Military mail headed to other overseas destinations should be sent by Dec. 11, the Postal Service said last week.
     "We have so much mail for the troops over the Christmas holidays," said Pat Donahoe, deputy postmaster general and chief operating officer. "We are very, very cognizant of the importance that the mail has to the military."
     Those sending cards and packages within the United States have a little more leeway.
     The Postal Service's suggested deadline for sending domestic packages using the least expensive option, parcel post, is Dec. 15. For parcels sent first class or priority mail, the deadline is Dec. 20. Customers have until Dec. 22 to send Christmas packages by express mail.
     The Postal Service said it expects to deliver about 20 billion cards, packages and letters between Thanksgiving and Christmas. It predicted the volume processed each day will reach a peak of about 1 billion on the busiest day, Dec. 17. Most of this mail should be delivered two days later.
     Donahoe advised customers sending all holiday packages to remove batteries from electronic items because they could turn on, which could prompt postal employees to open the packages for inspection. People should not tie packages with string, as that, too could cause shipping problems. Donahoe also suggested placing a backup tag inside each package that specifies both the shipping and return addresses, in case the outer label gets damaged.
     To request a free package pickup, purchase stamps, hold mail and design holiday cards, visit http://www.usps.com.
     The Postal Service also said it is continuing its program of allowing individuals and businesses to answer the requests from needy children. Every holiday season the post office receives "hundreds of thousands" of letters addressed to the North Pole.
     Those who want to respond to the requests must sign up in person at a post office and present state or federal identification. They also are required to fill out a form stating their name, address and the letters they are adopting.
PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107