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VOL. 122 | NO. 168 | Thursday, September 6, 2007

Daily Digest

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Wright Medical Files $15M Permit for Expansion

     Wright Medical Technology Inc. has filed an application for a $15 million permit to expand its campus at 5677 Airline Road in Arlington.
     The permit covers a 50,000-square-foot expansion of manufacturing facilities, along with construction of 8,500
     square feet of office space and an 8,500-square-foot employee cafeteria/meeting room, said Kyle Joines, Wright vice president, manufacturing.
     The architect on the project is JBHM Architects PA. The general contractor is Grinder Haizlip Construction Co. Inc., and the engineer is Allen & Hoshall.
     Bids are due soon for subcontractors, Joines said.
     Arlington-based Wright designs, manufactures and markets medical reconstructive joint devices and biologics.
     Stormwater-related site work wraps up this week and construction on the expansion is expected to start in the fourth quarter. It is slated for completion in Q3 2008, Joines said, adding Wright plans to do some light renovations on existing facilities that will spill into 2009.
     Joines said the company will continue to operate facilities on both sides of Airline Road in Arlington.
     "Hopefully, one day we'll be in a position to all move to one side of the street, but right now, this particular project will not accommodate that."
     The construction has not been affected by Wright's planned closure of its Toulon, France, facility, Joines said. That plan was announced in June.

Thompson Makes Run Official With Webcast Today

     Fred Thompson is not leaving much to chance. So before
     his presidential announcement, there is the pre-announcement
     The veteran actor and former Tennessee senator and lobbyist is declaring his presidential ambitions in a 15-minute webcast early today.
     Just to make sure no one misses it, he also aired a 30-second ad on Fox News Channel during Wednesday night's broadcast of a Republican presidential debate from New Hampshire - which Thompson skipped.
     That ad, and another one airing today, will encourage viewers to go to his Web site and hear him out.
     "Today, as before, the fate of millions across the world depends on the unity and resolve of the American people," Thompson said. "I talk about this tomorrow on Fred08.com. I invite you to take a look and join us."
     Besides the ad, Thompson also taped an appearance on NBC's "The Tonight Show," which aired Wednesday about an hour after the debate ended in many U.S. households.
     Thompson's camp also announced Wednesday that Tim Griffin, who resigned his post as interim U.S. attorney in Little Rock after serving six months under scrutiny, will be serving as an adviser for Thompson's presidential campaign.
     Griffin, a former aide to ex-presidential adviser Karl Rove, said he will advise Thompson's campaign as part of his new job as managing director and general counsel for Mercury Public Affairs.

American Home Mortgage Receives Approval for Loan

     American Home Mortgage Investment Corp. won final court approval Tuesday to borrow $50 million to finance its Chapter 11 bankruptcy liquidation.
     U.S. Bankruptcy Judge Christopher Sontchi signed off on the loan from financier Wilbur Ross.
     At a hearing, the judge also gave
     American Home permission to use cash generated by its loan-servicing business to keep that operation healthy until it can be auctioned.
     On Friday, American Home pushed back a couple of weeks the schedule for auctioning its loan-servicing operation - the surviving business of what once was among the biggest U.S. home lenders when the company collapsed into bankruptcy Aug. 6.
     American Home, which is based in Melville, N.Y., will auction the loan-servicing business Sept. 24 and seek court approval of the results at an Oct. 1 hearing, said Pauline Morgan, an attorney for the company.
     Morgan said American Home expects to have a stalking-horse, or lead bidder, that
     has committed to set a floor price for the auction.
     "We have been in negotiation with
     several interested purchasers," she told the judge.
     Sontchi will have to approve a stalking-horse agreement with American Home's choice of opening bidders.
     Tuesday, he approved a settlement with Fannie Mae that allows American Home to continue servicing more than $5 billion worth of mortgages linked to the government-sponsored mortgage investor.
     Fannie Mae stripped American Home of servicing rights during the weeks leading up to the bankruptcy, a move that endangered American Home's claim to be qualified to service the loans.
     The deal approved Tuesday allows American Home to continue operating on an interim basis as a Fannie Mae-approved servicer while it searches for a buyer.
     The settlement requires American Home to close the sale by Oct. 31. In exchange for the agreement, Fannie Mae will get priority in the payment scheme in American Home's bankruptcy case.

Campaign Rally To Be Held For Trennie Williams

     Citizens to Elect Trennie Williams is hosting a campaign rally today from 5 p.m. to 7 p.m. at Alfred's on Beale, 197 Beale St.
     Williams is seeking to fill the Memphis City Council at-large District 8, Position 2 seat.
     Williams will be available to accept questions during the event.
     Call 413-9820 or 365-7086 for more information.

United Way Day of Caring Kicks Off Capital Campaign

     More than 1,300 volunteers from across the Mid-South will gather at Christ the Rock Metro Church Friday at 8 a.m. for the United Way Day of Caring volunteer event. The annual gathering serves as the kickoff for United Way's fundraising campaign.
          Participants will leave the church around 9 a.m., splitting into groups to visit more than 50 nonprofit agencies where they will work until about 3 p.m. Volunteers will work on a variety of projects, ranging from landscaping and grounds cleanup to interacting with children and adults with special needs.
          Calvin Anderson, vice president of federal and community relations for BlueCross Blue Shield of Tennessee, is the volunteer chairman for this year's campaign. He will announce United Way's campaign goal at the Day of Caring gathering, which the United Way board of directors will have approved in a special session earlier that morning.
          United Way of the Mid-South has held Day of Caring events for the past 16 years. Last year, the organization raised more than $26 million in donations for its system of more than 100 local health and human service nonprofit organizations.
PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225