VOL. 123 | NO. 36 | Thursday, February 21, 2008
ScanSource Sells Memphis Facility
On the same day ScanSource Inc. held a grand opening for its North America distribution center in Southaven, the South Carolina-based company sold its old Memphis facility at 4100 Quest Way.
Operating as 4100 Quest Way LLC, ScanSource sold the 248,317-square-foot warehouse to Kansas City Life Insurance Co. for $6.3 million. The deal closed Feb. 15.
Built in 1999, the warehouse sits on 9.79 acres at the northeast corner of Quest Way and East Raines Road in Memphis Distribution Center. The one-story warehouse includes 18,139 square feet of warehouse office space. The Shelby County Assessor's 2007 appraisal was $7.6 million.
ScanSource was in the Memphis market for 13 years, said public relations manager Melissa Andrews. The company's new distribution facility, at Stateline Business Park in Southaven, is more than twice as big as its old one.
The company moved into the Southaven facility in December. It signed a 10-year lease with Industrial Developments International to occupy 600,000 square feet there.
Andrews said the reason for the move simply was a matter of newer and larger space for its distribution of specialty technology products, including barcoding and electronic security devices.
Charter Commission Could Streamline Proposal Process
Memphis Charter Commission members meet today for the second time this month. On the agenda is a move to streamline the process of proposing changes to the City Charter, which would go to Memphis voters later this year.
Commissioners are looking to vote up or down several charter suggestions that came out of a series of public hearings as well as comments via the commission's Web site.
The commission also might have for consideration a legal opinion from the Tennessee Attorney General's office on the idea of having two referenda on the charter changes - one on routine changes to charter language, the other on changes in the operation of city government.
The meeting begins at 3 p.m. in the City Council conference room, fifth floor, 125 N. Main St.
More Foreclosure Notices Filed Against Alexander
Two first-run foreclosure notices appear beginning on Page 36 of today's Daily News against Charles Alexander, who has seen more than 20 foreclosures filed against his properties in the past two weeks.
The properties facing foreclosure are 341 Laclede Ave. and 1839 Bismark St. U.S. Bank N.A. is the owner and holder of the debt for the Laclede Avenue property, which was mortgaged in June 2005. The Bank of New York Trust Company N.A. is the owner and holder of the debt for the Bismark Street property, for which Alexander took out a loan in December 2005.
Both properties are subject to a tax lien filed by the Internal Revenue Service in October 2006 for $1,247.10. The United States of America is listed as a lienholder on the Laclede Avenue property.
For more information on earlier foreclosure notices against Alexander, visit www.memphisdailynews.com.
Government Board Meetings To Be Held Today
The Memphis-Shelby County Airport Authority board meets today at 8 a.m. in the MSCAA board room, mezzanine level, at 2491 Winchester Road.
The Center City Commission Clean and Green Committee will review contract proposals for landscaping on the Main Street Mall at its meeting today. The meeting begins at 10:30 a.m. at the CCC, 114 N. Main St.
And the Memphis Light, Gas and Water Division board of commissioners will meet today at 1:30 p.m. at the MLGW Administration Building, 220 S. Main St.
Perkins & Marie Callender's CFO Stryker Resigns
James W. Stryker, executive vice president and chief financial officer of Memphis-based Perkins & Marie Callender's Inc., is resigning and returning to California.
Stryker joined PMCI's Marie Callender subsidiary in 2001 as chief financial officer. He has been in his current position since 2006.
The company has launched a nationwide search for a new chief financial officer, PMCI CEO Trungale said, and expects to name a replacement shortly. Stryker will remain at the company during a transition period.
Perkins & Marie Callender's Inc. operates or franchises 619 family restaurants in the U.S., Canada and Mexico under the brand names Perkins Restaurant & Bakery or Marie Callender's Restaurant & Bakery, and licenses food products for sale in retail grocery stores. The company is majority-owned by an affiliate of Castle Harlan Inc., a New York-based investment firm.
SunTrust Executive Received $4.6M in 2007
The president and chief executive of regional bank SunTrust Banks Inc. received compensation valued at about $4.6 million in fiscal 2007, according to a regulatory filing Tuesday.
The Atlanta-based bank awarded James M. Wells III $1 million in base salary and $600,000 in non-equity incentive plan compensation. Wells, who has served as president and CEO since January 2007, also received option awards valued at $2.7 million on the days they were granted and $110,683 in above-market earnings on deferred compensation.
Additionally, SunTrust awarded Wells $169,944 in the "all other compensation" category, which included financial planning services, use of company aircraft, club memberships and 401(k) matching contributions.
The total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
According to SunTrust's proxy filing, executive compensation is tied almost entirely to corporate performance. The compensation committee annually reviews a select group of peer companies, including Bank of America Corp., Fifth Third Bancorp, KeyCorp and Wachovia Corp., as well as the broader financial services industry, to ensure it continues to offer competitive compensation.
Church Health's Morris Honored by AMA
Dr. Scott Morris, founder and executive director of the Church Health Center, has been named the recipient of the 2008 Pride in the Profession award.
The award is presented by the American Medical Association Foundation and given to domestic physicians who aid underserved populations in the U.S.
The AMA Foundation presents the award in association with the Pfizer Medical Humanities Initiative.
The award will be presented March 31 at the 2008 Excellence in Medicine Awards Ceremony preceding the AMA National Advocacy Conference in Washington.
Morris opened the Church Health Center in 1987 to provide quality, affordable health care for working, uninsured people and their families, as well as the homeless population. The center cares for 50,000 patients of record without relying on government funding.
Concerned Citizens Group Pursues County Amendment
"Some of our politicians want to take away your right to vote on some key government offices - your sheriff, tax assessor, trustee, register of deeds and Shelby County clerk," blares the Web site of a local group of activists called Concerned Citizens of Shelby County.
"Question: Do we want one or two politicians to appoint who they want to serve in these five offices? Or do we citizens want the right to continue voting on candidates we think will best serve our interest?"
The CCSC group of volunteers was organized by John Lunt, the same man who organized a petition drive that led to the recent creation of the Memphis Charter Commission.
Lunt is trying to organize a signature collection effort with his new group that would put a county charter amendment to voters about keeping the sheriff, tax assessor, trustee, register and county clerk as elected instead of appointed positions.
The CCSC is hoping to mobilize between 500 and 1,000 volunteers Saturday behind the Half Shell restaurant on Mendenhall Road to collect between 50,000 and 100,000 signatures in three hours.
The CCSC's Web site is: http://concernedcitizensofshelbycounty.info/.