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VOL. 123 | NO. 43 | Monday, March 3, 2008

Daily Digest

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DBSI Sells Pair Of Houston Levee Lots

     Boise, Idaho-based DBSI Housing Inc. - operating locally as DBSI Houston Levee Galleria LLC - has sold two lots in the 26-acre Houston Levee Galleria retail/office development in Collierville for a combined $1.3 million.
     The Houston Levee Galleria development is on the east side of Houston Levee Road bounded by Poplar Avenue to the north and East Winchester Road to the south.
     DBSI sold one lot for $822,022 to a San Diego-based entity operating as Barry-Houston Levee Galleria LLC. And DBSI sold the other lot for $495,040 to a Golden, Colo.-based entity operating as Bentz-Houston Levee Galleria LLC.
     The two sales, both of which closed Feb. 13, follow the sale of two parcels earlier in the month. DBSI sold one for $877,040 to Strites-Houston Levee Galleria LLC and one for $779,591 to Laughlin-Houston Levee Galleria LLC.
     DBSI bought a three-building, 65,000-square-foot retail center in January for $9.3 million from the local development company Houston Levee Galleria Joint Venture.
     A DBSI representative did not return a phone call.

Three More Foreclosures Filed Against Alexander

     Three first-run foreclosure notices on properties owned by Charles W. Alexander appear beginning on Page 29 of today's Daily News.
     Alexander, along with his wife, Patricia, has seen more than 40 foreclosure notices filed for their properties in the past couple of weeks.
     The properties slated for foreclosure sale are 1651 Evelyn Ave., 820 Looney Ave. and 2481 Peres Ave. All are scheduled to be sold March 27 at noon at the southwest Adams Avenue entrance of the Shelby County Courthouse.
     Mortgage Electronic Registration Systems Inc. is the owner and holder of the debts owed on the Looney and Peres properties. SunTrust Mortgage Inc. is the owner and holder of the debt owed on the Evelyn property.
     Alexander mortgaged the Peres and Looney properties in April and May 2002, respectively. The Evelyn property was mortgaged in November 2005.
     All three properties are subject to a tax lien filed by the Internal Revenue Service in October 2006 for $1,247.10, according to the Shelby County Register's Office.
     Attempts to reach the Alexanders have been unsuccessful.
     For more information on earlier foreclosure notices against Charles and Patricia Alexander, visit www.memphisdailynews.com.

State Unemployment Holds Steady in January

     Tennessee's seasonally adjusted unemployment rate for January was 4.9 percent, down .1 percentage point from the revised December rate of 5 percent, the state Department of Labor & Workforce Development said.
     State unemployment in January 2007 was 4.6 percent.
     The Tennessee numbers mirror national figures, with U.S. unemployment of 4.9 percent in January, down slightly from 5 percent in December.
     As far as hard numbers go, seasonally adjusted unemployment reached 149,000 jobs in Tennessee, while non-seasonally adjusted unemployment totaled 165,000. Seasonal adjustment is a statistical tool that eliminates the influence of weather, holidays and other seasonal events to more clearly compare data from month to month.
     December-to-January gains were seen in machinery manufacturing (up 1,000 jobs), and gasoline station employment and telecommunications jobs (each up by 200). Decreases were seen in trade, transportation and utilities employment (down 21,700), professional and business services (down 18,400) and leisure and hospitality (down 9,700).
     Year-to-year growth for January was led by educational and health services (up 9,000), while the largest drop was in manufacturing (down 16,100).
     County unemployment rates for January will be released Thursday.

Medtronic Fined $10M For Lawyers' Behavior

     A Massachusetts U.S. District Court judge has fined Medtronic Inc. and its related companies $10 million for the behavior of its trial lawyers at Dewey & LeBoeuf, who are based in New York, while fighting a patent case brought by DePuy Spine Inc.
     The company is referred to by a former name, Medtronic Sofamor Danek Inc., in court documents.
     The company's Spinal and Biologics business is based in Memphis.
     Senior District Judge Edward F. Harrington also ordered Medtronic, which makes spinal implant devices, to pay some of DePuy's attorney fees.
     In the lawsuit against Medtronic, DePuy alleged that several Medtronic products used during spinal surgery infringed on a patent DePuy licensed from another party.
     In his Feb. 25 order, Harrington wrote the defendants "demonstrated a failure to accept the claim construction governing this case" throughout the trial. Harrington also said Medtronic's infringement defense was apparently based "on an attempt to obscure, evade, or minimize" the federal circuit's construction of the patent in question. He also wrote that they "sought to take advantage of the technical and legal complexities inherent in this case."
     In September, a jury awarded $226.3 million plus interest to DePuy.
     Harrington also issued a permanent injunction order in December, barring Medtronic from making, using or selling the spinal implant devices.

Lakeside to Relocate Cresthaven Outpatient Office

     Lakeside Behavioral Health System soon will be relocating its Cresthaven Outpatient Office at 1037 Cresthaven Road. The move is in response to patient and physician feedback.
     The Cresthaven programs will be based in a newly renovated 10,000-square-foot conference center on the main Lakeside campus in Bartlett beginning May 5.
     The Lakeside Cresthaven office has been providing specialized outpatient substance abuse and dual-diagnosis treatment tailored for working professionals for almost 20 years.
     The last day outpatient services will be offered at the Cresthaven location is May 2.
     "Because of the increased demand for day and evening dual-diagnosis programs, we've simply run out of room," said Abbott Jordan, program director for the Cresthaven office. "The new location is conveniently located just a few minutes from our current location and will provide the opportunity to add and expand our outpatient services. And, we've timed the move to eliminate any loss of service to our patients, physicians and staff."
     In addition to the move, Lakeside also is developing a partial hospitalization addiction program with medical oversight provided by onsite physicians.

Baker Donelson to Conduct Business Seminars in China

     Baker, Donelson, Bearman, Caldwell & Berkowitz PC will conduct a series of seminars in China during 2008 that will be designed to present to Chinese businesses the practicalities of investing and doing business in the U.S. market. The first seminar will be Wednesday in Nanjing, one of China's largest business centers.
     The seminar series, titled "Doing Business in the U.S.," will be led by Joan McEntee, chair of Baker Donelson's China Practice Group. McEntee was instrumental in developing the firm's representative office in Beijing, China.
     The Overseas Chinese Development Association and the Chinese National Development and Reform Commission, two Chinese entities, are sponsoring the lectures.
     More than 50 companies are expected to attend this inaugural event.
     In addition, during the spring, the firm will host a series of events throughout the southeastern U.S. that will focus on intellectual property issues as they are related to Chinese trade.
     For more information about the seminars, call Johanna Burkett at 577-2201.

Roebuck Auctions To Hold Free Clinic

     Memphis-based Roebuck Auctions will conduct a free clinic today to unveil its home trade-in program.
     The clinic will be from 7 p.m. to 8 p.m. at its auction center at 4932 Park Ave.
     The program was developed to offer a solution to homeowners who want to sell their property quickly at a fair price, said John Roebuck, principal auctioneer at Roebuck Auctions, in a statement.
     Chris Zuercher of BankTennessee will be a guest speaker. He will discuss home mortgages and new programs the bank is introducing.

Tunica CVB Recognized by State

     The Tunica Convention & Visitors Bureau took home a top award from the Mississippi Tourism Association at the recent Governor's Conference on Tourism, an annual statewide tourism conference that was held in Jackson, Miss., last month.
     The Tunica CVB was recognized as the CVB of the Year among those with budgets exceeding $1 million. It marks the second year in a row the Tunica CVB has received the award.
     The Tunica CVB picked up two other awards at the conference: the Mississippi Tourism Association's Member of the Year Award and the Media Support Award.
PROPERTY SALES 41 308 2,265
MORTGAGES 47 379 2,607
BUILDING PERMITS 128 1,018 6,068
BANKRUPTCIES 53 255 1,787