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VOL. 123 | NO. 230 | Monday, November 24, 2008

Daily Digest

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Oakhaven Church In Default of Loan

The Greater Deliverance Church of God in Christ at 2962 Oakville Drive in Oakhaven is in default of its loan and scheduled to be sold in a December substitute trustee’s sale.

The notices appear in today’s edition of The Daily News on Page 39 and also at The Daily News Online, www.memphisdailynews.com.

The church has defaulted on a $236,000 loan through Trust One Bank dated Sept. 11, 2007. The 8,944-square-foot building was constructed in 1972 and sits on 2 acres on the southeast corner of Democrat Road and Oakville Drive.

Zoned religious, the church’s 2008 appraisal is $389,800 and its assessment is $155,920. It was not immediately clear if the church is related to Memphis-based Church of God in Christ (COGIC). The church owner’s address is listed in public records as 394 S. Third St.

The property is scheduled to be sold Dec. 16 at noon on the steps of the southwest corner of the Shelby County Courthouse on Adams Avenue.

Source: The Daily News Online & Chandler Reports

Politicians to Discuss City-County Consolidation

Memphis City Council chairman Myron Lowery and Shelby County Board of Commissioners chairwoman Deidre Malone will lead a discussion today at the Benjamin L. Hooks Central Library, 3030 Poplar Ave., starting at 6:30 p.m. on the topic of consolidating Memphis and Shelby County governments.

The topic is a hot political issue of late and factored most recently into word of Shelby County Mayor A C Wharton Jr.’s announcement that he is running in the 2011 Memphis mayor’s race. Consolidation of city and county governments will be a theme of his campaign.

Tonight’s event is sponsored by the local chapter of the League of Women Voters. Attendees who want to participate in a question-and-answer session after Lowery and Malone make their presentation can submit questions to the league by e-mailing lwvshelby@comcast.net or calling 327-6892.

Wal-Mart Names Duke To Succeed Scott as CEO

Wal-Mart Stores Inc., the world’s largest retailer, unexpectedly announced Friday that its chief executive will retire in February and be replaced by the head of its international division.

The Bentonville, Ark.-based retailer said Mike Duke, 58, vice chairman of its international division, will take the reins from Lee Scott, 59, effective Feb. 1. Duke also becomes a member of the board of directors effective immediately.

Scott, who became president and CEO in 2000 and has been with the company since 1979, will continue as chairman of the executive committee of the board until January 2011, according to Wal-Mart spokesman Dave Tovar. He will also serve as an adviser to Duke until 2011.

Additionally, Wal-Mart says Eduardo Castro-Wright, 53, was promoted to vice chairman, adding to his current titles of president and chief executive of Wal-Mart U.S. He will take over the company’s global procurement operation.

“We think the right time is now, a time of strength and momentum for the company,” Tovar told The Associated Press. “Our strategy is sound, and Mike has been integrally involved in developing and executing the strategy.”

Wal-Mart shares rose 22 cents to $50.88 as investors considered the news.

Tovar said the decision to name Duke was part of an “ongoing rigorous succession planning process.” He declined to name other candidates who were considered.

The moves come a week after the retailer said third-quarter profit rose 10 percent as shoppers hunting for discounts snapped up early Christmas promotions.

Amid financial-market turmoil and a marked decline in consumer spending, Wal-Mart Stores has been one of the best performers as consumers trade down to discounters and hunt for bargains.

The international business is the company’s fastest-growing division, and profit rose 11 percent during the quarter, while U.S. profit rose 7 percent.

Scott joined Wal-Mart in 1979 as assistant director in the logistics division. He became president and chief executive in 2000.

Duke, who joined the company in 1995 and has served in a variety of posts, including president and chief executive of Wal-Mart Stores division in the U.S., “understands retail and appreciates the complex global environment in which we operate,” said Rob Walton, Wal-Mart’s chairman.

Before joining Wal-Mart, Duke was an executive at Federated Department Stores and May Department Stores, which are now known as Macy’s Inc., for 23 years.

The MED and UTHSC Launch Clinical Trial

The Regional Medical Center at Memphis is among a select number of Level 1 trauma centers in the United States chosen to participate in a national clinical trial on brain injuries sponsored by the National Institutes of Health.

Dr. Timothy C. Fabian and Dr. Martin A. Croce from the University of Tennessee Health Science Center will lead the trial. They will evaluate the results of concentrated salt solutions given intravenously to patients with traumatic brain injuries.

The treatment will be given by emergency medics or nurses at the scene of injury or in an air ambulance. The salt solution injections should result in less brain swelling, UTHSC reported in a press release.

Men and women older than 18 who are severely injured, bleeding and in shock will be eligible. Pregnant women will not.

St. Jude to Host Biomedical Symposium

“It’s ALL about Genetics” is the theme for the 4th annual St. Jude Biomedical Research Symposium set for Dec. 3 at the children’s research hospital.

The symposium will feature leading experts who will discuss advances in genetic science throughout the decade, the latest findings from researchers’ laboratories and the field’s future direction.

Registration is open through Wednesday. The symposium is approved for 6.75 CME credit hours. Visit www.stjude.org/seminars for details.

Sarah Cannon Institute Opens Research Center

The Nashville-based Sarah Cannon Research Institute has opened a new research center at 8000 Wolf River Road in Germantown.

The center is a partnership between the institute and The Medical Group, led by Dr. Mark A. Castellaw. The 2,396-square-foot center includes three examination rooms, a consultation/meeting room, waiting room, drug storage and filing rooms and a laboratory. It offers access to a database of more than 10,000 study patients as well as on-site echocardiograms, X-rays, pulmonary function tests, standard treadmill tests, nuclear medicine for treadmill studies, Venous Doppler, CT and DEXA scans.

The Institute conducts community-based clinical trials in oncology, cardiology, gastroenterology and other therapeutic areas through a network of nearly 500 physicians in 24 states.

Losch Signs On As Exec. VP at First Horizon

William C. Losch III, 38, has joined First Horizon National Corp. as executive vice president and chief financial officer. He will begin the position Jan. 1.

Most recently, Losch was senior vice president and chief financial officer for General Bank at Wachovia Corp. He was a member of Wachovia’s General Bank Operating Committee, Finance Management Committee and Deposit Management Committee and chair of the General Bank’s Investment Review Board.

Prior to those roles, he was CFO of Retail and Small Business Banking and director of Business Analysis and Strategy for the General Bank.

At First Horizon, Losch will be responsible for leading the company’s financial activities including treasury, accounting, controls, tax, financial planning, strategic planning, investor relations and corporate development.

Tenn. Supreme Court Seeks Comment for Pro Bono Initiative

The state Supreme Court has begun a comment period for the Tennessee Bar Association’s recommendation that attorneys perform 50 hours of pro bono work per year (or about an hour a week) and increase access to justice for the poor in a variety of ways.

The comment period ends Jan. 16 and is open to judges, lawyers, bar association members, members of the public or anyone else who’s interested, said Buck Lewis, president of the TBA and a shareholder in the Memphis office of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

The recommendation is part of “4 All,” the TBA’s yearlong campaign to help citizens who cannot afford legal representation. Lewis announced the campaign when he took office in June.

“The short version would be that even before the recent financial crisis, we were seeing a growing gap between the resources that were available to people with legal civil needs and the resources available in our communities,” he said, adding that Memphis Area Legal Services was turning away four of 10 people who qualified for free legal help.

The 4 All initiative includes holding a statewide pro bono service day next April and asking the high court to require all lawyers to report the amount of pro bono work they do each year, among other things.

“We have a feeling there’s a lot of work being done out there, but there’s no data that’s anything more than anecdotal,” Lewis said. “Our suspicion is that there is millions of dollars of legal time being donated to indigent citizens and nonprofit organizations.”

The 50 hours of pro bono work per year is consistent with ethics requirements of the American Bar Association, he said. By requiring attorneys to report their service hours, a mechanism will be created to record and track what’s being done.

Overall, Lewis and his colleagues in the bar association want to get more attorneys involved in pro bono work and recognize them for the good work they’re doing, he said.

“I feel really strongly about all of it,” he said. “The need was great before the events of the last couple of months, but now it is becoming even more acute. We need as many people pitching in to help as possible.”

For more information about 4 ALL, visit www.tba.org/4ALL/index.html.

Lucite Launches Green Product for Spas

Memphis-based Lucite International has unveiled a new system for spa reinforcements that will reduce manufacturers’ air emissions by up to 99.9 percent, the company said.

The company developed the system in partnership with TSE Industries of Clearwater, Fla.

The new system combines the patent-pending Lucite Better Bond cast acrylic sheet with TSE’s patent-pending EcoSpray resin, a high-modulus polyurethane spray packing.

Lucite International bills itself as a global leader in the design, development and manufacture of acrylic-based products. Its association with the spa industry began in the early 1970s when that industry moved from gel coat to acrylic sheets.

Minority Business Leaders Recognized

The Mid-South Minority Business Council on Friday honored leading businesses and individuals at its 23rd Robert R. Church Awards Luncheon and Annual Meeting at the Holiday Inn-University of Memphis.

The Minority Business of the Year is Zycron Inc. under the leadership of Darrell Freeman and Lee Lambert.

The Advocate of the Year is Bonita S. Davis of FedEx.

The Corporation of the Year went to Memphis City Schools.

The Creative Visionary Supplier of the Year Award went to the University of Memphis.

Through the annual awards luncheon, the Mid-South Minority Business Council seeks to recognize corporations and the purchasing managers who provide opportunities for minority- and women-owned businesses.

Malco Theatres to Kick Off ‘Wrapped With Love’ Campaign

Malco Theatres will begin its “Wrapped with Love” campaign on Thanksgiving Day.

The campaign will run through Dec. 25 to benefit St. Jude Children’s Research Hospital.

Patrons at all 33 Malco Theatre locations will be able to buy handmade bows for $1. Each bow is made from 24 frames of film, which is equivalent to one second of a movie. Patients of St. Jude and their families participated in the creation of the bows at the hospital.

Malco has raised more than $300,000 for St. Jude since 1999. More than 65,000 bows were sold during the 2007 campaign and Malco hopes to sell 75,000 this year.

PROPERTY SALES 32 176 2,507
MORTGAGES 26 101 1,687