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VOL. 124 | NO. 12 | Tuesday, January 20, 2009

Daily Digest

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Cordova’s Trinity Place Sells for $4.3 Million

The Trinity Place shopping center at 7990 Trinity Road in Cordova sold for $4.3 million in a trustee’s deed to JPMCC 2006-LDP7 Trinity Place LLC.

That entity bought the foreclosed property in December on the steps of the Shelby County Courthouse, with Harris P. Quinn serving as trustee.

The original owner, Kapree Trinity LLC of Corona, Calif., defaulted on $6.5 million loan through LaSalle Bank NA dated March 15, 2006. The company had bought the center for $7.9 million from Crews Trinity Place LLC.

The 52,150-square-foot shopping center was built in 1998 and sits on 4.62 acres at the northwest corner of Trinity Road and Germantown Parkway. The Shelby County Assessor of Property’s 2008 appraisal was $7.9 million.

LNR Partners Inc. of Florida manages the buyer.

Source: The Daily News Online & Chandler Reports

Bredesen Appoints Morgan To Deputy Governor Post

The day after the Tennessee Legislature replaced John Morgan as state comptroller, Gov. Phil Bredesen appointed Morgan deputy governor of Tennessee.

Bredesen announced the appointment Friday. Deputy Gov. Stuart Brunson announced he would be leaving the post earlier this month.

John Morgan understands the organization and issues of state government as well as anyone I know,” Bredesen said in a statement.

Morgan’s appointment does not have to be confirmed by the Legislature because it is an executive appointment. The deputy governor is not part of the line of succession in the event the governor cannot continue to serve.

Morgan served five two-year terms as comptroller. It is one of three positions established in the constitution that are elected by the members of the Legislature. State treasurer and secretary of state are the other two positions.

New Republican majorities in both houses of the Legislature Thursday elected Justin Wilson as the new comptroller. Wilson was a top adviser to former Republican Gov. Don Sundquist.

They also replaced Secretary of State Riley Darnell with former Bartlett State Rep. Tre Hargett.

Treasurer Dale Sims was replaced by Shelby County commissioner David Lillard, who was expected to announce his resignation from the commission.

Morgan, who is from Nashville, said he will focus on education and job creation as lieutenant governor, a job that will span Bredesen’s last two years in office.

“I can think of no better way to continue my career in public services than by helping (Bredesen) keep education as our No. 1 priority and focus on job creation,” Morgan said in a written statement.

Smith & Nephew Issued Injunction

By press time Friday, a court in the United Kingdom had imposed a temporary injunction against Smith & Nephew’s Advanced Wound Management division in a patent infringement dispute.

The dispute involves foam-dressing kits for negative pressure wound therapy. The temporary injunction will remain in place until the court can rule on a patent infringement action that Kinetic Concepts filed against Smith & Nephew in December.

The two companies are in a similar litigation dispute in the United States. Smith & Nephew’s corporate headquarters is in London, with its orthopedics division in Memphis.

Texas Orthopedics Guru To Speak About Ethics

Charles A. Rockwood Jr., a professor, chairman emeritus and director of the Shoulder Service Division in the Orthopedic Department of The University of Texas Health Science Center at San Antonio, will speak about “Orthopedics: Industry and Ethics” Feb. 2 at the FedEx Institute of Technology at the University of Memphis.

Rockwood’s talk is part of an InMotion Musculoskeletal Institute lecture series. It begins at 6 p.m.

A social hour will be held one hour prior to the lecture.

For reservations, contact Gretchan Mishler at 271-0021 or gmishler@inmotionmemphis.org.

MATCU Scholarship Deadline Extended

Memphis Area Teachers’ Credit Union has extended to March 1 the deadline for people who wish to enter a scholarship program for pursuing teaching careers.

In the spring, MATCU plans to award four scholarships to high school seniors or college freshmen, and winners could receive up to $10,000, according to MATCU information.

High school seniors who will graduate this year and college freshmen who are MATCU members or dependents of MATCU members are eligible to apply. They must be attending or planning to attend an accredited teacher preparation school in the fall semester of ’09. Required grade point average is between 3.0 and 4.0.

The scholarship program is being billed as a way to help alleviate a national teacher shortage.

Visit www.matcu.com to download an application or go to any MATCU location in the area.

MATCU is a nonprofit, member-owned financial institution.

PROPERTY SALES 92 480 7,835
MORTGAGES 115 551 8,785
BUILDING PERMITS 325 1,167 17,068
BANKRUPTCIES 39 311 5,159