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VOL. 124 | NO. 17 | Tuesday, January 27, 2009

Daily Digest

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Construction Loan Filed For Vacant G’town Lot

Alfred Greenberg, doing business as Alfred Greenberg Construction, has purchased for $275,000 the property at 9039 Hollybrook Lane North in Germantown. The seller was Magna Bank.

The bank re-acquired the property for nearly $1.8 million in October 2008, when the original borrower, William A. Ruleman Jr., doing business as Ruleman Realty, defaulted on the original $1.8 million loan.

In conjunction with the sale, Alfred Greenberg Construction filed a construction permit Jan. 12 for just more than $1 million with the city-county Office of Construction Code Enforcement. Magna Bank is the lender on this variable-interest rate loan. The trust deed includes the assignments of rents and the security interest in the rents and personal property.

The property is a 1.06-acre lot on the south side of Hollybrook Lane. It is listed as a vacant lot in a residential-zoned area. The Shelby County Assessor’s 2008 appraisal was $270,000.

A message left at the offices of Alfred Greenberg Construction was not returned by press time.

Source: The Daily News Online & Chandler Reports

Stella Closes After Five-Year Run

After almost five years in operation, the Downtown restaurant Stella has closed.

The partners who own the restaurant had reportedly been in talks about buying the building that housed the restaurant at the corner of Main Street and Monroe Avenue or finding some other way to stay put.

However, Stella co-owner Cynthia Riley told The Daily News the partners have decided to catch their breath for now. A move east might be in the works, but no definite plans have been made at this point.

“We’ve got several options on the table, and of course a lot of people wanted us to stay Downtown,” Riley said. “But we’ve decided to take a break and weigh our options. It was a good run.”

Town Hall Meeting To Focus on Crime

A town hall meeting will focus on ways to protect yourself from crime and to push for new laws in the Tennessee Legislature to combat crime.

The meeting is set for Feb. 7 from 9 a.m. to 11 a.m. in the Crichton College Auditorium at 255 N. Highland St. Guess will include District Attorney Bill Gibbons, Memphis Police Col. Jeff Clark and state legislators.

City Council member Jim Strickland is organizing the meeting. Details: 576-6786 or jim.strickland@memphistn.gov.

Walgreens Gets New Chief Executive

Gregory D. Wasson, 50, is the new chief executive officer of Deerfield, Ill.-based Walgreens Co.

The company announced Monday that he will take the helm Feb. 1. Alan G. McNally, 63, who has served as chairman and acting CEO since October, will remain chairman of the board. Wasson will retain the position of president.

Wasson’s appointment concludes a nationwide search for a permanent CEO. He became president and chief operating officer of Walgreens in 2007. The company has about 70 stores in the Memphis area.

Tyson Reports Q1 Loss on High Costs

Tyson Foods Inc. announced a $112 million loss Monday for its first quarter, but the world’s largest meat producer also said the prices it pays for feed are receding and the company could return to profitability within two quarters.

The loss of 30 cents per share in the period that ended Dec. 27 compares with a profit a year earlier of $34 million, or 10 cents per share, and comes even though revenue rose slightly to $6.52 billion from $6.48 billion.

The company was scalded by high grain and fuel costs, particularly in its chicken business, which lost $286 million for the quarter. But feed contracts executed when prices were high are expiring, and Interim Chief Executive Officer Leland Tollett cut poultry production 5 percent in December.

Tollett, a former Tyson CEO, replaced Richard Bond, who abruptly resigned this month.

“I’ll be here as long as it’s necessary to get this chicken business turned around,” Tollett said in a conference call with investors.

Chicken, at $2.2 billion, accounted for about one-third of Tyson’s sales in the company’s fiscal first quarter. Beef, at $2.7 billion, made up 40 percent. Pork sales of $878 million accounted for 14 percent of Tyson’s business, and prepared foods, at $746 million, 11 percent.

“We’re still one of the most advantageously-priced products on the market,” Tollett said.

Even so, Tyson is feeling pressure from the economy. Consumers are eating out less and buying cheaper cuts of meat. But new products for restaurants are helping institutional sales, and the prepared-food segment benefits when people eat at home, executives said.

Standard & Poor’s Equity Research analyst Joseph Agnese said Tyson should be in the black by the third quarter.

Opera Memphis to Hold Game Dinner Fundraiser

Opera Memphis will host its annual Wild Game Dinner 2009 Feb. 6 at 6:30 p.m. at the Holiday Inn-University of Memphis, 3700 Central Ave.

The Wild Game Dinner serves as Opera Memphis’ largest fundraiser and this year’s theme is “Bucks and Baritones.” Notable guests will include honorary chair and Shelby County

Mayor A C Wharton Jr. and auctioneer and Lieutenant Gov. Ron Ramsey.

The dinner will include live and silent auctions, live entertainment and wild game prepared by Chef Edward Nowakowski. Attire is casual but hunting attire is encouraged.

Tickets are $150 for one person, $500 for half-tables of four and $1,000 for tables of eight. To purchase tickets, contact Christiana Leibovich at 202-4535 or Christiana@operamemphis.org.

PROPERTY SALES 34 34 3,905
MORTGAGES 47 47 4,437
BUILDING PERMITS 190 190 9,458
BANKRUPTCIES 60 60 2,945