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VOL. 124 | NO. 145 | Monday, July 27, 2009

Daily Digest

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Nettleton Condos Sold Back to Bank for $5M

The Nettleton condominiums at 435 S. Front St. were sold back to the bank that foreclosed on them in a July 15 substitute trustee’s sale on the steps of the Shelby County Courthouse. Merchants and Farmers Bank paid $5 million for the property’s remaining 31 condos that weren’t previously sold.

Nettleton LP, the developer of the condos, had defaulted on two loans through Merchants and Farmers Bank totaling $10.7 million for the building. The first loan in default was for $8.3 million and dated Jan. 20, 2006; the second was for $2.4 million and dated Sept. 4, 2008.

The company had sold five of the building’s condos, and the owners of those units were not included in this matter.

T. Jay Campbell Jr. of the law firm Adams and Reese LLP acted as the substitute trustee for the properties.

The Nettleton LP is a Tennessee limited partnership comprised of AJW Management LLC of Tennessee and AJW Ventures LLC of Georgia. Chris Adams signed both trust deeds in default.

The four-story, 36-unit Nettleton sits on the northwest corner of South Front Street and Nettleton Avenue in the South Main Historic Arts District. Built in 1915, it originally was a warehouse for Piggly Wiggly grocery stores, according to the Nettleton’s Web site.

Source: The Daily News Online & Chandler Reports

Medtronic Issues Update On Recalled Device

Minneapolis-based Medtronic Inc. on Friday issued an update about its February voluntary recall of the Intrepid Intervertebral Body Fusion Device. The U.S. Food and Drug Administration has followed up by making the action a Class II recall, the company said.

Class II recalls are for products that might cause a temporary health problem or pose only a slight threat.

The device is intended to provide stabilization of the vertebral bodies and promote bone fusion following surgical correction for spine disorders.

All unused product has been retrieved, and the company has received confirmation of notification about the recall from all affected doctors and hospitals, Medtronic said.

Of approximately 650 surgeries performed using the device, the company received 12 complaints, including three cases where people required revision surgery. An adverse event associated with one of these revision surgeries was a patient death, the company said.

Medtronic has determined there is a need to revise the labeling and to modify the device design. Design changes for the cover plate attachment are currently under FDA review.

Medtronic’s Spinal and Biologics Division is based in Memphis.

EmergeMemphis Names Four to Board of Directors

The local business incubator EmergeMemphis has added four members to its board of directors who come from a spectrum of industries including marketing, law and accounting. The new members are Joe Fracchia, Joseph Dudek Jr., Amy Howell and Douglas Scarboro.

Fracchia is a partner at the consulting and placement firm Vaco and has more than 11 years of experience in public accounting and consulting. Dudek is an attorney at Butler, Snow, O’Mara, Stevens & Cannada PLLC whose focus includes public and private securities offerings. Howell is the founder of Howell Marketing Strategies. Her affiliations include serving on the development board of directors for the Church Health Center and the Economic Development Committee of the Memphis Regional Chamber.

Scarboro is the director of community engagement at the Leadership Academy, and he is a founder of LaunchMemphis, a startup that promotes local entrepreneurs.

Schering-Plough Seeks To Settle Merger Litigation

Schering-Plough Corp, which has its consumer health products division based in Memphis, on Friday reported it had entered a proposed settlement in U.S. District Court in New Jersey to litigation seeking to block its merger with Merck & Co. Inc.

The settlement calls for Schering-Plough to make additional disclosures related to the merger, but the company will not have to pay any damages in connection with the proposed settlement, which must still be approved by a judge.

TennCare Receives Approval For Long-Term Care Program

TennCare has received federal approval for changes to its long-term care program, which brings the state one stop closer to total implementation of the Long Term Care Community Choices Act of 2008.

The Centers for Medicare and Medicaid Services have approved an amendment to the TennCare waiver that will allow managed care organizations to coordinate all the care a TennCare member needs, which now will include medical, behavioral and long-term care.

Butler Snow Selected To ‘Midsize Hot List’

Butler, Snow, O’Mara, Stevens & Cannada PLLC has been selected for The National Law Journal’s inaugural “Midsize Hot List,” which recognizes firms that have “proven to be more agile than their bigger competitors.”

Butler Snow was selected along with 19 other firms throughout the country. The “Midsize Hot List” evaluated law firms with between 50 and 300 attorneys based on how creatively and efficiently they address clients’ concerns about price constraints, their frustrations with traditional billing structures and their desires to staff members.

Butler Snow earned high marks for its response to the country’s economic downturn, which included creating an economic stimulus team, analyzing the American Recovery and Reinvestment Act of 2009 for clients and increasing attorneys in its bankruptcy, real estate and finance groups.

The firm was also recognized for its products liability practice, use of alternative fees, internal fee structure and environmental consciousness.

BioDimensions Reps. Participate in Biotech Congress

Representatives from the Mid-South played an important role in the 6th Annual World Congress on Industrial Biotechnology and Bioprocessing held last week in Montreal.

Pete Nelson, cofounder of Memphis-based BioDimensions Inc., helped facilitate a panel during the World Congress that focused on the unique hurdles faced by companies and farmers attempting to produce and commercialize alternative crops. Some of the crops include miscanthus, switchgrass, plant-made enzymes, oilseed products and other unique plants.

Elizabeth Hood, chief executive officer of Infinite Enzymes LLC in Jonesboro, Ark., and Randy Powell, project manager at BioDimensions Inc., also participated in the event.

PROPERTY SALES 71 233 2,852
MORTGAGES 74 171 1,954
BUILDING PERMITS 125 894 6,595
BANKRUPTCIES 34 206 1,183