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VOL. 124 | NO. 110 | Monday, June 8, 2009

Daily Digest

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Oakhaven Warehouse Sells for $2.6 Million

The 120,560-square-foot warehouse at 4000 Air Park Cove in Oakhaven/Parkway Village has sold for $2.6 million in a special warranty deed to an entity called Hubcap LP. The seller was ProLogis-North Carolina Limited Partnership, a division of Denver-based distribution leasing giant ProLogis.

Built in 1987, the warehouse sits on 5.91 acres on the east side of Air Park Cove, which is northeast of the intersection of Getwell and East Raines roads. The Shelby County Assessor of Property’s 2009 appraisal is $2.3 million.

ProLogis’ Web site says the building has 99,840 square feet available.

The buyer, Hubcap LP, is affiliated with San Jose, Calif.-based Quality Real Estate Management LLC, according to the warranty deed. Prior to the sale, the property was quitclaimed to the seller from ProLogis. The former owner was DFW Nine.

Source: The Daily News Online & Chandler Reports

Baker Donelson Ranked Among Top Trademark Firms

For the third consecutive year, Baker, Donelson, Bearman, Caldwell & Berkowitz PC has been ranked among the top 100 trademark firms in the country by Intellectual Property Today, a monthly publication focused on legal issues in patent, trademark and copyright law.

The Intellectual Property Today list included 278 law firms or individuals ranked according to the number of trademark registrations issued in 2008. Baker Donelson was ranked 46th on the list, up from 75th in the previous year’s list.

Ugwueke Takes Helm At Methodist North Hospital

Michael O. Ugwueke will now be the chief administrator for two hospitals in the Methodist Le Bonheur Healthcare system.

Effective June 15, he will assume the role of chief executive officer of Methodist North Hospital in addition to his current responsibilities as chief executive officer of Methodist South Hospital.

Ugwueke has more than 20 years of experience in health care operations and strategic planning. He has a doctorate in health administration and leadership from Medical University of South Carolina in Charleston, a master of public health degree from Emory University in Atlanta and an undergraduate degree from Shaw University in Raleigh, N.C.

He will replace Dr. Steven Miller at Methodist North, who has served as interim administrator since William Kenley, the former administrator, became chief executive officer of Methodist Le Bonheur Germantown last month.

Gary Shorb, the president of Methodist Le Bonheur Healthcare, said having Ugwueke serve as the administrator of both hospitals allows the system to speed the transfer of best practices and standardizations with more efficient operations.

Nashville Council Members Want to Thwart State Gun Law

A group of Nashville council members is studying a proposal to use the local beer ordinance to keep handguns out of establishments that serve it.

The state Senate voted Thursday to override Gov. Phil Bredesen’s veto of the law that will allow handguns to be carried in bars and restaurants that serve alcohol.

The Tennessean reports some council members believe the law can be sidestepped by adding a restriction prohibiting businesses that hold beer permits from allowing guns inside.

Establishments that serve only wine or liquor – and no beer – would be exempt because they are regulated by the state.

Nashville attorney and former council member Adam Dread has been circulating the proposal and said each county should decide how to regulate beer sales.

Internet Ad Revenue Falls 5 Percent in First Quarter

Internet advertising revenue is down 5 percent.

The decline in the first quarter of 2009 represents the first year-over-year decline in seven years as the recession takes its toll even on the hardiest of ad sectors.

The Interactive Advertising Bureau is estimating revenue of $5.5 billion for the quarter. That’s based on a study it commissioned PricewaterhouseCoopers LLP to conduct quarterly.

IAB Chief Executive Randall Rothenberg said growth should resume as the U.S. economic climate improves. He noted that interactive media continue to gain market share as companies want to better measure the effectiveness of their ads.

Dollar Jumps as Jobs Data Send Hopeful Signals

The dollar leapt against the major currencies Friday, regaining some of its losses from last week as jobs data from the U.S. showed a jump in the unemployment rate but indicated a deceleration in layoffs.

Meanwhile, in Germany, the euro zone’s largest economy, the central bank issued a sharper forecast of contraction this year and stagnation in 2010 that was more pessimistic than the government’s view.

The 16-nation euro dropped to $1.4006 in morning trading Friday from $1.4178 late Thursday, while the British pound fell to $1.6009 from $1.6192.

The previous week, the euro closed at $1.4132 and the pound was worth $1.6183 in late trading. The euro spiked as high as $1.4337 last week, its highest level this year, while the pound peaked at $1.6661, a nearly eight-month high.

In late April, the euro had traded under $1.30, while the pound touched below $1.45.

The dollar had slid throughout the spring as improving investor confidence fueled a rally in equities and commodities such as oil and gold. Those investments looked more appealing than cash or super-safe government bonds.

Oil prices moved above $70 a barrel on Friday for the first time since October, and gold prices are moving toward $1,000 an ounce.

The dollar also gained to 97.96 Japanese yen from 96.87 late Thursday.

Report: FDIC Pushes For Shake-Up at Citigroup

The Federal Deposit Insurance Corp. is reportedly pressing for a management shake-up at embattled bank Citigroup Inc., putting CEO Vikram Pandit in the hot seat.

The Wall Street Journal cited people familiar with the matter for its report on Friday.

“We are confident in our management and confident that we will continue to position Citi for a return to sustained profitability,” Chairman Richard Parsons said in a statement e-mailed to The Associated Press.

A spokesman for the FDIC declined to comment.

Citigroup has been one of the most troubled banks throughout the financial crisis. Investors have long criticized its board and management for allowing the bank to make big investments in the risky housing market – actions that led to Citigroup reporting billions in losses.

Citigroup has already received $45 billion in government rescue funds, and a portion of that will soon be converted into common shares, making the U.S. Treasury Department its largest shareholder.

Last month, the government determined that it would need to raise an additional $5.5 billion as a buffer against future losses.

“We went through a rigorous stress test process, the results of which were agreed to by appropriate regulatory agencies and clearly reflect the significant progress made by this management team over the last 15 months to turn Citi around,” Parsons said in Friday’s statement.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 0 19 170
BUILDING PERMITS 28 305 3,056
BANKRUPTCIES 25 98 716
BUSINESS LICENSES 4 26 302
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0