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VOL. 124 | NO. 186 | Tuesday, September 22, 2009

Daily Digest

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Waddells Buy Ashley Manor Condominiums

John and Nancy Waddell have bought the two-building, 16-unit Ashley Manor condominiums at 129 and 137 N. Belvedere St. in Midtown for $1.6 million from Chamberlain, McCreery and Rice GP. The sale closed Sept. 4.

Chamberlain, McCreery and Rice had converted the property from apartments to condos in 2007 with rehab work including the installation of new kitchens and baths, central heating and air-conditioning, new windows and more.

Built in 1920, Ashley Manor sits on .82 acres on the west side of North Belvedere Street south of Poplar Avenue. Each of the 1,000-square-foot, one-bedroom units has an appraised value of $111,500 for a combined value of $1.8 million, according to the Shelby County Assessor of Property.

Steve Woodyard of Woodyard Realty Corp. represented the seller in the transaction. A press release from Woodyard Realty said the buyers “plan to continue to improve the property and hold (it) until the condo market returns.”

The Waddells also assumed the original notes on the property from Chamberlain, McCreery and Rice – a $1.3 million loan through Trustmark National Bank dated May 31, 2007, and a $276,000 loan through Trustmark National Bank dated Oct. 19, 2007. The new principal amount is $1.6 million.

Source: The Daily News Online & Chandler Reports

More Layoffs Occur At Arlington Center

The Arlington Developmental Center eliminated 55 more jobs from its local office last week, according to a dislocated worker unit notice from the Tennessee Department of Labor and Workforce Development.

The state-run center for developmentally disabled residents is part of the Division of Intellectual Disabilities Services. It notified the state about the layoffs Sept. 14. ADC is moving toward a scheduled closing of the facility by 2010 following a federal court battle that led to its downsizing.

ADC, according to its Web site, “features a person-centered approach to support and services.” The facility sits on 564 acres at 11293 Memphis-Arlington Road.

World Trade Consult Garners State Award

Memphis-based World Trade Consult LLC is a recipient of the third annual Governor’s Awards for Trade Excellence. The firm, owned and operated by John Koch, won in the small-company category for businesses with 25 or fewer employees.

Koch launched the credit insurance and trade financing firm in 2001 with just one client and has grown the company significantly over the past eight years. World Trade Consult recently was named 2009 Small Business Broker of the Year by Ex-Im Bank, an independent, self-sustaining federal agency that serves as the official export credit agency of the U.S.

World Trade Consult insures companies’ receivables from loss – whether they are imports or exports – using credit insurance. That reduces their risks and increases their borrowing power from banks to obtain working capital, a key element for growth.

Wright Medical Opens Subsidiary in Australia

Wright Medical Group, an orthopedic medical device company based in Arlington, has launched a new subsidiary in Australia.

The new entity, Wright Medical Australia Pty LTD, will manage all of the company’s extremity and biologics distribution for customers in Australia and New Zealand. Wright already has eight other foreign subsidiaries.

The company said in a press release that the action aligns with Wright’s larger strategic vision of achieving focused selling through specialized distribution channels.

Wright markets its products in more than 60 countries.

Settlements Reached In IP Mill Explosion

Settlements have been reached in three federal lawsuits filed against Memphis-based International Paper Co. resulting from a 2008 explosion at its mill in Warren County, Miss.

U.S. District Court documents show a federal magistrate signed off last week on the settlements between IP and attorneys for the family of Terry and Kenneth Townsend, and separately, Eric Wilhite and Cody Wendt. Details of the settlements were sealed.

The explosion occurred at an IP mill in Redwood, Miss., May 3, 2008. A contract worker was killed and 22 others were injured.

The plant cooks fiber to make liner board, which is used for manufacturing corrugated containers.

IP has declined to discuss specifics of cases in litigation.

Two other federal lawsuits and another filed in Warren County have not been settled.

FDA Awards $2M in Grants For Kids’ Medical Devices

The U.S. Food and Drug Administration is awarding $2 million to spur the development of medical devices for children who face increased risks during surgery because so few implants are designed for their use.

The FDA reported Monday it will distribute the grants among three researchers in Michigan, Massachusetts and California.

The announcement comes two years after Congress passed legislation to address the problem, which is little-known outside the medical world.

The vast majority of medical devices are made for adults. Doctors work around the problem by jury-rigging adult-sized devices to fit smaller patients. But they acknowledge such ingenuity has limits and the risks to patients are often high.

There is virtually no data on the safety of using adult devices in children, though experts say the complications can be fatal.

While the U.S. market for medical devices is estimated at more than $90 billion, the demand for pediatric devices is minuscule, creating little financial incentive for companies such as Minneapolis-based Medtronic Inc., whose Spinal and Biologics Business is based in Memphis, to invest in the space.

Development of new pediatric devices lags about 10 years behind similar devices for adults, according to the FDA.

“Congress provided the FDA with this funding so that we could help connect innovators and their ideas with experienced professionals who assist them through development,” said Timothy Cote, director of FDA’s program for orphan product development.

The agency awarded $1 million to Dr. James Geiger of the Michigan Pediatric Device Consortium, and $500,000 each to Dr. Pedro DelNido of the Pediatric Device Consortium in Boston and Dr. Michael Harrison of the University of California at San Francisco Pediatric Device Consortium.

The researchers will work with the FDA to develop prototypes and ultimately find manufacturers to build and market new pediatric devices.

Fundraiser to Be Held For District 31 Candidate

Community activist Adrienne Pakis-Gillon will be the subject of a Cordova meet-and-greet fundraiser today from 6 p.m. to 8 p.m. at Fox Ridge Pizza, 1769 N. Germantown Parkway.

A Democrat, Pakis-Gillon will face state Rep. Brian Kelsey, R-Germantown, in the December general election bid to decide who will finish out the term of Paul Stanley, the Republican state senator for District 31 who resigned in August. The winner will serve through 2010.

U of M to Feature Glenoid Bone Loss Lecture

Dr. Joseph Iannotti, the Madden Professor of Orthopaedic Surgery and chairman of the Cleveland Clinic’s Department of Orthopaedic Surgery, will speak about “Management of Glenoid Bone Loss in Total Shoulder Arthroplasty” Sept. 28 at the FedEx Institute of Technology at the University of Memphis.

Iannotti’s talk is part of an InMotion Musculoskeletal Institute lecture series. It will begin at 6 p.m. with a social hour preceding it at 5 p.m.

InMotion is an independent, private, nonprofit orthopedic research laboratory. The center’s three laboratories focus on biologics, biomechanics and clinical research.

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

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 87 1,429
MORTGAGES 39 60 1,107
FORECLOSURE NOTICES 8 14 204
BUILDING PERMITS 92 209 3,265
BANKRUPTCIES 42 84 837
BUSINESS LICENSES 21 23 352
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0