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VOL. 124 | NO. 188 | Thursday, September 24, 2009

Daily Digest

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Storage Company Transfers Two Locales

U Store It, a national owner and operator of self-storage facilities, on Sept. 16 quitclaimed – or transferred – its properties at 3686 S. Germantown Road in Southeast Shelby County and 3040 Austin Peay Highway in Raleigh to its trust division, which operated in the transaction as YSI XXXXI LLC.

That entity, which lists a Wayne, Pa., address, then filed a $4 million loan on the facilities through Metropolitan Bank.

The Class B, 96,248-square-foot South Germantown Road storage facility was built in 1986. It sits on 5.57 acres on the east side of South Germantown Road just south of its intersection with Winchester Road. The Shelby County Assessor of Property’s 2009 appraisal is $3.5 million.

The Class B, 105,391-square-foot Austin Peay Highway storage facility – with an alternate address of 3038 Austin Peay Highway – was built in 1973. It sits on 4.81 acres on the east side of Austin Peay Highway near the intersection of Jackson Avenue and Raleigh Millington Road. Its 2009 appraisal is $2.5 million.

In addition to the quitclaim and trust deed transactions, an assignment of leases, rents and income also was included.

Alexandria, Va.-based U Store It bought the South Germantown Road property for $4.3 million in 2006 from G and T Development Partnership.

U Store It has filed a host of trust deeds on its Memphis-area properties in the past few months. Though the company is based in Virginia, its chief executive is Memphian Dean Jernigan, former head of Storage USA.

Source: The Daily News Online & Chandler Reports

FedEx Unveils First Boeing 777 Freighter

FedEx Express unveiled its first Boeing 777 Freighter Tuesday during ceremonies with The Boeing Co. in Everett, Wash.

FedEx Express is the first United States global all-cargo freight airline to use the 777F.

The 777F is the world’s largest twin engine cargo aircraft. It has a flight range of 6,675 land miles and a payload capacity of 215,000 pounds.

This is an increase in flight range of more than 2,400 miles and an additional 14,000 pounds of payload over the MD-11 freighter, which has been the company’s primary long-haul aircraft.

The new Boeing plane uses 18 percent less fuel than the MD-11, reduces emissions by 18 percent and has lower maintenance and operating costs than other aircraft in its class.

FedEx Express plans for four 777Fs to serve routes between Asia and the U.S. by April. By 2014, FedEx Express’ fleet will grow to 15 777Fs, and a second order of 15 777Fs will be delivered between 2014 and 2019 with an option of 15 more.

Delaying Miss. School Year Could Save Money

Legislators are asking Mississippi education officials to consider pushing back the start date for public schools as a way to save money and boost tourism.

Most Mississippi schools start their year in early to mid-August.

Coastal state Rep. Diane Peranich said it doesn’t make sense to put students back in classrooms during the hottest part of the year, which leads to high air conditioning bills.

Peranich’s comments came Wednesday as state Department of Education officials appeared before the Joint Legislative Budget Committee.

Interim Superintendent of Education John Jordan said he’d support starting later if doing so would improve academic achievement.

The agency is requesting an extra $173 million in state money to operate in the fiscal year that begins July 1.

Filmmaker Brewer to Help Memphis Symphony

Filmmaker and native Memphian Craig Brewer will collaborate with the Memphis Symphony Orchestra at its first performance this season.

He’ll join the symphony Oct. 3 as it showcases orchestral works he said have shaped his artistic vision. They include Leonard Bernstein’s “Overture to West Side Story” and “Symphonic Dances from the West Side Story,” as well as John Williams’ “Star Wars: Title and Theme.”

Brewer is known for “Hustle and Flow” and “Black Snake Moan,” movies about rap music and the blues, respectively.

Fallen Money-Market Fund Makes $1B Distribution

A money-market mutual fund that held more than $60 billion before it notoriously “broke the buck” a year ago will hand out $1 billion in a fifth distribution to investors from the fund’s remaining assets.

The $1 billion distribution, the smallest of five partial payouts since the Reserve Primary Fund’s collapse, will be made to shareholders on or about Oct. 2, said New York-based Reserve Management Co., which ran the fund.

After the distribution, it will hold about $3.5 billion, not including a separate $3.5 billion reserve created to cover pending litigation costs.

The fund had held more than $64 billion shortly before Sept. 16, 2008, when its net asset value fell below the $1 level needed to ensure investors a dollar-for-dollar return of their principal. The fund declared $785 million it held in Lehman Brothers debt worthless after the investment bank’s bankruptcy filing. That sank the fund’s net asset value to 97 cents, leading to the fund’s collapse as institutional investors demanded cash back and fund managers were forced to sell assets at steep discounts amid plunging markets.

The episode was the first such investor exposure to money-market losses since 1994, and created fears about the safety of the more than $3 trillion in assets held in money-market funds that are normally considered nearly as safe as cash. The government responded with a temporary government guarantee program that expired last week.

Reserve Primary’s latest distribution is being paid out on a pro rata basis proportionate to how much each investor held in the fund, Reserve Management said. Once the new distribution is completed, about 92 percent of the assets the fund held before breaking the buck will have been returned to investors, Reserve Management said.

The fund held $4.5 billion as of Tuesday. The size of the final payout to investors depends in part on whether the separate $3.5 billion reserve is big enough to cover costs once all litigation is resolved.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0