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VOL. 125 | NO. 160 | Wednesday, August 18, 2010

Daily Digest

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Renasant Bank Forecloses on $3.7M East Memphis Home

Renasant Bank has foreclosed on a multimillion home on South Shady Grove Road, according to a first-run foreclosure notice in today’s Daily News. Richard K. Rice and April H. Rice bought the home in February 2006, according to the notice. The purchase was financed with a $3.1 million loan through Renasant.

The property is a 9,200-square-foot home on 3.8 acres at 600 S. Shady Grove Road, according to the Shelby County Assessor of Property. The house has four bedrooms, six bathrooms and two half-baths. The assessor’s 2010 appraisal was $3.7 million.

The property is set for sale Sept. 9 at the Shelby County Courthouse.

To read the full text of the foreclosure notice, see the Foreclosures section of today’s Daily News print edition or visit memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Butler Snow Attorneys Named in Best Lawyers Publication

Sixty-one attorneys from Butler, Snow, O’Mara, Stevens & Cannada PLLC – including 14 from the company’s Memphis office – have been named to Best Lawyers in America 2011. Company-wide, Butler Snow has 16 lawyers who have been listed in Best Lawyers for at least 10 years.

The 14 Memphis attorneys and their practice areas are: James Bailey III, bankruptcy and creditor-debtor rights law; Denise Burke, health care law; L. Don Campbell Jr., corporate, mergers and acquisitions and real estate law; Michael Coury, bankruptcy and creditor-debtor rights law; Charles Crawford, corporate and health care law; Gregg Gumbert, real estate law; Charles Harrell, mass tort and product liability litigation; Frank Holbrook, commercial litigation; David Jaqua, labor and employment law; G. Robert Morris, corporate law; Charles Morrow, product liability litigation; Randall Noel, commercial litigation; Scott Shanker, health care law; and Daniel Van Horn, commercial litigation.

Andy Meek

IDB to Define Effectiveness of G’Town Tech Corridor

The Memphis and Shelby County Industrial Development Board takes up how to judge the Germantown Technology Corridor at its Wednesday meeting.

The board meets at City Hall, 125 N. Main St., at 3 p.m.

The board isn’t scheduled to take any action, just to discuss changes to the matrix it uses to determine how effective economic incentives are for the corridor.

Also on the agenda is a discussion with bond counsel about proposals as the board prepares to consider applications for federal recovery zone bonds.

– Bill Dries

Weirich Appointed Deputy District Atty. General

Amy Weirich is the new deputy district attorney general.

Weirich was appointed to the No. 2 spot by Shelby County District Attorney General Bill Gibbons this week following the retirement of deputy district attorney James Challen.

Weirich has been a prosecutor for 19 years, most recently heading the gang and narcotics prosecution unit.

She was also involved in the Drug Market Intervention program that targets open-air drug dealing. The program pulls in street dealers with no record or minor criminal records to a community intervention, then offers them one more chance to give up dealing drugs – with the alternative being prison.

Weirich has also prosecuted death penalty cases.

“Amy brings strengths to the deputy district attorney’s position that are especially important,” Gibbons said in a written statement. “Amy is smart and demonstrates good judgment; she is well-organized, has an exceptional work ethic and possesses both a tough and fair temperament.”

– Bill Dries

FedEx CEO’s Compensation Slips 4 Percent in 2010

The Associated Press has found that FedEx CEO’s compensation in fiscal 2010 fell 4 percent from the year before.

Chairman and CEO Fred Smith received compensation valued at $7.4 million in the year that ended May 31, compared with $7.7 million in the prior fiscal year. Smith’s salary fell 12 percent — the result of FedEx’s companywide pay cuts it made when the recession was at its worst point.

The value of his perks tumbled 48 percent.

The AP’s executive pay calculation, based on a regulatory filing, aims to isolate the value the company’s board placed on the CEO’s total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.

– The Associated Press

New Crops Farm Tour to be Held at Agricenter

AgBioworks, one of the arms of the Bioworks Foundation, and BioDimensions Inc. are hosting a new crops farm tour Aug. 24 at 8:30 a.m. at Agricenter International, 7777 Walnut Grove Road.

The tour is designed to “educate local farmers, extension agents and business leaders concerning the planting, stand establishment, fertilization requirements and other aspects related to field preparation and planting of alternative crops,” according to a release.

Crops include canola, sunflowers and other alternative oilseeds, sweet sorghum and energy beets, plus biomass crops such as switchgrass.

Presenters are Rob Myers of the Jefferson Agricultural Institute; Brian Caldbeck of Caldbeck Consulting; Andy Jordan of BioDimensions; and Bruce Kirksey of Agricenter International.

For more information, contact Sara Studdard at 866-1800, sara@biodimensions.net or www.agbioworks.org.

Eric Smith

UTHSC Pediatrics Professor Receives International Honor

Dr. Russell Chesney, chair of pediatrics at the University of Tennessee Health Science Center, has been selected for the top honor bestowed by the International Pediatric Nephrology Association.

He will receive the Ira Greifer Award on Sept. 1 at a ceremony in New York.

Chesney is being recognized for the research he leads at UTHSC to improve the care of children with kidney disorders worldwide and for his leadership in training future pediatric nephrologists.

He has practiced pediatric nephrology for 38 years and chaired the university’s pediatric department for the past 23 years. He has published more than 300 peer-reviewed articles about research into the medical specialty.

Tom Wilemon

Industrial Production Rises 1 Pct. in July

Industrial production rose in July on the strength of U.S. manufacturing, as auto factories stayed open and businesses replaced worn-out equipment.

Output at the nation’s factories, mines and utilities increased 1.0 percent last month, the Federal Reserve reported Tuesday.

Factory output, the largest single component of industrial production, grew 1.1 percent. It was the biggest jump in nearly a year. Boosting output were auto plants that kept operating when they normally shutter for summer renovations. Even without the strong auto sector, factory output rose 0.6 percent.

Business equipment production grew 1.8 percent, the most of any major market group. That number has remained positive since February, while consumer goods and construction supplies have been uneven.

The last time factory output increased so steeply was August 2009, when the government’s Cash for Clunkers program drove a 1.3 percent gain.

However, June’s results were revised to show a 0.1 percent loss. That was the first decrease since the previous June.

– The Associated Press

UT Knoxville Ranked 47 by U.S. News & World Report

The University of Tennessee, Knoxville has been ranked 47th among all public universities in the U.S. News and World Report’s 2011 undergraduate rankings.

UTK moved up five spots from last year and ranks 101 among all national universities in a list that includes 260 American universities offering bachelor’s, master’s and doctoral degrees.

The school’s College of Business Administration’s undergraduate supply chain management/logistics program was seventh among public institutions and ninth nationally. Its overall undergraduate business program was ranked 34 among public universities.

The College of Engineering’s undergraduate program was ranked 37 among public universities.

Also, the university’s four-year retention rate increased 6 percent over the last five years.

– Taylor Shoptaw

PROPERTY SALES 56 289 2,908
MORTGAGES 55 226 2,009
BUILDING PERMITS 108 1,002 6,703
BANKRUPTCIES 42 248 1,225