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VOL. 125 | NO. 169 | Tuesday, August 31, 2010

Daily Digest

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David Miller Properties Up for Foreclosure Sale

An automatic stay has been lifted in the bankruptcy case of developer David Miller, allowing BancorpSouth Bank to sell three lots in a foreclosure sale, according to three first-run notices in the foreclosures section of today’s Daily News.

The properties are 5999 and 6000 W. Wagon Hill Road in Waverly Plantation Planned Development in Millington and 1189 Clear Creek Road in Arlington Hall Subdivision in Collierville.

BancorpSouth Bank has filed notices of foreclosure because David Miller defaulted on loans for each property. The loans for the two lots on West Wagon Hill Road were $85,000 each; the loan for the 1189 Clear Creek Road included five properties and totaled $565,000. The loans were filed with the Shelby County Register of Deeds in April and May 2002.

David Miller filed for Chapter 7 bankruptcy in April, according to the website of the U.S. Bankruptcy Court, Western District of Tennessee.

All three properties are scheduled for sale at the Shelby County Courthouse on Sept. 23 at noon.

The full text of each notice is in the foreclosures section of today’s Daily News and online in the Public Records section of memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Kate Simone

UPDATE: Hilton, Louis Vuitton Plan Memphis Layoffs

Two worldwide companies with Memphis operations plan to lay off a total of 87 workers in Shelby County starting at the end of September.

The North American division of Louis Vuitton plans to lay off 51 workers at the ELX Distribution facility at 5900 East Holmes Road in Hickory Hill between Oct. 15 and Dec. 31, according to a notice filed with the Tennessee Department of Labor and Workforce Development.

The layoffs mean closing the distribution center for the maker of luxury products.

Molly Morse of Kekst and Company Inc. of New York City said Louis Vuitton executives decided to expand its distribution centers with two new warehouses – one in New Jersey and the other in California.

The company is offering the Memphis workers a chance to relocate to New Jersey or California.

Hilton Worldwide has told the state it will lay off 36 workers in Shelby County on Sept. 30. The notice lists the Memphis office address at 755 Crossover Lane.

A spokesman for the company offered no details, saying the company would communicate directly with employees “about any relevant transitions.”

– Bill Dries

Clark to Take Oath as SCOTN Chief Justice

Tennessee Supreme Court Justice Cornelia Clark takes the oath of office as chief justice of the state’s highest court Wednesday at the Williamson County Courthouse in Franklin, Tenn.

Clark begins a two-year term after being elected to the term by the court.

She succeeds Justice Janice Holder of Memphis who will administer the oath of office.

Clark, of Franklin, is the second woman, after Holder, to be chief justice.

She was appointed to the court in Sept. 2005 by Gov. Phil Bredesen and elected to a full eight-year term in 2006.

“I look forward to working with the Court as we continue our efforts to improve access to justice and strengthen the public’s confidence in the judiciary,” Clark said in a written statement.

– Bill Dries

Two Walmart Markets Getting Overhaul

Two Memphis-area Walmart Neighborhood Markets – at 2856 Hickory Hill Road Extended and 6990 Shelby Drive, are in the midst of extensive renovations that will remodel the stores from the inside out and will be completed in October.

The new design, based on customer feedback, will include wider aisles, bright paint colors and lighting and more easy-to-read signage.

Every department is getting new shelves, signage, flooring and product assortment. The stores will stay open during the renovations, with most of the construction happening during the overnight hours.

Andy Meek

11 Bass Berry Attorneys Named in Best Lawyers

Eleven attorneys from the Memphis office of Bass, Berry & Sims PLC have been named in The Best Lawyers in America 2011.

The Memphis attorneys include Michael A. Brady, alternative dispute resolution; John S. Golwen, commercial litigation; John A .Good, banking law, corporate governance and compliance law, corporate law, mergers & acquisitions law, securities law; Christopher G. Lazarini, alternative dispute resolution; Peter R. Pettit, banking law; Stephen W. Ragland, bankruptcy and creditor-debtor rights law; John C. Speer, banking law, commercial litigation; Richard R. Spore III, administrative law, banking law, real estate law; John A Stemmler, banking law, project finance law, real estate law; Shepherd D. Tate, alternative dispute resolution, commercial litigation, securities law; David A. Thornton, employee benefits law

In addition, Bass, Berry & Sims was named the nation’s top-listed firm in Banking Law, with 16 attorneys.

– Taylor Shoptaw

Church Health Center Seeks '1 in 3'

The Church Health Center is asking doctors’ offices to donate one out of every three sample medications to its mission.

The center will provide containers and pick up the medicines. To sign up for the “1 in 3 for the CHC” initiative, call 272-0010, ext. 1106.

Tom Wilemon

Biomass Early Registration Ends Wednesday

Early registration for Biomass South 2010 ends Wednesday.

The Oct. 14 and 15 event takes place at the University of Memphis. The keynote debate will be on “The Future of Southern Forests in Bioenergy.”

Speakers include representatives of ArborGen, Ecosynthetix, Monsanto, Show Me Energy and Verdant Partners.

Exhibit space is still available at the conference. To learn more or to register, visit www.biomasssouth2010.com.

– Tom Wilemon

Golf Event Benefits Methodist Hospice

Women golfers get to bid on their favorite “dream caddy” at the Red Slipper Caddie Auction and Golf Tournament Sept. 26.

The event at Windyke Country Club benefits the Methodist Hospice Residence. The dream caddy will be on hand during the tournament to push carts, fetch a cool drink and clean clubs.

The tournament is a two-person scramble. Registration is $65, which includes the Red Slipper Party, lunch, push cart and 18 holes on the Par 3 Course.

For details, contact Dee Flood at 516-1727 or floodf@methodisthealth.org.

– Tom Wilemon

2 New Programs Planned to Help Homeowners

The Obama administration’s top housing official says several new programs are in the works to help try to revive the housing market.

Housing and Urban Development Secretary Shaun Donovan said in an interview aired Sunday that his department in the coming weeks will roll out an FHA refinancing program to help borrowers whose mortgages exceed the market value of their homes. He also said the department will launch “an emergency homeowners loan program” to help people who are unemployed keep their homes.

Donovan, on CNN’s “State of the Union,” said a drop in July home sales was expected with the end of the housing tax credit, but that the decline was “clearly worse than we expected.” He said “it’s too early to say” if the credit will be revived.

– The Associated Press

Consumer Spending Rises 0.4 Percent in July

Americans spent last month at the fastest pace in four months, helped by a jump in demand for automobiles.

Consumer spending rose 0.4 percent in July after three lackluster months, the Commerce Department said Monday. Spending fell 0.1 percent in April, rose a tiny 0.1 percent in May and was flat in June.

Personal incomes were up 0.2 percent in July, less than expected but at least an improvement over June when incomes had not risen at all.

The July spending gain was the highest since a 0.5 percent rise in March. But the concern is that demand could taper off in the second half of this year if unemployment remains near double digits.

If Americans don’t have jobs, they don’t have the income to support spending. Consumer spending is critical because it accounts for 70 percent of economic activity.

With spending rising, the personal savings rate slowed to 5.9 percent of after-tax income.

– The Associated Press

PROPERTY SALES 0 226 2,557
MORTGAGES 0 145 1,731