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VOL. 125 | NO. 128 | Friday, July 2, 2010

Daily Digest

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Erickson Investment Buys C’ville Industrial Park Site

Erickson Investment Co. LLC has bought 2.5 acres at 170 Mid South Cove in Collierville Industrial Park, phase seven, from Davis Painting and Drywall Inc. for $660,000. The purchase was financed with a $826,000 loan through First State Bank.

The property includes two parcels on the east side of Mid South Cove. A 1.5-acre parcel contains a warehouse built in 1988, while a 1-acre adjacent parcel is vacant, according to the Shelby County Assessor of Property. The assessor’s 2010 combined appraisal is $451,200.

Davis Painting and Drywall bought the property in December 2003 for $535,000.

The mortgage is a construction loan with a December 2013 maturity date.

A representative of Erickson Investment Co. LLC, which lists a Collierville address, could not be reached by press time.

Source: The Daily News Online & Chandler Reports

– Kate Simone

‘Keep Swinging’ Author Nominated for Ethan Award

Memphis businessman Jay Myers has been nominated in the fifth annual Ethan Awards, a literary awards program honoring the efforts and accomplishments of entrepreneurial authors worldwide.

Myers, the founder and CEO of Interactive Solutions Inc., is in the running for “Keep Swinging,” the book he wrote and released a few years ago detailing the highs and lows of his career. Key moments include an encouraging pat on the back Myers got from Holiday Inn founder Kemmons Wilson, as well as his company’s close brush with collapse when a former employee bilked more than a quarter of a million dollars from the company.

More than 1,200 nominations were submitted for this year’s Ethan Awards, and winners will be announced at an awards presentation Oct. 28.

Andy Meek

Kmart Named St. Jude Partner of the Year

Kmart was recognized as St. Jude Children’s Research Hospital’s Corporate Partner of the Year during the presentation of the ALSAC/St. Jude Volunteer Appreciation Awards June 25.

Kmart has raised nearly $17 million for St. Jude through the annual “Thanks and Giving” fundraising campaign since 2006. In 2009, Kmart associates collected $6.9 million during the campaign.

Other winners were Epsilon Sigma Alpha; Marilyn Elledge, ALSAC/St. Jude senior vice president of Donor Care; Ira Jackson of Waterford, Mich.; the Craig Witsoe family of Plano, Texas; Roy G. Gignac of Danville, Va.; Window World; Averitt Express; Quinten Castillo of Cheyenne, Wyo.; St. Jude patient Chase Hamm; KTBS3/St. Jude Dream Home Giveaway and its champions; The Wall Street Committee; and Michael Francis, executive vice president and chief marketing officer for Target.

– Taylor Shoptaw

MED Launches User-Friendly Website

The Regional Medical Center at Memphis has unveiled a redesigned website.

Highlights of the site include information on services available at The MED, ranging from specialty inpatient care to outpatient services and primary-care offices. An enhanced “Patients and Visitors” section provides info for people coming to The MED to care or to visit a loved one.

Tish Towns, senior vice president of advocacy and external relations at The MED, said in-house talent created the new website. The new design features streamlined navigation to promote ease of use and offers a fresh, modern look. The site address is www.the-med.org.

Tom Wilemon

Memphian Freeman Elected TRA Chairwoman

Tennessee Regulatory Authority directors have elected Mary Freeman as chairwoman for the coming year. She will be responsible for all administrative and fiscal operations.

Freeman, a Memphis native, has been a TRA director for two years.

The TRA has jurisdiction over privately owned utilities, including electric, telephone, water and wastewater, natural gas and methane gas. The TRA is also responsible for safety inspections of the state’s natural gas pipelines.

– The Associated Press

$1.9M Grant OK for Work on Tunica Plant

The federal Economic Development Administration has approved a $1.9 million grant for Tunica County, Miss., for infrastructure improvements related to the Wilh. Schultz GMBH project.

U.S. Rep. Bennie Thompson, a Mississippi Democrat, says the money will be used for construction of water and sewer systems as well as other site improvements in Tunica County.

Wilh. Schulz GMBH broke ground in March on its $300 million pipe manufacturing plant. It is expected to begin production in December. It will produce pipes for the oil and gas industries.

– The Associated Press

Obama Blames Politics for Delay on Immigration

President Barack Obama on Thursday blamed immigration policy gridlock on “political posturing and special interest wrangling.”

Obama took Republicans to task, in particular 11 GOP senators who supported recent efforts to improve the immigration system. He did not name any in particular.Seeking to rally new momentum to an issue many advocates had hoped would be completed by this point, Obama laid out his rationale for an approach to fixing what he and others, Republicans included, say is a broken immigration system.

He said the problem cannot be solved “only with fences and border patrols” but said the government should be held accountable for its responsibility to secure the border. Obama also said businesses should face consequences for knowingly employing illegal immigrants and that those who enter the country illegally should own up to their actions before they can begin the process of becoming citizens.

– The Associated Press

UBS Analyst Upgrades FedEx, UPS to ‘Buy’

A UBS analyst raised his ratings on shares of FedEx Corp. and UPS Inc. to “Buy” on Thursday, saying the world’s two largest package delivery companies may be out of the economic woods and heading for a growth spurt.

Analyst Rick Paterson thinks both companies are headed for “above average” earnings growth after two years of declines. Paterson believes the companies will be able to remain flexible as the economic recovery continues, benefit from international growth, an improving trucking industry and better prices overall.

Since shares hit bottom in April and May, the stocks have fallen faster than two indexes. The S&P 500 has fallen 15 percent and the Dow Jones Transportation average has dropped 17 percent. UPS has lost 20 percent; FedEx has fallen 27 percent.

Paterson raised his price target for UPS to $74 from $72 and for FDX to $100 from $97. The target for FedEx is about 43 percent higher than its current trading value. For UPS, it’s 30 percent higher.

– The Associated Press

PROPERTY SALES 36 154 6,546
MORTGAGES 34 94 4,129
BUILDING PERMITS 201 554 15,915
BANKRUPTCIES 43 126 3,396