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VOL. 125 | NO. 103 | Thursday, May 27, 2010

Daily Digest

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Cordova’s Woodland Hills Sold Back to Lender

Woodland Hills, which now houses the Love of Christ Church as well as an event center, sold May 21 for $1.7 million to the lender, BankTennessee, following a foreclosure.

The address of the facility is listed as 10000 Woodland Hills Drive and also as 15 Woodland Hills Drive on the Shelby County Assessor of Property’s website.

BankTennessee foreclosed on the property in April when the owner defaulted on a $1.7 million loan dated May 14, 2007.

The previous owner, Woodland Hills Operating Co., in 2008 quitclaimed the property to Love of Christ Church Inc., which also assumed the aforementioned loan on the property.

Attorney Wendy Geurin Smith served as successor trustee.

The 15.09-acre property sits at the northwest corner of Woodland Hills and Houston Levee Road and contains a 31,672-square-foot clubhouse once known as Woodland Hills Country Club.

Built in 1971, the clubhouse has an appraised value of $1.6 million, according to the assessor’s 2010 data.

Source: The Daily News Online & Chandler Reports

Eric Smith

Plush Club Hearing Delayed in Chancery

A hearing on the future of the Plush Club has been delayed until next Wednesday.

Chancellor Arnold Goldin delayed the hearing Wednesday at the request of attorneys for club owner Kris Perkins and George Miller, the owner of the building at 380 Beale St.

Miller, through his company Miller Memphis, wants money he claims he’s owed under the lease with Perkins. And he is seeking to have Plush removed from the building.

But Perkins’ attorney, Edward Bearman, had not taken Miller’s deposition by Wednesday’s hearing in Chancery Court.

Miller’s attorney, Handel Durham, agreed to the delay, which leaves a temporary restraining order in place.

It forbids Perkins from removing anything from the building. He wanted a date certain for the next hearing.

“As a strategic and practical matter … it might facilitate a settlement,” he told Goldin.

Outside the courtroom, Durham said a settlement probably won’t involve Perkins or Plush staying as a tenant.

“In my judgment, that’s not an option,” Durham told The Daily News. “But if my client wants him to stay there, that’s fine. As it stands right now, that’s not an option.”

– Bill Dries

UTHSC Professor Proves New Drug Therapy Works

Dr. John DeVincenzo, professor and researcher in the departments of pediatrics and molecular sciences at the University of Tennessee Health Science Center, has proven that a new concept in drug design can be used to treat human disease.

The study was published in April in the Proceedings of the National Academy of Sciences.

DeVincenzo and his team infected 88 healthy adults with respiratory syncytial virus (RVS) using cultures collected and grown from patients at Le Bonheur Children’s Medical Center.

He then administered a new drug therapy to half of the adults and a placebo to the other half.

The new drug process had been discovered by other researchers but had never been shown to work in humans.

This new drug design concept is that RNA can be designed on a computer then synthesized into disease fighting therapies. The therapies work by shutting down disease-causing genes through a process known as RNA interference.

Findings from DeVincenzo’s study proved that the therapy shut down a gene critical to RVS, preventing the virus from replicating itself.

The research was conducted at the Children’s Foundation Research Center, which is at Le Bonheur Children’s Medical Center.

Tom Wilemon

Morgan Keegan & Co. Analysts Recognized by WSJ

Three Morgan Keegan & Co. equity research analysts got their names in Tuesday’s Wall Street Journal as part of the paper’s 2009 Best on the Street survey.

The three analysts – Paul Bonenfant, ranked third in the telecom equipment category; Harsh Kumar, ranked third in the semiconductors category; and Destin Tompkins, ranked fourth in the restaurants category – were named among the nation’s best.

And Morgan Keegan analysts have been listed among the industry’s best in 16 of the 18 years the WSJ has published its survey.

Andy Meek

Mutual of Omaha Ad Campaign Makes Stop in Memphis

Mutual of Omaha’s 25-city Aha Moment Tour will come to Memphis Thursday and Friday in search of real people with real stories to feature in a series of 30-second commercial spots.

The Aha Moment Tour will park its Airstream trailer mobile television studio at the Memphis Rock ‘n’ Soul Museum, 191 Beale St., from 11 a.m. to 7 p.m. each day for locals to record their “aha moments.”

An aha moment is “a moment of clarity, a defining moment where you gain real wisdom – wisdom you can use to change your life,” according to the tour’s website.

Some of the interviews will be used in the company’s national television spots next year.

For more information or to register a time to record an aha moment, visit www.ahamoment.com.

– Taylor Shoptaw

Entergy Says Deal Reached on Rate Increase

Entergy Arkansas says it's reached an agreement for a base rate increase of $73.8 million after the Arkansas Public Service Commission rejected an earlier plan.

The agreement announced Tuesday is the same amount as a proposal from earlier this month that the PSC rejected, but changes how the increase is spread out among customers.

A hearing set for Wednesday was canceled, though a public meeting is still scheduled for Thursday on the issue.

Under the proposed settlement filed with the PSC, residential customers would see a 4.1 percent increase, while commercial customers would see a 12.8 percent jump.

The plan still requires PSC approval.

– The Associated Press

First Vessel Cleaned of Oil in Gulf

New Orleans port authorities say that although ship traffic into the Mississippi River remains normal, crews cleaned a tanker that encountered oil from the Gulf of Mexico spill.

The tanker was cleaned Tuesday by two offshore work boats outfitted with fire hoses. The cleaning took place about 4 miles away from the entrance to the river at Southwest Pass.

Although decontamination stations have been established for several weeks, it was the first time that a vessel was cleaned.

Authorities say the tanker was inspected again at a second cleaning site after it entered the pass and was cleared to go on to an undisclosed facility on the lower Mississippi River.

– The Associated Press

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
FORECLOSURE NOTICES 8 56 2,461
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314
BUSINESS LICENSES 15 125 5,303
UTILITY CONNECTIONS 17 125 6,273
MARRIAGE LICENSES 19 98 3,511