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VOL. 126 | NO. 154 | Tuesday, August 9, 2011

Daily Digest

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Macon Road Auto Shop Sells for $1.1 Million

Macon Road Partners LLC has bought Cordova property at 9063 Macon Road – the site of Memphis Motor Werks, an auto and motorcycle machine and services shop – from Timothy D. Vargo for $1.1 million.

The purchase was financed with a $1 million loan through First Tennessee Bank NA and a $100,000 loan through Timothy Vargo. Both loans mature on Aug. 1, 2018.

The property is a 27,284-square-foot auto garage built in 1995 on a 4.2-acre parcel on the east side of Macon Road south of its 90-degree turn to the east. The site is north of a planned section of the Shelby Farms Greenline.

Macon Road Partners lists its address as the property address – 9063 Macon.

The seller, Timothy D. Vargo, bought the property in February 1995 for $272,925.

The Shelby County Assessor of Property’s 2011 appraisal is $1.1 million.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Temple-Inland Could Spend $20M To Fight IP Takeover

Temple-Inland, the Austin, Texas-based rival of Memphis-based International Paper, announced Monday, Aug. 8, it has spent $2 million so far to fight IP’s bid to takeover the company – and could spend much more in the next year.

The disclosure came in the quarterly report of the company, which makes corrugated packaging and building products. Temple-Inland has authorized another $20 million minimum in financial adviser fees it expects to spend over the next year.

“We expect to incur additional costs in the future in connection with IP’s unsolicited tender offer,” the report reads.

IP made the offer June 6. The Temple-Inland board of directors rejected it the next day, advising shareholders not to take an offer the board said “grossly undervalued” the company.

The Temple-Inland report also noted the previously reported declaration of a quarterly dividend of 13 cents per share, payable on Sept. 15. The company declared the dividend Aug. 5.

– Bill Dries

FedEx Freight Rate Hike Coming in September

FedEx Freight is raising its general rates for North America by 6.75 percent, effective Sept. 6.

The division of Memphis-based FedEx announced the rate increase Monday, Aug. 8, eight months after raising the shipping rates for FedEx Express and FedEx Ground.

The rate increase covers most of North America, applying to shipments between the U.S. and Canada but only to the U.S. side of shipments between the U.S. and Mexico.

UPS raised its freight prices by 6.9 percent in North America, effective Aug. 1.

– Bill Dries

Fire Breaks Out Monday at Neil’s Bar and Grill

A fire broke out at Neil’s Bar and Grill, 1835 Madison Ave. near McLean Boulevard, just after 4 a.m. Monday morning. No civilian injuries were reported, but four firefighters were treated on the scene after becoming disoriented from fighting the blaze inside the bar.

Preliminary reports say fire investigators are working to verify the cause of the fire but believe it was started by an electrical malfunction in the building’s office, next to the kitchen. Firefighters brought the blaze under control just before 5 a.m.

Although the building sustained extensive damage, Neil Heins said he plans to rebuild, according to media reports.

– Houston Cofield

Richter & Rasberry Moves to Clark Tower

The family law firm of Richter & Rasberry PC has a new address.

It’s moved from Downtown to Clark Tower, 5100 Poplar Ave. Firm co-founder and managing partner Linley Richter said the move puts the office in a more central location for its clients.

Richter & Rasberry primarily focuses on family and divorce law, including but not limited to divorce, separation, adoption, relocation, equitable distribution, child custody and child support.

– Andy Meek

Former Shelter Veterinarian Sues After Termination

The former veterinarian in charge of the Memphis Animal Shelter who was fired by the city late last year in the wake of an October 2009 raid by law enforcement officials is suing the city for wrongful termination.

As The Daily News reported online Aug. 5, Dr. Angela Middleton has filed a federal lawsuit against the city alleging wrongful termination and employment discrimination “on the basis of race and retaliation in violation of federal law.”

Middleton was indicted with two other former shelter employees after the Shelby County Sheriff’s Department raided the shelter in October 2009 to investigate allegations of animal cruelty.

Middleton, who is black, made $80,000 a year as the shelter’s veterinarian. She worked with part-time veterinarian Dr. Rebecca Coleman, who is white.

After the shelter was raided, Middleton was put on paid leave and Coleman was hired to replace her. But the lawsuit says Middleton “engaged in no conduct which was in violation of any of her assigned responsibilities at the animal shelter” and that Middleton “throughout her entire employment with the Memphis Animal Shelter performed her job in an admirable way.”

Middleton’s suit says the raid and “several false and misleading news reports” have made it impossible for her to find new work in her field. The suit asks for back pay, front pay and unspecified compensatory and punitive damages.

– Andy Meek

Memphis Habitat Honored for Youth Involvement

Habitat for Humanity of Greater Memphis has been selected to receive a Youth United Building the Future honorable mention from Habitat for Humanity International for empowering young people to help families obtain affordable housing. Through Habitat’s Youth United program, student groups of all ages work with local Habitat affiliates to fund and build a Habitat house.

Memphis Habitat will receive a $1,000 grant from State Farm Insurance, the national corporate sponsor of Habitat’s youth programs.

Since 2007, Memphis Habitat has worked with 24 schools and youth groups to help build five Youth United Habitat for Humanity houses. Fundraising for the sixth annual Youth Building is under way now, with construction set to begin in March.

– Taylor Shoptaw

UTHSC Student Funded to Study Breastfeeding

Wafa Khasawneh, a doctoral nursing student at the University of Tennessee Health Science Center in Memphis, is one of six individuals to receive a three- to five-year doctoral fellowship from the Southern Regional Education Board, a nonprofit, nonpartisan organization that works with 16 member states to improve public, pre-K to 12th grade and higher education.

Khasawneh’s work is focused on identifying strategies that support and promote breastfeeding, which has declined in the United States over the past two decades.

Khasawneh will conduct her dissertation using data from Memphis-based The Urban Child Institute’s CANDLE (Conditions Affecting Neurocognitive Development and Learning in Early childhood) Study.

– Aisling Maki

Memphis Jewish Home to Host Benefit Concert

Memphis Jewish Home and Rehabilitation Center will host a fundraising concert Sunday, Aug. 14, at 2 p.m., performed by local musicians led by Dr. Steve Katz and Cantor Aryeh Samberg. The show is titled “I Got Rhythm” and will feature melodic standards from the ’30s, ’40s and ’50s as well as Jewish songs. Tickets are available at the door for $20 dollars.

Katz is a Memphis concert pianist who has toured nationally and internationally. He is professor emeritus of music at Southwest Tennessee Community College and continues to teach individual piano lessons.

Aryeh Samberg has served as cantor for Anshei Sphard – Beth El Emeth synagogue in Memphis for more than two decades. He attended the Israel Institute for Cantorial Music and is the vice president of the Cantorial Association of America.

For more information, please visit www.memphisjewishhome.org or call 758-0036

– Houston Cofield

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751