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VOL. 126 | NO. 138 | Monday, July 18, 2011

Daily Digest

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Magna Bank Buys Duntreath Land on Winchester

Magna Bank has bought for $1.3 million 31.1 acres on Winchester Road in Germantown from Duntreath Partners in lieu of foreclosure. Memphis real estate developer G. Benjamin Clark signed the sale deed as general partner of Duntreath Partners.

The sale deed was signed in February but filed just last week with the Shelby County Register of Deeds’ office.

Duntreath bought the property in two transactions in July 2006. The company bought a 21.1-acre parcel from Harding Academy of Memphis Inc. for $1.8 million. It bought 10 acres from Goodwin Farms LP the same day for $670,000. A $2.4 million mortgage was filed through 1st Trust Bank for Savings at the time of purchase. The loan matured in January 2009.

In conjunction with the 2006 purchases, a memorandum of agreements was filed in which Duntreath was given the right to purchase more land from Goodwin Farms LP, along with a five-year right of refusal, or the ability to match terms of another party’s proposal, to buy the Goodwin homestead from Mary Ann H. Goodwin.

The property, which is on the north side of Winchester Road east of Crestwyn Drive, was slated to be developed into Goodwin Farms Subdivision, according to Chandler Reports.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Delta Cuts Service to Tupelo, 23 Other Small Markets

Delta Air Lines Inc. has told the U.S. Department of Transportation it intends to stop flying in 24 smaller markets including Tupelo, Miss.

Tupelo is the closest market to Memphis affected by the changes, which Delta says are necessary to stem $14 million in annual losses. It also compensates for the retirement of the airline’s fleet of Saab turboprop aircraft, which, along with 50-seat aircraft, are often used in those smaller markets.

Sixteen of the 24 markets, including Tupelo, are designated as “essential air service” markets. Some of those 16 receive federal government subsidies to ensure air service in smaller communities the government determines should have air service.

Delta’s notice to the federal government gives transportation officials three months to find a new carrier to serve the communities. Delta will continue to fly in those communities until a replacement is found. But the company is seeking a higher subsidy rate in some of the markets.

Delta is also trying to round up carriers to bid on the air routes.

– Bill Dries

Facing History Reaches $1 Million Funding Goal

An anonymous donor last November pledged $1 million to Facing History and Ourselves – on the condition the organization match that amount in funding by September. Facing History reached that goal Wednesday, July 13, with a $400,000 donation from the Assisi Foundation.

Facing History and Ourselves works to improve civics education, linking learning of racism and prejudice with instances in students’ lives to create a more tolerant society.

Securing the $2 million endowment will enable Facing History to expand its services to more educators and students, part of a goal to add to its already 2,500 educators in over 500 schools.

The organization is also opening its multimedia exhibit “Choosing to Participate” at the Benjamin L. Hooks Central Library, 3030 Poplar Ave., for three months beginning Sept. 6. The exhibit aims to inspire conversation about the consequences of injustice and how citizen engagement can prevent it.

– Estes Gould

Collierville Eclectic Eye Celebrates Fifth Anniversary

The Eclectic Eye will celebrate the five-year anniversary of its Collierville boutique Monday, July 18, through Friday, July 22.

The store, at 3670 S. Houston Levee Road, will kick off the celebration by offering in-store discounts, eyewear giveaways and a raffle for boutique and restaurant gift certificates.

The festivities will culminate Friday with an anniversary reception featuring refreshments, in-store promotions and a Chanel trunk show presenting the new eyewear collection from the design house. The reception will be from 4 p.m. to 7 p.m. and is free and open to the public.

Dr. Michael Weinberg and Robbie Johnson Weinberg opened the Collierville store in 2006.

Like the Midtown location, 242 S. Cooper St., the Collierville store offers a wide selection of frames and sunglasses; a full-time optometrist, Dr. David Adler; and trained optical technicians to provide eye exams, contact-lens fittings, medical eye emergency services and co-management of surgeries such as LASIK and cataract removal.

For more information, call 853-3213 or visit www.eclectic-eye.com.

- Taylor Shoptaw

Former MAA CFO to Hold Book-Signing

Simon Wadsworth, the former chief financial officer of Mid-America Apartment Communities – now known as MAA – has released a book about an method of producing retirement income. The book is titled “Cash Is King: Investing in REIT Preferreds to Generate Long-Term Income.”

Simon, who lives in Memphis, shares his unique perspective as both a successful real estate investment trust preferreds investor and REIT financial executive to explain how individual investors and financial advisers can tap into the income potential of an investment that is overlooked and undervalued by most investors.

“Compared to certificates of deposit paying interest of 1 percent today, REIT preferred dividends pay 7 to 8 percent,” Simon said, noting that even during the financial crisis of 2009 and 2010, REIT preferreds continued to generate steady income.

Simon will be signing books at The Booksellers at Laurelwood, 387 Perkins Road Extended, on Thursday, July 21, at 6 p.m. He will be introduced by Eric Bolton, the current chairman and CEO of MAA.

– Sarah Baker

Blues on the Bluff Concert Planned for July 23

The Blues on the Bluff concert is returning to Memphis for its 23rd year on Saturday, July 23.

The concert, which will be held at the Metal Museum, 374 Metal Museum Drive, will feature several blues artists.

The Bo-Keys, called “a bubbling stew of Southern-fried soul” by USA Today, will perform, as will Blind Mississippi Morris and the Pocket Rockets. Blind since the age of 4, Morris Cummings has been called “the very embodiment of the Delta Bluesman” and has been recognized by Bluzharp magazine as one of the Top 10 best harmonica players in the world.

Lightnin’ Malcolm will open the show with Cameron Kimbrough, the grandson of blues legend Junior Kimbrough.

Central BBQ is catering the event, and the night will end with a silent auction for Memphis-related prizes such as gift certificates to local restaurants.

WEVL FM 89.9 is hosting Blues on the Bluff, and this year’s sponsors are FedEx and the Memphis Fire Fighters Association.

Guests may bring chairs and picnic blankets, but are asked to leave ice chests and pets at home. The gate opens at 6 p.m., and the event runs till 11 p.m. Tickets sold through Friday, July 22, are $15 for adults, while adult tickets at the gate are $20. Cost for children 11 and younger is $10.

– Estes Gould

Tennessee Shakespeare Co. has Record-Breaking Season

Tennessee Shakespeare Co., the Mid-South’s professional classical theater, had a record-breaking performance season this year.

Nearly 12,000 patrons and students attended productions of “Othello” at St. George’s Church, “Romeo and Juliet” outdoors at the Dixon Gallery and Gardens, “Themes from a Midsummer Night” with IRIS Orchestra at Germantown Performing Arts Centre, and the Winter Gala: “Love Letters and Love Songs” in Memphis.

The company’s earned revenue increased by 22 percent this season, and contributed revenue increased by 15 percent.

The theater company will soon announce plans for the coming season, which will include more play offerings in more venues, an expanded schools tour, the launch of the “Southern Exposure Series,” and the company’s first subscription packages.

– Estes Gould

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