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VOL. 126 | NO. 54 | Friday, March 18, 2011

Daily Digest

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Greenview Estates Financed for $3.8M

Brooklyn, N.Y.-based Greenview Estates LLC has financed the Greenview Estates Apartments at 4650 Hedges Drive through Wells Fargo Bank NA for $3.8 million.

The 156,171-square-foot, 158-unit complex was built in 2001. It sits on 36.9 acres on the south side of the intersection of New Allen Road and Kerwin Drive in Raleigh.

Greenview Estates LLC bought the complex from Greenview Townhomes LLC in January 2010 for $3 million. The Shelby County Assessor’s 2010 appraisal was $3 million.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Pinnacle Traffic Jumps In February

Two days after Pinnacle Airlines Corp.’s Monday announcement that president and CEO Phil Trenary will step down March 24, the Memphis-based airline holding company reported a significant upswing in February traffic.

Pinnacle Airlines saw 1.25 million passengers in February, a 45.2 percent increase from February 2010. Load factor was unchanged year over year at 66.1 percent. Departures saw a 37.6 percent uptick, jumping to 37,708 last month from 27,407 in February 2010.

Pinnacle is the parent of Pinnacle Airlines Inc., Colgan Air Inc. and Mesaba Aviation Inc., employing more than 7,000. Memphis International Airport is one of Pinnacle’s 10 operating U.S. hubs.

After acquiring Mesaba in July, Pinnacle’s operating revenue reached $1 billion.

– Sarah Baker

Feb. Construction Materials Prices Climb 1.1 Percent

For the fifth consecutive month, prices for construction materials increased – rising 1.1 percent in February – according to the March 16 Producer Price Index report by the Department of Labor. Year-over-year, construction materials prices are up 6.1 percent.

“Given the ongoing malaise in both residential and nonresidential construction in the U.S., February’s price increases are noteworthy,” Associated Builders and Contractors Chief Economist Anirban Basu said in a statement. “A number of factors appear to be driving input prices higher, including a weakening U.S. dollar, ongoing expansion in the global economy and unrest in the Middle East.”

A number of categories experienced significant increases in materials prices in February, including steel mill (up 4.7 percent); iron and steel (up 2.8 percent); bonferrous wire and cable (up 1.4 percent); fabricated structural metal (up 0.9 percent); and prepared asphalt, tar roofing and siding (up 0.6 percent).

Categories in which prices declined include softwood lumber (down 2.7 percent), plumbing fixtures and fittings (down 0.2 percent), and concrete product (down 0.2 percent).

Crude energy prices increased 0.9 percent for the month and are unchanged from the same time last year. Overall, the nation’s wholesale prices jumped 1.6 percent in February – the largest increase since June 2009.

– Sarah Baker

Verso CEO Named Executive of the Year

Mike Jackson, president and chief executive officer of Verso Paper Corp., was named the 2011 Executive of the Year by Technical Association of the Pulp and Paper Industry and Paper Industry Management Association.

The award is PIMA’s highest honor and is bestowed on senior-level executives in the pulp, paper or converting industries for excellence in management and outstanding contributions to the industry.

Jackson joined Verso as chief executive in November 2006. Before joining Verso, he spent 29 years with Weyerhaeuser Co., including in a number of senior-level management positions.

He was named the 2009 Customer Executive of the Year by the Association of Suppliers to the Paper Industry.

TAPPI is the leading association for the worldwide pulp, paper, packaging and converting industries. PIMA is the association’s management division and helps management professionals address relevant industry issues and develop their leadership skills.

– Taylor Shoptaw

Small Biz Development Ctr. Hosts Training at BBB

The Tennessee Small Business Development Center is holding a training workshop for small-business owners, managers of small businesses, and human resources professionals that work for small businesses Saturday at the Better Business Bureau of the Mid-South, 3693 Tyndale Drive.

The event will be from 9 a.m. to noon and will feature guest speaker Robert Lowe, who will address several critical points that can help minimize or defend unemployment claims, wrongful termination charges and non-compliance charges. Attendees will also receive in-depth information on common mistakes made by business owners, applicable federal and state laws based on the size of an organization, the definitions of discrimination and harassment and how to avoid them, and how to conduct an internal investigation.

The fee is $25. Register online at https://www.tsbdc.org/register.aspx?ekey=90310065. Seats are limited.

– Allison Buckley

Fred Sanders to Receive Beale Street Brass Note

Music legend Fred Sanders spent most of his days playing guitar in Memphis’ Handy Park.

As the house guitarist at the old Club Paradise, Sanders played alongside other Memphis music legends, including B.B. King, Bobby “Blue” Bland and Albert King. Sanders also played his music at Blues Alley on Front Street, leaving tourists in awe and was a particular favorite of traveling blues aficionados.

He will be honored on Saturday at 2 p.m. on the bandstand where he played until his Jan. 15 death at age 71. He is the 112th honoree for the Beale Street Brass Music Note Walk of Fame, which includes performers such as Elvis Presley, B.B. King, Ruby Wilson, Jerry Lee Lewis and Albert King.

“Fred Sanders is a perfect example of why Beale Street continues to attract and delight people from around the world,” said Ken Hall, who volunteers as program manager for the Beale Street Brass Note Walk of Fame. “Fred was authentic, talented, knowledgeable, and willing to take the time to interact with curious tourists and hardcore blues fans alike.

“Fred was a connector of generations, bringing the old Beale Street to the new Beale Street. It is appropriate and fitting that he should be honored with a brass note. He will be missed.”

– Allison Buckley

Baker Donelson to Host IP Roundtable

Baker, Donelson, Bearman, Caldwell & Berkowitz PC will host an intellectual property roundtable discussion later this month titled “Use of Competitor’s Trademark in Keyword Advertising: Infringement or Not?” as part of the American Bar Association’s Intellectual Property litigation series.

Grady Garrison, co-chairman of the American Bar Association Intellectual Property litigation subcommittee and an intellectual property attorney in Baker Donelson’s Memphis office, will moderate the event. Garrison concentrates his practice around intellectual property law and franchise law. He also has experience in trademark, copyright, franchising, antitrust and trade regulation matters and related licensing, litigation and transactional issues.

The roundtable will be held March 31 in Baker Donelson’s Memphis office at 165 Madison Ave. on the 20th floor, from noon to 1 p.m. There is no charge for the event, and lunch will be provided. For information, contact Brittany Meeker at 577-2275 or bmeeker@bakerdonelson.com.

– Andy Meek

Cohen Keynote Speaker for THCC Regional Training

Tennessee Health Care Campaign will host its annual regional training, which includes breakfast and lunch, on March 26 at Bridges USA, 477 N. Fifth St.

THCC is a statewide, non-partisan, nonprofit consumer advocacy organization working toward affordable health care choices for Tennesseans. The event will address questions surrounding how the Affordable Care Act impacts residents of Tennessee, which has more than 700,000 uninsured individuals.

Registration and breakfast will start at 8:30 a.m. and the event will kick off at 9 a.m. U.S. Rep. Steve Cohen will speak.

“The Affordable Care Act is approaching its first birthday and we are already reaping its benefits. Having advocates like Rep. Cohen in Washington is key to ensuring the Affordable Care Act is able to reach its maximum potential,” said THCC organizer Brad Palmertree.

– Aisling Maki

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 0 19 170
BUILDING PERMITS 28 305 3,056
BANKRUPTCIES 25 98 716
BUSINESS LICENSES 4 26 302
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0