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VOL. 126 | NO. 55 | Monday, March 21, 2011

Daily Digest

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1.7-Acre Cordova Parcel Financed for $1.1 Million

Germantown-based Azman Enterprises Inc. has filed a $1.1 million construction loan through First Citizens National Bank for a 1.7-acre vacant parcel at the southeast corner of Raleigh-LaGrange and Dexter roads.

Azman bought the property in September for $150,000. The Shelby County Assessor of Property’s 2010 appraisal was $180,000.

Azman Enterprises also owns property on North Perkins, Kendall and Raines roads, according to the Shelby County Assessor of Property.

Source: The Daily News Online & Chandler Reports

– Kate Simone

Onyx Medical Corp. Moves Into New Facility

Onyx Medical Corp., a privately held, Memphis-based manufacturer of medical devices, has moved into its new corporate headquarters and manufacturing facility at 1800 Shelby Oaks Drive.

Founded in 1990 and owned by members of the Gilmore family, Onyx Medical manufactures precision implants and instruments that include screws, drill bits, fixation pins and guide-wires for the orthopedic industry.

The company’s new, purpose-built facility, designed by Belz Architecture and built by Linkous Construction, is 53,000 square feet and readily expandable up to 75,000 square feet.

“We’re thrilled to be in our new home, which was custom-designed and built to support the growing needs of our medical device customers and to reflect all that Onyx values as a company,” said Jodie Gilmore, Onyx Medical Corp. vice president of strategic business development.

The move happened less than one year after breaking ground.

“We couldn’t be more proud of the efforts put forth by our entire organization to achieve this successful outcome,” Gilmore said.

Onyx considered several options when determining how to best build for the future. The company said it’s committed to staying in Memphis because of its tremendous access to worldwide distribution and investment in support of the medical sciences.

The new facility and business expansion project, which has resulted in the creation of 15 new jobs to date, represents a $6.1 million total investment, including the building, land and capital equipment additions.

– Aisling Maki

Morgan Keegan Adds Research Analyst

Jan Wald, Ph.D., has joined Morgan Keegan & Co. Inc. as a senior equity research analyst following the medical device industry.

Wald, who is based in the firm’s Boston office, joins Morgan Keegan from Noble Financial Group.

The addition adds to Morgan Keegan’s research coverage and investment banking services throughout the health care industry.

“The health care industry represents one-sixth of the U.S. economy, and Morgan Keegan continues to expand our services throughout that sector,” said Elkan Scheidt, director of Equity Research for Morgan Keegan. “We are thrilled to have someone of Jan’s experience and industry knowledge joining our research efforts in the medical device sector.”

– Andy Meek

Nashville Borders Among 28 Additional to Close

A Nashville Borders store is among 28 that Borders Group Inc. plans to close as it tries to reorganize in bankruptcy protection. The additional closures bring the total closures to 228.

The additional closings would bring the remaining store total to about 400.

The Nashville store is at 2501 West End Ave. It is slated to close by late May, according to the Borders reorganization website. The company had already announced another Tennessee closing: a Borders in Thoroughbred Village at Cool Springs in Franklin, Tenn.

Nationwide, the closings are set for a wide variety of states, including seven in California.

Stores previously on the closing list are expected to be closed by the end of April and the 28 additional stores by the end of May.

Borders filed for Chapter 11 bankruptcy protection in February. Borders hopes to have a formal reorganization plan to present to its creditors by early April and aims to exit bankruptcy in August or September.

Traditional book sellers are facing tough competition from online sites and discounters.

The No. 2 U.S. bookseller is attempting to reorganize so it can emerge from bankruptcy protection a smaller and profitable company.

– The Associated Press/Daily News Staff

Autism Awareness Events Planned for Downtown

On April 1, The Autism Society of the Mid-South’s Second Annual Opening Eyes to Autism 5K will kick off at 7 p.m. at the Gibson Guitar Factory.

The race will end on Beale Street with after-party at Alfred’s. The $25 race entry fee includes a commemorative T-shirt and entry to Alfred’s. Proceeds benefit the Harwood Center, www.harwoodcenter.org.

On April 8, the Memphis Grizzlies will host an Autism Awareness Night starting at 7 p.m. Ten dollars from each ticket sale will support local Autism Speaks events. To purchase or help sell tickets, contact tennessee@autismspeaks.org.

– Aisling Maki

Data Facts Honors Memphis Account Specialist

Cyndi Metcalf, an account specialist for Data Facts, has been awarded her company’s 2010 Lynne Lucy Legacy Award.

The “LLL” is awarded annually to the operations employee who delivers exceptional customer service throughout the year and who goes above and beyond for his clients.

Metcalf, a Cleveland, Ohio, native who has lived in Memphis for more than 30 years, worked as manager of a floral business for six years before joining Data Facts in 1998. Married for 16 years and the mother of two daughters, she celebrated her 13-year anniversary with Data Facts in March.

Data Facts is a 100 percent woman-owned national company that for more than 20 years has provided businesses with background screening, investigative services and mortgage credit solutions.

– Andy Meek

MLGW's Collins Receives U of M Engineering Award

Jerry R. Collins Jr., president and chief executive officer of Memphis Light, Gas and Water Division, was honored with the Herff Honor Award for Distinguished Service in Engineering by the University of Memphis Herff College of Engineering.

The award recognizes engineers whose professional and personal achievements have brought honor and distinction to the college and who have made significant contributions to the engineering profession.

Collins was presented with the award at the Herff College of Engineering’s 23rd annual Awards Banquet on March 1.

Collins, a Memphis native, received a bachelor’s of science degree in civil engineering in 1975 and a master’s of science degree in civil engineering in 1976 from the Herff College of Engineering.

He has served as president and CEO of MLGW since 2007 and was the City of Memphis Public Works Division director before that.

– Taylor Shoptaw

Memphis Electric Co. Seeks Ugliest Electrical Panel

Above and Beyond Electric Co. Inc. is looking for the ugliest electrical panel in the Memphis area and will give its owner a free new Eaton electrical panel.

The contest is part of an effort to increase awareness of the risk for electrical fires in older homes as well as the ability to protect all electrical equipment with the whole house surge protection system.

“We feel that this contest is a good way to draw attention to the potential electrical system failures that happen every year,” Nathan Harmeier, owner of Above and Beyond Electric, said in a statement. “There are some very ugly, outdated electrical panels around town and just because things seem fine on the surface doesn’t mean that there are not issues deeper inside the heart of your home’s electrical system.”

Homeowners who believe they might have the ugliest electrical panel in the area can enter the contest at the Above and Beyond Electric booth at the Shelby Farm’s Earth Day Event or complete the online entry form at www.aboveandbeyondelectric.com by April 30.

The winning entry will be chosen based on ugliness and age, and will be replaced with a new 200-amp Cutler Hammer Surge Loadcenter.

– Sarah Baker

PROPERTY SALES 97 418 8,253
MORTGAGES 112 508 9,293
BUILDING PERMITS 194 1,059 18,126
BANKRUPTCIES 46 208 5,367