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VOL. 127 | NO. 116 | Thursday, June 14, 2012

Daily Digest

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PHC Files $11M Loan to Build in Fieldstone

PHC Real Estate LLC has filed an $11.5 million construction loan for 18.6 acres at the southwest corner of Tournament Drive and Hacks Cross Road in Fieldstone Planned Development.

Memphis-based PHC bought the land in December for $1.2 million, and the site’s anticipated use is an office building, according to real estate information company Chandler Reports.

The Shelby County Assessor of Property’s 2012 appraisal is $748,600.

In July, PHC Real Estate filed articles of organization as a limited liability company. Its sole member is Poplar Healthcare Management LLC. The latter is a laboratory services company whose subsidiaries include GI Pathology, D-PATH Dermatopathology and OncoMetrix.

Source: The Daily News Online & Chandler Reports

– Daily News staff

ArtPlace Grant Awarded to Soulsville Neighborhood

A $678,195 grant from a Chicago group called ArtPlace will give a plan to revitalize the Soulsville neighborhood in Memphis a major lift.

Community LIFT, an economic and community development organization, is driving the first phase of the revitalization in partnership with the Memphis Symphony Orchestra.

The Soulsville project also includes transforming the former home of bluesman Memphis Slim and a nearby warehouse into a new arts center called “Memphis Slim’s Collaboratory.”

ArtPlace is a new national collaboration of 11 national and regional foundations, six of the nation’s largest banks, and eight federal agencies, including the National Endowment for the Arts.

– Andy Meek

Saint Francis-Bartlett Names Clark CEO

Saint Francis Hospital-Bartlett, part of Tenet Healthcare Corp., has appointed Jeremy Clark as its new CEO.

Clark joined the 156-bed acute care hospital Monday, June 11. He previously served as vice president and chief of staff to Trevor Fetter, Tenet Healthcare’s president and CEO. As chief of staff, he assisted in strategy development and led projects on behalf of the senior leadership team.

Prior to that, Clark was chief operating officer at Good Samaritan Medical Center in West Palm Beach, Fla., where he led initiatives to improve the hospital’s physician satisfaction, quality and service. He also helped guide the hospital to its first Circle of Excellence recognition – Tenet’s highest honor for a hospital.

Clark joined Tenet in 2004 as an associate in the company’s Leadership Development

Program and served as associate administrator at Brookwood Medical Center in Birmingham, Ala. Clark previously worked with Merit Health Systems and Blue Cross and Blue Shield Association in Washington.

He received bachelor’s degrees in biology and history and a master’s degree in business administration from Duke University.

Through its subsidiaries, Tenet Healthcare operates 50 hospitals and more than 100 freestanding outpatient centers.

– Aisling Maki

Haslam Moves State Supervision of Drug Courts

Drug courts that are part of the state criminal court system will be managed and overseen by the state Department of Mental Health and Substance Abuse Services under terms of an executive order signed Wednesday, June 13, by Tennessee Gov. Bill Haslam.

Until the order, the courts, including the one in Shelby County, had been overseen by the Tennessee Department of Finance and Administration.

The substance abuse programs the courts refer clients to are already funded and licensed by the Mental Health department. So, Haslam said moving the courts to the same department “makes more sense.”

– Bill Dries

The Brand Squad Wins Telly Awards

The Brand Squad recently won three Telly Awards in the 33rd Annual Telly Awards for its work on behalf of ServiceMaster Clean and Aerobic Cruiser Hybrid Cycles.

It marks the third continuous year the Memphis-based brand development firm has won Telly Awards for film/video production on behalf of its clients. The Brand Squad focuses on helping companies successfully launch new brands, products services and special initiatives as well as re-energize underperforming brands.

Two Telly Awards were given for graphic design in the production of marketing videos for ServiceMaster Clean. The third Telly, awarded in the health and wellness category, was for a documentary film produced on the founder and inventor of Aerobic Cruiser Hybrid Cycles, Charles McVean.

The Telly Awards were founded in 1979 and is the premier award honoring outstanding local, regional and cable TV commercials and programs, the finest video and film productions, and online commercials, video and films. A panel of more than 500 industry professionals – each a past winner of a Silver Telly and a member of The Silver Telly Council – judged the competition.

There were nearly 11,000 entries from all 50 states and numerous countries.

– Sarah Baker

New Air Service in Mississippi Set

Silver Airways will begin selling tickets by Aug. 1 for passenger service from three Mississippi locations.

Mickey Bowman, vice president of essential air service at the Fort Lauderdale, Fla.-based airline, tells the Northeast Mississippi Daily Journal that flights from Tupelo, Greenville and Hattiesburg-Laurel in Mississippi, as well as for Muscle Shoals, Ala., and Lewisburg, W.V., will begin Oct. 1.

Last month, Silver was tapped by the U.S. Department of Transportation to take over service in those areas from Delta Air Lines. Delta Air Lines announced last year it was ending service from those communities to Memphis.

The USDOT, through its Essential Air Service program, had provided subsidies for Delta to continue service until a new carrier was found.

Silver will fly 34-passenger twin-engine Saab 340 turboprop planes.

Silver is formerly known as Gulfstream International Airlines.

It has six Saab 340s in its fleet. It is in the process of adding six more after reaching a deal with Saab Aircraft Leasing in March. They are expected to be delivered by September.

Silver will provide 18 weekly round-trip flights between Tupelo and Atlanta — with a link with Greenville — and 12 weekly flights between Hattiesburg-Laurel and Atlanta. Silver also is providing 12 weekly flights between Muscle Shoals and Atlanta and 12 weekly flights between Lewisburg and Atlanta.

Silver will receive a two-year guaranteed subsidy totaling nearly $16.1 million. The Hattiesburg subsidy will cost $2.97 million, while the Greenville-Tupelo subsidy will cost $7.04 million.

Silver operates more than 100 daily scheduled flights including to and from 29 Florida gateways, the Bahamas, Montana, Ohio and New York.

– The Associated Press

Nucor Says Steel Imports Cause of Lower Profits

Nucor Corp. executives lowered the steel company’s expected second-quarter profit results Wednesday, June 13, citing the impact of steel imports on the domestic market.

The guidance from the steelmaker, which has a Memphis plant, now puts second-quarter results due at the end of June at 35 cents to 40 cents per diluted share.

Going into the second quarter, Nucor had said it expected “only a modest improvement” in earnings. Leaders of the Charlotte, N.C.-based company said this week a surge in steel imports continues especially in rebar, plate and sheet steel.

The new second-quarter guidance includes word that Nucor expects to take an impairment charge of $30 million on its Duferdofin Nucor joint venture in Italy. The operation makes steel beams in Italy that are distributed in Europe and North Africa.

Nucor executives said they expect to take the charge because of “recently escalated economic and political turmoil in Europe.”

The joint venture’s operating performance through the first half of the year is expected to be “well below budgeted levels,” which company leaders said is a “triggering event” for the charge.

– Bill Dries

PROPERTY SALES 89 339 12,708
MORTGAGES 42 227 7,982
BUILDING PERMITS 171 518 29,639
BANKRUPTCIES 32 129 6,029