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VOL. 127 | NO. 57 | Thursday, March 22, 2012

Daily Digest

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Foreclosure Notices Filed for Panattoni Land

Vacant parcels on Holmes Road in Hickory Hill could be headed for a foreclosure sale after a group of borrowers that included Panattoni Development Co. leaders defaulted on multimillion-dollar construction loans, according to two first-run foreclosure notices in The Daily News Thursday, March 22.

Substitute trustee R. Spencer Clift III filed the notices for a planned April 13 sale on behalf of lender Wells Fargo Bank. Each notice covers one of two $4 million loans through Wachovia Bank, which has since merged with Wells Fargo.

The first notice is for about 60 acres at the southwest corner of East Holmes and Malone roads for which the Shelby County Assessor of Property’s 2011 appraisal was $1.3 million. Listed borrowers are Mitchell Investments LLC, Rieger-Memphis Oaks Land LLC, Panattoni/Van Valkenburgh Joint Venture and Panattoni-Memphis Oaks Land LLC, joined by Panattoni Investments LLC.

The second notice is for about 26 acres on the south side of East Holmes between Lamar Avenue and Hickory Hill Road appraised at $356,400, with the listed borrowers being Panattoni-Eastpark 5 LLC, Van Valkenburgh-Eastpark 5 LLC, Rieger-Eastpark 5 LLC and Mitchell Investments LLC, joined by Panattoni Investments LLC.

All of the land is zoned industrial.

The terms of both loans state Carl Panattoni, founder, owner and chairman of Panattoni Development, or Whitfield Hamilton, partner in the company’s Nashville/Memphis office – or entities controlled by either of them – be a manager or managing member of the first four listed borrowers on each loan.

Panattoni’s Nashville/Memphis office is in Nashville.

The full notices are in the foreclosures section of The Daily News print edition and at www.memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Council Green Lights Mall of Memphis Dev.

The Memphis City Council has approved a planned development for warehouse and distribution uses on part of the old Mall of Memphis property. The 113.5 acres is on the northeast corner of Cherry Road and American Way Boulevard.

The council also approved Tuesday, March 20, special use permits for two preschools by Harding Academy of Memphis Inc. The sites are 4.5 acres on Cherry Road at Haverhill Road and 3.4 acres on Macon Road at Cully Road.

A final vote on a zoning ordinance for the India Cultural Center & Temple Inc. campus master plan was delayed for two weeks. So was a vote on a budget amendment to fund renovations at The Liberty Bowl.

And the council approved the reappointment of V. Lynn Evans to the Memphis Light, Gas and Water Division board. The council is scheduled to vote in two weeks on the appointment of Derwin Sisnett to the utility board.

– Bill Dries

Pinnacle CEO, COO Get Pay Raises

Pinnacle Airlines Corp. CEO Sean Menke and the Memphis-based company’s chief operating officer, John Spanjers, are getting base pay raises and new job descriptions as the regional air carrier continues to navigate a restructuring.

The company announced Tuesday, March 20, that Menke’s base salary will go from $425,000 annually to $675,000. With the pay raise comes a formal change in Menke’s duties to include managing “relationships with employee, creditor and shareholder constituencies during the restructuring initiative” and negotiating “the restructuring of key business relationships.”

Menke is also giving up cash awards based on the company’s 2012 results that are part of a long-term incentive plan.

Menke announced Pinnacle’s restructuring in December, saying the company could not continue to operate in the form it was in when he became CEO in July. He has since said Chapter 11 bankruptcy reorganization is one option Pinnacle may pursue in the restructuring.

Menke hired a consulting firm and attorneys to renegotiate a number of contract agreements the company has with employees represented by labor unions as well as with global air carriers for which Pinnacle provides connecting regional flights. He said in February the company’s future depends on new long-term contract agreements with both sectors.

Spanjers annual base salary goes from $275,000 to $400,000 and he picks up some of the duties of Ted Christie, Pinnacle’s chief financial officer, who recently announced his resignation effective at the end of March to work for another air carrier. Menke hired Spanjers in October.

Spanjers, like Menke, will work on the restructuring plan, specifically negotiations with Pinnacle partners and carrying out any new air fleet plans. He will also oversee Pinnacle’s IT operations and work with regulatory authorities.

– Bill Dries

Fred's Q4 Profit Rises 14 Percent

Fred’s posted a 14 percent jump in fourth-quarter net income Wednesday, March 21, after the discount-store operator boosted customer traffic, opened 16 new stores and seven pharmacies and recorded a favorable tax adjustment.

For the quarter ended Jan. 28, Fred’s earned $9.8 million, or 27 cents per share, up from $8.6 million, or 22 cents per share, in the same quarter of 2010.

Excluding the boost from the tax adjustment, the company posted an adjusted profit of 25 cents per share for the recent quarter.

Revenue rose 2.5 percent to $497.6 million from $485.6 million, largely as a result of the addition of new stores, which also included 24 pharmacies.

Sales at stores open at least a year, however, were flat.

Analysts, on average, expected a profit of 24 cents per share on $498.4 million in revenue, according to a FactSet poll.

For the full year 2011, Fred’s earned $33.4 million, or 87 cents per share, up from $29.6 million, or 75 cents per share, in 2010. Revenue rose to $1.88 billion from $1.84 billion.

– The Associated Press

Inferno Receives Marketing Awards

Inferno has been awarded two first place awards and two merits from the National Agri-Marketing Association in the organization’s Midsouth Best of NAMA competition.

Inferno’s categories, client and entries for first place include a single-page ad series for Valley View | K&D Agri Systems for its “The Writing is on the Bin” campaign; and a radio series for Cache River Valley Seed LLC for its Dixie Wheat/MorSoy campaign.

The merit awards include a single-page ad series, logo ad campaign for Valley View Agri; and in the corporate identity category, a Valley View Agri logo.

All of inferno’s winning work will advance to the National Best of NAMA competition in April.

– Taylor Shoptaw

Actor George Hamilton Awarded Orpheum Star

Actor George Hamilton will be presented with a star on The Orpheum Theatre’s “Sidewalk of Stars” on Thursday, March 22, at noon.

Orpheum president and CEO Pat Halloran will present the star to Hamilton – also an author, producer, host and “La Cage Aux Folles” star.

Installed in 1998, The Orpheum “Sidewalk of Stars” commemorates more than 70 famous entertainers who have performed on The Orpheum stage.

Born in Memphis and raised in Blytheville, Ark., Hamilton moved to Los Angeles in the late 1950s. He performed several roles in numerous films but is best known for MGM films in the 1960s, including “Where the Boys Are,” a coming-of-age romantic comedy in which Hamilton played a smooth Ivy League type.

“La Cage Aux Folles” starring Hamilton runs at The Orpheum Theatre through Sunday, March 25.

– Sarah Baker

Ira Sachs' New Film Gets Distribution Deal

Memphis native Ira Sachs’ film “Keep the lights on” has been picked up for North American distribution by Music Box Films.

Memphian Adam Hohenberg is executive producer and his company Alarum Pictures shares a production credit.

The film will have its local premiere at the Indie Memphis Film Festival in November. Release dates have not yet been set.

“Forty Shades of Blue,” Hohenberg’s previous collaboration with Sachs, won the Grand Jury Prize at the Sundance festival in 2005 and went on to play in theaters worldwide.

– Andy Meek

PROPERTY SALES 73 147 18,012
MORTGAGES 89 184 20,749
BUILDING PERMITS 117 258 37,094
BANKRUPTCIES 55 114 11,540