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VOL. 127 | NO. 179 | Thursday, September 13, 2012

Daily Digest

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Twin Oaks Townhomes Financed for $7.1 Million

The New York-based owner of Twin Oaks Townhomes on Winchester Road has financed the property for $7.1 million. Highland Pines Townhomes LLC, which secured the multifamily loan through Wells Fargo Bank NA, bought the 253-unit, Class C complex in October 2010 for $4.6 million.

Twin Oaks – formerly branded Highland Pines Apartments – is situated on a 14.1-acre, L-shaped parcel at the southwest corner of Winchester and Outland roads in Winwood Commercial and Industrial Subdivision. It offers one-, two- and three-bedroom units and was previously branded Highland Pines Apartments.

The Shelby County Assessor of Property’s 2012 appraisal for the complex, which uses the address 3647 Outland, is $4.3 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Pinnacle Dispatchers Ratify New Contract

Union dispatchers for Memphis-based Pinnacle Airlines Corp. have ratified a new contract agreement with the regional air carrier.

The vote by members of the Transport Workers Union of America was tallied Aug. 31 and announced Tuesday, Sept. 11, by the company.

Pinnacle executives are renegotiating their collective bargaining agreements with all of the airline’s employee unions after the company’s first bankruptcy reorganization plan from April was scrambled in June. The initial reorganization plan was scrapped after Delta Air Lines won union agreements with its pilots that allow Delta to fly fewer of the 50-seat regional jets sooner that Pinnacle flies for Delta under contract.

The new contract with the dispatchers remains tentative until it is approved by a bankruptcy court judge.

The new and tentative reorganization plan outlined by Pinnacle CEO John Spanjers in August called for 6 percent pay cuts for employees, a cut in paid vacation time by one week and a smaller company match in 401(k) retirement plans to take effect next year.

– Bill Dries

Circuit Court Openings Delayed Due to Funeral

All nine divisions of Shelby County Circuit Court will open at 2 p.m. Thursday, Sept. 13, instead of 10 a.m.

The change in opening is to allow the judges to attend the memorial service Thursday for the daughter of Division 9 Judge Robert L. Childers.

– Bill Dries

'Unveil South Main' Artwalk Calls for Regional Artists

Twenty artists will be selected from across the region to exhibit in 20 spaces in the South Main Historic Arts District for 20 days as a part of “Unveil South Main” – an artwalk taking place Nov. 30 through Dec. 19. The deadline for artist submissions is Sept. 21.

The event, produced by the Downtown Memphis Commission, brings together regional artists, locally owned Downtown businesses, and the city’s first official arts district, South Main.

Selected artists will display eight to 10 pieces of their original work at selected South Main District merchants and restaurants. Artists will be allowed to keep 100 percent of sales from artwork sold during the event.

Selected Unveil South Main artists will create an original piece that will be a part of a silent auction to benefit the South Main Association, the organization that hosts South Main Art Trolley Tours, which supports local artists. The auction item piece will be used in marketing materials to promote the event.

Artists that applied to Unveil Downtown are eligible to apply to Unveil South Main. For online artist submission form, guidelines and details about the event, visit UnveilSouthMain.com.

– Sarah Baker

Rainey Kizer Attorneys to Present at Seminar

Two attorneys with Rainey, Kizer, Reviere & Bell PLC will speak at the 3rd Annual Workers’ Compensation Law & Practice Seminar Friday, Sept. 14, in Memphis.

James Thompson will address issues including workers’ compensation settlements, offsets/adjustments and third-party claims, and return to work issues. Michael Burnett Joiner’s topics include general principles of workers compensation, risk and elements of a workers compensation case, disabilities, vocational rehabilitation benefits, medical care and choice of health care providers.

Rainey Kizer is a full-service law firm with offices in Jackson and Memphis and which represents local, state and national clients before state and federal courts and regulatory agencies throughout the Mid-South.

– Andy Meek

Wings Ride Team to Cycle for Cancer Funds, Awareness

The Wings Ride Team will depart Sept. 28 at noon on a 500-mile charity cycling event to promote cancer awareness, encourage healthy lifestyles, and raise funds for Wings Cancer Foundation’s Wellness Program.

Wings Cancer Foundation is a Memphis-based nonprofit whose mission is to provide hope, education, research and support, free of charge, to anyone touched by cancer.

According to a recent American Cancer Society report, cancer patients who eat right, exercise regularly and maintain a healthy weight improve their chances of survival. The Wings Wellness Program promotes a healthy lifestyle for cancer survivors who have completed treatment through exercise classes and monthly wellness seminars.

The 14-member Wings Ride Team will depart from The West Clinic, 100 N. Humphreys Blvd., with the goal of reaching Rosemary Beach, Fla., in five days.

Coordinated by the Wolf River Racing Team, the Wings Ride Team includes team leader Dr. Todd Tillmans, Brian Eason, Chuck Bolton, Jim Wilder, Keith Merriman, Jim Lenschau, Tom Nicholls, John Kakales, Bryon Jones, Jon Ewing, Brad Adkins, Ben Pope, David Jones and Clark Butcher.

– Aisling Maki

US Wholesale Stockpiles Up in July but Sales Fell

U.S. wholesalers increased their stockpiles in July from June, but sales fell for a third straight month. Declining sales could force companies to cut inventories in coming months, a troubling sign that economic growth could weaken.

The Commerce Department said Wednesday, Sept. 12, that wholesale stockpiles grew 0.7 percent in July, the biggest increase in five months.

Sales fell 0.1 percent following declines of 1.4 percent in June and 1.1 percent in May. That marked the longest stretch of weakness since seven straight monthly declines ending in January 2009, a period when the country was in recession.

The slump in sales means it will take wholesalers longer to clear out their stockpiles and could result in cutbacks in orders to factories.

In July, total U.S. inventories stood at $485.2 billion, 26.1 percent higher than the post-recession low of $384.9 billion in September 2009. As businesses saw demand picking up, they became more hopeful and resumed restocking.

A weaker global economy has cut demand for U.S. exports, which has weakened U.S. manufacturers this year. At the same time, tepid growth in U.S. hiring has made consumers more cautious.

– The Associated Press

Forecast Points to Solid Holiday Growth

After wrapping up a decent back-to-school shopping season, merchants are expected to see healthy sales gains for the critical winter holidays, though the pace should be slightly below last year, according to one of the first forecasts issued for the holiday sales season.

Retail revenue in November and December should be up 3.3 percent during what’s traditionally the biggest shopping period, Chicago-based research firm ShopperTrak said Wednesday, Sept. 12.

The sales prediction from ShopperTrak would be below last year’s pace of 3.7 percent and the more than 5 percent gains seen during the boom economic times. But it would be respectable given that shoppers are still grappling with high unemployment and other financial challenges.

Another encouraging sign from the ShopperTrak holiday forecast: customer traffic should be up 2.8 percent compared with the 2.2 percent drop during the year-ago period. That reverses declines seen for the past four holiday periods and extends the gains in foot traffic posted earlier this year, according to ShopperTrak founder Bill Martin.

– The Associated Press

PROPERTY SALES 61 262 16,169
MORTGAGES 28 132 10,054
BUILDING PERMITS 88 424 38,360
BANKRUPTCIES 36 92 7,564