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VOL. 127 | NO. 181 | Monday, September 17, 2012

Daily Digest

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Hampton Inn Southwind in Foreclosure

The Hampton Inn Memphis-Southwind hotel, 3579 Hacks Cross Road, is in foreclosure after its Memphis-based ownership group defaulted on an $11.5 million loan.

A first-run foreclosure notice in the Monday, Sept. 17, Daily News shows Hacks Cross Enterprises LLC took out the loan through Lehman Brothers Bank in 2007. It is currently held by LaSalle Bank NA.

Built in 1999, the four-story, 72,680-square-foot Hampton Inn Southwind is on 2.2 acres on the west side of Hacks Cross north of Winchester Road. Hacks Cross Enterprises bought the then-vacant land in 1998 for $935,000.

The property, currently appraised by the Shelby County Assessor at $7.3 million, is slated for sale Oct. 9 at the Shelby County Courthouse. Erika R. Barnes of Nashville law firm Stites & Harbison PLLC is serving as substitute trustee.

The full text of the foreclosure notice is on page 30 of Monday’s Daily News and at memphisdailynews.com.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Glosson Selected as MAAR's President-Elect

The Memphis Area Association of Realtors board of directors has selected Greg Glosson of Fast Track Realty as 2013 president-elect. Glosson has served on the board from 2011-2012 and is this year’s secretary-treasurer.

“Greg has been an excellent representative as a MAAR director and he will provide outstanding leadership as our 2014 president,” MAAR executive vice president Melanie Blakeney said in a statement.

Regina Hubbard of ERA Legacy Realty will serve as MAAR president in 2013, with John Linthicum of Crye Leike Inc. Realtors as vice president and Thomas Murphree of Hackmeyer Realty as secretary-treasurer.

– Sarah Baker

BankTennessee Gets New Chief Credit Officer

BankTennessee has promoted Dee Lenderman to chief credit officer.

In his new role, Lenderman will be responsible for providing support, direction, credit information and loan policies and procedures to ensure the overall quality of the bank’s lending portfolio.

Lenderman has been with the Collierville-based bank since 2011 and most recently was vice president of credit administration. Prior to joining the bank, he was with First Alliance Bank as vice president and branch manager. He also worked at Wholesale Equipment Co. as chief financial officer and at other areas banks as a commercial loan officer.

– Andy Meek

Attorney Oversight Board Gets Interim Counsel

The Tennessee Supreme Court announced that James “Tony” Vick will serve as the interim chief disciplinary counsel for the Tennessee Board of Professional Responsibility.

Vick currently serves at the ethics counsel on the board that monitors attorney conduct and discipline. The court said in a press release Thursday, Sept. 13, that Vick will serve while the board is taking applications for a permanent appointment.

Chief Justice Gary Wade said in a statement that Vick has been an asset to the board for a long time and his interim appointment will provide continuity.

– The Associated Press

Agape Love Bus Offers Tours of Places Served

Agape is offering Mid-Southerners a chance to visit the people and places served by the nonprofit by reserving a spot on the Agape Love Bus.

The free, two-hour Agape Heart Shares tour will depart from Agape’s office at 111 Racine St. Sept. 26 and Oct. 10 at 11 a.m. and 3 p.m. Individuals and groups are welcome.

The tour will offer opportunities to learn about several Agape programs, including adoption and foster care, and the organization’s Families in Transition program, which provides long-term solutions for homeless pregnant women and their children. Visitors will also learn about how the organization tackles poverty through its Powerlines Community Network, and learn more about volunteer opportunities.

– Aisling Maki

FedEx Credited With Stopping Theft of Computers

Des Moines, Iowa, police are crediting FedEx with thwarting an attempt by someone posing as the state’s largest school district to order $30,000 worth of computers.

Des Moines television station KCCI reports that an unidentified person ordered the equipment using the name Des Moines Public Schools.

Police say the shipment of 20 computers was on its way when FedEx employees noted the shipment was bound for a house in Des Moines and a not a school. The company called the school district to verify the purchase, and stopped the delivery when it learned the district had not ordered the computers.

Police say the person, who was not a district employee, falsified a purchase order using the school district’s logo and some basic information.

– The Associated Press

Guitar Walk Set to Open at Arkansas Park

A tribute to 1950s rock ‘n’ roll singers who played in northeast Arkansas is opening at a park in Walnut Ridge, Ark.

Guitar Park is a 115-feet long, 40-feet wide walk that is shaped like a guitar and was set to open at Cavenaugh Park on Saturday, Sept. 15. The park is along Ark. 67 and the Iron Mountain Depot.

The walk is to be lined with displays in honor of the rock pioneers who performed in northeast Arkansas.

The site will also feature an audio tour with narration by Sun Studio recording artist Sonny Burgess.

– The Associated Press

Industrial Production Falls 1.2 Percent

U.S. industrial production fell in August by the largest amount in more than three years as factories produced fewer cars and other manufactured goods and Hurricane Isaac triggered shutdowns along the Gulf Coast.

Industrial production dropped 1.2 percent last month compared to July, the Federal Reserve said Friday, Sept. 14. It was the biggest setback since a 1.7 percent decline in March 2009 when the country was in recession.

Manufacturing output, the most important component of industrial production, fell 0.7 percent, led by a 4 percent drop in output at auto plants.

Manufacturing helped lift the country out of the Great Recession, but it slowed in the spring as consumers cut back on spending, businesses invested less in machinery and demand for U.S. exports was hurt by a global weakness.

U.S. factory activity shrank for a third straight month in August, according to the Institute for Supply Management’s closely watched survey of manufacturing conditions.

Paul Ashworth, chief U.S. economist at Capital Economics, said that he was concerned that the 0.7 percent drop in manufacturing output was “the start of a much weaker trend, as the global economic slowdown begins to have a more marked impact.” He predicted further declines in industrial output in coming months.

The weakness in manufacturing in August was widespread. Production fell at factories making machinery, computers, airplanes and furniture.

Even with the August decline, output at manufacturing plants is still 20.7 percent above the recession low hit in June 2009.

– The Associated Press

Higher Gas Costs Drive up Consumer Prices

More expensive gas drove up consumer prices in August by the most in three years. But outside energy, inflation was tame.

The Labor Department said Friday, Sept. 14, that consumer prices rose a seasonally adjusted 0.6 percent last month, the first increase since March. Higher gas prices accounted for 80 percent of the increase. Food prices rose 0.2 percent.

Excluding the volatile food and energy categories, core prices edged up 0.1 percent for the second straight month. Rents, medical care and new cars got more expensive, while clothing, furniture and airline fares fell in price.

In the past 12 months, prices have increased 1.7 percent. That’s down from a peak of 3.9 percent in September 2011 and below the Fed’s inflation target of 2 percent.

– The Associated Press

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