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VOL. 128 | NO. 159 | Thursday, August 15, 2013

Daily Digest

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Oklahoma Hotel Group Buys Baymont Inn

An affiliate of Oklahoma City-based Champion Hotels has paid $2.1 million for the 103-room Baymont Inn & Suites Memphis East hotel at 6020 Shelby Oaks Drive in Northeast Memphis.

Champion Regional Development LLC – in care of Champion Hotels CEO Champak B. Patel – bought the 41,280-square-foot hotel in an Aug. 7 special warranty deed from BRE/LQ Properties LLC.

The seller had acquired the property from La Quinta Properties Inc. for $4 million in 2006 when it was branded as a La Quinta Inns & Suites.

Built in 1985, the low-rise motel sits on 2.3 acres at the southeast corner of Shelby Oaks Drive and Sycamore View Road. The Shelby County Assessor of Property’s 2013 appraisal is $1.4 million.

In conjunction with the purchase, three entities related to the buyer – Sunny Management LLC, KNSB LLC and Jansa LLC – filed a $2.1 million loan through InterBank. Champak B. Patel, Bharat Patel and Pankaj Patel all signed the trust deed.

Champion Hotels operates a variety of branded hotels throughout Oklahoma, Missouri, Florida, New York, Texas, New Mexico, Illinois and Kansas.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Commission Sets Timetable for Filling School Board Vacancy

In a five-minute special meeting Wednesday, Aug. 14, Shelby County Commissioners approved a timeline for filling the vacant District 6 seat on the countywide school board.

The commission will interview applicants for the appointment during its Aug. 28 committee sessions and make the appointment at its Sept. 9 meeting.

The vacancy was created when school board member Reginald Porter resigned this month to become chief of staff to interim schools superintendent Dorsey Hopson.

As of Wednesday afternoon, no one had applied for the vacancy.

– Bill Dries

Magevney House Reopens in September

Eight years after it was closed to the public by the city of Memphis, the Magevney House will reopen Sept. 7.

The limited opening of the historic home at 198 Adams Ave., part of the city’s museum system, will be from 1 p.m. to 4 p.m. on the first Saturday of each month. Tours of the house and garden will take about 40 minutes.

The house was built in 1852 and was the home of Eugene Magevney, who was a school teacher during his first years in Memphis and later became wealthy from real estate holdings in the city.

Tours of the historic Magevney House were one of the first casualties of city budget cuts in 2005 during the administration of then-Memphis Mayor Willie Herenton.

– Bill Dries

Airport Board to Vote On Brockman Appointment

The Memphis-Shelby County Airport Authority board is expected to formally vote on Scott Brockman as the new president of the airport authority Thursday, Aug. 15, at its regular board meeting.

Brockman, who currently serves as executive vice president and chief operating officer, came to Memphis and airport operations in 2003. He would succeed Larry Cox, who retires effective July 2014.

– Bill Dries

DeBerry’s House Seat Goes to Special Election

The District 91 State House seat, formerly held by the late Memphis Democrat Lois DeBerry, will be filled with a special primary election Oct. 8 and a special general election Nov. 21.

Tennessee Gov. Bill Haslam issued the election writ Tuesday, Aug. 13, in Nashville for the seat, following DeBerry’s death last month from pancreatic cancer.

DeBerry was the longest-serving member of the House and of the Shelby County delegation to Nashville. She was first elected in 1972.

Candidates for the seat have until noon Aug. 29 to file their qualifying petitions with the Shelby County Election Commission.

The winner of the special general election in November will serve to the end of 2014, which is the remainder of DeBerry’s term of office. All state house seats are on the 2014 ballot for regularly scheduled elections to two-year terms of office.

– Bill Dries

MRI Interventions Records Strong Second Quarter

Memphis-based MRI Interventions posted record disposable product revenue, added to its installed base, advanced its activities in drug delivery trials and continued to expand its sales and marketing platform in the quarter ended June 30, the company announced.

MRI is a commercial-stage medical device company focused on creating innovative platforms for performing the next generation of minimally invasive surgical procedures in the brain and heart.

The company reported $497,000 in total product revenue in the second quarter, up 71 percent from $291,000 in the second quarter of 2012. MRI Interventions CEO Kimble Jenkins said the company’s ClearPoint installed base also continues to expand, as it added three new installations in the second quarter.

– Andy Meek

Panel of ‘Sharks’ to Vet Real Estate Proposals

Following the zany “Sharknado” movie on the Syfy Channel and Shark Week on the Discovery Channel, the Urban Land Institute Memphis and the Memphis Area Association of Realtors Commercial Council will be pitting real estate projects against investment predators in the area’s first Shark Tank event.

The event, tailored after the popular television shows, allows real estate professionals to present project plans to a panel of “sharks,” investors who will provide feedback on the proposals.

The Shark Tank event is scheduled for Sept. 24 from 5:30 p.m. to 7:30 p.m. at Theatre Memphis. Only two projects will be selected to take part. Go to memphis.uli.org/events to register, or call 264-0579 for more information. Proposals should be submitted by Monday, Aug. 19.

– Amos Maki

WKNO Gallery Hosts Art League Exhibition

Gallery Ten Ninety One at the WKNO Digital Media Center is featuring the Memphis/Germantown Art League’s biennial National Exhibition through Aug. 29.

The exhibit features 66 pieces from artists across 14 states. Works include two-dimensional art displayed in a variety of mediums, including oil, watercolor, acrylic and mixed media. They’ll be juried and judged by Leslie Frontz, an artist and instructor from North Carolina.

The Memphis/Germantown Art League is a nonprofit organization that supports artists and others interested in visual fine arts with contributions to individuals and to the community.

– Andy Meek

Mississippi Official: US Agency Ignoring Fraud Victims

A Mississippi official says the U.S. Securities and Exchange Commission has failed to distribute $100 million to 39,000 investors in several states who lost money because of fraud by a financial firm.

Secretary of State Delbert Hosemann says the federal agency has ignored inquiries about the money. He filed a brief last week supporting a federal suit that seeks to force the SEC to distribute the funds.

Memphis-based Morgan Keegan & Co. agreed in June 2011 to pay $200 million to settle civil fraud charges that it overstated the value of mortgage investments as the housing market collapsed.

Hosemann says Alabama, Kentucky, Mississippi, Tennessee and South Carolina distributed $100 million to victims in 2012, but the other $100 million remains in a fund at the SEC.

– The Associated Press

Postal Service Revamps Priority Mail Program

The financially struggling U.S. Postal Service is revamping priority mail as part of its efforts to raise revenue and drive new growth in its package delivery business.

The agency is offering free online tracking for priority mail shipments, free insurance and date-specific delivery so customers know if a package will arrive in one, two or three days.

Postal officials say they expect the changes to generate more than a half-billion dollars in new revenue annually. The changes – including redesigned boxes and envelopes – are effective immediately.

– The Associated Press

PROPERTY SALES 38 38 20,670
MORTGAGES 45 45 23,790
BUILDING PERMITS 187 187 42,781
BANKRUPTCIES 57 57 13,237