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VOL. 128 | NO. 117 | Monday, June 17, 2013

Daily Digest

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Retirement Home Owner Files $8.1 Million Loan

The owner of the 120-unit Foxbridge Assisted Living and Memory Care center at 2160 Mangum Road in Northeast Memphis has filed an $8.1 million loan on the property.

Wesleyan Homes of Tennessee Inc. – an affiliate of Shelton, Conn.-based United Methodist Homes – filed the deed of trust June 1 through M&T Realty Capital Corp. Gary Maglio signed the deed as treasurer of Wesleyan Homes of Tennessee.

Built in 1989, the 64,413-square-foot retirement center sits on 8.7 acres along the east side of Mangum Road off Summer Avenue near Raleigh-LaGrange Road.

The Shelby County Assessor of Property’ s 2013 appraisal is $2.5 million.

Wesleyan Homes of Tennessee bought the property for $2 million in a September 2005 substitute trustee’ s deed after the previous owner, Fox Acres LP, defaulted on a loan on the property.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Regions Morgan Keegan Fund Directors Settle Federal Claims

Eight former mutual fund directors have settled federal claims that they allowed others at the firm to set values for subprime mortgage securities that were held by funds on which investors lost about $1.5 billion.

The Securities and Exchange Commission announced the settlement Thursday with the former directors of five Regions Morgan Keegan funds. They aren’ t paying any penalty under the settlement. The SEC brought an enforcement action against the directors in December, saying they delegated the duty to fund managers, even though directors are required by law to set values when market prices aren’ t available.

The directors failed to make a diligent effort to learn how the values were determined, the SEC had alleged.

In June 2011, the former Memphis investment firm Morgan Keegan agreed to pay $200 million to settle the SEC’ s civil fraud charges of inflating the mortgage securities’ value as the housing market was collapsing in 2007.

“Our settlement sends a clear warning of our commitment to enforce the duty of mutual fund directors and trustees to closely oversee the process of valuing securities held by their funds,” George Canellos, a co-director of the SEC’ s enforcement division, said in a statement.

The directors neither admitted nor denied wrongdoing but agreed to refrain from future violations of the securities laws.

They are: J. Kenneth Alderman, Jack R. Blair, Albert C. Johnson, James Stillman R. McFadden, Allen B. Morgan Jr., W. Randall Pittman, Mary S. Stone and Archie W. Willis III.

Stone was a trustee of the Financial Accounting Foundation, which oversees the board that sets accounting standards. She resigned that position after the SEC brought the enforcement action against the directors in December. Stone, who also is a past president of the American Accounting Association, currently is an accounting professor at the University of Alabama.

Regions Financial Corp. last year completed t he $930 million sale of Morgan Keegan, its investment management business, to Raymond James Financial Inc.

– The Associated Press

National Federation of Independent Business Honors Norris

The National Federation of Independent Business has recognized Tennessee Senate Majority Leader Mark Norris, R-Collierville, with its Guardian of Small Business award for his leadership on a variety of legislative reform efforts.

The award is Norris’ second Guardian award from the organization.

Jim Brown, the NFIB’ s Tennessee state director, noted Norris’ efforts on workers’ compensation reform, balancing the state budget and a variety of other issues as reasons for the award.

– Andy Meek

Trustee Now Collects Past-Due City Taxes

Owners of property in the city of Memphis who owe past-due property taxes can now make their payment to the Shelby County Trustee.

The trustee’ s office began collecting delinquent city of Memphis taxes effective May 15. Property owners with delinquent 2011 city of Memphis realty taxes should have begun receiving notices by certified mail starting in late May. A notice was also enclosed if property owners were delinquent on their 2011 Shelby County realty taxes.

The joint mailing saved taxpayers an estimated $200,000 in postage alone.

The trustee now manages delinquent tax collections for the county and all Shelby County municipalities: Arlington, Bartlett, Collierville, Germantown, Lakeland, Memphis and Millington.

– Andy Meek

Cupboard Restaurant Launches Online Store

You can now have the Cupboard Restaurant’s cookbook delivered to your home.

The Cupboard, at 1400 Union Ave., has launched an online store to sell Charles Cavallo’s cookbook and other items.

This year is the Cupboard’s 70th year in Memphis.

“Every business has to evolve over time and stay on top of changing trends to meet customer needs,” Cavallo said. “One thing we can change is technology; one thing we will never change is the quality of our food and service.”

You can find the store at www.thecupboardrestaurant.com/shop.

– Amos Maki

Mobile Device Techs Celebrates Grand Opening

Mobile Device Techs LLC, a locally owned mobile device and computer repair shop, is celebrating its official grand opening for the entire month of June.

Mobile Device Techs was previously a division of Tate Computer Systems Inc. It’ s the brainchild of local business coach and entrepreneur Robert Staub, who has worked with Tate Copmuter Systems owner Sylvester Tate for more than two years as a consultant.

Specials, giveaways and training are being offered throughout June to build awareness of the new brand and to keep the community informed of Mobile Device Techs services.

The company will continue to offer repair and support for PC and Mac laptops and desktops as Tate Computer Systems has. It also will offer repair options for owners of Apple, Android and Windows smartphones and tablets.

– Andy Meek

Lewis Gets Life Sentence in Petties Drug Case

Martin Lewis, convicted last year of killing a man in 2007 for the Craig Petties drug organization in a busy restaurant, was sentenced Friday, June 14, to life in prison.

Lewis was convicted by a jury on four counts of racketeering conspiracy, murder as part of racketeering activities, murder for hire conspiracy and money laundering.

U.S. District Judge Samuel “Hardy” Mays noted that the life sentence is mandatory for the murder counts.

Lewis and Clinton Lewis, also convicted of killing people for the Petties drug organization, were the only two defendants in the largest drug case ever brought in the Western District of Tennessee to go to trial. The rest pleaded guilty.

Lewis is appealing his conviction and his attorneys indicated Friday they will appeal his sentence.

He was convicted for the murder of Mario McNeil, who was shot to death in a restaurant on Kirby Parkway after McNeil had been spotted by others in the Petties organization. McNeil was targeted because he had reportedly threatened Petties’ mother.

Petties ran the violent multi-state drug organization with direct ties to the Sinaloa drug cartel of Mexico from Mexico for six years before his capture in 2008. Petties fled Memphis for Mexico as federal drug agents began investigating the organization. Petties has pleaded guilty and is awaiting sentencing.

– Bill Dries

US Factory Output Rises Just 0.1 Percent in May

U.S. factories barely increased their output in May after two months of declines, a sign that manufacturing is providing little support for the economy.

The Federal Reserve said Friday that factory production rose just 0.1 percent in May from April. Output fell 0.4 percent in April and 0.3 percent in March.

Factories produced more autos, computers and wood products last month, offsetting declines in the production of furniture and primary metals.

Manufacturing output has risen just 1.7 percent in the past 12 months.

– The Associated Press

PROPERTY SALES 124 481 17,865
MORTGAGES 127 530 20,565
BUILDING PERMITS 195 891 36,836
BANKRUPTCIES 52 262 11,426