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VOL. 128 | NO. 125 | Thursday, June 27, 2013

Daily Digest

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Jim 'N Nick's Owner Files Loan on Cordova Property

The owner of the Jim ‘N Nick’s Bar-B-Q restaurant at 2359 N. Germantown Parkway in Cordova has filed a $1.4 million loan on the property.

Fresh Fund I LLC filed the deed of trust, assignment of rents and leases, security agreement and financing statement June 13 through PNC Bank NA. Mike Tidwell signed the deed as president of Fresh Fund Holdings LLC, sole member of the borrowing entity.

The property houses the Memphis location of Birmingham, Ala.-based Jim ‘N Nick’s, which has about 30 restaurants in seven states, including five in Tennessee.

Built in 2006, the 5,074-square-foot restaurant sits on a 1.3-acre outparcel along the west side of North Germantown Parkway near its intersection with Market Plaza Drive and south of the Interstate 40 interchange.

The Shelby County Assessor of Property, whose 2013 appraisal of the restaurant is $1.8 million, shows the owner as Smyrna Real Estate Group Inc., in care of Tidwell. The Madison, Tenn.-based company bought the then-vacant land in 2006 and developed the site into the restaurant.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Georgia-Pacific Converting Buckeye Deal to Merger

Georgia-Pacific is converting its acquisition of Buckeye Technologies Inc. to a merger that requires a shareholder vote because of regulatory inquiries.

Georgia-Pacific LLC, a privately held paper, packaging and building products company, said Wednesday, June 26, that it was converting to a “long form” merger from a pending acquisition because of a second request from the Justice Department for details about Buckeye’s nonwovens business.

The Atlanta company also said that it was ending the tender offer related to the transaction.

Georgia-Pacific announced in April that it had reached a deal to buy Buckeye for about $1.46 billion.

Buckeye, which is based in Memphis, runs manufacturing plants in the U.S. and Germany. It makes and markets specialty fibers and nonwoven materials made from wood and cotton.

Those products are used in personal hygiene products, disposable diapers, engine air and oil filters, napkins, cleaning supplies, baby wipes and a series of other goods.

Earlier this month Georgia-Pacific said that it received another request from the Federal Trade Commission and the antitrust division of the Justice Department for more information and documents related to the Buckeye acquisition. The FTC and antitrust unit had asked for more information and documentation on Buckeye’s nonwovens business, with the companies saying that they would continue to work with both parties.

A long form merger is when more than the minimum number of shares – but less than 90 percent – are tendered in an offer. In such an instance, shareholders must vote in favor of the deal for it to close. In a short form merger, 90 percent or more of the shares are tendered and no shareholder vote is needed.

The companies said that Buckeye will hold a special shareholders meeting promptly to vote on the merger agreement. At least 75 percent of Buckeye’s outstanding stock must be voted in favor of the deal.

If the transaction is approved, Buckeye shareholders will receive $37.50 per share in cash. This is the same amount they would’ve received in the tender offer.

– The Associated Press

Holder to Retire From Tennessee Supreme Court

Tennessee Supreme Court Justice Janice M. Holder of Memphis announced Wednesday, June 26, that she will retire from the court effective Aug. 31, 2014.

The retirement date is the end of Holder’s current eight-year term and means she will not seek re-election in the judicial retention races on the August 2014 ballot.

“It has been my privilege to serve the people of Tennessee as a trial judge and Supreme Court justice, and an honor to have been selected by my fellow justices as the first female chief justice in our state’s history,” Holder said in a news release.

She notified Gov. Bill Haslam by letter that she will not seek re-election in the August 2014 judicial retention election.

Holder, a former Shelby County Circuit Court judge, was appointed to the Supreme Court in December 1996 and elected in August 1998 and then re-elected in 2006.

In 2008 she became the first woman to serve as chief justice of the Tennessee Supreme Court.

She is the third woman to serve on the high court. She held the position of chief justice from September 2008 to August 2010.

– Bill Dries

Zacks Equity Research Rates First Horizon at Neutral

Zacks Equity Research has reiterated a neutral recommendation on Memphis-based First Horizon National Corp., the parent company of First Tennessee Bank.

The research company cited improved credit quality metrics at First Horizon coupled with the downside of declining revenues. First Horizon currently has a Zacks rank of “hold.”

“Despite the macroeconomic pressure, First Horizon’s credit quality continues to normalize,” according to Zacks. “Credit metrics consistently improved in 2012 as the overall financial condition of businesses and consumers strengthened and the housing market improved in many areas. Going forward, we expect asset quality to improve with continuous reserve releases.

“We are also impressed with the company’s cost-control measures, which have aided in improving bottom-line performance amid the sluggish macroeconomic environment. Moreover, we believe that the company’s solid capital levels will offer flexibility regarding capital deployment as well as other strategic acquisitions in Tennessee or its adjacent markets that will be accretive to growth. … We are also concerned about the company’s top-line growth and margins, which continue to be impacted by the low rate environment and sluggish economic recovery. Further, First Horizon’s significant exposure to problem loan categories, such as industrial and commercial mortgages, is another problem. Additionally, regulatory issues will limit the company’s flexibility with respect to business investments.”

– Andy Meek

Three West Tennessee Towns Receive TDOT Grants

City leaders in Humboldt, Milan and Trenton, Tenn., were awarded state transportation grants Wednesday, June 26, for downtown improvement projects.

In each case, the grants, which emphasize pedestrian or bicycle pathways, are for the latest phases on ongoing projects.

Trenton city leaders were awarded $525,469 for the second phase of Trenton Trail that adds sidewalks along with new signage and traffic calming devices. The trail highlights Civil War sights.

Humboldt’s $396,248 grant is for a project that includes sidewalks and curbs in Humboldt’s business district as well as pedestrian lighting and stamped concrete driveways.

In Milan, the $392,052 grant funds new sidewalks, crosswalks, bicycle racks and landscaping for southwest Front Street in the town’s Downtown area.

The grants were announced by Tennessee Gov. Bill Haslam and Tennessee Transportation Commissioner John Schroer. Schroer’s department administers the funding, which comes from a federal transportation program.

– Bill Dries

Community Celebrates South Memphis Farmers Market

On Thursday, June 26, Memphis community leaders will celebrate the completion of a new facility that will house the South Memphis Farmers Market.

The redeveloped green grocer is at 1400 Mississippi Blvd. and includes a demonstration kitchen that will help educate the community about healthy eating, organic products and healthy food preparation.

The South Memphis Farmers Market opened in 2010 as a collaborative organization run by South Memphis residents, The Works Inc. and the University of Memphis.

The $1.2 million community effort relies on funding from a variety of sources, including the Plough Foundation, the Department of Agriculture, the Department of Health and Human Services, and various local agencies and organizations.

Roshun Austin, the president and CEO of The Works Inc., a community development organization that focuses on South Memphis, says the South Memphis Farmers Market helps eliminate a food desert, while supporting the redevelopment of the South Parkway commercial corridor.

Studies show people that live in communities without supermarkets, often dubbed food deserts, have higher rates of obesity, diabetes and other diet-related health problems. The market is open Thursdays from 10 a.m. to 6 p.m.

– Jennifer Johnson Backer

PROPERTY SALES 97 410 20,632
MORTGAGES 116 472 23,745
BUILDING PERMITS 227 1,085 42,594
BANKRUPTCIES 60 300 13,180