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VOL. 128 | NO. 60 | Wednesday, March 27, 2013

Daily Digest

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Whitehaven View Apartments Sell for $1.6 Million

Saddle Vineyards LP has paid $1.6 million for the 128-unit Whitehaven View apartment complex at 1594 E. Holmes Road.

The company, which owns other multifamily properties in town, bought the complex in a March 22 special warranty deed from Whitehaven View LP, an affiliate of ORIX Capital Markets LLC.

ORIX Capital Markets had acquired the property in 2010 for $1 million following a foreclosure, reclaiming the property on the Shelby County Courthouse steps from Robert A. McLean of the law firm Farris Bobango PLC.

ORIX was special servicer of the property; it previously obtained the debt on the loan from Wells Fargo Bank NA.

The previous owner, Whitehaven View Group, defaulted on a $2 million loan through Citicorp Real Estate Inc. dated March 18, 1998. The company bought the complex for $1.1 million in 1984.

Built in 1966, the Class D, 96,348-square-foot apartment complex sits on 6.17 acres along the north side of East Holmes Road near its intersection with Millbranch Road.

The Shelby County Assessor of Property’s 2013 appraisal was $1.4 million.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Morgan Keegan Mutual Fund Hearing Headed to Judge

A regulatory action filed in December against former directors of several Morgan Keegan & Co. Inc. mutual funds has a hearing before a judge April 2.

Settlement talks are in the works regarding the civil enforcement action filed by the U.S. Securities and Exchange Commission, according to the Wall Street Journal.

The Memphis-based funds, according to regulators, were invested in some securities backed by subprime mortgages and “fraudulently overstated the value of their securities” as the housing market was collapsing in 2007.

The SEC and other state regulators previously charged the funds’ managers with fraud, and Morgan Keegan – which later was sold to Raymond James Financial Inc. – agreed to pay $200 million to settle.

– Andy Meek

Memphis Music Hall of Fame to Appear on ‘Jeopardy’

The Memphis Music Hall of Fame is scheduled to be a category on “Jeopardy” later this week.

The category, which will air on the Thursday, March 28, show, will present five answers relating to some of the 2012 inaugural inductees into the Memphis Music Hall of Fame.

Contestants, of course, will provide answers to those prompts in the form of a question, in “Jeopardy’s” well-known style.

The Memphis Music Hall of Fame was launched in 2012, with a Nov. 29 induction ceremony.

The Memphis Rock ‘n’ Soul Museum administers the Hall.

Twenty-five inaugural inductees were inducted the first year, including legends like Elvis Presley, Sam Phillips and Otis Redding.

– Andy Meek

Transplant Foundation Ranks No. 1 for Organ Donations

The Mid-South Transplant Foundation has been ranked No. 1 in the nation for the number of organs transplanted per healthy donors by the United Network for Organ Sharing.

The results were released in the organization’s most recent quarterly report. The Mid-South Transplant Foundation serves Western Tennessee, Eastern Arkansas and Northern Mississippi.

“We contribute our success to our staff’s excellent management and care of potential donors and to the assistance from hospital staff in helping us ensure that we are able to recover as many organs as possible from each donor,” said Kim Van Frank, executive director of the Mid-South Transplant Foundation.

The quarterly report also ranked the Mid-South Transplant Foundation as the No. 1 organ procurement organization in the U.S. for the percentage of African-American donors in 2012.

– Jennifer Johnson Backer

Law School Graduation to Feature Kennedy Jr.

Robert F. Kennedy Jr., the son of the late presidential candidate Robert F. Kennedy, will be the graduation speaker for the University of Memphis Cecil C. Humphreys School of Law Class of 2013 graduation on May 12.

The ceremony will begin at 3 p.m. at the Cannon Center for the Performing Arts. Local investment firm Duncan-Williams Inc sponsors it.

Kennedy is a professor of environmental law at Pace University School of Law and serves as co-director of the school’s Environmental Litigation Clinic.

Among his other accomplishments, he serves as senior attorney for the Natural Resources Defense Council, is president-at-large of the Waterkeeper Alliance, is a partner on the CleanTech investment team of Silicon Valley’s VantagePoint Capital Ventures, is the environmental adviser to Napo Pharmaceuticals, and serves on the board of directors for Westinghouse Solar.

– Andy Meek

Open Meetings Law Bill Withdrawn in State House

A Republican lawmaker who last year backed off a bill that would have allowed local officials to hold more closed-door meetings has withdrawn a similar measure this session.

Rep. Glen Casada of Franklin withdrew the legislation in the House State Government Subcommittee on Tuesday.

His proposal last year sought to allow local government officials to meet privately as long as a quorum isn’t present.

He eventually withdrew the measure following concerns from the governor and Senate and House speakers, all Republicans.

Casada said he has been trying to work with county commissioners to craft legislation that might pass the subcommittee, but acknowledged Tuesday no compromise has been reached.

He said he will study the matter over the summer.

Current law forbids two or more members of a local legislative body from meeting privately to deliberate on public business.

– The Associated Press

Senate Adds Sunday Sales to Supermarket Wine Bill

Tennessee liquor stores would be allowed to be open for business on Sundays under changes to a supermarket wine bill adopted by the Senate Finance Committee.

The panel voted Tuesday to make several changes to the measure seeking to allow cities and governments to hold referendums on whether to permit supermarkets and convenience stores to sell wine. The liquor store amendment was approved on a 6-5 vote.

Republican Sen. Bill Ketron of Murfreesboro, the main sponsor of the bill, also supported a change to link supermarket wine sales to the hours they are currently allowed to sell beer.

The panel delayed a final vote on the bill for a week so members could have time to digest the changes.

The companion bill has failed in a House committee.

– The Associated Press

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 52 136 5,209
MORTGAGES 79 182 6,891
FORECLOSURE NOTICES 13 50 1,606
BUILDING PERMITS 328 328 12,307
BANKRUPTCIES 70 175 5,475
BUSINESS LICENSES 30 58 2,119
UTILITY CONNECTIONS 85 182 7,240
MARRIAGE LICENSES 19 43 1,501

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