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VOL. 128 | NO. 178 | Thursday, September 12, 2013

Daily Digest

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Dallas Company Buys Cordova Storage Facility

The Cordova Stor-N-Lock at 1570 Bonnie Lane has sold for $2.1 million for the second time in four months after facing foreclosure.

Dallas-based Houghton Acquisition Co. LLC bought the 54,199-square-foot property in an Aug. 30 special warranty deed from U.S. Bank NA, in care of special servicer C-III Asset Management LLC of Irving, Texas.

The special servicer acquired the property in April, also for $2.1 million, via substitute trustee’s deed from R. Spencer Clift of Baker, Donelson, Bearman, Caldwell & Berkowitz PC, acting on behalf of the lender.

The storage facility fell into financial straits earlier this year when its previous owner, Cordova Storage Investments LLC of San Diego, defaulted on a $2.8 million loan through UBS Real Estate Investments Inc. dated May 29, 2007.

Stephen R. Kaplan signed that trust deed as manager of Cordova Storage Management LLC, managing member of the borrowing entity.

Built in 1997, the Class B storage facility sits on 5 acres on the south side of Bonnie Lane east of its intersection with North Germantown Parkway. The Shelby County Assessor of Property’s 2013 appraisal is $2.4 million.

Cordova Storage Investments bought the property in 2007 for $3.6 million from Cordova Self Storage LLC.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Lipscomb & Pitts Chosen for 'Best Practices' Study

Lipscomb & Pitts Insurance has been tapped to be part of a group of independent insurance agencies around the U.S. participating in the Independent Insurance Agents & Brokers of America’s Best Practices study group.

More than 1,100 agencies out of the more than 35,000 in the U.S. were nominated this year. But only 216 independent agencies qualified for inclusion in the 2013 Best Practices study.

The IIABA started the study in 1993. It documents practices of the “best” agencies and urges others to adopt similar practices.

– Andy Meek

Southeastern Asset Management Buys Stake in News Corp.

Memphis-based Southeastern Asset Management Inc., the investment firm that along with activist investor Carl Icahn opposed the proposed buyout of Dell Inc., disclosed that it has taken a nearly 12 percent stake in News Corp.

According to the Tuesday Securities and Exchange Commission filing, Southeastern now owns 23.8 million News Corp. Class B shares for an 11.9 percent stake in the company, making it the largest institutional shareholder of the company, according to FactSet.

Earlier this week, Southeastern and Icahn dropped their opposition to Dell’s plan to sell itself to its company founder Michael Dell in a $24.8 billion deal.

The investment firm and Icahn had vehemently opposed the deal, saying that it significantly undervalued the company, but dropped their bid after realizing that they wouldn’t be able to defeat a vote on the offer set for Thursday.

New York-based News Corp. owns both The Wall Street Journal and the New York Post, along with Dow Jones Newswires and a book publishing arm. Last week, it announced a deal to sell off 33 smaller publications, including eight dailies. The publisher split off its movie studio and cable television business, now called 21st Century Fox, in June.

– The Associated Press

Overton Square Bogie’s Closed by State

The Bogie’s Delicatessen at 2098 Lasalle Place in Overton Square has been closed by the state for failure to pay taxes.

The state Department of Revenue posted a notice at the business Tuesday, Sept. 10, saying it was closed for failure to pay taxes.

The 1,450-square-foot restaurant, which features a spacious patio, has been a Midtown staple for years. The building was built in 1920 and is assessed at $49,440.

– Amos Maki

Petties Moved to Pennsylvania Prison

Memphis drug kingpin Craig Petties has begun serving his nine life sentences at a federal prison in Pennsylvania.

Federal Bureau of Prison records show Petties has been moved from the Memphis Federal Correctional Institution to Allenwood Federal Correctional Complex.

Petties is in the United States Penitentiary at Allenwood, a high-security prison for men.

Other inmates at Allenwood include Central Intelligence Agency counterintelligence officer and Russian spy Aldrich Ames, as well as several organized crime figures and a Somali pirate.

Petties was sentenced in August to serve nine life prison sentences concurrently, following his guilty pleas to numerous charges of racketeering, drug trafficking, conspiracy, murder for hire and kidnapping.

Petties headed a violent multistate drug organization with direct ties to the Sinaloa drug cartel of Mexico. The federal court case was the largest drug case ever brought in the U.S. District Court for the Western District of Tennessee.

– Bill Dries

Young Named Director of Administrative Office of the Courts

Bill Young, solicitor general in the Tennessee Attorney General’s office, is the new director of the state’s Administrative Office of the Courts, the central office of the state court system.

Young’s appointment by the Tennessee Supreme Court was announced Wednesday, Sept. 11, by Chief Justice Gary Wade.

Young succeeds Libby Sykes, who announced her retirement in August.

Young has been solicitor general for two years. Before that, he was general counsel for BlueCross BlueShield of Tennessee. He also served for several years on the state’s Judicial Nominating Commission.

– Bill Dries

Peabody Hotel to Hold Fall Rooftop Parties

The Peabody hotel’s Rooftop Parties are coming back this week for a four-party encore fall season.

The all-new fall season starts Sept. 12 and ends Oct. 31 with a Halloween bash.

Craig Smith, The Peabody’s regional director of sales and marketing, said the addition of parties in September and October was in direct response to demand from guests who wanted parties when the weather cools off.

The fall parties, on Sept. 12, Sept. 26, Oct. 17 and Oct. 31, will take place on The Peabody hotel’s roof from 6 p.m. to 11 p.m.

– Andy Meek

Pay Offset Renewed for Active-Duty State Workers

Gov. Bill Haslam has renewed an expired executive order to cover any loss of salary by state employees called to active duty by the National Guard or the Armed Forces Reserves.

The measure requires government agencies and departments to extend military leave to state employees. It also requires those agencies to provide offsetting pay when the active-duty wages of their employees are less than their normal salary.

Haslam’s order extends a policy first put in place by then-Gov. Don Sundquist in response to state workers being called into active duty after the Sept. 11, 2001, terrorist attacks.

The policy was continued by former Gov. Phil Bredesen, and Haslam had renewed the annual order twice before.

Haslam’s order is retroactive to Aug. 26, when the last version expired.

– The Associated Press

Wholesale Stockpiles Rise 0.1 Percent in July

U.S. wholesalers increased in their stockpiles only slightly in July after three monthly declines, while their sales barely rose. The tepid gains add to worries about slower economic growth in the July-September quarter.

The Commerce Department said Wednesday that wholesale stockpiles rose just 0.1 percent in July from June. That followed a 0.3 percent decline in June.

Sales rose just 0.1 percent in July, the smallest gain since December. Still, that’s the fourth straight month that sales have risen.

Some economists had thought that wholesalers would ramp up their stockpiles in July after cutting them from April through July. The smaller increase could weigh on economic growth in the third quarter. More restocking boosts factory production, driving overall growth.

– The Associated Press

PROPERTY SALES 94 322 4,193
MORTGAGES 95 320 4,710
BANKRUPTCIES 48 211 3,096