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VOL. 129 | NO. 242 | Friday, December 12, 2014

Daily Digest

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26 Industrial Properties Facing Foreclosure

The company that purchased Farnsworth Investment Co.’s industrial portfolio in 2005 has defaulted on a $69 million loan, and now 26 of its properties are facing foreclosure, according to a first-run foreclosure notice in the Friday, Dec. 12, edition of The Daily News.

Boca Raton, Fla.-based Net Magan Property Owner One LP took out the loan through Eurohypo AG, New York Branch, in August 2005 in conjunction with its $76 million purchase of Farnsworth’s portfolio, which included property in the 100-acre Distriplex Center near Memphis International Airport and the 275-acre Distriplex Farms near Hickory Hill and Holmes roads.

The properties facing foreclosure, according to the notice, include addresses on Distriplex Farms Drive, Distriplex Cove, Distriplex Drive, Discover Drive, Mineral Wells Road and Appling Road, among others.

R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC has been named substitute trustee and will hold a foreclosure sale Jan 9, according to the notice.

Per newspaper policy, calls to the parties involved, such as the property owner, deed holder or trustee, are prohibited until the notice is published.

Source: The Daily News Online & Chandler Reports

– Daily News staff

County Pension Fund Valued at $1.1 Billion in October

In October, the value of the pension fund that pays benefits to Shelby County retirees stayed around the $1.1 billion mark, where it’s been for most of 2014.

That’s according to the most current figures, released this week, showing the fund’s value having climbed to $1.12 billion, up from a little more than $1 billion in October 2013.

As of Oct. 31, the largest percentage asset allocation in the plan consisted of U.S. stocks, and their performance has helped the fund’s asset value.

The domestic equity component of the county’s portfolio was up 4.3 percent year to date in October.

– Andy Meek

Airport Hires Manager to Increase Air Service

Memphis International Airport has hired a former American Airlines network planner to help increase service at the airport.

The Memphis-Shelby County Airport Authority has tapped Will Livsey to serve as its new Senior Manager of Air Service Research and Development.

Livsey will be responsible for researching, developing and executing a significant increase in air service at Memphis International, which has lost dozens of flights following the downsizing of Delta Airlines’ service at the airport.

Livsey will work to maintain the airport’s current level of service and identify markets for additional air service and routes. He will also serve as a liaison between Mid-South passengers and the airlines, including meeting with regional corporate, leisure and convention travel executives in order to help the airport target appropriate destinations.

Livsey, a Memphis-area native, holds a bachelor’s degree in language and world business from the University of Tennessee and a Master of Business Administration in aviation from Embry-Riddle Aeronautical University.

He has worked for American Airlines since 2008, most recently as a senior analyst for Network Development, where he was responsible for new domestic route identification and forecasting.

– Amos Maki

Kelsey, DeBerry Sponsor Profiling Legislation

The same week that U.S. Attorney General Eric Holder visited Memphis pushing a ban on profiling by federal law enforcement agencies, two Tennessee legislators from Shelby County have filed legislation that would require all law enforcement agencies in the state to put a similar policy in writing.

The bill, sponsored by Republican state Sen. Brian Kelsey and Democratic state Rep. John DeBerry, defines racial profiling and requires every agency, including all local law enforcement, to adopt a written policy to prevent it by 2016.

Kelsey is chairman of the Senate Judiciary Committee.

Holder recently banned federal agents from racial and gender profiling in new Justice Department rules that are more specific than 2003 guidelines on the subject.

– Bill Dries

Shildt to Manage Redbirds in 2015

The St. Louis Cardinals have selected Mike Shildt as the Memphis Redbirds’ new manager for the 2015 season.

The 46-year-old Shildt becomes the sixth manager in the Redbirds’ 18-year history and takes over for Ron “Pop” Warner, who was named a minor league roving infield coordinator with the Cardinals organization. Warner guided the Redbirds to the Pacific Coast League American South Division title in 2014 as the Triple-A club posted a 79-64 record. Warner managed the Redbirds from 2012-2014.

Pitching coach and former Redbird Bryan Eversgerd, hitting coach Mark Budaska, and athletic trainer Jeremy Clipperton are all returning to Memphis for the 2015 season.

The 2015 season will be Shildt’s 12th in the Cardinals organization and seventh as a minor league manager. He has an overall 333-284 career record (.540 winning percentage) over his previous six managerial seasons with three league championships in three postseason appearances.

Prior to joining the Redbirds, Shildt managed the past three seasons at Double-A Springfield, finishing with an overall 209-207 record. In his first year at the helm in Springfield in 2012, Shildt guided Springfield to its first Texas League Championship.

– Don Wade

Fuente, Players Win Conference Honors

University of Memphis head coach Justin Fuente was named the American Athletic Conference’s 2014 Coach of the Year and senior linebacker Tank Jakes and sophomore place-kicker Jake Elliott earned post-season honors.

The American Athletic Conference awards are voted on by the league’s head coaches and Fuente was a unanimous choice as Coach of the Year.

Jakes shared the American Athletic Conference’s Defensive Player of the Year award with UCF cornerback Jacoby Glenn. Elliott was named the conference’s Special Teams Player of the Year.

Jakes became the first player in Memphis history to be voted a conference Defensive Player of the Year while Elliott became the third conference special teams player of the year, joining place-kicker Stephen Gostkowski (Conference USA, 2005) and Tom Hornsey (The American, 2013).

East Carolina quarterback Shane Carden was chosen The American’s Offensive Player of the Year.

USF running back Marlon Mack was selected as the American’s Rookie of the Year.

Joining Jakes and Elliott on the all-conference first team from Memphis were offensive lineman Al Bond, tight end Alan Cross, defensive end Martin Ifedi and cornerback Bobby McCain. Named to the second team were running back Brandon Hayes, quarterback Paxton Lynch, return specialist Keiwone Malone and punter Spencer Smith.

Memphis’ 10 all-conference selections this year are a program high. The six first-team picks is the most for the Tigers since 1993 when they were part of the Independent Football Alliance.

The American Athletic Conference champion Tigers, who went 9-3 overall, will be recognized at halftime of Saturday’s Memphis basketball game against Oklahoma State at FedExForum.

– Don Wade

Cotton Museum Holding Children’s Coat Drive

The Cotton Museum has launched a coat drive to collect new or lightly used coats to be distributed directly to children in need.

Efforts are focused on providing coats to the students at Memphis Grizzlies Preparatory Charter School and Lester Preparatory Middle School. Coats are needed for both boys and girls in youth sizes medium to extra large and small adult sizes. The museum is also accepting donations by cash, check or charge and will use the funds to buy coats.

Coats and monetary donations can be dropped off at the Cotton Museum Gift Shop, 65 Union Ave., Monday through Saturday from 10 a.m. to 5:30 p.m. and Sundays from noon to 5 p.m. through Dec. 30

Visit memphiscottonmuseum.org for more information, or to arrange a pickup, contact Diana Fazio at 901-531-7826, ext. 203, or diana@memphiscottonmuseum.org.

– Don Wade

PROPERTY SALES 57 280 1,209
MORTGAGES 55 244 916
BUILDING PERMITS 158 699 2,751