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VOL. 129 | NO. 30 | Thursday, February 13, 2014

Daily Digest

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D1 Sports Buys Land, Files Construction Loan

An affiliate of Franklin, Tenn.-based D1 Sports Training has bought 1.9 acres of land in Collierville and filed a construction loan for a 19,062-square-foot sports facility on the property.

DP Memphis LLC paid $375,000 for the vacant parcel, whose address is known as 85 Market Center Drive, in a Feb. 4 special warranty deed from Schilling Farms LLC.

The land is along the southwest side of Market Center Drive just east of Schilling Boulevard East.

The buyer also filed a $2.6 million construction loan through Trustmark National Bank, with Randy Russell signing the trust deed as manager of Sports Med Properties LLC, the managing entity of DP Memphis.

D1 Sports Training “delivers athletic-based scholastic and adult training programs, expert coaching and the latest in sports therapy, all in a high-energy, motivating environment,” according to its website.

The company on Jan. 27 presented a plan to the Collierville Board of Mayor and Aldermen for a sports training facility on the site.

Source: The Daily News Online & Chandler Reports
– Daily News staff

2013 Most Profitable Year for Paragon Bank

Paragon National Bank’s just-released earnings for 2013 show the year was the most profitable in the bank’s nearly nine-year history.

The bank said its pre-tax income of $1.1 million for 2013 is the result of factors such as improved asset quality, increased loan activity and continued decreases in nonperforming assets. The fourth quarter also marked the 12th straight quarter of profitability for Paragon.

Among other highlights for the year, Paragon grew its assets to $272.7 million, up 8.21 percent from $252 million at the end of 2012. Also, total loans increased 8.2 percent from $182.5 million at the end of 2012 to $197.5 million at the end of 2013.

– Andy Meek

UTHSC Names Chair of Neurology Department

Dr. Andrei V. Alexandrov has been appointed chair of the University of Tennessee Health Science Center Department of Neurology and a Semmes-Murphey professor.

Alexandrov had been a professor of in the neurology department and director of the Division of Cerebrovascular Diseases at the University of Alabama at Birmingham.

Alexandrov will begin his work at UTHSC in March.

– Don Wade

St. Jude Researchers Identify Flu Response

In a study led by St. Jude Children’s Research Hospital, scientists have identified a signature immune response that might help doctors identify which newly diagnosed flu patients are most likely to develop severe symptoms and suffer poor outcomes.

The findings also help explain why infants and toddlers are at elevated risk for influenza complications.

The research results appear in the upcoming issue of The American Journal of Respiratory and Critical Care Medicine.

– Don Wade

Volkswagen Workers Begin 3-Day Union Vote

Workers at Volkswagen's lone U.S. plant in Tennessee are kicking off a three-day election about whether they want to be represented by the United Auto Workers union.

If the union succeeds, the Chattanooga plant would become the first among foreign automakers in the South to unionize.

That's a prospect that strikes dread among Republican politicians in the state, who say they worry about losing a competitive edge in drawing future business to Tennessee.

Republican U.S. Sen. Bob Corker, a former Chattanooga mayor who played a key role in bringing Volkswagen to Tennessee, has been among the most vocal critics of the union drive.

Corker on Tuesday called the vote a "quickie election" because it wasn't announced until last week and said the UAW was "stacking" the balloting in its favor.

– The Associated Press

Amazon to Hire 2,500 Workers Across US

Amazon says it is hiring more than 2,500 full-time workers at its order fulfillment centers around the U.S.

Amazon.com Inc. plans to announce Wednesday that the jobs are available in Chester, Va., and Petersburg, Va.; Coffeyville, Kan.; Columbia, S.C.; Dupont, Wash.; Murfreesboro, Tenn.

The world's largest online retailer says last year it hired more than 20,000 people at its fulfillment centers, with more than half starting out as seasonal workers. Amazon says the median income for people working at its order-fulfillment facilities is higher than at traditional retailers.

The Seattle-based company had 117,300 full-time and part-time employees at the end of 2013, according to a regulatory filing.

– The Associated Press

Mississippi Bill Would Increase Repeat Offenders’ Sentence

Old habits are hard to break when it comes to Mississippi lawmakers' desire to lock up criminals.

Two days after the state House passed House Bill 585, which aims to cut the number of state prisoners to save money, representatives voted 79-41 Wednesday to pass House Bill 63. It would limit the ability of violent offenders to get time off prison sentences after a second conviction.

Rep. Mark Formby, R-Picayune, said the bill could've prevented his aunt from being shot to death by a repeat offender. He and other supporters of the bill said people who commit a second violent crime after getting out of prison the first time haven't learned their lessons and shouldn't be able to earn time off.

"I don't see how anyone in this chamber could be against this," said Formby, the bill's sponsor.

But the measure, which moves on to the Senate for more debate, is opposed by Corrections Commissioner Chris Epps. He said he wants legislators to make changes using the comprehensive bill.

"The commissioner wants changes to come through that package," spokeswoman Grace Fisher said. "The package says violent offenders must serve a minimum of 50 percent of their sentence."

– The Associated Press

TD Ameritrade CEO Says Economy Improving

TD Ameritrade's CEO says the economy has improved considerably and investors are more confident, but conditions could still revert.

Fred Tomczyk told shareholders Wednesday that TD Ameritrade is in good shape to handle whatever the economy does, and the company's profits should continue to improve along with the stock market and interest rates.

Tomczyk says the company will remain focused on its long-term goals and won't try to boost short-term results artificially as interest rates rise.

TD Ameritrade is generates revenue from trading fees, investment advice fees and asset-based fees and interest on the client assets it holds.

The company's shareholders re-elected three directors, approved TD Ameritrade's auditing firm and endorsed its compensation policies Wednesday.

– The Associated Press

Survey: Vehicle Owners Having More Problems

The race to increase vehicle fuel economy is taking a toll on quality.

Owners of three-year-old vehicles are reporting more problems than they did a year ago, according to J.D. Power and Associates' annual survey of vehicle dependability. It's the first time since 1998 that the average number of problems per vehicle has increased.

J.D. Power, a California-based ratings and consulting company, said engine issues accounted for most of the increase in problems reported by the original owners of cars and trucks from the 2011 model year. Owners reported an average of 133 problems per 100 vehicles, up from 126 problems a year ago. Only problems within the prior 12 months are counted.

Automakers are rapidly implementing new engine technology to save fuel, including direct fuel injection and turbocharging, stop-start systems that automatically shut cars down at traffic lights and transmissions with higher gears. But those more complex systems can cause problems. David Sargent, J.D. Power's vice president of global automotive, said the company saw an increase in complaints about engine hesitation, rough transmission shifts and lack of power.

"While striving to reduce fuel consumption, automakers must be careful not to compromise quality," Sargent said in a statement.

The scores could improve in coming years because since 2011, automakers have worked to make new transmissions shift more smoothly, they've refined clunky stop-start systems and improved other fuel-saving technologies.

– The Associated Press

PROPERTY SALES 57 57 1,266
MORTGAGES 48 48 964