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VOL. 129 | NO. 143 | Thursday, July 24, 2014

Daily Digest

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Owner Files Loan on 3 Gas Stations

After receiving two convenience stores and gas stations in quitclaim deeds, the new owner filed a $2 million loan on those properties and one other.

The entity, N & S LLC, doing business as Hwy 64 BP, filed the deed of trust July 16 through Renasant Bank. Nizar Lalani Sr. signed the deed as member of the borrower, and he is also related to the ownership entities that quitclaimed the properties.

The first property is a 2,670-square-foot convenience store and Shell-branded gas station at 5260 Summer Ave. N & S received from SNS Properties LLC.

Next is a 2,018-square-foot convenience store and gas station at 6970 E. Shelby Drive it received from MSN of Memphis LLC.

And last is a 5,647-square-foot convenience store and gas station at 8941 U.S. 64 the DBA already owned.

Built in 1988, the Summer Avenue store sits on 0.6 acres along the east side of Summer Avenue near its intersection with Interstate 40. The Shelby County Assessor of Property’s 2014 appraisal is $298,000.

Built in 1989, the East Shelby Drive store sits on 0.9 acres at the northeast corner of Riverdale Road and East Shelby Drive. The assessor’s 2014 appraisal is $845,100.

And built in 1983, the U.S. 64 store sits on an acre along the south side of the street at its intersection with Rockcreek Parkway. Its 2014 appraisal is $730,000.

Source: The Daily News Online & Chandler Reports

– Daily News staff

FedEx Retains Law Firms in Drug-Shipping Case

FedEx Corp. has retained two law firms with offices in Northern California to represent it against charges that it knowingly delivered drugs for illegal online pharmacies.

According to court filings, FedEx is being represented by Arguedas, Cassman & Headley LLP of Berkley, Calif., and Skadden, Arps, Slate, Meagher and Flom LLP of Palo Alto, Calif.

A federal grand jury in San Francisco last week handed down a 15-count indictment alleging the Memphis-based shipping company conspired with illegal online pharmacies to distribute controlled drugs, despite a decade of warning from law enforcement and lawmakers.

FedEx has been ordered to appear in United States District Court in San Francisco Tuesday, July 29. If convicted, FedEx, which has strongly denied any wrongdoing, could face a fine of around $1.6 billion.

– Amos Maki

Mississippi Casino Revenue Stable After Harrah's Closure

Gambling revenues tumbled in Mississippi's river region in the first month after Harrah's Tunica Hotel & Casino closed, but the trend didn't worsen much. Meanwhile, Gulf Coast casinos posted their best June in years.

State figures show casinos statewide won $174 million from gamblers in June, up less than 1 percent from June 2013.

The 18 river casinos won $78.7 million, down 12 percent from a year earlier. The 12 coastal casinos won $95.7 million, up 13 percent from June 2013.

Revenue statewide fell 4 percent over the last 12 months. Mississippi casinos winnings are down about 25 percent from 2007's peak.

Overall revenue has fallen from the year earlier in 21 of the last 24 months.

The numbers exclude Choctaw Indian casinos, which don't report to the state.

– The Associated Press

Trustmark Grows Income in Second Quarter

Trustmark Corp. has reported net income of $32.9 million for the second quarter.

That represents earnings per share of 49 cents, up 14 percent from the prior quarter and 6.5 percent from the same period last year. Trustmark president and CEO Gerard R. Host said the solid results included a 7.5 percent increase in total revenue and represented the fifth straight quarter of growth in the company’s legacy loan portfolio.

Mortgage loan production for the quarter was $322.2 million, up almost 40 percent from the prior quarter because of seasonal factors, lower mortgage rates and expanded originations in Trustmark’s Alabama markets, among other things.

During the quarter, Trustmark also opened new banking centers and regional administrative offices in Memphis and in Montgomery, Ala.

– Andy Meek

UTHSC Receives $3.1 Million in Federal Grants

The U.S. Department of Health and Human Services has awarded the University of Tennessee Health Science Center nine federal grants totaling more than $3.1 million for a variety of programs and research projects.

The federal funding includes $1.1 million from the Centers for Medicare & Medicaid Services for the Health Care Innovation Challenge – Project SAFEMED to help CMS treat patients and improve medication for a variety of health conditions.

Research funding allotments include separate $315,375 and $300,000 grants from the National Institute of Diabetes and Digestive and Kidney Diseases, and separate $371,171 and $178,125 grants from the National Institute on Alcohol Abuse and Alcoholism.

Other research grants include $375,000 from the National Heart, Lung and Blood Institute, $328,125 from the National Institute of Neurological Disorders and Strokes, $75,000 from the National Institute on Drug Abuse and $72,500 from the National Institute of Mental Health.

– Don Wade

University of Memphis Selects New Women’s Tennis Coach

Hayden Perez, a three-time ITA Central Region Assistant Coach of the Year who has been on the coaching staff of teams that have made NCAA Championship appearances each of the past five years, has been named the women’s tennis coach at the University of Memphis.

Perez was the associate head coach at Texas Tech University in 2014 after eight years at Nebraska, where he also served as associate head coach. In his one season at Texas Tech, the Red Raiders advanced to the NCAA Championship for a third straight year. Three members of the 2014 Texas Tech squad were named First-Team All-Big 12.

During his eight seasons at Nebraska, Perez was named the ITA Central Region assistant coach of the year three times – in 2007, 2010 and 2012.

– Don Wade

Kelsey Calls for Tennessee to Join Affordable Care Act Lawsuit

State Sen. Brian Kelsey of Germantown called Tuesday, July 22, for Tennessee Attorney General Robert Cooper to join a lawsuit over federal subsidies in the form of tax breaks for those who buy health insurance on an exchange established in the Affordable Care Act.

Kelsey called specifically for the state to join the lawsuit Halbig vs. Burwell, in which a federal appeals court panel in Washington, D.C., ruled this week. The ruling is expected to be appealed.

The Washington D.C. Circuit Court of Appeals ruled there can be no federal subsidies for those who buy in an exchange set up by the federal government instead of one run by a state government.

The same day, the 4th U.S. Circuit Court of Appeals ruled federal subsidies apply to both types of exchanges, setting up a possible appeal to the U.S. Supreme Court, with other appeals courts considering lawsuits over the same issue.

Kelsey has been a vocal critic of the Affordable Care Act in all its aspects.

– Bill Dries

PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047