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VOL. 129 | NO. 194 | Monday, October 6, 2014

Daily Digest

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McNeill Files Loans for Medical Office Park

McNeill Commercial Real Estate, operating as Wolf River Kimbrough Partners, has filed two loans totaling $4 million for a planned medical office park.

McNeill filed for the loans with Financial Federal, according to two Oct. 1 commercial deeds of trust. Spence Ray of McNeill signed both deeds of trust.

McNeill is planning two medical office buildings – a 12,000-square-foot building and a 10,000-square-foot building – on the southeast corner of Wolf River Boulevard and Kimbrough Road.

Wolf River Kimbrough acquired the 2.7-acre site in January for $851,851 from Catherine O. Wilcheck and Agnes O. Brooks, according to the Shelby County Register of Deeds. The Shelby County Assessor of Property’s 2014 appraisal of the site is $205,100.

Earlier in September, McNeill, operating as Neshoba Exeter Real Estate Partners, purchased two properties at the northeast corner of Neshoba Road and South Germantown Road for $6.6 million for a mixed-use project that will include condominiums, 60,000 square feet of retail space and a Hampton Inn & Suites.

Source: The Daily News Online & Chandler Reports
– Amos Maki

RVC Signs On to Sponsor Shelby Farms Greenline

RVC Outdoor Destinations has signed on as a sponsor of the Shelby Farms Greenline, adding a $10,000 contribution to operations and maintenance of the greenline as well as a new totem at the park’s main entrance on Mullins Station Road.

RVC is a Memphis-based business that owns and operates outdoor vacation properties providing customizable outdoor vacations that allow customers to choose options from yurts to cabins and cottages for their lodging.

– Bill Dries

Shelby County Judge Censured by Panel

General Sessions Civil Court Judge John Donald has been censured by a panel of the Tennessee Court of the Judiciary for retaliating against an attorney who filed a complaint against him.

The panel found Thursday, Oct. 2, that Donald violated judicial ethics for filing a complaint with the court against attorney David Gold.

Gold filed a complaint with the state Court of Judiciary in October 2011, alleging Donald refused to hear his legal argument in a case and that Donald did not notify him of a future hearing date.

That December, Donald filed a complaint with the Tennessee Board of Professional Responsibility against Gold and an attorney Gold had listed as a witness in his complaint against Donald. A month later, the board dismissed Donald’s complaint.

In October 2013, the board of judicial conduct’s disciplinary counsel filed formal charges of retaliation against Donald. The censure could come with conditions to be announced at a later date.

– Bill Dries

Verso to Close Maine Paper Mill

Memphis-based Verso Paper Corp. has announced it will close its paper mill in Bucksport, Maine. Last week’s announcement came months after Verso reported a net loss of $34.3 million for the second quarter.

Verso President and Chief Executive Officer Dave Paterson said the Bucksport mill “has not been profitable for a number of years” and that the company’s assessment “indicates that it is impossible for the mill to achieve profitability in today’s marketplace.”

Verso intends to close the mill between now and the end of the calendar year, reducing its coated groundwood paper production by 350,000 tons and its capacity for producing specialty paper by 55,000 tons.

The coated paper market segment is where Verso executives said they have seen continued weakness and declines, including in the second-quarter figures reported in August.

Verso expects to take a total of $35 million to $45 million in charges to pay severance for the Bucksport employees and other costs associated with the mill shutdown and spread those charges across what’s left of this year and all of next year.

– Bill Dries

UTHSC Professor Awarded Alcohol Study Grant

Anna Bukiya, associate professor in the Department of Pharmacology at the University of Tennessee Health Science Center, has received a $393,750 grant from the National Institute on Alcohol Abuse and Alcoholism, a subsidiary of the National Institutes of Health, to study how alcohol consumption during pregnancy alters development of the fetal brain.

The award will be distributed over a two-year period.

Drinking while pregnant may lead to the birth of a child with a range of physical, behavioral and cognitive abnormalities, known as fetal alcohol spectrum disorder. The disorder represents the leading preventable cause of birth defects and developmental disabilities, and its mechanisms are poorly understood.

Many studies focus on the consequences of maternal drinking on fetal neuronal cells in the brain. In contrast, this collaborative effort among the UTHSC Departments of Pharmacology, Obstetrics and Gynecology, and Comparative Medicine seeks to determine the effects of alcohol fetal cerebral circulation and function of fetal cerebral arteries.

– Don Wade

Joerger to Host Benefit Grizzlies Preview Dinner

Memphis Grizzlies Head Coach Dave Joerger will host the “Grizzlies Season Preview Dinner with Dave Joerger” Oct. 23 at 6:30 p.m. at the Colonial Country Club in Cordova. This marks Joerger’s second event benefiting the National Junior Tennis & Learning on the heels of last year’s inaugural “Taste for Tennis.”

Event guests will be able to mix and mingle with Joerger and his assistant coaches during a meet-and-greet cocktail hour starting at 6:30 p.m., followed by dinner and the scheduled program at 7 p.m.

Grizzlies TV play-by-play announcer Pete Pranica will host a silent auction that will include sports memorabilia, Joerger’s personal tickets to a Grizzlies home game, a golf outing at Colonial Country Club with Grizzlies assistant coaches, a pair of courtside seats to a Grizzlies home game, and a chance for up to 15 people to play on the Grizzlies practice court, among other items. Entertainment will be provided by The Bill Hurd Quartet jazz ensemble.

Tickets for the event are $100 in advance and $125 at the door. Visit grizzlies.com for more information.

For more than a decade, Tennis Memphis has impacted the lives of Memphis youth through its NJTL Tennis Summer Camps, and with year-round youth development programming at municipal tennis centers and schools in the Memphis area. NJTL was envisioned and founded by tennis icon Arthur Ashe as a way to make tennis available to underserved youth.

– Don Wade

Medtronic Adjusts $43 Billion Deal Over Inversion Rules

Medical device maker Medtronic is switching to $16 billion in financing to complete its purchase of Ireland-based competitor Covidien a few weeks after federal regulators issued rules designed to curb overseas acquisitions that cut tax U.S. tax bills.

The Minneapolis company says it will use financing instead of cash from its foreign subsidiaries to help close the nearly $43 billion deal it announced in June. A company spokesman says the change was in response to the new rules from the U.S. Treasury Department.

Medtronic Inc. plans to buy Covidien Plc in a cash-and-stock deal, and the combined company will have executive offices in Dublin, where it will benefit from Ireland's lower corporate tax rates.

These deals, known as inversions, have had some in Washington calling for action to prevent lost tax revenue.

– The Associated Press

US Service Firms Grow at Healthy Clip

U.S. service firms expanded at a healthy pace in September, although it was slightly below the record pace set in August.

The Institute for Supply Management reported Friday that its service index dipped to 58.6 last month, down from a reading of 59.6 in August which had been the strongest level recorded since the measure was introduced in January 2008.

Hiring at service firms, where most Americans work, rose for a seventh straight month.

The service sector index covers about 80 percent of the private sector economy. The index tracks new orders, business activity, employment and supplier delivery delays.

– The Associated Press

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