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Hospitals Scooping up Private Practices at Rapid Clip As Health Care Reform Looms June 2-8, Vol. 5, Issue 23 10 Logistics Gas prices are lower than »expected, but trucking companies remain wary about long-term projections of their biggest expense. FEDEX ON BUYING SPREE: FRIENDLY SKIES, UNFRIENDLY FACEBOOK GROUPS: Memphis-based company to purchase Critics of Delta Air Lines Inc.’s rising airfares and diminishing service Brazilian shipper, its fifth acquisition at Memphis International Airport have taken to social media en masse since February 2011. » Page 8 to air their grievances. » Page 7 SPECIAL EDITION : THE BUSINESS OF HEALTH CARE MEDICAL HOSPITALS SCOOPING UP REALIGNMENT PRIVATE PRACTicES AT RAPID CLIP AS HEALTH CARE REFORM LOOMS PAges 14-23 Photo: Shutterstock 31 Innovation Silicone Arts Laboratories’ dermaflage is a “topical perfecting filler” that consumers can buy and then apply onto things like scars and wrinkles. DAILY DIGEST: PAGE 2 EDUCATION: PAGE 11 SMALL BUSINess: PAGE 12 NEWSMAKERS: PAGE 29 EDITORIAL: PAGE 34 A Publication of The Daily News Publishing Co. | www.thememphisnews.com 2 June 2-8, 2012 www.thememphisnews.com weekly digest Get news daily from The Daily News, www.memphisdailynews.com. Wells Fargo, City of Memphis each under guidelines of a Wells Fargo home Conditioning. While serving in the U.S. Ma- 12th-largest women’s professional organi- ownership program. rine Corps, he participated in the recovery zation in the United States. The Memphis Settle Mortgage Lawsuit The program is similar to the Neigh- of Astronauts Walter M, Schirra Jr. and L. chapter was chartered in 1948. Wells Fargo & Co. has agreed to settle borhoodLIFT program Wells Fargo has Gordon Cooper after their space flight. a federal discrimination lawsuit the Mem- collaborated with the nonprofit Neighbor- Moore Tech was founded in 1910 and phis and Shelby County governments filed Works America program on in nine other opened in 1939. It is the only private, non- against the bank by setting a five-year U.S. cities. profit vocational college in Memphis and is Council Member Fullilove mortgage lending goal of $425 million here, Also included in terms of the settlement located at 1200 Poplar Ave. Current enroll- Files Bankruptcy including $125 million in home purchase is another $3 million for local grants with ment is 200. lending to low- and moderate-income bor- the spending controlled by the city and Memphis City Council member Janis rowers. county. Fullilove has filed bankruptcy. The city and county governments filed The Wednesday, May 30, filing in federal suit in Memphis Federal Court in December WCR Memphis Chapter bankruptcy court lists $22,218 in liabilities 2009 against Wells Fargo Bank, Wells Fargo Receives National Award Fullilove owes in “taxes and certain other Financial Tennessee Inc. and Wells Fargo Moore Tech Promotes debts owed to governmental units.” Financial Tennessee 1 LLC, alleging the Director to First President The Memphis chapter of the Women’s The liability is an unsecured priority company discriminated against its African- Council of Realtors was recently recognized claim. American mortgage holders with refinanc- Don Smith, director and chief adminis- as the National Large Chapter of the Year for The filing also listed $52,360 in secured ing that put the homes of those mortgage trative officer of Moore Tech for the past 13 2012 at the National Association of Realtors claims held by creditors and another $29,760 holders at risk. years, has been named by the college board mid-year convention in Washington. in unsecured nonpriority claims. Former Wells Fargo workers from Mem- of trustees to be the first president of the The Memphis Chapter earned points Fullilove claims a current monthly phis were among those alleging the com- vocational college in its 92-year history. and reached benchmarks established by the income of $2,490.25, which comes to an pany specifically targeted black customers Smith has been with the college since National Women’s Council of Realtors or- annual income of $39,880, a little bit more for the refinancing. 1995 when he became an instructor in ganization in areas including: recruitment, than her annual salary as a City Council The $425 million goal is part of a multi- Moore Tech’s air conditioning department. retention, media coverage, participation at member. part settlement announced Tuesday, May He became director and chief administrative state and national conferences, and docu- 29, that includes the dismissal of the lawsuit officer in 1999. mentation of minutes and meetings. with Wells Fargo admitting no wrongdo- Smith has 20 years experience in voca- In addition, WCR Memphis donated ing. tional education. He taught air conditioning money from this year’s membership drive Megabus.com Announces A Wells Fargo spokesman described the and electricity for Memphis City Schools and to St. Jude Children’s Research Hospital and Texas Service via Dallas agreement as a “dismissal,” making a dis- State Technical Institute (adjunct faculty) as its fashion show fundraiser in September will tinction between that and a settlement. well as Moore Tech. raise money for breast cancer research. Megabus.com has added Texas to its Other parts of the settlement include Prior to vocational education, Smith WCR was formed in 1938 to promote schedule with initial fares as low as $1 during $4.5 million in mortgage down payment was a district manager for SunGas Liquids equality for female agents at a time when the first week of sales. and home renovation assistance grants. The and Suburban Propane and a technical many local real estate boards were resistant The express bus company on Thurs- grants are to be awarded for up to $15,000 representative and instructor in Rheem Air to offering memberships to women. It is the day announced service begins June 19 to TRUST EXPERIENCE Beth Bell, Senior VP Paulette Bukauskas, VP George Pappas, President Kristen Sears, VP Brent Westbrook, AIF® , VP Trust Officer Auditor Trust Officer Trust Operations Manager Business Development Since 1998 Since 2001 Since 1996 Since 2003 Since 2001 You need investment guidance you can trust because your legacy and personal finances demand it. Argent has roots tracing back to 1930 and has been serving the Memphis area since 2009. Come see one of our professionals who, with decades of experience, can help you or your organization plan for your current and long term financial needs. Give us a call today at 901.767.3103 to find out how Argent Trust can help you design the right investment management plan for you, your family, your company, or your institution. 6075 Poplar Avenue, Suite 702 • Memphis, TN 38119 • 901.767.3103 www.thememphisnews.com June 2-8, 2012 3 Get news daily from The Daily News, www.memphisdailynews.com. weekly digest and from Dallas, with seven cities on the Southwind. schedule. An affiliate of DRA also recently part- The carrier, which only sells tickets on- nered with Memphis-based Poag Lifestyle line, says the direct schedule includes Hous- Centers on the $60 million purchase of The FROM THE BLOG ton, Austin and San Antonio. Megabus.com Avenue in Collierville. will also serve some out-of-state cities: Little Shelby County Trustee David Lenoir, Rock, Ark.; Memphis; and Norman, Okla. Megabus.com will offer 21 daily depar- And the Laffer Curve tures from a designated stop in downtown Metropolitan Bank Releases Dallas. New Smartphone App Editor’s Note: “From the Blog” is a weekly feature that high- Megabus.com describes itself as a low- lights some of the enterprising work our staff and contributors cost express bus line that offers tickets via Metropolitan Bank has released its new- post on The Daily News blog, blog.memphisdailynews.com. the Internet. The vehicles have free Wi-Fi. est smartphone app, Xpress Deposit, which The fleet includes some double-decker allows clients to make a deposit by taking a buses. photo of a check on a mobile phone. ANDY MEEK | The Memphis News Xpress Deposit is available on the iP- hone, Android and Blackberry platforms. It’s available via a download from the phones’ hile addressing the Memphis Rotary Club earlier this month, DRA Advisors Closes on Two app store after completing a registration WShelby County Trustee David Lenoir told the crowd that Shelby Drive Warehouses with a Metropolitan client services adviser and allowing one business day for registra- “higher taxes don’t always equate to increased revenue.” New York-based DRA Advisors LLC has tion confirmation. The county trustee – whose remarks came at a time when closed on two Memphis warehouse prop- Clients with the app can make deposits both the city and county governments are trying to wrap up their erties for $12.3 million, as part of a larger 24 hours a day, seven days a week. Each de- portfolio purchase from Houston-based posit is typically posted on the next business latest fiscal year budgets – was describing an economic concept Weingarten Realty Investors. day if submitted before the cutoff deadline, known as the Laffer Curve. DRA Advisors acquired Southpoint I at and email notifications update clients on the It can be illustrated in the form of a parabola. There are three 4715 Shelby Drive and Southpoint II at 4655 status of the deposit. Shelby Drive under the entity G And I VII important points on that parabola. Two of the points are at both Southpoint I And II LLC from Weingarten, the ends. Say a government decides to collect zero percent in which used the entity WNI Tennessee LP, taxes from its citizens. Now say that government chooses to col- according to the Shelby County Register of Earliest-Ever Detection Of lect 100 percent. At both of those rates, the government probably Deeds. Virus in Shelby County Weingarten announced in April its plans won’t be collecting any money.
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