May 31-June 6, 2013, Vol. 6, Issue 23 30 Health Care & Biotech Dr. Robert Wegner, a »bariatric surgeon with the Saint Francis Center for Surgical Weight Loss, is seeing more patients seeking surgical weight loss solutions. IN SearCH OF FRIENDLY SKIES: Heated DEBate OVER SCHOOLS: North Mississippi attorney Stan Little The day after the countywide school board took its budget plan to has launched his own regional airline, the County Commission, commissioners and school board members SHELBY • FAYEttE • TiptON • MadisON Southern Airways Express. » Page 10 clashed on the WKNO-TV program “Behind The Headlines.” » Page 6 SPECIAL EDITION : SECURITIES & INVESTMENTS BALANCING ACT FINANCIAL ADVISERS RETHINK THE 60/40 INVESTMENT MODEL PaGE 14 Illustration: Emily Morrow 12 Sports Memphis Grizzlies owner Robert Pera and CEO Jason Levien have plenty to decide this offseason, highlighted by a new contract for coach Lionel Hollins. WEEKLY DIGEST: PAGE 2 EDUCatioN: PAGES 24-25 HOSPitalitY: PAGE 26 laW talK: PAGE 28 EDITORIAL: PAGE 38 A Publication of The Daily News Publishing Co. | www.thememphisnews.com 2 May 31-June 6, 2013 www.thememphisnews.com weekly digest Get news daily from The Daily News, www.memphisdailynews.com. THE MEMPHIS NEWS | almanac Fred’s Net Income to 88 cents per share, while analysts expect Rises 9 Percent earnings of 82 cents per share. MAY 31-JUNE 6 Shares of Fred’s rose 84 cents, or 5.5 This week in Memphis history: Discount retailer Fred’s Inc. said percent, to $16.04 in morning trading. The Thursday its first-quarter net income rose stock has changed hands between $12.30 >>>>> 2012: The Overton Bark dog 9 percent, helped by a modest rise in sales and $16.08 in the past 52 weeks, and is up park opens in Overton Park and lower costs. about 20 percent since the start of the year. between Rainbow Lake and the The results topped Wall Street predic- park’s golf course. The 1.3-acre tions, and shares rose in morning trading. area whose construction was For the three months ended May 4, funded by Hollywood Feed is divided into two sections – one for smaller Fred’s earned $11.4 million, or 31 cents per Jones Awarded Honor At dogs and the other for large dogs. share, up from $10.5 million, or 28 cents Riverside Military Academy per share, in the 2012 first quarter. >>>>> 2008: Riviana Foods Inc. of Houston filed a $30 million application Revenue totaled $501.5 million com- John Paul “Jack” Jones, former pub- for a building permit to add a 420,000 square foot rice processing and pared with $500.5 million a year ago. lisher of The Daily News, is the recipient of distribution center to its plant at Dempster Avenue and East Bodley Analysts, on average, expected a profit the President’s Philanthropy Award from Street. The expansion moved the functions from Houston to Memphis, of 27 cents per share on $499.5 million in Riverside Military Academy. closing the Riviana Houston plant. revenue, according to FactSet. Jones, a 1938 graduate of the Gaines- The Memphis-based company said its ville, Ga., institution, was honored this >>>>> 1993: The First Tennessee Building, 165 Madison Ave., was sold by revenue at stores open at least a year fell month for donations and contributions to Belz Enterprises to Mutual Benefit Life Assurance Corp. of Newark, N.J. 1.3 percent. The metric is a key measure of numerous cultural, religious and edu- for $13.5 million. a retailer’s health, because it excludes sales cational organizations in Memphis and at stores that recently opened or closed. elsewhere in the country. >>>>> 1963: On the front page of The Daily News, Cooper Turner Jr., presi- Fred’s said it remains “guardedly Jones attended the academy in the dent of the Memphis-Shelby County Bar Association announced that a optimistic” about the second quarter. It foothills of the Blue Ridge Mountains for low turnout of 300 members of the association had voted not to admit projected a profit of between 6 cents and 9 two years before attending and graduat- African-American attorneys as members of the association. cents per share on sales growth of between ing from Vanderbilt University in Nashville 2 percent and 4 percent. Based on the followed by service in the U.S. Navy during >>>>> 1877: Memphis Brewing Co. served its first beer. The company, company’s prior-year results, the guidance World War II. owned by S. Luehrmann, P. Wald and H. Leisse, was the first sustained implies revenue of between $480.2 million After his war service, Jones earned his beer brewing presence in the city that lasted beyond a year or two. and $489.6 million for the current quarter. law degree from the University of Virginia. Source: “Finest Beer You Ever Tasted” by Kenn Flemmons Analysts expect earnings of 10 cents At Riverside he is best remembered for per share on $481.6 million in revenue. a senior year trip he and his classmates The company also backed its full-year made to Cuba with a group of dignitaries profit prediction for earnings of 77 cents from Georgia. 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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 May 31-June 6, 2013 3 Get news daily from The Daily News, www.memphisdailynews.com. weekly digest Guardian Relocation Equipment malfunctioned at the mill, Lawsuit Seeks Restoration and will be eligible to run for a full three- Moving Into Memphis which makes containerboard, allowing an Of Confederate Park Names year term next year. Weickenand is the first untreated plume of a substance known as elected official from Tennessee since 1990 Guardian Relocation Inc. is moving black liquor to flow into the Pearl River. A group of nine Memphians called and will begin his term following the close into a new regional market in the Mid- Black liquor isn’t toxic, but it sucked up all “Citizens To Save Our Parks” is taking the of the NAFCU annual business meeting in South: Memphis. the oxygen in the river as it decayed, suf- city of Memphis and the Memphis City July in Boston. The Memphis branch is the first office focating more than 160,000 fish and more Council to court over the council’s Febru- in Tennessee for Guardian, which already than 430,000 freshwater mussels. ary decision to temporarily rename three operates from three locations in Indianap- An International Paper spokesman said Confederate-themed parks. olis, Ft. Wayne, Ind., and Columbus, Ohio. Thursday the company has made major The Shelby County Chancery Court St. Jude Associate Named An agent of one of the nation’s lead- improvements at the Bogalusa plant since lawsuit filed Wednesday, May 29, contends Health-System Pharmacists ing movers like Atlas Van Lines, Guardian acquiring Temple Inland 2012. the mayor’s office through the parks ser- will focus on all aspects of the moving and “We have invested considerable finan- vices director has the authority to rename James Hoffman, an associate member storage industry, including residential cial and human resources into improving parks, not the council. And the lawsuit, in the St. Jude Children’s Research Hospital interstate moving, storage, commercial the mill and correcting the issues that assigned to Chancellor Kenny Armstrong, Pharmaceutical Sciences Department, relocation, specialized transportation, affected it prior to the purchase,” Thomas also says the council resolution violates a has been named a fellow by the American distribution and logistics. Guardian plans J. Ryan said in an email. state law signed into law after the council Society of Health-System Pharmacists for on capitalizing on Memphis’ location and Those included infrastructure im- acted. excellence in pharmacy practices. strong industrial and logistics infrastruc- provements and the hiring of new person- The lawsuit filed by Nashville attorney Hoffman is an expert in national drug ture. nel, including an environmental scientist Douglas E. Jones seeks a declaratory judg- shortages and also focuses on medication Jay Fuson, owner of Guardian Reloca- to lead the renovation of the wastewater ment from Armstrong that would make the safety. He led a national survey of oncol- tion Inc., said he believes the company treatment system, Ryan said. council’s actions “null, void and invalid” ogy pharmacists published in March that adds value to “Atlas, the Atlas family of U.S. Attorney Dana Boente’s office, and restore any signage taken down in the found drug shortages are taking a heavy agents and to the Memphis community.” in a news release, said U.S. District Judge parks by the administration. toll on cancer patients, including higher Ivan L.R. Lemelle ordered the company The administration of Memphis Mayor costs and treatment delays. Wednesday to pay $1.2 million in restitu- A C Wharton Jr. took down the signage The 2013 fellows will be honored in tion and a criminal fine of $1.5 million “for before the council passed the resolution June during the ASHP Summer Meeting FedEx Building the harm caused by the negligent dis- and earlier it removed a stone marker paid and Exhibition in Minneapolis.