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

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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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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. Center In Indiana charge to the Pearl River and its tributar- for and placed in Forrest Park by the group ies,” including the loss of the protected Sons of Confederate Veterans. FedEx is set to start building a package species Gulf sturgeon and other aquatic The group claims it had permission distribution center in suburban India- life, Boente’s office said. The company from the city for the marker bearing the American Athletic napolis. pleaded guilty in February to a two-count name of the park near the curb of Union Conference Unveils New Logo The company says it will build the bill of information charging it with mis- Avenue in front of the statue of Confeder- 300,000-square-foot facility in Zionsville a demeanor counts of negligent violation of ate General, Ku Klux Klan leader and slave The new athletic conference for the couple miles north of Interstate 465. The the Clean Water Act and the Refuge Act. trader Nathan Bedford Forrest. University of Memphis, American Athletic Indianapolis Star reports the new facility The lawsuit claims that in a 2005 legal Conference, has a new look to go with its will cost $40 million. opinion, City Council attorney Allan Wade new name. The former Big East conference The company plans to open the center told council members only the mayor released its logo on Thursday. in August 2014 with about 200 workers, Kyle Files Bill to Create could change the name of a park since the “It’s a very important step in the although most will be transferring from an Grizzlies License Plates city abolished the park commission that rebranding of our conference and the existing Indianapolis FedEx facility. was at one time the regulatory authority reinvention of the American Athletic Con- FedEx says that Indianapolis center will Tennessee state Sen. Jim Kyle has filed for parks. ference,” Commissioner Mike Aresco said remain open and both sites are expected a bill that would create a Memphis Griz- But the council resolution passed in during a conference call. to add employees over time. zlies specialty license plate. February to rename Forrest, Confederate The big block blue A with a red star at If approved, the plate would support and Jefferson Davis parks was backed by its center is part of the rebranding of the the Memphis Grizzlies Charitable Foun- Wharton. new conference, which will begin competi- dation, which supports youth sports and tion this fall. International Paper mentoring programs in Shelby County. “It’s a bold symbol and an elegant Subsidiary Fined $3.3M To get it done, Kyle’s office needs to design,” Aresco said. hear from fans and anyone who’d want a Orion CEO Elected To The American will consist of Rutgers, A federal judge has ordered Temple plate. Creating a specialty plate requires National Credit Union Assoc. Louisville, South Florida, Connecticut, Inland, a subsidiary of Memphis-based legislative approval, as well as 1,000 pre- Cincinnati, Temple, Central Florida, Mem- International Paper, to pay $3.3 million orders. Anyone interested in pre-ordering Daniel Weickenand, CEO of Orion Fed- phis, Houston and SMU next year. and serve two years of probation for pol- a plate can email Kyle’s legislative office at eral Credit Union, has joined the board of Rutgers and Louisville will leave after luting the Pearl River in 2011 with illegal [email protected]. the National Association of Federal Credit the 2013 season and Tulane, Tulsa and East discharges from its Bogalusa paper mill The Tennessee Titans and Nashville Unions. Carolina will join in 2014. Navy is set to that killed thousands of fish. Predators already have similar plates. He’s been elected to a one-year term become the 12th member in 2015.

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Methodist Healthcare Sallie Mae to Split Tennessee Homeowners Win any other April since 1998. Launches Diabetes Program Into Two Companies Relief in Mortgage Settlement Mississippi Department of Revenue figures show statewide casino revenue fell Methodist Le Bonheur German- Sallie Mae plans to split into two sepa- Tennessee homeowners have received 6 percent to $176.3 million. town Hospital and Methodist University rate, publicly traded companies. The stu- more than $170 million in relief so far as Year-over-year casino revenue has Hospital are launching a free diabetes dent loan giant also named John Remondi part of the national mortgage settlement fallen in every month since July 2012. The prevention program that can help high risk as its CEO. with the nation’s five largest mortgage state’s casinos, over the last 12 months, individuals avoid or delay on the onset of Sallie Mae, formally named SLM Corp., servicers that was announced in February have collected only about 75 percent of type 2 diabetes. said Wednesday that the two separate 2012. the money they collected in 2007, the peak One in three adults has prediabetes, companies – an education loan manage- That’s according to the most recent year for gambling revenues. a condition where blood glucose levels ment business and a consumer banking progress report from the settlement The numbers exclude Choctaw Indian are higher than normal, but not yet high business – would help unlock value and monitor. The settlement arose out of an casinos, which aren’t required to report enough to be diagnosed as diabetes. Many boost its long-term growth potential. investigation into mortgage servicing and winnings to the state. people with prediabetes develop type 2 The education loan management foreclosure practices. The 18 river casinos from Tunica diabetes, a condition that often can be pre- business would include the company’s Tennessee homeowners are continu- to Natchez won $90.6 million, down 3 ventable with lifestyle changes. portfolios of federally guaranteed and ing to receive substantial benefits under percent from the $93.7 million they won Led by the Centers for Disease Control private education loans, as well as most the settlement more than one year after it in April 2012. The 12 coastal casinos won and Prevention, the curriculum is based related servicing and collection activities. was first announced. Eligible Tennessee $85.7 million from gamblers, down 8 on research that found people can cut Remondi will continue as its CEO. homeowners have received $173 mil- percent from the $93.4 million they won in their risk of developing type 2 diabetes The principal assets of the business lion in relief from March 1, 2012, through January 2012. in half by losing 5 percent to 7 percent of are likely to include approximately $118.1 March 31, 2013. That relief includes loan The declines have been steeper, in gen- their body weight, improving food choices billion in federally guaranteed loans, $31.6 modifications, refinances, short sales and eral, along the river. The parent companies and increasing physical activity by 150 billion in private education loans, $7.9 deficiency waivers. of several casinos in Vicksburg and Tunica minutes per week. billion of other interest-earning assets; and The monitor’s report also shows that have faced financial distress. Part of the Participants meet with a trained a loan servicing business with about 10 servicers are offering an additional $49 recent weakness at Tunica and Lula casi- lifestyle coach and learn how to make million student loan customers. million in loan modification savings to nos has been competition from expanded changes like losing weight, being more This includes 4.8 million customer ac- eligible Tennessee homeowners. gambling venues in Arkansas. physically active and managing stress. counts serviced under Sallie Mae’s contract The continued downdraft is hurting with the U.S. Department of Education. not only state and local tax receipts but Sallie Mae’s private education loan employment. origination and servicing businesses, Mississippi Casino Revenues In January, for example, Boyd Gaming TennCare Reports including Sallie Mae Bank and the private Fall 6 Percent in April Corp. laid off 100 people from its Sam’s 1,700 Arrests for Fraud education loans it currently holds, will Town casino in Tunica, according to fig- operate separately under the Sallie Mae Mississippi casino revenue kept falling ures from the Mississippi Department of The TennCare Office of Inspector Gen- brand. in April, with gamblers losing less than in Employment Security. eral says there have been more than 1,700 Joseph DePaulo, executive vice presi- arrests for fraud against the state health dent of banking and finance will serve as care system since 2005. the consumer education lending fran- The inspector general’s office, which is chise’s CEO. separate from TennCare, began full opera- The consumer banking business’ tion in February 2005 and has investigated assets are likely to include about $9.9 bil- cases leading to more than $3.5 million lion of assets made up mostly of private paid in restitution to TennCare. education loans and related origination The latest arrest reported was an- and servicing platforms; cash and other nounced Tuesday, May 28, and was that investments and the Sallie Mae Upromise of a Gibson County woman, charged with Rewards program. using TennCare benefits to pay for pain The two separate companies will ini- medication and then selling pills. She is tially be owned by Sallie Mae stockholders, 45-year-old Gina Darlene Willis of Brad- but the separation of the businesses does ford. not require a shareholder vote. Citizens can report suspected Newark, Del.-based Sallie Mae antici- TennCare fraud toll-free at (800) 433-3982 pates the split, if given final approval by or online at http://www.tn.gov/tnoig its board, could be completed within 12 and follow the “Report TennCare Fraud” months. prompts.

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King Documentary Wins Prestigious Peabody Award A documentary about the assassina- FROM THE BLOG tion of Dr. Martin Luther King Jr. has won the prestigious Peabody Award, with the Memphis Grizzlies Owner Robert Pera Making News help from the University of Memphis Libraries. “MLK: The Assassination Tapes,” Editor’s Note: “From the Blog” is a weekly feature name of a WiFi network] should be “FedExFo- directed by Tom Jennings, follows the 1968 that highlights some of the enterprising work our Sanitation Workers Strike in Memphis and rum WiFi Test.” It will be perfect before next staff and contributors post on The Daily News blog, other events leading up to King’s murder. season.” The film makes use of various formats blog.memphisdailynews.com. of material from the Sanitation Workers Meanwhile, CNBC’s Jim “Mad Money” Cra- Strike Collection in the Libraries’ Special ANDY MEEK | The Memphis News Collections Department. mer gave a shout out to Pera’s company on a Under the direction of professor David ere are a few recent tidbits related to recent episode of his TV show. Cramer, during Yellin of the Department of Speech and Drama, a group of concerned citizens, HGrizz Nation’s favorite Photoshopper- one of his recent “Lightning Round” segments including many U of M faculty and staff, in-chief: on the show, said of Ubiquiti – “I happen to began collecting documents and other materials related to the dispute between Robert Pera’s company, Ubiquiti Networks like this kind of company.” the striking sanitation workers and city Inc., is still moving forward with install- Ubiquiti’s stock has been on an upward tra- officials. After King’s murder, they branched ing some of its wireless Internet products jectory over the past couple of months, climb- out and began soliciting outtake and broadcast footage of the events of early at FedExForum. In response to a tweet last ing from $13.88 a share March 1 to $15.06 May 1968 from TV networks and local affiliates. week asking whether that’s still happening, 1. It stood at $19.75 at the end of the day on They also conducted oral interviews with participants and well-placed observers, Pera, the Grizzlies’ majority owner, tweeted in May 20. including a few strikers, most of the local response: “Yes! Installations and testing going Pera also recently rejoined the list of U.S. and AFSCME union leaders, community leaders, Memphis Mayor Henry Loeb and on as we speak. SSID [blog note – the public billionaires, according to Forbes. his assistants, and members of the Mem- phis City Council. About 150 individuals were interviewed.

Hungry TennCare Eating The effort begins Saturday, June 1, with by more demand for aircraft and stronger State Archivists to Appear a month-long Pickin’ Up Tennessee tour More of State Budget business investment. The gains suggest In Somerville in June designed to drive home the campaign’s State Treasurer David Lillard says economic growth may be holding steady message: Love the land. Lose the litter. expanding health care costs could absorb this spring. Archivists from the Tennessee State Pickin’ Up Tennessee has enlisted funding the state used to spend on other Orders for durable goods, items Library and Archives and the Tennessee musicians in 20 tour locations to provide needs. expected to last at least three years, rose State Museum will be in Somerville June 6 a soundtrack for the campaign. Organiz- The Jackson Sun reported Lillard talked 3.3 percent last month from March, the to record and archive Civil War memora- ers are now seeking volunteers for the about the potential impact of the Afford- Commerce Department said Friday. That bilia. cleanups. able Care Act on Tennessee finances as he followed a 5.9 decline in March. The archivists are collecting the digital According to the Tennessee Depart- spoke to the West Tennessee Association of A measure of business investment records and photos for a new exhibit and ment of Transportation, last fiscal year Health Underwriters on Thursday. plans increased 1.2 percent. And the are visiting other parts of the state and more than 23 million pounds of litter were Lillard noted the state budget that goes government revised the March figure to region as well. The group plans to visit all collected from Tennessee’s county, state into effect July 1 contains $391 million in show a 0.9 percent gain, instead of a slight 95 Tennessee counties. route and interstate roadsides. new revenue and more than $300 million decrease. Area residents can meet with the The schedule of events is at www. of that will be consumed by TennCare. Companies ordered more machinery archivists at the Somerville-Fayette County PickinUpTN.org. “You’re dealing with a situation where and electronic products last month, typi- Public Library, 216 W. Market St., from 3 you can have a shift in priorities going cally signs of confidence. More spending p.m. to 7 p.m. on June 6. forward,” he said. by businesses could ease fears that manu- The archivists will scan or take digital Lillard said the federal act puts a facturing could drag on the economy later photos of the items and return them to Employment Program mandatory $1.2 billion financial load on this year. their owners at the library after doing so. Provides Job Training Tennessee. Factories had been seeing fewer orders They will also give those bringing items a “That’s from (fiscal year) 2013 to (fiscal at the start of the year, in part because copy of the photos they take and offer tips Memphis’ Workforce Investment Net- year) 2019,” Lillard said. “That’s about $200 slower global growth had reduced demand on how to better preserve the items. work has selected Porter-Leath to coordi- million a year.” for U.S. exports. Economists had also wor- To make a reservation with the archi- nate and manage the 2013 Summer Youth Lillard said support for higher educa- ried that across-the-board federal spend- vists call 615-741-1883 or email civilwar. Employment Program. tion could further erode as a result. In ing cuts and higher taxes might prompt [email protected]. Employers in Shelby and Fayette coun- 1990, state revenue funded more than half businesses to cut back on orders. Reservation forms and a list of avail- ties will provide career experience and the cost of state universities. That per- Paul Ashworth, an economist with able appointment times are on the Secre- training for 400 young people from age 16 centage has already declined to about 38 Capital Economics, said the April report tary of State’s website at http://tn.gov/tsla/ to 21. percent and could be further reduced. suggests economic growth is holding cwtn/cwtn_events.htm. Porter-Leath is working to secure job Lillard said with TennCare using up up. He predicts growth in the April-June placements and employer worksites by most of the money, programs such as quarter will be at a rate of 2 percent to 2.5 June 10. higher education and K-12 schooling will percent. That’s not much lower than the There is no expense for employers, but have to compete for funding. 2.5 percent rate reported for the January- Scenic Tennessee Launches they must agree to provide meaningful March quarter. Anti-Litter Campaign work, training and supervision for pro- Still, the payoff from the pickup in gram participants. business investment may not come until The nonprofit group Scenic Tennessee “Preparing our youth and providing US Durable Goods Orders the end of the quarter. That’s because the is promoting an anti-litter campaign that them with job training and readiness is Rise 3.3 Percent in April government looks at shipments when it combines music, scenic photography and critical to their success as an adult,” said measures the gross domestic product, not community cleanups with online videos Sean Lee, president at Porter-Leath. U.S. orders for long-lasting manufac- orders. And shipments of goods that signal and social networking. tured goods rebounded in April, buoyed investment plans fell in April. 6 May 31-June 6, 2013 www.thememphisnews.com

contributors MAY 31-JUNE 6, 2013, VOL. 6, NO. 23 news

EDUCATION

bill dries Senior Reporter President & CEO Peter Schutt Bunker, Hart Government, Education, Manufacturing, Agribusiness 528-5277 | [email protected] General Manager Emeritus Ed Rains Clash on Merger Publisher Eric Barnes bill dries | The Memphis News Associate Publisher & Executive Editor James Overstreet andy meek Managing Editor Senior Reporter Lance Allan Wiedower TV show sees spirited debate on future of schools Banking/Financial Services/Accountants, Markets & Economy, Economic Development, Small Business Deputy Managing Editor Eric Smith 528-5279 | [email protected] ne of the most vocal critics of the he believes has applied to Memphis City countywide school board’s $1.18 Schools for some time. Associate Editor billion budget proposal says the He pointed to the $159,000 annual Kate Simone O schools merger is imposing a failed edu- salary of schools security director Gerald cation formula on legacy Shelby County Darling, which is more than Memphis Graphic Designer & Photo Editor Brad Johnson Schools. Police Director Toney Armstrong makes. “Why is it that Shelby County Schools “I saw that as a sign that they need Graphic Designer & Illustrator can provide more teachers, better salaries to review maybe some of their salaries,” Emily Morrow jennifer JOHNSON backer for their principals and so forth – they can Bunker said. “Their focus has been if we REPORTER provide more of that than Memphis (City cut anymore, we are going to have to cut Senior Production Assistant Health Care/Biotech, Transportation/Distribution/Logistics, Schools) can with more money?” Shelby in the classroom. I have a hard time be- Sandy Youngblood Attorneys/Courts/Civil Litigation, Nonprofits County Commissioner Wyatt Bunker lieving they have to cut in the classroom | 528-8622 [email protected] asked. “That is the failure of the school when they have a security guard that’s Production Assistant Laurie Beck board that Tomeka (Hart) served on to do being paid $159,000. what needed to be done years and years Orgel said taking the former Shelby Advertising Director and years ago.” County Schools to the city schools staffing DON FANCHER And the school board member who levels with more students per teacher and first suggested a schools merger in 2010 fewer teachers is “the only place left to cut Senior Account Executive other than $50,000 here or $100,000 there, JANICE JENKINS says county schools were on borrowed time and money with an unsustainable which will never add up to $30 million.” AMOS MAKI richer staffing model without the merger. “I challenge all of the elected officials Account Executive REPORTER LUCY BLACKMON “If we were not merging, guess what? on other bodies in this community to go Commercial and Residential Real Estate, Architects/Engi- Shelby County Schools would be in deep- take on the unions, to go cut salaries, to neers/Construction Business Development Manager er trouble than they are in right now,” cut benefits and to cut their budget,” Or- Patricia mckinney 521-2464 | [email protected] Hart said. “This merger is actually saving gel added. “I haven’t seen that being done Shelby County because we are trying our anywhere but the school board.” Director of Marketing DONNA WAGGENER best to not have to gut their system. They Bunker also accused the countywide cannot afford their system.” school system of only reporting and al- Controller/Human Resources The extraordinary exchange between locating half of an unexpected increase PAM MALLETT Bunker and Hart came on the WKNO-TV in state Basic Education Program funding program “Behind The Headlines,” which that trimmed about $5 million from the Administrative Specialist also included school board Chairman funding gap. MARSHA PAYNE DON WADE SPORTS COLUMNIST Billy Orgel and County Commission “I heard it was $10 million and your Chairman Mike Ritz. cut was $5 million,” Bunker said. Circulation Coordinator [email protected] KAYE KERR The program, hosted by Eric Barnes, Hart and Orgel said Bunker is confus- publisher of The Daily News, will be ing the BEP funding with $9 million in Production/Distribution Manager posted Wednesday, May 29, on The Daily state funding that was a cost-of-living JOHN BUESCHER News Video, www.memphisdailynews. raise for teachers that the state gave the com. school system a waiver on to level teacher Pressman CEDRIC WALSH Hart said Bunker’s question is “ridicu- and principal pay levels in the merger. lous.” “There are a lot of things going around Pressman “I’m so tired of us and them,” she in the community about the state money,” PETE MITCHELL LANCE MURPHEY added. Ritz said. “You could look at that thing PHOTOGRAPHER “While we appreciate y’all’s thoughtful any way you wanted to look at it and say Weekly features, spot news rescue,” Bunker replied, “we would prefer anything you wanted to about it. It’s very [email protected] Published by: to be a part of our own system.” confusing.” THE DAILY NEWS PUBLISHING CO. The discussion was taped the day Ritz said the schools budget is “rea- 193 Jefferson Avenue Memphis, TN 38103 To reach our editorial department, e-mail: after the school board presented its $1.18 sonable” but doesn’t have a nine-vote, [email protected] or call: 901-523-1561 P.O. Box 3663 billion budget proposal to the Shelby two-thirds majority on the commission if Memphis, TN 38173-0663 Tel: 901.523.1561 County Commission. The Thursday, May a property tax hike is used to bridge all of Fax: 901.526.5813 23, taping was also the last day of the final the $30 million gap. www.memphisdailynews.com school year for the two separate school But the proposed 6-cent property tax The Daily News is a general interest newspaper covering business, law, The Daily News is supportive, including in some case systems. When classes resume Aug. 5 hike above a 30-cent increase in the tax government, and real estate and being on the boards of, the following organizations: for the new school year, the two school rate to produce the same amount of rev- development throughout the Memphis Literacy Mid-South, Grace St. Luke's Episcopal metropolitan area. School, Wolf River Conservancy, Ronald McDonald systems will be one. enue in a recertified tax rate proposed by House, Great Outdoors University, Tennessee Wildlife The Daily News, the successor of the Daily Federation, Temple Israel, St. Jude's, St George's Bunker, a former Shelby County Shelby County Mayor Mark Luttrell would Record, The Daily Court Reporter, and The Independent Schools, Shelby Residential & Vocational Schools board member, said he cannot only take a simple majority of seven votes. Daily Court News, was founded in 1886. Svcs, Shelby Farms Park, Calvary & The Arts, Bridges, Boys & Girls Club of Greater Memphis, Binghampton vote for a county property tax increase That would require the school board to

AUDIT PENDING Development Corporation, U of M Journalism Dept., to fund the consolidated schools system either use $10 million of its reserves or a Chickasaw Council Boy Scouts, Memphis Leadership Foundation, Junior Achievement, Overton Park budget, which has a $30 million gap. He combination of some reserve money and Conservancy, The Cotton Museum and WKNO. believes the merged school system is too cutting a few items low on its budget pri- heavy with administrators, an attribute ority list to get the rest of the way there. www.thememphisnews.com May 31-June 6, 2013 7

news LAW & THE COURTS GoToMyPC: It’s this easy.

Daily News File Photo Negotiations on reopening Club 152 began right after it was closed. Reopening of Beale Club About Timing

BILL DRIES | The Memphis News ated by prosecutors and club owners and approved by Potter includes firing all club employees alleged in the nuisance case to have sold drugs at Club 152 or to have he negotiations to reopen one of been “complicit in the nuisance activity.” Beale Street’s busiest and most They are also barred from coming to the Tprofitable nightspots were about club even as customers. not missing one of the busiest Downtown Mandatory random drug testing and weekends of the year and how to handle background checks of all club employees the allegation that some employees of is also a condition and the club owners will Club 152 either sold drugs or were com- pay the drug task force $4,000 to reimburse plicit in drug sales in the club. the task force for the cost of the investiga- A day into that reopening, a patron tion. inside the club was wounded in a stabbing “Deviation will incur the wrath of the and on the same block, there was what po- court,” Potter said as he signed the order lice reports described as a “stampede” that and complimented Ted Hansom, attorney shattered windows at A Schwab, across the for the club owners and prosecutor Katie street. Ratton on working “diligently” toward the Club 152 reopened Friday afternoon, settlement. May 24, a week and a day after it was For Hansom, a critical point was the closed by the West Tennessee Drug Task idea that the club owners were reacting Force and the Shelby County District Attor- solely because of the action by prosecu- ney General’s office with a court injunction tors. alleging it was a public nuisance. When Potter allowed the owners access For seven months, an undercover to the club Tuesday without a reopen- GoToMyPC lets you instantly work on your investigation by the task force using a ing, club employees were immediately office PC from any Internet connection, with Bartlett police officer found evidence of summoned to a meeting and drug tested, drug sales inside the club. The petition to “which is a quick thing to do,” Hansom complete access to your email, programs and General Sessions Environmental Court added. files. Setup takes just minutes, and there’s no Judge Larry Potter also cited numerous “I would be concerned with what police calls to the club. the substance was,” Hansom said. “I will hardware needed. The club closed on the first day of the tell you if somebody showed positive for Memphis in May International Festival smoking marijuana and they had been World Championship Barbecue Cooking working for you five or 10 years, we want Contest before a healthy late afternoon to get them some help. We want to address FREE 30-Day Trial crowd of perhaps 100 tourists snapping that problem. Are we going to step out and pictures. fire them? The answer would be no.” It was the second weekend of a month- The settlement says the employees will gotomypc.com | promo code: AB24 long festival in Tom Lee Park that gener- be drug tested randomly. It doesn’t say they ates the largest crowds of the year in the have to be fired if they fail. entertainment district, which is within As for those alleged to have sold drugs walking distance. or who allegedly saw drugs being sold, Negotiations on conditions for reopen- Hansom again emphasized timing. ing are the standard next step with such “We had terminated some people nuisance petitions when the business within a six-week period prior to this ever involved has never been cited before. And happening,” he said. “We haven’t termi- the talks began immediately. Potter moni- nated anybody shall we say – other than tored the talks. the fact that now that they have charged “We did this yesterday and it seems like some people we anticipate they will not be we did this Monday,” Potter said Friday permitted back in the club. They are pre- from the bench. sumed innocent. But we don’t need them The settlement agreement negoti- working there while it’s pending.” 8 May 31-June 6, 2013 www.thememphisnews.com

REAL ESTATE & DEVELOPMENT Bolding Advocates For Underserved Market

JENNIFER JOHNSON BACKER | The Memphis News

United Housing Inc. executive director at forefront of helping residents secure home ownership

ome people get up early to look at $175,000 community development grant of folks who need these houses,” Bold- the sports pages or comics in the and also landed his first job. By 1994, he ing said. “I like the creative stuff – doing S local newspaper, but Tim Bold- had secured a $1 million federal grant to things that nobody else has yet figured ing wakes up early to look at foreclosure rehabilitate 50 homes in high foreclosure out to do. Everyone knows someone who notices. areas for the United Way. has a disability.” Bolding, executive director of United Today, that effort has grown to nearly He’d also like to build homes for Housing Inc., has long been an advocate 3,000 homes and also includes home- We built seven houses and children who age out of the foster care for West Tennessee homeowners and buyer education and counseling, second- we had a ribbon cutting system, those who need extra medical at- families that are underserved by tradi- ary financing and lending, and home and we were feeling pretty tention and the elderly. tional lenders. While the housing recov- construction and rehabilitation. good. I leaned over to An anthropologist by training, Bold- ery has taken root in some areas of the Bolding, who recently was honored Tyler (Hampton, executive ing says he loves finding unique ways to nation, Bolding remains concerned about by the Alliance for Nonprofit Excellence provide people with housing, improve director of SRVS) and said, Memphis. for his leadership, says United Housing “ communities and maximize impact. As “It’s slowed down and maybe leveled is uniquely positioned to help Memphis- ‘We ought to do some more local, state and federal governments scale off, but it isn’t going away just yet,” he area homeowners because of the organi- of these. How many do you back housing funding, he has turned to said. zation’s background in foreclosures. have on your waiting list?” the private sector to help homebuyers “We’re still in the two pages a day Throughout the housing crisis, and owners. range in terms of foreclosures and until the nonprofit organization has helped – Tim Bolding “Our goal is to create private partner- Executive director of United Housing Inc. we get in the half a page range, it isn’t go- homeowners, utilizing funds from The ships that leverage private sector dollars ing to be over.” Memphis-Shelby County Helping Home- with minimal government dollars,” he Bolding estimates that the Memphis buyers program, the City of Memphis said. area has dropped from about 17,000 Stabilization Program, the Home Afford- “We built seven houses and we had a “We are looking for private sector foreclosures per year at the height of the able Refinance Program and a variety of ribbon cutting and we were feeling pretty investors who are interested in having a foreclosure crisis to 12,000 foreclosures other grants, public-private partnerships good,” Bolding said. “I leaned over to Ty- double bottom line; they want to have a per year today. and entrepreneurial efforts. ler (Hampton, executive director of SRVS) return and a social impact.” “Even in the best of times, when real While United Housing historically and said, ‘We ought to do some more of Already, United Housing is working estate is ginning like nobody’s business, has focused on single-family housing, these. How many do you have on your on a pilot project with a private investor Memphis still has about 5,000 a year,” he the organization recently branched into waiting list?” to renovate 50 foreclosures. Bolding says said. providing housing development for When Hampton explained SRVS had buyers will be helped on a case-by-case Bolding’s background in community other nonprofits like SRVS, a United Way a waiting list of more than 1,800, Bold- basis using a variety of private and public development and housing advocacy partner agency that helps people with ing got to work securing funding. United funding structures. dates to his days as an intern with Shelby disabilities. SRVS provides job training Housing recently landed another $3 When Bolding isn’t busy with United County where he helped secure grant and placement, community participation, million to build and rehabilitate more Housing, he loves escaping to his family proposals. family support, residential living and oc- handicap-accessible homes for SRVS. farm in northwestern Alabama with his He helped secure the county’s first cupational support. “I know he has an unlimited supply wife, children and grandchildren.

Analyzing Global Markets’ Reactions to Fed Dread

In an otherwise exceptionally that the multiple cannot climb higher. To value, this explains why markets rallied benchmark interest rates. dull trading week, markets worldwide frame this discussion, if the long-term sharply on Bernanke’s dovish prepared The current narrative of most money reacted violently last Wednesday to Ben average PE on the market is 15 (our funda- remarks and sold off sharply on his more managers is that this market advance is Bernanke’s mixed congressional testimo- mentally justified number) and the market hawkish remarks in Q&A. attributable entirely to loose monetary ny and the Fed meeting trades at 25, the additional policy and that a shift in policy will produce minutes released later in 10 valuation clicks can be in- The Truth about Tightening a shift in markets. They are right about the day. Why so skittish? terpreted as a consequence Is all of this anxiety warranted? David the bond market. If the Fed wants higher of “something else.” In the Bianco of Deutsche Bank analyzed the last rates then rates will rise. The reaction of The “Something Else” 1990s, the additional valu- 15 Fed tightening cycles back to 1965. One the stock market is less direct. Yes, this Valuation Premium ation clicks represented “ir- month into a Fed tightening cycle, the S&P bull will end when the Fed shoots it, but S&P 500 earnings rational exuberance.” Today, 500 appreciated .80 percent on average. we have to get through not stimulating have doubled and the with the market trading near Twelve months into a tightening cycle the and beginning to tighten before we get to U.S. economy has grown David S. Waddell 17 times earnings, the ad- S&P 500 appreciated 4.45 percent on the fatal stage of over-tightening. While the worldly over $1 trillion since investor ditional valuation clicks can average. Surprised? Don’t be. If the Fed Bernanke may have pontificated about 2008. Household net be attributed to the mon- acts on the perception that economic reducing stimulus, he said nothing about worth today stands just 2 percent below etary policy environment. Therefore, using strength may provoke runaway inflation, reversing it. Look to the economic releases 2007’s peak. Housing and auto sales have my fundamental valuation vs. “something then corporations should be thriving. It is the first week in June for more reliable mile recovered sharply and consumers have else” valuation logic, two valuation clicks not the beginning of the Fed’s tightening markers. weathered cliff and sequester shocks. In emanate from Fed policy. With S&P 500 cycle that mortally wounds markets, it’s David Waddell, who is regularly fea- the U.S., the argument can be made that earnings approximating $100, the Fed the end. Furthermore, the Fed is no- tured in the Wall Street Journal, USA Today today’s fundamentals justify a valuation effect equates to 200 S&P points, or 12 where near tightening. They have to stop and Forbes, as well as on Fox Business equal to the long-term average of 15 for percent of current value. With Fed play stimulating first. To begin tightening they News and CNBC, is president and CEO of the S&P. This does not mean of course accounting for 12 percent of the market must become sellers of securities or raise Memphis-based Waddell & Associates. www.thememphisnews.com May 31-June 6, 2013 9 Money&Markets Extra Robert Harvey’s specialty is investing You have to visit companies in person Has your research ever turned up a Bangladesh is a very poor country, in the fast-growing economies of Asian and be on the ground, and speak to surprise that led you not to pursue a and its factory workers are paid frontier market countries like Sri Lanka, as many stakeholders as possible to specific investment? extremely low wages. But its financial Well-traveled Bangladesh, Vietnam and Pakistan. find out what’s going on. That kind of I recently attended a presentation by a markets are evolving, and their He’s a South African native and a mutual research can yield an advantage in the company in a southeast Asian frontier regulators are making rapid progress. Insider fund manager for San Francisco-based frontier markets, if you’re investing for the country. The CEO gave a very slick, Last year, they laid out specific investor Q&A Matthews Asia. Harvey recently had to long-term like I am at Matthews. Many of MBA-type presentation. It was so good I requirements about what companies get a new passport because he filled the domestic investors in these markets came away feeling it might be too good must do to remain listed stocks. Who he is: Co-manager of the up his first one with border crossing are individuals who have very short to be true, and it required more research. The rules cover everything from the Matthews Emerging stamps after visiting 175 companies in investing time horizons. They may hold The next day, I met with a journalist who composition of corporate auditing Asia Fund six months. Harvey talks about how he a stock for less than a week, and they works in that market, and she told me committees, to how many members What he suggests: approaches investment research in an can account for more than 80 percent of the CEO had actually spent nine years in of a corporate board must be indepen- Make an extra effort to area of the world where first impressions trading volume in a given day. I’m less jail for misappropriating state assets. So dent non-executives, to the definition travel and conduct can be deceiving. He says he works to interested in whether the recent news we didn’t buy that stock. You have to be of what an independent director is. on-the-ground “get behind the facade” of the company flow drives a specific stock up or down skeptical, and trust but verify. Bangladesh is still in the early stages research about specific stocks. presentations he hears on the road. a few percentage points, because I’m of evolution for its financial markets, in it for the long term. I’m looking at the What kind of progress are you seeing but the authorities are trying their best How do you try to get a true sense of structure of a company, its procedures, frontier markets make on issues to move things along quickly. Robert Harvey a company’s prospects, and how can the dedication of its management team, such as corporate governance and that yield an investment advantage? and the transparency of the company. transparency? Answers edited for content and clarity. AP

BEHIND THE BRAND JAMBA (JMBA) Breakthrough drugs In the pharmaceutical industry, companies can analysts are still trying to gauge the economic value spend hundreds of millions of dollars and a decade of the fledgling program. Growth or more developing new medicines. A handful of None of the drugs have been approved for their drugmakers may begin recouping those investments potential breakthrough uses. But in some cases the sooner through a new program designed to speed announcement of the status alone can move stocks. blend drug approvals. Biotech drugmaker Pharmacyclics saw its stock Under a law passed last July, the Food and Drug rise nearly 10 percent in February after the FDA Administration can grant granted the designation to its “breakthrough” status experimental drug ibrutinib, Fruit smoothie company Jamba is shifting more of its locations to to experimental drugs which is being studied for a shaking up its business model. franchise operations, trying new that show promise for rare form of lymphoma. The company, which was store formats and branching into treating life-threatening “It looks like this height- founded in 1990, has struggled other products like fruit chips. diseases. The designation ened communication with the with weaker sales and operating The strategy appears to be grants drugmakers more FDA has the potential to really costs at its Jamba Juice stores. working. Jamba’s revenue edged FDA feedback as they accelerate development — so In response, Jamba has begun higher in the fiscal year ended Jan. 1, while its loss after paying conduct drug studies and I think people rightly view it as preferred dividends narrowed to a potentially streamlined a win for these companies,” Thursday’s close: $3.02 $1.9 million from $10.6 million. It Lost money review process. More than says Patrick Flight, an analyst Price-earnings ratio: also trimmed its loss and 12 drugs have received with drug consulting firm increased revenue in the quarter 52-week price range “breakthrough” status, but Decision Resources. ended April 2. $2 $3 Jamba closed its most recent Early promise quarter with 779 stores in the U.S., Drugs that show early signs of potential effectiveness may get a faster and cheaper path to FDA approval. YTD stock change: 35% 300 of which were company- YTD S&P 500 change: 17% owned. The rest were franchises. Drugs with Potential The company plans to add up Market value: $252 million Company breakthrough status Disease Status annual revenue to 125 stores over the next 2012 revenue: $229 million several years in California. It has Merck (MRK) lambrolizumab Advanced melanoma Mid-stage testing $230-$450 mil. also inked a franchise develop- Pfizer (PFE) palbociclib Breast cancer Late-stage testing $3-$5 billion Avg. broker rating: ment deal to bring 80 Jamba SELL HOLD BUY Juice stores in Mexico over the Vertex Pharma. (VRTX) lumacaftor Cystic fibrosis Late-stage testing $300-$900 mil. next ten years. Jamba’s stock is up 34 percent this year. Source: Company and analyst reports Matthew Perrone; J.Paschke • AP Source: FactSet Data through May 30 Alex Veiga, Jenni Sohn • AP

LocalStocks 52-WK RANGE CLOSE YTD% 1YR% 52-WK RANGE CLOSE YTD% 1YR% COMPANY TICKER LO HI CLOSE THUR. %CHG WK MO QTR CHG RTN P/E DIV COMPANY TICKER LO HI THUR. CHG %CHG WK MO QTR CHG RTN P/E DIV AT&T Inc T 32.71 5 39.00 35.50 -.41 -1.1 t t t +5.3 +11.0 27 1.80 Medtronic Inc MDT 35.67 9 53.83 52.00 +.23 +0.4 s s s +26.8 +41.7 14 1.04 s s s AutoZone Inc AZO 341.98 9 435.36 417.94 +1.19 +0.3 +17.9 +9.2 16 ... Merck & Co MRK 37.02 9 48.79 47.07 +.20 +0.4 t s s +15.0 +29.2 22 1.72 9 s s s BancorpSouth BXS 12.48 18.06 17.45 +.17 +1.0 +20.0 +27.5 20 0.04 Mid Amer Apartments MAA 60.38 6 74.94 68.67 -.93 -1.3 t t t +6.1 +6.3 29 2.78 Boyd Gaming BYD 4.75 9 14.50 13.00 +.19 +1.5 s s s +95.8 +66.4 dd ... Monsanto Co MON 73.65 9 109.33 104.97 -.45 -0.4 s t t +11.4 +42.9 22 1.50 Buckeye Technology BKI 23.52 0 37.93 37.27 -.04 -0.1 t t s +29.8 +32.8 16 0.36 Mueller Inds MLI 39.72 0 55.53 54.85 +1.00 +1.9 s s s +9.6 +24.6 23 0.50 Community Hlth Sys CYH 20.72 0 48.59 46.62 +2.27 +5.1 s s t +51.7 +93.6 16 0.25e 0 s s s Corrections Corp CXW 20.71 8 39.90 35.98 +.23 +0.6 t t s +21.1 +65.5 21 1.92 Navistar Intl NAV 18.17 38.81 36.90 +.78 +2.2 +69.5 +23.6 dd ... t t s Cummins Inc CMI 82.20 9 122.54 117.69 -.03 ... s s s +8.6 +18.5 15 2.00 Nike Inc B NKE 42.55 9 66.07 62.41 -.31 -0.5 +20.9 +14.9 25 0.84 Delta Air Lines DAL 8.42 9 19.43 18.10 +.02 +0.1 t s s +52.5 +53.2 16 0.24 Pinnacle Entert PNK 8.89 8 21.19 18.53 -.39 -2.1 t t s +17.1 +90.0 dd ... t s s Dillards Inc DDS 60.76 0 94.86 92.62 -.63 -0.7 +10.6 +40.0 13 0.20a Regions Fncl RF 5.46 0 9.34 9.38 +.12 +1.3 s s s +31.6 +44.2 11 0.12f 0 t s s Dover Corp DOV 50.27 80.45 78.57 +.62 +0.8 +19.6 +35.5 17 1.40 Renasant Corp RNST 14.66 9 25.17 24.10 -.04 -0.2 t s s +25.9 +62.6 22 0.68 DuPont DD 41.67 0 56.78 56.30 +.28 +0.5 s s s +25.2 +17.5 11 1.80f Smith & Nephew PLC SNN 44.84 0 60.33 58.99 +.64 +1.1 t s s +6.5 +24.4 87 1.31e Education Realty Tr EDR 9.72 4 11.81 10.52 -.27 -2.5 t t t -1.1 +0.9 88 0.40 Smucker, JM SJM 73.20 0 105.18 102.65 -.37 -0.4 t t s +19.0 +34.5 22 2.08 FedEx Corp FDX 83.80 5 109.66 96.52 -.03 ... t s t +5.2 +6.7 17 0.56 0 s s s Fst Horizon Natl FHN 7.44 0 11.63 11.67 +.18 +1.6 s s s +17.8 +31.5 dd 0.20 Suntrust Bks STI 20.96 32.72 32.60 +.60 +1.9 +15.0 +42.2 9 0.40f t s t Freds Inc FRED 12.30 0 15.98 16.03 +.83 +5.5 s s s +20.4 +14.0 20 0.24a Synovus Fincl SNV 1.67 9 2.90 2.70 +.02 +0.7 +10.2 +42.4 dd 0.04 GTx Inc GTXI 2.62 8 7.14 6.13 -.10 -1.6 s s s +46.0 +98.4 dd ... Sysco Corp SYY 27.46 9 35.62 34.10 ...... t t t +8.7 +25.3 20 1.12 s s t Ingram Micro IM 14.42 8 20.21 19.03 +.52 +2.8 +12.5 +2.3 11 ... Trustmark TRMK 20.76 9 26.87 25.96 +.08 +0.3 t s s +15.6 +7.5 15 0.92 9 t s s Intl Paper IP 27.29 49.10 46.83 -.03 -0.1 +17.5 +60.5 24 1.20 Tyson Foods TSN 14.07 0 25.86 25.49 +.13 +0.5 s s s +31.4 +32.0 16 0.20 Isle Capri Casino ISLE 4.75 8 8.79 7.92 +.08 +1.0 s s s +41.4 +47.4 dd ... UPS class B UPS 69.56 9 89.96 86.36 +.02 ... t s s +17.1 +17.5 59 2.48 Kellogg Co K 46.33 9 66.84 62.95 -.22 -0.3 t t t +12.7 +29.5 25 1.76 Utd Technologies UTX 70.71 0 98.18 95.96 +.84 +0.9 s s s +17.0 +29.5 14 2.14 Kirklands Inc KIRK 8.26 0 15.69 15.40 -.26 -1.7 s s s +45.4 +45.3 19 ... 8 s s t Kroger Co KR 20.98 0 35.44 34.39 -.03 -0.1 s t s +32.2 +55.1 12 0.60 Valero Energy VLO 20.00 48.97 40.66 +.18 +0.4 +19.2 +101.8 9 0.80b t t t LifePoint Hosp LPNT 34.37 0 49.78 49.64 +1.46 +3.0 s s s +31.5 +28.0 19 ... Verso Paper Corp VRS 0.98 2 2.38 1.13 -.03 -2.6 +5.6 ... dd ... Macy’s Inc M 32.31 0 50.00 49.19 +.34 +0.7 r s s +26.1 +27.3 14 1.00f Wright Medical Grp WMGI 18.11 0 25.08 25.30 +1.07 +4.4 s s s +20.5 +19.6 cc ...

Dividend Footnotes: a - Extra dividends were paid, but are not included. b - Annual rate plus stock. c - Liquidating dividend. e - Amount declared or paid in last 12 months. f - Current annual rate, which was increased by most recent dividend announcement. i - Sum of dividends paid after stock split, no regular rate. j - Sum of dividends paid this year. Most recent dividend was omitted or deferred. k - Declared or paid this year, a cumulative issue with dividends in arrears. m - Current annual rate, which was decreased by most recent dividend announcement. p - Initial dividend, annual rate not known, yield not shown. r - Declared or paid in preceding 12 months plus stock dividend. t - Paid in stock, approximate cash value on ex-distribution date. PE Footnotes: q - Stock is a closed-end fund - no P/E ratio shown. cc - P/E exceeds 99. dd - Loss in last 12 months. 10 May 31-June 6, 2013 www.thememphisnews.com

Withdraw From AIRLINES Funds With Care Ray’s Take While you’re allowed to withdraw funds from Cocktail Napkin your tax-qualified plans as early as age 59 1/2, many people delay making withdrawals until they have to, at age 70 1/2. There certainly can be advantages to Southern Airways Express goes from deferring that tax liability those extra years if there dream to reality with first flight are other assets available for retirement. However, Reality if you fail to make required minimum withdraw- als (RMDs) then, the penalties are substantial – a JENNIFER JOHNSON BACKER | The Memphis News whopping 50 percent tax above the regular income tax. Fortunately, most banks, brokerage houses and mutual-fund providers notify you in that crucial year, Stan Little and every year afterwards, letting you know just is chairman how much you need to withdraw based on tables and CEO of Southern Air- provided by the IRS based on your life expectancy. ways Express, Why this insistence on making withdrawals? which will Because funds you have in these accounts have fly between Memphis, New never been taxed and now Uncle Sam is ready for Orleans, Des- his share. One tin, Panama big exception City Beach, is Roth IRAs, Gulf Shores and a few because those other South- funds were ern cities. already taxed. Another ex- ception: if you ray & dana Brandon are still work- rays of wisdom ing, there is no requirement to withdraw from that company’s 401(k) plan, but you do have to withdraw from any other qualified plans you did not roll over. Photo: Lance Murphey If, like many people, you have multiple IRAs or 401(k)s, you do not need to make pro rata with- orth Mississippi attorney fly out of Olive Branch and Gen. De- Square and as a floor manager of the drawals from each account, however, you do need Stan Little’s private plane Witt Spain airport near Downtown booking website Cheaptickets.com. to withdraw the total RMD. This offers a planning Nhad become so popular with Memphis, allowing the passengers to Little, who holds a law degree tool for careful investors. You can try to maintain a friends they joked that he should arrive 15 minutes before a flight. The from the University of Mississippi specific asset allocation by using the annual RMD start his own regional airline. airline’s Cessna 208 Caravans seat School of Law, also ran for circuit opportunity to make adjustments rather than letting “Anybody that knows someone nine passengers and a pilot. Pas- judge of the 17th District in 2010, things be set automatically. who owns a plane wants to borrow sengers also bypass Transportation and lost. He continues to operate a Of course, all these are general guidelines, and it,” he said. “Once you have done Security Administration screening law practice in Hernando and also is the reality must be analyzed on a case-specific that once, you never want to go back and baggage and parking fees. licensed to practice in Hawaii. basis. If ever there was a time to get professional through an international airport hub “Everything you don’t like about Little moved to Hawaii after law financial advice, this is it. ever again.” the airlines today, we are going to school and originally planned to Not only do you want to be sure of avoiding that While Little, 41, isn’t a pilot, he find ways to eliminate it,” Little said. practice there. While studying for 50 percent penalty, you also need to develop a plan has taken his plane, a Cessna 421 “It will be a completely personalized the state’s bar, he worked as an early to minimize your tax exposure over the years while Golden Eagle, all over the Carib- experience, a foreign experience, morning shift manager for Cheap- still providing you with the funds you need for a bean on diving trips. It was on one compared to anything they have tickets.com. comfortable life. One last thing, try to get in the habit of those trips that Little began to experienced.” “That’s where I really learned a of checking your beneficiary designation with every consider the idea of launching a Little says the airline will have lot about ticketing and fare struc- RMD. It’s important. regional airline. a luxury feel, modeled after Pan tures and the way the airlines oper- “We started talking about the American Airways in the late 1960s ate,” he said. “You got to see how Dana’s Take idea and we drew a route map on a and 1970s, complete with uniforms they allot these seats – which most people find illogical and unfair.” While the RMD is mandatory at 70 1/2, remem- napkin at a cocktail bar in the Baha- that are a nod to the luxury era of fly- mas,” he said. ing. Pilots will wear blue suede shoes While he ultimately decided to ber that is the minimum, not the maximum you can Less than a year later, Little and ladies will wear scarves. return to Mississippi to open a prac- withdraw. You might take a close look at your total is CEO of a new Memphis-based “You’ll get to shake the pilot’s tice, Little credits the time he spent financial picture and then consider the costs of the airline called Southern Airways hand, and the reservation agent in Hawaii with his love for travel. lifestyle you want to maintain before making deci- Express, which launches Wednesday, will know your name if you are a Little won’t quit his day job as sions. May 29, with an inaugural flight for frequent customer,” he said. a defense attorney just yet, but he If you want to take advantage of these earlier industry partners and members of This isn’t Little’s first business hopes demand will allow the airline retirement years to travel extensively but plan to live the media from Memphis to Destin. venture. to continue expanding both flight more quietly later, you might need to access more The routes aren’t all that different The Humboldt, Tenn., native frequency and routes. funds at first. However, if you dream of leaving your from the ones on that original cock- purchased his first radio station at “We’ve made the commitment descendants a substantial inheritance, you’ll want to tail napkin; the regional airline will the age of 17 with the help of his that we won’t abandon any of our be more cautious with your withdrawals. fly to Destin and Panama City Beach, father. Gulf destinations when the low sea- It will take a lot of calculations, including factoring Fla., Gulf Shores, Ala., and New “It took a few months to con- son comes, but those routes will be in inflation and a cushion for the unknown, but plan- Orleans. Little estimates the airline vince my father to cosign the loan at available on a reduced frequency,” ning for your future doesn’t stop with retirement. It employs about 50 people, including the local bank in town,” he said with he said. lasts as long as you do. partners and contractors. a wry smile. In the fall, Little says the air- Ray Brandon is a certified financial planner and The airline, which is backed by Little says the station was the line plans to fly to Birmingham, CEO of Brandon Financial Planning (www.bran- local investors who have chosen to first all news and talk station for Ala., Oxford, Miss., Chattanooga, donplanning.com). His wife, Dana, has a bachelor’s remain anonymous, will help fill rural Western Tennessee. Tenn., Knoxville, Tenn., and possi- degree in finance and is a licensed clinical social nonstop service gaps left by major He’s also worked as a defense bly Atlanta – but demand will drive worker. Contact Ray Brandon at raybrandon@bran- carriers, Little said. Fares on all attorney, cotton merchant, the pub- the destinations. He’s encouraging donplanning.com. flights will range from $129 to $249 lisher of a travel magazine based in potential customers to suggest cities each way. Oxford, Miss., the owner of an oyster where they’d like to see nonstop Southern Airways Express will restaurant and tiki bar on Oxford service. www.thememphisnews.com May 31-June 6, 2013 11

HEALTH CARE & BIOTECH DOWNTOWN Boyle Helps Reach FDA Could Oversee Harahan Funding Goal

Some Compounds AMOS MAKI | The Memphis News

JENNIFER JOHNSON BACKER | The Memphis News he city of Memphis has raised the matching funds to build the “Main to Main Connector” thanks to Tlocal donations, the latest of which is $50,000 from Bill that passed Senate panel the drugs they take are safe,” Lamar said in a prepared Memphis-based Boyle Investment Co. statement on May 15, the day he helped introduce the The $29.7 million project is designed to link Main would affect some – but not all legislation. Street Memphis to Broadway Avenue in West Memphis While the Senate bill would establish a new catego- via a boardwalk for bicyclists and pedestrians on the – compounding pharmacies ry of FDA regulatory oversight for large-scale pharma- north side of the Harahan Bridge straddling the Missis- cies that function more like manufacturers, traditional sippi River. Senate panel on Wednesday, May 22, approved retail compounding pharmacies that do not ship across “What a great opportunity to provide free amenities a bill that would tighten oversight of special- state lines would remain under state control. Currently, that are there for everybody to use,” said John Moore, A ized compounding pharmacies and bring them state laws vary widely, so a company that is considered president and CEO of the Greater Memphis Chamber. under Food and Drug Administration control. a drug maker in one state could be classified as a retail “This is what happens when the community comes to- Compounding drugs, particularly sterile inject- compounding pharmacy in another state. gether. When that happens, generally we get results. ables, has fallen under the scrutiny of the FDA because Most of the problems associated with drug com- “This is just so fantastic because it’s really a nation of a string of recent health emergencies. In 2012, an pounding have been tied to the emergence of firms spotlight-like project. We can take advantage of what we outbreak of fungal meningitis was linked to an inject- with pharmacy licenses making and distributing drugs have with the river and be a leader.” able steroid that infected hundreds of people across the in a way that’s outside the bounds of traditional phar- In May, the Greater Memphis Chamber took the U.S. The outbreak, which resulted in serious injuries macy compounding. Many of those pharmacies mass extraordinary step of asking the community to raise and deaths, was tied to a firm in Framingham, Mass. produce injectables for hospitals and larger clients – $250,000 in private donations to meet a looming federal In 2011, contaminated injectable eye medications also which is different than traditional retail compounding deadline. In order for the project to secure a $15 million resulted in serious health problems. pharmacies. federal grant, $1 million needed to be raised privately. The FDA does not approve drugs made by com- Already, the bill is under fire from consumer advo- The Greater Memphis Chamber pledged $1,000 to the pounding pharmacies; instead, a compounding cacy and public health groups, who say the legislation fund and encouraged others to make pledges. Bicycling pharmacy is licensed by its state’s board of pharmacy. does not adequately address health risks from smaller trail advocate Charles McVean, the brain behind the Unlike traditional drug manufacturers, compounding retail compounding pharmacies. They also want the ambitious project, always maintained that the $1 million pharmacies are not required to tell the FDA what drugs FDA to have oversight of compounding pharmacies in local funds would be raised. On Tuesday, May 28, Boyle they are making. that sell everything from oral drugs to topical creams. Investment Co. stepped forward with a large pledge of The bill, the Pharmaceutical Compounding Quality Brett Wright, the owner of Benevere Pharmacy, $50,000 toward the initiative. and Accountability Act, was approved by the Senate a retail compounding pharmacy in Collierville, says “We are pleased to contribute to this important Health, Education, Labor and Pensions Committee he supports the new legislation and believes it would collaboration between the public and private sectors and will now head to the full Senate. The House has not increase patient safety. Unlike large-scale pharmacies to enhance the quality of life in the greater Memphis yet drafted a bill, but a subcommittee held a hearing that function more like mass manufacturers, Wright’s area,” said Henry Morgan, co-chairman of Boyle. “Mem- Thursday about state and federal compounding rules. pharmacy requires a physician’s prescription and does phis citizens, businesses and community leaders have Senate Health, Education, Labor and Pensions not produce sterile injectables or ship across state responded positively to this new amenity and have Committee member Sen. Lamar Alexander, R-Tenn., lines. Most retail compounding pharmacies like Bene- expressed enthusiasm for additional greenway segments said the legislation erases confusion over who regulates vere Pharmacy specialize in custom-making medica- throughout the community, and so Boyle is proud to play pharmacies and manufacturing facilities and clarifies tions that are tailored to meet the medical needs of an a role in this significant initiative.” who oversees each business. individual patient. Sometimes compounding is needed The bridge boardwalk would be the first part of the “Putting one agency on the flagpole for each of because a patient may be allergic to a certain dye, or an plan with construction beginning in September. But the these businesses will mean greater safety for Ameri- elderly patient may need a medicine in a liquid or sup- other parts follow quickly and will be underway as the can families so they don’t have to question whether pository form that is not available. boardwalk is being built.

FINANCIAL SERVICES Duncan-Williams Films New Concert Promo Video

Andy meek | The Memphis News don a pair of Superman pajamas. Which stressful, and I think this reminds us all ing with the world-famous crooner when is to say he didn’t necessarily warm to it that sometimes we just need to let it go he comes to town on Saturday, June 1st!” immediately. and have some fun.” Andy Windham, executive vice “I’m sure I gave them a long look and it Unlike last year, when separate videos president of Walker-Associates, the firm rom the moment a video camera got very quiet,” Williams said of the video’s were made to promote each individual Duncan-Williams has been working with captured Duncan-Williams Inc.’s concept “Live the Dream,” which opens Live at the Garden act, this year the firm is on its social strategy, said this year’s video F president stepping off the elevator with Williams curled up in bed wearing leveraging one video to gin up interest and offering in support of the concerts is even last year belting out “Saturday in the Park,” some Man of Steel-themed PJs. engagement in a variety of ways. For exam- more attention-getting than last year. it was clear the investment firm’s promo- The rest of the video mimics the visuals ple, the Duncan-Williams Facebook page “The bigger strategy will be to get tional videos for the Live at the Garden of a dreamlike state and features the music explained to its followers that the firm had people engaged with Duncan-Williams concert series would be out of the box. of the acts playing Live at the Garden this fun making its “Live the Dream” video, but and Live at the Garden by inviting them to This month, that trend continues. A year: Tony Bennett, Robert Plant, The Band now it’s the public’s turn. submit short videos,” Windham said. “We new season of the concert series is about Perry, Earth, Wind & Fire and Foreigner. “Create a Tony Bennett-themed video want to get people engaged and having to start, and the cameras again have been The next morning after being pre- no more than 60 seconds long,” the firm fun.” rolling at the offices of Duncan-Williams, sented with the concept, Williams said he asked its followers. “Then post it to the Windham said last year the videos that Live at the Garden’s title sponsor. was all-in. Facebook pages of both Duncan-Williams were part of the promotion were distrib- When the firm’s marketing team ap- “I think all the employees at Duncan- Inc. and Live at the Garden. It doesn't have uted through Duncan-Williams’ Facebook proached firm president Duncan Williams Williams enjoy seeing us thinking out of to be fancy, but we do want to see your page and got close to 30,000 views. with their new idea for a video shoot to the box and not being afraid to get out of creativity and passion for Tony Bennett “We set out to break the mold a little bit promote this year’s concert lineup, it called our comfort zone,” Williams said. “Our job because our favorite video will win two in the financial services category,” Wind- for the veteran investment professional to of protecting peoples’ life savings is very tickets to the show and a backstage meet- ham said. 12 May 31-June 6, 2013 www.thememphisnews.com

sports

basketball Offseason Questions

Abound for Grizzlies DON WADE | Special to The Memphis News Biggest mystery is whether or not Lionel Hollins, the winningest coach in team history, will return

aybe the fans standing and is both a fan favorite and a Pera favorite deal. Hollins also wants to remain in said. “And I think we’re going to stick with cheering moments before the so it’s almost impossible to imagine a sce- Memphis, but he never had negotiating that.” MGrizzlies were swept out of the nario in which he would not come back. leverage when Michael Heisley owned the What to make of that evasiveness? Western Conference Finals were simply But money will figure into everything team and he won’t come back now if the One possibility is that Levien so wants to saying thank you for a great season, a the Grizzlies do and don’t do this offsea- Grizzlies want to pay him in growl towels improve the roster – never a cheap under- franchise-best 56-win season and the son. Remember Hollins’ snarky comment and warm fuzzies. Especially not with taking – that he is willing to let Hollins go team’s deepest playoff run in history. after the Rudy Gay trade? other teams – reportedly the Los Angeles if his contract demands, both in money Or maybe, for some, it was a realiza- “When you have champagne tastes, Clippers, Milwaukee Bucks and Brooklyn and in terms, get into an uncomfortable tion that as the final seconds ticked away you can’t be on a beer budget,” he said. Nets – circling overhead and hoping to area (probably anything more than two there was a chance they were witnessing Later, Hollins made nice, made clear swoop in and steal Hollins. years, and maybe anything much beyond an end of an era. he was a team player and led the new- Thus, negotiations could get sticky. $3 million per season). The season now finished, still-sort- look Grizzlies to a strong finish and Still under contract until June 30, the One long-held theory is that the new of-new Grizzlies controlling owner the uncharted territory of the Western Grizzlies likely won’t allow other teams to ownership group would be willing to let Robert Pera and CEO Jason Levien will be Conference Finals. But what Hollins said talk to Hollins before then. So there is a Hollins leave and elevate assistant Dave scrutinizing everything Grizzly. They will then, about the franchise being on a beer window of opportunity to get something Joerger at a salary less than what Hollins evaluate the roster, of course, and they budget – at least as compared to big-mar- done. But when Levien addressed the earned this season. Financially, it makes will presumably talk seriously with coach ket teams – is no less true today. media one day after the season ended, he sense. The risk: at least initial backlash Lionel Hollins about a new contract So, there is no reason to believe the continued to sound less than emphatic from a core of players angry the Grizzlies (more on that in a moment). Grizzlies will make decisions that lead about bringing Hollins back. wouldn’t pay Hollins what they thought Tony Allen, the player who has led them toward the league’s luxury tax. “What I would say at this point is that, he deserved. the charge of the team’s Grit and Grind Meantime, Hollins and his agent will want up to this point, we have said we didn’t Allen, 31, made $3.3 million this culture, is a free agent and has said he a nice hike from his current $2.3 million want to sort of negotiate or talk about season and again was a first-team All- “bleeds blue” and wants to return. Allen salary and probably at least a three-year his contractual status publicly,” Levien Defense selection. Any number of teams

Spurs Provide Right Role Model for Grizzlies

Every time Tony Parker made championship teams. The core four have the NBA Finals),” Duncan said. another impossible shot, he was easy a decade-plus of winning at the highest Ginobili was inconsistent, but no to hate. Every time Tim Duncan turned level. More amazing, perhaps, it has been less a pain in the backside. Popovich back the clock by sprinting down the six years since they last appeared in the was the same as ever, the architect of a court, he was easy to hate. Every time NBA Finals. team that passes better than any other, coach Gregg Popovich made an adjust- THE PRESS BOX “I think a lot of people think the grass makes backcuts like it’s the 1950s, ment and put the Grizzlies’ offense DON WADE is greener on the other side,” Popovich and in this season and this series re- deeper into the mud, he was easy to said. “And if you could change this coach discovered its defensive identity. Even at hate. schemes. They taught us all around. or trade these guys it’s all going to be FedExForum, the Grizzlies were unable The San Antonio Spurs, even now, “I think we’re going to be better nirvana after that.” to shoot 40 percent against the Spurs. are not to be confused with the detest- because we played against, to me, one The Spurs, of course, have had to “They didn’t let us up for air at all,” able Los Angeles Clippers of Chris Paul of the greatest teams there’s been in the change the role players around them. said Grizzlies coach Lionel Hollins. and Blake Griffin. But over four games in past 15 years.” But the key pieces have remained, and “They deserved to move on and I wish a Western Conference Finals that ended Is there solace in that? Maybe not remained relevant. A 37-year-old Duncan them the best because Pop did a great way too soon, Grizzlies fans learned to right this second, but there could be in earned All-NBA first-team honors this job and their team did a great job.” loathe the team that other NBA fans the years to come. If you want to look at season and he ran the floor in this series Maybe you can’t bring yourself to simply find “boring.” But if you still feel other, more successful, NBA franchises like a gazelle – or at least fast enough to exactly root for the Spurs in the NBA that way now, days after the Spurs fin- and imagine what the Grizzlies might time and time again beat the Grizzlies’ Finals, but maybe you should. Maybe it ished their sweep of the Grizzlies with a become over the next decade or so, then bigs and perimeter players down the would represent a kind of hoops healing. 93-86 victory in Game 4 at FedExForum, the Spurs are the best model. floor for easy fastbreak baskets. He was “We’re going to take a couple of then you’ve missed an opportunity to get San Antonio is a small market. Yet a defensive force and yes, an old, but not- pages out of their book and move on,” what you can from the experience. the Spurs have won four NBA champion- to-be-denied, warrior. Parker, 31, simply said the Griz’s Quincy Pondexter. Fortunately, the Grizzlies have not. ships since 1999. Duncan and Popovich played like the league’s best point guard. Consider that advice worth taking. “They taught us a lesson how to play have been part of all four, with Popovich In one game he had 18 assists. In Game Don Wade’s column appears weekly at this stage in the playoffs,” center Marc saying, “I’ve been hanging on Timmy’s 4, he scored 37 points. Throughout, he in The Daily News and The Memphis Gasol said of the Spurs. “They taught coattails for a long time.” was virtually unstoppable as a scorer, News. Listen to Wade on “Middays with us a lesson how to execute. They taught Parker and Manu Ginobili were part playmaker and leader. Greg & Eli” every Tuesday at noon on us a lesson how to play, how to read of the 2003, 2005 and 2007 Spurs “He’s the reason we’re here (going to Sports 56 AM and 87.7 FM. www.thememphisnews.com May 31-June 6, 2013 13

sports

might view Allen as a much-needed change agent and be willing to offer him a significant raise. Allen’s agent is likely to want a three-year deal; the Grizzlies might be reluctant to go beyond two years. Reserve guard Jerryd Bayless is also expected to test the free-agent market rather than just return for $2.9 million next season; there are places Bayless could compete for a starting job. Levien knocked down the Zach Ran- dolph trade rumors during the season, but Z-Bo’s dismal Western Conference Finals raises concerns anew about paying him $34 million over the next two years. A trade would be complicated and a public relations challenge, but it’s not impos- sible, either. “We can play together better, but I certainly think we can add talent,” Levien said. “More playmakers and more shot makers. We could use more depth.” No argument with any of that. But in the coming weeks we will see what ownership is willing, and not will- ing, to do. We will see if this playoff run has inspired them to chase after champagne tastes (pay for Hollins and Allen and key new additions), or if those thoughts will AP Photo: Danny Johnston be repressed in a sobering commitment The best season in franchise history moves into the offseason where major decisions include whether to bring back head coach Lio- to a beer budget. nel Hollins, and Jerryd Bayless, who could look for other opportunities. 14 May 31-June 6, 2013 www.thememphisnews.com

special coverage

special edition: securities & investments BALANCING ACT Financial advisers rethink the 60/40 investment model

ANDY MEEK | The Memphis News

t’s past time to rethink the old while bonds provided steady income and exposure. a policy statement, risk constraints, a 60/40 notion of investing, say a a relatively safemaps haven. With the important caveat, of course, return requirement, things like that.” wide range of Memphis financial Today, meanwhile, plain vanilla bonds that what’s always been true still remains At the individual investor level, professionals, as the ground con- like U.S. Treasuries don’t generate attrac- so – there’s no such thing as a free lunch. though, he thinks it’s more appropriate to tinues to shift beneath the feet of tive levels of income and won’t be much “We’ve been asked about this a lot, take a different approach. investors in this low-yield world of help if interest rates rise significantly. The about this whole notion of 60/40 or really “What I’ve seen in the industry – and investing dominated by unprec- 60/40 model may once have been viewed any other kind of asset allocation,” said I’m rapidly adopting this as our approach Maps should follow the style shown below. The colors are in screensedentedI of the action Dixo fromn Hughesthe Federal Reserve. blue. Locaas tionsproviding that an optimal need mix of risk and Jerry Laurain, chief investment officer for – is more of a needs-based allocation Years ago, the 60/40 model – in which return, but investment managers from a the wealth management division of First rather than an asset-based allocation,” a portfolio is 60 percent stocks and 40 variety of firms in town have a range of Tennessee Bank. “The way I’m thinking Laurain said. “Just to say, in a perfect percent bonds – arguably was a more notions about how to maintain an alloca- about that now, those are called kind of world there is an ideal equity portfolio. white circle; state boundaries are also shown in white. popular investment guidepost. The think- tion to core fixed income today while at strategic asset allocations for institutional But nobody can tolerate that much vola- ing was that stocks were considered a reli- the same time shifting to categories that investors. They’re policy portfolios. An tility, so that’s how you end up with these able generator of return for the portfolio, provide more income and interest rate investment committee will come up with blends.”

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special coverage

Illustration: Emily Morrow

Laurain recommends that people put averse investors, but also properties grow. any money they won’t need for 10 years desirable in portfolio construction. “Unfortunately, now with the Fed into the stock market and then work “While it may be true that the U.S. and manipulating interest rates, you have to backward into their preferred asset al- other developed countries’ central banks be more selective,” Phillips said. “Most location from there. are engaging in expansionary monetary important, you have to be cautious of Andrew Buzan, a financial analyst policy and are openly calling for higher what kinds of bonds you are buying and with Kelman-Lazarov Inc., said his firm inflation, which lowers the value of finan- how sensitive they are to a rising interest still believes in the concept of using 40 cial instruments paying a fixed coupon, rate environment. There are pockets of percent to hedge equity risk in a portfolio such as a bond, financial markets do offer the fixed-income world where you can but that they look at the 40 percent in a investors the ability to maintain a certain hide, such as short duration, corporate different light due to interest rate risk. fixed-income portfolio weighting along and floating rate bonds, but you need to And the firm has dealt with that risk in the with the option to move out of areas know what you’re doing.” fixed-income portfolio in a few ways. considered risky. For example, an investor He’s also noticed recent investor For one, the firm owns few U.S. could have 40 percent of my portfolio willingness to move into other interest- government bonds, which it views as Bond prices are inversely allocation in U.S. bonds and this, I would bearing strategies instead of bonds in “return-less risk.” The firm shortened related to interest rates, so argue, would be more risky given current search of yield – so, things like dividend the duration, or interest rate sensitivity, as the Federal Reserve has Federal Reserve policy than the rear-view stocks, real estate investment trusts and on U.S. corporate bonds and increased lowered interest rates to mirror would suggest. Alternatively, one other non-bond alternatives. international bond exposure. all-time lows, bond prices could allocate some or all of their 40 per- “On the stock side, it’s essential to di- “Bond prices are inversely related to cent fixed-income exposure away from versify outside the U.S.,” Phillips said. “It’s have risen to all-time highs. interest rates, so as the Federal Reserve “ markets they considered to be problem- a global economy, and your investment has lowered interest rates to all-time lows, Further complicating the atic down the road, such as the U.S.” allocation should reflect that. The bottom bond prices have risen to all-time highs,” matter, after two major That could be accomplished in several line for a 60/40 allocation going forward is Buzan said. stock market corrections in ways. For example, an investor could hire to understand that the risk-reward payoff “Further complicating the matter, 10 years, fearful investors a fixed-income manager with a so-called will be more difficult. To achieve similar after two major stock market correc- “opportunistic mandate” that allows them historical returns, investors will have to tions in 10 years, fearful investors sold sold equities and bought to invest anywhere in the world, or use take on more risk, which opens the door equities and bought conservative bonds, conservative bonds, exchange-traded funds to add fixed- to larger potential losses.” further pushing up their prices. Now the further pushing up their income exposure from other countries or Duncan-Williams Inc. executive vice 40 percent conservative portion carries prices. Now the 40 percent regions, such as emerging markets. president Demetri Patikas comes from the much more risk than it has historically. conservative portion carries “Investors who are not comfortable school of thought that investing alloca- The 10-year U.S. Treasury bond yields 1.8 investing outside of the U.S. still have op- tions constantly need to be reviewed and percent, so if 10-year interest rates rise 1 much more risk than it has tions,” Trimm said. “If future inflation or monitored for each client. percent, the bond will lose around 9 per- historically.” interest rate risk is a concern, then there “We simply would never make a blanket recommendation to move away cent of its value, or the equivalent of five – Andrew Buzan are investment vehicles that invest only years of interest.” Financial analyst, Kelman-Lazarov Inc. in bonds with floating coupons, short- from or toward an allocation set based Overall, he said the firm has not signif- duration bonds, and inflation linked on factors such as the Fed,” Patikas said. icantly changed its equity management securities, all of which can reduce the risk “Monitoring is one of the four corner- style, though it has favored a slight over- of higher interest rates, but currently have stones of our client lifecycle. Markets do weight in equities rather than rebalancing a price – very low yields.” react to outside factors – which begs the those profits back into fixed income. John Phillips, the chief investment question that you are asking – but we Meanwhile, Robert Trimm, chief officer for Red Door Wealth Management, are not market timers, nor do we want to investment officer for Legacy Wealth average distribution between stocks and agrees with Trimm that the 60/40 model is be as this is a strategy that proves to fail Management, agreed the 60/40 split is not bonds held in the U.S. outdated but probably not dead. Howev- more often than not. On the other hand, necessarily “dead” but that current times “One good aspect of fixed income, er, he says the new reality is that investors throughout a client’s investing life their require investors to think more actively generally speaking, is that the asset need to “buy and monitor” as opposed to current position relative to their end goal about how they allocate their fixed-in- class generates very low price volatility, “buy and hold.” changes. More than anything, this posi- come exposure. relatively to equity,” Trimm said. “An asset Historically, Phillips said, that “buy tion is of paramount importance to our He said Legacy uses the 60/40 equity- class with a low historic risk combined and hold” model has been a good starting financial advisers in their ability to make to-bond split as its base portfolio alloca- with a reasonable return produces an point to use to determine where to park appropriate recommendations to our tion because it represents an historical investment vehicle demanded by risk- your money, forget about it and let it clients.” 16 May 31-June 6, 2013 www.thememphisnews.com

special edition: SECURITIES & INVESTMENTS Walker Brings ‘Personal Touch’ To Commercial Bank’s Trust Division

MICHAEL WADDELL | The Memphis News asset protection, charitable and life insur- who estimates Commercial Bank ance. works with investment manag- Its comprehensive services include ers as much as 85 percent of the bill paying, household services and main- time in the Memphis market. mily Walker, vice president and tenance, planning and caring for special “We actually look forward to trust officer with Commercial Bank needs beneficiaries, and arranging sitter working with investment man- E& Trust Co., has worked in Trust for care or facility care as clients need help agers who are already familiar the past 16 years and feels blessed to have with daily activities. with and managing assets for been a part of so many lives. “Everyone has different goals, and the our customers.” “Each family has slightly different beauty of a trust agreement is you can One new trend gaining trac- needs, so each day is interesting,” she write it almost any way you can think it,” tion in the past few years is the said. said Walker, who has managed the bank’s use of asset protection trusts, “So many families work hard, save Trust department for the past nine years. known as Tennessee Investment hard, and want to take care of their loved During the first several months of Services Trusts, which Tennessee ones after they are no longer able to do so 2013 Walker and her team added numer- began offering in 2007. personally. ous accounts and now work with nearly The trusts allow an opportu- “We act as the professional caretak- 200 families, managing $78 million in nity for high-net worth individu- ers that help transition wealth and care total Trust department assets. als to protect their assets from for loved ones as far into the future as Commercial Bank hopes to continue financially devastating situations needed.” to grow its Trust department and is look- such as a lawsuit, divorce and Commercial Bank’s Trust division ing to get the word out that it wants to bankruptcy. serves in court-appointed roles such as work with more local investment manag- “More and more people are the executor of a will, the guardianship ers as part of its team-based approach. taking advantage of asset protec- for a child, or the conservatorship of “I think we have a unique approach tion trusts, and I think we will an adult, and it administers a variety of when compared to some larger banks. We see even more in the future since trusts including special needs, personal, come in as a team player,” said Walker, the states bordering Tennes- WALKER see do not have the same laws,” Walker said. The trusts allow Tennessee residents be directed.” to keep their assets here and encourage Commercial Bank, which operates out residents of other states to bring their of Paris, Tenn., has three branches in the trust business to Tennessee. Memphis area – Midtown, Downtown and “We obviously want people to do East Memphis – where there are no teller business here in Tennessee,” Walker said. stations, just desks where customers sit “Now people are now able to protect their down one on one to make deposits and assets without having to send them to withdrawals. Delaware or offshore.” “For people that visit us, I think they Asset protection trusts can stay in easily see how we offer something differ- place for up to 360 years, protecting fam- ent,” Walker said. ily wealth for several generations. The bank has grown its business by “Although any individual may be being people-oriented and relationship- exposed to liability or risk, there are of based in helping families meet their course those whose occupation exposes financial needs. them to higher risks and liability such as “One of the advantages of being a contractors and doctors,” said Walker. community bank Trust department is that Come in and try some “Under this law, assets are protected from we know everyone’s name when they call, creditors; however, income and principal and I think the clients I work with enjoy of our newest menu items can still be used. The investments can still that personal touch,” she said.

Does your investment advisor have you on the beach?

• 5 1 0 0 P O P L A R AV E , M E M P H I S , T N 3 8 1 3 7 9 0 1 . 7 6 7. 4 4 0 1 www.thememphisnews.com May 31-June 6, 2013 17

special edition: SECURITIES & INVESTMENTS Providing Clients ‘One-Stop Shop’

ANDY MEEK | The Memphis News

ADDITION OF INVESTMENT SERVICES INCREASES COMMUNITY BANKS’ OFFERINGS lion clients. Raymond James' Financial Institu- tions Division was established in 1987 few Memphis-area community with mutual funds and investments. I'm a seven years with Morgan Keegan. to provide banks and credit unions with banks are starting to add invest- certified financial planner, so I'm going to Raymond James, which in 2012 com- brokerage services as an alternative to Ament services to their mix of of- work by not just selling a product but sit- pleted its acquisition of longtime Mem- traditional third-party investment pro- ferings. They include Magna Bank, which ting down with people, figuring out where phis investment bank Morgan Keegan & viders. The division currently provides now is working with Cary Allen, a rep- they are and helping them come up with Co. Inc., is well known for its award-win- brokerage and advisory services to more resentative of independent investment a plan.” ning equity research, integrated adviser than 200 financial institutions with total securities firm LPL Financial Services. Lofton has more than 15 years' experi- technology, strong asset management investment assets under administration Allen, who has more than 30 years' ence in the financial services industry. and investment banking programs. The of more than $29 billion in more than experience in the industry, will be based He joined Raymond James in 2004 after company also serves more than 1.4 mil- 300,000 client accounts. in Magna's Quail Hollow branch at 6525 Quail Hollow Road, but he'll be available to meet with customers at any of Magna's other branches if they need. He comes to the bank from Paragon National Bank, where he was the original member of Paragon's wealth management division. “They've not had an investment ad- viser, and it's a good opportunity to serve the needs of their customers, because all bank depositors are looking for a higher yield, that's for sure, in this environment,” Allen said. Lisa Foley, executive vice president and retail banking division manager with Magna, said customers have been asking for investment services for a while now. “We have wanted and been waiting a long time to try to partner with the right broker-dealer to be able to offer alterna- tive investments to our customers, and we have finally found the right partner, which is LPL Financial but most impor- tantly Cary Allen, so we can better fulfill our customers' financial needs,” Foley said. “Our customers have been asking for these services, and today we can say we have them. This allows us to protect our customer base and be more of a one-stop shop for them. If you're going to protect your customer base, you've got to offer a gamut of financial services, and this is one we were missing.” Another local community bank going a similar route, meanwhile, is BankTen- nessee, which recently began a relation- ship with Raymond James Financial AUTO • BUSINESS • HOME Services Inc. so the bank can offer invest- ment and wealth management services to customers. Raymond James financial adviser David Lofton is working with the bank and will work out of BankTennes- see's Collierville headquarters. He won't technically be an employee of the bank. Rather, it's a partnership designed to give BankTennessee customers access to Raymond James' reservoir of talent and expertise in a variety of fields. BankTennessee Chairman Joel Porter said the partnership will allow the bank to provide clients access to more financial resources from what he described as one of the largest and most respected invest- ment firms in the U.S. “I'm going to work out of their main office, but I also grow my business from getting out and seeing people face to face and meeting them,” Lofton said. “The Proudly services I'm going to provide include giv- ing financial planning advice – basically Representing the kinds of services the bank doesn't provide now. It's anything having to do 18 May 31-June 6, 2013 www.thememphisnews.com

Let’s Not Meet SPECIAL EDITION: SMALL-BUSINESS SPOTLIGHT: securities & investments Like This

I’m going to get all literary on you today and make the statement that business meetings remind me of the classic opening sentence of Dickens’ “A Tale of Two Cities.” “It was the best of times, it was the Shoemaker Still Rising After 2010 Fire worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch MICHAEL WADDELL | The Memphis News of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.” hoemaker Financial has tion that we have, the real However, let’s not buy into the wide- risen from the ashes value proposition that I think spread premise Ssince its building burned a client should see when many profession- in 2010. The firm has seen 30 they come to us.” al complainers percent growth per year since Most of Shoemaker’s new seem to espouse then, and its client list has business comes from refer- in our current swelled to more than 15,000. rals, and the firm conducts epoch, “Meetings “The end of 2008 and 2009 as many as 120 seminars are a total waste were not the best of times for each year locally. In the next anybody in the financial ser- 45 days the firm plans to de- chris cRouch of time!” This is SMART STUFF at best a partially vices business,” said Thomas but a completely revamped 4 WORK true statement. “Mac” Jenkins III, manag- website. As part of growing Admittedly, if you ing partner who has been its brand, Shoemaker and made up a big pie chart illustrating the “best with the firm for the past 21 investment adviser, Keith of times” and the “worst of times” meet- years. “I think the fire in 2010 Quinn, conduct a radio show ings for most businesses, the latter would ignited us, as we have been on every Friday at 9 a.m. on definitely be the biggest part of the pie. All I a record-setting pace from a KWAM-990. The company has grown am saying is that perhaps the complainers sales and growth perspective since then. You look back and its geographic footprint should allow for the fact that there is such the things that appeared to be through mergers and ac- a thing as a useful, productive and neces- Photo: Courtesy of Shoemaker Financial road blocks turned out to be quisitions over the past five sary meeting. Instead of complaining, get Jim Shoemaker, from left, Mac Jenkins and Jeremy Jones speed bumps.” years, with four completed about the business of improving meetings. helped steer Shoemaker Financial past a 2010 fire. In October 2010 a fire deals and two more currently It doesn't seem all that difficult to convert a destroyed the building when financial road map for someone and in the works on the East Coast meeting from the worst of times to the best electricity ignited its sign in the early helping to implement it. Many people and in the Midwest. Shoemaker now of times. morning hours. Working from makeshift today struggle with making investment has eight total offices, with several satel- Here are a few tips for conducting effec- office space until the building could decisions and they become fearful.” lite locations in Tennessee, Mississippi tive meetings. Categorize the meeting and be rebuilt, the staff banded together to Planning services offered by the firm and Indiana, and the company targets describe a successful outcome for the meet- continue working for its clients as the include asset management, life insur- cities like Chattanooga, Tenn.; Birming- ing in as few words as possible. For example, economy began to rebound. ance, personal investments, college ham, Ala.; and Little Rock, Ark. is it a gathering information meeting, a shar- “Yes, the fire was the best thing planning, long-term care, annuities, “I think our job is to go in and help ing information meeting, a planning meet- that could have happened to us,” said 401(k) plans and business continua- them look outside their circle and give ing, a making a decision meeting, a solving James H. Shoemaker, principal and one tions. them some concentric circles to work a problem meeting, and so forth and so on? of two remaining founding members “We have a team approach, so our from,” Shoemaker said. Once you categorize the meeting, it should along with Jeff Long. “I think we gained clients know it is not just one adviser The firm is now in a growth phase. be relatively easy to describe a successful strength working as a group through the working with them, it is a whole team “We want to attract younger profes- outcome. adversity, whether it was the fire or the supporting them that know their sionals that want to come into a profes- Before you set the meeting, have you economic crisis.” unique needs,” said Jeremy T. Jones, sional sales organization,” said Jenkins, thoroughly considered alternative methods The business was founded in 1978 Shoemaker vice president and chief who leads the company’s expansion for accomplishing your meeting goal? Would near the Medical Center District, and operating officer. efforts. He points out that average age at a memo work as well, a phone conversation, then moved to East Memphis at Timber The firm employs two chief finan- similar firms in his industry is 55, while a conference call, or perhaps one-on-one Creek in Poplar Crest Cove in 1984, fol- cial planners with more than 50 years the average age at Shoemaker is 44. conversations with key individuals? If not, lowed by a move to its current location of combined experience that do only “As an industry we can’t continue who should attend the meeting and just as in Germantown in 1995. financial planning. to get older. I think there is a thriving important, who should not be at the meet- “We didn’t start as a brokerage “The client benefits because the group of young people in the financial ing? Some corporate cultures encourage house or an insurance company; adviser is the advocate for the client services industry,” said Shoemaker, who meeting planners to grossly over-invite we focused on financial planning,” working with the CFPs,” Shoemaker began the youth initiative at his com- meeting attendees for various irrational or Shoemaker said. “We are developing a said. “That’s probably the differentia- pany about 10 years ago. illogical reasons. I understand egos are egos and politics is politics in the corporate world, but try to keep attendees at a minimum. Speaking of politics, whenever pos- sible use the military model for your meet- ing communication protocol. Low-ranking member speaks first, next highest-ranking member speaks next, and on up the line with the top dog speaking last. Otherwise, you run the risk of shutting off the creativity, opin- ions and brains of everyone other than the highest-ranking member of the group. Then do all the standard stuff, set a specific date, place, a starting time and an ending time. Hopefully these steps will free up plenty of time to figure out what Dickens meant later in his book when he said, “Not knowing how he lost himself, or how he recovered himself, he may never feel certain of not losing himself again.” www.thememphisnews.com May 31-June 6, 2013 19

special edition: SECURITIES & INVESTMENTS National Economy Headlines Seminar

ANDY MEEK | The Memphis News

The seminar is presented by The Daily Regarding the recent efforts of the Vining sparks chief economic strategist dismuke News and sponsored by Dixon Hughes Federal Reserve, which remains in the will keynote event looking at Money and Markets Goodman LLP and Waddell & Associ- midst of an effort to keep a lid on inter- ates Inc. It will be held at 3:30 p.m. at the est rates to incentivize the flow of money Memphis Brooks Museum of Art Audi- throughout the economy, there are a few he next installment of The Daily For his presentation at The Daily News torium, and a networking reception will things that concern Dismuke. One of News’ ongoing seminar series will seminar, he says he’ll be politically neutral follow the presentation. them is the risk in the central bank having T offer a comprehensive look at the and focused mostly on data and prescrip- Even Dismuke’s preview of his ad- tied its actions for so long to a fixed point state of the economy, with insight from tive suggestions. The discussion will range dress runs the gamut of most every – namely, to the jobless rate. a panel of thought leaders and a keynote from his take on the housing sector – “it’s topic of interest to investors and anyone Dismuke thinks the Fed is playing a from the chief economic strategist of Vin- better now than it’s been in the last three economically-minded at the moment: dangerous game. ing Sparks IBG LP. years” – to when the time is right for the housing, taxes, monetary policy, govern- As he sees it, the Fed could either risk Vining Sparks is a leading broker-deal- government to tighten its belt. ment spending and entitlements, to name losing its credibility if the central bank er serving institutional investors, and its “I try to stay neutral and look at things a few. keeps rates lower for longer than prom- senior vice president and chief economic that way,” Dismuke said. “I’m going to talk about where growth ised, or the market’s reaction might get strategist Craig Dismuke will present the “I am biased toward free-market poli- is,” he said. “I’ll give kind of a macro ahead of the Fed’s ability to control it as keynote address at The Daily News’ semi- cies. But I do believe in having a social overview that says here’s where growth the market sees unemployment start to nar June 6 on “Money and Markets: The safety net. So I try to stay neutral and is, and that growth has been decent in fall. State of the Economy.” just say, ‘Here’s what the numbers are, the economy. It’s averaged 2.1 percent Dismuke also thinks, broadly speak- Dismuke advises portfolio managers and here’s what you have to do to fix the since the recession ended. But when ing, the country would be well served by that range from large foreign banks to problems.’” you exclude government spending, the the federal government cutting spending small domestic financial institutions, and Joining him for that discussion will growth rate is actually higher. The reason and raising taxes in an effort to improve his work also includes studying economic be a panel that consists of Mendelson the economy is slower is because we’ve the economy. trends and fixed income sector perfor- Law Firm attorney David Mendelson and been cutting government spending. And “Don’t get me wrong, I’d rather not mance. He’s a frequent speaker at indus- Waddell & Associates Inc. president, CEO I’ll look at why government spending be raising taxes,” he said. “However, the try conferences, and he publishes daily, and chief investment strategist David has been down, and also at demographic country hasn’t said it wants to shrink the weekly and monthly articles for Vining Waddell, who also is a columnist for The changes – how that’s going to affect gov- government. And until they do, you’ve got Sparks in addition to other publications. Daily News. ernment expenditures. to raise taxes.”

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special edition: SECURITIES & INVESTMENTS FTN Financial Grows With New Offices, New Hires

ANDY MEEK | The Memphis News

irst Tennessee Bank’s capital mar- of a dedicated municipal sales group last new FTN addition in San Antonio. formerly of TD Securities, and Sal Muslim, kets subsidiary has been on a tear year, and establishing a public finance FTN recently added to its dedicated formerly of Citigroup, have joined FTN’s Flately. department now complements FTN’s municipal bond sales team Josh Mulhol- municipal sales team in New York. FTN Financial – part of Memphis- municipal trading and underwriting land, who brings more than 20 years of Among its other services, FTN encom- based First Horizon capabilities. institutional municipal sales experience passes capital markets, investment bank- National Corp., as is "We expanded our to FTN. ing, correspondent services and strategic First Tennessee Bank trading and underwrit- In other recent news, FTN has added alliances. The company has an average – has grown on several ing last year,” said FTN two capital markets veterans to its sales daily trading volume of more than $5 fronts, including with municipal products team. Sylvia Holt Williams has joined billion, and it does business with about the addition of a manager Mike Allen. FTN’s Kansas City, Kan., office. 50 percent of all banks in the U.S. with public finance depart- “The establishment of Joining the Philadelphia office is portfolios of more than $100 million. ment as it expands this public finance group Grady Mosay, another Stifel Nicolaus FTN economists are highly respected into the general mar- was the next logical veteran. Both of those new additions are in the industry and frequent speakers at ket municipal bond We expanded step.” senior vice presidents of sales at FTN. seminars and conferences around the sector and with the our trading and He added the com- More recently, the company’s national country. opening of new offices underwriting last year. pany plans to increase municipal bond platform has continued Chief economist Chris Low is a regular as part of that expan- The establishment its commitment to the to grow and see the addition of new staff. commentator for Bloomberg, Reuters, FTN Financial Capital Markets has National Public Radio and CNBC. Jim sion. of this public finance general market munici- The company also pal platform and keep brought on four new professionals as part Vogel, who manages interest rate, credit has opened additional group “was the next on growing its public of the continued expansion of its national and municipal market strategies for FTN new offices around logical step.” finance department. As municipal bond platform. Financial Capital Markets, is frequently the country and part of that, FTN recently They include Joe Britt, who has joined mentioned in the financial press, and Mike Allen added employees in FTN municipal products manager opened new offices in FTN’s public finance department in St. economist Lindsey Piegza is a regular on other areas to handle Texas – in San Antonio Louis and who comes to FTN from Wells the Fox Business Network. general growth. and Austin. And FTN has Fargo Securities. FTN has offices in Memphis to FTN has a hun- hired two veterans of Vincent Pietanza, former senior un- Philadelphia, San Francisco, Tokyo and dred-year history of being in the munici- public finance in Texas for those offices. derwriter for UBS Wealth Management, Hong Kong, and it employs more than 50 pal bond business. The company began Don Henderson is a new addition in has joined FTN Financial’s municipal traders and 165 sales representatives in 19 expanding in that area with the launch FTN’s Austin office. Rogelio Rodriguez is a trading desk in New York. Billy Thoma, offices around the world.

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special edition: SECURITIES & INVESTMENTS

That campaign involved a series of hu- morous videos promoting each individual concert, and Luttrell and Memphis Mayor PRSA Honors Duncan Williams A C Wharton Jr. appeared in one of them. Williams spent a lot of 2012 flying around the country visiting and opening new offices. When he’s not doing that, he’s As Top Communicator also a vocal cheerleader for the city, work- ing closely with groups like the Greater Memphis Chamber. | ANDY MEEK The Memphis News Nancy Coffee, president and CEO of the New Memphis Institute, also praised Williams at the event. She described him as “one of the most powerful ambassa- President of investment firm recognized for more than money management dors for our community I’ve ever known.” “The financial services industry can fter Duncan Williams got handed usually associated with a typical financial firms,” Williams said at the PRSA event. be pretty formal, maybe stodgy, some- his “communicator of the year” firm, which might instead sponsor some- Luttrell himself lent his image to one times rule-bound,” Coffee said. “Duncan Aaward at the Memphis chapter of thing like a golf tournament. of Duncan-Williams’ most recent efforts brings this creative, youthful energy, this the Public Relations Society of America “We believe in having fun and do- – a social media campaign promoting the willingness to take risks in everything he luncheon earlier this year, he did some- ing things different than most financial latest Live at the Garden concert season. does.” thing in keeping with the nature of the honor. He told a story. It’s not a well-known fact about the president of Memphis-based investment firm Duncan-Williams Inc., but Williams said he actually majored in marketing in college. It’s a fact that shouldn’t come as a surprise, though, to anyone who knows him. It’s true he heads up a full-service brokerage and investment banking firm that serves retail and institutional orga- WELL ABOVE EXPECTATIONS. nizations around the world. But Williams also spends a significant amount of his time on marketing and communicating, instead of just on finance. “When you have a company with over 200 employees in 14 cities, if you don’t communicate, the company will fail,” Wil- liams said. “But communication is more than that. How does your customer know they can trust you? How do they know you’re always looking out for them?” His answer was, customers look at what you say and also what you do. Last year saw Williams step up his and his company’s marketing of its brand and of the city at large, not to mention arts orga- nizations and other civic assets. Shelby County Mayor Mark Luttrell Jr. presented the PRSA award to Williams Wednesday, Jan. 9, in a ceremony at the University Club. The award is traditionally given to an individual for gaining public awareness for an event or effort benefit- ing either the city of Memphis or a local civic or philanthropic organization. “One of the things about my job I enjoy the most is doing things like this,” Luttrell said before turning the mic over to Williams. “Talking about people who’ve made a difference. Citizens in our com- munity who through their passion and commitment to all that’s good, they’ve committed themselves to the betterment DO WELL. and progress of Memphis.” For Williams and his investment firm, Your success hasn’t been based on average. Or normal. Or expected. You’ve pushed that philosophy is unmistakable in the new tagline the company unveiled earlier yourself to make a difference, and we don’t expect you’ll trust your assets to anyone this year: “Do well.” less focused, driven, and attentive. If you have exceedingly high expectations of a If our customers do well, Williams explained, the company will do well. But financial advisor, you’d do well to take a look at Duncan-Williams. his company also can take steps to help the city at large “do well.” Duncan-Williams helps promote and DuncanWilliams.com sponsor several prominent civic and arts Memphis, TN · 901-435-4250 programs and initiatives in Memphis. They include the Indie Memphis Film

Festival, the Live at the Garden concert Member FINRA, SIPC, BDA, WBENC series and the dragon boat races Down- town. The firm is making a point of sponsor- ing and being involved with things not 22 May 31-June 6, 2013 www.thememphisnews.com

special edition: SECURITIES & INVESTMENTS Argent Hire Underscores Firm’s Growth

ANDY MEEK | The Memphis News

Louisiana-based financial services company continues to bolster memphis presence

he hiring of Phil Buchanan by company’s relationship management and very strategic market Argent Financial Group as the marketing teams. for Argent,” Buchan- Tcompany’s new Buchanan also an said, citing the president underscores will play a key role in types of business and what’s been a con- managing Argent’s financial assets with- tinual growth story at brand and growth in a 50-mile radius of Argent. strategies and in ex- Argent’s Memphis of- Even before the panding its base. fice at The Crescent Ruston, La.-based Argent CEO Kyle Center. “We want to financial services McDonald said rop- stay extremely close firm established a ing in Buchanan was to our clients, and Memphis presence in a natural fit for both we’re also looking to 2010, but especially Buchanan and the build capacity and since then, Argent has company, citing his our footprint.” opened new offices, experience and the As far as how he added staff, solidi- company’s continued came to land at Ar- fied its presence here BUCHANAN growth. gent, Buchanan said: and still managed to Previously, “There were a lot of prepare for growth to come. Buchanan served as the CEO of Cannon clients throughout The newest evidence of that is Argent’s Financial Institute, a financial services the footprint that hire of Buchanan, who brings more than educational and professional develop- Argent now covers 25 years of experience in leading, advising ment firm. He also is an active adviser to that in my opinion and consulting financial firms on a global several companies including Allen & Co. weren’t receiving the basis. He’s joined Argent’s management and Laurus Principal Group LLC. very best of counsel team and is responsible for leading the “There’s zero question Memphis is a and advice. And if there’s one thing I believe in, it’s that the end user de- MCDONALD serves the very best counsel and advice. CELEBRATE MEMPHIS! That really for me hit a tipping point Highland got to keep its name and man- around 2010.” agement team as part of the deal. The It hit him to the point that he and expanded Highland team will provide “I celebrate Memphis by proudly supporting the Memphis Zoo. Their some others began talking about start- oversight and ongoing management for mission is to connect people with wildlife — and they certainly give ing a firm from scratch, something that all portfolio management functions of the us all the opportunity to have fun while learning! The Memphis would focus on business “in the right combined firms. Last year, Argent also an- Zoo is the best in the country and an invaluable asset to our city.“ way.” Then, how- nounced its expan- ever, Buchanan met sion into Nashville, McDonald through with the opening of a friend and was an office of four. impressed with the “Our model’s company – enough pretty simple,” to eventually join it. McDonald said. Regarding In short, it Argent’s other involves localizing recent growth, the client service and company acquired There were a lot of clients centralizing other The Trust Co. of San throughout the footprint services that don’t Antonio. McDonald that Argent now covers directly “touch” said his company clients. McDonald had been looking that in my opinion weren’t said the company for options that receiving the very best of also looks hard to would give the firm counsel and advice. And if “find people in a a Texas presence. “ market who want there’s one thing I believe And joining forces in, it’s that the end user to be at Argent.” with The Trust Co., Argent is re- he said, “ensures deserves the very best sponsible for more our ability to counsel and advice. That than $5.5 billion in Kelly Truitt, Tenant Advisory Group continue provid- really for me hit a tipping client assets. The Memphis Zoo board member and sea lion fan photo by Bruce Meisterman ing exceptional point around 2010.” company provides experience for our individuals and Phil Buchanan clients.” Argent Financial Group businesses with Closer to home, financial services IN BUSINESS FOR MEMPHIS earlier this year that include trust Argent reached a deal to merge with High- administration and related services, The Mid-South’s #1 commercial real estate firm. land Capital Management, a longtime investment management, retirement plan 901.528.1000 | www.cbrememphis.com Memphis-based investment advisory and charitable organization administra- firm. Founded 25 years ago, Highland tion, mineral management and financial, is led by president Steve Wishnia, and retirement and estate planning. www.thememphisnews.com May 31-June 6, 2013 23

special edition: SECURITIES & INVESTMENTS Wealth Management Company DiversifiedT rust Hires Associate Counsel to Deal With Compliance

ANDY MEEK | The Memphis News

for someone for this. Richard was recom- Richard chotard joins memphis-based firm that has seen business boom mended to us, and he’s tailor-made for with more than $4 billion in client assets in multiple markets what we’re looking for.” Chotard got his law degree from Emo- ry University School of Law in Atlanta. n the financial services world, the compliance officer for Regions Bank’s He serves on the advisory board of compliance work overseen by legal trust department, then as an associate and acts as a mentor for the Memphis Bar Icounsel has grown in prominence and corporate counsel and first vice president Association’s Young Lawyers Leadership importance. for Morgan Keegan. Forum, and he’s a member of the board of Banks and investment firms have At Morgan Keegan, he provided legal directors of the Wolf River Conservancy. been dealt a slew of new regulations – so advice on transactional, operational, Beyond the necessary compliance much so that some small banks in Mem- litigation-related, regulatory and compli- We are in a spot now where tasks, the component of Diversified’s phis and beyond say they’re now at the ance matters. we’ll be 20 years old in work that includes trusts and estates also limit of the compliance costs they’re able Diversified CEO Sam Graham said roughly a year. We’ve left goes hand in hand with the skill sets and to pay for. Chotard brings a “dynamic” level of expe- the stage of being in just know-how of a lawyer. For other firms, expanding the rience in managing compliance and regu- one or two markets. I Diversified’s other clients include company infrastructure to include new latory matters in financial services. And individuals, multi-generational families, would describe us now as compliance and legal capabilities is a Graham attributed the addition partly to “ single-family offices, foundations, en- natural byproduct of business growth and being a natural outgrowth of adding staff a Southeastern midsized dowments and retirement plans. staff additions. and the increase in compliance workload comprehensive wealth “We are in a spot now where we’ll be Memphis-based Diversified Trust, a that brings. management firm with a 20 years old in roughly a year,” Graham comprehensive wealth management firm “We’ve had a fair amount of growth in trust company core. That said about Diversified. with more than $4 billion in client assets, our personnel,” Graham said. “We’ve left the stage of being in just finds itself in the latter category. “Just looking at the numbers, in the seems to be a sweet spot one or two markets. I would describe us Diversified Trust has added lawyer last three years we’ve increased staff by where we fit well with what now as a Southeastern midsized compre- Richard Chotard to its corporate leader- about 60 percent. clients are looking for. hensive wealth management firm with a ship team. “Part of our growth has been about We’re situated trust company core. As Diversified’s new associate cor- making sure we’re building our corporate competitively to continue “That seems to be a sweet spot where porate counsel/compliance officer, he’ll infrastructure with dedicated staff to do we fit well with what clients are looking oversee the firm’s compliance and regula- certain things. to grow, and we don’t see a for. We’re situated competitively to con- tory processes and procedures. “We have several attorneys and people plateau anytime soon.” tinue to grow, and we don’t see a plateau Previously, Chotard spent more than with legal backgrounds in our shop, but anytime soon.” Sam Graham eight years with Morgan Keegan & Co. they have other duties. Diversified CEO Inc. and Regions Bank. He worked as a “We’d been looking for about a year

special edition: SECURITIES & INVESTMENTS David Waddell Recaps 2012 at State of the Union Address

ANDY MEEK | The Memphis News

Waddell & associates president says 2012 was a “pretty good year,” free from major crisis

nce a year, Waddell & Associates president and Waddell called 2012 a “pretty good year,” one that was Another theme he hit on was that he’s passionate CEO David Waddell presents a “State of the free from a major crisis. about the increasing urbanization of the world. OUnion” address to clients. Most of his company’s theses were borne out to be “As nations urbanize, they move up the food chain,” The events are multi-pronged, offering a look back true. The company, for example, expected stock prices to he said. “The amount of entrepreneurial activity happen- at the past year’s performance, what happened in the go higher, and they did, Waddell said. ing around the world right now is unprecedented. The broader economy over the past year, and what the com- “We expected confidence would take the market urbanization trend is hugely powerful.” pany is forecasting for the year to come, as well as how it higher,” he added. “We expected a return of optimism to More affluence, he added, leads to more consump- will invest client funds in response to that forecast. benefit international (investments) more than domestic tion. On cue, he referenced this statistic: From 2001 to This time last year, Waddell had called the previous (investments).” 2011, the U.S. saw the addition of 131 billionaires in the year “really kind of a funky year.” Check, and check. country. And it was. There were natural disasters, the Arab “My gut tells me that if we get through this year China added a little less than 300 billionaires during Spring, congressional gridlock, a U.S. credit downgrade without a global crisis, we’ll see a recovery in animal that same period. The only difference was China started and more that all combined to make panicked investors spirits,” Waddell told The Daily News. He was referring to with a lot less billionaires than the U.S. had – China pay more attention to their emotions than to market the phrase economists often use to describe what drives started with just one during that period. fundamentals. investment behavior in the face of uncertainty, when Waddell writes a weekly column for The Memphis However, looking back at the previous 12 months rationality alone isn’t a cause for action. News. It appears on Page 8. 24 May 31-June 6, 2013 www.thememphisnews.com

news

EDUCATION Schools Leaders Still Separate

BILL DRIES | The Memphis News

Although systems are instance, is involved in two sets of private would be the case. talks. U.S. District Judge Samuel “Hardy” now one, multi-tasking One is with leaders of Shelby County’s Mays has indicated that if the issue is six suburban towns and cities. And the not settled and goes to trial, it could be continues with two sets talks also include the Shelby County a much lengthier case than the previous Commission. The issue is the forma- parts of the case over the merger. It could of private talks tion of municipal school districts in the They want to come back be the equivalent of a 1960s or 1970s suburbs after the first year of the schools now and negotiate now with schools desegregation case in terms of its he elected officials on all sides of merger – specifically the transfer of school us because they don’t want complexity, Mays has said. the schools merger lost one item buildings in the suburban towns and cit- the county going after them “What can be negotiated there are Ton their plates last week as the ies to those districts. under equal protection equal protection issues and assuring from school year ended for Memphis City County Commission Chairman Mike the standpoint of the County Commission issues.” Schools and Shelby County Schools stu- Ritz said suburban leaders are also inter- “ that there is compensation for the build- dents and parents. ested in stopping the still-pending case in – Mike Ritz ings,” Ritz said. Those in the systems working on the U.S. District Court for the Western District County Commission Chairman The talks aren’t the first attempt by terms of the schools merger had also been of Tennessee over the formation of the the commission and suburban leaders running the two separate school systems school districts. to reach a settlement. Talks late last year as well until last week’s final bell. “They want to come back now and into 2013 on the matter failed to produce But the last school year for the two negotiate now with us because they don’t on several fronts in the second part of the a settlement. separate systems is hardly the end of the want the county going after them under schools merger case. The commission al- This time, the school board is involved political multi-tasking that is the domi- equal protection issues,” he said on “Be- leges the suburban school systems would directly for the first time. nant feature of the series of events now in hind The Headlines.” amount to racial resegregation of public “No one wants to give away the build- its third year. The County Commission is contest- schools in Shelby County. ings, Chairman Ritz,” Orgel said on the The countywide school board, for ing the formation of the school districts Suburban leaders vigorously deny that same program. “I believe they belong to the Shelby County School Board. Some deal needs to be worked out. Old build- ings in real estate are an albatross.” The school board also has its attorney ECONOMIC DEVELOPMENT talking with attorneys for the city of Mem- phis and the Memphis City Council about the $57 million court judgment against the city from the lawsuit the school sys- Tennessee Receives Grant tem filed in 2008 over the council’s deci- sion that year to cut funding to Memphis City Schools. For Workforce Development The city filed a counter claim for near- ly $100 million and until that is resolved, AMOS MAKI | The Memphis News nized seven times for exceeding perfor- tional structure and communication" had the judgment can’t be collected by the mance levels in Workforce Investment consumed the agency. school system. The judgment transfers to Act and Adult Education performance In 2009, WIN and the city Office of the consolidated school district. he Tennessee Department of Labor outcomes. Youth Services worked together on the “I think we’ll see a resolution of that. I and Workforce has announced the Things weren’t always so great in city's Summer Youth Employment Pro- know it’s a long time coming,” Orgel said. TUnited States Department of Labor Memphis, which became a black eye on gram. The $4.9 million the city received “Do I think it will be $57 million? Probably awarded the state $697,963 for exceeding the state. from the American Recovery and Re- not. We’ll be paid over time probably.” all performance goals that were set for It was one of the fist issues to confront investment Act to boost enrollment in Meanwhile, City Council members the state’s workforce development and incoming-Mayor A C Wharton Jr. when the summer jobs program was passed pressed their attorney, Allan Wade, last education activities. he entered City Hall in 2009. One of the through the state to WIN. Many young week on the same point. Tennessee is one of only 15 states in first things he saw on his desk was a letter people who participated in the program “This is a chip on the table,” Wade said the nation to qualify for the incentive asking him to surrender city control of the were not paid the proper amounts, and when asked if a settlement would mean grant, and the amount of Tennessee’s struggling Workforce Investment Network the city launched a review of the pro- the city coming up with some amount of award is the fifth highest in the qualifying to the state or an outside organization. gram's operations. Sara Lewis, head of money to pay the school system. “They states. The state was even threatening withhold- the city's Youth Services and Community have chips on the table. We have chips on “This achievement is significant be- ing money for job training form the city. Affairs office, which administered the the table and we are trying to reconcile cause it demonstrates how we contribute WIN operates the Memphis Area program, resigned. them. I can’t say more than that.” toward the governor’s vision of making Career Center with partners including After all the drama, the state, the Memphis Mayor A C Wharton Jr. has Tennessee the No. 1 state in the Southeast the state, vocational rehabilitation groups Greater Memphis Chamber of Commerce said he wants to be cautious about any for high quality jobs,” said Labor and and adult-education providers. For nearly and Memphis Tomorrow urged the city to kind of funding for fear it could be judged Workforce Development Acting Commis- a decade, the agency's spending and give up control of WIN. as a “maintenance of effort” obligation sioner Burns Phillips. “We will use this management concerned the state. But after meetings with Wharton the city would continue to have in future award money to continue investing in the In 2007, WIN had to return $437,987 and his staff, the state allowed the city to fiscal years. skills and employability of Tennessee’s because it failed for two years to spend it, maintain control of the office. In Decem- Orgel and school board members are workforce.” a first in Tennessee. The money – federal ber 2009, the state released $11 million it looking for multiple sources of funding The $697,963 in incentive income will dollars funneled through state govern- had withheld from WIN since 2000. Since for at least the one-time start-up costs of be shared with the divisions of Workforce ment – was earmarked for training April 2010, WIN has secured an additional the merger that begins for students with Services and Adult Education within dislocated workers, people who had been $2.2 million in grants. In fiscal years 2011 the Aug. 5 return to classes. the Department of Labor & Workforce laid off or were going to be. A report by an and 2012, WIN's strategic plan was ap- “It’s temporary, so I don’t think we Development. During the past 11 years, outside consultant released in 2008 found proved by Tennessee Department of La- need to rely on it,” Orgel said. “It would the Tennessee Department of Labor and an "internal struggle" over "trust, author- bor and Workforce Development without have been in reserves anyway if it had Workforce Development has been recog- ity, roles and responsibilities, organiza- conditions – a first for the office. been paid six years ago.” www.thememphisnews.com May 31-June 6, 2013 25

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EDUCATION School Uniform Policies Remain Unchanged

BILL DRIES | The Memphis News Countywide school board members vote down recognition of labor unions by consolidated schools and approve school uniform policy

fter setting policies on school uni- forms and labor unions, next up for the transition to the schools merger that community weigh in the following year,” doesn’t make any sense that we should Athe countywide school board is a begins formally with the July 1 start of the Hopson said. “Some of the schools, the force just one policy.” single policy for the two combined school new fiscal year but begins for more than uniforms are a good tool to keep disci- Meanwhile, the school board voted systems on student access to cell phones. 140,000 school children and their parents pline. And some schools don’t face those down a resolution offered by Warren that Interim schools superintendent Dorsey on the first day of classes Aug. 5. challenges.” would have recognized existing labor Hopson gave school board members Hopson described the dress code “It’s inequitable,” said school board unions as representative of employees the preview Tuesday, May 28, of what is policy he recommended and the board member Tomeka Hart. “I understand the short of collective bargaining rights. certain to be a coming debate at the June adopted as site-based decision making. timing, but this was always on the radar.” “What they’re really asking for and board meetings as they approved a much- In the 2013-2014 school year, there School board member Patrice Rob- what they’re wanting is a place at the table discussed policy on uniforms and dress will be no changes from the past school inson expressed concern that city school to discuss issues that affect their mem- codes. Unlike the uniform policy, the cell year in what students are allowed to wear students would bear a stigma. bers,” Warren said. phone recommendation from Hopson and at a particular school. A principal and the “Does that disproportionately identify Warren changed the wording to delete his cabinet will be to “harmonize” – that is parent council at a school could come to children who are in Memphis City Schools, any reference to collective bargaining have a single policy for the single consoli- the school system with a petition seeking especially African-American males who rights after Hopson and school board dated school system. to either have or drop a uniform policy or have a problem with law enforcement?” attorney Valerie Speakman expressed The uniform policy keeps in place the dress code standards. Hopson and his staff she asked. “How are we going to balance concerns. Tennessee law doesn’t recognize uniform or dress code policies that schools would review the petition. If they approve that perception with how our children are collective bargaining rights for employees have on a school-by-school basis. Eight it, the school would then keep whatever going to be treated based on how they are other than teachers. And state law limits Shelby County elementary and middle the decision is for the next four school dressed?” those rights for teachers. Past memoran- schools had such a policy. The rest of the years before they would be allowed to But school board member Jeff Warren dums of understanding between the board county schools didn’t. Some Memphis City change it again. If a school doesn’t take any said one policy should not apply to all in and labor unions are not binding and the Schools required uniforms, while others action toward a policy, the four-year clock this case. school system has changed them or not had a dress code and still others had uni- doesn’t start running until or if they do. “There are things that are not exactly abided by them, said Hopson, who was forms that reflected school colors. “I think our overriding objective is equal in both districts,” he said. “This Memphis City Schools general counsel The decision signals the final stages of to get schools merged and then let the makes sense. It’s really not a fair issue. It before becoming interim superintendent. 26 May 31-June 6, 2013 www.thememphisnews.com

HOSPITALITY Westin Hotel Addresses

Overbooked Weekend ANDY MEEK | The Memphis News

Downtown hotel shells out $15,000 to compensate customers it had to turn away

he Westin Memphis Beale Street Hotel has spent The Westin Memphis about $15,000 to compensate customers the hotel Beale Street has spent did not have rooms for last weekend during an about $15,000 to T compensate customers overbooked three-day period that included several high- the hotel did not have profile events Downtown. room for because of its Glenn Malone, chief operating officer for the Westin’s contract with the NBA. parent firm Senate Hospitality Group, said the hotel took an even bigger hit than that $15,000. That figure does not include the business lost from having to make several dozen rooms available over the weekend as part of the hotel’s contract with the NBA, since the Memphis Griz- zlies played a home game Saturday, May 25, as part of the Western Conference Finals. There had been speculation in the press and on so- cial media, Malone said, that the hotel turned away some guests because it preferred to accommodate the NBA. However, he explained that if it had only been a revenue issue, the hotel would have preferred to make the rooms available to the public, since the NBA negotiates for lower rates than the public pays.

In addition to helping customers find alternate plac- Memphis Daily News File Photo: Lance Murphey es to stay, Malone said the Westin directly paid affected customers their choice of $250 or 20,000 Starpoints About 50 would-be guests of the Westin – which has Westin. We do everything we can to ensure when guests through the Starwoods preferred guest program. 203 guest rooms – were affected over the weekend be- make a reservation that that reservation will be there “The overbooking occurred due to a good thing for cause of the confluence of events. An average NBA team when they arrive at the hotel. Obviously in this occur- the city and for Downtown, it was just something we had will take 45 to 55 guest rooms per night at the Westin rence that’s not what happened.” not anticipated,” Malone said. when they’re in town, and since the hotel is contractually Going forward, Malone said the hotel will put a hold “And, frankly, even if we had been able to project the obligated to accommodate the NBA, that was an addi- in place to reserve NBA-related rooms on high-demand Grizzlies would have gone to that championship round, tional complicating factor. weekends because of Memphis in May. we certainly would not have known what the dates “Typically, that’s not an issue,” Malone said of the “What we will do next year is we will look at Barbecue would be for the games.” NBA. “With the regular season, we know when the games Fest weekend, for example,” Malone said. “We will look The Westin actually sold out for this past weekend are. The schedule comes out, and we block those rooms at Sunset Symphony weekend. Those are two particularly about 10 months ago. Memphis in May events were on in our reserve system for those NBA teams that we know high-demand weekends for Memphis in May, and we’ll the calendar. But only in recent months did a few other will be coming to stay with us to play the Grizzlies. Obvi- set aside a block of rooms for a visiting NBA team. So it events materialize that also would draw crowds over the ously, though, we don’t know whether the Grizzlies will will be as if an NBA team already has a reservation at the same weekend – the Grizzlies advancing to the playoffs, make it into the playoffs, or how far they’ll go. hotel. That didn’t happen this year. Next year, we’ll just and former Beatle Paul McCartney playing a show at “It’s not unusual in the hotel business for over-book- go ahead and anticipate a potential (NBA) need that may FedExForum Sunday, May 26. ings to occur, but we’ve not typically had that issue at the not materialize.”

RESTAURANT INDUSTRY Bon Ton Owners Continue Downtown Eatery’s Legacy

Andy meek | The Memphis News started serving dinner, and a bar has been breakfast and lunch. In March, we added a word to friends, family and neighbors. installed. bar upstairs, then we started doing private “As we learn more of what the public is It’s part of an evolution that started events downstairs in our event hall. We asking for and as we grow that crowd, we with Bon Ton’s reopening late last year, added dinner May 1, so now we’re doing will base the hours on what it is the public ver since Bon Ton Café reopened continuing what had been a storied legacy dinner.” wants,” Ramsey said. “As you can see from Downtown, the eatery has been for the restaurant. Among other recent additions, the res- our Facebook page, that’s one of the things E rolling out incremental improve- Indeed, Bon Ton has a few generations taurant has added a cappuccino breakfast we’re big on. You telling us what you want.” ments. of history behind it. The Zambelis family bar. It now serves espresso and cappuc- Other ways Bon Ton tries to standout: It’s been a steady flow of additions, owned the space from 1945 to 2008 before cino, in addition to serving items like muf- Ramsey said the restaurant focuses on because the restaurant keeps working to closing because of a death in the family. fins, pastries and bagels. fresh vegetables and on working to ac- accommodate requests and suggestions That family passed the torch to new own- Bon Ton Café is closed Sundays but is commodate diners with some gluten-free from customers. “You have asked, and we ers, which hastened the reopening and a opened every other day. Breakfast is served items. The restaurant also offers delivery have delivered,” the restaurant wrote in renovation of the space. from 7 a.m. to 11 a.m., followed by lunch during lunch. recent days on its Facebook page about the There are touches that have not from 11 a.m. to 4 p.m. Dinner starts at 4 “We want you to feel like you’re at updates. changed, such as the same familiar neon p.m. and during the week goes to 8 p.m. home, whether it’s by the service you’re General manager Ann Ramsey can sign outside. And the restaurant’s menu On Fridays and Saturdays, dinner ends at given, the level of comfort you feel and rattle off a laundry list of what some still has the feel associated with no-frills, 10 p.m. ultimately by the food you’re eating,” of those updates are. There’s now, for comfort food. On its Facebook page, the restaurant Ramsey said. “It’s not generic. It’s made example, a happy hour Mondays through “But we’re constantly working on said one of the main reasons it’s able to from scratch. It’s almost like your grand- Fridays, from 4 p.m. to 6 p.m. The restau- something new,” Ramsey said. keep adding new elements to the business mother is in the kitchen making it for rant, at 150 Monroe Ave. also only recently “When we first reopened, it was just is because guests continue to spread the you.” www.thememphisnews.com May 31-June 6, 2013 27

you. In business, audience is everything. Choose wisely PURE GOLD: Use Effective Taglines The tagline should focus on them, not Many clients fear choosing a tagline. While many tools and Ticking. you. What does your product or service do They should. Deciding on a single phrase technologies of marketing change at the for them? Does it matter that FedEx has to encapsulate and encode their business speed of innovation, some fundamental Make the end promise explicit planes and trucks or that they do business requires courage, focus and insight. elements retain their value. A few essential Taglines work for business-to-business for the U.S. Post Office? No, not to their Recently, our firm crafted many tag- elements increase in as well in business- audience. The only thing that matters is lines for a particular client. Several were on value as more clut- to-consumer that the package arrives on time. The only the mark, meeting the criteria listed above. ter finds new ways markets, and they thing that matters is “When it absolutely, Yet, this client wanted to play it safe. Un- to compete for our work by employing positively has to be there overnight.” consciously, they wanted their tagline to increasingly valuable a simple principle. do the work of a company mission or value attention. Nothing They distill the offer Apply Gem Theory statement. At each turn, they rejected our has as much peren- down to essence. Taglines are poetry in popular voice, recommendations and wanted to go with nial value as an JOCELYN ATKINSON They ask specifically: crystallized gems. Prosaic positioning their own creation, “Excellence with Integ- effective tagline. & michael graber “What are we really statements can always be defeated when rity.” Fortunately, they came to realize that let’s grow Taglines pro- selling?” Then, they the fortunes of a business wane and cause this statement was more about them than vide emotional shorthand for buyers, think past the features, through the ben- it to lose a leadership position, cut price or their audience. They relented, went back giving permission to feel comfortable at efits, and work hard at arriving at a hard- shift focus. Some things stay true, if good to the original list, and chose a winner that the moment they lay their money down. boiled epiphany. In its former glory days, branding makes them so. Great taglines is now helping them win market share. These charged, packed little phrases must IBM did their homework. They knew that find the right thought and then find the Taglines may appear frivolous, but they accomplish so much in such a short space, they were not merely peddling hardware, right expression of that thought. Remem- are pure brand quicksilver. Taglines moti- including the following actions: wires and computers. They sold assur- ber, “A diamond is forever.” vate, persuade, inspire and create loyalty. ance. They built a bridge straight into the If you invest in an effective tagline now and Build a bridge fearful skulls of their corporate audience. Be dramatic honor it for years to come, you may find There is a wide gulf between business The timid “company man” quaked about Fear being timid in your tagline. Your your company quoted about in a similar goals and buyer desires. A smart tagline being accountable for any major project company has to define itself or its com- article a decade or two from now. Then, as bridges this gulf, translating how the or purchasing decision, fearing his job was petitors will define it. Coming up with Burger King has promised for years, you company, product or service adds value. on the line. Therefore, No One Ever Got some empty platitudes that are generic can “have it your way.” Go ahead, Just Do Such bridges connect the dots for their Fired for Buying IBM provided a reward in enough to be used in almost any industry It. audience in a way that is miraculously advance, assuaging paranoia surrounding and expressed with the personality of Jocelyn Atkinson and Michael Graber emotional and logical at the same time. the purchasing decision. lobotomy patient will get your company run the Southern Growth Studio, a stra- This bridge building connotes trust and nowhere. Advice from HP: “Invent.” Or tegic growth firm based in Memphis. Visit familiarity. Consider this famous example Focus on the audience from Apple’s cheeky use of poor grammar: www.southerngrowthstudio.com to learn from 1956: Takes a Licking and Keeps on Your mama is right. It is not all about “Think different.” more.

615 w. poplar ave. in Northeast Memphis that he collierville, tn 38018 recently bought. REAL ESTATE RECAP Operating in the transaction as Loan Amount: $418,000 Harold Ford Sycamore View LLC, Loan Date: May 15, 2013 Ford filed the deed of trust May 13 Former Ike’s on Summer Maturity Date: May 15, 2020 through FMLS Inc. of Chattanooga. Borrower: Stanley H. Trezevant III Last month, Harold Ford Syca- Sells for $2.7 Million ERIC SMITH | The Memphis News Lender: Commercial Bank and more View paid $1.8 million for the Trust Co. 38,487-square-foot retail center Details: The owner of the auto- April 8 from Belz Investco GP. Summer Ave mobile service garage at 615 W. Ford, who represented Mem- Former Ike’s Poplar Ave. in Collierville has filed phis in Washington for 22 years,

d a $418,000 loan on the property. has said he intends to open a Stanley H. Trezevant III, who funeral services business in the

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N P lists a Germantown address, filed shopping center that will include the deed of trust May 15 through a chapel and the ability to watch Commercial Bank and Trust Co. of funeral services remotely. Kendall Rd Memphis. It will also offer a variety of op- Built in 1949, the Class C facility tions for funeral services.

d sits on 2.3 acres along the south Built in 1987, the Class B center

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No U.S. 72/Tenn. 57 split and Abbing- tion of Sycamore View Road and N Renshaw Dr ton Road. Summer Avenue. 4569 summer ave. • Memphis, TN 38122 The Shelby County Assessor The Shelby County Assessor of Property’s 2013 appraisal of the of Property’s 2013 appraisal is $1.7 4569 summer ave. property was $842,800. million. memphis, TN 38122 Trezevant bought the facility in The transaction also included 2003 for $1.2 million from Henri G. a 12.3-acre parcel of vacant land Sale Amount: $2.7 million Fooks. adjacent to the center. Sale Date: May 17, 2013 Its appraised value is $181,000, Buyer: FSC FMC-FD Memphis TN LLC 1670 Sycamore view road according to the Shelby County As- Seller: FDS Holdings LLC, Blue Cedar Properties LLC memphis, tn 38134 sessor of Property. Loan Amount: $1.6 million Several generations of the Ford Loan Date: May 17, 2013 Loan Amount: $900,000 family have worked in the fu- Maturity Date: N/A Loan Date: May 13, 2013 neral industry including Ford who Lender: Two River Community Bank Maturity Date: Nov. 13, 2023 along with his brothers and sisters Details: A 16,085-square-foot former Ike’s drug store at the corner of Summer Borrower: Harold Ford Sycamore worked in his father’s business N.J. Avenue and North Perkins Road in Berclair has sold for $2.7 million. FSC FMC-FD View LLC Ford and Sons Funeral Home in Memphis TN LLC, which lists a Lake Como, N.J., address, bought the property at Lender: FMLS Inc. South Memphis. 4569 Summer Ave. on May 17 from FDS Holdings LLC and Blue Cedar Properties Details: Former U.S. Rep. Harold Ford, who left Congress in 1996 LLC. In conjunction with the purchase, FSC FMC-FD Memphis TN filed a $1.6 mil- Ford Sr. of Memphis has filed a and became a lobbyist, lives in lion loan through Two River Community Bank. On April 19, FDS Holdings LLC and $900,000 loan on the shopping Florida. Blue Cedar Properties LLC had received the property in a quitclaim deed. center at 1670 Sycamore View Road 28 May 31-June 6, 2013 www.thememphisnews.com

Graduation memphis Law Talk Address, Part 2 (Continuing my apologies to Baker Donelson Litigator Schmick, Wheelan, Rowling, Lamott, Wallace, Sedaris, and others, I offer Part 2 of the graduation speech I’ve never given.) Tom Comes Full Circle Getting in my car to leave, I was interrupted by a car pulling into the lot. richard j. alley | Special to The Memphis News I got out, introduced myself to a couple and asked for their vote. The man said, “You’re all alone in this cold dark park- ing lot? At this hour? On election day?! Memphis native elected shareholder at prominent, longtime law firm You’ve got our vote!” obert Tom, commercial and busi- tion and is a Legal No ness litigation attorney for Baker, Diversity Fellow sooner had I Donelson, Bearman, Caldwell & on the Leader- got back into R Berkowitz PC, has been elected share- ship Council. my car than holder of the law firm. Baker Donelson another ve- The 35-year-old Tom grew up in Mem- has a strong pro hicle entered phis and attended Memphis University bono commit- the lot. I re- VIC FLEMING School before going to Emory University ment within the I SWEAR peated what in Atlanta to study business and finance. community and I’d done with Becoming an attorney was never even on Tom has worked the first. Then another car pulled in. his radar screen. regularly with the And another. I stood in that lot for two “It really happened by chance,” he firm’s help clinic. hours. When the polls closed, I went said. “I was keeping my options open.” His workload back inside. The volunteers told me 99 A friend was taking the LSAT at the in Memphis has votes had been cast since 5:30. time and Tom decided “on a whim” to differed from his Five hours later, the Election Com- take the test as well. The test went well time in Tampa mission notified me that, with 50,000 and he took a job as a paralegal after where he’d only votes counted, and 1,000 thousand graduation before leaving for New Or- been to court a leans and Tulane University Law School, couple of times. where he graduated cum laude in 2004. At Baker Donel- I Swear Crossword “Being a business major, I wanted son, he was in Fleming’s weekly puzzle Page 34 to do something related to that field or court from the use that background for the type of work beginning. I’d be practicing in law,” Tom said. “The “It was really more to count, I was ahead by 81 votes. first place I started practicing, the litiga- a ‘throw me into My margin of victory would increase to tion they did there was business-related the fire’ kind of 257, but I cannot attest to cause and ef- litigation, so it happened by chance that situation, which fect. Had I not worked as hard, I might the type of law that I was interested in I loved because I have won by 10,000 votes. Had I been practicing was the type of law the firm hadn’t really got- able to consummate my plan without was doing.” TOM ten that experi- last-minute improvisation, I might have But that firm wasn’t in Memphis. Nor ence in Florida,” lost the election. was it in New Orleans. Tom’s future wife, he said. Be careful whose advice you buy Margaret, a Florida native, had applied to Tom said. “It was the first job I’d inter- “I think the best way to learn is by do- into, and be tolerant of anyone who medical schools and her first choice was viewed for in Memphis; I just got a good ing and getting into court and seeing how gives it. Don’t congratulate yourself too in Tampa. vibe from my interview and I got a good things go.” He’s happy to be back home where he much or berate yourself too harshly. In anticipation of her acceptance, feeling from the people who work here.” Tom went to work there for the firm of He took the Tennessee Bar the same and his wife, now a child psychologist in Most of your choices are half chance. Stearns Weaver Miller Weissler Alhadeff year he moved back. With his focus on private practice and with Youth Villages, But so are everyone else’s. & Sitterson. Margaret, however, was business and commercial litigation, Tom are raising 15-month-old Will, and doing All of you will succeed some of the eventually accepted to a program in Fort has handled contract disputes, commer- work that, while challenging, is a chal- time. All of you will fail at something. Lauderdale, on the other side of the state. cial torts, and real estate and residential lenge he has accepted and relished. Don’t sweat the failure. Rock bottom After a couple of years commuting mortgage disputes. “It’s been a great experience,” he can be a good foundation on which to across Florida to see each other, Marga- Tom has been listed as a Mid-South said. “Definitely the attorney I am today rebuild. ret’s psychiatric residency brought her Super Lawyer Rising Star in Business Liti- is based on my experience, I think, with The quality of anything you build, to the University of Tennessee Health gation, served as secretary of the Tennes- Baker Donelson.” whether it be a birdhouse or a rela- Science Center in Memphis, and the loop see Asian Pacific American Bar Associa- tionship, will not be known for sure was closed for Tom. He’d toured the South until it is tested by adversity. And no – from Georgia to Louisiana to Florida – matter what your level of achievement to begin the process of looking for work ultimately is, the attendance at your back home in Memphis in 2007. It would CONTRACT IN 22 DAYS! memorial service will depend, in large be a process consisting of only a single part, on the weather. interview. 1930’s Home in East Memphis Read the directions, even when you “The timing was right,” he said of job The market is blazin’ hot right now…but have no intention of following them. hunting when the legal market wasn’t only if you know what you’re doing. If Your life will be a mess more often quite as competitive as it is today. “As far you’re thinking of selling, call or email us than not. In that reality will lurk both as now, we have a nation of law students to find out how our highly successful joy and sorrow, and not too far apart. and laterals, and rarely do we have job Strategic Marketing Program can make This is what makes life puzzling. And openings, but back then a lot of law firms the difference in whether you SELL…or rewarding. When all else fails, go back were posting jobs on websites and that SIT! And, remember… and follow the directions. sort of thing.” Don’t be a butthead. Sing. Dance. Tom sent his resume and was given an ROSENGARTEN = RESULTS PERLBERG = PERFORMANCE Stretch. Cry. Laugh. Have some fun. interview. The next day he was called with And don’t forget about the Neti Pot, a job offer by David Bearman, recruiting dental floss and sunscreen. chair for the office. Vic Fleming is a district court judge “Obviously Baker Donelson is one in Little Rock, Ark. of the leading firms in Memphis and throughout the Southeast, and it was “The Oldest Real Estate Company in Town” something I really couldn’t say no to,” www.thememphisnews.com May 31-June 6, 2013 29

Memphis STANDOUT Scarboro Passionate About Sharing City With Others richard J. alley | Special to The Memphis News Even as he navigated his way through The comforts an alphabet of degrees – a bachelor’s from and conveniences Morehouse College, master’s from Camp- Scarboro enjoys as a bell University, doctorate from the Univer- citizen are the same orn and raised in Fayetteville, N.C., sity of Memphis – Scarboro was uncertain he wants others to Douglas Scarboro has chosen to of his final goal, other than the want to realize in his city. Bmake Memphis his home. As the help affect change within a community. As the father of two executive director of the Office of Talent It was a lofty goal and one first presented young sons, he ap- and Human Capital for the City of Mem- while a student at Morehouse and during preciates the parks phis, his job is to help others realize the 1996 when the Summer Olympics was in and the public school opportunities and recognize the same full swing in Atlanta. system they’re a part assets that he has found here. “I saw the city start changing,” Scar- of. His family lives While nonprofits such as the New boro said. “Atlanta was already on that in Midtown and the Memphis Institute, and corporate employ- path to being the big metropolitan city of patchwork neighbor- ers such as FedEx and International Paper, the South that it is now but, really, more hoods of Memphis are players in the same human resource than the infrastructure changes and build- SCARBORO with their networks of game, Scarboro said that when he first ing up the stadiums and the like, you start neighbors, entertain- entered city government, “there was not to see the mentality of the people change. the critical social aspects of a city as far as ment and restaurants are just what he said another office that we had seen that fo- People started to think ‘why not Atlanta’ working with nonprofits,” said Scarboro he and his wife were looking for in a place cused specifically on recruiting, retaining instead of ‘why Atlanta?’” who sits on the boards of St. George’s Inde- to start a family. Scarboro is, in effect, a and attracting talent for an overall metro- Scarboro brought that mentality and pendent School and EmergeMemphis. case study for younger people who want to politan area.” positivity to Memphis, a city with its own In addition to his role with the Office move to, and find success in, Memphis. Rashana Lincoln, director of com- unique characteristics and potential. of Talent and Human Capital, Scarboro “You look at a lot of research and do munity engagement for New Memphis, Though it’s the hometown of wife, Nichole, wears a second hat as the chief learning of- a lot of work with programs and, really, it a position previously held by Scarboro, settling here was not a foregone conclu- ficer for the Office of Talent Development, comes down to opportunities and ameni- works closely with the government office sion. But when the couple began looking responsible for assessing and developing ties being the two things that I’ve seen and says that Scarboro “understands what at what they wanted in a home – low cost training initiatives for City of Memphis that, time and time again, you need if it means to be a young professional break- of living, close-knit neighborhoods, good employees. The Urban Fellows program you’re looking to draw people into a city ing into the community” as a transplant to schools and a good place to raise children grew from this and facilitates the recruit- and have them want to stay there,” Scar- Memphis. – all roads led to a city on a bluff. ment of college students into government boro said. “Obviously jobs and being able “Having come through New Memphis “Also, we wanted to be engaged in the to work on large projects in an effort to to come in and be gainfully employed, but and being a fellow really set him up to ex- city at an early age where we’re not wait- learn how government works and to create then also opportunity for being able to be cel in his current role because he is part of ing until we’re 50 or 55 to be on a board a potential pipeline of talent for city gov- on a board, being able to take part, to see a a network of people that are committed to somewhere, or be engaged in the process ernment, as well as giving City Hall a sense need in your community and being able to moving the city forward,” Lincoln said. of government or be actively involved in of what sort of talent is available. do something about it.”

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Call 901.458.6419 Powered by Chandler Reports Enter Coupon Code PRINT2 to save $5.00 www.chandlerreports.com 30 May 31-June 6, 2013 www.thememphisnews.com

HEALTH CARE & BIOTECH Surgical Solutions Weight-loss procedures on rise to fight obesity epidemic

JENNIFER JOHNSON BACKER | The Memphis News

hen Ashley Hopper crawled into bed each night she would pray W it wasn’t the night she was going to have a heart attack in her sleep. “My health got really bad when I became pregnant with my son,” Hopper, 35, said. “I was already diabetic; it runs rampant in my family. … My health just plummeted after that and things just got much more serious.” She hoped her health would improve after her son’s birth at age 28, but instead she added high cholesterol, tachycardia (an elevated heart rate), high blood pres- sure, and high cholesterol to her diabetes mellitus type 2 diagnoses. Worst still, she couldn’t lose weight. By August, Hopper’s hands and feet had begun to go numb – a side effect of diabetes. “That really got to me,” she said. “That’s when I started looking into gastric bypass surgery, or really any kind of weight loss surgery.” As the obesity epidemic in Memphis and across the nation has grown, surgical interventions have become a common and effective solution. About 35.9 per- cent of American adults older than 20 are obese, according to the Centers for Disease Control and Prevention. Memphis ranked No. 46 in the American College of Sport Medicine’s American Fitness Index, which measures the health and community fit- ness status of the 50 largest metropolitan Photo: Lance Murphey areas in the U.S. Surgical interventions are designed Dr. Robert Wegner and program coordinator Leslie Albers consult with Wanda Rook-Peperone at the Saint Francis Center for Surgical Weight Loss. Wegner says more patients are seeking surgical weight loss solutions at the encouragement of their physicians. for those who are more than 100 pounds overweight and have a body mass index of 40 or higher, or more than 35 with “The recovery is very efficient; it’s not again.’ I had not worn them since I got serious diseases. Three of the more com- drawn out,” Wegner said. “There’s a big pregnant,” she said. “Now I need to get mon surgical options for people seeking misconception that you will be in the hos- them resized and they are falling off. I liter- to lose weight: gastric banding, gastric pital for weeks and weeks and in a bunch ally feel that the weight of the world has bypass surgery and sleeve gastrectomy. of pain. It’s just not like that.” been lifted off me.” Dr. Robert Wegner, a bariatric sur- While Hopper’s insurance did not Stephanie Baker, 46, also has lost geon with the Saint Francis Center for cover her weight loss procedure, Wegner about 90 pounds since her gastric bypass Surgical Weight Loss, says he’s seeing says insurance carriers are increasingly surgery. Like Hopper, Baker had watched more patients seeking surgical weight Once you hit a BMI of 35 covering weight loss surgery because of its her weight slowly creep up over the years loss solutions at the encouragement of all the studies will show long-term effectiveness in resolving type despite her dieting and exercise efforts. In their primary care physicians. 2 diabetes, high blood pressure and heart 2006, she was diagnosed with diabetes and “Once you hit a BMI of 35 all the that your chances of losing disease, osteoarthritis, depression, infertil- her endocrinologist encouraged her to lose studies will show that your chances of any significant amount ity and some cancers. Six months later and 60 to 80 pounds. losing any significant amount of weight of weight and keeping it 85 pounds lighter, Hopper says the surgery “I just couldn’t get anywhere,” she said. and keeping it off are very low,” he said. off are very low. Once you has changed her life and her habits. “I needed to change my life.” “Once you hit the mid-30s, to tell a “ “My biggest challenge is running a By 2011, Baker had decided to explore hit the mid-30s, to tell a patient to exercise and lose weight – it’s family with members who haven’t had a weight loss surgery. She says the biggest just not going to happen. I think in the patient to exercise and lose surgery and haven’t had to change their lure was being able to come off all of her future, that number will be revised lower weight – it’s just not going habits,” she said. “I’ve learned to eat a meal medications and improving her overall and lower.” to happen. I think in the with my family when they are sitting there health. An added bonus was that her Hopper opted for gastric bypass future, that number will be with their soft drinks.” insurance carrier also covered the proce- surgery in November, a procedure revised lower and lower.” But she says it’s all worth it. She’s able dure. In August, Wegner performed gastric in which a surgeon creates a smaller to do more and she no longer goes to bed bypass surgery on Baker. Pre-surgery Baker stomach pouch and attaches a Y-shaped Dr. Robert Wegner at night worrying about her health. Daily weighed 271 pounds. Today she weighs Bariatric surgeon, Saint Francis Center section of the small intestine directly to for Surgical Weight Loss stress related to worrying about her health 181 pounds and continues to lose weight. the pouch. This allows food to bypass is gone and she’s no longer taking any She’s also no longer taking any insulin. a portion of the small intestine, which insulin and is taking a much lower dose for “I can get down on the floor and play absorbs calories and nutrients. Patients her tachycardia. with my nephew. I have energy to work in feel full sooner and also absorb fewer “My biggest goal that I set all along the yard and to do a lot of things,” she said. calories. was ‘I can’t wait to wear my wedding rings “I feel like a new person.” www.thememphisnews.com May 31-June 6, 2013 31

Newsmakers The Secret Of Fisher Named ECD Regional Director Instant Rapport People buy from those they like kate simone | The Memphis News and trust, often regardless of the strength of the sales pitch or quality of the products and services. That’s reality. The challenge for sales professionals is to master the art Gwyn Fisher has been named the greater Memphis regional director of instant rapport with someone you may be of economic and community development by the Tennessee Department meeting for the very first time versus leaving of Economic and Community Development. it to chance. So what is rapport? It’s the point at which Education and/or work experience: phis regional director in April, and it’s your prospect both understands you and Bachelor of Arts, Scripps College; Juris been an amazing journey so far. believes you understand them. The major- Doctor, University of Memphis. Fisher ity of most buy- joined ECD from FedEx Express; she What are your goals in your new po- ing decisions are previously served as executive director sition? Simple – to create high-quality made primarily for of MPACT Memphis and is the founder jobs for Tennesseans. There are, of emotional reasons – of Revolution Strategy. course, many other components to including trust and the position, but at the end of the day, I rapport. Only when Family: Child-like pug named MoMo create jobs. these intangibles are in place, do most FISHER Who has had the greatest influence What do you consider your great- prospects seek on you? My mother, Wendy Shea, has est accomplishment? I don’t have a rationale justification Lori turner- Cendy Dodd has joined Barge, wilson had the greatest influence on me. She single event or job that I consider my for the emotional Waggoner, Sumner and Cannon guerrilla sales taught me that there is no substitute greatest accomplishment. Each day decision they’ve in Inc. as chief financial officer. and marketing for hard work, and she inspires me to I try to learn something new, make a reality already made. Dodd, a certified public accoun- be brave and to push beyond my limits. stranger smile and make the world just Absent rapport, many buyers feel so uncom- tant, most recently served for a little bit better than before. If I can fortable in a pitch that they aren’t likely to buy six years as finance director for even if they really want the product. When and how did you become do these things, I know I have accom- the city of Franklin, Ky. She also When meeting a prospect for the first involved with the Department of plished something. previously worked as a division time, be sure to come out of the proverbial Economic and Community Devel- controller for North American gate from a position of strength, as indelible opment? ECD opened its Memphis If you could give one piece of advice Automotive Cable Division. regional jobs base camp two years to young people, what would it be? first impressions are made within the first eight seconds. Assertively walk toward your ago, and I have been privileged to work Be brave. Be courageous. Life will not Trezevant has added three with them on several projects over the judge you based on your failures, but members to its board of directors: prospect and offer your hand versus more years. I was appointed Greater Mem- on how you respond to those failures. Dr. James Calandruccio, ortho- passively waiting to be approached. Dress a pedic surgeon, Campbell Clinic; step above your prospect so you’re imme- Merilyn Mangum, chief account- diately seen as a valuable business relation- ing officer and executive vice ship. president, Peabody Hotel Group; Kick the conversation off with open- and Deborah Schadt. ended rapport-building questions designed to help you understand what makes your Courtney Leyes Tomlinson prospect tick. Avoid the temptation to talk has joined Fisher & Phillips LLP as too much about yourself, as the quickest an associate attorney. Tomlinson, way to derail rapport is to dominate the SEMINAR conversation. Demonstrate active listening 2013 who previously practiced labor and employment law at Jones skills by making regular eye contact, taking SERIES Walker LLP, focuses her practice notes, avoiding distraction, repeating what in discrimination, harassment you heard and asking thoughtful follow-up Mark your calendar for a series of informational and retaliation cases. questions. business seminars hosted by The Daily News Seventy percent of communication is and The Memphis News. Carrie Hunsicker has joined non-verbal. So if your prospect’s body lan- A2H Inc. as an architectural and guage and verbal communication don’t align, interior designer. Hunsicker has trust the former of the two. Then put your more than eight years’ experience questioning skills to work to uncover why the JUNE 6 in design, specializing in health lack of rapport or trust exists. MONEY & MARKETS: STATE OF THE care, education and government Speaking of non-verbal communication, projects. ECONOMY use “mirroring and matching” to communi- cate to your prospect that you’re of a similar Christian Brothers University’s mind. If he is leaning forward intently, con- AUGUST 8 Alpha Delta chapter of Epsilon sider leaning forward as well. If he is highly Mu Eta, the national honor soci- animated in his delivery, match his style. HR RULES & LEGAL RAMIFICATIONS ety for engineering management, Consider mirroring your prospect’s tone and has inducted seven members: conversational tempo as well. While this can graduate engineering students certainly be overdone, and your synchroni- SEPTEMBER 19 Robert L. Bell II, Manuel De zation should be subtle, people are innately HEALTH CARE: STATE OF THE Tuya, Rizgar A. Jan and Robbie drawn to those who seem to “get them.” INDUSTRY Webb; adjunct professors Rita In the end, half of the rapport battle is Engler and Charles McCain; and confidence. Walk into your very first conver- Civil & Environmental Engineer- sation with your prospect assuming that you ing chair Gene McGinnis. NOVEMBER 7 have rapport from the start. If you talk with COMMERCIAL REAL ESTATE REVIEW prospects as if they are already close friends Lottie Minor has been named you care about, you’re more likely to quickly AND FORECAST director of the National College of break down barriers and create a connection. Business & Technology’s Bartlett campus. Minor, who has 20 years’ Lori Turner-Wilson is an award-winning experience in higher education, columnist and managing partner of RedRover will serve as the college’s chief Sales & Marketing, www.redrovercompany. For information on the seminars or sponsorship opportunities, please contact academic and administrative com. Don Fancher at 901-528-5283 or [email protected]. officer, as well as its principal community representative. 32 May 31-June 6, 2013 www.thememphisnews.com

GOVERNMENT economic development Mayor, Council Considering Retail Resurgence Reset of City’s Whitehaven stakeholders hopeful Kroger investment only beginning

2014 Budget BILL DRIES | The Memphis News

BILL DRIES | The Memphis News

his wasn’t what the Memphis City Council had in mind when its T budget committee set Thursday, May 30, as its wrap-up session on the city budget. Such sessions are usually the time when the budget committee takes final votes on whether it agrees with parts of the administration’s budget proposal and council members begin to roll out their own proposals and substitutions. What is expected to happen Thursday is likely a budget adjustment by Memphis Mayor A C Wharton Jr. And there will be a presentation of another budget option. It comes in the wake of last week’s report from the office of Tennessee Comptroller Justin P. Wilson that ex- pressed concern over transfers among city divisions out of different pockets of city funding over several years. The trigger for the critical report was the city’s moves toward a second bond refunding plan in four years that pushed Photo: Lance Murphey the city’s debt out into future fiscal years. The Whitehaven Kroger at 1212 E. Shelby Drive, is getting a makeover that will include more frozen cases, soup and “In order to comply with state law, sushi, new decor and consolidation of the seafood and meat sections, and deli and bakery sections. the city must develop a clear solution to current expenditures exceeding revenues other than postponing debt and tax hen leaders of the Delta Divi- south of the state line has meant compe- there are families or people who have the burdens to future years,” Wilson wrote in sion of Kroger kicked off the tition for retail dollars in Whitehaven and income to sustain your business – that his cover letter. “At a minimum, the plan W $5 million renovation of the that pass through Whitehaven on the way answer is yes,” Collins said as he waved a should address the reserve fund balance, chain’s Whitehaven supermarket, some to North Mississippi. Kroger card. the revenue loss due to declining prop- of the area’s community and business But those shoppers who travel the The barcode card is used by shoppers erty values and the substantial liabilities leaders were looking beyond the store’s U.S. highway that is Elvis Presley Boule- for discounts. It is also used extensively due in the near future.” parking lot. vard are also seeing the retail potential by Kroger executives to track buyer habits Wharton described the city’s finances The latest Memphis-area store to roll before they get to the state line. and what they are buying at what loca- as “challenged” as a result of the report out its plans for a remake in a year that “It was a serious influx of business tion. and the adjustments the council made in will see $50 million in renovations and that came from the north,” Richter said. “Let me be clear. If we in Whitehaven response. remakes in the area is part of a much “Passing Southland Mall they would did not carry our Kroger cards, rest as- “There are genuine concerns, exac- larger and longer remake of Whitehaven’s go to Walmart and come back by. It has sured Kroger wouldn’t spend $5 million at erbated of course by the drop in the ap- main street – Elvis Presley Boulevard. The helped.” this store,” Collins said. praised value of property,” Wharton said Kroger is at East Shelby Drive and Elvis He said he expects the Kroger renova- The supermarket is next to the South- at a Wednesday, May 29, taping of the Presley Boulevard. tion will help what has been the mixed brook Mall on a parcel of land that set a WKNO-TV program “Behind The Head- Memphis City Council member Har- bottom line from the North Mississippi record for Whitehaven real estate when it lines.” “We took a $30 million hit. … This old Collins says it is about more than the competition. was bought by Holiday Inn founder Kem- is our way of dealing with it head on.” long-needed streetscape improvements “We’ve seen an uptick and there’s no mons Wilson in 1967. The 28 acres, then The council, in response to news of from Brooks Road to Shelby Drive that question about the fact that we lost mar- outside the city limits of Memphis, sold the report last week, moved approxi- began last November at the Brooks Road ket share to northern Mississippi when for $41,071.42 an acre. mately $54 million in the form of inter- intersection. the mall opened down there,” he said Wilson built the mall and it opened in fund loans to funds depleted by deficits “This is about the resurgence of a referring to the Southaven Towne Center. 1972 after the city’s first shopping mall, and advances to other funds. The moves once great community,” Collins said. “We’ve lost market share to Wolfchase Southland Mall, directly across East Shel- also included the use of $11 million in “Now we will become greater as long as Galleria and other large shopping areas. by Drive, had been open for five years. city reserves for three funds in particular. we stay together and stay focused. Forty- Southland Mall being what it is to this Southland Mall, locally owned and Council members also requested an three million to renovate the street is just area, it’s still the No. 1 area for retailers to managed, has held on and undergone alternate budget proposal from the city a precipitant of what we can become in come and open up for business and have several renovations over the years. that is based on keeping the city property the future.” shoppers come.” Southbrook has not had that kind of tax rate at $3.11. That would include the The privately funded Kroger renova- Rixter points out the mall pays attention over the intervening decades. $30 million hit in property tax revenue tion gets at the heart of what Collins and $600,000 in property taxes and sees the And with storefronts along its front in- the city took from the 2013 property Whitehaven merchants have been saying streetscape changes to come as a return stead of a defined mall entrance, it is hard reappraisal. since the days years ago when they lob- on that. Collins was a bit more pointed, to tell it ever was a mall. “You want to pursue austerity bied chain restaurants to simply keep a saying he hoped police would crack down A year ago, owners of Southbrook where you can. But you can’t just close presence on the boulevard. They argue on what he called “sidewalk vendors” who pitched a $10.2 million renovation of the down growth opportunities in the city,” the area has the kind of retail-buying set up outside the fixed businesses along mall and wanted the city to put up $6.8 Wharton said on the program, which airs potential that retailers should be inter- the corridor on the edges of the parking million of that. The administration of Friday at 7 p.m. ested in. lots with outparcels or buildings. Memphis Mayor A C Wharton Jr. was hesi- Look for more in the Monday, June Southland Mall manager Michael “If you are interested in putting up tant then. The money Kroger is putting 3, issue of The Daily News and the June Rixter says the 4-year-old Walmart store your shop in Whitehaven, if you are into its neighboring store is a challenge to 7-13 issue of The Memphis News. in North Mississippi and other shopping thinking about if there are resources, if the owners of Southbrook, Collins said. www.thememphisnews.com May 31-June 6, 2013 33

events

June 2, at 7:30 p.m. at the shell, 1930 Poplar feature Robbie and The Bandanas as part of the happenings Ave. in Overton Park. Visit levittshell.org. Red Hot Summer concert series Wednesday, June 5, from 6:30 p.m. to 8:30 p.m. in the ga- West Tennessee Historical Society will meet zebo at Cooper Street and Young Avenue. Cost Monday, June 3, at 7 p.m. in the Wunderlich is free. Visit cooperyoung.biz. The Daily News will host its Money and Markets: State Auditorium at Memphis University School, 6191 Park Ave. Joe V. Lowry will present “Memphis: The Red Door Foundation will host the Saving of the Economy seminar and panel discussion Thursday, Going Through Changes, 1890-1929.” Visit Ourselves Symposium, educating and wths-tn.org. encouraging the African-American community »June 6, at 3:30 p.m. in the Memphis Brooks Museum of Art to fight HIV/AIDS, Thursday, June 6, through Methodist Le Bonheur Germantown Hos- Sunday, June 9, at multiple Downtown venues. auditorium, 1934 Poplar Ave. Craig Dismuke, senior vice pital will hold a stroke survivor group meet- Visit trdfmemphis.com for a schedule and ing Tuesday, June 4, at 5 p.m. in suite 250 of tickets. president and chief economic strategist at Vining Sparks Medical Office Building A, 7655 Poplar Ave. Stroke survivors will discuss caregiving issues; Cooper Young Night Out will be held Thursday, IBG, will present the keynote. Cost is $25. Visit seminars. partners and family will discuss time and stress June 6, from 5 p.m. to 9 p.m. at businesses in management. Call 516-6929. the Cooper-Young neighborhood. Visit coopery- memphisdailynews.com. oung.biz for a list of activities. The city of Germantown will host Soul Shockers as part of its Groovin’ and Chillin’ The Peabody Rooftop Party will be held Concert Series Tuesday, June 4, from 6 p.m. to Thursday, June 6, from 6 p.m. to 11 p.m. at The 8:30 p.m. in the Kiwanis pavilion at Municipal Peabody, 149 Union Ave. Tickets are $10. Visit » Community dancing and nautical fun. Tickets in advance are Park on Exeter Road. The free concert starts peabodymemphis.com or call 529-4000. $25 for members and $35 for nonmembers; at 7 p.m.; hot dog and hamburger combos will The Eyewear Gallery will host free learner’s tickets at the gate are $30 for members and be available for purchase beforehand. Visit permit and driver’s license vision screenings THE ARTS $40 for nonmembers. Visit metalmuseum.org. germantown-tn.gov. » Friday, May 31, from 9 a.m. to 5 p.m. at the store, Ballet Memphis will present Interiorworks 14 428 Perkins Road Extended. Space is limited. Memphis Botanic Garden will present Tony Cannon Wright Blount will present a Quick- Friday, May 31, and Saturday, June 1, at 8 p.m. R.S.V.P. at 763-2020. Bennett as part of the Live at the Garden Books introductory session for entrepreneurs at its studios, 7950 Trinity Road. The program Summer Concert Series Saturday, June 1, at and business owners Wednesday, June 5, from includes 10 new works by company artists. The Levitt Shell will present Mingo Fishtrap 8:30 p.m. at the Garden, 750 Cherry Road. 8:30 a.m. to 9:30 a.m. at the firm’s office, 756 Suggested donation is $10; proceeds benefit as part of its free summer concert series on Gates open at 6:30 p.m. Tickets are $45. Visit Ridge Lake Blvd., suite 100. Cost is free. Email the Artists’ Resource Fund. Call 737-7322. Sunday, May 31, at 7:30 p.m. at the shell, 1930 liveatthegarden.com. [email protected] or call Poplar Ave. in Overton Park. Visit levittshell.org. 271-3126. The South Main Art Trolley Tour will be held St. Jude Children’s Research Hospital will Friday, May 31, from 6 p.m. to 9 p.m. in the The Healthy Church Challenge Obesity host free tours of the St. Jude Dream Home Talk Shoppe will meet Wednesday, June 5, South Main Historic Arts District. Email info@ Summit will be held Saturday, June 1, from 10 Saturday, June 1, and Sunday, June 2, from 10 from 9 a.m. to 10 a.m. at DeVry University, 6401 southmainmemphis.net. a.m. to 1 p.m. at Breath of Life Christian Center, a.m. to 5 p.m. at 45 Dalton Cove in Eads. The Poplar Ave., sixth floor. Representatives from 3795 Frayser Raleigh Road. Winners of the 100- house will be raffled June 23; tickets are $100. Enterprise Property Management will present RiverArtsFest will unveil its 2013 poster, cre- day weight-loss challenge will be announced; Visit dreamhome.org. “Solutions for Property Management.” Cost is ated by Annabel Meacham, at a party Friday, other events include a keynote by fitness expert free. Visit talkshoppe.biz. May 31, from 6 p.m. to 9 p.m. at 431 S. Main St. Donna Richardson, health screenings and work- The Levitt Shell will present The City Champs Visit riverartsmemphis.org. out sessions. Call 278-0881. as part of its free summer concert series on Memphis Botanic Garden will hold Farmers’ Saturday, June 1, at 7:30 p.m. at the shell, 1930 Market at the Garden Wednesday, June 5, from Germantown Performing Arts Center will The Metal Museum will host the Great Missis- Poplar Ave. in Overton Park. Visit levittshell.org. 2 p.m. to 6 p.m. at 750 Cherry Road. Visit mem- present An Acoustic Evening With Keb’ Mo’ Fri- sippi Whale Watch party Saturday, June 1, from phisbotanicgarden.com. day, May 31, at 8 p.m. in the Duncan-Williams 7 p.m. to 10 p.m. at the museum, 374 Metal Mu- The Levitt Shell will present Red Baraat as part Performance Hall, 1801 Exeter Road. Tickets seum Drive. The event will include food, drinks, of its free summer concert series on Sunday, The Cooper-Young Business Association will start at $27.50. Visit gpacweb.com.

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Week of 5/20/13 - 5/26/13 crosswords The Weekly

Crossword Edited by Margie E. Burke The Weekly Crossword by Margie E. Burke ACROSS 1234 5678 9 10 11 12 13

1 Woodworker's 14 15 16 groove 5 Not only that... 17 18 19 9 Ice cream unit 20 21 22 14 Sweeping story 15 Lackluster 23 24 25 26 27 16 Priggish one 28 29 30 31 17 Military station 18 Type of tea 32 33 34 35 36 19 Anagram for 37 38 39 40 41 42 route 20 Swelled head 43 44 45 46 21 ____ here long? 47 48 49 50 51 52 53 54 22 Takes for a ride 23 Recently 55 56 57 58 discovered 25 Corsage flower 59 60 61 28 Dungaree cloth 62 63 64 65 29 Overflow 31 Trapper's ware 66 67 68 32 Kind of tide 69 70 71 34 Film spool 36 Oui's opposite Copyright 2013 by The Puzzle Syndicate 37 Financial 70 Swamp stalk 30 Electric fish 50 Hank Aaron's reserves 71 Witch's blemish 33 Bold and birthplace 41 38 Special outspoken 52 Indian spice song, "Hold on DOWN 35 Crooner's gig mixture _____" 1 Count (on) 37 Stadium 53 2009 film set in 43 In past time 2 Orbital extreme souvenirs 2154 44 Bug spray 3 Wash one's 38 Lecher's look 54 Properly clothed brand hands of 39 Hiker's trail 56 Group of judges 46 Filbert or Brazil 4 World Series 40 Canine 58 Prominent 47 Alka-Seltzer mo. command 62 Pub offering sound 5 French farewell 42 Pack away 63 Gangster's gun, 49 Peony part 6 Shining 45 Do some nit slangily 51 Wandering one 7 Like most picking? 64 Gentleman's title 55 Frame jobs models 48 What karats 65 Morning drops 57 Low frequency 8 No longer funny measure radio signal 9 Animal trail Answer to Last Week's Crossword 59 Recite the 10 Ab exercise ACME HBOMB SMUG rosary, e.g. 11 Upstage SHAY AUD I O POSE 60 Orchestral reed 12 Poetic tribute HERE ZLOTY AMEN 61 Cul-de-___ 13 Part of MPH RAM SEGREGATE What connects Google, President Bush & FORTUNE to Memphis? 62 From the top 21 B-2 or B-52 APOST LE EVENLY ...5 Remarkable Women 64 One of four in a 22 Mary Chapin MOTOR SLOE TEA deck Carpenter song FURTHER TUSK Celebrate What’s Right 65 Dinner and a and album title, BAT TER I NGRAMS movie, maybeWeek when repeated of 5/20/13PREY - 5/26/13TENSEUP EAR B I KE MERGE Lessons on Leadership 66 Starbucks item 24 Feudal estate A TOM I C L I BRARY 67 Dot on a map 26 Seacrest's BONECH I NA VIE FEATURING 68 Ardor show, familiarly ED I T NOONE FALL 69 Antiknock fuel 27 Refute the R I CE CAPER UGL I additive charge REST EXERT NEED

Sudoku Edited by Margie E. Burke Meg Naomi Dr. Marilynn Leigh Laurie  Edited by Margie E. Burke Crosby Earp Robinson Shockey Tucker Difficulty : Easy HOW TO SOLVE: HOW TO PLAY MODERATED BY Each row must contain the   numbers 1 to 9; each column must contain the numbers 1 Susan Springfield- EVP & Chief Credit Officer, First Horizon  to 9; and each set of 3 by 3 boxes must contain the Tuesday, June 25, 2013   numbers 1 to 9. noon-1:30 pm Answer to Last Week's Sudoku Holiday Inn, University of Memphis    3700 Central Ave      Single tickets - $25 Table of 8 - $200  Purchase tickets at www.newmemphis.org                Sponsored by                 Copyright 2013 by The Puzzle Syndicate www.thememphisnews.com MayMay 31 31-June - June 6, 2013 35

public notices

that an agent of Wilson & Associates, 2, Page 97, and in Plat Book 3, description of said lot. Related Info Foreclosure Notices P.L.L.C., as Successor Trustee, by virtue Page 14 and being more particularly ALSO KNOWN AS: 170 Cedar Trace of the power, duty, and authority vested described as follows: Drive North, Arlington, Tennessee Fayette County Also read our daily edition, The Daily in and imposed upon said Successor Beginning at a point in the South line 38002 News, in print or online every business Trustee will, on June 17, 2013 on or of Big Bell Loop, said point being a This sale is subject to all matters day for public notices for Memphis & about 10:00 A.M., at the Fayette common corner of Lots 5 and 6; shown on any applicable recorded plat; Shelby County. NOTICE OF TRUSTEE’S SALE County Courthouse, Somerville, Ten- thence Westwardly along said South any unpaid taxes; any restrictive cov- Go to www.memphisdailynews.com or WHEREAS, default has occurred in the nessee, offer for sale certain property line a distance of 336.18 feet to a enants, easements, or setback lines call 683.NEWS for more information. performance of the covenants, terms, hereinafter described to the highest point of curvature; thence on a curve that may be applicable; any statutory and conditions of a Deed of Trust Note bidder FOR CASH, free from the statu- to the left which radius is 53 feet rights of redemption of any governmental dated June 15, 2007, and the Deed of tory right of redemption, homestead, a distance of 80.49 feet to a point agency, state or federal; any prior liens Trust of even date securing the same, dower, and all other exemptions which in the Southeast line of an old road or encumbrances as well as any priority recorded July 3, 2007, as Instrument are expressly waived in the Deed of (closed); thence Southwestwardly created by a fixture filing; and to any No. 07006185 in Office of the Register Trust, said property being real estate along said Southeast line a distance matter that an accurate survey of the of Deeds for Fayette County, Tennessee, situated in Fayette County, Tennessee, of 208.18 feet to a point of curva- premises might disclose. In addition, the for the sale set forth above. W&A No. executed by Robert D. Hampton and and being more particularly described ture; thence on a curve to the left following parties may claim an interest 902-226830 Fontaine Hampton, conveying certain as follows: which radius is 35 feet a distance in the above-referenced property: Jen- DATED May 22, 2013 property therein described to Fayette Lot 80, Section D of the Stamps of 71.77 feet to a point in the North nifer J. Ihrie; Builder Specialties, Inc.; WILSON & ASSOCIATES, P.L.L.C., County Title Company as Trustee for Subdivision, of record in Plat Book line of an old road (closed); thence Countrywide Bank, N.A.; Mortgage Successor Trustee Mortgage Electronic Registration Sys- 2, Page 146, also shown on plat of Eastwardly along said North line a Electronic Registration Systems, Inc., FOR SALE INFORMATION, VISIT WWW. tems, Inc., as nominee for Oakland record in Plat Book 2, Page 143, distance of 263.06 feet to a corner as nominee for Countrywide Bank, N.A.; MYFIR.COM and WWW.REALTYTRAC. Deposit Bank, its successors and and Plat Book 2, Page 200, all in the of Lot 4; thence Northeastwardly Bank of America COM assigns; and the undersigned, Wilson Register’s Office of Fayette County, along the line dividing Lots 4 and The sale held pursuant to this Notice May 31, June 7, 14, 2013 Fin11527 & Associates, P.L.L.C., having been Tennessee. 6 a distance of 195.47 feet to a may be rescinded at the Successor appointed Successor Trustee. ALSO KNOWN AS: 975 Rebel Road, corner of Lot 5; thence Northwardly Trustee’s option at any time. The right NOW, THEREFORE, notice is hereby Collierville, Tennessee 38017- along the line dividing Lots 5 and 6 is reserved to adjourn the day of the given that the entire indebtedness has 5619 a distance of 160.0 feet to the Point sale to another day, time, and place Foreclosure Notices been declared due and payable; and This sale is subject to all matters of Beginning. certain without further publication, upon that an agent of Wilson & Associates, shown on any applicable recorded plat; ALSO KNOWN AS: 1400 Big Bell Loop, announcement at the time and place Madison County P.L.L.C., as Successor Trustee, by any unpaid taxes; any restrictive cov- Eads, Tennessee 38028 for the sale set forth above. W&A No. virtue of the power, duty, and authority enants, easements, or setback lines This sale is subject to all matters 726-146490 vested in and imposed upon said Suc- that may be applicable; any statutory shown on any applicable recorded plat; DATED May 28, 2013 NOTICE OF TRUSTEE’S SALE cessor Trustee will, on June 10, 2013 rights of redemption of any governmental any unpaid taxes; any restrictive cov- WILSON & ASSOCIATES, P.L.L.C., WHEREAS, default has occurred in the on or about 10:00 A.M., at the Fayette agency, state or federal; any prior liens enants, easements, or setback lines Successor Trustee performance of the covenants, terms, County Courthouse, Somerville, Ten- or encumbrances as well as any prior- that may be applicable; any statutory FOR SALE INFORMATION, VISIT WWW. and conditions of a Deed of Trust Note nessee, offer for sale certain property ity created by a fixture filing; and to any rights of redemption of any governmental MYFIR.COM and WWW.REALTYTRAC. dated December 27, 2007, and the hereinafter described to the highest matter that an accurate survey of the agency, state or federal; any prior liens COM Deed of Trust of even date securing bidder FOR CASH, free from the statu- premises might disclose. In addition, the or encumbrances as well as any prior- May 31, June 7, 14, 2013 Fin11526 the same, recorded January 18, 2008, tory right of redemption, homestead, following parties may claim an interest ity created by a fixture filing; and to any at Book T1822, Page 1102 in Office dower, and all other exemptions which in the above-referenced property: Deb- matter that an accurate survey of the NOTICE OF TRUSTEE’S SALE of the Register of Deeds for Madison are expressly waived in the Deed of bie J. Rogers; Jerry M. Rogers; United premises might disclose. In addition, the WHEREAS, default has occurred in the County, Tennessee, executed by Van Trust, said property being real estate Bonding Company following parties may claim an interest in performance of the covenants, terms, Gibson, Jr., conveying certain property situated in Fayette County, Tennessee, The sale held pursuant to this Notice the above-referenced property: Michael and conditions of a Deed of Trust Note therein described to Arnold M. Weiss, and being more particularly described may be rescinded at the Successor T. Bullard; Elizabeth Bullard; Unknown dated May 28, 2004, and the Deed of Attorney at Law, Weiss Spicer, PLLC as as follows: Trustee’s option at any time. The right Heirs of Michael Bullard; Estate of Trust of even date securing the same, Trustee for Residential Loan Centers Lot 34, Section A, Oakland Meadows is reserved to adjourn the day of the Michael Bullard recorded June 4, 2004, at Book D729, of America, Inc.; and the undersigned, Subdivision, as shown on plat of re- sale to another day, time, and place The sale held pursuant to this Notice Page 274 in Office of the Register of Wilson & Associates, P.L.L.C., having cord in Plat Book 7, Page 154, in the certain without further publication, upon may be rescinded at the Successor Deeds for Fayette County, Tennessee, been appointed Successor Trustee. Register’s Office of Fayette County, announcement at the time and place Trustee’s option at any time. The right executed by John R. Pinckley, Sr. and NOW, THEREFORE, notice is hereby Tennessee, to which plat reference for the sale set forth above. W&A No. is reserved to adjourn the day of the Teresa F. Pinckley, conveying certain given that the entire indebtedness has is hereby made for a more particular 764-235292 sale to another day, time, and place property therein described to Wilson & As- been declared due and payable; and description of said property. DATED May 13, 2013 certain without further publication, upon sociates, PLLC as Trustee for Mortgage that an agent of Wilson & Associates, ALSO KNOWN AS: 150 Mack Ed- WILSON & ASSOCIATES, P.L.L.C., announcement at the time and place Electronic Registration Systems, Inc., P.L.L.C., as Successor Trustee, by virtue wards Drive, Oakland, Tennessee Successor Trustee for the sale set forth above. W&A No. as nominee for Decision One Mortgage of the power, duty, and authority vested 38060-3415 FOR SALE INFORMATION, VISIT WWW. 817-232417 Company, LLC, its successors and in and imposed upon said Successor This sale is subject to all matters MYFIR.COM and WWW.REALTYTRAC. DATED May 17, 2013 assigns; and the undersigned, Wilson Trustee will, on July 11, 2013 on or about shown on any applicable recorded plat; COM WILSON & ASSOCIATES, P.L.L.C., & Associates, P.L.L.C., having been 11:00 A.M., at the Madison County any unpaid taxes; any restrictive cov- May 24, 31, June 7, 2013 Fin11519 Successor Trustee appointed Successor Trustee. Courthouse, Jackson, Tennessee, of- enants, easements, or setback lines FOR SALE INFORMATION, VISIT WWW. NOW, THEREFORE, notice is hereby fer for sale certain property hereinafter that may be applicable; any statutory NOTICE OF TRUSTEE’S SALE MYFIR.COM and WWW.REALTYTRAC. given that the entire indebtedness has described to the highest bidder FOR rights of redemption of any governmental WHEREAS, default has occurred COM been declared due and payable; and CASH, free from the statutory right of agency, state or federal; any prior liens in the performance of the covenants, May 24, 31, June 7, 2013 Fin11521 that an agent of Wilson & Associates, redemption, homestead, dower, and all or encumbrances as well as any priority terms, and conditions of a Deed of P.L.L.C., as Successor Trustee, by other exemptions which are expressly created by a fixture filing; and to any Trust Note dated November 18, 2005, NOTICE OF TRUSTEE’S SALE virtue of the power, duty, and authority waived in the Deed of Trust, said property matter that an accurate survey of the and the Deed of Trust of even date WHEREAS, default has occurred vested in and imposed upon said Suc- being real estate situated in Madison premises might disclose. In addition, the securing the same, recorded February in the performance of the covenants, cessor Trustee will, on July 1, 2013 on County, Tennessee, and being more following parties may claim an interest in 8, 2006, as Instrument No. 06001211 terms, and conditions of a Deed of Trust or about 10:00 A.M., at the Fayette particularly described as follows: the above-referenced property: Robert in Office of the Register of Deeds for Note dated January 12, 2007, and the County Courthouse, Somerville, Ten- A certain tract or parcel of land lo- D. Hampton; Fontaine Hampton; Don Fayette County, Tennessee, executed Deed of Trust of even date securing the nessee, offer for sale certain property cated in Madison County, Tennessee, Hampton by Michael T. Bullard and Elizabeth Bul- same, recorded December 4, 2012, hereinafter described to the highest described as follows to wit: The sale held pursuant to this Notice lard, conveying certain property therein as Instrument No. 12007171 in Office bidder FOR CASH, free from the statu- Beginning at a stake in the West may be rescinded at the Successor described to Wesley D. Turner as Trustee of the Register of Deeds for Fayette tory right of redemption, homestead, margin of North Royal Street and 4 and Trustee’s option at any time. The right for Ameriquest Mortgage Company; and County, Tennessee, executed by Jen- dower, and all other exemptions which one half feet North of the Northeast is reserved to adjourn the day of the the undersigned, Wilson & Associates, nifer J. Ihrie, conveying certain property are expressly waived in the Deed of Trust, corner of J.S. Swayne residence lot, sale to another day, time, and place P.L.L.C., having been appointed Succes- therein described to Robert M. Wilson, said property being real estate situated sometimes known as the Lawrence certain without further publication, upon sor Trustee. Jr. as Trustee for Mortgage Electronic in Fayette County, Tennessee, and being Taylor lot; and runs thence North announcement at the time and place NOW, THEREFORE, notice is hereby Registration Systems, Inc. solely as more particularly described as follows: with said West margin of North Royal for the sale set forth above. W&A No. given that the entire indebtedness has Nominee for Countrywide Bank, N.A. and Lot 57, in the B.E.I. Subdivision, a Street 94 and one half feet to the 1286-235098 been declared due and payable; and Countrywide Bank, N.A. Successors and plat of which appears of record in Plat Southeast corner of the L.J. Wagner DATED May 13, 2013 that an agent of Wilson & Associates, Assigns; and the undersigned, Wilson Book 2, Page 181, in the Register’s lot; thence West at right angles to WILSON & ASSOCIATES, P.L.L.C., P.L.L.C., as Successor Trustee, by virtue & Associates, P.L.L.C., having been Office of Fayette County, Tennessee said North Royal Street 250 feet, more Successor Trustee of the power, duty, and authority vested appointed Successor Trustee. reference to which plat is here made or less, to a stake; thence South paral- FOR SALE INFORMATION, VISIT WWW. in and imposed upon said Successor NOW, THEREFORE, notice is hereby for a more particular description of lel to the West margin of said North MYFIR.COM and WWW.REALTYTRAC. Trustee will, on June 17, 2013 on or given that the entire indebtedness has said property. Royal Street 94 and one half feet to COM about 10:00 A.M., at the Fayette been declared due and payable; and ALSO KNOWN AS: 345 Randy Road, a stake; thence East parallel with a May 17, 24, 31, 2013 Fin11513 County Courthouse, Somerville, Ten- that an agent of Wilson & Associates, Eads, Tennessee 38028-3425 4 and one half feet North of the said nessee, offer for sale certain property P.L.L.C., as Successor Trustee, by virtue This sale is subject to all matters J.S. Swayne residence lot 250 feet, NOTICE OF TRUSTEE’S SALE hereinafter described to the highest of the power, duty, and authority vested shown on any applicable recorded plat; more or less, to the beginning. WHEREAS, default has occurred in the bidder FOR CASH, free from the statu- in and imposed upon said Successor any unpaid taxes; any restrictive cov- ALSO KNOWN AS: 465 North Royal performance of the covenants, terms, tory right of redemption, homestead, Trustee will, on June 24, 2013 on or enants, easements, or setback lines Street, Jackson, Tennessee 38301 and conditions of a Deed of Trust Note dower, and all other exemptions which about 10:00 A.M., at the Fayette that may be applicable; any statutory This sale is subject to all matters dated October 1, 2008, and the Deed of are expressly waived in the Deed of County Courthouse, Somerville, Ten- rights of redemption of any governmental shown on any applicable recorded plat; Trust of even date securing the same, re- Trust, said property being real estate nessee, offer for sale certain property agency, state or federal; any prior liens any unpaid taxes; any restrictive cov- corded October 9, 2008, as Instrument situated in Fayette County, Tennessee, hereinafter described to the highest or encumbrances as well as any priority enants, easements, or setback lines No. 08007213 in Office of the Register and being more particularly described bidder FOR CASH, free from the statu- created by a fixture filing; and to any that may be applicable; any statutory of Deeds for Fayette County, Tennessee, as follows: tory right of redemption, homestead, matter that an accurate survey of the rights of redemption of any governmental executed by Debbie J. Rogers and Jerry All that certain parcel of land in dower, and all other exemptions which premises might disclose. In addition, the agency, state or federal; any prior liens M. Rogers, conveying certain property 7th Civil District, Fayette County, are expressly waived in the Deed of following parties may claim an interest or encumbrances as well as any priority therein described to Robert M. Wilson, State of Tennessee, as more fully Trust, said property being real estate in the above-referenced property: John created by a fixture filing; and to any Jr. as Trustee for Mortgage Electronic described in Book D697, Page 564, situated in Fayette County, Tennessee, R. Pinckley Sr.; Teresa F. Pinckley; matter that an accurate survey of the Registration Systems, Inc., as nominee ID No. 10207.02, being known and and being more particularly described Branch Banking and Trust Company premises might disclose. In addition, the for Countrywide Bank, FSB, its succes- designated as Lots 6 and 7, Section as follows: The sale held pursuant to this Notice following parties may claim an interest sors and assigns; and the undersigned, 1, Big Bell Subdivision, filed in Plat Lot 12, Phase II, The Cedars Subdi- may be rescinded at the Successor in the above-referenced property: Van Wilson & Associates, P.L.L.C., having Book 2, Page 97, and in Plat Book vision, as shown on plat of record Trustee’s option at any time. The right Gibson , Jr.; Secretary of Housing & been appointed Successor Trustee. 3, Page 14. in Plat Book 8, Page 52, in the is reserved to adjourn the day of the Urban Development; Van Gibson , Jr.; NOW, THEREFORE, notice is hereby Lots 6 and 7, Section One, Big Bell register’s office of Fayette County, sale to another day, time, and place Leonard Gibson, heir of the Estate of given that the entire indebtedness has Subdivision, as recorded in Fayette Tennessee, to which plat reference certain without further publication, upon Van Gibson; Heirs of Van Gibson, Jr. been declared due and payable; and County Register’s Office, Plat Book is hereby made for a more particular announcement at the time and place Continued on page 36 36 May 3131-June - June 6, 6, 2013 2013 www.thememphisnews.com

public notices

Foreclosure Notices Deed Book 689, Page 1722, in the County, Tennessee, and being more waived in the Deed of Trust, said property ence to which plat is made for a more Continued from page 35 Register’s Office of Madison County, particularly described as follows: being real estate situated in Madison particular description of said lot. Tennessee. Land is described as follows: Being County, Tennessee, and being more ALSO KNOWN AS: 81 Abraham Drive, The sale held pursuant to this Notice ALSO KNOWN AS: 319 Barnes Road, Lot Number 5, Section I of Deer Run particularly described as follows: Jackson, Tennessee 38305 may be rescinded at the Successor Medina, Tennessee 38355 Subdivision, a plat of which appears of A certain tract or parcel of land lo- This sale is subject to all matters Trustee’s option at any time. The right The HB 3588 letter was mailed to record in Plat Book 8, Page 70, in the cated in Madison County, Tennessee, shown on any applicable recorded plat; is reserved to adjourn the day of the the borrower(s) pursuant to Tennessee Register’s Office of Madison County, described as follows to-wit: any unpaid taxes; any restrictive cov- sale to another day, time, and place Code Annotated 35-5-117. This sale is Tennessee, and to which reference Beginning at an iron pin on the East enants, easements, or setback lines certain without further publication, upon subject to all matters shown on any ap- is hereby made for a more particular margin of Chester Levee Road (25 that may be applicable; any statutory announcement at the time and place plicable recorded plat; any unpaid taxes; description of said lot. feet at right angles from centerline) rights of redemption of any governmental for the sale set forth above. W&A No. any restrictive covenants, easements, or ALSO KNOWN AS: 679 Old Pinson at the Southwest corner of Wally agency, state or federal; any prior liens 1626-231347 setback lines that may be applicable; Road, Jackson, Tennessee 38301 Strong as recorded in Deed Book 464, or encumbrances as well as any priority DATED May 9, 2013 any statutory rights of redemption of any This sale is subject to all matters Page 731, in the Register’s Office of created by a fixture filing; and to any WILSON & ASSOCIATES, P.L.L.C., governmental agency, state or federal; shown on any applicable recorded plat; Madison County, Tennessee; thence matter that an accurate survey of the Successor Trustee any prior liens or encumbrances as well any unpaid taxes; any restrictive cov- with Strong’s South line South 85 premises might disclose. In addition, the FOR SALE INFORMATION, VISIT WWW. as any priority created by a fixture -fil enants, easements, or setback lines degrees 47 minutes East a distance following parties may claim an interest MYFIR.COM and WWW.REALTYTRAC. ing; and to any matter that an accurate that may be applicable; any statutory of 299.93 feet to a post at a new in the above-referenced property: Cindy COM survey of the premises might disclose. rights of redemption of any governmental corner of James Shults; thence South Cheri Terry; Internal Revenue Service May 17, 24, 31, 2013 Fin11514 In addition, the following parties may agency, state or federal; any prior liens 1 degrees 29 minutes 30 seconds The sale held pursuant to this Notice claim an interest in the above-referenced or encumbrances as well as any priority West a distance of 66.19 feet to may be rescinded at the Successor NOTICE OF TRUSTEE’S SALE property: William Eric Davis; Regional created by a fixture filing; and to any an iron pin at the Northeast corner Trustee’s option at any time. The right WHEREAS, default has occurred in the Hospital Jackson; M&T Bank matter that an accurate survey of the of David Shults; thence with David is reserved to adjourn the day of the performance of the covenants, terms, The sale held pursuant to this Notice premises might disclose. In addition, the Shults’ North line North 85 degrees sale to another day, time, and place and conditions of a Deed of Trust Note may be rescinded at the Successor following parties may claim an interest in 34 minutes West a distance of 302.83 certain without further publication, upon dated September 4, 2007, and the Trustee’s option at any time. The right the above-referenced property: Joshua feet to an iron pin on the East margin announcement at the time and place Deed of Trust of even date securing the is reserved to adjourn the day of the L. Maness; Miranda R. Maness of Chester Levee Road; thence with for the sale set forth above. W&A No. same, recorded September 7, 2007, sale to another day, time, and place The sale held pursuant to this Notice the East margin of Chester Levee 1286-70790 at Book T1811, Page 258 in Office certain without further publication, upon may be rescinded at the Successor Road North 4 degrees 00 minutes DATED May 15, 2013 of the Register of Deeds for Madison announcement at the time and place Trustee’s option at any time. The right East a distance of 65 feet to a point WILSON & ASSOCIATES, P.L.L.C., County, Tennessee, executed by William for the sale set forth above. W&A No. is reserved to adjourn the day of the of beginning. Containing 0.45 acre, Successor Trustee Eric Davis, conveying certain property 846-180433 sale to another day, time, and place as surveyed by David Hall Land Sur- FOR SALE INFORMATION, VISIT WWW. therein described to Teel McCormack DATED April 8, 2013 certain without further publication, upon veying Company, RLS Number 943, MYFIR.COM and WWW.REALTYTRAC. and Maroney as Trustee for Mortgage WILSON & ASSOCIATES, P.L.L.C., announcement at the time and place on November 16, 1993. COM Electronic Registration Systems, Inc., Successor Trustee for the sale set forth above. W&A No. ALSO KNOWN AS: 230 Chester Levee May 24, 31, June 7, 2013 Fin11518 as a separate corporation that is acting FOR SALE INFORMATION, VISIT WWW. 700-224929 Road, Jackson, Tennessee 38301 solely as a nominee for M&T Bank and MYFIR.COM and WWW.REALTYTRAC. DATED May 16, 2013 This sale is subject to all matters NOTICE OF TRUSTEE’S SALE M&T Bank’s successors and assigns; COM WILSON & ASSOCIATES, P.L.L.C., shown on any applicable recorded plat; WHEREAS, default has occurred in the and the undersigned, Wilson & Associ- May 17, 24, 31, 2013 Fin11515 Successor Trustee any unpaid taxes; any restrictive cov- performance of the covenants, terms, ates, P.L.L.C., having been appointed FOR SALE INFORMATION, VISIT WWW. enants, easements, or setback lines and conditions of a Deed of Trust Note Successor Trustee. NOTICE OF TRUSTEE’S SALE MYFIR.COM and WWW.REALTYTRAC. that may be applicable; any statutory dated November 7, 2011, and the Deed NOW, THEREFORE, notice is hereby WHEREAS, default has occurred COM rights of redemption of any governmental of Trust of even date securing the same, given that the entire indebtedness has in the performance of the covenants, May 24, 31, June 7, 2013 Fin11516 agency, state or federal; any prior liens recorded December 19, 2011, at Book been declared due and payable; and terms, and conditions of a Deed of or encumbrances as well as any priority 1917, Page 882 in Office of the Register that an agent of Wilson & Associates, Trust Note dated July 31, 2007, and NOTICE OF TRUSTEE’S SALE created by a fixture filing; and to any of Deeds for Madison County, Tennes- P.L.L.C., as Successor Trustee, by virtue the Deed of Trust of even date securing WHEREAS, default has occurred in the matter that an accurate survey of the see, executed by Mary Murphy, convey- of the power, duty, and authority vested the same, recorded August 1, 2007, at performance of the covenants, terms, premises might disclose. In addition, the ing certain property therein described to in and imposed upon said Successor Book T1807, Page 468 in Office of the and conditions of a Deed of Trust Note following parties may claim an interest Joseph B. Pitt Jr. as Trustee for MetLife Trustee will, on June 13, 2013 on or Register of Deeds for Madison County, dated April 24, 2008, and the Deed of in the above-referenced property: Peggy Home Loans, a Division of MetLife Bank, about 11:00 A.M., at the Madison Tennessee, executed by Joshua L. Ma- Trust of even date securing the same, Turner; Peggy Turner; Secretary of N.A.; and the undersigned, Wilson & County Courthouse, Jackson, Tennes- ness and Miranda R. Maness, conveying recorded May 2, 2008, at Book T1831, Housing & Urban Development; First Associates, P.L.L.C., having been ap- see, offer for sale certain property here- certain property therein described to R. Page 1309 in Office of the Register of Tennessee Bank, NA pointed Successor Trustee. inafter described to the highest bidder Bradley Sigler as Trustee for Mortgage Deeds for Madison County, Tennes- The sale held pursuant to this Notice NOW, THEREFORE, notice is hereby FOR CASH, free from the statutory right Electronic Registration Systems, Inc., as see, executed by Peggy Turner and may be rescinded at the Successor given that the entire indebtedness has of redemption, homestead, dower, and nominee for Franklin American Mortgage Peggy Turner, conveying certain property Trustee’s option at any time. The right been declared due and payable; and all other exemptions which are expressly Company, its successors and assigns; therein described to Arnold M. Weiss, is reserved to adjourn the day of the that an agent of Wilson & Associates, waived in the Deed of Trust, said property and the undersigned, Wilson & Associ- Attorney at Law, Weiss Spicer, PLLC as sale to another day, time, and place P.L.L.C., as Successor Trustee, by virtue being real estate situated in Madison ates, P.L.L.C., having been appointed Trustee for Academy Mortgage, LLC; and certain without further publication, upon of the power, duty, and authority vested County, Tennessee, and being more Successor Trustee. the undersigned, Wilson & Associates, announcement at the time and place in and imposed upon said Successor particularly described as follows: NOW, THEREFORE, notice is hereby P.L.L.C., having been appointed Suc- for the sale set forth above. W&A No. Trustee will, on July 18, 2013 on or Described property located in Madi- given that the entire indebtedness has cessor Trustee. 1626-232556 about 11:00 A.M., at the Madison son County, Tennessee, to wit: been declared due and payable; and NOW, THEREFORE, notice is hereby DATED May 14, 2013 County Courthouse, Jackson, Ten- Beginning at a point on the west that an agent of Wilson & Associates, given that the entire indebtedness has WILSON & ASSOCIATES, P.L.L.C., nessee, offer for sale certain property margin of Barnes Road at Abbott’s P.L.L.C., as Successor Trustee, by virtue been declared due and payable; and Successor Trustee hereinafter described to the highest northeast Corner; thence with said of the power, duty, and authority vested that an agent of Wilson & Associates, FOR SALE INFORMATION, VISIT WWW. bidder FOR CASH, free from the statu- margin North 20 feet to a point in in and imposed upon said Successor P.L.L.C., as Successor Trustee, by virtue MYFIR.COM and WWW.REALTYTRAC. tory right of redemption, homestead, Carter’s line; thence with Carter’s Trustee will, on July 18, 2013 on or about of the power, duty, and authority vested COM dower, and all other exemptions which line North 200 thence with same 11:00 A.M., at the Madison County in and imposed upon said Successor May 24, 31, June 7, 2013 Fin11517 are expressly waived in the Deed of North 81 degrees 42 minutes West Courthouse, Jackson, Tennessee, of- Trustee will, on July 18, 2013 on or about Trust, said property being real estate 200 feet to a point; thence South 220 fer for sale certain property hereinafter 11:00 A.M., at the Madison County NOTICE OF TRUSTEE’S SALE situated in Madison County, Tennessee, feet to a point in Abbott’s north line; described to the highest bidder FOR Courthouse, Jackson, Tennessee, of- WHEREAS, default has occurred in the and being more particularly described thence with Abbott’s North line South CASH, free from the statutory right of fer for sale certain property hereinafter performance of the covenants, terms, as follows: 81 degrees 42 minutes East 220 feet redemption, homestead, dower, and all described to the highest bidder FOR and conditions of a Deed of Trust Note All that certain parcel of land situated to the point of beginning. other exemptions which are expressly CASH, free from the statutory right of dated April 30, 2003, and the Deed of in the County of Madison, State of Ten- Being the same property conveyed to waived in the Deed of Trust, said property redemption, homestead, dower, and all Trust of even date securing the same, nessee, being known and designated William E. Davis by deed of record in being real estate situated in Madison other exemptions which are expressly recorded May 2, 2003, at Book T1474, as metes and bounds property and be- Page 888 in Office of the Register of ing more fully described in Deed Book Deeds for Madison County, Tennessee, 684, Page 632, Dated 10/31/2006 executed by Cindy Cheri Terry, conveying and Recorded 11/02/2006 in Madi- certain property therein described to son County records. SURGEON GENERAL’S Arnold M. Weiss, Esq. as Trustee for ALSO KNOWN AS: 1723 Campbell WARNING: Wells Fargo Home Mortgage, Inc.; and Street, Jackson, Tennessee 38305 the undersigned, Wilson & Associates, This sale is subject to all matters P.L.L.C., having been appointed Suc- shown on any applicable recorded plat; Cigarette Smoking cessor Trustee. any unpaid taxes; any restrictive cov- Causes Lung Cancer. NOW, THEREFORE, notice is hereby enants, easements, or setback lines given that the entire indebtedness has that may be applicable; any statutory been declared due and payable; and rights of redemption of any governmental that an agent of Wilson & Associates, agency, state or federal; any prior liens P.L.L.C., as Successor Trustee, by virtue or encumbrances as well as any priority of the power, duty, and authority vested created by a fixture filing; and to any in and imposed upon said Successor matter that an accurate survey of the SURGEON GENERAL’S Trustee will, on June 20, 2013 on or premises might disclose. In addition, the about 11:00 A.M., at the Madison following parties may claim an interest WARNING: County Courthouse, Jackson, Tennes- in the above-referenced property: Mary see, offer for sale certain property here- Murphy; Secretary of Housing & Urban Radon Causes Lung Cancer. inafter described to the highest bidder Development; The Estate of Mary Mur- FOR CASH, free from the statutory right phy; The Unknown Heirs of The Estate You Should Test Your Home. of redemption, homestead, dower, and of Mary Murphy; The Unknown Executor all other exemptions which are expressly of The Estate of Mary Murphy; Betty A. waived in the Deed of Trust, said property Smith Barton as Trustee of the Betty The U.S. Surgeon General recommends that your home be tested for Radon. Radon is the second being real estate situated in Madison A Smith Barton Trust County, Tennessee, and being more The sale held pursuant to this Notice leading cause of lung cancer. If you have never smoked, Radon is the number one cause of lung particularly described as follows: may be rescinded at the Successor cancer. Radon is an invisible radioactive gas that seeps into your home from underground, and the Being Lot Number 304, Section III, Trustee’s option at any time. The right only way you can tell if you have dangerous levels of Radon in your home is to test for it. Radon Shepards Field Subdivision, a plat of is reserved to adjourn the day of the problems can be easily fixed. For testing information, call or visit: which appears of record in Plat Book sale to another day, time, and place 9, Page 284, in the Register’s Office certain without further publication, upon 1-800-SOS-RADON www.epa.gov/radon of Madison County, Tennessee, refer- announcement at the time and place www.thememphisnews.com MayMay 31 31-June - June 6, 2013 3737

public notices for the sale set forth above. W&A No. property therein described to First Title in Deed Book 1244, Page 926 in the perpendicular to the centerline which Related Info 1204-232255 Corporation as Trustee for Mortgage Register’s Office of Tipton County: is the southwest corner of Parcel 2 of DATED May 22, 2013 Electronic Registration Systems, Inc., Commencing in the intersection of the the Patriot Bank property as recorded Also read our daily edition, The Daily WILSON & ASSOCIATES, P.L.L.C., as nominee for BNC Mortgage, Inc., a southeast right of way line of Hwy 51 in Deed Book 1454, Page 446; Thence News, in print or online every business Successor Trustee Delaware corporation, its successors (north bound lane) being 30 feet per- northeastwardly along the east right of day for public notices for Memphis & FOR SALE INFORMATION, VISIT WWW. and assigns; and the undersigned, pendicular to the original centerline of way line of North Maple, North 0 degrees Shelby County. MYFIR.COM and WWW.REALTYTRAC. Wilson & Associates, P.L.L.C., having Hwy 51 No. and 70 feet perpendicular 0 minutes 0 seconds East, passing the Go to www.memphisdailynews.com or COM been appointed Successor Trustee. to the present centerline of Hwy 51 as northwest corner of Parcel 2 at 247.50 call 683.NEWS for more information. May 31, June 7, 14, 2013 Fin11524 NOW, THEREFORE, notice is hereby widened according to the TN Department feet which is also the southwest corner The standard for Mid-South real estate given that the entire indebtedness has of Transportation Project #84002-2231- of the Patriot Bank property as recorded NOTICE OF TRUSTEE’S SALE been declared due and payable; and 04 as outlined on Sheet No. 11, thence in Deed Book 1460, Page 833 being information since 1968 WHEREAS, default has occurred in the that an agent of Wilson & Associates, northeastwardly along the southeast a closed alley, passing the northwest performance of the covenants, terms, P.L.L.C., as Successor Trustee, by virtue right-of-way line of Hwy 51, North 13 corner of the closed alley at 257.75 feet and conditions of a Deed of Trust Note of the power, duty, and authority vested degrees 47 minutes 03 seconds East, which is also the southwest corner of Call 458-6419 or go to dated June 30, 2008, and the Deed of in and imposed upon said Successor a call & measure distance of 680.0 Lot 2, passing the northwest corner of calculation. Being the same property www.chandlerreports.com Trust of even date securing the same, Trustee will, on June 19, 2013 on or feet to a set iron pin with cap labeled Lot 2 at 307.75 feet which is also the conveyed to Grantor by Deed of record recorded July 9, 2008, at Book T1837, about 10:00 A.M., at the Tipton County Boals 613 and being the True Point of southwest corner of Parcel 1 but in all in Deed Book 1463, Pages 50-52 in Page 594 in Office of the Register of Courthouse, Covington, Tennessee, o f- Beginning of the subject property and 345.25 feet to a set iron pin with cap Tipton Co. Register’s Office. Deeds for Madison County, Tennessee, fer for sale certain property hereinafter the southwest corner of Tract 1 of the being the northwest corner of Parcel The above-described real estate is com- executed by Leroy Ozier and Carolyn described to the highest bidder FOR Aubrey A. Wring property, also being I, also being the southwest corner of monly known as: Ozier, conveying certain property therein CASH, free from the statutory right of the northwest corner of The Industrial the Tracey K. Yelvington property as 200 North Maple, Covington, TN (Parcel described to Arnold M. Weiss, Attorney redemption, homestead, dower, and all Dev. Board of the Town of Covington as recorded in Deed Book 1313, Page 953; ID: 01-041C-C-004) at Law, Weiss Spicer, PLLC as Trustee other exemptions which are expressly recorded in Deed Book 1358, Page 662; Thence northeastwardly along the north 204 E. Liberty Ave., Covington, TN for Residential Loan Centers of America, waived in the Deed of Trust, said prop- Thence northeastwardly along the east line of Parcel 1, also being the south (Parcel ID: 01-041C-C-005). Inc.; and the undersigned, Wilson & erty being real estate situated in Tipton right of way line of Hwy 51 along a curve line of Tracey K. Yelvington and Watkins Owner(s) of Properties: Michael Kent Associates, P.L.L.C., having been ap- County, Tennessee, and being more to the right having a radius of 5,729.58 Residential as recorded in Deed Book and Tiffany Kent pointed Successor Trustee. particularly described as follows: feet an arc length of 520.60 feet; a 877, Page 644, North 89 degrees 59 Other Interested Parties: Tennessee NOW, THEREFORE, notice is hereby Land referred to in this commitment is chord bearing of North 19 degrees 10 minutes 4 seconds East, a call of 215.00 Business Development Corporation, given that the entire indebtedness has described as all that certain property minutes 52 seconds East and a chord feet but a measure of 225.0’ to a set Small Business Administration, Amer- been declared due and payable; and situated in City of Munford in the distance of 520.42 feet to a set iron iron pin with cap the northeast corner ica Closeout Wholesale, LLC, Glankler that an agent of Wilson & Associates, County of Tipton, and State of Ten- pin with cap being the northwest corner of Parcel 1, also being the southeast Brown PLLC, C.H. Robinson Co., Kim- P.L.L.C., as Successor Trustee, by virtue nessee, and being described in a deed of Tract 1, also being the southwest corner of Watkins Residential property brough Crossings, LLC of the power, duty, and authority vested dated January 25, 1996 and recorded corner of Tract 2, thence continuing and located in the west line of North All right and equity of redemption, in and imposed upon said Successor February 22, 1996 in Book 764, Page along the east right of way line of Hwy Tipton Street; Thence southwardly along statutory and otherwise, homestead and Trustee will, on July 25, 2013 on or about 1025, among the land records of the 51 along a curve to the right having a the west line of North Tipton Street being dower are expressly waived in said Deed 11:00 A.M., at the Madison County county and state set forth above and radius of 5,729.58 feet an arc length 15 feet west and perpendicular to the of Trust, and the title is believed to be Courthouse, Jackson, Tennessee, of- referenced as follows: of 99.98 feet; a chord bearing of North centerline, South 0 degrees 0 minutes good, but the undersigned, will sell and fer for sale certain property hereinafter Beginning at a point in the Southwest 22 degrees 17 minutes 03 seconds 0 seconds West, a call and measure of convey only as Substitute Trustee. described to the highest bidder FOR line of Charles Place, said point being East and a chord distance of 99.98 87.50 feet to a set iron pin with cap being This is an attempt to collect a debt CASH, free from the statutory right of a common corner of Lots 6 and 5; feet to a set iron pin with cap #613 the southeast corner of Parcel 1, also and any information obtained will be redemption, homestead, dower, and all thence Northwestwardly along said being the northwest corner of Tract 2, being a northeast corner of the William used for that purpose. other exemptions which are expressly Southwest line a distance of 206.4 also being the southwest corner of the A. Peeler property as recorded in Deed Clifton E. Darnell, Substitute Trustee waived in the Deed of Trust, said property feet to a point in the North bound- Danny Chapman property as recorded Book 1460, Page 830 being a closed May 31, June 7, 14, 2013 Fin11522 being real estate situated in Madison ary line of the subdivision; thence in Deed Book 800, Page 968; Thence alley; Thence southwestwardly along the County, Tennessee, and being more Westwardly along said North line a southeastwardly along the north line south line of Parcel 1, also being the particularly described as follows: distance of 396.5 feet to a point in of Tract 2, also being the south line of north line of Peeler, South 89 degrees A certain tract or parcel of land lo- the West boundary line of the subdivi- the Danny Chapman property South 78 59 minutes 04 seconds West, a call Misc. Notices cated in Madison County, Tennessee, sion; thence Southwardly along said degrees 24 minutes 40 seconds East, and measure of 98.30 feet to a set iron Shelby County described as follows to-wit: West line a distance of 330.4 feet to a distance of 420.80 feet to a set iron pin with cap #613 being the northwest Being Lot Number 44, Section IV- a corner of Lot 5; thence Northeast- pin with cap #613 being the northeast corner of the Peeler property, also being V, Forest Hills, Subdivision, a plat wardly along the line dividing Lots 5 corner of Tract 2, and being a southeast the northeast corner of the Patriot Bank NOTICE OF PUBLIC SALE OF of which appears of record in the and 6 a distance of 485.00 feet to a corner of Danny Chapman and in the property as recorded in Deed Book 1460, PERSONAL PROPERTY Register’s Office of Madison County, point of beginning. west line of Joe Naifeh, et al property as Page 833; Thence southwardly along the Notice is hereby given that the under- Tennessee, in Plat Book 2, Page 214, ALSO KNOWN AS: 179 Charles Place, recorded in Deed Book 792, Page 577; east line of the Patriot Bank property, signed will sell, to satisfy lien of the dated April 30, 1969, and filed for Munford, Tennessee 38058 Thence southeastwardly along the east also the west line of the Peeler property, owner, at public sale by competitive record May 27, 1969. This sale is subject to all matters line of Tract 2, also being the west line South 0 degrees 0 minutes 0 seconds bidding on JUNE 11, 2013 at 9:30 ALSO KNOWN AS: 18 Wildleaf Cove, shown on any applicable recorded plat; of Naifeh, South 0 degrees 03 minutes West, passing the southeast corner of A.M. at the Extra Space Storage facility Jackson, Tennessee 38301 any unpaid taxes; any restrictive cov- 24 seconds East, a distance of 100.31 the Patriot Bank property in Deed Book located at: This sale is subject to all matters enants, easements, or setback lines feet to a set iron pin with cap #613 being 1460, Page 833 at 10.25 feet which is 2625 Mt. Moriah Rd. shown on any applicable recorded plat; that may be applicable; any statutory the southeast corner of Tract 2, a corner also the northeast corner of Parcel 2 of Memphis, TN. 38115 any unpaid taxes; any restrictive cov- rights of redemption of any governmental of the Naifeh property and in the north the Patriot Bank property In Deed Book (901) 794-1223 enants, easements, or setback lines agency, state or federal; any prior liens line of Tract 1; Thence southeastwardly 1454, Page 446, passing the southwest The personal goods stored therein by that may be applicable; any statutory or encumbrances as well as any priority along the north line of Tract 1,also be- corner of the William Peeler property in the following may include, but are not rights of redemption of any governmental created by a fixture filing; and to any ing a south line of Naifeh, South 78 Deed Book 1460, Page 830, also be- limited to general household, furniture, agency, state or federal; any prior liens matter that an accurate survey of the degrees 24 minutes 40 seconds East, ing the northwest corner of the Peeler boxes, clothes, and appliances. or encumbrances as well as any priority premises might disclose. In addition, a distance of 79.52 feet to a set iron property In Deed Book 491, Page 490 ANGELA HEARD #60, HENDERSON created by a fixture filing; and to any the following parties may claim an inter- pin with cap #613 being the northeast at 11.25 feet but in all 257.75 feet to a LUMPKIN #62, JAMES HODGES II #152, matter that an accurate survey of the est in the above-referenced property: corner of Tract 1 and in the west right of set iron pin with cap being the southeast LAVALAS CUMMINGS #240, HEIDY SAN- premises might disclose. In addition, the Stephen Lynn VanDouser; June R. Hurt way line of the Illinois Central Railroad; comer of Parcel 2 of the Patriot Bank CHEZ #270, JAMES ROBERTSON #284, following parties may claim an interest Vandouser; June R. Hurt Vandouser Thence southwardly along the east line property in Deed Book 1454, also being WILLIAM WEATHERSPOON #313, ERICA in the above-referenced property: Leroy The sale held pursuant to this Notice of Tract 1 and the west line of the above the southwest corner of Peeler located LINDIMENT #438, AMANDA VAUGHN Ozier; Carolyn Ozier; Secretary of Hous- may be rescinded at the Successor railroad, South 5 degrees 25 minutes In the north right of way line of East #612, ARNITRA RICHMOND #636. ing & Urban Development Trustee’s option at any time. The right 16 seconds East, a call and measure Liberty Ave.; Thence southwestwardly Purchases must be made with cash only The sale held pursuant to this Notice is reserved to adjourn the day of the of 571.94 feet to a set iron pin with along the north right of way line of East and paid at the time of sale. All goods may be rescinded at the Successor sale to another day, time, and place cap #613 being the southeast corner Liberty, South 89 degrees 59 minutes 4 are sold as is and must be removed at Trustee’s option at any time. The right certain without further publication, upon of Tract 1, also the northeast corner of seconds West, a call of 130.0 feet but the time of purchase. Extra Space Stor- is reserved to adjourn the day of the announcement at the time and place The Industrial Dev. Board of the Town a measure of 127.0 feet to the Point of age reserves the right to refuse any bid. sale to another day, time, and place for the sale set forth above. W&A No. of Covington; Thence northwestwardly Beginning and containing approximately Sale is subject to adjournment. certain without further publication, upon 1455-131158 along the south line of Tract 1 and the 1.2034 acres of 52,422 square feet by June 1, 2013 Min11523 announcement at the time and place DATED May 16, 2013 north line of The Industrial Dev. Board of for the sale set forth above. W&A No. WILSON & ASSOCIATES, P.L.L.C., the Town of Covington property, North 75 1626-234621 Successor Trustee degrees 59 minutes 46 seconds West, DATED May 22, 2013 FOR SALE INFORMATION, VISIT WWW. a distance of 737.05 feet to the Point of WILSON & ASSOCIATES, P.L.L.C., MYFIR.COM and WWW.REALTYTRAC. Beginning and containing approximately Successor Trustee COM 8.4786 acres or 369,327 square feet. FOR SALE INFORMATION, VISIT WWW. May 24, 31, June 7, 2013 Fin11520 Being the same property conveyed to MYFIR.COM and WWW.REALTYTRAC. Grantor by Warranty Deed recorded COM SUBSTITUTE TRUSTEE’S SALE at Inst. No. 141577 and Record Book May 31, June 7, 14, 2013 Fin11525 Sale at public auction will be on Tues- 1490, Page 823-825 recorded in Tipton day, June 25, 2013 at 12:00 noon at Co. Register’s Office. the North entrance of the Tipton County The above-described real estate is com- Courthouse, Covington, TN pursuant to monly known as: Foreclosure Notices Deed of Trust executed by Michael W. 974 Hwy 51 North, Covington, TN (tax Tipton County Kent and Tiffany Kent to Charles M. parcel no.: 01-025K-B-016.00) and Ennis, Trustee, recorded at Book 1490, 978 Hwy 51 North, Covington, TN (tax Page 826, amended at Book 1492, Page parcel no.: 01-025C-A-009.00) NOTICE OF TRUSTEE’S SALE 936 and conducted by Clifton E. Darnell, Parcel II: Description of the subject prop- Thoughtful WHEREAS, default has occurred in the Substitute Trustee, all of record in the erty being Parcel l, Lot 1 and Parcel 2 of performance of the covenants, terms, Tipton Co. Register’s Office. the Patriot Bank property as recorded and conditions of a Deed of Trust Note Owner of Debt: Patriot Bank in Deed Book 1454, Page 446 and an Interesting dated April 19, 2007, and the Deed of The following real estate located in alley closing in Deed Book 1460, Page Trust of even date securing the same, Tipton Co., TN will be sold to the high- 833 in the Register’s Office for Tipton Concise recorded July 27, 2007, at Book 1354, est cash bidder subject to all unpaid County: Beginning at a set Iron pin with Page 618 in Office of the Register of taxes, prior liens and encumbrances cap “Boals 613” in the Intersection of Deeds for Tipton County, Tennessee, of record: the east right of way line of North Maple executed by Stephen Lynn VanDouser, Parcel I: Description of the subject Street being 30 feet perpendicular to blog.memphisdailynews.com June R. Hurt Vandouser and June R. property being Tract 1 and Tract 2 of the centerline and the north right of way Hurt Vandouser, conveying certain the Aubrey A. Wring property as recorded line of East Liberty Ave. being 30 feet 38 May 31-June 6, 2013 www.thememphisnews.com

opinion

Financial Climate Focus on Donors, Not Money Part two of three-part series on transfor- discussions.” Complex as Ever mational giving “Institutionally, it is an approach that says, ‘we want to understand who our Why does one nonprofit receive donors are, what drives their decisions and nvest and hold has become in- It even reworks the definition of $1,000 from a donor when another re- what type of involvement is important to vest and monitor in the world what a conservative investor is. ceives $1 million? What is the difference them,” Pierce continued. “Any successful of personal finance, which This shouldn’t be a guessing game between fundraising and for-profit company takes a means the days of forgetting or a conversation filled with buzz- the process of securing deep interest in understand- about where a substantial part words that investors make like they transformational gifts? ing who their customers of your money is parked is know the true meaning of. To get some answers we are and how they can be of probablyI over. There is already entirely too much talked with Barbara Pierce, service to them. I see this as As our cover story points out, U.S. investor speak from the written and founder of Transformative a critical gap in nonprofits Treasury bonds – once a worry-free digital notices to the meaningless Giving. engaging with those donors harbor for reliable returns at low to no opening statements in entirely too Pierce got right to most able to make a trans- risk – haven’t been that in the post- many quarterly earnings calls. MEL & Pearl shaw the point: “Transforma- FUNdraising Good Times formative gift.” recession recovery. Before we address This is where we make the argu- tional gifts come out of a Vision, leadership, capac- the issue of complexity, let’s talk about ment we have made over several years partnership with a donor, built on a com- ity, stewardship. These are at the core of the need now more than ever for fi- of editorials on this general topic. mon goal that neither the donor nor the successful nonprofit fundraising. They are nancial literacy. Building wealth is still Basic common sense language organization can accomplish on their own. magnified and held to a higher standard a necessary goal that has been made must become a part of the numerous Fundraising is about getting gifts to meet when talking with individuals who can give more complex by changes in even the notices that now flood the in boxes a budget; transformative giving is about at the highest levels. How donors are per- most basic forms of investing. and mail boxes of investors. achieving a vision. Without fundraising and ceived and treated can impact if and when The ability to build wealth may be Federal regulators have an obliga- the financial foundation it provides, you can- they make a meaningful investment. the single most important factor in the tion to continue to make the technical not engage in transformative giving.” “I believe one of the biggest factors evolution of Memphis from a place wording in notices now required by She elaborated further, sharing what that impede groups from attracting such with historically high levels of poverty law much more basic and under- it means to be “donor focused.” “Usually, gifts is their lack of interest or ability to to a place where families of modest standable. A small book of a notice nonprofits are driven by their own bud- see donors as partners versus a source of means have enough savings so that does nothing to help an investor get on their own timeline, i.e., fiscal year, funds,” Pierce advised. “There are a lot of the slightest jolt in the economy or understand a transaction or strategy solicitation cycle, board meeting schedule,” assumptions about ‘rich people’ among their workings lives does not mean if it’s written in the same legalese with she began. “To be donor focused is to focus many nonprofit staff members, includ- instant poverty. Byzantine footnotes that used to come on the donor’s timeline versus your own. We’ve heard from investment offi- in the shorter notices. ing the idea that a donor will have undue cers and advisers who debate whether There is a middle ground between Most transformative gifts take more than influence on the organization’s mission if the time honored 60/40 rule of invest- the necessary complexity of such a year to transpire but too many organiza- they accept a large gift. People don’t make ing is gone never to return or whether disclosures and an over-simplified tions forfeit a larger, more meaningful gift transformative gifts to organizations that it has just become a more volatile but explanation that leaves out important for a smaller, immediate one to fit their own aren’t already embracing a vision they both manageable split. Wherever you and technical details. What we have now is calendar.” hold in common.” your adviser are on that spectrum, nowhere near such a middle ground. “When you are donor-centric, you don’t Next week: Part Three – Start by asking this is the time for the basic questions And it raises questions about whether think in terms of ‘they should give us X; they “why?” that will give you an understanding of those selling the investments under- are really rich,’ which is something I’ve heard Visit Barbara Pierce at www.transfor- where your money is and how much stand exactly what they are selling. many times. You also have an attitude of mativegiving.com. risk there is. That means asking and That too is an imperative as small- exploring common areas of interest versus getting information on the next move er banks add wealth management and believing you have to ‘educate’ donors on all Mel and Pearl Shaw are the authors of that now comes much quicker than investment products via partnerships aspects of your organization before they are “The Fundraisers Guide to Soliciting Gifts” the old model of holding indefinitely. with large investment firms. qualified to play a meaningful role in your now available at Amazon.com.

Round of a Lifetime – All in the Name of Saving Kids’ Lives

WHAT THESE GUYS DO ISN’T That Friday, the whole course was Appleby would later post 59, and that professional. It's impossible. buzzing about Geiberger. I caught up St. Jude would today post a cure rate I told this story last year and, like with him on his tenth hole. He made an for all childhood cancers of 80 percent? describing an exceptional shot much eagle putt that was harder to read than It was 20 percent when the hospital less a whole round of golf, it’s worth James Joyce with more twists and turns was founded. Who could hope to cure telling again. After all, this was a round MEMPHASIS than Dickens. He laughed. His playing 94 percent of acute lymphoblastic of a whole lifetime, and lifetimes last a dan conaway partner, Dave Stockton, laughed. He leukemia cases and 95 percent of both whole lot longer because of it. birdied the next hole, and the one after retinoblastoma and Hodgkin lymphoma I played in a recent scramble – drivers with anvil-sized heads and irons that, going eight under in a stretch of cases? We should all be laughing. where four golfers hit every shot, pick seemingly engineered by NASA. Gei- seven holes. We were all laughing by Next week, the pros will pull it back the best, and turn in one score. We had berger shot his 59 from the tips – the then. and let it rip for the kids, and every one two mulligans each (do-overs) and a back tees – on Colonial’s south course, After all, it was impossible. of them thinks there’s a 58 out there. toss (a throw out of trouble so nauseat- then the longest course on the PGA It was the Danny Thomas Memphis There is, and if the first one is here, you ing you want to toss). We played well, Tour. From way back there, with just a Classic then. Next week it’s the FedEx don’t want to miss it. making putts, using mulligans and little wind in your face, you can’t catch a St. Jude Classic played at TPC South- After all, there’s beer, pronto pups, tosses wisely, and turned in a score two taxi to the green in regulation. wind. Then, saving as many kids as St. and laughter. And everything’s possible. or three strokes better than we thought Geiberger birdied 11 holes and Jude saves now was just a dream for I’m a Memphian, and this is our stop ourselves capable of – 62, ten under eagled another, using a wooden driver Danny Thomas. Then, the kind of break- on the PGA Tour. par. and blade irons more unforgiving than throughs that give lost lives back were Three stokes worse than what Al Lorena Bobbitt. just a family’s desperate hope. Dan Conaway is a lifelong Mem- Geiberger did all by himself in 1977. A score of 59 is impossible. And After all, it was impossible. phian, longtime adman and aspiring We shot our 62 on Windyke’s east that’s why he was the first to ever do it Who would dream that Chip Beck, local character in a city known for them. course from forward tees using metal in tour competition. And I saw it. David Duval, Paul Goydos and Stuart Email [email protected]. www.thememphisnews.com May 31-June 6, 2013 39

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SEMINAR SERIES 2013 SEMINAR SERIES 2013 HEALTHMONEY & MARKETS:CARE REFORM STATE OF THE ECONOMY

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