April 7-13, 2012, Vol. 5, Issue 15 10 Music Business Visible Music College has launched a nonprofit music label called Madison Line Records. 31 Food & Wine Fredric Koeppel »chats with Philippe Brainos, maitre d’hotel at Chez Philippe. PAGE 18 (daily)DEAL OR NO DEAL? Local businesses fall on both sides of the social coupon craze Photo: Lance Murphey Mike Wamble, owner of DUO Auto Inc., said his business was very happy with the results of using a Groupon for a $19 oil change, tire rotation and balance. Wamble said Groupon has scheduler software that helps make sure he doesn't have 100 customers showing up at his business on the same day. But not all business owners feel the same way. 20-21 Sports Ron “Pop” Warner takes over as the Memphis Redbirds manager in 2012. Warner played for the Redbirds in 1998 and 1999 before embarking on a coaching career. DAILY DIGEST: PAGE 3 EDUCATION: PAGE 11 REAL esTATE: PAGES 14-15 SMALL BUSINess: PAGE 22 LAW TALK: PAGE 24 A Publication of The Daily News Publishing Co. | www.thememphisnews.com 2 April 7-13, 2012 www.thememphisnews.com Master Your Market : A quarterly luncheon series on Shelby County real estate trends. • Review trends for residential & commercial sales, foreclosures, mortgages, new housing activity & more! • See what areas are stabilizing and increasing in value! • Walk away with the latest copies of our most popular market trend reports! Thursday, May 3, 2012 3:00 pm - 4:30 pm Germantown Great Hall & Conf. Ctr. 1900 S. Germantown Rd. Reserve your seat today! Call 901-528-5273 or email [email protected] www.chandlerreports.com $10 for Chandler Subscribers. $15 for Non-Subscribers. www.thememphisnews.com April 7-13, 2012 3 Get news daily from The Daily News, www.memphisdailynews.com. weekly digest Fred’s Sales Figure enhancing the incentives to relocating and He’s estimated their value at up to $5 million. sion addresses its concerns, it will respond Flat in March existing companies. He’s also donated the artist’s works to major to GTx within 30 days. In a separate poll last week, The Brook- museums, including the Whitney Museum Discount store operator Fred’s Inc. said ings Institute ranked the Memphis MSA of American Art. Thursday, April 5, that March sales at stores third in the U.S. for job growth during fourth open at least a year was flat from the same quarter 2011. Council OKs Fast Track month a year ago. The results missed Wall Application For Kruger Street expectations. Laffer to Address Analysts expected an increase of 0.4 per- Economic Club of Memphis The Memphis City Council approved cent, according to a Thomson Reuters poll. Mortgage Rate Falls Tuesday, April 3, the city’s application for The figure is a key gauge of a retailer’s To 3.98 Percent Art Laffer, a nationally recognized econo- $2 million in state Fast Track Infrastructure health because it excludes results from stores mist who has advised several presidents and Development Grant funds for the North recently opened or closed. The average U.S. rate on the 30-year fixed candidates since the 1970s on tax policy, will Memphis plant renovation and expansion The Memphis-based company said mortgage was mostly unchanged this week, be in the Bluff City Monday, April 9, to speak by K.T.G. USA Inc., the parent company of that total sales for the five weeks that ended as the cost of home-buying and refinancing to the Economic Club of Memphis. Kruger. March 31 rose 2.7 percent to $194 million. stayed near record lows. Laffer, who lives in Nashville, will discuss No matching funding by the city is re- Fred’s runs 701 discount stores, including Mortgage buyer Freddie Mac said Thurs- the tax situation locally and nationally. Lo- quired to get the state money. 21 franchised Fred’s stores, in the southeast- day, April 5, that the cally, Laffer has been an advocate of remov- The council also approved the master ern U.S. rate on the 30-year ing Tennessee’s estate and gift taxes, which plan for the India Culture Center & Temple Company shares are down 6 percent loan fell slightly to Tennessee Gov. Bill Haslam is now taking Inc. at Tenn. 385 and U.S. 64. since hitting a 52-week high of $15.27 in 3.98 percent from steps to do along with the Republican-led And the council approved an option February. 3.99 percent last state legislature, for which Haslam and the agreement in which Illinois Central Railroad week. In February, the state have received attention on the op-ed would buy 800 acres in Frank C. Pidgeon rate touched 3.87 per- page of the Wall Street Journal within the Industrial Park for a price of $12,000 an acre cent, the lowest since last few days. to develop a Memphis Logistics Park. The 10- Loeb Renews Leases For long-term mortgages Nationally, Laffer has endorsed Newt year option is with the Memphis and Shelby Two Upscale Restaurants began in the 1950s. Gingrich as the Republican nominee for County Port Commission. It was approved The average rate president. Laffer also praised former candi- in February by the Shelby County Commis- Two local restaurateurs and tenants of on the 15-year fixed mortgage also fell, date Herman Cain’s 9-9-9 economic policy. sion. Under the terms, more than 80 percent Loeb Properties Inc. have renewed their to 3.21 percent from 3.23 percent. That’s of the infrastructure cost would be paid by leases. above the record low of 3.13 percent hit last Canadian National Railway Co., the parent Bill Latham, owner of Interim Restau- month. company of Illinois Central. rant, has renewed his lease for 4,957 square Mortgage rates have been below 4 GTx Sends FDA Info feet at Sanderlin Place, 5040 Sanderlin Ave. percent for all but one week since early On Prostate Drug Carey White, Loeb senior vice president of December. That’s helped lift the outlook for asset management, brokered the deal. housing after four sluggish years of home GTx Inc. said Wednesday, April 4, that Jackson Commends UTHSC Meanwhile, Felicia Suzanne Willett, own- sales. Still, most economists expect only it is starting discussions with the U.S. Food African-American Students er of Felicia Suzanne’s along Main Street at modest gains. and Drug Administration about resuming 80 Monroe Ave. Downtown, has renewed the Frank Nothaft, Freddie Mac’s chief trials of its experimental prostate cancer The Rev. Jesse Jackson this week visited lease for another five years. The restaurant economist, said rates were little changed drug Capesaris. the University of Tennessee Health Science celebrated on March 27 its 10-year anniver- this week amid mixed signals on the health Memphis-based GTx said it wants to Center’s campus in Memphis to meet with sary of being on the ground floor of Brinkley of the U.S. economy. test lower doses of Capesaris as a secondary students and faculty. Plaza, the 227,501-square-foot, Class B office The average rates don’t include extra hormonal treatment for advanced prostate Jackson was in town to commemorate building owned by Loeb and managed by CB fees, known as points, which most borrowers cancer. Previously it was testing the drug as the 44th anniversary of the Richard Ellis Memphis. must pay to get the lowest rates. One point a primary treatment for advanced prostate death of Dr. Martin Luther equals 1 percent of the loan amount. cancer that does not respond to hormone King Jr. and to replace the The average fee for the 30-year fixed loan deprivation therapy, and as a secondary wreath on the balcony was 0.7. For the 15-year fixed loan, the aver- hormonal treatment for the condition. outside the room at the Memphis Ranks Third age fell to 0.7 from 0.8. The FDA ordered GTx to stop clinical Lorraine Motel where King was shot. For Most Hiring in 2011 For the five-year adjustable loan, the trials of Capesaris in February after GTx African-American students representing average rate fell to 2.86 percent from 2.90 told the agency that patients who took the each of UTHSC’s six colleges had the oppor- Memphis has been ranked third for most percent, and the average fee was unchanged drug had an increased risk of blood clots. tunity to converse with Jackson, who told hiring in 2011 among the 50 largest metro- at 0.8. After the FDA’s order, GTx stopped treat- them they were the “role models and frames politan statistical areas in the U.S., according The average on the one-year adjustable ing patients in those studies and stopped of reference that our community needs you to a Gallup Job Creation Index released late loan was unchanged at 2.78 percent, and the enrolling patients. It will not be able to to be. You have fulfilled the dream.” last week. average fee was unchanged at 0.6. resume the trials until the FDA is satisfied Faculty members who met with Jackson Memphis employers increased hiring by with its response. included Theotis Robinson, UT System vice 38 percent last year. Other metro areas to If the agency finds GTx’s new submis- president for the Office of Equity and Diver- report the most hiring include San Antonio and Houston. NY Collector Sues In 2011, the Greater Memphis Chamber Eggleston Over Images Economic Development Team – including Memphis Light, Gas and Water Division, A New York collector claims in a lawsuit the city of Memphis, Shelby County, Ten- that photographer William Eggleston’s deci- nessee Valley Authority and the Tennessee sion to sell oversized versions of some of his Department of Economic & Community iconic images has diluted the resale value Development – secured over $1.1 billion in of the originals.