21c Nashville LLC has acquired for $6.8 million the property located at 222 3rd Ave. N., The Tennessean reports.
The seller was Metro Government.
21c Nashville LLC parent company 21c Museum Hotels plans a boutique hotel at the site, which is home to a traditional masonry building.
Parnassus Books scores some love from CNN, with the media giant naming the Green Hills-based entity one of the world's "coolest" bookstores. Read more here.
LifePoint Hospitals announced the promotion of five senior directors to vice president:
• Mike Caplenor, vice president of IT&S service delivery and administration
• John Faust, vice president of financial and ancillary systems
• Ed Richards, vice president of technology services
• Ron Evans, vice president of clinical systems
• Sean Van Kerkhove, vice president of physician services
"One of LifePoint's strategic priorities is talent development, and we rely on the expertise and experience of dedicated professionals to help our organization succeed," David Dill, LifePoint president and CEO, said in a release. "Mike, John, Ed, Ron and Sean understand our company's vision and our commitment to providing high quality care. Each of these individuals has made a valuable impact by helping LifePoint to develop the best technology platforms, engage physicians and staff, and support our hospitals and the communities we service."
Caterpillar Financial Services posted a second-quarter profit of $146 million, a jump of 32 percent from a year ago, when it took a $23 million hit on currency swings. The West End-based division of equipment manufacturer Caterpillar also got a boost from a higher net yield on its assets and some growth in its total asset base to $36.5 billion.
City Winery Nashville — the cosmopolitan night spot that is expected to help spur growth within SoBro — will open Oct. 1.
A combination restaurant, music venue and fully functioning winery, City Winery will be located at 609 LaFayette St. and will be the fourth City Winery location, joining those in New York, Chicago and Napa Valley, California.
The facility will be housed in a 30,000-square-foot warehouse space that is being dramatically overhauled (read more here). City Winery Nashville will feature a 300-seat concert hall, restaurant and private dining operation. A head chef has not been announced yet, but the menu will feature more than 400 wines and house-made City Winery selections on tap, according to a release.
“We’ve been eyeing Nashville for a long time and we’re thrilled to finally become a part of its flourishing cultural and culinary scene,” Michael Dorf, City Winery founder and CEO, said in the relase. “The heart of City Winery is its music and what better place than Music City to showcase all types of music in a unique, upscale setting with fine wine and food. We can’t wait to open our doors and provide our guests with a one-of-a-kind concert and dining experience.”
City Winery has a series of soft opening events planned leading up to October’s grand opening. It has partnered with the Americana Music Association to host an awards show after party and has booked a full calendar of shows during the Americana Music Festival. It will also serve as the after-party location for the second annual Music City Food + Wine Festival.
Nashville-based attorney and Tennessee Firearms Association Executive Director John Harris says the nonprofit is “exploring options” following the Tennessee Department of State noting via letter it will enforce the Tennessee Charitable Solicitations Act on the TFA.
Harris, who contends the TFA does not have a charitable component, said he would like to keep a lawsuit, if he chooses that option, amicable. He added he simply would seek the opinion of an attorney general or a court.
“This is very bad for nonprofits that are not charities and I think may be politically motivated,” Harris said. “It’s not a good thing for a government agency to have detailed oversight and information on the internal operations of a politically active ‘non-charity’ for First Amendment reasons and others.”
In the letter to Harris (pictured), dated July 15, Brent Culberson, director of the Tennessee Department of State's Division of Charitable Solicitation and Gaming, writes that the TFA must register with the division by Aug. 1 if it “intends to solicit contributions” in Tennessee.
“If the TFA does not become fully compliant by the August 1 deadline, the division will be left with no choice but to institute an enforcement action pursuant against the TFA for its continued violation of the Act,” Culberson writes, adding enforcement could include “obtaining injunctive relief and assessing civil penalties against the TFA.”
Harris contends the division of charitable solicitation is overreaching on its longstanding definition of “charitable organization" and, in the process, is creating undue requirements on numerous state nonprofits that do not consider themselves to be charities. He said that because the requirements are cumbersome, he recently amended TFA’s state charter to note it is not a charity.
Specifically, the Tennessee Charitable Solicitations Act, passed in 1976, requires nonprofits that are or bill themselves as “benevolent, educational, voluntary health, philanthropic, humane, patriotic, religious or eleemosynary (i.e., charitable)” to register with the state as charitable organizations.
For the first year of operating and after filing its initial registration, a nonprofit must provide the state with quarterly reports outlining contributions and expenditures, among other financials. After the first year, the charitable nonprofit must submit an annual financial report as part of the renewal process.
Harris, who voluntarily serves as TFA executive director, said filing with the state four times for the first year will require expenses that go beyond those needed to simply comply with IRS requirements.
Harris said the state notified TFA, a 501(c)(4) organization, earlier this year that it considers the association a charity.
Read more here.
A stock trading plan set up last month on behalf of Ryman Hospitality Properties Chairman, President and CEO Colin Reed was hard at work this week. After generating profits of about $1.1 million Friday and Monday, the plan on Tuesday and Wednesday exercised another 50,000 options and then sold the resulting shares. Reed's profit on those transactions topped $1.5 million. Ryman shares (Ticker: RHP) closed Thursday at $49.27, less than 2 percent their recent highs.
Brentwood-based accounting firm Fox + Kolb Associates is dissolving with the looming departures of its key players to two other companies, according to partner Jan Kolb.
“It is an amicable split and we are taking our respective clients and going to other firms,” Kolb said.
Kolb and Deborah Boles will join Blankenship CPA Group, which is also based in Brentwood.
Ramona Fox will become a member (owner) at Nashville-based Kraft CPAs, effective Aug. 1 (read more here).
Fox + Kolb Associates was founded in 2007.
Shares of Healthways (Ticker: HWAY) are up more than 12 percent in the last of hour of trading today after Dougherty & Co. analyst Brooks O'Neil lifted his rating on the company to 'buy' from 'neutral' and said he sees the stock climbing to $20. The move came after Healthways published its second-quarter profits and said it expects to put up better margins for the rest of this year. "We still believe the earning power of the business far exceeds its current level and we think the presence of the agitator group (now with 3 board seats) has put incremental pressure on management to deliver solid results this year," O'Neil wrote. "Our thinking has evolved over the past few months to include a realization that there is limited downside and potentially positive upside here."
Also benefiting from a post-earnings analyst call is Tractor Supply. Feltl & Co. analyst Brent Rystrom now rates the stock a 'buy' instead of a 'hold,' and Rystrom now sees the Tractor Supply shares (Ticker: TSCO) headed to $68 from their Wednesday close of $61.07.