Gov. Phil Bredesen wants to repeal the tax benefits enjoyed by FONCEs, family-owned non-corporate entities, a move that would generate about $45 million per year. The repeal – which appeared to be dead earlier this year – looks set to put the Governor at odds with the new GOP-controlled General Assembly.
Dealing with a steady drop in traffic during its fiscal first quarter, CBRL Group (Ticker: CBRL) earned $12.8 million versus $13.9 million. Earnings per diluted share came in at 57 cents, topping the lowered expectations by 5 cents.
The LA Times publishes a scathing piece by a nonprofit investigative journalism group that takes aim at Psychiatric Solutions' staffing and patient safety practices.
An Idaho jury has awarded $3.6 million to a mother and her son over the boy's "harrowing" 2004 birth at a prison run by Prison Health Services, a division of America Service Group. The company (Ticker: ASGR) says it will appeal.
And rounding out a trio of not-so-hot news from local health care players: In addition to closing Portland Medical Center, HCA is laying off 20 people at four hospitals in western Virginia and has instituted a hiring freeze.
Mark Emkes, CEO of Bridgestone Americas, has been elected to the board of First Horizon National, the parent of First Tennessee Bank.
Separately, Nissan is in talks with California's Sonoma County on supplying up to 50 electric vehicles to its agencies starting in 2010.
LP Field is in the – admittedly early – mix to host a World Cup qualifier for the U.S. men's national team.
The Bank of New York Mellon, which employs about 100 people at a Nashville processing center, will cut its payroll by 4 percent to make up for the drop in assets it manages. The company is not saying how the local operation will be affected.
The Brentwood City Commission is set to switch its phone and Internet services to TW Telecom.
Reliant Bank, which will turn three early next year and this summer posted its first quarterly profit, has reached $300 million in assets.