Tennessee's emerging distillery sector gave birth Wednesday to a trade association for both the well-known historic brands and start-ups quickly making a name for themselves. The Tennessee Distillers' Guild is officially based at the Marathon Village home of Corsair Artisan. Attorney Will Cheek passes along the basics and even has a few feisty words on how Tennessee's distillers should outshine Kentucky's Bourbon Trail on the tourism front.
Law firm Bone McAllester Norton, which has more than 30 attorneys at two area offices, has recruited Ann Dee McClane-Bunn to be its new business development manager. McClane-Bunn, who takes the place of the departed Courtenay Rogers, will be responsible for the firm's marketing campaigns, client events, media placements and sponsorships. She brings nearly eight years of marketing and public relations experience to the firm and was most recently senior manager of marketing and public relations for the Gaylord Opryland Resort & Convention Center.
Bone McAllester Norton attorney David Anthony says a Tennessee Court of Appeals decision last week should help lenders bidding on foreclosed assets prevail in litigation after they buy distressed assets. The appeal judges said that a 14 percent discount to a property's appraised value is "commercially reasonable" and thus gives banks the backing they might need in court. But Anthony warns that there's a good chance the new guidelines will be tweaked in the not-too-distant future.
This opinion is creditor-friendly, but not overly so. Keep in mind, a bank conducting a foreclosure must still bid at least 86% of a property’s highest value. Taking into account costs of the foreclosure, the costs of “owning” property, and other administrative costs associated with foreclosure, I question whether we’ll see a later opinion on different facts that affirms a lower percentage (65%-75%).