Archives---April 12, 2001
Aggregate Leasing Companies--

Only Govlease.net exists, involved in governmental leasing rates today. The hyperbole of Facebook, Twitter, and others for business rather than social, especially leasing, may be as over rated as the aggregate leasing companies in the early 2000, who were going to change the way leasing and financing was done. Remember? That’s what they claimed!

The archive story quotes:

*80 percent of San Francisco-area dot-coms are expected to go out of business during the next 18 months. 75,500 dot-com employees laid off nationwide since December 1999 25,000 dot-come employees laid off in Silicon Valley and the San Francisco Bay Area since December, 1999 30,000 dot-come layoffs, expected in the San Francisco Bay Area this year.

- S.F. Chronicle, 4/07/01
Source: Cox Newspapers, Rosen Consulting Group; Cushman & Wakefield; Challenger, Gray and Christmas

Rank	Company Name Year Founded	Employees	CEO	Additional Services Offered	Yearly Volume	Major Clients
1	Puremarkets.com 1998	70	Jay Fudemberg	Loans	N/R	N/R
2	Lendx.com 1999	60	Craig White	Schedule Manager Software	N/R	N/R
3	Emarketcapital.com 2000	21	Jonathan Moran	N/R	N/R	Gerber Scientific, HPM, Barco Inc., Mellon Leasing Corporation, GMAC Mortgage Equipment Finance Group.
4	Leaseloan.com 1999	20	Nick Pullen	Loans	N/R	N/R
4	Leaseforum.com 1998	20	Susan S. Franklin	Leasing Lifecycle Management	N/R	N/R
6	Totalfunding.com 1999	13	Alan B. Colier	Back Office System	N/R	N/R
7	Lease2save.com 1999	12	Brian G. Murray	N/R	N/R	Phillips Electronics, Tools USA, Executive Coach Builders
7	Leaseexchange.com 1999	12 a	Tom Williams	N/R	N/R	N/R
9	Livecapital.com 1996	11*	Mike Grossman	Leasing Software	N/R	N/R
10	Ampent.com (formerly Accesslease.com) 1997	8*	Raymond L. Smith	Loans	N/R	PDC, Metric Equipment Sales, Auspex, Peachtree
11	Leasepoint.com N/R	6*	David McNutt	N/R	N/R	N/R
12	Efinance.com 1999	5*	Reid Rutherford	N/R	N/R	NEC, Costco, eScout
13	Leaseusa.com N/R	N/R	N/R	N/R	N/R	N/R
13	Leasetec.com N/R	N/R	N/R	N/R	N/R	N/R
13	Leasing.com N/R	N/R	N/R	N/R	N/R	N/R
13	eLeaseusa.com N/R	N/R	N/R	N/R	N/R	N/R
13	Govlease.net N/R	N/R	N/R	N/R	N/R	N/R

The eLeasing List above was compiled by Joshua Boucher, LeasingNews intern, who is now working on a list of eLeasing software companies.

Leasing News published the first report on "eLeasing" in August, 2000. There have been many changes in the last nine months, with three no longer in business, others changing to more established methods of obtaining sales, and others in great financial trouble. It appears this niche of "Dot Com" business is going the way of many other "Dot Com"

The internet appears to be a viable business for captive vendors, those that control the placement of leases, and other financial institutions, including many in the leasing industry, who control the placement of leases. Most leasing companies today have a web site, and either a simple or "portal" application "on line."

These "eLeasing" companies aggregate, collect and connect funding sources with lessees. They are intermediaries. They may be considered "online brokers" or "online super brokers." They do not fund leases "direct." Most of them have an "auction" type format ,"matching" lessees with the lowest cost lessor. They also claim to offer a one-stop-shop for all credit and equipment types.

Many of them do not "credit score" but introduce or match lessee and equipment to lessor. Most do not have "auto approval" or make so-called "instant decisions." Although they may make claims, they do not live up to them. Most make mention of the leasing industry in various forms of "negative selling."

Very few have come from the leasing industry itself.

What has changed is that the eLeasing "dot comers" are going the more traditional methods of other leasing companies, who hire salesmen, telemarketers, send out faxes, mail letters to Businesses, including "pre-approved" plastic leasing cards, seeking business from "lease brokers”, pay fees to sellers of equipment, and of course, make direct calls on end users. The World Wide Web is not bringing them enough business to survive as a sole "dot com" attraction of lease applications...

In its short "hey day," LeaseExchange was "burning" $300,000 a month, according to the former president Aaron Ross, on sales managers, sales offices in both Northern and Southern California, and salesmen, who were primarily calling on sellers of equipment. There was also much promotion on the internet to attract end users to the web site, and a sales team to attract funders of equipment to approve the credit. Overhead has been dramatically scaled down and a small crew is able to complete the "on line" auction process.

In addition, one of the advisory board was an officer of a major seller of computer equipment, who was trying to have most of their sales go through LeaseExchange.

He is no longer employed at this company. For the record, I serve as a member of the advisory board; however, there was only one initial meeting and it was my impression advisory board members were chosen to contribute "vendors" or "money".

None of my advice was ever taken, for whatever that was worth. The leading Dot Com magazine, "Red Herring," singled out LeaseExchange as a leader in the new eLeasing industry, often quoting former president Aaron Ross. He appeared at a United Association of Equipment Leasing Conference in San Francisco.

This company has learned much, built a following, and continues to survive.

It has a lot of positive things going for it. What I have communicated is public information. eLease lost a round of management as reported on the Leasing News list. They then lost their main round of funding at Primestreet. Employees were let go. While their site offered many software programs, American Leasing attempted to obtain a demonstration, wanting to buy the program, but was told they were "still in beta," meaning not available.

The web site is still up, and there are advertisements in the Daily Monitor, yet we have conflicting reports from ex-employees and from our own direct reporting. The fact is, once the website is created, any e-lease company can be run from the bedroom of your home as the website may be hosted elsewhere.

TotalFunding made a very big splash, first at the National Association of Equipment Leasing Conference last April in Nashville, at the United Association of Equipment Leasing Conference last May in San Francisco, with "lavish" no host parties, the hiring of top leasing industry sales managers, such as Dennis Doyon and Steve Warren, among others. The idea was not only to impress funders, but to attract brokers, who would split points based on volume and points to vendors. Many brokers were signed up, obtaining TotalFunding business cards.

As a member of the TotalFunding advisory board, I am not privy to any financial information nor have I ever attended an advisory board meeting (to my knowledge, there has never been one.) There have been a number of changes at TotalFunding.

The leader, Allan Collier, is a former lease broker, and experienced in the industry. He is very knowledgeable.

My personal experience as a lease broker attracted six vendors to utilize the program, none of whom were every successful with the on line application process. One a major national seller of software in the small dollar range, $800 to $2,900, by the time it was about to start, TotalFunding eliminated the small lease plan as not being profitable for the time involved. No application was ever processed, and the system on the seller’s website was never put into place, after several months of effort.

The original sales personnel are no longer at TotalFunding, as they found out many of the transactions needed relationship selling, meaning the broker had to be involved in much of the process, therefore the low commission was not paying for the time needed. While many brokers were given SalesForce software in the beginning, this was abandoned as not being effective. Too many people were telemarketing to lessees and vendors. As a funny side note, American Leasing looked at a Silicon Valley list from Dun and Bradstreet, and in course of the proposed sale, were told "…over thirty equipment leasing companies were using the list, so it must be good."

TotalFunding does direct selling, as Alan Collier did in his old days as a lease broker. They also supply "backroom documentation" for brokers who send them business via their website, or direct by e-mail, fax, Federal Express. They have become more a "traditional" leasing company with a website for receiving leasing applications. They are surviving, and all indications are the company is learning, growing, and adapting to the marketplace.

The internet is great technology with the ability to process data at tremendous speeds, but in the end it is still a communication tool just like the cellular telephone or fax machine. It has tremendous capabilities and possibilities, but the selling of leases is not done by telephone or fax or by the computer connected on the internet . It is still a people business.

This niche of the leasing industry that started out with the attitude they were going to change the way financing was done, that everyone was "out of date," and "we are the World," is now struggling to survive, perhaps more so than the rest of the leasing industry.

http://two.leasingnews.org/archives/April01/4-12-01.htm

Classified Ads---Sales Manager

(These ads are “free” to those seeking employment or looking
to improve their position)

Bayville, NJ Dedicated individual seeking a account management position, 3 years leasing experience and 15+ years sales experience. Resume furnished upon request, email Frank at weag4th@gmail.com .

Fort Myers, Florida Very experienced and strong skills with both Captive and Specialty Sales Management. Over 25 years , will relocate and travel---successful and team player. e-mail: tlinspections@gmail.com

 

Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

 

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Terry Winders, CLP, Not in Spain

Must be making the Leasing Industry rounds as Terry Winders’ friends received this email:

"Sorry to bother you with this, I took a sudden trip out of the country to Spain for a seminar and right now i'm in a terrible situation which I really need to take care of now. I got mugged here and they got away with my things including my cell phone and my bank cards. I don't have access on phone here. I cant access my bank from here because they don't have local presence here. The hotel management has threatened to take legal action or better still forcefully eject me out of the hotel if i fail to pay by tomorrow. I need a loan of $2,500 i will refund the money immediately i get back. Please have it wired to me via western union money transfer. I was told its the safest and most secure way to receive money here. Send it in my Name: Terry Winders, but use this address below:

"Address: Víctor Andrés Belaúnde 22
Zip Code: 28016
City: Madrid
Country: Spain

"Please let me know how much I'll receive in euros and also send an email with the Money Transfer Control Number (MTCN) on the receipt, As soon as you send the funds, this is very urgent. I will refund the money once I get home. I really appreciate this, Please reply ASAP. Thank you,

"Terry Winders
Winders Consulting, Inc.
leaseconsulting@msn.com"

As soon as he was informed of this, Terry took action, but had some problems with his email, as he explains to those on his mailing list:

"Sorry folks.. A hacker got into my email and did a lot of damage and it took MSN and slow me to fix it. I am not in Spain and clearly do not need you to help me. Sorry for the scare and if anyone did send money please stop it immediately... Thanks" Terry

Terry Winders
Winders Consulting, Inc.
leaseconsulting@msn.com
Phone: 502-649-0448

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Bank Beat---Chicago area and Vegas Bank Failures

Illinois last year was the third state with the highest bank failures, following Georgia and Florida. The trend continues in these three states. The list from the FDIC of troubled banks rose to 884, the highest number since 1993, at the height of the savings-and-loan crisis. The trend continues in these smaller banks with serious problems in construction and land development as well as real estate investments with larger banks taking over deposits and branches, growing to compete in a market against the major national banks.

Last week, on Friday, the two branches of Western Springs National Bank and Trust, Western Springs, Illinois, founded January 1, 1916 were closed with Heartland Bank and Trust Co, Bloomington, Illinois, assuming the deposits. They had 35 full time employees and had opened their second branch August 16, 1999 and were serving the Chicago area.

Bank equity had take a serious drop from $15.7 million 2009 to $3.4 million in 2010, following a loss of $3 million the previous year to $12.2 million end of 2010 with over $30 million in non-current loans and charge offs of over $3 million in construction and land development, $2.9 million in loans to individuals, $1.25 million in non-farm, non-residential property, $928,000 in commercial and industrial loans, $184,000 credit cards. Tier 1 risk-based capital ratio: 2.17%

The FDIC and Heartland Bank and Trust Company entered into a loss-share transaction on $100.8 million of Western Springs National Bank and Trust's commercial loans.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.0 million.
http://www.fdic.gov/news/news/press/2011/pr11064.html

The two branches of Nevada Commerce Bank, Las Vegas, Nevada, were closed with City National Corp.'s (CYN), Beverly Hills, California, assuming all deposits. Formed March 15, 2000, they had 32 full time employees. City National has 15 offices in Nevada, this is number 11 in Las Vegas. They have 69 branches in California and two in New York, according to FDIC records. In addition to paying a premium of 0.71 percent to assume all of the deposits of the failed bank, City National Bank agreed to purchase essentially all of the failed bank's assets.

They had $8.5 million net equity end of year 2009 and $3.4 million end of 2010. The small Las Vegas bank had lost $6.6 million in 2009 and $5.4 million in 2010 with $10.1 million in non-current loans and charge offs of $2 million in nonfarm nonresidential property, $1.8 million in construction and loan development, $130,000 commercial and industrial loans. Tier 1 risk-based capital ratio: 3.21%

"Nevada Commerce, which opened in 2000, has been fighting a losing battle as the recession continued relentlessly and loan losses mounted....The bank had 40 percent of its loans in construction and land, plus another 35 percent in commercial real estate loans at the end of 2008 when the recession tightened its chokehold on Southern Nevada and sent real estate values into free fall."
Full story here: http://www.lvrj.com/business/nevada-commerce-bank-fails-119512874.htm

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.9 million.
http://www.fdic.gov/news/news/press/2011/pr11065.html

Tracking Bank Failures Map:
http://graphicsweb.wsj.com/documents/Failed-US-Banks.html

List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html

Bank Beat:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm

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Alexa Report on Leasing Media—Leasing News Remains #1

(Despite a three time a month news edition compared to
the five day of others, Leasing News continues to be the most read on line.)

Alexa is part of Amazon and also works with Google.

The time spent in a typical visit to this site is about 24 minutes, according to Alexa Reports.  Often readers visit the site several times before the next issue, as well as read over the weekend. 

A record of the "Top Ten" most read articles is published at the beginning of the week and kept here: http://www.leasingnews.org/Conscious-Top%20Stories/Ten_top_stories.htm

The editor choose articles he thinks are the most important, although they may not be the "most read" as well as the "features" such as Leasing #102 and others here:
http://www.leasingnews.org/#top

Leasing News is also the only leasing media with a free search features all the articles that
have appeared in the news edition. They start with the current month and then go to the year by going here:
http://www.leasingnews.org/archives.htm

A search features all the articles written since the inception of Leasing News.  Over 3,000 readers use this "search" each month, according to Free Find. 
http://leasingnews.org/search.htm

There are many sites that track internet traffic, and one of the most respected is Quantcast.

Here is the Quantcast ratings on five from the Media Web Sites:

Quantcast: US Rank

Leasing News: 367,731
Monitor Daily: 558,676
Worldleasingnews.com: 791,235
www.icba.org: 815,277
Lessors.com: Not enough traffic to provide accurate traffic estimate
ELFAonline.org: Not enough traffic to provide accurate traffic estimate

It is true that the Alexa ratings can be manipulated by visiting the site many times by one user, or a group of users who visit that site quite often, which also may explain the rating difference by Quantcast.

To learn more about how Alexa works, please visit: http://www.alexa.com/help/traffic-learn-more

Alexa Ranks Leasing Media Web Sites
US rankings

Rank	4/9/2011	3/9/2011		WEBSITE NAME
1.	32,880	33,717		www.leasingnews.org  Leasing News
2.	71,843	86,857		www.monitordaily.com Monitor Daily
3.	141,648	225,307		www.elfaonline.org
4.	172,513	157,987		www.icba.org Ind Community Bankers of America
5.	188,199	254,891		www.naelb.org* National Assoc. of Equip Leasing Brokers
6.	231,168	473,856		www.Worldleasingnews.com World Leasing News
7.	388,990	246,457		www.nefassociation.org National Equipment Finance Assoc.
8.	361,753	846,712		www.lawjournalnewsletters.com
9.	515,092	438,879		www.cfa.com  Commercial Finance Association
10.	559,812	no data		wwww.leasefoundation.org Equip. Leasing & Fin Fndn
	no data	no data		www.clpfoundation.org   CLP Foundation
	no data	no data		www.executivecaliber.ws  Exec Caliber-Jeffrey Taylor
	no data	no data		www.iicl.org  Institute of International Container Lessors
	no data	no data		www.aglf.org  Assoc of Government Leasing  Financing
	no data	no data		www.Leasingpress.com Leasing Press
	no data	no data		www.leasingnotes.com Leasing Notes
	no data	no data		www.leaseassistant.org Lease Assistant
	no data	no data		www.leasecollect.org Lean -Lease Enforcement Att Net
	no data	453,789		www.nationalfunding.org
	no data	no data		www.lesseeadvocate.com Lessee Advocate
	no data	no data		www.leasingavenues.com/Leasing Avenues

Alexa Ranks Leasing Media Web Sites
World rankings

Rank	4/9/2011	3/9/2011		WEBSITE NAME
1.	156,186	152,073		www.leasingnews.org  Leasing News
2.	351,009	374,222		www.monitordaily.com Monitor Daily
3.	508,660	548,010		www.lessors.com  eLessors Networking Association
4.	696,349	767,723		www.elfaonline.org
5.	725,070	710,223		www.icba.org Ind Community Bankers of America
6.	987,665	1,037,719		www.naelb.org* National Assoc. of Equip Leasing Brokers
7.	1,059,393	1,230,973		www.Worldleasingnews.com World Leasing News
8.	1,313,991	1,196,879		www.nefassociation.org National Equipment Finance Assoc.
9.	1,495,436	1,586,555		www.cfa.com  Commercial Finance Association
10.	1,585,796	2,156,960		www.lawjournalnewsletters.com
11.	2,493,523	2,567,446		www.nationalfunding.org
12.	3,515,042	2,316,806		www.clpfoundation.org   CLP Foundation
13.	3,980,749	3,738,021		wwww.leasefoundation.org Equip. Leasing & Fin Fndn
14.	4,042,062	4,214,266		www.aglf.org  Assoc of Government Leasing  Financing
15.	4,519,469	6,337,403		www.iicl.org  Institute of International Container Lessors
16.	7,075,504	6,763,873		www.leasingavenues.com/ Leasing Avenues
17.	7,667,148	5,358,504		www.leasingnotes.com Leasing Notes
18.	9,700,236	8,280,363		www.Leasingpress.com Leasing Press
19.	9,838,257	11,936,585		www.lesseeadvocate.com Lessee Advocate
20.	21,895,856	22,546,418		www.leasecollect.org Lean -Lease Enforcement Att Net
	no data	no data		www.executivecaliber.ws  Exec Caliber-Jeffrey Taylor
	no data	no data		www.leaseassistant.org Lease Assistant

Lessors.com has been eliminated from the US ranking chart as the information appears
incorrect going from the previous month of 234,361 to 59,438 this month. The world wide numbers
appear more to the previous month, so for the time being will be included.

www.assetfinanceinternational.com has a new url address and is "too young" an address to rate. www.leasinglife.co.uk is a section of http://www.vrl-financial-news.com/ and the rating is not accurate as it gives the rating not of the leasing site specifically, but the entire financial site, and therefore is not in the count.

David G. Mayer's Business Leasing and Finance News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law.  The rating is not valid as it includes all those who visit and communicate with the law firm.  When Business Leasing and Finance News has its own individual web site, it will be included in the Alexa survey.

*It should be noted that NAELB web site "list serve" requires logging onto their site, meaing their e-mails are counted as a visit to the site, whereas they are "list serve" communication.  These are technically visits to the web site, but primarily to use "list serve."

The Alexa tool bar works on most browsers. They are partnered with Google.

You may download their free tool bar A graph and analysis of the last three months are available.

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Leasing Industry Help Wanted

High Compensation to High Achievers Leasing Subsidiary of a National Bank Holding Company looking for experienced professionals (10+ years of experience in commercial finance industry) who can originate a volume of bank-qualified credits (primarily SEC reporting companies). Average transaction size from $1-20MM. Enjoy private office in our Southern California location. We offer excellent commission with a draw. Send resume in strictest confidence to: rose.jones98@yahoo.com

Documentation Administrator Los Angeles, CA Join one of the Monitor's Top Ten Independent Finance and Leasing Companies doing middle and large ticket transactions. Going on 22 years of successful, repeat business with an excellent reputation in the finance/lease community. Please email resume to: operations@julesandassociates.com We will contact you for a personal interview at our office in the financial district www.julesandassociates.com Jules and Associates, Inc. has been in business for over 20 years.

Syndication Manager Rancho Cucamonga, CA Knowledge of transportation industry a plus, but not required. Compensation commensurate with experience contact: wdalton@crlease.com We can finance or lease any make or model of truck, bus, or equipment

Marketing Genius Riverside, California Create, Design, Coordinate convention/trade shows marketing calls, remarketing assets/website Send resume: Dreynolds@a-zresources.com www.a-zresources.com A-Z Resources captive affiliate to a major business distributor founded in 1975, join our staff, generating over $120 million in combined sales.

Please see our Job Wanted section for possible new employees.

Top Stories April 4---April 8

Here are the top ten stories opened by readers:

(1) Archives---April 8, 2009
SunBridge Capital Pushed into Chapter 11
http://leasingnews.org/archives/Apr2011/4_08.htm#archives

(2) License Title: California Finance Lender Law
http://leasingnews.org/archives/Apr2011/4_04.htm#license

(3) Leasing News' April Fool's Edition Reaction
http://leasingnews.org/archives/Apr2011/4_04.htm#fools

(4) Top 10 Dying U.S. Industries
http://leasingnews.org/archives/Apr2011/4_08.htm#industries

(5) Repeal of 1099 Provision Goes to President for Signature
http://leasingnews.org/archives/Apr2011/4_06.htm#repeal

(6) Funders Looking for a Broker List---Up-date
http://leasingnews.org/archives/Apr2011/4_06.htm#funders

(7) Full Report---
What's Hot and What's Not/Equipment Leasing
http://leasingnews.org/archives/Apr2011/4_06.htm#full_report

(Tie)(8) Paul Allen goes public with hard feelings toward Gates
http://leasingnews.org/archives/Apr2011/4_04.htm#public

(Tie)(8) Leasing 102 by Mr. Terry Winders, CLP
Where do We Document Equipment Cost?
http://leasingnews.org/archives/Apr2011/4_04.htm#document

(Tie)(8) Maxim $500,000 Stainless Steel Wine Tanks
http://leasingnews.org/archives/Apr2011/4_06.htm#maxim

(Tie)(9) Pictures from the Past---Gail Whitehouse
http://leasingnews.org/archives/Apr2011/4_06.htm#pictures

(10) Ken Glasgow and Wife going gangbusters
with Simple Cupcakes of Naples, Florida
http://leasingnews.org/archives/Apr2011/4_08.htm#cupcakes

John Kenny Receivables Management www.jrkrmdirect.com • End of Lease Negotiations & Enforcement • Fraud Investigation • Credit Investigations • Asset Searches • Skip-tracing • Third-party Commercial Collections The Solution to Your Credit & Accounts Receivable Needs John Kenny 315-866-1167 |  John@jkrmdirect.com

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

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Leasing 102
by Mr. Terry Winders, CLP

Additional Lessee Accounting

I have been asked to follow up last week’s article on lessee accounting with some additional information. The question was how does a lessee that selects the equipment and negotiates the equipment cost use their incremental bowering rate (IBR) instead of the purchase price to determine the interest portion of a Capital lease?

I had written, “By putting the equipment cost in the lease agreement you take away the lessee’s ability to place the transaction on the books at their incremental bowering rate (IBR). The IBR is usually a lot cheaper than your implicit rate. It also may affect your claim in picking up the equipment in a bankruptcy or court dispute as defining the transactions as a “finance.” They also may not want to divulge their ‘buy rate’ and use their ‘internal rate’.”

In 1976 when the accounting rules were being established, we explained to the Financial Accounting Standards Board (FASB) that the Lessor was the actual purchaser of the equipment and the lessee’s role was to select the equipment. Even thought they received a price on many occasions, the Lessor would have re-negotiated the price. This was done because the lessee had payments in mind that without they may move to a different equipment supplier. The Lessor and the vendor worked out blind discounts, delayed payments, hold backs, and many other programs to reach a compromise so the lease payments were what the lessee wanted. Many vendor programs are created to impact the appearance of price and interest cost. Therefore the price of the equipment was in doubt regardless of what the lessee assumed. For this reason FASB had to assume the Lessor was the purchaser and the lessee only the user.

If the price of the equipment was not placed in the lease agreement, then the lessee was able to use the following procedure: “10. The lessee shall record a capital lease as an asset and as an obligation at an amount equal to the present value at the beginning of the lease term of minimum lease payments during the lease term.” You can see by this rule that there is no mention of equipment cost, only the present value of the lease payments. They must discount the payments at their Incremental Borrowing Rate (IBR) defined as: “The rate that, at the inception of the lease, the lessee would have incurred to borrow over a similar term the funds necessary to purchase the leased asset”

Last week I listed, as an example, the lessor’s rate of 12% and a lessee's IBR of 9%. Using these rates on a bargain option lease of $1, with equipment cost of $100,000, the payments over 60 months with one in advance would be $ 2,202.42, for a total lease payment of $132,145.23. If the equipment cost of $100,000 was placed into the lease agreement then the $32,145.23 would be the interest taken over the term of the lease and the equipment cost of $100,000 would be straight lined depreciated over the lessees normal depreciation term for purchased assets, which may be equal to or longer than the lease term (because of the bargain purchase option).

If the equipment cost is not placed in the lease agreement, the lessee may use their IBR of 9% to discount the payment stream. The discounted payment at 9% is $106,893.74 and when subtracted from the total rent of $132,145.23 leaves interest of $25,251.49. It therefore reflects a 9% rate instead of a 12% rate. The $106,893.74 discounted value is placed on the balance sheet as a leased asset and also as a lease liability and then depreciated over the lessee’s normal depreciation term for owned assets because of the bargain purchase option. If the purchase option was not considered a bargain then the depreciation term would be restricted to the lease term.

Not much of this is going to change with the proposed accounting changes except all leases will find their way to the balance sheet. Every time a lessee asks me what my “rate was” I would ask them their IBR and say that that was their rate, in this case 9%.

Knowing how the lessee looks at leasing will guide you on how to propose the lease because as you can see there are accounting reasons, income tax reasons, cash flow reasons, and expense reasons. Leasing is a very complex and superb method of financing.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.

He invites your questions and queries.

Previous Accounting Column:
http://leasingnews.org/archives/Apr2011/4_04.htm#document

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

2011 NAELB National Conference Wrap-Up
By Mae Philpott, Dakota Financial

The 2011 National Association of Equipment Leasing Brokers (NAELB) National Conference took place April 7-9 at the Hilton in downtown Austin, Texas. Over 220 attendees participated in educational sessions, lunches, and networking receptions all geared towards the theme: Revitalizing Your Business: You’re Only a Texas Two-Step Away.

Pat Clifford of First Financial Corporate Services (Placentia, CA) stated the three-day event was “…the most organized conference I have ever been to!"

Bryan Inman of Great American Insurance proclaimed, “This is the first time Great American Insurance has exhibited at the NAELB conference in a number of years. We were pleased with the amount of traffic and the mix of brokers, lessors and funding sources. Austin was also an excellent choice for a conference location. Overall this was a great conference for us!”

Events started as early as 7:30am on Thursday, April 7, as more than 20 conference attendees headed out for golf at Grey Rock Golf Club.

The tournament winning team included David Merrill of High Street Equipment Finance (Salt Lake City, Utah), Chris Fielder of 360 Equipment Finance (Austin, Texas), and Wade Whitenburg of Ritchie Bros Auctioneers (Lake Worth, Texas).

Thursday afternoon, more than 25 female NAELB members attended the Women in Leasing Luncheon hosted by Kim Simmons of ACC Contract Finance (Midvale, Utah at the Broken Spoke—one of Austin’s authentic honky-tonks. The ladies lunched on chicken-fried steak and then worked it off learning the Texas Two-Step.

NAELB Presidential Sponsor, Dakota Financial, hosted the first-ever Presidential Sponsor Presentation—a new session designed to offer direct training for NAELB conference attendees. ReNae Reid of Smart Finance Options (Salt Lake City, Utah) noted, “The presentation was enthusiastic and I feel confident I will be able to close my next challenged-credit deal!”

“Thursday’s opening reception was so much fun!” said Lesley Farmer of KLC Financial (Minnetonka, Minnesota). She went on to add, “I loved meeting colleagues I have only ever spoken to on the phone!” With a Weird, Wild, West theme, attendees enjoyed Tex-Mex cuisine, a dress-up photo booth, and an open bar. Temporary tattoos, leis, and bandanas were just some of the silly giveaways strewn over tables and adding to the relaxed atmosphere of the soiree.

Friday’s trade show and educational sessions were praised highly by broker and funding source attendees. Brian Albach of Republic Business Credit (Park Ridge, Illinois) noted that “Greg Winston [who spoke at Friday’s lunch] really tailored his presentation to our group and what we do.” Most notably, everyone who came to lunch actually stayed through the end of the talk.

Networking continued late into Friday as conference attendees enjoyed their open evening. Many attendees joined in the festivities on the Fun Funders chartered booze-cruise with BBQ dinner, while others enjoyed more exclusive dinners around Austin’s downtown area. Still others took advantage of the live music venues that have made Austin’s 6th Street so famous—with dancing and drinks well into the morning hours.

Saturday, conference attendees thinned out in the exhibit hall, but maintained a strong presence at the last day’s educational sessions. One notable session had 8 different funding sources hosting 8 round-table discussions of various topics. The section on closing a deal, led by Lynn Smith of TEAM Funding Solutions (Austin, Texas), received the highest accolades from attending brokers. “I found it most helpful to hear Lynn discuss the psychology behind closing a deal. His confidence in his method evidences the technique’s effectiveness,” said Cyndi Hood of Classic Financial Services (Schaumburg, Illinois).

Saturday’s lunch was highlighted with the official NAELB changing of the guard as the 2011-2012 NAELB Board of Directors took office.

2011-2012 NAELB Board of Directors

Charles (Bud) Callahan, CLP
President
National Equipment Leasing, Inc.
Indianapolis, Indiana

Sonia v. M. Stoddard, B.P.B.
Immediate Past President
Stoddard & Associates
Los Angeles, California

Patrick Sponsel
President-Elect
Sharpe Equipment Leasing, Inc.
Glendale, Arizona

Brian Huey
Secretary/Treasurer
LeaseSource
Matthews, North Carolina

Corey Bell
Vice President
United Funding, LLC
Chattanooga, Tennessee

Joan Modes, BPB
Director At Large
GEM Commercial Credit, Inc.
Livonia, Michigan

Gary Green, CLP, BPB
Director At Large
Lease $mart
Oro Valley, Arizona

Pete Sawyer, CLP
Director At Large
Sun South Equipment Leasing
Lakeland, Florida

Joseph Bonanno, CLP
Legal Counsel
Medford, Massachusetts

Next NAELB Conferences

October 14-15
2011 NAELB Eastern Regional Meeting 
Atlanta, Georgia

November 11-12, 2011
2011 NAELB Western Regional Meeting
Costa Mesa, California

CLP Foundation April Spotlight—Kevin Clune/ Norm Malkowski

Kevin F. Clune, CLP
President, Clune & Co LC,
Shawnee Mission, Kansas

What is your favorite thing about the equipment finance industry?

I love taking "nickel tours" of companies and seeing how the equipment we finance for them is an important part of their success. That is a genuine rush.

How did you get your start?

It's a "two beer story" but I never intended to get into leasing. I was Chemistry major in college intent on going to medical school. I graduated from college a semester early and had nowhere to light. My father Bob Clune's leasing company lost a key man so he hired me to warm the chair until he could get someone else hired. That was 37 years ago and that's how much planning went into my career in the leasing business but, does anyone actually dream about getting into the leasing biz??

I bought the company in '91.

What are the biggest challenges in your day?

My biggest challenge is trying to triage the ever growing "input" I get every day from industry pubs, emails, texts, voicemails, newspapers etc. and then have time to sell and to think about our next strategic move. Technology had very little impact on the delivery of small ticket services when I joined the company but now it is largely the means by which we operate all aspects of the company.

What has helped you in business the most?

The years of business and ethical mentoring that I got from my father, and the dedication of every one of our incredible team members who sometimes call themselves "Clunatics".

What is the last book you read?

The Ruling Class by Angelo Codevilla. I think it's a fascinating read, no matter your political persuasion.

What is the most interesting place you have ever visited?

Italy....we visited Rome and Florence. I was infatuated with the art, the history, the people, the food and the language. I came back home and have taken six semesters of Italian language classes.

If you could transport yourself anywhere instantly, where would you go and why?

To the west coast of Ireland where my wife and I have lots of family. We go there as often as we are able. Several years ago we rented a seaside home for a month. I've never been more relaxed in my life... and our business had record sales while I was gone!

Kevin and his wife Mary Kay celebrating their 35th wedding
anniversary at Treetops Golf Course in Gaylord, Michigan.

 

---

Norm Malkowski, CLP
National Account Manager
First Star Capital
Walnut Creek, California

What has helped you in business the most?

My career in Leasing is not as long nor as distinguished as many in this industry. In fact, I could be considered a rookie when compared to many of them. I've been in Sales & Marketing since 1980. I owned by own direct sales company for many years and "invested" the time to earn my certification in that industry (CPMR). But when it became time to move on, a good friend, Jeff Macdonald, convinced me to get into leasing. My experiences as a direct sales person helped me to understand the needs of the Broker community. It helped to develop some effective sales tools in the sub-prime leasing market. But dealing with just C & D credits, I only saw a portion of the industry. I looked to the CLP program to help me further develop the skills I would need to further my success in the industry. With the help of Joe Stratton with Pepper Financial as my mentor & Cindy Spurdle as my cheerleader, achieving this personal goal became a reality in 2010. But again, change was in the wind. After having been on the Funder side of this industry for the past 10 years or so, I found myself with enough confidence to get back into the direct sales end of the industry and become a Broker. Being a CLP provided me with the skill set I need to grow and become a National Account Manager with First Star Capital. So I'd have to say the great relationships I've had over the past 10 years has helped me professionally and personally. The future in 2011 looks exciting and I'm glad to be where I am. Change is good!

What does your perfect day start with?

I spent 8 years in the United States Navy and made three "west Pac cruises" to Southeast Asia (including Vietnam). These "trips" took me away from my young family for 6 months at a time! Back then there was no email or internet (1970 to 1978). It was tough on my wife. When I got out of the Navy, as a rookie regional Sales Manager, I again found myself away from the family more often that I cared. But now I find myself living with an extended family: my wife, 2 daughters, my son-in-law, and three grandchildren — all in the same house. There's always something going on. When my grandsons (ages 9 & 10) run in to say good morning before going to school and then I get to hold my 9 month old granddaughter, it really makes me appreciate the time I have with them. Seeing them smile every day just makes my day that much better.

Would you like to share an interesting hobby or accomplishment?

I've made it a point to be involved in this industry. I've served on several committees in the NAELB and the NEFA and even hosted some workshops at various conferences. I believe in "giving back" by being involved. But my greatest personal accomplishment (other than my wonderful wife, 3 children, and 3 grandchildren) came as a member of Kiwanis International which I joined shortly after 9/11. Kiwanis International (www.kiwanis.org) is an association of volunteers dedicated to serving the needs of the community in which they live. As a member of this organization, I was honored when I was selected as the Kiwanian of the Year in 2004 and again in 2008 — an honor that is given by the members of the club. You don't become a member of Kiwanis looking for any recognition. You do so to serve your community. But to have been honored like this twice by my friends and peers is something I'll always cherish. When the awards were announced at our annual banquet, they were the only times in my life where I was speechless! And that's hard to believe in itself.

And you thought you were buried with work

CLP Foundation April 2011 News Edition
http://leasingnews.org/PDF/clp_apr11.pdf

### Press Release ############################

Lake Forest, California Cleaning Service Owner Tax Evasion

Los Angeles – In the United States District Court in Los Angeles, the sole shareholder of Blue Line Cleaning Service, Inc. located in Orange, California, was sentenced to 12 months and a day in prison for committing federal tax offenses.

The Honorable United States District Judge George H. King sentenced Sergio Villegas to 12 months and a day in prison, ordered to pay $220,469.00 in restitution, $2,000 in fines, and $100 special assessment. Villegas was also ordered 2 years of supervised release.

Sergio Villegas, a resident of Lake Forest, California, is the sole shareholder of Blue Line Cleaning Service, Inc. located in Orange, California. Villegas entered a guilty plea before the Honorable United States District Court Judge George H. King to charges that he failed to report all of his income to the Internal Revenue Service for tax year 2006 on December 2, 2010.

According to the filed plea agreement, during the years 2004, 2005, and 2006, Villegas conducted financial transactions in a manner that was designed to conceal his true and correct taxable income, despite knowing that he received substantial income during years 2004, 2005, and 2006. During the years 2004, 2005, and 2006, Villegas failed to deposit all of Blue Line’s business checks paid to it for cleaning and maintenance services provided by Blue Line’s business bank account. Instead, Villegas diverted funds from his corporations for his personal use by taking checks payable to Blue Line, cashing them, and then depositing the cash into his personal bank account. The checks that were not deposited into the Blue Line business bank account in 2004, 2005, and 2006, represented the income that Villegas failed to report on the Blue Line’s corporate tax returns (Forms 1120), and also on his personal returns for 2004, 2005, and 2006 (Forms 1040). Also according to the fled plea agreement, Villegas submitted false and altered bank statements during a 2004 IRS audit for his personal tax return.

For tax years 2004, 2005, and 2006, Villegas failed to report an additional $100,715.00, $96,967.00, and $198,359.00 in gross business receipts on Blue Line’s corporate returns (Forms 1120). The resulting additional corporate tax due and owing is $32,998.00, $32,278.00, and $77,359.00 for the respective years 2004, 2005, and 2006.

For tax years 2004, 2005, and 2006, Villegas diverted business receipts for his personal benefit in the amounts of $100,715, $96,967, and $198, 359 and failed to report the diverted funds on his personal returns (Forms 1040). The resulting additional individual income tax due and owing is $20,791.00, $23,667.00, and $33,376.00 for the respective years 2004, 2005, and 2006.

The established total income tax loss (corporate and individual) to the government is $220,469.00. “This sentencing serves as a reminder to all individuals and business owners that they risk prosecution if they intentionally conceal their income and fail to report it to the IRS,” said Leslie P. DeMarco, Special Agent in Charge for IRS-Criminal Investigation in the Los Angeles Field Office.

This investigation is a product of work by IRS-Criminal Investigation in the Los Angeles Field Office and the United States Attorney’s Office in Los Angeles.

#### Press Release #############################

((Please Click on Bulletin Board to learn more information))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

Chicago, Illinois-- Adopt-a-Dog

Hope
West Highland White Terrier Westie
Small • Adult • Female
Spayed/Neutered
• Up-to-date with routine shots
• House trained

"Hi, I am Hope. I am about 5 years old and weigh 14 lbs.

"Before WRM rescued me, I lived most of my life in a small puppy mill cage. I really love being able to run and play! I've learned how to come in and out of doors and run up/down stairs. I'm still pretty shy and it scares me a little when I get picked up. Once I know I'm safe, I relax and will cover you with kisses and hugs.

"My Foster mom says I'm doing really well with the potty training thing, almost got the hang of it. I love playing with other dogs. I'm getting very good at playing tug-of-war and tag. I can wrestle any dog and wag my tail at the same time! =) My favorite time of day is when all the people come home and snuggle on the couch. I chew my raw hide and watch a bit of TV. When it's time for bed, I love to sleep curled up by people feet. I will sleep like a little fluffy toy until you wake me up in the morning. I am a good listener and will come when you call me because I like to be with my people more than anything in the world.

"I have been with my foster Mom since January. She says I am a beautiful girl, and she likes my little bent ears that fall over unless there's something fun to listen to.

"If you would like to be my forever family, I need to meet the whole family. Sometimes I get afraid around some women. A nice introduction to everyone in your family will be good way to make sure you will like me and I won't be afraid of you.

"I am hoping to find a forever home, so I can share my unconditional love"

To submit an application for Hope, please visit http://www.westierescueofmissouri.com/adopt.htm

Hope's adoption donation is $350-$450 and helps with the vetting of all of our dogs.

westierescueofmissouri@rescueteam.com

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

Adopt a Pet
http://www.adoptapet.com/

Gary DiLillo, President 216-658-5618 or gary@avptc.com To learn more about the benefits of outsourcing personal property tax, please click here.

--- News Briefs

1999 Hudson sold his Canada Leasing Co. $2B is now back
http://www.theglobeandmail.com/report-on-business/newcourt-lessons-learned-a-wiser-hudson-back-in-the-leasing-game/article1979110/

Boston-based Macquarie fund to raise up to $150M
http://www.bizjournals.com/boston/news/2011/04/11/boston-based-macquarie-fund-to-raise.html

Major Caterpillar Dealer sees glimmer of rebound
http://www.newsobserver.com/2011/04/06/1107688/gregory-poole-ceo-sees-glimmer.html

Workers sue Wynn in Las Vegas over Tip Dispute
http://www.vegasinc.com/news/2011/apr/11/wynn-club-workers-want-air-tip-dispute-court/

Kirstie Alley suffers second mishap on Dancing
http://www.monstersandcritics.com/people/news/article_1632342.php/Kirstie-Alley-suffers-second-mishap-on-Dancing

‘Pia was never a frontrunner’
http://blogs.ajc.com/american-idol-blog/2011/04/11/nigel-lythgoe-pia-was-never-a-frontrunner/?cxntlid=thbz_hm

--- You May Have Missed

The $300 million leasing liquor plan
http://www.thenewstribune.com/2011/04/11/1621383/the-300m-liquor-plan.html

“Gimme that Wine”

Looking for Renewed Magic in Beaujolais
http://www.nytimes.com/2011/04/13/dining/reviews/13wine.html?_r=1&ref=dining

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com

http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Winery Atlas
http://www.carterhouse.com/atlas/\

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm

    1621-Myles Standish, one of the Mayflower Pilgrims, was unanimously chosen military captain of the colony.
http://etext.lib.virginia.edu/users/deetz/Plymouth/standishwill.html
    1631-the first militia was formed by the Court of Assistants of the Massachusetts Bay Colony, Boston, MA, which ordered “ that there shall be a watch of 4 kept(every) night at Dorchester and another of 4 att Waterton, the watches to begin at sunset.”
    1724-birthday of Lyman Hall, Signer of the Declaration of Independence. When the war reached Savannah. Hall's property was burned and he stood accused of high treason. He fled to Charleston, which was also overtaken by the British Born at Wallingford, CT, he died at Burke County, GA, Oct 19, 1790. http://www.ushistory.org/declaration/signers/hall.http://www.lyman-hall.com/ htm
    1776,-the first Declaration to form an independent Union started 225 years ago with a resolution adopted by the Provincial Congress of North Carolina at Halifax, NC, authorizing the delegates from North Carolina to the Continental Congress to vote for a Declaration of Independence. http://memory.loc.gov/ammem/today/apr12.html
    1777-birthday of Henry Clay, statesman, born at Hanover County, VA. Was the Speaker of the House of Representatives and later became the leader of the new Whig party. He was defeated for the presidency three times. Clay died at Washington, DC, June 29, 1852. http://www.henryclay.org/
    1811-the first settlers to reach the Pacific coast left New York City on September 6, 1810, on the S.S. Tonquin, a 290-ton vessel captained by Jonathan Thorn. They rounded Cape Horn on December 25, 1810, landing on April 12, 1811, at Cape Disappointment, WA, a promontory at the mouth of the Columbia River. The enterprise was sponsored by John Jacob Astor.
    1859-the first Billiard match to attain international fame was played in Detroit between Michael Phelan of New York City and John Seereiter of Detroit for the championship of the world and a 415,000 purse. Phelan, known as the “father of billiards,” won the championship by a score of 2,000 against his competitor's 1,904. The best run made by Phelan was 129 points. The game was played on a 6-by-12 four-pocket table with four balls. Pushing and crouching were allowed.
    1861- after months of escalating tension, Major Robert Anderson refused to evacuate Fort Sumter at Charleston, SC. Confederate troops under the command of General PT. Beauregard opened fire on the harbor fort at 4:30 AM ( the first gun was fired by Edmund Ruffin, a 67-year-old Virginian) and continued until Major Anderson surrendered on Apr 13. No lives were lost despite the firing of some 40000 shells in the first major engagement of the American Civil War.
    1861-the same morning, off Charleston, SC, the side-wheeler Harriet Lane fired a shot across the bow of the merchantman steamer Nashville to force it show its colors. The Nashville hoisted a U.S. ensign and was allowed to proceed, even though it was a Confederate ship. The Harriet Lane, 270 feet long with a 22-foot beam, had been built by William Henry Webb in 1857 as a Treasury Department revenue cutter and was transferred to the Navy in 1858. It was named after a niece of President James Buchanan and was the first federal steamer named for a woman. On January 1, 1863, the Harriet Lane was captured by Confederate forces in Galveston Bay, after desperately resisting boarding parties from four rebel ships.
    1867-birthday of Johnny Watson, also known as “Daddy Stovepipe,” Mobile, AL
    1883-Birthday of Imogen Cunningham, pioneer photographer of plants and portraits.
    1892-George C. Blickensderfer of Stanford, CT received a patent for a portable typewriter.
    1892—Jazz clarinetist Johnny Dodds birthday
http://www.redhotjazz.com/jdodds.html
    1900-Joseph Bohomiel(Joe) Lapchick, Basketball Hall of Fame player and coach born at Yonkers, NY. Lapchick played basketball for pay form an early age. In 1923 he joined the original Celtics, one of the greatest pro teams of any era. The Celtics revolutionized the game with Lapchick as the great center. He began coaching at St. John's University in 1937, left for the New York Knicks in 1947, and returned to St. John's in 1957. the Celtics were inducted into the Hall of Fame in 1959, and Lapchick followed as an individual in 1966. Died at New York, NY August 10,1970.
    1908 -- A fire that began in a dump in the Chelsea section of Boston, Massachusetts spread through the community and ignites oil tanks on the Chelsea Creek, eventually rendering 17,000 people homeless.
    1915-birthday of guitarist “Hound Dog” Taylor, Natchez, MS http://www.zicline.com/semaine16/houndog.htm
    1918-singer Helen Forrest born Atlantic City, NJ. http://www.davidmulliss.com.au/HelenForrest/helenforrest.htm
    1926---birthday of Andrew “Blueblood” McMahon, Delhi, LA
    1926-Smith Wildman Brookhart, Republican of Iowa, was ousted by the US Senate of a vote of 45-41. A recount of the votes in the election had proved the winner to be Daniel Frederic Steck,, the Democrat candidate, who served from April 12, 1926 to March 3, 1931.
    1927 - an F5 tornado wiped Rock Springs, Texas "off the map". 235 of the town's 247 buildings were completely destroyed. The tornado was over 1 mile wide when it passed through the town. 74 people were killed.
    1930-birthday of vocalist Bob Lee, Tuscalossa, AL
    1934-the highest-velocity natural wind ever recorded occurred in the morning at the Mount Washington, NH, Observatory. Three weather observers, Wendell Stephenson, Alexander McKenzie and Salvatore Pagliuca, observed and recorded the phenomenon in which gusts reached 231 miles per hour--"the strongest natural wind ever recorded on the earth's surface." The 50th anniversary was observed at the site in 1984, with the three original observers participating in the ceremony
    1934 -- F. Scott Fitzgerald's Tender Is the Night is published, but the novel about rich expatriates is unenthusiastically received during the Great Depression.
http://www.sc.edu/fitzgerald/biography.html
    1939-Woody Herman cuts Woodchopper's Ball.
    1940-pianist/composer Herbie Hancock born Chicago, IL
http://www.herbie-hancock.com/
    1945 – President Franklin D. Roosevelt, 63, on the 83 rd day of his fourth term, dies of a cerebral hemorrhage in Warm Springs, Georgia, with the love of his life with him (no, it wasn't Eleanor); Vice-President Harry S. Truman was sworn in as president the next day.
    1945 -Antlers, Oklahoma was leveled by an F5 tornado. 600 buildings were destroyed and 700 were damaged. 69 people were killed and 353 were injured. This disaster would have commanded national and local attention if it was not overshadowed by the death of President Roosevelt. Even nearby local newspapers had more information on the president than the tornado.
    1947-- David Letterman Birthday, born Indianapolis, Ind. http://www.intac.com/~fredman/letterman/bio.html http://www.cbs.com/latenight/lateshow//
    1950---Top Hits
If I Knew You Were Comin' I'd've Baked a Cake - Eileen Barton
Music, Music, Music - Teresa Brewer
Peter Cottontail - Gene Autry
Long Gone Lonesome Blues - Hank Williams
    1952- Buddy Morrow records “Night Train.”
http://www.buddymorrowproductions.com/
    1955-The Kansas City Athletics, transplanted from Philadelphia, opened their first season in their new home by defeating the Detroit Tigers, 6-2, at Municipal Stadium. The A's finished the year in sixth place with a record of 63-91. They never won a pennant in Kansas City and moved to Oakland after the 1967 season.
    1954 - Bill Haley and His Comets recorded "Rock Around the Clock" for Decca Records on this day. The song was recorded at the Pythian Temple, “a big, barn like building with great echo,” in New York City. "Rock Around the Clock" was formally released a month later. Most rock historians feel the tune, featured in the 1955 film "Blackboard Jungle", ushered in the era of rock 'n' roll. It hit number one on June 29, 1955 and stayed there for eight weeks, remaining on the charts for a total of 24 weeks. The record has now sold over 25,000,000 copies.
    1955- the announcement was made that a polio vaccine developed by American physician Dr. Jonas E. Salk was "safe, potent and effective." Incidence of the dreaded infantile paralysis, or poliomyelitis, declined by 95 percent following introduction of preventive vaccines. The announcement of the discovery of a vaccine against polio, was made on the ten year anniversary of the death of Franklin Delano Roosevelt from complication of the disease, his deteriorating illness kept from the public for perhaps up to two years as others ran the government. With the end of the World War II only months away, the nation and the world were stunned by the "sudden" death of the president shortly into his fourth term of office. Roosevelt, 32nd president of the US ( March 4, 1933 to April 12,1945), was the only president to serve more than two terms--- he was elected to four consecutive terms. He died in Warm Springs, Georgia with the woman he loved present(it was not Eleanor Roosevelt ).
    1958---Top Hits
Tequila - The Champs
He's Got the Whole World (In His Hands) - Laurie London
Book of Love - The Monotones
Oh Lonesome Me - Don Gibson
    1964 - Arnold Palmer won his fourth Masters title and became the first golfer to make career earnings of $506,496
    1966-The Atlanta Braves brought major league baseball to the South but lost their regular season opener, 3-2, to the Pittsburgh Pirates in 12 innings. The Braves finished the season in fifth place with a record of 85-77. They won the first division pennant in 1969.
    1966---Top Hits
The Ballad of the Green Berets - SSgt Barry Sadler
(You're My) Soul and Inspiration - The Righteous Brothers
Daydream - The Lovin' Spoonful
I Want to Go with You - Eddy Arnold
    1966 -- Jan Berry, who I went to University High School in Los Angeles, half of the hit making surf-rock vocal duo Jan & Dean, runs his Corvette into an parked truck on L.A.'s Whittier Boulevard. Berry suffers total physical paralysis for over a year as well as extensive brain damage which makes it nearly impossible to return to performing. They do give it a try in 1973 but are not well received. He was never the same as before the accident.
    1974---Top Hits
Sunshine on My Shoulders - John Denver
Hooked on a Feeling - Blue Swede
Bennie & The Jets - Elton John
A Very Special Love Song - Charlie Rich
    1981-First flight of shuttle Columbia . Two astronauts (John Young and Robert Crippen), on first manned US space mission since Apollo-Soyuz in July 1976, spent 54 hours in space (36 orbits of Earth) before landing at Edwards Air Force Base, CA, Apr 14.
    1982---Top Hits
I Love Rock 'N Roll - Joan Jett & The Blackhearts
We Got the Beat - Go-Go's
Make a Move on Me - Olivia Newton-John
Big City - Merle Haggard
    1985-The first US Senator to fly in space was Jake Garn, Republican Senator for Utah, who joined the crew of Space Shuttle Discovery as a “congressional observer” when the shuttle lifted off from Cape Canaveral, FL, on April 12, 1985. A former Navy pilot, Garn had taken several months of astronaut training. Another senator, John Herschel Glenn, Jr., of Ohio, was an astronaut in the 1960's, before he entered politics.
    1985 - Key West, Florida set a new record for April rainfall in a 24 hour period as 6.06 inches of rain were recorded, eclipsing the previous record of 6.04 inches which fell on April 29, 1941. In addition, the heavy rainfall shattered the old record for this date set back in 1931 when 1.49 inches of rain fell.
    1987-“21 Jump Street” premiers on TV. Youthful big city cops busted crime in the local schools and colleges in this Fox police drama. Starred Johnny Depp as Tom Hanson, Holly Robinson Peete as Judy Hoffs, Dustin Nguyen as H.T. Ioki, Peter DeLuise as Doug Penhall, Frederic Forrest as Captain Jenko, Steven Williams as Captain Adam Fuller and Richard Grieco as Dennis Booker. It was one of the Fox network's early hits.
    1987 - Larry Mize, 28, hit a miracle shot -- a 140-foot chip -- to win the Masters golf title in Augusta, GA. Mize defeated Greg Norman and Severiano Ballesteros in a playoff.
    1990---Top Hits
Love Will Lead You Back - Taylor Dayne
I'll Be Your Everything - Tommy Page
All Around the World - Lisa Stansfield
Hard Rock Bottom of Your Heart - Randy Travis
    1996-The Detroit Red Wings set a National Hockey League record by winning their 61 st regular season game, 5-3, over the Chicago Blackhawks. The previous record was held by the 1976-77 Montreal Canadiens. Detroit finished the season with 62 wins, 13 losses and 7 ties.
    1996 - Duluth, Minnesota recorded 1.7 inches of snow on this day to raise its seasonal snowfall total to 132.8 inches -- its snowiest winter on record. The old record was 131.6 inches set back in 1949-50.

 

NBA Finals Champions This Date

 

    1954-Minneapllis Lakers
    1958—St. Louis Hawks