CIT Has Remained Strong
First Quarter 2021 Reports

Net income available to common shareholders (GAAP basis) was $301 million or $3.04 per share against net loss of $628 million or $6.40 per share incurred in the year-ago quarter.

Operating expenses (excluding noteworthy items and intangible asset amortization) were $258.7 million, down 16.2%.

Net charge-offs were $13 million, plunging 75.9% year over year.

CIT shares have increased 52% since the beginning of the year. The stock has nearly tripled in the last 12 months.

Full Report (19 pages)
https://mma.prnewswire.com/media/1498123/1Q21_Final_Earnings_Release.pdf?p=pdf

 

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Marlin Business Services Reports 1st Quarter
Net Income of $6.9 Million

Marlin Business Services Corp.  reported first quarter 2021 net income of $6.9 million, or $0.57 per diluted share, compared with net income of $15.3 million, or $1.28 per diluted share in the prior quarter, and a net loss of $11.8 million, or $1.00 per diluted share a year ago.

Press Release reported "Marlin Business Services Corp. (NASDAQ: MRLN), a nationwide provider of capital solutions to small businesses (“Marlin” or the “Company”), today reported first quarter 2021 net income of $6.9 million, or $0.57 per diluted share, compared with net income of $15.3 million, or $1.28 per diluted share in the prior quarter, and a net loss of $11.8 million, or $1.00 per diluted share a year ago."

"For the three months ended March 31, 2021, the Company recorded a $2.9 million provision for credit losses net benefit, compared with $25.2 million provision net expense recognized in the first quarter of 2020 and a $12.7 million provision net benefit recorded for the fourth quarter of 2020. The provision release in the first quarter of 2021 was primarily due to positive changes in the outlook of macroeconomic assumptions to which the reserve is correlated as well as positive trends in portfolio performance."

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New Hires/Promotions in the Leasing Business
and Related Industries

 

James Barrett was hired as Vice President, Equipment Finance, First Business Finance, LLC, a subsidiary of First Bank, Madison, Wisconsin. He has... "over 10 years of experience in the construction and transportation industry. His extensive experience ranges from small private companies to large publicly traded corporations and he has worked with OEM, vendors, and end-users. Throughout his career, James has been regularly recognized for cultivating strong vendor and client relationships and maintaining extensive product and competitor knowledge. His expertise allows him to create ideal solutions for customers' equipment needs.”
 

Al Bommentre was hired as Director of Equipment Finance Origination, Truist Equipment Finance, Towson, Maryland. He is located in Valley Forge, Pennsylvania.  Previously, he was Vice President, Regional Sales Team Manager, Wells Fargo Equipment Finance (November, 1999 - December, 2020); Inside Sales Manager, De Lage Landen (November, 1992 - August, 1999). Education: Fox School of Business at Temple University, Master of Business Administration (M.B.A.), Finance and Management. La Salle University, Bachelor of Science (BS), Finance and Management. https://www.linkedin.com/in/al-bommentre/

Cindy Early was promoted to President, Quail Financial Solutions, Burbank, California. She is located in the Bellingham, Washington office.  She joined the company March, 2008, as Chief Operating Officer.  Previously, she was Lease Administrator, Columbia Bank (September, 2004 - May, 2006); Member Service Representative, North Coast Credit Union (September, 2002 - August, 2004). Education: Pacific Lutheran University, B of A, Humanities/Greek (1996 - 2000). Activities and Societies: Underrate Fellowship. Summa Cum Laude. https://www.linkedin.com/in/cindy-early-9b4a121b/

Tom Griffith was hired as Fleet Solutions Account Manager, DLL, Wayne, Pennsylvania.  He joined Philips Medical Capital (PMC) September, 2002, as Senior Territory Manager; promoted August, 2014, National Sales Manager, Financial Specialist; promoted December, 2017, Vice President, Business Development. Previously, he was Account Manager at DLL (December, 1998 - September, 2002). https://www.linkedin.com/in/tom-griffith-01771a20/

Jeffrey "Jeff" Mitchell was hired as Senior Vice President, Business Development, Crestmark, a division of MetaBank, Troy, Michigan. He is located in Tampa, Florida.  Previously, he was Senior Vice President, Middle-Market and Corporate Banking, Woodforest National Bank (June, 2017 - March, 2021); Senior Vice President, Business Development, Bibby Financial Services, USA (August, 2016 - June, 2017); Regional First Vice President, Senior Business Development, East Region, Crestmark Bank (January, 2010 - June, 2015).  Education: Florida State University, Bachelor of Science Economics and International Affairs, Economics (1981 - 1985). Activities and Societies: Sigma Chi Fraternity.  Obtained a Bachelor of Science in Economics and International Affairs. Minored in Portuguese.  https://www.linkedin.com/in/jeff-mitchell-0011am10/

Don Poskus was hired as Strategic Credit Initiatives Leader, Inventory Finance, Hitachi Capital America Corp., Alpharetta, Georgia. Previously, he was Credit Manager, Northpoint Commercial Finance (May, 2012 - April, 2021). He joined Textron Financial December, 2000, as Assistant Vice President; promoted Vice President, January, 2007); Branch Operations Manager, Deutsche Financial Services (f/k/a ITT Commercial Finance) (January, 1991 - December, 2000). He began his career at ITT Commercial Finance, January, 1981, as Field Service Representative; promoted January, 1983, Account Manager; promoted January, 1994, Senior Account Manager; promoted January, 1985, Portfolio Control Manager; promoted January, 1986, Credit Manager/Account Manager, Special Accounts; promoted January, 1988, District Sales Manager; promoted January, 1989, Area Operations Manager. Education: University of Florida, BS, Business Administration (1975 - 1979).
https://www.linkedin.com/in/donposkus/

Mina M. Rizk was hired as Senior Vice President, Crestmark, a division of MetaBank, Troy, Michigan.  He is located in Newport Beach, California. Previously, he was Regional Vice President, LSQ (July, 2018 - March, 2021); Interim Vice President, NDM communications (September, 2017 - August, 2018); President and Co-Founder, Homeland Supplier Corporation (October, 2010 - February, 2017); Senor Therapeutic Specialty Representative, GSK US (October, 2004 - September, 2010); Group Sales Representative, Liberty Mutual Insurance (July, 2003 - July, 2005). Certifications: Certified Scrum Product Owner, Scrum Alliance.  Certified Scrum Master, Scrum Alliance.  Volunteer: Rotary Club of Huntington Beach, Rotary International (April, 2015 - Present). Rescue Diver, PADI (July, 2006 - Present). Director, Turnaround Management Association (December, 2020 - Present). Board Member, ACG, Orange County (May, 2020 - Present).  Education: Louisiana State University, MBA, Master of Business Administration, Finance.  Indiana University, Kelley School of Business, B.S., Bachelor of Science, Marketing and Finance. https://www.linkedin.com/in/mena-m-rizk/

Sarah Uballez, CLFP, was hired as Business Systems Analyst, Summit Bank, Bend Oregon.  She joined AP Equipment Finance as Salesforce Administrator, May, 2019; promoted February, 2020, Treasury Manager; promoted July, 2020, Vice President, Treasury and Accounting.  Previously, she was Great Lakes Region Sales Coordinator, Transportation Finance, BMO Harris Bank (May, 2014 - March, 2019); Relationship Manager, Transportation Finance, GE Capital (2007 - 2014).  Certification: CLFP Foundation. Salesforce Certified Administrator (SCA).  Education: Missouri State University. Bachelors, Accounting (2002 - 2007). https://www.linkedin.com/in/sarah-uballez-clfp-9265a33a/

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Leasing Industry Help Wanted

 

FTC Sends Customer Refunds in Three Cases
By Emily Wu, Attorney, Federal Trade Commission

The FTC works to fulfill its mission in many ways, including bringing cases against companies who are being unfair or deceptive. It’s happy news when those cases result in refunds. Last year, FTC cases returned $483 million to people who lost money to companies the FTC sued. The FTC’s latest refund announcement involves checks totaling over $11 million going out to more than 11,000 people who paid E.M. Systems & Services, a company that falsely promised consumers with credit card debt that they would reduce their interest rates and save them thousands of dollars. After settling with First Data Merchant Services — the payment processor that made it possible for this company to collect credit card payments — the FTC is returning to customers of E.M. Systems & Services 100% of their lost money.

Earlier this month, the FTC sent over 10,000 checks totaling over $4 million to fully refund people for the amount they paid to Stark Law, a company that the FTC says collected payments for fake debt by threatening to sue or arrest people who didn’t pay. In the FTC settlement with ABCmouse, over $9.7 million went back to more than 200,000 people, mostly through PayPal. According to the FTC, ABCmouse failed to make it clear to their customers that their memberships would automatically renew and made it difficult to cancel.

To find out which recent FTC cases led to refunds, and who to contact with questions, check out ftc.gov/refunds. Remember that the FTC will never require you to pay fees in advance, or ask for sensitive information, like your bank account number. If someone contacts you claiming that they’re from the FTC and want you to spend money in order to get a refund, it’s a scam. Report that to us at www.ReportFraud.ftc.gov.

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Part 3
Disclosures for Non-Traditional Finance Products
 and Beyond by Ken Greene, Esq.
What You Don’t Know May Hurt You

This is the conclusion of three on the SFNet Webinar. It primarily covers the laws and regulations that govern the disclosures for less traditional products like factoring and merchant cash advances. Ken will also briefly discuss the developing disclosure rules in other states which have been spurred by the California and New York laws of enact similar laws to regulate financing for small businesses. Editor

Ken Greene, Leasing News Legal Editor, and Legal Counsel, American Association of Commercial Finance Brokers, webinar report. This is important as the commercial finance market is changing. Connecticut and New Jersey are actively exploring to join California and New York to pass a business loan, capital lease, and merchant cash advance interest disclosure laws. Non-bank companies and brokers will be required to obtain and maintain a license, file an annual report, and abide by the new rules.  Editor

THE EMPERORS’ NEW DISCLOSURES

Part Three: Disclosures for Non-Traditional Finance Products and Beyond

In apparent recognition of the difficulty in applying standard loan disclosures to other types of finance products, the California law and regulations provide alternate disclosure requirements for products such as factoring, merchant cash advances and the like. Factoring, of course, is a financial transaction in which a business sells its accounts receivable (i.e. invoices) to a third party (factor) at a discount. A merchant cash advance (“MCA”) offers a cash advance against future sales. The MCA company will take a percentage of sales, usually on a daily basis. As is readily apparent, calculating the price for either factoring arrangements of MCA’s can be difficult due to the variables such as the amount of time it takes to repay the advance. For this reason, the California laws address these types of arrangements different from standard loans.

Pursuant to California Financial Code §22803:

a) As an alternative to the disclosures required in subdivision (b) of Section 22802, a provider who offers commercial financing that is factoring or asset-based lending and that offers the recipient an agreement that describes the general terms and conditions of the commercial financing transaction that will occur under the agreement, may provide the following disclosures as an example of a transaction that could occur under the general agreement for a given amount of accounts receivables:
b)
(1) An amount financed.
(2) The total dollar cost.
(3) The term or estimated term.
(4) The method, frequency, and amount of payments.
(5) A description of prepayment policies.
(6) The total cost of the financing expressed as an annualized rate.

Note that this law remains in effect until January 1, 2024, at which time it will be replaced by a similar, but slightly different rule.

Factoring is also subject to the $500,000 cap for now, at least, in both New York and California. Any transactions in excess of that amount are not covered by the new disclosure laws. The new "regs" define how the $500,000 threshold is calculated in a factoring transaction, basing it upon the “approved advance limit”, a defined term which means “the maximum advance that a financier may provide a recipient under a factoring agreement”. The same is true of open-ended credit plan agreements and asset-based lending transactions, which are also subjects of the recent requests for further public commentary in California. Some of the definitions under consideration in the new California regulations include “asset-based lending”, which, in the most recent iteration of the regulations, encompasses “transactions in which advances are made from time to time contingent on a recipient forwarding payments received from one of more third parties for goods the recipient has supplied or services the recipient has rendered”. Similar to factoring, where the commercial open‐ended credit plan agreement or asset‐based lending transaction agreement requires the financer to pay different maximum advances for different categories of advance (such as advances secured by inventory, accounts receivable, or others), and advances with respect to one category of advance do not reduce the maximum advance for another category of advance, the approved credit limit means the sum of the different maximum advances for different types of legally enforceable claims.

New York has similar guidelines for disclosures in sales-based or factoring transactions that may not have fixed terms or easily quantifiable periodic payments amounts. The CFDL attempts to address this challenge by requiring providers to disclose estimated, rather than actual, figures in several situations. Providers of sales-based financing must select one of two options for calculating an APR. They can use the “historical” method, based on average historical sales volume. Alternatively, they can choose the “opt-in” method, which is based on projected sales volume. Providers must notify the NYDFS of their choice, and if they select the opt-in method, must report data to the NYDFS for an annual review of the accuracy of their estimated APR’s. Providers of factoring transactions must calculate the estimated APR as a “single advance, single payment transaction”, more specifically discussed in Appendix J of Regulation Z.

Clearly, these are significant changes, both in California and New York, to existing law. The changes will necessitate a review and revision of the documents use by brokers and lenders in both, if not all, states. One of the more disturbing omissions, which will need to be addressed by amendment or the Courts, is the choice of law that governs these disclosure rules. In the legal world, “choice of law” is a complex subject. In its most basic form, “choice of law” allows the contracting parties to choose the law which governs the transaction. Simple enough, right? What isn’t simple is whether your choice of law provision will be honored.  A forum selection clause can be voided on the grounds that it is unreasonable or against public policy. An example of an unreasonable forum selection clause is one found in the form contract included with a computer purchased through the mail or telephone. See Brower v. Gateway, 1998, N.Y. App. Div. Lexus 8872. An example of a forum selection that may violate public policy may be found when a particular state has a strong interest in regulating a particular industry or in protecting a certain class of persons. Crystal clear.

What is the applicable law that governs a contract executed in California, but which contains a New York choice of law provision? We don’t really know. This is the antithesis of certainty and a certain ironic twist to a series of laws and regulations promulgated to create certainty and minimize confusion. And the number of states with TILA type laws is growing. New Jersey has a bill in motion (Bill S2262) which would mandate disclosures in MCA’s and business loan contracts. Connecticut recently followed suit, introducing SB 745 in February, which would require disclosures to factoring, MCA’s, business lending and more, essentially a copy and paste version of the New York law. With so many finance lenders and brokers operating nationally, and in the absence of guidance as to which choice of law will apply, perhaps it would be best if there were federal legislation akin to TILA for small business transactions. Otherwise, a company doing business in several states might be compelled to utilize a different set of documents for each state in which it does business. Hardly efficient, certainly annoying, and definitely expensive.

To conclude, here are two takeaways. If you remember nothing else, please do remember this. One, you will need to review and revise your documentation soon. Two, you will need the assistance of competent counsel, as this is an extremely complex series of laws and regulations. But it is mandatory. Ignoring these laws could be disastrous to your business.

Part 1
Ken Greene, Esq. Report on SFNet Webinar
  State Financial Disclosure Legislation:
    What You Don’t Know May Hurt You
http://leasingnews.org/archives/Apr2021/04_26.htm#webinar

Part 2
  Ken Greene, Esq. Report on SFNet Webinar
    State Financial Disclosure Legislation:
      What You Don’t Know May Hurt You
http://leasingnews.org/archives/Apr2021/04_28.htm#greene

*******

It is recommended that the attorney who represents you attend
ELFA Legal Forum LIVE!
May 04 - May 05, 2021

http://leasingnews.org/archives/Apr2021/04_28.htm#elfa

Registration may be closing today!
If you have any questions or need assistance, please eMail Lisa Ramirez at lramirez@elfaonline.org
or Janet Fianko at jfianko@elfaonline.org

 

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

Federal Open Market Committee Statement
Goal and Plans - Report of Federal Reserve Board of Governors

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Amid progress on vaccinations and strong policy support, indicators of economic activity and employment have strengthened. The sectors most adversely affected by the pandemic remain weak but have shown improvement. Inflation has risen, largely reflecting transitory factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.

The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on the economy, and risks to the economic outlook remain.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved.

The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress has been made toward the Committee's maximum employment and price stability goals.

These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Charles L. Evans; Randal K. Quarles; and Christopher J. Waller.

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

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Watch at Home
by Fernando Corce

With the Oscars done for another year, it’s a good time to catch up with nominated items that may have fallen through the cracks. So we offer a guide of underseen Academy Awards items, check them out on streaming.

Another Round (on Hulu): Among the surprises in this year’s nomination was Best Director for Danish filmmaker Thomas Vinterberg, who teams up with this “The Hunt” star, Mads Mikkelsen, in this acclaimed, emotional comedy-drama. Mikkelsen is superb as Martin, one of the four teachers who comprise the main focus of the film. Along with Tommy (Thomas Bo Larson), Peter (Lars Ranthe) and Nikolaj (Magnus Millang), Martin feels that his life has become a stale dead-end. They decide to partake in an experiment, increasing their drinking consumption to see how it after their creativity and social skills. What follows is a rollicking mix of humor and heartbreak, particularly as their vigorous partying approaches addiction. Potentially heavy material handled with an intoxicating touch, Vinterberg’s film is quite a feast. With subtitles.

Eurovision Song Contest: The Story of Fire Saga (on Netflix): Dependable goofball Will Ferrell goes musical in this enjoyablecomedy, which, fittingly enough,scored a nomination for Best Original Song. Ferrell stars as Lars Erickssong, an Icelandic villager who makes music with his childhood best Cfriend, Sigrit (Rachel McAdams). While Sigrit has a crush on him, Larsdreams mainlyofwinningEurope’s ultimate song contest, Eurovision, with their band Fire Saga. When they finally get a chance to represent Iceland at the competition, they see their tentative romance threatened by fellow singer Alexander (Dan Stevens), who’s representing Russia. Tackling the flamboyant cheesiness of Euro pop with exuberance as well as affection, Ferrell and director David Dobkin (“Wedding Crashers”) serve up a send-up at once giddy and tuneful.

Pieces of a Woman (on Netflix): After parts in the series “The Crown” and Hollywood blockbusters, Vanessa Kirby had her breakout screen role in this stark, intense drama, from which she was nominated for Best Actress. Kirby plays Martha, a Boston woman who, with her husband Sean (Shia LaBeouf), is expecting her first child. When the baby dies due to birth complications, however, the couple is consumed by feelings of grief and despair which threaten to sever the relationship between Martha and Sean, as well as between them and her mother, Elizabeth (Ellen Burstyn). Marking the English-language debut of Hungarian director Kornél Mundruczó, the film is a visceral dive into the whirlpool of the characters’ emotions. Hardly light viewing, it’s a portrait of tragedy anchored by Kirby’s bravura turn.

A Shaun the Sheep Movie: Farmaggedon (on Netflix): One of Aardman studio’s most endearing recurring characters, Shaun and his flock return in this funny and sweet sequel to “The Shaun the Sheep Movie,” which gathered a surprise nomination for Best Animated Feature. Strange things are going on at Mossy Bottom Farm, where Shaun befriends a mischievous intergalactic alien known as Lu-La. Eager to take advantage of the situation, the farm owner decides to open an UFO-themed park, an idea that instead attracts Agent Red, the leader of a government agency that specializes in tracking down aliens. With the help of his fellow farm animals, Shaun must help Lu-La escape Agent Red in time for her spaceship to be repaired. Luxuriating in silent-film slapstick, the film is another joy from the English animators.

The United States vs Billie Holiday (on Hulu): Melodrama specialist Lee Daniels (“Precious”) directs another portrait of turbulent emotions in this biopic of the eponymous, troubled jazz singer, which earned Andra Day a Best Actress nomination. Charting Billie Holiday’s life during the 1940s and 1950s, the film portrays her as a melodic whirlwind battling with heroin addiction as well as with government agents, who saw much of her music (namely the anti-lynch hymn “Strange Fruit”) as a source of political subversion. Depicting her flings with undercover fed Jimmy Fletcher (Trevante Rhodes) and tempestuous diva Tallulah Bankhead (Natasha Lyonne), Daniels blends the historical with the personal throughout. Though not immune from biopic clichés, the film gives Day the opportunity to make a fiery, heartbreaking acting debut.

Labrador Retriever
New York, New York Adopt-a-Dog

Victor
Male
2 Years Old
76 lbs.
Adoption Fee: $295
Fee covers spay/neuter, core vaccines, and microchip.
Collar and leash included with dog adoptions.

Victor is a big ol' boy weighing in at 76lbs, though he doesn't seem to realize it! Victor was under-socialized as a puppy and will need a patient and understanding family to help work with him as he adjusts to home life. He is still discovering new things and will need more help introducing him to the larger world around him. Victor is shy around new people and needs time to trust someone new. Once he gets to know you and opens up, he is a playful teenager who loves to give hugs - this leggy boy might even be taller than you! He has quite a bit of energy that he needs to get out and can be jumpy and mouthy when he gets frustrated - this can be a lot to manage, especially with a big boy! Victor will need a dog-experienced household, preferably with large dog experience, to help him be the best he can be and is not suitable for a first-time dog owner. Although he is overall a nervous dog, he will need basic training and a gentle hand to help him be the best dog he can be. If you're interested in potentially adopting Victor, please reach out to Animal Haven for more information.

Things to know about me: Adult-Only Home Preferred

Animal Haven
200 Centre Street
New York, NY 10012
(Corner of Hester Street)
212-274-8511
By Appointment Only
(closed Monday)

Adoption Page:
https://animalhaven.org/adopt/adoption-process/

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Ken Lubin Podcast - Jesse Funk, Triathlete
Podcaster- Founder of Solpri (skincare for athletes)

In 2016 Jesse was chest deep into training to fulfill his dream of becoming a professional triathlete. There are people who say they want something. Then there are those who actually do something about it.

He always wanted to be the latter.

While enjoying endless hours of training including 6-7 hours of swimming a week, he developed a rash on his skin from the pool. It was then he realized that while he was training to be in the best physical shape he could be in that chemicals like chlorine in our environment are still having a negative impact on us.

So being someone who wants to actually do something about a problem he set out to create a natural product to deal with chlorine, thus Solpri’s Swim line was born.

In 2017, he introduced the now best-selling all-natural fungus fighting bar soap, Shield Soap, thus the shield line was born.

After a crash during Ironman 70.3 Eagleman in 2018 left his collarbone shattered and requiring surgery, his dream to become a professional triathlete was set aside.

But where one door closes another opens.

Thus, he began doubling his efforts to share the love of natural healthy products that active people can use to take care of themselves in a toxic world.

Today, he continues to run Solpri, sharing the stories of other awesome athletes on The Smart Athlete Podcast and looking for new ways to help live your life to its happiest healthiest potential.

https://solpri.com/

Ken Lubin
Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789
https://www.linkedin.com/in/klubin

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North Mill is excited to announce that it has restructured the company's working capital solution to make it more competitive with other, less cost-effective options on the market.

The financing arrangement, called "Cash Out," allows a customer to borrow the equity of paid-up business equipment and channel the proceeds back into the company. Although similar in concept to a sale leaseback, Cash Out is structured as a loan. It delivers a well-deserved reprieve for borrowers looking for a less expensive alternative to finance day-to-day operating expenses.

Paul Cheslock, VP of Customer Relations, North Mill, explained,
"There are many ways a company can obtain working capital. Some of the more common include a merchant cash advance (MCA), a revolving line of credit and accounts receivable factoring. While they all fill the same need, they are not created equal. Cash Out in particular offers a long list of customer benefits including better rates, monthly vs. weekly payments, and terms up to 60 months. It's a powerful tool for our referral agent partners looking to grow their customer base."

According to Cheslock, the product's loan-to-value ratio was restructured to enable customers to borrow a larger percentage of equity from an unencumbered asset. One of the most significant advantages of Cash Out is that it includes an early pay-off feature. Customers can pay off the loan without premium or penalty after 18 consecutive, on-time payments — a benefit that other products simply do not offer.

"The product is simple and straightforward. There are no fees tied to accounts receivable, invoices, or credit card sales," said Cheslock. "What's more, the equipment that's used for the loan stays put on site, so business operations remain uninterrupted. If that were not enough, the borrower retains title."

For more on Cash Out and other financial solutions from North Mill, register for the company's upcoming webinar "Meet North Mill and Our Financial Solutions" on Tuesday, May 11, 2021. To register: https://register.gotowebinar.com/register/673917479124277773

To download the company's Cash Out brochure, click here:
https://www.multibriefs.com/briefs/cb-northmill/21apr/CASH-OUT-DOWNLOAD.pdf

News Briefs---

U.S. economic growth surges in 1st quarter,
    foreshadowing booming recovery from pandemic
https://www.latimes.com/politics/story/2021-04-29/u-s-economy-in-first-quarter-grows-at-6-4-annualized-rate-as-effects-of-covid-wane

Boeing narrows loss as air travel picks up
    Better than Last Year's Loss of $1.7 Billion
https://www.stltoday.com/business/local/embattled-boeing-posts-smaller-loss-as-more-americans-fly/article_fa0853e0-ef3b-50ac-b966-0e1b0d18c19a.html

With spending on police in the spotlight, more than
    30 Boston officers made more than $300,000 in 2020
https://www.bostonglobe.com/2021/04/29/metro/with-spending-police-spotlight-more-than-30-boston-officers-made-more-than-300000-2020/

Tech hub advances M&T Bank’s digital ambitions
    Looks to the Future
https://buffalonews.com/business/local/m-ts-tech-hub-looks-to-the-future/article_3bf8916a-a83a-11eb-8a40-cbb95fb679aa.html

Amazon has made more profit during pandemic
     than previous 3 years of earnings in total
https://www.marketwatch.com/story/amazon-has-made-as-much-profit-during-pandemic-as-previous-three-years-of-earnings-in-total-11619726844

CDC says US cruises can resume in mid-July,
     sending shares higher
https://nypost.com/2021/04/29/cdc-us-cruises-can-resume-in-mid-july-sending-shares-higher/

The U.S. has already cancelled roughly $100 billion
     in student debt amid the pandemic
https://finance.yahoo.com/news/student-loan-forgiveness-roughly-100-billion-in-debt-cancellation-amid-interest-free-payment-pause-194140004.html

 

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You May Have Missed---

Lady Gaga Alleged Dognapppers Arrested
   for Attempted Murder, Robbery
https://www.tmz.com/2021/04/29/lady-gaga-dognappers-
arrested-attempted-murder-french-bulldogs/

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Sports Briefs---

Carpenter hits three-run pinch homer,
    Cardinals win 4-3 on 10th-inning wild pitch
https://www.stltoday.com/sports/baseball/professional/carpenter-hits-three-run-pinch-homer-cardinals-win-4-3-on-10th-inning-wild-pitch

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California Nuts Briefs---

California has lowest COVID-19 rate in America:
    Here’s why
https://www.mercurynews.com/2021/04/28/california-has-lowest-covid-rate-in-america-heres-why/

San Jose Google project one step closer to reality
https://sanjosespotlight.com/google-campus-goes-to-san-jose-planning-commission/

Mamalitia Movement Grows in California
    How California extremism is changing for the worse
https://www.sacbee.com/news/politics-government/capitol-alert/article251000429.html

Berkeley allocates large investment for
    affordable housing project near BART
https://www.eastbaytimes.com/2021/04/29/berkeley-allocates-large-investment-for-affordable-housing-project-near-bart/

Housing: Big affordable homes complex may sprout
     near busy San Jose church
https://www.mercurynews.com/2021/04/29/housing-big-affordable-homes-complex-sprout-busy-church-real-estate/

Dramatic photos of Lake Oroville depict California’s worsening drought
https://www.mercurynews.com/2021/04/29/dramatic-photos-of-lake-oroville-depict-californias-worsening-drought/

Chromebooks, iPads Ready For Checkout
    at SJ Public Library
https://www.sanjoseinside.com/news/chromebooks-ipads-ready-for-checkout-at-sj-public-library/

[headlines]
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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Macy's Selling Wine Shop
  Fast, Free Delivery on order of 6+ bottles
https://macyswineshop.com/

Australia wine exports to China fall 96%
     as tariffs turn producers away
https://www.reuters.com/article/china-australia-wine-idUSL1N2MM05B

Not enough wine to go around in New Zealand:
     Wine companies to prioritize customers
https://www.stuff.co.nz/business/300288113/not-enough-wine-to-go-around-wine-companies-to-prioritise-customers

La Crema is Off to the Races with the Launch
    of its Sonoma Coast Experiential Tour
https://www.winebusiness.com/news/?go=getArticle&dataId=244807

Jordan Winery Announces 2021 Events Calendar
https://www.winebusiness.com/news/?go=getArticle&dataId=244817

Free Wine App
https://www.nataliemaclean.com/mobileapp/

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

This Day in History

     1492 – Spain gave Columbus his commission of exploration.
    1494 - Christopher Columbus arrived in Guantanamo Bay on his second voyage to the Americas.
    1598 – On the banks of the Rio Grande, near present-day El Paso, the first theatrical performance in North America took place.  The play was a Spanish commedia featuring an expedition of soldiers.
    1778 - A blockade of enemy ships was completed, stretching from West Point, NY, to Constitution Island, NY. A huge chain was forged at the Sterling Iron Works in Orange County, NY, from ore mined in the same county and was carried in sections to West Point where it was joined and stretched across the Hudson River to prevent British ships from passing. The chain weighed 180 tons and was 1,700 feet long; each link was 2.5 inches wide and 30 inches long. It was placed in position on April 16 and on April 30, secured at both ends. Earlier in the war, in the summer of 1776, a chain of chevaux-de-frise and sunken ships had been extended between Fort Washington, NY, and Fort Lee, NJ, to serve as a blockade, but the British passed on October 9, 1776 without firing a gun. The chain reportedly stopped the ships and made them easy target from the ground.
    1789 - George Washington was inaugurated as the first president of the US under the new Constitution at New York, NY. Robert R. Livingston administered the oath of office to Washington on the balcony of Federal Hall, at the corner of Wall and Broad streets. http://memory.loc.gov/ammem/today/apr30.html
    1798 - The US Navy was established. On June 12, the department purchased the Portsmouth Navy Yard, Portsmouth, NH, from William Dennet and his wife for $5,500. It embraced 58.18 acres and had previously been used for building man-of-war ships.
    1803 - One of the real-estate deals in history was completed when more than 820,000 square miles of the Louisiana Territory were turned over to the US by France for $15 million (four cents an acre.) This almost doubled the size of the US, extending its western border to the Rocky Mountains. 
    1812 – Louisiana, originally known as the Territory of Orleans, became the 18th state. Known as the Pelican State, the state bird is the eastern brown pelican. Named in honor of Louis XIV of France, Louisiana has several other nicknames: Sportsman’s Paradise, Sugar State (that’s beet sugar), and Creole State. The capital of Louisiana is Baton Rouge and the beautiful magnolia is its adopted flower while the state tree is the bald cypress. "You are My Sunshine," Louisiana’s state song. "Give Me Louisiana" is also considered a state song and the state motto is: Union, justice and confidence. 
    1820 - The first antislavery magazine was the “The Emancipator,” issued monthly from this date to October 31, 1820. It was edited and published by Elihu Embree and cost a $1.00 a year.
http://uriel.com/history/elihu.htm
    1852 - A tornado, following the same track as the famous "Tri-state Tornado" of 1925, struck the town of New Harmony, IN. Just sixteen persons were killed by the twister, due to the sparse settlement. The "Tri-state Tornado" killed 695 persons.
    1859 – “A Tale of Two Cities” by Charles Dickens was first published in serial form in a literary magazine.
    1861 - Robert Selden Garnett, a graduate of the United States Military Academy at West Point, resigned from the army. Aide-de-camp to General Zachary Taylor from 1846 to 1849, he was appointed a brigadier general of the Confederate States on June 6, 1861 and history records him as the first Confederate General killed in the civil war. Garnett was appointed adjutant general of the state troops of Virginia and was allotted the task of organizing this heterogeneous force into an army. Early in June, he was given command of the Confederate troops operating in northwestern Virginia. When the Federal attack dislodged the Confederates from Rich Mountain, Garnett was compelled to abandon Laurel Hill. He saved his army, outnumbered more than six to one by McClellan's men, by a most masterly retreat. In the heat of the retreat, Garnett shouted: "They need a little lesson. They may get away if they like." These were to be his last words. On July 13, 1861, General Garnett was killed instantly while directing the conduct of his rear guard after the sharp engagement at Carrick's Ford, on Cheat River. In deference to Garnett's heroism during the Mexican War, a Union honor guard conveyed the body to his family under a truce flag. He was the West Point classmate and cousin of Confederate General Richard B. Garnett who was killed in action at Gettysburg. He was greatly respected by soldiers and officers on both sides of the war. Garnett had the distinction of being the first general officer to be killed in the Civil War. He was a brave and skillful officer of whom the South expected much, but who did not have opportunity to fulfill the promise of his military training, according to
http://freepages.genealogy.rootsweb.com/~mysouthernfamily/
    1866 - Mary Haviland Stilwell Kuesel (d. 1936) was born in Philadelphia.  She was a pioneer American dentist and the founder of the Women's Dental Association of the United States in 1892.
    1870 - The first Medal of Honor to a Jewish solider was conferred upon Sergeant Leopold Karpeles of Springfield, MA, who, while serving as flag bearer, rallied the retreating troops at the Battle of the Wilderness, near Fredericksburg, VA.
    1871 - The Camp Grant massacre was an attack on Pinal and Aravaipa Apaches who surrendered to the US Army at Camp Grant, AZ along the San Pedro River.  144 died.  The massacre led to a series of battles and campaigns fought between the Americans, the Apache, and their Yavapai allies, which continued into 1875. 
    
    1877 - Writer Alice B. Toklas (d. 1967) birthday, San Francisco.  Best known as the life partner of U.S. author Gertrude Stein. She published Stein's letters and wrote her memoirs.
http://www.tamu.edu/mocl/picasso/news/nytimes3867.html
http://webtext.library.yale.edu/xml2html/beinecke.stein1.con.html
    1879 - Massachusetts was the first state to pass a factory inspection law. It provided that the governor appoint two or more of the district police to act as inspectors of factories and public buildings.
    1889 - Washington's inauguration became the first U.S. national holiday. 
    1899 - Birthday of Ellis Wilson (d. 1977), African American artist, born at Mayfield, KY. Wilson painted realistic portrayals of African Americans at work and at play. In 1944, he was awarded a Guggenheim fellowship. He visited South Carolina, painting city scenes and fishing towns. In the 1950’s, Wilson took a revelatory trip to Haiti which changed the way he painted. Unable to note any facial features on the Haitians, he painted from a distance. Wilson began painting flat, stylized silhouettes. “Haitian Funeral Procession” remains Wilson’s most popular and accessible painting.
http://www.ket.org/elliswilson/
http://www.tfaoi.com/aa/1aa/1aa488.htm
http://www.allposters.com/gallery.asp?aid=85097&item=308663
http://www.amazon.com/exec/obidos/ASIN/0813109809/ref=ase_avsearch-bkasin-20/
002-9713331-5503223
    1900 - Train engineer Casey Jones, born Jonathan Luther Jones,  was killed when trying to save the "Cannonball Express" as it highballed its way through Vaughn, MS. There is disagreement over the circumstances prior to this last, fatal run. They departed Memphis on the fatal run 75 minutes behind schedule due to a late arrival. Unknown to Casey, three separate trains were in the station at Vaughan, which had been delayed, and a long freight train No. 72, were both in the passing track to the east of the main line. As the combined length of the trains was ten cars longer than the length of the passing track, some of the cars were stopped on the main line overlapping above the north switch and on the main line – right in Jones' path. As workers prepared a "saw by" to let Jones pass, an air hose broke on No. 72, locking its brakes and leaving the last four cars of No. 83 on the main line.  Meanwhile, Jones was almost back on schedule, running at about 75 miles per hour toward Vaughan, and traveling through a left-hand curve that blocked his view. Jones reversed the throttle and slammed the airbrakes into emergency stop, but his train quickly plowed through a wooden caboose, a car load of hay, another of corn, and halfway through a car of timber before leaving the track. He had reduced his speed to about 35 miles per hour when he hit. Because Jones stayed on board to slow the train, he was believed to have saved the passengers from serious injury and death – Jones was the only fatality of the collision.
http://www.taco.com/roots/caseyjones.html
http://www.watervalley.net/users/caseyjones/home.htm
http://www.caseyjones.com/pages/new_page_1.htm
http://www.trainweb.org/caseyjones/home.html
    1900 - Hawaii was organized as a U.S. territory.  The Kingdom of Hawai’i was overthrown in 1893 in a mostly bloodless revolt against Queen Liliuokalani who rejected the constitution then in effect. American officials immediately recognized the new government and U.S. Marines landed to protect American citizens during the upheaval. The Queen's supporters charged their presence frightened the Queen and thus enabled the revolution. The new Republic of Hawaii was led by men of European ancestry, like Sanford Dole and Lorrin Thurston, who were native-born subjects of the Hawaiian kingdom and speakers of the Hawaiian language, but had strong financial, political, and family ties to the United States. Dole was a former member of the Kingdom legislature from Kaua’i and Justice of the Kingdom’s Supreme Court, and he appointed Thurston, who had served as Minister of Interior under King Kalakaua, to lead a lobbying effort in Washington, DC to secure Hawaii's annexation by the United States. 
    1912 - Birthday of Eve Arden, born Eunice Mary Quedens (d. 1990), Mill Valley, CA. She is perhaps best remembered as Miss Brooks in the television series, “Our Miss Brooks,” which netted her Emmy awards. She was also nominated for a supporting role Academy Award in the movie, “Mildred Pierce” (1945), one of her many "best friends" roles. She was featured in more than 100 motion pictures, including the motion picture adaption of “Grease,” as the principal of Rydell High in 1978. Because of her impeccable comic timing, she was often cast as the heroine's sarcastic, wisecracking best friend. She also was a regular draw on Broadway.
    1923 - Jazz bass player Percy Heath (d. 2005) birthday, Wilmington, NC.
http://www.allaboutjazz.com/REVIEWS/R1298_46.HTM
http://www.phillymusic.org/stars/1993hb.html
    1925 – Automaker Dodge Brothers was sold by the heirs to their estates, to Dillon Read & Co. for $146 million plus $50 million for charity before being sold to Chrysler in 1928.  The Dodge brand has withstood the multiple ownership changes at Chrysler from 1998 to 2009, including its short-lived merger with Daimler-Benz AG from 1998 to 2007, its subsequent sale to Cerebrus Capital, its 2009 bailout by the US government, and its subsequent Chapter XI bankruptcy and acquisition by Fiat.
    1926 – Actress Cloris Leachman (d. 2021) was born in Des Moines, IA.  In a career spanning over seven decades (“The Mary Tyler Moore Show,” “Phyllis”), she has won eight Primetime Emmy Awards (record tied with Julia Louis-Dreyfus), one Daytime Emmy Award and one Academy Award for her role in “The Last Picture Show” (1971).
    1927 – The Federal Industrial Institute for Women opened in Alderson, WV as the first women's federal prison in the United States.
    1929 - Country singer Johnny Horton (d. 1960) was born in Tyler, Texas. His "Battle of New Orleans" sold a million copies in 1959 as did his 1960 recording of "North to Alaska," the title song from a John Wayne movie. Horton was killed in a car crash in Milano, Texas on November 5th, 1960.
http://www.angelfire.com/ab2/Horton/biography.html
http://www.amazon.com/exec/obidos/tg/stores/artist/glance/-/55512/ref=m_art_dp/
002-9713331-5503223
    1931 - Birthday of guitarist Jimmy Lee “Lonesome Lee” Robinson (d. 2002), Chicago, IL
http://www.bayfrontblues.com/biography/jimmy_lee_robinson.htm    
    1939 - The first railroad car equipped with fluorescent lights was put into service. The train car was known as the "General Pershing Zephyr."
http://gowest.coalliance.org/cgi-bin/imager?00073198
http://www.rypn.org/Editorials/zephyr/dpl.htm
    1938 – Cartoon character, Bugs Bunny, debuted in the theatrical short, “Porky’s Hare Hunt.”  Warner Bros. developed the character further with Chuck Jones and Tex Avery into the ‘wascally wabbit’ we know now.
    1939 - Baseball’s ‘Iron Horse’, Lou Gehrig, played his last game with the New York Yankees, after playing in 2130 consecutive games. Dying from the disease, ALS, that has since borne his name, he was honored on July 4, 1939 at the first Old Timers’ Game, at Yankee Stadium, where the city, his teammates and fans honored him. At this ceremony, his number 4 was retired, the first number to be retired in Major League Baseball.
    1939 - Birthday of Ellen Taaffee Zwilich, Miami, FL.  U.S. classical composer. She was the first woman to obtain a doctorate at the Julliard School of Music. She won the Pulitzer Prize for Music.
    1939 - Franklin D. Roosevelt became the first president to appear on television when he was televised at the opening of the New York World’s Fair. However, the appearance was only beamed to 200 TV sets in a 40-mile radius.  This was also the inaugural of NBC’s regularly scheduled television service in New York City.
    1940 - Jimmy Dorsey and his band record the song that was to become their theme: “So Rare.” It went on to become one of the most familiar big band themes of the era, especially the alto sax solo performed by Jimmy Dorsey. It was one of the first I could play solo and performed on stage in ninth grade at Mamaroneck High School, New York.
http://www.redhotjazz.com/jimmy.html
    1940 - Belle Martell was licensed in California by state boxing officials to be the first American woman prize-fight referee!
    1941 - Jazz alto saxophonist Charlie "Bird" Parker makes his first record, playing Jay McShann's song "Swingmatism." 
    1943 - Bobby Vee is born Robert Velline (d. 2016) in Fargo, N.D. His biggest hit is the No. 1 song “Take Good Care of My Baby'' in 1961. A local rock ‘n’ roller, he came into national prominence on Feb 4, 1959, the day after “the day the music died.” He and Robert Zimmerman (Bob Dylan), from Hibbing MN, substituted for Buddy Holly, JP “Big Bopper” Richardson, and Ritchie Valens, all of whom perished the night before in a Clear Lake, IA snowstorm that took their small plane down in a cornfield.
http://www.bobbyvee.net/
    1944 - The New York Giants beat the Brooklyn Dodgers 26-8 in baseball. The game set a Major League record for runs driven in by a team in a single game. 
    1945 - “How would you like to be queen for a day?” That opening line, delivered by host, Jack Bailey, was first heard on Mutual radio on this day. The first "Queen for a Day" was Mrs. Evelyn Lane. Years later Bailey would take the show to TV for a long, popular run. 
    1945 - Arthur Godfrey began his CBS Radio morning show. His theme was "Seems Like Old Times." "Arthur Godfrey Time" ran until this very same day in 1972. Godfrey’s show was different in that he used live talent and not records. His popularity with listeners was the major reason that several sponsors gave Godfrey the freedom to ad-lib their commercials and, from time to time, joke about the products as well. He was the first to broadcast live from Hawaii where he was given credit by United Airlines for greatly increasing tourism to the area.
http://timvp.com/arthurg.html
    1945 – German Chancellor Adolph Hitler and Eva Braun committed suicide after being married for less than 40 hours. Soviet soldiers raised the Victory Banner of the Reichstag building.
    1947 - Maps had to be changed as Boulder Dam was changed back to its original name, Hoover Dam. Some people, mostly those who live in the community of Boulder, Nevada, still refer to the dam as Boulder Dam. It is a local joke there, where residents were recorded saying on CBS radio, “It was a dam shame,” which was edited out by many local stations as being “blue material.”
    1948 - The Organization of American States founded. This regional alliance was founded by 21 nations of the Americas at Bogotá, Columbia. Its purpose is to further economic development and integration among nations of the Western hemisphere, to promote representative democracy, and to help overcome poverty. The Pan-American Union, with offices at Washington, DC, serves as the General Secretariat for the OAS.
    1952 - Top Hits
“Wheel of Fortune” - Kay Starr
“Anytime” - Eddie Fisher
“Blacksmith Blues” - Ella Mae Morse
(“When You Feel like You’re in Love”) “Don’t Just Stand There” - Carl Smith
    1952 - In his final at-bat before leaving to fight in the Korean War, Ted Williams hits a game winning two-run home run to beat the Dizzy Trout and the Tigers. Fittingly, the Fenway faithful was there to celebrate Ted Williams' Day.  After he returned from the Korean War in August, 1953, Williams hit a home run in the eighth inning of his first game back.
    1953 - Frank Sinatra cut his first session with Nelson Riddle at Capitol Records in Hollywood. Sinatra’s new musical style, under Riddle’s direction, brought him back into the limelight and a chance for Hollywood fame.
    1955 - Perez Prado's "Cherry Pink and Apple Blossom White" hits #1, staying there for 10 weeks and earning Prado a gold record.
    1955 - University of Iowa men students conducted panty raids at women’s dorms. Some say the Hawkeyes were still celebrating their February 28th basketball win (72-70) over the Golden Gophers of the University of Minnesota. Others think the men were celebrating the fact that enough snow had melted after the long winter to make it possible to find the women’s dorms again. In any case, panty raids became the in thing to do at colleges everywhere.
    1957 - Elvis Presley releases his hit single "Jailhouse Rock," written by Leiber and Stoller.  Rolling Stone magazine included it at number 67 on its list of ‘The 500 Greatest Sings of All Time’ and was named one of  ‘The Rock and Roll Hall of  Fame’s 500 Songs That Shaped Rock and Roll.’ In 2004, it finished at number 21 on AFI’s ‘100 Years…100 Songs’ survey of top tunes in American cinema. On November 27, 2016, the Grammy Hall of Fame announced its induction.
    1958 – AARP, the American Association of Retired Persons, was founded in Washington, DC.
    1960 - Top Hits
“Stuck on You” - Elvis Presley
“Sink the Bismarck” - Johnny Horton
“Sixteen Reasons” - Connie Stevens
“He’ll Have to Go” - Jim Reeves
    1960 - Fats Domino releases his classic "Walking to New Orleans."  The song went on to sell over two million copies. The record was a hit, reaching #6 on the pop chart and #2 on the R&B chart. 
    1961 - Willie Mays of the San Francisco Giants became the eighth player in Major League history to hit four home runs in a single game. Mays performed the feat at Milwaukee County Stadium as the Giants beat the Braves, 14-4.
http://www.baseballhalloffame.org/hofers_and_honorees/
hofer_bios/mays_willie.htmhttp://sportsillustrated.cnn.com/baseball/mlb
/all_time_stats/players/m/42662/index.html
    1962 - The Orlons released their biggest hit, "Wah Watusi."  It debuted on the Billboard Hot 100 singles chart on June 9, 1962 and remained on the Hot 100 for 14 weeks; it peaked at #2 and held the position for two weeks. On the R&B chart, the single peaked at #5.   
    1964 - TV sets would be drastically different after a ruling by the FCC stating that all TV receivers should be equipped to receive both VHF (channels 2-13) and the new UHF (channels 14-83). As a result, TV dealers scrambled to unload their VHF-only models as fast as possible. Antenna manufacturers were kept busy, as the new UHF receivers required new antennas, too. A new set of channels were available, primarily for local community broadcasting, as the Federal Communication Commission foresaw local television broadcasting and perhaps news, food reviews, and special interest viewing. It was not until Cable broadcasting made the costs of transmission so low that the channels became popular and today competes with the “four” major networks.
    1966 - The Young Rascals' "Good Lovin'" hits #1.
    1966 - Folk singer and songwriter Richard Farina died in a motorcycle crash in Carmel, California following a party to launch his book, "Been Down So Long It Looks Like Up to Me." He was 30. Farina recorded several albums with his wife Mimi, who is Joan Baez's sister. 
    1967 - Muhammad Ali was stripped of his world heavyweight boxing championship when he refused to be inducted into military service. Said Ali,” I have searched my conscience, and I find I cannot be true to my beliefs in my religion by accepting such a call.’ He had claimed exemption as a minister of the Black Muslim religion. He was convicted of violating the Selective Service act but the Supreme Court reversed this decision in 1971.
    1968 - Top Hits
“Honey” - Bobby Goldsboro
“Cry Like a Baby” - The Box Tops
“Young Girl” - The Union Gap
“The Legend of Bonnie and Clyde” - Merle Haggard
    1968 - VARGAS, M. SANDO, JR., Medal of Honor
Rank and organization: Major (then Capt.), U.S. Marine Corps, Company G, 2d Battalion, 4th Marines, 9th Marine Amphibious Brigade. Place and date: Dai Do, Republic of Vietnam, 30 April to 2 May 1968. Entered service at: Winslow, Ariz. Born: 29 July 1940, Winslow, Ariz. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as commanding officer, Company G, in action against enemy forces from 30 April to 2 May 1968. On 1 May 1968, though suffering from wounds he had incurred while relocating his unit under heavy enemy fire the preceding day, Maj. Vargas combined Company G with two other companies and led his men in an attack on the fortified village of Dai Do. Exercising expert leadership, he maneuvered his marines across 700 meters of open rice paddy while under intense enemy mortar, rocket and artillery fire and obtained a foothold in 2 hedgerows on the enemy perimeter, only to have elements of his company become pinned down by the intense enemy fire. Leading his reserve platoon to the aid of his beleaguered men, Maj. Vargas inspired his men to renew their relentless advance, while destroying a number of enemy bunkers. Again wounded by grenade fragments, he refused aid as he moved about the hazardous area reorganizing his unit into a strong defense perimeter at the edge of the village. Shortly after the objective was secured the enemy commenced a series of counterattacks and probes which lasted throughout the night but were unsuccessful as the gallant defenders of Company G stood firm in their hard-won enclave. Reinforced the following morning, the marines launched a renewed assault through Dai Do on the village of Dinh To, to which the enemy retaliated with a massive counterattack resulting in hand-to-hand combat. Maj. Vargas remained in the open, encouraging and rendering assistance to his marines when he was hit for the third time in the 3-day battle. Observing his battalion commander sustain a serious wound, he disregarded his excruciating pain, crossed the fire-swept area and carried his commander to a covered position, then resumed supervising and encouraging his men while simultaneously assisting in organizing the battalion's perimeter defense. His gallant actions uphold the highest traditions of the Marine Corps and the U.S. Naval Service.
    1969 - The Beatles release "Let It Be," "You Know My Name (Look up the Number)."  It was the title track of the album “Let it Be.”  At the time, it had the highest debut on the Billboard Hot 100, beginning its chart run at number 6. It was written and sung by Paul McCartney and it was their final single before McCartney announced his departure from the band.  It reached number 1 on the UK Singles Chart for three weeks and reached the top ten in many other European countries.
    1969 - The Fifth Dimension are awarded a gold single for "Aquarius/Let the Sunshine In," a medley from the hit rock musical "Hair.”
    1970 - President Nixon announced the US was sending troops into Cambodia in an attempt to destroy the "sanctuaries" from which men and materiel were infiltrated into South Vietnam. This sparked widespread protests on the home front, including a march on Washington and the closure of many American colleges and universities. Protests immediately began across the United States. Five days later, National Guards shoot at students, killing four of them at Kent State University, Ohio: Allison Krause, 19; Sandra Lee Scheur, 20; Jeffrey Glenn Miller, 20, and William K. Schroeder, 19.
    1970 - Billy Williams of the Cubs becomes first National League player to play 1000 consecutive games.
    1970 - Bob Dylan releases "Trouble in Mind." 
    1973 - In a televised address on Watergate, President Richard Nixon announced he had accepted the resignations of his chief of staff, H.R. Haldeman, domestic policy assistant John Ehrlichman, counsel John Dean, and Attorney General Richard G. Kleindienst. He denied any involvement in the Watergate break-in or any subsequent cover-up.
    1975 - Communist troops moved into Saigon and 1,000 Americans in the city were hastily evacuated. Thousands of South Vietnamese also tried to flee. The surrender announcement came 21 years after the 1954 Geneva agreements divided Vietnam into North and South. The last American troops had left South Vietnam in March, 1973. Today it is a “National Holiday” commemorating the fall of Saigon to the Communists in 1975, ending the Vietnam War.
    1976 - Bruce Springsteen, fresh from a Memphis concert, attempts to vault a fence at Graceland to see his idol, Elvis Presley, but is quickly escorted away by security. 
    1976 - Top Hits
“Disco Lady” - Johnnie Taylor
“Let Your Love Flow” - Bellamy Brothers
“Right Back Where We Started From” - Maxine Nightingale
“Together Again” - Emmylou Harris
    1976 - The Betsy Ross Bridge is the first major bridge named for a woman in the U.S. It spans the Delaware River between Philadelphia and Pennsauken, N.J.
    1977 - Steve Miller's "Jet Airliner" is released. It will become his fourth US Top Ten hit.
    1977 - Glen Campbell's "Southern Nights" hits #1. 
    1979 - No. 1 Billboard Pop Hit: “Reunited,'' Peaches & Herb.
    1984 - Top Hits
“Against All Odds” (“Take a Look at Me Now”) - Phil Collins
“Hello” - Lionel Richie
“Hold Me Now” - The Thompson Twins
“Right or Wrong” - George Strait
    1985 - The National Basketball Association set an all-time season attendance record as 19,506,355 fans attended games in arenas around the league. Seven NBA cities -- Boston, Chicago, Houston, Dallas, Detroit, Los Angeles and Philadelphia -- drew over a million fans each in the 1984-85 basketball season. 
    1987 - Three more compact discs of music by The Beatles went on sale for the first time. The discs were "Help!," "Rubber Soul" and "Revolver." Again, the Beatles made the top ten. 
    1987 - Thunderstorms developing along a cold front produced severe weather in Idaho, Utah, Wyoming and Montana. Thunderstorms produced wind gusts to 100 mph in Lincoln, Mineral, and Sanders counties. Twenty-three cities in the central and southeastern U.S. reported record high temperatures for the date. Memphis, TN was the hot spot in the nation with a record high of 94 degrees
    1988 - Montreal native Celine Dion won the Eurovision Song Contest for Switzerland with her performance of the ballad "Don't Leave Without Me (Ne Partez Pas Sans Moi)." Dublin was host of the contest, watched by an estimated 600 million TV viewers.
    1988 - During a game between the Cincinnati Reds and the New York Mets, Reds manager Pete Rose, objecting to a delayed call by umpire Dave Pallone, shoved Pallone twice after the ump accidentally poked Rose in the cheek. Rose was fined $10,000 and suspended for 30 days.
    1988 - Top Hits
“Wishing Well” - Terence Trent D’Arby
“Anything For You” - Gloria Estefan
“Angel” - Aerosmith
“Where Do Broken Hearts Go” - Whitney Houston
“Pink Cadillac” - Natalie Cole
    1990 - Late afternoon and evening thunderstorms produced severe weather in southern Virginia and the Carolinas, with tennis ball size hail reported southeast of Chesnee, SC. Thunderstorms moving over the Chesapeake Bay flooded U.S. Highway 50 on Kent Island, MD with several inches of water resulting in a seventeen-mile long traffic jam.
    1992 - The heat was definitely on in the central US. The following cities set record high temperatures not only for the date but for the month of April as well: Valentine, Nebraska 100 degrees, North Platte, Nebraska 98 degrees, Colorado Springs, Colorado 87 degrees, Denver, Colorado 90 degrees, Casper, Wyoming 84 degrees, and Cheyenne, Wyoming 83 degrees. The past month was .3 degrees below normal at Raleigh, North Carolina. This ended an amazingly long streak of 27 consecutive months, begun in January, 1990, of normal or above normal temperatures. The previous record streak of 11 months extended from July 1912 to May 1913.
    1993 – Top-ranked women’s tennis player, Monica Seles, was stabbed in the back by a man who ran onto the court during a match in Hamburg, Germany.
    1993 – CERN, the European Organization for Nuclear Research, announced that World Wide Web protocols will be free. Established in 1954, the organization is based in a northwest suburb of Geneva, Switzerland on the Franco–Swiss border.  CERN's main function is to provide the particle accelerators and other infrastructure needed for high-energy physics research – as a result, numerous experiments have been constructed at CERN through international collaborations. The main site hosts a large computing facility, which is primarily used to store and analyze data from experiments, as well as simulate events. Researchers need remote access to these facilities, so the lab has historically been a major wide area network hub. CERN is also the birthplace of the World Wide Web.
    1997 - Ellen DeGeneres, on her several-season show “Ellen,” declared on television she was a lesbian. The first regularly appearing homosexual character in a television situation comedy was Jodie Dallas, played by comedian Billy Crystal, beginning in 1977 on the series “Soap.”
    2001 - The San Francisco Board of Supervisors passed a measure 9-2 to allow city employees medical benefits for a sex change.
    2002 – Chandra Levy, a federal government intern, went missing in Washington, DC. Her remains were found more than a year later in Rock Creek Park, DC.
    2004 - Ray Charles appears at his Los Angeles recording studio to attend a ceremony marking it as a national historic landmark. It will be the last public appearance he ever makes, passing on Jun 10, 2004.
    2009 – Chrysler filed for bankruptcy protection. On June 10, 2009, Chrysler emerged from the bankruptcy proceedings with the United Auto Workers pension fund, Fiat, and the U.S. and Canadian governments as principal owners. The bankruptcy resulted in Chrysler defaulting on over $4 billion in debts. By May 24, 2011, Chrysler finished repaying its obligations to the U.S. government five years early, although the cost to the American taxpayer was $1.3 billion. Over the next few years, Fiat gradually acquired the other parties' shares while removing much of the weight of the loans (which carried a 21% interest rate) in a short period. On January 1, 2014, Fiat S.p.A announced a deal to purchase the rest of Chrysler from the United Auto Workers retiree health trust. The deal was completed on January 21, 2014, making Chrysler Group a subsidiary of Fiat S.p.A. 
    2010 – The Deepwater Horizon oil spill reached the Louisiana Coast; weather is expected to impede cleanup efforts.  Begun on Apr 20, 2010, it is considered the largest marine oil spill in the history of the petroleum industry.  The U.S. government estimated the total discharge at 4.9 million barrels (210 million US gal).  After several failed efforts to contain the flow, the well was declared sealed on 19 September 2010.  Reports in early 2012 indicated that the well site was still leaking   
    2012 – The nearly-finished One World Trade Center overtook the Empire State Building as the tallest building in NYC.   
    2013 – The largest-ever non-bank bond offering was initiated by Apple, Inc, for $17 billion.   
    2014 – The World Bank reported that India is now the world’s third-largest economy behind the US and China on the basis of purchasing-power parity.  India replaced Japan which remained third on a GDP exchange-rated basis
    2015 – NASA’s Messenger spacecraft ended its three-year orbit around Mercury with a planned crash into that planet’s surface.  Originally it was to orbit and collect data for one year but fuel saving efforts extended the mission for two more years.

NBA Champions:
    1971 - Milwaukee Bucks