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####Extra##### Regular Edition Follows########
Ken Bentsen resigns from ELFA
Not a surprise move in this economy the Equipment Finance and Leasing Association (ELFA) membership is down to 600, and attendance to leasing conferences, once money makers for the association is also down. Bentsen brought much Washington legislative representation to the industry plus both radio and television publicity, as well as seeing the association to date through a very tough financial economy.
If you have a reaction to this, please email: kitmenkin@leasingnews.org
Hon. Ken Bentsen, Jr.-He became president of the Equipment Finance and Leasing Associations (ELFA) July 1, 2007. In this relatively short period of time, he has brought considerable attention to the media about the leasing industry, quoted often in major magazines and newspapers, appearing on radio and television, quite frequently, too. On the personal side, he is also an active member of a number of educational, civic and charitable boards, including Chairman of the Board of the Susan G. Komen For The Cure.
http://www.leasingnews.org/archives/May%202007/05-11-07.htm#eaelc
Most Influential in Leasing Industry
http://www.leasingnews.org/Pages/influential.htm#KenBentsen
Here is the official announcement from ELFA:
*****Announcement**************************************
A Message to ELFA Members
Bentsen to leave ELFA for SIFMA, Petta to serve as Interim President
Washington, DC - August 4, 2009-The Equipment Leasing and Finance Association (ELFA) announced today that ELFA President Ken Bentsen was stepping down to take a new position as Executive Vice President of the Securities Industry and Financial Markets Association (SIFMA). Ralph Petta, ELFA Vice President for Research and Industry Services, was named to serve as interim President upon Bentsen's departure.
"Ken Bentsen brought the ELFA to a new level of awareness in Washington among policy makers, crafted a sustainable strategy for our great association, navigated our association through an unprecedented financial crisis and drove a multi-faceted advocacy effort that continues to benefit many of our members," said ELFA Chairman James J. Ambrose, president of Equipment Finance, GE Health Care Financial Services. "We are well positioned as the "the" source of equipment finance industry information largely due to Ken's leadership and vision."
"We are fortunate to have thought through such an event in advance and are prepared for a smooth transition into our next chapter of ELFA leadership. "Accordingly, we are pleased to announce Ralph Petta as interim President for the ELFA. Ralph has been an integral thought leader across many of our initiatives and possesses a keen operational focus, which will greatly benefit the association," said Ambrose.
About Ralph Petta
Ralph Petta has been with the ELFA since April 1987. Mr. Petta's primary responsibility is managing the development of the association's industry information resources and data-collection projects, including the annual Survey of Equipment Finance Activity, Monthly Leasing & Finance Index, and Industry Compensation Survey. In addition, he oversees the development of various benchmarking and market research initiatives and related industry reference publications sponsored by the ELFA.
Mr. Petta has liaison responsibilities with several ELFA constituent committees, including its Research Committee, Legal Committee, and Equipment Management Committee, as well as the ELFA Business Council Steering Committees. As staff liaison to the ELFA Financial Accounting Committee, he is responsible for managing the association's program to monitor and help develop strategy on key accounting and financial reporting issues of concern to ELFA member organizations. Mr. Petta is a member of the American Society of Association Executives (ASAE). He completed the ASAE/University of Maryland Executive Development Program in Association Management and was selected to participate in the ASAE Future Leaders Conference. Before joining ELFA, Mr. Petta worked for nine years in the office of United States Senator Sam Nunn, serving in a variety of professional capacities. He was Senator Nunn's legislative assistant when he left to join the association in 1987. Mr. Petta graduated from Syracuse University, Syracuse, New York, earning a B.A. degree in political science.
About the ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $650 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 600 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org
****Announcement****************************************
Regional Sales Managers: Relationship Manager/Sales Associate: Advantage Funding, a leading national commercial vehicle and transportation equipment leasing and finance company seeks an . Our financing products are offered to new and existing relationships in the commercial coach, limousine, school bus, paratransit, funeral car, minibus and transportation industries. |
Monday, August 3, 2009
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Singer Tony Bennett (born Anthony Dominick Benedetto; August 3, 1926 Astoria, Queens, New York.
http://www.tonybennett.net/ http://www.ticketmaster.com/artist/736666 Photo and music: http://www.youtube.com/watch?v=uZ6zVW3V1hc The Artist: http://www.tonybennett.com/index2.html |
Headlines---
Classified Ads---Sales
First Sound Bank Continues Losses-Pugent Sound Leasing
First Sound Leasing Law Suit vs. Secords
Looking for New Broker Business
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Leasing 102 by Mr. Terry Winders, CLP
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Classified Ads---Sales
| Boston, MA Senior leader in companies of varying size and scope, including start-ups. My current focus is sales, as a leader or as an individual contributor. thomasherlihy33@comcast.net |
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| Cherry Hill, NJ College grad seeking entry level sales position for equipment leasing and financing in small to mid-size ticket markets. Have 6 months experience in the industry and self-motivated. Contact Matt at 609-280-2178 or email at mkuzan@gmail.com |
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Fort Myers, Florida |
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Fresno, CA |
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Minneapolis, MN |
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| Montgomery, AL Individual with 10 years advertising sales exp. & 7 years insurance sales exp. Wants independent contractor situation in Alabama. Work with leasing company or broker.334-590-5133 E-mail: billmcneal2003@yahoo.com |
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Open |
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Orange County, CA |
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Orange County, CA |
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Oklahoma |
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Philadelphia, PA |
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| Philadelphia Metro Area - 30 Years experience Healthcare sales/ management- 3 years experience newly create "small-ticket" healthcare division. Good success - Mitch Utz 215-460-4483 Email: mitutz@msn.com |
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| Pittsburgh , PA Aggressive self starter looking for leasing position w/10 plus yrs sales exp., plus banking experience 814-227-4592 mwiser500@hotmail.com |
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Pittsburgh, PA |
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San Francisco |
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San Francisco Bay Area: |
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| Texas/Oklahoma 15 year lease vet looking for plact to take business.great references. all major equipment types. open to compensation. please contact if interested. E-mail: bankingdallas@yahoo.com |
For a full listing of all "job wanted" ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
To place a free "job wanted" Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm
ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm
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First Sound Bank Continues Losses-Pugent Sound Leasing
Puget Sound Leasing is making more changes, and under senior vice-president and manager David Johnson hired in April has been making changes, including tightening of credit and procedures, letting people go with the latest John Olah. In the meantime, First Sound Bank is continuing to report losses.
April 30, 2009 the bank announced that it was restating its 2008 results to reflect a loss of $20.1 million, $18.3 million of which is related to the acquisition of assets from Puget Sound Leasing Co., Inc. (PSL) in March 2008. Of the $18.3 million, $7.8 million reflects a write-down of the goodwill and servicing rights acquired in the PSL transaction.
Friday it reports a lost of $4.5 million in the second quarter, which a press release stated was attributed to a $3.9 million in its loan-loss provision.
"The bank has incurred considerable losses relating to the assets acquired from Larasco, and we anticipate this portfolio will continue to incur losses in reduced amounts as the leases run off," said Don Hirtzel, chairman and CEO, in a statement.
The bank said it, like other Puget Sound-area banks, was hit hard in its real estate loan portfolio.
"First Sound has incurred losses in the construction and land development portion of its real estate portfolio, which represents 17 percent of the bank's total earning asset base. We have therefore reserved aggressively in anticipation of deterioration in this portion of the loan portfolio," said Steve Shaughnessy, president and chief operating officer, in a statement.
"Our situation is different from other banks," Don Hirtzel, chairman and CEO, said. "Our increased losses and reserves are primarily the result of alleged misrepresentations made by the owners of Puget Sound Leasing in how they portrayed their assets to us." The Bank is aggressively pursuing litigation against Larasco, Inc. (formerly PSL) and its owners. The Bank's complaint alleges that the defendants violated federal and state securities laws by misrepresenting the extent to which leases were delinquent and failed to disclose accounting irregularities that inflated PSL's profitability.
Steve Shaughnessy, president and COO, said that while the litigation to recover from the former owners of PSL continues "we are taking numerous steps to minimize the effects on our future results. The executive team and board have taken cuts in compensation up to 20%, and a salary freeze has been imposed." He also said a new manager is in place at the leasing division and leasing underwriting standards have been tightened.
The bank received $7.4 million under the terms of the Troubled Asset Relief Program (TARP), Capital Purchase Program in December, 2008. These funds are being used to support growth in loans and deposits.
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First Sound Leasing Law Suit vs. Secords
The legal case in the US District Court Western District of Washington at Seattle involves six plaintiffs and now 22 defendants, counting counter defendants, plus 16 attorneys to be notified (same attorneys on "counter defendants." The case centers on Puget Sound Leasing, Issaquah, Washington, Larasco, Inc. and the Louis A. Secord, Jr., an individual, Defendant, Richard A Secord, an individual, and the sale of their company, the delinquency rates, and using security deposits to post to leases, changing residuals, charging "evergreen" lease payments but counting them toward delinquencies, using paid off lease payments for other leases, may be what readers will learn in the IFC Credit Corporation, Morton Grove, Illinois bankruptcy, which will involves many banks, brokers, vendors, NorVergence leases, court judgments, and others.
The case continues in Washington, although Larasco has been successful in sealing documents that it alleges reveals proprietary information about the operation of its company. However, on July 28th Washington Federal Savings amended their complaint against Larasco and both Secords, filing for a jury trial regarding 9,000 individual leases totaling $30 million.
Here are some of the highlights of the 69 pages complaint:
"13. A leasing company, such as PSL, can sell the lease payment streams at favorable prices to interested financial institutions, such as WaFed and the Investor Banks, if the leasing company demonstrates that the leases it originates are of high quality. Two important measures of lease quality are: (1) the firm's delinquency rate (the percentage of leases that are delinquent at any given time), and (2) the value of its charge-offs (nonperforming leases written-off as bad debt). If there is a low delinquency rate and low charge-offs, financial institutions, such as First Mutual and WaFed, as well as the other Investor Banks, will pay a premium to buy the lease payment streams.
14. To induce First Mutual and WaFed (and other Investor Banks) to purchase lease payment streams from its lease portfolio, PSL represented that the delinquency rates on PSL's leases were very low and for some periods less than 1%. For example, in discussions during 2007 about purchasing lease portfolios, Louis Secord allegedly provided FSB management with an illustration showing that PSL's delinquency rate had been below 1% every month since late 2003-an extraordinary record. Similarly, FSB alleges that Louis Secord told FSB on numerous occasions that PSL's charge-offs were "insignificant."
15. Upon information and belief, Louis Secord also boasted about PSL's accounting and management practices. Louis Secord told FSB that he and his brother were both former bankers at Seattle-First National Bank and that he served on the board of Issaquah Bank. Louis Secord told FSB management that PSL was "run like a bank" and "reported like a bank." Based upon these representations, PSL was so successful in selling lease payments streams to First Mutual, and other Investor Banks, that by mid-2007 PSL serviced over 9,000 individual leases, the payment streams to which were largely sold to Investor Banks. For First Mutual and WaFed alone, between 2004 and 2008, PSL and/or FSB sold and serviced a significant number of lease payment streams in nine separate lease pools worth in excess of $30 million.
25. According to the allegations of the Secords filed in federal and state court proceedings, between the signing of the Asset Purchase Agreement in September 2007 and the closing of the purchase on March 1, 2008, FSB was provided unfettered access to the books and records of PSL. During that time, FSB conducted extensive due diligence with respect to PSL and its leasing business, and it appeared to be satisfied with the nature and manner in which PSL conducted its business. Among the practices that FSB and WaFed later became aware of was PSL's practice of selling repossessed equipment without providing WaFed of notice of the default of the particular lease. Even when there was a default and sale of the repossessed equipment, PSL and later FSB would not establish a loss on its financial statements or place the defaulted lease on the delinquency report. Nor did PSL or later FSB indicate that there was a change in equipment inventory or provide First Mutual and later WaFed with notice that the equipment had been sold. Instead, PSL and later FSB would apply proceeds from the sale of repossessed equipment to future lease payments due under the terms of the lease. In doing so, the leases appeared to be paying the lease according to its terms, when in fact the lessee had long since defaulted and the lease had been terminated. This false and misleading information gave WaFed the incorrect perception that the leases were performing according to their terms, when in fact they were not.
29. According to FSB, the Secords did not dispute that the delinquent leases had to be charged off, and they initially told FSB management that they would take responsibility for the losses. At an FSB board meeting, Louis Secord allegedly told the Board that he would "make the bank whole" for these losses. To reflect this commitment, the Secords and Larasco entered into an agreement (the "Clarification Agreement") on July 26, 2008, which stated that the Secords would cover the losses associated with the delinquent leases. As part of the Clarification Agreement, FSB agreed to provide the Secords and Larasco with a $2 million line of credit to help them finance the reimbursement. Apparently, the Secord's have since disclaimed this commitment, contending the Clarification Agreement is unenforceable.
"False and Misleading Lease Delinquency Rates.
31. Jennifer Wright, PSL's Assistant Vice-President and Administration Officer, was the PSL employee principally responsible for accounting for PSL's delinquency rate. As set forth in a declaration filed in this action, Ms. Wright summarizes PSL's practices as: Louis Secord, Steve Twidwell, and other regularly impressed upon me the importance to PSL's business of ensuring that the delinquency rate (the percentage of leases that were delinquent at any given time) shown on PSL's accounting reports was less than 1%.... During the period before FSB purchased PSL's assets, PSL manipulated its accounting records to artificially maintain a reported delinquency rate of 1% or lower. Louis Secord, Richard Secord, and Steve Twidwell regularly told me to take steps, which are specifically described below, that made delinquent leases on PSL's accounting system appear as if they were not delinquent, artificially decreasing the reported delinquency rate.
32. Ms. Wright's statement and the practices she describes are allegedly corroborated by her co-workers, Theas St. Pierre and Tammy Kady, who also performed accounting functions for Fictitious Lease Payments.
33. According to declarations filed by FSB, beginning in about 1998, PSL management regularly instructed its accounting employees (Ms. St. Pierre and Ms. Wright) to post fictitious payments to lessees' accounts, falsely making it appear as if the leases were performing when, in fact, they were in default. Ms. St. Pierre explains:
Soon after Steve Twidwell joined PSL in about 1998, Mr. Twidwell told me to to make an entry showing that a lease payment had been received, when in fact it had not. This made me uncomfortable because I believed it was wrong to make a false entry in the accounting system. Mr. Twidwell and I "butted" heads" over this issue, but he insisted that I make the entry. I then raised this issue with
Richard Secord, who directed me to Louis Secord. I told Louis Secord that I was not comfortable posting false payments on the system. Louis Secord told me that I should make the entry, and that if I refused to do so, PSL "would find someone who would." I could not afford to lose my job, so I followed Mr. Twidwell and
Louis Secord's instructions.
After this incident, Mr. Twidwell would give me a list of accounts each month for which he wanted me to post payments, when in fact no payment had been received on the account. He referred to these accounts as "runoffs." I posted false "runoff' payments each month until 1999, when Jennifer Wright took over a number of my responsibilities, including this one.
34. This practice continued after Jennifer Wright replaced Ms. St. Pierre, and up until the time of the asset sale. According to Ms. Wright, "[o]n a monthly basis, Louis Secord or Steve Twidwell would tell me to post false payments to make delinquent accounts appear as if they were currents." These fictitious payments were often posted to accounts where the client had gone bankrupt or dissolved, when it was clear that no further lease payments prevented the account from appearing as part of PSL's monthly delinquency rate.
"39. PSL allegedly used these security deposits to make delinquent accounts appear current. As explained by PSL employee Jennifer Wright, when an account became delinquent, "Steve Twidwell would direct me to cause the security deposit to be forfeited and applied to past due (delinquent) payments on the lease. This would prevent these leases from appearing as delinquent on the month's report." According to FSB's forensic expert, the effect was to "artificially and incorrectly inflate revenue" and "cause the misstatement of the actual delinquent and charge-off performance.""
"41. According to Jennifer Wright's declaration filed in this action, PSL also disguised delinquent accounts by giving "extensions" to customers, sometimes without the lessee's request or knowledge. Louis Secord would instruct Ms. Wright to extend the terms of the lease by adding the delinquent payments to the end of the lease. Ms. Wright explained: "For example, if a lease set to terminate in January, 2010 was three months overdue, Louis Secord would instruct me to re-set the term to expire in April, 2010, effectively changing the status of the payment from an overdue payment to a payment due in the future." This caused a further artificial reduction in the delinquency rate."
Responses filed are sealed in the court records.
Washington Federal Complaint (69 pages, 3.7mb download):
http://leasingnews.org/PDF/First%20Sound%20Bank-WF.pdf
Puget Sound Leasing--up-date http://www.leasingnews.org/Conscious-Top%20Stories/pugent.htm
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Looking for New Broker Business
Brokers! These companies want you!!!-Up-Date
Funder/Superbroker Looking for New Broker Business
Send company name, contact/email or telephone number as well as a URL to attach or description to
kitmenkin@leasingnews.org
There is no advertising fee or charge for a listing. They are “free.”Leasing News makes no endorsement of any of the companies listed, except they have qualified to be on this specific list.
Leasing News reserves the right to not list a company who does not meet these qualifications.
We encourage companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers are very much encouraged.
Alphabetical list - click on company name to view more details |
Name |
Employees
|
Geo
Area |
Dollar
Amount |
Business Reports
|
A
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B
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C
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D
|
E
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ABCO Leasing, Inc. 1974 Brad Christensen bradc@abcoleasing.net 971/204-0236 www.abcoleasing.net NAELB, and NEFA |(click here for further description) |
6 |
Most States |
$50,000 - $450,000 |
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20 |
Nationwide |
Vehicles Only $10,000 - $1,000,000 |
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Affiliated Investment Group, Inc. 1991 Jim Lahti , CLP PH: 512-336-7335 FAX: 512-336-7336 jrl@affiliatedinvestment.com www.affiliatedinvestment.com NAELB, NEFA (click here for further description) |
6 |
Nationwide |
$25,000 min., $250,000 max. "Ap only" program $25,000 - $75,000 |
N |
Y |
Y | Y |
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Allegiant Partners Incorporated 1998 Scott Enbom senbom@allegiant-partners.com (415) 257-4200, x207 www.allegiant-partners.com ELFA, NAELB & NEFA (click here for further description) |
9 |
Nationwide, including Alaska & Hawaii |
$20,000---$150,000 |
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Agility Solutions 2003 Hal Hayden (928) 541-0771 halh@agilitysolutions.com www.agilitysolutions.net NEFA (click here for further description) |
5 |
U.S. |
$50,000 - $1,000,000 Does Subprime Leases |
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American Leasefund, Inc. 1999 Tom Davis tom@alclease.com 800.644.1182 - PH 503.244.0845 - FX www.alclease.com NEFA |
6 |
Idaho, Montana, Oregon, Washington |
$3,500 - $50,000 Does Subprime Leases |
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Bank of the West, Indirect Leasing Group |
180 |
National |
$20,000 to $2 million |
Y |
Y |
N |
Y |
Y |
|
Bankers Capital 1990 Larry LaChance - President 508-351-6000 llachance@bankers-capital.com www.bankers-capital.com NEFA (click here for further description) |
6 |
Nationwide - 50 States |
$25,000 + |
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| Barrett Capital Corporation |
4 |
United States |
Vehicles Only $10,000 minimum |
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Blackstone Capital Partners, L.P. 2002 Frank Freer Phone: 949.250.8789 Fax: 949.250.8798 FrankF@Blackstonecp.com www.blackstonecp.com ELFA, NAELB, NEFA |
8 |
Nationwide (except LA, AR and AK) |
$50,000 to $2,000,000 Does Subprime Leases |
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Black Rock Capital 1994 George Booth gkbooth@blackrockcapital.com 203.336-9200 www.blackrockcapital.com EAEL, ELFA (click here for further description) |
7 |
US Canada (F) |
$50,000 to $3MM $250,000 average transaction |
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12 |
National |
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BSB Leasing, Inc. 1982 Bruce Zwillinger, Vice President 800.945.3372 ext. 306 bzwillinger@bsbleasing.com www.bsbleasing.com NAELB (click here for further description) |
15 |
National |
Application only up to
$100,000
|
N |
N |
Y |
Y |
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Forum Financial Services, Inc. 1996 Tim O'Connor 972-690-9444 ext. 225 tim@forumleasing..com 275 West Campbell Road Suite 320 Richardson, Texas 75080 Fax: 972-690-9464 www.forumleasing.com NAELB & NEFA (click here for further description) |
7 |
Nationwide |
$50,000 to $1.0 million. Our average size transaction is $250,000. Does Subprime Leases |
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10 |
Western States |
$15K Does Subprime Leases |
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Cobra Capital LLC 2000 Dale Kluga, President dale@cobrallc.com 630-985-3500 www.cobrallc.com ELFA (click here for further description) |
6 |
Nationwide |
$50,000 to $1MM $250,000 average transaction |
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12 |
Nationwide & Canada (except in Quebec) |
$10,000 - $250,000 Does Subprime Leases |
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Dolsen Leasing Company 1958 Joanie Dolsen, 800-959-4002 Joanie@dolsenleasing.com www.dolsenleasing.com NAELB, NEFA (click here for further description) |
10 |
11 Western State |
$10,000.00 - $250,000.00 |
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Dumac Leasing |
N/R |
West Coast |
N/R |
N/R |
N/R |
N/R |
N/R |
N/R |
|
Financial Pacific Leasing |
115 |
Nationwide |
$5,000-$50,000 |
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Forum Financial Services, Inc. 1996 Tim O'Connor 972-690-9444 ext. 225 tim@forumleasing..com 275 West Campbell Road Suite 320 Richardson, Texas 75080 Fax: 972-690-9464 www.forumleasing.com NAELB & NEFA |
7 |
Nationwide |
$50,000 to $1.0 million. Our average size transaction is $250,000. Does Subprime Leases |
|
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Gonor Funding 2001 Norman J. Gonor ngonor@gonorfunding.com 818.784.5444 Jason Gonor 818.402.6999 www.gonorfunding.com (click here for further description) |
3 |
USA |
$10,000 to $100,000 with an average of $25,000 - $35,000 Does Subprime Leases |
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Leasing Solutions, LLC 2001 Steve Geller, CLP sgeller@leasingsolutionsllc.com www.leasingsolutionsllc.com/ ELFA, NAELB, NEFA |
4 |
Nationwide |
$5,000 + |
* | * | * | * | ||
LPI Healthcare Financial Services, Inc. 2000 Kurt Hess 770-579-2900 ext. 1100 www.lpifinancial.com NAELB (click here for further description) |
7 |
National |
$15,000.00 up to $2,000,000.00
|
N |
Y |
N | N |
||
National Machine Tool Financial Corporation (click here for further description) |
20 |
Nationwide |
$15,000 |
||||||
Pawnee Leasing Corporation 1982 Gary H. Souverein President Gary@pawneeleasing.com (800) 864-4266 ext. 222 www.pawneeleasing.com NAELB & NEFA (click here for further description) |
45 |
Nationwide |
$1,000 - $30,000 |
Y |
Y |
N* |
Y |
N |
|
Quail Capital Corp 1999 Mohammed Ahsan mahsan@quailcap.com 888-44Quail X23 www.quailcap.com NAELB (click here for further description) |
15 |
Nationwide |
$10,000 to $10 million, App only $100K |
N |
Y |
N |
* |
||
Standard Professional Services, LLC 1976 Mr. Raphael Lavin, CLP JWhalen@spsllc.net 847-291-7858 www.spsllc.net EAEL, NAELB, NEFA (click here for further description) |
4 |
Nationwide & some offshore |
$10,000 - 250,000 ($25,000 - $150,000 desired) |
||||||
Summit Leasing, Inc. 1986 James, Klemens, Kevin, Mike, Mark (800) 736-1530 www.summitleasing.com NEFA (click here for further description) |
12 |
CA, ID, MT, OR, WA |
$20,000 - $400,000 |
||||||
TEAM Funding Solutions 1992 Christopher Fielder, VP $5000-$70,000 888-457-6700 ext. 106 / 512-258-6700 ext 106 512.692.0500 fax whitney@teamfundingsolutions.com www.teamfundingsolutions.com NAELB & NEFA (click here for further description) |
7 |
All 50 States |
$5000-$70,000 Does Subprime Leases |
||||||
TechLease, L.L.C. 2002 Eric Paton, epaton@techlease.com www.techlease.com UAEL (T) (click here for further description) |
4 |
Nationwide |
$20,000, average transaction size is $200,000 |
Affiliated Investment Group, Inc. is the proud continuation of over 20 years of serving the broker community. We are a balance sheet, cash flow, credit lender. The primary question on every transaction is "what is the likelihood of being paid back". Our motto is "any equipment, for any Lessee, anywhere in the country". Also known as "The Flexible Funding Source" as we look at a deal with the philosophy of "what's right" about it "how can we make it work". We have significant sources of funds from A to B credits.
Broker Qualify - Yes
In addition to increasing the transaction size Allegiant is offering more competitve rates for these A- and B+ transactions. Broker Qualify - For Broker qualification please click here.
Allegiant.pdf
BSB Leasing, Inc has been providing syndication services for brokers nationwide since 1982 and have been funding business directly since 2002 through BSB Direct Finance, LLC. We offer Brokers a complete internet solution for credit submission and tracking and document preparation.
BSB will fund up to $75,000 App Only on our direct line under BSB Direct Finance, LLC and we now offer App Only up to $100,000 through BSB Syndication (our house syndication group.
Broker Qualify - Please Call or see application on-line at bsbleasing.com
Dumac Leasing--Our prime prospect, has integrity, the ability to submit one to five leases for consideration per month, good financial analysis skills, good packaging abilities and can appreciate a funding source that looks at one deal at a time. Poor rating at BBB is a major hurdle. We are an A Credit lender and cash flow is critical. We use tax returns for info to compute cash flow.
LPI-HC specializes in working Capital Loans / Equipment Financing for new and established medical professionals with our target market being dentists, medical doctors, veterinarians and physical therapists. We also offer any type of Medical Practice Refinancing for established medical professionals that want to consolidate all their practice debts and improve their cash flow position. "We have the financial solutions to help start and grow a practice with repayment programs designed for medical professionals to manage their money."
Broker Qualify - Please Call
Kurt Hess
770-579-2900 ext. 1100
Address:
2260 Rushmore Dr .
Suite B-3
Marietta , GA 30062
Quail Capital offers App Only program up to $100K- nationwide. We also have a special California Only "A" credit program with very competitive rate under "California Express Program".
On the commercial side, Quail Capital specializes in mid market to large structured and complex transactions. Mohammed Ahsan began his days at Westinghouse Credit (then Atlantic Financial, Mitsubishi Bank, Bank of California and First Sierra) as a funder. He has been in the leasing industry for 29 years. His partner Jeff Rudin has over 29 years leasing experience.
In addition to the equipment leasing, Quail Capital is also involved in Asset Based Lending, Franchise Financing, Acquisition Finance, Sale- Lease Back- Working Capital and facilitate the SBA program.
Broker Qualifying- please call.
Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business.
It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section.
Leasing Associations: All non-profit leasing associations are abbreviated. To see the full name and learn more about the association, please click here.
BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board
| CNI - Current News Information
A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
| D -"Private label Program" | E - Also "in house" salesmen
N/R (not reported)
* (no response---these listing do not come from the company directly, but from our research from many sources. It is our policy not to put anything in this section without confirmation.)
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Classified Ads---Help Wanted
|
Regional Sales Managers: Relationship Manager/Sales Associate: Advantage Funding, a leading national commercial vehicle and transportation equipment leasing and finance company seeks an . Our financing products are offered to new and existing relationships in the commercial coach, limousine, school bus, paratransit, funeral car, minibus and transportation industries. |
Top Producers Needed to Challenge |
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Leasing News Top Stories--July 27--July 31
Here are the top ten stories opened by readers:
(1) Archives-July 27, 2000
33 Leasing Companies Major Changes
http://leasingnews.org/archives/July%202009/07-27-09.htm#33Leasing
(2) IFC Credit $150 Million Bankruptcy
by Christopher Menkin
http://leasingnews.org/archives/July%202009/07-29-09.htm#IFC_Credit
(3) Leasing Companies Move---Two Different Directions
http://leasingnews.org/archives/July%202009/07-31-09.htm#Leasing_Companies_Move
(4) Archives-July 31, 2006
Cartoon--Pat Byrne to his Top Salesmen
http://leasingnews.org/archives/July%202009/07-31-09.htm#Top_salesman
(5) What Happened to all the Money at IFC Credit?
http://leasingnews.org/archives/July%202009/07-31-09.htm#IFC_Credit
(6) US Bank Manifest, Top Small Ticket Funder
http://leasingnews.org/archives/July%202009/07-27-09.htm#us_bank_manifest
(7) Key Continues Losses, including Equipment Finance
http://leasingnews.org/archives/July%202009/07-27-09.htm#Key_Continues_losses
(8) Reader Reaction to IFC Credit Bankruptcy
http://leasingnews.org/archives/July%202009/07-31-09.htm#Reaction_IFC
(9) FNB joins the "Broker/Lessor" List
http://leasingnews.org/archives/July%202009/07-31-09.htm#FBN_Leasing
(10) Leasing News July "only" chronological list
http://leasingnews.org/archives/July%202009/07-31-09.htm#FBN_Leasing
Extra (not counted for technical reasons)
July 27, 2009 IFC Files Bankruptcy, unconfirmed
July 28, 2009 IFC Files Bankruptcy, confirmed
http://leasingnews.org/archives/July%202009/07-27-09a.htm
 |
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Leasing 102
by Mr. Terry Winders, CLP
Short Term Leasing
One market that always stands out in a poor economy is short term leasing. It requires a strong understanding of equipment values and usually a good remarketing effort. Some lessor's have aligned themselves with a vendor or remarketer that can take one to two year old equipment and get retail price for it. If the Lessor knows in advance how to sell off lease equipment or can be reasonably assured that it will net the wholesale value then a short term lease can lead to some interesting income.
The trick is to determine what reasonable value, or residual, to take on to determine the rent stream. Only renewal options are offered with No purchase options. Return condition requirements are specified and there should be restrictions on actual hours of use, or other definable use issues. If the actual use exceeds the allowable use additional rent is required. Because of the short term nature of the lease, rates are not a consideration; all emphasis is on the rent payment.
When selecting the residual the Lessor needs to look at the life cycle of the equipment and determine from the vendor and the manufacturer when the next year's model will be available and if there are any expected improvements or price changes expected. Then based on how long the equipment has been available its value becomes tied to its use and age. If you purchase it in the early stages of the model year is value may remain strong after the initial new depreciation is taken, whereas, if you buy it in the last few months prior to the new equipment being placed on the market is loss in value will be much higher faster.
A leasing company needs to understand that on occasion the value of any equipment can change due to a million factors. The focus should be on the "bucket" at year end. When you sell for a gain, it goes into the bucket. When you sell at a loss, it comes out of the bucket. At year end is there anything left in the bucket. If the answer is yes, you had a good year. Way too many Lessors are focused on a loss due to a bad residual assumption and forget the gains on their other assumptions. So much so that they do not ever want a loss, so they only take very conservative (too low) residual assumptions and it hurts business.
The new accounting changes would seem to only allow off balance sheet treatment for very short terms and some strong customers are looking for terms of one year with renewal options. They seem to be willing to pay higher rent but it does create a residual risk to be assumed by the Lessor. In some cases to help the game along Lessor's are changing the document from a lease agreement to a rental agreement. However, not to be confused with a two party lease strong disclaimers are required for equipment performance including a pass through of vendor's warrantees.
There is the opportunities to release the off lease equipment from short term leases but once again the danger is the Article 2A requirement of a two party lease where the Lessor in a two party lease or rental may be subject to claims for equipment performance unless the document contains strong disclaimers and requires the lessee to acknowledge the equipment is being provided as is where is and the user is required to provide all maintenance and insurance over the term.
This is not a market I expect to see banks get involved in and also unless the leasing company is strongly financed they will be difficult to borrow money from to finance this type of activity. Independents and Captives will dominate and it looks like it will be a large market with the advent of the new accounting rules if they maintain their course as resented in the position papers.
I know that it would appear that this would only work on hard goods with a long life but it has worked in some soft markets when the Lessor is well connected with many users of the same equipment. So once again it appears there is another reason to focus on a few well chosen markets. One last comment on the return! A lot of lessee's renew the lease/rental and therefore if your rent is high enough perhaps an evergreen renewal after the first year would be successful.
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 #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) |
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Most Influential Women in Leasing-Rebecca Smith
Send nominations to: kitmenkin@leasingnews.org
"Influential" as "a person whose actions and opinions strongly influence the course of events" {Online Dictionary} for the entire industry.
They also should meet the caliber of those nominated.
Rebecca Smith---Huntington National Bank East Michigan Regional President. She was Fifth Third Bank EVP commercial banking, her division produced over half of the affiliate's net income with a portfolio approaching $3 billion and a total head count of 178 employees. She was formerly at Old Kent Bank as President of East Michigan when Fifth Third Bank purchased Old Kent. Prior to the merger, she was Division Head/President of the Equipment Leasing Division/NBD Equipment Finance in Detroit, Michigan. http://www.wjr.com/Sectional.asp?id=33954
(click on name to view description why nominated)
Bette Kerhoulas, CLP
Elaine Litwer
Lisa A, Levine, CAE
Shari Lipski, CLP
Terri McNally
Deborah Monosson
June Sciotto
Marci Kimble-Slagle, CLP
Cynthia "Cindy" Spurdle
Rosanne Wilson, CLP
 |
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Bank Beat-Ken Lewis/ 5 More Community Banks Fail
by Christopher Menkin
The idea of moving the BofA headquarters in San Francisco to Charlotte, North Carolina continues to pay off. Ken Lewis as CEO of Bank of America appears to be staying in power as it is now ten board members who have left this year. Whether new board members will be isolated by the distance of where they lived and work is a question only Lewis knows and her certainly wants to keep his job as he believes his leadership is the best for BofA. He certainly will appear at as many committee meetings as he is able. He obviously has a lot of "street smarts."
Leaving the board this past week it was John Collins, 62, is CEO of a private equity investments and management firm, The Collins Group, in Boston, William Barnet III, 66, is chairman and CEO of The Barnet Co., a Spartanburg, S.C. real estate and investments firm, and Gary Countryman, 69, is chairman emeritus and a director of Boston-based insurance company Liberty Mutual Group resigned as board members of the company. All three served on the board since 2004. Prior Lewis lost his second long time director when O. Temple Sloan retired after 13 years the week before, and earlier Meredith Spangler, a large shareholder who had been a director for two decades. This last week Chief Risk Officer Amy Woods Brinkley replaced Gregory L. Curl, a three-decade bank veteran who helped Lewis arrange acquisitions including Countrywide Financial Corp. Replacing the two other directors were ex-Federal Reserve Board Governor Susan Bies,62, and Donald Powell,67, former chairman of the Federal Deposit Insurance Corp. It is reported Lewis had a strong vote in selecting two new board members: William Boardman, 67, a retired executive of Bank One Corp. and Visa International Inc.; and D. Paul Jones, 66, who was CEO of Compass Bancshares Inc., Charlotte, North Carolina.
Perhaps the news that their bank paid out $3.3 billion in bonuses for 2008, with 172 employees receiving at least $1 million and the top four recipients receiving a combined $64 million. Merrill Lynch paid out $3.6 billion, including a combined $121 million to four top employees. The board would have been informed first before the press.
After acquiring LaSalle, Merrill-Lynch, and others, the need for all the offices and branches have been decided to be too costly. After ATM's became popular, and branches started appearing in supermarkets and large retail stores, it was assumed branches would be cut back, but in the "buy-buy" days of the early 2000, the philosophy was the more branches the better. Like Starbucks, one on every corner. Well, Starbucks has changed, and perhaps major banks like Bank of America are taking the same approach, especially with the failure of so many community banks and others in trouble.
While you may believe these small local banks have little affect on business or you personally, this is short sighted.
Unless you live near one of the smaller banks that have failed, it may not have an immediate impact on you. Unlike huge multi-state and multi-national banks, community banks are locally owned and operated banking institutions. They specifically serve people who live in the local area, small businesses, and many are friends of the investors in the bank, or relatives, or know the people who work in the bank. When the bank fails, the original investors almost always lose all the money they have put in to form the bank, locally made loans may not be renewed, and often the branches are generally closed, especially if another local or regional bank is in the neighborhood, as they often find the operation of the branch as not productive and too costly.
In addition, the FDIC often loses money on the failure, and charges their account made up of fees imposed on all banks. Fees have been increased three times in the last year to all banks. These add to the expense of the operation and are passed on to bank customers in one form or another, often resulting in the loss of customers, too.
First BankAmericano, Elizabeth, New Jersey became the second in New Jersey to fail, 67th in the US. First BankAmericano's six branches will reopen on Saturday as branches of Crown Bank. Depositors of First BankAmericano will automatically become depositors of Crown Bank, Brick, New Jersey.
http://maps.google.com/maps?q=elizabeth,+new+jersey&sourceid=navclient-ff&rlz=1B3GGGL_enUS288US288&um=1&ie=UTF-8&split=0&gl=us&ei=aph0SufWGZLgtgOenLjVDg&sa=X&oi=geocode_result&ct=image&resnum=1
As of July 16, 2009, First BankAmericano had total assets of $166 million and total deposits of approximately $157 million. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $15 million.
http://www.fdic.gov/news/news/press/2009/pr09136.html
First State Bank of Altus, Altus, Oklahoma becomes the first bank in Oklahoma to fail this year; with the FDIC with Herring Bank, Amarillo, Texas assuming assumption. As of June 19, 2009, the six offices of First State Bank of Altus had total assets of $103.4 million and deposits of approximately $98.2 million. In addition assuming all of the deposits of the failed bank, Herring Bank will purchase approximately $64.4 million in assets.
http://maps.google.com/maps?sourceid=navclient-ff&rlz=1B3GGGL_enUS288US288&q=Amarillo,+Texas&um=1&ie=UTF-8&split=0&gl=us&ei=Bpl0Svy_DpSksgOIhNH7CA&sa=X&oi=geocode_result&ct=image&resnum=1
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.2 million
http://www.fdic.gov/news/news/press/2009/pr09133.html
Integrity Bank, Jupiter, Florida became the fourth to close this year, number 66th in the US. Stonegate Bank, Fort Lauderdale, Florida, to assume all of the deposits of one bank office. As of June 5, 2009, Integrity Bank had total assets of $119 million and total deposits of approximately $102 million. Stonegate Bank paid a premium of 0.20 percent to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, Stonegate Bank agreed to purchase approximately $52 million of assets. http://maps.google.com/maps?q=Fort+Lauderdale,+Florida&sourceid=navclient-ff&rlz=1B3GGGL_enUS288US288&um=1&ie=UTF-8&split=0&gl=us&ei=LZl0SpqaO4PosQO-hvHpCA&sa=X&oi=geocode_result&ct=image&resnum=1
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $46 million
http://www.fdic.gov/news/news/press/2009/pr09134.html
Mutual Bank, Harvey, Illinois, was closed today by the Illinois Department of Financial Professional Regulation - Division of Banking becoming the 69th FDIC-insured institution to fail in the nation this year, and the thirteenth in Illinois.
Mutual Bank's 12 branches reopened on Saturday. As of July 16, 2009, Mutual Bank had total assets of $1.6 billion and total deposits of approximately $1.6 billion. The FDIC and United Central Bank, Garland, Texas, entered into a loss-share transaction on approximately $1.3 billion of Mutual Bank's assets.
The bank's president, Amrish Mahajan, reportedly was a top fund-raiser for ex-Gov. Rod Blagojevich. He also allegedly had ties to former Blagojevich fund-raiser Antoin "Tony'' Rezko, who was indicted last year on federal charges stemming from an alleged fraud scheme involving state pension money. Mutual Bank, records show, has lent money to Rezko.
In 2005, Mutual Bank held the mortgage on a lot that Rezko's wife, Rita, bought next to then-U.S. Sen. Barack Obama's South Side house. Mahajan's wife, Anita, was indicted in 2007 on charges that she bilked the state out of more than $2 million in services that her now-defunct Chicago drug-testing company never performed.
United Central Bank will share in the losses on the asset pools covered under the loss-share agreement. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $696 million.
http://www.fdic.gov/news/news/press/2009/pr09137.html
Peoples Community Bank, West Chester, Ohio, was closed by the Office of Thrift Supervision. The 19 branches of Peoples Community Bank, Hamilton, Ohio, will reopen on today, Monday, as branches of First Financial Bank, N.A. Depositors of Peoples Community Bank will automatically become depositors of First Financial Bank, N.A.
http://maps.google.com/maps?q=Fort+Lauderdale,+Florida&sourceid=navclient-ff&rlz=1B3GGGL_enUS288US288&um=1&ie=UTF-8&split=0&gl=us&ei=LZl0SpqaO4PosQO-hvHpCA&sa=X&oi=geocode_result&ct=image&resnum=1
As of March 31, 2009, Peoples Community Bank had total assets of $705.8 million and total deposits of approximately $598.2 million. First Financial Bank, N.A. will pay the FDIC a premium of 1.5 percent to assume all of the deposits of Peoples Community Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $129.5 million. This is the first bank to fail in Ohio this year, number 67 in the US.
http://www.fdic.gov/news/news/press/2009/pr09135.html
List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html
 (Leasing News provides this ad "gratis" as a means to help support the growth of Lease Police) |
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News Briefs----
AIG Plane Unit, Lender Reduced by Moody's, May Be Cut to Junk
http://www.bloomberg.com:80/apps/news?pid=20601103&sid=aTWHd2Mc54B0
Congress ready to probe $183.5 BB of AIG
http://www.nypost.com/seven/08022009/business/cah_for_a_clunker_182611.htm
Genesis Q2 net income falls 47%
http://www.airfinancejournal.com:80/Article/2265416/Channel/19894/Genesis-Q2-net-income-falls-47.html
Economists: Vegas's good times are over
http://www.upi.com/Business_News/2009/08/02/Economists-Vegass-good-times-are-over/UPI-47991249249478/
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Now on YouTube, Local News http://www.nytimes.com/2009/08/03/business/media/03youtube.html?_r=1&ref=business
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California Nuts Briefs---
California State workers union gives leaders permission to strike
http://www.sacbee.com/capitolandcalifornia/story/2075514.html
Union Leaders say no plans for a strike/negotiate new contract
http://www.latimes.com/news/local/la-me-union2-2009aug02,0,2450021.story
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Sports Briefs----
Woods' win gives Buick Open fans reason to cheer
http://www.kansascity.com/sports/story/1360488.html
Phelps Outshines Those Dressed For Success in Rome
http://www.nytimes.com/reuters/2009/08/03/sports/sports-uk-swimming-world-review.html
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"Gimme that Wine"
Zinfandel - back to its roots
http://www.napavalleyregister.com/articles/2009/07/31/wine/pierce_carson/doc4a727b062c06c933906253.txt
New York moves to allow wine in supermarkets
http://www.decanter.com/news/287120.html
Modern Napa: Contemporary Winery Tasting Rooms
http://www.examiner.com/x-4791-SF-International-Travel-Examiner~y2009m7d28-Modern-Napa-Cool-Tasting-Rooms
NZ wine glut puts pressure on prices
http://www.smh.com.au/executive-style/top-drop/nz-wine-glut-puts-pressure-on-prices-20090729-e1m3.html
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
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/
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Today's Top Event in History
1963 - Warner Brothers Records released comedian Allan Sherman's summer camp parody, "Hello Mudduh, Hello Fadduh! (A Letter from Camp)". The song would go to number two on the pop charts on August 14, 1963.
[headlines]
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This Day in American History
1492--- Christopher Columbus ( Christophe Colombo ) set sail half a hour before sunrise from the harbor of Palos, Spain. With three ships, Nina, Pinta and Santa Maria, and a crew of 90, he sailed
“for Cathay” but found instead a New World of the Americas, first landing at Guanahani ( San Salvador Island in the Bahamas ) October 12. He returned 224 days later, on March 14, 1493, to Lisbon, where he dispatched two letters of identical content, one to Raphael Sanchez and the other to Luis de Santangel, to describe the new world he had discovered. While he never set foot on the mainland of the United States or even called it America, he described what he thought were
islands of China. He was to return to the area three more times. During his fourth and final expedition (1502-1504) Columbus ( who’s Italian name was Cristo Columbo---history changed it to Columbus
on a map written in Latin ) discovered Martinique, and explored the coasts of present-day Honduras, Nicaragua, Costa Rica, and Panama.
(lower part of http://memory.loc.gov/ammem/today/aug03.html )
1492-The first letter containing a description of America was probably written by the explorer Christopher Columbus. He dispatched two letters of identical content, one to Raphael Sanchez and the other to Luis De Santangel. The first use of the word “America” came from German mapmaker Martin H. Waldessmuller, who named the new land in a map in the honor of Italian explorer Amerigo Verspucci of his discoveries in South America. Other map makers took copies his maps
and names, including “America.”
1610 --Henry Hudson of England discovers a great bay on the east coast of Canada and names it for himself.
1804 - US Commodore Edward Prebble's squadron bombarded Tripoli inflicting heavy damages on the city though this engagement would be indecisive. In the late summer of 1804 President Thomas Jefferson sent Commodore Edward Preble and Captain Stephen Decatur with the Constitution, three brigs, three schooners, two bombs and six gunboats, manned by only 1,060 men to attack Tripoli. That Moorish city, at that time, was well walled, protected by judiciously constructed batteries mounting 115 pieces of heavy cannon, and defended by 25,000 Arabs and Turks. Besides, the harbor was encircled by 19 Moorish gunboats, two gallies, two schooners of eight guns each and a brig carrying 10 guns, forming a strong line of defense at secured moorings and extending more than two miles in length. Although energetically executed, Preble's attacks highlighted the difficulty of winning with bombardment. First, he had no intelligence on how the defenders were holding up under the attacks. More fundamentally, lacking any ground force to put ashore and compel capitulation, Preble had to hope that the enemy would decide to give in rather than endure. (My son Dash
is a plank holder of the USS Prebble, named after the Commodore.)
1882 -- Congress passes the Immigration Act, banning Chinese immigration for ten years.
1900- Ernie Pyle was born at Dana, MN, and began his career in journalism in 1923. After serving as managing editor of the Washington Daily News, he returned to his first journalistic love of working as a roving reporter in 1935. His column was syndicated by nearly 200 newspapers and often focused on figures behind the news. His reports of the bombing of London in 1940 and subsequent reports from Africa, Sicily, Italy and France earned him a Pulitzer Prize in 1944. He was killed by machine-gun fire at the Pacific island of le Shima, Apr 18, 1945.
1900- Central figure in a cause célèbre (the “Scopes Trial” or the “Monkey Trial”), John Thomas Scopes was born today at Paducah, KY. An obscure 24-year-old schoolteacher at the Dayton, TN, high school in 1925, he became the focus of world attention. Scopes never uttered a word at his trial, which was a contest between two of America’s best-known lawyers, William Jennings Bryan and Clarence Darrow. The trial, July 10—21,1925, resulted in Scopes’s conviction. He was fined $100 “for teaching evolution” in Tennessee. The verdict was upset on a technicality and the statute he was accused of breaching was repealed in 1967. Scopes died at Shreveport, LA, Oct 21, 1970.
1904—Use of “American” as an adjective instead of “United States” was officially recommended by John Hay, secretary of state, who instructed American diplomatic and consular officers to adopt it.
1911--Danish woodcarver Charles Looff delivered the classic carousel to the Santa Cruz Beach Boardwalk, California.. A furniture-maker by trade, Looff began carving carousel animals as a hobby after immigrating to America. His first carousel was installed at Coney Island in New York in 1875. The Boardwalk carousel features jeweled horses and a 342-pipe Ruth band organ built in 1894. The carousel and the park’s Giant Dipper roller coaster were designated National Historic Landmarks by the US National Par
1923 - Calvin Coolidge was sworn in as the 30th president of the United States, following the death of Warren G. Harding. It took several hours for the news of President Warren G. Harding's death in California to reach the small town of Plymouth, Vermont, where he was enjoying a short vacation, but by 2 a.m., Coolidge was told that Harding was dead. Traditionally, the president is sworn in by the chief justice of the Supreme Court--but he slept 500 miles away. At 2:30 a.m. on August 3, 1923, Coolidge's father, a notary public, administered the oath of office to his son by the light of a kerosene lamp.
http://memory.loc.gov/ammem/today/aug03.html
1926 --Tony Bennett Birthday, born Anthony Tony Benedetto, New York, NY.
http://www.jazzdiscography.com/Artists/Bennett/
http://www.tony-bennett.com/newsFr.html
http://www.tonybennettart.com/index2.html
1946---Top Hits
The Gypsy - The Ink Spots
Doin’ What Comes Naturally - Dinah Shore
They Say It’s Wonderful - Frank Sinatra
New Spanish Two Step - Bob Wills
1948 --Negro League legend Satchel Paige makes his major league debut hurling seven innings to lead the Indians over the Senators, 5-3.
1954 - For that time, a record divorce settlement was awarded to Mrs. Barbara (Bobo) Rockefeller when her ex, Winthrop Rockefeller, was ordered to pay $5,500,000 to his ex-wife.
1954---Top Hits
Sh-Boom - The Crewcuts
The Little Shoemaker - The Gaylords
Hey There - Rosemary Clooney
One by One - Kitty Wells & Red Foley
1958 - The submarine USS Nautilus began the first crossing of the Arctic Ocean under ice cap. With a crew of 116 men, the Nautilus was commanded by William R. Anderson. The Nautilus was the world's first nuclear powered submarine.
1959-"A Big Hunk of Love" becomes Elvis Presley's fourteenth straight Gold record.
1962---Top Hits
Roses are Red - Bobby Vinton
The Wah Watusi - The Orlons
Sealed with a Kiss - Brian Hyland
Wolverton Mountain - Claude King
1963 - The college football all-stars beat the Green Bay Packers 20-17. It was a huge upset as the college team had been underdogs with odds of 50-1.
1963 - It was the final appearance at the Cavern Club in Liverpool, England for The Beatles as they weres about to leave their hometown for world fame and fortune.
1963 - Capitol Records released The Beach Boys’ song, "Surfer Girl". It became one of their biggest hits, making it to number seven on the hit music charts on September 14, 1963.
1963 - Warner Brothers Records released comedian Allan Sherman’s summer camp parody, "Hello Mudduh, Hello Fadduh! (A Letter from Camp)". The song would go to number two on the pop charts on August 14, 1963.
1965 - No. 1 Billboard Pop Hit: ``I'm Henry VIII, I Am,'' Herman's Hermits. The song was written in 1911 by Fred Murray and R.P. Weston and was popularized at the time by Cockney comedian Harry Champion.
1968—Birthday of Rodney Roy “Rod” Beck, baseball player, born Burbank, Ca.
1967 -- President Lyndon B. Johnson announces plans to send 45,000 more troops to Vietnam.
1968 - "Hello, I Love You," recorded by The Doors, jumped into the top spot on Billboard's hit record charts, and stayed there for 2 weeks.
1970 - Hurricane Celia struck the coast of Texas producing wind gusts to 161 mph at Corpus Christi, and estimated wind gusts of 180 mph at Arkansas Pass. The hurricane was the most destructive of record along the Texas coast causing 454 million dollars damage, and also claimed eleven lives
1970---Top Hits
(They Long to Be) Close to You - Carpenters
Make It with You - Bread
Signed, Sealed, Delivered I’m Yours - Stevie Wonder
Wonder Could I Live There Anymore - Charley Pride
1971-Ringo Starr receives a gold record for "It Don't Come Easy." He wrote the tune himself.
1975 - No. 1 Billboard Pop Hit: ``Jive Talkin','' The Bee Gees.
1978---Top Hits
Shadow Dancing - Andy Gibb
Baker Street - Gerry Rafferty
Miss You - The Rolling Stones
Only One Love in My Life - Ronnie Milsap
1979 - "Tonight Show" host Johnny Carson, appeared on the cover of the Burbank, California telephone directory.
1979-The Knack hit the top of both the album and singles charts, with their LP, "Get The Knack" and the single, "My Sharona."
1979 - Jai-alai player Jose Ramon Areitio threw the fastest ball ever recorded at a speed of 188 mph (301 kph). Jai-alai is a sport that originated in the Basque region of Spain and France, and it consists of throwing a ball with a long, curved basket against a wall.
1979-The Knack hit the top of both the album and singles charts, with their LP, "Get The Knack" and the single, "My Sharona.
1981 - United States air traffic controllers went on strike, despite a warning from President Ronald Reagan that they would be fired.
1984 - At the 1984 Olympics held in Los Angeles, American Mary Lou Retton won gold in all-around gymnastics.
1985 - Mail service was reinstated to Paradise Lake, Florida, a nudist colony, after residents promised they would wear clothes or at least stay out of sight when the mailperson came to deliver.
1985-Bruce Springsteen's "Glory Days" peaks at #5 on the chart, while Sting's "If You Love Somebody Set Them Free" peaks at #3
1986---Top Hits
Glory of Love - Peter Cetera
Papa Don’t Preach - Madonna
Mad About You - Belinda Carlisle
Nobody in His Right Mind Would’ve Left Her - George Strait
1987 - Joe Niekro got a 10 day suspension for throwing scuffed baseballs. At first he denied the charge made by the home plate umpire, but changed his tune when an emery board fell out of his pocket during an inspection.
1987 - The Iran-Contra congressional hearings ended, with none of the 29 witnesses tying President Ronald Reagan directly to the diversion of arms-sales profits to Nicaraguan rebels.
1987-Def Leppard releases their "Hysteria" LP.
1988-Steve Winwood's "Roll With It" hits #1 on the chart. Billboard ranks this the top song of the year.
1989 - Thunderstorms representing what remained of Hurricane Chantal drenched Wichita, KS, with 2.20 inches of rain in four hours during the early morning. Thunderstorms developing in Minnesota produced wind gusts to 85 mph at Baudette during the afternoon, and softball size hail at Lake Kabetogama, during the evening. Jamestown, ND, reported a record hot afternoon high of 103 degrees
2002 --In just the first four innings, Edgar Martinez ties a the major league record for sacrifice flies in a game with three. The Mariners' designated hitter becomes the 11th player in history to accomplish the feat doing it in his first three at-bats in Seattle's 12-4 victory over the Indians.
2006--- The 715th home run ball hit by Barry Barry Bonds to pass Babe Ruth for second place on the all-time career list fetches $220,100 during an 10-day EBay auction. The money, which will go to Andrew Morbitzer, the fan who caught the ball, is much less than the $800,000 dished out in 2004 for the ball the Giants left fielder's hit for his 700th career homer
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Baseball Poem
Life
by Jim "Mudcat" Grant
Life is like a game of baseball
And you play it every day.
It isn't just the breaks you get,
But the kind of game you play.
Stop and look the whole team over,
You've got dedication there.
You're bound to be a winner,
With men who really care.
Your pitcher's name is courage,
You need him in this game.
For trust and faith your keystone men,
The grounders they will tame.
Your centerfielder is very fast,
Though small and hard to see.
So watch him when he gets the ball,
He's opportunity.
At first base there's religion,
He's stood the test of time.
At third base there is brotherhood,
A stalwart of the nine.
Your leftfielder is ambition,
Don't ever let him shirk.
Rightfielder is a husky man,
You'll find his name is work.
Your catcher's name is humor,
He's important to the scheme.
While honor is pitching from the bull pen,
Your game is always clean.
With love on your bench,
You've perfection, no less.
And a winning team,
With joy and happiness.
The other team is strong,
Greed, envy, hatred, and defeat
Are four strong infielders you'll have to buck,
To make your game complete.
Discouragement and falsehood,
Are the big boys in the pen.
You'll have to swing hard,
When you meet up with them.
Carelessness and a man called waste,
You'll find them playing hard.
And selfishness and jealousy,
None can you disregard.
There's one more man you'll have to watch,
He's always very near.
He's the pitcher for this team,
I'm told his name is fear.
The game will not be easy,
There'll be struggle, there'll be strife.
To make the winning runs,
For it's played on the field of life.
So stand behind your team,
There'll be many who'll applaud.
Just remember you are the player,
And the umpire there is God.
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SuDoku
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
http://leasingnews.org/Soduku/soduko-main.htm
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Daily Puzzle
How to play:
http://www.setgame.com/set/puzzle_frame.htm
Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm
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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx
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Weather
See USA map, click to specific area, no commercials
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Traffic Live---
Real Time Traffic Information
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You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live
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