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Your
One stop solution for training and reference material for the
Leasing Professional
www.theleasinglibrary.com |
August
11,2004
Headlines---
Classified
Sales----Sales Manager
Archives--Metrolease
Ceasing Operations
Washington
Mutual Exits Equipment Leasing
NorVergence
Customers Unite Against Leasing Companies
Local
Business Papers Pick Up the Story
Lessors…The Construction Leasing
Marketplace
DVI
Recoveries Show Promise---ABSnet
Cornerstone
Software Helps Bay4 Capital with Comdisco
######## surrounding the article denotes it is a “press
release”
Note:
No new two week ”Help Wanted”
Classified ads will be posted after Next Monday until September 8th
due to no publication “Labor Day” week. Kit Menkin will be on vacation. If you want to post
a “help wanted ad,”
please do before the end of this week.
-------------------------------------------------------------------------------
|
|
Classified
Sales----Sales Manager
Atlanta,
GA
30 years in transportation Finance with strong management/ sales background. Represented company on national & region markets. Started two successful operations- produce profits and growth.
Email:
pml@mindspring.com
Chicago,
Illinois
Twenty
plus years. Senior sales and marketing management most recently Building
"businesses" from scratch. Leveraging leadership, administrative,
operations, financial, auditing background. WANTED: challenging new
opportunity.
Email:
edok@sbcglobal.net
Dallas/Fort
Worth, TX.
Domestic-int'l exp. Small to middle ticket. 24 yrs with Fortune 500 firms(2). Consistently achieves margin/ volume goals.
Email:
mfdp1101@charter.net
New
York, NY
I have over 25 years owning an independent leasing company that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors, etc..
Email:
rfleisher@rsrcapital.com
Pennsauken,
NJ.
17 Years Leasing in all capacities from CSR and Collections to National Sales Management and Vice President Vendor Development. Exceptional People Skills. Many industry references.
Email:
cherfurth1@aol.com
Portland, OR.
18+ yrs w/bank leasing company. Supervised 14- 20 sales people. Willing to relocate for the proper position.
Email:
pthygeson@netscape.net
Seattle,
WA
Senior level sales professional w/ (20) plus experience in mid market financing & leasing. The last (8) plus years being self employed in middle market brokerage.
Email:
markhenley@qwest.net
Full Listing: http://64.125.68.90/LeasingNews/JobPosting.htm
If you are seeking a job, you may post a “free”
ad at:
http://64.125.68.90/LeasingNews/PostingForm.asp
-------------------------------------------------------------------------------
Archives—August
11,2000--Metrolease Ceasing Operations
John Blazek, former vice-president, Metrolease
“This
story has been floating around the internet for several months with
both UAEL (United Association of Equipment
Leasing)
and NAELB (National Association of Equipment
Leasing
Brokers ) Standard Committees
looking into alleged charges of "double funding" allegedly
between Lasalle Bank and Textron; alleged leases not being funded and
brokers not receiving commissions. No one has wanted to go on the record
about what is going on, and Metrolease has never returned e-mail, telephone
calls, or faxes regarding this. The rumor was the company would be going
out of business.
“This
is from a highly regarded funding source:
"’
I spoke to John Blazek last week and confirmed that they are closing
down operations and are running under a skeleton crew. The owner has
already begun the operations of another company operating as a funding
source....name has not been disclosed. John will help close operation.’
“John
Blazek is the vice-president of the company. He formerly was president
of Stratford Leasing, which he also closed down.”
--------------------------------------------------------------------------
Washington
Mutual Exits Equipment Leasing
As
reported by Leasing News last December in the Washington Mutual
Financial
Corporation purchase by Citigroup
there would not only be cuts in branches but
products, such as leasing. It was competing in the
$250,000
to $15,000,000 market place.
A news
“sales manager” was hired along with salesmen in
key states,
but it was not long that they ran into a wall.
Leasing
News was not able to obtain a comment at the
time,
or recently, as it was reported they were in trouble
making
deals.
The
Citigroup press release December 2nd,
2003 on the purchase
of
the Financial Corporation:
“Operational
synergies include some branch consolidation (about 30% of branch closures),
funding cost benefits and enhancements to centralized processing systems.
Processing enhancements will result from a combination of both WAMU
Finance and CitiFinancial practices.
“Citigroup
expects future revenue growth from the acquisition by targeting an attractive
group within nonprime markets and stronger pricing. Integration risk
is low given the expertise previously demonstrated by Citigroup. “
The
release of salesmen, several who have advertised
in
Leasing News classified ads, was an indication that
the
leasing department was also going to go “bye-bye.”
They were reportedly not competitive in speed, credit
comfort,
and
pricing in the marketplace they chose, according to reliable sources.
Washington
Mutual states the closure of the 53 commercial locations will occur
between August 20th and October
29th
with
from 850 to 1,000 employees let go.
The following
14
states are affected: Arizona, California, Colorado, Florida, Georgia,
Idaho, Illinois, Nevada, New Jersey, New York, Oregon, Texas, Utah and
Washington
 MARKETING INDIRECT ORIGINATION: New York. One of the largest ind. equip.lessors needs motivated, self-starter to purchase single investor leases from institutional investors; min.transaction $1 million; portfolio of primarily investment grade lessees/good "story credits". Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge of credit and pricing. E-mail: jobposting1@leasingnews.org |
-------------------------------------------------------------------------------
NorVergence Customers Unite Against
Leasing Companies
by
Christopher Menkin
“...
the sales scheme we were given; they sell systems and services... Now
all we need to do is tie them both together in the lease agreement which
is what I was told by the salesman. The two payments; one to NorVergence
was for the cell phones; and the other to the leasing company which
was for the Matrix and the T1 services with data, etc. it may not be
what the leasing companies were told; but it surely was what my company
was told...
....
I know the numbers are growing here in North Carolina and I do
believe this is a nation-wide scandal of which we have never seen. Sure
the leasing companies are at a loss also; but so are the small businesses
we not only are paying for something that is useless; but all the lost
revenue and time for scrambling to get our services back...”
( “name
with held” )
... I am sure
there will be some type of settlement; maybe when we find the true value
of the equipment; we may have to settle for that as well as the leasing
companies; as I feel it will be hard for any court/judge to make a decision
on a equipment rental that does not have but 1/4th the value of said
equipment; so maybe it will turn out that the companies (us) may have
to eat the actual cost of the equipment and the leasing companies eat
the rest as they too should have done their homework on the true cost
of said equipment???”
(name
with held )
“My first payment is due today. No service, of course. We are Seniors, about to
retire :( and want to do the "right" thing, legally and ethically
and the thing that will be in our favor when the courts rule against
this. If we start the payments, we are in for the full $15,000. They
offered a buy out of $8,440. If we sign those papers, we are locked
in for good.”
( name with held )
“I was contacted by US Bancorp. Our outstanding lease payments
are $41,000. Their first offer to me was to settle for $12,000.
I am hoping to do better if I settle.”
(name with held )
“US Bancorp contacted me today to offer a buyout on our lease agreement.
Our balance of outstanding payments is $67,536.
They offered to settle for $38,000.
I countered with $25,000, and they countered with $30,000.
I told them I would have to discuss with my attorney. My impression is they will take the $25,000
if I stick with it.
“I think this amount sucks, but I am expecting my attorney to tell
me that this is probably the least damage I can expect. The cost of a lawsuit would easily exceed $25,000
if not the whole $67,000.”
( name with held )
“Why
don't you do a little investigative reporting and find out
what
the leasing companies knew as they partnered with Norvergence in this
scam. Find out about Robert Fine and his role at
working both
sides. Certainly he was an insider at Norvergence
and knew the magic
Matrix
had nothing to do with telecommunications.
Certainly, he knew
that
the leasing companies were paying crazy amounts for equipment
worth
only a fraction of what they were paying.
Certainly the
leasing
companies knew that the lessees were paying for service, and
not some
piece of worthless equipment. Why
don't you do your job and find out exactly why the leasing companies
performed no due diligence on the equipment they bought.
“We all
know about how powerful the leasing companies can be. But the contracts were all
based on fraud and deception and I certainly hope that will mean something
to the courts. I suspect the
leasing
companies,
in spite of their legal brass, are sincerely worried. Why
don't
you report on that subject????”
The list
serves and internet are burning up with emotional
feelings
about being “robbed.” They report
contacting
all the
local and state law enforcement offices, their
congressmen,
as they believe this is “re-election”
time
and their voice will be heard louder than
any other
time.
In the meantime, the Telecom
Agents
Association has formed a “legal co-op” with over
50 members
at this printing, all putting in a minimum of
$995
or the sum of their first two lease payments.
This is a one-two-three
step operation where they most likely will choose their "battles,"
such as all the contracts on NorVergence documents that were assigned
or sold to leasing companies.
They are considered
the most vulnerable.
Then there is the
second set, those "sold" by NorVergence salesmen, who may
be recognized as independent agents, or maybe not, and their verbal
promises, in certain states, may be considered part of the contract,
or the reason the contract was signed.
Then contracts where
everything was "not" delivered and the contract was not fulfilled.
The Telecom Agents
Association is a bona fide organization and will have much talent in
their effort. They have support from their industry, and former
NorVergence customers.
While
Leasing News has been writing about NorVergence, so did
the Telecom
Agent Association, and they had to walk a "legal line,'
even
though a closed and association format.
There
are some other groups trying to start, but the first one,
established,
organized, and to the benefit of its profession,
has undertaken
a move that other associations should take:
find
ways to help their members and their members customers
and their
industry.
|
|
Local
Business Papers Pick Up the Story
Meanwhile
local business newspapers such as the Houston Business
Journal
are picking up the local angle to the story:
Bankruptcy
disconnects telecom customers
by Mary Ann Azevedo
Houston
Business Journal
Nearly
1,000 small businesses in the Houston area have been stuck with hefty
bills following a bankruptcy filing by a Newark, N.J.-based telecommunications
company.
NorVergence
Inc., which had operated a Houston office, sold phone and Internet service
to an estimated 947 companies in the Houston area over the past year.
NorVergence
filed bankruptcy on June 30 after three of its creditors brought involuntary
Chapter 11 proceedings against the company. NorVergence went on to file
Chapter 7 bankruptcy on July 14, according to a filing with the U.S.
Bankruptcy Court in New Jersey.
Now,
11,000 small businesses in more than 20 states owe thousands of dollars
to third-party creditors for services that they say were not delivered
and for equipment that is now inoperable.
NorVergence
targeted small business owners with good credit records. The company's
salespeople, called screening managers, not only sold telephone and
wireless service which the company bought wholesale from large carriers
such as Qwest and Sprint -- they also pitched the company's "solution,"
a box which allocated bandwidth over a T1 line.
What
many customers apparently didn't know was that the service was unrelated
to the box. And some customers claim the box, which they paid to lease
from the company, had no function.
Many
customers purchased the box without knowing it could not be used by
other phone providers and got locked into five-year leases with a bank,
which had purchased the leases from NorVergence.
NorVergence's
attorney, Bruce D. Buechler of Lowenstein Sandler PC, did not return
telephone calls. A recorded message at NorVergence's Houston office
refers callers to Qwest. A recording on the New Jersey phone number
for NorVergence alerts callers that the company is in bankruptcy.
Meanwhile,
the Houston Chapter of the Associated General Contractors is one organization
that says it got burned.
Ada Lam,
the chapter's executive director of finance and administration, says
AGC was impressed with the idea that it would save $600 a month in telecom
bills by switching to NorVergence. But the group quickly realized something
wasn't right.
## Press Release ##############################
FCC Line Charge Should Be Removed from All Phone Bills, Teletruth Charges
Teletruth Files First Complaint Under the Data Quality Act at FCC — The FCC Line Charge Increases Had Inadequate
Cost Support — Quintuple Taxed as Well.
Teletruth Files Second Petition with the FCC Over 'Truth-In-Billing".—
FCC Line Charge Doesn't Go To Fund the FCC.
New York --- Teletruth, a nationwide customer alliance, today petitions
the FCC, under the Data Quality Act, to remove and cost justify the
FCC Line Charge located on every residential and business telecommunications
phone bill per line.
This appears to be the first "Data Quality Act" challenge at the
FCC, which was established in 2002 for parties to question the data
provided by a regulatory agency and request corrections.
"Since 2000, residential and small business customers have had an 86%
increase in this one charge, from $3.50 to $6.50 a line. That comes
to adding $14.3 billion to household charges --- about $125 a line,
counting numerous taxes and surcharges," states Bruce Kushnick,
Chairman of Teletruth.
"Our challenge to the FCC under the Data Quality Act is based on our
conclusion that flawed, selective, statistical analysis has maintained
then increased this charge over the last two decades without adequate
cost support. We are calling for an investigation into the data and
analysis used for the increases," adds Tom Allibone, Teletruth,
Director of Auditing. "In fact, there are studies done in 1998
that seem to indicate that the original starting price to customers
was inflated."
This challenge should not come as a surprise to the FCC. Commissioner Copps,
in 2002 wrote:
"I am troubled that consumers will face an increase in the line charge
on their local bill without the Commission undertaking a thorough analysis
of forward-looking cost data. In 2000, when the Commission adopted access
charge reform for price cap carriers, the Commission pledged that it
would initiate and complete before July 1, 2002 a cost review proceeding
to ensure that consumers are not overpaying for telecommunications services.
This has not been done. Carriers were required to provide, and the Commission
stated that it would examine forward-looking cost data. A significant
number of carriers, however, submitted summary data without disclosing
the inputs used, cost models that were not transparent, or in some cases,
models that have been rejected by the state commissions….The Commission
then failed to conduct its own independent analysis of the cost data.
By failing to undertake the thorough analysis of cost data that was
promised in the access reform order, we are neglecting our obligation
to consumers."
More importantly, the data used for this change was totally without any
merit. The phone companies only submitted "summary" data with
no back up cost support. Meanwhile, NASUCA, (the National Association
of State Utility Consumer Advocates) found that literally 76% of the
population would be paying excess charges when this fee was raised above
$5.00.
Mislabeling the Slush Fund: Truth-in-Billing.
In a second claim, Teletruth has filed a petition under the "Truth-in-Billing"
guidelines, claiming that the labeling of this charge leads most consumers
to believe this charge is funding the FCC, but in fact, it is unmarked
revenue to the local phone companies.
"Besides the lack of cost support, everything about this charge is
misleading. For example, it is not included in the advertised cost of
packages. It is stuck in the "Surcharges and Taxes" section
on the Verizon New York phone bill, though it is not a tax or a surcharge,
and in New Jersey it is in "Basic Service", which is also
wrong," stated Tom Allibone of LTC Consulting and Director of Audits
for Teletruth. And when the phone companies talk about rate increases,
they never include it, even though it went up 86%."
"To top it off, in our survey, we found that it was quintuple taxed
in New York City and other states. In New York City, it adds an additional
27% to the cost. In fact, it is taxed a "Universal Service Fund"
charge, among other taxes and surcharges, even though it is in the "Surcharges
and Taxes" section of the Verizon, New York City phone bill,"
adds Kushnick.
Summary of Problems with the FCC Line Charge? This charge is on every wireline
residential and business phone bill in America.
It has at least 10 names across the US, from FCC Line Charge to "SLC".
The advertised price for a bundled "package" does not include
this charge. It does not go to fund the FCC as is the common belief.
It has continually increased over the last three years - 86% since 2000.
it is quintuple taxed in New York City adding 27% to the cost.
It is unmarked revenue of billions of dollars back to the phone companies.
The FCC never conducted a full cost analysis as to why it should be
on the bill. It is not "mandated" or "ordered" by
the FCC.
It is not part of "Basic" service, even though it’s on many state
phone bills. It's not a tax, even though it's in the "Surcharges
and Taxes" section of the NY Verizon bill, and some other states.
It is not controlled by the state commission even though Verizon NJ says
it is. Verizon stated publicly that local phone service hasn't increased
in 11 years in New York and 20 years in New Jersey. — They didn’t include
the charge. A study done in 1998 indicates that this charge could be
inflated 550%. The FCC is now entertaining plans to raise the charge
per month in 2004.
Teletruth's recent new report "Phone Bill Independence" and the
new fact-based expose/ novel "The Dirty, Little, Secret Lives of
Phone Bills", explains the FCC Line Charge in detail.
For more information see
call 212-777-5418.
Teletruth is an independent, nationwide, customer alliance and is not funded
by any telephone company, lobbying or astroturf group or association.
Teletruth is a member of the FCC Consumer Advisory Committee.
#### Press Release ##############################
-------------------------------------------------------------------------------
|
|
"What Lessors Are Saying About…The Construction Leasing Marketplace"
ELT News ( Equipment Leasing Association
)
ELA and R.S. Carmichael & Co., Inc., a marketing research and management
consulting firm, released a report the other week, Construction and
Agricultural Equipment Leasing, 2004: U.S. Market Dynamics and Outlook.
The construction market, in particular, resumed its growth in 2003 and
is forecast to grow eight to 10 percent in 2004 and 2005. Construction
equipment lease financing is projected to reach $12.5 billion in 2004
and reach $13.5 billion in 2005. This compares to $11.4 billion in 2003,
and $10.5 billion in 2002. E-news asked a few lessors what they were
experiencing in the market.
Ed Hetherington, president of Ingersoll-Rand Company also said “We are seeing
very positive signs of increased sales. It is attributable to the economic
rebound and the pent up demand for new equipment. The rental market
is also starting to rebound.”
Rob Stowers of Altec Capital Services LLC said they have experienced increases
in general construction equipment (yellow iron), utility infrastructure
and other specialty equipment manufactured by Altec. “"Our business
has improved significantly during the first seven months of 2004. Our
funded volume is up 25 – 30 percent, credit applications have more than
doubled in both dollar volume and in number of applications compared
to the same period in 2003. In addition, credit losses are substantially
lower than in 2003. We anticipate our annual funded volume and profitability
to be 30 percent greater in 2004 versus 2003."
“Pent up demand is one of the largest contributors to the rebound,” said
Troy Price, Vice President of CE Financial Services, CNH Capital, but
he also cited that this market is becoming more astute in how they manage
their balance sheet. “We see this market beginning to use leasing more
as a financing mechanism. Customers are beginning to take advantage
of leasing products. Leasing gives them better use of their cash, and
customers are getting better at managing risk.”
Mark Manning, Customer Business Center Manager, Caterpillar Financial, added,
“There is growing demand from contractors who have delayed purchasing
equipment, keeping machinery longer than they normally would. As the
economy improves, then the opportunity for work associated with infrastructure
projects returns. As contractors' backlogs deepen, the future looks
brighter and they are more inclined to make those replacement purchases.
They feel more comfortable committing to debt or long-term lease agreements
to replace their tired iron. All of those things are working in combination
to create a fairly robust marketplace right now in the construction
sector."
He
also added, "The general economic rebound, combined with renewed
fiscal budgets of the states, which contribute a lot to construction
and large infrastructure projects, is improving the marketplace. Before
2003, many projects were on hold because state budgets were reduced
and federal match-funding requirements could not be met. States had
to prioritize projects based on the limited resources available, but
an improving economy and tax revenues are allowing states to open these
projects again, which positively impacts the construction sector.”
Said
Jim Gavaghan, Region Manager, GE Commercial Equipment Financing, “A
good deal of the construction companies that we speak to and do business
with have been attributing a lot of the rebounding to demand, most of
it coming from public projects (e.g., roads, schools, bridges and downtown
projects). In some regions we serve, companies are also seeing a large
amount of work on residential development projects.
“Of
course, different regions across the country are experiencing different
levels of rebounding,” Gavaghan added. “And, each region has a different
take on factors that contribute to the rebound. For example, in the
Southwest, EPA / FERC emission credits are incenting operators to retire
older units. They get a credit or grant from the government toward a
new purchase if the old unit is put out of service.
He
continued, “In the Ohio/Western Pennsylvania region, construction companies
acknowledge an overall pick-up in demand, but still see the commercial
sector as being weak. The commercial side does seem to be improving
somewhat (as compared to the past few years) – backlogs are fairly strong,
partially due to good volumes this year. In addition, heavy rains last
year meant that many projects were pushed into this year because work
could not be completed.
“In
the Eastern Pennsylvania, New Jersey and Delaware region, housing continues
to do well. Most of the construction firms we are doing business with
are tied to this part of the sector. It is certainly being driven by
longer-term interest rates staying low for such a long period of time,”
said GE’s Gavaghan. “Also, Pennsylvania has had many large road projects
out over the past two years, and activity appears good for 2005.”
Overall,
however, he did not believe that things were strengthening quite yet.
“At best, some of the associates felt that things had leveled off somewhat
said Gavaghan.”
"Agriculture
Lease Financing Marketplace Strong, Says New Study"
The
use of lease financing will reach $10 billion in terms of annual volume
this year, representing a 55 percent penetration rate of equipment acquisitions,
according to new study by the Equipment Leasing Association, the non-profit
association representing companies involved in the $218 billion equipment
leasing and finance industry, and R.S. Carmichael & Co., Inc., a
marketing research and management consulting firm, White Plains, New
York. The report, Construction and Agricultural Equipment Leasing, 2004:
U.S. Market Dynamics and Outlook, says in 2005 the annual volume of
agricultural equipment lease financing is forecast to increase to $10.5
billion.
Other
highlights from the report include:
•
The agricultural business in the U.S. has been undergoing consolidation
at all levels, from the number of farm operators to the number of equipment
vendors.
•
The principal agricultural equipment categories for lease financing
include tractors, harvesting equipment, irrigation systems and treatment/application
equipment.
•
Ticket sizes for lease financing of agricultural equipment range widely
from $25,000 to more than $250,000 with the vast majority of agricultural
equipment being small ticket (under $250,000).
•
Average lease terms are three years with some leases being written for
as long as seven years.
Richard
S. Carmichael, Managing Director of R.S. Carmichael & Co., Inc.,
which conducted the study, observes, “Lease financing is ingrained in
the agricultural equipment industry as evidenced by major manufacturers
either having captive finance companies or formal leasing relationships
with third-party commercial finance companies. They find lease financing
a vital sales-aid tool.”
“Lease
payments are not always on a monthly basis in the agricultural market,”
added Michael Fleming, the association’s president. “Farmers may make
payments on a quarterly or semi-annual or even annual basis. Leasing’s
flexible nature, fast turnaround, strong customer service, competitive
rates are clearly key to the agricultural market.”
Among
the market studies’ key objectives, the report measures and characterizes
the U.S. construction and agricultural equipment leasing market; identifies
the trends affecting lease financing penetration in each market; evaluates
the leasing practices and needs of customers and equipment vendors;
and projects the U.S. construction and agricultural equipment leasing
markets through 2005.
Organizations may purchase a copy of the study from
http://www.ELAOnline.com/ELAstore/ or
call
ELA at 703-527-8655.
For
more information on the leasing industry, visit ELA online at http://www.ELAOnline.com
or check out ELA’s informational portal for financial decision-makers,
which includes the questions to ask before signing a lease and to access
a directory of leasing companies, at http://www.ChooseLeasing.org.
About
ELA
Organized
in 1961, the Equipment Leasing Association (ELA) is the premier non-profit
association representing companies involved in the dynamic equipment
leasing and finance industry to the business community, government and
media. As the voice of the leasing industry, ELA promotes the estimated
$218 billion industry as a major source of funds for capital investment
in the United States and abroad. Headquartered in Arlington, VA, ELA
has more than 800 member companies and a staff of 25 professionals.
For more information on ELA, please visit http://www.ELAOnline.com.
About
R.S. Carmichael & Co., Inc.
Founded
in 1976, R.S. Carmichael & Co. is a leading marketing research and
management consulting firm serving the equipment leasing field and other
financial services industries. Based in White Plains, NY, the firm has
a 28-year record of success in helping clients identify opportunities
and develop actionable plans that are market-driven and factually based.
Visit R.S. Carmichael & Co. at http://www.rscarmichael.com.
----------------------------------------------------------------
"DVI
Recoveries Show Promise:
Triple-A's Seen as 'Cheap' if Servicer Is Successful"
ABSnet News
RadNet
Management, the primary operating subsidiary of Primedex and one of
DVI's most prominent lease obligors, has agreed to repay the $60 million
it owes--good news for investors holding DVI medical equipment lease
ABS.
According to replacement servicer US Bank, $334
million of the current $500 million in defaulted loans is being sought
as collectable via restructuring, and another $100 million is considered
collectable through legal means. Some $2.6 million has been charged
off, and $145 million of the $334 million has been either restructured
or resolved in a cash payment. One source says that while US Bank is
working on other accounts, the bank is not sure it will receive par
value for all remaining collectable accounts, but if US Bank gets all
the money, it is thought that senior ABS holders will get most or all
of the principal owed them.
There
is no guarantee that DVI ABS will not default, but investors are pleased
with RadNet's news since RadNet represented almost 20 percent of the
most important defaulted receivables.
"Future performance of the pools will largely
depend on [US Bank's] ability to reduce the flow of future delinquencies
as well as on the magnitude and the timing of recoveries on defaulted
receivables," said Moody's Investors Service. "The latter
will depend on [US Bank's] ability to either work out the already defaulted
contracts or liquidate the underlying equipment.”
---------------------------------------------------------------------------
August
Business Leasing News
David
G. Mayer, a business transactions partner of the law firm of Patton
Boggs LLP and author of the book, Business Leasing for Dummies ® (BLFD).
“ Unfortunately, the book is out of print and
only a few copies remain
available;
so if you want to find a copy, please search the web today!,”
he
says. “ Thanks for buying my book for two and one-half years. “
“This
e-newsletter offers timely, concise information and analysis backed
by supporting research. “
In
this issue:
1.
Major U.S. Airlines Struggle as Discounters Carve Up Their Markets
2.
Cape Town Convention Gains Approvals in U.S. Senate
3.
Is a TRAC Lease a True Lease?
4.
BLN Case & Comment: Lenders Affected When Purchaser Cuts Corners
On Environmental Diligence – XDP, Inc. v. Watumull
Properties Corp.
5.
Leasing 101: What is a “TRAC Lease”?
6.
BLN Briefs: Venture Capital Impact; New Maritime Security Code; Business
Jet Deliveries and Orders Increase
7.
Training Offered; Upcoming Speeches; New Publications
8.
About Patton Boggs LLP and My Law Practice
http://www.leasingnews.org/items/August%202004.htm
--------------------------------------------------------------------------
Streamlined
Sales Report
Dennis
Brown, Equipment Leasing Association
Streamlined Sales Tax Report
http://www.leasingnews.org/items/Amend%20SSTP%20agreement%
20for%20definition%20of%20school%20supplies.htm
State Status
http://www.leasingnews.org/items/Streamlined%20Sales%
20Tax%20Project%20State%20Status.htm
Timeline
http://www.leasingnews.org/items/Streamlined%20Sales%20Tax%20Timeline%202004.htm
Amnesty for Registration
Implementation and Administration Procedures
http://www.leasingnews.org/items/Amnesty%20white%20paper.htm
Working draft – For Discussion
Purposes Only
http://www.leasingnews.org/items/bundling%20revised%2008-02-04.htm
DBROWN@ELAMAIL.COM
Dennis Brown
Equipment Leasing Association
http://www.elaonline.com/GovtRelations/State/Streamometer/
|
|
###
Press Release ############################
1st Source Corporation Announces Intention to Issue $30 Million of Trust Preferred Securities;
Plans to Redeem $27.5 Million of Outstanding Trust Preferred Securities
SOUTH
BEND, Ind.----1st Source Corporation (Nasdaq:SRCE) today announced that
it has entered into arrangements for the private placement of $30.0
million of 7.66 percent trust preferred securities. It intends to use
the proceeds of the sale to redeem all $27.5 million of the outstanding
9.00 percent trust preferred securities (Nasdaq:SRCEP) issued by 1st
Source Capital Trust I in 1997. Subject to final documentation, the
securities will be issued by a newly formed Delaware business trust
subsidiary of 1st Source Corporation (1st Source). These fixed rate
trust preferred securities will be issued at $25.00 per share at the
rate of 7.66 percent per annum, payable quarterly. The securities are
redeemable after five years and are due in 2034.
1st Source today provided notice to the trustee
for the 9.00 percent trust preferred securities of its plans to redeem
these securities prior to September 30, 2004. The redemption price will
be $25.00 per preferred security plus accrued dividends to the date
of redemption. 1st Source expects that holders of the 9.00 percent trust
preferred securities will receive formal notice of redemption from the
trustee.
The completion of both the new issuance and
the redemption will have an on-going quarterly earnings benefit; however,
2004 third quarter earnings will be reduced by an estimated $460,000
due to the net impact of the write-off of capitalized debt issuance
costs related to the trust preferred securities currently being redeemed.
The new trust preferred securities have not
been registered under the Securities Act and may not be offered or sold
in the United States absent registration or an exemption from registration
requirements. This announcement does not constitute an offer to sell
or the solicitation of an offer to buy the securities.
1st Source is the largest locally controlled
financial institution headquartered in the northern Indiana-southwestern
Michigan area. While delivering a comprehensive range of consumer and
commercial banking services, 1st Source Bank has distinguished itself
with highly personalized services. 1st Source Bank also competes for
business nationally by offering specialized financing services for private
and cargo aircraft, automobiles for leasing and rental agencies, medium
and heavy duty trucks, construction and environmental equipment. The
Corporation includes 61 banking centers in 15 counties, 6 Trustcorp
Mortgage offices in Indiana, Ohio and Michigan, and 22 locations nationwide
for the 1st Source Bank Specialty Finance Group. With a history dating
back to 1863, 1st Source Bank has a tradition of providing superior
service to customers while playing a leadership role in the continued
development of the communities in which it serves.
CONTACT:1st
Source Corporation Larry Lentych, 574-235-2702 Andrea Short, 574-235-2348
-------------------------------------------------------------------------------
LeaseCompare.com
& MarketWise Remarketing Partnership Helps Reduce Off-Lease Residual
Losses
CINCINNATI----Automobile
Consumer Services, Inc. (ACS), the leader in online direct-to-consumer
auto leasing, announced a new partnership with MarketWise, a specialist
in automotive remarketing. A key component of the relationship will
be that MarketWise will use ACS's popular www.LeaseCompare.com quoting
engine as a remarketing tool.
MarketWise
currently provides end-of-term leasing management to financial institutions
such as banks, credit unions, residual value insurance providers, captive
and non-captive finance companies to minimize risk and increase profitability.
The LeaseCompare.com quoting engine now makes it easy for Marketwise
representatives to compare lease/finance payments while talking with
consumers coming off of a lease. The quotes are offered to customers
on behalf of the lender who originally wrote the lease.
Offering
a re-lease to an off-lease vehicle customer will give them a lower payment
than a conventional loan. This will result in a cap cost that is closer
to the actual residual value which helps mitigate residual losses by
the original lessor.
David
Walsh, MarketWise vice president, stated, "Our relationship with
ACS is critical to our success. Using the LeaseCompare.com quoting engine
will allow us to close more sales on behalf of our clients." Walsh
continued, "I'm extremely pleased to have a used car leasing product
available for our lease customers who want to continue leasing their
current vehicle."
An
added benefit of using the LeaseCompare.com quoting engine is that ACS
will handle the entire re-lease process once the credit application
is submitted. This frees up Marketwise and their financial customers
to pursue other business.
Tarry
Shebesta, president of ACS, added, "We are excited about our partnership
with MarketWise. MarketWise achieves great results for their clients
and we're delighted that our LeaseCompare.com instant quoting tool will
help drive superior results for MarketWise clients."
About
Automobile Consumer Services, Inc. (www.acscorp.com)
Based
in Cincinnati, Automobile Consumer Services, Inc. (ACS) is a leading
provider of consumer automotive services, including car buying and leasing,
fleet resources, vehicle remarketing, and used vehicle sales. Founded
in 1989, ACS's mission is to provide services that enhance the experience
of buying or leasing a car. ACS achieves this by leading the industry
with innovative proprietary technology, superior customer service, and
years of industry experience.
About
MarketWise (www.Market-Wise.com)
MarketWise
is an automotive remarketing services company dedicated to providing
"best-in-class" End of Term Management, Recovery and Remarketing
Management as well as Sales and Leadership Training. Strategic relationships
with companies such as Auto Trade Center (www.autotradecenter.com)
uniquely position MarketWise to utilize multiple sales channels to maximize
client proceeds and, ultimately, return on remarketing investment. Founded
on people, technology and experience, MarketWise has been reducing risk
and increasing profitability since 1997.
-Tarry
Shebesta, President
Automobile
Consumer Services, Inc. (www.acscorp.com)
Vice
President, National Vehicle Leasing Association (NVLA)
tes@acscorp.com
/ 513.527.7700 ext. 11
ACS
Services:
###
Press Release ##############################
|
The only annually-updated international reference book for the asset financing and leasing industry available. The new 25th edition includes the latest market trends, over 100 authoritative articles and reports on the leasing software and IT market, an exclusive ranking of the top 50 leasing markets by size worldwide with feature profiles from Africa to Venezuela PLUS a directory of over 4,400 contacts.
Alternatively
visit |
Cornerstone
Software Helps Bay4 Capital Complete Conversion of Comdisco Inc.'s Lease
Assets
EaglePro
Lease Accounting Software Provides Adaptive Solution for
Integration
of Lease Management Systems
NASHUA,
N.H., / -- Cornerstone Software, a leading provider of lease accounting
and asset management software, and Bay4 Capital, an independent information
technology lessor, announced the successful completion of a major lease
portfolio conversion. The project
included the conversion of Comdisco, Inc.'s North American information
technology equipment assets into Bay4's lease portfolio over an aggressive
two-month timeframe. Utilizing Cornerstone's professional services and
flagship EaglePro lease accounting software, Bay4 was able to significantly
increase its lease portfolio assets and realize considerable improvements
in its lease management operations.
Bay4
recently acquired the lease assets from Rosemont, IL-based Comdisco,
a public company and formerly one of the world's largest equipment lessors.
Per the terms of the acquisition, Bay4 had two months to transfer the
assets from Comdisco's proprietary, mainframe-based leasing systems
in Rosemont to its existing EaglePro system in Tampa Bay, Florida. By completing the project on time, the Cornerstone/Bay4 team saved
Bay4 a significant amount in potential fees, had it been required to
maintain the lease assets on Comdisco's systems past the contract deadline.
"This
project demonstrated a great team effort between Cornerstone and Bay4. Everyone focused on the same goals, making
the transition of Comdisco's assets into Bay4's system a seamless process. In fact, our systems capability helped to differentiate
Bay4 in a very competitive bidding process for this quality portfolio,"
said Clay Biddinger, Chairman of Bay4 Capital. "Cornerstone's EaglePro
system handled the conversion smoothly, incorporating large volumes
of new assets, and giving us the ability to compete with larger leasing
firms, while also providing our customers with higher levels of service,"
he added.
EaglePro
is a true asset-based lease management solution that helps lessors streamline
the creation of and management of lease contracts, reduce their operating
costs, and collaborate more effectively with their leasing customers. Featuring a robust feature set, EaglePro proved
to be an ideal solution for Bay4's fast growing lease portfolio.
According
to John Rindone, chief executive officer, Cornerstone Software, "The
Bay4 project gave us the opportunity to combine EaglePro's proven technology
and Cornerstone's lease expertise to implement a system that accommodated
Bay4's dynamic business processes."
He adds, "EaglePro's highly- scalable technology and true
asset-based functionality provide an enterprise- wide lease accounting
solution that will fully support Bay4's growing operations now and in
the future."
"Working
closely with the Bay4 executives, Cornerstone configured EaglePro to
accommodate many of Bay4's business processes," said Mike Friedman,
vice president, product management/leasing of Cornerstone Software. "Cornerstone's approach to software development has always
been based on several factors, including soliciting and listening to
customer input, and closely watching trends in the leasing industry
-- all of which have shaped EaglePro by influencing the direction and
capabilities of the software," he said.
The
results of Cornerstone's development efforts satisfied the business
and operational needs of Bay4 and expanded EaglePro's capabilities,
which have become permanent features of the software:
*
Enhanced invoice and report formats - allows users to customize a larger number of standard invoice and report formats
- utilizing Crystal Reports
- requiring no additional technical support or additional customization.
*
Improved search capabilities - powerful search module and query
enhancements
allow users to instantly locate customer, asset, and lease information.
*
Faster processing - increased throughput to streamline billing and
reporting
functions, in some cases reducing processing times from hours to minutes.
Bay4's system was also modified to accommodate a larger number of simultaneous users in multiple administrative
and sales offices.
Bay4
plans to grow its portfolio aggressively over the next several years
with existing customers as well as through continued acquisitions of
high- quality leasing operations in North America.
As a result of the successful conversion of the Comdisco portfolio,
Bay4 and Cornerstone have demonstrated the value that can be created
through cooperative solution development based on solid underlying technology.
About
Bay4
Bay4
Capital (http://www.bay4.com) is an
independent provider of technology and related equipment leasing, delivering
innovative, vendor- independent leasing products, services, and customer
care solutions. The company's suite of services maximizes customer asset values
by providing a single source solution for planning, financing, managing
and remarketing of equipment.
About
Cornerstone Software
Launched in 1986, Cornerstone Software is a privately held company headquartered in Nashua, NH. Cornerstone develops, markets, and sells EaglePro, a true asset-based lease accounting software solution, as well as application development tools for the HP NonStop(TM) computing platform. While both product lines are distinct, Cornerstone combines its extensive application development experience and leasing expertise to create next generation lease accounting products that deliver the highest level of value, performance, and functionality to its customers. Cornerstone's products are distributed through International distributors, value-added resellers and direct marketing efforts. For more information, please visit
http://www.cornerstonesoftware.com.
Cornerstone
Contacts: Editorial
Contacts:
John
Rindone, CEO Ron
Desjardins, Brainium
(603)
595-7480 Ext. 214 (603)
624-2800 Ext. 205
Mike
Friedman, VP, Product Management/Leasing
(603)
595-7480
SOURCE Cornerstone Software
CO: Cornerstone Software; Bay4 Capital; Comdisco,
Inc.
ST: New Hampshire
SU:
Web
site: http://www.cornerstonesoftware.com
## Press Release ################################
|
Credit Analyst: Seeking an energetic and organized Credit Analyst. At least one to two years of experience as a Credit Analyst in financial services (banking, insurance, leasing, or mortgage) is required. Funding Manager: Seeking a very organized, detail oriented Funding Manager. Minimum two years experience in brokering and discounting commercial equipment transactions is required. Operations Manager: Seeking an experienced Operations Manager with knowledge of all sides of operations. Must have a minimum of five years related experience. Send
email or fax to Ryan Johnson, Corporate Recruiter. |
---------------------------------------------------------------------------
News
Briefs----
Feds
Raise Prime Rate as Predicted /Hints More Raises to Follow
(
Leasing News sent news out to all readers as an extra when rate increase
was
announced. All on mailing list get “extra’s” and breaking
leasing
news.)
http://www.nytimes.com/2004/08/11/business/11fed.html
http://www.washingtonpost.com/wp-dyn/articles/A54975-2004Aug10.html
Q2
04 Venture-Backed M&A’s-National Venture Assoc. Report
http://www.nvca.org/pdf/M%26A_Q22004.pdf
Does
a Fall in the Dollar Mean Higher U.S. Consumer Prices?
http://www.frbsf.org/publications/economics/letter/2004/el2004-21.html
Productivity up 2.9%
in quarter/Increase is slowest since late in 2002
http://www.boston.com/business/articles/2004/08/11/productivity_up_29_in_quarter/
Cisco Reports Strong
Revenue in 4th Quarter
http://www.nytimes.com/2004/08/11/technology/11cisco.html
Caution tempers earnings
by Cisco
http://www.usatoday.com/money/industries/technology/2004-08-10-cisco-earn_x.htm
Tyco Judge Refuses
to Drop 2 Charges
http://www.nytimes.com/2004/08/11/business/11tyco.html?pagewanted=all
Private Banking Fees
Drive Profit at UBS
http://www.nytimes.com/2004/08/11/business/worldbusiness/11ubs.html?pagewanted=all
Busted: Trump's casinos
to file Chapter 11
http://www.signonsandiego.com/news/business/20040810-1430-trumpcasinos.html
Mending a Credit Report That's Not Really Broken
http://pf.channel.aol.com/nyt/credit/80404credit/
Survey: Organic Farmers
See Falling Prices
http://www.washingtonpost.com/wp-dyn/articles/A55510-2004Aug11.html
Blockbuster Ready
to Launch Internet DVD Service
http://www.washingtonpost.com/wp-dyn/articles/A55423-2004Aug11.html
CBS’s Mike Wallace
Arrested in New York City
http://abclocal.go.com/wabc/news/wabc_081004_wallace.html
California's first
health guru, Gypsy Boots, dead at age 89
http://www.signonsandiego.com/news/state/20040810-0130-ca-obit-gypsyboots.html
-----------------------------------------------------------------------------
Sports Briefs
Owens Uses New Sharpie
to Ignite New Inferno in Philadelphia
http://www.nytimes.com/2004/08/11/sports/football/11eagles.html
Brown Fills Bucs'
Needs On, Off Field
http://www.tampatrib.com/Sports/MGB4YVFWQXD.html
Woods Knows What
He Can Do, but He Hasn't Done It Lately
http://www.nytimes.com/2004/08/11/sports/golf/11golf.html
-------------------------------------------------------------------------------
|
|
California
Nuts
The Arnold Factor
http://www.usatoday.com/news/politicselections/2004-08-10-arnold-cover_x.htm
Schwarzenegger reaches
deal to end lawsuit over shoddy schools
http://www.signonsandiego.com/news/state/20040810-1732-ca-schools-lawsuit.html
Governor won't push
for part-time Legislature ballot issue
http://www.signonsandiego.com/news/state/20040810-1920-ca-schwarzenegger.html
------------------------------------------------------------------------------
|
Your
One stop solution for training and reference material for the
Leasing Professional
www.theleasinglibrary.com |
“Gimme
that Wine”
Much of Bordeaux
Goes Begging---by Frank J. Prial
http://www.nytimes.com/2004/08/11/dining/11BORD.html?hp
Geyser Peak Winery
crush surprisingly early http://www1.pressdemocrat.com/apps/pbcs.dll/article?AID=/20040810/NEWS/408100345/1033/NEWS01
2 Metro Detroit restaurants
take a stand for Michigan wines
http://info.detnews.com/wine/columns/silfven/details.cfm?id=246
Farfelu Vineyards
Wins Big in California Competitions
http://www.vino.com/press/press_release.asp?PRID=401
Hudson Valley Wineries
receive honors at state contest
http://www.fltimes.com/Main.asp?SectionID=38&SubSectionID=121&ArticleID=5471
Lafond Winery and
Vineyards, Bueliton, California
http://www.lafondwinery.com/?source=overture&kw=wine
.
Buoncristiani Family
Bonds Over Napa Reds
http://www.winespectator.com/Wine/Daily/News/0,1145,2562,00.html
Rodney Strong Vineyards
Earns Sonoma Green Business Certificate
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&
STORY=/www/story/08-10-2004/0002228711&EDATE=
Screenwriter Robert
Mark Kamen Sonoma organic vineyards
http://www.nytimes.com/2004/08/11/dining/11POUR.html
|
|
This
Day in American History
1760-The
first Methodist preacher, Philip Embury, arrived in New York City on
the Perry, which carried 70 passengers, half of whom were Methodists.
With the assistance of Barbara Heck, he organized the first Methodist
Society in America in 1776.
1807-Birthday
of David R. Atchison, Missouri legislator who was president of the US
for one day. Born at Frogtown, KY, Atchison's strong pro-slavery opinions
made his name prominent in legislative debates. He served as president
pro tempore of the Senate a number of times, and he became president
of the US for one day--Sunday, Mar 4, 1849--pending the swearing in
of President-elect Zachary Taylor Monday, Mar 5, 1849. The city of Atchison,
KS, and the county of Atchison, MO, are named for him. He died at Gower,
MO, Jan 26, 1886.
1841-Having
escaped from slavery only three years earlier, Frederick Douglass was
legally a fugitive when he first spoke before an audience this day in
1841. At an antislavery convention
on Nantucket Island, Douglass spoke simply but eloquently about his
life as a slave. His words were
so moving that he was asked to become a full-time lecturer for the Massachusetts
Anti-Slavery Society. Douglass became a brilliant orator, writer and
abolitionist who championed the rights of blacks as well as the rights
of all humankind.
http://www.history.rochester.edu/class/douglass/home.html
1860—Nevada
is known as the “Silver State” as the first silver mill to treat sliver
ore successfully, as well as the first reducing mill to treat ore-bearing
quartz, was established by the Washoe Gold and Silver Mining Company,
No. 1, near Virginia City, Nevada.
The mill operated by waterpower, was built by Almarin B. Paul,
who began construction work on May 25, 1860, and completed it on August
9, 1860. It consisted of 24 stamps that began to crush
on August 11, 1860.
1862-Birthday
of Carrie Jacobs Bond, American composer of well-known songs, including
"I Love You Truly" and "A Perfect Day," and of scores
for motion pictures, Carrie Jacobs Bond was born at Janesville, WI.
She died at Hollywood, CA, at age 84, Dec 28, 1946.
1861-The
first US Senator to address the Senate in military uniform was Edward
Dickinson Baker, Republican of Oregon. He was drilling his regiment at Meridian Hill
when he was summoned to refute Senator John Breckinridge, Democrat of
Kentucky, who was speaking against a proposal to send troops against
the South. Baker did not have
time to change into civilian attire, but removed his sword prior to
delivering his speech. Baker City and County were named for London-born
Edward Dickinson Baker, a Disciple
minister. E.D. Baker had been converted to Christ at the Carrolton Church
in Greene County, Illinois. Baker held many roles. He defeated Abraham
Lincoln in a primary election in 1842. Baker and Lincoln were friends
and the Lincolns named their second son Edward Baker Lincoln in honor
of E. D. Baker. He came to Oregon in 1860 and campaigned for Lincoln.
Later, becoming United States senator from Oregon, Baker introduced
Lincoln at his first inaugural.
He was killed at the battle of Balls Fluff, VA, on October 21, 1861.
http://bioguide.congress.gov/scripts/biodisplay.pl?index=B000059
http://www.ehistory.com/uscw/features/regimental/pennsylvania/union/71stPennsylvania/eb.cfm
1862-Birthday
of song writer Carrie Jacobs
Bond She had been left a penniless
widow with a baby son and earning her living running a boarding house
and painting china. She was able to supplement her income by giving
recitals in private homes. Her
growing popularity gave her courage to start her own publishing company.
Using borrowed money, the Carrie Jacobs-Bond and Son Publishing Company
became highly successful printed the sheet music to her songs. Wildly popular in her day, the perennial favorite "I Love
You Truly" made her a wealthy woman but it was "When You Come
to the End of a Perfect Day" that was the most popular of all,
selling more than 5 million copies of the sheet music. She wrote about
400 songs and published slightly less than half.
Her autobiography is The Roads of Melody (1927).
http://parlorsongs.com/bios/cjbond/cjbond.asp
http://www.pdmusic.org/bond.html
http://www.library.wisc.edu/etext/WIReader/Galleries/Bond.html
http://findaid.oac.cdlib.org/findaid/ark:/13030/kt5p300680
1897-Birthday
of poet Louise Bogan; chairman of poetry at the Library of Congress,
poetry critic for New Yorker magazine for 37 years (1931-1969), and
a distinguished poet in her own right. Her final collection The Blue
Estuaries: Poems, 1923-1968 (1968) presents her finest work.
http://www.poets.org/poets/poets.cfm?45442B7C000C010D
http://www.english.uiuc.edu/maps/poets/a_f/bogan/life.htm
1874
- Harry S. Parmelee of New Haven, Connecticut got a patent for the sprinkler
head.
1896
- The pull-chain electric-light socket was patented by Harvey Hubbell
of Bridgeport, Connecticut.
1904
pianist Jess Stacy birthday, “Sing,Sing,Sing” soloist, born Bird's Point,
Mo
http://www.basicmusic.net/MusicianDisplay.php/musn/1530
http://ml.islandnet.com/pipermail/dixielandjazz/2002-November/004847.html
(see alphabetically
on this list: http://64.33.34.112/.WWW/s3.html
1909
- The first United States ship to use the "SOS" radio distress
call was the liner "Arapahoe".
The first distress
signal used was the “CQ” for “stop sending and listen.” The first SOS was
made by Theodore
D. Hauber, operator of the Clyde liner Arapahoe, a single-screw freight
and passenger steamer of som3 3,000 tons, bound for Charleston, SC,
and Jacksonville, Fl, from New York
City. Its engines were disabled 21 miles southeast
of Diamond Shoals, off Cape Hatteras at 3:45pm. Both the SOS and the CQD signals were sent. The SOS was first heard and acknowledged by
R.J. Vosburg, wireless operator at station HA in Cape Hatteras, NC.
1908—Birthday of clarinetist Russell Procope, NYC. He was Duke Ellington’s alto clarinetist for
28 years.
1911-Duke
Kahanamoku breaks the world record in the 100-yard free-style swim by
4.6 seconds in Honolulu
Harbor, Hawaii.
http://memory.loc.gov/ammem/today/aug11.html
1921-Birthday
of author Alex Haley , Ithaca, New York. He was raised by his grandmother at Henning,
Tennessee, and entered the US Coast Guard in 1939 serving as a cook,
but eventually he became a writer and college professor. His interview with Malcolm X for Playboy magazine led to his first
book, " The Autobiography of Malcolm X," which sold six million
copies and was translated into eight languages (it was an excellent,
moving biography of a man I interviewed several times as a newsman;
he was quite an "electric" interview ).
His Pulitzer Prize-winning novel published in 1976, Roots, sold
millions and was translated into 37 languages and was made into an eight-part
TV miniseries in 1977, holding the first top ratings of any such series,
generating interest in all human ancestry.
Haley died at Seattle, WA, Feb 13,1992
http://www.tnstate.edu/library/digital/Haley.htm
http://www.suite101.com/article.cfm/literary_tour/26207
http://www.kintehaley.org/1922-Birthday
of Mavis Gallant - Canadian short story writer and novelist. Although
she settled in France, she considered herself primarily a Canadian.
She traveled widely. Most of
her short stories were published in The New Yorker magazine.. "Green
Water, Green Sky," "A Fairly Good Time," and "Home
Truths" are considered her best stories by man
http://collections.ic.gc.ca/heirloom_series/volume5/226-227.htm
http://www.reaaward.org/html/mavis_gallant.html
1929-Babe
Ruth of the New York Yankees became the first player to hit 500 career
home runs when he connected off Willis Hudlin as the Cleveland Indians
defeated the Yankees, 6-5. The home was also the 30th of
the year for the Bambino.
1934-The
first prisoners arrive at Alcatraz, San Francisco, a prison for the
“most dangerous.”
( lower half of:
http://memory.loc.gov/ammem/today/aug11.html
1941
- With his orchestra, Glenn Miller recorded "Elmer’s Tune"
for Bluebird Records.
1942-Moview
star Hedy Lamarr, born Hedwig Eva Maria Kiesler in Vienna about 1914,
received a patent while under contract with the MGM studio in Hollywood
for the development of the concept of “frequency hopping” as a means
of controlling torpedoes by radio.
1946---Top
Hits
They Say It’s Wonderful
- Frank Sinatra
The Gypsy - The Ink
Spots
Surrender - Perry
Como
New Spanish Two Step
- Bob Wills
1946-Birthday
of writer Marilyn Vos Savant, holder of the world's highest IQ according to the Guinness
book of records.
http://www.marilynvossavant.com/
http://www.nationmaster.com/encyclopedia/Marilyn-vos-Savant
1951
-The Braves beat the Dodgers 8-1 in the first major league game to be
televised in color.
1954---Top
Hits
Sh-Boom - The Crewcuts
The Little Shoemaker
- The Gaylords
In the Chapel in
the Moonlight - Kitty Kallen
One by One - Kitty
Wells & Red Foley
1956-Elvis
Presley's "Don't Be Cruel" is released
1958
- "Hard Headed Woman," the feature song of the movie "King
Cole," earned Elvis Presley a gold record.
1962---Top
Hits
Breaking Up is Hard
to Do - Neil Sedaka
The Loco-Motion -
Little Eva
Ahab, the Arab -
Ray Stevens
Wolverton Mountain
- Claude King
1965-Watts
Riot: A minor clash between the California Highway Patrol and two young
blacks set off six days of riots in the Watts area of Los Angeles. Thirty-four
deaths were reported and more than 3,000 people were arrested. Damage
to property was listed at $40 million. The less-immediate cause of the
disturbance and the others that followed was racial tension between
whites and blacks in American society.
1969-Diana
Ross invites 350 guests to a Beverly Hills club to see the newest Motown
act, The Jackson 5.
1970---Top
Hits
(They Long to Be)
Close to You - Carpenters
Make It with You
- Bread
Signed, Sealed, Delivered
I’m Yours - Stevie Wonder
Don’t Keep Me Hangin’
On - Sonny James
1970-Jim
Bunning of the Philadelphia Phillies defeated the Houston Astros,6-5,
to become the first pitcher to win 100 games in each major league.
Bunning, who started his career with the Detroit Tigers became
a Congressman from Kentucky after retiring from baseball and was inducted
into the Baseball Hall of Fame in 1996.
1975-Aerosmith's
"Toys In The Attic" LP goes gold.
1978---Top
Hits
Miss You - The Rolling
Stones
Three Times a Lady
- Commodores
Grease - Frankie
Valli
Love or Something
Like It - Kenny Rogers
1982-The
debut of Anglo-American pop-rock band, the Pretenders is certified platinum
about three years after it's released. The L.P. contained two hits,
"Brass in Pocket" and "Kid."
1984-
President Ronald Reagan's voice-test joke: in preparation for a radio
broadcast, during a thought-to-be-off-the-record voice level test, instead
of counting "one, two, three . . ." the president said: "My
fellow Americans, I am pleased to tell you I just signed legislation
which outlaws Russia forever. The bombing begins in five minutes."
The statement was picked up by live television cameras and was heard
by millions worldwide. The incident provoked national and international
reactions, including a news network proposal of new ground rules concerning
the use of "off-the-record" remarks.
1984
- Ray Parker, Jr.'s single, Ghostbusters, hit the Number 1 spot on the
Billboard's record charts on this date, and stayed there for 3 weeks.
Parker also wrote and produced the song, which was the title theme song
for one of the highest-grossing comedy films in movie history. He later
received an Academy Award nomination for it.
1986---Top
Hits
Glory of Love - Peter
Cetera
Papa Don’t Preach
- Madonna
Mad About You - Belinda
Carlisle
Rockin’ with the
Rhythm of the Rain - The Judds
1987
- Music magazine "Rolling Stone" said "Sgt. Pepper’s
Lonely Hearts Club Band" was "the best album made during the
last 20 years".
1988
- Moisture from what remained of Tropical Storm Beryl resulted in torrential
rains across eastern Texas. Twelve and a half inches of rain deluged
Enterprise TX, which was more than the amount received there during
the previous eight months. Philadelphia PA reported a record forty-four
days of 90 degree weather for the year. Baltimore MD and Newark NJ reported
a record fourteen straight days of 90 degree heat
1989
- One of the most severe convective outbreaks of record came to a climax
in southern California after four days. Thunderstorms deluged Benton
CA with six inches of rain two days in a row, and the flooding which
resulted caused more than a million dollars damage to homes and highways.
Thunderstorms around Yellowstone Park WY produced four inches of rain
in twenty minutes resulting in fifteen mudslides. Thunderstorms over
Long Island NY drenched Suffolk County with 8 to 10 inches of rain.
Twenty-three cities in the southeastern U.S. reported record low temperatures
for the date. It was, for some cities, the fourth straight morning of
record cold temperatures.
1991-
In only his second big league start, 21-year old White Sox southpaw
Wilson Alvarez no-hits the Orioles, 7-0. Only Browns' hurler Bobo Holloman,
who threw a no-hitter in his first major league start in 1953 accomplished
the feat in fewer starts.
1993-First
foreign-born officer appointed chair of joint chiefs: President Bill
Clinton appointed Army General John Shalikashvili to succeed Colin Powell
as Chairman of the Joint Chiefs of Staff. Shalikashvili was born at
Poland, but his family fled to Germany in 1944 to escape advancing Soviet
troops. After moving to the US, his family lived at Peoria, IL. "General
Shali" has a distinguished military record and is a Vietnam war
veteran.
1994---Top
Hits
Stay (I Missed You)
(From "Reality Bites"), Lisa Loeb
I Swear- All-4-One
Fantastic Voyage-
Coolio
Wild Night- John
Mellencamp With Me Shell Ndegeocello
Can You Feel The
Love Tonight (From "The Lion King")- Elton John
1997—Congress
passed the line-item veto for the President in 1996, but this day in
1997
William Jefferson
Clinton was the first to use it, eliminating three provisions from legislation
that had been passed by Congress. The
line-item veto, a power sought by presidents since Ulysses S. Grant,
enables presidents to strike particular items from newly enacted federal
laws without having to veto the entire bill.
1999—Top
Hits
Genie In A Bottle-
Christina Aguilera
Tell Me It s Real-
K-Ci
Bills, Bills, Bills-
Destiny s Child
All Star- Smash Mouth
2001-
Using fewest number of games anyone has ever needed to hit 50 homers
in a season, Giant outfielder Barry Bonds reaches the milestone in 117
contests. In 1999, Sammy Sosa reached the mark in 121 contests.
2002-
Sammy Sosa's grand slam and run-scoring double against the Rockies gives
the Cubs' slugger 14 RBIs over two games establishing a new a National
League record. The previous mark was 13 shared by Nate Colbert (Padres-1972)
and Mark Whiten (Cardinals -1993).
2003-
By fanning Jeff Kent in the seventh inning at Wrigley Field, Kerry Wood
became the
fastest major leaguer
to record his 1,000th career strikeout needing only 134 games to reach
the milestone. It took 143 games for Roger Clemens to accomplish the
feat.
Top Hits---2003
Crazy In Love- Beyonce
Featuring Jay-Z
Right Thurr- Chingy
Never Leave You -
Uh Ooh-- Uh Oooh!, Lumidee
P.I.M.P-, 50 Cent
Baseball
Poem
This
poem by Robert L. Harrison depicts one of the best teams of all times.
The 1927 Yankees or "Murderer's Row" were legendary and this
poem pays tribute to those magnificent Yanks. In 1929, Babe was the
first to hit 500 home runs.
1927
Yankees
by
Robert L. Harrison ©
Published:
New York Baseball Poems (1999)
Gather
'round you fans of baseball
you
lovers of season past,
let
me take you back to the greatest team
that
ever played on grass.
Guided
by Miller Huggins
known
as "murderer's row,"
never
was such a string of pearls
so
feared this side of Hell.
Greedy
was this awesome bunch
with
Ruth and Gehrig leading the punch,
and
Hoyt and Moore on the mound
shooting
all the batters down.
Gasping
crowds assemble
like
sinners in a tent,
watching
all the other teams
trying
to repent.
God
blessed those boys of summer
those
pin-striped renegades,
with
a winning passion
while
others saw only the haze.
Gathering
in the rosebuds
by
playing excellent ball,
called
the "five o'clock lightning"
taking
the pennant in the fall.
Gone
were any pretenders to the throne
no
on stood wherever these Yankees roamed,
twenty-five
men made up this team
and
all had a year better than their dreams.
1927
Yankees by Robert L. Harrison ©
Fast
Facts
Murderer's
Row was anchored by Babe Ruth, who hit sixty home runs and batted .356;
and Lou Gehrig, who had forty-seven home runs and batted .373.
The
team won one-hundred ten games and the other members included: Earle
Combs, who hit .356 and led the league in hits, singles and triples;
Tony Lazzeri, who hit eighteen home runs and batted .309; and Bob Meusel
who hit .337.
This
poem is a Baseball Almanac exclusive and appears here with expression
written permission from the author
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