Saluting Leasing News Advisor Steve Crane, CLP

Steve Crane, CLP is an original member of the Leasing News Advisory Board, joining in July of 2000. During his career he has held positions at Westinghouse Credit, Ingersoll Rand Financial, CIT and Taylor Financial. He is currently Vice President and Marketing Manager for the Indirect Equipment Finance Group at Bank of the West where he has been employed for over 15 years. “I have known Kit Menkin for almost 25 years, going back to the CIT and Taylor Financial days of my career and am happy to be a part of The Leasing News Advisory Board”.

Steve Crane, CLP
Vice President & Marketing Manager
Indirect Equipment Lease Origination
Bank of the West
Equipment Leasing Dept.
MSN: NC-B07-3F-R
2527 Camino Ramon
San Ramon, CA 94583
Department E-Mail Address: ECM
STEPHEN.CRANE@bankofthewest.com
925-843-3899
Fax: 323-837-3023
www.bankofthewest.com

Steve has been active in the equipment financing industry though the years having been a Director of the Eastern Association of Equipment Lessors, President and Treasurer of the Certified Leasing Professional Foundation and held numerous other association volunteer positions.

Having been in the Equipment Leasing Business for his entire career, Steve enjoys his work at Bank of the West. “We have gone through some difficult times in our industry over the past couple of years, and many companies have failed. I am fortunate to work for an organization that is well managed and very supportive of the equipment finance industry”.

Steve and his wife Cheryl have two sons, Ryan, who recently graduated from Chico State University as well as the Butte Fire Academy, and Alex, who is a sophomore at The University of Oregon and studying to become a doctor. Steve and Cheryl are enjoying the empty-nester life and get away frequently for long weekend outings and visits to see their sons. With Alex at Oregon they have become avid college sports fans and like watching the Ducks teams compete.

Steve’s sons are both Eagle Scouts, which is something that he is very proud of. They have done numerous camping and backpacking trips over the years and in 2012 are planning a backpacking adventure, covering the entire John Muir Trail. Steve remains an Assistant Scoutmaster in his sons’ old Troop as a merit badge counselor and Eagle Scout mentor.

Steve and son Ryan on Mount Lassen, California

An avid outdoorsman, Steve enjoys backpacking, skiing, sailing, golfing and endurance sports. He is currently training for an Ironman race in July. “I have completed several Olympic, half ironman and marathon races in the past and have always dreamed of completing a full ironman race (140.6 miles). I have the mind to do it, just need the knees and feet to cooperate. Cheryl and I traveled to Kona last October to watch the Ironman Championship and it was extremely inspiring. With luck, I will finish the race in July before the 17 hour cutoff time.”

Steve enjoys his work and is looking forward to many more years of participating on the Leasing News Advisory Board and the equipment financing industry.

http://www.leasingnews.org/editorial_staff.htm

Classified Ads---Collections/Controller

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

Seattle, WA 16 years experience small-ticket market; collections management, bankruptcy, litigation; strong vendor network; CLP Certification 2000- Pinnacle Capital since 2003, previously Irwin Business Finance, Financial Pacific westongerry@gmail.com Resume

Chicago, IL experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating. Email: leasecontroller@comcast.net

Southeastern, MI Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate. Email: Leasebusiness@aol.com

Acton, MA Strong experience in lease accounting, operations, & systems.   Implemented lease plus, Great Plains, networks. Excellent financial reporting and analysis skills. Looking for new opportunity. LinkedIn alexanderzlenz@gmail.com| Resume

Southern CA 20 years exp. as hands-on leasing CFO, managing accounting, treasury, FP&A, including securitizations, Great Plains/FRx, budgets, risk management.  MBA.  Also available as interim Controller/CFO, consultant. Email: leasecfo@gmail.com

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

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

Lobbyists Getting their way on proposed FASB Lease Changes
by Christopher Menkin

The original date for comments regarding proposed changes for leasing accounting was scheduled for December 15, 2101 by the International Accounting Standards Board (ISAB) along with the United States Financial Standards Accounting Board (FASB). While over 781 separate comments were received, the period was extended until April 4, 2011. (1)

As originally perceived by the staff and accounting board as bringing transparency for all those who view a financial statement, creditor, debtor, investor, owner, stock holder, all the leasing associations in the world mounted a campaign as their member corporation CFO's also joined in as well as the many famed leasing accounting consultants such as Bill Bosco and Shawn Halladay.

The latest key change is a fundamental definition between a capital lease and an operating lease. Another hang-up is the centers on the proposed standards of forecasting of the results of unknowable future events, which would have produced great differences in accounting treatment between similar leases. It is reported The FASB and the IASB decided to "clarify" several other points in the proposed Exposure Draft, and the FASB instructed staff to seek additional guidance from the affected industries.

As time distances itself away from the financial crisis that came to the surface, the realization of the proposed changes has met The Law of Momentum Conservation.

Collisions commonly occur in contact sports (such as football) and racket and bat sports (such as baseball, golf, tennis, etc.). Consider a collision in football between a fullback and a linebacker during a goal-line stand. The fullback plunges across the goal line and collides in midair with the linebacker. The linebacker and fullback hold each other and travel together after the collision.

Here is a financial analogy: Jack and Jill meet. Each have $50. Jill wants to borrow $50 from Jack. So Jack transfers $50 to Jill. Jack has lost $50 and Jill has gained $50. The money Jack has given to Jill is equal to the money gained by Jill. After the transaction, Jack now has $50 in his pocket and Jill has $150 in her pocket. Yet, the total amount of money of the two people after the transaction is $200. The total amount of money (Jack's money plus Jill's money) before the transaction is equal to the total amount of money after the transaction. It could be said that the total amount of money of the system (the collection of two people) is conserved. It is the same before as it is after the transaction.

The total amount of momentum of the collection of objects in the system is the same before the collision as after the collision.

http://www.physicsclassroom.com/Class/momentum/U4L2b.cfm

However, if Jack leases the $50 to Jill in a capital lease, Jack still has the $50 dollars, plus interest, and Jill has the $50 but pays interest. And perhaps there is a residual at the end or an Evergreen clause. Jill then not only has $50 and pays interest but also a "bonus." Most small and middle market leases are like this, perhaps more designed as a "finance with a balloon at the end or a bargain purchase option of a $1.00 or 10%). The change in rules would continue not to recognize the residual as part of the momentum, meaning there is more debt on the books.

In an operating lease, Jack gives Jill $50, but Jill records it as $25 in a rental payment, knowing it has an end that results in returning $25 or purchasing what it bought with the $50. Jill books the transaction as rent and may footnote the term of the rent. The residual is not recognized. It may be "guessed" at 10% or another number, even 50%, but it is a future event.

In the United States, forgetting the recent change in depreciation laws, there is a tax consequence in the transaction to Jack, as he writes off $50, although he extended only $25, and then when the residual is due, he then has a capital gain, which is taxed differently in computing net income.

Back to the first analogy (a writer has that prerogative :) The fullback being the ISAB/FASB Bears and the linebacker being the Leasing Associations being the Vikings and they collide......Time out for a television commercial:

http://www.youtube.com/watch?v=WRVzF9dBl7c

(1) The draft document is open for comment until 4 April 2011 and can be accessed at: http://go.ifrs.org/IFRS+for+SMEs+QandA

Gary DiLillo, President 216-658-5618 or gary@avptc.com Comprehensive personal property tax outsourcing services. Click here to see what our clients say about us.

Leasing 102
by Mr. Terry Winders, CLP

Revisiting Recourse Funding

The tight credit market is pushing some funders to ask for support from the brokers and packagers. It should be understood by all, that if you use your own documentation and assign it to the funding source, you are on recourse for any fraud. Therefore it is wise to have a strong section in the assignment form that deals with representations and warranties to insure the transaction is valid and both parties understand what constitutes fraud. There is a fine line between what is “due diligence” and what is not, but any vendor relationship or deception or referral fee may invalidate a funder’s position.

I would shy away from any recourse reasonability’s on equipment with a low resale market or a limited resale market. A small ticket lease is also hard to recourse due to litigation costs and that fact that self help repossession is no longer valid. Many small tickets are just plain written off when a business closes down due to the costs involved in pursuit of remedy. Some are discounted to a collection firm.

If recourse is required make sure you get a higher rate from the lessee and try to get credit enhancements such as advance payments, security deposits, high closing costs or holdbacks on vendor pricing.

Recourse has reared its ugly head to those spoiled with nonrecourse because funding is very tight today. But before you accept placing yourself or your company in harm’s way think through the commitment and have legal support---review the documents and with an attorney with equipment leasing experience. Don’t be cheap because the mistakes could be very closely when discovered against your position.

Don’t just accept them as being a standard form from the bank. These are things to review, as well as go over with your experienced equipment leasing attorney. While you may not be able to amend the bank’s agreement, you might get some clarification on what full recourse means and what you should be especially looking out for.

You and your recourse funding source need a document that spells out all of the possible events that may happen during the lease to determine when actions need to be taken and who pays for them.

Here is a partial list of subjects for a recourse agreement:

1. At what term of delinquency is a default declared?
2. Is the recourse for just the lease term or until the obligation is retired?
3. What constitutes a default?
4. If a default is cured how does it affect the lease term?
5. Proper notice to Lessor of delinquency to allow support from Lessor in collection activities
6. At what point in time does Lessor’s recourse take effect?
7. If repossession is required who pays litigation expense?
8. Who is responsible for repossession?
9. What charges are paid for by funder vs. Lessor?
10. Who decides how to remarket equipment?
11. If equipment is released how does it affect the recourse?
12. How much time does Lessor have to satisfy recourse obligation?
13. What procedure is followed to determine actual loss?
14. Does recourse include paying unpaid charges such as late charges or overdraft fees?
15. Who pays past payments or accrued interest?
16. If equipment disappears and cannot be recovered what is

Lessor obligation?

There are many ways to offer support without offering full recourse. Having such an agreement may also open community banks to look at transactions in their geographic area, especially if they have the opportunity to sign up a deposit arrangement with the lessee and develop a banking relationship. Don’t look at the community bank as your competitor, but as your partner.

You can establish a reserve fund and place a small portion of each fee earned into it and let it remain under the control of the funder until it reaches an agreed upon percentage of the portfolio. Then on an annual basis extract the overage. Any losses could be charged to the reserve. To mitigate the potential for loss charged against the reserve the Lessor would have to be allowed to participate in the collection activities.

It is also possible to only recourse the first year or two until the lessee proves his ability to pay and has established some equity in the equipment. Also if a vendor is anxious to sell equipment, they may recourse for a period of time---but the agreement must spell out most of the same issues explained above to make sure everyone knows when to act and who pays for that action.

Recourse may not be as bad as you expect if you know what you are getting into, and it certainly will open up more funding avenues to increase your competitiveness.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at leaseconsulting@msn.com or 502-649-0448

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)

[headlines]
--------------------------------------------------------------

Bank Beat---Local Bank Investors Lose Out Again

While FDIC Chairman Sheila C. Bair said that bank failures would be slowing down, and there is only one for last week, the numbers are ahead of last year. The total is 23 this year compared to 20 at this time last year. The unofficial "Calculated Risk Finance & Economics" list of banks is long with many Cease and Desist and other rulings from the FDIC. (1) Community and regional banks are still having a lot of noncurrent loans, charge offs, and losses, most of it from land and construction loans that never found completion or a permanent take-out.

After two years of trying to raise capital to match the losses, the five branches of Valley Community Bank, St. Charles, Illinois were closed with First State Bank, Mendota, Illinois, to assume all of the deposits.

Bank stockholders lost all their investment, and seeing the numbers, it is not difficult to see why the bank did not survive.

Formed June 24, 1996 with three offices in St. Charles, one each in Batavia, Geneva, and North Aurora the full time employee numbers had gone from 46 to 41 at the end of 2010. The area is 40 miles west of Chicago. The Fox River runs through the center of St. Charles, population in 2004 was 32,134.

St. Charles Paddlewheel (rides closed during the winter)

Bank equity had dropped from $12.9 million 2008 to $6.4 million 2009 to a minus $833,000 year end 2010. During the same periods the bank lost $$506,000, $6.2 million$2 million in charges off, then lost $7 million year-end 2010 with $4.1 million in charge offs (primarily in $3.8 million in construction and land development, $228,000 in commercial and industrial loans, $119,000 in loans secured by nonfarm nonresidential property.)

Tier 1 risk-based capital ratio -0.88%

As of December 31, 2010, Valley Community Bank had approximately $123.8 million in total assets and $124.2 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.8 million. Compared to other alternatives
http://www.fdic.gov/news/news/press/2011/pr11048.html

(1) Banks with notices from the FDIC:
http://calculatedriskimages.blogspot.com/2011/02/unofficial-problem-bank-list-feb-25.html=

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

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

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

Leasing Industry Help Wanted

Credit-Treasury Manager Riverside, California Maintain relationships w/various lending partners, source additional funds, for captive to major distributor of buses. Excellent writing/speaking skills dreynolds@A-ZResources.com www.a-zresources.com A-Z Resources captive affliate to a major business distributor founded in 1975, 150 people, generating over $120 million in combined sales.

Please see our Job Wanted section for possible new employees.

[headlines]
--------------------------------------------------------------

Top Stories February 22---February 24

Here are the top ten stories opened by readers:

(1) Tyco Kozlowski Mansion Sold to Direct Capital CEO & Wife
http://leasingnews.org/archives/Feb2011/2_24.htm#mansion

(2) Fourth Alert----AMC Funding Still at It
http://leasingnews.org/archives/Feb2011/2_22.htm#fourth_amc

(3) Alert Up-Date--AMC Funding, Charlotte, North Carolina
http://leasingnews.org/archives/Feb2011/2_24.htm#update_amc

(4) Bulletin Board Complaint
Business Leasing Northwest, Seattle, Washington
http://leasingnews.org/archives/Feb2011/2_24.htm#bbc_bln

(5) Wells Fargo could become No. 1 U.S. bank
http://www.bizjournals.com/jacksonville/news/2011/02/21/analysis-wells-fargo-could-become-no.html

(Tie)(6) CHG-Meridian Joins Funder & Looking for New Broker Lists
http://leasingnews.org/archives/Feb2011/2_24.htm#chg_joins

(Tie)(6) Data Sales Joins "Funder List"/"Looking for Broker Business"
http://leasingnews.org/archives/Feb2011/2_22.htm#data_funder

(7) Leasing 102 by Mr. Terry Winders, CLP
Article 2A Vs Article 9
http://leasingnews.org/archives/Feb2011/2_22.htm#vs

(8) What is Fraud? by Bernie Boettigheimer, CLP
http://leasingnews.org/archives/Feb2011/2_24.htm#fraud

(9) Two more in Georgia, Napa Wine Country, San Luis Obispo
http://leasingnews.org/archives/Feb2011/2_22.htm#bank_beat

(10) “That’s Life” -ELFA MLFI-25 January, 2011 Alarming!
by Christopher Menkin
http://leasingnews.org/archives/Feb2011/2_24.htm#elfa_jan11

 

[headlines]
--------------------------------------------------------------

5 Things You Never Knew Your Cell Phone Could Do

(A good idea to print, fold and keep in your car, purse, and wallet.)

FIRST (Emergency)

The Emergency Number worldwide for Mobile is 112. If you find yourself out of the coverage area of your mobile network and there is an Emergency, dial 112 and the mobile will search any existing network to establish the emergency number for you, and interestingly, this number 112 can be dialed even if the keypad is locked. Try it out.

SECOND (Locked Keys in Car)

Have you locked your keys in the car? Does your car have remote keyless entry? This may come in handy someday. Good reason to own a cell phone:

If you lock your keys in the car and the spare keys are at home, call someone at home on their cell phone from your cell phone. Hold your cell phone about a foot from your car door and have the person at your home press the unlock button, holding it near the mobile phone on their end. Your car will unlock. Saves someone from having to drive your keys to you. Distance is no object. You could be hundreds of miles away, and if you can reach someone who has the other 'remote' for your car, you can unlock the doors (or the trunk).

Editor's Note: It works fine! We tried it out and it unlocked our car over a cell phone!'

THIRD (Hidden Battery Power)

Imagine your cell battery is very low. To activate, press the keys *3370#. Your cell phone will restart with this reserve and the instrument will show a 50% increase in battery. This reserve will get charged when you charge your cell phone next time.

FOURTH (How to disable a STOLEN mobile phone?)

To check your Mobile phone's serial number, key in the following Digits on your phone:

*#06#.

A 15-digit code will appear on the screen. This number is unique to your handset. Write it down and keep it somewhere safe.

If your phone is stolen, you can phone your service provider and give them this code. They will then be able to block your handset so even if the thief changes the SIM card, your phone will be totally useless. You probably won't get your phone back, but at least you know that whoever stole it can't use/sell it either. If everybody does this, there would be no point in people stealing mobile phones.

FIFTH (Free Directory Service for Cells)

Depending on your plan, some cell phone companies are charging us $1.00 to $1.75 or more for 411 information calls when they don't have to. Most of us do not carry a telephone directory in our vehicle, which makes this situation even more of a problem. When you need to use the 411 information option, simply dial:
(800) FREE411 or (800) 373-3411 without incurring any charge at all. Program this into your cell phone now.

(Snopes.com points out some things that are not fully correct; however, here is a better explanation, in my opinion, as certainly all cell phones, especially the digital telephones, work differently.  Kit Menkin)

#112 does not work in all parts of the world, just as a non-international telephone do not work in all parts of the world.  And some international telephones do not work in countries that do not support a specific telephone carrier

While certain cell phones cannot reproduce the beep, many can.  In addition, new iPhones have difference sequences, and some manufacturers allow you to start your car from your telephone, even over the telephone as you may have seen in ads.  I know the cellular unlock procedure works as have used it to open a Mercedes where the keys were locked in the car.  That is does not work on all phones, most likely.

3370# may not give you 50% battery life, although, but most will give you time to make two or three important calls. It depends on the telephone model. Most phones are not set for the highest quality sound, and this brings up more power.  In many cell telephones, it gives power to the telephone for a period of time.The point here is not how much time is left,  but you will be able to make telephone calls if your cell telephone works in this manner, which may be very important at the time. Some cell phones also have this feature with a different number. Read the manual. Or test it out at home, run the power out and give it a try.

Entering #06# does not work on all telephones, and the feature of finding a lost telephone certainly is remote so identifying it may not be important.  Normally if a cell phone is found, a discoverer needs only to a call back.  That happened to me in New York when I inadvertently left my telephone in the Taxi Cab.  I got it back almost right away as they called Sue who was with me and had her own
cell phone, which the party called as it was the last number I had called.

800-Free-411 of course does not count the time use of the telephone, and therefore is not fully free. However, most carriers today don't charge for 411 and more importantly, Google and other programs have made yellow pages and telephone information numbers obsolete.  So how important this feature is a matter of the cell phone plan you have.

Leasing Association 2011 Conferences

March 8-11, 2011
2011 Truck Rental and Leasing Association
Annual Meeting
The Westin Mission Hills Resort & Spa
Rancho Mirage, CA
http://www.trala.org/about/

Registration form and more information:
http://trala.org/events/regForm.php

Registration Fees:
Members

Leasing System	$595
Industry Council	$890
National Lease (except staff)	$890
(except staff)	$1,090

---

March 17 - 19
Spring 2011
National Equipment Finance Summit
National Equipment Finance Association
Hotel Valley Ho - Scottsdale, Arizona

Agenda:
http://www.nefa.affiniscape.com/displaycommon.cfm?an=1&subarticlenbr=116

Registration:
https://m360.nefassociation.org/event.aspx?eventID=22839

---

April 3-April 5

Equipment Leasing and Finance
2011 Equipment Management Conference
Renaissance Vinoy
St. Petersburg, Florida

Brochure:
http://www.elfaonline.org/cvweb_elfa/cgi-bin/documentdll.dll/view?DOCUMENTNUM=240

ELFA Member	$1,095
each additional member	$985
Non-Member	$2,190
Spouse/Companion	$250
Golf	$195
Committee Member of Speaker Fee if attending enitre conference, attending day of conference is free)	$550

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April 7-April 9, 2010
Annual Conference
National Association of Equipment Leasing Brokers
Hilton Austin
500 East 4th Street
Austin, TX 78701

Registration Brochure
PDF

Registration Form
PDF

Hotel Reservations
http://www.hilton.com/en/hi/groups/personalized/AUSCVHH-ELB-20110407/index.jhtml

Early Registration fee extended to March 7

Broker-member	$475
Broker-non-member	$575
Add. mem. broker	$425
Add. NonMem. brk	$525
Funder/Assoc. Mem.	$625
Funder/Assoc. NMem.	$725
Add. Fund. Mem.	$575
Add. Fun. nMem.	$675
Spouse/Guest-mem	$300
Spouse/Gu.Non-M.	$325
Open Recep only	$100
Closing Recep. only	$75

Exhibitors to Date:
360 Equipment Finance
ACC Contract Finance
Affiliated Investment Group, Inc.
Allegiant Partners, Inc.
Amerisource Funding
Bankers Capital
Baystone Financial Group
Collateral Specialists, Inc.
Corelogic Credco
Dakota Financial, LLC
Diversified Lenders, Inc.
Equipment Lessors Protection Association
Financial Pacific Leasing, LLC
GRP Funding, LLC?
HSW Financial Recovery, LLC
Inspection Services
instaCOVER
Marquette Equipment Finance
Maxim Commercial Capital, LLC
Mesa Leasing, Inc.
Pawnee Leasing Corporation
Preferred Business Solutions
Quail Capital Corp.
Quiktrak, Inc.
TEAM Funding Solutions---broker

---

April 12--April 14
Equipment Leasing and Finance Association
23rd Annual National Funding Conference
Fairmont Hotel
Chicago, Illinois

Event Schedule and Exhibit Information:
http://www.elfaonline.org/pub/events/2011/NFE/NFE11_ExhibBrochure.pdf

 

---

May 4-6, 2001
Grand Hyatt Hotel, Buckhead
Atlanta, Georgia

Contact:
Everett H. Walker, Chairman
1449 Green Hill Road
Blowing Rock, NC 28605
everetthwalker@gmail.com
(828) 295-4377

"The National Funding Association is the premier financial networking organization in the country. Founded in 1991, the NFA has been networking financials professionals across America, and with nine chapters serving twelve metropolitan areas, the NFA continues to grow and expand! Our members include asset based lenders, factors, investment bankers, attorneys, CPA's, bankers, consultants, brokers, and other financial professionals."

"The NFA conference kicks off on Wednesday, May 4 with a Golf Tournament at a noted Atlanta area course. An opening reception starts the evening’s festivities from 6:00 to 8:00 PM! Following his presentation are attendee sponsored receptions and hospitality rooms."

"On Thursday, May 5, the conference formally begins with an opening session at 8:30 AM, with a welcome by Atlanta Mayor Kasim Reed, followed by a day long line-up of prominent speakers, including a luncheon, a networking exhibit hall, evening reception, and a banquet with an entertaining dinner speaker."

Our presenters include:
Dennis Lockhart, President, Federal Reserve Bank of Atlanta
Hon. Nathan Deal, Governor of the State of Georgia
Richard Hastings, Global Hunter Securities, Speaker, Author, Retail Economic Expert
Atlanta Mayor Kasim Reed
Kenneth Marks, High Rock Partners
Rob Slee, Robertson & Foley Investment Bankers
Charles Green, Speaker and Author
Nancy Halwig, UPS Capital, leading a panel discussion on the State of the Lending Industry

Member after February 15	$375.00
Non-Member After February 15	$475.00
Member After April 15	$450.00
Non-Member After April 15	$550.00

---

Keynote Speaker will be Beth Ann Bovino
Senior Economist at Standard & Poor’s.

Members register here:
http://secure.aglf.org/core/events/events.aspx

---

May 11-May 13
National Vehicle Leasing Association
The Allerton Hotel on Magnificent Mile
Chicago, Illinois

Members (before March 16) $495
each additional $395
Non-Members (before March 16 $625
(each additional $595)

March 1st-Members $595
March 1st-Non-Members $895

More Information:
http://www.nvla.org/Events/AnnualConference.aspx

---

October 23-25
Equipment Leasing and Financial Association
50th Annual Convention
JW Marriott Hill Country
San Antonio, Texas

-------------------------------------------------------------------

To view Leasing Association Events-Meetings Open to All, please click here.

Hempstead, New York -- Adopt-a-Dog

This is a gorgeous dog with a great soul and needs someone to be her pal

Vada
Pet ID: case 5537
Medium • Adult • Female
Spayed/Neutered • Up-to-date with routine shots

“Please come by today to adopt. I was picked up as a stray & have been here since Feb 2010. I know some commands. Give me a chance"

Free Adoption" until Feb. 28 2011 For more information on this animal please call the Town of Hempstead Animal Shelter at (516) 785-5220. Adoption always includes spay or neuter, basic shots, and microchiping.

Town of Hempstead Animal Shelter
Wantagh, NY
http://www.petfinder.com/shelters/NY359.html

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

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

News Briefs----

Fitch Expects to Rate GreatAmerica Leasing Receivables Funding, L.L.C., Series 2011-1|

Tax policy pushes farmers to buy new equipment

Chase wins bid for San Diego City Equipment Lease

Behind a Rise in Auto Sales, Easier Credit

Trucking rates forecast to roll higher

Consumer Reports: Thumbs down on iPhone

'The King's Speech' takes Academy Awards' big crown

You May have Missed---

Fleet Leasing & Management Statistics
http://www.government-fleet.com/fc_resources/stats/46-Lead-Lessor.jpg

John Kenny Receivables Management • End of Lease Negotiations & Enforcement • Fraud Investigations • Credit Investigations • Asset Searches • Skip-tracing • Third-party Commercial Collections john@jkrmdirect.com | ph 315-866-1167| www.jkrmdirect.com

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

 

Sports Briefs----

Hall of Famer Duke Snider, 84, dies
http://www.nytimes.com/2011/02/28/sports/baseball/28snider.html?ref=baseball

 

California Nuts Briefs---

How California compares on taxes, schools, and other areas
http://www.contracostatimes.com/california-budget/ci_17483052?nclick_check=1

Pay for California's 72 community college district chancellors varies widely
http://www.sacbee.com/2011/02/27/3433947/pay-for-californias-72-community.html

 

“Gimme that Wine”

Wine in Two Words
http://www.nytimes.com/2011/02/23/dining/23pour.html?ref=dining

Wine exports hit a record
http://napavalleyregister.com/lifestyles/food-and-cooking/wine/columnists/paul-franson/article_5ce456d8-40ae-11e0-8d07-001cc4c002e0.html

With budbreak in Napa, another growing season begins
http://napavalleyregister.com/lifestyles/food-and-cooking/wine/article_7fd2e82a-40af-11e0-8614-001cc4c002e0.html

A semantic sommelier: Wine application highlights the power of Web 3.0
http://www.eurekalert.org/pub_releases/2011-02/rpi-ass022311.php

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

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

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

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

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

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

    1646-- Roger Scott was tried in Massachusetts for sleeping in church.
    1704 - Indians attacked Deerfield, Mass., killing 40 and kidnapping 100.
    1708 - A slave revolt in Newton, Long Island, NY, left 11 dead.
    1778 ---The Rhode Island General Assembly authorized the enlistment of slaves during the American Revolution. About 200 blacks soon joined the 1st Rhode Island Regiment, the only all-black regiment of the war. In August 1778, they defended Newport during the Battle of Rhode Island. In 1750, more than 10 percent of Rhode Island's population was black -- the highest concentration of blacks in New England. Rhode Island was the first colony/state to establish a public school for blacks (1773), to outlaw the importation of slaves (1774), and to declare free the children born of slave mothers (1784). Segregation in Rhode Island's public schools was outlawed in 1866, and a law forbidding interracial marriage was repealed in 1881.
    1786 - In answer to the November 30, 1785 demand of John Adams, the British respond that they will not vacate their American military garrisons along the northwest frontier—including Detroit, Michigan, Niagara, and Oswego—until the Americans carry out the provisions of the Treaty of Paris with regard to the treatment of Loyalists and the collection of debts.
    1793-The Senate election of Abraham Alfonse Albert Gallatin of Pennsylvania presented his credentials this day, but his election was declared void. . He was born in Switzerland, and immigrated to the United States in 1780. On December 2, a petition was presented alleging that he had not been a citizen of the United Sates for the nine years required by the Constitution. The trial began on February 28, 1794, after he had served a year, and on February 28 the Senate declared his election void. Gallatin was later elected to the House of Representatives, where he served from March 4,1795 to March 3,1801. A motion passed on the first day of the trial required that the Senate chamber “ be provided with gallery, which shall be permitted to be open every morning so long as the Senate shall be engaged in their legislative capacity, unless in such case as may in the opinion of the Senate require secrecy.” Born in Geneva, Switzerland, January 29, 1761. Democrat. Delegate to Pennsylvania state constitutional convention, 1790; member of Pennsylvania state house of representatives, 1790-92; U.S. Senator from Pennsylvania, 1793-94; U.S. Representative from Pennsylvania 11th District, 1795-1801; U.S. Secretary of the Treasury, 1801-14; U.S. Minister to France, 1815-23; U.S. Minister to Great Britain, 1826-27. His portrait appeared on the $500 U.S. Note in the 1860s. Died in Astoria, Queens, Queens County, N.Y., August 12, 1849. Entombed at Trinity Churchyard, New York, N.Y. Gallatin counties in Ill., Ky. and Mont. are named for him. See also: congressional biography. Books about Albert Gallatin: John Austin Stevens, Albert Gallatin: An American Statesman; L. B. Kuppenheimer, Albert Gallatin's Vision of Democratic Stability.
http://currencygallery.org/vignettes/gallatin.htm
http://gallatinky.tripod.com/Gallatin.html
    1797- Mary Lyon, born near Buckland, MA, became a pioneer in the field of higher education for women. She founded Mount Holyoke Seminary (forerunner of Mount Holyoke College) in South Hadley, MA, in 1837 at a time when American women were educated primarily by ministers in classes held in their homes. Mount Holyoke was one of the first permanent women's colleges. She died Mar 5, 1849, at South Hadley.
    1827- The Baltimore & Ohio Railroad became the first commercial railroad for passengers and freight.
http://memory.loc.gov/ammem/today/feb28.html
    1844 -- During an official inspection tour of the U.S.S. Princeton, a 10-inch gun (the Navy's largest at the time) blew up, killing Secretary of State Abel P. Upshur, Secretary of the Navy Thomas W. Kilmer, and 10 others. President John Tyler, who at the time of the explosion was in a cabin below with Miss Julia Gardiner (the daughter of one of those killed) was unharmed. They subsequently married. Tyler was the first of the three presidents to be married while in office. Between his two wives, he fathered 14 children- seven by each woman.
http://www.exploredc.org/index.php?id=82
http://www.bcpl.net/~etowner/rodman.html
    1849-During the California Gold Rush, the first shipload of prospectors arrive in San Francisco Bay from the East Coast via South America's Cape Horn. The prospectors join the thousands of gold-seekers who had already traveled to California by land to reap the rewards of California's newly found riches. Over a year earlier, near Coloma, California, gold was discovered on the property of Johann A. Sutter by James W. Marshall. After the find was assayed in Sacramento, modest prospecting in the area showed favorable results, and in the summer of 1848, eastern newspapers published the first reports of the newly discovered gold fields. As there had been false claims of gold in California before, the majority of the US public treated Sutter's claims with skepticism.
However, in December of the same year, President James K. Polk corroborated "the accounts of the abundance of gold" found in the recently acquired territory, and the California Gold Rush began. By the spring of 1849, tens of thousands of prospectors had set out for El Dorado, often abandoning their farms, their jobs, and their families. By the end of 1849, some 55'000 people had arrived by land and another 25'000 had made their way by sea. In 1850, California's rapidly increasing population encouraged Congress to grant statehood to the territory. Although many of California's original "Forty-Niners" returned to their home states empty-handed, tens of thousands made a living in California, and by 1852, the population at the time of Marshall's discovery — 14'000 non-Indians — had grown to 250'000 Californians.
    1861- The Confederate government bond was authorized today “ to raise money for the support of the government and to provide for the defense of the Confederate States of America.” The bond issue limit was $15 million.
    1861 -Congress creates Colorado Territory. In July 1858, a band of prospectors working streambeds near modern-day Denver found tiny flecks of gold in their pans. Since the gold-bearing streams were located in the foothills not far from the massive mountain named for the explorer Zebulon Pike, the subsequent influx of hopeful miners was termed the Pike's Peak gold rush. By the spring of 1859, an estimated 50,000 gold seekers had reached this latest of a long series of American El Dorados. The Congressional designation of new western states and territories had been bogged down for several years as southern and northern politicians fought over whether slavery would be permitted in the new western regions. By 1861, the South had seceded, clearing the way for the northern politicians to begin creating free-labor states. On this day in 1861, Congress combined pieces of Nebraska, Wyoming, Utah, and New Mexico to make a large rectangle of land it designated Colorado Territory.
    1876-American composer John Alden Carpenter, born Park Ridge, IL, Died 1951
http://www.pbs.org/wnet/ihas/composer/carpenter.html
http://www.teachervision.com/ce6/people/A0810557.html
http://www.press.uillinois.edu/f01/pollack.html
http://www.amazon.com/exec/obidos/ASIN/1560984007/inktomi-bkasin-20/
102-1682336-8966565
    1882-Birthday of Geraldine Farrar, born Melrose, MA American-born opera singer who studied in Europe and became the toast of the continent before being offered a contract at the Metropolitan Opera in 1906. She overworked her voice which broke in a performance in 1913. She returned after a rest and amassed a record of 493 performances of 29 roles including 95 as Butterfly. She and Arturo Toscanini were reportedly lovers for seven years and before that she and Crown Prince Frederick Wilhelm of Germany had been lovers. For her verve and modern life-style she drew a legend of "Gerry-flappers" women fans. , Died March 11, 1967
http://search.eb.com/women/articles/Farrar_Geraldine.html
http://www.cantabile-subito.de/Sopranos/FarrarBio/farrarbio.htm
http://www.silentsmajority.com/PhotoGallery3/farrar.htm
    1884- The newly built "war steamer," USS Princeton, cruising on the Potomac River with top government officials as its passengers, fired one of its guns (known, ironically, as the "Peacemaker') to demonstrate the latest in naval armament. The gun exploded, killing Abel P. Upshur, Secretary of State; along with the secretary of the navy and several others. Many were injured. The president of the US, John Tyler, was on board and narrowly escaped death.
    1894- Ben Hecht birthday.. His newspaper column, "1001 Afternoons in Chicago," popularized human interest sketches. His play The Front Page, written with Charles MacArthur, was a hit on Broadway (1928) and on film (1931). He was a successful reporter and his first novel Eric Dorn, resulted partly from his time reporting from Berlin after World War I. Hecht wrote or co-wrote a number of successful movie scripts, including Notorious and Wuthering Heights. Born at New York City, he died there Apr 18, 1964.
    1900 - A massive storm spread record snows from Kansas to New York State. Snowfall totals ranged up to 17.5 inches at Springfield IL and 43 inches at Rochester NY, with up to 60 inches in the Adirondack Mountains of New York State.
    1903-Ford hires the Dodges: Henry Ford hired John F. and Horace E. Dodge to supply the chassis and running gear for his 650 Ford automobiles. They were originally bicycle manufacturers. In providing car bodies for Henry Ford and Ransom Olds, they became largest parts-manufacturing firm in the U.S. by 1910. In 1914, the brothers founded the Dodge Brothers Motor Car Company and began work on their first automobiles. Dodge vehicles were known for their quality and sturdiness. Soon they were among the richest men in America. The influenza epidemic that swept the country in 1920 claimed their lives. Their company was sold to a New York bank, before eventually being purchased by Chrysler in 1928.
    1932-The last Ford Model A was produced, ending an era for the Ford Motor Company. The successor to the Model T, the Model A was an attempt to escape the image of bare bones transportation that had driven both the Model T’s success and its ultimate failure in the market. The vastly improved Model A boasted elegant Lincoln-like styling, a peppy 40 horsepower four-cylinder engine, and, of course, a self-starting mechanism. The Model A was as affordable as its predecessor, however, and with a base price at $460, five million Model A’s would roll onto US highways between 1927 and 1932.
    1934-Percussionist Willie Bobo ( William Correa) born New York City, NY
http://www.spaceagepop.com/bobo.htm
    1936- Louis Prima records his composition “Sing, Sing, Sin” for Brunswick.
    1939-Guitarist John Fahey born Takoma Park, MD Died Feb. 22,2001
http://www.furious.com/perfect/johnfahey.html
http://www.johnfahey.com/
http://www.musicfringe.com/store/fahey-john/index.htm
http://www.countryjoe.com/fahey.htm
http://www.guitarvideos.com/interviews/fahey/core.htm
http://www.netmagic.net/~snake/fahey/voyager1.htm
    1939-Tenor Sax player Charles Gayle born Buffalo, NY
http://www.creativemusicarchive.com/artistList_query.asp?artID=
168&artName=Charles%20Gayle
http://www.theiceberg.com/artist.html?artist_id=30947
http://www.jazzpages.com/scheiner/gayle.htm
http://www.furious.com/perfect/charlesgayle.html
    1939-singer/song writer/arranger General Crook born Mt. Byou, MS
http://www.soulwalking.co.uk/General%20Crook.html
    1941 -- Happy birthday Alice Brock.
http://www.answers.com/topic/arlo-guthrie
http://www.guthriecenter.org/main.shtml
http://www.wgbh.org/cainan/article?item_id=1081316
    1942—Guitarist and creator of rock styles Brian Jones birthday, best known as an early guitarist with the Rolling Stones, was born in Cheltenham, England. Jones began playing with Alexis Korner's Blues Incorporated in the early 1960's, and it was here that he met Mick Jagger and Keith Richards. The three began to play on their own and by 1962 were calling themselves the Rolling Stones, after a Muddy Waters song. With the addition of bassist Bill Wyman and drummer Charlie Watts in 1963, the Rolling Stones were complete. By their third single, "It's All Over Now," the band was a sensation in Britain. And in late 1964, they had their first top ten hit in North America, "Time Is on My Side."
During the British invasion of 1964, the Stones were promoted as rock 'n' roll's bad boys, an image that has remained with them for more than 30 years. By the late '60s, the Stones were billing themselves as the "World's Greatest Rock 'n' Roll Band." In June 1969, Brian Jones announced he was leaving the group because of musical differences ( he was getting heavier into drugs.) He said he was going to form his own band, but less than a month later was found dead in the swimming pool at his home. The coroner's verdict - death by misadventure; July 3, 1969.
http://home.earthlink.net/~hobhead/
http://www.angelfire.com/rock2/faithlessjones/
http://www.classicrockpage.com/rrheaven/jones.htm
    1945- the First Charlie Parker-Dizzy Gillespie record date on Guild. “Groovin’ High,” “All the Things You Are,” “ Dizzy Atmosphere.” Clyde Hart on piano, Slam Stewart on Bass, Cozy Cole
on Drums, Remo Palmieri on guitar.
http://www.citypaper.net/articles/052297/article014.shtml
http://www.rhino.com/features/tracks/72260trx.lasso
    1947—Top Hits
For Sentimental Reasons - Nat King Cole
The Anniversary Song - Dinah Shore
Oh, But I Do - Margaret Whiting
So Round, So Firm, So Fully Packed - Merle Travis
    1951- The US Senate committee headed by Estes Kefauver, D-Tenn., issued a preliminary report saying at least two major crime syndicates were operating in the US.
    1955—Top
Sincerely - McGuire Sisters
Melody of Love - Billy Vaughn
The Crazy Otto (Medley) - Johnny Maddox
In the Jailhouse Now - Webb Pierce
    1960- Richard Petty won the first grand National (later Winston Cup) stock car race of his career in Charlotte, NC. The victory earned him $800 and set him on the road toward 200 wins on the NASCAR circuit, including seven triumphs in the Daytona 500 and seven NASCAR driving titles.
    1960- the US hockey team defeated Czecholosovkia, 9-4, to win the gold medal at the VIIth Winter Olympic Games at Squaw Valley, CA.
    1963—Top Hits
Hey Paula - Paul & Paula
Ruby Baby - Dion
From a Jack to a King - Ned Miller
The Ballad of Jed Clampett - Flatt & Scruggs
    1967 - No. 1 Billboard Pop Hit: ``Ruby Tuesday,'' The Rolling Stones. The song is released as the B side to the single ``Let's Spend the Night Together.'' Most American radio stations play ``Ruby Tuesday'' because the other song is so blatantly sexual.
    1967--LEONARD, MATTHEW Medal of Honor
Rank and organization: platoon Sergeant, U.S. Army, Company B, 1st Battalion, 16th Infantry, 1st Infantry Division. place and date: Near Suoi Da, Republic of Vietnam, 28 February 1967. Entered service at: Birmingham, Ala. Born: 26 November 1929, Eutaw, Ala. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. His platoon was suddenly attacked by a large enemy force employing small arms, automatic weapons, and hand grenades. Although the platoon leader and several other key leaders were among the first wounded, P/Sgt. Leonard quickly rallied his men to throw back the initial enemy assaults. During the short pause that followed, he organized a defensive perimeter, redistributed ammunition, and inspired his comrades through his forceful leadership and words of encouragement. Noticing a wounded companion outside the perimeter, he dragged the man to safety but was struck by a sniper's bullet which shattered his left hand. Refusing medical attention and continuously exposing himself to the increasing fire as the enemy again assaulted the perimeter, P/Sgt. Leonard moved from position to position to direct the fire of his men against the well camouflaged foe. Under the cover of the main attack, the enemy moved a machine gun into a location where it could sweep the entire perimeter. This threat was magnified when the platoon machine gun in this area malfunctioned. P/Sgt. Leonard quickly crawled to the gun position and was helping to clear the malfunction when the gunner and other men in the vicinity were wounded by fire from the enemy machine gun. P/Sgt. Leonard rose to his feet, charged the enemy gun and destroyed the hostile crew despite being hit several times by enemy fire. He moved to a tree, propped himself against it, and continued to engage the enemy until he succumbed to his many wounds. His fighting spirit, heroic leadership, and valiant acts inspired the remaining members of his platoon to hold back the enemy until assistance arrived. P/Sgt. Leonard's profound courage and devotion to his men are in keeping with the highest traditions of the military service, and his gallant actions reflect great credit upon himself and the U.S. Army.
    1968--General Earle Wheeler, Chairman of the Joint Chiefs of Staff, returns from his recent round of talks with General William Westmoreland in Saigon and immediately delivers a written report to President Lyndon B. Johnson. Wheeler stated that despite the heavy casualties incurred during the Tet Offensive, North Vietnam and Viet Cong forces had the initiative and were "operating with relative freedom in the countryside."
    1970 - Simon and Garfunkle's Bridge Over Troubled Water zoomed to the Number 1 spot on Billboard's record charts on this date, and remained there for 6 weeks. The album and the single went on to win six Grammy awards.
    1970 -- Bicycles permitted to cross Golden Gate Bridge in San Francisco.
http://www.inetours.com/Pages/SFNbrhds/Golden_Gate_Bridge.html
http://www.blazingsaddles.com/about.html
http://www.infohub.com/TRAVEL/SIT/sit_pages/3900.html
    1971—Top Hits
One Bad Apple - The Osmonds
Mama’s Pearl - The Jackson 5
Sweet Mary - Wadsworth Mansion
Help Me Make It Through the Night - Sammi Smith
    1971 - For the second time, Jack Nicklaus, ‘The Golden Bear’, won the Professional Golfers Association Championship after completing the cycle of winning golf’s four major titles twice. The Big Four in golf are: The United States Open, the Masters, the PGA Championship and the British Open.
    1972 -- Radical Angela Davis trial starts, San Jose, California. Davis worked to free the Soledad (Prison) Brothers, African-American prisoners held in California during the late 1960s. She befriended George Jackson, one of the prisoners. On August 7, 1970, during an abortive escape and kidnap attempt from Marin County's Hall of Justice, the trial judge and three people were killed, including Jackson's brother Jonathan. Although not at the crime scene, Davis was implicated when police claimed that the guns used had been registered in her name, plus she had visited the prisoners as an attorney with her briefcase never being searched. Davis fled underground. She was captured in New York City in August 1970, but was freed eighteen months later and cleared of all charges in 1972 by an all white jury. She teaches today at UC Santa Cruz.
http://voices.cla.umn.edu/authors/AngelaDavis.html
http://www.disinfo.com/pages/dossier/id91/pg1/
    1974 - No. 1 Billboard Pop Hit: ``Seasons in the Sun,'' Terry Jacks.
    1977- Orca was born in captivity, a six-foot, 125 pound calf, at Marineland, Los Angeles, CA. She was the off-spring of Cork, a 16-year—old, 11-ton orca. Orcas are also known as killer whales.
    1979—Top Hits
Da Ya Think I’m Sexy? - Rod Stewart
Fire - Pointer Sisters
I Will Survive - Gloria Gaynor
Every Which Way But Loose - Eddie Rabbitt
    1981--Country music star Eddie Rabbitt crossed over to the Pop chart to score a US number one hit with "I Love a Rainy Night". Although it sounds like he made up a stage name, his real name is Edward Thomas Rabbitt
    1982-the J. Paul Getty Museum receives a $1.2 billion bequest left to it by the late J. Paul Getty. The American oil billionaire died in 1976, but legal wrangling over his fortune by his children and ex- wives kept his will in probate until 1982. During those six years, what was a originally a $700 million bequest to the museum nearly doubled. By 2000, the endowment was worth $5 billion--even after the trust spent nearly $1 billion in the 1990s on the construction of a massive museum and arts education complex in Los Angeles.
    1983-(Feb 29) “M*A*S*H: The Final Episode: concluding a run of 255 episodes, this 2 1/2-hour finale, "Goodbye, Farewell and episode, Amen" was the most-watched television show at that time-77 percent of the viewing public was tuned in, topping the "Who Shot JR.?" revelation on "Dallas." The show premiered in 1972. The series was based on the 1970 Robert Altman movie and a book by Richard Hooker. Set during the Korean War, the show aired for 11 years (lasting longer than the war). It followed the lives of doctors and nurses on the war front with both humor and pathos. The cast included: Alan Alda as Captain Benjamin Franklin "Hawkeye" Pierce, Wayne Rogers as Captain John "Trapper John" Mcintyre, McLean Stevenson as Colonel Henry Blake, Loretta Swit as Major Margaret "Hot Lips" Houlihan, Larry Linville as Major Frank Burns, Gary Burghoff as Corporal Walter "Radar" O'Reilly, William Christopher as Father Francis Mulcahy, Jamie Farr as Corporal Max Klinger, Harry Morgan as Colonel ShermanPotter and Mike Farrell as Captain B.J. Hunnicut.
http://timstvshowcase.com/mash2.jpg
http://www.geocities.com/rickstvshows/mash.html
    1984- Singer Michael Jackson won a record eight Grammy Awards at the presentation ceremony in Los Angeles. But he lost the best song award to "Every Breath You Take," written by Sting for the Police. Jackson's Pepsi commercial - the one in which he was injured when his hair caught fire - premiered that day on MTV.. He broke the previous record of six awards set by Roger Miller in 1965. The reason: the biggest selling album of all time, "Thriller", which sold more than 35-million copies around the world soon after its release in 1983.
    1987—Top Hits
Livin’ on a Prayer - Bon Jovi
Jacob’s Ladder - Huey Lewis & The News
You Got It All - The Jets
I Can’t Win for Losin’ You - Earl Thomas Conley
    1987 - A powerful storm produced severe thunderstorms in Louisiana and Mississippi early in the day. About mid morning a monstrous tornado touched down near Moselle MS and grew to a width of two miles as it passed near Laurel MS. The tornado traveled a distance of 40 miles killing six persons, injuring 350 others, and causing 28.5 million dollars damage. The tornado swept homes right off their foundations, and tossed eighteen wheel trucks about like toys. Strong straight line winds associated with the powerful storm system gusted to 70 mph at Jonesboro AR and Carbondale, IL.
    1991-IBM announced it would cut up to 10'000 workers from its payroll. IBM struggled to keep up with small, fast-moving technology firms, but its tremendous size and inertia weighed it down. In another effort to turn the company around, IBM hired former chairman of R. J. R. Nabisco, Lou Gerstner, as CEO in 1993. Gerstner was IBM's first leader brought in from outside the company.
    1991 - The Record Plant in Hollywood closes. Among the albums recorded at the recording studio and rock hangout were the Eagles' ``Hotel California,'' Fleetwood Mac's ``Rumours'' and Stevie Wonder's ``Songs in the Key of Life.''
    1992-The Star Trek television series exhibit opened at the National Air and Space Museum in Washington, D.C., opens an exhibit honoring the original Star Trek television series.
    1993 - United States Federal agents battled it out with members of an armed religious cult in Waco, Texas. Four agents from the Bureau of Alcohol, Tobacco and Firearms and two cult members were killed and 12 agents were wounded during the shoot out. The agents planned to arrest Branch Davidian cult leader, David Koresh, on federal firearms charges, but were taken by surprise when cult members began firing on them with heavy weapons.
    1994- Hewlett-Packard announces a new line of ink-jet printers. The resolution of the printers doubled from 300 to 600dpi and the cost went down, instead of up. A economic color ink-jet printer was in the works.
    1994- Canadian singer Celine Dion made her New York debut at Town Hall. Reviews were mixed. New York Newsday reviewer Elisabeth Vincentelli described Dion as "a classy, upscale alternative for people who think of Mariah Carey as a shopping mall superstar." The New York Times' Stephen Holden was less kind, dismissing Dion's songs as "the kind of generic pop anthems that win international song competitions and that Olympic athletes use to accompany their routines."
    1996- Canadian singer Alanis Morissette won four major Grammy Awards, including album of the year and rock album of the year for "Jagged Little Pill." She also picked up trophies for best rock song and best female rock vocal performance, both for her single "You Oughta Know." Canadians picked up a total of 11 Grammys, including two by Joni Mitchell for her album "Turbulent Indigo." Faith Hill won the best country album Grammy for "The Woman In Me." Hootie and the Blowfish are named Best New Artist
    1997- The Food and Drug Administration implemented restrictions on retailers that required them to check the ages of all customers younger than 27 to prevent persons under 18 years of age from buying tobacco. Store owners caught selling cigarettes and other tobacco products to minors faced federal fines of $250 per violation. All states already had laws banning the sale of tobacco to persons under 18, but enforcement was erratic.
    1997-Netscape announced it had created alliances with VeriFone and CyberCash, a developer of Internet-payment software, to foster secure online purchases. 1994 Hewlett-Packard announces a new line of ink-jet printers Hewlett-Packard said it would introduce a new line of ink-jet printers this week in 1994. The company planned to double the resolution of existing ink-jet models, from 300 to 600 dpi. The company also planned to introduce a color ink-jet printer that would improve the accuracy of color printouts.
    1998 - My Heart Will Go On, Celine Dion's runaway hit single from the film Titanic, went to Number 1 on the pop charts, and was in the top spot for 2 weeks.
    2010-Neil Young made a surprise appearance at the closing of the Vancouver Olympic Games where he sang "Long May You Run" as the Olympic flame was extinguished.