Somehow I missed our “On Line” Anniversary

July 10, 2000 --Leasing News started on line in text format.

This originally was more of an “e-mail” to friends and acquaintances that was sent to a relatively small mailing list in 1993, but passed around. I used Telemagic and a dial-in to start. Then we went by internet. We actually had our own server and mail server, as you could not send out large groups of emails. The mail server used to take up to an hour sometimes to email to everyone on the list. As the address book grew, all from referrals, when it got to over a 1,000 regular readers, it was time to make it more “serious.”

Sometimes it was more fun, such as asking readers what year and kind of car they drove, or the so-called wrestling match between Ken Goodman and Bob Rodi, and often the language was of the street. It was more a list serve that turned into a “blog,” and we never even knew that in the early days, as when I started in 1992 when the only way to get a “custom” email was pay $10 a month or belong to AOL.

Ken Greene used to send out an email on AOL about legal changes in the leasing industry, something like 15 at a time, as I remember.

My concept has never changed, although the format has. Readers still contribute most of the news, such as last Friday: Shawn Halladay on Leverage Leasing; almost all of the Bulletin Board Complaints originally are originally referred by attorneys, brokers, funders, lessees, lessors, and vendors, as well as other stories, often written by them to, such as Tom McCurrin or Mr. Terry Winders; the big stories also from readers, especially current and ex-employees as well as officers, including presidents of banks and companies, and many who are concerned about our industry. I don’t dig these stories up, they are basically handed to me by email and I investigate them, most “off the record.” Leasing News comes from the reader’s participation and that is why we are always ahead of the internet competitors as they rely on press release primarily.

Due to the liabilities, we incorporated; Barry Dubin did it pro bono, our long time attorney and good friend who likes to stay below the radar, something his late partner Jeff Wong never did), Carl Moberg (now president of Streakwave) built our web site (on two computers, one had CGI script and it continues to this day), and on July 10, 2000, placed our first edition “on line,” and was our first web master, sending out editions, too. He is much too busy today to do that with three locations in the United States, plus one in Brazil.

Our mission has been: Independent, unbiased, and fair news about the leasing industry. Later I had to define what biased and unbiased meant in the news industry. We never belonged to a leasing association or any group, and at one time had them all angry at what we wrote---that was part of being independent. While we have many friends, we also have many unhappy with us as they don’t like being “exposed.”

My ideals were from Joseph Pulitzer's retirement speech on April 10, 1907:

(The Mission of “The World” newspaper)

“An institution which should always fight for progress and reform; never tolerate injustice or corruption; always fight demagogues of all parties; never belong to any party; always oppose privileged classes and public plunder; never lack sympathy with the poor; always remain devoted to the public welfare; never be satisfied with merely printing the news; always be drastically independent; never be afraid to attack wrong, whether by predatory plutocracy or predatory poverty.”

Here is the first edition on line:
http://two.leasingnews.org/archives/July/7-10-00.htm

If you didn’t go to it, our first on line edition primarily announced the members of our Advisory Board and what they had to say about our mission:

Bob Baker, Wildwood Financial
Steve Crane, Bank of the West  (today Vice President & Marketing Manager
Indirect Equipment Lease Origination)
Phil Dushay, Global Leasing 
Mike Graneri, Graneri and Associates 
Ken Greene, Attorney 
Bob Rodi, LeaseNow 
Bob Teichman, Teichman & Associates 
Andrew Thorn, Thalman Finance 
Rob Yohe, Yohe and Associates

“The List” then was composed of 36 companies.

The top story of the day:
“First Sierra Stock (Sierra Cities) Monday Hits All Time Low of 2 7/8 “

On the Complaint Bulletin Board:
“Universal Capital Service 7/5
Parker Leasing and Financing 6/16
Dodson Group complaint 6/15
Universal Capital Service 6/12
Metropolitan Group Question 6/12”

We had other news that day such as:
“(The popular former Colonial Pacific Leasing) Dennis Doyon leaving (the ebroker company of) Total Funding to go to work at Commercial Money Center.”

August 9, 2002: we added to the” text” version also an “HTML” web edition. Many preferred the text version, particularly on older computers, and same read them on hand held devices (even then.)

January 6, 2003: classified ads. They were all free in the beginning until we had over 110 “help wanted” ads, almost all from brokers looking for independent, mostly commissioned sales personnel.

 

Gadsden Flag

June, 2004, in addition to the text version, we started sending out an “HTML” version with graphics and sound. We also tried “paid subscriptions,” and that didn’t work. We changed from an afternoon edition to a morning edition. The Gadsden flag become our “logo.” We experimented also with a “live” e-mail program where readers could log in and talk live with me, along with a monthly “chat forum” on news topics where reader could ask questions. We had music and videos, but readers didn’t like either; many complaints.

July, 2004, the text editon ended as keeping the address book for both was too much work. It was over 4,000 readers and quite a chore as people left one company, joined another, or wanted it at their home, not business or at both.

April 24, 2005 started Constant Contact edition via eMail, which relieved us of taking care of the address book, plus gave us other graphic abilities. We also got rid of our in house web server and mail server, which was continually being hacked even though we had three hard firewalls and two software programs. We also changed to an early morning edition, sending out at 1:00am California time to not only reach the East Coast earlier, but the business day in Europe, India, and the Middle-East (thank you, Johnny Johnston.)

May 20, 2005, we started banner ads.

Through this time our advisors wanted us to change our layout, but it was designed for hand held devices, and portrait style monitors. In addition, we could place the ads in specific stories, or not in specific stories, and the advertisers got more attention. It was more work in this manner than a simple template, but it kept readers coming back, and advertisers, too.

While I think our graphics have improved, the concept remains the same: stories are from reader’s participation.

I certainly appreciate your support by continuing to read us.

Kit Menkin, editor/publisher/president—Leasing News, Inc.

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July 10, 2000

Leasing News Now Also On Line -- The List/ Bulletin Board, Dennis Doyon Found/ First Sierra Stock.

Leasing News is now available on www.leasingnews.org

You will find a "Bulletin Board" and "The List" plus a calendar, links, archives and other features to follow.

Anyone can receive a copy of Leasing News by e-mail just by requesting. We don't add anyone, unless they specifically request (no spam ).

Here are the original Editorial Advisory Members.

Bob Baker, Wildwood Financial
Steve Crane, Bank of the West  (today Vice President & Marketing Manager
Indirect Equipment Lease Origination)
Phil Dushay, Global Leasing 
Mike Graneri, Graneri and Associates 
Ken Greene, Attorney 
Bob Rodi, LeaseNow 
Bob Teichman, Teichman & Associates 
Andrew Thorn, Thalman Finance 
Rob Yohe, Yohe and Associates

" I feel that what you are proposing will be very useful to brokers and funders." 
Steve Crane, Bank of the West

" I have been following your newsletters and really find them informative. As a matter of fact I look forward to them. If you feel someone on the east coast could help,you can count on me." 
Phil Dushay, Global Leasing

"I will help you in any way I can." 
Andy Thorn, Thalman Financial

" I'm for anything to improve the industry. I would like to see all of us in the business, Brokers, Lessors, Funders and everyone else in the industry get along better." 
Roy Yohe, Lease Consultant

" I think your newsletter is an important to the industry." 
Bob Baker, Wildwood Financial

" This may be an opportunity for people who are either members of different associations or who are not affiliated with any to come together to find a solution ( to fraud and unprofessional conduct ). An industry-wide Code of Ethics is critical. " 
Bob Teichman, Teichman Financial Training

" I think that we may be able to do some things that the associations cannot. I will always be on board for anything that promotes our industry, raises standards and preserves our livelihood. I also feel that this effort will have a lot of credibility because there is no profit motivation." 
Bob Rodi, LeaseNow

" I hope that I am able to make a positive contribution."
Ken Greene, Attorney

I have asked others to join this group to help me with policy, strengthen the mission, and give input to the direction of the web site. We have no plan for banners, advertisements, and want to keep it strictly unbiased, free, and helpful to our profession.

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32 Leasing Companies Major Changes in the last Six Months:

American Business Leasing ( gone ) 
Bankvest (bankrupt) 
Bombadier ( reported having problems, not confirmed )
C&W Leasing (acquired by Granite who was acquired by Fidelity National Title) 
Charter Financial ( purchased by Wells Fargo ) 
Commerce Security ( closed ) 
Copelco ( sold to Citibank )
Dana ( sold off, active as captive ) 
DVI Capital ( out of broker ) 
Fidelity ( acquired by ABN Amro Bank )
Finova ( out of market place ) 
Franklin Bank ( no more leases ) 
Imperial ( sold portfolio ) 
Leasing Corp of America ( for sale below book value ) 
Leasing Solutions ( bankrupt )
Libery Leasing ( closed )
Linc Capital ( out of vendor and broker business, Nasdaq halts stock sales )
Merit Leasing ( gone ) 
METWEST LEASING CO. Spokane WA. ( advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding. ) 
Nationbank Leasing ( closed ) 
New England Capital ( sold ) 
Newcourt ( sold off ) 
Phoenix ( both divisions ) 
Prime Capital ( "yes and no" sold off, may be negotiating )
Rockford ( sold to American Express )
SDI ( closed )
T&W ( bankrupt, lost their listing ) 
Transamerica ( sold ) 
Unicapital ( reportedly struggling, fighting back ) 
United Capital ( coming back, changes, good reports )
United Leasing ( re-financing ) 
USA Leasing ( gone )

any comments, corrections, additions, or suggestions are greatly appreciated.

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No Longer at Total Funding

Dennis Doyon is at Commercial Money Center, working out of Portland, Oregon at 877-775-8787. The company handles all types of leases, specializing in the tougher collateral and credit story transactions.

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First Sierra Stock ( Sierra Cities )Monday Hits All Time Low of 2 7/8

http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=BTOB&script=200

To see the fall:

http://www.sierracities.com/stock_chart.asp

( at close of Friday ) 
as of 7/7/2000 
Market Capitalization (000) 
$58,000 
Close Price (7/7/2000) 
$3.03 
52 Week 
High $24.25 
52 Week Low
$2.94 
YTD High $23.94 
YTD Low $2.94

( at close of Friday )

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BULLETIN BOARD

( These are postings for informational purposes. Any response, correction, addition, will be posted. We reserve the right to edit or delete any opinion that is not in good taste or is outright derogatory ).

Universal Capital Service 7/5
Parker Leasing and Financing 6/16 
Dodson Group complaint 6/15
Universal Capital Service 6/12
Metropolitan Group Question 6/12 

Source states Universal Capital Services, Springhill, Florida, took up-front fees on deal and has not returned to lessee. Lessee is complaining to funding source. This is the third complaint received on this. Source is trying to find out more and request this be posted on bulletin board. Source will allow us to state name, if this is not resolved.
7/5

$25,000 SD $29,000 first and last Three months did not return money Parker Leasing and Financing, Ft. Lauderdale, Florida no web site, no district attorney complaints, Parker Leasing and Financing refuses to return commitment fee and first and last. 
6/16

We had been using the Dodson Group for overnight (Airborne) until recently. They were charging us $8.75 per overnight (there cost to Airborne is $7.61, who cares, they deserve a profit). But, in auditing our bills for the last 2 years we kept noticing that we were being repeatedly charged $12.00 to $18.75 for overnight on about 1/3 to 1/2 of the over nights. Initially, Dodson claimed "overweight", so we researched further and discovered that most of the overcharges were on checks going out overnight to vendors and brokers - no way this could be "overweight".

For the past year we have faxed and called Dodson repeatedly to get corrected invoices - no one would even respond! So, we put them on notice that we would not pay any more invoices until they corrected their over billing problem - they never did. Their response was to turn us over to a collection agency!

We are convinced they purposely overcharged us, and probably every other client! Dodson does a lot of biz with NAELB brokers, don't these brokers need to know about Dodson's policy of quoting one price and charging another? 
6/15

Avoid this company like the plague. I believe that if it is the same one they also run companies under the name(s) Universal Manufacturing - (Vendor) & Universal Finance (Credit repair company). I'll look up the e-mail I received on this a while back. I think what the story was is that Universal Capital, Florida, would submit a deal to funding source, then if declined due to personal credit, Universal Finance would repair credit then resubmit elsewhere. The vendor would be Universal Manufacturing who would sell $2,000 computers for $40,000 invoice (just under F/S disclosure). Then they split excess with lessee. 
6/12

Do you know anything about Univerasl Capital Services, Inc., In Spring Hill, Florida 34606. One of the lease brokers I work with is having trouble getting paid on a deal. He thinks the company is owned by Jim and Anita Koper. Please let me know if you hear anything. 
Thanks. 
6/12

Metropolitan Mortgage and Sec in Washington had a division that funded the lesser credits. Well they have stopped and are not honoring their approvals if they don't already have signed docs. This was told to me by a broker in Arizona who has 10 deals sitting with them and she is now scrambling to replace them. 
6/12

 

Classified Ads---Senior Management

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

Europe 25+ yrs exper. management roles Chase, AT&T Capital, Heller Financial, SFS. Develop biz from “scratch to success”. Looking for challenging & pioneering job. Email: frans@alliedproperty.net

Philadelphia, PA 27 yrs. exp. sales, ops., credit, strategy, P&L mngmet. Most recently created & executed the biz plans for 2 highly successful Bank-owned small ticket leasing subsidiaries. email: mccarthy2020@comcast.net

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

Shawn Halladay Explains More on Ending of Leverage Leasing

An "Extra" short edition was sent out on Friday from Shawn Halladay, Managing Director, the Alta Group. The Financial Accounting Standards Board (FASB) "killed" leveraged leases, and as important, voted not to allow grandfathering.

Several readers were not familiar with the term.  While more is involved, this is a simple definition: "The lessor provides an equity portion (often 20% to 50%) of the equipment cost and lenders provide the balance on a nonrecourse debt basis. The lessor receives the tax benefits of ownership."  There are many companies in all sizes of lease transaction involved in this type of funding today.

Attorney Ken Greene, Hamrick & Evans, LLP, remembers,” That was a big part of the early success of BankAmerilease under the brilliant watch of Mr. Peter Nevitt."

Leasing News asked Shawn Halladay to expand on what this means to the leasing industry:

Based on the number of emails you and I are receiving regarding the FASB’s tentative decision to not allow grandfathering of leveraged leases, I thought a bit of clarification might be in order.  This decision only applies to lessors that are using leveraged lease accounting as defined in "FAS 13."  It will not affect standard lessor accounting, even if leverage is involved in the deal, and has absolutely no accounting impact on lessees. 

The concern with not allowing leveraged lease grandfathering is that lessors with these leases on their books will have to bring the nonrecourse debt back on their balance sheet and, depending on the direction the FASB takes with the overall lessor accounting, also may have to put the asset back on the balance sheet.  In addition to being a major administrative undertaking, the accelerated income on these leases most likely will have to be clawed back and there will be significant deferred tax issues created.

As background, based on the nature of the lease, lessors must account for their leases using one of four methods – operating lease, direct financing lease, sales-type lease, or leveraged lease accounting.  Leveraged lease accounting can only be used if (1) the lease otherwise is classified as a direct financing lease, (2) there is significant nonrecourse debt in the deal, and (3) the after-tax, net investment in the lease declines and then rises over the term of the lease.

If these conditions are met, the nonrecourse debt is removed from the balance sheet and the lessor allocates the earnings in the lease based on its after-tax cash flows, using the multiple investment sinking fund (MISF) method of income recognition.  The multiple investment sinking fund methodology front-loads the earnings in the lease.  Coupled with the economic benefits of back leveraging the equity portion of the deal, these accounting benefits become quite attractive, especially on very large transactions.

This decision means that leveraged lease accounting simply will cease to exist in any form on January 1, 2015, making the current conditions that must be met irrelevant.

Hope this helps.

Shawn
Shawn Halladay, Managing Director
www.thealtagroup.com
801 322 4499 direct
801 322 5454 fax
shalladay@thealtagroup.com
Global Experience Provides Direction

Shawn's biography:
http://thealtagroup.com/north-america/about/shawn-d-halladay

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Leasing 102
by Mr. Terry Winders, CLP

The 80% Useful life Rule

One of the main differences between leasing and lending is the Lessor’s ownership of the equipment, but that ownership may be called into question if the term of use, by the lessee, exceeds 80% of the equipments useful life. Currently for Generally Accepted Accounting Rules (GAAP it is 75% of useful life for classification purposes; however, the 80% test for federal income tax and Article 2A of the Uniform Commercial Code have some dire consequences if you exceed their 80% test.

What is useful life? To begin with, it is not connected to value. The answer is how long will the equipment “function” for some business, this also concerns considering the current quality or “type of use.” A computer, and even a lap top, may function for ten years, but its value is very low after three years of use, sometimes even less, depending on its function in the business. So long as it can be used by a business for its original function, it has additional use value. But you could not use a computer as a boat anchor and say it still has a use. That is why the qualification is 80% the “original” use.

Regardless of the actual equipments useful life, you must estimate it and record your estimate by discovering how your customer plans to use it and then contacting vendors, secondary market resellers, guide books and other users of the same equipment to prove that you have not exceeded 80% of the estimate. The “burden” of proof rests with the lessor for income tax purposes or for Article 2A of the UCC.

Failure to prove the term of your lease is under the 80% test could allow the courts to surrender asset ownership to the lessee and you would lose your control of the assets value. I have suggested an equipment use and description form should be part of your documentation, but it still requires you to do the research to determine the equipment’s anticipated useful life.

Even though you may have a bargain option lease and it appears that the deal only hinges on the credit quality of the lessee, your term of lease may be way longer that it should be, because of that use. It therefore may require a stronger credit or at least raise questions of why the lessee has asked for that term. It will always increase your risk if actual use is heavier than normal and the term is too long!

Knowing how the equipment will be used and its affect on its value is one of the underlining credit functions. In lending, they try to over collateralize because they do not do much collateral investigation and if possible they file blanket liens on everything the customer owns. In commercial equipment leasing, we only have the equipment in the lease because we cannot take additional collateral. Therefore equipment use and future value is of upmost importance.

In addition the more you know about the use perhaps it will give you more information on the structure of the lease payments giving you a stronger lease proposal. Then you would not look like a loan with level payments over 36, 48 or 60 months.

If you are in the commercial equipment leasing business then take the time to know the equipment that you are planning to lease. If you are a packager or broker, the more information you provide the funder the more professional you will appear. The more information on the equipment will also tell you more about the lessee and their business and value of the equipment they are leasing. It may increase the creditors comfort level in approving the lease.

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)

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Emily Fitzpatrick---Career Crossroad

Question:
I have an initial interview set up with the President of an organization off premises (at an athletic club) and during off hours. I was told by the hiring manager that dress was very casual … shorts?

Answer:
You are going to be making your first impression … never shorts, no matter what an interviewer suggests. No need to wear a business suit or tie, but nice khakis or dress pants with a button down shirt will suffice. You can never take back a first impression … shorts should NEVER be an option even if you are meeting on a beach!

Please let Emily know in submitting your questions or inquiry, if you would not like to be named as asking the question. She invites all questions or inquiries be addressed to: emily@riirecruit.com

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567
www.riirecruit.com

Leasing Industry Help Wanted

Equipment Leasing Opportunities throughout the U.S. LEASING REPS – THROUGHOUT U.S. NEEDED FOR CLIENTS WITH IMPECCABLE REPUTATIONS • Producing Healthcare Leasing Mgr: Midwest • Vendor Sales Team: Anywhere U.S. info@riirecruit.com www.riirecruit.com

For information on placing a help wanted ad, please click here:
http://www.leasingnews.org/Classified/Hwanted/Hwanted-post.htm

Please see our Job Wanted section for possible new employees.

Early Bird: October 23-25th ELFA 50th Anniversary Conference
San Antonio, Texas

The 50th Anniversary Equipment Leasing and Finance Convention promises to be "the largest meeting of the equipment leasing and finance sector---Whoever you need to see is likely to be there!"

To those who have survived in this economy, and to those who
want to survive in this economy, this conference is a must.

Monday, August 1, 2011

Deadline for early-bird discount on convention registration fee. Note: To take advantage of the discount, you must also reserve your accommodations at the JW Marriott Hill Country.

Wednesday, September 21, 2011

Last day to receive the special ELFA convention rate for your accommodations at the JW Marriott Hill Country.

Monday, October 10, 2011

Last day for mail-in and online registrations. After this date registrations can be made on-site. Please note: There are no refunds of registration fees after this date.

Conference Brochure:
http://www.elfaonline.org/cvweb_elfa/cgi-bin/documentdll.dll/view?DOCUMENTNUM=321

What Previous Attendees are Saying:
http://www.elfaonline.org/pub/events/2011/AC/50th/

Registration Forms:
http://www.elfaonline.org/pub/events/2011/ac/RegInfo.cfm

Share Your Anniversary Message
http://www.elfaonline.org/pub/events/2011/AC/50th/share.cfm

Keynote Speakers
General Stanley McChrystal
Former Commander of U.S. and International Forces in Afghanistan

Marin Regalia
Chief Economist and Senior Vice President for Economic and Tax Policy
United States Chamber of Commerce

Garrison Wynn
President, Wynne Solutions

Leasing Association 2011 Conferences
http://www.leasingnews.org/Conscious-Top%20Stories/Assc_conf.htm

Bank Beat---Troubles in Georgia, Florida and Arizona again

Two banks failed in Georgia bringing the total bank failures in the state for 2011 to sixteen.

The two branches of High Trust Bank, Stockbridge, Georgia, were closed with Ameris Bank, Moultrie, Georgia to assume all the deposits. Formed January 3, 1966, the bank went from a high of 38 full time employees to 21, March 31, 2011 with an office in Leary, opened 2006, and main one in Stockbridge.

Note the increase in Net Equity below from $2.2 million in 2006 to 2007; not an error. Originally locally owned and operated a group of well-known members of the Indian-American business community came in, added new capital, and began a very aggressive lending policy. The investors include Mukesh "Mike" Patel, R.C. Patel, Dhiru "Danny" Patel, Mukund "Bobby" Patel, Narendra "Tony" Patel, Dr. Gopal Rao and Burt Blackmon.

According the Atlanta Journal Constitution, " Some of those new investors and directors also had ties to two other largely Indian-American-owned institutions: Duluth-based Haven Trust Bank, which failed in December 2008, and Haven Trust Bank of Ponte Vedra Beach, Fla., which failed last year."
http://www.ajc.com/business/fdic-closes-two-georgia-1019098.html

"High Trust will focus on commercial and residential lending," R.C. Patel said in a statement of their intention when they got involved in the bank. "We will target towards the next-generation of borrowers. Young entrepreneurs are increasingly expanding into more sophisticated businesses than their parents and they want financing from stable, creative institutions that match their forward-thinking plans. We want to appeal to these individuals, along with serving the regular broader market."

Mike Patel said that the Indian community in the United States was looking at entering the banking sector and ventures like his were only a harbinger of things to come.

"The Indian community is getting into the banking environment," said Patel, who also owns 18 hotels. "We will be focusing on customer service and will go the extra mile to provide satisfaction to our customers."
http://www.indusbusinessjournal.com/

Ironically www.problembanklist.com reports the buyer of the bank "Ameris Bank has a very high troubled asset ratio of 92% and is given a low score for overall institutional financial strength by depositaccounts.com which ranks the financial health of banks. Although Ameris Bank is technically well capitalized, it has a large amount of nonperforming and REO assets.

"Ameris Bank is one of the few banks that still owe the US Treasury money under the TARP program. Ameris was given $52 million through the TARP Capital Purchase Program in November 2008. Although Ameris has made the interest payments due on the loan, the Bank has not repaid the original loan of $52 million. The question of why regulators would sell a failed bank to a problem bank has been previously raised.

"The stock of Ameris Bancorp is trading at almost 70% below its price level of 2007. After trading above $25 in 2007, Ameris closed Friday at $9.23."

http://problembanklist.com/high-trust-bank-of-georgia-fails-sold-to-ameris-bank-0371/

(in millions, unless otherwise)

Net Equity
2006	$2.2
2007	$22.5
2008	$20.5
2009	$10.6
2010	$6.5
3/31	$2.4

Profit
2006	$535,000
2007	-$326,000
2008	-$3.4
2009	-$9.8
2010	-$3.7
3/31	-$4.0

Non-current loans
2006	$93,000
2007	$75,000
2008	$10.9
2009	$33.4
2010	$35.1
3/31	$41.1

Charge Offs

2006- $86,000 ($51,000 1-4 family, $25,000 other loans)

2007- $186,000 ($176,000 1-4 multiple) $10,000 loans to individual, $10 consumer loans)

2008- $2.0 ( $1.8 L&C, $196,000 1-4 family, $102,000 individuals, $102 consumer loans)

2009- $7.9 ($5.8 L&C, $532,000 1-4 family, $1.3 nonfarm-non res, $210 commercial loans)

2010- $2.1 ( $1.3 L&C, $675,000 1-4 family, $188,000 non farm-non residential)

3/31- $1.4 ($922,000 L&C, $253,000 1-4 family, $186,000 nonfarm, $17,000 individuals)

Land and Construction, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

Tier 1 risk-based capital ratio: 1.74%

As of March 31, 2011, High Trust Bank had total assets of $192.5 million and total deposits of $189.5 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for High Trust Bank will be $66.0 million
http://www.fdic.gov/news/news/press/2011/pr11120.html

 

One Georgia Bank, Atlanta, Georgia was closed with Ameris Bank, Moultrie, Georgia to assume all the deposits. Founded May 5, 2006 the bank went from a high of 31 full time employees to 25 full time employees March 31, 2011.

“One Georgia Bank has evolved into one of the top SBA and USDA lenders in the States of Georgia fulfilling the financial needs of the small business owners and entrepreneurs in our market area.”
http://www.onegeorgiabank.com/about.html

Willard "Chuck" Lewis

September 17, 2010 the board of directors dismissed its CEO Williard "Chuck" Lewis, where they thought "the bank needs a fresh vision, according to bank co-founder Billy Lovett. In reality, it was much too late as look at the dramatic drop in equity from 2009 to 2010 and the $17.9 million loss December 31, 2010.
http://www.bizjournals.com/atlanta/stories/2010/09/13/daily55.html

Like High Trust Bank story above, Americ Bank also bought this winner. Land and Construction loans plus commercial and industrial loans were their main loan failures.

(in millions, unless otherwise)

Net equity   2006: $22.4 2007: $21.8 2008: $22.1 2009: $23.4 2010: $5.5 3/31: $3.7

Profit:
2006:	-$1.9
2007:	-$1.1
2008:	-$2.2
2009:	-$3.27
2010:	-$17.9
3/31:	$1.5

Non-Current Loans:
2006:	0
2007:	$500,000
2008:	$8.0
2009:	$13.7
2010:	$19.7
3/31:	$23.8

Charge Offs

2006- 0
2007- 0
2008- $788,000 ($783,000 commercial & industrial loans, $5,000 loans to individual
2009- $4.2 ( $2 L&C, $1.2 nonfarm, $493,000 commercial loans, $322 loans to individuals)
2010- $10.9 ($5.4 L&C, $4.3 nonfarm, $2.1 commerical,$788,000 1-4 family, $268,000 multi)
3/31- $45,000 ($45,000 commercial and industrial)

Land and Construction,1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

Tier 1 risk-based capital ratio: 2.37%

One Georgia Bank had total assets of $186.3 million and total deposits of $162.1 million.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for One Georgia Bank, $44.4 million.

http://www.fdic.gov/news/news/press/2011/pr11120.html

The six branches of First Peoples Bank, Port Saint Lucie, Florida were closed with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits. Founded April 26, 1999 they had 17 full time employees 2006, but a high of 31 full time employees 2009, and 71 full time employees March 31, 2011, opening their second office in Port Saint Lucie 4/26/1999, then in 2003 Stuart, 2004 in Fort Pierce, 2006 in Vero Beach, and two in 2008, Palm City and Saint Lucie West.

As the bank continued its expansion, including branches and loans in the area they opened, they were moving rapidly into a real estate market going the other way just as rapidly. In less than two years after raising $400 million from investors to capitalize, the assets acquired were $3.5 billion and they thought they were ahead of the game. Compared to other Florida banks, they were about a year ahead, as it started in 2008 but in 2009 hit them hard with a $6.3 million drop in equity, but worse a $9 million loss in 2009 with $16 million in non-current loans resulting in a $5.6 charge off in 2010.

(in millions, unless otherwise)

Net equity
2006:	$12.6
2007:	$17.9
2008:	$20.5
2009:	$14.2
2010:	$6.6
3/31:	$2.5

Profit:
2006:	$678,000
2007:	$273,000
2008:	-$2.8
2009:	-$9.0
2010:	-$7.6
3/31:	-$4.1

Non-Current Loans:
2006:	$343,000
2007:	$1.7
2008:	$10.6
2009:	$16.0
2010:	$12.3
3/31:	$9.5

Charge Offs

2006 $11,000 ( $11,000 consumer loans)
2007 $293,000 ( $127,000 commercial loans, $123,000 C&L, $43 loans to individuals)
2008 $3.9 ( $1.3 C&L, $1 farm land, $655,000 1-4, $542 commercial & Industiral,$357,000 consumer)
2009 $2.9 ( $900,000 1-4, $700 C&L, $140,000 farm land, $748 commercial, $277 individuals)
2010 $5.6 ( $2.8 nonfarm, $748,00 C&L, $331,000 farm land, $982,000 1-4, $471,000 other
consumer)
3/31 $1.9 ($1.2 nonfarm, $267,000 C&L, $162,000 1-4, $223, commercial, $61,000 other consumer)

Land and Construction, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

Tier 1 risk-based capital ratio: 1.81%

In May, 2011 Premier Bank purchased Coastal Bank from its failure "...since its formation in April 2009, Bond Street has raised approximately $740 million and its wholly-owned subsidiary Premier American has acquired certain of the assets and assumed certain liabilities (including substantially all deposits) of 7 failed banks in Florida from the FDIC and now operates 39 branches from Naples to Sarasota and Brooksville on the West Coast of Florida, Miami to Daytona Beach on the East Coast of Florida, and Orlando in Central Florida. It now has become the sixth largest bank in Florida, at the same time, creating a "win-win" for the FDIC.
http://leasingnews.org/archives/May2011/5_09.htm#bank_beat

As of March 31, 2011, First Peoples Bank had approximately $228.3 million in total assets and $209.7 million in total deposits.

http://www.fdic.gov/news/news/press/2011/pr11121.html

Summit Bank, Prescott, Arizona, was closed with The Foothills Bank, Yuma, Arizona, to assume all of the deposits. Founded November 4, 2002, went from a high of 30 full time employees in 2007 to 17 full time employees March 31, 2001. The acquisition of Summit Bank is the first acquisition of a failed bank by The Foothills Bank. They agreed to pay the FDIC a premium of 0.25% on the deposits assumed and also agreed to purchase all of the failed bank’s assets.

December 10, 2010 the bank shut its branches in Prescott Valley and Chino Valley and on March 3, 2100 president and CEO "Bill" Frank announced the bank was for sale, that they were unable to raise additional capital to satisfy regulatory requirements.
http://www.prescottaz.com/main.asp?SectionID=1&SubsectionID=1&ArticleID=91265

March 31, 2011, FDIC records a $1.15 million charge off in construction and land loans bringing the Tier 1 risk-based capital ratio to 2.52%

Again, the blame is not only on management, but the board of directors who lost their investment and their friends and colleagues investment in their bank.

Board of Directors

Dr. Gordon Ritter, Physician, Chairman of the Board
Owen "Buz" Mills, Gunsite Academy<http://www.gunsite.com>
Tonia Fortner, Retired Business Owner
William F. Frank, Summit Bank, President & CEO/

Advisory Board

Paul R. Madden, *Gallagher & Kennedy, P.A.* <http://www.gknet.com>
J.T. Purvis, Northern Arizona Commercial *National Realty of Prescott *
<http://www.nationalrealtyaz.net>
Mike Normandin, CarpetOne
Dennis House, *House-Chilson* <http://www.housechilson.com>
John Mull, Adams & Mull Attorneys at Law

(in millions, unless otherwise)

Net equity
2006:	$8.0
2007:	$8.2
2008:	$7.8
2009:	$5.9
2010:	$2.6
3/31:	$1.5

Profit:
2006:	$1.0
2007:	$171,000
2008:	-$1.4
2009:	-$1.9
2010:	-$3.3
3/31:	-$1.1

Non-Current Loans:
2006:	0
2007:	0
2008:	$2.3
2009:	$3.2
2010:	$4.0
3/31:	$4.8

Charge Offs
2006 0
2007 0
2008 $1.0 ($942,000 L&C, $30,000 1-4, $48,000 commercial and industrial)
2009 $859,000 ($560,000 L&C, $210,000 commercial & industrial loans, $34,000 1-4, $46,000
nonfarm)
2010 $1.8 ( $1.1 L&C, $600,000 commercial and industrial loans, $119,000 1-4)
3/31 $1.15 ( $1.1 L&C, $54,000 farmland)

Land and Construction,1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

Tier 1 risk-based capital ratio 2.52%

As of March 31, 2011, Summit Bank had approximately $72.0 million in total assets and $66.4 million in total deposits. The Foothills Bank will pay the FDIC a premium of 0.25 percent to assume all of the deposits of Summit Bank.The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.3 million
http://www.fdic.gov/news/news/press/2011/pr11122.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

 

 

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

Top Stories---July 11---July 15

Here are the top ten stories opened by readers:

(1) Menzel in his own words admits policy on Evergreen Clauses
http://leasingnews.org/archives/Jul2011/7_13.htm#menzel

(2) Five Point Capital, San Diego, California
Third Bulletin Board Complaint
http://leasingnews.org/archives/Jul2011/7_11.htm#fivepoint_complaint

(3) Jeff Taylor Passes Away (note: originally sent out separately)
http://leasingnews.org/archives/Jul2011/7_11.htm#taylor

(4) Direct Capital, Gonor Funding, GreatAmerica Leasing
join Evergreen Notification List
http://leasingnews.org/archives/Jul2011/7_15.htm#list

(5) Waiting for the Debt Ceiling to hit the fan
by Christopher Menkin
http://leasingnews.org/archives/Jul2011/7_15.htm#debt

(6) Caterpillar completes biggest deal ever in its history
http://www.mspnews.com/news/2011/07/12/5631265.htm

(7) Kingsbridge Holdings doubles size with Trilogy Leasing
http://leasingnews.org/archives/Jul2011/7_13.htm#kingsbridge

(8) "The courts define what is fraud, not you or anyone else”
by Bernie Boettigheimer, CLP
http://leasingnews.org/archives/Jul2011/7_15.htm#fraud

(9) New Hires—Promotions
http://leasingnews.org/archives/Jul2011/7_15.htm#hires

(Tie) (10) Emily Fitzpatrick---Career Crossroad
http://leasingnews.org/archives/Jul2011/7_11.htm#crossroad

(Tie) (10) Ted Danson takes over 'CSI'
http://insidetv.ew.com/2011/07/12/csi-ted-danson/

Not counted due to technical reasons:
Jeff Taylor Passes Away
http://www.leasingnews.org/archives.htm

Extra ---Leveraged leases
Shawn Halladay

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

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

Salt Lake City, Utah-- Adopt-a-Dog

Daisey
Border Collie
3 years old
female

"Loves attention. good with dogs, cats, people. little scared now. released after being a pet from puppyhood. Protective of yard.

email timdar@ubtanet.com for more info or call 435 789-2299.

Please leave a return phone number for us to contact you.

Dogs: $100 to $150, Adoption fees include spay/neuter, vaccinations, rabies, & micro-chip

Pet Samaritan Fund
3802 S. Sunnydale Dr.
Salt Lake City, UT 84109 (Office Only)
Phone: (801)277-9263

Pet Samaritan supports and helps rescue animals from the Roosevelt/Duchesne County Shelter and Vernal/Uintah County shelter. These shelters and foster homes are always in dire need of supplies (pet food, blankets, towels) and donations to continue their progress with stray an abandoned dogs and cats. Please send donations in care of: Pet Samaritan Fund, 3802 S Sunnydale Dr., Salt Lake City Utah, 84109 or to Shelter Paws (c/o Darlene Koerner) P.O. Box 102, Vernal Utah, 84026

http://petsamaritan.org/

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/

(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

News Briefs----

John Otto—HL Leasing Trial Begins in Fresno, CA
http://www.fresnobee.com/2011/07/14/2465192/swindled-investors-fight-back.html

IASB 'on way' to being global accounting standard
http://www.reuters.com/article/2011/07/14/accounting-idUSL6E7IE1KH20110714

Hertz to Acquire Donlen in $930 Million Transaction
http://www.marketwatch.com/story/hertz-to-acquire-donlen-corporation-in-930-million-transaction-2011-07-17?reflink=MW_news_stmp

Mercedes prepares to enter India leasing market by year-end
http://www.business-standard.com/india/news/mercedes-prepares-to-enter-leasing-market-by-year-end/443080/

Thrifty launches UAE Lease Today, Own Tomorrow campaign
http://www.ameinfo.com/270840.html

Technology leads office rent rebound
http://www.journalgazette.net/article/20110717/BIZ/307179965/1031/BIZ

Kitsap Bank raises capital for possible acquisitions
http://www.kitsapsun.com/news/2011/jul/17/kitsap-bank-raises-capital-for-possible/

PNC buying 424 Royal Bank of Canada branches
http://articles.philly.com/2011-06-21/business/29683909_1_pnc-plans-pnc-shares-pnc-financial-services-group

BofA shares dip below $10 for first time in 2 years
http://www.washingtonpost.com/business/bank-of-america-shares-dip-below-10-for-first-time-in-2-years/2011/07/15/gIQAXVUbGI_story.html

San Jose: Ups and downs of American Idol’s Summer Tour
http://idol.blogs.pressdemocrat.com/12881/ups-and-downs-of-american-idols-summer-tour/

 

 

You May Have Missed---

Bloomberg uses fines, fees as stealth tax on New York City businesses
http://www.nypost.com/p/news/business/city_take_hike_NafwyWDhQ5Hw0DfYk3L5MK

 

Sports Briefs----

Japan wins 1st World Cup title in penalty shootout
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2011/07/17/sports/s141525D38.DTL&type=sports

MC Hammer visit thrills Oakland A's fans
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/07/17/BA111KBLQL.DTL

 

California Nuts Briefs---

Amazon takes on California over sales tax
http://www.sacbee.com/2011/07/17/3774593/amazon-takes-on-california-over.html

California dairies shut as milk price stayed below production cost
http://www.sacbee.com/2011/07/17/3773165/california-dairies-shut-as-milk.html

New Netflix headquarters in Los Gatos marks a new company town
http://www.mercurynews.com/business/ci_18479741?nclick_check=1

Sonoma winemaker's bid for romance heats up
http://www.pressdemocrat.com/article/20110717/ARTICLES/110719552/1350?Title=Sonoma-winemaker-s-bid-for-romance-heats-up

 

 

“Gimme that Wine”

Champagne’s Servants Join the Masters
http://www.nytimes.com/2011/07/13/dining/the-aube-stakes-its-claim-on-champagne-the-pour.html?ref=dining

Napa Valley Wine Briefs
http://napavalleyregister.com/star/business/wine-briefs/article_4db8729a-adb2-11e0-9b84-001cc4c002e0.html

Ralph Bargetto of the winery family leaves legacy of community involvement
http://www.santacruzsentinel.com/ci_18474602?source=most_viewed

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

     1753-birthday of Lemuel Haynes, colonial American Congregational clergyman. In 1785, Haynes, 32, was ordained to a church in Torrington, Connecticut, making him the first African-American to pastor a white church. 
http://www.hartford-hwp.com/HBHP/exhibit/04/
1768, “Liberty Song,” also known as “ In Freedom We’re Born” was published by John Mein and John Fleming in the Boston Gazette, Ma., and became the first popular American patriotic song.
    1775-the first Revolutionary War volunteer detachment to arrive in Cambridge, MA, to fight the British was the Reading Rifleman of Reading, PA. On my mother’s side of the family, her great-great grandfather was in this unit. The Rifleman of York, PA, arrived on July 25.
    1792---Today in History salutes John Paul Jones
( lower half of: http://memory.loc.gov/ammem/today/jul18.html )
    1890- Birthday of Charles (Chick) Evans, Jr., golfer born at Indianapolis, IN. Evans competed as an amateur against the best professionals in the early 20th century, winning the US Open in 1916. In the 1920s he established the Chick Evans Caddie Foundation, later called the Evans Scholarship Fund, that has helped send more than 4,000 people to college. Died at Chicago, IL, Nov 6,1979.
    1863- in a second attempt to capture Fort Wagner, outside Charleston, SC, Federal troops were repulsed after losing 1,515 men as opposed to Southern losses of only 174. The attack was led by the 54th Massachusetts Colored Infantry, commanded by Colonel Robert Gould Shaw, who was killed in the action. This was the first use of black troops in the war. The film Glory was based on the Massachusetts 54th, and this was the attack featured in the film. Fort Wagner was never taken by the Union. Shaw was commander of the 54th Massachusetts Infantry, perhaps the most famous regiment of African-American troops during the war. Fort Wagner stood on Morris Island, guarding the approach to Charleston harbor. It was a massive earthwork, 600 feet wide and made from sand piled 30 feet high. The only approach to the fort was across a narrow stretch of beach bounded by the Atlantic on one side and a swampy marshland on the other. Yankee troops had to march 1,200 yards down the beach to the stronghold, facing a hail of bullets from the Confederates. Shaw's troops and other Union regiments penetrated the walls at two points but did not have sufficient numbers to take the fort. Over 1,500 Union troops fell or were captured to the Confederates' 222. Despite the failure, the battle proved that African-American forces could not only hold their own but also excel in battle.
http://www.us-civilwar.com/shaw.htm
    1893-The first 18-hole golf course in America, the Chicago Gold Club, laid out by Charles Blair MacDonald, was incorporated at Wheaton, IL. MacDonald was the architect of many of the early US courses which he attempted to model on the best in Scotland and England. It was his belief that at each tee a golfer should face a hazard at the average distance of his shot.
    1896- John M. Shippen, a caddie, age 16, played in a tournament held at the Shinnecock Hills Golf Club, Southampton, NY, becoming the first African-American to play in an official amateur tournament. His score was 159 (78 and 81 ). First prize of $200 went to James Foulis of Chicago, IL, with a score of 152 ( 78 and 74 ).
    1905—Birthday of 1905, Greta Garbo, Swedish-American actor of the almost perfect face, and one of the great stars of cinema. She made 24 films in Hollywood and was nominated for Academy Awards four times. She was finally awarded a special Academy award in 1954 "for her unforgettable screen performances." Although she retired in 1941 to live in seclusion in New York, the papparzi continued to chase her and the gossip newspapers printed photos of her when she was in her 70s and 80s - even while swimming. 
      She hated making movies and condemned their superficialities as well as the burden of being portrayed a beautiful thing rather than a human being. 
      Greta Gustafsson left school at 14 to work after her father died. A film director saw her, admired her beauty and gave her a small part in a movie. She then studied at the Royal Dramatic Theater School in Stockholm for two years where she met Mauritz Stiller, the foremost Swedish film director of his time who renamed her Garbo. When he went to the United States to work for MGM, he took her along. Garbo's fame soon eclipsed his. 
      One of the few stars who were able to move from silent films to talkies, she made The Torrent (1926), Flesh and the Devil (1927), Love (1927), A Woman of Affairs (1929), and Wild Orchids (1929). Garbo starred in "talkies" for the next 14 years before walking away from movies, some say because her box office draw was dwindling, others because she was aging and didn't want the world to watch the process. Others noted her hatred of the Hollywood superficiality. 
      The Hollywood publicists blared "Garbo Talks!" as she starred in her first talkie, Anna Christie (1930), followed by Mata Hari (1932), Grand Hotel (1932), Queen Christina (1933), Anna Karenina (1935), Camille (1936), and Ninotchka (1939). She died in New York City on April 15, 1990. Yes, she was a lesbian rather than a bi-sexual. Ironically, Marlene Dietrich who was brought to the U.S. as a rival to Garbo was a bi-sexual who, in private life, also played the rival to several of Garbo's women lovers. "I said I wanted to be left alone, not I want to be alone. There is a great difference," Garbo explained about the misquote that is universally attributed to her.
    1905--Birthday of Agnes DeMille, major U.S. ballet choreographer whose ballet Rodeo (1942) for the Ballet Russe de Monte Carlo revolutionized ballet by using modern dance techniques and movements from life rather than just the standard ballet movements. As an honored Broadway and screen choreographer of legendary proportions, she created ballets seen in such plays and movies as Oklahoma, Carousel, Fall River Legend, Brigadoon, etc. Her greatest contributions that revolutionized musical drama were to use American themes and folk dancing and gestures an integral part of her choreographing, and to incorporate dance as a part of the action, not just a diversion. Her dance routines moved the action along and developed the story line rather than being pleasant interruptions.
    1906- Clifford Odets began his writing career as a poet before turning to acting. He helped found the Group Theatre in 1931. In 1935 he returned to writing with works for the Group Theatre such as Waiting for Lefty, Awake and Sing! and Golden Boy. His proletarian views helped make him a popular playwright during the Depression years. He spent his later years in Hollywood as a “script doctor.” Odets was born at Philadelphia, PA, and died at Los Angeles, CA, Aug 15, 1963.
http://www.colonytheatre.org/bios/OdetsClifford.html
http://lead.csustan.edu/english/reuben/pal/chap8/odets.html
    1918---KOCAK, MATEJ (Army Medal) Medal of Honor
Rank and organization: Sergeant, U.S. Marine Corps, 66th Company, 5th Regiment, 2d Division. Place and date: Near Soissons, France, 18 July 1918. Entered service at: New York, N.Y. Born: 31 December 1882, Gbely (Slovakia), Austria. G.O. No.: 34, W.D., 1919. (Also received Navy Medal of Honor.) Citation: When the advance of his battalion was checked by a hidden machinegun nest, he went forward alone, unprotected by covering fire from his own men, and worked in between the German positions in the face of fire from enemy covering detachments. Locating the machinegun nest, he rushed it and with his bayonet drove off the crew. Shortly after this he organized 25 French colonial soldiers who had become separated from their company and led them in attacking another machinegun nest, which was also put out of action.
    1927-Ty Cobb records his 4,000 hit.
http://memory.loc.gov/ammem/today/jul18.html 
    1928---Carl Fontana birthday 
http://www.ita-web.org/news/fontana.asp
http://www.jazzprofessional.com/interviews/carl%20fontana.htm
    1929- Birthday of eccentric rock 'n' roller Screamin' Jay Hawkins, born in Cleveland. Hawkins, more renowned for his stage antics than his music, had such 1950's hits as "I Put a Spell on You" and "Feast of the Mau Mau." Anticipating such later rock theatrics as those of Arthur Brown and Alice Cooper, Hawkins used to be carried on stage in a flaming coffin.
    1932-Louis Armstrong opened at London Palladium, first time.
    1935---Birthday of Tenley Albright - U.S. figure skater who won the figure skating gold medal at the 1956 Olympics, won the world amateur figure skating championship 1953, and won the U.S. championships 1951-1956. Harvard Medical School required she retire from competition before she could attend classes. She received her M.D. 1961, and became a surgeon. TA had a mild form of polio when she was 11 and exercised to strengthen her body. In 1979 she became the first woman officer of the U.S. Olympic Committee.
    1936 - The Spanish Civil War begins as a revolt by right-wing Spanish military officers in Spanish Morocco and spreads to mainland Spain. From the Canary Islands, General Francisco Franco broadcasts a message calling for all army officers to join the uprising and overthrow Spain's leftist Republican government. Within three days, the rebels captured Morocco, much of northern Spain, and several key cities in the south. The Republicans succeeded in putting down the uprising in other areas, including Madrid, Spain's capital. The Republicans and the Nationalists, as the rebels were called, then proceeded to secure their respective territories by executing thousands of suspected political opponents. In 1931, Spanish King Alfonso XIII authorized elections to decide the government of Spain, and voters overwhelmingly chose to abolish the monarchy in favor of a liberal republic. Civil war fare brook out. General Franco crushed the so-called October Revolution on behalf of the conservative government, and in 1935 he was appointed army chief of staff. In February 1936, new elections brought the Popular Front, a leftist coalition, to power, and Franco, a strict monarchist, was sent to an obscure command in the Canary Islands off Africa. Fearing that the liberal government would give way to Marxist revolution, army officers conspired to seize power. After a period of hesitation, Franco agreed to join the military conspiracy Up to a million lives were lost in the conflict, the most devastating in Spanish history. Franco subsequently served as dictator of Spain until his death in 1975.
    1936 - Carl Mayer, nephew of Oscar Mayer, invented a quaint entry into Americana: the Oscar Mayer Wienermobile. The first Wienermobile rolled out of General Body Company's factory in Chicago on this day. The Wienermobile tours around the U.S. fascinating children of all ages as it promotes the famous Oscar Mayer wiener.
http://www.carnut.com/mobilia/mobilp15.html
    1939-birthday of Dion ( Don Francis DiMucci) of the Belmonts, Bronx, NY
    1939-Erskine Hawkins records “Tuxedo Junction”, ( Bluebird 10409)
http://www.alamhof.org/hawkinse.htm
    1940-birthday of baseball manager and former player, Joe Torre, born New York, NY.
http://www.sportsstarsusa.com/baseball/torre_joe.html
    1941-Birthday of Martha Reeves, of the Motown group Martha and the Vandellas, born in Detroit, MI. The trio - sort of a harder-sounding Supremes - had a series of hit dance records in the 1960's, including "Heat Wave," "Quicksand" and their biggest, "Dancing in the Streets," which went to number two on the Billboard Hot 100 in 1964. "Dancing in the Streets" was revived in 1985 as a duet for Mick Jagger and David Bowie. By 1967, when they hit the charts with "Honey Chile" and "Jimmy Mack," the group was being billed as Martha Reeves and the Vandellas. The trio broke up in 1973 and Martha Reeves went on to a solo career 
http://members.aol.com/mreeves653/martha.html
    1942 - A record deluge occurred at Smethport in northern Pennsylvania, with 30.7 inches in just six hours. The downpours and resultant flooding in Pennsylvania were devastating.
    1947- President Harry S Truman signed an Executive Order determining the line of succession should the president be temporarily incapacitated or die in office. The speaker of the house and president pro tern of the senate are next in succession after the vice president. This line of succession became the 25th Amendment to the Constitution, which was ratified Feb 10, 1967.
    1951---Top Hits
Too Young - Nat King Cole
Mister and Mississippi - Patti Page
The Loveliest Night of the Year - Mario Lanza
I Wanna Play House with You - Eddy Arnold
    1951-Jersey Joe Walcott won the heavy weight championship of the world when he knocked out Ezzard Charles in the seventh round of a fight at Forbes Field in Pittsburgh. Walcott, at 37, the oldest fighter to win the crown, kept the title until he was knocked out by Rocky Marciano on September 23, 1952.
http://www.ibhof.com/walcott.htm
    1953- An eighteen-year-old truck driver from Memphis, Elvis Presley, visits the Memphis Recording Service at 706 Union Avenue, later to be known as Sun Studios, in order to record a novelty 45 for his mother's birthday. The two recordings, "My Happiness" and "That's When Your Heartaches Begin," were thought to be lost for decades; Elvis later admits that he made the records to see "what I sounded like," since his mother's birthday was actually in April. Presley pays $3.98 for the privilege. Marion Keisker, assistant to label head Sam Phillips, likes what she hears; she takes down Presley's information and notes that he is a "good ballad singer." As she recalled years later: "I said, 'What kind of singer are you?' He said, 'I sing all kinds.' I said, 'Who do you sound like?' He said, 'I don't sound like nobody.'"
    1954- Birthday of country singer Ricky Skaggs, born in Cordell, Kentucky. Skaggs' success heralded a revival of traditional country music in the early 1980's. His first solo LP on a major label, 1981's "Waitin' For the Sun to Shine," produced two number-one singles, "I Don't Care" and "Cryin' My Heart Out Over You." Skaggs was recognized by the Nashville music establishment in 1982 when he won Country Music Association awards for male vocalist and newcomer of the year. His chart-topping singles since then have included "Heartbroke," "Honey (Open That Door)" and "Country Boy."
http://www.skaggsfamilyrecords.com/
    1959---Top Hits
Lonely Boy - Paul Anka
Waterloo - Stonewall Jackson
Tiger - Fabian
The Battle of New Orleans - Johnny Horton
    1960--Elvis Presley releases "It's Now or Never."
    1960- Brenda Lee's "I'm Sorry" hits #1
    1964 - Pete Rose of the Cincinnati Reds connected for the only grand-slam home run of his career. It came against the team he would later play for -- the Philadelphia Phillies. Rose had been in the major leagues for only two years and was just 22 at the time. Dallas Green (later to become manager of the Phillies) gave up the gopher ball to Rose. 
    1964 - The 4 Seasons reached the top spot on the record charts with "Rag Doll", the group’s fourth hit to climb to the #1 position. The song stayed on top for two weeks. Other #1 hits by Frankie Valli and company include, "Big Girls Don’t Cry", "Walk Like a Man", and "December, 1963 (Oh, What a Night)".
    1964- The Rolling Stones make their first hit on the American charts with their cover of Buddy Holly's "Not Fade Away."
    1966--McGINTY, JOHN J. III Medal of Honor
Rank and organization: Second Lieutenant (then S/Sgt.), U.S. Marine Corps, Company K, 3d Battalion, 4th Marines, 3d Marine Division, Fleet Marine Force. place and date: Republic of Vietnam, 18 July 1966. Entered service at: Laurel Bay, S.C. Born: 2 1 January 1940, Boston, Mass. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty. 2d Lt. McGinty's platoon, which was providing rear security to protect the withdrawal of the battalion from a position which had been under attack for 3 days, came under heavy small arms, automatic weapons and mortar fire from an estimated enemy regiment. With each successive human wave which assaulted his 32-man platoon during the 4-hour battle, 2d Lt. McGinty rallied his men to beat off the enemy. In 1 bitter assault, 2 of the squads became separated from the remainder of the platoon. With complete disregard for his safety, 2d Lt. McGinty charged through intense automatic weapons and mortar fire to their position. Finding 20 men wounded and the medical corpsman killed, he quickly reloaded ammunition magazines and weapons for the wounded men and directed their fire upon the enemy. Although he was painfully wounded as he moved to care for the disabled men, he continued to shout encouragement to his troops and to direct their fire so effectively that the attacking hordes were beaten off. When the enemy tried to out-flank his position, he killed 5 of them at point-blank range with his pistol. When they again seemed on the verge of overrunning the small force, he skillfully adjusted artillery and air strikes within 50 yards of his position. This destructive firepower routed the enemy, who left an estimated 500 bodies on the battlefield. 2d Lt. McGinty's personal heroism, indomitable leadership, selfless devotion to duty, and bold fighting spirit inspired his men to resist the repeated attacks by a fanatical enemy, reflected great credit upon himself, and upheld the highest traditions of the Marine Corps and the U.S. Naval Service.
    1966--MODRZEJEWSKI, ROBERT J. Medal of Honor
Rank and organization: Major (then Capt.), U.S. Marine Corps, Company K, 3d Battalion, 4th Marines, 3d Marine Division, FMF. place and date: Republic of Vietnam, 15 to 18 July 1966. Entered service at: Milwaukee, Wis. Born: 3 July 1934, Milwaukee, Wis. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty. On 15 July, during Operation HASTINGS, Company K was landed in an enemy-infested jungle area to establish a blocking position at a major enemy trail network. Shortly after landing, the company encountered a reinforced enemy platoon in a well-organized, defensive position. Maj. Modrzejewski led his men in the successful seizure of the enemy redoubt, which contained large quantities of ammunition and supplies. That evening, a numerically superior enemy force counterattacked in an effort to retake the vital supply area, thus setting the pattern of activity for the next 2 1/2 days. In the first series of attacks, the enemy assaulted repeatedly in overwhelming numbers but each time was repulsed by the gallant marines. The second night, the enemy struck in battalion strength, and Maj. Modrzejewski was wounded in this intensive action which was fought at close quarters. Although exposed to enemy fire, and despite his painful wounds, he crawled 200 meters to provide critically needed ammunition to an exposed element of his command and was constantly present wherever the fighting was heaviest, despite numerous casualties, a dwindling supply of ammunition and the knowledge that they were surrounded, he skillfully directed artillery fire to within a few meter* of his position and courageously inspired the efforts of his company in repelling the aggressive enemy attack. On 18 July, Company K was attacked by a regimental-size enemy force. Although his unit was vastly outnumbered and weakened by the previous fighting, Maj. Modrzejewski reorganized his men and calmly moved among them to encourage and direct their efforts to heroic limits as they fought to overcome the vicious enemy onslaught. Again he called in air and artillery strikes at close range with devastating effect on the enemy, which together with the bold and determined fighting of the men of Company K, repulsed the fanatical attack of the larger North Vietnamese force. His unparalleled personal heroism and indomitable leadership inspired his men to a significant victory over the enemy force and reflected great credit upon himself, the Marine Corps, and the U.S. Naval Service.
    1966- Bobby Fuller, leader of the rock group Bobby Fuller Four, was found dead in his car at Los Angeles, CA. No none causes. A small cult follows this singer, best known for his 1966 hit song “I Fought the Law,” which was written by Sonny Curtis, a member of Buddy Holly’s Crickets.
http://www.rockabillyhall.com/BobbyFuller.html
    1967---Top Hits
Windy - The Association
Little Bit o’ Soul - The Music Explosion
Can’t Take My Eyes Off You - Frankie Valli
All the Time - Jack Greene
    1968-Hugh Masekela struck gold with the breezy, latin-soul instrumental "Grazing in the Grass", while Gary Puckett and The Union Gap received a similar honor for the hit, "Lady Willpower". Masekela, a trumpeter since age 14, saw "Grazing in the Grass" go to number one for two weeks (July 20/27). "Grazing" was his only entry on the pop music charts. The Union Gap scored three more million-sellers in the late 1960s: "Woman, Woman", "Young Girl" and "Over You". The Union Gap was formed in 1967 and named after the town of Union Gap, Washington.
    1969 - ‘Broadway’ Joe Namath got out of the restaurant/nightclub business after agreeing to terms suggested by then NFL commissioner Pete Rozelle. Namath owned half of Bachelors III in New York City.
http://sportsline.com/u/fans/celebrity/namath/
    1970- William Mays of the San Francisco Giants, in the same game, got the 3,000th hit of his career, a single off pitcher Mike Wegener of the Montreal Expos in a 10-1 Giants’ victory. Mays played in the major leagues from 1951 through 1973 and finished with 3,283 hits. 
    1972- Thanks to the efforts of Kevin White, then-mayor of Boston, the Rolling Stones' Mick Jagger and Keith Richards are freed from their Warwick, RI jail cell in time for their Boston show. (The pair had been held for assault on a photographer from Providence.)
    1975---Top Hits
Love Will Keep Us Together - The Captain & Tennille
The Hustle - Van McCoy & The Soul City Symphony
Listen to What the Man Said - Wings
Movin’ On - Merle Haggard
    1975-The Trial of Boston Bruins hockey player Dave Forbes, indicted for excessive force during a game on January 4 when he hit Henry Boucha of the Detroit Red Wings with his stick, ended in a hung jury. The prosecution decided not to seek a retrial.
    1976 - Nadia Comaneci, the 14-year-old star gymnast from Romania, stunned those watching the Olympic Games by executing perfect form to collect a perfect score of ‘10’ from the judges. This was the first perfect score ever recorded on the uneven parallel bars. Nadia went on to collect seven perfect scores, three gold medals, a silver and a bronze. She also won two gold and two silver medals in the 1980 Olympics. 
    1977 - No. 1 Billboard Pop Hit: "Looks Like We Made It," Barry Manilow.
    1978- John Travolta and Olivia Newton-John's "You're The One That I Want" is certified platinum
    1980- Billy Joel's Glass Houses album tops charts
    1983---Top Hits
Every Breath You Take - The Police
Electric Avenue - Eddy Grant
Never Gonna Let You Go - Sergio Mendez
The Closer You Get - Alabama
    1983 - Paul Simon and Art Garfunkel took to the road to begin a 19-city tour beginning in Akron, OH. It was the first tour by the popular singing duo since their success in the 1960s.
http://www.cosmopolis.ch/english/cosmo14/paulsimon.htm
http://www.cableregina.com/users/seanb/simon.htm
    1985 - Jack Nicklaus II, son of the legendary ‘Golden Bear’, made his playing debut on the pro golf tour at the Quad Cities Open in Coal Valley, IL. The 23-year-old golfer played as an amateur while his father was playing in the British Open. 
    1986 - One of the most "photo-genic" tornadoes touched down in the northern suburbs of Minneapolis, MN, during the late afternoon. The very slow moving tornado actually appeared live on the evening news by way of an aerial video taken by the KARE-TV helicopter crew. The tornado, unlike most, was quite the prima donna, staying visible to tens of thousands of persons for thirty minutes. It was moderate in intensity, with winds of 113-157 mph, and caused 650 thousand dollars damage.
    1986-Videotapes released showing Titanic's sunken remains.
http://www.titanic1.org/
    1987-First baseman Don Mattingly of the New York Yankees hit a home run in his eight consecutive game, thereby tying the major league record set in 1956 by first baseman Dale Long of the Pittsburgh Pirates. 
    1988 - No. 1 Billboard Pop Hit: "Hold on to the Nights," Richard Marx.
    1988 - Sweltering heat continued in California, with record highs of 111 degrees at Redding and 112 degrees at Sacramento. Death Valley, CA, hit 127 degrees. Late afternoon and evening thunderstorms in the Central Plains Region produced baseball size hail at Kimball, NE, wind gusts to 79 mph at Colby, KS, and six inches of rain near Lexington, NE.
    1991---Top Hits
Rush, Rush - Paula Abdul
Unbelievable - EMF
Right Here, Right Now - Jesus Jones
Don’t Rock the Jukebox - Alan Jackson
    1992- singers Whitney Houston and Bobby Brown were married at Houston's estate in Mendham, New Jersey. Among the guests - Dionne Warwick, Patti LaBelle, Gloria Estefan and Donald Trump. They’re still together today.
    1999 - David Cone pitched a perfect game for the New York Yankees. Cone befuddled the Montreal Expos, throwing the 16th perfect game in baseball history, while leading the Yankees to a 6-0 victory. In pre-game ceremonies Don Larsen threw out the ceremonial first pitch to Yogi commemorating his 1956 World Series perfect game.
    2000-The City and County of San Francisco issued its first anonymous medical marijuana ID cards.
    2008 -- Billy Joel, in the last concert to be hosted at Shea Stadium, gets a little help from his friends as Paul McCartney joins him on stage and sings “I Saw Her Standing There,” to a tremendous ovation from the sold-out crowd of 55,000 very surprised fans. 'Sir Paul' tells the crowd the 'Beatles’ had a 'blast' playing at Shea that night in 1965, the year after the Mets home ballpark opened.