This Border ##### Denotes Press Release (Not Written By Leasing News)
This Week's Economic Events
Leading Indicators: June
Federal Budget: June
Sales Tax Project, SF
Equipment Leasing and Finance Foundation Golf Outing
Essex Country Club
West Orange, NJ
Sales Tax Project, SF
Sales Tax Project, SF
Weekly Jobless Claims
Sales Tax Project, SF
Durable Goods Orders: June
Existing-Home Sales: June
Classified Ads---61 “Job Wanted” Ads
Contract Administrator: Lewisville, TX. 2 1/2 Years banking experience & almost 3 years Leasing experience. ( Contract Admin) hard Worker, learns quickly & willing to relocate. email: firstname.lastname@example.org
Documentation/Funding/Collection Manager: Phoenix, AZ. Five years in Equipment Leasing Industry. Looking for a Leasing home in Phoenix. Prefer documentation/funding, but interested/open to managing account portfolios.
Finance: Austin, TX.
20+ years all facets of lease/finance. Collection and credit management. Equipment & rolling stock structuring. $150k credit authority, $100 million portfolio management.
Finance: Lyndhurst, NJ
CFO w/20+ years leasing/financing. Respected by lenders/rating agencies full & fair financial reporting. Outstanding record restructuring debt. Adept at investor relations and mentoring people. Email:email@example.com
Finance: Atlanta, GA
Twenty five plus years experience in middle market lease/ asset based/cash flow transactions. Heavy banking and credit background, with particular expertise in structure and negotiation. Email:brown235@bellsouth
Legal: Los Angeles, CA
Experienced in-house corporate and financial services attorney seeks position as managing or transactional counsel. Willing to re-locate. email:firstname.lastname@example.org
Operations: Experienced Credit, Collections, lease and Finance operations. Manager w/expertise in improving bottom line performance, excellent trainer, manager, motivator. Get result/keep the customer coming back. Email:email@example.com
Operations: Wayne, NJ
20+ heavily experienced collection/ recovery VP looking to improve someone's bottom line. Proven, verifiable track record. Knowledge of all types of portfolio. Will relocate Email:firstname.lastname@example.org
To view all “Job Wanted” ads, please go to:
Abacus Leasing Does Not File Appeal vs. Leasing News
The thirty day appeal deadline was July 16th, and accordingly, there was no
appeal recorded as filed in the State of New York. The case between Abacus and
Pacific Toxicology Laboratories in Woodland Hills, CA. that accused the company of not returning a “$50,000” deposit continues.
For readers who don’t know about the suit by Mathew Burke of Abacus Leasing,
please go here:
“Advance Rental” Broker Faces 20 Years in Prison
Richard Allen La Biano,33, of Laguna Beach has pleaded guilty in U.S.District Court in Santa Ana to mail fraud related to his San Clemente equipment-leasing firm, Paramount Pacific Funding Group. Approximately 100 people lost $700,000 to La Bianco, who demanded upfront deposits of $1,000 to $40,000 in order to get financing for equipment leasing. La Bianco did not secure the financing and did not return deposits, the US. Attorney’s Office said.
La Bianco faces a maximum of 20 years in prison and may have to pay restitution when he is sentenced October 20,2003
Decision Systems Sale/Bidding---Up-Date
At this time it appears one of the players, Summit National, is taking a "wait and see" position until such time as the bidding war and legal battle between CapitalStream and Twins Engineering settle down.
According to their most recent press release, Capital Stream announced they had established a venture pool of about $21 million for acquisition purposes. It seems then that in light of the increased bids that CapitalStream will either find it necessary to raise more capital or withdraw from the process.
John McCue does not appear ready to retire and LeaseTeam is going full bore.
Finding another “contact management” processing system, when you have
two already, WiredCapital and CapitalStream, doesn’t look like the direction.
It’s got to be accounting software; but then again, the “Hulk” could focus
on the front end, go to “marketing software” like “Act,” “Goldmine,” or “TimeShark.”
Please send to a colleague as we are trying to build our readership.
New EAEL Message Board
by Barry Reitman
The Eastern Association of Equipment Lessors announces the start of its newest member benefit, the EAEL Message Board. "Networking 24/7" is the phrase that is being used to describe the concept. Members can post messages in any of several industry related topics. Messages are delivered to a special folder at each member's e-mail "in-box." Members can choose which topics they wish to receive automatically, and access the others manually by visiting a special section of www.eael.com. The postings are available only to members of the organization.
Robert Fine, President of the EAEL says, "This is bound to be a successful means of intra-organizational communications. We are excited about the value the message board will bring to our membership, including the ability to help each other with needs from funding source leads to requests for unusual documents to warnings about fraudulent transactions."
The sign-up has been simplified to a one-time procedure that can be completed in three minutes. After that, log-in is instantaneous, whether to initiate a posting, or to respond to one just received. Steve Geller, of Leasing Solutions, LLC, co-chairman of the EAEL Communications Committee said, "We are very attuned to the fact that our busy members do not want to learn a new complex program. They just want ease of use in a full-featured message board. We believe that we have delivered just that."
The initial three minute set-up allows members to choose from which topics they want to receive automatic e-mail notification. Message Board users are also encouraged to propose new topics for the board. The members are also shown how to easily set up a separate in-box folder to automatically segregate their EAEL Message Board e-mail from their general mail box.
Access to the Message Board is strictly limited to EAEL members. Member firms can have multiple Message Board accounts, so that each authorized user will have his or her own user ID and password. Messages are delivered in an easy-to-read HTML format, although the individual user can change that to plain text. Formatting of font and size attributes is accomplished by simply clicking on the same type of icon used in Word and WordPerfect. (A member who wants to emphasize a key word, for example, will just click on the bold "B" at the top of the text entry box.) When the message has been composed, it goes to a preview window before being broadcast.
The committee members have been active users of the NAELB Forum Message Board, and were determined to keep the best features of that board. NAELB past president Gerry Egan was most gracious in encouraging use of his year-long research into message board software.
In addition to standard topics such as "Funding Source Search," "Legal Questions," and "Need a Document," members will find "Shameless Self-Aggrandizement and Promotion," "Humor," and "Stuff Wanted/Stuff for Sale." Many members are expected to use the simple profile settings (or their e-mail systems) to send these topics to a separate area.
EAEL members wishing to try this new Message Board can send an e-mail request to email@example.com, or call our fearless Executive Director, Alison Pryor, at 914-381-5830. They will receive, in addition to a "Welcome message" with a link to the set up area, a brief slide show presentation showing how to start using the board. Also included will be a print-out of the simple instructions. Telephone support and conference call sessions will be available for the technologically-challenged.
DISCLAIMER: Your humble correspondent is anything but objective here. He has been an early proponent of the EAEL Message Board, and, more to the point, co-chairman of the communications committee responsible for its creation. I am not just a cute cub reporter.
MAEL Golf Tournament—Not to Late !!!
REGISTER TODAY TO ATTEND...
THE MID-AMERICA ASSOCIATION OF EQUIPMENT LESSORS
their PREMIER NETWORKING GOLF TOURNEY
Mid-American Association of Equipment Lessors Invitational and Team-Challenge Weekend July 28th
19th Annual Golf Invitational
July 26th play White Eagle Golf Club, a private, 27 hole Arnold Palmer course §
July 27th play Bolingbrook Golf Club, voted by Golf Magazine "Top Ten you Can Play" in 2002
The MidAmerican Association of Equipment Lessors (MAEL), ELA's largest regional affiliate, will be hosting its 19th Annual Golf Invitational on July 28, 2003 at Indian Lakes Golf Club & Resort, www.indianlakesresort.com <http://www.indianlakesresort.com> located in Bloomingdale, Illinois.
Evening entertainment provided by Chicago's
IMPROV-OLYMPIC THEATRE GROUP!!!
Visit our website for more info at www.mael.org
Call (312) 541-6000
Sign up now at Register Here
New Leasing Association in “Formation” in Arizona
Congratulations! You are invited to become a charter member of the newly formed Arizona Equipment Leasing Association (AELA). It is an exciting opportunity to stay involved and determine what is important to your business on both the local and national level. AELA is made up of working lease professionals that like you want to remain educated, promote leasing, and network with funding sources, share ideas, and market to potential clientele. As leasing professionals, we have seen the market change from both the funding and the client retention/solicitation arena. AELA will allow you to communicate, learn, and network with other leasing professionals at the local level while retaining your autonomy along with the benefits of economies of scale with your involvement with your trade association.
As an independent association, we are not associated with any major national leasing association presently. We wish to pursue our mission (see attached page 3) of promoting the industry while maintaining the networking environment that our region is nationally been recognized for. We are committed to the equipment leasing profession as brokers, funders, lessors, vendors, and/or service providers. We are here to enhance the local aspect of doing business in Arizona while maintaining the highest level of business ethics toward our members and everyone’s clientele.
Our charter members have been selected as leaders in our industry and our minimal initial dues will be collected to cover the costs of legally incorporating the association and maintaining its annual status. The purpose of the organization is to provide its members with a regional network of leasing and financing professionals regardless of the size of their organization with more contact than in a resort for a couple of days on a annual basis. We also welcome the larger organization’s financial professionals that wish to promote and maintain a regional presence and further the efforts of the collective group. This is a dynamic industry that’s only constant is its penchant for change and keeping up with what is happening both regionally and nationally can be a daunting task.
Please attend our inaugural meeting August 14, 2003 at 5:30 pm at McDuffy’s Bar & Grill in Downtown Tempe and bring the $25 annual fee and the attached application with you and receive a free cocktail for joining. Please RSVP by Monday August 11th. If you are unable to attend but would like to join please send your check and completed application to the treasurer: (See application below.)
AELA founding members
Patrick McCann, Treasurer
c/o Universal Financial Group
3021 E. Laurel St.
Mesa, Az. 85213
c/o Sharpe Equipment Leasing, Inc.
P.O. Box 10337
Glendale, Az. 85318
Bernice Truszkowski, CLP
c/o Equipment Funding, Ltd.
Po box 985
Scottsdale, Az. 85252
c/o Manufacturer’s Leasing
818 E. Osborne
Phoenix, Az. 85020
c/o Manufacturer’s Leasing
818 E. Osborne
Phoenix, Az. 85020
c/o LeaseCor, Inc.
346 West Frier Drive
Phoenix, Az. 85318
c/o Quality Financial
18 N. Sahuro Dr.
Gilbert, Az. 85233
ARIZONA EQUIPMENT LEASING ASSOCIATION (AELA)
The Arizona Equipment Leasing Association is dedicated to facilitating the advancement and general interests of Arizona’s Leasing Industry through organizing and conducting periodic gatherings of Leasing Professionals from all types and sizes of ethical businesses.
Application for membership
Dues are $25 dollars annually. Please mail to Treasurer along with completed application if unable to attend initial meeting.
Patrick McCann, Treasurer
c/o Universal Financial Group
3021 E. Laurel St.
Mesa, Az. 85213
Friday---Odds and Ends
(yes, Friday, as this was planned for last Friday, but not enough news to make
it worthwhile to publish, but there is some good stuff here. editor )
John Settano San Francisco # is (415) 773-1373 and e-mail is firstname.lastname@example.org
Managing Director, Group Head
MERRILL LYNCH CAPITAL, Equipment Finance
222 North LaSalle Street, 16th Floor
Chicago, Il 60601
(312) 750-6171 telephone
(312) 750-6108 facsimile
(Thank you. Working with the Merrill-Lynch media department, working out
guidelines and procedure for an interview with Mr. Settano. editor)
WASCO was bought by EAB. They were first an independent. Nice co.in NYC. CITI bought EAB, and,of course, Wasco came with the purchase. It was dissolved into CITI's other leasing operations, and no longer exsists. Many of the former employees now work at Northfork bank on Long Island. As their portfolio was taken over by Citi Bank. I am trying to get a UCC-3 executed on a lessee's record.
“I heard that Hernan Traversone, VP Credit and Ric Anderson have left AMEX
BF as of this week. If that s the case, they would certainly represent more than
just . . . another shoe dropping.”
(name with held)
(I am trying to confirm ( or get denial) on this. I do know that Michael Galan
Collections Team Leader of American Express Business Finance is leaving
to move back to Florida, but believe it was voluntary. Maybe he knows
something, too, as if Sandy Weill, the CEO of Citigroup, is stepping down at the end of the year, as the New York Post reported, will he try and close out his career with the acquisition of American Express to top his deal with Sears
As to Traverson and Andersson, I have heard from the grapevine they have joined
Fred Van Etten, who they worked with at Sierra Cities. A well-informed source
also tells me he thinks Roger Gephardt is with Van Etten. He was VP of First Sierra handling the securitizations. He came to First Sierra from First Union Bank in 1995 or 96. Brilliant man that knows everything about securitization, Leasing News is told. Healso left Americna Express to join Van Etten, maybe as long ago as 18 months ago.
In the course of writing the “expose” on the RW Leasing Professional portfolio, Van Etten did not want to make any comments or read an advanced copy, and changed the subject, asking me to wait for a “big announcement” he would me making. I don’t think the Redstone Group is involved, as he no longer is there; however, when I first called, as that is where I had his last telephone number, they sure were friendly, giving me address, telephone number. Maybe it was just good
customer relationships, or maybe more.
Van Etten left Sierra Cities with a couple of million dollars, and “won” his
lawsuit with I believe the new owners, American Express, about being
let go by Depping “without cause.” What he got here, after attorneys, is
not known. However, I am told if Traverson , Andersson,
and Gephardt are together, look out American Express Business Finance!!!!
For sure, Mark McQuitty will have the last laugh, as it was his recommendation
that Van Etten run Sierra Cities as he thought with Van Etten in charge, it
would have a good chance to survive and grow.
I think I know the last sales element from writing a previous story about the person who actually wrote the model and directed Preferred Leasing and brought to this company, but then again, all of the above is only an informed guess, as Van Etten still is not making any comments. editor.)
Oh, No!!! Mr. Bill! Iraqi eMail
The latest, and several dozen readers have sent to me, and I am glad they did:
I am Major General. Ibrahim Musa with the Iraqi forces and also a
business man.AS a matter of fact I am the sole manager of memos
industries limited which comprises of memos steel industries,memos
group of school and memos motors, all in the city of basra in the city
I got your contact from a very good and reliable source that is while I
am seeking you as a trust worthy and reliable person when it comes to
I am making this business proposal to you because of the war which
happened in my country with the Americans which has resulted in
damaging of almost all the investment I have made here in my country
Basra. the actualisation of the new government and its new policise had
made it difficult for the past millitary personal to invest in the
That is while I am seeking you as a foreign and trust worthy partner in
helping me receiving some amount of money to the tune of sixty
million five hundred thousand us dollars ($60.5million US Dollars into
your various account pending the time I will come over for investment
plan in your country.
When this fund is being received in your country by you, I should be
coming over to your country immediately with my wife and my children in
order to stay in your country and to have some investment there with
you in your country.
I have mapped out 15% of the total sum for you for your kind assistance
and 5% for expenses incurred on both parties and the remaining for me
and my family and for investment purposes.
If this proposal satisfy you please kindly forward the following
information to the email box of my via email
Your phone and fax number
Your account details and your home and office address
Hoping to hear from you soon
Major General. Ibrahim Musa
Had to chuckle at the Nigerian E-Mail conference ad. I get one (or
more) of their e-mails a week. However, I am sending you one below
that showed a little more imagination... Thought you might like to
W. R. Johnnie Johnson, CLP
Exec. Vice President/Chief Operating Officer
The International Leasing & Investment Co.
P. O. Box 3716, Safat
>From Mr.Smith kone.
Rue 6 bp cocody Abidjan,
Cote d Ivoire.
00225 07 68 27 28.
ATTN : MANAGING DIRECTOR
I am writing this letter out of a genuine desperation to find a reliable
partner in the unfolding transaction. I have been unjustly treated by my
partner in a transaction so,I seek your help, attention and genuine
co-operation to our mutual benefit and 1 believe that you will not let
down the trust and confidence 1 am about to repose on you.
Iam Mr.Smith kone.,from COTE D IVOIRY and for the past ten years, I have
been working in a public Relations firm that pays me about two hundred
dollars each month. On the 30th of June, our company made a Very big
financial breakthrough when we made contact with ALHAJI.C.G MUSTAFAR
and began to supply him his cow vaccine named LIM KXT COW VACCINE.
ALHAJI.C.G MUSTAFAR is THE PRESIDENT OF MUSTAFAR GROUP COMPANY )He is a millionaire farmer with CATTLE FARMS in all part of AFRICA , and a new one located at ZIMBABWE. Moreover, he is the greatest supplier of cattle beef and other dairy products to the whole of West Africa. HE
had informed us about the huge amount of money he spends on the purchase
of a particular but very important cattle medicine. Precisely, he buys
US$ 5,000 per carton. He asked if our organization can source for a
We did market research and discovered that we can buy these vaccines in
Europe for US$2,000 per carton. We moved a proposal to MUSTAFAR GROUP
COMPANY, to supply him at US$4,800 per carton, which they accepted. As
these supplies progressed and our company is doing fine, I requested
to my boss for an increase in our salary. He was so upset that he
wanted to sacked me without benefits and ten years of dedicated
I was so desperate that I went to the MUSTAFAR GROUP COMPANY farms and
informed ALHAJI.C.G MUSTAFAR that I have a foreign contact that will be
willing to supply him this same products at US$4,400. Per carton.
ALHAJI.C.G MUSTAFAR in turn confided to me that he is about to place
order for one thousand cartons following a suspected outbreak of disease
in his farms. I assured ALHAJI.C.G MUSTAFAR that my foreign contact will
be in the position to manufacture and supply to him, infact I convinced
him that my former boss usually buy from my foreign contact and that is
why he sales to him at a higher price. HOWEVER,I INFORMED ALHAJI.C.G
MUSTAFAR THAT HE WILL HAVE TO PAY CASH IN ADVANCE BEFORE MY FORIEGN CONTACT WILL SUPPLY TO HIM. For the moment he has stopped all contact with my boss. Please consider on how to handle this profitable Project and kindly contact me immediately on my number 00225 07 68 27 28 for
details and negotiations as regards my commission. However, I will
insist that my commission will be 20% of the total profit.
Note: We will buy one thousand cartons at US$2,000,000. We sell to them
at US$4,400,000 Dollars; our client pays cash before lifting of the
goods. (They must not know our purchase point in Europe).
Thanks and God bless you.
(and from other countries, too)
Name: Khin Myint Lwin
I apologize for the unexpected nature of this mail. I got your e-mail
address from the Thailand intercontinental peace group.
I am Khin Myint Lwin, 55, Chinese/Burmese, and the leader of the Myanmar
Kyone Yeom Group headquartered in Mong Yawn, Myanmar. We engage in Real
Estate, food processing and the transportation of Chinese, Thai and Burmese
migrant workers to destinations around the globe.
I am writing you from my Yangoon home where I await my appeal case against a
37 years jail sentence I received for alleged human trafficking, illegal
sale of gold and running a prostitution ring. I am currently under house
arrest. My appeal hearing is set for December 2003.
These are all trumped-up charges. One of my boats carrying migrant workers
to Singapore last year was hit by waves and sank killing 87 passengers.
It was an accident but the government used this to arrest me because they
suspected me of funding the Karen National Liberation Army (KNLA), a rebel
movement fighting for the rights of the Karen ethnic group in Myanmar.
The government has also seized most of my assets valued at nearly one
Billion dollars ($973,000,000.00) in Myanmar, Thailand and
My wife and three daughters (8,12,14) are now staying with my mother in-law
in Mandalay. They now face a severe disruption in their livelihood and the
education of my daughters is in jeopardy. This feels me with so much pain.
My wife and daughters are my main concern right now.
I have a cash account deposit I made in the Netherlands, which the Burmese
government didn't know about. When I liquidated my flower and electronic
companies in the Netherlands in 2002, I deposited the proceeds of Eleven
million dollars ($11,000,000.00) in a securities firm in the Netherlands
while I was negotiating the take-over of a telecom company in Germany.
Right now, I need this money so I could get the best lawyer for my appeal
case coming up in December and most of all get my family out of Myanmar to a
safer country. They face constant harassment from government agents.
I need your assistance to get some of this money through to my wife and
daughters who are in Mandalay, Myanmar. Your responsibility will be to
assume the new ownership of the money. Transfer this money into your own
account for safety first.
You will keep 20% for your efforts. You will then send my share in bits as I
direct you to my mother-in-law or my wife in Myanmar. This will enable my
family to leave Myanmar. I can also get the best lawyer and lobby power and
most possibly be free soonest.
If you decide to help me, what you have to do is send me your full Name,
Address, Date of Birth, and Nationality. Use the e-mail address above.
I will contact the securities company in the Netherlands and have the
ownership changed to yours. I can do this online and via email. Luckily, I
can monitor the status of my deposit via the Internet with my login info.
When all is done, the company will contact you about your new status. They
will tell you what to do. Most of their transactions can also be done
online. After that, you carry out the directives as explained above.
If you do this, I will be personally grateful to you in many ways. Not only
in the 20% of ($11M) reward you will get, but also when I am free, as I know
I will soon, I will show you what it means to do me a favor.
If you can't, or decide not to, I will understand. Thanks for your attention
Khin Myint Lwin
I received three responses even one from a former employee
of Wasco. He gave me the phone number for my lessee to call at Citi to get
his letter of termination in lieu of the UCC-3 filing. Your newsletter
really does have a great following.
**** announcement ******************************************
UAEL Metro New York Region August 11 Lunch
Date: Monday, August 11, 2003
Time: 12:30PM - 2:00PM
Location: Baang Café & Bar at Woodbury Commons
8285 Jericho Turnpike
Woodbury, NY 11797
Join us for an enjoyable & educational lunch of networking with brokers, lessors, service providers & funding source representatives.
This highly regarded restaurant is located on Long Island and has received "excellent" reviews from The New York Times. This is a "no host" lunch, so bring your appetite for food and networking.
Please register on-line at www.uael.org by Monday August 4th
The UAEL looks forward to seeing you there!
**** announcement ****************************************************
### Press Release #######################################
Pacific Capital Bancorp Reports Second Quarter Financial Results; Company Announces 5% Increase in Dividend
SANTA BARBARA, Calif--Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company with $4.5 billion in assets, reported financial results for the quarter ended June 30, 2003.
Net income was $13.4 million, or $0.38 per diluted share, compared with net income of $15.2 million, or $0.43 per diluted share, in the second quarter of 2002.
The Company did not recognize as much additional income related to the Refund Anticipation Loan (RAL) program in the second quarter of 2003 as it did in the second quarter of 2002, a possibility that was discussed in the first quarter press release. For purposes of comparison, RAL income contributed $2.95 million more in after tax earnings in the second quarter of 2002 than it contributed in the second quarter of 2003.
For the first six months of 2003, Pacific Capital Bancorp's net income increased 16.5% to $49.8 million, or $1.43 per diluted share, from $42.7 million, or $1.22 per diluted share for the first six months of 2002.
Pacific Capital Bancorp's return on average equity (ROE) and return on average assets (ROA) for the second quarter of 2003 were 13.52% and 1.21%, respectively, compared to 17.97% and 1.51%, respectively, for the second quarter of 2002.
"While the operating environment remains challenging, we are pleased with the developments in a number of key areas during the second quarter," said William S. Thomas, Jr., President and Chief Executive Officer of Pacific Capital Bancorp. "We saw notable improvement in the financial condition of a number of our borrowers, which resulted in improved asset quality. In addition, loan demand on the part of our commercial customers appears to be improving earlier than we had anticipated. Our noninterest revenue areas are also performing well, collectively increasing by 22% over the second quarter of last year.
"The progress in these areas is helping to offset the continued pressure on our net interest margin resulting from the declining interest rate environment. With interest rates at 40-year lows, current conditions are not conducive to generating growth in our net interest income, and our performance in the controllable aspects of our business is minimizing the impact on our bottom line," said Thomas.
During the second quarter, total interest income was $60.4 million, compared with $64.2 million in the same period last year.
Total interest expense for the second quarter of 2003 was $13.5 million, compared with $15.7 million for the second quarter of 2002. Although deposit volume increased year-over-year, total interest expense declined due to the lower interest rate environment.
Exclusive of RALs, net interest margin for the second quarter of 2003 was 4.59%. This compares with a net interest margin of 5.14% in the second quarter of 2002 and 4.86% in the first quarter of 2003. The reduction in net interest margin from the previous quarter is primarily attributable to an increased percentage of the Company's assets subject to prepayment risk and subsequent reinvestment at lower yields.
Total loans, exclusive of RALs, were $3.00 billion at June 30, 2003, compared to $2.97 billion at March 31, 2003. Total loans increased 4.2% from $2.88 billion at June 30, 2002.
"Average commercial loans increased by approximately 6% from the previous quarter and we are seeing a more robust pipeline of lending opportunities," said Thomas. "Many of our core commercial clients are now looking to take advantage of the low interest rate environment to make investments in their businesses. We believe this bodes well for commercial loan activity in the second half of 2003."
Total deposits, exclusive of those related to RALs, were $3.61 billion at June 30, 2003, compared to $3.55 billion at March 31, 2003 and $3.22 billion at June 30, 2002, an increase of 12.2% year-over-year. Included in the year-over-year increase is a 19.3% increase in non-interest bearing demand deposits.
Noninterest revenue for the period ending June 30, 2003, was $15.6 million, an increase of 22.4% over noninterest revenue of $12.7 million in the second quarter of 2002.
Service charges on deposit accounts increased during the second quarter of 2003 to $3.8 million, up 10.9% over the second quarter of last year. Fees generated by the Trust & Investment Services division were $3.5 million, compared with $3.4 million in the second quarter of 2002. Fees from the Refund Transfer product increased by approximately $600,000 from the previous year.
Income from other service charges, commissions and fees for the quarter ended June 30, 2003 was $3.9 million, an increase of 42.0% over the $2.7 million in the same period of the prior year.
The Company also recorded a net gain of approximately $600,000 during the second quarter of 2003 on the sale of certain lower yielding securities.
Total operating expense in the second quarter of 2003 included a $2.1 million charge related to a letter of credit with a customer whose ability to make repayment is in doubt. This charge is reflected in the Other Expense line item. All other letters of credit are considered "pass" rated.
Pacific Capital Bancorp's operating efficiency ratio for the second quarter of 2003 was 61.28%, compared to 52.02% in the same period last year. Exclusive of the impact of the RAL and RT programs, the Company's operating efficiency ratio for the second quarter of 2003 was 64.12% compared with 54.19% for the same period last year and 61.40% for the quarter ended March 31, 2003. The impact of the provision related to the letter of credit discussed above increased the Company's second quarter 2003 operating efficiency ratio, excluding the RAL/RT program, from 60.41% to 64.12%.
2003 RAL and RT Programs
During the second quarter, the Company completed its 2003 Refund Anticipation Loan (RAL) and Refund Transfer (RT) income tax programs. These programs generated approximately $40.6 million in pre-tax income for the first six months of 2003, compared with pre-tax income of $33.7 million generated by the RAL/RT business in the first half of 2002. The Company experienced a lower level of recoveries and higher level of charge-offs related to the 2003 RAL program than expected, which had a negative impact on second quarter net income. For purposes of comparison, while net charge-offs as a percentage of total loans for the program for 2003 (0.90%) were higher than 2002 (0.55%), they were lower than in 2001 (0.85%).
Asset Quality and Capital Ratios
During the second quarter, the Company recorded a negative provision for non-RAL credit losses of $1.3 million. The negative provision is attributable to improved credit quality.
"In virtually all areas of our markets and in all industry sectors within our loan portfolio, excluding the hospitality and wine industries, we are seeing a general trend of improved financial condition among our borrowers," said Thomas. "As a result, we are seeing more loans upgraded and a reduction in both potential problem and nonperforming loans."
For the quarter ended June 30, 2003, because of the decrease in potential problem and nonperforming loans, the non-RAL related allowance for credit losses decreased to $50.0 million, or 1.67% of total loans, compared to $53.9 million, or 1.81% of total loans, at March 31, 2003. This compares with the industry average of 1.68% of total loans for the Company's peer group, based on data provided as of March 31, 2003.
Total nonperforming loans decreased $7.0 million, or 11%, in the second quarter to $54.4 million at June 30, 2003, representing 1.81% of total loans. This compares with the industry average of 1.08% of total loans for the Company's peer group, based on data provided as of March 31, 2003.
Two credits discussed in previous quarters -- one in the wine industry and one in the hospitality industry -- represent approximately 61.5% of total nonperforming loans. The Company has had no material change in its expectations for the inherent loss on each loan and believes it is sufficiently reserved.
Total nonperforming assets at the end of the second quarter of 2003 represented 1.22% of total assets, a decrease from 1.45% of total assets exclusive of RALs at the end of the prior quarter. This compares with the Company's peer group average of 0.73% of total assets, based on data provided as of March 31, 2003.
Net charge-offs (exclusive of RALs) for the three months ended June 30, 2003, were $2.6 million, compared with $4.3 million for the three months ended March 31, 2003.
Annualized net charge-offs to total average loans (both exclusive of RALs) were 0.35% for the three months ended June 30, 2003, compared with 0.59% for the three months ended March 31, 2003. This compares with the Company's peer group average of 0.62%, based on data provided as of March 31, 2003.
The Company's capital ratios continue to be above the well-capitalized guidelines established by bank regulatory agencies.
Share Purchase Program Update
On April 17, 2003, the Company's board of directors authorized the repurchase of up to $20 million of its common stock. Through June 30, 2003, the Company had purchased 73,720 shares of its common stock at an average per share price of $32.69, for a total price of $2.4 million.
Pacific Capital Bancorp announced a 5% increase in its quarterly dividend, from $0.20 to $0.21 per share. The dividend is payable August 12, 2003, to shareholders of record as of July 22, 2003. The Company continues to maintain a policy of distributing 35%-40% of earnings to its shareholders, and the new dividend rate falls within that range of anticipated 2003 earnings.
"We are pleased to be able to increase the return to our shareholders," said David W. Spainhour, Chairman of the Board. "Our dividend policy enables us to deliver a growing income stream for shareholders, while also retaining sufficient capital to reinvest in our community bank network and generate profitable long-term growth."
Ventura County Expansion
Pacific Capital Bancorp also announced plans today to open its first branch office in the city of Simi Valley, which will be its 12th Ventura County branch office. The branch is scheduled for opening in the first quarter of 2004.
"Ventura County is the fastest growing segment of our markets and we are committed to increasing our presence in this area," said Thomas. "Based on the demographics of the community of Simi Valley and the competitive landscape, we believe our brand of community banking will be well received by both commercial and retail customers."
Based on its second quarter financial results, the Company now expects earnings per share for the full year 2003 to be in the range of $2.16 to $2.24, down from its earlier estimate of between $2.21 and $2.32 per fully diluted share. The Company indicated that it has revised its full year earnings estimate due to a lower interest rate environment than initially expected for 2003. The low-end of the revised guidance reflects the potential for another 25 basis point cut in interest rates later in 2003.
"The 25 basis point cut in interest rates in June will place additional pressure on our net interest margin and preclude us from reaching our initial earnings guidance," said Thomas. "We will continue to focus on the controllable elements of our business -- such as reducing expense levels, maintaining conservative underwriting criteria and generating non-interest revenue -- in order to maximize our profitability in 2003. Going forward, we remain very well positioned to generate strong growth when interest rates return to more normalized levels."
Pacific Capital Bancorp is the parent company of Pacific Capital Bank, N.A., a nationally chartered bank that operates under the local brand names of Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank and San Benito Bank. Pacific Capital Bank, N.A. is a 41-branch community bank network serving customers in six Central Coast counties, from the communities of Morgan Hill in the north to Westlake Village/Thousand Oaks in the south.
Pacific Capital Bancorp
Deborah Lewis Whiteley (Investor Relations), 805-884-6680
SOURCE: Pacific Capital Bancorp
### Press Release ##############################################
Parthenon Capital Announces New Partnership with Sal Maglietta
San Francisco, CA - Parthenon Capital (PCAP™), a leading private equity investment firm, announced today that it will partner with Sal Maglietta, a seasoned commercial finance executive, to seek acquisitions of finance companies that provide asset based financing and equipment leases primarily to small businesses. Pursuant to the terms of its agreement with Sal Maglietta, Parthenon will make available up to $150 million of equity towards the partnership, which will not only seek acquisitions but also grow through partnerships with captive finance operations, joint ventures, and various internal growth initiatives.
In keeping with Parthenon Capital’s strategy to invest behind experienced senior executives with successful track records in targeted industries, Parthenon has partnered with Sal Maglietta, a 23-year veteran of the financial services industry. Mr. Maglietta remarked, “This is an excellent point in the cycle to enter the specialty finance business. Small and mid-sized businesses need capital solutions to drive their business growth, increase productivity and help lead the economy to a robust recovery. Recent consolidation in this segment has left borrowers with limited and less effective choices.”
Prior to partnering with Parthenon, Mr. Maglietta was the Chief Executive Officer of Citicapital Equipment Finance, a division of Citigroup. During his tenure at Citigroup, he managed an $18 billion portfolio, which demonstrated revenue and net income compound annual growth rate of 80%.
The Maglietta-led team and Parthenon Capital plan to work aggressively to complete their first acquisition over the next several months. Will Kessinger, Managing Director of Parthenon Capital stated, “Sal has tremendous knowledge of the players and opportunities within niche segments of commercial finance. We have seen major financial institutions pull back from small business finance in particular and see a great market opportunity. The recession has been tough on lenders who provide financing to this market. We will be seeking firms with a strong control culture, up to date systems and a broad distribution capability. We would expect to seek acquisitions with at least $250 million in assets.”
Parthenon Capital maintains a strong relationship with its sister company, The Parthenon Group (“TPG”), a leading worldwide 170-person strategic advisory firm with offices in Boston, San Francisco, and London. “For executives who desire to build an organization through acquisitions and internal growth, our deep operating resources are a tremendous strategic asset,” said Ernest K. Jacquet, Co-CEO of Parthenon Capital. Mr. Jacquet added, “We are delighted to be partnering with an experienced industry professional like Sal, who has a clear vision and a tremendous track record, but who is also looking for a partner that adds tangible value.”
Parthenon Capital is a $1.1 billion private equity firm with offices in Boston, MA and San Francisco, CA. In partnership with industry-leading executives, Parthenon Capital provides strategic support and financial backing for acquisition and internal growth strategies and has particular expertise in the following industries: Business/ Financial Services, Healthcare, Consumer Products, Value-Added Distribution, and Food & Beverage. For more information, visit www.parthenoncapital.com. Nothing contained in this press release is intended to create any commitment, obligation or liability upon Parthenon Capital or any of its affiliate
Sites of Reference:
Phone Number: 617-960-4052
Fax Number: 617-960-4010
#### Press Release ###########################################
Streamlined Sales Tax Project Meeting
National Conference of State
Legislatures (NCSL) Task Force on State and Local Taxation of
Telecommunications and Electronic Commerce meeting on July 20-21, 2003
in San Francisco, California. Leasing News hopes to receive a copy of the
report Dennis Brown will have for the ELT Newsletter by the end of
this week. In the subequent meetings on California, perhaps the sales tax on “fees” charged for leases or the “re-sale” of a lease from a discount, portfolio or warehouse line may be covered.
Monday, July 21, 2003
8:00 AM - 9:00 AM
Lower B2 Level
State Compliance Update
Discussion of certification process for compliance
Discussion of role of the Implementing States
9:00 AM - 9:30 AM
Overview of Congressional Action
Internet Tax Freedom Act
Sales and Use Tax Fairness Act
Business Activity Tax Simplification Act
9:30 AM - 10:00 AM
Update on Telecommunications Issues
Internet Tax Freedom Act
10:00 AM -10:15 AM
10:15 AM - 1:00 PM Meeting of Policy Statements and Resolutions:
Nexus in the New Economy: Ensuring a Level Playing Field for All Commerce
Discussion and Consideration of Draft Resolution on Business Activity
12:00 Noon - 1:00 PM
Task Force will continue discussion on BAT
1:00 PM - 3:00 PM
Some members of the Task Force will need to attend the meeting of the
Executive Committee's Budget Subcommittee
3:00 PM - 5:00 PM
Task Force Resumes - If Needed
The Task Force will resume discussion on BAT and other issues if work
was not completed prior to the 1:00 PM recess.
Other meetings and events during the Annual Meeting that may be of
interest to the Task Force:
Tuesday, July 22
8:00 AM - 10:00 AM
Full Executive Committee Meeting
Task Force policy statements will be presented for approval.
Tuesday, July 22
3:15 PM - 5:00 PM
Concurrent Session: Taxing Simply, Taxing Fairly
Further discussion of the issues surrounding sales tax simplification
and state business activity taxes.
At the Convention Center
Wednesday, July 23
8:00 AM - 10:00 AM
Standing Committees on Communications, Technology
and Interstate Commerce and Budget and Revenue
The policy statements formulated by the Task Force will be presented to
the members of the two NCSL Standing Committees for consideration.
At the Convention Center
Wednesday, July 23
10:15 AM - 10:45 AM
Budget and Revenue Committee
Committee members consider policy statements from the Task Force.
At the Convention Center
Wednesday, July 23
11:00 AM - 12:00 PM
Communications, Technology & Interstate Commerce Committee
Committee members consider policy statements from the Task Force
At the Convention Center
Thursday, July 24
2:15 PM 4:00 PM
Streamlining Sales Taxes: Restoring Fiscal Federalism or
Forfeiting State Sovereignty?
Senator Steve Rauschenberger debates Grover Norquist, President,
Americans for Tax Reform, on the merits of the Streamlined Sales and Use
At the Convention Center
Friday, July 25
11:00 AM - 12:30 PM
NCSL Annual Business Meeting
Final discussion and vote on all policy statements and resolutions.
September 25-26, 2003
Hotel Intercontinental Chicago
Thursday, Sept. 25, 2003
8:30 a.m. - 12:00 Noon
Combined Work Group Meeting
(Government Personnel Only)
Business Representatives Meeting
Steve Kranz, Council On State Taxation (COST) to lead discussion
12:00 Noon - 1:00 p.m.
Lunch for all
1:00 p.m. - 2:30 p.m.
Combined Work Group Meeting* (one room)
* Exemption Certificate
* Exemption Administration
* Returns and Remittances Issue Paper
* Digital Equivalent of Tangible Personal Property
2:30 p.m. - 4:30 p.m.
Combined Work Group Meeting* (one room)
* Sourcing of Services
* Telecommunication Definitions
* Technical Agreement Amendments
* Certificate of Compliance Update
Friday, Sept. 26, 2003
8:30 a.m. - 11:30 a.m.
Combined Work Group Meeting* (one room)
* Audits and Certifications
* Taxability Matrix
* Holiday Definitions - School Supplies
* Rates and Boundary Databases
11:30 a.m. - 12:30 p.m.
12:30 p.m. - 1:00 p.m.
(Open to Government and Private Sector)
* Approve Minutes
* Business Discussion
* Public Comments**
1:00 p.m. - 3:00 p.m.
Work Group Meeting* (one room)
* Certified Service Providers and Request for Proposal
(Invited Government Personnel Only)
*As a general rule, work group sessions will be open to the private
sector. Some work groups may have a closed session for a limited period
**Members of the public wishing to address the Project should contact
Diane Hardt at (608) 266-6798 or Scott Peterson (605) 773-3311 to be
included on the agenda. Time for each person may be limited, depending
on the number of persons wishing to address the Project.
Equipment Leasing Association
Mortgage rates to climb this week http://business.boston.com/business/articles/2003/07/18/mortgage_rates_climb_this_week
Compare Cities for Living Costs/other conditions
Armstrong Has Tight Lead in Tour De France
Apple Co-Founder Creates Electronic ID Tags
This Day in American History
1828-The first strike in which a militia was called out occurred in Paterson, NJ when the Godwin Guards of the national militia were ordered to keep peace during a strike bought about by the changing from noon to one o’clock. the strikers were defeated, but the noon lunch hour was afterwards restored.
1832- Henrietta King Birthday – Founder of King Ranch in Texas. She inherited a good size ranch in west Texas - 500,000 acres - from her husband and a king-sized debt. By all reason the ranch should have gone on the auction block, but Henrietta was a stubborn woman. She decided to run it herself, hiring her son- in-law to assist. Together they streamlined the ranch operations. She personally developed the Santa Gertrudis cattle breed that became the mainstay of the Texas cattle business. When she died at age 92 in 1925, she had parlayed that nearly bankrupt ranch into the world-renowned King Ranch of 1,280,000 debt-free acres and an estate in excess of $5 million.
1846- Mormons found first “American” settlement in California (San Joaquin Valley) called “New Hope.”
1853- Anna Adams Gordon birthday - U.S. social activist. AAG at 24 became the live-in private secretary of Women's Christian Temperance Union (WCTU) organizer and its long-time president Frances Willard. She became a prominent activist in the WCTU in addition to her duties to Willard and she served as national as well as world WCTU president after Willard's death. It was under her presidency that the U.S. adopted the 18th Amendment prohibiting the manufacture and sale of liquor, the last major attempt by government to legislate morality and like all others, it failed. Contrary to popular belief, deaths from alcohol abuse recorded by hospitals went down considerable, as did traffic accidents.
1856- Louise Blanchard Bethune birthday - U.S. architect. She was the first professional architect in the U.S. who was also a woman. In 1889 she was elected the first woman member of the American Institute of Architects.
1861-In the Battle of Bull Run Union General Irvin McDowell was defeated by Confederate troops led by General Joseph E. Johnston at the first Battle of Bull Run at Manassas, VA. It was the first major engagement of the ware. It was during this battle that Confederate General T.J.Jackson won the nickname “Stonewall” (by the way, the movie “Gods and Generals is only boring,
but inaccurate.) In the second Battle of Bull Run, August 29-30,1962, Union General John Pope was badly defeated by General Robert E. Lee. For trivia
buffs, CS Col Francis Stebbins Bartow, 8th GA, killed at 1st Bull Run July 21, 1861, was the first Georgian to die in the war.
On July 18, 1861, with Confederate and Union troops gathering nearby, a Union shell dropped through the chimney of the home of Wilmer McLean who had retired to an estate near Manassas Junction VA. When the smoke had cleared and the first major battle of the war known as 1st Bull Run was over, McLean moved away from the war to a small quiet area of Virginia known as Appomattox Court House. On Sunday, April 9, 1865, the war ended in McLean's parlor with the meeting of Lee and Grant for the signing of the surrender of the Army of Northern Virginia.
(lower half of : http://memory.loc.gov/ammem/today/jul21.html
1865-The New Orleans Tribune, first daily Black newspaper, is published in English and French. Belgian scientist Jean- Charles Houzeau became managing editor of the New Orleans Tribune that year. Ardently sympathetic to the plight of Louisiana’s black population and reveling in the fact that his dark complexion led many people to assume he was black himself, Houzeau passionately embraced his role as the Tribune’s editor and principal writer. The paper closed on February 28, 1869. Presently the New Orleans Tribune is a monthly newsmagazine targeted to the upscale African-American community. Founded in 1985 by Dr. Dwight and Beverly McKenna, the Tribune has earned a reputation as a fearless, pioneering advocate for social, economic and political issues often ignored by the mainstream press.
1886- The cardinal's hat was conferred upon Elzear Alexandre Taschereau, 66, archbishop of Quebec. He was the first Canadian to be made a cardinal in the Catholic Church.
1896-National Association of Colored Women founded by Mary1873 - Jesse James and his gang conducted the first train robbery in America. At Adair, Iowa, James and company took $3,000 from the Rock Island Express.
Church Terrell in Washington ,DC
1898- Sara Dougherty Carter birthday - U.S. music legend. SDC, with her husband A.P., formed the nucleus of the Carter family singing group that included cousin Maybelle Carter (B. 05- 10-1909) and Maybelle's children (including June Carter)as they grew up. The group disbanded in 1943. The group was responsible for the popularization of Appalachian and folk music and was the first group to be elected to the Country Music Hall of Fame. Much of today's country music depends on the innovative guitar styling of Maybelle as well as Sara's slide picking. http://www.greatwar.org.nz/carter.htm
1899-Birthday of Ernest Hemingway, American short story writer and novelist born at Oak Park, IL. Made his name with such works as The Sun Also Rises (1926), A Farewell to Arms (1929), For Whom the Bell Tolls (1940) and The Old Man and the Sea (1952). He was awarded the Nobel Prize in 1954 and wrote little thereafter; he shot himself July 2, 1961, at Ketchum, ID, having been seriously ill for some time.
1911-Birthday of (Herbert) Marshall McLuhan, university professor and author, called "the Canadian sage of the electronic age," was born at Edmonton, Alberta, Canada. Understanding Media and The Medium is the Massage (not to be confused with his widely quoted aphorism: "The medium is the message"), among other books, were widely acclaimed for their fresh view of communication. McLuhan is reported to have said: "Most people are alive in an earlier time, but you must be alive in our own time." He died at Toronto, Ontario, Dec 31, 1980.
1925 -Following a sensational 12-day trial, high school biology teacher John T. Scopes was found guilty of teaching evolution in his Dayton, TN classroom and was fined $100.
1929-birthday of singer Helen Merrill singer New York
1931-birthday of tenor sax player Plas Johnson
Donaldsville, LA http://www.plasjohnson.com/
1934-- 113ř F (45ř C), near Gallipolis, Ohio (state record)
1943 -- "Stormy
Weather" premieres in New York City with Lena Horne, Bill "Bo
Jangles" Robinson, Fats Waller, Cab Calloway, the Nicholas Brothers,
& Katherine Dunham. A week before the premiere, Horne said of African
American actors, "All we ask is that the Negro be portrayed as
a normal person. A worker in a union meeting, a voter in the polls...or
an elected official. Perhaps I'm being naive. Perhaps these things will
never be straightened out on the screen itself, but will have to wait
until... [they're] solved in real life."
The Gypsy - The Ink Spots
They Say It’s Wonderful - Frank Sinatra
Surrender - Perry Como
New Spanish Two Step - Bob Wills
1949-birthday of Modern Blues Record owner/producer Dan Jacoubovitch, Roslyn, L.I..N.Y.
1951 - The National Association for the Advancement of Colored People protested the television version of "Amos 'n' Andy." The NAACP called it "a gross libel on the Negro and distortion of the truth".
1953-Birthday of Robin Williams, comedian, actor ("Mork and Mindy," Mrs Doubtfire, Dead Poets Society, Good Will Hunting,Good Morning, Vietnam), born Chicago, IL. 1954---Top Hits
Little Things Mean a Lot - Kitty Kallen
Sh-Boom - The Crew Cuts
Goodnight, Sweetheart, Goodnight - The McGuire Sisters
Even Tho - Webb Pierce
1956- In a 13-6 defeat to the Cubs, Dodger shortstop Pee Wee Reese becomes one of five active players to collect his 2000th hit and Junior Gilliam sets a major league record by handling 12 assists at second base.
1957 - When she won the Women's National clay-court singles competition, Althea Gibson became the first black woman to win a major United States tennis title
1958 - On CBS-TV, the last installment of "Arthur Godfrey’s Talent Scouts" aired. Many artists owed their starts to "Talent Scouts," including Tony Bennett, Pat Boone, The McGuire Sisters and a singer named Connie Francis; who not only sang, but played the accordion.
Roses are Red - Bobby Vinton
The Wah Watusi - The Orlons
Johnny Get Angry - Joanie Sommers
Wolverton Mountain - Claude King
1963- The usually mild-mannered Dodger manager Walter Alston is thrown out of both games of a doubleheader as the Braves sweep a twin bill for the first and only time in Milwaukee, 7-2 and 13-7. To make matters worse, the Los Angeles skipper has beer thrown in his face by a hometown fan as he leaves the second game.
1968-Arnold Palmer became the first golfer to surpass the $1 million mark in career earnings despite losing the PGA championship to Julius Boros by one stroke.
1969 - One day after Neil Armstrong stepped onto the moon, on ABC-TV Duke Ellington and some of his band performed a 10-minute composition titled, "Moon Maiden." The tune featured piano, drums, bass and vocals.
Mama Told Me (Not to Come) - Three Dog Night
(They Long to Be) Close to You - Carpenters
Band of Gold - Freda Payne
He Loves Me All the Way - Tammy Wynette1972 -- George Carlin
charged with disorderly conduct & profanity after performing his
famous "7 Words" routine at Summerfest in Milwaukee.
1973 - Jim Croce got his first big hit when "Bad, Bad Leroy Brown" reached #1 on the "Billboard" pop-singles chart. Two months later on September 20, 1973, Croce died in a plane crash.
1975-Felix Millan of the1968-Brandi Chastain birthday, soccer player born right here in San Jose, California where women take off their shirt all the time when hot.
1975- New York Mets got four singles, but each time he was erased from the base paths as teammate Joe Torre grounded into four double plays. The Mets lost to the Houston Astros, 6-2.
Shadow Dancing - Andy Gibb
Baker Street - Gerry Rafferty
Miss You - The Rolling Stones
Only One Love in My Life - Ronnie Milsap
1979-Seneca Falls, NY. Founded to honor American women whose contributions "have been of the greatest value in the development of their country" and located in the community known as the "birthplace of women's rights," where the first Women's Suffrage Movement convention was held in 1848, the Hall of Fame was dedicated with 23 inductees. Earlier National Women's Hall of Fame, honoring "Twenty Outstanding women of the Twentieth Century," was dedicated at New York World's Fair, on May 27, 1965.
1984-The first reported killing of a human by a robot occurred at Jackson, MI. A robot turned and caught a 34-year-old worker between it and a safety bar, crushing him. He died of the injuries July 26, 1984. According to the National Institute for Occupational Safety and Health, it was "the first documented case of a robot-related fatality in the US."
1985-John Henry, the greatest money winner in thoroughbred racing history, was retired after earning $6,597,947. John Henry started 83 races and won 39 times.
Invisible Touch - Genesis
Sledgehammer - Peter Gabriel
Nasty - Janet Jackson
Until I Met You - Judy Rodman
1988- The Red Sox suspend Jim Rice for three days for shoving manager Joe Morgan. The Boston outfielder became upset when the skipper pinch-hit for him using the light-hitting shortstop Spike Owen.
1996-Gretzy signs with the Rangers: after playing less than half a season with the St. Louis Blues, the team to which he had been traded from the Los Angeles Kings, center Wayne Gretzky signed a 2-year contract with the New York Rangers estimated to be worth $4 million per year plus incentives. Gretzky earned his money and defied those who thought he was too old and fragile to play regularly any more. He played every one of the Rangers’ games and finished fourth in the league in scoring.
1997-Executive officer of a man-of-war w3ho was a woman was Lieutenant Commander Claire V. Bloom, who served as the executive officer of the frigate U.S.S. Constitution, the flagship of the Navy, during the 200th anniversary voyage that began in Marblehead, MA.
2000 -Thanks to Harold Baines' four hits, the Orioles halt its 20-game Canadian losing streak defeating the Blue Jays, 9-5. It is Baltimore's first victory north of the border since June 13, 1998.
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