Archives, June 14, 2002 Key Equipment Finance

Names Paul W. Frechette, Senior Vice President
Global Business Development and Strategic Planning
KEY EQUIPMENT FINANCE

SUPERIOR, CO, -- Key Equipment Finance, one of the nations largest bank-affiliated equipment financing companies, announced that Paul W. Frechette has been named senior vice president, global business development and strategic planning. Frechette will lead the organization's merger and acquisition activities and help guide strategic planning processes and new program development. His office is located at Key Equipment Finance's world headquarters outside Boulder, Colorado.

"Paul Frechette is well known throughout the global equipment leasing industry and is highly respected by his clients," said Paul A. Larkins, president and chief executive officer, Key Equipment Finance. "His desire to come to Key Equipment Finance says a lot about our ability to attract the best talent and speaks well for our future business prospects."

Frechette comes to Key Equipment Finance with 29 years of equipment finance experience. Prior to joining Key, he was senior vice president and managing director, GVF Business Development, for Heller Financial, Inc. (acquired by GE Capital in 2001) in San Francisco, California. Paul's career includes past executive assignments with U.S. Bancorp Leasing and Financial., U.S. Leasing International and Fleet Credit Corporation.

Frechette earned his bachelor of science degree in marketing management from the University of Rhode Island at South Kingstown. He is a member of the ELA (Equipment Leasing Association) Vendor Programs Business Council Steering Committee and chaired the ELA's Captive and Vendor Leasing Conference in Florida this past spring.

(Today Paul Frechette is Executive Vice President Business Development and M&A at Tygris Commercial Finance)
http://www.zoominfo.com/Search/PersonDetail.aspx?PersonID=242382082

(Today Paul A. Larkins is President and CEO at SquareTwo Financial)
http://www.linkedin.com/pub/paul-a-larkins/12/bab/a83

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http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

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http://www.leasingnews.org/Classified/Posting_sites.htm

Leasing 102
by Mr. Terry Winders, CLP

Funding—Today the Major Problem

Marketing was the greatest burden for most of the past thirty years but now funding has become the major problem. I have taken a survey the past few weeks to determine what problems small leasing companies and packagers have to get their transactions funded. I have heard lots of grief and pain.

It appears that there is good business out there but the days of easy money are long gone. Better credits are required and “complete” packaging is required. The days when you submitted limited information and expected the funding source to d all the work is also gone. When I spoke to some funding banks that have closed their doors to leasing I discovered a dislike of sloppy documentation and questionable tactics. The banks are under the watchful eye of their regulators and many feel they have to be squeaky clean on credits and procedures.

I did not find reluctance, at some smaller banks, to look at lease transactions but I did find a concern for 100% financing. The uncertain accounting environment for leases did not seem to bother them because they did not see any major changes for them from their point of view. However they are more reluctant to allow the Lessor to do the servicing. The regulators are questioning the control of the money and are requesting the banks to make sure that they are receiving the cash prior to the information of the payment receipt reaching the leasing servicing agent. Less likely for discrepancies if the “cash” is controlled by the bank so they prefer a lock box arrangement.

The problem I discovered in many of the new banks that I spoke to was a general lack of knowledge of leasing. Clearly they prefer commercial loans and only wish to fund transactions that that the lease transaction as collateral for a loan. This as I explained would limit the number of transactions a Lessor could do unless a limited recourse arrangement could be created. This highlighted the crux of the problem for Lessor’s looking for non-recourse funding. How to arrange funding on a lease, from a loan perspective, on a non-recourse basis, to a funding source that knows little or nothing about leasing. When I ask the banks if they would be interested in learning about leasing they said yes but they do not trust what they called self serving Lessor’s. They would prefer the information come through the various banking trade associations.

It is a viscous circle because the banking trade associations do not see the need to offer education on leasing because they have no requests for it from their members. I know because I have tried to convince them. I think the best shot is for “informed” (that means that you know the rules) lessor’s contact the “state” associations and press them to let you offer a seminar on ways to fund leases and do it for “free”. Banks love free seminars and then work on the attendees for funding opportunities.

If you are contacting a new funding source leave then information on leasing not on you. The more they learn about commercial equipment leasing the better chance you have to develop a new funding source.

Also provide them with the many ways to fund a lease from discounting to assignments. Many funding sources do not know the different methods of funding a lease.

Last but not least is their reluctance of funding sources to fund residuals. They see residuals as a “pure risk”. So I would suggest only starting with payment discounting and/or loans with leases as collateral for the first year or so until the confidence in leasing grows before moving into more complex transactions with residual risk. That is not to say you could not invest in the residual yourself or offer purchase options but do not take a residual.

Many small banks that I contacted, that use to fund leases, said one of the reasons they got out of leasing was the leasing companies where no where to be found when problems developed on their leases. The best thing to retain good funding sources is to recognize your responsibility to stand by the transaction, recourse or not, until it reaches termination. The more you support the funding source on the deals you have with them the more they will want to do business with you. Failure to do so closes the door on future deals.

Funding will come back but it will take a lot of effort on the part of lessor’s to educate more funding sources that we are not just opportunists but are in it for the long haul.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.

He invites your questions and queries.

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

Bank Beat—Washington State based "Asian Bank"

The four branches of Washington First International Bank, Seattle, Washington, was closed Friday with East West Bank, Pasadena, California, owner of the largest U.S. bank serving the Chinese-American market, to assume all of the deposits.

Washington First International Bank’s president and CEO, Elizabeth Huang
(Photo by Assunta Ng/NWAW)

According to the Northwest Asian Weekly, "Unmentioned in the report is the fact that WFIB is a community bank and for many Asian and Pacific Islander (API) immigrants, it’s been a place where they can realize their dreams of owning a home in the United States.

“[We are] recognized as the premiere bank for new Asian immigrants and investors,” Huang said.

Like many other banks, Huang has found that the minor pitfalls of Washington First are tied to the construction and real estate industry, the Northwest Asian Weekly reported.

“Most Chinese American banks focus on real estate lending. During this economic downturn, banks with real estate concentration (like WFIB) get hurt the most,” she said. “It is because of the high foreclosure rates, lack of buying, and lack of financing available.”

The FDIC and East West Bank entered into a loss-share transaction on $418.8 million of Washington First International Bank's assets.

East West Bank is headquarters in the Philippines and in 2009 purchased the assets of United Commercial Bank in Los Angeles. The US bank headquarters is in Pasadena, California, and now gives the bank 75 branches n northern and southern California, Georgia, Massachusetts, New York, Texas, Washington.

East West has over 130 locations worldwide. In Greater China, East West's presence includes a full service branch in Hong Kong and representative offices in Beijing, Shanghai, Shenzhen and Taipei. Through a wholly-owned subsidiary bank, East West's presence in Greater China also includes full service branches in Shanghai and Shantou and representative offices in Beijing and Guangzhou.

East West now has six branches in the Puget Sound area, making it the largest Asian-American bank in Washington.

Washington First International Bank had 70 full time employees servicing two branches in Seattle and one each in Bellevue and Federal Way. Founded May 15, 1990 bank equity dropped from $51.1 million March 31, 2009 to $10.2 million March 31, 2010 with $69.2 non-current loans, working they way down from $119.4 million non-current loans March 31, 2009. The bank had lost $9.9 million the previous period and $4.7 million the current period. Charge offs were $1.7 million ($1.5 million construction and land development, $187,000 1-4 multi-family residential properties.) Tier 1 risk-based capital ratio 2.09%.

As of March 31, 2010, Washington First International Bank had approximately $520.9 million in total assets and $441.4 million in total deposits. East West Bank will pay the FDIC a premium of 0.5 percent to assume all of the deposits of Washington First International Bank. In addition to assuming all of the deposits of the failed bank, East West Bank agreed to purchase approximately $501.0 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $158.4 million.

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

(This is a free “ad” for our good friends the Bateman’s,
proprietors of Thunder Mountain Kona coffee)

Top Stories --- June 7-11

Here are the top ten stories opened by readers:

(1) What will happen to Puget Sound Leasing---
Same as NetBank Business Finance?
http://leasingnews.org/archives/Jun2010/6_07.htm#puget_sound

(2) Rudy Trebels, CLP, & Friends on LinkedIn
http://leasingnews.org/archives/Jun2010/6_09.htm#trebels_linkedin

(3) Lease Corporation of America Joins
Funder/Superbroker Looking for New Broker Business
http://leasingnews.org/archives/Jun2010/6_11.htm#lca

(4) Clarifications---Mar Vista Financial
http://leasingnews.org/archives/Jun2010/6_11.htm#clarification

(5) Sales makes it Happen—by Kit Menkin
Salesman Pay Survey
http://leasingnews.org/archives/Jun2010/6_09.htm#pay_survey

(6) Corrections--- Rudy Trebels & LinkedIn---
by Christopher Menkin
http://leasingnews.org/archives/Jun2010/6_11.htm#correction

(7) Direct Capital Slashes Finance Time w/E-Signatures
http://leasingnews.org/archives/Jun2010/6_09.htm#direct_capital

(8) Madoff says he holds little sympathy for his victims
http://content.usatoday.com/communities/ondeadline/post/2010/06/a-profile-of-bernard-madoff-says-he-holds-little-sympathy-for-his-victims-/1

(9) Same Day Funding with American Lease Insurance
http://leasingnews.org/archives/Jun2010/6_07.htm#american_lease

(10) Conversation with Jamie Chisick, Mar Vista
http://leasingnews.org/archives/Jun2010/6_09.htm#chisick

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

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Today in History

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This Day in American History

    1775- the Continental Congress established the army as the first US Military service.
    1777- John Adams introduced the following resolution before the Continental Congress, meeting at Philadelphia , Pennsylvania : “ Resolved, That the flag of the thirteen United States shall be thirteen stripes, alternate red and white, that the union be thirteen stars, white on a blue field, representing a new constellation.” (by the way, this is a legal holiday in Pennsylvania ). The blue field was to bear 13 stars, one for each state. The tradition that Betsy Ross designed the flag has been almost completely discredited. The flag was originally suggested by Francis Hopkinson, a member of the Continental Navy Board from 1776 to 1778, who is considered by historians to be the father of the Stars and Stripes.
    1811- Birthday of American writer Harriet Beecher Stowe, daughter of the Reverend Lyman Beecher and sister of Henry Ward Beecher. Author of Uncle Tom's Cabin, an antislavery novel that provoked a storm of protest and resulted in fame for its author. Two characters in the novel attained such importance that their names became part of the English language—the Negro slave, Uncle Tom, and the villainous slave owner, Simon Legree. The reaction to Uncle Tom's Cabin and its profound political impact are without parallel in American literature. It is said that during the Civil War, when Harriet Beecher Stowe was introduced to President Abraham Lincoln, his words to her were, “So you're the little woman who wrote the book that made this great war.' Stowe was born at Litchfield , CT and died at Hartford , CT , July 1,1896.
http://digital.library.upenn.edu/women/stowe/StoweHB.html
http://www.bragi.com/classics/s/hbs1811/utomc01.shtml
    1820- birthday of John Bartlett, American editor and compiler ( Bartlett 's “Famous Quotations”(1855) was born at Plymouth , MA . Though he had little formal education, he created one of the most-used reference works of the English language. No quotation of his own is among the more than 22,000 listed today, but in the preface to the first edition, he wrote that the object of his work “ originally made without any view of publication” was to show “ the obligation our language owes to various authors for numerous phrases and familiar quotations which have become household words.” Bartlett died at Cambridge , MA , Dec. 3, 1905.
http://www.bartleby.com/100/
    1834-my don Dash in the US Navy, who attended diving school could tell you more, but the first practical diving suit was patented by Leonard Norcross of Disfield, ME, for a “water-dress.” It consisted of an airtight rubber garment to which was attached a brass cap or helmet that rested on the shoulders. The cap was connected to an air pump on the boat by means of a rubber hose. The feet were weighted with heavy lead shot.
http://www.divingheritage.com/waybackkern.htm
    1834-Isaac Fisher, Jr. of Springfield, VT, was granted four patents on his invention he called “ sandpaper.”
    1846-John Frémont launched the Bear Flag Revolution, and established the California Republic . William. B. Ide served as President of the Republic of California until July 9. Governor Vallejo was also taken prisoner during the skirmish and was moved to Sutter's Fort. Bear flag raised at Sonoma .
    1848-The San Francisco "California Star" ceased publication because the staff had rushed to the gold fields.
    1850-Howard Engine Co. No. 13 and Sansome Hook and Ladder Co. No. 3 organized in San Francisco . The Sansome company carried fifty-foot ladders, the largest in the state. The company also had charge of the powder magazine at its Montgomery St. quarters for use during conflagrations. Third Great Fire destroyed the area between Clay , California and Kearny all the way down to the Bay. 300 more buildings were lost, and the damages were $5,000,000. The fire started in the Sacramento Bakery at the rear of the Merchants Hotel at Clay and Kearny streets.
    1864-US Congress ruled that Black soldiers must receive equal pay.
http://www.shsu.edu/~his_ncp/AfrAmer.html
http://www.cr.nps.gov/history/online_books/rthg/chap7.htm
    1864-The James River Bridge, the longest (2100ft) pontoon bridge ever used in war, was constructed in eight hours by 450 Union engineers. Extending from Windmill Point to Fort Powhatan in Virginia , the structure enabled Grant's forces to cross the James River and to move on Petersburg , a vital communications center south of Richmond . The next three days, at the Battle of Petersburg, VA, Union forces were unable to take the strategic city in the face of what historians call the brilliant strategy by General Robert E. Lee. The actual siege actually continued until April of the following year, 1865 (Battle of Five Forks April 1, evacuation of Richmond and Petersburg, April 2, April 3,Union forces occupy Petersburg, VA, April 9, Gen. Lee surrenders to Gen. Grant at Appomattox, April 14, President Lincoln is shot by John Wilkes Booth.)
http://www.civilwar.com/va81.htm
http://www.mdgorman.com/2538.htm
http://www.mdgorman.com/2539.htm
http://www.mdgorman.com/2465.htm
http://wargame.com/images/acw/image25.html
http://www.mdgorman.com/2466.htm
http://www.treasurenet.com/images/civilwar/civil007.html
http://www.flowerdew.org/Prince.html
http://cti.itc.virginia.edu/~ela/letters/dcgdiary2.html
http://www.virginiasheartland.org/recreation.html
http://www.civilwar-va.com/virginia/va-central/1864tour.html
http://www2.cr.nps.gov/abpp/battles/va063.htm
    1877-the First West Point graduate who was African-American was Henry Ossian Flipper, born a slave on March 29, 1856 to Thomasville, GA. He was a cadet from May 20, 1873, to June 14, 1877. He was appointed a second lieutenant in the 10 th Cavalry on June 15, 1877, and remained in service until June 30, 1882,when he was dismissed for conduct unbecoming an officer and a gentleman. In December,1976, the Army reviewed his court-martial charge and changed his discharge record from dishonorable to honorable.
http://lala.essortment.com/henryossianfli_ricp.htm
http://www.rose.net/flipper.htm
http://docsouth.unc.edu/flipper/menu.html
http://www.allenscreations.com/dghof.html
http://www.amazon.com/exec/obidos/ASIN/0803268904/inktomi-bkasin-20
/102-3693736-6012943
    1881-ushering in a new era, John McTammany, Jr. of Cambridge, MA, received a patent on a “mechanical musical instrument,” he called a “player piano.” He constructed a mechanism for automatic playing of organs using narrow sheets of perforated flexible paper that governed the notes to be played.” Further patents were applied for all types of piano players, and the first completely automatic was the Angelus, made by the Wilcox and White company, Meriden , CT. in 1897.
    1903 - The "Heppner Disaster" occurred in Oregon . A cloudburst in the hills sent a flood down Willow Creek, and a twenty foot wall of water swept away a third of the town in minutes, killing 236 residents and causing 100 million dollars damage
http://www.rootsweb.com/~ormorrow/HeppnerFlood.htm
    1906-Margaret Bourke-White was born at New York City . One of the original photojournalists, she developed her personal style while photographing the Krupp Iron Works in Germany and the Soviet Union during the first Vive-year Plan. Bourke-White was one of the four original staff photographers for Life magazine in 1936. The first woman attached to the US armed forces during World War II, she covered the Italian campaign, the siege of Moscow and the American soldiers crossing of the Rhine into Germany , and she shocked the world with her photographs of the concentration camps. Bourke-White photographed Mahatma Gandhi and covered the migration of the millions of people after the Indian subcontinent was divided into Hindu India and Muslim Pakistan. She served as a war correspondent during the Korean War. Among her several books the most famous was her collaboration with her second husband, novelist Erskine Caldwell, a study of rural poverty in the American South, called' You Have Seen Their Faces.” She died august 27, 1971 at Stamford , CT.
http://www.dailycelebrations.com/031401.htm
http://www.artcyclopedia.com/artists/bourke-white_margaret.html
    1909-birthday of Burl Ives, American singer and actor. Burl Icle Ivanhoe Ives was born at Hunt, IL. He helped to reintroduce Anglo-American folk music in the 40s and 50s. Ives won an Academy Award for his supporting role in “The Big Country”(1958) and he is well known for his role as Big Daddy in both the film and Broadway productions of Cat On a Hat Tin Roof. His biggest chart success was "Little Bitty Tear" in 1961. Ives also arranged and popularized such folk tunes as "Blue Tail Fly" and "Wayfarin' Stranger." He died of cancer at his home in Anacortes , Washington , on April 14th, 1995.
    1910---Birthday of Jazz Guitarist/Singer/Bandleader Nappy Lamare
http://wwwp.musicmatch.com/artist/artist.cgi?ARTISTID=848631&TMP
L=LONG#bio
http://www.themomi.org/museum/roaring20s/1929L-5Nappy.html
http://www.317x.com/albums/b/raybauduc/card.html
http://www.nfo.net/usa/n2.html
    1916-A Presidential Proclamation has made this “Flag Day.” In 1996, it was amended to have “National Flag Week.” and the president added, “ It is a time to honor America .” We have the flag flying high here at American Leasing with the San Francisco 49er flag beneath.
    1926 - Don (Donald) ‘Newk' Newcombe (baseball: pitcher: Brooklyn Dodgers [Rookie of the Year: 1949/Cy Young Award: 1956/Baseball Writer's Award: 1956/World Series: 1949, 1950, 1951, 1955/all-star: 1949, 1950, 1951, 1955], Cincinnati Redlegs, Los Angeles Dodgers, Cincinnati Reds, Cleveland Indians), born Madison , NJ
    1929-pianist/composer Cy Coleman born, New York City .
http://www.ascap.com/about/coleman-bio.html
http://www.virtualcity.de/englishtheater/ccoleman.htm
    1931-birthday of saxophonist Junior Walker, Blytheville , AR , died Nov 25, 1995, Battle creek , MI
http://www.history-of-rock.com/junior_walker_and_the_all_stars.htm
    1934-Max Baer knocked out Primo Carnera in the 11 th round of a fight at Long Island City , NY , to win the heavyweight title. Carnero had won the crown from Jack Sharkey. Baer lost it in his next fight to James Braddock.
    1937 - Pennsylvania became the first state in the United States to observe Flag Day as a legal holiday. As noted in the beginning, the only state to legally observe this day as a holiday.
    1944--URBAN, MATT Medal of Honor
Rank and organization: Lieutenant Colonel (then Captain), 2d Battalion, 60th Infantry Regiment, 9th Infantry Division, World War II. Place and date: Renouf, France, 14 June to 3 September 1944. Entered service at: Fort Bragg, North Carolina, 2 July 1941. Date and place of birth: 25 August 1919, Buffalo, New York. Lieutenant Colonel (then Captain) Matt Urban, l 12-22-2414, United States Army, who distinguished himself by a series of bold, heroic actions, exemplified by singularly outstanding combat leadership, personal bravery, and tenacious devotion to duty, during the period 14 June to 3 September 1944 while assigned to the 2d Battalion, 60th Infantry Regiment, 9th Infantry Division. On 14 June, Captain Urban's company, attacking at Renouf, France, encountered heavy enemy small arms and tank fire. The enemy tanks were unmercifully raking his unit's positions and inflicting heavy casualties. Captain Urban, realizing that his company was in imminent danger of being decimated, armed himself with a bazooka. He worked his way with an ammo carrier through hedgerows, under a continuing barrage of fire, to a point near the tanks. He brazenly exposed himself to the enemy fire and, firing the bazooka, destroyed both tanks. Responding to Captain Urban's action, his company moved forward and routed the enemy. Later that same day, still in the attack near Orglandes, Captain Urban was wounded in the leg by direct fire from a 37mm tank-gun. He refused evacuation and continued to lead his company until they moved into defensive positions for the night. At 0500 hours the next day, still in the attack near Orglandes, Captain Urban, though badly wounded, directed his company in another attack. One hour later he was again wounded. Suffering from two wounds, one serious, he was evacuated to England. In mid-July, while recovering from his wounds, he learned of his unit's severe losses in the hedgerows of Normandy. Realizing his unit's need for battle-tested leaders, he voluntarily left the hospital and hitchhiked his way back to his unit hear St. Lo, France. Arriving at the 2d Battalion Command Post at 1130 hours, 25 July, he found that his unit had jumped-off at 1100 hours in the first attack of Operation Cobra." Still limping from his leg wound, Captain Urban made his way forward to retake command of his company. He found his company held up by strong enemy opposition. Two supporting tanks had been destroyed and another, intact but with no tank commander or gunner, was not moving. He located a lieutenant in charge of the support tanks and directed a plan of attack to eliminate the enemy strong-point. The lieutenant and a sergeant were immediately killed by the heavy enemy fire when they tried to mount the tank. Captain Urban, though physically hampered by his leg wound and knowing quick action had to be taken, dashed through the scathing fire and mounted the tank. With enemy bullets ricocheting from the tank, Captain Urban ordered the tank forward and, completely exposed to the enemy fire, manned the machine gun and placed devastating fire on the enemy. His action, in the face of enemy fire, galvanized the battalion into action and they attacked and destroyed the enemy position. On 2 August, Captain Urban was wounded in the chest by shell fragments and, disregarding the recommendation of the Battalion Surgeon, again refused evacuation. On 6 August, Captain Urban became the commander of the 2d Battalion. On 15 August, he was again wounded but remained with his unit. On 3 September, the 2d Battalion was given the mission of establishing a crossing-point on the Meuse River near Heer, Belgium. The enemy planned to stop the advance of the allied Army by concentrating heavy forces at the Meuse. The 2d Battalion, attacking toward the crossing-point, encountered fierce enemy artillery, small arms and mortar fire which stopped the attack. Captain Urban quickly moved from his command post to the lead position of the battalion. Reorganizing the attacking elements, he personally led a charge toward the enemy's strong-point. As the charge moved across the open terrain, Captain Urban was seriously wounded in the neck. Although unable to talk above a whisper from the paralyzing neck wound, and in danger of losing his life, he refused to be evacuated until the enemy was routed and his battalion had secured the crossing-point on the Meuse River. Captain Urban's personal leadership, limitless bravery, and repeated extraordinary exposure to enemy fire served as an inspiration to his entire battalion. His valorous and intrepid actions reflect the utmost credit on him and uphold the noble traditions of the United States.
     1944-WISE, HOMER L. Medal of Honor
Rank and organization: Staff Sergeant. U.S. Army, Company L, 142d Infantry, 36th Infantry Division. Place and date: Magliano, Italy, 14 June 1944. Entered service al: Baton Rouge, La. Birth: Baton Rouge La. G.O. No.: 90, 8 December 1944. Citation: While his platoon was pinned down by enemy small-arms fire from both flanks, he left his position of comparative safety and assisted in carrying 1 of his men, who had been seriously wounded and who lay in an exposed position, to a point where he could receive medical attention. The advance of the platoon was resumed but was again stopped by enemy frontal fire. A German officer and 2 enlisted men, armed with automatic weapons, threatened the right flank. Fearlessly exposing himself, he moved to a position from which he killed all 3 with his submachine gun. Returning to his squad, he obtained an Ml rifle and several antitank grenades, then took up a position from which he delivered accurate fire on the enemy holding up the advance. As the battalion moved forward it was again stopped by enemy frontal and flanking fire. He procured an automatic rifle and, advancing ahead of his men, neutralized an enemy machinegun with his fire. When the flanking fire became more intense he ran to a nearby tank and exposing himself on the turret, restored a jammed machinegun to operating efficiency and used it so effectively that the enemy fire from an adjacent ridge was materially reduced thus permitting the battalion to occupy its objective.
    1946-Nat “King” Cole Trio records “ The Christmas Song,” NYC. Record promoters like it so much, on August 19 th , he records it with strings and it became a commercial hit.”
    1949---Top Hits
Riders in the Sky - Vaughn Monroe
Again - Doris Day
Bali Ha'i - Perry Como
One Kiss Too Many - Eddy Arnold
    1950-American Oil Company announced plans to sponsor the telecast of every Washington Redskins football game during the upcoming season. The Redskins thus became the first pro football team to televise a complete slate of regular-season games.
    1951- Univac, the world's first commercial computer was unveiled, demonstrated, and dedicated in Philadelphia , PA , primarily to help out with the census. The first computer was developed in 1946, ENIAC ( Electronic Numeric Integrator and Computer ). The name we use today comes from the fact ENIAC was difficult to pronounce and scientists among themselves referred to the machine as a “computer.”
    1952-- In a 3-1 loss, Boston Braves southpaw Warren Spahn whiffs 18 Cubs in 15 innings tying Jim Whitney's National League record of 18 strikeouts. On the same day, Braves scout Dewey Griggs signs a Mobile , Alabama youth named Henry Aaron.
    1952--BLEAK, DAVID B. Medal of Honor
Rank and organization: Sergeant, U.S. Army, Medical Company 223d Infantry Regiment, 40th Infantry Division. Place and date: Vicinity of Minari-gol, Korea, 14 June 1952. Entered service at: Shelley, Idaho. Born: 27 February 1932, Idaho Falls, Idaho. G.O. No.: 83, 2 November 1953. Citation: Sgt. Bleak, a member of the medical company, distinguished himself by conspicuous gallantry and indomitable courage above and beyond the call of duty in action against the enemy. As a medical aidman, he volunteered to accompany a reconnaissance patrol committed to engage the enemy and capture a prisoner for interrogation. Forging up the rugged slope of the key terrain, the group was subjected to intense automatic weapons and small arms fire and suffered several casualties. After administering to the wounded, he continued to advance with the patrol. Nearing the military crest of the hill, while attempting to cross the fire-swept area to attend the wounded, he came under hostile fire from a small group of the enemy concealed in a trench. Entering the trench he closed with the enemy, killed 2 with bare hands and a third with his trench knife. Moving from the emplacement, he saw a concussion grenade fall in front of a companion and, quickly shifting his position, shielded the man from the impact of the blast. Later, while ministering to the wounded, he was struck by a hostile bullet but, despite the wound, he undertook to evacuate a wounded comrade. As he moved down the hill with his heavy burden, he was attacked by 2 enemy soldiers with fixed bayonets. Closing with the aggressors, he grabbed them and smacked their heads together, then carried his helpless comrade down the hill to safety. Sgt. Bleak's dauntless courage and intrepid actions reflect utmost credit upon himself and are in keeping with the honored traditions of the military service.
    1952--SPEICHER, CLIFTON T. Medal of Honor
Rank and organization: Corporal, U.S. Army, Company F, 223d Infantry Regiment, 40th Infantry Division. Place and date: Near Minarigol, Korea, 14 June 1952. Entered service at: Gray, Pa. Born: 25 March 1931, Gray, Pa. G.O. No.: 65, 19 August 1953. Citation: Cpl. Speicher distinguished himself by conspicuous gallantry and indomitable courage above and beyond the call of duty in action against the enemy. While participating in an assault to secure a key terrain feature, Cpl. Speicher's squad was pinned down by withering small-arms mortar, and machine gun fire. Although already wounded he left the comparative safety of his position, and made a daring charge against the machine gun emplacement. Within 10 yards of the goal, he was again wounded by small-arms fire but continued on, entered the bunker, killed 2 hostile soldiers with his rifle, a third with his bayonet, and silenced the machine gun. Inspired by this incredible display of valor, the men quickly moved up and completed the mission. Dazed and shaken, he walked to the foot of the hill where he collapsed and died. Cpl. Speicher's consummate sacrifice and unflinching devotion to duty reflect lasting glory upon himself and uphold the noble traditions of the military service
    1952--Birthday of Pat (Patricia Head) Summitt - U.S. basketball's second most "winningest" coach in history - winning more games than anyone except one male coach. She is the highest paid coach at the University of Tennessee as 18 of her teams were in the NCAA playoffs and six of her teams, 1987, 89, 91, 96, 97, and 98 won the national titles.
    1953 - Elvis Presley graduated from L.C. Humes High School in Memphis , TN. Within three years, the truck driver-turned-singer had his first number-one record with "Heartbreak Hotel".
    1954-the first Civil defense test was held nationwide, including the continental United States, 10 provinces of Canada, Alaska, Hawaii, Puerto Rico, and the Virgin Islands from 10 to 10:10am, when the all-clear signal was given. There were held periodically and both radio and television were to test the civil defense system periodically during the month for one minute duration.
    1956 - No. 1 Billboard Pop Hit: "The Wayward Wind," Gogi Grant.
    1957---Top Hits
Love Letters in the Sand - Pat Boone
A Teenager's Romance/I'm Walkin' - Ricky Nelson
Bye Bye Love - The Everly Brothers
Four Walls - Jim Reeves
    1958 Fats Domino releases "I'm Gonna Be a Wheel Someday"
    1961 - The temperature in Downtown San Francisco, CA, soared to 106 degrees to establish an all-time record for that location
    1963 - Duke Snider, one of the Dodger's most famous player (I have his autograph from when I was a kid---free, stayed after the game to sign autographs for all the kids ) got his 400th home run in a game against the Cincinnati Reds. Snider became the ninth player in major-league history to reach this career milestone
http://www.dukesnider.com/
    1964 - No. 1 Billboard Pop Hit: "Chapel of Love," The Dixie Cups.
    1965---Top Hits
Back in My Arms Again - The Supremes
Crying in the Chapel - Elvis Presley
I Can't Help Myself - The Four Tops
What's He Doing in My World - Eddy Arnold
    1965--Paul McCartney records "Yesterday" by himself, after trying unsuccessfully to fit in the rest of the Beatles. The song would later be recorded by over 3,000 other artists and become the most covered tune in music history. In describing it, Paul has said "I did the tune easily and then the words took about two weeks."
    1965- Sonny and Cher release "I Got You Babe"
    1967--The Beatles record "All You Need Is Love"
    1968- Rod Stewart becomes a star in the US after the Jeff Beck Group, for which he sings lead, opens at New York's Fillmore East. The 23-year-old Stewart is still so new to the stage that he hides behind a stack of speakers during the first song.
    1973---Top Hits
My Love - Paul McCartney & Wings
Frankenstein - The Edgar Winter Group
Pillow Talk - Sylvia
You Always Come Back (To Hurting Me) - Johnny Rodriguez
    1974 - No. 1 Billboard Pop Hit: "Billy, Don't Be a Hero," Bo Donaldson & the Heywoods.
    1975 – The singing group “ America ” reached the top spot on the "Billboard" pop music chart with "Sister Golden Hair". The group had previously (March, 1972) taken "A Horse With No Name" to the number one spot. The trio of Dan Peek, Gerry Beckley and Dewey Bunnell had received the Best New Artist Grammy in 1972. “ America ” recorded a dozen hits that made it to the popular music charts in the 1970s and 1980s. Though number one, "Sister Golden Hair" did not qualify for gold record (million-seller) status.
http://www.biscuitfan.com/america/index.htm
http://www.harvestcomm.net/america/
http://www.danpeek.com/frameset.htm
http://www.rockandrollusa.com/America.htm
http://www.rockandrollusa.com/horsewithnonameamericadewey.htm
http://axisid.com/catsmeow/horse.htm
http://www.biscuitfan.com/america/song/song056.htm
    1975-"Thank God I'm A Country Boy", recorded live at the Universal Amphi-theater in California by John Denver, became the best selling record in the US. The song was written by John Martin Sommers, a member of Denver's backup band.
    1975-America achieves their second Billboard number one record and their seventh Top 40 hit with "Sister Golden Hair".
    1979- Giant first baseman Willie McCovey hits his 513th round tripper establishing him as the NL all-time left-handed HR leader.
    1981---Top Hits
Bette Davis Eyes - Kim Carnes
Stars on 45 medley - Stars on 45
Sukiyaki - A Taste of Honey
What are We Doin' in Love - Dottie West with Kenny Rogers
    1987 - Thirty-two cities in the central U.S. reported record high temperatures for the date. The high of 97 degrees at Flint , MI , tied their record for June, and the high of 101 at Milwaukee WI marked their first 100 degree reading in 32 years. Thunderstorms brought much needed rains to South Texas, drenching McAllen with 3.2 inches in one hour. A thunderstorm soaked the town of Uncertain with 2.3 inches of rain in one hour.
    1987 - No. 1 Billboard Pop Hit: "Head to Toe," Lisa Lisa & Cult Jam.
    1988 - Thirty cities in the eastern U.S. reported record high temperatures for the date
    1989---Top Hits
Wind Beneath My Wings - Bette Midler
I'll Be Loving You (Forever) - New Kids on the Block
Every Little Step - Bobby Brown
Better Man - Clint Black
    1991 - "Robin Hood: Prince of Thieves" opened, collecting $25.63 million from audiences at 2,369 U.S. theaters. Kevin Costner is Robin of Locksley, Morgan Freeman plays Azeem, Mary Elizabeth Mastrantonio is Marian, Christian Slater stars as Will Scarlett, and Alan Rickman (Lethal Weapon) played the Sheriff of Nottingham.
    1993-The first Jewish woman to serve on the Supreme Court was Ruth Bader Ginsburg of the U.S. Appeals Court for the District of Columbia, nominated by President William Jefferson Clinton. She filled the seat vacated by Justice Byron White. She was the second woman to serve on the Supreme Court and the first Jewish justice since the resignation of Abe Fortas in 1969.
    1994-The New York Rangers defeated the Vancouver Canucks, 3-2, in Game 7 to win the Stanley Cup for the first time since 1940. The Rangers, led by Mark Messier, Brian Leetch and Mike Richerter, ended a long drought that included defeats in the finals in 1950, 1972, and 1979.
    1995 - Michael Jackson and wife, Lisa Marie Presley-Jackson, were interviewed by Diane Sawyer on ABC-TV's "PrimeTime Live". Sawyer questioned the couple about how they got to know each other, how Michael proposed, etc. The hour-long interview, at the old MGM set at Sony Pictures, Hollywood , was seen by 60 million U.S. viewers and millions more around the world. Selected snippets from the interview: Do they have sex? “Yes, yes, yes.” Prenuptial agreement? “Yes.” Regarding accusations of child molestation? “Never ever! I could never harm a child, or anyone. It's not in my heart. It's not how I am. I am not even interested in that!” Would Michael like to be as black as he once was? “I love black.”
    1996-San Francisco celebrates its beloved newspaper columnist, and a good friend of mine (and many others, too): Herb Caen.
http://www.sfgate.com/cgi-bin/article.cgi?file=/g/a/1996/06/14/ellar960614.DTL
    1998-The Chicago Bulls defeated the Utah Jazz to win their third consecutive NBA championship. This was their second “three-peat.” They had accomplished this feat the first time with wins in 1991, 1992 and 1993.
    2005-- Behind Chuck Klein (683rd game - 1933) and Lloyd Warner (686th game - 1932), Ichiro Suzuki (696th game -2005) becomes the third fastest big leaguer player to reach the 1000-hit mark. The 31-year old Mariners outfielder also holds the record in Japan for being quickest player to attain a 1,000 hits, reaching the milestone in 757 games.

NBA Finals Champions This Date

    1987--- Los Angeles Lakers
    1990--- Detroit Pistons
    1992-- Chicago Bulls
    1995--- Houston Rockets
    1998-- Chicago Bulls

Stanley Cup Champions This Date

    1994 New York Rangers

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