Wednesday, June 11, 2014
Today's Equipment Leasing Headlines
This Day: June 11, 2004 NorVergence
Chapter 11 BK filed 6/30/2004 - Chapter 7: 7/14/2004
Credit Card Debt Increases,
---Second Quarter Positive Sign
Tablet Units = Growing Faster than PCs Ever Did
But Industry Forecasts Slowdown
Leasing Industry Ads---Help Wanted
Debtor Can’t Terminate Security Interest of Lender
By Tom McCurnin, Leasing News Legal News Editor
Letters? We get eMail
Sales Make it Happen by Steve Chriest
Robert J. Rinaldi, CEO, King Commercial Finance
---Awarded ELFA David H. Fenig Distinguished Service Honor
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Top Paid US Bank CEOs
SNL Financial Charts
Linda Kester Interview--Tips for woman: managing time and stress
Why the BNP Paribas Fine Matters to U.S. Banks
Signature Bank Prices Public Stock Offering
Eagle Bancorp buys Virginia Heritage for $183 million
Profitable Washington Banking a solid investment for shareholders
Broker/Funder/Industry Lists | Features (collection)
Top Ten Stories Chosen by Readers | Top Stories last six months
www.leasingcomplaints.com (Be Careful of Doing Business)
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June 11, 2004 NorVergence
Chapter 11 BK filed 6/30/2004 - Chapter 7: 7/14/2004
This date in 2004 NorVergence Chief Executive Peter Salzano tells various telephone companies he cannot make payments. 1300 employees are not getting paid either. Neither are insurance claims, pension plans, and anything else that requires cash. Leasing News is getting complaints from equipment and service not being delivered by NorVergence. Several earlier complaints were satisfied with funders and NorVergence, but this time the head of NorVergence finance (Director of Strategic Relations), and also president of the Eastern Association of Equipment Lessors, Robert Fine, now with Signature Bank, starts not returning telephone calls to Leasing News.
What is about to happen is the telephone service providers are about to shut off, without notice, 9,404 high-speed internet and telephone customers. NorVergence was their customer, not the NorVergence lessees. In fact, several thousand were cut off before the news media found out what was happening. They scrambled for to a new telephone system to be hooked up, obtain new installation hook-ups from various telephone companies, and often needed not only a new routing box, but new telephones themselves for the new system. Many businesses were without a telephone from days to over a week and longer. The number was large. Qwest was owed $15 million. Once that number was hit, it took Qwest several days turning off 7,000 telephone users on the “NorVergence network,” most who were not served notice by Qwest as they were not Qwest customers.
Records later indicate there were 9,404 assigned leasing contracts, 1600 unassigned, and perhaps up to 3,000 not connected at all yet to the NorVergence “telephone network.” Despite the turn off of service, the 48 leasing companies continued to bill their lessees for monthly payments. Several told Leasing News when they learned what was happening, they wrote the leases off. Other leasing companies told me they were approached by NorVergence, but could see service was included and wanted to have nothing to do with buying any paper.
In Bankruptcy Court the telephone bills alone appeared to $30 million. It went from a Chapter 11, which three main leasing companies had orchestrated to a Chapter 7. The equipment leasing industry was about to make a major change that no longer are contracts important, but the circumstances surrounding the contracts itself will prevail in court. The major funders believe at first they have a “hell and high water” contract that will protect their stream of payments owed. Venue would be theirs, too, and the state laws that would prevail would be where they were located.
A “White Paper” from the Equipment Leasing and Finance Association is issued. The association also sends an esteemed team headed by the then president of the Equipment Leasing and Finance Association to appeal to the New York Attorney Generals’ staff in person. “The lessee signed the contract, they have to make payments.” All the while the attorney generals have a committee that is sharing information.
Later, it is discovered in the presentation to the leasing companies, the equipment, the tie-in of service to telephone companies was disclosed, and how the program works, and all of a sudden, the banks and leasing companies comply with their states A.G.'s, who have been sharing information along with the FTC, and what are considered by the lessors as generous settlements, are made.
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Credit Card Debt Increases,
Second Quarter Positive Sign
"The outlook for the second quarter is positive," reports Dr. Dan Geller, Behavioral Finance, author of "Money Anxiety." He said," With the harsh weather conditions of the first quarter behind us, and significant increases of 288,000 jobs in April and 217,000 in May, the stage is set for a strong GDP showing in the second quarter of this year."
A major sign is that credit card users are charging more, paying down less.
"Consumers historically pay off a lot of credit card debt during the first quarter of the year – with tax refunds, annual salary bonuses, and New Year’s Resolutions fueling their efforts," a CardHub’s 2014 Credit Card Debt Study reports. "Last year’s first quarter pay down was 4% smaller than in 2012, and we ended the year having incurred 6% more debt overall.
"This year’s first quarter pay down was even smaller still, so CardHub projects that we will end 2014 with a $41.9 billion net increase in credit card debt – 8% more than last year and a 14% increase relative to 2012."
Other Key Statistics:
$6,628 – The average household’s credit card balance (down from $6,980 at the end of 2013)
$298.5 Billion – CardHub projects that by the end of 2014, consumers will have defaulted on nearly $300 billion in credit card debt since 2009.
3.32% – The quarterly credit card default rate – down 0.3% from 2013 and 23% relative to early 2012 – seems to be stabilizing near historical lows. A significant reversal in this trend could lead to a credit crunch.
The complete 2014 Credit Card Debt Study
– Including 5 Tips for Managing Debt – can be found here: http://www.cardhub.com/edu/2014-credit-card-debt-study
Tablet Units = Growing Faster than PCs Ever Did
But Industry Forecasts Slowdown
While tablets are becoming more and more popular, industry leaders say that the adoption of large-screen smartphones, or "phablets" as they are presently being called, may slowdown tablet sales.
"Two major issues are causing the tablet market to slow down. First, consumers are keeping their tablets, especially higher-cost models from major vendors, far longer than originally anticipated," International Data Corporation analyst Tom Mainelli observed.
"And when they do buy a new one, they are often passing their existing tablet off to another member of the family."
The second factor is the rise of phablets -- smartphones with 5.5-inch and larger screens, the analyst said.
As smartphones killed off handheld gaming consoles, perhaps the entire marketplace is changing as the handheld devices have larger screens, more storage, faster operating systems, and access to the cloud, as well as great portability at lower prices than desktops and laptops.
Certainly the availability of free wireless and faster speeds at lower prices are making a major difference.
Coming Down the Pike:
The 27-inch multi-user Lenovo A720 furniture tablet
The 23-inch HP Envy Touchsmart all in one PC.
The 18-inch Dell XPS All-In-One tablet/desktop hybrid.
The 13-inch Lenovo IdeaPad Yoga convertible
The 11-inch Asus VivoTab TF810C tablet, stylus, hybrid.
The 10.6-inch Microsoft Surface Pro tablet/laptop hybrid
Apple iOS8 larger screen, tap to talk
Apple Mac Air (lower price in just released, even better retina screen)
Leasing Industry Help Wanted
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Debtor Can’t Terminate Security Interest of Lender
By Tom McCurnin
Leasing News Legal News Editor
Puerto Rico Bankruptcy Court Makes Obvious Ruling That Debtor May Not Unilaterally Terminate Its Own UCC-1 Financing Statements Filed Against Itself.
International Home Products, Inc. v. First Bank of Puerto Rico, Inc., 495 B.R. 152
(D.Puerto Rico 2013).
I love Puerto Rico. It’s relatively inexpensive, has great baseball, great food, and the people are terrific, and apparently have a keen sense of humor, even when the issue involves $38 million dollars.
Today’s case involves a debtor, subject to a Bank’s UCC-1 security interest, who got up one morning and just decided to fill out and file a termination statement. It filed bankruptcy, and then tried to convince a bankruptcy judge that its attempt was appropriate. The Bankruptcy Court threw the Debtor’s argument out. Fortunately for us all, the District Court Judge, who heard the matter on appeal, affirmed the ruling. The facts follow.
International Home Products borrowed $38 million dollars from First Bank. The Bank filed a UCC-1 Financing Statement, which per Puerto Rico law are good for ten (10) years. The Bank’s security interest lapsed briefly, and it subsequently refilled its UCC-1. However, during the interim, the Debtor proactively filed a UCC-3 Termination Statement, claiming that the Bank’s error resulted in a $38 million dollar windfall.
After filing Bankruptcy, the Debtor made two claims. First, the Debtor argued that the Bank’s second UCC-1 Financing Statement was not signed by the Debtor and therefore void. The Bankruptcy Court, and the District Court on appeal, both ruled that since 1995, UCC-1 Financing Statements do not have to be signed by the Debtor. Second, the Debtor argued that it had the right to unilaterally file a termination statement of the security interest. It goes without saying that if Debtors have the right to terminate the filings against their own company, chaos would result.
The bottom line to this case is fairly simple—a Debtor may not terminate its own financing statements.
Home Prods. v. First Bank
Tom McCurnin is a partner at Barton, Klugman & Oetting
in Los Angeles, California.
Barton, Klugman & Oetting
350 South Grand Ave.
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Visit our web site at www.bkolaw.com
Previous Tom McCurnin Articles:
Letters? We get eMail
"I was wondering if you have ever heard from the leasing community any complaints about the continued costs of maintaining an active California Finance Lender’s License? I have had one since 2003….as I felt it was necessary to have in light some of the articles you posted…and other legal folks I had spoken with. I actually also agree with the premise that we should have some regulatory supervision in our industry, as there can be bad actors as we have seen in the past.
"I have had one of the Dept. of Business Oversight’s random audits now 3 times since 2003…most recently last year. I don’t have a problem with that…although it is an inconvenience in that they just drop in unannounced so you have to drop everything and deal with it…. (I am a small 2 person office)…
"I have never had any issues…However, this last time I did receive my billing for the exam to pay (as required by the CFL statute, nice) and was kind of shocked at the charge….$768.00—Now that may not sound like a lot to some of your blog followers..….but to a small business owner like myself that seems to be quite high…. I have calculated out for the 9 hours the examiner charged to look through my files…..it works out to be $80.00 an hour……$3200 a week for a 40 hour work week. My business attorney only charges me $125.00 an hour in most cases….
"My prior to exams were $317 and $458 respectively….and I think took about the same amount of time…maybe a little less….
"When you combine this with the annual surety bond premium…and LLC annual tax….and the CFL license assessment….it starts to become expensive….
"Have you had any complaints about this, or I am just becoming an old, crazy cheap leasing guy?"
(Name With Held)
Leasing 102 by Mr. Terry Winders, CLP
Fees in Leasing
“Thank you Terry, love the article about the fees. I have such a problem with this and competition. We do not ever go there with these fees. We are very upfront and ethical. In a few cases we lose but we will not waiver.”
Southern California Leasing, Inc.
Leasing Icon Jeff Allard’s Latest Film “Ping Pong”
Starring Susan Sarandon
"I appreciate the plug for my new movie PING PONG SUMMER. I still enjoy reading the Leasing News and I miss the business much."
COO, Bay View Commercial Leasing (January, 1999-December, 2001)
Division President, Warren Capital Corporation (1987-1999)
---Richard Wilson Scheduled for Surgery
"Thanks, Kit. And here's hoping the publicity helps Mr. Wilson get the care he's been waiting for."
"Thank you Kit for utilizing the power of the press to get prompt action for Rosanne and Richard. This is incredible what has transpired just since you published their story late last week. I read or saw in the news over weekend that Administrative Executive bonuses
were calculated partially upon wait times for patients. It must have been a significant part of the compensation to jeopardize lives. That is no longer the case.
“Thank you for what you do for all of us in this industry."
By Patrick Sponsel
Eight Tips to Rethinking Work-Life Success
Crossing the Corner Office Chasm
By Teresa Taylor
"I read your book review in Leasing News last week and wanted say great recommendation.
Thought I would share this interesting column with you:
"Mark Morford has some very interesting perspectives, especially on life work balance. It’s worth the quick read."
Theresa Kabot, CLP, BPB
Kabot Commercial Leasing LLC
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Sales Make it Happen by Steve Chriest
How many times have you established an excellent rapport with a prospect, built credibility and trust, and reached an agreement on moving the sale forward, thinking it was a “done deal?” Then, from out of nowhere, the “done deal” bursts into flames during acrimonious negotiations over price, contract terms and other conditions, costs and fees.
Unfortunately, this happens all the time, but you can do something to prevent it from happening again.
Most selling organizations follow a traditional, and flawed, sales roadmap that positions “selling” early in customer interactions and leaves the negotiation of difficult issues, as well as T's and C's, to the technical “experts.” This approach, unfortunately, renders many potential sales vulnerable to surprise failure late in the game.
In most selling situations, negotiating and selling are inseparable - they occur simultaneously. Even minor decisions, like when and where to meet next, or who will attend future meetings, are made by negotiating. Selling and negotiating exist side by side and cannot be artificially separated, which is exactly what happens in many selling situations.
Because of their penchant for avoiding bad news at almost any cost, some salespeople avoid negotiating tough issues with customers. They fear that negotiating difficult issues early in the sales cycle can cause them to lose the sale. Perhaps they don't understand that there is no sale until everyone agrees on how to resolve the tough issues.
Some salesmen rely on their sales manager or even a documentation person to negotiate “issues” such as installation charges, training fees, warranty extension costs and charges for site inspections. The salesperson might even leave it up to a documentation person to break the news that a landlord waiver is required before equipment can be delivered to the lessee.
A good many salespeople have told me that they don't consider themselves to be good negotiators. Somehow they've bought into the notion that negotiating is a special skill that is best used by technical “experts” who are paid to negotiate with customers and to “tell it like it is.”
Understanding the symbiotic relationship between selling and negotiating will help you to better qualify selling opportunities and to facilitate and close more sales. Salespeople who are willing to negotiate the small issues as well as the tough issues early in the sales cycle increase the potential for smoother, quicker and more predictable back-end negotiations.
It just doesn't make sense to spend time, money and talent building goodwill with prospects and customers only to watch from the sidelines as that goodwill evaporates during tense negotiations over important issues. As the goodwill evaporates, so does the potential of repeat business from the lessee and your vendor.
Sales Makes It Happen Articles:
##### Press Release ############################
Robert J. Rinaldi, CEO, King Commercial Finance
Awarded ELFA David H. Fenig Distinguished Service Honor
Washington, D.C. – The Equipment Leasing and Finance Association (ELFA) named Robert J. Rinaldi, CEO of King Commercial Finance, winner of the 2014 David H. Fenig Distinguished Service in Advocacy Award. The award, named for ELFA’s former Vice President of Federal Government Relations, honors individuals who have made significant contributions to the association’s advocacy efforts to promote sound public policies for the equipment finance industry. He was formally recognized during a ceremony at ELFA’s Capitol Connections yesterday, June 10, in Washington, D.C.
William G. Sutton, CAE,
“As a passionate advocate for the equipment leasing and finance industry, Bob has inspired countless ELFA members to participate in the association’s public policy activities,” said William G. Sutton, CAE, the President and CEO of ELFA. “We are delighted to present this award to Bob, whose enthusiasm and tireless contributions not only have strengthened our advocacy program, but also have increased awareness of the value of equipment finance as an engine for U.S. prosperity and growth.”
“I am both humbled and moved to receive this award aptly named for David Fenig, a dear friend of mine whom I still miss to this day,” said Rinaldi. “David had an intense passion for his federal government relations work on behalf of the industry and its members. His passion is something that I really admired and try to emulate in all my industry endeavors.”
Rinaldi has been an active participant in ELFA for more than 15 years. During this time, he has supported the industry’s policy objectives in a number of ways. From 2007 through 2010, he served as the Chairman of LeasePAC, ELFA’s nonpartisan federal political action committee. In this role, he helped to increase awareness of and member participation in the association’s advocacy program. For the past 14 years, he also has been a regular attendee and steadfast promoter of ELFA’s annual Capitol Connections event. He has met with members of Congress and executive branch agencies, highlighting the value of equipment finance to the U.S. economy, and the impact of legislative and regulatory proposals on the industry.
Rinaldi has advocated for many key industry issues. He has been passionate in advancing awareness of industry members’ need to be heard on Capitol Hill and educating legislators about the industry’s positive economic impact. As LeasePAC Chairman, he educated ELFA members on the need for their LeasePAC prior authorizations, for holding internal company campaigns, for attending Capitol Connections and for getting involved in the legislative process. On the state advocacy front, his areas of involvement have included state tax issues in Ohio, including a personal meeting with the State Senate President, and the collection of electronic recycling fees in California.
A member of the ELFA Board of Directors from 2002-2005 and 2007 to present, Rinaldi is currently Chairman-Elect of the association. In addition to his ELFA involvement, he has contributed to ELFA’s research affiliate, the Equipment Leasing & Finance Foundation, including service on the Foundation’s Board of Trustees and Development and Research Committees. Through his Foundation work, he has helped to provide a vision for the industry through future-focused information and research.
Before joining King Commercial Finance, Rinaldi was Senior Vice President at CSI Leasing for nearly four years. Previously, he served as Executive Vice President of the $8 billion bank-owned lessor National City Commercial Capital (now PNC Equipment Finance), and President of National City Commercial Capital Canada. Prior to that, he and his partners founded Information Leasing Corporation in 1984, which they subsequently sold to Provident Bank of Cincinnati, later acquired by National City Bank.
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $827 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its 580 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org.
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This Day in History
1517 - Sir Thomas Pert reached Hudson Bay.
1742 -- Benjamin Franklin invents his Franklin stove. The new stove and reconfiguration of the flues allowed for a more efficient fire, one that used one quarter as much wood and generated twice as much heat. When offered a patent for the fireplace's design, Benjamin Franklin turned it down. He did not want to make a profit. He wanted all people to benefit from his invention.
1769- Birthday of Anne Newport Royall, a celebrated figure in the Jackson Era and for a decade or so after. She wrote several "travel books" -- accounts of places and encounters with famous, unknown and infamous people. She was often shrill and relentless in her criticisms. Many, if not all, of her books were published "for the author" and as she went around the country collecting interviews and notes on whatever she saw, she collected subscriptions for forthcoming books, and sold already published books out of a trunk she always brought with her. Her first book, “Sketches of History, Life, and Manners in the United States”, "by a traveler", was published in 1826, printed in New Haven, CT. This, and a series called the “Black Book”, vols. 1, 2, and 3, sold well, and made Anne Royall widely known over the next few years. She was born in Baltimore, but spent her early years until about age 13 in extreme poverty, on what was then the edge of the frontier -- western Pennsylvania. Savage raids by British and Tory-led Indians led Anne Royall's mother to flee back east, along with other settlers. On May 4, 1798, Anne married William Royall. She had been living in his house for ten years, and rumors would follow her that they had been on intimate terms for some years before the marriage. Anne was 28 then, and the Major was in his middle 50s.http://www.positiveatheism.org/hist/quotes/royall.htm
1776 - A committee to draft the document of Independence met. John Adams, Benjamin Franklin, Robert Livingston, Roger Sherman and Thomas Jefferson were the members. They immediately delegated the writing to Adams and Jefferson, and Adams gave it over to Jefferson.
1829 --The Book of Mormon is published. Joseph Smith claims to have translated it from "Reformed Egyptian" with the aid of the angel Moroni and two magic stones (Urim & Thummim).
1832- Lucy Pickens birthday. Noted Confederate hostess whose likeness was engraved on the $100 bill of the Confederacy. Lucy Pickens was the first woman to appear on the Confederate Note, and the first woman to appear on a US Note was Martha Washington on the 1886-91 One Dollar Silver Certificate.
1842 - A late season snowstorm struck New England. Snow fell during the morning and early afternoon, accumulating to a depth of ten to twelve inches at Irasburg, VT. Berlin, NH was blanketed with eleven inches of snow during the day. Snow whitened the higher peaks of the Appalachians as far south as Maryland.
1854-In less than four hours, the First San Francisco Vigilance Committee tries, convicts, and hangs their first victim, John Jenks, for stealing a safe in San Francisco, California.
1859 - Comstock silver load was discovered near Virginia City, Nevada. Prospector James Finney stumbled across thick, bluish clay in western Nevada. A fellow minor, Henry Comstock, gave his name to the lode, the most lucrative silver ore mine in history. Ott’s Assay Office in Nevada City, Ca. first assayed samples of the rich Comstock Lode of Nevada. Four Irishmen known as the Bonanza Kings bought up shares in the Comstock mines and became rich. They were John Mackay, James Fair, James Flood, and William O’Brian. Ore from the Comstock Lode was hauled by horse-drawn wagon over Donner Pass to San Francisco.
1862 - C.S.S. Virginia blown up by her crew off Craney Island to avoid capture. The fall of Norfolk to Union forces denied Virginia her base, and when it was discovered that she drew too much water to be brought up the James River, Flag Officer Tattnall ordered the celebrated ironclad's destruction. "Thus perished the Virginia," Tattnall wrote, "and with her many high-flown hopes of naval supremacy and success." For the Union, the end of Virginia not only removed the formidable threat to the large base at Fort Monroe, but gave Flag Officer Goldborough’s fleet free passage up the James River as far as Drewry's Bluff, a factor which was to save the Peninsular Campaign from probable disaster.
1877 - The temperature at Los Angeles, CA, reached 112 degrees during a heat wave. It would have been the all-time record for Los Angeles but official records did not begin until twenty days later.
1880- Birthday of Jeannette Rankin. The first woman elected to the US Congress, a reformer, feminist and pacifist, was born at Missoula, MT. She was the only member of Congress to vote against a declaration of war against Japan in December 1941. Died May 18, 1973, at Carmel, CA.
1883- Charlotte Eugenia Hawkins Brown birthday. First Black woman honored by North Carolina with a state historic site. Her Palmer Memorial Institute at Sedalia, a school for Black children, taught not only academics but manners, morals, and ethics.
1895 -- Charles E. Duryea receives the first U.S. patent granted to an American inventor for a gasoline-driven automobile.
1899--Birthday of American composer George Frederick McKay, born, Harrington, WA. Died October, 1970, Stateline, NV. At one point in the 1950’s possibly the most published of serious American composers, McKay’s works include 70 orchestra pieces, several string quartets, many published band works, and a great variety of chamber works, including national prize-winning pieces for the harp, piano, and woodwinds. Identified closely with the use of multi-cultural folk themes, including Native American songs and dances. Author of books on Orchestration and Harmony
1904-Singer-pianist Pinetop Smith, born Troy, Alabama. One of my father’s favorites as he had a collection of 78’s he would play all the time, along with folksingers “Leadbelly” and Pete Seeger, among others, including classical music. Some of the things I remember most about my father was his cigar smoking, poker playing, discussions about writers and plots, and sitting with him when I was four years old ( and older ) and listening to this music. My father and I were very close. When I hear music like Pinetop Smith, I always think of him
1910- Jacques Cousteau was born. French undersea explorer, writer and filmmaker born at St. Andre-de-Cubzac, France. He invented the Aqualung, which allowed him and his colleagues to produce more than 80 documentary films about undersea life, two of which won Oscars. This scientist and explorer was awarded the French Legion of Honor for his work in the Resistance in WWII. He died June 25, 1997, at Paris, France.
1913- Vincent Thomas (Vince) Lombardi, Pro Football Hall of Fame coach, born at Sheepshead Bay in Brooklyn. Lombardi played football for Fordham’s famed “Seven Blocks of Granite” line in the mid-1930s, became a teacher and began to coach high school football at St. Cecelia’s in New Jersey. He became offensive line coach at West Point in 1949 and moved to the New York Giants in 1954 as Offensive Coordinator where the Giants won the NFL Championship in 1956. In 1959, he was named head coach of the Green Bay Packers. His Packers won five NFL titles and the first two Super Bowls in nine years, and Lombardi was generally regarded as the greatest coach and the finest motivator in pro football history. He retired in 1968, but was lured back into coaching the Washington Redskins a year later. Inducted into the Pro Football hall of Fame in 1971. Died at Washington, DC, Sept 3, 1970.
1913--In the Philippines, US Gen. "Black Jack" Pershing orders an attack on the Moros in Bud Bagsak, who refused to pay taxes to the Philippine government. Moro built a stone fort during the first months of 1913, at Bud Bagsak. John Browning, inventor of the Colt .45 pistol, tested his new pistol here. After four days, armed mostly with kris, barongs, spears & few guns, every warrior, woman, & child fell.
1919- Sir Barton, a three year old, became the first horse to win the Triple Crown, winning the third leg at the Belmont Stakes, Elmont Park, NY. The rider in all three races was J. Loftus, making him the first jockey to win the Triple Crown. Sir Barton pulled away from the only two other horses in the race, coming down the stretch and won the 1-3/8th mile race in 2:17.2, an American record.
1920-Birthday of pianist/organist Hazel Scott, Port of Spain, Trinidad
1920—Birthday of jazz drummer Shelly Manne , who had his own jazz club, played at the Lighthouse in Hermosa Beach, and made the great album with Andrew Previn and crew: “My Fair Lady.”
A remarkable, entertaining drummer in the 1950’s and 1960’s.
1922 -- Robert Flaherty's silent documentary "Nanook of the North" opens.
1925-Birthday of American author William Styron at Newport News, Virginia. Wrote “Sophie's Choice”, and “Confusions of Nat Turner”, among others, including many important essays. He died on November 1st, 2006. http://www.pbs.org/wnet/americanmasters/database/styron_w.html
1927-“Lucky” Lindbergh receives the first “Distinguished Flying Cross.”
1926 -- First 40-hour work week in the country, won by NY fur workers.
1927 - Babe Ruth hits 19th & 20th of 60 Home Runs for that record-breaking season.
1929-Birthday of alto sax player Lennie Niehaus, St. Louis, Mo.
1934--Birthday of James (Pookie) Hudson, lead singer of the 1950's doo-wop group, the Spaniels.
1937-Birthday of Amalya Lyle Kearse, U.S. attorney, judge of the U.S. Court of Appeals (2nd Cir.) 1979: champion bridge player, and writer about bridge.
1938-Johnny Vander Meer of the Cincinnati Reds pitched a no-hitter against the Boston Braves, winning 2-0. Vander Meer returned to the mound four days later and no-hit the Brooklyn Dodgers, 6-0, to complete the only consecutive no-hitters in baseball history
1939- Birthday of country singer Wilma Burgess and jazz-rock drummer Bernard (Pretty) Purdie.
1939—Birthday of actor Gene Wilder, at Milwaukee, WI. “The Producers,” “Willy Wonka & the Chocolate Factory,” “Blazing Saddles,” “Young Frankenstein”.
1940-Birthday of singer Joey Dee (Joseph H. Dinicola), Passaic, NJ. He rose to fame as part of the twist craze in the early 1960's. He and his band, the Starlighters, gyrated to the top of the charts in 1961 with "Peppermint Twist." It was a tribute to the Peppermint Lounge, a small New York club frequented by the city's socialites. Three members of the Starlighters - Felix Cavaliere, Gene Cornish and Eddie Brigati - later were part of the Young Rascals. And Jimi Hendrix is said to have played briefly with the Starlighters in 1966.
1942 - No. 1 Billboard Pop Hit: “Tangerine,'' Jimmy Dorsey Orchestra.
1943- The Northwest African Air Forces of the Anglo-American Command won the first land victory without infantry after dropping 6,200 tons of bombs in more than 5,000 sorties on the Italian fortress on the island of Pantelleria in the Mediterranean Sea, 70 miles southwest of Sicily, changing forever the use of air power in determining military victory.
1944- Five days after the D-Day landing, the five Allied landing groups, made up of some 330,000 troops, link up in Normandy to form a single solid front across northwestern France. On 06 June 1944, after a year of meticulous planning conducted in complete secrecy by a joint Anglo-American staff, the largest combined sea, air, and land military operation in history began on the French coast in the Baie de la Seine. The Allied invasion force included three million men, 13,000 aircraft, 1200 warships, 2700 merchant ships, and 2500 landing craft. There were five Allied landing sites at Normandy, and by the evening of the first day, some 150,000 US, British, and Canadian troops were ashore, and the Allies held about two hundred square kilometers.
1944--*COLE, ROBERT G. Medal of Honor
Rank and organization: Lieutenant Colonel, U.S. Army, 101st Airborne Division. Place and date: Near Carentan, France, 11 June 1944. Entered service at: San Antonio, Tex. Birth: Fort Sam Houston, Tex. G.O. No.: 79, 4 October 1944. Citation: For gallantry and intrepidity at the risk of his own life, above and beyond the call of duty on 11 June 1944, in France. Lt. Col. Cole was personally leading his battalion in forcing the last 4 bridges on the road to Carentan when his entire unit was suddenly pinned to the ground by intense and withering enemy rifle, machinegun, mortar, and artillery fire placed upon them from well-prepared and heavily fortified positions within 150 yards of the foremost elements. After the devastating and unceasing enemy fire had for over 1 hour prevented any move and inflicted numerous casualties, Lt. Col. Cole, observing this almost hopeless situation, courageously issued orders to assault the enemy positions with fixed bayonets. With utter disregard for his own safety and completely ignoring the enemy fire, he rose to his feet in front of his battalion and withdrawn pistol shouted to his men to follow him in the assault. Catching up a fallen man's rifle and bayonet, he charged on and led the remnants of his battalion across the bullet-swept open ground and into the enemy position. His heroic and valiant action in so inspiring his men resulted in the complete establishment of our bridgehead across the Douve River. The cool fearlessness, personal bravery, and outstanding leadership displayed by Lt. Col. Cole reflect great credit upon himself and are worthy of the highest praise in the military service.
1945--McCOOL, RICHARD MILES, Medal of Honor
Rank and organization: Lieutenant, U.S. Navy, U.S.S. LSC (L) (3) 122. Place and date: Off Okinawa, 10 and 11 June 1945. Entered service at: Oklahoma. Born: 4 January 1922, Tishomingo, Okla. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty as commanding officer of the U.S.S. LSC(L)(3) 122 during operations against enemy Japanese forces in the Ryukyu chain, 10 and 11 June 1945. Sharply vigilant during hostile air raids against Allied ships on radar picket duty off Okinawa on 10 June, Lt. McCool aided materially in evacuating all survivors from a sinking destroyer which had sustained mortal damage under the devastating attacks. When his own craft was attacked simultaneously by 2 of the enemy's suicide squadron early in the evening of 11 June, he instantly hurled the full power of his gun batteries against the plunging aircraft, shooting down the first and damaging the second before it crashed his station in the conning tower and engulfed the immediate area in a mass of flames. Although suffering from shrapnel wounds and painful burns, he rallied his concussion-shocked crew and initiated vigorous firefighting measures and then proceeded to the rescue of several trapped in a blazing compartment, subsequently carrying 1 man to safety despite the excruciating pain of additional severe burns. Unmindful of all personal danger, he continued his efforts without respite until aid arrived from other ships and he was evacuated. By his staunch leadership, capable direction, and indomitable determination throughout the crisis, Lt. McCool saved the lives of many who otherwise might have perished and contributed materially to the saving of his ship for further combat service. His valiant spirit of self-sacrifice in the face of extreme peril sustains and enhances the highest traditions of the U.S. Naval Service.
1949- Hank Williams made his debut on the Grand Ole Opry. His performance, with the audience demanding several encores of "Lovesick Blues," is still considered one of the Opry's greatest moments. The success of his recording of that song had led to the Opry contract, and he remained with the show until August 1952, when he was fired for perpetual drunkenness. Williams died on New Year's Day 1953 of a heart attack brought on by excessive drinking.
1949- Drummer Frank Beard of the group ZZ Top. Incidentally, Beard is only "unbearded" member of 'The Top'.
1950---Birthday of American composer David da Silva, California.
1953-MIZE, OLA L. Medal of Honor
Rank and organization: Master Sergeant (then Sgt.), U.S. Army, Company K, 15th Infantry Regiment, 3d Infantry Division. Place and date: Near Surang-ni, Korea, 10 to 11 June 1953. Entered service at: Gadsden, Ala. Born: 28 August 1931, Marshall County, Ala. G.O. No.: 70, 24 September 1954. Citation: M/Sgt. Mize, a member of Company K, distinguished himself by conspicuous gallantry and outstanding courage above and beyond the call of duty in action against the enemy. Company K was committed to the defense of "Outpost Harry", a strategically valuable position, when the enemy launched a heavy attack. Learning that a comrade on a friendly listening post had been wounded he moved through the intense barrage, accompanied by a medical aid man, and rescued the wounded soldier. On returning to the main position he established an effective defense system and inflicted heavy casualties against attacks from determined enemy assault forces which had penetrated into trenches within the outpost area. During his fearless actions he was blown down by artillery and grenade blasts 3 times but each time he dauntlessly returned to his position, tenaciously fighting and successfully repelling hostile attacks. When enemy onslaughts ceased he took his few men and moved from bunker to bunker, firing through apertures and throwing grenades at the foe, neutralizing their positions. When an enemy soldier stepped out behind a comrade, prepared to fire, M/Sgt. Mize killed him, saving the life of his fellow soldier. After rejoining the platoon, moving from man to man, distributing ammunition, and shouting words of encouragement he observed a friendly machine gun position overrun. He immediately fought his way to the position, killing 10 of the enemy and dispersing the remainder. Fighting back to the command post, and finding several friendly wounded there, he took a position to protect them. Later, securing a radio, he directed friendly artillery fire upon the attacking enemy's routes of approach. At dawn he helped regroup for a counterattack which successfully drove the enemy from the outpost. M/Sgt. Mize's valorous conduct and unflinching courage reflect lasting glory upon himself and uphold the noble traditions of the military service.
Little Things Mean a Lot - Kitty Kallen
Three Coins in the Fountain - The Four Aces
If You Love Me (Really Love Me) - Kay Starr
(Oh Baby Mine) I Get So Lonely - Johnnie & Jack
1956- Joseph Clifford (Joe) Montana, Jr Birthday, born New Eagle, PA. After winning a college national championship at Notre Dame, and leading them to a 35-34 Cotton Bowl victory after falling behind, 34-12, Montana started his NFL career in 1979 with San Francisco, drafted in the sixth round, where he played for the next 14 seasons. Traded before the 1993 season, he spent his final two years in the league with the Kansas City Chiefs, where he led them into the playoffs both seasons. While a member of the 49ers, Montana started and won four Super Bowls and three Super Bowl Most Valuable Player awards, the only player in NFL history to do so. He was a Pro Bowl selection eight times. Although he authored over thirty come-from-behind wins during his career, including the playoffs and the Super Bowl, he is best remembered as the passer of “The Catch” to Dwight Clark with 58 seconds left in the 1982 NFC Championship to defeat the Dallas Cowboys, 28-27, sending the Niners tom their first Super Bowl. Montana was elected to the Pro Football Hall of Fame. in 2000, his first year of eligibility.
1959 -Postmaster General bans D.H. Lawrence's book, “Lady Chatterley's Lover”
1961 - Roy Orbison was wrapping up a week at number one on the "Billboard" record chart with "Running Scared", his first number one hit. Orbison recorded 23 hits for the pop charts, but only one other song made it to number one: "Oh Pretty Woman" in 1964. He came close with a number two effort, "Crying", number four with "Dream Baby" and number five with "Mean Woman Blues". Orbison was inducted into the Rock and Roll Hall of Fame in 1987; but suffered a fatal heart attack just one year later. [One of the best DVDs I have seen is “Black and White: Roy Orbison and Friends”, shot in black and white at the ballroom of the old Ambassador Hotel in LA. Ralph Mango.]
1961-Roger Maris hits 19th & 20th of 61 Home Runs, on the way to breaking the Babe’s record set in 1927.
I Can’t Stop Loving You - Ray Charles
Lovers Who Wander - Dion
(The Man Who Shot) Liberty Valance - Gene Pitney
She Thinks I Still Care - George Jones
1963 -Governor Wallace tries to prevent blacks registering at U of Alabama
1963-President John F. Kennedy says segregation is morally wrong and that it is "time to act.” On June 10, 1963, President John F. Kennedy federalized National Guard troops and deployed them to the University of Alabama to force its desegregation. The next day, Governor Wallace yielded to the federal pressure, and two African American students--Vivian Malone and James A. Hood--successfully enrolled. In September of the same year, Wallace again attempted to block the desegregation of an Alabama public school--this time Tuskegee High School in Huntsville--but President Kennedy once again employed his executive authority and federalized National Guard troops. Wallace had little choice but to yield.
1963 -- Dr. Martin Luther King, Jr. is arrested in Florida for trying to integrate restaurants.
1965 - No. 1 Billboard Pop Hit: “Back in My Arms Again,'' The Supremes.
1966 - Janis Joplin made her first onstage appearance at the Avalon ballroom here in San Francisco. She began her professional career at the age of 23 with Big Brother and The Holding Company. The group was a sensation at the Monterey Pop Festival in 1967. "Piece of My Heart" was the only hit to chart for the group in 1968. Big Brother and The Holding Company disbanded in 1972, though Joplin continued in a solo career with hits such as "Down on Me" and "Me and Bobby McGee". Janis ‘Pearl’ Joplin died of a heroin overdose in Hollywood in October, 1970. The movie "The Rose", starring Bette Midler, was inspired by the life of the rock star. In reality, she was high all the time on Southern Comfort and whatever.
1966-The Rolling Stones had the top song in the US with "Paint It Black", the first #1 Pop single to feature a sitar on the recording.
1969-“Space Oddity”, a single recorded by David Bowie was released to coincide with Apollo II’s trip to the moon, during which Neil Armstrong and Edwin Aldrin, Jr., landed and walked on the surface of the moon. http://www.todomusica.org/david_bowie/disco8.shtml
"Everything is Beautiful" - Ray Stevens
"Which Way You Goin’ Billy?" - The Poppy Family
“Up Around the Bend/Run Through the Jungle” - Creedence Clearwater Revival
“Hello Darlin’ ” - Conway Twitty
1971-Nineteen-month occupation by Native American protesters of Alcatraz Island, in San Francisco Bay, ends.
1972 - Hank Aaron of the Atlanta Braves tied Gil Hodges of the Brooklyn Dodgers for the National League record for the most grand-slam home runs in a career, with 14. The Braves beat the Philadelphia Phillies 15-3.
1972 - Heavy showers brought 1.64 inches of rain to Phoenix, AZ, a record for the month of June.
1972 -- The controversial 62-minute XXX-rated film, "Deep Throat", opens at the Mature World Theatre in New York City. Linda Lovelace starred, or, whatever...
1976-Santana's ninth album, "Amigos", goes gold.
1976-Wild Cherry's single "Play That Funky Music" is released.
1977-Settle Slew, ridden by Jean Cruguet, became the 10th horse to win the Triple Crown by triumphing in the Belmont Stakes. Slew led wire-to wire and defeated Run Dusty Run by four lengths.
“You’re the One that I Want” - John Travolta & Olivia Newton-John
“Shadow Dancing” - Andy Gibb
“Feels So Good” - Chuck Mangione
“Georgia on My Mind” - Willie Nelson
1978- In Salt Lake City, Utah, Joseph Freeman, Jr. became the first African-American to be ordained to the priesthood in the Church of Jesus Christ of Latter Day Saints, the Mormon religion.
1979-- Chuck Berry pleaded guilty in Los Angeles to income tax evasion. The charge stemmed from a 1973 debt of $110,000. Berry began serving a four-month prison term in August at a federal prison in Lompoc, California.
1981 - The first baseball player’s strike in major-league history began during mid-season after Seattle defeated Baltimore 8-2 at the Kingdome in Seattle. For two months, the nation’s favorite pastime was watching negotiations between the players’ union and team owners.
1982 - The movie "E.T.: The Extra-Terrestrial" opened. Steven Spielberg directed this classic. It dazzled audiences with state-of-the-art special effects and a touching, humorous, story line, grossing over $100 million in its first 31 days of theatrical release.
1985 - Von Hayes of the Philadelphia Phillies became the 21st player in major-league baseball history to hit a pair of home runs in one inning as he led the Phillies to a 26-7 cakewalk over the New York Mets.
“Live to Tell” - Madonna
“On My Own” - Patti LaBelle & Michael McDonald
“I Can’t Wait” - Nu Shooz
“Happy, Happy Birthday Baby” - Ronnie Milsap
1989 - Thunderstorms produced severe weather in the south central and southeastern U.S. during the day and night. Thunderstorms spawned eleven tornadoes, including one which tore the roof off a restaurant at Bee Branch, AR, injuring six persons. The tornado tossed one car into the restaurant and another car over it. Temperatures soared into the 90s across much of Florida. Lakeland reported a record high of 99 degrees for the second day in a row.
1990 - UN appoints singer Olivia Newton-John environmental ambassador
1990- Nolan Ryan pitches his 6th no-hitter, beating Oakland. In the 9th, he retires Ken Phelps, Rickey Henderson and Willie Randolph (all ex Yanks)
1991- Microsoft releases MS DOS 5.0 1993 - U.S. audiences rumbled to theatres for a first look at “Jurassic Park”. The Steven Spielberg-directed dinosaur blockbuster billed a gigantic $47.06 million -- just for openers.
1993-The Ike and Tina Turner film biography "What's Love Got To Do With It", opens nationally.
1995-IBM buys Lotus Development Corporation after a week of price negotiation. IBM had launched a hostile takeover attempt on 05 June 1995, and the two companies signed an agreement on June 11 to finalize the deal. Lotus had achieved great success with its spreadsheet, Lotus 1-2-3, and its enormously popular Lotus Notes software, which let workers on different computers collaborate on the same document. IBM's takeover of Lotus puts IBM head-to-head with Microsoft, which is about to launch a collaboration and networking software product called Microsoft Exchange.
1995-- Mark McGwire ties a major league record by hitting five homers in back-to-back games. Big Mac's three homers today in consecutive at-bats help the A's defeat the Red Sox, 8-1.
1996 - Republican Senator Bob Dole ended his Senate career (to make a run for the U.S. Presidency) with an emotional farewell speech before a packed Senate chamber. He had spent some 27 years as a U.S. Senator. His wit is often seen on television commercial these days and “60 Minutes” when he spars with ex-President Bill Clinton.
1999 - "Austin Powers: The Spy Who Shagged Me" premiered at theatres across the U.S. Dr. Evil (played by Mike Myers) travels back to 1969 to steal Austin Powers’ (also played by Mike Myers) mojo. Powers (now “shagless”) must travel to ’69 to get his mojo back (can you dig it?). Big stars in the movie include the not-so-big Mini-Me (Verne Troyer), CIA agent Felicity Shagwell (Heather Graham), Basil Exposition (Michael York), Number Two (Robert Wagner), Young Number Two (Rob Lowe) and Fat Bastard (that Myers guy again). $54.92 mil the first weekend and grossed over $250 million. “Gold Member” was the third issue, and some consider, the best one to date.
2002—American Idol premiered. FOX’s phenomenally successful talent show is based on a British program. Talented singers compete for a major label record deal while being judged by a panel of highly critical music experts; Simon Cowell, Paula Abdul and Randy Jackson. The audience participates by phoning in votes for favorites. Ryan Seacrest hosts. The first “American Idol” was Kelly Clarkson, who has gone on to top charting success and Grammys.
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