SBA Loans to Franchises
by Christopher Menkin

There has been a lot of flurry on Linkedin.com against the continuation of the Small Business Administration and its loans. Many think the government should not get involved, but on the other side, complain that the present administration is not doing enough for small business.

There also have been many press releases and announcements of leasing companies wanted to do more Franchise leases; many of them with SBA financing, and they would not exist without them. Also many of the loans require additional financing, with lease financing very attractive.

There definitely is a trend that “franchise run” businesses have more success than privately run as they have the franchisor history, experience, expertise, and often backing to make it work.

The SBA was created on July 30, 1953, by President Dwight Eisenhower with the signing of the Small Business Act. Its function was and is to "aid, counsel, assist and protect, insofar as is possible, the interests of small business concerns".

“The Obama Administration has supported the SBA budget. Significant supplemental appropriations for the agency strengthened SBA lending through the American Recovery and Reinvestment Act of 2009 and the Small Business Jobs Act of 2010,” according to Wikipedia.

In this article, there are lists obtained from the SBA on the banks across the United States, how many SBA loans they have made, the dollar amount, and it certainly appears all size banks are involved in SBA loans. (1)

March, 2012
SBA LIBOR Base Rate = 3.24%
SBA FIXED Base Rate = 4.88%
January-March 2012
SBA Peg Rate = 2.38%

One group that is active is "SBA 504 Loans for Growing Businesses"

"The Small Business Administration 504 Loan Program is a long-term financing tool that promotes economic development within a community. The 504 Program provides small businesses with long-term, fixed-rate financing to acquire major fixed assets such as real estate or machinery and equipment for expansion or renovation. The small business is able to obtain up to 90% financing on these assets."

The list is long here, too. (2)

Perhaps the criticism comes from the recent announcement that the Obama Administration wants to raise the SBA to a cabinet level agency. This article is not meant to be political in nature, and is not aimed at what the SBA does or doesn't do, but to look primarily at the franchise industry SBA loan numbers.

Latest is a 2010 CNNMoney.com:

Franchises with the Highest Failure Rates, 2010:

Here are comments from the CNN writer, from worst to best:

Matco Tools franchise – 36%: “Tool manufacturer and distributor Matco is the riskiest investment on the top-10 “most popular” list, with more than one third of its SBA-backed loans going bad.”

Cold Stone Creamery franchise – 31%: “The product is sweet, but the financials can be bitter. In the last 10 years almost one in three SBA-backed franchisees defaulted on their loan.”

Quiznos franchise – 25%: “One in four franchise owners was unable to make good on their SBA-backed loan. Quiznos recently settled four class-action suits brought by its franchisees, agreeing to pay as much as $100 million to end years of wrangling over its pricing, royalties and fees.”

Curves franchise – 16%: “The overhead costs are pretty low, but the investment can be risky. Curves’ fast expansion goes hand in hand with a relatively high churn rate, and almost 16% of its SBA-backed franchise loans this decade failed.

The UPS Store franchise – 12%: “Seven years ago, they [MBE franchisees who converted] filed suit against UPS, and will finally take their case to trial later this month in Los Angeles. Meanwhile, UPS rolls on, adding new franchisees to its network for an initial fee just shy of $30,000.”

Franchises with the Lowest Failure Rates:

Super 8 franchise – 4%: “Getting into the motel industry is pricey… but it’s also a pretty safe bet. Among the handful of franchise brands… a notable number are hotels and motels. Super 8 has the lowest default rate on this top-10 list, hovering just under 4%.”

Days Inn franchise – 6%: “Days Inn is another member of the Wyndham Hotel Group’s franchise family. Launched in 1970, the chain currently boasts 1,900 hotels throughout 15 countries.”

Subway franchise – 7%: “With fewer than 8% of SBA-backed borrowers defaulting on their loans, Subway has a better track record than similar brands — rival sub shop Blimpie has a 46% loan failure rate, and Quiznos is also well into the double digits.”

Dairy Queen franchise – 8%: “Today, it boasts 5,700 locations around the globe and a single-digit failure rate for its SBA-backed franchise loans, making it one of the safer investments in the food franchise market.”

Dunkin’ Donuts franchise – 8%: “Dunkin’ Donuts’ modest default rate is matched by its corporate sibling, Baskin-Robbins, which had a 10% failure rate for its SBA-backed loans.”

http://www.franchisepublicity.com/failure-rates-of-the-10-most-popular-franchises/

The lists below shows those involved in SBA loans, as well as the 504 approvals, and while a list could not be found for loans to franchises, perhaps the failure list gives an indication of the loans participated with banks and the losses involved

(1) 100 Most active lenders
http://www.sba.gov/category/lender-navigation/lender-loan-data/100-most-active-sba-7a-lenders

List of All Banks: 436 pages with SBA loans & gross—link not pdf (would be too large):
http://leasingnews.org/items/
Copy%20of%20FY2011_Sep_30_2011.%20sba%20loans%20by%20bank.xls

(2) 504 Loan Approvals (105 pages)
http://leasingnews.org/PDF/504_Loan_Approvals_by_CDC_through_01_31_12.pdf

(3) Failure Rate Franchises (29 pages)
http://leasingnews.org/PDF/March_5_2012_SBA.pdf

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Classified Ads---Testimonials

Southern California

"We are definitely satisfied customers after placing our employment ad in Kit's Leasing News. Although the person we hired hadn't seen the ad, a friend of her's in the leasing industry saw the ad and told her that Dakota was hiring...

(The position was filled and time was left on the ad, so it was changed to a marketing person, which they also were successful in finding. editor.)

"It turned out we not only filled our open position, but were able to find an experienced leasing veteran who just wanted a location change. It worked out well for everyone!"

Mae G. Philpott
Sales & Marketing Director
Dakota Financial, LLC

Southern California

"The ad worked great. We hired a Documentation Coordinator that has been out of the industry for almost 3 years as a friend of hers saw our ad on Leasing News. She is now in her 2nd full week.

"We are actually looking to fill 4 sales positions this year so we’ll likely be back again. It feels nice to be managing growth, albeit measured, again.

Andrew Nere, President
Innovative Lease Services, Inc.

Northeast

""I want to thank you for listing our Business Risk employment position in Leasing News. Through our various postings, we received resumes from over 50 very qualified candidates

""I am very happy to report that the position has been filled..."

Laurie Bakke, President
Western Equipment Finance

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FDIC Can't Place All Failed Banks

When the various state banking regulatory entities inform the Office of the Comptroller of the Currency (OCC) about a bank undercapitalized, in serious difficulty, and when they are insured by the FDIC, it may take time to find another bank to assume the deposits and help with the assets and share in the disposal of liabilities.

The purpose is to not just rely on the FDIC to bail out the bank with funds that come from the Deposit Insurance Fund (DIF), as well as make the transition to benefit bank customers and depositors.

But the FDIC is not able to find homes for all banks that fail, the last one being Home Savings of America, Little Falls, Minnesota, which was primarily in mortgage loans, with main office in one state and three offices spread out in California.

As of December 31, 2011, Home Savings of America had $434.1 million in total assets and $432.2 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.8 million.

As in other bank failures, the disposal of liabilities and collection of debts is sometimes shared, but most often the FDIC is involved in the disposal, and at times, often having to bid out the debt collection to professional entities and law firms, who purchase low and hope to collect high.

In 2011, the FDIC only had two banks they could not place, seven in 2010, 12 in 2009.

The largest institution to fail without a buyer since 2008 was the $4.16 billion Atlanta-based banker's bank Silverton Bank NA. The FDIC has had to assume more than $1 billion in assets from four other banks that failed without buyers. Georgia had the most amount of banks without buyers — five — followed by four in Utah.

Why I Became a CLP

Rosanne Wilson, CLP, B.P.B.
1st Independent Leasing, Inc.
President, Certified Lease Professional Foundation

Fifteen years ago there were only a couple of women who had earned this certification in the industry. Back then, there weren’t a lot of women in the leasing industry, either, as I can remember. I felt a bit ”lonely” at leasing conferences; although there were a few of us---and believe me, we all became very good friends being such a small group.

We all wanted to be the best would could be, and we weren’t going to let a gender thing stop us. I knew that the CLP was the highest certification in the leasing industry. I wanted to be at the top of the pack. I think even then many looked down upon brokers, especially when you weren’t a male.

I want to give a lot of credit to Bob Teichman, CLP, who became the 2009 Leasing Person of the Year, as he continually “pushed me” and encouraged me to “Go for it.”

I became a CLP in 1998 thanks to him, as well as to the encouragement of the United Association of Equipment Leasing (now the National Equipment Finance Association) who were the first to introduce this program.

I had already been in business eight years and the more leases I did, the more I realized there was a lot more to know. Once I opened the CLP Handbook and I was convinced this program was for me. Some chapters I breezed right through, and others I re-read and thought about how this could help me in my business.

After attending the study sessions at a CLP academy being offered at the Colonial Pacific Leasing headquarters in Portland, Oregon, I knew I was beginning to see a new world open up to me.

Thankfully, the CLP mentors and instructors in this business provided me with the vital tutoring I needed to get through the tough parts of the “Body of Knowledge” that is required in order to be ready for the test. I had been warned about the difficulties of the test. I had been told it was a gruesome eight hour exam. I had heard many of my colleagues had failed the first time. Some even had to take the test a third time to pass it.

I personally don’t accept failure in my life and I did not want to let myself down. I studied hard for two months solid and had my mentors go over and over certain segments that I felt weak on and I made the commitment to see this through. I almost bailed out on taking the test at the last minute, but that little voice in my head said “yes you can do it”.

Why did I want to put myself through all of this punishment? Let me tell you why:

It is the most recognized designation in the Leasing industry. The letters CLP gives my Funding Sources more confidence in my abilities and they respect me. They believe I really know what I am doing and they have more confidence in my transactions. They know I have made a commitment to a career in leasing by going the extra mile to be the best. They are more willing to put my deals at the top of the stack instead of the bottom. Really! It opens the doors to have access to some exceptional funding sources. It also allowed me to get elected to the Board of Directors of the National Association of Equipment Leasing Brokers where I became their treasurer for three years. It certainly was a position that required real trust and abilities.

Carrying those three little letters (CLP) after my name on all my business cards and correspondence has given me a vote of confidence by my Vendors and my Lessees. They have told me they feel a real sense of security knowing they are dealing with the best of the breed. They know their transactions are being cared for by a true professional. When I passed my test, I was one of only five women in the United States who were CLPs.

As president this year of the CLP Foundation, I recommend now would be an excellent time for anyone in this business to take that pledge to become a CLP this year.

With the special discount program CLP is offering, there is no reason to wait or put this off. You will be glad you did this. I have gained so much by having my CLP, that this year I was delighted to be able to serve the CLP Foundation on their Board of Directors. I wish to give back to them as a way of thanking them for what they have done for me these past 11 years. I challenge all of you to take that leap.

www.leasingnews.org

Previous: Why I Became a CLP
http://www.leasingnews.org/CLP/Index.htm

http://leasingnews.org/Ads/Completed/terry_windows_equipment2.htm

(This ad is a “trade” for the writing of this column. Opinions

contained in the column are those of Mr. Terry Winders, CLP)

#### Press Release #############################

When Gas Prices Go UP, Consumers Lease More…Cars

While gas prices more than doubled in the last two years, car sales increased by 25%, nearly more than any other retail category.

SAN FRANCISCO, Calif. – The latest analysis from the Money Anxiety Index (moneyanxiety.com) shows that higher gas prices do not deter consumers from buying more cars, or from increasing spending in other retail categories. In the last two years, December 2009 to December of 2011, gas prices more than doubled - from a national average of $1.59 to $3.21 per gallon – an increase of 102% according to data from the U.S. Energy Information Administration. During the same time period, auto sales increased by 25.3%, from $52 billion to $65 billion per month according to seasonally adjusted data from U.S. Census Bureau.

But auto sales are not the only major retail category that experienced large increases in sales despite the doubling of the gas prices. The other top retail categories that experienced large increases in sales were: non-store retails, such as online and mail order stores increased their monthly sales by 26.4% in the last two years; building material stores up 18.6%; jewelry stores up 14.1%; restaurants and bars up 12.6%; closing stores up 12.0% and. Of curse, gas stations up 21.1 according to the same data from U.S. Census Bureau.

“Thus far there is no evidence the increase in gasoline prices in the last two years has adversely impacted any major retail category,” said Dan Geller, Ph.D. Chief Research Officer at Money Anxiety Index, “However, this does not mean that at some price point, gasoline price will not have a negative impact on retail sales. What is this price point? Time will tell.”

About Money Anxiety Index
The Money Anxiety Index (MAI) measures various economic indicators and factors associated with consumers’ level of financial worry and stress. MAI, which measured the level of financial anxiety for the past 50 years, fluctuated from a high of 136.0 during the early 1980s recession, and a low of 40.3 in the mid 1960s (January 1975 = 100). The Money Anxiety Index was developed using Structural Equation Modeling (SEM) with a large sample size of monthly economic indicators ranging from 1959 to 2010.

The Money Anxiety Index (MAI) differs from other indices of consumer confidence mainly because its measurement is objective rather than subjective. MAI measures how economic indicators are impacting consumers’ behavior (objective) rather than how consumers say they feel about the economy (subjective), which is the methodology used by survey-based consumer confidence indices.

### Press Release ############################

3 Arrested in $600,000 Credit Card Theft

Fraud Scheme Used Well Know Financial Institutions to Fraudulently Obtain Credit

LOS ANGELES – Three Southland men have been charged in United States District Court on charges of money laundering, bank fraud and identity theft related to a scheme in which they used fraudulently obtained credit cards in the names of real and fictitious individuals and business entities to make unauthorized withdrawals and purchases.

The three defendants who were arrested in February by special agents with IRS-Criminal Investigation and inspectors from the United States Postal Inspection Service pursuant to a criminal complaint filed with the court are:

Johnny Stewart, 49, of Marina Del Rey;
Dexter Hardy, 45, of Los Angeles County; and
Clayton Stewart, aka “Douglas Blackburn,” 45, of Bellflower.

A 26-count indictment returned by a federal grand jury last week charged the three defendants with conspiracy, bank fraud, access device fraud, aggravated identity theft, and money laundering.

Beginning in January of 2011, defendants Johnny Stewart, his brother Clayton Stewart, and Dexter Hardy allegedly contacted Chase Bank USA, Bank of America, and Capital One Bank, and other institutions and requested that credit cards in the names of real and fictitious people be sent to addresses that the individuals controlled. In other instances, the defendants established fictitious business accounts that were paired with the name and other personal profile information of a victim primary cardholder. Once the defendants caused the financial institutions to send the credit cards to the requested addresses, the defendants used the credit cards to make unauthorized withdrawals and purchases. The dollar loss associated with the scheme is estimated at $600,000 at this time.

According to the indictment, defendants Johnny Stewart and Clayton Stewart further created sham business entities for which they opened merchant processing accounts and bank accounts. Through these sham business entity accounts, defendants Johnny Stewart and Clayton Stewart processed fraudulent transactions with credit cards that they had obtained from Chase and further made withdrawals and transfers from those sham business entity accounts. The individual transactions charged in the indictment range from $103 to $6,400.

According to documents filed with the court, Clayton Stewart pleaded guilty to a similar access device fraud scheme and was sentenced in US District Court in February of 2008 to 37 months in federal prison. Clayton Stewart was released from federal custody on September 17, 2010. Search warrant records from the previous scheme uncovered letters from Johnny Stewart to Clayton Stewart on how to commit different types of fraud without being detected by law enforcement. In those letters, Johnny Stewart instructed Clayton Stewart how to conduct bank transactions on the home computer so that Clayton Stewart did not need to go to the bank and risk being detected.

All three defendants are charged in the current scheme with bank fraud conspiracy and one count of access device fraud. Johnny Stewart is additionally charged with five counts of bank fraud, one count of aggravated identity theft, four counts of money laundering, and money laundering conspiracy. Clayton Stewart is additionally charged with three counts of bank fraud, one count of aggravated identity theft, six counts of money laundering, and money laundering conspiracy. Dexter Hardy is additionally charged with four counts of bank fraud.

In conjunction with the indictment, IRS-Criminal Investigation and the US Postal Inspection Service are seeking to forfeit property allegedly obtained with the proceeds of the illegal identity theft scheme and used to facilitate the scheme. The property to be forfeited includes approximately $22,572 in cash and an assortment of computer equipment.

If convicted of the fraud charges alleged in the indictment, the statutory maximum sentence each defendant could receive is 292 years for Johnny Stewart, 252 years for Clayton Stewart, and 160 years for Dexter Hardy.

An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until and unless proven guilty in court.

The investigation in this case is being conducted by the US Postal Inspection Service and IRS-Criminal Investigation.

#### Press Release #############################

Overland Park, Kansas-- Adopt-a-Dog

Shelby

Labrador Retriever/German Shepherd Mix
Female
Young
Spayed/Neutered
Prefers a home without: young children
Primary color: Yellow, Tan, Blond or Fawn

“Shelby is a 6 month old Labrador Retriever/German Shepherd mix female who weighs around 41 pounds. Poor Shelby had a rough start to life, she was brought to the shelter at 5 months old with 3 littermates who were living in a dog run and with little interaction with humans or other dogs. Her littermates have all found homes and she was bit scared without one of them to calm her.

“She is a timid girl and a bit skittish but very sweet and is not aggressive in any way. She is such a lucky girl as she spent some time at Dog Pawz in Leawood socializing with a lot of dogs and becoming more comfortable with humans. She has made such strides and continues to become more comfortable within the house and around people. She learned to play with toys and her foster canine siblings. She is leashed trained and is enjoying going on jogs/runs with her foster mom. She would make a great walking or jogging partner. At this time we think she would do best in a home without young children as she scares easily.

“She does great at the dog park playing with other dogs but does not go too far from her foster mom. She is entertained with the television especially when she hears animals. She is crate trained and housetrained but we will continue to work with her to make sure she doesn't have any accidents.

“We are working on "No" and are trying to master "sit". She is doing fantastic on learning to come inside, go down to the basement and up hardwood floor stairs by following the lead of her canine siblings. She finds comfort in her kennel and loves to lay in it when she is inside. She is such a beautiful, sweet, calm, quiet little pup. Please contact me to find out where and when you can meet this incredible beauty Shelby!”

As HAHS has different adoption locations, please contact Julie by email at HeartAHS@gmail.com or at 816-743-1476 for more information.

The Heart of America Humane Society has adoptions each Saturday at the Petsmart at 115th and Metcalf in Overland Park, the Petco at 135th and Blackbob in Olathe and the Petsmart in the Ward Parkway Shopping Center. Please contact the foster parent DIRECTLY to ask questions about this foster, to obtain additional information about this foster or to confirm this foster's attendance at one of our adoptions.

Heart of America Humane Society, Overland Park, KS
•800.384.3143
questions@heartofamericahs.org

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

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

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Classified ads

Web Design & Marketing
Why spend your time and money teaching some marketing firm how the leasing industry works? Leasing websites, secure applications & marketing. DFCO, LLC  www.dfco.com/leasing
Dana Freeman
dana@dfco.com

All "Outsourcing" Classified ads (advertisers are both requested and responsible to keep their free ads up to date:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm

How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm

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

News Briefs----

Stanford Convicted by Jury in $7 Billion Ponzi Scheme
http://www.nytimes.com/2012/03/07/business/jury-convicts-stanford-in-7-billion-ponzi-fraud.html?_r=1&ref=business

Jobless rate falling faster than many predicted
http://www.usatoday.com/money/economy/story/2012-01-30/cutting-the-jobless-rate/53390626/1

A $20 Million Bet on Cloud Services
http://www3.cfo.com/article/2012/3/the-cloud_cloud-sherpas-merger-news

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You May Have Missed---

Social media become essential to recruiting
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/02/05/SPMV1N344M.DTL

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SparkPeople--Live Healthier and Longer

Best ad Worst Fish Choices
http://www.sparkpeople.com/resource/nutrition_articles.asp?id=1022

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Sports Briefs----

Report: Colts to release Peyton Manning Wednesday
http://content.usatoday.com/communities/thehuddle/post/2012/03/report-colts-to-release-peyton-manning-wednesday/1

Judge throws heat at Picard’s claim vs. Mets
http://www.nypost.com/p/news/business/jed_chin_music_600AwqZbKnmtG8GnniPIVN

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Winter Poem

Tornado

Leaves stood still, and our hearts stood still,
But the sky was a-boil with clouds,
A coppery wrack, and the greenish black
Of shrouds.

We dove for shelter and none too soon.
The universe swayed and swirled,
And the monstrous horn of a unicorn
Gored the world.

__May Williams Ward.

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California Nuts Briefs---

California state worker retirements declined in 2011
http://blogs.sacbee.com/the_state_worker/2012/03/poll-why-did-state-worker-retirements-decline-in-2011.html

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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8 

Middle Ground in Decanting
http://www.nytimes.com/2012/03/07/dining/decanting-the-flavor-options.html?ref=dining

Thousands of wine lovers soak up sun, latest vintages in Sonoma County
http://www.mercurynews.com/breaking-news/ci_20099899

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

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

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

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

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

     1539-Former black slave Estevanico (Esteban) de Dorantes, native of Azamoor Morocco, sets out to explore what is now the southwestern part of the US.
http://www.estevanico.org/history.html
http://www.tsha.utexas.edu/handbook/online/articles/view/EE/fes8.html
http://www.rra.dst.tx.us/c_t/people/ESTEVANICO.cfm
    1644-First Whaling Industry: Southampton, NY, a town on the coast of Long Island where whales were often cast ashore, established the first whaling industry. The town was divided into four wards of 11 persons each to attend to the whales. Two persons from each ward were employed to cut them up so that each inhabitant obtained an equal portion. The popularity grew to the point a whaling franchise was granted to a Mr. Whiting in 1647 for the waters of Long Island Sound between Stonington, CT, and Montauk Point, NY.
    1638 -Controversial colonial churchwoman Anne Hutchinson, 47, and nineteen other exiles from the Massachusetts Bay Colony settled in Rhode Island, at the site of modern Portsmouth.
http://www.annehutchinson.com/anne_hutchinson_biography_001.htm
http://www.rootsweb.com/~nwa/ah.html
    1717 - The "Great Snow", a composite of four winter storms to hit the eastern U.S. in nine days, finally came to an end. Snow depths averaged 60 inches following the storm. Up to four feet of snow fell around Boston MA, and snow drifts 25 feet high were reported around Dorchester MA.
    1729- Henrietta Johnston, self-taught portrait artist born in Ireland about 1655 and immigrated to the United States with her husband in 1707 and settled in what is now Charleston, SC. Her husband immediately became ill and while she nursed him and took care of her children and home in abject poverty, to raise money she began to draw portraits of local dignitaries in the new form of pastels.
Almost 50 portraits are credited to her and she is considered to be the first American woman artist. Her technique was straight forward with little adornment. Almost nothing is known about her life. She may have moved to New York to work after her husband's death.
http://askart.com/Biography.asp
http://desertfun.bestreadguide.com/charleston/stories/19990914/art_johnston.shtml
http://www.amazon.com/exec/obidos/ASIN/0945578032/avsearch-df1-2-20/
102-1682336-8966565
    1774---The British close port of Boston to all commerce
    1776 - Lead by General William Howe, the British evacuate Boston. Howe’s army and a group of 1000 loyalists will set sail for Halifax, Nova Scotia on 17 March.
    1778 -Captain James Cook first sights Oregon coast, at Yaquina Bay
http://www.neworegontrail.com/lighthouse/yaquina.bay.htm
http://www.newportnet.com/coasthistory/RoadTrip.htm
http://www.newportnewstimes.com/1999/nt_news1029/general/nt_news-18.html
    1782 -Ohio Territory militiamen began a two-day massacre of the Moravian Indian town of Gnadenhutten (modern New Philadelphia, Ohio). In all, 96 Christian Indians of the Delaware tribe were slaughtered, in retaliation for Indian raids made elsewhere in the Ohio Territory.
http://www.usgennet.org/usa/topic/colonial/pioneer/chap16.html
    1799 -- John Fries launches a rebellion in Pennsylvania against the imposition of the "direct tax" enacted by Congress 1 July 1798, on lands, houses & slaves. Fries' mob was dispersed by the Militia after a march on Bethlehem. Fries was arrested & sentenced to be hanged for treason, before being pardoned by the President.
    1802 -In Washington, D.C., the first Baptist church was organized with six charter members. Their first pastor Obadiah Brown was hired five years later, and Brown remained in that pulpit while involving himself in every important local Baptist program for the next 43 years!
    1848- In Hawaii, Great Mahele (division of lands) signed
http://hotspotshawaii.com/nalostuff/May96/GreatMahele.html
http://www.amazon.com/exec/obidos/ASIN/0870221256/avsearch-df1-2-20/
102-1682336-8966565
    1849- Luther Burbank, American naturalist and author, creator and developer of many new varieties of flowers, fruits, vegetables and trees. born at Lancaster, MA.. Luther Burbank's birthday is observed in California as Bird and Arbor Day. He died at Santa Rosa, CA, Apr 11, 1926.
http://ci.santa-rosa.ca.us/lbhg/gardens.asp
    1850-Slave States Balance: the acquisition of territory following U.S. victory in the Mexican War revived concerns about the balance of free and slave states in the Union. This day Senator Daniel Webster delivered his famous three hour "Seventh of March" speech urging sectional compromise on the issue of slavery. Advising abolition-minded Northerners to forgo antislavery measures, he simultaneously cautioned Southerners that disunion inevitably would lead to war. He endorses the Compromise of 1850 proposed by Kentucky Senator Henry Clay on 29 January 1850, as a means of preserving the Union. It called for California to be admitted as a free state; for the passage of an inhumane Fugitive Slave law; for new territories in the Southwest to he allowed to organize without restrictions on slavery; for protecting slavery in the District of Columbia while abolishing domestic slave trade there; and for a settlement of $10 million to Texas if the state would relinquish claims to one-third of its territory (now in New Mexico, Oklahoma, Kansas, Colorado, and Wyoming). The compromise would be adopted on 09 September 1850.
http://www.dartmouth.edu/~dwebster/speeches/seventh-march.html
Following the lead of senators Henry Clay and Stephen Douglass, Webster endorsed Clay's plan to assure sectional equilibrium in Congress. Passed after eight months of congressional wrangling, the legislation admitted California to the Union as a free state, permitted the question of slavery in Utah and New Mexico territories to be decided by popular sovereignty, settled Texas border disputes, and abolished slave trading in the District of Columbia while strengthening the Fugitive Slave Act. This speech by Daniel Webster supported Senator Henry Clay’s compromise, who had run for president, lost, and come back to the U.S. Senate as a most influential politician. It brought together the U.S. Senate for a brief period of time. He espoused the provisions of the Fugitive Slave Bill. It is said, John Greenleaf Whittier had Webster in mind when he wrote in his poem: “Ichabod:”
“ All else is gone from those great eyes
The soul has fled;
When faith is lost, when honor dies
The man is dead.”
http://www.lib.umd.edu/RARE/RareCollection/danielwebster.html
http://www.danorr.com/webster/7thofmarch-text.html
    1854- Charles Miller of St. Louis, MO, patented a sewing machine to stitch buttonholes,revolutionizing the garment industry.
    1860- -- 6,000 shoemakers joined by 20,000 other New England workers in Lynn, Massachusetts strike. During the great New England shoemakers strike, about 1,000 women workers in Lynn, Massachusetts, strike for a union & against wage cuts. Marching through a blizzard, the women carry signs proclaiming: "American Ladies Will Not Be Slaves."
In 10 days, a procession of 10,000 workers marches through Lynn in the largest labor protest prior to the Civil War. Within a month, shoe manufacturers offer higher wages to bring strikers back to the factories. But the companies refuse to recognize a union.
    1862 - Union forces under General Samuel Curtis defeat the army of General Earl Van Dorn at Pea Ridge, located in an extreme northwestern section of Arkansas. Confederate General Ben McCulloch was killed in one of the attacks. The Yankees suffered 1,384 men killed, wounded, or captured out of 10,000 engaged; the Confederates suffered a loss of about 2,000 out of 14,000 engaged. The Union won a decisive victory that also helped them clear the upper Mississippi Valley region on the way to securing control of the Mississippi River by mid-1863.
    1862 -- Battle of Elkhorn Tavern, Day 2, Generals McCulloch, McIntosh and Slack killed. Union Army gains control of Missouri.
http://civilwartraveler.bravepages.com/PR/PRPAN12.htm
http://www.oldalgonquin.net/civilwar/36th/pearidge/indexpearidge.htm
http://www.cwbattlefields.com/virtualtours/pearidgebattle.html
http://www.civilwarhome.com/pearidge.htm
http://stellar-one.com/civil_war/battle_of_pea_ridge_23.htm
http://www.lsjunction.com/people/mccullob.htm
http://www.members.cox.net/confed/third/mcculloch.html
http://www.2020site.org/texas/lesson58.html
http://stellar-one.com/civil_war/battle_of_pea_ridge_39.htm
    1865- Michael A. Healy of Georgia, became the first Coast Guard serviceman who was African-American. He was appointed this day to the Revenue Cutter Service, the predecessor of the Coast Guard. He became captain on March 3, 1883, and was commanding officer of the Bear from 1886 to 1895.
    1865 - Lieutenant Commander Hooker, commanding a naval squadron consisting of U.S.S. Commodore Read, Yankee, Delaware, and Heliotrope, joined with an Army unit in conducting a raid at Hamilton's Crossing on the Rappahannock River six miles below Fredericksburg. Hooker reported that the expedition succeeded in "burning and destroying the railroad bridge, the depot, and a portion of the track....; also the telegraph line was cut and the telegraphic apparatus brought away. A train of twenty-eight cars, eighteen of them being principally loaded with tobacco, and an army wagon train were also captured and burned. A considerable number of mules were captured and some thirty or forty prisoners taken. A mail containing a quantity of valuable information was secured." Throughout the war, rivers were avenues of strength for the North, highways of destruction to the South, which enabled warships and joint expeditions to thrust deep into the Confederacy.
    1865-Battles round Kinston NC
http://www.aboutthecivilwar.com/uscivilwar5/1577470273AMUS116707.shtml
    1869- the Suez Canal opened. This waterway across Egypt connecting the Mediterranean and Red seas was built by the French. In 1956, Egyptian president Nasser nationalized the canal, prompting an invasion by the British, French and Israelis. The Six-Day War in 1967 shut down the canal for eight years.
1872 -8º F in Boston MA
1888 Alcide “Slow Drag” Pavageau Birthday
http://user.tninet.se/~rrr043f/slow_drag.htm
    1876 - Patent #174,465 was issued to Alexander Graham Bell for his telephone.
    1893-(Alice) Lorena Hickok, highest paid woman newspaper reporter of her day with Associated Press, political reporter, and later became investigator for Harry Hopkins in the Department of Commerce after her involvement with Eleanor Roosevelt made her step out of journalism. She actually lived in the White House with Mrs. Roosevelt and slept in ER's apartment.
http://www.gwu.edu/~erpapers/abouteleanor/q-and-a/glossary/hickok-lorena.htm
http://www.gaussian.com/ptownfringe/lorena.htm
http://www.amazon.com/exec/obidos/ASIN/0306809982/ref=ase_atriumA/
102-1682336-8966565
    1908 -Cincinnati Mayor Mark Breith stood before city council & announced that, "women are not physically fit to operate automobiles"
    1911- Willis S. Famsworth of Petaluma, CA received two patents, one for a coin-operated locker, and one with William H. Reed on a coin receptacle “magazine-hinge and conveyor” The insertion of a coin in a slot released a key to open and close the locker. The “magazine hinge” enable newspapers
and magazines to be purchased from a locked stand.
    1911 - Twenty thousand US troops are sent to the Mexican border as the Mexican Revolution continues.
    1917- Drummer Lee Young born, New Orleans, LA.
    1917-- "The Dixie Jass Band One Step," by Nick LaRocca's Original Dixieland Jass Band (Victor 18255), becomes the first jazz recording released for sale in the US.
    1923 -- Robert Frost's poem, "Stopping by Woods on a Snowy Evening," is published in the New Republic magazine. Proud of the poem, he said the lines, "Whose woods these are, I think I know, his house is in the village though..." contained everything he ever knew about how to write.
http://writersalmanac.publicradio.org/programs/2006/03/06/
    1935-Monopoly was invented this day by Charles Darrow. While unemployed during the Depression, Charles Darrow devised this game and he sold it himself for two years. Monopoly was mass marketed by Parker Brothers beginning in 1935. Darrow died a millionaire in 1967.
    1936 - Nazi leader Adolf Hitler violates the Treaty of Versailles and the Locarno Pact by sending German military forces into the Rhineland, a demilitarized zone along the Rhine River in western Germany. Two years later, Nazi Germany burst out of its territories, absorbing Austria and portions of Czechoslovakia. In 1939, Hitler invaded Poland, leading to the outbreak of World War II in Europe.
    1938-Janet Guthrie, an aerospace engineer, was one of the first four women to qualify for the scientist- astronaut program of NASA, the first woman to race in the Indianapolis 500 races, finishing ninth in 1978. (She was forced to withdraw two other times because of engine trouble. Her other entries in 1977 and 1979 were aborted because of engine trouble. No women were even allowed in the repair and refueling pits at the Indy 500 until a lawsuit in 1972.)
http://www.janetguthrie.com/
http://www.britannica.com/women/articles/Guthrie_Janet.html
http://www.writetools.com/women/stories/guthrie_janet.html
    1939-- Guy Lombardo and his Royal Canadians record "Auld Lang Syne," a New Year's favorite for a very long time, perhaps 30 years.
    1945-A small advance force of the US first Army captured the Ludendorff railway bridge across the Rhine River at Remagen -the only bridge across the Rhine that had not been blown up by the German defenders-thus acquiring the first bridgehead onto the east bank, a turning point in World War II. Not since the days of Napoleon had an invading army crossed the Rhine. Tanks of the US Third Corps reach the Rhine River opposite the small German town of Remagen, Germany, and find the Ludendorff Bridge damaged but still usable The bridge, which had miraculously survived the massive Allied air assaults on Nazi Germany and then the country's own efforts to protect its interior from the Allied invasion, is an unexpected strategic coup for the US First Army. Troops and vehicles are immediately rushed across, and for the first time, the US forces secure a foothold on the eastern side of the fortified Rhine River shore. Nazi dictator Adolf Hitler is so furious to learn of the US'o use of the intact Ludendorff Bridge that he fires General Gerd von Rundstedt as commander of western German forces. German bombers attempt to destroy the bridge, but the US troops continue to move across and expand the beachhead on the other side. On 17 March, after transporting thousands of troops and military vehicles across the Rhine, the bridge collapses, killing twenty-five Americans. Nevertheless, the Allies now hold the area and engineers erect other bridges nearby. Supreme Allied Commander General Dwight D. Eisenhower later says that the discovery of the intact bridge "put victory just around the corner."
    1945--LEIMS, JOHN HAROLD Medal of Honor
Rank and organization: Second Lieutenant, U.S. marine Corps Reserve, Company B, 1st Battalion, 9th Marines, 3d Marine Division. Place and date: Iwo Jima, Volcano Islands, 7 marches 1945. Entered service at: Chicago, Ill. Born: 8 June 1921, Chicago, Ill. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty as commanding officer of Company B, 1st Battalion, 9th Marines, 3d Marine Division, in action against enemy Japanese forces on Iwo Jima in the Volcano Islands, 7 March 1945. Launching a surprise attack against the rock-imbedded fortification of a dominating Japanese hill position, 2d Lt. Leims spurred his company forward with indomitable determination and, skillfully directing his assault platoons against the cave-emplaced enemy troops and heavily fortified pillboxes, succeeded in capturing the objective in later afternoon. When it became apparent that his assault platoons were cut off in this newly won position, approximately 400 yards forward of adjacent units and lacked all communication with the command post, he personally advanced and laid telephone lines across the isolating expanse of open fire-swept terrain. Ordered to withdraw his command after he had joined his forward platoons, he immediately complied, adroitly affecting the withdrawal of his troops without incident. Upon arriving at the rear, he was informed that several casualties had been left at the abandoned ridge position beyond the frontlines. Although suffering acutely from the strain and exhausting of battle, he instantly went forward despite darkness and the slashing fury of hostile machinegun fire, located and carried to safety 1 seriously wounded marine and then, running the gauntlet of enemy fire for the third time that night, again made his tortuous way into the bullet-riddled deathtrap and rescued another of his wounded men. A dauntless leader, concerned at all time for the welfare of his men, 2d Lt. Leims soundly maintained the coordinated strength of his battle-wearied company under extremely difficult conditions and, by his bold tactics, sustained aggressiveness, and heroic disregard for all personal danger, contributed essentially to the success of his division's operations against this vital Japanese base. His valiant conduct in the face of fanatic opposition sustains and enhances the highest traditions of the U.S. Naval Service.
    1946—Top Hits
Let It Snow - Vaughn Monroe
Symphony - The Freddy Martin Orchestra (vocal: Clyde Rogers)
Oh, What It Seemed to Be - The Frankie Carle Orchestra (vocal: Marjorie Hughes)
Guitar Polka - Al Dexter
    1946 - Grauman’s Chinese Theatre on Hollywood Boulevard was the site of the 18th Annual Academy Awards celebration. Bob Hope hosted the first half of the show with James Stewart stepping up to the mike for the second half. The Best Motion Picture of 1945 was Paramount’s "The Lost Weekend", produced by Charles Brackett. It also won for Best Director (Billy Wilder), Best Actor (Ray Milland), and Best Writing of a Screenplay (Charles Brackett and Billy Wilder). The Oscar for Best Actor in a Supporting Role went to James Dunn for "A Tree Grows in Brooklyn". Best Actress was Joan Crawford for her performance in "Mildred Pierce". The votes for The Best Actress in a Supporting Role prize went to Anne Revere for "National Velvet". The Best Music/Scoring of a Musical Picture Oscar went to George Stoll for "Anchors Aweigh" and Best Music/Song was "State Fair" by Oscar Hammerstein II and Richard Rodgers.
http://www.infoplease.com/ipa/A0148306.html
Make Love to Me! - Jo Stafford
Young-At-Heart - Frank Sinatra
Cross Over the Bridge - Patti Page
Slowly - Webb Pierce
    1951--BRITTIN, NELSON V. Medal of Honor
Rank and organization: Sergeant First Class, U.S. Army, Company I, 19th Infantry Regiment. Place and date: Vicinity of Yonggong-ni, Korea, 7 March 1951. Entered service at: Audubon, N.J. Birth: Audubon, N.J. G.O. No.: 12, 1 February 1952. Citation: Sfc. Brittin, a member of Company I, distinguished himself by conspicuous gallantry and intrepidity above and beyond the call of duty in action. Volunteering to lead his squad up a hill, with meager cover against murderous fire from the enemy, he ordered his squad to give him support and, in the face of withering fire and bursting shells, he tossed a grenade at the nearest enemy position. On returning to his squad, he was knocked down and wounded by an enemy grenade. Refusing medical attention, he replenished his supply of grenades and returned, hurling grenades into hostile positions and shooting the enemy as they fled. When his weapon jammed, he leaped without hesitation into a foxhole and killed the occupants with his bayonet and the butt of his rifle. He continued to wipe out foxholes and, noting that his squad had been pinned down, he rushed to the rear of a machine gun position, threw a grenade into the nest, and ran around to its front, where he killed all 3 occupants with his rifle. Less than 100 yards up the hill, his squad again came under vicious fire from another camouflaged, sandbagged, machine gun nest well-flanked by supporting riflemen. Sfc. Brittin again charged this new position in an aggressive endeavor to silence this remaining obstacle and ran direct into a burst of automatic fire which killed him instantly. In his sustained and driving action, he had killed 20 enemy soldiers and destroyed 4 automatic weapons. The conspicuous courage, consummate valor, and noble self-sacrifice displayed by Sfc. Brittin enabled his inspired company to attain its objective and reflect the highest glory on himself and the heroic traditions of the military service.
    1954 - No. 1 Billboard Pop Hit: ``Make Love to Me,'' Jo Stafford.
    1955-Carl Perkins' "Blue Suede Shoes" enters the R&B chart. It is the first time a C&W artist has made the R&B chart.
    1955 - "Peter Pan", with Mary Martin and Cyril Richard, was presented as a television special for the first time. The complete Broadway cast production was also broadcast in color on WRCA, Channel 4, New York City on “Producer’s Showcase.” It could also be seen in black and white on the NBC network.
    1956 - Lonnie Donegan’s hit song, "Rock Island Line", was doing well on the pop music charts from across the big pond. The popular music from Great Britain’s ‘King of Skiffle’ ushered in the new music craze called ‘skiffle’. Donegan was born in Glasgow, Scotland and was a member of Chris Barber’s Jazz Band. He had one other major hit on the U.S. pop charts even bigger than "Rock Island Line". In 1961, Donegan’s "Does Your Chewing Gum Lose It’s Flavor (On the Bedpost Over Night)" made it to the top five in America. The song was a top-10 hit in 1924 by Ernest Hare and Billy Jones. However, instead of "Chewing Gum" in the original title, it was "Spearmint". Donegan recorded his version of the song in 1959, two years before it became a hit. Incidentally, John Lennon and George Harrison of The Beatles both started their careers in skiffle bands.
    1957-- The Tune Weavers record "Happy Happy Birthday Baby," one of the top hits for the year.
    1962—Top Hits
Duke of Earl - Gene Chandler
Hey! Baby - Bruce Channel
Break It to Me Gently - Brenda Lee
Walk on By - Leroy Van Dyke
    1964-The Beatles "I Want to Hold Your Hand" and "She Loves You" are, according to Billboard, "neck and neck" for the top spot on the singles chart.
    1964 -- Capitol Records is besieged with requests for heavyweight boxing champ Cassius Clay's album, "I Am the Greatest." It's in big demand because of Clay's defeat of Sonny Liston last month. Columbia expects to sell 500,000 copies & Clay (aka, Muhamed Ali) says, "I'm better & prettier than Chubby Checker."
    1965 -- First US "combat" troops sent to Vietnam. (As opposed to "advisers" & troops who are in a defensive roll.) The Johnson administration tries to hide this policy change & denies rumors, but a State Department spokesman "mistakenly" spills the beans a couple months later.
http://distefano.com/
    1965-Selma, Alabama March: 525 people began a fifty-four mile march from Selma, Alabama to the state capitol in Montgomery They were demonstrating for African American voting rights and to commemorate the death of Jimmie Lee Jackson, shot three weeks earlier by an state trooper while trying to protect his mother at a civil rights demonstration. On the outskirts of Selma, after they crossed the Edmund Pettus Bridge, the marchers, in plain sight of photographers and journalists, were brutally assaulted by heavily armed state troopers and deputies. Here is their story with photographs:
http://memory.loc.gov/ammem/today/mar07.html
    1966-The Shadow of Knights, a Chicago garage band, enter the Top Ten with their biggest hit, "Gloria."
    1966-- Brian Wilson releases his first solo single, "Caroline, No," the first release of the historic Pet Sounds sessions. Two months later, the PS album would appear with "Caroline, No" on it, but credited to the Beach Boys.
    1966-- Bob Dylan records "Absolutely Sweet Marie"
    1966---Tina Turn records "River Deep Mountain High"
    1967--The Beatles record "Lovely Rita"
    1967-Jim Morrison and The Doors performed at the Matrix, San Francisco, California
    1967 - No. 1 Billboard Pop Hit: ``Love Is Here and Now You're Gone,'' The Supremes.
    1968--Elvis Presley records one of his most favorite songs, "A Little Less Conversation."
    1969-- Tommy Roe's "Dizzy" is certified gold
    1969-Tommy's Roe's single, "Dizzy" earns a gold record for sales over one million.
    1970—Top Hits
Bridge Over Troubled Water - Simon & Garfunkel
Travelin’ Band/Who’ll Stop the Rain - Creedence Clearwater Revival
Rainy Night in Georgia - Brook Benton
It’s Just a Matter of Time - Sonny James
    1970-Actor Lee Marvin, whose vocal skills were questionable at best, topped the UK singles chart with a song called "Wand'rin' Star", which was featured in the film Paint Your Wagon.
    1971---A thousand U.S. planes bomb Cambodia and Laos.
    1973-Traffic have a gold LP with "Shootout at the Fantasy Factory," their final LP with the extended group.
    1973-- Eric Weissberg and Steve Mandel's "Dueling Banjos" is certified gold
    1975-David Bowie's "Young Americans" is released.
    1976-Elton John becomes the first Rock star since the Beatles to be immortalized at Madame Tussaud's Wax Museum in London.
    1978—Top Hits
(Love Is) Thicker Than Water - Andy Gibb
Sometimes When We Touch - Dan Hill
Emotion - Samantha Sang
Mamas Don’t Let Your Babies Grow Up to Be Cowboys - Waylon & Willie
    1981 - No. 1 Billboard Pop Hit: ``I Love a Rainy Night,'' Eddie Rabbit. Before recording on his own, the singer writes songs for Elvis Presley, Ronnie Milsap, Tom Jones and Dr. Hook.
    1983- Willie Nelson received a lifetime achievement award at the Songwriters' Hall of Fame dinner in New York.
    1983--Stevie Wonder and Neil Sedaka are inducted into the Songwriter's Hall Of Fame during a ceremony at the Waldorf Astoria hotel in New York.
    1985 - The song "We Are the World", from the album of the same name, was played on the radio for the first time. Forty-five of pop music’s top stars had gathered together to combine their talents to record the music of Lionel Richie and Michael Jackson. Richie and Jackson sang, too, while Quincy Jones did the producing of the USA for Africa record. The proceeds of the multimillion-selling recording went to aid African famine victims. The project, coordinated by Ken Kragen, was deemed a huge success.
    1986—Top Hits
Kyrie - Mr. Mister
Sara - Starship
Living in America - James Brown
You Can Dream of Me - Steve Wariner
    1987 - Forty-five cities in the north central and northeastern U.S. reported record high temperatures for the date. Huron SD hit 80 degrees, and Pickstown SD reached 81 degrees. Rochester MN and Rockford IL smashed their previous record for the date by sixteen degrees.
    1987 - World Boxing Council (WBC) heavyweight champ, ‘Iron’ Mike Tyson, became the youngest heavyweight titlist ever as he beat James Smith in a decision during a 12-round bout in Las Vegas.
    1987-- The first Beatles albums are released on compact disc: Please Please Me, With the Beatles, A Hard Day's Night, Beatles for Sale, and Help! This marks the first time the band's official UK albums have been available as standard Beatles albums in the US, many being presented for the first time in America in their original mono mixes.
    1990 - A major ice storm left much of Iowa under a thick coat of ice. It was the worst ice storm in at least twenty-five years for Iowa, perhaps the worst of the century. Up to two inches of ice coated much of western and central Iowa, with three inches reported in Crawford County and Carroll County. As much as five inches of ice was reported on some electrical lines. The ice downed 78 towers in a 17-mile stretch of a high voltage feeder near Boone costing three electric utilities fifteen million dollars. Damage to trees was incredible, and clean-up costs alone ran into the millions. Total damage from the storm was more than fifty million dollars.
    1997-Declaring that Steven Hoffenberg had "wreaked havoc on innocent lives," Federal Judge Robert Sweet sentenced the notorious Wall Street swindler to a twenty-year prison term. In the ruling, handed down on this day in 1997, Sweet ordered the former chief of Towers Financial Corps to pay out $462 million in restitution, as well as a $1 million in fines. Hoffenberg had been accused of pawning off vast sums of "worthless" Tower-backed bonds to unsuspecting investors. All told, Hoffenberg had conned investors out of a whopping $500 million, money which he used to fund his extravagant habits.
    2001-- The National Endowment for the Arts, in conjunction with the RIAA, announces its Top Ten songs of the 20th century. At #1: Judy Garland's rendition of "Over the Rainbow." Also making the list: Bing's "White Christmas" (#2), Aretha's "Respect" (#4), Don McLean's "American Pie" (#5), and the Righteous Brothers' "You've Lost That Lovin' Feeling" (#9).
    2003 ---UAL Corp., the bankrupt parent company of United Airlines, announces that sales of 3.9 million shares of UAL by the company’s employee benefit plans (authorization by the IRS announced on 04 March) have lowered employee ownership in those plans below 20%, thereby triggering the "Sunset" provisions contained in the company’s certificate of incorporation that affect UAL’s corporate governance structure.