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Marlin Business Service Form 10-K Highlights
What originally is released by all publically held companies (and others as well) is a press release about their financial success (even when it is not). The press release puts forth the best numbers, or a spin on the results, as well as a statement, usually from the president. Almost all press releases are exaggerated position, statements, some even quite ridiculous in their bragging. The media has nothing else, so they disseminate it.
Public held companies often have a telephone or direct meeting with stock analysts, who ask stock related questions or broad economic viewpoints.
What follows for publically held companies is the SEC filing, which gives the full financial condition of the company. It often is a month or longer from the press release. At this time, the media analyst consider old news as they covered the press release.
The Marlin Business Service (NASDAQ-MRLN) Fourth Quarter and Year-end 2012 announcement was issued January 30, 2013. (1) The year-end 12/31/2012 10-K was filed on Friday, March 8, 2013 (2)
What follows are items, some mentioned in the press release, other not, as well as details that those in the leasing industry would find interesting ---that perhaps the general investing public would not even care, but insiders will find revealing.
In chronological sequence:
“ Our average original lease transaction was approximately $12,200 at December 31, 2012, and we typically do not exceed $250,000 for any single lease transaction. As of December 31, 2012, we serviced approximately 69,000 active equipment leases having a total original equipment cost of $842.4 million for approximately 58,000 small and mid-sized business customers.
“From our inception in 1997 to December 31, 2012, we have processed approximately 799,000 lease applications and originated over 334,000 new leases.”
“Our indirect origination channels account for approximately 5% of the active lease contracts in our portfolio and consist of our relationships with lease brokers and certain equipment dealers who refer end user customer transactions to us for a fee or sell us leases that they originated with end user customers.”
“We had personal guarantees on approximately 31% of our leases.
“ At December 31, 2012, approximately 55% of our end user customers insured the equipment under their existing policies. For the others, we offer an insurance product through a master property insurance policy…”
“In May 2000, we established AssuranceOne, our Bermuda-based, wholly-owned captive insurance subsidiary, to enter into a reinsurance contract with the issuer of the master property insurance policy. Under this contract, AssuranceOne reinsures 100% of the risk under the master policy, and the issuing insurer pays AssuranceOne the policy premiums, less claims, premium tax and a ceding fee based on a percentage of annual net premiums written.”
Equipment Category Percentage
“Within two hours of receipt of the application, the credit analyst is usually ready to render a credit decision on transactions less than $50,000."
“As of December 31, 2012, we employed 265 people. None of our employees are covered by a collective bargaining agreement and we have never experienced any work stoppages.”
“We are a Pennsylvania corporation with our principal executive offices located at 300 Fellowship Road, Mount Laurel, NJ 08054 (usury laws perhaps as well as Cannon is located in Mount Laurel, NJ-relationship not known at this time).”
At December 31, 2012, we operated from five leased facilities including our executive office facility, a Philadelphia office facility, two branch offices and the headquarters of MBB. Our Mount Laurel, New Jersey executive offices are housed in a leased facility of approximately 50,000 square feet under a lease that was set to expire in May 2013. We also lease 3,524 square feet of office space in Philadelphia, Pennsylvania, where we perform our lease recording and acceptance functions. Our Philadelphia lease expires in July 2013. In addition, we have a regional office in Johns Creek, Georgia (a suburb of Atlanta). Our Georgia office is 5,822 square feet and the lease expires in July 2013. The headquarters of MBB in Salt Lake City is 5,764 square feet and the lease expires in October 2014. We also lease 300 square feet for a sales office in Sherwood, Oregon. This lease commenced September 2010 and is on a month-to-month basis.
Subsequent to December 31, 2012, the Company extended its lease agreement on its executive offices in Mount Laurel, New Jersey from May 2013 to May 2020. Concurrently, the Company also entered into a lease agreement for an additional 9,700 square feet at the same location, which commences in June 2014 and expires in May 2020.”
Stock Repurchase Plan
“On November 2, 2007, the Board of Directors approved a stock repurchase plan. Under this program, Marlin is authorized to repurchase up to $15 million of its outstanding shares of common stock. This authority may be exercised from time to time and in such amounts as market conditions warrant. Any shares purchased under this plan are returned to the status of authorized but unissued shares of common stock. The repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time. The stock repurchases are funded using the Company’s working capital.
“There were 33,546 shares of common stock repurchased by the Company pursuant to the above plan during the year ended December 31, 2012. As of December 31, 2012, the maximum approximate dollar value of shares that may yet be purchased under the stock repurchase plan is approximately $5.1 million.
“In addition to the repurchases described above, pursuant to the 2003 Plan, participants may have shares withheld to cover income taxes. There were 111,769 shares repurchased to cover income tax withholding pursuant to the 2003 Plan during the year ended December 31, 2012, at an average cost of $14.21 per share.”
“Provision for credit losses. The provision for credit losses increased $1.8 million, or 43.9%, to $5.9 million for the year ended December 31, 2012 from $4.1 million for the year ended December 31, 2011, primarily due to the impact of portfolio growth and the ongoing seasoning of the portfolio, partially offset by lower charge-offs. Net charge-offs were $4.8 million for the year ended December 31, 2012, compared to $6.5 million for the year ended December 31, 2011. The reduction in net charge-offs was primarily due to improved delinquency migrations. Net charge-offs as a percentage of average total finance receivables decreased to 1.11% during the year ended December 31, 2012, from 1.81% for the year ended December 31, 2011. The allowance for credit losses increased to approximately $6.5 million at December 31, 2012, an increase of $1.1 million from $5.4 million at December 31, 2011.”
“Our leases offer our end user customers the option to own the equipment at lease expiration. As of December 31, 2012, approximately 67% of our leases were one dollar purchase option leases, 31% were fair market value leases and 2% were fixed purchase option leases, the latter of which typically contain an end-of-term purchase option equal to 10% of the original equipment cost. As of December 31, 2012, there were $29.9 million of residual assets retained on our Consolidated Balance Sheet, of which $23.8 million, or 79.6%, were related to copiers. As of December 31, 2011, there were $32.7 million of residual assets retained on our Consolidated Balance Sheet, of which $26.5 million, or 80.9%, were related to copiers. No other group of equipment represented more than 10% of equipment residuals as of December 31, 2012 and 2011, respectively...”
“Our leases generally include renewal provisions and many leases continue beyond their initial contractual term. Based on the Company’s experience, the amount of ultimate realization of the residual value tends to relate more to the customer’s election at the end of the lease term to enter into a renewal period, purchase the leased equipment or return the leased equipment than it does to the equipment type. We consider renewal income a component of residual performance. Renewal income, net of depreciation, totaled approximately $6.7 million, $7.5 million and $7.7 million for the years ended December 31, 2012, 2011 and 2010, respectively. The decline in renewal income was primarily due to fewer leases reaching the end of their original contractual terms during 2012, as a result of the lower originations during the 2008 to 2010 timeframe.”
Deloitte & Touche financial statement with disclosure of accounting beginning page 61 and continues to page 66, then footnotes from page 67 to all the legal footnotes and forms to page 107 (Of course, much more information that was included in the original press release--- and to those who understand accounting, quite precise.)
Companies who utilize Evergreen Clauses
Two of the companies on this list do a lot of copier leasing, where it is reported manufacturers are now getting a piece of auto-renewals and as well as insisting that they be in the lease as a condition of the business. Also included in the fine print in the LEAF contract is a one month rental return fee including an inspection fee at the location specified by lessor and while most contracts not return at lessee’s expense (it is not to the local dealer who supplied the copier, but often it reportedly is across the nation as a negotiating tactic.) (1)
The companies in this group use language in their purchase options to confuse, perhaps to deceive, with the result an automatic continuation for an additional twelve months of payments. Often they win transactions with lower monthly payments as the lessee is not aware of the practice at the end of the initial term of the lease.
Several have continuation of payments and the requirement of replacing the equipment for a new lease. Leasing News has had complaints involving companies who invoke the twelve months on a $1.00 purchase option, as well as on an Equipment Finance Agreements.
ACC Capital, Midvale, Utah
(Click on name to learn more about the company on this list)
More Copier Woes
Leasing Companies without Copier Leasing and Governmental Leasing Experience Shouldn’t Do Either. Here, Leasing Company Got Tagged for Invalid Lease.
CoActiv Capital Partners, Inc. v. Englewood Housing Authority, 2013 WL 512348
As I noted last month, copier leasing is a niche which is fraught with some highhanded and cutthroat practices. Combine copier leasing with governmental leasing, and you’ve just doubled your risk. Apparently, one leasing company thought they could just jump into the fray with little experience, and they got burned.
Englewood Housing Authority leases copiers. New Jersey, as well as most other States, has a competitive bidding statute which prohibits a lessor from just waltzing into a governmental agency and signing them up. Englewood Housing Authority had a contract with Ace Copiers which was made in accordance with New Jersey’s bidding law.
CoActive Capital Partners is an equipment lessor in Pennsylvania. It does not advertise that it finances copiers, let alone copiers for governmental use. Yet it did both in 2009. Apparently, one of Ace’s salesmen went to work for CoActive and showed up at the Englewood Housing Authority and observed the old Ace copiers, and promised it would replace them and take care of the old lease. One would think that the salesman, being an experienced governmental deal guy would have known about the New Jersey law, but apparently not. A new copier was installed with a contract balance of around $59,000. There was some evidence that the copier was over-priced in that the model only cost $26,000.
The Housing Authority noticed the problem and cancelled the lease within a few months. CoActive surprisingly sued the Housing Authority. The Court threw out the suit, stating that CoActive “should be aware of the applicable bidding laws, and the law presumes that public contractors operate with knowledge of relevant laws concerning the procedural and substantive discretion and authority of officials with whom they deal.”
CoActive appealed and made the ridiculous argument that the copier was for the use of the Housing Authority’s employees, and the law only applies to equipment which the public as a whole uses. Since the New Jersey law applies to any lease over $17,000, it was clear to the Court of Appeals that the government bidding law applied and that CoActive should have known about it before entering into the lease.
Now, CoActive has a used copier and no contract stream, and probably has the old Ace copiers as well.
The lessons for the equipment lessor are obvious here.
• First, Copier leasing is a specialty. If you’re used to leasing yellow iron, don’t try to enter this market.
• Second, Governmental leasing is also a specialty. If you’re used to doing corporate leases, don’t try to enter this market without a really good legal staff.
• Third, One way to get into both markets is to hire a salesman with experience in each market. But it was obvious from the opinion that this salesman knew the law and for some inexplicable reason went ahead and did this deal without governmental approval.
Tom McCurnin is a partner at Barton, Klugman & Oetting in Los Angeles, California.
Previous Tom McCurnin Articles:
“I Have an Offer---Now What?”
Question: I am considering an offer from a company and am very interested in the offer. What kinds of questions should I be asking about the company before accepting?
Answer: Before asking any question, identifying the health of the company must be high on your priority list. It is imperative to know that the company will be functioning in the future. Your role and future income is dependent on your performance, and the performance of the company.
Research and/or review the company’s financial information to determine if the company is growing, remaining static or declining. You will also want to examine the company’s strengths and weaknesses versus those of the competition to determine some relative position within the industry. Additionally, review the strength of the management team and management succession. Here are some points to consider:
There are of course many other points to consider before accepting an offer with a new employer, but understanding the historical and future success of the company should be a key factor in your decision making process.
Career Crossroads Previous Columns
Top Stories March 3--March 6
Here are the top ten stories opened by readers:
(1) Top Five Leasing Web Sites—
(2) Demand Up for Small Business Lending
(3) Leasing Schemes’ Court Cases Update
(4) California Bankruptcy Court Throws Out
(5) California Case Demonstrates
(6) New Hires---Promotions
(7) Lamborghini unveils $4 million car
(8) Placard---Do It!
(9) U.S. Bancorp Davis Remains Optimistic, but Cautious
(10) Leasing 102 by Mr. Terry Winders, CLP
Not Counted for Technical Reasons:
(Leasing News provides this ad as a trade for investigations
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Hedge Fund Manager Found and Jailed in Fraud
ILFC Awarded 2013 Lessor of the Year
NYC pension funds join effort to oust HP directors
TechFest gives glimpse of Microsoft’s future
Disruptions: Digital Era Redefining Etiquette
SparkPeople--Live Healthier and Longer
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The March wind roars
When winds are soft,
- Author Unknown
Tiger wins another WGC at Doral
Sacramento group's bid to buy Kings doesn't measure up
Boyle Ends Scoring Drought as Rangers Solve Ovechkin and Capitals
Howard leads Lakers past Bulls
NFL roundup: Top players attracting interest
Many left behind as Silicon Valley rebounds
Facebook's Sheryl Sandberg doubles down on 'Lean In' campaign
The World of Wine: What’s Trending This Spring
Treasures of the Alps by Eric Asimov
Wineries join up to form Mississippi River Hills Wine Trail
The 11th Annual Pinot Noir Summit Presents Rising Stars in the Pinot World
Wine Enthusiast magazine touts "fantastic finds" among Finger Lakes Rieslings
Wine, Etc.: White wines have many advantages over reds
Free Mobile Wine Program
Wine Prices by vintage
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in History
1665 -New York's English Deputies approved a new legal code, which guaranteed all Protestants the right to practice their religious observances unhindered. It seems those leaving the old world brought their religious prejudices with them, but with the intermingling of cultures, things began to change here. This action was the result of English proprietor of New York, James Duke of York who on February 28 th approved official recognition of all Protestant sects. Until this date, the official and only legal church was the Reformed Protestant Dutch Church. This unusual toleration of the Dutch Church by the English Church, by the way, contrasted sharply with the restrictive policies of the Dutch West India Company before its lost of the colony to the British in 1664. Despite this restriction, a great many unauthorized religious groups established footholds in the Dutch colony. This religious diversity inherited by the English proprietor in 1664 made the policy of toleration a practical necessity.
1731-Robert Treat Paine birthday, Jurist and signer of the Declaration of Independence. Born at Boston, MA; died there May 11, 1814
1778 - Marines participated the action when the Continental Navy frigate BOSTON, enroute to France, sighted, engaged, and captured the British merchant ship MARTHA. As the drum of the BOSTON beat to arms, John Adams seized a musket and joined the Marines on deck until the frigate's captain, Samuel Tucker, sent him below for safety.
1783 - George Washington forbids the unauthorized meeting of officers called for in the anonymous Newburgh Address and suggests a regular meeting of officers to discuss grievances to be held 15 March.
1789- Benjamin Banneker with Pierre L'Enfant began to lay out Washington in the District of Columbia, Benjamin Banneker has been called the first African American intellectual. Self-taught, after studying the inner workings of a friend's watch, he made one of wood that accurately kept time for more than 40 years. Banneker taught himself astronomy well enough to correctly predict a solar eclipse in 1789. At the request of President George Washington, Banneker was placed on the planning committee to develop the nation's capital. It was lucky for DC that he had been asked to be a part of that process. When Pierre LÌEnfant, the architect who had been asked to lead the design process, was fired for his bad temper he left the city taking all of the plans with him. In two days Benjamin Banneker recreated the complete layout of the streets, parks and major buildings all from memory. His effort saved the U.S. government innumerable time and effort. ( In trying to prove the date of this event, it appears part of this may be “legend” or “hoax” mixed in with the truth. L'Enfant is recognized as the designed and he was “fired.” “As chief designer of the new national capital, L'Enfant quickly antagonized the three commissioners in charge of making sure the place got built. When they complained, he alienated his principal supporters, including George Washington, who reluctantly fired him.”” Although L'Enfant's plan was followed he was dismissed in 1792 after being responsible for removing without permission, the house of Daniel Carroll, an important resident in the city.” “Banneker did not work with L'Enfant. Banneker returned home in April 1791. L'Enfant was appointed in March 1791 to a very different job and worked at that job until March 1792. They would never have met and Bannaker would never have seen L'Enfant's plans which were, according to him, still incomplete in 1792. L'Enfant still has the plans and lived just outside Washington until he died in 1825. He is (now) buried at Arlington Cemetery but refused an appointment as professor at West Point.”
1824 - The U.S. War Department created the Bureau of Indian Affairs. A lifelong friend and trusted aide of Ulysses S. Grant, Ely Parker rose to the top in two worlds, that of his native Seneca Indian tribe and the white man's world at large. He went on to become the first Indian to lead the Bureau.
1845- Wittenberg College was chartered in Springfield, Ohio, under Lutheran auspices.
1853 - Marines from the USS Cyane landed at San Juan del Norte, Nicaragua to protect American lives and interests during political disturbances. Cornelius Vanderbilt, the North American millionaire, recognizing the potential value of a canal route between the Atlantic and Pacific Oceans, felt that the best site for such a canal was across Nicaragua. He began transporting people (especially those prospecting for gold in the western U.S.) across Nicaragua using stagecoach and boats in 1851.
1861-The Confederate constitution was adopted unanimously by the Confederate congress in session at Montgomery, Ala. It declared the sovereignty of states and forbade passage of any law prohibiting slavery. Montgomery, Alabama, delegates from South Carolina, Mississippi, Florida, Alabama, Georgia, Louisiana, and Texas gathered and spelled out that their country wanted to preserve slavery, which was the reason for the formation of state. The constitution resembled the Constitution of the United States, even repeating much of its language, but was actually more comparable to the Articles of Confederation--the initial post- Revolutionary War U.S. constitution--in its delegation of extensive powers to the states. The constitution also contained substantial differences from the U.S. Constitution in its protection of slavery, which was "recognized and protected" in slave states and territories. However, in congruence with U.S. policy since the beginning of the 19th century, the foreign slave trade was prohibited. The constitution provided for six-year terms for the president and vice president, and the president was ineligible for successive terms. Although a presidential item veto was granted, the power of the central Confederate government was sharply limited by its dependence on state consent for the use of any funds and resources. Although Britain and France both briefly considered entering the Civil War on the side of the South, the Confederate States of America, which survived until April 1865, never won foreign recognition as an independent government The war was about slavery:
“Representatives and direct taxes shall be apportioned among the several States, which may be included within this Confederacy, according to their respective numbers, which shall be determined by adding to the whole number of free persons, including those bound to service for a term of years, and excluding Indians not taxed, three-fifths of all slaves.”
“No bill of attainder, ex post facto law, or law denying or impairing the right of property in Negro slaves shall be passed.”
“Congress shall also have power to prohibit the introduction of slaves from any State not a member of, or Territory not belonging to, this Confederacy.”
“The Confederate States may acquire new territory; and Congress shall have power to legislate and provide governments for the inhabitants of all territory belonging to the Confederate States, lying without the limits of the several Sates; and may permit them, at such times, and in such manner as it may by law provide, to form States to be admitted into the Confederacy. In all such territory the institution of Negro slavery, as it now exists in the Confederate States, shall be recognized and protected by Congress and by the Territorial government; and the inhabitants of the several Confederate States and Territories shall have the right to take to such Territory any slaves lawfully held by them in any of the States or Territories of the Confederate States.”
1865- General William T. Sherman captured the town of Fayetteville, North Carolina, and promptly destroyed the Fayetteville arsenal
1867 - Acquiescing to the will of Congress, President Andrew Johnson appoints commanders for the five military districts carved out by the First Reconstruction Act; 20,000 troops, including black militia, are sent south. Under their protection over 70,000 blacks and 6,000 whites are registered to vote. Many of the whites are landless people who have been prevented from voting in previous years. Coalitions of blacks and southern whites, “scalawags” as they are called, elect representatives sensitive to their needs. With the army also come thousands of northerners, some to help and some to help themselves. These become know as “carpetbaggers” since many seem to have all of their possession in large cheap bags, often made of carpet. In spite of corruption that plays a large part in the post-war years, much food, shelter and technical help will be provided.
1888- Great Blizzard of 1888 rages
1898-Dixieland trombone player Miff Mole born Roosevelt NY
1901-Birthday of Gladys Rockmore Davis, U.S. artist who has works hanging in the Metropolitan Museum of Art.
1903-bandleader Lawrence Welk born at Strasburg, ND. He learned to play the accordion and at 17 formed his first band. After playing all over the Midwest, he moved to Los Angeles where in 1955 his show began its nationwide television broadcast of 'Champagne Music." The longest-running program in TV history, "The Lawrence Welk Show" played each Saturday on ABC from 1955 until 1971 when it was dropped because sponsors thought its audience was too old. One of my closest high school friends, Warren Luening, came from New Orleans to play on this show as a teenager. Today he is a sought after top studio musicians, his trumpet solo's noted on records for Frank Sinatra, Barry Manilow, among many others, plus major motion picture credits. Welk kept the show on a network of more than 250 independent stations for 11 more years after the network, and still can be seen in reruns. Welk's entertainment empire included the purchase of royalty rights to songs, including the entire collection of songs by Jerome Kern. He also was a major real estate investor. His son Larry manages the estate today.
1903- Dorothy Schiff Thackrey birthday, although born to wealth, she bolted the Republican party to engage in social welfare work. In 1939 she bought the New York Post. She wrestled it though the NYC newspaper wars and it lasted as the only daily afternoon paper.
1907- a number of rich and famous women of the day including Mrs. John Jacob Astor, Maude Adams, Ethel Barrymore, Mrs. Walter Damrosch, and Mrs. Harry Payne Whitney opened their own women's club The Colony with a clubhouse at 112 Madison Ave., New York City, the first time women had their own public gathering place.
1907 - After some delays, the trial of political boss Abe Ruef begins, on a charge of felony extortion in demanding the proprietors of Delmonico's restaurant to pay him $1,175 under a threat that he would hold up their liquor license if they did not submit to his demand.
1911 -the US snow depth record of 451 inches was measured at Tamarack, California.
1913- composer John Weinzweig, a pioneer of 20th- century composing methods in Canada, was born in Toronto. Weinzweig was the first Canadian to explore the 12-tone technique in his 1939 work "Suite for Piano Number One." Weinzweig's works are considered to be one of the cornerstones of the Canadian repertoire. His ballet suite, "Red Ear of Corn," composed in 1949, is his best known composition.
1918-The first cases of the "Spanish" influenza were reported in the US when 107 soldiers became sick at Fort Riley,KS. By the end of 1920 nearly 25 percent of the US population had had it. As many as 500,000 civilians died from the virus, exceeding the number of US troops killed abroad in WWI. Worldwide, more than 1 percent of the global population, or 22 million people, had died by 1920. Due to the panic, cancellation of public events was common and many public service workers wore masks on the job. Emergency tent hospitals were set up in some locations due to overcrowding.
1919- birthday of band leader/composer Mercer Ellington, Duke Ellington's only son, Washington, DC.
1922-Drummer Jackie Mills born Brooklyn NY
1922- Madeline Houston McWhinnery birthday, founder of the First Women's Bank in New York City, the first full-service U.S. commercial bank to be predominantly owned and operated by women. In 1989, the name was changed to First New York Bank For Business and in 1994, it was liquidated.
1926- Sax player Billy Mitchell born Kansas City MO
1927-First Armored Car Robbery: the Flatheads Gang staged the first armored truck holdup in U.S. history on the Bethel Road, seven miles out of Pittsburgh, Pennsylvania, on the way to Coverdale. The armored truck, carrying $104,250 of payroll money for the Pittsburgh Terminal Coal Company, drove over a mine planted under the roadbed by the road bandits. The car blew up and five guards were badly injured.
1932-Jazz violinist Leroy Jenkins born 1932 Chicago IL
1935- Bank of Canada opens.
1937-Hudson Delange Bank cuts “Sophisticated Swing.”
(see Will Hudson--- http://nfo.net/.CAL/th12.html
1941- the Lend-Lease program began which enabled Great Britain to borrow money from the US to buy food and arms during World War II, went into effect.
1942 - Vaughn Monroe and his orchestra recorded "Sleepy Lagoon", the last song Monroe recorded for Bluebird Records. Vaughn sang while Ray Conniff played trombone. Both later went to different record companies: Monroe with RCA and Conniff with Columbia. The baritone of Monroe was heard on radio, and he was in several movies in the 1950s. He died in May of 1973. "Racing With the Moon" and "Ghost Riders in the Sky" were two of his greatest contributions to music.
1942- Canadian folk singer and songwriter David Wiffen born.
1942 - After struggling against great odds to save the Philippines from Japanese conquest, U.S. General Douglas MacArthur abandons the island fortress of Corregidor under orders from President Franklin Roosevelt. Left behind at Corregidor and on the Bataan Peninsula were 90,000 American and Filipino troops, who, lacking food, supplies, and support, would soon succumb to the Japanese offensive. After leaving Corregidor, MacArthur and his family traveled by boat 560 miles to the Philippine island of Mindanao, braving mines, rough seas, and the Japanese Navy. At the end of the hair-raising 35-hour journey, MacArthur told the boat commander, John D. Bulkeley, "You've taken me out of the jaws of death, and I won't forget it." On March 17, the general and his family boarded a B-17 Flying Fortress for Northern Australia. He then took another aircraft and a long train ride down to Melbourne. During this journey, he was informed that there were far fewer Allied troops in Australia than he had hoped. Relief of his forces trapped in the Philippines would not be forthcoming. Deeply disappointed, he issued a statement to the press in which he promised his men and the people of the Philippines, "I shall return." The promise would become his mantra during the next two and a half years, and he would repeat it often in public appearances. For his valiant defense of the Philippines, MacArthur was awarded the Congressional Medal of Honor and celebrated as "America's First Soldier." Put in command of Allied forces in the Southwestern Pacific, his first duty was conducting the defense of Australia. Meanwhile, in the Philippines, Bataan fell in April, and the 70,000 American and Filipino soldiers captured there were forced to undertake a death march in which at least 7,000 perished. Then, in May, Corregidor surrendered, and 15,000 more Americans and Filipinos were captured. The Philippines--MacArthur's adopted home--were lost, and the U.S. Joint Chiefs of Staff had no immediate plans for their liberation. After the U.S. victory at the Battle of Midway in June 1942, most Allied resources in the Pacific went to U.S. Admiral Chester Nimitz, who as commander of the Pacific Fleet planned a more direct route to Japan than via the Philippines. Unperturbed, MacArthur launched a major offensive in New Guinea, winning a string of victories with his limited forces. By September 1944, he was poised to launch an invasion of the Philippines, but he needed the support of Nimitz's Pacific Fleet. After a period of indecision about whether to invade the Philippines or Formosa, the Joint Chiefs put their support behind MacArthur's plan, which logistically could be carried out sooner than a Formosa invasion. On October 20, 1944, a few hours after his troops landed, MacArthur waded ashore onto the Philippine island of Leyte. That day, he made a radio broadcast in which he declared, "People of the Philippines, I have returned!" In January 1945, his forces invaded the main Philippine island of Luzon. In February, Japanese forces at Bataan were cut off, and Corregidor was captured. Manila, the Philippine capital, fell in March, and in June MacArthur announced his offensive operations on Luzon to be at an end; although scattered Japanese resistance continued until the end of the war in August. Only one-third of the men MacArthur left behind on March 11, 1942, survived to see his return. "I'm a little late," he told them, "but we finally came."
1945- rock guitarist Harvey “Snake” Mandel was born in Detroit. He learned blues guitar in Chicago, and beginning in 1968 played on albums by such artists as Canned Heat and John Mayall. Mandel developed into one of the most sought-after session men, as well as releasing several albums on his own.
1947- Mark Stein, organist with Vanilla Fudge, one of the first heavy-rock bands, was born in Bayonne, New Jersey. Vanilla Fudge's extended and slow-motion version of the Supremes' "You Keep Me Hangin' On" was a top-ten hit in 1968. Their debut album contained similarly extended versions of such songs as "Eleanor Rigby," "Ticket to Ride" and "Bang Bang." The group called their music "psychedelic-symphonic rock," but audiences soon tired of it. Vanilla Fudge broke up in 1970. Mark Stein later formed a group called Boomerang. There was a Vanilla Fudge reunion in 1986.
1948-a record cold followed in the wake of a Kansas blizzard. Lows of 25 degrees below zero at Oberlin, Healy, and Quinter, Kansas established a state record for the month of march. Lows of 15 degrees below zero at Dodge City, 11 degrees below zero at Concordia, and 3 degrees below zero at Wichita were records for March at these locations. The low of 3 degrees below zero at Kansas City, Missouri was their latest subzero reading of record.
Music, Music, Music - Teresa Brewer
I Said My Pajamas - Tony Martin & Fran Warren
Dear Hearts and Gentle People - Bing Crosby
Chatanoogie Shoe Shine Boy - Red Foley
1950- singer Bob McFerrin born, New York, New York
1950 -- Frankie Laine's "The Cry Of The Wild Goose" hits #1
1952-Guitarist Johnny Smith along with Stan Getz cut Moonlight in Vermont, NYC.
Don't/I Beg of You - Elvis Presley
Sweet Little Sixteen - Chuck Berry
Lollipop - The Chordettes
Ballad of a Teenage Queen - Johnny Cash
1958-After finding out that her husband, Jerry Lee Lewis has married his 13 year old cousin, Jane Mitcham files for divorce.
1959-RCA sends a Gold record to Elvis Presley as his single, "A Fool Such As I" reaches the one million sales mark.
1959- the first play by an African-American woman to appear on Broadway was “Raisin in the Sun,” by Lorraine Hansberry, which opened at the Ethel Barrymore Theatre, New York City. It was a story about an African-American family living in the Southside area of Chicago and starred Sidney Poitier, Ruby Dee, and Claudia McNeil.
1960-Pioneer 5 was launched from Cape Canaveral, the first spacecraft placed in solar orbit to investigate interplanetary space between the orbits of Earth and Venus. It transmitted data for 138.9 hours.
1962 -a record heavy snowfall occurred in Iowa, leaving up to 48 inches (at Inwood) on the ground. It was described as "one of the most paralyzing snowstorms in decades".
1963- the Rolling Stones entered the IBC Studios in London for their first recording session. They recorded cover versions of songs by their r'n'b heroes - Bo Diddley, Willie Dixon and Jimmy Reed. The recordings were never released.
The Ballad of the Green Berets - SSgt Barry Sadler
Listen People - Herman's Hermits
California Dreamin' - The Mamas & The Papas
Waitin' in Your Welfare Line - Buck Owens
1967 -- "Yesterday" by the Beatles becomes the most-covered song of all time, notching 446 recorded versions in just two years' time
1967-- The Supremes' "Love Is Here And Now You're Gone" hits #1
1968 - Otis Redding was posthumously awarded a gold record for the single, "(Sittin' on) The Dock of the Bay". On December 10, 1967, Redding was killed in a plane crash in Lake Monona in Madison, Wisconsin, and was inducted into the Rock and Roll Hall of Fame in 1989. The song, recorded just three days before his untimely death, was one of 11 charted hits Redding recorded between 1965 and 1969.
1968-The Supremes enjoy their ninth Billboard number one record with "Love Is Here and Now You're Gone"
1969 -- The Jackson 5 sign with Motown.
1970-KELLOGG, ALLAN JAY, JR. Medal of Honor
Rank and organization: Gunnery Sergeant, U.S. Marine Corps (then S/Sgt.), Company G, 2d Battalion, 5th Marines, 1st Marine Division. place and date: Quang Nam province, Republic of Vietnam, 11 March 1970. Entered service at: Bridgeport, Conn. Born: 1 October 1943, Bethel, Conn. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a platoon sergeant with Company G, in connection with combat operations against the enemy on the night of 11 March 1970. Under the leadership of G/Sgt. Kellogg, a small unit from Company G was evacuating a fallen comrade when the unit came under a heavy volume of small arms and automatic weapons fire from a numerically superior enemy force occupying well-concealed emplacements in the surrounding jungle. During the ensuing fierce engagement, an enemy soldier managed to maneuver through the dense foliage to a position near the marines, and hurled a hand grenade into their midst which glanced off the chest of G/Sgt. Kellogg. Quick to act, he forced the grenade into the mud in which he was standing, threw himself over the lethal weapon and absorbed the full effects of its detonation with his body thereby preventing serious injury or possible death to several of his fellow marines. Although suffering multiple injuries to his chest and his right shoulder and arm, G/Sgt. Kellogg resolutely continued to direct the efforts of his men until all were able to maneuver to the relative safety of the company perimeter. By his heroic and decisive action in risking his life to save the lives of his comrades, G/Sgt. Kellogg reflected the highest credit upon himself and upheld the finest traditions of the Marine Corps and the U.S. Naval Service.
1970-The 1969 Grammy Award winners are announced. The Fifth Dimension's "Aquarius/Let the Sunshine In" is Record of the Year. Blood, Sweat and Tears, by the band of the same name is "Album of the Year" and Joe South's "Games People Play" is Song of the Year. Also, Crosby, Stills and Nash won the Best New Artist
1970-- The Beatles release, "Let It Be"
1971-TV's fictional Rock band, The Partridge Family, featuring David Cassidy on vocals, receives a Gold record for "Doesn't Somebody Want to be Wanted". It's the second of their five Top 20 hits.
1971 - Television networks ABC, NBC and CBS were told by the Federal Communications Commission that a limited three-hour nightly program service -- or ‘prime time' -- would begin in September. The network programs were to be slotted between 8 and 11 p.m. on the East and West coasts -- an hour earlier in the Central and Mountain time zones.
1972 -- Neil Young's album Harvest hits #1
Seasons in the Sun - Terry Jacks
Boogie Down - Eddie Kendricks
Jungle Boogie - Kool & The Gang
There Won't Be Anymore - Charlie Rich
1982 - Marin County Supervisor Barbara Boxer officially files for the congressional seat being vacated by John Burton. Boxer, 41 , a former aide to Burton, says she will run against President Ronald Reagan's economic and enviromental policies. Mayor Dianne Feinstein says a San Franciscan should hold the seat, but Boxer has ralied support from San Francisco's leftist activists.
Centerfold - The J. Geils Band
Open Arms - Journey
I Love Rock 'N Roll - Joan Jett & The Blackhearts
You're the Best Break This Old Heart Ever Had - Ed Bruce
1985 - DJs around the U.S. began questioning listeners to see which ones could name the 46 pop music stars who appeared on the hit, "We Are the World". The song, airing first on this day as a single, contains a “Who's Who” of contemporary pop music.
1986-After years of debate, NFL owners adopted a rule change allowing the limited use of televised replays to assist the officials on the field. This system was eliminated after the 1991 season and has been debated periodically ever since.
1988 - A blizzard raged across the north central U.S. Chadron NE was buried under 33 inches of snow, up to 25 inches of snow was reported in eastern Wyoming, and totals in the Black Hills of South Dakota ranged up to 69 inches at Lead. Winds gusted to 63 mph at Mullen NE. Snow drifts thirty feet high were reported around Lusk WY.
1989 - Twenty-one cities in the central and southwestern U.S. reported new record high temperatures for the date. The afternoon high of 95 degrees at Lubbock TX equaled their record for March.
1990 - Forty-four cities in the central and eastern U.S. reported record high temperatures for the date. Record highs included 71 degrees at Dickinson ND and Williston ND, and 84 degrees at Lynchburg VA, Charleston WV and Huntington WV. Augusta GA and Columbia SC tied for honors as the hot spot in the nation with record highs of 88 degrees. A vigorous cold front produced up to three feet of snow in the mountains of Utah.
Escapade - Janet Jackson
Dangerous - Roxette
Roam - The B-52's
Chains - Patty Loveless
1993-Eric Clapton hit number 1 in the US with his "Unplugged" album that had been in the Top Ten for six months. The additional attention created by his six Grammys at the annual awards ceremony pushed sales of his live album even higher. "Unplugged" beat out "Achtung Baby", "The Beauty and The Beast" soundtrack and albums by Annie Lennox and kd lang for album of the year.
1994- Mary Wilson was the only original member on hand as the Supremes received their star on Hollywood's Walk of Fame. Diana Ross, who split with the Supremes in 1970, was in Europe. The third original Supreme, Florence Ballard, died in 1976.
1994 - "I just can't stop laughing, I can't stop crying," the reaction of Helen Cunliffe, longtime advocate of the women's priest lobby, when the Church of England voted to ordain women as priests, November 10, 1992. The first women priests were ordained March 11, 1994 and performed their first priestly duties Sunday March 13, 1994, Mother's Day in England.
1996- Celine Dion's "Falling Into You" was released. By the end of the year, the album had sold more than 18-million copies worldwide.
1996-Paul McCartney, George Harrison and Ringo Starr turn down a $225 million offer to do a reunion tour.
1997- Paul McCartney was knighted by the Queen in a ceremony at Buckingham Palace. Hundreds of fans, some wearing T-shirts that read "Arise Sir Paul," cheered his arrival and stayed outside the palace until he emerged.
1997- the Columbus Quest defeated the Richmond Rage, 77-64, to win the fifth and deciding game in the American Basketball League's first championship series. Columbus had trailed two games to one. The Quest were lead by Valerie Still, who scored 14 points and was named Most Valuable Player of the finals.
1998 - French authorities dug up the remains of legendary French singer and actor Yves Montand and whisked them to a laboratory for DNA tests to settle a paternity suit. . ( You may say, “What has this to do with American History and my closest answer is that he was an old flame of Marilyn Monroe.) The tests would determine if Montand was the father of Aurore Drossard, age 22, who claimed she was his daughter and wanted part of his estate. Montand died in 1991 at age 70, just three days before he was to testify in the lawsuit. While alive, he refused to submit to the DNA testing, but was forced to do it in death. Yves Montand was a popular French nightclub singer and movie actor, most famous for his dramatic role in the 1953 thriller The Wages of Fear. His long marriage to actress Simone Signoret weathered his reputation as a ladies' man, including his famous dalliance with Marilyn Monroe, his co- star in Let's Make Love (1960). In the 1980s Montand had a second wind, with character roles in several films including Jean de Florette (1986). By the way, the DNA tests proved she was not his daughter
2001- Preston Wilson signs a $32 million, five-year contract with Florida. The 26-year old Marlin center fielder, the franchise's first 30-30 player, was obtained from the Mets in the Mike Piazza deal.
2006 - Phoenix's record run for dry days finally ends at 143 days. The last measured rain fell on October 18, 2005. Not only did the rain break the dry spell, the 1.40 inches that fell was a record amount for the date.
2008- In New York, The Ventures, Leonard Cohen, and the Dave Clark Five are among those inducted into the Rock and Roll Hall of Fame.
2010--ETCHBERGER, RICHARD L. Medal of Honor
Rank: Chief Master Sergeant, Organization: U.S. Air Force, Company: Detachment 1, Division: 1043d Radar Evaluation Squadron, Born: 5 March 1933, Departed: Yes (03/11/1968), Entered Service At: Hamburg, Pennsylvania, G.O. Number: , Date of Issue: 09/21/2010, Accredited To: Pennsylvania, Place / Date: Phou Pha Thi, Laos, 11 March 1968. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Chief Etchberger and his team of technicians were manning a top secret defensive position at Lima Site 85 when the base was overrun by an enemy ground force. Receiving sustained and withering heavy artillery attacks directly upon his unit’s position, Chief Etchberger’s entire crew lay dead or severely wounded. Despite having received little or no combat training, Chief Etchberger single-handedly held off the enemy with an M-16, while simultaneously directing air strikes into the area and calling for air rescue. Because of his fierce defense and heroic and selfless actions, he was able to deny the enemy access to his position and save the lives of his remaining crew. With the arrival of the rescue aircraft, Chief Etchberger, without hesitation, repeatedly and deliberately risked his own life, exposing himself to heavy enemy fire in order to place three surviving wounded comrades into rescue slings hanging from the hovering helicopter waiting to airlift them to safety. With his remaining crew safely aboard, Chief Etchberger finally climbed into an evacuation sling himself, only to be fatally wounded by enemy ground fire as he was being raised into the aircraft. Chief Etchberger’s bravery and determination in the face of persistent enemy fire and overwhelming odds are in keeping with the highest standards of performance and traditions of military service. Chief Etchberger’s gallantry, self-sacrifice, and profound concern for his fellow men at risk of his life, above and beyond the call of duty, reflect the highest credit upon himself and the United States Air Force.
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