Friday, February 11, 2005
Classified Ads—Outsourcing --Back Office
New Dress Code for Portland, Oregon Office
Preferred Capital, Brecksville, Ohio
Vanguard Capital, Orange, California
Classified Ads---Help Wanted
Kendra Bernal Gets One Year in County Jail
Mayer's Business Leasing News March, 2005 Edition
Marlin to Address Certain Business Fee Income
Access National Earnings Driven by 63% Asset Growth
Consumer Vehicle Lease Volume Up 5% in 2004
CIT $2.5 Billion Canadian Infrastructure Fund
"Gimme that Wine"
This Day in American History
######## surrounding the article denotes it is a “press release”
If you wish to visit today's issue, please save it, as we may run into technical difficulties late this afternoon. We are in the process of again, up-grading our server, and may be “down” for 24 hours or longer. Our e-mail will also be disrupted. These transitions can be smooth, but with well over 1 gig of disk space, we expect it will not be a smooth operation. On Thursday, we are replacing our “hard wire firewall” plus installing new software for security purposes primarily. This is another expensive outlay, but required as we continue to fight off hackers.
Here is an excellent leasing association conference, especially if you are a golfer and also want to enjoy the beautiful, warm weather at this time of the year.
Classified Ads—Outsourcing --Back Office
Atlanta , GA.
GlobalTech Portfolio Services provides world class lease, loan administration and asset management for equipment and vehicles. Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216
Let Tax Partners handle your sales and use tax compliance duties w/less risk and cost than in-house. Largest tax compliance firm in US
Property Tax and sales and use tax administration services performance is guaranteed and we will save you time and money or our service is free.
JDR Solutions, LLC specializes in delivering customized back-office lease portfolio admin./ASP services for lessors, banks, manufacturer captives: other financial institutions. Paul Henkel (317) 251-5352 ex. 7201
CIT's Portfolio Service Group: providing cost-effective lease/portfolio services: Accounting, Tax Reporting, Collection svc, End of Lease Solutions, Front End Documentation, Invoicing, and on-line reporting
20 years experience on funder/broker sides. Looking for a relationship where I act as credit shop for smaller brokers when financial statements are involved.
New Rochelle, NY
Proactive management/administration of commercial/consumer vehicle lease/finance portfolios covering insurance, titles, registrations, sales/property taxes, tickets, collections, accounting, vehicle disposition. Since 1975
Our staff of CPA's and lease professionals can handle any or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/income tax, accounting, etc.
San Rafael, CA
We can run your back office from origination to final payoff. 30 years experience in commercial equipment lease and loan portfolio management.
Full list of all “outsourcing classified ads:”
New Dress Code for Portland, Oregon Office
Sal Maglietta, with paper bag: new president and CEO of U.S. Bancorp Equipment Finance, arrives in Portland, Oregon, from New York City, bringing neck ties--- new dress code for all male employees...except on Friday, “Free Dress Day.”
Preferred Capital, Brecksville, Ohio
Leasing News has received several “insider” reports that the company may be closing its doors, primarily due to the debt with NorVergence and many lawsuits involved. We have been trying to get an “official” confirmation or denial since last week.
We have several telephone calls to the company, who appear to have an operator, who states she is referring our telephone calls to appropriate persons, but to do date, no confirmation or denial of their continued operation. Other inquiries are not being directly answered. According to a highly reliable source, the company is actively working with creditors to avoid filing bankruptcy. They are “...still in business, this week,” we were told.
Others tell us they are in the process of closing, as it appears they cannot work out the cash flow with their banks and other creditors.
To answer some questions from readers, this company is not connected in any way with CapitalWerks of Southern California. who purchased a company with a similar name. Or with the company out of Ardmore, PA, with the same name. Or the mortgage company out of Waterbury, Connecticut. Or Huntington Preferred Capital in Columbus, Ohio.
Or any other such companies. This company is a member of the Equipment Leasing Association, according to their web site, and their physical address is:
6860 W Snowville Rd,Ste 110
Brecksville, OH 44141
As to pending NorVergence suits and court cases, perhaps they will be handled by creditors, and there is no indication that a Chapter 11 Bankruptcy will be filed, but it is too early to tell at this time.
Relationships with Sky Bank or Huntington Bank were mentioned, but Leasing News could not get confirmation or denial on these issues. It appears several banks had purchased their contracts, more than just two. We are also told settlements with NorVergence lessees has been difficult as the leases were sold to several banks and the settlements are much less than what is owed on these various discounted lease contracts. The news is traveling fast, and brought such responses as this one on the Yahoo List serve of NorVergence lessees:
“I'm sure that each and every entity on this board feels nothing but empathy for the employees of Preferred Capital as the events of last summer continue to affect the livelihoods of those who do not deserve such penalty. However, if there was ever an example of due diligence failure, it obviously falls far beyond the "leases" and their "relatively unsophisticated" business savvy (which is a term I can live with, frankly) when a leasing company risks their business model on a high-yield bet. It is certainly nothing to celebrate about.
“What might be something to celebrate, is an opportunity for Preferred Capital to exhibit grace under pressure and perhaps be magnanimous enough to provide assistance to our group and the agencies that are, in fact, trying to get to the bottom of this mess for the sake and future protections of everyone involved. This includes the banks, leasing companies, and honest business practices that equally stand to be twisted around and used as a weapon for profit in the future.”
Our flash report sent out yesterday brought some other confirmations, such as:
“I spoke to one salesman who has been looking for awhile, and he is taking a job with ********.
He said they let everybody go, skeleton crew...
Some of them are trying to get funding to start a new company as soon as they can.”
(This from a very reliable source-Name With held )
“I received an e-mail from my contact at Preferred (I am a customer)
indicating that they had shut down operations. I called this person
who said that the NorVergence situation was the reason. Sounds like
they have just a skeleton crew working and they're scrambling to work
things out with creditors.
”I have contacted them to see if they're willing to negotiate a fair
settlement on my Norvergence lease. I did this two months ago and
their response was not acceptable to me. I'll see what they're willing
to do now.
”This is all I know right now.”
(name with held )
This is one of the e-mails we received, and since it was sent to the client list, and we have the list as it was sent in a broadcast e-mail ( we are not including ), but are we consider this now public knowledge as it is being sent like a “chain letter” over the internet:
“Wanted to let you know that Preferred Capital, Inc. has closed.
”I have accepted a new position with a company by the name of Partners Equity Capital Corporation.
”I will be responsible for establishing a "focused" Home & Alternate Care Financing Division within PECC.
”You can continue to reach me at the following numbers:”
”Home Office: (866) 301-7043
Mobile: (330) 283-9483
Fax: (330) 220-9894
”My home office mailing address is:
1876 Meadow Drive
Hinckley, OH 44233
Partners Equity Capital is located at:
655 Business Center Drive
Horsham, PA 19044
Main Tel: (267) 960-4000
”Thank you for your past support and I look forward to working with you in the very near future.
”If you plan on attending Medtrade in Las Vegas, I look forward to speaking with you there.
”Thanks again for your past support.”
Also we have received e-mails, such as:
“I'm responding to your request for comments about Preferred
Capital, which is located in Cleveland (actually a suburb) where my
company is also. A couple of months ago I had a sales rep from
Preferred Capital who works out of their home office come to me to see if we could help fund some of his deals because he was told that Preferred Capital was at that time under a 30 day funding
moratorium. In addition, he said that one or some (I don't remember
which) of his company's checks to his vendor(s) recently bounced. He
worked with me for about 30 days, and then stopped communicating with me
- so I don't know what the conclusion, if any, at his company is.
However, during that time I also called Preferred Capital myself and
spoke with Tony Polito who shared a little more information with me. He said that Preferred Capital had a number of leases in the Norvergence portfolio, and that was the cause of their problems. I really don't know any more than this - whether this means that they were having trouble selling their portfolio to free up their funding lines, or whether that means that they were being forced to buy back leases that they'd already sold - I just don't know. In any case, that's the info that I have. I trust that you'll only use names if/when appropriate and treat this information professionally.”
“Preferred Capital has suffered dismissals of a number of cases in Summit County Ohio on grounds of misuse of the 'forum selection' clause. These adverse rulings can be appealed, and don't have to be observed by other judges in Ohio. These case dismissals in Ohio also mean Preferred could chose to sue Norvergence victims in their home states, or in New Jersey .
The Archive URL:
“scroll down to the bottom for the 'Preferred' Section”
Vanguard Capital, Orange, California
By Kit Menkin
Still in business, but going through a terrible move, according to a minority principal, Chad Lee. By the way, Mark Johnston has not been with the company for over a year, and should be removed from the Better Business Bureau report ( which he says he will follow-up on.)
Here is their new address:
4540 Campus Drive, Suite 111
Newport Beach, Ca. 92660
They are downsizing, and in the move, found that their digital telephone system did not work at the new location as the telephone wires are too old, can't even take DSL, so they have been without their “published” telephone number for six days. Chad says they did let some people go during this down sizing, ”some very good people, who we hope will find a new job soon.
“I had a funding lady whom I've known since my Saddleback Financial days in 1997 and we had to let her go after 2 1/2 years,” he explains. “ Just 3 months prior, her husband passed away and I attended the funeral.. I was literally sick to my stomach letting her go because of the bad timing.
“She's a great lady and has over 20 years experience in documentation and funding. We gave her a severance package and I wish there was someone hiring here in Orange County. I made calls to some brokers I know that are good friends of mine like Nationwide Funding, Cambridge Capital, etc. and no one is hiring right now. Down sizing was not something we wanted to do...”
As evidenced by the list, the closing of the GE broker division has affected many brokers and leasing companies, and even large companies, such as American Express Business Finance, have downsized, selling off this division to Key Equipment Finance in Boulder, Colorado. Vanguard Capital is not alone in the smart move of reducing expenses, shoring up their boat for the rough seas ahead of us all.
In reference to the complaint we received, Chad read the papers, wrote a check and put in a Federal Express envelope, faxing a copy to us the same day. In the past, all complaints have been resolved by Chad Lee or his staff, and the unanswered telephone and word of letting some people go, pushed the panic button. Chad Lee says they are smaller, but more efficient, and hopefully will be up to full speed as soon as the telephone situation is corrected. They are presently working out of a executive suite using a dial-up to connect to the internet.
Classified Ads---Help Wanted
Collection attorney - three to five years experience, creditor rights and bankruptcy experience is a must - contact: firstname.lastname@example.org
Spiwak & Iezza, LLP, Westlake Village, Ca. is an extremely aggressive collection law firm that believes in taking action against debtors quickly and pushing through to final resolution without delay.
Marketing Officer, generate/maintain relationships w/equip. leasing companies nationwide. Heavy phone/moderate travel. Ability to read/understand FS/tax returns required. Indirect marketing exp. necessary plus computer skills. Bachelor's degree.
Email resume to email@example.com
Bank of the West and its subsidiaries are equal opportunity/affirmative action employers. It is our policy to recruit, advertise, employ, promote, transfer, discipline, and discharge without regard to race, religion, color, national origin, ancestry, age, physical or mental disability, medical condition, veteran status, sexual orientation, sex, marital status, or any other protected status.
Middle Market Sales Representative
Middle Market Sales Rep.: exp. sales reps throughout country for middle market leasing/financing. Must have min.5-years exp. in “hard assets” ranging from 100K -$1.0MM generated from vendor and /or direct sources. Excel. benefits, base salary and commission program. Resumes to firstname.lastname@example.org .
About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc
National Account Manager
Nat'l Acct. Mgr: Looking for acct mgr's w/limited leasing exp. and good comm. skills. Good commission plan w/emerging company. Send responses & resumes to email@example.com or call 866-434-7555, ext 7838
Platform Business Manager / Asset Manager
Platform Business Manager: Veteran w/ proven sales mngt. Will serve as primary point of contact for bank relationships and manage origination teams to effectively penetrate the market.
Asset Manager: Organized, decisive individual w/ asset mngt./ remarketing exper., covering wide range assets from manufacturing equipment to transportation, energy-related,, technology, retail, etc.
Send your resume to: Kathy.firstname.lastname@example.org
About the Company: RBS Lombard, Inc., based in Chicago, is a member of The Royal Bank of Scotland Group, an AA rated company that is the 6th largest bank in the world by market capitalization as of January 14, 2005. Founded in 2002, RBS Lombard, Inc. has grown to net assets exceeding $2.8 billion and new business volume surpassing $1.1 billion in 2004.
Sales Professionals: Outstanding opportunity for Equipment Finance Leasing professionals with middle market finance leasing backgrounds, an existing or established book of business, and at least 2 plus years experience. Banking background preferred, not required. Fast paced environment. Greater NYC area, lease teams okay! E-Mail: email@example.com
Please visit our website at: http://www.myindependence.com
Baltimore/Washington based Sales Rep. - To develop vendor & lessee direct originations. Requires 3+ yrs commercial sales exp. For full description and application, click here for more information.
Madison Capital, a Baltimore based equipment and vehicle leasing company for 30 years is a national provider of direct financing services for both vendors and lessees. www.madisoncapital.com
Small Ticket Sales Representative
Great opportunity for experienced small ticket sales rep. We will provide the back office support and you keep all the commission less a fixed monthly admin. fee.
Please email your resume in confidence to firstname.lastname@example.org
Advantage Leasing is a 20 yr. old company located in West Chester, PA. We have multiple funding sources as well as internal financing.
Kendra Bernal Gets One Year in County Jail
by Christopher Menkin
After all is said and done, including many postponements, Kendra Bernal plead guilty directly to the judge, made now deals with the district attorneys office, said she would continue to make restitution and was sorry, so after all the publicity and hard work by California Riverside District Attorney Steven Counelis and his staff, she through herself and asked for “mercy” from the court.
True to the end, she was an excellent sales person. Many truck dealers, leasing brokers, truckers, and others ,lost a lot of money, had many heartaches, loss of business and trucking contracts. She held off all the news expose from Landline Magazine (( trade publication for the professional truckers, official publication of the owner-operator independent drivers ( www.ooida.com ) articles written by the late Rene Tankersley. After working with Growth 1, Bernal set up two companies in Southern California, then when the State of California Department of Corporations closed her down (she had a Chapter 11 bankruptcy, was on parole, and no Finance Lender's License.)
She specialized in obtaining first and last plus ten percent from truckers anxious to fulfill hauling contracts.
The company acquired a new “president,” apparently in name only, then moved the operation to Nevada. The Nevada Attorney General caught on pretty quickly, reportedly catching the company engaging in the same practices here in California: collecting advance rentals, but not funding leases. He told us off the record, “ I don't want any of these California leasing companies operating in my state. Tell your readers these type of people may operate in your state, but not ours.
“Stay in California,” he ordered.
Bernal's own attorney, active is several equipment leasing associations, was stiffed by her for $15,000 in non-payment for defending her. He never asked her for a retainer, as he “trusted” his client. When the well-known leasing industry attorney complained to the judge about the money owed, he instructed him to continue in her defense on this case without pay. He was not listed as one of the parties that restitution was to be made.
It should be noted that those who do not believe a California Finance Lender's license is necessary to do business in this state, here is an example of a company working without a California Finance Lender's license. All the transactions that were put lost their recourse to lessee's on transactions as they now would be considered usurious because the originator was no licensed. The California Department of Corporation also had the legal power to shut down the company with a legal “cease and desist” order.
Here are some of the charges Bernal has plead guilty to: http://www.leasingnews.org/PDF/Bernal.pdf
Here is her public criminal history:
Here are a four year collection of news stories about Kendra Bernal and the Funding Tree:
David G. Mayer's Business Leasing News March, 2005 Edition
- Aviation Finance Players Focus on Potential Impact of Cape TownConvention
- Wind Power Dilemma: Will the Production Tax Credit Expire Again?
- California E-Waste Law Makes a Mess of Leasing Electronics
- Leasing 101: What Is An "Forum Selection Clause"?
- BLN Case & Comment: Norvergence Strikes Again - Preferred Capital, Inc. v. Thomas E. Strellec
- About Patton Boggs LLP and My Law Practice; Recent Publications;
### Press Release ######################
Marlin Business Services Corp. Announces Restatement to Address Accounting for Certain Fee Income on Leases - No Effect on
Historical or Future Cash Flows
( Conference Call today at 9am, EST—see story )
MOUNT LAUREL, N.J.-----Marlin Business Services Corp. (NASDAQ:MRLN), a nationwide provider of equipment leasing solutions, announced today that the Company is changing the timing of the recognition and classification of "interim rent", which represents rental payments paid by certain customers to cover the period between the installation of equipment and the commencement of the lease contract.
Since its inception in 1997, the Company has recognized interim rent in fee income at the time it was invoiced, and it has described this practice in its financial statements. The Company believed, as supported by the unqualified opinions expressed by our independent accountants, that it was using accounting practices that were both in accordance with Generally Accepted Accounting Principles in the USA (GAAP) and common in our industry.
Recent guidance on certain lease accounting issues led the Company to reassess its accounting practices with respect to interim rent. The Company, in consultation with its independent accountants, KPMG LLP, has determined that interim rent payments should be treated in the same manner as other fixed non-cancelable contractual minimum lease payments due from lessees in determining the Company's investment in direct financing leases. This treatment will defer the recognition of income for financial statement purposes while increasing the amount of unearned income for balance sheet purposes at the inception of the lease. The unearned income, net of initial direct origination costs, will be recognized over the lease term based on a constant periodic rate of return as interest income. This change lowered earnings for 2004 from the previously reported $13.8 million or $1.18 per diluted share to $13.5 million or $1.15 per diluted share. The impact on 2005 is estimated to lower earnings by approximately $0.02 to $0.03 per diluted share.
This change relates principally to the timing of income recognition for financial statement purposes. It is a non-cash adjustment and will not have any impact on historical or future cash flows or any other aspect of the Company's business. It will also not affect compliance with covenants under the Company's existing credit facilities.
The Company estimates that the cumulative effect of this restatement from 1997 through the year ended December 31, 2004 will be to reduce retained earnings by approximately $1.9 million, and book value per common share by $0.17. Net investment in leases will decrease approximately $3.2 million related to the additional recorded unearned income that will be earned over the remaining term of the leases.
The Company will report the effects of this change on prior periods in its Form 10-K for the year ended December 31, 2004, including restated financial statements for the years ended December 31, 2003 and December 31, 2002 and for the four quarters of fiscal years 2004 and 2003, and corrected information in the selected financial data table. The Company anticipates it will file its Form 10-K for the year ended December 31, 2004 on or before March 16, 2005. As a result of the restatement, the financial statements contained in the Company's prior filings with the SEC should no longer be relied upon.
Conference Call and Webcast
We will host a conference call on Friday, March 11, 2005 at 9:00 a.m. ET to discuss the restatement. If you wish to participate, please call 877-407-9210 (International participants please use 201-689-8049) approximately 10 minutes in advance of the call time. The call will also be webcast on the Investor Relations page of the Marlin Business Services Corp. website, www.marlincorp.com. An audio replay will also be available on the Investor Relations section of Marlin's website for approximately 90 days.
Full Press Release:
Marlin Business Services Corp. Bruce E. Sickel, 888-479-9111 x4108
### Press Release ######################
Access National Earnings Driven by 63% Asset Growth
Access National Corporation serves as the holding company for Access National Bank, Access National Mortgage Corporation and Access National Leasing Corporation.
RESTON, Va.------Access National Corporation (NASDAQ:ANCX) reported its operating results for the year and quarter ended December 31, 2004.
Total assets increased 63% from year-end 2003 to $420 million as of December 31, 2004. Earning asset growth was fueled primarily by a $102 million increase in Loans Held for Investment, a 55% increase over the prior year. The funding side of the balance sheet more than kept pace with Deposit growth of $119 million or 60%.
Net income for the year was $3.3 million, a 13% decrease compared to $3.8 million in the prior year. Earnings per share declined 19% in 2004 to $0.88 ($0.72 diluted) from $1.09 ($0.87 diluted) in 2003.
Earnings from the commercial banking segment rose to 70% of consolidated net income, up from 40% in 2003. Growth in the banking segment earnings provided a favorable off-set to the effects of a 41% decline in mortgage segment origination volume. Mortgage originations were $734 million in 2004 compared to the $1,240 million experienced in 2003 that was fueled by unprecedented refinancing activity.
Return on average assets for the year was 0.97% while the return on average equity was 14.5%. Both figures compare favorably to the 2004 composite performance of public banking companies in the South Eastern US with assets of $1 billion or less as calculated by Scott & Stringfellow.
Access National Corporation Michael Clarke, 703-871-2100
#### Press Release #####################
Consumer Vehicle Lease Volume Up 5% in 2004
NASHVILLE, Tenn., -- New lease volume for the largest national lessors increased 5% from 2003 to 2004 according to a survey conducted by The Association of Consumer Vehicle Lessors (ACVL).
The results, announced today, showed member lessors purchased 1.69 million leases in 2004 compared to 1.62 million in 2003. This small increase is a good sign that leasing is once again growing after five years of decline since the high water mark in 1999.
However, the increased volume went entirely to manufacturer captive finance companies, which saw their lease volume grow by 9%. Bank lessors, on the other hand, saw their volume decline 17%. See Exhibit 1.
Exhibit 1 2003 vs. 2004 New Lease Volume Avg. Unweighted 2003 2004 #Diff. %Diff. Diff. N All Respondents 1,617,352 1,691,854 74,502 5% -4% 16 Banks 286,343 236,719 -49,624 -17% -23% 7 Captives 1,331,009 1,455,135 124,126 9% 9% 9
Though in recent years the attention of consumers and dealers has shifted away from leasing, consumers are again realizing the variety of leasing advantages including:
-- Protection from continued volatility in used car prices and the possibility of unexpected depreciation;
-- Avoidance of the hassles of negotiating a trade-in value when the consumer wants a new vehicle;
-- Reduced sales tax in most states since the tax is only paid on the lease payments rather than the full price of the vehicle.
Consumers looking for further information on whether leasing or financing better meet their needs should visit the ACVL "Leasing vs. Buying Quiz" and the accompanying "Leasing vs. Buying" comparison. See ACVL.com.
The ACVL was founded in 1993. Based in Nashville, Tennessee, the ACVL is a national trade association for the largest manufacturer and import distributor captive finance companies, banks, and independent leasing companies whose primary goals include increasing consumer understanding of lease benefits and responsibilities through improved disclosure.
SOURCE Association of Consumer Vehicle Lessors
#### Press Release #####################
CIT Announces $2.5 Billion CIT Canadian Infrastructure Fund
Leading Participants Include Deutsche Bank AG New York Branch,
The Manufacturers Life Insurance Company and Sun Life Financial
NEW YORK, -- CIT Capital Finance, a unit of CIT Group Inc. (NYSE: CIT), today announced the formation of the Cdn $2.5 billion CIT Canadian Infrastructure Fund with Deutsche Bank AG New York Branch, The Manufacturers Life Insurance Company and Sun Life Financial as leading participants.
The CIT Canadian Infrastructure Fund will be managed by CIT, who will also participate in Fund investments, and will provide construction and term debt for large-scale Canadian infrastructure projects. Typical investments will be structured as long-term, Canadian dollar denominated debt financings in excess of Cdn $150 million each with an investment-grade credit profile. Investments in junior capital may also be provided. It is expected that the Fund will be fully invested by March 31, 2008. The CIT Canadian Infrastructure Fund follows CIT's successful US $500 million Project Finance Fund.
"The Canadian Infrastructure Fund is a major step forward for CIT's
Canadian infrastructure business," said David McKerroll, Group CEO of CIT Capital Finance. "It complements CIT's proven structuring and arrangement capabilities in the Canadian project and infrastructure finance sector with a Cdn $2.5 billion dollar underwriting platform."
"CIT is very pleased to have the strong support of such an established and preeminent group of institutions," adds Peter Hepburn, Senior Director of North American Infrastructure Finance for CIT Power, Energy and Infrastructure. "This funding initiative is intended to offer infrastructuresector clients a high level of funding certainty for their projects. The Fund has the ability to both satisfy the early-stage financing element of infrastructure RFP bids and to provide preferred proponents of infrastructure projects with fully underwritten debt financings."
"The recent emergence of public-private partnership finance in Canada represents a substantially new asset class for investors," said Colin Fan, Co- Head of Structured Credit Trading for Deutsche Bank. "We are excited about this opportunity and see the Fund as an excellent way to participate in this developing finance sector."
"We are pleased to work with such a strong group of Canadian-based and international institutional investors," said Tom Robinson, Vice President, Structured Finance for Sun Life Financial. "Project sponsors will benefit from streamlined access to our combined resources, increasing funding certainty and reducing execution risk."
### Press Release #######################
World Leasing Yearbook 2005
ISBN:184374 142 3
Directory Contacts: 4,400 Companies
The only annually-updated international reference book for the asset financing and leasing industry available. The new 26th edition includes the latest market trends, over 100 authoritative articles and reports on the leasing software and IT market, an exclusive ranking of the top 50 leasing markets by size worldwide with feature profiles from Africa to Venezuela PLUS a directory of over 4,400 companies.
To order call +44 (0) 20 7779 8999 or toll free in the US +1 800 437 9997 to receive your 10% discount. You can also order on line at
Jobless claims at highest level in 2 months
Greenspan Says Deficits Present Significant Risk http://www.washingtonpost.com/wp-dyn/articles/A24879-2005Mar10.html
Rates on 30-year mortgages at 5.85%, highest in 7 months
Senate Passes Bill To Restrict Bankruptcy
Bracing for a Bankruptcy Rush
Delta warns on bankruptcy protection
Judge OKs Hawaiian Air reorganization plan
Forbes' List Has New Names; Gates No. 1
Crash kills Affton fire chief
New Jersey Valley National braced for review's fallout
UT's fate up in the air after loss
Picking a fair bracket hardly a spring picnic
Armstrong drops out of Paris-Nice race
Favre will return to Packers in 2005
Report: Tice admits scalping his Super Bowl tickets
“Gimme that Wine”
Zinfandel Advocates and Producers Pour In Los Angeles March 17
Arrowood Vineyards & Winery joins Legacy Estate Group Portfolio
Philosopher/winemaker Paul Draper runs Ridge Vineyards with a different, broader bottom line
Priorat's Return Was Worth the Wait---Eric Asimov
This Day in American History
March 11-17: the turkey vultures return to the “Living Sign”” the entire Canisteo Valley, Canisteo, NY. Traditionally turkey vultures return on St. Pat's Day to their roosting sites in and around the world-famous living sign. For more information, call after 4pm EST to Rick Roche, 607-698-2134. Any of our readers who travel here this week, send us a picture and we will share with all our readers.
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
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 US War Department created the Bureau of Indian Affairs.
1845- Wittenberg College was chartered in Springfield, Ohio, under Lutheran auspices.
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
1888- Great Blizzard of 1888 rages
1898-Dixieland trombone player Miff Mole born Roosevelt NY
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. http://www.britannica.com/women/articles/Schiff_Dorothy.html
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.
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.
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
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
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
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.
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
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.
Seasons in the Sun - Terry Jacks
Boogie Down - Eddie Kendricks
Jungle Boogie - Kool & The Gang
There Won't Be Anymore - Charlie Rich
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
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.
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.
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.
by Jelaluddin Rumi
Sometimes it feels like
it is always winter here
In our "snowy north"
as others call it
while they ask us, with sly smiles,
if we live in igloos, and use dogsleds
to get around.
I could move, I suppose.
Someplace warm, where
I could grow
Morning Glories instead of Marigolds
And not have to read about hockey
eight months of the year.
But here, there is a breathless anticipation
of the seasons change.
We are all watchful eyes
for the first buds on trees,
And the last of the ice
flowing away down the river.
So I think I will stay
In my "snowy north".
Where the hoarfrost on the trees stands out
so clear against the cold air
it makes your heart hurt just to look at them
And the borealis dance over the fields in May
Calling me to remember
the joyous flow of life.