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About the Company: ACC (ACC Capital Corporation) is a diversified middle-market financial services company that specializes in structuring, origination, servicing and syndication of a broad array of lease products. |
Tuesday, May 3, 2005
Headlines---
Classified Ads-- Doc. Manager / Finance / Legal
ELA March Index Shows Biz Down Since January
NACM CMI Index—Manufacturing Flat--Service Up slightly
Classified Ads—Legal Expert
Tommy Larsen Passed Away in Jail
Letters---We Get eMail
Classified Ads---Help Wanted
Financial Federal Report
Resource America on IRS Rulings
Fitch Ratings Downgrades AIG
American Bank of St. Paul Announces Reorganization
News Briefs---
Sports Briefs---
"Gimme that Wine"
This Day in American History
Baseball Poem
######## surrounding the article denotes it is a “press release”
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Documentation Manager / Finance / Legal
| Documentation Manager: New York, NY. 10+ years in equipment leasing/secured lending. Skilled in management & training, documentation, policy and procedure development & implementation, portfolio reporting. Strong work ethic. Email: dln1031@nyc.rr.com |
Transaction Summary Website: www.tlgattorneycpa.com |
||
| Finance: Austin, TX. 20+ years all facets of lease/finance. Collection and credit management. Equipment & rolling stock structuring. $150k credit authority, $100 million portfolio management. Email: texmartin@juno.com |
Finance: Lyndhurst, NJ |
||
Finance: San Jose, CA. |
Finance: Orange County, CA 25+ years experience large ticket and mid-market commercial finance. Senior manager in operations, documentation, legal, credit, workouts, portfolio management. $2+Billion portfolio. MBA Finance. Juris Doctor. Email: finance1000@cox.net |
||
| Legal: Los Angeles, CA Experienced in-house corporate and financial services attorney seeks position as managing or transactional counsel. Willing to relocate. Email: sandidq@msn.com |
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ELA March Index Shows Biz Down Since January
Employment Continues to Climb, Slowly
The results of the Equipment Leasing Association (ELA) Index released yesterday shows new business volume increased from February's $3.2 billion to $3.78 billion in March, an increase of 18 percent, but January was $4 billion.
The February anomalies that brought the month down to $3.2 billion were attributed to two occurrences: one, a sizeable portfolio acquisition by one of the responding leasing companies, and two, end-of year business closing for another respondent, both of which may have inflated the business volume numbers that month. It is the comparison to February that shows the bump up.
The ELA Monthly Leasing Index (MLI) is compiled on the 30th of every month, proving trend analysis across all major performance areas of lessors, including new business volume, aging of receivables, average loss, credit approval ratios and number of employees.
The National Association of Credit Manager (NACM) report, also
released yesterday, shows manufacturing flat and other indicators down, except for service. Both seemed to echo the US Commerce report also released yesterday that the economy braked sharply in the first three months of the year.
The Institute for Supply Management said its index measuring manufacturing activity registered 53.3 in April, down from March's 55.2 reading, although they consider anything above 50 in the positive column, meaning the manufacturing industry continues to be “healthy.”
The NACM report shows service increasing and the ELA MLI
showed a slight increase in employment. The commerce department report printed in Leasing News on Monday showed most of the economy, including consumer spending and government consumption slowing down, but the killer was corporate investment. Final demand—real purchases by companies, government and individual spending pushed an $80 billion surge in the accumulation of inventories, from cars parked in deal lots to clothing piling up on retailers shelves. Experts expected the Federal Reserve would raise interest rates at its next meeting. (See today's News Briefs as it appears mixed that the Fed will raise rates. Editor)
Ralph Petta, ELA's Vice President of Industry Services saw the equipment leasing statistics differently, perhaps more optimistic.
"The March Index shows solid leasing demand, with strong origination activity over the period," he said. "This is impressive, particularly in light of lower-than-expected quarterly GDP numbers. In addition, lessors' portfolios are performing well, with low delinquencies and very favorable charge-offs."
MLI respondents' credit approval ratios increased to 83.2 percent over February's number, but not the high of January at 89.1 percent.
Additionally, delinquencies (net of unearned income billed but not yet received) increased slightly for the under-30 day's category to 98.46 percent in March compared to 97.95 percent in February.
Average charge-offs rose slightly to 0.53 percent from February's 0.39 percent.
The total number of employees increased from 8,926 in February to 9,072 in March, representing a 1.6 percent increase, continuing the upward trend in employment.
MLI Participants
ELA Monthly Leasing Index
ADP Credit Corporation
Amsouth Leasing Corporation
Bank of America
Caterpillar Financial Services Corporation
CIT
De Lage Landen Financial Services
First American Equipment Finance
GreatAmerica Leasing
Hitachi Credit America Corp.
HP Financial Services
John Deere Credit Corporation
Key Equipment Finance
LaSalle National Leasing Corporation
Marlin Leasing Corporation
RBS Citizens
Siemens Financial Services
U.S. Bancorp Leasing & Financial
Verizon Capital Corporation
Wells Fargo Equipment Finance
In addition to the MLI report, ELA provides a variety of data, including customized market analyses, to ELA members and organizations involved in the forecasted $248 billion equipment leasing industry.
To access this and other industry information, visit the ELA website at
<http://www.elaonline.com/IndustryData/> or
contact Dean Frutiger at (703) 516-8380.
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NACM CMI Index—Manufacturing Flat----Service Up slightly
The National Association of Credit Managers believes April continues to show growth. While the Credit Manager Index (CMI) notes while “the manufacturing sector was flat...the services sector, boosted by a whopping 11-point increase in dollar collections, rose for the third straight month to 60.2, an overall change of 3.44%, indicating accelerating growth.”
The NACM CMI report Manufacturing Sector Results:
“After posting three consecutive periods of growth, the manufacturing sector ended at the same point in April where it finished March, with an overall CMI of 58.5%. There were, however, several bright spots within the manufacturing sector. New sales continue to grow, posting a 310 basis point gain, up from 69.6% to 72.7%. Dollars collected also showed growth finishing at 69.1 percent, a 230 basis point gain over March 2005.”
The NACM CMI report Service Sector Results:
“Higher dollar collections along with lower dollar amounts beyond terms pushed the service sector to its highest level in 10 months.
A lower number of disputes and few accounts placed for collection also helped to push the service sector higher, finishing up 200 basis points, to close at 60.2%. Of the 10 factors, nine posted levels at or above 50, indicating an expanding economy.”
Here are both reports combined:
The NACM CMI Comparison of April 2005 to April 2004:
“As we look at the current levels of favorable and unfavorable factors reveals that, although the April 2005 factors show an expanding economy, the level of new sales is 740 basis points lower than a year ago. This can be seen in both the service and manufacturing sectors. An analysis of the unfavorable factors shows that within the manufacturing sector, accounts placed for collections accounted for the largest change. While in the service sector, the largest changes were found in dollar amounts of customer deductions and bankruptcy filings.”
The CMI survey asks credit managers to rate favorable and unfavorable factors in their monthly business cycle. Favorable factors include sales, new credit applications, dollar collections and amount of credit extended. Unfavorable factors include rejections of credit applications, accounts placed for collections, dollar amounts of receivables beyond terms and filings for bankruptcies.
A complete index including results from the manufacturing and service sectors, along with the methodology, is attached. A complete view of the index can be viewed online at:
www.nacm.org/resource/press_release/pressApr05.html .
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Leasing Industry Legal Expert
| Northwest primarily, over 30 years as a Legal Expert, providing basic information as well experienced analysis and testimony of all size equipment leasing transactions. Standard C.V Expanded C.V. Contact: Kitm@americanleasing.com |
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Tommy Larsen Passed Away in Jail
Tommy A. Larsen, the feisty president of PinnLease, San Diego, who was recently convicted and sent to jail, died in prison of liver cancer. It was discovered approximately three weeks ago and progressed so fast there was no appeal process started to release him to die with his family, according to San Diego Union-Tribune writer Mike Freeman.
| Tommy Larsen |  |
 |
LARSEN, TOMMY Feb. 3, 1949 to April 9, 2005 Tommy Larsen, a loving man who was devoted to his family and friends. A San Diego resident for 18 years, Tommy will be remembered fondly by many. He is survived by his wife of 36 years, three children, two grand-children, a brother and sister. Service at 11 a.m., April 30, at St. Peter's Church, 334 14th St. Del Mar CA. All are welcome. Please sign the guest book at obituaries.uniontrib.com Published in the San Diego Union-Tribune on 4/27/2005. |
Previous stories on PinnLease and Tommy Larsen are available here:
http://www.leasingnews.org/Conscious-Top%20Stories/Pinn_fund_lease.htm
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Letters---We Get eMail
NorVergence Relative?
“THOMAS AND PETER (Salzano ) ARE MY FIRST COUSINS THEY ARE NOT SCAMERS JUST SMART BUSINESMEN.I WORKED FOR THEM. QUEST AND ALL THE OTHER PHONE COMPANYS WERE OVER CHARGING US AND MANY OTHERS BY MILLONS AND WE WERE TRYING TO DISPUTE AND COME TO AN AGREEMENT WITH THEM, WHICH RESULTED IN THE PHONE COMPANY SHUT OFF SERVICE. THEY HAD NO CHOICE BUT TO GO BANKRUPT .QUEST AND OTHER PHONE CARRIERS WERE FOUND GUILTY OF DOING JUST THAT. DO YOUR RESEARCH.”
Dena
--
“Michael Evans has resigned his position as Senior Vice President and Manager of the Sterling Bank Leasing division of Sterling National Bank. The Bank is pleased to announce the promotion of Robert Ingram, who has been the second in command, to the position of Manager.
“He may be reached at 212 575 2465 or by e-mail Robert.Ingram@sterlingbancorp.com
“Thank you.”
Robert Krause
robert.krause@sterlingbancorp.com
---
“Thumbs up on the new format!”
Gary Trebels
GTREBELS@IFCCREDIT.COM
---
“I love the new look! It incorporates the familiar look and feel of the original leasing news with an updated appeal. Great job. “
Ed Castagna
ECast@nasset.com
--
“I like the new version of the e-mail. I can now click and go directly to a subject; before I couldn't.”
Bob Teichman, CLP
BoTei@aol.com
--
“Your email newsletter format seems to get better and better.
“I just turned 65......been retired 2 years now. Financial retirement plan worked out better than hoped for. Del and I are enjoying our retirement in our hilltop home with expansive view in the hills northwest of Escondido. “
Bob Cragin
--
“Isn't it: IndependEnt, unbiased and fair.
“Wow! Earned my Advisory Board pay today!”
PW
pweiss@iconcapital.com
I enjoy your newsletter very much but wanted to point out the misspelling of "independant" in the headline of the new version. Keep up the good work.
Best regards,
Pete Dabrowski
JVD Associates, Inc.
deli65psu@aol.com e-mail
---
“I like the look, but "independent" is spelled wrong . . .
not trying to be critical, just an English major that is bothered by misspelled words on professional sites.
“Have a great day, Kit!”
Jeanette Bowers
T-N-T Leasing Corp.
(Thank everyone for pointing out the typo. It got by four of us here, and we tried to fix it for the last three editions, but somehow it wouldn't “take.” We had to re-do the entire format page from scratch, as we couldn't edit it for some reasons. There are other “kinks” we need to work out, such as the 283 from our old e-mail address who are now not receiving our new version. I appreciate all the readers who have brought this to our attention, and other items we needed to correct.
I hope those who are up when we go to press, and yes, I am surprised about those up on the West Coast, now enjoy being notified after the new version is actually posted, so you can go right to it. I do suggest subscribing as readers get a notice when the edition is posted. To add your name to our mailing list, contact: Kitmenkin@leasingnews.org)
---
“MANY, MANY emails this morning as a result of your newsletter…wow, what an impact you have ! I also really appreciate you attaching my web site www.radiance-capital.com to the article because I could use more business from the broker community
“Thank you again and if there is anything up here you need done, please don't hesitate to let me know.
Karl Probst
http://www.leasingnews.org/archives/April%202005/4-25-05.htm#karl
---
“Enjoy your newsletter. Like toons and history very much.
Very informational, but informal.”
Dick Lightner, Executive Vice President
The Ohio Vehicle Leasing Association / The OVLA
ovla@uautolease.com
---
“Thanks for the mention in today's Business Leasing News. I always appreciate you and the inclusion of BLN. By the way, on Jeff Taylor's note, BLN has been published for over 42 months, but Business Leasing For Dummies is still in circulation (just out of print). Jeff is such a card!”
David G. Mayer
Partner, Patton Boggs LLP
http://www.leasingnews.org/archives/April%202005/4-19-05.htm#testimonial
--
http://womenbusinessownersresearch.net
“Thank you for mentioning our study in leasing news. We had a good response, and hopefully other women business owners of the leasing industry will take time to answer our brief study.
Their responses will help us determine how life and work roles of entrepreneurial women relate to each other, and how those roles connect to life and work satisfaction and balance. They can go to our website for a link to the survey. Our site is located at http://www.zipsurvey.com/LaunchSurvey.aspx?suid=4467&key=0802E00F
Best regards,
Andrew
Andrew Thorn
athorn@telioscorp.com
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Classified Ads---Help Wanted
Account Representatives & Sales Coaches
|
|
Asset Management
|
About the Company: Advantage Funding is a leading commercial and consumer vehicle and equipment financing and leasing company, Long Island City, NY. |
Equipment Leasing Marketing Specialist
|
Equipment Leasing Marketing Specialist, At Bank of the West, we take pride in what we do. From contributing to nonprofits and volunteering in our communities to making a point to get to know our customers by name, we aim to stand apart. While many things have changed over our bank's long history, one thing has remained the same: commitment to our customers and our community. |
Sales / Sales Representative
|
Variant Leasing is a rapidly growing nationwide independent lessor located in south Orange County, CA, specializing in the healthcare & commercial marketplace. |
|
About the Company : CG Commercial Funding is a rapidly growing industry leader in middle/large ticket lease finance. |
|
About the Company: ACC (ACC Capital Corporation) is a diversified middle-market financial services company that specializes in structuring, origination, servicing and syndication of a broad array of lease products. |
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### Press Release ######################
Financial Federal Corporation Reports New
Financings and Debt Prepayments
NEW YORK------Financial Federal Corporation ("FIF" - NYSE) announced today its major operating subsidiary, Financial Federal Credit Inc., issued $250 million of five-year, 5.0% fixed rate term notes to fifteen institutional investors through a private placement. The Company received $200 million today and will receive $50 million on August 2, 2005. The proceeds will be used to repay debt and for general corporate purposes.
Additionally, the Company's asset securitization facility was renewed for another year on April 29, 2005 for the fourth time. The renewal provides for lower pricing. The Company has also recently obtained $80 million of new senior unsecured revolving credit facilities from two new banks with terms of one year ($25 million) and five years ($55 million).
The Company has also recently prepaid $176.5 million of floating rate term notes at principal without penalty. The remaining terms of these notes ranged from four months to five years (weighted average slightly over two years), and their weighted average rate, based on current market interest rates, would have been 4.4%.
Steven F. Groth, CFO, remarked: "We refinanced $176.5 million of floating rate term notes and $50 million of 8.6% fixed rate term notes maturing on June 1, 2005 at a lower interest rate, reduced our exposure to rising short-term market interest rates, extended debt maturities and increased liquidity by over $100 million. Our capitalization (debt plus equity) at January 31, 2005 was 45% fixed rate and 55% floating rate. Today, our capitalization is approximately 57% fixed rate and 43% floating rate. In addition, the new bank facilities have lower credit spreads than the floating rate term notes that were prepaid."
This press release contains certain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. Readers are referred to the most recent reports on Forms 10-K and 10-Q filed by the Company with the Securities and Exchange Commission that identify such risks and uncertainties.
Financial Federal Corporation specializes in financing industrial and commercial equipment through installment sales and leasing programs for dealers, manufacturers and end users nationwide. For additional information, please visit us at www.financialfederal.com.
Financial Federal Corporation Steven F. Groth, 212-599-8000
### Press Release #######################
Resource America, Inc. Announces Receipt of IRS Rulings
in Connection with Distribution of ATLS Shares
PHILADELPHIA-----Resource America Inc. (Nasdaq:REXI) (the "Company") announces that it has received the rulings it requested from the Internal Revenue Service in connection with the distribution of its remaining 10.7 million shares of Atlas America, Inc. (Nasdaq:ATLS) to the stockholders of Resource America, Inc. The effect of the rulings is that, among other things, the distribution will be tax free for U.S. federal income tax purposes to the Company and its stockholders. According to the terms of the spin off each stockholder of the Company will receive a tax free dividend of approximately 0.6 shares of ATLS for each share of Company common stock owned. The Company intends to complete the distribution by the close of its present fiscal quarter, which ends on June 30, 2005.
ATLS completed its initial public offering in May 2004, selling 2,645,000 shares at a price of $15.50 per share.
Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the financial services, real estate, equipment leasing and energy industries. For more information please visit our website at www.resourceamerica.com or contact Investor Relations at pschreiber@resourceamerica.com.
Resource America, Inc., Philadelphia Pamela Schreiber, 215-546-5005 Facsimile: 215-546-5388
### Press Release ######################
Fitch Ratings Downgrades AIG; Remains on Rating Watch Negative
CHICAGO------Fitch Ratings has downgraded the long-term issuer rating and unsecured senior debt obligations of American International Group, Inc. (AIG) to 'AA' from 'AA+'. Additionally, Fitch has downgraded to 'AA+' from 'AAA' all of AIG's 'AAA' insurance company ratings. Fitch has also downgraded the long term rating of International Lease Finance Corporation (ILFC) to 'A+' from 'AA-', and the short term rating to 'F1' from 'F1+'. All long-term ratings also remain on Rating Watch Negative by Fitch, including those of American General Finance Company (AGF). Fitch has concurrently affirmed AIG's 'F1+' commercial paper rating. Approximately $51 billion of AIG, ILFC and AGF debt is affected by this action. (See below for a complete list of ratings.)
Fitch's rating actions follow AIG's announcement that it will not meet its self-imposed April 30, 2005 10K filing deadline and disclosure that its review to date will result in $2.7 billion of accounting restatements. Fitch believes that the uncertainty surrounding AIG's financial condition and future financial performance has grown to levels beyond the expectations embedded in Fitch previous rating levels. This band of uncertainty includes the potential adverse impact of recent events on the company's competitive position, expense ratio advantage, earnings levels and volatility, business mix, capital levels and strategic plans.
Fitch has viewed AIG's strong franchise as translating into unique advantages in pricing, risk selection, and reinsurance purchasing despite very competitive conditions in the industry. Fitch believes that these advantages will narrow somewhat going forward as insureds, reinsurers, and competitors increasingly pressure AIG's ability to act in ways that allow it to maintain these unique advantages at levels previously attained. Even with the potential for reduced competitive advantages, AIG remains among the strongest and highest rated financial services organizations in the world.
Fitch's Negative Rating Watch reflects uncertainties surrounding AIG as the company completes its internal accounting review and as regulatory investigations continue. Additionally, Fitch recognizes that AIG will likely be subject to fines, penalties and/or settlement costs as a result of the various investigations, as well as shareholder lawsuits that could be recognized in future periods.
AIG's ratings reflect the company's pre-eminent global insurance organization, with excellent worldwide brands and franchises, and strong operating results. Fitch also views very favorably the diversified nature of the organization's products, distribution systems, and geographic reach. This diversification has contributed to AIG's ability to generate stable and predictable historical operating results.
The ILFC ratings action reflects the relative 'quality' of support provided to ILFC has declined with the downgrade of AIG's holding company ratings. While AIG does not guarantee ILFC's debt, the relationship between the two companies was crystallized during the most recent downturn in the aircraft leasing sector. AIG assisted ILFC in sourcing committed bank credit. Additionally, its American General Life Insurance unit was the primary investor in ILFC's two $1 billion asset securitization transactions. Fitch also believes that ILFC is tied to AIG due to the $2.83 billion of deferred income taxes carried on ILFC's balance sheet at Dec. 31, 2004. If AIG were to sell or spin-off ILFC, a substantial amount of its deferred income taxes would become payable by virtue of the ordinary recapture of the accelerated tax depreciation on the aircraft.
The ratings for American General Finance (AGF) continue to reflect its sound stand-alone financial profile. To date, AGF has not had its operating or financial profile compromised as a result of the difficulties facing its parent. The placement of AGF's ratings on Rating Watch Negative reflect the narrowing in the ratings between AGF and its parent and the uncertainty surrounding the timing and nature of how the parent will establish a stable credit profile.
AIG is the holding company for one of the world's largest insurance and financial services groups. At Dec. 31, 2004, AIG had total assets of approximately $800 billion and stated shareholders' equity of $83 billion. In 2004, the company had total revenues of approximately $98.6 billion and net income of $11.1 billion.
### Press Release ######################
American Bank of St. Paul Announces Reorganization
ST. PAUL, Minn.-----American Bank of St. Paul is pleased to announce the appointment of Norbert J. Conzemius to Chairman of the Board effective April 1, 2005. The remaining members of its Board of Directors will remain the same with Norlin G. Boyum as Vice Chairman, John P. Seidel as President and CEO and David R. Metzen, Barry J. O'Meara and William F. Reimer as Directors.
Other staffing changes announced, also effective on April 1st, include Gary Kluthe, Senior Vice President and Chief Credit Officer; Andrea Hitzemann, Assistant Vice President, Loan Review; David Carlson, Senior Vice President, Commercial Banking, Correspondent Banking and Leasing for the St. Paul Market; and Scott Swenson, Senior Vice President, Commercial Banking for the South Metro Market. Julie Haberkorn, Vice President of Commercial Banking has relocated to the Inver Grove Heights location. American Bank's Commercial Banking department is pleased to welcome William Baker as Vice President to its Midway location and Brad Garnes as Vice President to its Burnsville location.
American Bank also welcomes its newly hired branch managers, Kathy Sheehan to its Inver Grove Heights location and Lisa Sanders to its Burnsville location.
John Seidel, President and CEO, expresses enthusiasm about where the bank is headed in the future and states, "With the recent reorganization and newly hired additions, American Bank is better positioned to serve its customers throughout the metro area and into the Albert Lea market more effectively and efficiently. These changes also provide a great foundation to work from when looking at the possibility of adding service locations in the future."
For more information, please contact John Seidel, President & CEO, 651.643.8422.
American Bank, St. Paul John Seidel, 651-643-8422
### Press Release ######################
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News Briefs---
The Fed Is Expected to Raise Rates Again
http://www.nytimes.com/2005/05/03/business/03fed.html?
Newspaper Circulation Co
http://www.washingtonpost.com/wp-dyn/content/article/
2005/05/02/AR2005050201457.html
Fed likely to hold steady on rate hikes
http://www.boston.com/business/articles/2005/05/03/
fed_likely_to_hold_steady_on_rate_hikes/
'American Idol' Contest, Gossip Heat Up
http://sfgate.com/cgi-bin/article.cgi?f=/n/a/2005/05/02/
entertainment/e133437D51.DTL
Shark released from Monterey loses tag
http://www.mercurynews.com/mld/mercurynews/11546371.htm
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Sports Briefs---
Dixon Gets Wizards Even
http://www.washingtonpost.com/wp-dyn/content/article/
2005/05/02/AR2005050201746.html
Moss, Jordan and Raiders' Happy Family
http://www.nytimes.com/2005/05/03/sports/football/03raiders.html
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“Gimme that Wine”
In Tequila's Home, a Wine Region Comes of Age
http://www.nytimes.com/2005/05/01/travel/01wine.html
Aspects of ripeness - Carneros winemakers ruminate
http://www.jancisrobinson.com/categories/winenews/winenews050502
Vintage Wine Trust Acquires $73 Million in Vineyard Assets; Napa Valley, Sonoma County, Carneros, Central Coast and Central Valley Vineyards Acquired
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=
news_view&newsId=20050502005450&newsLang=en
New Orleans Wine & Food Experience Celebrates Culture of Dining
http://neworleans.dbusinessnews.com/shownews.php?newsid=
23568&type_news=latest
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This Day in American History
1494-Christopher Columbus cited the island of Jamaica on his second voyage.. He never actually saw nor did his discoveries include the United States, but the island off the continent. It was the Spanish who first brought slavery into the new world. The islands were Europe's main gateway into the New World. The first Revolutionary naval battle was fought here to gain control of this ocean thoroughfare.
http://memory.loc.gov/ammem/today/may03.html
http://www1.minn.net/~keithp/cctl.htm
1654- Richard Thurlow built the first toll bridge with his own money over the Newbury River at Rowley, MA. The court fixed a rate of toll for animals, but passengers were permitted free passage. It remained until 1680.
http://www.angelfire.com/ny/chickened/thurlowfamily.html
1761 - Large tornadoes swept the Charleston, South Carolina harbor when a British Fleet of 40 sails was at anchor. It raised a wave 12 feet high, leaving many vessels on their beam ends. 4 people drowned.
1774 -a May snowstorm from New York City to Virginia covered the ground. A severe frost killed fruit in North Carolina
1825-Laura Matilda Towne Birthday. After the Civil War, LMT with her close friend Ellen Murray founded one of the earliest and most successful schools for former slaves on the coastal islands of South Carolina. She had studied homeopathic medicine privately and taught school in her native Pennsylvania before volunteering to teach - and in many ways care for - a large population of former slaves of the Sea islands of South Carolina. She taught, acted as physician, and directed relief aid and in 1862 with Murray founded the freedman's Penn School that used the same curriculum as New England schools. For dozens of years Penn School was the only education available for the black population of the islands. Her school was eventually taken over by the South Carolina public school system.
http://www.aaregistry.com/african_american_history/2200/
Laura_M_Towne_was_a_primetime_educator
1862-after nearly a month's siege, General Joseph Johnston's outnumbered Confederate forces evacuated Yorktown, VA, and moved back to Richmond. General McClellan's Army of the Potomac occupied Yorktown the following day.
General Johnston is considered one of the top generals of the Confederacy, the United States, and if it were not for the overwhelming amount of money, the ability to “buy” foreign recruits, the war would have gone the way of the Confederacy due to military leaders such as Johnston. With the capture of Yorktown, President Abraham Lincoln left Washington, DC, for Fort Monroe, VA, to observe the ongoing Peninsula Campaign.
http://tennessee-scv.org/camp28/johnstonbio.html
http://ngeorgia.com/site/johnstonstatue.html
http://einsys.einpgh.org:8887/MARION/AAJ-1380
http://www.eaglesongthemusical.com/linkedpages/johnston.html
http://www.civilwarhome.com/johnston1stmanassas.htm
http://www.qmfound.com/BG_Joseph_Johnston.htm
1895 -A f5 tornado carved a 13 mile path through Sioux County in Iowa. 9 people were killed and 35 were injured.
1903-John “Honey” Russell, Basketball Hall of Fame player and coach born at New York, NY. Russell played in more than 3,200 pro basketball games in the sport's early years. In 1936, he became coach at Seton Hall University, remaining there for 11 seasons. He was also a baseball scout, a football scout and a promoter. Inducted into the Hall of Fame in 1964. died at Livingston, NJ, Nov. 15, 1973.
http://www.hoophall.com/halloffamers/RussellJ.htm
1911-trumpet player Yank Lawson born Trenton, MO. Died Feb. 18,1995
http://www.pudbrown.com/YankLawson.htm
http://www2.cybercd.de/artist/Lawson,+Yank.htm
1913-birthday of playwright William Inge, born in Independence, Kansas. . He won the Pulitzer price for “Picnic,” some of his other plays included “Bus Stop,” “Come Back, Little Sheba.”
http://memory.loc.gov/ammem/today/may03.html
http://www.imagi-nation.com/moonstruck/clsc63.html
1918-tenor Leopold Simoneau, considered one of the most distinguished Canadian singers of the century, was born in St-Flavien, Quebec. Simoneau developed an international reputation in the 1950's as a specialist in the works of Mozart. Among the many highlights of his career was his 1952 appearance in Paris in a production of Stravinsky's "Oedipus Rex," with the composer as conductor and Jean Cocteau as narrator.
1919-birthday of folksinger, songwriter Pete Seegar, born New York, New York. In the 1940's, he performed with Woody Guthrie, before forming the Weavers, who had hits with such folk tunes as "On Top of Old Smokey" and "Goodnight Irene." Seeger was blacklisted by the US government during the '50s. In the following decade, he became a father figure to many younger folk and rock musicians. The Byrds, for example, had a number-one hit with Seeger's "Turn, Turn, Turn."
http://www.peteseeger.com
1920-pianist John Lewis born LaGrange, Il.
http://www.jazclass.aust.com/lewis.htm
http://www.holeintheweb.com/drp/bhd/MJQ.htm
1921-Reece “ Goose” Tatum, basketball player born at Calion, AR. Tatum played football and baseball and came into his own when Abe Saperstein asked him to play basketball with the Harlem Globetrotters. Tatum's best asset was his hands, big enough to allow him to hold the ball with one hand. He perfected the overhand hook shot later used by Wilt Chamberlain, Connie Hawkins and Kareem Abdul-Jabbar. Suspended by Saperstein in 1955, he formed his own team, the Harlem Magicians. Died at El Paso, Texas, January 18,1967
1921- Ray (“Sugar Ray') Robinson, boxer, born Walker Smith, Jr., at Detroit, Ml. Generally considered “pound for pound the greatest boxer of all time,” Robinson was a welterweight and middleweight champion who won 175 professional fights and lost only 19. A smooth and precise boxer, he fought until he was 45, dabbled in show business and established the Sugar Ray Robinson Youth Foundation to counter juvenile delinquency. To this day, his name connotes class, style and dignity. My father took me to his fight in Yankee Stadium when we lived in New York. My father was a great fight fan and took my brother and I to many bouts.
http://www.ibhof.com/robinson.htm
1928- James Brown Birthday, born in Macon, Georgia.
He sold millions of records in the US from the mid- 1950's to the mid-'60s, yet remained virtually unknown to most white Americans. But by the late '60s, the breakthroughs scored by black artists on the Motown and Stax-Volt labels helped bring Brown to the attention of the mass audience as well.
James Brown's first hit, with his group the Famous Flames, was "Please, Please, Please" in 1956. It sold more than a million copies - the first of his dozens of million-sellers. Thirty years later, in 1986, he was at the top of the charts with "Living in America" from the soundtrack of "Rocky Four."
In 1996, James Brown celebrated his 63rd birthday with a concert in his hometown of Augusta, Georgia. Musical guests included rock guitarist Slash, country group Sawyer Brown and soul star Isaac Hayes.
http://www.funky-stuff.com/jamesbrown/
1936-Joe DiMaggio made his major league debut for the New York Yankees and collected three hits in their 14-5 victory over the St. Louis Browns. For the year, DiMaggio hit .323 with 29 home runs and 125 runs batted in. He used to visit friends in Los Gatos, California often. I saw him eating lunch and dinner out several times. He was well respected and never bothered in the restaurants here.
There were places here where Marilyn Monroe stayed, sometimes with him and they had great privacy, I am told. He was a very private man.
http://www.baseballhalloffame.org/hofers_and_honorees/
hofer_bios/dimaggio_joe.htm
http://www.joedimaggioestate.com/
1937- Frankie Valli, lead singer of the Four Seasons, was born in Newark, New Jersey. They were one of the most popular groups of the 1960's, with more than 30 singles on the best-seller charts from 1962 to 1976. Frankie Valli's falsetto singing was the group's trademark on such hits as "Sherry," "Big Girls Don't Cry" and "Walk Like a Man." Valli began a successful solo career in 1974, and had such hits as "My Eyes Adored You" and "Grease." He has also put together Four Seasons groups for rock 'n' roll revival shows.
http://www.srv.net/~roxtar/valli_frankie.html
http://www.hwcn.org/~ad828/frankie.htm
1943-Robert Frost won the Pulitzer Prize for Poetry, his fourth time. He won it for “A Witness Tree.” His other awards were in 1924 for “New Hampshire: A Poem with Notes and Grace Notes.” in 1931 for “Collected Poems,” and in 1937, for A Further Range.”
http://www.ketzle.com/frost/
http://www.theatlantic.com/unbound/poetry/frost/frostint.htm
http://www.poets.org/poets/poets.cfm?prmID=196&CFID=8427572&
CFTOKEN=3561476
http://www.amazon.com/exec/obidos/ASIN/B00000J87V/qid%3D1020016743/
ref%3Dsr%5F11%5F0%5F1/104-4525358-7043961
1948- CBS Evening News began as a 15-minute telecast with Douglas Edwards as anchor. Walter Cronkite succeeded him in 1962 and expanded the news show to 30 minutes. Eric Sevareid served as commentator. Dan Rather anchored the news casts upon Cronkite's retirement in 1981. At one point, to boost sagging ratings, Connie Chung was added to the newscast as Rather's co-anchor, but she left in 1995 in a well-publicized dispute. Rather remains solo, and as Walter Cronkite would say "...that's the way it is."
1952- Eddie Arcaro became the first and only jockey to win the Kentucky Derby five times: 1938, Lawrin, 1941, Whirlaway, Hoop Jr, 1945, Citation, 1948, Hill Gail, 1952.
1952-Historians give credit to Lieutenant Colonel Joseph Otis Fletcher as the first man to set foot on the “North Pole.” The first airplane flight to land at the North Pole was made by a ski-wheeled Air Force C-47, which landed this day in 1952. I took off from Fletcher's Ice Island, about 115 miles from the Pole, carrying 10 air force officials and scientists. It was piloted by Lieutenant Colonel William Pershing Benedict of San Rafael, CA, and copilot Lieutenant Colonel Joseph Otis Fletcher of Shawnee, OK. In 1997, historian Robert M. Bryce published the results of research indicating that no previous explorer succeeded in reaching the Pole, despite two long standing claims, and that Fletcher was the first human known to set foot on it. In addition, Dr. Albert Paddock Crary, who was in this party, on February 12,1961, reached the South Pole by tracked vehicle as part of a scientific expedition. He became then the only explorer to set foot on both the North and South Pole.
1952-CBS became the first network to televise the Kentucky Derby. Eddie Arcaro rode Hill Gail to a two-length victory over Sub Fleet. Blue Man was third. For Arcaro, it was a record fifth Derby win. Trainer Ben A. Jones won for the sixth time, also a record.
1955---Top Hits
Cherry Pink and Apple Blossom White - Perez Prado
The Ballad of Davy Crockett - Tennessee Ernie Ford
Dance with Me Henry (Wallflower) - Georgia Gibbs
In the Jailhouse Now - Webb Pierce
1956 - "Most Happy Fella", a musical by Frank Loesser, opened at the Imperial Theatre in New York City. The show, an adaptation of "They Knew What They Wanted" by Sidney Howard, ran for 676 performances on Broadway. Critics called the show a masterpiece, thanks to the outstanding performances by Robert Weede and Jo Sullivan. Many of the songs made the “Hit Parade.” Frank Loesser's hits included "Standing on the Corner", "I Like Everybody", "Joey, Joey, Joey", "Big Acquaintance" and "Don't Cry".
http://www.frankloesser.com/home.htm
1960 - The play, "The Fantasticks", opened at the Sullivan Playhouse in New York City. It would later become the longest-running off-Broadway play. "Soon It's Gonna Rain" was one of the big hit tunes from the production. Many high schools make this their musical performance for students to present to their community.
1963---Top Hits
I Will Follow Him - Little Peggy March
Can't Get Used to Losing You - Andy Williams
Puff the Magic Dragon - Peter, Paul & Mary
Lonesome 7-7203 - Hawkshaw Hawkins
1968-new owners Tom Cousins and Carl Sanders announced that the St. Louis Hawks of the NBA would move to Atlanta for the 1968-69 season. The team began as the Tri-Cities Blackhawks(1949-51), moved to Milwaukee and then to St. Louis in 1956.1980-Genuie Risk, ridden by Jacinto Vasquez, became just the second filly to win the Kentucky Derby. She posted a one-length victory over Rumbo.
1970 -- Ohio Gov. Rhodes vows to "use every weapon" against antiwar protesters at Kent State University. Tomorrow he does.
1971---Top Hits
Joy to the World - Three Dog Night
Put Your Hand in the Hand - Ocean
Never Can Say Goodbye - The Jackson 5
Empty Arms - Sonny James
1978 - Persistent thunderstorms caused widespread flooding in southeastern Louisiana and extreme southeastern Mississippi. Rainfall totals of ten to thirteen and a half inches were reported around New Orleans causing the worst flooding in thirty years. The water depth reached three to four feet in several hundred homes, and total property damage was estimated at one hundred million dollars
1979---Top Hits
Heart of Glass - Blondie
Reunited - Peaches & Herb
Stumblin' In - Suzi Quatro & Chris Norman
Where Do I Put Her Memory - Charley Pride
1987---Top Hits
(I Just) Died in Your Arms - Cutting Crew
Looking for a New Love - Jody Watley
La Isla Bonita - Madonna
Don't Go to Strangers - T. Graham Brown
1993 - Strong winds buffeted the Owens Valley area and the Eastern Sierra of Southern California. A USGS anemometer on Crowley Lake recorded a wind gust to 140 mph before blowing away. Bishop Airport had a wind gust to 65 mph. One person was killed when he was hit by a flying projectile. Many trees were downed and power outages were widespread.
1998- Mariner Dan Wilson hits the first inside-the-park grand slam in the franchise's history.
1999-The Dow-Jones Index of 30 major industrial stocks topped the 11,000 mark for the first time.
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Baseball Poem
The Base Stealer
Poised between going on and back, pulled
Both ways taut like a tight-rope walker,
Fingertips pointing the opposites,
Now bouncing tiptoe like a dropped ball,
Or a kid skipping rope, come on, come on!
Running a scattering of steps sidewise,
How he teeters, skitters, tingles, teases,
Taunts them, hovers like an ecstatic bird,
He's only flirting, crowd him, crowd him,
Delicate, delicate, delicate, delicate - Now!
----Robert Francis
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