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Headlines---

 

Pictures from the Past---- 1998---James R. Billings

    Classified Ads---Testimonial from Ted Korpolinski

        Microfinancial/Leasecomm $0.8 Million Q Loss

            Sunrise 1st Q Net Income Increases 78 Percent

                Philip Morris Capital Corporation to Pursue New Strategic Focus

                    May 20th Fresno, California Brokers Meeting

                Cartoon---Good Old Days Are Back

            Key Names Paul W. Frechette Prez/COO

        News Briefs---

    Sports Briefs

Highlights Day in American History

 

 

Special:

New White Paper Suggests Latin America Is Ripe for IT Lease Financing

More on the Latin American Equipment Leasing White Paper

The Latin American White Paper--PDF Download

 

 

This Border ##### Denotes Press Release (Not Written By Leasing News)

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please send to a colleague and ask them to subscribe..”

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Pictures from the Past---- 1998---James R. Billings

 

http://two.leasingnews.org/imanges_uael_wael/billings,james.jpg

 

“Jim Billings is managing director with Kropschot Financial Services located in

Baltimore, Maryland.”

 

“The Roll-Up Phenomenon

 

“A ‘roll up’ strategy is used to describe a process whereby a number of companies are combined together into a larger company. Typically the process is started by a company or management team that has experience in managing within the industry and also has experience in acquiring companies and then successfully integrating the acquired companies . Usually part or all of the consideration received by the seller is stock in the acquirer ( First Sierra, Unicapital, T&W United Capital, Tyco, American Leasing Business Express, to name a few; see the list: editor.)

 

“I believe that the most important factor is the relatively high market valuation placed upon the stock of publicly traded equipment leasing companies. High stock valuations usually allow publicly traded companies to be more aggressive in pricing acquisitions. Another factor is that securitization has become a very important funding source for equipment leases. The economies of scale are such that only the larger funders have enough size to accomplish a securitization’; thus value can be created by combining smaller companies into an entity with economies of scale for funding.

 

“Will the level of roll-up acquisitions continue during 1998 and 1999? I believe the process will continue and may even accelerate as new and different companies try to replicate the success of the 2 or 3 leaders that are now pursuing that strategy. It depends, however upon the stock market valuation of equipment leasing companies, and upon the continued success of publicly traded leasing companies to increasing their earnings per share. The financial results and success of the companies most involved in the consolidation process is particularly important. It might bet harder to find acquisitions at prices that work for acquirers as the industry consolidation continue, particularly if purchase premiums continue to increase...if competition increases dramatically and profits fall significantly the overall number of companies will fail.”

 

Summer, 1998, UAEL Newsline

 

 

I’m still with Kropschot Financial Services where I am Executive Vice President; I have been with Bruce for 17 years. When I first joined Bruce Kropschot I worked with a wide variety of financial services companies such as vehicle leasing companies, commercial finance companies, consumer finance companies, etc. Over the past several years I have become more involved with equipment leasing companies but still have the occasional client in other areas of financial services, such as a current client that purchases charged- off consumer debt.

 

On a personal note I still live and have an office in Maryland. I have been married for over 30 years and have two grown daughters. My oldest daughter works in the financial services industry for JPMORGAN in London and my youngest daughter is a recent college graduate that still lives at home.

 

jim billings

jbillings@kropschot.com

[Headlines]

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Classified Ads---Testimonial from Ted Korpolinski

“I probably received more live inquiries from my posting on your site than

any other site. I appreciate the help over what seemed like an eternity (16

months). I now work for Arrow Capital.”

 

Ted Korpolinski

tkorpolinski@ev1.net

 

Yes, we are well read, and therefore we get results. We always ask permission

to quote those who have found jobs through Leasing News. We get many

positive response, to all types of jobs, including attorneys, credit, and yes,

senior management ( our ad helped find a CFO a job with a major company

on the East Coast.)

 

Senior Management: Baltimore, MD

25 year veteran of commercial and equipment leasing seeking a senior management position with leasing or asset based financing company in the southeast (Florida preferred)

email: kellogg_md@yahoo.com

Senior Management: Chicago, IL 15 yrs.of exp., w/global-vendor-programs; sales, marketing, business-development, P&L responsibilities. Seeking senior leadership-role w/captive lessor or global-leasing company. Will relocate for right opportunity. email:InternationallyAdept@hotmail.com

 

Senior Management: Long Island, NY

Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future. Email:bob33483@yahoo.com

 

Senior Management: San Francisco, CA., 25 years experience w/global leasing company, sales,marketing,business dev., P&L responsibility, asset mgmt, brokering and remarketing. Interested in joining an est. firm with a future. email:rcsteyer@yahoo.com

Senior Management: Portfolio Management Consultant; 25+years experience in Collections, Customer Satisfaction, Asset Management, Recoveries, Continuous Process Improvement, Backend Revenue Generation, Cost per Collection Analysis. $5+Billion Portfolio expertise. email: efgefg@rogers.com

 

Here are the job wanted ads:

 

http://65.209.205.32/LeasingNews/JobPostings.htm

 

We invite you to post a Job wanted ad:

http://65.209.205.32/LeasingNews/PostingForm.asp

 

And if you are a company looking for an employee, please go

here because we can help you, too:

http://65.209.205.32/LeasingNews/PostingFormWanted.asp

 

 [Headlines]

 

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

 

MicroFinancial Incorporated Announces First Quarter 2003 Results; - Sequential Net Loss Improves to $0.06 Per Diluted Share -; - Secures Amendment to Credit Agreement –

 

( Net Loss $0.8 Million)

 

WOBURN, Mass--MicroFinancial Incorporated (NYSE:MFI), a leader in Microticket leasing and finance, announced today its financial results for the first quarter ended March 31, 2003.

 

First quarter revenue for the period ended March 31, 2003 was $25.6 million compared to $35.3 million for the same period last year. The net loss for the quarter was $0.8 million, or ($0.06) per diluted share compared with net income of $3.2 million, or $0.25 per diluted share in the prior year's first quarter. The reduction in revenue and income are attributable to the Company's decision to suspend originations in October 2002. This resulted in a 35.5% decline in lease and loan revenues to $9.8 million, a 44.6% drop in service fee and other revenues to $3.5 million, and a 13.3% decrease in the rental income to $8.5 million versus the first quarter ended March 31, 2002.

 

Total operating expenses for the quarter decreased 10.3% or $3.1 million as compared to the same period in 2002. Salary, general and administrative expense declined 27.4% to $9.1 million for the quarter compared to $12.6 million for the same period last year. The decrease was attributable to reductions in personnel-related expenses of approximately $1.8 million, collection related expenses of $0.9 million and lower cost of goods sold of $0.6 million as compared to the first quarter of 2002. Despite an increase in interest costs, interest expense declined 4.3% to $2.6 million as a result of lower debt balances. The provision for credit losses decreased to $10.8 million for the quarter ended March 31, 2003 from $11.0 million for the same period last year, while net charge offs increased to $13.7 million from $11.2 million for the same period last year. Past due balances greater than 31 days delinquent at March 31, 2003 remained relatively flat at 24.3% versus 24.9% last quarter.

 

Dealer fundings decreased $21.4 million to $1.2 million in the quarter, versus the three months ended March 31, 2002. This decrease was a result of the Company's decision to suspend new contract originations in October 2002, until an alternative source of financing could be obtained. Investment in lease and loan receivables due in installments, estimated residuals, rentals, and service contracts were down $104.0 million to $357.4 million as compared to the same period last year. Net cash provided by operating activities in the quarter decreased to $25.7 million compared to $31.9 million in the same period of 2002. The Company repaid notes payable in the amount of $23.7 million in the first quarter of 2003.

 

On a sequential basis, net income for the first quarter of 2003 increased $6.9 million from a loss of $7.7 million last quarter. This increase was primarily driven by a reduction in the provision for credit losses of $11.7 million.

 

Richard Latour, President and Chief Executive Officer stated, "We are pleased that our first quarter results met our internal collection goals on the existing portfolio and that the Company's ongoing strategy of driving down expenses had a positive impact on our results."

 

Mr. Latour continued, "MicroFinancial also reached a critical milestone in our effort to reposition the Company and strengthen our capital structure. In April, we secured a long-term amendment of our credit facility and a permanent waiver for our securitization facility. This provides a solid foundation that will allow us to focus our attention on seeking a financial partner as we actively consider various financing, restructuring and strategic alternatives."

 

Mr. Latour concluded, "Over the next few quarters we will continue to maximize our portfolio collections, while simultaneously pursuing a business strategy that further strengthens our balance sheet."

 

MICROFINANCIAL INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

 

December March

31, 31,

--------- ---------

2002 2003

--------- ---------

ASSETS

Net investment in leases and loans:

Receivables due in installments $334,623 $299,442

Estimated residual value 30,754 28,404

Initial direct costs 4,891 4,057

Loans receivable 1,796 1,783

Less:

Advance lease payments and deposits (96) (77)

Unearned income (67,574) (55,666)

Allowance for credit losses (69,294) (66,359)

--------- ---------

Net investment in leases and loans $235,100 $211,584

Investment in service contracts 14,463 12,843

Cash and cash equivalents 5,494 9,803

Restricted cash 18,516 14,419

Property and equipment, net 9,026 8,103

Income taxes receivable 8,652 8,652

Other assets 3,834 4,288

--------- ---------

Total assets $295,085 $269,692

========= =========

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Notes payable $168,927 $145,191

Subordinated notes payable 3,262 3,262

Capitalized lease obligations 471 356

Accounts payable 3,840 3,945

Other liabilities 6,776 6,343

Income taxes payable 1,400 1,392

Deferred income taxes payable 23,806 23,303

--------- ---------

Total liabilities 208,482 183,792

--------- ---------

Commitments and contingencies - -

Stockholders' equity:

Preferred stock, $.01 par value; 5,000,000

shares authorized;

no shares issued at 12/31/02 and

3/31/03 - -

Common stock, $.01 par value; 25,000,000 shares

authorized; 13,410,646 and 13,730,500 shares

issued at 12/31/02 and 3/31/03, respectively 134 137

Additional paid-in capital 47,723 47,977

Retained earnings 45,089 44,334

Treasury stock (588,700 shares of common stock

at 12/31/02 and 3/31/03), at cost (6,343) (6,343)

Deferred compensation 0 (205)

--------- ---------

Total stockholders' equity 86,603 85,900

--------- ---------

Total liabilities and

stockholders' equity $295,085 $269,692

========= =========

 

MICROFINANCIAL INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

 

For the three months

ended

March 31,

----------------------

2002 2003

----------------------

 

Revenues:

Income on financing leases and loans $15,235 $9,821

Income on service contracts 2,395 2,251

Rental income 9,863 8,547

Loss and damage waiver fees 1,526 1,483

Service fees and other 6,266 3,469

----------------------

Total revenues 35,285 25,571

----------------------

 

Expenses:

Selling general and administrative 12,574 9,131

Provision for credit losses 10,964 10,799

Depreciation and amortization 3,639 4,270

Interest 2,747 2,629

----------------------

Total expenses 29,924 26,829

----------------------

 

Income/(loss) before provision for income taxes 5,361 (1,258)

Provision/(benefit) for income taxes 2,145 (503)

----------------------

 

Net income/(loss) $3,216 ($755)

======================

 

Net income/(loss) per common share - basic $0.25 ($0.06)

======================

 

Net income/(loss) per common share - diluted $0.25 ($0.06)

======================

 

Weighted-average shares used to compute:

Basic net income per share 12,821,946 12,854,642

----------------------

Fully diluted net income per share 12,853,061 12,854,642

----------------------

 

MicroFinancial Inc. (NYSE:MFI), headquartered in Woburn, MA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986.

 

 

 

CONTACT: MicroFinancial Incorporated

Richard F. Latour, 781/994-4800

 

SOURCE: MicroFinancial Incorporated

 

 

( More stories on Microfinancial/Leasecomm:

http://www.leasingnews.org/Conscious-Top%20Stories/micro_leasecomm.htm )

[Headlines]

 

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

 

Sunrise International Leasing Corp. Reports First-Quarter Results

 

 

Net Income Increases 78 Percent from Prior-Year Period

 

GOLDEN VALLEY, Minn., -- Sunrise International Leasing Corporation (SILC), a wholly owned subsidiary of privately held King Capital Corp., announced financial results for the first quarter ended March 31, 2003.

 

For the quarter, SILC reported revenues of $20.5 million, compared to $35.9 million for the comparable 2002 period. First-quarter net income increased 78 percent to $4.8 million from $2.7 million for the prior-year period. Net income was positively impacted by continued improvement in the credit quality of SILC's portfolio and a reinstatement of certain previously written off assets.

 

As a result of adverse economic conditions and a worldwide decrease in capital spending, SILC has experienced an expected reduction in demand for new leases and a corresponding decrease in revenue. However, SILC reduced first- quarter expenses by 60 percent from the year-ago period, with no reduction in the services offered to its vendors. The company had no interest expense during the quarter and currently has in excess of $50 million in cash and short-term investments.

 

Outlook

 

SILC expects 2003 total-year revenue and net income levels to be substantially lower than the $117.4 million and $14.7 million, respectively, recorded in the prior fiscal year. However, SILC will continue to generate significant free cash flow, and will allocate a substantial portion of its cash to support the expansion of its recently formed second placement division.

 

SILC has experienced an increase in its leasing activity recently and expects a significant improvement in originations in the third and fourth quarters.

 

The company also continues to explore all suitable options for business opportunities. SILC is capitalizing on its cash reserves, information systems and business model, which are among the best in the industry, to deal with current business conditions and set the stage for future expansion.

 

About Sunrise International Leasing Corporation

 

SILC's business consists primarily of developing and implementing customized lease and rental programs for vendors of high technology and related equipment and is becoming a major financing source for second placements. SILC also is a national major reseller of high-quality, off-lease used Sun and Cisco equipment through Redirect Tech, its remarketing subsidiary.

 

About King Capital Corp.

 

King Capital Corp., established in 1975 and based in Golden Valley, Minn., offers a wide range of leasing options to manufacturers, distributors and resellers through its primary subsidiary, SILC, as well as high-availability software through H.A. Technical Solutions, LLC.

 

SUNRISE INTERNATIONAL LEASING CORPORATION

 

CONDENSED STATEMENTS OF INCOME

 

Three Months Ended

 

March 31,

 

2003 2002

 

Revenues $20,519,000 $35,922,000

 

Cost, expenses, and other 12,243,000 30,818,000

 

Income before provision for income taxes 8,276,000 5,104,000

 

Provision for income taxes 3,520,000 2,399,000

 

Net Income $4,756,000 $2,705,000

 

SOURCE Sunrise International Leasing Corporation

 

CO: Sunrise International Leasing Corporation; King Capital Corp.

[Headlines]

 

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

 

Philip Morris Capital Corporation to Pursue New Strategic Focus

 

 

STAMFORD, Conn.---Philip Morris Capital Corporation (PMCC), the financial services subsidiary of Altria Group, Inc. (NYSE:MO) announced today that it is shifting its strategic focus from an emphasis on the growth of its portfolio of finance leases through new lease investments to one of maximizing investment gains and generating cash flows from its diversified portfolio of leased assets.

 

"PMCC has a well-diversified portfolio of leased assets that are core to its lessees and possess significant residual upside," said John J. Mulligan, president and chief executive officer of PMCC. "This decision will enable PMCC to realize gains and enhance cash flow through an orderly and systematic disposition of assets over an extended period of time."

 

Explaining the reason for the change, Mr. Mulligan said, "As a result of a recent strategic review, Altria concluded that PMCC's leasing investments do not represent a core business and that resources and capital can be better deployed in support of growth in Altria's consumer products businesses."

 

PMCC was formed in 1982. It is headquartered in Stamford, CT and employs approximately 70 people. Its diversified portfolio of leased assets totaled approximately $9.3 billion in net finance receivables at December 31, 2002.

 

CONTACT:

 

Tim Kellogg, 917/663-2759

SOURCE: Philip Morris Capital Corporation

[Headlines]

 

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

 

 

****Announcement **********************************************

 

May 20th Fresno, California Brokers Meeting

 

Ladies, Gentlemen and others:

 

Things have come together nicely for the Fresno Area Brokers

Meeting. We plan to meet on Tuesday, May 20 at Tony Roma's located at 2003

W. Bullard Avenue, Fresno, CA. The meeting will start with no-host

cocktails in the waiting room with liquid (the bar) at 6:30pm. We will

adjourn to a private room for dinner around 7:00 to 7:15. The total cost is

$30.00 per person. Three entrée choices are available; Top Sirloin Steak or

Marinated Breast of Chicken both served with baked potato and mixed seasonal

vegetables. The third choice is a vegetarian dish of Penne pasta tossed

with Garlic, basil, olive oil, parmesan cheese and sautéed mushrooms.

Please let us know your entrée preference when you make your reservations.

 

Rich Featherstone, a local leasing lease broker, who is also a CPA

will talk to us about the pros and cons of having a California Finance

Lenders License. His presentation will leave time for questions, so come

prepared. He has a long history in the leasing business. He founded

LeaseMark in Santa Rosa in 1986 and currently is with the local firm

Accountants Financial Services which is associated with Baker, Peterson &

Franklin, CPAs.

 

Please call or return e-mail your intentions to join us. Thanks to

the many of you have already committed to being there. Also, it is

important to tell us your entrée preference.

 

 

Archie Julian JulianA@ExchangeBank.com

707)521-5027

 

**** Announcement ***************************************

 

 

 

Cartoon---Good Old Days Are Back

 

 

http://two.leasingnews.org/cartoons/good-old-days.jpg

[Headlines]

 

 

 

Two Version: Free ( text format) $49.95 yr ( html/website) Free 30 Day Trial

 

http://www.leasingnews.org/contact_us_news.htm

 

This edition is also available in an "up-grade" format, html, where you may

click on the headlines to go to the story, plus is also in this "new" format

posted daily on our website--- http://www.leasingnews.org/contact_us_news.htm

 

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Please send to a colleague as we are trying to build our readership

 

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

 

KEY EQUIPMENT FINANCE

NAMES PAUL W. FRECHETTE

PRESIDENT AND CHIEF OPERATING OFFICER,

COMMERCIAL LEASING SERVICES

 

SUPERIOR, CO, -- Key Equipment Finance, one of the nation's

largest bank-affiliated equipment financing companies, announced that Paul

W. Frechette has been named president and chief operating officer,

commercial leasing services. In his new role, Frechette is responsible for

Key Equipment Finance's rapidly growing direct sales, business aviation

financing, syndication and leveraged leasing activities. His office is

located at Key Equipment Finance's world headquarters outside Boulder,

Colorado.

 

"We are very fortunate to have a candidate of Paul's caliber within our own

ranks," said Paul A. Larkins, president and chief executive officer, Key

Equipment Finance. "Paul Frechette is well known and highly respected

throughout the global equipment leasing industry. His contributions to Key

during the last year have been significant, and I am delighted to have

someone of his reputation, proven track record and work ethic ready to

assume this leadership role."

 

Frechette, who has 30 years of equipment finance experience, joined Key

Equipment Finance in June 2002 as senior vice president of global business

development and strategic planning. Prior to joining Key, he was senior

vice president and managing director, GVF Business Development, for Heller

Financial, Inc. (acquired by GE Capital in 2001) in San Francisco,

California. Paul's career includes past executive assignments with U.S.

Bancorp Leasing and Financial, U.S. Leasing International and Fleet Credit

Corporation.

 

Frechette earned his bachelor of science degree in marketing management

from the University of Rhode Island at South Kingstown. An active

participant in the ELA (Equipment Leasing Association), he is currently

chairman of the Vendor Program Business Council Steering Committee. He also

chaired the ELA's Captive and Vendor Leasing Conference during Spring 2002.

 

Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides

business-to-business equipment financing solutions to businesses of many

types and sizes. They focus on four distinct markets:

· businesses of all sizes in the U.S. and Canada (from small business

to large corporate);

· equipment manufacturers, distributors and value-added resellers

worldwide;

· federal, provincial, state and local governments as well as other

public sector organizations; and

· lease advisory services for manufacturers' captive leasing and

finance companies.

 

Headquartered outside Boulder, Colorado, Key Equipment Finance oversees an

$8 billion equipment portfolio with annual originations of approximately $3

billion. The company has major management and operations bases in Toronto,

Ontario; Albany, New York; London, England; and Sydney, Australia. The

company, which operates in 25 countries and employs more than 600 people

worldwide, has been in the equipment financing business for nearly 30

years. Additional information regarding Key Equipment Finance, its products

and services can be obtained online at KEFonline.com.

 

Cleveland-based KeyCorp is one of the nation's largest bank-based financial

services companies, with assets of approximately $85 billion. Key companies

provide investment management, retail and commercial banking, retirement,

consumer finance, and investment banking products and services to

individuals and companies throughout the United States and, for certain

businesses, internationally. The company's businesses deliver their

products and services through KeyCenters and offices; a network of

approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU); and a

Web site, Key.com, that provides account access and financial products 24

hours a day.

# # # # #

 

__

Lisa A. Miller, Corporate Development

Key Equipment Finance

NY-31-66-0900

P.O. Box 1865

Albany NY 12201-1865

Phone: (518) 257-8235

Fax: (518) 257-8821

 

[Headlines]

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

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News Briefs---

 

Ranks of 'Long-Term Unemployed' at 20-Year High

http://www.washingtonpost.com/wp-dyn/articles/A27647-2003May7.html

 

Seattle in the grip of one of its worst downturns ever

http://www.bayarea.com/mld/mercurynews/business/5804005.htm

 

American Idol Down to Three http://us.news1.yimg.com/us.yimg.com/p/rids/20030506/i/1052250523.3623944242.jpg

http://www.usatoday.com/life/television/americanidol-index.htm

 

Bargain Wines are Not French

http://www.nytimes.com/2003/05/07/dining/07WINE.html

[Headlines]

 

 

 

 

Sports Briefs---

 

Michael Jordan leaves the MCI Center after learning he will not return to Wizards job. (AP)

http://media.washingtonpost.com/wp-srv/photo/homepage/hp5-7-03l.jpg

 

Jordan Surprised and Inflamed as Wizards Show Him the Door

http://www.nytimes.com/2003/05/08/sports/basketball/08jordan.html

 

Status Cap of NFL Football Teams

http://www.theredzone.org/caproom.asp

 

Mo Collins agrees to six-year, $17.5 million contract w/Oakland Raiders

http://espn.go.com/nfl/columns/clayton_john/1550586.html

 

Saints Draft Pick Gets Probation

http://www.theredzone.org/news/showarticle.asp?ArticleID=19

[Headlines]

 

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Highlights in American History

 

    1783-the first salute fired by Great Britain in honor of an officer of the United States was fired when General George Washington and Governor George Clinton arrived at the British ship Ceres, commanded by Sir Guy Carleton, in New York Harbor to arrange for the British evacuation. When they departed, 178 guns were fired in honor of Washington’s rank. New York was evacuated by the British on November 25, 1783.

    1829-birthday of Louis Moreau Gottschalk, American pianist of international fame who toured the US during the Civil War. Gottschalk composed for the piano combining American and Creole folk themes and rhythms in his work. Born at New Orleans, LA, he died Dec. 18, 1969, at Rio de Janeiro, Brazil. http://www.louismoreaugottschalk.com/ http://www.viridianaproductions.com/ameori.htm

http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GRid=407

    1835-- Augusta Jane Evans Wilson birthday; U.S. novelist whose work is critically described today as sentimental and overblown, woman-stuff, but it sold very well in the mid 19th century. The unstated fact is that more than just women read her works. A Civil War report states that a Union general ordered all copies of her book , Macaria, in the possession of his troop was to be burned and the soldiers forbidden to read it. Heady actions for a book that only women read! Macaria was written in support of the Confederate position.

http://search.eb.com/women/articles/Wilson_Augusta_Jane_Evans.html

http://www.lib.usm.edu/~archives/m152.htm

http://www.tsha.utexas.edu/handbook/online/articles/view/WW/fwi49.html

    1862- In a major engagement in the Shenandoah Valley Campaign of the Civil War, General Stonewall Jackson’s rebel forces repulsed an attack by Union forces at McDowell, VA.

1846-Zachary Taylor victory at Palo Alto protects the new state of Texas as

five days later the U.S. declares war against Mexico. On May 8, near Palo Alto, and the next day at Resaca de la Palma, Taylor led his 200 soldiers to victories against much larger Mexican forces. Poor training and inferior armaments undermined the Mexican army's troop advantage. Mexican gunpowder, for example, was of such poor quality that artillery barrages often sent cannonballs bouncing lazily across the battlefield, and the American soldiers merely had to step out of the way to avoid them. Following his victories at Palo Alto and Resaca de la Palma, Taylor crossed the Rio Grande and took the war into Mexican territory. During the next 10 months, he won four battles and gained control over the three northeastern Mexican states. The following year, the focus of the war shifted elsewhere, and Taylor's role diminished. Other generals continued the fight, which finally ended with General Winfield Scott's occupation of Mexico City in September of 1847. Zachary Taylor emerged from the war a national hero. Americans admiringly referred to him as "Old Rough and Ready" and erroneously believed his military victories suggested he would be a good political leader. Elected president in 1848, he proved to be an unskilled politician who tended to see complex problems in overly simplistic ways. In July 1850, Taylor returned from a public ceremony and complained that he felt ill. Suffering from a recurring attack of cholera, he died several days later.

http://memory.loc.gov/ammem/today/may08.html

    1884-Harry S. Truman's birthday is a holiday in Missouri. He was the 33rd president of the United States, succeeded to that office upon the death of Franklin D. Roosevelt April 12, 1945. He was the last of nine presidents who did not attend college. Affectionately he was nicknamed "Give 'em Hell Harry" by admirers. http://www.whitehouse.gov/history/presidents/ht33.html

    1886 - Dr. John S. Pemberton first sold his secret elixir. It was originally used for medicinal purposes., receiving $2300. The patent had a very slight ingredient called Cocaine in it. The new makers decided to eliminate it, as it could not be tasted . Nevertheless, the drink was to become a ”staple” of world soda’s. http://memory.loc.gov/ammem/today/may08.html

    1893-birthday of Francis Desales Ouimet, American amateur golfer who is credited with establishing the popularity of golf in the US. Born at Brookline, MA, his golfing career began as a daddy. In 1912, at age 20, he generated national enthusiasm for the game when he became the first American and first amateur to win the US Open Golf Championships. He won the US Amateur Championships in 1914 and 1931, and was a member of the US Walker Cup team from its first tournament in 1922 until 1949, serving as the non-playing captain for six of those

years. In 1951, he became the first American to be elected Captain of the Royal and Ancient Golf Club of St. Andrews, Scotland. Quiment died at Newton, ,Sept.2, 1967.

    1905-birthday of trumpeter player Red Nichols. http://www.redhotjazz.com/redn.html http://www-music.duke.edu/jazz_archive/artists/nichols.ernest.red/01/back.html http://us.imdb.com/Title?0052809

    1910- Mary Lou Williams, U.S. arranger, composer , and pianist birthday; known as the "Queen of Jazz." A child prodigy, she toured while still in elementary school. Her piano playing was outstanding. She wrote a number of well known jazz tunes and is considered a main contributor to the development of bebop. She arranged and created music for most of the big bands from Duke Ellington to the Dorseys. She converted to Catholicism after an emotional crisis while she was touring in France and went into a retreat. She composed several masses and religious music but she returned to the jazz/swing stage. Mary Lou Williams was artist in residence at Duke University.

http://www.duke.edu/~lmr/

http://www.eyeneer.com/Jazz/Williams/

http://kennedy-center.org/programs/jazz/womeninjazz/1stlady.html

    1911- the birthday of perhaps one of greatest blues guitarist Robert Johnson. Born at Hazelhurst, MS, and murdered at age 27, Aug 16, 1938, at Greenwood, MS (poisoned by a jealous husband, they sing), in his short life Johnson was a master blues guitarist, a singer and songwriter of great influence. He developed a unique guitar style of such skill that it was said he acquired his ability by selling his soul to the Devil—the film Crossroads is based very loosely on this myth. Johnson’s only two recording sessions captured for us the classics “Sweet Home Chicago,” “Cross Road Blues,” “Me and the Devil Blues” and others. Johnson was inducted posthumously into the Blues Hall of Fame in 1980 and the Rock & Roll Hall of Fame in 1986. http://www.blueflamecafe.com/index.html

http://xroads.virginia.edu/~MUSIC/rjhome.html

    1915 –the first filly to win the Kentucky Derby horse race at Churchill Downs, Louisville, KY, was “Regret, Harry Payne Whitney’s chestnut filly. She ran the mile and a quarter in 2 minutes, 5.4 seconds to win the 41st Kentucky Derby. There were 16 starters.

    1926-birthday of Don Rickles, comedian, actor, one of my favorites, still performing today, New York, NY.

http://www.delafont.com/comedians/Don-Rickles.htm

    1939-Clay Puett, installed a two-stall working model of his new electric starting gate for horse races at Hollywood Park, Inglewood, CA. The first full-size gate was used at Bay Meadows Race Track, San Mateo, CA, on October 7, 1939. The gates were equipped with a bomb-release type of lock operated by solenoids. The front doors when closed formed a V and opened outwards by means of springs.

    1940- Singer Rick Nelson was born in Teaneck, New Jersey. His parents, Ozzie and Harriet, had a popular radio show, and Ricky joined the cast at the age of eight. The show moved to TV in the 1950's, and as a result of its popularity, Ricky Nelson gained a recording contract. "A Teenager's Romance" and "I'm Walkin' " was a double-sided hit for him in 1957. Nelson had more than 35 records on the Billboard Hot 100 chart until 1963. Among them - "Stood Up," "Poor Little Fool" and "Travellin' Man." In the late '60s, he became Rick instead of Ricky, and turned to a more country-oriented style. His autobiographical song "Garden Party" was a top- ten record in 1972. On New Year's Eve, 1985, Nelson, his fiancée and five members of his Stone Canyon Band were killed in a plane crash in northeastern Texas.

http://www.ricknelson.com/

    1941 – Gene Krupa with Anita O’Day record "Let Me Off Uptown" (Okey)

http://www.geocities.com/BourbonStreet/Delta/3898/film3.html

“Say, Roy, Have You Ever Been Uptown?”

http://www.anitaoday.com/

http://www.drummerman.net/

    1942- the Battle of the Coral Sea began, which greatly impeded Japanese expansion and introduced a new form of naval warfare. None of the surface vessels exchanged fire---the entire battle was waged by aircraft. The victory gave people at home much optimism and renewed faith as the US lost a their first air craft carrier, destroyer and tanker. The Lexington Aircraft carrier was commanded by Rear Admiral Frederick Carl Sherman, which took tow bombs and two aircraft torpedoes. Some 150 men were killed. The Japanese lost seven warships, including a carrier, and the loss changed their war plans, as outlined in "Victory at Sea." http://www.history.navy.mil/photos/events/wwii-pac/coralsea/coralsea.htm http://history.acusd.edu/gen/WW2Timeline/coral.html

http://users.pandora.be/dave.depickere/Text/coral.html

    1943-birthday of Toni Tennille, singer ( with husband Daryl Dragon made up Captain and Tennille), born Montgomery, AL. http://www.tonitennille.net/

    1945- Stalin refused to recognize the document of unconditional surrender signed at Reims the previous day, so a second signing was held at Berlin. The event was turned into an elaborate formal ceremony by the Soviets who had Inst some 10 million lives during the war. The surrender documents set one minute past midnight, which was 9:01pm EST in the U.S May 9., and although it was first officially declared V.E. Day ( Victory in Europe ), it later became to be observed on May 8 as it was actually celebrated in the United States.

    1946- Glenn Gould first appeared as a pianist with orchestra. He played the first movement of Beethoven's "Concerto Number Four" with the Toronto Conservatory of Music Orchestra. Gould was only 13 years old at the time.

    1952---Top Hits

Blue Tango - The Leroy Anderson Orchestra

Blacksmith Blues - Ella Mae Morse

Anytime - Eddie Fisher

Easy on the Eyes - Eddy Arnold

    1954-World-record holder William Parry O’Brien of the US became the first shot-putter to clear 60 feet with a throw of 60 feet, 65 ¼ inches, at a meet in Los Angeles. O’Brien won gold medals at the 1952 and 1956 Olympics and a silver medal at the 1960 games.

    1958-Ernest Green becomes the first Black person to graduate from Central High School in Little Rock, Arkansas.

    1959-birthday of Ronald Mandel “Ronnie” Lott, Hall of Fame football player, born Albuquerque, NM.

    1960---Top Hits

Stuck on You - Elvis Presley

Sink the Bismarck - Johnny Horton

Sixteen Reasons - Connie Stevens

He’ll Have to Go - Jim Reeves

    1961 – The Metropolitans change their name, to play in the Polo Grounds the following year, to the Mets.

    1962 – “A Funny Thing Happened on the Way to the Forum” opens at the Alvin Theater in New York starring Zero Mostel. The hit lasts for 964 performances. http://www.geocities.com/Broadway/Lobby/4320/

    1966-Frank Robinson of the Orioles became the only player ever to hit a home run out of Baltimore’s Memorial Stadium. His long drive over the left-field wall, Against Luis Tiant of the Cleveland Indians, traveled an estimated 451 feet. http://www.primenet.com/~jpmill/bball/robf.htm

    1966-The St. Louis Cardinals played their last game in old Busch Stadium, formerly known as Sportsman’s Park, losing to the San Francisco Giants, 10-5. They opened new Busch Memorial Stadium on May 12.

    1968---Top Hits

Honey - Bobby Goldsboro

Tighten Up - Archie Bell & The Drells

Young Girl - The Union Gap

The Legend of Bonnie and Clyde - Merle Haggard

    1968-Jim “Catfish” Hunter of the Oakland Athletics pitched a perfect game, defeating the Minnesota Twins, 4-0. This was the first regular-season perfect game in the American League since Charlie Robertson turned the trick in 1922. http://www.hertfordbaptist.org/hunter.html

    1970-The Beatles 13th album, Let It Be, was released in the United Kingdom on this date. The album zoomed on this date. The album zoomed to number one on the record charts. It was the last album the Beatles made together.

    1970-The New York Knicks won their first NBA title, defeating the Los Angels Lakers, 113-99, in Game 7 of the finals. The Knicks were let by injured center Willis Reed, who limped onto the court to score the game’s first two baskets, and guard Walt Frazier, who scored 36 points.

    1976---Top Hits

Welcome Back - John Sebastian

Right Back Where We Started From - Maxine Nightingale

Boogie Fever - Sylvers

My Eyes Can Only See as Far as You - Charley Pride

    1984---Top Hits

Against All Odds (Take a Look at Me Now) - Phil Collins

Hello - Lionel Richie

Hold Me Now - The Thompson Twins

I Guess It Never Hurts to Hurt Sometimes - The Oak Ridge Boys

    1985 - Larry Bird scored a career-high 43 points to lead the Boston Celtics to a 130-123 win over the Detroit Pistons

    1988------Top Hits

Anything For You- Gloria Estefan & Miami Sound Machine

Shattered Dreams- Johnny Hates Jazz

Wishing Well- Terence Trent D'Arby

One More Try- George Michael

Pink Cadillac- Natalie Cole

    1989-An early version of Prodigy's commercial online service, the company's "videotex" service began experiencing intermittent outages, as the company began rolling the service out nationally. Prodigy had introduced its services in limited markets in October 1988. About 55,000 subscribers had joined the service, a joint venture of Sears and IBM.

    1993------Top Hits

Freak Me- Silk

That s The Way Love Goes, Janet Jackson

Informer- Snow

Love Is (From "Beverly Hills, 90210")- Vanessa Williams/Brian McKnight

    1997-Los Angeles Police Chief Willie L. Williams formally presented Capt. Betty P. Kelepecz with a commander's badge, making her the highest-rankingfem ale officer LAPD history. Kelepecz earned a law degree and become an attorney while rising through the department's ranks, is noted as an effective leader and administrator. Just before Kelepecz's promotion, an internal report confirmed former Det. Mark Fuhrman's allegations that a group of male officers in the West Los Angeles police station repeatedly harassed female colleagues.

"We didn't see it as harassment back then, we saw it as playing along, doing what you needed to do to survive," Capt. Kelepeecz said. "Some male officers would say to me, 'I don't think you belong on the job.' " She said that the attitudes of some of her male colleagues toward women during the early part of her career would not be tolerated in today's LAPD. She recalls enduring inappropriate and demeaning comments and even outright hostility as a young officer. At the time of Kelepecz's promotion, LAPD was 17.3% female.

http://www.lapdonline.org/c_o_s/kelepecz_b_bio.htm http://www.nawlee.com/bpkelepecz.html

    1998------Top Hits

Too Close- Next

My All, Mariah Carey

You re Still The One- Shania Twain

Everybody [Backstreet s Back]- Backstreet Boys

Truly Madly Deeply- Savage Garden

 

NBA Finals Champions This Date

 

1970 New York Knicks

 

[Headlines]

 

 

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

 

 

New White Paper Suggests Latin America Is Ripe for IT Lease Financing

 

 

MIAMI, FLORIDA, -IT manufacturers have an "enormous" potential to expand business in Latin America, according to a white paper circulating this month from The Alta Group’s Latin American unit.

 

The report, entitled Latin American IT Business: Risk and Rewards in Financing With America’s Neighbors, finds that rising living standards, a growing demand for information technology, and an increasing appetite for lease financing are contributing to positive economic potential, especially in Mexico, Brazil, Argentina, Colombia, Venezuela, Chile and Peru. Indeed, despite economic and political volatility in Argentina and violence in Colombia, business fundamentals are sound in most South American economies, according to the report.

 

Rafael Castillo-Triana, a principal in The Alta Group, a leading international consulting firm which focuses on equipment leasing and manufacturing, researched and wrote the white paper. In doing so, he drew on data compiled by the U.S. Department of Commerce, other government organizations and industry associations, as well as his own experiences as a consultant to U.S.-based companies operating in Latin America.

 

U.S. government data reveal a potential for $25 billion in total sales in Latin America this year, while the Asociación de Leasing de Argentina expects "favorable scenarios" to emerge for IT equipment leasing in the near future. Brazil, already a thriving market for IT goods and services, has made tremendous advances in e-commerce and electronic banking and, according to the white paper, 23 million Brazilians currently use the Internet.

 

Venezuela is experiencing major growth in services that leverage both wireline and wireless Internet infrastructure, including e-commerce, e-banking, virtual private networks and such e-business solutions as customer relationship management. In fact, according to Castillo-Triana's paper, the total market for private networks alone is estimated at more than US$300 million, while the overall IT market is currently valued at an estimated US$648 million.

 

Even Chile, a small country relative to many of its Latin American neighbors, features sophisticated business sectors with a global reach. Further, Chile enjoys the highest rate of Internet penetration among all Latin American economies.

 

Throughout Latin America, Castillo-Triana writes that IT customers require not only extended payment terms for their hardware and software but also off-balance sheet solutions and tax-deductible structures. However, local financial markets have not yet developed the expertise to provide such financial instruments. Suggesting that U.S.-based companies could take advantage of this situation, he nevertheless advises them to seek knowledgeable assistance in managing country-specific risks and in understanding the unique market characteristics outlined in the paper.

 

Castillo-Triana is an attorney with more than 20 years of business and management experience in the Latin American leasing industry. Formerly the executive vice president of Leasing Grancolombiana S.A., he founded Megaleasing S.A. for a Colombian affiliate of Mitsubishi Heavy Industries, and established Equileasing S.A. as well. The latter was the first distributor captive leasing company for Canon equipment in Colombia. Castillo-Triana heads The Alta Group’s Latin American division, which provides such advisory services as market niche analysis, analysis of potential customers, country risk analysis and recommendations and cross-border delinquency management, including collection strategies and supervision.

[Headlines]

 

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

 

 

More on the Latin American Equipment Leasing White Paper

 

The report draws on government research as well as observations by Alta Principal Rafael Castillo-Triana, the author of this paper.

 

More than 60 years of accumulated experience Equipment Financing and Leasing in Latin America is added to the more than 200 years of such experience in the United States, Europe and Asia Pacific by The Alta Group.

These, and the intellectual capital we gather enable us to offer:

 

• To Equipment Vendors: Competitive and sustainable solutions to deliver sales-aid financing to Equipment Vendor’s customers;

 

• To Multinational, US or Europe based Lessors or Bankers: Support to accessing and controlling Latin American Equipment Financing markets, with a potential of revenues and assets over US$ 400 billion per year;

 

• To Lessors headquartered in Latin America: Integrating its structure and operations to the good Equipment Financing business practices and "Know-How" prevalent in Developed Markets;

 

• To National Leasing Associations: Supporting their mission with solid empirical support and successful precedents in order to achieve development of the Equipment Financing and Leasing Industry they represent;

 

If you want to know how we can solve your problems and needs for Equipment Financing in Latin America, contact us:

 

http://www.thealtagrouplar.com/

 

[Headlines]

--------------------------------------------------------------------------------------------

 

The Latin American White Paper---PDF Download

 

http://two.leasingnews.org/temporary/Alta-LA%20Rwhite%20paper%20final.pdf

[Headlines]

 

 

 

 

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