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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 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) ------------------------------------------------------------------------------------------
please
send to a colleague and ask them to subscribe..” ----------------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------- 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 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 -------------------------------------------------------------------------------------------- #### 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 ) #### 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. ##### 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 ### 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
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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 #### Press Release ############################################ -------------------------------------------------------------------------------------------- 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 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 ------------------------------------------------------------------------------------------- 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. 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?” 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
##### 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.
#### 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/ -------------------------------------------------------------------------------------------- The Latin American White Paper---PDF Download http://two.leasingnews.org/temporary/Alta-LA%20Rwhite%20paper%20final.pdf
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