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www.matrixbusinesscapital.com

Monday, May 12, 2008

Lawrence Peter "Yogi" Berra was born on May 12, 1925 in St. Louis, Mo. Photo: "Yogi Berra Day" at Yankee Stadium; Yogi and Joe DiMaggio taken that day. Joe Garagiola tells a funny story about Yogi giving his wife Carmen an anniversary card signed 'Yogi Berra.' She asked him if he thought he had to sign his last name so she wouldn't think it came from some other Yogi."

Headlines---

Classified Ads---Sales
    Alert: NuTrend Toshiba Copier
        Identity Theft Red Flag Rules
Marlin “first quarter 2008 Earnings Call”
by Christopher Menkin
    Six Leasing Schools/Franchises
        Dwight Galloway, CLP, on Leasing Schools
Leasing Media Web site rankings
    Classified Ads---Help Wanted
        Top Stories --May 5--May 9
Leasing 102 by Mr. Terry Winders, CLP
"Purchase Options vs. TRAC"
    ZRG Expands Coverage to Asia Pacific
        Four HUGE Mortgage Guideline Changes
Federal regulators close Arkansas bank
    Small biz finds loan standards tightening
        Trade deficit plummets/import demand dips
    News Briefs---
You May have Missed---
    California Nuts Brief---
        Sports Briefs---
"Gimme that Wine"
    Calendar Events
        Snapple Real Facts
Today's Top Event in History
    This Day in American History
        Baseball Poem
SuDoku
    Daily Puzzle
        GasBuddy
    Provence, France-Vacation
News on Line---Internet Newspapers
Ketchikan, Alaska

######## surrounding the article denotes it is a “press release”

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

Classified Ads---Sales

For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

Leasing Recruiters:
http://www.leasingnews.org/Recruits/index.htm

To place a free “job wanted” ad here, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

[headlines]

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Alert: NuTrend Toshiba Copier

On April 9, 2008, Leasing News sent out an alert on NuTrend Business System, a computer dealer located on Wilshire Boulevard in Los Angeles, California. While Leasing News is not privy to reports by Lease Police, when its president Bernie Boettigheimer, CLP asks for information, Leasing News goes out to its readers.

When the alert was sent out, a well-known San Jose, California lessor had just received a $9,000 check with financial statements for a copier. Leasing News asked him to hold on as perhaps a “sting” was in order and advised him to contact Lease Police.

Around the same time a lessor in Southern California was about to do a lease from NuTrend. Actually it was their second lease, but from NuTrend, as the first was from a copier vendor that they had checked out, and applicant had sent in financial statements as well as bank statements. The transaction was originally reportedly referred by ****** of NuTrend. The lease went together for $55,000; including a successful site inspection by the source it discounted the lease.

“On the first deal, the NuTrend contact put my sales rep in touch with ****** of *******. Since the actual vendor on the first lease was ******** (an apparent well qualified and authorized Toshiba dealer) at that time we only really checked out ******* as a vendor. Once the next application came in, again referred to us by NuTrend, it was apparent that they were the actual vendor on the deal. When we started looking deeper into Nu Trend as a vendor is when things started to become uncovered, due to info from Bernie @ Lease Police.”

The next transaction was from NuTrend itself as noted above. As the vendor for the transaction, their credit application was taken as well as other documents. The bank statements, financial statements, tax returns were good, but a paydex showed the company started in January, 2008. Bernie Boettigheimer, CLP, of Lease Police got involved, looked at the company statements, realized the numbers didn’t jive with the bank statements and suggested they call the banker. In this day of privacy, the banker was hesitating to answer until the situation was explained. The Southern California lessor was told the bank deposits were minimal, nothing like the bank statements. In further checking, the tax return numbers didn’t add up, and there were other red flags.

The discounter was concerned about “reps and warrants,” perhaps having to buy back the first transaction; about his reputation with the funder; about his reputation in the leasing industry. His first inclination was to go visit the first lessee in the copier transaction. The store was empty. No one was there. No copier, either.

He immediately hired Randy Wells of Global Credit Network (www.globalcr.com) to get involved, plus notified the funder.

Perhaps it was the same day, but Bernie Boettigheimer, CLP, ran into the vice-president of a major funder attending the United Association of Equipment Leasing Association conference in Sonoma, California. They struck up a conversation and the funder was dumbfounded, as his company was about to overnight to NuTrend a $30,000 check for a Toshiba copier. It was suggested they hold off. Randy Wells visited the lessee of the new lease with an associate, saying it was a “site inspection” to re-confirm the serial number, prior to funding the transaction. The copier had a different serial number tag on the back, but the lessor had advised Wells in advance to run the copier for the imbedded serial number. It turned out to be the same serial number that was used in the first lease lease. Wells and his associates, along with some help, moved the 500 pound copier to their pick-up truck. The lessee never protested and claimed they were innocent, didn’t know anything about any serial number.

A call to NuTrend found the owner admitting to what they discovered,
according to the lessor, and saying he would make good; that was several weeks ago.

“Also, we later learned the copier vendor had written 2 separate checks (at the same time) in the amount of $10,000 each to Nu Trend after they were paid on their invoice, “the lessor told Leasing News. “He went on to say that he originally became in contact with Nu Trend when someone from Nu Trend called him to buy a copier. At that time, a few months before our deal, Nu Trend was the applicant seeking to buy this same copier from ********. Apparently, after they were declined by ******* sources, Nu Trend figured out a way to get another company approved for the same copier and negotiated a $20,000 referral fee from *******. I told the vendor that by inflating the invoice by 20k and providing a spiff to Nu Trend that he had committed fraud. He simply shrugged it off and laughed, indicating he did nothing wrong. We intend to sue all parties.”

As for the San Jose lessor, he still has the lessee’s $9,000 check that they cashed. After asking questions about the financial statements submitted, he has not heard from them in over a month. The Southern California lessor may ask for a “donation,” as he is trying to make the first lease the funder whole. He says he has the $30,000 copier in a secure location. He is concerned both about his “reps
and warranties” on the transaction as well as keeping the funding source available for future transactions.

Leasing News has several calls into Nu-Trend and has only be able to reach voice mail;
no calls were returned.

NuTrend Alert April 9, 2008:
http://www.leasingnews.org/archives/April%202008/04-09-08.htm#alert

[headlines]

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Identity Theft Red Flag Rules

Venture capital-backed by Wells Fargo, Bank of America, Citigroup and Washington Mutual, a new company called Compliance Coach is launching a new Web 2.0 tool that allows companies to help stop identity theft and follows the new Identity Theft Red Flag Rules Act.

With the November 1st deadline looming (for the Identity Theft Red Flags Rules Act (FACT Act)) - this regulation was enacted to stop identity theft.

Security expert and CEO, Sai Huda, launched this Web-based, wizard-driven system to allow those affected by this requirement to get compliant in a matter of hours, and stay compliant via weekly updates, for less than $1000.
The company is called CompliancePal (www.compliancepal.com).

Here is their pricing:
http://www.compliancepal.com/pricing.html

You may also view it live and inquire more about this program.

[headlines]

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Marlin “first quarter 2008 Earnings Call”

by Christopher Menkin

The first quarter results for Marlin Business Services were issued late Thursday, after the stock market closed. Early in the morning, investors reacted with the stock falling to an all time low of $5.85. Later it closed at $6.12, lower than Thursday’s $6.17. There appeared no rush to buy this stock on the hopes that the company would become more profitable.

The first quarter net income was $1,359,000 compared to $5,027,000 the previous year’s quarter.

Worse, yet, first quarter 2008 lease production was $70.6 million, based on initial equipment cost, compared to $102.7 million for the first quarter of 2007.

The full SEC filing was filed on Friday, May 9th, perhaps during the time of the conference itself. It has more details than the press release. The numbers also don’t jive with the spin put on by
Marlin, indicating in black and white that it is more than a lower approval percentage that is resulting in lower gross and net profit. It is not just that they may be turning down more leases. Their overall sales are down, while their expenses are up. It may be true they are turning down more applications,
but at the same time, they are receiving less applications.

Numbers in quarters since March 31, 2007 to March 32, 2008:

The volume in leases per quarter (note decline not in percentage of approval ratio, as well as the rising expenses and number of employees.)

--all going down---

(in thousands of dollars)
$102,652
$97,260
$86,167
$87,670
$70,550

Average Monthly Sources
1,337
1,279
1,180
1,186
1,091

Number of Leases:
8,639
8,423
7,609
7,615
6,836

Approval Percentages
62%
58%
60%
56%
50%

Net income
(in thousands)
$5,027
$5,178
$5,028
$3,053
$1,359

--going up--

Salaries and
Benefits Expense
(thousands of dollars)

$5,716
$5,113
$5,257
$5,243
$5,870

Total personnel end
of quarter
311
324
331
357
354

Sales Personnel
96
97
105
118
108

Friday morning at 9am EDT, the three senior officers held a 50 minute “first quarter 2008 Earnings Call.” Daniel P. Dyer, Chairman of the Board, Chief Executive Officer & Treasurer George D. Pelose, Executive Vice President, General Counsel & Secretary and Ms. Lynne C. Wilson, Senior Vice President & Chief Financial Officer were part of a fifty minute telephone dial in with six representatives, perhaps seven, stock brokerage firm representatives. There appeared to be no press, no stockholder, no employee who owns stock, who asked questions,* let alone former president Gary Shivers who was forced to resign on December 20, 2006 with a lump sum of $365,500.00 on August 1, 2007, and bi-weekly payments thereafter of $28,810.59 until the 18 month anniversary of the Separation Date, as well as other reimbursements plus health benefits for 24 months. He also was to receive 138,390 “exercisable by Mr. Shivers for 90 days following the Separation Date, and options to purchase 45,191 shares will remain exercisable for two years following the Separation Date.” It was worth over $3 million when he left.

Those who asked questions actually had statements to make, such as advising the three executive officers the company should purchase more stock at the low price it is now. They did not respond. Many of the questions centered on the "covenants with present bank lenders," which never received a direct answer, as well as the new industrial bank in Utah that is now part of Marlin Business Services.

Dan Dyer stated he saw no problem in obtaining access to capital from banks or other lenders,
if need be.

George Pelose answered many of the questions regarding the Industrial bank. $11 million of their portfolio is there now, and it could go as high as $35 million in the next period, with a limit of $69 million, depending on audits, the health of the bank, and the portfolio itself.
(The May 8th press release on year-end states: “The Bank has funded $18.5 million of leases through its initial capitalization of $12 million and its issuance of $10 million in certificates of deposit at a weighted deposit rate of 4.17%.”

Pelose was asked several times about the write-off percentage. Pelose said it was less than the others in the Equipment Leasing and Finance Survey MLFI-25 in the over 60 day column for the last six months. He also stated a survey they paid Paynet to conduct showed a healthy low write--off compared to other leasing companies. The companies were not named, nor the actual results.

The May 8th press release states: “Leases over 30 days delinquent were 3.05% as of March 31, 2008, a 32 basis points improvement compared to 3.37% as of December 31, 2007. Leases over 60 days delinquent were 1.09% as of March 31, 2008 and 14 basis points higher compared to 0.95% as of December 31, 2007. Net lease charge-offs in the first quarter were $5.3 million, or 2.90% of average net investment in leases on an annualized basis compared to $4.7 million or 2.55% of average net investment in leases on an annualized basis as of fourth quarter 2007.”

Pelose was questioned about an 18% decline in dealer approvals and basically repeated the line that credit approvals were higher and therefore fewer transactions were approved.

The message from Chairman Dyer that was repeated several times during the telephone conversation, almost in a broken record fashion:
the company was both looking for "better quality, higher yields." This was his number one message, almost if quality and higher yields went together.

Marlin was said to be fortunate to have a 13.56% yield in April (new production year-end was 13.29%, according to the press release.)

George Pelose echoed Dyer, telling those on telephone line the FICO scores in the past averaged “703,” but they were now “713.” He stated the average time in business before was 18 years and now it was 21 years in business. He said the quality was improving. No one asked what FICO was, assuming it was a scoring system, or what other leasing companies FICO and/or Beacon were as well
as the norm with other leasing companies, let along asking if the industrial bank portfolio residuals were $1.00 option, PUT, fair market value options, or leases had “Evergreen clauses,” which reportedly the copier leases utilize (Marlin’s extra payment income was brought up as “extra income,” but not explained.)

Asked about the near future, no one could guess what it would be;
but they would continue to consider leases with “better quality, higher yields.”

Near the end, they were questioned about improving the net profit. Dyer responded they would also be cutting expenses, starting with staffing. He did not elaborate.

    * This was a closed forum, versus an open forum. The moderator chooses who speaks, and often can inquire about the question in advance, deciding to accept it or not to call upon the caller. The rules stated at the beginning were one question and one follow-up question only, which was not followed by the moderator. It is not known if there were others who had questions. editor

SEC filings on May 9th, 2008 ( 1.25mb down load):
http://leasingnews.org/PDF/MRLN_5-08.pdf

Telephone Conference:
http://investor.shareholder.com/media/eventdetail.cfm

[headlines]

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Six Leasing Schools/Franchises

First, these schools are designed to create leasing brokers, not lessors or funders. They are basic leasing sales courses. They are not designed to create a company, but to show how to make sales, market to businesses and cater to dealers: how to become an alleged independent sales person working out of their house or apartment.

To date there are now six such schools with the latest Leasing Partners, LLC, formed by Ken Glasgow, President of Corporate Capital Leasing Group, Inc. and Sal Cozza, President of Flexlease Financial.

The difference with Lease Partners is a lower dollar amount, $5900, offering a three day all expenses included (air, beach front hotel, meals) training session in Naples, Florida. Others start from $19,500, and go up to $29,950, not including transportation, hotel, and other expenses. Several have training from five days or longer. All have follow-up and other programs.

In the 1990’s, the late Bob Baker, CLP, Wildwood Financial would bring 25 or more members to the National Association of Equipment Leasing Brokers (NAELB) and to the United Association of Equipment Leasing (UAEL) who graduated his training. Bob won the prize for bringing in the most members for several years at UAEL.

In talking recently with several sources, including leasing associations, software and other service providers for brokers, most of the students did not last more than six months to a year in the industry. For instance, they would sign up for software, industry membership, and “disappear.” Most did not renew their association members and perhaps attend more than one association conference, if any at all.

There was the report of one who now has 22 other brokers sending him business. However, the percentage of those who graduated and remain in the leasing business appears to be quite low. Ask any professional leasing broker, it often takes them years to build up referrals and find acceptance going direct to funders.

It appears Global Leasing has the most successful program as its students learn other financial services and retain membership in leasing associations, plus use Advantage software, according to
several reliable sources.

Ken Glasgow was also appears very successful with his approach, advertising on E-Bay, offering protected territory in a home state, returning a $500 security deposit on training materials when they booked $50,000 in business. In addition, they got a 60 page manual, four CD, signing a ten page agency agreement of what they could and could not do. Out of 4,000 hits, 90 who responded, he reports he now has a network It will be interested in how his formal school will do.

It remains to be seen which schools will be successful. Who will stay around. More importantly, how many new brokers will actually stay in the industry, particularly when they learn they must be licensed in many states, follow state and federal laws, and step up to the plate when a lease
goes sour because of an oversight on their part and the “reps. and warranty” agreement has them buy back the lease payments owed.

* For the record, Phil Dushey, founder of Global Leasing, is on the Leasing News Advisory Board. The opinion of the operation comes
from reliable NAELB and System1 contacts.

While existing schools make claims, much of them are not substantiated. In other words, after one year, few remain in the leasing industry as brokers.

If there are students of any of these programs who have a comment on this article, please send them to: kitmenkin@leasingnews.org.

List of Schools/Franchises:
http://www.leasingnews.org/Conscious-Top%20Stories/School-Franchisors.htm

[headlines]

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Dwight Galloway, CLP, on Leasing Schools/Franchises

Why the three new broker schools all of a sudden? That’s the question I asked veteran Dwight Galloway, CLP, head of LEAF Specialty Finance.

He thinks they are meeting a need as many displaced executives from other industries, swearing never to work for another large corporation (or the real estate/mortgage industry), consider self employment alternatives. With few barriers to entry, becoming a lease broker appears more attractive than buying some small franchise where they face a significant initial investment, 70 hour work weeks and meager upside earning potential. Leasing "looks" better but the problem is how to get started and how to learn enough to achieve some level of income before their family starves.

A tuition school seems expensive (especially to some old timers who got their start as employees of a leasing company) but if done well it may be cheaper than floundering around for a year or two with no income. Where else can they get training? Learning the craft and becoming a profitable professional is much more difficult than it appears.

As important, Dwight points out, many funders do not have the time, patience, or ability to provide all the help new brokers need and tend to require two or three years of experience. Some schools help their recent graduates with this next challenge by reviewing their deals or actually acting as a super broker to get the neophyte's deals done. If done well, this helps the new brokers and the funders.

The school then acts as a “Super Broker,” receiving a commission for what they are able to place.

In calling around, many funders said they would not consider transactions from new leasing brokers. Many also viewed the business from a “school” as a “sublease” situation.

[headlines]

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Leasing Media Web site rankings

Leasing News is the most highly read trade publication about the leasing industry in the United States by Quantcast.com, as well as Alexa.

If it is a breaking news story, you will read it first in Leasing News.

Alexa Ranks Leasing Media Web Sites

David G. Mayer's Business Leasing and Finance News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law.  The rating is not valid as it includes all those who visit and communicate with the law firm.  When Business Leasing and Finance News has its own individual web site, it will be included in the Alexa survey.

*It should also be noted that two web sites have their "list serve" posted via their site, meaning their e-mails are counted as a visit to the site, whereas they are "list serve" communication.  These are technically visits to the web site, but primarily to use "list serve."

The Alexa tool bar works on most browsers.
They are partnered with Google.

You may download their free tool bar A graph and analysis of the last three months are available.

[headlines]

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

Leasing Industry Help Wanted

Collector

Collector Lake Success, NY Full time, entry or jr. level collector, auto and/or equip collection exp. preferred. Resume: fax 718-392-5427 attn: Ed Kaye/Eric Coolbaugh About the Company: Advantage Funding is the leader in automotive and equipment lease financing, Lake Success, NY.

www.advantagefund.com

Leasing Sales Representative

“A Top Producers Dream” Outstanding Back Office Support High Commissions – Up To 80% Elite Training Program Access to many Major Funding Sources with the ability to obtain approvals not available elsewhere Click Here if you want to achieve more!

www.matrixbusinesscapital.com

Leasing Sales Representative

Leasing Sales Representative Long Island, NY Hiring experienced or new to business sales reps. Transactions in all states / all industries. Send resume to: info@sterlingcap.net or fax 631-414-7571. About the Company: Sterling Capital Leasing, LLC is a national small ticket/middle market leasing company

www.sterlingcap.net

[headlines]

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

Top Stories --May 5--May 9

Here are the top ten stories most “opened” by readers last week:

(1) Archives---May 9, 2000
Cindy Spurdle let go at NAELB
http://www.leasingnews.org/archives/May%202008/05-09-08.htm#arch

(2) Slow Pay to Brokers
http://www.leasingnews.org/archives/May%202008/05-05-08.htm#slow

(3) Major Development at FTC-IFC Credit case
http://www.leasingnews.org/archives/May%202008/05-05-08.htm#case

(4) Resource America and LEAF Specialty Finance
http://www.leasingnews.org/archives/May%202008/05-09-08.htm#leaf

(5) Northern Leasing says “It ain’t so!”
http://www.leasingnews.org/archives/May%202008/05-09-08.htm#north

(6) Stock & Business dramatically down at Marlin
http://www.leasingnews.org/archives/May%202008/05-09-08.htm#mrlin

(7) “B” Credits: Chesswood sees Pawnee Leasing
http://www.leasingnews.org/archives/May%202008/05-05-08.htm#pawnee

(8) Sales makes it Happen---by C. Menkin
“Get off the telephone—Part II”
http://www.leasingnews.org/archives/May%202008/05-07-08.htm#sales

(9) FTC – IFC Credit may go to Trial
http://www.leasingnews.org/archives/May%202008/05-07-08.htm#ftc

(10) Leasing Industry Recruiters
http://www.leasingnews.org/archives/May%202008/05-07-08.htm#lir

[headlines]

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Leasing 102

by Mr. Terry Winders, CLP

Purchase Options vs. TRAC

There seems to be a misconception on how to handle a Lessee that requests to purchase the transportation asset at the end of a Terminal Rental Adjustment Clause (TRAC) lease. In 1984 when the TRAC lease was created by congress it was limited to licensed for over the road transportation equipment used at least 50%, or greater, of the time for commercial purposes. This included cars, trucks trailers, and a large verity of other transportation vehicles. When the law was passed it clearly stated that the transaction must be a true lease in all aspects except for the TRAC clause. This means that all of the requirements I stated in my article on tax leasing must be observed.

The assumption is that the TRAC clause allows the Lessor to assume a larger residual (close to the predicted wholesale value) for two reasons. One, because the unit would be traded in, and two, because the Lessee was on the hook to pick up any shortfall. Too make it equitable congress decided to allow the Lessor to return any overage to the Lessee. In 1984 this lowered the payment and supported the need to stimulate commercial vehicle sales and help get the economy back on its feet. No one expected TRAC clause leasing to last this long. Purchase options, if stated, were outside the TRAC clause which meant, if the Lessee chose to purchase

the vehicle the TRAC clause was null and void, because the TRAC clause assumed the vehicle was to be sold to an unrelated third party. So purchase options faded away and if the Lessee wanted to purchase the vehicle at lease termination it usually was sold for the TRAC amount because it was high enough that it was clearly not a bargain.

But now some Lessor’s are trying to circumvent the rules by establishing a low TRAC amount so that they feel justified in selling the vehicle at termination to the Lessee under the assumption that any sale for more than the TRAC amount would be returned to the Lessee under the TRAC agreement. Unfortunately if they sell the asset to the Lessee at the TRAC amount and it is a bargain then they are not following the rules and will lose their right to MACRS depreciation. The Lessee will be regarded as the owner for tax purposes and both Lessee and Lessor will have to restate their tax returns for the periods in questions with possible penalties and additional interest.

Some Lessor’s tell me that they cannot find this rule clearly stated in the revenue rulings or IRS court cases so they believe it is an open question. In my discussions with the IRS they believe it can be easily proved that the “intent” of the parties is clearly to sell the asset for the bargain amount or allow the Lessee to have an equity interest in the equipment aside from the TRAC which transcends the spirit and purpose of the TRAC legislation. Also some Lessor’s believe that if you only do a few of these and bury them in a large portfolio than the possibility of discovery is limited. I suggest it is like a ticking time bomb that invites a close look at the entire portfolio and more tax problems than you can image.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.
He invites your questions and queries.

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

[headlines]

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

ZRG Expands Coverage to Asia Pacific opening Shanghai, China Offices

Westborough, MA - ZRG, the leading Executive Search Firm in the equipment leasing and financial services space, has opened a new office in China to serve as the hub to support Asia Pacific executive recruiting needs within the financial services arena.

Heading up the Asia Pacific region will be Practice Leader Robert Chandis. Robert brings 25+ years of senior Human Resource experience as well as six years of Asia Pacific executive search experience to ZRG. His experience includes senior Human Resource roles with General Electric, KPMG and Hoffman LaRoche as well as senior executive search roles with Ken Clark International and Morgan Howard International. Joining Robert in the Shanghai offices will be Chen Ying. Prior to joining the ZRG, Chen was with Egon Zehnder International, Greater China for five years. The team brings strong experiences within the Asia Pacific recruiting market as well as fluency in Mandarin, Shanghainese as well as English.

“Our global clients have been asking us to follow them to areas where Human Capital need are even more acute than in the United States. Certainly China and the Asia Pacific region are on the top of most global firm’s lists of areas for talent acquisition over the coming years. Combining deep industry expertise with our Z Score and CollaboRATE tools and delivering these services with local professionals who know their markets is the winning formula for global executive search” said Larry Hartmann, Managing Partner for ZRG.

“Landing an experienced team that has worked well together in the past will allow us to hit the ground running for our clients who need senior level and mid level talent in the region. Robert is a very unique practice leader. He was born in China, educated in the United States and has tremendous experience building both U.S. and China based management teams with special consideration to the cultural and ethnic differences in the process”.

Robert Chandis related, “We are off to a fast start in our first 30 days with ZRG. We have new projects already launched in China for a U.S. based firm seeking senior leadership in Shanghai as well as a new project for a China based, NYSE traded client who is building out their leadership team in the States. We see the leveraged opportunities working as a two way highway into China and the region as well as back to North America.

About ZRG

ZRG is one of the fastest growing Executive Search, Consulting and Advisory firms. ZRG and its subsidiaries, Z Captive Services are entering their ninth year of providing value added human capital services to the several key markets including Financial Services and Equipment Finance and Leasing. Headquartered in Boston, Z maintains strategic branch offices throughout the America’s, Canada and now China.

CONTACT:
Contact Person: Larry Hartmann, Managing Partner
Company Name: ZRG
Voice Phone Number: 201-560-9900 x 222
Email Address: Lhartmann@zrgroup.com
Website URL: www.zrgroup.com

[headlines]

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

Four HUGE Mortgage Guideline Changes

Ann Arbor, MI,– Fannie Mae recently announced four key initiatives that will have a huge positive impact for home owners and buyers. “When Fannie Mae changes their policies and procedures, it has a wide-spread impact on homeowners,” said Gibran Nicholas, Chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. “This is because over 60% of US home mortgages are securitized, meaning that they are owned by investors like Fannie Mae and Freddie Mac who issue bonds on the bond market using these mortgages as collateral.”

The four changes are:

1. Fannie Mae will allow borrowers to refinance up to 120% of their home value if they are currently paying their mortgages on time.

“This is a huge positive development for responsible homeowners who are faithfully making their payments, but simply find themselves in a negative equity situation due to declining real estate values,” said Nicholas.

2. Fannie Mae is renewing and expanding their partnership with the state Housing Finance Agencies to provide $10 billion in financing for qualified first-time home buyers.

“This is important because it gives first time home buyers access to more financing options, thereby increasing the amount of eligible buyers in the marketplace,” Nicholas said.

3. Fannie Mae is teaming up with the Self-Help Credit Union, one of their long-time partners, in order to help families in hard-hit real estate markets get into foreclosed properties through a rent-to-own program.

This will stabilize communities by enhancing the options available to renters.

4. Effective immediately, Fannie Mae will buy new jumbo-conforming loans at the same price that they buy other conforming loans throughout the remainder of 2008.

“This is an enormous benefit for mortgage borrowers in high cost areas who have been largely disappointed with the persistently high rates on jumbo loans,” said Nicholas. As part of the much touted Economic Stimulus Package of 2008, limits on jumbo mortgages were increased from $417,000 to up to $729,750 in high cost areas. “The reality of the situation is that these higher loan limits have not really been effective because Fannie Mae has charged higher interest rates and fees on these loans versus traditional conforming loans at or below the $417,000 limit,” said Nicholas. The new rules abolish this pricing difference, and allow jumbo-conforming loans to priced exactly the same as traditional conforming loans. “These low interest rates expire at the end of 2008, so now is a perfect time for borrowers in these higher-priced markets to buy homes,” said Nicholas.

About CMPS Institute: CMPS is a training, examination, certification and ongoing membership program for financial professionals who provide mortgage and real estate equity advice. The CMPS Institute was formed as a joint effort by leaders in the mortgage and financial planning industries to raise professional standards among mortgage professionals and integrate sound financial planning advice into the mortgage process. Recognized for its preeminence within the industry, the CMPS curriculum represents the core knowledge expected of residential mortgage advisors, regardless of the diversity of specializations within the industry. For more information or to locate a certified professional near you, please visit www.CMPSInstitute.org or call 888.608.9800.

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News Briefs----

Federal regulators close Arkansas bank ANB Financial
http://www.breitbart.com/article.php?id=D90IF1L82&show_article=1

Small businesses find loan standards are tightening
http://www.stltoday.com/stltoday/business/stories.nsf/story/7854D1533B7D9252862
5744500058A40?OpenDocument

Trade deficit plummets as import demand dips
http://www.signonsandiego.com/news/business/20080510-9999-1b10bizbrfs.html

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You May have Missed---

In the Age of TiVo and Web Video, What Is Prime Time?
http://www.nytimes.com/2008/05/12/business/media/12ratings.html?_r=
1&ref=business&oref=slogin

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Sports Briefs----

Santa Clara: Great America's OK not needed for 49ers stadium
http://www.mercurynews.com/ci_9202476?source=most_viewed

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California Nuts Briefs---

Schwarzenegger California's looming budget deficit could be as high as $20 billion
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/11/MNSM10J97G.DTL&tsp=1

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“Gimme that Wine”

Vintage Michael Broadbent: Britain's elder statesman of wine as edgy as ever
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/05/08/WIA410EN8P.DTL

Toast of the Valley: Introducing the Ella Fitzgerald Brut Rose
http://www.napavalleyregister.com/articles/2008/05/09/wine/
doc4823ded781ab8908259858.txt

Recognition for a pioneering New Zealand winemaker
http://www.stuff.co.nz/stuff/4516263a7773.html

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/

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Calendar Events This Day

Astronomy Day
http://holidayinsights.com/other/astronomyday.htm

Fatigue Syndrome Day
http://holidayinsights.com/moreholidays/May/fatiguesyndromeday.htm

International Nurses Day
http://holidayinsights.com/other/nursesday.htm

Kite Day
http://homeschooling.about.com/library/blmay12a.htm

Limerick Day:
Observed on the birthday of one of its champions, Edward Lear. The limerick which dates from the early 18th century, has been described as the “only fixed verse form indigenous to the English language.” It gained its greatest popularity following the publication of Edward Lear’s Book of Nonsense( and it sequels). Write a limerick today! Example:
There was a young poet named Lear
Who said, it is just as I fear
Five lines are enough
For this kind of stuff
Make a limerick each day of the year.

Nutty Fudge Day

Whitmonday
The day after Whitsunday is observed as a public holiday in some countries, notably a legal holiday in England and Wales and Ireland.
http://en.wikipedia.org/wiki/Whit_Monday.

Saint feast Days

• Sts. Nereus & Achilleus
• Saint Pancras
• St. Flavia Domitilla
• St. Diomma
• St. Dionysius
• St. Dominic de la Calzada
• St.Epiphanius of Salamis
• Bl. Francis Patrizzi
• St. Richrudis
• St. Nereus and Achilleus
• St. Modoaldus
• St. Philip of Agirone

http://www.catholic.org/saints/f_day/may.php

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Most American car horns honk in the key of F.

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Today's Top Event in History

1903—Theodore Roosevelt visits San Francisco, caught on film by H.J. Miles. (video playback needed to see black and white silent film at, 14.3mb download, too, and the president turns away from the camera at the closet point, but to see the people and the times is quite interesting(the date on the film is the date it was released, not the actual day of May 12:
http://memory.loc.gov/cgi-bin/query/r?ammem/papr:@field(NUMBER+@band
(lcmp003+m3a22730))
( lower half of: http://memory.loc.gov/ammem/today/may12.html )

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This Day in American History

    1780 - 1780 - Charleston, SC, fell to the British in the US Revolutionary War after a two month seige. Three Continental Navy frigates (Boston, Providence, and Ranger) were captured; and one American frigate (Queen of France) was sunk to prevent capture.
http://www.publicbookshelf.com/public_html/Our_Country_vol_2/revolution_bcb.html
http://www.treefarmtapes.com/catalog/product.asp?productid=7726
    1812-John Langdon of New Hampshire was nominated to run by the Republic party, but turned it down. He had 64 votes to James Madison’s 82. A very popular man in his time, he refused the job due to his age and health. A second caucus was held and Elbridge Gerry was nominated.
http://www.seacoastnh.com/framers/jlangdon.html
http://www.lexrex.com/bios/jlangdon.htm
    1847- Mormon pioneer William Clayton ,the personal secretary to the Mormon prophet, Joseph Smith, invented the first odometer while crossing the plains in a covered wagon. Previous to this, mileage was calculated by counting the revolutions of a rag tied to a spoke of a wagon wheel. He is also known for his journal entries about the Mormons' trek west to the Salt Lake valley. When introduced to plural marriage, he was reluctant but eventually became one of its most enthusiastic proponents, marrying ten women and fathering forty-two children.
http://www.signaturebooks.com/clayton.htm
    1848-Gold Fever was begun by Sam Brannan in San Francisco when he waved a bottle of gold dust and shouted "Gold! Gold! He went on to recieve Gold as payment for goods that he sold in his store at Sutter's fort. during its period asIn the the elegant 1860s, Calistoga Hot Springs resort was developed by then successful pioneer, promoter, publisher, entrepreneur, and California's first millionaire, Sam Brannan.
    1869-The first news reporter at a political convention who was a woman was Mary Ashton Rice Livermore, one of the editors of the New Covenant, who covered the Republican National Convention, May 12-18, 186-, at the Chicago Wigwam, Chicago, IL, which nominated Abraham Lincoln.
http://search.eb.com/women/articles/Livermore_Mary_Ashton_Rice.html
    1863-The first Confederate ship to surrender to the Union was the Planter, a 313-ton side-wheel steamer serving as an armed dispatch boat. It was surrendered off the harbor in Charleston, SC, by Robert Smalls, an African-American salve who was its pilot. He and the African-American crew took charge of the ship, while the captain was ashore. Flying the Confederate flag, they saluted with cannon fire the forts on their voyage northward. When out of reach of ammunition, Smalls hoisted a white flag of truce and turned over the ship to the U.S.S. Onward. In appreciation, a special act of Congress was passed on May 30, 1982, awarding Smalls and his partners one-half the value of the Planter and its cargo.
    1864- the heaviest action of the Battle of Spotsylvania, Virginia, began at dawn, when Gen. Winfield Scott Hancock, with 20,000 men, attacked a Confederate salient. Creating a gap, Hancock’s men captured some 4000 men and 20 large guns In another part of the Battle of the Wilderness, the two great general met again after Hancock made this gap Lee had positioned his troops in breastworks ( a temporary, quickly constructed fortification, usually breast high--a popular war move seen often in Mathew Brady photographs ) along a horseshoe formation utilizing the natural features of the landscape. During Grant's attack on the very strong and fortified position both sides suffered losses of more than 12,000 in what became known as "the Bloody Angle." Lee was forced to use every available man in order to protect the position and so ordered his troops to pull back during the night. Neither side won and both sides suffered heavy losses, perhaps a lesson well remembered by General Lee and General Grant, who was in favor of a different reconstruction of the South than transpired, even when president. They were to meet for the surrender less than a year from this battle.
    1883- Hazel Lucile Harrison birthday: Afro-American concert pianist who made her debut with the Berlin Philharmonic Orchestra in 1904. She was blocked from concerts with major American orchestras because of her race and sex. Her technique and ability was praised for years in Europe. Her mother, a hairdresser and manicurist , was the daughter of slaves who followed the underground railway to the north.
http://www.aaregistry.com/african_american_history/1930/
A_pure_keyboard_artist_Hazel_Harrison
http://dbs.ohiohistory.org/africanam/page.cfm?ID=5354
    1893- Georgia Lee Witt Lusk birthday, educator, state government official, and congressional representative is known as the first lady of New Mexico. In 1924 she was elected superintendent of schools in her home county and elected superintendent of public instruction for the state 1930. She moved on to the U.S. Congress in 1946, and was a member of the War Claims Commission (1949-1953). Lusk was instrumental in getting free textbooks in all the New Mexico school.
    1903—Theodore Roosevelt visits San Francisco, caught on film by
H.J. Miles. (video playback needed to see black and white silent film at, 14.3mb download, too, and the president turns away from the camera at the closet point, but to see the people and the times is quite interesting(the date on the film is the date it was released, not the actual day of May 12:
http://memory.loc.gov/cgi-bin/query/r?ammem/papr:@field(NUMBER+@band
(lcmp003+m3a22730))
( lower half of: http://memory.loc.gov/ammem/today/may12.html )
    1912-Alto sax player Marshall Royal Birthday, played lead sax for
Count Basie for over 20 years, plus was the band manager, born Sapulpa, OK
http://shopping.yahoo.com/shop?d=product&id=1927006337&clink=dmmu.artist&a=b
http://www.jazzprofessional.com/Exchange/MarshallHughes.htm
    1928- Burt Bacharach birthday.
http://www.bacharachonline.com/bacharach_bio.html
http://rollingstone.com/artists/bio.asp?oid=3155&cf=3155
    1934- A great dust bowl storm darkened the skies from Oklahoma east to the Atlantic Coast.
    1944--SHEA, CHARLES W. Medal of Honor
Rank and organization: Second Lieutenant, U.S. Army, Company F, 350th Infantry. 88th Infantry Division. Place and date: Near Mount Damiano, Italy, 12 May 1944. Entered service at: New York, N.Y. Birth: New York, NY. G.O. No.: 4, 12 January 1945. Citation: For conspicuous gallantry and intrepidity at risk of life above and beyond the call of duty, on 12 May 1944, near Mount Damiano, Italy. As 2d Lt. Shea and his company were advancing toward a hill occupied by the enemy, 3 enemy machineguns suddenly opened fire, inflicting heavy casualties upon the company and halting its advance. 2d Lt. Shea immediately moved forward to eliminate these machinegun nests in order to enable his company to continue its attack. The deadly hail of machinegun fire at first pinned him down, but, boldly continuing his advance, 2d Lt. Shea crept up to the first nest. Throwing several hand grenades, he forced the 4 enemy soldiers manning this position to surrender, and disarming them, he sent them to the rear. He then crawled to the second machinegun position, and after a short fire fight forced 2 more German soldiers to surrender. At this time, the third machinegun fired at him, and while deadly small arms fire pitted the earth around him, 2d Lt. Shea crawled toward the nest. Suddenly he stood up and rushed the emplacement and with well-directed fire from his rifle, he killed all 3 of the enemy machine gunners. 2d Lt. Shea's display of personal valor was an inspiration to the officers and men of his company.
    1948-- Rock guitarist and keyboards player Steve Winwood was born in Birmingham, England. He was only 16 when he burst on the British pop music scene as the lead vocalist and organist with the Spencer Davis Group. They had hits with "I'm a Man" and "Gimme Some Lovin'." In 1967, Winwood formed the group Traffic with Dave Mason, Chris Wood and Jim Capaldi, and led that band to the top of the British charts. Traffic lasted only a year, and Winwood then joined Blind Faith, the first rock supergroup. The other members were Eric Clapton and Ginger Baker from Cream and Rick Grech of the group Family. Blind Faith made only one album before breaking up.
Traffic reformed for a couple of albums in the 1970's, and since then Steve Winwood has pursued a solo career. His 1980 album "Arc of a Diver" sold a million copies, and his 1987 release "Chronicles" was also a big hit.
    1955 - Sam Jones of the Chicago Cubs pitched a no-hitter against the Pittsburgh Pirates, winning 4-0. Jones became the first black pitcher to throw a major-league no-hitter.
    1955 - Gisele MacKenzie played a singer on the NBC-TV program, "Justice". She introduced her soon-to-be hit song, "Hard to Get". The song went to number four on the "Billboard" pop music chart by September.
    1955 - Passengers crowded in to ride the last run of the Third Avenue elevated, "The El", in New York City. The way-above-ground train trip down memory lane went from Chinatown to the Bronx.
    1956-- the Sun Record Company in Memphis ran an ad in the music trade papers announcing the first record by what was termed "one of the truly great talent finds." The artist was Johnny Cash, and the record was "I Walk the Line."
    1956---Top Hits
Heartbreak Hotel/I Was the One - Elvis Presley
Standing on the Corner - The Four Lads
The Wayward Wind - Gogi Grant
Blue Suede Shoes - Carl Perkins
    1956- the Sun Record Company in Memphis ran an ad in the music trade papers announcing the first record by what was termed "one of the truly great talent finds." The artist was Johnny Cash, and the record was "I Walk the Line."
    1957 - A.J. Foyt earned his first auto racing victory in Kansas City, Missouri. He went on to become a four-time winner of the Indianapolis 500 - in 1961, 1964, 1967 and 1977.
    1960- Elvis Presley appeared on Frank Sinatra's "Timex Spectacular" on ABC TV. Presley sang one of Sinatra's hits, "Witchcraft," while Sinatra tackled "Love Me Tender."
    1962- Billboard reports last year's most-played jukebox disc was country star Jimmy Dean's "Big Bad John." One vote behind was Chubby Checker's "The Twist."
    1964---Top Hits
Hello Dolly! - Louis Armstrong
Do You Want to Know a Secret - The Beatles
My Guy - Mary Wells
My Heart Skips a Beat - Buck Owens
    1964-Barbra Streisand wins the Grammy Award for Best Female Vocalist for The Barbra Streisand Album
    1965- the Rolling Stones began a two-day recording session at Chess Studios in Chicago, laying down the basic tracks for "(I Can't Get No) Satisfaction."
http://www.ci.chi.il.us/Landmarks/C/Chess.html
http://www.history-of-rock.com/chess_records.htm
    1968--JACKSON, JOE M. Medal of Honor
Rank and organization: Lieutenant Colonel, U.S. Air Force, 311th Air Commando Squadron, Da Nang, Republic of Vietnam. Place and date: Kham Duc, Republic of Vietnam, 12 May 1968. Entered service at: Newman, Ga. Born: 14 March 1923, Newman, Ga. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Lt. Col. Jackson distinguished himself as pilot of a C-123 aircraft. Lt. Col. Jackson volunteered to attempt the rescue of a 3-man USAF Combat Control Team from the special forces camp at Kham Duc. Hostile forces had overrun the forward outpost and established gun positions on the airstrip. They were raking the camp with small arms, mortars, light and heavy automatic weapons, and recoilless rifle fire. The camp was engulfed in flames and ammunition dumps were continuously exploding and littering the runway with debris. In addition, 8 aircraft had been destroyed by the intense enemy fire and 1 aircraft remained on the runway reducing its usable length to only 2,200 feet. To further complicate the landing, the weather was deteriorating rapidly, thereby permitting only 1 air strike prior to his landing. Although fully aware of the extreme danger and likely failure of such an attempt, Lt. Col. Jackson elected to land his aircraft and attempt to rescue. Displaying superb airmanship and extraordinary heroism, he landed his aircraft near the point where the combat control team was reported to be hiding. While on the ground, his aircraft was the target of intense hostile fire. A rocket landed in front of the nose of the aircraft but failed to explode. Once the combat control team was aboard, Lt. Col. Jackson succeeded in getting airborne despite the hostile fire directed across the runway in front of his aircraft. Lt. Col. Jackson's profound concern for his fellowmen, at the risk of his life above and beyond the call of duty are in keeping with the highest traditions of the U.S. Air Force and reflect great credit upon himself, and the Armed Forces of his country.
    1969-the first transpacific sailboat crossing by a woman was made by Sharon Sites Adams, who sailed form Yokohma, Japan in a 31-foot fiberglass ketch, the “Sea Sharp.” She arrived at San Diego, CA, on July 25, having covered a distance of approximately 5,620 miles in 74 days.
    1969-Chevrolet announced that it would discontinue production of the Corvair. The Corvair, which had come under heavy attack in Ralph Nader's 1965 diatribe Unsafe At Any Speed, never achieved great success, thanks mostly to its reputation for poor safety. Nader called the Corvair "one of the nastiest-handling cars ever built." The front-wheel drive model was accused of flipping over in moderately severe accident conditions. In the end, over five hundred individual court cases dealing with the Corvair were filed against General Motors. GM never lost one of these cases, although it did settle out of court in a number of them. Debate continues over whether or not the Corvair was actually an unsafe car. Some contend that the front-wheel drive and the heavy horsepower of the car were too much for some drivers to handle. Whatever the case, the public's attitude toward the Big Three car executives changed dramatically during the course of the debate over Nader's book. The insidious tactics used by GM to silence Nader may have been more damaging to the company's reputation than the poor handling of the Corvair. In the end, the debate killed the sale of the Corvair, and its discontinuation followed a 200 percent decrease in the model's sales between 1965 and 1969. Today it is a “collector’s item.”
    1970- At Wrigley Field only 5,264 fans see Ernie Banks hit his 500th career home run, but on hand to witness the historic home run is umpire Frank Secory who was also one of the umps in the September 20,1953 game in which Mr. Cub hit is initial round-tripper. The second- inning line drive off Braves' pitcher Pat Jarvis into the left-field bleachers, is retrieved by Atlanta outfielder, Rico Carty after it bounces back onto the field and gives the ball to the Cub first baseman .
    1972---Top Hits
The First Time Ever I Saw Your Face - Roberta Flack
I Gotcha - Joe Tex
Betcha By Golly, Wow - The Stylistics
Grandma Harp - Merle Haggard
    1972 -A cloudburst dumped 16 inches of rain north of New Braunfels, Texas sending a 30 foot wall of water down Blueders Creek into the Comal and Guadalupe Rivers. The flood claimed 18 lives and caused more than 20 million dollars in damage.
    1972-Police clash with 3,000 anti-war protesters in San Francisco.
    1977 - The Eagles earned a gold record for the hit, "Hotel California". The award was the second of three gold record singles for the group. The other million sellers were "New Kid in Town" and "Heartache Tonight". Two number one songs by The Eagles - "Best of My Love" and "One of These Nights" - didn’t quite make the million-seller mark.
    1979- the new Jefferson Starship, with Mickey Thomas replacing Grace Slick as lead vocalist, debuted at a free concert in San Francisco's Golden Gate Park. Thomas had been the lead singer on Elvin Bishop's 1976 hit "Fooled Around and Fell in Love."
http://www.jeffersonstarship.com/star/index.html
http://www.geocities.com/starshipper.geo/
    1980---Top Hits
Call Me - Blondie
Ride like the Wind - Christopher Cross
Lost in Love - Air Supply
Beneath Still Waters - Emmylou Harris
    1985-The Jewish conservative movement ordained the first female rabbi, Amy Eilberg at the Jewish Theological Seminary in New York City.
    1985 - Lionel Richie received an honorary Doctor of Music degree from Tuskegee Institute in Alabama - his alma mater. Richie had put 14 hits on the pop charts in the 1980s, including one platinum smash, with Diana Ross, "Endless Love" and four gold records ("Truly", "All Night Long", "Hello" and "Say You, Say Me"). All but one song ("Se La") of the 14 charted made it to the top ten.
    1987 - In Washington, actor-director Woody Allen and others testified in Congress against film colorization. Ted Turner, multi-millionaire businessman, was transforming black-and-white films he had purchased to colorize. Many people regarded his alterations of original films as criminal acts.
    1987 - A heat wave persisted in central California. Afternoon highs of 100 degrees at Fresno CA and 102 degrees at Sacramento CA were records for the date.
    1988 - Unseasonably warm weather prevailed in the western U.S. Eight cities reported record high temperatures for the date, including Pendleton OR with a high of 92 degrees and Phoenix AZ with a reading of 106 degrees
    1988---Top Hits
Wishing Well - Terence Trent D’Arby
Anything for You - Gloria Estefan & Miami Sound Machine
Pink Cadillac - Natalie Cole
Cry, Cry, Cry - Highway 101
    1989 - Showers and thunderstorms associated with a low pressure system stalled over New York State drenched Portland ME with 4.50 inches of rain in 24 hours. Rains of 5 to 7 inches soaked the state of Maine over a four day period causing 1.3 million dollars damage.
    1996- IBM and Sears signed a deal to sell Prodigy to an investment group called International Wireless. The two companies co founded the online company in 1984 and invested more than $1 billion in the venture. It was one of the first internet companies. The buyout was welcomed by Prodigy's management, who received an ownership stake in the company
    1998-Top Hits
Too Close-Next
My All- Mariah Carey
You re Still The One- Shania Twain
Everybody [Backstreet s Back]- Backstreet Boys
    2001- Striking out 15 Orioles, Boston's Pedro Martinez ties an American League record set in 1968 by Indian hurler Luis Tiant for most strikeouts over two games, 32. The Red Sox fireballer had 17 strikeouts in his last start against the Devil Rays.

[headlines]

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Baseball Poem

[headlines]

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SuDoku

The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?

http://leasingnews.org/Soduku/soduko-main.htm

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Daily Puzzle

How to play:
http://www.setgame.com/set/puzzle_frame.htm

Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm

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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx

[headlines]

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Provence, France-Vacation

http://le-monastier.site.voila.fr/

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News on Line---Internet Newspapers

Ketchikan, Alaska

http://www.ketchikandailynews.com/

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

[headlines]