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ELFA Reports New Business Rose 6%
from September

(Chart: Leasing News)

The companies signed up for $9.2 billion in new loans, leases and lines of credit last month, Equipment Leasing and Finance Association MFLI-25 reported.

ELFA President and CEO Ralph Petta reported, “The equipment finance industry shows resilience in the face of a worsening health pandemic and uneven economic performance in the U.S,

"Hopefully, this struggle to get back to a sense of normalcy will not be overtaken by a double dip recession caused by worsening COVID-19 outbreaks reported in some states around the nation."

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Top Ten Leasing News
November 18 to November 20

(Stories most opened by readers)

(1)  Helping a New Broker from Being Sued
    By Michael J. Witt, now Retired Attorney
http://leasingnews.org/archives/Nov2020/11_18.htm#helping

(2) Mask Makes a Complaint…
    Cartoon
http://leasingnews.org/archives/Nov2020/11_20.htm#mask

(3) A Dozen "Do's and Don'ts" for Vendor Leasing Sales Reps
    Sales Makes it Happen by Jim Acee
http://leasingnews.org/archives/Nov2020/11_16.htm#dozen

(4) New Hires/Promotions in the Leasing Business
    and Related Industries
http://leasingnews.org/archives/Nov2020/11_20.htm#hires

(5) From Donald S. Cosenza, SVP, Chief Marketing Officer
    North Mill Equipment Finance
http://leasingnews.org/archives/Nov2020/11_20.htm#from

(6) Is The Restaurant of the Future Already Here?
    By Danny Klein, QSRmagazine.com
http://leasingnews.org/archives/Nov2020/11_18.htm#is

(7) Most Coronavirus Transmission Happens
    at Indoor Restaurants, Cafes, Gyms: Study
http://leasingnews.org/archives/Nov2020/11_20.htm#most

(8) Commitment to Lease or Make Loan Agreements
    Often Have Full Disclosure
http://leasingnews.org/archives/Nov2020/11_18.h

(9) Trends---
    Financing Cannabis Funding Sources
     Many Work with Third Party Originators
http://leasingnews.org/archives/Nov2020/11_16.htm#trends

(10) Wednesday, Nov. 18th 3:00pm EST Free Webinar
    Over 150 registered to date to hear David C. Lee
      "Funding Assets from A to Z"
http://leasingnews.org/archives/Nov2020/11_16.htm#webinar

  

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Leasing Industry Help Wanted

 

Holiday Season Best Time to Virtual Network

Career Crossroads---By Emily Fitzpatrick/RII

The holiday season is a perfect time to (1) reconnect with recruiters, previous colleagues and supervisors, (2) network and (3) create new business connections. If you don't know how to connect to Zoom, or have camera and headphones, take this weekend to get set up and practice using them.

Just because there is "social distancing," this does not apply to Facebook or Instagram or the many Webinars, where you can virtual network or set up your own "get-togethers."  Take the initiative.

At any virtual event, including webinars, make sure you try to meet all the attendees. Any one of them could be a hiring manager or recruiter: “work the video." Since this is a holiday function, make sure to begin any conversation with non-business topics (find commonnalities).

Be Prepared for Each Event you Attend. Learn about the company that is hosting. Make sure your name and email appear on the screen when you connect.

Be ready to discuss your employment / career by having a prepared introduction and be prepared to schedule follow-up meetings. You might also want to prepare questions to get a conversation going; e.g. "How do you know the host/hostess?", “How was business this year?" Learning about the company by visiting their website before joining the meeting.

Lastly, don’t forget to follow through! In addition to sending your host or hostess an email thank-you note, or better yet, greeting card, plan some time to continue networking with a prospective employer or person who is employed at a company you would like to work for.  Mix business with pleasure.

Happy Thanksgiving.

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone:  954-885-9241
Cell:  954-612-0567
emily@riirecruit.com
Invite me to connect on LinkedIn
www.linkedin.com/pub/emily-fitzpatrick/4/671/76
Also follow us on Twitter #RIIINFO

Career Crossroads Previous Columns
http://www.leasingnews.org/Conscious-Top%20Stories/crossroad.html

 

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New Bankruptcy Law May Impact Lessors and Lease Funders
By: Edward P Kaye, Esq. and Sloan Schickler, Esq.

While the United States Congress continues to play politics in extending additional relief to small businesses as a result of the COVID-19 pandemic, financial hardship continues to mount, and a wave of commercial and consumer vehicle lease and loan defaults is expected to crash over the United States and Canada in Q4 2020 and Q1 2021.

Consider this: according to industry experts, the 15 largest U.S. banks have set aside $76B to cover projected bad debts (this is a mix of auto and non-auto bad debts) and Chapter 11 filings were up 78 percent in the month of September 2020 compared to the prior year. 

Lessors, beware! The perfect storm is offshore. The vehicle leasing and finance industry is not immune and should be prepared to manage what could be the most challenging economic period of our careers. Add a new section to the U.S. Bankruptcy Code of which many commercial lessees and borrowers will avail themselves and the perfect storm just got worse. 

Subchapter V of Chapter 11, the Small Business Reorganization Act of 2019 (SBRA), was enacted by Congress on February 19, 2020, just weeks prior to the outbreak of the pandemic. It is an easier, less expensive, and quicker version of Chapter 11 reorganization for small businesses and individuals, provided their debts are primarily business debts and "engaged in commercial or business activities." 

Originally, Congress capped secured and unsecured debts under Subchapter V at $2.75M, but the CARES Act increased this ceiling to $7.5M until March 2021. The hope is that this increase will benefit debtors, creditors, and the economy in general.

To file under Subchapter V, a business must submit a recent balance sheet, a statement of operations, a cash flow statement, and its most recent federal tax return. If the business is unable to provide these items, a corporate officer must file a statement under the penalty of perjury that the form(s) have not been prepared and/or filed.

The most impactful aspect of Subchapter V for vehicle finance and leasing companies is that the debtor is not limited in modifying or cramming down motor vehicle loans as they are in Chapter 13. This means that in most cases the vehicle lender will be forced to accept payments equal to the market value of the vehicle even if the value is less than the amount of the loan. Think about this in today’s specialty vehicle market--the downside for lenders will likely be significant.

The effects of Subchapter V are less impactful in today’s used consumer vehicle market as auction prices remain elevated.

Compared to a traditional Chapter 11, this process is much quicker.  A Subchapter V debtor has 90 days to file a plan and the court will hold a status conference within 60 days after the plan is filed.  There is no creditors’ committee unless there is cause, most likely debtor fraud. 

The plan must be feasible; in other words, realistic, and the debtors must commit all of their disposable income to repay creditors for the plan term of at least three years but not to exceed five years.

A trustee is automatically appointed but the debtor retains equity and control of its assets and operations. The trustee’s role is essentially to act as a mediator to facilitate a settlement among creditors.

Additionally, if the debtor used his or her principal residence as security for a loan to fund the business, the Subchapter V plan allows the debtor to modify certain mortgages to save the residence from creditors.

Note that true leases, including many Lease Here Pay Here (LHPH) leases, may be treated differently under Subchapter V. Since this is a relatively new statute and the courts are still far behind in case management, there are no reported cases, as of this writing, in which true vehicle leases have been challenged in Subchapter V filings. However, it is likely that capital leases (finance leases) will be treated as vehicle loans for cram down purposes. Stay tuned!

While some experts expect Subchapter V filings to surge once PPP funds run out, especially among small businesses that cannot meet the loan forgiveness criteria; so far filings are off to a slow start. However, as company capital continues to dry up, as the loan and lease deferrals end, as cash flow continues to diminish, and as many lenders pull back and tighten credit, commercial lessees are at a tipping point. Do they continue to support their operations and make their lease payments, or do they file under Subchapter V, put their creditors on pause, and reorganize?

Clearly, there is uncertainty for vehicle lessors and lenders going forward, but one thing is certain: it’s time to have conversations with legal professionals about how to best navigate the impending storm heading your way.

Sloan Schickler and Ed Kaye are partners in the vehicle finance law firm, Schickler Kaye LLP (www.skfinancelaw.com). Schickler, a veteran vehicle leasing, finance, and bank attorney, has been the NVLA Legal and Legislative counsel since 2017 and currently sits on the board of directors. Kaye is the former CEO and General Counsel of a prominent independent vehicle leasing company and the immediate past president of the NVLA. He currently sits on the NVLA board of directors. Together, they provide decades of experience representing and protecting lessors and lenders in all facets of the vehicle leasing and financing business. They can be reached at ekaye@skfinancelaw.com, sschickler@skfinancelaw.com or 212-262-6400.

http://www.skfinancelaw.com/

DISCLAIMER
The information provided in the foregoing article does not, and is not intended to, constitute legal advice and as such, you should not consider any information in this article to confer an attorney-client relationship.  All information and content is for general informational purposes only.  Information in this article may not constitute the most up-to-date legal or other information.  No reader should act or refrain from acting based on information in this article without first seeking legal advice from counsel of your own choosing.  Only your individual attorney can provide assurances that the information contained herein, and your interpretation of it, is applicable or appropriate to your situation.  The views expressed in this article are those of the authors only. All liability with respect to actions taken or not taken based on the contents of this article are hereby expressly disclaimed.  The content on this article is provided "as is;" no representations are made that the content is error free.

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The holiday preparations will be a lot less joyful for many Americans this year as millions of people could lose their unemployment benefits by the end of December unless Congress finally agrees on a new stimulus package to follow up on the CARES Act.

Aside from the expired Federal Pandemic Unemployment Compensation program (FPUC), which provided an additional $600 per week to individuals collecting regular jobless benefits, the CARES Act also enabled states to provide Pandemic Unemployment Assistance (PUA) to individuals who are self-employed or who otherwise would not qualify for regular unemployment compensation. and to extend unemployment benefits by up to 13 weeks under the Pandemic Emergency Unemployment Compensation (PEUC) program. Both programs are set to expire at the end of the year, however, leaving millions of Americans in doubt of their safety net as the pandemic rages on.

According to data published by the U.S. Department of Labor on Thursday, more than 20 million Americans still received unemployment benefits in the week ended October 31, illustrating that the jobs crisis, which has fallen out of focus a bit lately, is still far from over. While the number of people receiving unemployment benefits through regular state programs has fallen to 6.45 million, from a peak of more than 22 million in May, 13 million Americans still rely on aid provided through either of the two aforementioned programs, as many who lost their job during the first wave of the pandemic have exhausted their regular unemployment insurance benefits.

With case numbers currently rising across the nation and new restrictions looming, it seems unlikely that many of those currently relying on federal aid will be able to return to their jobs before the emergency assistance expires. Unless Congress succeeds in passing a follow-up program in the next few weeks, 2021 could start off even worse than 2020 ended for millions of Americans.

By Felix Richter, Statista

 

 

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Career marketplace Hired recently released its annual State of Salaries report which focuses on how much tech workers get paid in major U.S. cities. The company analyzed hundreds of thousands of interview requests and job offers to determine salary levels for American software engineers, product managers, DevOps engineers, designers and data scientists. Notably, the research was conducted before the impact of COVID-19 was felt by the industry which has left some companies such as Netflix and Amazon thriving while others like Uber and Airbnb have had to lay off thousands of employees. The report states that it is too early to tell if its 2020 salary findings will remain stable going forward.

So, disregarding the impact of the pandemic, the average tech worker salary in the U.S. in 2020 is $146,000 compared to a global average of $130,000. As probably expected, the San Francisco Bay Area has the highest tech salaries in the U.S. at an average of $155,000 (7 percent higher than last year), though the region's exceptionally high cost of living means salaries often stretch further in tech hubs in other parts of the country. The second highest tech pay can be found in New York at $143,000 (up 8 percent) while Seattle comes third with $142,000 (a 3 percent increase on 2019).

By Niall McCarthy

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

National Vehicle Leasing Association Welcomes
New Executive Director, Suzanne Fedie

I am excited and honored to join the National Vehicle Leasing Association (NVLA) as the new executive director. Thank you for your warm welcome! Additionally, thank you to Marcie Liebert, Betsy Smith, and Mike Mathy for their support and vast knowledge of NVLA, which has proved instrumental in my transition to this role.

My professional experience includes several leadership roles in the association industry with organizations such as the New York State Society of Physician Assistants, the Association for Corporate Growth-WI, and the International Association of Special Investigation Units. I have enjoyed a wonderful two years with Association Acumen, working with our clients in the areas of financial management, board, committee and volunteer management, membership recruitment and retention, annual conferences, education, and sponsorship development.

I would also like to thank NVLA President Doug Moore and the NVLA board of directors for this leadership opportunity. I look forward to learning all that I can about the culture of NVLA and the legislative, business, and broader issues that impact our members within the vehicle leasing industry. I stand with the NVLA board of directors in their commitment to providing the best educational opportunities, promoting responsible legislation, and consistent communications regarding developments and trends in vehicle leasing.

Marcie Liebert will continue to serve as the NVLA membership and marketing manager. Marcie has done an outstanding job navigating the challenges due to the COVID-19 pandemic, and her talents were on full display with NVLA’s successful virtual conference this past October. We are in the planning stages for the 2021 Conference, October 13-15, at One Ocean Resort & Spa in Atlantic Beach, Florida. I sincerely hope to have the opportunity to meet many of you in person at what promises to be a great meeting. In the meantime, we are focusing on developing programs and resources that keep NVLA as the choice association that collectively supports the vehicle leasing industry.

Finally, NVLA would not exist without our members. Thank you for your membership to NVLA and to those who have already renewed for 2021. Members remain our priority. If you have any questions about your membership or NVLA in general, we are happy to help you. I look forward to working with you.

Wishing you a peaceful and happy Thanksgiving!

Suzanne Fedie, Executive Director
sfedie@nvla.org

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

 

Labrador Retriever
Atlanta, Georgia   Adopt-a-Dog

Achilles

Male
Black
Adult
Neutered
OK with Kids
Size Medium
Up to date with shots
Housetrained yes
ok with dogs

Achilles is a four (4) year old, 56 pound lab that we suspect was hit by a car and picked up by a shelter. X-rays reveal a pretty significant tail fracture and our orthopedic surgeon suspects that damage to the nerves has caused Achilles' current mobility issues, as he struggles to bear his full weight on both back legs, making walking difficult. Achilles is currently on pain meds and antibiotics and seems comfortable. Our vet is recommending rehabilitation therapy and thinks that with a little time, his mobility will return.

Achilles is a beautiful dog, in otherwise perfect health and very sweet. He obviously had a home, but not one came to the shelter looking for him. Sitting in a kennel at the vet and not being able to get up and out on his own is making him anxious and depressed and we fear he will eventually start shutting down. We seem to be the rescue of choice for every special needs dog this year and our resources have been spread thin. Right now the most important thing is to find a foster that is willing to help him get around for a couple of weeks. He is great with people but, knowing he is vulnerable, he is understandably nervous around other dogs. If you can help with Achilles, please email info@atlantalabrescue.com

Atlanta Lab Rescue
P.O. Box 250206
Atlanta, GA 30325
https://www.atlantalabrescue.com/
info@atlantalabrescue.com

News Briefs---

Study: Coronavirus, cold weather,
     and steps you can take to stay safe
https://www.mercurynews.com/2020/11/21/what-the-science-says-about-coronavirus-cold-weather-and-steps-you-can-take-to-stay-safe/

Florida bar quickly closes after it’s packed
     with maskless crowds at reopening
https://nypost.com/2020/11/22/florida-bar-closes-after-its-packed-with-maskless-crowds/

Toronto, Peel move into COVID-19 lockdown Monday
     as Ontario tries to stop 'worst-case scenario'
https://www.cbc.ca/news/canada/toronto/covid-19-coronavirus-ontario-november-20-toronto-peel-1.5809575

CDC Raises Warning for Cruise Travel
   Now Level 4
https://www.cruiseindustrynews.com/cruise-news/23922-cdc-raises-warning-for-cruise-travel.html

Mega-music retailer Guitar Center filing
      for Chapter 11 bankruptcy
https://nypost.com/2020/11/22/mega-music-retailer-guitar-center-filing-for-chapter-11-bankruptcy/

ZRG Expands Technology Practice into Austin and Dallas
mgr. dirs. Lisa Hooker, Austin/Tyler; Gordon, Kevin Anderson, Dallas
https://huntscanlon.com/zrg-expands-technology-practice-into-austin-and-dallas/.

Nation with kids at home
https://www.bostonglobe.com/2020/11/21/nation/with-kids-home-working-mothers-forced-quit-or-scale-back-jobs/

 

 

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You May Have Missed---

https://www.nytimes.com/2020/11/22/health/Covid-ventilators-stockpile.html

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Sports Briefs---

Saints' Drew Brees suffers 11 rib fractures,
     most sustained during Bucs game 2 weeks ago
https://www.foxnews.com/sports/saints-drew-brees-suffers-11-rib-fractures-bucs-game

Bengals QB Joe Burrow carted off with knee injury
http://www.theredzone.org/Blog-Description/EntryId/84748/Bengals-QB-Joe-Burrow-carted-off-with-knee-injury

Steelers dominate skidding Jaguars to stay unbeaten
https://www.usatoday.com/story/sports/nfl/steelers/2020/11/22/pittsburgh-steelers-jacksonville-jaguars-score/6385700002/

The Patriots’ lack of athleticism on defense was exposed by the Texans
https://www.bostonglobe.com/2020/11/22/sports/surprising-reverse-patriots-cant-stop-deshaun-watson-27-20-loss-texans/

Turnovers cost the Eagles again in another loss vs Browns
https://www.usatoday.com/story/sports/nfl/2020/11/22/turnovers-cost-the-eagles-again-in-another-loss-vs-browns/115030136/

Tom Brady knows he must complete more long passes
http://www.theredzone.org/Blog-Description/EntryId/84730/Tom-Brady-knows-he-must-complete-more-long-passes

Biggest Losers of NBA Free Agency: Los Angeles Clippers
https://www.essentiallysports.com/nba-news-biggest-losers-of-nba-free-agency-los-angeles-clippers/

Warriors reportedly sign Kent Bazemore
https://www.sfgate.com/warriors/article/Warriors-reportedly-sign-Kent-Bazemore-15746360.php?IPID=SFGate-HP-Editors-Picks

Andrew Luck, Stanford stars fight sports cuts:
     ‘We could have helped. We still can’
https://www.sfchronicle.com/sports/annkillion/article/Andrew-Luck-Stanford-stars-fight-sports-cuts-15740523.php

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California Nuts Briefs---

Rebellious Roseville restaurant complies as coronavirus
     curfew closes Sacramento nightlife; ABC Shows Up!
https://www.sacbee.com/news/coronavirus/article247348729.html?ac_cid=DM329151&ac_bid=-1357221061

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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Rescuing California’s Hellish 2020 Wine Vintage
https://www.independent.com/2020/11/18/rescuing-californias-hellish-2020-wine-vintage/

Free Wine App
https://www.nataliemaclean.com/mobileapp/

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

This Day in History

     1718 - English pirate Edward Teach, known as "Blackbeard", was captured off the Outer Banks of North Carolina near Ocracoke, taken to England and hanged.
    1749 - Birthday of Edward Rutledge (d. 1800) at Charleston, SC.  He was the youngest signer of the Declaration of Independence, governor of South Carolina. Ironically he was against independence, but was a recognized leader at the first Continental Congress and was the deciding vote approving South Carolina’s entry to the Union.
http://www.edwardrutledge.com/
http://www.colonialhall.com/rutledge/rutledge.php
    1765 – The people of Frederick County, MD refused to pay England's Stamp tax.
    1783 – Annapolis became the capital of the US and would remain so until June, 1784.
    1785 - John Hancock was elected President of the Continental Congress for the second time.
    1804 - Birthday of Franklin Pierce (d. 1869) at Hillsboro, NH.  Fourteenth President of the US whose term of office was Mar 4, 1853 - Mar 3, 1857. He was not nominated until the 49th ballot at the Democratic Party convention in 1852, and he was refused his party's nomination for a second term in 1856. (Lower half of: http://memory.loc.gov/ammem/today/nov23.html)
    1835 - Henry Burdon of Troy, NY, received a patent for a horseshoe manufacturing machine. His machine produced a completed horseshoe from a rod of iron that was fed into it. It produced shoes more rapidly and uniformly than the rational method of hand production on a forge.
    1848 – The Female Medical Education Society formed in Boston.
    1852 - Just past midnight, a sharp jolt causes Lake Merced in San Francisco to drop 30' (9m)
http://www.outsidelands.org/lake-merced.html
http://www.sfgenealogy.com/sf/history/hgoe31.htm
http://www.lakemerced.org/homepage.html
    1857 - Birthday of Katharine Coman (d. 1915) in Newark, OH.  U.S. economic historian whose “Industrial History of the United States” (1905) was widely used as a textbook and her “Economic Beginnings of the Far West” (1912) was a major historical work. She researched her books by going into the field and interviewing personally while observing things for herself. She was professor of political economy and history at Wellesley College where she lived with Katharine Lee Bates for many years.
    1859 - Birthday of legendary outlaw Henry McCarty (d. 1881) in New York City.  He was better known as William H. Bonney a.k.a. “Billy the Kid.” He was a ruthless killer, a failure at everything legal, escaping from jail at age 21 while under sentence to be hanged. Recaptured at Stinking Springs, NM, and returned to jail, he again escaped, only to be shot through the heart by pursuing Lincoln County Sheriff Pat Garrett at Fort Sumner, NM, during the night of July 14, 1881. His last words, answered by two shots, reportedly were “Who is there?”
    1860 - Abraham Lincoln had inherited not only a country divided, but one in great financial difficulty. On this day, the Clearing House handed out its first loan, issuing $7.375 million worth of certificates to the nation's ailing banks. Abraham Lincoln was elected President on February 27.  The US population was 31,443,321; 448,070 free blacks and 3,953,760 slaves. The Union was 33 states, 18 of them free and 15 slave. At the time, the economy was not in very good shape. One of Lincoln’s moves to get the economy going was helping the ailing banks.
    1863 - The historic Battle of Chattanooga began.  Following the defeat of the Union Army at the Battle of Chickamauga in September, the Confederate Army of Tennessee under Gen. Bragg besieged Union Gen. Rosecrans and his men by occupying key high terrain around Chattanooga. Maj. Gen. Grant was given command of Union forces in the West and significant reinforcements began to arrive with him in Chattanooga from Mississippi and the East.  After opening a supply line (the "Cracker Line") to feed his starving men and animals, Grant's army fought off a Confederate counterattack at Wauhatchie on October 28–29, 1863. On November 23, the Army of the Cumberland under Maj. Gen. Thomas advanced from the fortifications around Chattanooga to seize the minor high ground at Orchard Knob while elements of the Union Army of Tennessee under Gen. Sherman maneuvered to launch a surprise attack against Bragg's right flank on Missionary Ridge. On November 24, Eastern Theater troops under Maj. Gen. Hooker defeated the Confederates at Lookout Mountain and began a movement toward Bragg's left flank at Rossville.  On November 25, Sherman's attack on Bragg's right flank made little progress. Hoping to distract Bragg's attention, Grant authorized Thomas's army to advance in the center of his line to the base of Missionary Ridge. A combination of misunderstood orders and the pressure of the tactical situation caused Thomas's men to surge to the top of Missionary Ridge, routing the Army of Tennessee, which retreated to Dalton, GA, fighting off the Union pursuit successfully at Ringgold Gap. Bragg's defeat eliminated the last significant Confederate control of Tennessee and opened the door to an invasion of the Deep South, leading to Sherman's Atlanta Campaign and March to the Sea of 1864.
http://www2.cr.nps.gov/abpp/battles/tn024.htm
http://www.aotc.net/Chattanooga.htm
http://www.collectorsnet.com/cwtimes/chattano.htm
http://memory.loc.gov/ammem/today/nov23.html
    1876 - William Magear Tweed, known as Boss, was delivered to authorities in New York City after being captured in Spain. Tammany Hall was the Democratic Party political machine that played a major role in the politics of 19th century New York City and State. At the height of his influence, Tweed was the third-largest landowner in NYC, a director of the Erie Railroad, the Tenth National Bank, and the New-York Printing Company, as well as proprietor of the Metropolitan Hotel.  His control over political patronage in New York City was through Tammany, as was his ability to ensure the loyalty of voters through jobs he could create and dispense on city-related projects.  According to Tweed biographer Kenneth D. Ackerman:  “It's hard not to admire the skill behind Tweed's system ... The Tweed ring at its height was an engineering marvel, strong and solid, strategically deployed to control key power points: the courts, the legislature, the treasury and the ballot box. Its frauds had grandeur of scale and an elegance of structure: money-laundering, profit sharing and organization.” Tweed was convicted for stealing an amount estimated by an aldermen's committee in 1877 at between $25 million and $45 million from NYC taxpayers through corruption, although later estimates ranged as high as $200 million.  Unable to make bail, he escaped from jail once, but was returned to custody. He died in the Ludlow Street Jail.
    1876 – Those three college football powers, Columbia, Princeton, and Harvard, formed the Intercollegiate Football Association.
    1878 – Fleet Admiral Ernest King (d. 1956) was born in Lorain, OH.  He was Commander-in-Chief of the U.S. fleet who reportedly designed the United States' winning strategy in World War II. Promoted to Vice Admiral, he insisted that his pilots be trained for night operations. In January 1941, King was made commander of the Atlantic Fleet and, after Pearl Harbor, he was given the post of Commander in Chief of the US Fleet. King developed a reputation for being abrasive and argumentative. As a member of the Joint Chief of Staffs, he often clashed with General George Marshall. King opposed plans to land the US Army in North Africa. He thought the most important area of concern was the Pacific War. Moreover, he thought that the US Navy should play the decisive role in this as long as it was given adequate resources. King, General Douglas MacArthur, Supreme Commander of the Southwest Pacific Area, and Chester Nimitz, Commander in Chief of the US Pacific Fleet, decided that their first objective should be to establish and protect a line of communications across the South Pacific to Australia. This resulted in the battles of Coral Sea and Midway, where the Japanese Navy lost all four of her carriers. King insisted on launching the Guadalcanal campaign although MacArthur claimed that the US Army was not ready yet for a major offensive. MacArthur also disagreed with invasion of the Solomon Islands. There was also conflict over King's view that American forces should bypass the Philippines. King also opposed Russian involvement in the Pacific War. He also objected to the idea that the Royal Navy should be moved to Pacific after gaining control of the Atlantic. In December 1944, King, along with William Leahy and Chester Nimitz, was given the five-star rank of Fleet Admiral.
    1887 – Actor Boris Karloff (d. 1969) was born William Henry Pratt in London, England.  He is best known for his roles in horror films and especially for his portrayal of Frankenstein in “Frankenstein” (1931), “Bride of Frankenstein” (1935), and “Son of Frankenstein” (1939), which resulted in his immense popularity.  
    1888 – Harpo Marx (d. 1964) was born Adolph Marx in the Upper East Side of Manhattan.  In January 1910, Harpo joined two of his brothers, Julius (later "Groucho") and Milton (later "Gummo"), to form "The Three Nightingales," later changed to simply "The Marx Brothers." Multiple stories, most unsubstantiated, exist to explain Harpo's evolution as the "silent" character in the brothers' act. In his memoir, Groucho wrote that Harpo simply wasn't very good at memorizing dialog, and thus was ideal for the role of the "dunce who couldn't speak," a common character in vaudeville acts of the time.
    1889 - Louis Glas invented and this day installed a coin-operated phonograph player in the Palais Royale, San Francisco. There were many such machines made, generally called “coin graphs.” The first widely successful “jukebox” manufacturer was the Rudolph Wurlitzer Company of North Tonawanda, NY. Its most popular model was made of curved plastic tubes containing a fluid with a low boiling point. Small heaters kept the fluid bubbling. Wurlitzer sold 56,246 of the Model 1015 in 1946 at $750 each. In reality, the juke boxes never became as widely distributed until the 1950's with the invention of the 45rpm record.
http://www.knowmadz.org/library/ref/soundcap.htm
    1897 - Jazz pianist Willie “the Lion” Smith (d. 1973) birthday, born William Henry Joseph Bonaparte Bertholoff Smith, Goshen, NY
http://www.redhotjazz.com/thelion.html
    1897 – Ransom Eli Olds of Lansing, Michigan, is issued a U.S. patent for his "motor carriage," a gasoline-powered vehicle that he constructed the year before.  He claimed to have built his first steam car as early as 1894 The modern assembly line and its basic concept is credited to Olds, who used it to build the first mass-produced automobile, the Oldsmobile Curved Dash, beginning in 1901
    1897 – Ruth Etting (d. 1978) was born in David City, NE.  One of the most popular U.S. singers from the 1920's through most of the 1940's, she had more than 60 big hits. Best known today for her gangster connections because of the movie about her life “Love Me or Leave Me,” the fictionalized story of her life with Doris Day as Etting.
    1903 - Singer Enrico Caruso made his American debut at the Metropolitan Opera House in New York, appearing in "Rigoletto."
    1909 – The Wright Brothers formed a million-dollar corporation to manufacture airplanes.
    1912 - Trombonist Tyree Glenn (d. 1974) was born in Corsicana, Texas.
http://www.harlem.org/people/glenn.html 
http://www.jazzmanrecords.com/tyreeglenn.html
    1914 - Emmett Littleton Ashford (d. 1980), was born at Los Angeles, CA.  He was the first black to umpire a Major League Baseball game. Ashford began his pro career calling games in the minors in 1951 and went to the Majors in 1966. He was noted for his flamboyant style when calling strikes and outs, and for his dapper dress which included cuff-links with his uniform.
http://www.tvtome.com/tvtome/servlet/PersonDetail/personid-308006
    1925 - Birthday of composer Johnny Mandel (d. 2020), NYC.  A Grammy and Oscar-winning composer and arranger of popular songs, film music, and jazz, among the musicians he has worked with are Basie, Sinatra, Peggy Lee, Anita O’Day, Streisand, Tony Bennett, and Shirley Horn.  Among his compositions is “Suicide is Painless,” the theme from “M*A*S*H*”
http://www.ascap.com/filmtv/mandel.html
http://www.thegoldenglobes.com/welcome.html?
nominee/mandel_johnny.html
http://encyclopedia.thefreedictionary.com/Johnny%20Mandel
    1936 - The illustrated magazine “Life” debuted on this day.  “Life” was a weekly American magazine from 1883 to 1972, published initially as a humor and general interest magazine. Time founder Henry Luce bought the magazine in 1936, solely so that he could acquire the rights to its name, then shifted it to a role as a weekly news magazine with a strong emphasis on photojournalism, the first issue of which was today. It was published weekly until 1972, as an intermittent "special" until 1978, and as a monthly from 1978 to 2002.
http://www.otal.umd.edu/~vg/amst205.F97/vj22/history.html
http://www.life.com/Life/covers/1936/cv112336.html
http://www.life.com/Life/aboutlife/lifefaqs01.html
    1938 - Bob Hope and Shirley Ross recorded a song for the film, “The Big Broadcast of 1938.”  “Thanks for the Memory” became Decca record number 2219. It also became Hope's theme song.    
    1943 - The US Second Marine Division took control of the Gilbert Islands after fierce fighting on the heavily fortified Tarawa Atoll.  In the 76-hour battle, the Marines beat back a “death charge” in which the Japanese ran directly at the American guns. American troops sustained 3,500 killed and wounded. The Japanese suffered 5,000 killed and 17 wounded and captured.  The Gilbert Islands are the westernmost of the Polynesians, midway between Australia and Hawaii and today are part of the nation of Kirbati.
    1943 - Randolph in Coos County, NH receives 56 inches of snow, a record for the state. Berlin received 55 inches and many other locations over 40 inches
    1943 – Philadelphia Phillies owner William D. Cox was permanently banned from baseball by Commissioner Landis for having bet on his own team
    1944 - SILK, EDWARD A., Medal of Honor
Rank and organization: First Lieutenant, U.S. Army, Company E, 398th Infantry, 100th Infantry Division. Place and date: Near St. Pravel, France, 23 November 1944. Entered service at: Johnstown, Pa. Born: 8 June 1916, Johnstown, Pa. G.O. No.: 97, 1 November 1945. Citation: 1st Lt. Edward A. Silk commanded the weapons platoon of Company E, 398th Infantry, on 23 November 1944, when the end battalion was assigned the mission of seizing high ground overlooking Moyenmoutier France, prior to an attack on the city itself. His company jumped off in the lead at dawn and by noon had reached the edge of the woods in the vicinity of St. Pravel where scouts saw an enemy sentry standing guard before a farmhouse in a valley below. One squad, engaged in reconnoitering the area, was immediately pinned down by intense machinegun and automatic-weapons fire from within the house. Skillfully deploying his light machinegun section, 1st Lt. Silk answered enemy fire, but when 15 minutes had elapsed with no slackening of resistance, he decided to eliminate the strong point by an l-man attack. Running 100 yards across an open field to the shelter of a low stone wall directly in front of the farmhouse, he fired into the door and windows with his carbine; then, in full view of the enemy, vaulted the wall and dashed 50 yards through a hail of bullets to the left side of the house, where he hurled a grenade through a window, silencing a machinegun and killing 2 gunners. In attempting to move to the right side of the house he drew fire from a second machinegun emplaced in the woodshed. With magnificent courage he rushed this position in the face of direct fire and succeeded in neutralizing the weapon and killing the 2 gunners by throwing grenades into the structure. His supply of grenades was by now exhausted, but undaunted, he dashed back to the side of the farmhouse and began to throw rocks through a window, demanding the surrender of the remaining enemy. Twelve Germans, overcome by his relentless assault and confused by his unorthodox methods, gave up to the lone American. By his gallant willingness to assume the full burden of the attack and the intrepidity with which he carried out his extremely hazardous mission, 1st Lt. Silk enabled his battalion to continue its advance and seize its objective.
    1946 - French naval bombardment of Hai Phong Harbor, Vietnam, killed thousands of civilians. This was to lead to the First Indochina war, which eventually dragged the US into the conflict in the late 1950s.
    1946 - Top Hits
“Rumors are Flying” - Frank Sinatra
“Ole Buttermilk Sky” - The Kay Kyser Orchestra (vocal: Mike Douglas & The Campus Kids)
“The Whole World is Singing My Song” - The Les Brown Orchestra (vocal: Doris Day)
“Divorce Me C.O.D.” - Merle Travis
    1947 - E. L. Sukenik of Jerusalem's Hebrew University first received word of the existence of the Dead Sea Scrolls. The documents, dating between 200 BC and AD 70, had been accidentally discovered the previous winter (1946-47) by two Bedouin shepherds in the vicinity of Qumran.
    1948 - Dr. Frank G. Back of New York City patented the Zoom lens, which was first used by NBC television in April of 1947. It was not mass produced until 1959 when it became very popular with usage on a 35mm camera.
http://www.cameraquest.com/ekzoom.htm
    1952 - Birthday of Francie Larrieu Smith, Palo Alto, CA.   She is, perhaps the greatest runner in U.S. history in a career that spanned four decades.  She set 35 American records in distances from 1,000 meters to two miles. During an international career from 1969-92, Larrieu Smith was on 28 national teams and won 21 national titles. She was a member of five Olympic teams, starting in 1972 when she ran the 1,500 meters. She also ran the 1500 at the 1976 Games and was a team member at the same distance in 1980.
    1954 - Top Hits
“I Need You Now” - Eddie Fisher
“Mr. Sandman” - The Chordettes
“Teach Me Tonight” - The De Castro Sisters
“More and More” - Webb Pierce
    1954 - The Dow Jones Industrial Average finally surpassed its pre-crash high, 25 years after Black Tuesday, when it closed at 382.74.
    1962 - Top Hits
“Big Girls Don't Cry” - The 4 Seasons
“Return to Sender” - Elvis Presley
“Next Door to an Angel” - Neil Sedaka
“I've Been Everywhere” - Hank Snow
    1963 - "I'm Leaving it up to You" by Dale & Grace topped the charts and stayed there for 2 weeks.
    1963 – President John F. Kennedy's body lay in repose in East Room of White House, the day after his assassination in Dallas.  President Johnson declared November 25 a national day of mourning.
http://www.multied.com/Sixties/Funeralrites.html
http://www.fiftiesweb.com/kennedy/kennedy-assassination-23.htm
http://www.mdw.army.mil/fs-m01.htm
    1963 - First episode of “Dr. Who” premiered on British TV with William Hartnell as the first doctor. Traveling through time and space in the TARDIS (an acronym for Time and Relative Dimen­sions in Space), the doctor and his companions found themselves in mortal combat with creatures such as the Daleks. “Dr. Who” didn't air in the US until Sept 29, 1975.
    1964 - The US Supreme Court refuses to strike the phrase "under God," instituted in 1954, from the Pledge of Allegiance.  The phrase was incorporated into the Pledge of Allegiance on June 14, 1954, by a Joint Resolution of Congress amending § 4 of the Flag Code enacted in 1942.  Subsequently, there have been multiple challenges not only to this phrase but to the requirement that students recite the pledge.
    1966 - Elvis Presley's 22nd film, "Spinout," premieres in Los Angeles. The movie is another box-office success and critical disaster for Elvis.
    1967 - AM radio received a blow to its self-esteem when San Francisco KMPX-FM disc jockey Tom Donahue, inventor of "classic rock" and "deep cut" radio, tells Rolling Stone: "Top Forty radio, as we know it today and have known it for the last ten years, is dead, and its rotting corpse is stinking up the airwaves."
    1968 - It's the end of an era: Rolling Stone Magazine reported that San Francisco's Family Dog has lost its license to operate out of the Avalon Ballroom, site of the marathon dance concerts featuring the Grateful Dead, Jefferson Airplane, Moby Grape, Quicksilver Messenger Service and other psychedelic groups.
    1970 - Top Hits
“I Think I Love You” - The Partridge Family
“The Tears of a Clown” - Smokey Robinson & The Miracles
“Gypsy Woman” - Brian Hyland
“Fifteen Years Ago” - Conway Twitty
    1974 - Billy Swan reached the #1 spot on the singles charts for the first and only time. “I Can Help” was the most popular song in the U.S. for two weeks.
    1975 - Minnesota quarterback Fran Tarkenton becomes the NFL's all-time completions leader when he completes his 2,840th pass in the Vikings' 28-13 victory over San Diego.  By comparison, through the 2019 season, Drew Brees is the all-time leader with 7,052…and he is still active.  Tarkenton is now 15th all-time.
http://images.nfl.com/history/images/1123.jpg
http://www.tarkentonsports.com/
    1977 – With their closer, Sparky Lyle, having just won the AL Cy Young Award, the first AL reliever to do so, the New York Yankees signed free agent reliever Goose Gossage to a six-year $2.75 million contract. Gossage had 26 saves and a 1.26 ERA for the Pirates last season.  Before the season was over, Gossage would move into the closer’s role while Lyle would be traded to the Texas Rangers in the off-season.  The Yanks took the World Series from the Dodgers without having Lyle pitch.
    1978 - Top Hits
“MacArthur Park” - Donna Summer
“Double Vision” - Foreigner
“How Much I Feel” - Ambrosia
“Sleeping Single in a Double Bed” - Barbara Mandrell
    1981 - President Ronald Reagan signs off on a top secret document, National Security Decision Directive 17 (NSDD-17), which gives the Central Intelligence Agency the power to recruit and support a 500-man force of Nicaraguan rebels to conduct covert actions against the leftist Sandinista regime in Nicaragua. In the years to come, U.S. support of the Contras became a highly charged issue among the American public. Congressional and public criticisms of the program eventually drove the Reagan administration to subvert congressional bans on aid to the Contras. These actions resulted in what came to be known as the Iran-Contra scandal of 1986.
    1983 - A 24-hour snowfall record for Duluth, MN was broken with 16.9 inches. 19.7 inches fell during the entire storm, also a record
    1984 - Quarterback Doug Flutie of Boston College (my cousin on my mother's side) passed for 472 yards and led the Eagles to a 47-45 upset of the Miami University Hurricanes. Flutie won the game with a desperation “Hail Mary” touchdown pass that end Gerald Phelan caught in the end zone as time ran out.  The play is considered among the greatest in college football history and American sports.
    1986 - Top Hits
“Human” - Human League
“You Give Love a Bad Name” - Bon Jovi
“Word Up” - Cameo
“You're Still New to Me” - Marie Osmond with Paul Davis
    1987 - Box office sales began for the spectacular musical, “The Phantom of The Opera.” Phantom took in a record-setting amount of $920,272 in seventeen hours. The incoming hit from London made a Broadway record in advance sales of over $12 million two months before its grand opening the following January.
    1988 - Wayne Gretzky scores his 600th NHL goal.  He finished his 20-year NHL career with 1016, including playoffs.
http://www.upperdeck.com/athletes/waynegretzky/profile.aspx
    1989 - Low pressure tracking across the Carolinas brought heavy rain to parts of the Southern Atlantic Coast Region for Thanksgiving Day, and blanketed the Middle Atlantic Coast States and southern New England with heavy snow. The storm produced up to nine inches of snow over Long Island, NY, and up to 14 inches over Cape Cod, MA, at Yarmouth. Totals of 4.7 inches at New York City and 6.0 inches at Newark, NJ were records for Thanksgiving Day, the 8.0 inch total at Providence, RI was a record for any given day in November, and the 6.5 inch total at Strasburg, CT was a record for the month of November as a whole.
    1991 - "When a Man Loves a Woman" by Michael Bolton topped the charts and stayed there for a week.
    1991 - La Crosse, WI set a new record for 24-hour snow with 13 inches. This storm brought the monthly total to 28.2 inches, also a record
    1992 - The first smartphone, IBM’s Simon was introduced at COMDEX at Las Vegas.    
    1992 - Early morning severe thunderstorms spawned two F3 tornadoes in North Carolina resulting in 2 deaths and 59 injuries. This was the last day of the three day outbreak in which 93 tornadoes touched down claiming 25 lives.
    1992 - Alta, UT was buried under 45 inches of snow in 24 hours to set an all-time 24 hour record for that location
    1994 - Top Hits
“I’ll Make Love To You” - Boyz II Men
“Here Comes The Hotstepper” (From "Ready To Wear") - Ini Kamoze
“On Bended Knee” - Boyz II Men
“Another Night” - Real McCoy
    1996 - Actor Woody Harrelson and others clogged traffic for hours on the San Francisco Golden Gate Bridge in a protest on behalf of the Headwaters forest.
    1998 - The world's first portable mp3 player goes on sale, despite strenuous objections from the RIAA (Recording Industry Association of America). The Diamond Rio PMP300, which cost $200, could play about a dozen songs.
    2004 - An outbreak of severe thunderstorms produced reports of 54 tornadoes across portions of Texas, Louisiana, Arkansas and Alabama. In Texas's Hardin County, one person was killed with three injured when a tornado struck during the afternoon.
    2013 - Pop band One Direction hosted 1D Day, a day consisting of a record, 7.5 hour-long socially interactive live-stream on YouTube and Google+ Hangout including live band performances and celebrity guests; the event was an unprecedented use of social media.
    2018 - Federal Climate report finds climate change will reduce economy by 10% by 2100 with $141 billion cost from heat-related deaths, $118 billion from sea level rise.