Equipment Leasing Association San Diego Conference Report
—by Paul J. Menzel, CLP
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### Press Release ############################
James St. Clair Joins Orix for $10 Million Deals
ATLANTA Tom Hidder, group president of Business Credit Group (BCG), of ORIX Financial Services (OFS), announces the addition of James St. Clair as vice president, managing director.
St. Clair will be responsible for working with middle market companies seeking secured lines of credit -- $10 million and larger --for working capital, acquisitions, expansion, refinancing, debtor-in-possession lines, and restructuring. He will support the southeastern U.S. including Texas, Florida, and Virginia.
Prior to joining OFS, St. Clair served as vice president - originator for GE Capital Commercial Services, covering a multi-state territory to develop and originate new factoring and loan volume primarily in the southeastern and southwestern U.S.
St. Clair has also held positions with Textron Financial, Conseco, and Bank of America. In addition, he worked in BankBoston's Asset Based Lending Group. Graduating summa cum laude from Babson College, Wellesly, Massachusetts, Mr. St. Clair received a Bachelor of Science Degree in Business Administration.
ORIX Financial Services offers an array of financing products through four groups: the Business Credit Group, the Equipment Finance Group, the Public Finance Group and the Structured Finance Group. The Business Credit Group offers asset and cash flow based loans to companies that need funds for acquisitions, growth, working capital, capital expenditures, recapitalization and other unique situations. The Equipment Finance Group provides equipment financing to dealers, distributors, national manufacturers and end-users in industries such as construction and transportation. The Public Finance Group offers equipment, real estate and project financing for state and local governments as well as for federal agencies. Lastly, the Structured Finance Group provides capital equipment financing, "turnkey" financing and other non-tax operating lease products for businesses serving the medium-to large-ticket market.
ORIX Financial Services is an indirect wholly owned operating subsidiary of ORIX Corporation, a leading diversified financial services organization with assets in excess of $49 billion. ORIX Corporation is based in Tokyo, Japan with operations in 23 global markets. ORIX is a publicly traded company listed on the Tokyo, Osaka, Nagoya and New York Stock Exchanges (Ticker: IX).
### Press Release #############################
More on Orix---And is Jay Holmes Now Gone?
Leasing News published that Orix USA was floundering, and it
was rumored that the president and chief executive officer,
Jay Holmes, was on his way out. Several readers on Thursday
sent us e-mail that Holmes was no longer with Orix , specifically
that he was “let go.”
The Orix PR Department would not confirm nor
deny it, and others contacted said, “No comment.”
Jay Holmes Chairman, President and Chief Executive Officer, Holmes was appointed president
and chief executive officer on June 19,2000. He succeeded John Moss, who served in these positions on an interim basis after. Philip Cooper retired from ORIX CREDIT ALLIANCE in March 2000.
The press release at the time stated, "In his new role, Mr. Holmes will oversee all ORIX CREDIT ALLIANCE interests. Mr. Holmes joined ORIX CREDIT ALLIANCE after nearly two years as President & CEO of Transamerica Equipment Financial Services, a Chicago based provider of equipment financing and leasing for middle-market companies in the United States and selected foreign countries. He previously held senior positions in Heller Financial, Inc., Chrysler Capital Corporation, Citicorp Industrial Credit and Westinghouse Credit Corporation. He has 28 years of commercial finance experience.
"Regarding Mr. Holmes' appointment, John Moss, President and CEO of ORIX USA, said,'This is a tremendous step for ORIX CREDIT ALLIANCE. Jay's extensive knowledge of the equipment finance industry will be an invaluable asset to OCAI, who already has a strong foothold in this market. I am confident that he will provide the leadership and innovative approach to further improve OCAI's position in their core market, as well as diversify them into new strategic segments.'"
He then preceded to move into the “Perfect Storm” as evidenced by the Leasing News
Readers have been commenting about the steerage of the ship under Holmes’ helm,
and here are two more, one from Steve Geller and the other from Mike Pilla:
“Kit: I have read, with interest, your report and elicited comments about
ORIX. I must add my views at this time. I was a loyal employee at ORIX
Credit Alliance from 1989 to 2001, eleven plus years. When I was told
that the company was no longer interested in the brokerage business that
I was empowered to bring in and that my services were not warranted and
that I should leave the building as soon as possible so as not to
"upset" the other employees. I was hurt very badly. Although an officer
of the company, I was treated like a common criminal. This contrasts
sharply with my leaving Tilden Financial in 1989 to take the ORIX job in
Orangeburg with Bob Salge. I gave two weeks notice to my old friend
George Berenz and he "forced" me to stay the entire two weeks and review
and approve deals up until the very last day. I did not take any
company secrets, nor did I take advantage of my imminent departure by
using standards any less than I used throughout my long Tilden tenure.
If I take any satisfaction, at all, for the ORIX problems today, it is
due to those events.
“When Jay Holmes came to ORIX and announced the "bigger, better, higher"
policy referred to by the writer in Wednesdays Leasing News I knew that
it was only a matter of time before the entire company, as we knew it,
would implode and it seemed that whatever we did would never be good
enough for Mr. Holmes and his associates. No one from the new regime
ever discussed my operation with me and the nature of the business that
I was doing and whether it could fit into the new ORIX model. I believe
that I had some valuable insights into the business that could have been
used by the company. They chose to "throw the baby out with the bath
water." That was their prerogative.
“I came to ORIX long after the Palitzes were gone and after Financial
Federal was well-established. I do not think the Palitzes had anything
to do with the problems of the late 1990's and subsequent years, at
least a full decade plus later than their departure.
“I was proud of my time at ORIX, and despite a few things that I would
have done differently, I represented the company in a positive fashion.
Reflecting on the old ORIX, I look back and see that what was extolled
as the company's strength also attributed to its downfall. Most of the
management team were lifelong employees of the company dating back to
the Credit Alliance Corp./ Leasing Services days from the 1970's and
80's. The average branch manager was an employee who had been with the
company at least 15 years, and there were many loyal, highly
knowledgeable and hard working individuals who supported the company
throughout its life. We all felt that we were family. Even when I hit
my tenth anniversary with the company, I was still a short timer.
“Do I know the reasons the company did not succeed? I can only speculate that
it was high interest expense, heavy occupancy costs and a drive to put
on volume that got away from top management. We never had a chance to
see the change through. Those secrets will never be known! “
Steven B. Geller, CLP
Leasing Solutions LLC
20 Dike Drive, Wesley Hills, New York 10952
(845) 362-6106 fax (845) 354-2803
cell (914) 552-0842
“I worked for Credit Alliance, First Interstate Credit Alliance, Orix Credit
Alliance and Orix Financial Services. I happened to be in the NYC office the
day that Cal and Bernard got their first payment from First Interstate and Cal
bought Neil Reeder and myself lunch. Cal showed us the check and trust me, it
had a lot of zero's on the back end.
“I believe that FI bought in late "84 and Orix bought in "89. I agree with
the other x-employees that the Palitz Bros. were long gone and Cal had founded
Fin-Fed at some time.
I agree that it was extremely difficult to get a deal done longer that 60
months, it did happen but not to often. Regardless, those deals were long
gone, either retired by the customer or paid off by a competitor.
“The problems with Orix were not discussed with the troops in the field, so
everything would be 3rd party and speculative. New management, (Holmes)
blamed everything on old management (Phil and Sandy). For almost 40 years,
things were done in a very professional manor and customer service from
Emeryville and then Walnut Creek was held in the best of tradition. We
always had repeat business and lots of it.
“Holmes downsized into 7 offices, which was probably a necessary step and was
done by several competitors previously. We had to report to Pasadena. Our
customers suffered greatly with this change because of poor customer service
and our turn-a-round on new deals went from 24/48 hours up to 10 days. (NO
JOKE). This was typical in speaking to other marketing people in other
“Most people saw the handwriting on the wall and a lot of good people left. I
worked with some of the best people in the business and we did a lot of
business. We looked for ways to do deals instead of looking for ways to
“I'd like to see the exit package that Holmes has and for all of his "buddies"
that he brought into the company and made the Senior Vice Presidents" Hell,
they have all "chiefs" and no "Indians" in my opinion. I heard Holmes had a 3
year deal, sink or swim. It is about that time for the life boat to pull
away. He, in my opinion, tried to make Orix a "Transamerica" or "Heller
Capital". He could not see the forest through the trees. Orix did not have
that type of clientele or reputation. Sometimes the "fix" is worse that the
“Who is to blame for the Orix problems? Flip a coin. All that I know is
that I had a great time, booked a lot of deals, made good money, had a good
customer base and worked with a lot of good people and all of that is
“I heard that it was a poor credit portfolio that was the problem. So what do
you do, get rid of the sales people and keep the same credit people on staff.
“With all of my years with the company, I never had lending authority so lay
off the sales people!!!! That will correct everything!!!!!!!!!!!!”
Novergence—Robert J. Fine Fires Back
The Leasing News Bulletin Board had received a complaint
about equipment and costs and procedures of Norvergence.
To date, we have not been able to “justify” printing the
complaint, but did mention we had received it and were
looking for further information, particularly from readers.
The only comment received where the person would
allow us to use their name was Robert J. Fine, Director
of Bank Relations, for Norvergence, who is also the
president of the Eastern Association of Equipment
“On behalf of Norvergence, it is imperative that I respond to the
comments made in your 10/15/03 newsletter.
“Norvergence is not solely an equipment vendor. Norvergence provides a
telecommunications savings "solution"- a solution that consists of both
hardware and services. Norvergence manufactures and rents a product
that uses proprietary technology to enable its customers to realize
immediate savings of their telecommunications costs.
“While the company has no interest in responding to personal attacks I
can assure you that the owners of the company have assembled an
impressive management team, knowledgeable in all areas of the business
including technology, sales management and finance. Please visit our
website at www.Norvergence.com <http://www.norvergence.com/> for
summaries of our management team.
“On a personal note, I can assure you that my twenty-seven years of
experience in the equipment leasing industry, primarily working for
commercial banks have impressed upon me the need to know the people with
whom you are conducting business. Norvergence is an exciting and
fast-paced company and I am very happy to be a part of this organization
and look forward to its bright future.
“If anyone has any questions or would like more information, they may
contact me directly at 973-242-7500 (ext. 7293).”
Robert J. Fine
Director of Bank Relations
550 Broad Street
Newark, N.J. 07102
Salesmen Pay Survey Responses
“I read the pay survey comments with great interest. Our industry has always been "blessed" with folks who are prone to exaggeration like telling prospective sales reps that they can easily make 6 figure incomes with hard work. My advise to these job applicants is to bring along a lie detector and then ask them how they respond to lessees who ask "what's the interest rate". Then, call me with their response as I can always use a good laugh.
“We have never found the funding side of the business to be a challenge. The challenge was, is and always will be the sales side - finding a steady stream of credit-worthy end-users. The survey discussed a hypothetical salesperson who can deliver $500K per year in gross profit.
“ Let's keep it simple and figure this from a broker perspective - this equates to 5 points on $10,000,000 / 10 points on $5,000,000. Show me a guy that is actually doing this kind of volume in the small-ticket broker arena and I'll show you a guy who's deep in the minority and who better be making $150,000 per year - if not, call me for a job application.”
Provident Capital Group, Inc.
1406 140th Place NE, Suite 100
Bellevue, WA 98007
Phone: (425) 460-8105
Fax: (425) 562-3166
Thanks for attempting to give me a promotion, but, unfortunately, I am the
National Sales Manager of Leasing Partners Capital, not the President. I
hope my boss appreciates a little levity.
(We have corrected the web site version with your response as
National Sales Manager. Here is a picture of Bruce making a presentation to his boss. )
My sympathies really go out to the broken-hearted Cubs fans in Chicago.
If there is any consolation, there's always the Bears.....well, on second thought....
National Business Credit
Lake Worth, Florida (as in Florida Marlins)
### Press Release #################################
YouveGotClaims expands staff
MONTVILLE, NJ, ---YouveGotClaims expanded its staff at its Montville, NJ office by naming Debbie Mohl to the newly created position of Director of Administration. “ Our business has been growing at a record pace making it imperative for us to add staff to continue providing the highest levels of customer service to our many clients,” said John Meehan, Chief Operating Officer of YouveGotClaims. “Debbie brings a wealth of experience and a successful track record of working with clients based throughout the country,” Meehan added.
YouveGotClaims makes it easy to send or receive information about an unlimited number of cases at one time to any number of different recipients. It reduces processing time and guarantees claims information is securely and correctly placed into the recipient’s computer “ ready to be worked immediately. YouveGotClaims provides a secure way for users to monitor the cases, payments, and success of collection efforts. There are no up-front costs and all charges are based on usage.
The standard developed by YouveGotClaims is the national leading standard for electronically exchanging data in the credit and collections industry. Attorneys, collection agencies, credit grantors, debt buyers and debt sellers regularly use the YouveGotClaims standard and Virtual Postoffice. The YouveGotClaims standard is available at no cost in the public domain from the YouveGotClaims web site at www.YouveGotClaims.com.
Headquartered in Montville, New Jersey, YouveGotClaims can be found on the Internet at www.YouveGotClaims.com, reached by e-mail at info@YouveGotClaims.com or by phone at 800-542-0204.
Contact: Max G. Moses
### Press Release #############################
Cat Financial Posts 7% 3rd Q Profits
Caterpillar Financial Services Corporation reported record third-quarter revenues of $445 million, an increase of $29 million or 7 percent compared with third quarter 2002. Profit after tax was $67 million, an $11 million or 20 percent increase from third quarter 2002.
The increase in revenues was primarily due to the continued growth of finance receivables and leases of $50 million, a favorable change in gain/loss on the sale of equipment returned from lease of $10 million, and interest from Caterpillar Inc. related to the inter-company effects of an audit settlement with the Internal Revenue Service for several prior tax years of $9 million. These favorable items were partially offset by the impact of generally lower interest rates of $32 million and a decrease in gain on publicly securitized receivables of $18 million. The decrease in securitized receivables gain was related to the timing of the public securitization, which took place in the second quarter this year ($22 million) versus a similar gain in the third quarter last year ($18 million.)
The increase in profit was primarily due to the growth of finance receivables and leases, the favorable change in gain/loss on the sale of equipment returned from lease, and the intercompany interest from Caterpillar Inc. related to prior years' tax audit settlements. These favorable items were partially offset by the decreased gain on publicly securitized receivables.
New retail financing business was a record $2.11 billion, an increase of $349 million or 20 percent from the same period one year ago.
Past dues over 30 days were 3.1 percent compared to 4.2 percent at the end of the same period one year ago. Write-offs, net of recoveries, were $15 million during the quarter compared with $21 million for the third quarter of 2002.
Caterpillar Vice President and Cat Financial President James S. Beard said, "We are pleased to see the strong growth in new retail financing volume. These results, combined with the continued excellent quality of our portfolio, can be attributed to the outstanding performance of our worldwide team."
THIRD QUARTER 2003 VS. THIRD QUARTER 2002 (ENDING SEPTEMBER 30)
(Millions of dollars)
2003, 2002, CHANGE
Revenues $445, $416, 7%
Net Profit $67, $56, 20%
New Retail Financing Business $2,106, $1,757, 20%
Total Assets $18,531, $16,521, 12%
FIRST NINE MONTHS 2003 VS. FIRST NINE MONTHS 2002 (ENDING SEPTEMBER 30)
(Millions of dollars)
2003, 2002, CHANGE
Revenues $1,293, $1,178, 10%
Net Profit $189, $149, 27%
New Retail Financing Business $5,776, $5,298, 9%
#### Press Release ##########################
Congratulations! To Us! NAELB Goes over 500 Members
“I want to congratulate all the members of the National Association of Equipment
Leasing Brokers for helping us reach a milestone. Our membership is now OVER 500 and 442 are Broker/Lessors!
“I especially want to thank Mike McPherson, Pete Sawyer, and all the members of
the Membership committee for their hard work and creating a successful
membership drive. Rick Wilbur, Dan Chagnon, all of the members of Benefits
Committee also made great contributions to this effort. In the next day or
so you will be hearing from the Membership Committee regarding our continued
effort to increase the size and quality of our membership.
“Next milestone: 600 members!
“If you are planning to attend the Regional Meeting in Atlanta on November7-8,
please register as soon as possible to give Bill Miller our Executive
Director adequate time to plan.
“The program is outstanding and there will be plenty of time for networking and meeting with lenders. From the number of people I have spoken to over the past several weeks, I expect we will have well over a hundred attendees. We are already over our commitment at the hotel and we are trying to get them to release more rooms.
Register today at www.naelb.org <http://www.naelb.org> .
“I look forward to seeing many of you in Atlanta.”
Bob Bell, CLP
( Leasing News Senior Advisory Board member Charlie Lester will be covering
this event. If you see him there, please give him a quote for his report. editor )
**** announcement *****************************
Mortgage Rates Rise Again
Popular iTunes music store now does Windows
Move Over Napa, Here Comes Rose Hill, North Carolina
in Q100 brouhaha in Atlanta
"It's Destiny" --sign held by Yankee fan at game 7
Marlins Like Underdog Role Against Yanks
Raiders' Romanowski sued by teammate after August fight
Arizona, Washington and Tampa Bid for Super bowl 2008
Culpepper passes to Moss for a gain without pain
Schwarzenegger, Bush hit it off
Plenty of jokes, but no requests for U.S. aid or promises of help
This Day in American History
October 17, 1910 Harry Edison Birthday http://www.geocities.com/BourbonStreet/9555/artists/legends/edison_harry.html
1492- Columbus sights isle of San Salvador (Watling Island, Bahamas)
1711-Birthday of Jupiter Hammon, . America’s first published black poet, whose birth anniversary is celebrated annually as Black Poetry Day, was born into slavery, probably at Long Island, NY. He was taught to read, however, and as a trusted servant was allowed to use his master’s library. “With the publication on Christmas Day, 1760, of the 88-line broadside poem ‘An Evening Thought,’ Jupiter Hammon, then 49, became the first black in America to publish poetry.” Hammon died in 1790. The exact date and place of his death are unknown.
1777- British General John Burgoyne with an army of 7,000 surrenders at Saratoga, NY. Burgoyne, known in the press as "Gentleman Johnny" began his sojourn in Canada. Burgoyne's cumbersome retinue, which included 30 carts of Burgoyne's personal possessions, and several cases of champagne, was stymied by the dense New York forests. The American History handbook states he was surrounded by a superior force, and “capitulated” to Gen. Horatio Gates.
1823-Seeking counsel on foreign policy, specifically South America, President Monroe
begins formulated the “Monroe Doctrine:” hands-off, which actually started with
President George Washington who warned about joining Britain or any other country
in their “foreign affairs: disputes, conquests.
1834- James Bogardus of New York City received a patent for a “gas meter;” to record the amount of gas used. It operated on the principle of a bellows, alternately being filled with gas ad emptied, while the pulsations were counted on a register.
1845 - According to a Boston newspaper, the entire audience walked out of a reading of "The Raven". The audience walked out, not because of the material, but because of their objection to Edgar Allan Poe, the reader and author of the macabre story.
1848-Birthday of William “Candy” Cummings, Baseball Hall of Fame pitcher born at Ware, MA. Cummings is generally regarded as the firsts pitcher to throw a curve ball. He learned the technique, he said, sailing oyster shells. He played in baseball’s amateur era and as a professional. Inducted in the Hall of Fame in 1939. Died at Toledo, HH, May 16,1924.
1863-The San Francisco and San Jose Railroad ran their first
train to California Avenue, Mayfield (which was to become the City to Palo Alto.)A picnic was given near San Francisquito Creek for a crowd of 500. The next day regular service was begun to Mayfield
1888 - The first issue of "National Geographic Magazine" was on newsstands this day. The highly acclaimed magazine was published on a somewhat irregular basis at first. Material was hard to come by in the early years, so the publisher just waited to publish the next issue until enough material accumulated to fill it. The science and travel magazine, the official journal of the National Geographic Society (incorporated January 27, 1888), soon became a monthly and it wasn’t long before it was famous for its maps and photographic essays of exotic locales and peoples.
1909- Drummer Cozy Cole born East Orange, NJ; played w/Cab Calloway, Louie Armstrong; solo: Topsy; in films: Make Mine Music, The Glen Miller Story; developed a drummers’ school w/Gene Krupa; died Jan 31, 1981)
1910- Trumpet Player Harry “Sweets” Edison Birthday http://www.geocities.com/BourbonStreet/9555/artists/legends/edison_harry.html
1915-Birthday of dramatist Arthur Miller ( Death of a Salesman, A View from the Bridge, all My Sons, The Crucible), born New York, NY.
1917 - The Radio Corporation of America (RCA) was formed. The company became a giant in electronics, especially radios and TVs. It would later own its own TV network (NBC) and other broadcast interests.
1923- Guitarist Barney Kessel born Muskogee, OK.
1928-James William (Jim) Gilliam, baseball player born at Nashville, TN. Gilliam, known as “Junior,” was National League Rookie of the Year in 1953 after playing in the Negro Leagues. He was a steady infielder who became a respected coach after his retirement. Died at Inglewood, CA. Oct. 8, 1978.
1930- Duke Ellington records “Mood Indigo”, Brunswick.
1931-After a long run as the crime kingpin of Chicago's underworld, Al Capone finally landed in jail. Capone was ultimately sent away for tax evasion, a relatively minor offense for a man who oversaw elaborate liquor bootlegging network, extensive prostitution rings, and various gambling operations. For many years, crime did pay for Capone. By 1927, he had hauled in an impressive--and tax-free--fortune worth over $100 million. Of course, with his penchant for maiming and killing the competition, Capone was just a bit more dangerous than the average entrepreneur. However, usual strong-arm tactics couldn't help him bully past the IRS. Capone was sentenced to an eleven-year prison term and was forced to pay $80,000 in fines and court fees.
1932-Birthday of Paul Edward Anderson, Olympic gold medal weightlifter born at Tocoa, GA. Anderson won the heavyweight world championship in 1955 and a gold medal at the 1956 Melbourne Olympics. He was renowned as the “World’s Strongest Man” for his feats of strength, including a back lift of 6,270 pounds. In 1962 he opened the Paul Anderson Youth Home. Died at Vidalia, GA. August 15, 1994.
1933 - "News-Week" appeared on the corner newsstand for the first time. Seven pictures graced the magazine’s first cover, depicting an important happening for each day of the week. In 1937, the publication’s masthead sported a new name: "Newsweek".
1933 - Dr. Albert Einstein moved to Princeton, NJ, after arriving in the United States from his troubled homeland of Germany.
1945 - Actress Ava Gardner made news. She married bandleader Artie Shaw.
1949-The first long-distance dial telephone service began on this day in 1949. The president of Pacific Telephone and Telegraph dialed New York City from Oakland, California. The call lasted about one minute. Previously, long-distance calls were placed by telephone operators.
1953 - The first concert of contemporary Canadian music presented in the U.S. was performed by conductor Leopold Stokowski at Carnegie Hall in New York City.
1955 - Jose Ferrer and Claire Bloom starred on NBC’s "Producer’s Showcase". They performed in "Cyrano De Bergerac". Ferrer also won an Oscar for his performance in the film version.
1956-Birthday of Dr Mae Jemison, first Black female astronaut.
1956 - The screen version of the Jules Verne novel, Around the World in 80 Days, starring David Niven and countless cameos, premiered on this date in New York. Supporting actor Cantinflas later won a Golden Globe for Best Actor in a Musical/ Comedy for his role, and the film earned a Best Picture Oscar.
National League announced that expansion franchises were being awarded
to the New York Metropolitan Baseball Club, Inc, headed by Mrs. Joan
Payson, and to a Houston group of investors led by Judge Roy Hofheinz.
The two teams, later nicknamed the Mets and the Colt .45s began
play in the 1962 season.
1966- “Hollywood Squares” premieres on TV. On this game show, nine celebrities satin a giant grid. Two contestants played tic-tac-toe by determining if an answer given by a celebrity was correct. Peter Marshall hosted the show for many years with panelists Paul Lynde, Rose Marie, Cliff Arquette, Wally Cox, John Davidson and George Gobel among others. John Davidson took over as host in 1986 for a new version of the game show with Joan Rivers and, later, Shadoe Stevens at center square. In 1998 ‘Hollywood Squares” appeared again with Tom Bergeron as host and Whoopi Goldberg as the center square.
1967 - The rock musical "Hair" opened to rave reviews at the Anspacher Theatre in New York City. The smash ran for 1,758 performances. 1973-The Way We Were, starring Barbra Streisand and Robert Redford, opens. The hit movie also produced a hit song by the same title for Streisand.
1970 - The song I'll Be There, by The Jackson 5, zoomed to the Number 1 spot on Billboard's record chart and stayed there for 5 weeks.
1973-The Arab-dominated Organization of Petroleum Exporting Countries (OPEC) announces a decision to cut oil exports to the United States and other nations that provided military aid to Israel in the Yom Kippur War of October 1973. According to OPEC, exports were to be reduced by 5 percent every month until Israel evacuated the territories occupied in the Arab-Israeli war of 1967. In December, a full oil embargo was imposed against the United States and several other countries, prompting a serious energy crisis in the United States and other nations dependent on foreign oil.
1983 - Actor Anthony Quinn lit up the Great White Way in the revival of the 1968 musical, "Zorba", that reunited Quinn with Lila Kedrova, who played Madame Hortense. They both had appeared in the film portrayal, "Zorba the Greek", which won Quinn a nomination for Best Actor, and an Oscar for Kedrova as Best Supporting Actress. This was one of the few films that came before the Broadway show, rather than the reverse.
1989--We experienced an earthquake of 7.1 in my hometown of Los Gatos at 2:04PM I was in my Chevrolet Suburban, not far from the office, near the University of Santa Clara, and a student on a bicycle in front of me suddenly fell down. At first I thought I hit him, and as he got up, I glanced over and saw two other bicyclists trying to stand, and my car was violently rocking sideways as if the car had been silently blind sided. KCBS was on and announced they felt an earthquake, which later turned out in the Loma Prieta section of Los Gatos. The quake caused damage estimated at $10 billion and killed 67 people, many of who were caught in the collapse of the double-decked Interstate 80 in Oakland, California. We were without electricity and water for several days and sales for the month were the lowest they ever have been in our history as it took business many weeks to recover.
As a sports note, the event is also known as the “World Series Earthquake. Minutes before the start of Game 3 of the World Series billed as the “Battle of the Bay, “ between the Oakland A’s and the
San Francisco Giants, Candlestick Park was rocked by the Loma Prieta earthquake. the game was postponed and the Series delayed for 11 days. The Oakland Athletics won games three and four for the first Series sweep in 13 years.
1996-Prodigy re-launched itself as an Internet access provider on this day in 1996. A one-time leader in the online service business, the joint venture between Sears and IBM found its membership flagging in the face of competition from America Online and the increasing popularity of the Web. Sears and IBM sold the service earlier in 1996 to a cellular technology firm. Although Prodigy didn't scrap its entire proprietary service, executives made it clear that Internet access would become the company's main focus. The company went public in 1998.
2002-The legal suit against the fan who caught Barry Bond's record breaking 73rd home run at Pac Bell Park, brought three friends, claiming a promise, in exchange for a ticket to the game to split the ball's value if caught, is settled when Jay Arsenault agrees to sell the ball and divide the money. Arsenault's lawyer said had his client initially eluded the friends because of being overwhelmed by the situation.
World Series Champions This Date
1971 Pittsburgh Pirates
1974 Oakland Athletics
1978 New York Yankees
1979 Pittsburgh Pirates