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Economic Events This Week

    Classified Ads---Documentation/Finance/Legal

        Leasing Partners Capital Adds More Territory Managers

            Volvo Commercial Finance Launches OST

                UAEL "Two Panels" Regional Meeting

                by Robert Teichman, CLP

                    Pictures with Captions

                NetBank Reports Earnings

            Microfinancial Net Loss $3.2 million for 3rd Q

        CFNB Reports Lower First Quarter Net Earnings

    Paragon Names Industry Leader Deehan CEO

CIT Earnings Up--Of Course

    News Briefs---

        Sports Briefs---

            California Nuts Briefs---

    "Gimme that Wine"

This Day in American History



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



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Economic Events This Week


October 27


Existing-Home Sales: September

New-Home Sales: September

Prices of New Homes: September


October 28


Durable Goods Orders: September

Consumer Confidence: October


October 29



October 30


G.D.P.3rd Quarter

Weekly Jobless Claims

October 31


Personal Income: September



Seeks experienced small ticket B2B leasing sales professionals in the western U.S. Very generous commission sharing with salary draw and benefits. Resumes




Classified Ads---Documentation/Finance/Legal


One a month we clean-up the ads: verify e-mail addresses, ask for suggestion

or correction, advise re-writing an ad, and try to help both the people looking

for a job, and those who use our classified ads.


You will find 84 classified ads at:


here are some of them:



Documentation/Funding/Collection Manager: Phoenix, AZ. Five years in Equipment Leasing Industry. Looking for a Leasing home in Phoenix. Prefer documentation/funding, but interested/open to managing account portfolios. email:


Finance: Atlanta, GA

Twenty five plus years experience in middle market lease/ asset based/cash flow transactions. Heavy banking and credit background, with particular expertise in structure and negotiation.

Finance: Chicago, IL

Experienced in big ticket origination, syndication, valuation and workout. Twenty five years, MBA, CPA, JD, LLM (Tax), structuring specialist. Inbound and outbound transactions.


Finance: Lyndhurst, NJ

CFO w/20+ years leasing/financing. Respected by lenders/rating agencies full & fair financial reporting. Outstanding record restructuring debt. Adept at investor relations and mentoring people.

Finance: Austin, TX.

20+ years all facets of lease/finance. Collection and credit management. Equipment & rolling stock structuring. $150k credit authority, $100 million portfolio management.



Legal: Los Angeles, CA

Experienced in-house corporate and financial services attorney seeks position as managing or transactional counsel. Willing to re-locate.

Operations: Experienced Credit, Collections, lease and Finance operations. Manager w/expertise in improving bottom line performance, excellent trainer, manager, motivator. Get result/keep the customer coming back.


Operations: Wayne, NJ

20+ heavily experienced collection/ recovery VP looking to improve someone's bottom line. Proven, verifiable track record. Knowledge of all types of portfolio. Will relocate


To post a “free” job wanted ad in Leasing News, please go:


To post a “help wanted ad in Leasing News or the Newsletter,

please go here:



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


Leasing Partners Capital Adds More Territory Managers


Wayne, NJ-Leasing Partners Capital, Inc.-the fastest growing leasing company in the U.S.-continues to add more Territory Managers to its sales team.


LPC is pleased to announce the addition of Robert Russell to its staff of Territory Managers. Mr. Russell is a member of NAELB and will office out of St. Louis, MO.


Robert has an extensive equipment leasing background to include tours of duty with Net-Savings Leasing and Niche Capital, Inc. (As founder and principal). In addition he has worked with LINC Capital, CIT, T&W, LCA Leasing (the US leasing arm owned by two of Europe's largest banks) and with Equilease. Additionally, Mr. Russell has been a principal in several of his own leasing companies.


Mr. Russell attended DePauw University in Indiana.


Also joining the sales force as a Territory Manager is Ron Rohlfing, who works with Robert Russell out of an office in the Greater St. Louis, MO area.


After attending Southern Illinois University, Ron played baseball in the St. Louis Cardinals organization for a few years, and then worked for Clark Forklift. After owning and operating his own landscaping company for six years, he worked with an investment banking group which led to his forming Kara Equipment Leasing, and then with LCA Leasing (a French banking group) specializing in machine tools. He has since been with Net-Savings Leasing.


Leasing Partners Capital, Inc. (LPC) is a small to lower-middle-market equipment leasing company working with vendors and end users.


For additional information or questions about LPC, contact Bruce Larsen, National Sales Manager, 877-333-5864 or email him at, or check out their web site @




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


Volvo Commercial Finance Launches


Web Services Software ExpressOST


To Streamline North American Financial Workflow



ONTARIO, CANADA, -Cyence International announced at the Equipment

Leasing Association's annual convention last week that it has installed

its collaborative Web services software, ExpressOS T, throughout Volvo

Commercial Finance's (Volvo Commercial) North American origination and

financial services platforms. This multi-currency, multi-lingual

solution manages origination and booking for transportation assets and

construction equipment financing throughout the United States and



Volvo Commercial was seeking a solution that would fully automate

processes-from lease origination to transaction booking to directly flow

into Volvo Commercial's back office operations.


"We needed a software services provider capable of creating a highly

configurable technology solution with specific industry expertise and

global integration experience," said Volvo Commercial President James R.



"This project is helping us achieve our goals in relationship

management, profitable growth, quality loss mitigation and people

development," he added, stating that he was pleased that the project

also stayed on budget and deadlines.


Cyence and its implementation partner, Deloitte, earned the opportunity

to create and implement Volvo Commercial's new origination and booking

system based on their ability to meet a number of complex requirements.

These included the need for real time management reporting capabilities,

easy transfer of knowledge captured, a single-source architecture, and

the ability to integrate with existing wrap-around systems that would

support Volvo Commercial's Volvo and Mack dealers spread throughout

North America.


"With ExpressOS T, Volvo Commercial can manage the unique requirements

of multiple finance business divisions to extend the life of their

legacy systems and allow for future growth-without investing in new

technology," Greg McIntosh, COO of Cyence, said. ExpressOS T is thought

to be the only solution in the equipment leasing and finance industry

that is 100 percent Web services


"Web services technology is a suite of elements and

standards that are synchronized to produce consistent, persistent

electronic access to best practices," explains Peter Hyne, CEO of

Cyence. "The goal is to remove the hardware and software limitations

normally associated with proprietary environments and make information

universally available to a potentially anonymous request. The culture

most receptive to Web services," Hyne explains "is one in which there is

a relentless quest for operational savings and excellence."


About Cyence International


Cyence International Inc., based in Burlington, Ontario, Canada, is a

leading provider of Web Services software solutions for the world's

banking, manufacturing, and equipment finance markets. Since 1996, it

has been designing, testing, and expanding its technologies in the

global marketplace. Clients are provided with a full range of

professional services and two state-of-the art data centers, one in

Burlington, Ontario, and the other in Dallas, Texas. Cyence's flagship

product, ExpressOS T, facilitates every step in the end-to-end cycle of

financial workflow, including origination, credit adjudication, document

management, audits, funding and booking.


About Deloitte



Deloitte is the world's only and largest privately held consultancy

providing a full suite of services including accounting tax and

consulting. The firm provides a broad set of tailored solutions to

select clients globally to increase shareholder value. This year the

organization operates in over 140 countries and will have estimated

revenues of US $15 billion.


About Volvo Commercial Finance


Volvo Commercial Finance, based in Greensboro, North Carolina, is a

member of the Volvo Group, a publicly held company headquarted in

Gothenburg, Sweden. The Volvo Group ("Volvo") has annual sales of

approximately 18 billion US dollars. Volvo's business areas include

heavy trucks, buses, construction equipment, marine and industrial drive

systems, aerospace and financial services. In the United States Volvo

shares are listed on NASDAQ and are traded as ADRs (symbol VOLVY).


Media Contacts:

Agent for Cyence: Susan Carol

Agent for Volvo Commercial Finance: Paula Willis 336-931-4293


Susan Carol Associates

Connections in Communications

(540) 659-0843



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



SALES: Los Angeles, CA. Successful leasing company in business 10+years seeking experienced sales professional in vendor programs.Generous commissions,benefits and growth potential.







UAEL “Two Panels” Regional Meeting

October 22, 2003




Robert Teichman, CLP


“This year, Bob Teichman, CLP, celebrates his 40th year in the leasing business, having started in automobile leasing in 1963. He provided funding for lease brokers for over 20 years as an officer of such funders as Belvedere Equipment Finance and New England Capital. His company, Teichman Financial Training, founded in 1998, is located in Sausalito, California and provides lease education and consulting services to lessors, funders, brokers and other members of the financial community.


“Bob is active in industry affairs. He currently serves as a board member of UAEL and was, for three years, chairman of their Education Committee. Bob is also on the Leasingnews Advisory Board and was recently elected to serve on the Board of Directors of the CLP Foundation.”



A group of 32 leasing professionals, representing all segments of the equipment leasing business, enjoyed an evening of networking, knowledge and noshing at UAEL’s “Two Panels” Regional Meeting in San Jose, California last night.


The event was hosted by Kit Menkin, American Leasing, who provided excellent wines from his cellar and delicious hors d’oeuvres. Attending were almost an equal number of lessors, brokers, funders and service providers. As in most recent meetings, such as the recent UAEL Annual Conference and Exhibition in Portland, OR, energy and optimism were high, and attendees have seen recent increases in business.


As the attendees rose and introduced themselves, it became clear that many had been in the leasing and financing business for a long time, in some cases up to forty years. However, as Joe Woodley, Executive Director of UAEL, remarked, many new people are entering the equipment leasing business, including new funders.


Peter Eaton of Pentech Financial, John Pritchard of Vencore Solutions and Russ Wilder of Atel Leasing presented an interesting and well-received panel on “Venture Leasing”. Representing all aspects of the field, from small ticket to large, and from early stage venture-backed companies to more mature ones, the panel generally agreed that the market for venture leasing has improved since the drop-off in 2001 and 2002. More qualified companies are appearing and more venture capital companies are starting to invest again.


Archie Julian of Dumac Leasing (Exchange Bank), representing the small-ticket market, Ben Carlile of Allegiant Partners, representing the middle market, and Peter Eaton of Pentech Financial, representing the larger-ticket market, presented the second panel on” Decisions Not Based on Credit Scoring”. The panel discussed their positions on “story” credits. These are non-conforming transactions requiring full financial disclosure. The panelists generally agreed that extensive due diligence was necessary and that any originator presenting such a transaction should have a thorough knowledge of his or her applicant.


Participants left the meeting with a better understanding of both venture leasing and how diverse funders look at story credits.


It was a successful and enjoyable event.


Bob Teichman, CLP

Teichman Financial Training

3030 Bridgeway, Suite 213

Sausalito, CA 94965

Tel: 415-331-6445




"Providing education and training to the equipment leasing and financing industry."





Pictures with Captions—San Jose Regional UAEL Meeting, October 22,2003

John Pritchard, Vencore Solutions,Russ Wilder, Atel Leasing,Peter Eaton, Pentech Financial. Pritchard said his company starts at $50,000, buy rate 11% to 14%

and often tops out at $250,000, rarely goes higher, but has, pays brokers two points;

Eaton said his company starts at $250,000 and goes much higher, quite often, 11%

to 18%, and higher, but most between 13 ½ to 14%, pays two points; Wilder

says Atel like $1 million and above, writes $10 million, has plenty of money,

wants more venture deals, rates go from 11% but are mostly higher, and pays

two points. Soft costs, industry, and other factors change rates and terms,

but mostly three years for all, rarely four years. Venture business is growing.

They rely mostly on talks with the major VC investors to insure they may

put more money in, if necessary, and visit customers, plus heavy due diligence.


There were several pictures Kit Menkin took that were not very good,

and unfortunately, the ones with Archie Julian ( wearing a tie, rare) where

he looked goofy.


“Go with the goofy one,” “ Archie responded when told about the pictures.

“ Hopefully I can show people I'm not goofy in real life.”

We were able to procure this picture from Archie’s wife, Sue:

Archie with his dog Pierre. Dumac Leasing is owned by Exchange Bank

and their territory today is Northern California (maybe Southern California

in the future.) $20,000 and above with bank credits and rates, but they

are specialists in “story credits,” meaning not letting Faire Issac scoring

make their credit decisions. They look at cash flow, personal net

worth, reasons for a loss such as losing a major customer, divorce of

partner or mate, move to a new location, and want to understand the

business and predict the payment of their lease request. Peter Eaton

says Pentech’s minimum is $250,000 and they look at all types of

credit, study the business, visit the applicant, and spend a great deal

of time to make their credit analysis with rates from 11% on up,

mostly 14% and 18% buy rates with two points to the broker.

Doug Houlihan, Director of Marketing , for Allegiant-Partners,

Ben Carlile, President, with Scott Enbon, Credit Administrator .

Carlile also brought his Director of Sales, Paul Foster, not pictured here. They

are setting the national market a fire with their “story credit” program,

doing “A,” “B” credits, but specializing in “B-“ and “C.”

“Story credits are the reason we're in business!”

Ben Carlile

Allegiant Partners Inc.

999 5th Avenue, Third Floor

San Rafael, CA 94901

Phone: (415) 257-4200, x202

Fax: (415) 257-4201


Here is one of the “hand outs” that Allegiant Partners passed out. This one

outlines their definition, how they evaluate these credits, and their process.

It is best to open Adobe acrobat first, then download this file:

Attorney Victor Harris, bon vivant, “go get ‘em” attorney and nice guy

with Bob Teichman, CLP, Teichman Financial. He is on the Leasing

News Advisory Board and is the correspondent for this event

Bruce Harrison, McCue Systems, Ben Carlile, Allegiant-Partners,

Marty Garrett, McCue Systems. McCue does not often go to

these regional conferences, but since both Pentech Financial and

Allegiant-Partners are there new customers with the “Bronze plan,”

they decided to come and learn more about this market. Evidently

their new software has this module that allows for growth to their

larger more sophisticated software systems and this is basically

a new marketplace for McCue.

Allen Jensen,Lease2Loan, came from Arizona just for the conference

( and the wine, he added) with Kevin May of GATX, San Francisco.

Paul Knowlton, Bank of Walnut Creek, Jake Krist, former VC investor/lessor,

not producing non-profit Ocean Film Festival in San Francisco.

Juliet Child and Karen Weaver of Phoenix American Financial Services,

two of the team that offers back office and other services at very low

costs and terrific customer service.

Joe Woodley, CEO of UAEL, who was there to brag about the attendance

and success of the recent Portland, Oregon conference, plus growth of

his organization, ( and to see he many friends in the Bay Area, with

Steve Crane, Bank of the West Leasing, Bill Grohe, UAEL membership

director, who was a great help in calling around, reminding people

to attend and get more involved.

Brad Dunham, son of one of the founders of UAEL, Steve Dunham.

Brad runs Leasing Associates right here in San Jose.

Margaret and Kathy. Normally you don’t salute the people who take

care of the food and wine, but they were terrific. As a side note, I

don’t know how this group of 31 drank five bottles of 1995 Duckhorn

Mt. Howell Merlot, six bottles of 1999 Lamborn Mt. Howell “Solar” Zinfindel

and seven bottles of 1999 Chateau Woltner Mt. Howell Chardonnay, Frederique

Vineyards. We actually ran out of wine at 6pm, starting around 3:30pm

and ending after 7pm. Food was all gone, including all the various cheese.


E-mail Addresses:


Ben Carlilie


Peter Eaton


Archie W. Julian


John Pritchard


Russell H. Wilder








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


NetBank, Inc. Reports $.32 EPS for Third Quarter 2003; Dividend of $.02 per Share Declared For Shareholders of Record on November 15, 2003



ATLANTA-- --NetBank, Inc. (Nasdaq:NTBK), parent company of the country's first commercially successful Internet bank, NetBank(R) (, today reported record earnings for the third quarter of 2003.


Net income totaled $15.6 million or $.32 per share for the third quarter, compared to $8.5 million or $.17 per share for the same period in 2002. Year-to-date, the company has recorded net income of $40.5 million or $.83 per share, compared to a net loss of $28.4 million or $.66 per share a year ago. (Last year's results included transaction and balance sheet repositioning charges related to the company's acquisition of Resource Bancshares Mortgage Group, Inc., which closed on March 31, 2002.)


Based on the company's continued strong financial performance, the board of directors approved a dividend of $.02 per share payable to shareholders of record on November 15, 2003. The dividend will be disbursed on December 15, 2003.


Additional highlights of the quarter include:


-- A quarter-over-quarter increase in the bank's net interest income of $3.3 million or 31%;


-- An improvement of 35 basis points (bps) in the bank's net interest margin;


-- Strategic retention by the bank of $586 million in company-originated loans;


-- Record mortgage production of $5.7 billion, including record originations through the non-conforming channel of $589 million; and


-- An annualized balance sheet turn of 3.9 times based on record loan and mortgage servicing rights sales of $4.9 billion.


Management Commentary


"We had another tremendous quarter," said Douglas K. Freeman, chairman and chief executive officer. "As expected, our mortgage operations posted record results. We succeeded in taking full advantage of the high production levels by keeping costs in check and maximizing our income margins. Although impressive, these results should not overshadow the success we are seeing in our other business segments, especially within the retail bank."


"The bank's net interest income and margin have improved significantly as we have rebuilt the bank's balance sheet with lower-risk, internally originated loans," said Steven F. Herbert, chief finance executive. "From an operational standpoint, the bank achieved profitability this quarter. The bank reported a loss at the bottom line only because we made a strategic decision to pay off some of the bank's higher-rate funding lines and incur prepayment penalties, which better positions the bank for the future."


"We committed to our investors to move toward a more balanced business model, where in time all of our business segments will contribute more equally to earnings," Freeman concluded. "Results at the bank and elsewhere show that we are making progress in reaching this goal. We have used this year's record results to invest prudently in the company's long-term profit potential. There can be no doubt that we are better positioned today than ever before to compete in any economic environment."


Noteworthy Transactions


The company elected to pay off a large portion of the bank's remaining higher-cost, fixed-rate advances from the Federal Home Loan Bank. The bank incurred prepayment penalties of $4.3 million on the extinguishment of $244 million in debt during the third quarter. Management has executed similar transactions in the past and believes early retirement of these advances will improve the bank's profitability by lowering its overall interest expense.


Impairment on mortgage servicing rights, net of hedge results, totaled $19.1 million. Approximately $9.7 million of this total related to the company's implementation of a more robust, dynamic prepayment modeling system and recognition of a higher cost to service certain loans in the company's portfolio. With this additional charge, the company moved toward the more conservative end of a relevant valuation range.


The company repurchased 238,000 shares of its common stock during the quarter. The shares were bought at an average price of $12.29. Since August 2002, the company has repurchased 2,535,300 shares. An additional 1,464,700 shares remain available for repurchase under current board authorizations. Management will make additional purchases at its discretion in the public market or through private transactions.


During the quarter, total deposits rose to $2.5 billion, representing an increase of $47.5 million. Retail deposits increased by $119.6 million or 23% on an annualized basis. Small business deposits rose to $17.5 million, an increase of $13.3 million. These gains were partly offset by an $85.4 million reduction in escrow deposits held for the company's mortgage operations. At quarter-end, the average account balance for the bank's retail customers totaled $9,457 and for small business customers $17,648.


The bank's indirect auto lending division, Dealer Financial Services, generated $38.9 million of loans during the quarter, its first full quarter of operations. Its production in September totaled $19.8 million compared to $3.5 million in June.


The bank is still in litigation over its investment in leases originated by Commercial Money Center, Inc. (CMC). No material developments have occurred since last quarter in the CMC bankruptcy proceeding or the multi district litigation (MDL) against the insurance companies that guaranteed payments on the leases. Discovery is continuing in the MDL. Guarantors on the bank's leases are Illinois Union Insurance Company, an affiliate of ACE INA Group (NYSE:ACE); Safeco Insurance Company, an affiliate of Safeco (Nasdaq:SAFC); and Royal Indemnity Company, an affiliate of Royal and Sun Alliance Group (NYSE:RSA).


Based on the non-accrual status of the leases and legal expenses, the CMC litigation impacted the company's quarterly performance by $1.4 million, pre-tax, or $.02 per share. The bank remains confident that it will ultimately prevail against the guarantors. The company filed a Form 8-K on June 16, 2003, providing an update on the litigation. Interested parties may review this document for additional information on the matter.


Transaction Processing


The company's transaction processing business continued to grow during the quarter. Resource Mortgage Solutions (RMS) processed a record $241 million in conforming loans, representing a quarter-over-quarter increase of $63 million or 36%. RMS now has a total of 437 relationships, representing an increase of 27 relationships over last quarter.


The company recently executed a definitive agreement to acquire Financial Technologies, Inc. (FTI), a nationwide provider of ATM and merchant processing services. FTI currently has more than 4,300 ATMs in deployment. Management believes FTI's processing solutions complement the company's own small business banking and RMS initiatives. FTI has a track record of profitability and the deal is expected to be immediately accretive. Pending regulatory approval, the transaction is expected to close during the fourth quarter. For additional information, please see the company's press release dated October 6, 2003, "NetBank, Inc. Reaches Definitive Agreement to Acquire Financial Technologies, Inc."


Next Quarter Earnings Outlook


Based on the 10 equity analysts who actively cover the company, EPS estimates for the fourth quarter range from $.21 to $.27. As of today, the consensus estimate is $.24. Management's outlook for the company's business segments through the end of the year suggests that the current range is reasonable.


Supplemental Financial Data


Management has updated the quarterly financial data available on its Web site. This data provides further detail on the performance of the company's different business channels over the past five quarters. It is intended to supplement the information in this announcement and give interested parties a better understanding of the company's operations and financial trends.


Interested parties can find this quarterly supplement on the company's Web site at Go to "About NetBank" and then "Investor Relations." The material is accessible through the link titled "Financial Data."


Within this same area, the company posts a monthly statistical report, which is intended to give individuals a means of tracking the company's performance during a quarter. The monthly report is published directly to the Web site no later than the 15th of each month.


About NetBank, Inc.


NetBank, Inc. (Nasdaq:NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its major subsidiaries include NetBank(R) (, the country's first commercially successful Internet bank; RBMG, Inc., a wholesale mortgage lender that generates residential mortgages through a nationwide network of independent brokers and correspondent lenders; Market Street Mortgage Corporation, a retail residential mortgage lender that conducts business in 39 states; Meritage Mortgage Corporation, a wholesale mortgage lender that originates non-conforming residential mortgages through a nationwide network of independent brokers; Republic Leasing Company, Inc., a wholesale originator and servicer of commercial business equipment leases; and NetInsurance, Inc. (formerly known as RBMG Insurance Services, Inc.), an online insurance agency representing some of the nation's leading insurance companies. NetBank is a Member FDIC. NetBank, RBMG(R), Market Street Mortgage(R) and Meritage(R) are Equal Housing Lenders.

CONTACT:NetBank, Inc., Atlanta Matthew Shepherd, 678/942-2683


SOURCE: NetBank, Inc.



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


 Microfinancial Net Loss $3.2 million for 3rd Q


MicroFinancial Incorporated, announced its financial results for the third quarter and the nine months ended September 30, 2003.


Third quarter revenue for the period ended September 30, 2003, was $22.1 million compared to $30.5 million for the same period last year. The reduction in revenues is directly related to the Company's decision in October 2002 to cease funding new originations as a result of its Lenders' decision not to renew the revolving credit facility on September 30, 2002.


The net loss for the quarter was $3.2 million, or ($0.25) per share as compared with a net loss of $19.6 million or a loss of $1.53 per share in the prior year's third quarter. The improvement in net income for the quarter is primarily due to a lower provision for credit losses as compared to the same period last year. The reduction in revenues for the quarter is primarily the result of a 44% decline in lease and loan revenues to $7.2 million and a 35% decline in service fee and other revenues to $2.9 million.


Total operating expenses for the quarter declined 56.6% to $27.4 million as compared to the same period in 2002. Interest expense declined 35.4% to $1.6 million as a result of lower debt balances of approximately $99.1 million offset by an increase in the Company's average interest rates of 149 basis points. Selling, general and administrative expenses decreased 24% to $7.8 million for the third quarter ended September 30, 2003, versus $10.3 million for the same period last year. The decrease was attributable to reductions in personnel related expenses of approximately $1.7 million as well as a $0.7 million reduction in collection related expenses. The provision for credit losses decreased to $13.9 million for the quarter ended September 30, 2003 from $44.7 million for the same period last year, while net charge offs increased to $16.6 million. Past due balances greater than 31 days delinquent at September 30, 2003 remained relatively flat at 22.9% from 23% last quarter. Exclusive of a federal tax refund in excess of $11 million received in the second quarter of 2003, net cash provided by operating activities for the third quarter increased slightly to $20.8 million compared to $20.5 million for the previous quarter. The Company repaid debt of $24.6 million on its senior credit facility and securitizations during the quarter.


"I am pleased that during the third quarter the Company was able to reduce our total interest bearing debt by an additional $24.6 million which brings our year to date reduction to over $83 million, commented Richard Latour, President and Chief Executive Officer. "We remain ahead our required repayments and other financial expectations of our bank agreement by approximately $5 million through September 30, 2003."


The Company remains in full compliance with the terms and conditions of its securitizations and senior credit facility. The Company has made or exceeded all scheduled payments on these debt instruments in a timely manner. During the quarter, MicroFinancial's successful collections efforts allowed the Company to reduce its bank debt by $15.4 million to $73.5 million.


For the nine-month period ended September 30, 2003 revenues decreased 27.5% to $71.6 million compared to $98.8 million during the same period in 2002. The reduction in revenues is directly related to the Company's decision to cease funding new originations since October 2002 as a result of its Lenders' decision not to renew the revolving credit facility on September 30, 2002.


The net loss year to date ending September 30, 2003 was $7.7 million or ($0.59) per share versus a net loss of $14.4 million or ($1.12) per share for the same period last year. Total operating expenses for the nine months ended September 30, 2003 were $84.4 million compared to $122.8 million in 2002. Interest expense declined 18.7% to $6.4 million as a result of lower average debt balances of approximately $73.3 million. Selling, general and administrative expenses decreased 25.1% to $25.7 million for the first nine months of the year versus $34.3 million for the same period last year. The decrease was driven by a reduction in personnel related expenses of approximately $4.7 million, a $1.5 million reduction in cost of goods sold, and a reduction in collection related expenses of $2 million. The Company's headcount at September 30, 2003 was 144; down from 300 from the same period last year while depreciation and amortization decreased 12.3% to $12.5 million compared to $14.2 million in 2002. The provision for credit losses decreased 40% to $39.9 million for the nine-month period from $66.5 million for the same period last year. Year to date net charge-offs increased to $52.7 million and the Company repaid debt balances on its senior credit facility and securitizations of $83.4 million for the nine months ended September 30, 2003.


MicroFinancial Incorporated continues to operate without the use of gain on sale accounting treatment and a balance sheet with total liabilities less subordinated debt to total equity plus subordinated debt of 1.4 to 1.


Latour concluded, "MicroFinancial continues its efforts to secure various financing, restructuring and strategic alternatives that will enable the Company to reenter the financing market."


( for other stories regarding MicroFinancial, please go here:



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


CFNB Reports Lower First Quarter Net Earnings


IRVINE, Calif.----California First National Bancorp (NASDAQ:CFNB) ("CalFirst Bancorp") today announced net earnings of $2.3 million for the first quarter ended Sept. 30, 2003, a 25% decline from $3.0 million earned during the first quarter of fiscal 2003. Diluted earnings per share for the first quarter decreased 22% to $0.21 per share, compared to $0.27 per share for the first quarter of the prior year, benefiting from a lower number of shares outstanding during the period.


For the first quarter ended Sept. 30, 2003, net direct finance and interest income of $4.6 million was essentially unchanged from the first quarter of the prior year. This result reflected a small increase in direct finance income and a small decrease in the provision for lease losses, which were offset by a decrease in interest and investment income. Lower investment income is due to the combined impact of lower yields on lower investment balances and the volatility in short term interest rates during the quarter. Other income decreased 10% to $3.7 million, compared to $4.2 million reported for the first quarter of fiscal 2003. The decrease primarily reflects a decline in income from lease extensions, which offset slight increases in sales of leased property and other income. Based on the foregoing, gross profit of $8.3 million for the first quarter of fiscal 2004 decreased 6% from $8.8 million reported for the first quarter of the prior year.


During the first quarter of fiscal 2004, CalFirst Bancorp's S,G&A expenses increased by 19% to $4.6 million, compared to $3.9 million reported for the first quarter of fiscal 2003. The increase reflects the expansion of the sales organization, which primarily occurred during the last nine months of fiscal 2003. When compared to the fourth quarter of fiscal 2003, S,G&A expenses were down 5%.


Commenting on the results, Patrick E. Paddon, President and Chief Executive Officer, indicated that: "During the first quarter, we began to see more benefits from our expansion in the sales organization. The volume of lease originations approved during the first quarter was almost double the volume of the comparable quarter of last year. CalFirst Bancorp finished the quarter with a backlog of approved but un-booked leases up 30% from a year before, and at the highest level seen in almost three years. The contribution from residual realization continues to be lower than in years past, although not substantially below the level reported for the first quarter of last year. This is due to the fact that the volume of leases reaching their end of term during fiscal 2004, while down substantially from fiscal 2002, is expected to be relatively unchanged from the volume realized during fiscal 2003."


California First National Bancorp is a bank holding company with leasing and bank operations based in Orange County, Calif. California First Leasing Corporation leases and finances computer networks and other high technology assets through a centralized marketing program designed to offer cost-effective leasing alternatives. California First National Bank is an FDIC-insured national bank that gathers deposits using telephone, the Internet, and direct mail from a centralized location, and will lease capital assets to businesses and organizations and provide business loans to fund the purchase of assets leased by third parties.


CONTACT: California First National Bancorp, Irvine S. Leslie Jewett, 949-255-0500

SOURCE: California First National Bancorp


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


Paragon Financial Names Industry Leader Deehan CEO


Paragon Financial Corporation announced that George O. Deehan has assumed the role of CEO, effective immediately. Deehan recently joined the Company's board of directors and will continue to serve in that capacity as well. Deehan succeeds Steven A. Burleson, who has been named to a newly established role in which he will be involved in executing the Company's previously announced business development strategy of growth through acquisition.


Deehan has nearly 40 years of experience in financial services, during which time he was responsible for leading businesses as president & CEO of Advanta Leasing Services, as well as president & COO of a number of companies including AT&T Capital Corporation - Information Technology Services, NCR Credit Corporation, METLIFE Capital Credit Corporation, and Litton Financial Services.


"George Deehan is a natural leader, and ideally suited to lead Paragon for many years," said Paul Danner, chairman of the board. "He brings a keen strategic intellect, formidable business acumen, strong leadership characteristics and a unique set of team building skills. We all feel extremely fortunate that he has agreed to lead the effort to expand our business through internal growth and acquisition," he added.


"My original assessment of Paragon's potential for success was wholeheartedly enthusiastic, so when the opportunity to assume the senior leadership role became a possibility, I didn't hesitate to accept," said Deehan. "The mortgage origination segment is well positioned for consolidation, and the opportunity for increased profitability through scale is convincingly attainable - I think our team possesses the vision, as well as the expertise, to effectively execute in both regards."


"It was extremely fortunate for the company and the shareholders when we recently recruited George to join the Board of Directors," said Steve Burleson. "But for an executive of his caliber to become a full-time member of the management team and lead the charge at this stage is clearly a positive indicator of what we all expect this company to become."


Deehan is a graduate of Lenoir-Rhyne College, and was drafted by the Boston Celtics prior to embarking on his highly successful business career.


In addition to Paragon, Deehan serves on the board of directors for NYFIX, Inc. where he is a member of the audit committee.

About Paragon Financial Corporation


Paragon Financial Corporation is a financial services company currently focused on the origination of residential mortgages loans. The Company plans to augment its growth by acquiring other companies in the same or related industries.



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


CIT Announces Third Quarter Net Income of $0.69 EPS, Up 6% From Prior Quarter and Up 8% From Prior Year


- Managed assets up $1.7 billion from September 30, 2002 to

$49.3 billion

- Return on tangible equity improves

- Credit quality improvement continues


NEW YORK, -- CIT Group Inc. (NYSE: CIT)

today reported net income of $147.8 million or diluted earnings per share of

$0.69 for the third quarter, up from $136.9 million or diluted earnings per

share of $0.65 for the prior quarter. Return on tangible equity increased to

12.2% from 11.6% last quarter.

"Our business model of maintaining a diverse business mix, focusing on

credit management, emphasizing a strong balance sheet and solidifying existing

leadership positions produced our highest quarterly earnings since our return

to the public equity marketplace," said Albert R. Gamper, Jr., Chairman and


"Further, the appointment of Jeff Peek as our president and chief

operating officer and the formation of the Office of the Chairman is an

important step for the future of CIT. I have every expectation that this

group will take CIT to an even higher level," concluded Gamper.


Financial Highlights:


Portfolio and Managed Assets

Total financing and leasing portfolio assets grew to $39.2 billion at

September 30, 2003, up from $36.4 billion at September 30, 2002 and $37.5

billion at June 30, 2003. Growth for the quarter included a $450 million

acquisition of factoring assets as well as seasonal factoring growth and

strong growth in the home equity unit of Specialty Finance. The increase from

the prior year was primarily in the home equity portfolio and the Capital

Finance operating lease portfolio, reflecting last quarter's rail acquisition

and new aircraft deliveries.

The liquidating portfolios (owner-operator trucking, franchise,

manufactured housing, recreational vehicle and inventory finance loans)

declined to $1.0 billion from $1.1 billion at June 30, 2003 and $1.5 billion

at September 30, 2002. Managed assets increased to $49.3 billion, up from

$47.6 billion at September 30, 2002 and $47.9 billion last quarter.

Origination volume, excluding factoring, was up 6% and 25% from last

quarter and the prior year quarter. Increases in Specialty Finance and

Structured Finance drove the improvement from last quarter, while the increase

from the prior year quarter was mainly in Specialty Finance.


Net Finance and Risk Adjusted Margins

Net finance margin was flat with last quarter at 3.80% of average earning

assets, as dividends on preferred capital securities were included in interest

expense for the first time this quarter due to the adoption of SFAS 150. On a

comparable basis, net finance margin improved 5 basis points from the prior

quarter, primarily reflecting lower interest expense due to improved funding

rates and a modest improvement in net rental income, offset by lower yield-

related fees.

Risk adjusted margin (net finance margin after provision for credit

losses) increased to $259.4 million (2.88%), from $238.6 million (2.67%) last

quarter, due to improved net finance margin and lower charge-offs.


Credit Quality

Owned and managed 60+ day delinquencies improved for the fourth

consecutive quarter. Total 60+ day owned delinquencies declined to $863

million (2.85% of finance receivables) at September 30, 2003, from $926

million (3.26%) at June 30, 2003 and $1.070 billion (3.76%) at September 30,

2002. The improvement from the prior quarter was principally due to

reductions in Equipment Finance. Managed 60+ day delinquencies decreased to

$1.222 billion (2.95%) at September 30, 2003 from $1.278 billion (3.20%) at

June 30, 2003, and $1.539 billion (3.78%) at September 30, 2002.

Non-performing assets also declined for the fourth consecutive quarter to

the lowest level since June 2001. Non-performing assets were $867 million

(2.86% of finance receivables), down from $941 million (3.31%) at June 30,

2003 and $1.140 billion (4.01%) at September 30, 2002. The continued

improvement from last quarter was most notable in Equipment Finance. The

improvement in non-performing assets in Capital Finance reflected the

conversion of a non-performing Air Canada leveraged lease to a performing

operating lease.

Total charge-offs for the September quarter were $90.6 million (1.23% of

average finance receivables), compared to $108.4 million (1.51%) for the prior

quarter. The tables that follow detail charge-offs for the current and prior

quarters by segment, both in amount and as a percentage of average finance

receivables with supplemental disclosure of charge-offs relating to the

liquidating and telecommunications portfolios.




($ in millions) Quarter Ended September 30, 2003


Total Liquidating/Telecom Liquidating/Telecom


Specialty Finance

- commercial $25.6 1.47% $ 25.2 1.45% $0.4 228.6%

Equipment Finance 23.1 1.52% 18.1 1.26% 5.0 6.53%

Capital Finance - - - - - -


Finance 19.7 0.84% 17.7 0.75% 2.0 66.12%

Structured Finance 9.2 1.28% - - 9.2 6.01%

Total Commercial

Segment 77.6 1.17% 61.0 0.95% 16.6 7.13%

Specialty Finance

- consumer 13.0 1.80% 6.6 1.26% 6.4 3.22%

Total $90.6 1.23% $67.6 0.98% $23.0 5.33%



Charge-offs: ($ millions) Quarter Ended June 30, 2003


Total Liquidating/Telecom Liquidating/ Telecom

Specialty Finance

- commercial $23.9 1.33% $23.9 1.33% $- -%

Equipment Finance 38.6 2.51% 26.1 1.82% 12.5 12.00%

Capital Finance - - - - - -


Finance 21.3 0.96% 18.6 0.84% 2.7 76.80%

Structured Finance 8.6 1.18% - - 8.6 5.38%

Total Commercial

Segments 92.4 1.40% 68.6 1.09% 23.8 8.87%


Finance -

consumer 16.0 2.62% 9.9 2.43% 6.1 3.01%

Total $108.4 1.51% $78.5 1.17% $29.9 6.33%


Telecommunication and liquidating portfolios charge-offs were down from

last quarter, reflecting lower charge-offs in the Equipment Finance franchise

finance portfolio. Before liquidating portfolios and telecommunication

charge-offs, charge-offs were $67.6 million (0.98% of average finance

receivables) for the current quarter, down from $78.5 million (1.17%) last

quarter. The improvement from last quarter reflects declines in Equipment

Finance, the Specialty Finance home equity portfolio and the factoring

business of Commercial Finance.

Total reserve for credit losses was $752.5 million (2.48% of finance

receivables) at September 30, 2003, compared to $754.9 million (2.66%) at June

30, 2003 and $777.8 million (2.73%) at September 30, 2002. The decline in the

reserve, both in amount and percentage, reflects the telecommunication

charge-offs taken against the telecommunication reserve and improving credit

metrics. At September 30, 2003, the reserve for credit losses, before the

telecommunication ($116.6 million) and Argentine ($135.0 million) reserves,

was $500.9 million (1.69% of finance receivables), versus $491.8 million

(1.78%) at June 30, 2003 and $473.7 million (1.72%) at September 30, 2002.

The total telecommunications portfolio and the portion comprising the

competitive local exchange carrier ("CLEC") exposure was $623.6 million and

$216.7 million at September 30, 2003, versus $647.9 million and $224.3 million

at June 30, 2003. Total telecommunication non-performing accounts were $88.5

million, compared to $94.2 million last quarter. CLEC non-performing accounts

were $50.4 million, up from the comparative June 30, 2003 balance of $42.6

million. Total specific telecommunication reserves were $116.6 million at

September 30, 2003, down from $128.1 million at June 30, 2003, reflecting

current quarter net charge-offs.


Other Revenue

For the quarter, other revenue totaled $220.7 million, up from $217.6

million for the quarter ended June 30, 2003, reflecting increased syndication

and advisory fees in Structured Finance. Improved returns on securitized

assets and revenue from joint venture activities in the Specialty Finance

segment also drove other revenue higher. Partially offsetting these increases

were lower securitization gains, due to lower levels of securitization, and

product mix. Securitization gains during the current quarter totaled $18.3

million, 7.5% of pretax income, compared to $33.8 million, 14.8% of pretax

income, during the prior quarter. Other revenue included venture capital

losses of $11.3 million during the current quarter, compared to losses of

$12.1 million for the prior quarter.


Salaries and General Operating Expenses

Salaries and general operating expenses were $237.5 million for the

quarter, up from $227.2 million for the June 2003 quarter. The increase from

last quarter was primarily the result of higher incentive-based compensation

and other employee related expenses. Salaries and general operating expenses

were 2.06% of average managed assets during the quarter, versus 1.99% for the

prior quarter. The efficiency ratio for the quarter (salaries and general

operating expenses divided by operating margin, excluding provision for credit

losses) was 42.2%, compared to 40.8% in the prior quarter.

Headcount of 5,780 at September 30, 2003 was down from 5,845 at June 30,

2003 and 5,850 at September 30, 2002.


Results by Business Segment

Total return on average earning assets was 1.64% for the quarter ended

September 30, 2003 versus 1.53% for the prior quarter, reflecting improved

performance in all segments except Commercial Finance.

The following tables provide individual segment data for the current

quarter compared to the second quarter of 2003. ($ in millions)


Specialty Finance


For the Quarter Ended

September 30, June 30,

2003 2003


Operating margin $218.7 $204.4

Income before provision for income tax $117.3 $103.2

New business volume $3,445.0 $2,937.3


Specialty Finance operating margin improved, reflecting higher asset

levels and lower charge-offs in the home equity portfolio. New business

volume increased from the prior quarter due to improved demand throughout the

vendor finance businesses as well as bulk purchases of home equity portfolios.


Equipment Finance


For the Quarter Ended

September 30, June 30,

2003 2003


Operating margin $35.8 $35.8

Income before provision for income tax $14.8 $13.0

New business volume $898.0 $857.5


Equipment Finance operating margin remained stable, reflecting decreased

financing and leasing revenue, offset by lower net charge-offs. The new

business volume increase was primarily in the U.S.


Capital Finance


For the Quarter Ended

September 30, June 30,

2003 2003


Operating margin $37.7 $32.2

Income before provision for income tax $20.4 $14.8

New business volume $192.0 $453.0


The Capital Finance operating margin and pre-tax income improved,

reflecting increased gains on sales of aerospace and rail equipment, and a

modest increase in net rentals. New business volume declined on fewer

aircraft deliveries in the quarter. All five remaining 2003 aircraft

deliveries have been placed. Six of the fourteen scheduled 2004 aircraft have

been placed. At September 30, 2003, three commercial aircraft were off lease,

compared to two at June 30, 2003.


Commercial Finance


For the Quarter Ended

September 30, June 30,

2003 2003


Operating margin $131.0 $131.3

Income before provision for income tax $88.1 $91.1

New business volume (including factoring) $559.0 $848.6


Commercial Finance operating margin declined slightly due to lower fee

income in asset based lending activities, partially offset by increased

commissions from higher seasonal factoring activity. New business volume was

down as the prior quarter included several large transactions in the asset

based lending business.


Structured Finance


For the Quarter Ended

September 30, June 30,

2003 2003


Operating margin $36.3 $31.6

Income before provision for income tax $28.2 $24.0

New business volume $309.0 $141.3


The Structured Finance operating margin improved on strong fees from

advisory and structuring activities. New business volume increased, most

notably in the media portfolio.


Corporate and Other


For the Quarter Ended

September 30, June 30,

2003 2003


Operating margin $ 20.6 $ 20.9

Loss before tax benefit $(26.2) $(17.3)


Corporate and Other reflects certain interest and other operating expenses

not allocated to business segments. The higher pre-tax loss was primarily the

result of higher incentive-based compensation and other employee benefit



Funding and Liquidity

Commercial paper was $4.9 billion, up from $4.6 billion at June 30, 2003.

At September 30, 2003, $6.3 billion of committed bank lines were undrawn and


Term-debt issued during the quarter totaled $2.4 billion, and consisted of

$1.8 billion in variable-rate medium-term notes, $0.5 billion three-year

global issue, comprised of fixed and floating rate tranches and $0.1 billion

in fixed-rate retail issues. Securitization volume was $1.3 billion compared

to $1.7 billion in the prior quarter.

Cash and cash equivalents increased to $2.3 billion at September 30, 2003,

compared to $1.4 billion at June 30, 2003, as we pre-funded a portion of

upcoming debt maturities at the end of the quarter. However, the average

quarterly invested cash balance declined from the prior quarter.


Capitalization and Leverage

The ratio of tangible equity to managed assets remains strong at 10.44% as

of September 30, 2003, compared to 10.53% as of June 30, 2003 and 9.93% at the

end of the prior year quarter.


About CIT:

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance

company, provides clients with financing and leasing products and advisory

services. Founded in 1908, CIT has nearly $50 billion in assets under

management and applies its financial resources, industry expertise and product

knowledge to serve the needs of clients across approximately 30 industries.

CIT, a Fortune 500 company, holds leading positions in vendor financing, U.S.

factoring, equipment and transportation financing, Small Business

Administration loans, and asset-based and credit-secured lending. CIT, with

its principal offices in Livingston, New Jersey and New York City, has

approximately 6,000 employees in locations throughout North America, Europe,

Latin and South America, and the Pacific Rim. For more information, visit



Stable funding source seeks experienced leasing representative; book of business required; remote office capability; send resume to and reference leasingnews in subject line.





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California Nuts Briefs---


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"Gimme that Wine"


"Wine improves with age. The older I get, the better I like it."

When cooking, make wine a good one


Berkeley Professor’s Radar May Yield Better Wine Grapes


U.S. Wine Consumption Projected to Increase 5 Percent in 2003;sz=



Rush to crush in Napa Valley

Harvest season has vintners scrambling to pick, process grapes at their peak


Credit: Well established, highly respected funding source seeks experienced credit officer for unique broker oriented small ticket leasing operation located in San Diego,CA.

About the Company:






This Day in American History


    1659-William Robinson and Marmadue Stevenson, English Quakers who had come to America in     1656, were executed for their religious beliefs, hanged from an elm tree on Boston Common, Boston MA. They were condemned by the Massachusetts General Court under a law passed on October 19,1658 that banished Quakers from the colony under pain of death. Also condemned, but reprieved at the last moment, was Mary Dyer, who returned to Boston the following year and was hanged on June 1, 1660.

    1771- Landing at Philadelphia, pioneer bishop Francis Asbury, 26, first arrived in America. He had been sent from England by John Wesley to oversee Methodism in the American colonies, and stayed all of his remaining 45 years, till his death in 1816.

    1787-The first of the 85 "Federalist" papers appeared in print in a New York City newspaper, Oct 27, 1787. These essays, written by Alexander Hamilton, James Madison and John Jay, argued in favor of adoption of the new Constitution and the new form of federal government. The last of the essays was completed Apr 4, 1788.

    1795 - Pinckney's Treaty between Spain and the United States was signed. It established the former southern boundary of the United States at the 31st parallel and gave Americans the right to send goods down the Mississippi without paying duty to Spain.

    1810- US annexes West Florida from Spain

    1812-The first Naval vessel to display the American flag around Cape Horn was the Essex, a frigate commanded by Captain David Porte which left the Delaware capes this day with a crew of 287 and 32 marines, and arrived at Valparasio, Chile, on March 14, 1813. The ship had been launched on September 30,1799, by Enos Briggs, Salem, MA. The flag was presented to the United States and on December 17,1799, accepted by Captain Edward Preble ( my son Dash serves on the ship named after this American hero.) The flag was sold at public auction on June 6, 1837, according to naval records.

    1858-Birthday of Theodore Roosevelt: Twenty-sixth president of the US, succeeded to the presidency on the death of William McKinley. His term of office: Sept 14, 1901-Mar 3, 1909. Roosevelt was the first president to ride in an automobile (1902), to submerge in a submarine (1905) and to fly in an airplane (1910). Although his best-remembered quote was perhaps, "Speak softly and carry a big stick," he also said: "The first requisite of a good citizen in this Republic of ours is that he shall be able and willing to pull his weight." Born at New York, NY, Roosevelt died at Oyster Bay, NY, Jan 6, 1919. His last words: "Put out the light."

    1858 -RH Macy & Co opens 1st store, (6th Ave-NYC) Gross receipts $1106

    1862-In an attempt to reinforce and re-supply the besieged Union troops at Chattanooga, TN, General Ulysses S. Grant ordered that a river route to Bridgeport, AL, be opened. In the early morning of Oct 27 Federal troops drifted down the Tennessee River on pontoons to Brown's Ferry. The troops reached their destination, and reinforcements and supplies crossed the bridge formed by the pontoons, opening "The Cracker Line," into Chattanooga, negating some of the Southern army's advantage in the siege. It was a very important battle as

the Union Army had been living on hard tack, or what they were known

in those days as “crackers” and this opened the supply lines to feed the troops

and allowed them to continue their campaign.

    1865-It is estimated 65,000 Blacks served in the Confederate army, with an estimated 13,000 actually facing the Union Army in combat.

    1867-Maimondies College, Philadelphia, PA became the first theological college for Jews. It was sponsored by the Hebrew Education Society of Philadelphia and the Board of Delegates of American Israelites. The founder and first president was Rabbie Isaac Leeser, who also served as professor of homiletics, belles lettres, and comparative theology. It offered a five-year course leading to th Bachelor’s and Doctor of Divinity degrees. Tuition was $100, and board and lodging $200 per year. Dr. Marcus Jastrow was provost. The college closed in 1873.

    1871- Boss Tweed (William Macy Tweed), Democratic leader of Tammany Hall, arrested after NY Times exposed his corruption

    1878- Mabel Wheeler Daniels was born in Swampscott, Massachusetts, and graduated from Radcliffe College, magna cum laude, in 1900. She studied composition with George Chadwick of Boston, and with Ludwig Thuille in Munich, where she was the first woman ever to enroll in the conservatory's score reading class. She wrote a lively memoir of her studies abroad, An American Girl in Munich (Boston: Little, Brown & Co., 1905), and was director of music at Simmons College from 1913 to 1918. Her larger choral and orchestral works were performed by the Harvard Glee Club and the Radcliffe Choral Society with the Boston Symphony, at the Worcester Festival, and by orchestras and choruses throughout the United States. American composer, specialized in choral music, the only American composer played at the Carnegie Hall Festival in 1939, the only woman to have three works played by the Boston Symphony 1929, 1934, and 1954.

    1904-New York subway: Running from City Hall to West 145th Street, the New York City subway began operation. It was privately operated by the Interborough Rapid Transit Company and later became part of the system operated by the New York City Transit Authority.

(second part: )

    1909 -- Blues guitarist/pianist, Henry Townsend born near Cairo, Illinois.

    1913-Last great bandleader of the era: Boyd Raeburn born Faith, SD.

    1917 - Jascha Heifetz made his debut at Carnegie Hall in New York City. Heifetz was a 16-year-old sensation who had played the violin since age 5.

    1920 - Marconi, Fessenden, and De Forest were the catalysts. However, it was an engineer for Westinghouse Electric who, in 1916, was broadcasting music from his garage (in Wilkinsburg, PA, a suburb of Pittsburgh) over a wireless -- amateur radio station 8XK -- that really got the whole thing started. A newspaper article about the broadcasts caused such interest that the head honchos at Westinghouse decided to build a real radio station. It took until this day in 1920 for the Westinghouse radio station to receive a license to broadcast. The license for KDKA, Pittsburgh came from the U.S. Department of Commerce. Although the license was officially issued on this day, KDKA did not start their broadcast operations for a week (they had to wait until the license was posted in the station). On November 2, 1920, the station aired the returns of the Harding/Cox election ... the first radio programming to reach an audience of any size ... approximately 1,000 people. And so we salute this day as the official birthday of mass appeal radio.

    1922-Navy Day was first celebrated, the anniversary of the birth of President Roosevelt. Celebrations were held in various parts of the United States. The idea was suggested by Mrs. William Hamilton to the Secretary of the Navy.

    1923-Roy Lichenstien birthday-Pop artist who used comic strips and other elements of pop culture in his paintings. Born at New York City, he died there Sept 29, 1997.

    1927- Bix Biederbeck and Frankie Trumbauer join the Paul Whiteman Band in Indianapolis, IN.

    1944 -- October 27-30, 1944 The 442nd Regimental Combat Team (Japanese Americans) rescues an American battalion which had been cut off & surrounded by the enemy. Eight hundred casualties are suffered to rescue 211 men. After this rescue, the 442nd is ordered to keep advancing in the forest; they would push ahead without relief or rest until November 9. The Unit was the most decorated in US military history..

    1947 - "You Bet Your Life," starring Groucho Marx, premiered on ABC Radio. It later became a television show on NBC.

    1948 - On ABC radio, Groucho Marx made his first appearance as quizmaster on "You Bet Your Life" with George Fenneman as his eternal straight man. Fenneman stayed with Marx during both the program’s run on radio from 1948 to 1959 and on television from 1950 to 1961.

    1951-Top Hits

Because of You - Tony Bennett

I Get Ideas - Tony Martin

The World is Waiting for the Sunrise - Les Paul & Mary Ford

Always Late (With Your Kisses) - Lefty Frizzell

    1954-“The Walt Disney Show” premiered on TV. This highly successful and long-running show appeared on different networks under different names but was essentially the same show. It was the first ABC series to break the Nielsen's Top Twenty and the first prime-time anthology series for kids. "Walt Disney" was originally titled "Disneyland" to promote the park and upcoming Disney releases. Later the title was changed to "Walt Disney Presents"; when it switched networks, it was called "Walt Disney's Wonderful World of Color" to highlight its being broadcast in color. Later titles included "The Wonderful World of Disney," "Disney's Wonderful World," "The Disney Sunday Movie" and "The Magical World of Disney." Presentations included edited versions of previously released Disney films and original productions (including natural history documentaries, behind-the-scenes at Disney shows and dramatic shows, including the popular Davy Crockett segments that were the first TV.

    1954-Benjamin Oliver, Davis, Jr., of Washington, DC, a pioneering military officer who was the leader of the fabled Tuskegee Airmen during World War II, who became director of operations and training of the Far East Air Force, was named brigadier general, becoming the first US Air Force general who was African-American. In 1970, after retiring from the Air Force, he supervised the federal sky marshal program that was designed to quell a rash of airliner hijackings. In 1971, he was named an assistant secretary of transportation.

At the time he left the Air Force as a Lieutenant General, wearing three stars, he was the senior black officer in the armed forces. In 1998, President Bill Clinton awarded General Davis his fourth star, advancing him to full general. He was the son of Brigadier General Benjamin Oliver Davis of the US Army. Died July 4, 2002

    1955- Miles Davis Quintet cuts first session. 1993-The NFL awarded the 29th franchise to the Carolina Panthers, who began play in the 1995 season.

    1959-Top Hits

Mack the Knife - Bobby Darin

Mr. Blue - The Fleetwoods

Don’t You Know - Della Reese

The Three Bells - The Browns

    1963 - Peter, Paul and Mary were sitting pretty at #1 and #2 on the U.S. album chart with "Peter, Paul and Mary" and "In the Wind".

    1967-Top Hits

To Sir with Love - Lulu

How Can I Be Sure - The Young Rascals

Expressway to Your Heart - Soul Survivors

I Don’t Wanna Play House - Tammy Wynette

    1975 - Rock musician Bruce Springsteen grace the covers of both "TIME" and "Newsweek".

    1975-Top Hits

Bad Blood - Neil Sedaka

Calypso/I’m Sorry - John Denver

Miracles - Jefferson Starship

San Antonio Stroll - Tanya Tucker

    1981 - Game 6, the final game of the Fall Classic, saw the LA Dodgers beat the New York Yankees 9-2 after losing the first two games. The Dodgers stormed back to win their fourth straight World Series. There was genuine concern that snow might interfere with the Series, since it was being played so late in the season.

    1983-Top Hits

Total Eclipse of the Heart - Bonnie Tyler

Islands in the Stream - Kenny Rogers & Dolly Parton

All Night Long (All Night) - Lionel Richie

Lady Down on Love - Alabama

    1986 - The "Mighty" New York Mets became world champions of baseball again when they defeated the Boston Red Sox in game seven, 8-5.

    1989- After a ten day delay due to the earthquake, the World Series resumes with the A's beating the Giants in Game 3, 13-7. Oakland used the long ball hitting five HRs in securing the victory.

    1991 - In what is considered by the experts (Bob and Jim down at the bar), the seventh game of the World Series, played this day, was one of the greatest ever. Minnesota Twins’ pinch-hitter Gene Larkin’s tenth-inning bases-loaded single beat the Atlanta Braves 1-0 in the seventh game the World Series. The Twins captured their second World Championship in five years during a tight series that included three extra-inning games and five one-runners. And, for only the second time in history, the home team won all seven games (the first time it happened was 1987, a series that also featured the Twins.)

    1991-Top Hits

Emotions - Mariah Carey

Do Anything - Natural Selection

Romantic - Karyn White

Anymore - Travis Tritt

    1993-Top Hits

Dreamlover- Mariah Carey

I d Do Anything For Love (But I Won t Do That)- Meat Loaf

All That She Wants- Ace Of Base

Just Kickin It- Xscape

The River Of Dreams- Billy Joel

    1994-The prison population exceeded 1 million, according to an announcement made by the Justice Department. The increase in prisoners made the United States second in the world to Russia with regard to incarceration rates.

    1998-Top Hits

The First Night- Monica

One Week- Barenaked Ladies

How Deep Is Your Love- Dru Hill Featuring Redman

Crush- Jennifer Paige

    1999 - Roger Clemens pitched the New York Yankees to their second straight World Series sweep, shutting down the Atlanta Braves, 4-1. This ended Clemens’ quest for the prize that had eluded him. Clemens and the Yankees shut out Atlanta into the eighth out dueling John Smoltz. Pitcher Mariano Rivera who had two saves and a win in the Series was selected as MVP.

    2000- New York City Mayor Rudolph Giuliani thinks it is okay for children to take a day off from school to watch the Yankees' ticker-tape parade. His Honor, believing baseball can be an educational experience, has allowed his own kids, Andrew and Caroline, to miss classes in the past to watch the Bronx Bombers' post-season celebrations.

2002 In the team's 42nd season, the Angels finally win a World Series title by beating the Giants, 4-1, in Game 7 at Edison Field . Garret Anderson's three-run double provides enough offense for John Lackey to become the first rookie to win a seventh game since 1909 when Babe Adams accomplished the feat for the Pirates.

    2002-Top Hits

Lose Yourself- Eminem

Hey Ma- Cam'ron Featuring Juelz Santana, Freekey Zekey & Toya

Work It- Missy "Misdemeanor" Elliott

A Moment Like This- Kelly Clarkson



World Series Champions This Date


1985- Kansas City Royals

1986 - New York Mets

1991 -Minnesota Twins

2002- Anaheim Angels




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Sweat Equity

One of the oldest, active members of the leasing community (1957) is retiring .

Bob New is looking for a vehicle and/or equipment leasing sales person or middle manager who would like an opportunity to eventually have his own business in return for some sweat equity.

It would be helpful if this person could bring his own sources of leasing business.

This is a great opportunity for a young entrepreneur.

Please e-mail: Bob New ( ) or call him at 818-247-3330

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