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Wednesday, September 5, 2012

Today's Equipment Leasing Headlines

Paul Balinski Passes Away 
  Archives---September 5, 2000
   36 Leasing Companies Major Changes
 Republic Bank Added to Current List
  ---In Orderly Liquidation
    Leasing Companies Out of Business
     plus No Longer taking Broker/Discounting Business
      Classified Ads---Asset Management
 Bob New Joins CNG Leasing in Joint Venture
   --- Team Giannoni
  Career Crossroad— “It’s been two weeks!”
   Classified Ads---Help Wanted
   Secured Creditor Loses to Junior Creditor Bank of the West
    by Tom McCurnin, Esq.
  Leasing 102 by Mr. Terry Winders, CLP
   "Equipment Inspections During Lease Term"
     Top Stories August 24 -August 28
      The 10 States with the Strongest Housing Markets
       24/7 Wall St
    Chocolate Labrador
    Ogden, Utah Adopt-a-Dog
News Briefs
America Back Drinking High-End Wine Fuels Napa Deals: Mortgages
    Santa Rosa startup Democrasoft releases social product

Broker/Funder/Industry Lists | Features (collection)
Top Ten Stories Chosen by Readers | Top Stories last six months

  You May have Missed---
   SparkPeople--Live Healthier and Longer
    Sports Briefs---
     Baseball Poem
      California Nuts Brief---
       "Gimme that Wine"    
          This Day in American History
           Daily Puzzle
               Weather, USA or specific area
                 Traffic Live----

######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.


Paul Balinski Passes Away

“Paul worked in the equipment leasing industry for over 20 years, the last 9½ with Diversified Capital. He was only 46 when he passed away last Wednesday.

“Paul’s service was Monday. It was a true celebration. How many funeral’s do you see a keg of beer next to the loved one? That was Paul. All things considered, his family and girlfriend Toni are doing well. And the love for Paul was evidenced by the number of friends, family and business associates that attended. The priest, even though he did not know Paul, had wonderful thoughts to share, mostly about life. And his oldest brother Eric, sister Carol and Toni’s oldest daughter Casey delivered beautiful eulogies that gave us tears, but also laughs!

“I’d appreciate your publishing, as Paul had many friends in our industry. Please ask you readers to keep his family and Toni’s family in your prayers.

“Live Life. Have no regrets!”

Bruce Smith, CLP
Diversified Capital Credit Corp.
550 Mountain Avenue
Gillette, NJ 07933


Paul A. Balinski

AGE: 46 • Hillsborough

Paul A. Balinski, 46, Hillsborough, died on August 29, 2012 surrounded by those he loved. He was born in Somerville, NJ on October 15, 1965 to his dear parents Anthony F. and Marjorie Doughty Balinski. Paul was a Marketing Manager for Diversified Capital in Sterling NJ. He was a loving son and boyfriend, a dear brother, a wonderful uncle and friend, who was a Dallas Cowboy fan, enjoyed the 80's music and high performance auto's.

Paul was a great and funny guy, had a signature laugh, was kind, caring, generous, and will be sadly missed by all who knew him.

Paul is survived by his loving parents, Anthony F. and Marjorie Doughty Balinski; two dear brothers, Mark (Kathe) Balinski, and Eric Balinski and his companion Carol Lopatin; his loving sister, Carol (David) Stockdale; eight wonderful nieces. He is also survived by his girlfriend, Toni, and children, Casey, Victoria, and Skylar Randazzo who will always miss him and love him forever. Paul's kindness, laughter, and smile touched everyone that met him. His warmth will always be felt in our hearts.

In lieu of flowers, donations may be made in his memory to St. Jude Children's Research Hospital, P.O. Box 1000, Dept. 142, Memphis, TN 38148-0142.

"Forever In Our Hearts"



Archives---September 5, 2000

36 Leasing Companies Major Changes

American Business Leasing (gone)
Balboa Capital (Founder Byrne pushed out/other changes)
The Bancorp Group, Inc. (Southfield, MI) (no longer in business)
Bankvest (bankrupt)
Bombadier (reported having problems, not confirmed)
Charter Financial (purchased by Wells Fargo)
Commerce Security (closed to leasing broker program)
Copelco (sold to Citibank)
Dana (sold off, active as captive)
DVI Capital (out of broker)
eLease (management team let go)
Fidelity (acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds)
Finova (out of market place)
Franklin Bank (no more leases)
Imperial (sold portfolio)
Leasing Solutions (bankrupt)
Liberty Leasing (closed, California company)
Linc Capital (out of vendor and broker business, NASDAQ halts stock sales, $13.4 loss last quarter)
Manifest Group--(purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella.
Matsco Financial (purchased by Greater Bay Bank)
Merit Leasing (gone)
Metwest Leasing, Spokane, Wa. (advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding.)
Metrolease--reports closing operation, will not confirm nor deny; many serious rumors floating around the marketplace.)
NationsCredit, Business Leasing Group (sold to Textron**)
*"The Business Leasing Group of Nations Credit was sold to Textron and we still do broker business," Jim Merrilees.
New England Capital (sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales office in CT, doing basically the same deals with the same people as before. Little will change in that aspect. Newcourt (sold off)
Onset Capital (Irwin buys 87% equity)
Orix (closes small ticket vendor division in Portland, Oregon, "Business as usual (in New Jersey and with brokers)," says Steve Geller)
Phoenix (both divisions)
Prime Capital (“yes and no" sold off, may be negotiating)
Rockford (sold to American Express)
SDI (closed to broker programs)
SierraCities (post $7.7 million second quarter loss, rumors abound)
T&W (bankrupt, lost their listing)
Transamerica (sold)
Unicapital ( $11.4 million first quarter loss chairman, CEO, CFO resign, 38 employees cutback, 8/23 BSB to use other funders reported, rumor that BSB will be "spun off", not confirmed and appears to be in the rumor stage right now. Good news, 9/1 Bank of America renews revolving credit line. ))
USA Capital Leasing (gone-bk)



Republic Bank Added to Current List
-- In Orderly Liquidation

Boyd A. Lindquist, Chief Executive Officer and President, Republic Bank, Bountiful, Utah, told Leasing News that the bank’s board of directors voted to liquidate the bank over a three year period, which he is presently active in following their direction. July 11, 2012 Leasing News wrote that Republic Bank "...stopped taking new leasing business two weeks ago. The bank was founded November 12, 1999, an industrial bank specializing in equipment leasing. Their portfolio is primarily equipment leasing receivables and residuals. The bank has no web site."

It was reported in Leasing News that Republic Bank had been involved in cases regarding purchasing Evergreen payments at funding (yes, along with the discount stream of the contract, the Evergreen 12 payments, even before being exercised) with leasing companies including Mazuma Capital, Onset Financial, and Tetra Financial Group, all located in Utah.

Leasing News will have more information on this in its next edition.

FDIC filings for June 30, 2012 found 10 full time employees with a six month profit of $14.78 million, equity of $104.2 million, total assets of $743.8 million, liabilities of $639.5 million, and a positive increase in charge offs column of $265,000 (positive). Tier 1 risk-based capital ratio was a very healthy 14.65%

All the indicators were up in the positive, except this category, where up is not good: up including the noncurrent loans which went from $3.6 million June, 2011 to $16.1 million June, 2012. The bank had been very popular, but recently involved in several court cases regarding Evergreen clause prepayments.

The banks only charge offs have been in lease financing receivables:

2006 $1.0 million
2007 $6.9 million
2008 $6.1 million
2009 $10.1 million
2010 $4.9 million
2011 $2.7 million
June, 2012 recovered $265,000

No reason was stated for the orderly liquidation of the bank.

Leasing News also reported that employees were looking elsewhere and with the announcement of it was evidently time to make "public."

Tuesday Tab Bank, Ogden, Utah, announced Mark Carpenter, Eric Sheehan and Nathan Farnsworth to the credit and underwriting team of the division of the Equipment Leasing Division.

The press release stated, "All three come to TAB Bank from Republic Bank of Bountiful, UT, where they were instrumental in managing and monitoring the growth and performance of Republic’s equipment leasing portfolio. They bring to TAB Bank several key relationships within the commercial finance and equipment leasing industries. In their new roles with TAB, they will be responsible for the development and underwriting of new commercial equipment leasing transactions.

“Carpenter (Senior Vice President & Chief Credit Officer at Republic Bank, Inc. editor) has over 20 years of commercial lending and equipment leasing experience. Prior to joining TAB, he was the chief credit officer and a senior vice president at Republic Bank. While at Republic, he managed and grew relationships from eight to 15 banks and commercial leasing firms selling transactions to the bank. These expanded relationships led to portfolio growth of 48% from 2008 to 2012. He also spent a large portion of his career with Wells Fargo Equipment Finance as vice president and credit manager. During this time, he developed and managed marketing relationships with Wells Fargo Business Banking hubs in Boise, ID; San Jose, CA and San Antonio, TX.

“Sheehan also has over 20 years of experience in the industry of commercial credit and finance. He has specialized in the development, implementation, and oversight of credit policies and procedures during his career. He has served as a credit and underwriting manager for several financial institutions including American West Bank and Citigroup. While at Republic Bank, he provided underwriting and financial analysis of all lease transactions and negotiated lease rates, terms and covenants for each approved transaction.

“Farnsworth joins TAB Bank after successful career stops with SVB Financial Group, Nevada State Bank, and most recently, Republic Bank. He has gained extensive credit, underwriting, financial analysis, collateral evaluation, account management and deal structuring experience in his previous positions. During his time at Republic Bank, he (Sr. Associate - Healthcare and Medical at Republic Bank, Inc. Editor) assisted in managing a portfolio consisting of various commercial leases and loans to hospitals, skilled nursing facilities, senior living centers, and medical equipment manufacturers.

“‘We are very excited with the additions of Mark, Eric and Nathan to our growing Equipment Leasing Division, commented Gary Harding, chief credit officer of TAB Bank.” All three come to TAB with a wealth of industry knowledge and expertise. They each have a proven track record of successfully seeing a commercial equipment transaction from start to finish. They also bring with them an impressive network of relationships within the industry. They have successfully nurtured these relationships through their dedication, hard work, and integrity. We are very much looking forward to the outstanding work and contributions each of them will bring to TAB Bank on a consistent basis.’”




Leasing Companies Out of Business
plus No Longer taking Broker/Discounting Business

Companies with an * are no longer in business. The others are companies that were taking broker business, but announced that they no longer are accepting broker business. Many have also down-sized or are managing an existing portfolio.

More details are available in this list by company name:

*ABCO Leasing Inc., Bothell, WA
*ACC Capital, Midvale, Utah (lenders running off portfolio residuals)
Advantage Business Capital, Lake Oswego, Oregon
AEL Financial, Buffalo Grove, Illinois
(No longer taking new broker business) 
Alliance Financial, Syracuse, New York
*AMC Funding, Charlotte, North Carolina
American Bank Leasing, Alpharetta, Georgia
*American Equipment Finance, Warren, New Jersey
Balboa Capital, Irvine, Ca
*Bank Midwest Leasing, Overland Park, KS 
Bankers Healthcare Group, Weston, FL.
*C and J Leasing Corp, Des Moines, Iowa
*Carlton Financial Corporation, Wayzata, Minnesota
*Chase Industries, Inc., Grand Rapids, Michigan 
*Chesterfield Financial, Chesterfield, Missouri
CHG-MERIDIAN U.S. Finance, Ltd, Woodland Hills, CA
(Sales Management focuses very selectively on certain brokers.) 
*Churchill Group/Churchill Leasing, Jericho, NY
CIT Group (limited)
Columbia Bank Leasing, Tacoma, WA
Commercial Equipment Lease, Eugene, Oregon 
Concord Financial Services, Long Beach, California
Court Square, Malvern, Pennsylvania
*Creative Capital Leasing Group, LLC, San Diego, CA
Direct Capital, Portsmouth, New Hampshire
Diversified Financial Service, Omaha, NE
Dolsen Leasing, Bellevue/Yakima, Washington
Equipment Finance Partners, a division of Altec, Birmingham, Alabama 
Evans National Leasing, Inc., Hamburg, NY
Enterprise Funding, Grand Rapids, Michigan 
*Excel Financial Leasing, Lubbock Texas
*First Corp.(IFC subsidiary), Morton Grove, Illinois
First Federal Financial Services, Inc., Menomonee Falls, Wisconsin
First Republic Bank, San Francisco, CA
Frontier Capital, Teaneck New Jersey 
*GCR Capital, Safety Harbor, Florida 
GE Capital, Conn (limited)
Global Funding LLC., Clearwater, FL
*Greystone, Burlington, MA
*Heritage Pacific Leasing, Fresno, CA
*Hillcrest Bank Leasing, Overland Park, KS (Parent bank sold)
Huntington Equipment Finance, Vendor Finance Group, Bellevue, Washington
*IFC Credit Corp., Morton Grove, Illinois
Irwin Financial (Irwin Union Bank), Columbus, Indiana 
Irwin Union Bank, F.S.B. (Louisville, Kentucky)
Lakeland Bank, Montville, NJ
LaSalle Systems Leasing
*Latitude Equipment Leasing, Marlton, New Jersey 
*Leaf Specialty Finance, Columbia, South Carolina
*LEAF Third Party Funding, Santa Barbara, Ca.
Lombard, part of Royal Bank of Scotland, worldwide
Marlin Business Services, Mount Laurel, NJ (accepting no new brokers, they may have opened for a select fee, but no more at this time, they say.)
M&T Credit (Bank)
*MericapCredit, Lisle, Illinois
Merrill Lynch Financial
*Mesa Leasing, San Diego, CA 
Midwest Leasing Group, Livonia, Minnesota
National City, Cleveland, Ohio
*Navigator (Pentech subsidiary) San Diego, California
OFC Capital, Roswell, Georgia
Old National Bank, Evansville, Illinois
Pentech Financial, Campbell, CA
*PFF Bancorp, Inc, Pomona, CA
Pinnacle Business Finance, Fife, Washington
*Pioneer Capital Corporation, Addison, Texas
PredictiFund, a subsidiary of Capital Access Network, Inc
Popular Finance, St. Louis, Missouri
Puget Sound Leasing, Seattle, Washington 
Radiance-Capital, Tacoma, WA
Rational Technology Solutions, Rolling Meadows, IL
*Reliant National Finance, Jacksonville, Florida
Republic Bank, Bountiful, Utah 
Sandy Springs, Olney, MD
Sovereign Bank, Melville, New York
Specialty Funding, Albuquerque, NM
*Studebaker-Worthington Leasing, Corp., Jerico, NY
(part of sale from Main Street Bank to Ascentium Capital) 
Sun Trust Equipment Finance & Leasing, Baltimore, Maryland 
*SunBridge Capital, Mission, Kansas
Suncoast Equipment Funding Corp., Tampa, Florida
TCF Equipment Finance, Minnetonka, Minnesota 
TechLease, Morgan Hill, California
*Tennessee Commerce Bank, Franklin, Tennessee 
Textron Financial
*Triad Leasing & Financial, Inc., Boise, Idaho
*Union Capital Partners, Midvale, Utah
US Bank, Manifest Funding, Marshall, Minnesota
(new requirement: large yearly funding) 
US Bank, Middle-Market, Portland, Oregon 
Velocity Financial Group, Rosemont, Illinois
VenCore, Portland, Oregon (former company Len Ludwig)
*Vision Capital, San Diego, California
Wachovia Bank Leasing
*Washington Mutual Financial
Western Bank, Devils Lake, ND
*Westover Financial, Inc., Santa Ana, California

(Note: Should a company policy have changed, please contact

Funders looking for new Brokers:

"Broker/Lessor" looking for broker business:




Classified Ads---Asset Management

(These ads are “free” to those seeking employment or looking
to improve their position)

Orange County, CA
20+ years with record of success. Hands on manager that can show how its done to get great results in Asset Management

San Francisco, CA
Ten years experience setting residuals, negotiating leases and remarketing equipment across a broad spectrum of large ticket asset types including marine, intermodal, mining, energy, manufacturing.

Free Posting for those seeking employment in Leasing

All “free” categories “job wanted” ads:


Bob New Joins CNG Leasing in Joint Venture

Bob New, founder of brokerage Bob New, Inc., in business since 1957 with reported six employees announces a "joint venture" with CNG Leasing at their corporate office in Reno, Nevada. The company states they also have a corporate office in Dallas, Texas and New York, New York.

Ron Giannoni, VP of Market at CNG Leasing, LLC and President of Team Giannoni, the joint venture, stated their brokerage company has "...hired 21 additional account managers to supplement its growing private equity lending/equipment leasing/ and SBA business financing sales force. This is the second round of hiring that was completed since the middle of 2011 and brings its sales force to over 2 account managers in every state, more in California, Oregon, Texas and New York."

The web site claims they have access to 350+ private equity sources. (1)

"We are seeing steady growth in demand for credit from businesses," he said. "Bob New, Inc."... helps prepare for additional business growth. Business owners have indicated to us that they are ready to expand and we are working to help them do so as this market begins to rebound."

"Under the joint venture agreement, Bob New, Inc., which is at the same location now for 55 years, originally a leasing company, now with CNG Leasing, LLC JV has expanded its product line to include merchant cash advances, business loans and working capital loans and SBA financing, "Gary Anderson, Managing Director of CNG Leasing, LLC., said.

"I think that recent research shows that nearly 90% of small businesses lending requests were denied by banks in 2011, we have been able to meet the needs of business owners who are frustrated by the lack of credit availability. They have almost given up on finding credit, we are now becoming known as their real funding partners that offer an alternative source of financing for this type of small business,"

Rich Smith, VP of IT Support Services is the third member team, which the company press release stated "... brings years of experience to the screen and is also responsible for our online and offline marketing materials."

(1) Those interested to learn more are invited to visit the company web site as well as their video at




Career Crossroad— “It’s been two weeks!”

Question: I applied for position and believe it went very well. The hiring manager has indicated his interest and intends to move to the next step, yet that was 2 weeks ago. How should I handle?

Answer: There are many factors to consider when there is a delay in the hiring/interviewing process including factors that are beyond the hiring manager’s control. The best plan of action is to express your interest, but not seem desperate; follow up only one or two times (max). Once via phone, once via email.

I would suggest continuing your career search in case this particular opportunity does not pan out. If the other opportunity (s) comes to fruition and you are still interested in the initial opportunity, reach out once again to the hiring manager and advise that you have an offer on the table. You may relay that his/her company/opportunity is your first choice. Set a deadline, for e.g. I must give my answer by end of business Friday and would appreciate that status of the position I applied for – “either way, I appreciated the time we spent together, and if you have gone in a different direction, maybe we can re-connect in the future”.

Sometimes hiring managers find it difficult to let a good Candidate down or feel guilty of the time and effort you put into the interview process, make them feel at ease. Most likely, they will reach back out and either advise you of the status of the role or make an offer.

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567
Connect on LinkedIn: Recruiters International, Inc.
Also follow us on Twitter #RIIINFO

Career Crossroads Previous Columns



Leasing Industry Help Wanted

General Legal Counsel
National Bank Holding Company in Southern California
10+ yrs exp. commercial finance/leasing industry.
Background in employment law, contract origination,bankruptcy litigation/ must possess
an immense veracity, extensive understanding on
wide range of legal issues and business experience.
Salary requirements + resume:


Los Angeles, CA
Taycor has developed and tested an innovative and
unique marketing engine, and we are ready to grow! 
We are looking for closers and relationship builders,
not cold callers. (Full description) or apply online at


For information on placing a help wanted ad, please click here:

Please see our Job Wanted section for possible new employees.

Help Wanted Classified Ads

$595 four HTML lines
(note, a space is counted as a line)
$40 for each additional line or space

The classified ad will appear for 21 days.

The idea is to attract an applicant to learn more, either to click to a full description on your web site or to a full job description attachment (free, no charge).

All Help Wanted ads appear chronologically above the headlines, as well as appear in the news edition "classified ads" and the web site, "classified ads."

Contact for more
information or to help word a classified ad.

Leasing News reserves the right to refuse advertising, particularly to a company that has appeared in the complaint bulletin board



Secured Creditor Loses to Junior Creditor Bank of the West

by Tom McCurnin, Esq.
Barton, Klugman & Oetting
Los Angeles, California

Secured Creditor’s Reliance on Subcontractor to Renew UCC-1 Falls Short Because of Filing Clerk’s Error. State’s Error is Held to be No Excuse for Creditor Botching Renewal Process

American author Rita Mae Brown once said, ““If it weren't for the last minute, nothing would get done.” Well that’s fine for some things but probably isn’t the best idea when deciding to renew a UCC-1. In Signature Credit Partners, LLC v. Casaic Offset & Silkscreen, 2012 WL 1999494 (U.S.D.C. W.D.La. 2012), the secured creditor Signature Partners waited until the last month to try to renew its purchase money security interest, in a printing press, using a third party vendor for filing, Corporation Service Company (“CSC”). You can probably guess what happened next—the renewal was botched and the secured creditor did nothing.

The UCC subcontractor, CSC processed the renewal a week or two before the deadline, but about a week later, the filing clerk rejected the renewal, for the odd reason that the UCC had already been renewed two months earlier. The filing clerk gave CSC the filing number of the supposed renewal, but did not enclose the instrument which supposedly renewed the Bank’s lien on the printing press.

Confident that the UCC-1 had already been renewed, Signature Partners did nothing. According to the Bankruptcy Docket, the loan officer assumed that it had been renewed. Apparently, the creditor did not check its files, did not try to locate the mystery renewal, and simply took the work of the filing window that the UCC UCC renewal fairy had bestowed a gift on Signature Partners months earlier. The loan officer found out seven months later that the lien had lapsed.

Of course, the reader probably can guess what really happened—there was no such renewal, the clerk made a mistake, the creditor’s UCC-1 for nearly $600,000 worth of equipment had lapsed, and Signature Partners was now unsecured. The junior creditor, Bank of the West, now held the printing press as its primary collateral, a gift from Signature Partners.

To add insult to injury, the borrower filed a Chapter 11 Bankruptcy, and brought a motion to strip Signature Partners of its secured status, and to ultimately treat it as an unsecured creditor, paying it pennies on the dollar. Not to be outdone, Bank of the West dog-piled on Signature Partners and also brought a similar motion to declare its lien was senior to that of Signature Partners.

Signature’s argument at trial and on appeal was two-fold. First, Signature claimed that the filing window had no authority to reject the continuation statement, since under UCC 9-516(b), the continuation statement met all the requirements to be filed. Second, Signature Partners argued that the Bankruptcy Court had broad equitable powers to correct a blatant error by the filing window.

On appeal to the District Court, the matter was fairly cut and dry, pointing out in a terse three page ruling that Signature “ignores its own failings in contributing to the situation in which it finds itself. … When [CSC]…reported back to Signature, …Signature … should have performed their own due diligence internally to determine whether or not the continuation had in fact occurred.”

The lessons for the leasing profession are obvious here.

• First, start the renewal process early. Most UCC filing companies will calendar the expiration dates for the institution 6 months in advance. There is simply no reason why the process should not be started several months in advance.

• Second, consider purchasing UCC insurance. I cannot speak for the CSC product, but several title insurance companies, like First American, will perform the UCC renewal and issue the lessor a policy insuring a valid renewed lien. Therefore, if this happened on First American’s watch, Signature Partners would have been whole through title insurance. I do not believe that CSC offers insurance.

• Finally, if the lessor doesn’t want to purchase insurance for its lien priority, then loan officers with gumption and follow through need to take appropriate actions to insure that the liens are, in fact, timely renewed with copies of the renewal papers in the credit file. Here the loan officer glibly took for granted the incorrect filing rejection.

The bottom line here is that the secured creditor waited until the last minute to renew, delegated something that it should have supervised more carefully, and simply got sloppy.

Tom McCurnin
Barton, Klugman & Oetting
Los Angeles, California
Voice: (213) 621-4000
Fax (213) 625-1832

Visit our Web Site at

Court Case:

Previous Tom McCurnin Articles:

• Contract Negotiations • Fraud Investigations 
• Credit Investigations • Skip-tracing 
• Third-party Commercial Collections
John Kenny 
Receivables Management

For flat fee or commissions basis | ph 315-866-1167|

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)


Leasing 102
by Mr. Terry Winders, CLP

"Equipment Inspections During Lease Term"

One of the most important functions of a leasing activity is to maintain the integrity of the lease portfolio. To do this it is necessary to inspect the equipment before paying the seller to insure a number of issues; location, proper use, serial number, model, accessories, and maintenance. This is rarely observed in the micro ticket marketplace, as well as not often in under $100,000 leases. We spend (or should) some time confirming price, asking for a complete description, and understanding its useful life under standard use.

If the equipment is used then an inspection is necessary to confirm that it is in working order. Too many cases of fraud have developed leasing uninspected used equipment. I recommend doing this even in the small ticket marketplace.

There are reasons to inspect equipment during the lease term.

You can do this yourself through your person in the field, or build into the lease a fee to accomplish this during the term of the lease. Regardless if a transaction has been sold off to a funding source the leasing company needs to maintain contact with the lessee for more business. One of the better ways to do this is to inspect the equipment. However, just looking at the equipment is not an inspection. You need to confirm the use, serial number and location.

If the equipment has been moved from its original location the chances are its use has changed and should be compared with the use declared during the negotiations for the lease. Once the inspection is completed a copy needs to be sent to the funding source. Most funding sources will have their own inspections as the transaction size passes a larger amount. But funding sources that purchase small transactions would welcome inspections and would look closer to boarder line transactions knowing that you are staying close to the lessee and are protecting their portfolio.

Equipment inspections can discover problems and identify difficulties that may be corrected or allow a default to be discovered early and lower the loss. On occasion when speaking with the equipment operator during the inspection you may learn about additional equipment the company is planning to obtain or financial difficulties not visible at the current time.

One of the most common discoveries is the change of use. Usually it is an increase in use and requires a renegotiation of the lease terms to protect the residual. This may require an increase in the rent and a lowering of the residual or a shorting of the term with higher rent. This can only happen if the language in the lease quantifies use and declares a default for over use.

Small easily disposed of equipment may need inspections on a more often basis and are harder to do because of the number of units. Also things that are used by many people in many locations add to the problem. However, they usually are the most important to locate and must be protected by placing labels on the equipment to identify the lessor as owner. This usually prevents a buyer from purchasing the equipment without a call to the lessor to confirm the sale.

Equipment inspections are a necessary requirement of leasing regardless to type of leases. A leasing company that does not conduct equipment inspections needs a larger lease loss reserve and is a target for fraudulent transactions.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at or 502-327-8666.

He invites your questions and queries.

Previous #102 Columns:


Mr. Terry Winders available as Expert Witness. 35 years as a professional instructor to the top equipment leasing and finance companies in the United States, author of several books, including DVD's, as well as weekly columnist to Leasing News. He also performs audits of leasing companies as an expert on documentation, and has acted as an expert witness on leasing for litigation in legal and tax disputes, including before the IRS. He also has taught the senior bank examiners, how to review a bank leasing department, for the Federal Reserve in Washington D.C. and has trained the examiners for the FDIC on how to prepare a lease portfolio for sale.

Mr. Winders received his Master of Business Administration and his Bachelor of Science degrees from the College of Notre Dame.


(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)



Top Stories August 24 -August 28

Here are the top ten stories opened by readers

(1) Lessor Gets Revenge on First Payment Default Lessee
by Tom McCurnin, Esq.

(2) Sales Make it Happen---by Christopher Menkin
"Get Yourself a Warehouse Line"

(4) NAELB Joins ICBA
--One World/ELFA are also members

(5) Robin Williams puts Sonoma estate up for sale $35 million

(6) Speedy Repossession/Resale Cost Bank
$1 Million Deficiency by Tom McCurnin, Esq

(Tie) (7) New Hires---Promotions

(Tie) (7) Orange County Attorney Sentenced to Six Months
for Failing to File a Federal Income Tax Return

(8) Why I Became a CLP
---David Normandin, CLP, Sr. VP, PacTrust Bank

(9) Leasing 102 by Mr. Terry Winders, CLP
Legal Contract Issues”

(10) Open Positions at Leasing Funders/Various Locations


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The 10 States with the Strongest Housing Markets
24/7 Wall St

1 yr. home price change: +5.6%
Median home price: $151,300
Unemployment rate: 6.4% (15th lowest)

Montana shares characteristics with several of the Plains States. It never suffered from high unemployment during the recession; as a matter for fact, the jobless rate has been extraordinarily low. The agriculture and oil industries did well, and commodity prices were high. The cost of living in these states was, and still is, relatively low compared to the national average, and so are home prices.

1 yr. home price change: +5.7%
Median home price: $522,000
Unemployment rate: 6.4% (14th lowest)

Hawaii has the highest median home price of any state by a wide margin. That is even after home prices fell 20.4% between the 2007 housing market peak through the first quarter of this year. Forecasts, however, show that the recent improvement should moderate.

South Carolina
1 yr. home price change: +6.3%
Median home price: $129,900
Unemployment rate: 9.6% (6th highest)

South Carolina suffered relatively high unemployment during the recession, and it remains above the national average of 8.3%. The real estate market also suffered during that time South Carolina is one of several states 24/7 Wall St. found will only have a momentary housing price recovery.

1 yr. home price change: +6.6%
Median home price: $236,000
Unemployment rate: 8.8% (12th highest)

One of states most brutally damaged by the wreck of the housing market bubble, Florida’s home prices dropped 48.4% from the first quarter of 2007 to the first quarter of this year. Only Arizona, Nevada and California are even in that league. The problem arose from a combination of overbuilding and high unemployment, which was created to some extend by the drop in home construction jobs. The recovery of the state housing market is uneven at best. RealtyTrac reports that Florida’s foreclosure rate in July of one in every 352 housing units ranked third among all states. Florida’s recovery in terms of home prices is expected to be poor short term, but substantially improved longer term. The improvement in price from the first quarter of 2013 to the first quarter of 2014 is expected to be a tepid 1.8%, putting it 45th among all states. However, from the first quarter of this year until the first quarter of 2017, the improvement on an annualized basis is forecast at 4.2%, which is 11th highest among all states.

North Dakota
1 yr. home price change: +7.1%
Median home price: $88,600
Unemployment rate: 3.0% (the lowest)

North Dakota is another of the Plains States that never had substantial home price declines or severe unemployment as the national economy cratered between 2007 and 2010. Home prices during that period actually rose 17%, the highest in the nation. North Dakota has consistently ranked in the bottom three states in terms of unemployment rate. North Dakota home prices, at a median of below $90,000 are quite low — 45th among all states

1 yr. home price change: +7.3%
Median home price: $240,000
Unemployment rate: 8.3% (20th highest)

The Colorado housing market was not badly damaged when the housing bubble broke. Home prices dropped 9.5% from the first quarter of 2007 to the first quarter of 2012, which was the 18th best among all states. The market’s recovery rate will put it in the middle among the 50 states.

South Dakota
1 yr. home price change: +8.3%
Median home price: $101,700
Unemployment rate: 4.4% (3rd lowest)

South Dakota, another Plains State, has the same advantage of being home to industries that employ a great many of its residents as its neighbors do. Home prices are 44th among all states. Those prices barely budged when the housing market throughout most of the nation disintegrated. The median price of a home actually rose 3% between the first quarter of 2007 and the first quarter of this year. On that basis, South Dakota ranked second among all states. The improvement in the market is only expected to be mediocre moving forward, and certainly nowhere near the 8.3% home price increase of last year.

1 yr. home price change: +9.3%
Median home price: $129,000
Unemployment rate: 6.0% (11th lowest)

The damage to the Utah housing market during 2007 to 2011 was worse than most states — home prices fell 21.6% over that period. That rate Utah 34th among all states based on that measurement. The recovery of the market is predicted to be particularly strong for the next several years, nearly as strong as the 9.3% jump in median home price from July 2011 to July 2012. Corelogic expects home prices to rise 5.8% from the first quarter of 2013 to the first quarter of 2014, which ranks it 10th among all states on that metric.

1 yr. home price change: +10%
Median home price: $85,000
Unemployment rate: 7.5% (25th lowest)

Idaho is one of only seven states with a median home price below $100,000. Unlike Montana, North Dakota and South Dakota to the east of it, Idaho did suffer from an unemployment problem. At 7.5%, the jobless rate is not terribly better than the national average. This may have contributed to the drop in Idaho home prices, which fell 29.6% from the first quarter of 2007 to the first quarter of this year. The home price recovery is expected to be stronger than almost any other state, a continuation of the 10% improvement over the past year.

1 yr. home price change: +16.6%
Median home price: $248,229
Unemployment rate: 8.3% (18th highest)

The Arizona real estate market was damaged as badly as any other when the home market collapsed, perhaps with the exception of Nevada. And the pain is not near the end yet, despite ranking first in home price improvement from July 2011 to July 2012. Arizona home prices fell 49.9% from the first quarter 2007 to the first quarter 2012. The state continues to have the second-highest foreclosure rate in the country, according to RealtyTrac, with one in every 346 housing units with a foreclosure filing in July. That troubling trend may be why the Arizona’s housing market recovery is expected to be extremely weak, over the shorter and longer term. Home prices are expected to rise only 1.4% from the first quarter of 2013 to the first quarter of 2014, which puts Arizona 48th among all states. Over the period from the first quarter of this year to the first quarter of 2017, the improvement is expected to be 2.5% per annum — 39th among all states.

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Chocolate Labrador

Ogden, Utah Adopt-a-Dog

BRUNO - ID#A139319

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For more information about this animal, call:

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(This ad is a “trade” for the writing of this column. Opinions
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Baseball Poem

by Tim Peeler

A Faulkner sentence is an extra inning game,
Simply and finally playing through its Will and exhaustion.

Third Base Coach signals are ee cummings poems-
Gimmicky, sure, but meaningful in their color
When you break the code.

The prisons play contests of Bukowski prose,
Where a stolen base may be a literal image
And everybody gambles nothing.

Weird killers load the bases at a
Stephen King Little League field, the sequel,
A grand slam promise at the bank.

Although Poe would never sit through nine,
His words are a dark season in the cellar,
A team leaving town and the death of a Beautiful groupie.

Finally, Wolfe who wrote slugfest
Double-headers played to million-footed
Throngs, then flickered like so many other
Stars never meant for extra innings.


--- with the permission of the author, from his
book of baseball poetry:
"Waiting for Godot's First Pitch"
More Poems from Baseball

available from Amazon
or direct
from the publisher at:




California Nuts Briefs---

San Rafael man sentenced in $20 million bank fraud case

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Leasing News Wine & Spirits Page


This Day in History

       1664 - After days of negotiation, the Dutch settlement of New Amsterdam surrendered to the British, who would rename it New York. The citizens of New Amsterdam petitioned Peter Stuyvesant to surrender to the English.
    1692-The first divinity degree conferred in the American colonies was given to Increase Mather, sixth president of Harvard College. Mather received a Doctor of Divinity degree from Harvard under a new charter just granted by William and Mary, the English sovereigns.
    1774- The first assembly of this fore­runner of the US Congress took place at Carpenters' Hall, Philadelphia, PA. Pey­ton Randolph, delegate from Virginia, was elected president. The participants were 44 delegates from 11 colonies. Delegates from Georgia and North Carolina did not attend until later sessions. The Congress adjourned on October 26, 1774, recommending another session to beginning on May 10, 1775, in Philadelphia, Pa. Continental Congress's first President Peyton Randolph, resigned on October 22, 1775, to attend the Virginia State Legislature, and his place was taken on the same day by Henry Middleton of South Carolina
    1776-Navy “standardized” uniforms were adopted by the Marine committee. Officers were to have blue coats with red lapels. The sailors were to have green coats and green shirts (if they can be procured), with shirt collars turned back and white waistcoats and breeches edged with green, black gaiters and garters.
    1781- Battle of Virginia Capes, French defeat British, traps Cornwallis This naval engagement on Chesapeake Bay was fought between a French fleet under Adm. de Grasse, which had Cornwallis bottled up at Yorktown and a British relief fleet under Adm. Thomas Graves. De Grasse drove the British back to New York City, precluding aid to Cornwalis. The British fleet arrived off the Virginia Capes and found 26 French warships in three straggling lines. Rear Adm. Thomas Graves waited for the French to form their battle lines and then fought for 5 days. Outgunned and unnerved he withdrew to New York. The French had some 37 ships and 29,000 soldiers and sailors at Yorktown while Washington had some 11,000 men engaged. French warships defeated British fleet, trapping Cornwallis in Yorktown.
    1804 - In a daring night raid, American sailors under Lieutenant Stephen Decatur, board the captured USS Philadelphia and burn the ship to keep it out of the hands of the Barbary pirates who captured her.
    1836- Sam Houston was elected president of the Republic of Texas. He was reelected and upon admission of Texas to the United States as the 29 th state, he remained president, and then was elected as a Democrat to the Senate, where he served until 1859.
    1846-Birthday of John W. Cromwell, Secretary of the American Negro Academy.
    1847-Western legend and bandit Jesse Woodson James were born at Centerville (Now Kearney), MO. His criminal exploits were glorified and romanticized by writers for Eastern readers looking for stories of Western adventure and heroism. Many of them were women, who never left New York City, and worked for very low wages turning out Western novels. After the Civil War, James and his brother, Frank, formed a group of eight outlaws who robbed banks, stagecoaches and stores. In 1873 the James gang began holding up trains. The original James gang was put of out business September 7, 1876, while attempting to rob a bank at Northfield, MN. Every member of the gang except for the James brothers was killed or captured; pictures of the men in coffins was on the front pages of national newspapers. The brothers formed a new gang and resumed their criminal careers in 1879. Two years late, the governor of Missouri offered at $10,000 reward for their capture, dead or alive (that was a real considerable amount of money in those days.) On April 3, 1882 at St. Joseph, MO. Robert Ford, a member of the gang shot 34-year-old Jesse in the back of the head as he was hanging a picture and claimed the reward.
(lower half of )
    1859 -- "Our Nig or Sketches From the Life of A Free Black" by Harriet Wilson is published. The first novel published in the US by an African-American woman. Lost to readers for years until reprinted with a critical essay by noted African-American scholar Henry Louis Gates, Jr. in 1983.
    1863 - United States Foreign Minister to Great Britain, Charles Francis Adams, sends an angry letter to the British government warning that war between the two nations may erupt if it allows two powerful ironclad ships, designed to help the Confederates break the Union naval blockade, to set sail. In the early stages of the war, the British toyed with the idea of recognizing the Confederacy. But Southern hopes of such support were dashed by the end of 1862, when President Lincoln's Emancipation Proclamation converted the war from one of reunification to a war to abolish slavery. British politicians would be hard pressed to explain to the British people why they were forming an alliance with a slave-holding nation. But in 1863 another thorn appeared in the side of Anglo-American relations. Throughout the war, Confederate agents in England acquired ships from British shipyards that were later used in the Confederate navy. This seemed to be in violation of Britain's own Neutrality Act of 1819, which forbade the building, equipping, or arming of warships to be used against any nation with which the British were at peace. During the American Civil War, the British argued that selling ships to the Confederates was not a violation of the law so long as they were not armed. So the Confederacy simply purchased the ships and then took them to another port before adding the armament. Confederate agent James Bulloch contracted the Laird Shipbuilding Company to construct two ironclads with large iron spikes attached to their prows in order to ram wooden Union blockade ships. In the summer of 1863, Union spies delivered the details of their construction to Adams, who then sent a series of angry and threatening letters warning the British of the consequences of allowing the ships to sail. On September 5, Adams concluded a letter to British Foreign Secretary Lord Russell with the words: "It would be superfluous in me to point out to your Lordship that this is war." Adams became a hero in the United States, but the British government had already made the decision to hold the ships in England. A major foreign crisis was averted, and any glimmer of Confederate hope for British recognition vanished.
    1867-The most famous cow town was Abilene, Kansas. In the late 1860's, Abilene was the terminus of the Kansas Pacific Railway. In 1867, Illinois cattleman Joseph Geating McCoy bought the entire town for $2,400 and turned it into a central shipping depot for cattle driven north from rural Texas along the Chisholm Trail. The first rail shipping took place this day in 1867, when 30 Kansas Pacific Railway cars full of Texas longhorns embarked for slaughterhouses in Kansas City and Chicago. The first year, 35,000 head of cattle were shipped through Abilene.
    1870-- Three Roman Catholic universities were founded in the United States on this exact same date: St. John's in New York City, Loyola in Chicago, and Canisius in Buffalo, New York.
    1877- Southern blacks led by Benjamin “Pap” Singleton settle in Kansas.
    1877 - Oglala Sioux chief Crazy Horse is fatally bayoneted by a U.S. soldier after resisting confinement in a guardhouse at Fort Robinson, Nebraska. A year earlier, Crazy Horse was among the Sioux leaders who defeated George Armstrong Custer's Seventh Cavalry at the Battle of Little Bighorn in Montana Territory. The battle, in which 265 members of the Seventh Cavalry, including Custer, were killed, was the worst defeat of the U.S. Army in its long history of warfare with the Native Americans. After the victory at Little Bighorn, U.S. Army forces led by Colonel Nelson Miles pursued Crazy Horse and his followers. His tribe suffered from cold and starvation, and on May 6, 1877, Crazy Horse surrendered to General George Crook at the Red Cloud Indian Agency in Nebraska. He was sent to Fort Robinson, where he was killed.
    1881-Great Michigan Fire: According to Michigan Historical Commission, “Small fires were burning in the forests of the ‘Thumb area of Michigan,' tinder-dry after a long, hot summer, when a gale swept in from the southwest on Sept 5, 1881. Fanned into an inferno, the fire raged for three days. A million acres were devastated in Sanilac and Huron counties alone. At least 125 persons died, and thousands more were left destitute. The new American Red Cross won support for its prompt aid to the fire victims. This was the first disaster relief furnished by this great organization.
    1882—The First Labor Day.
    1888-American baseball player-turned-evangelist Billy Sunday, 26, married Helen Thompson, 20. In later years she became affectionately known as "Ma Sunday," and became his evangelistic campaign advisor. She survived Billy (d.1935) by 22 years.
    1895-African-American George Washington Murray elected to US Congress from South Carolina.
    1897-Birthday of Arthur Charles Nielsen, marketing research engineer, founder of AC Nielsen Company, in 1923, known for radio and TV audience surveys, changing programming, born at Chicago, IL, and died there June 1, 1980.
    1905- Slyvanus F. Bowser of Fort Wayne, IN, introduced a “self-measuring Gasoline Storage Pump.” The design, which was based on Bowser's earlier design for a kerosene pump, consisted of ventilated wooden box containing a 50 gallon metal tank. The gasoline was suction-pumped by hand through a hose. It called it a “gas pump.”
    1914-Babe Ruth hit his first home run as a professional while playing for Providence in the International League, a type of minor league affiliate of the Boston Red Sox. He pitched a one-hit shutout against Toronto.
    1912-Birthday of avant-garde American composer John Cage, born at Los Angeles, CA. He pioneered the experimental music and perfor­mance art schools. He used non-traditional instruments such as flower pots and cowbells in innovative situations, such as per­formances governed by chance, in which the I Ching was con­sulted to determine the direction of the performance. In 1978 he was elected to the American Academy of Arts and Sciences, and in 1982 was awarded France's highest honor for cultural contri­butions, Commandeur de I'Ordre des Arts et des Lettres. He died Aug 12, 1992, at New York, NY.
    1925 - The temperature at Centerville, AL, soars to 112 degrees to establish a state record. Every reporting station in Alabama was 100 degrees or above that afternoon.
    1929-Comedian Bob Newhart was born Chicago, Il. 1929.
    1931-Birthday of pianist Richie Power 
    1933 - A hurricane hit Brownsville, TX, killing forty persons and causing 12 million dollars damage.
    1939- Lester Young records “Lester Leaps IN” with Count Basie Kansas City 7.
    1940-Duke Ellington records, “ In a Mellotone.” 
    1944--MERLI, GINO J. Medal of Honor
Rank and organization: Private First Class, U.S. Army, 18th Infantry, 1st Infantry Division. Place and date: Near Sars la Bruyere, Belgium, 4-5 September 1944. Entered service at: Peckville, Pa. Birth: Scranton, Pa. G.O. No.: 64, 4 August 1945. Citation: He was serving as a machine gunner in the vicinity of Sars la Bruyere, Belgium, on the night of 4-5 1944, when his company was attacked by a superior German force Its position was overrun and he was surrounded when our troops were driven back by overwhelming numbers and firepower. Disregarding the fury of the enemy fire concentrated on him he maintained his position, covering the withdrawal of our riflemen and breaking the force of the enemy pressure. His assistant machine gunner was killed and the position captured; the other 8 members of the section were forced to surrender. Pfc. Merli slumped down beside the dead assistant gunner and feigned death. No sooner had the enemy group withdrawn then he was up and firing in all directions. Once more his position was taken and the captors found 2 apparently lifeless bodies. Throughout the night Pfc. Merli stayed at his weapon. By daybreak the enemy had suffered heavy losses, and as our troops launched an assault, asked for a truce. Our negotiating party, who accepted the German surrender, found Pfc. Merli still at his gun. On the battlefield lay 52 enemy dead, 19 of whom were directly in front of the gun. Pfc. Merli's gallantry and courage, and the losses and confusion that he caused the enemy, contributed materially to our victory .
    1946 - Jazz and R&B singer, drummer, and bandleader Buddy Miles is born.
    1950-Baptist Bible College was founded in Springfield, MO, under auspices of the Baptist Bible Fellowship. With an enrollment of over 2,000, it is today one of the largest Bible colleges in America.
    1950 - Hurricane Easy produced the greatest 24 hour rainfall in U.S. weather records. The hurricane deluged Yankeetown, on the upper west coast of Florida, with 38.7 inches of rain.
    1950-KAUFMAN, LOREN R. Medal of Honor
Rank and organization: Sergeant First Class, U.S. Army, Company G, 9th Infantry Regiment. Place and date: Near Yongsan, Korea, 4 and 5 September 1950. Entered service at: The Dalles, Oreg. Born: 27 July 1923, The Dalles, Oreg. G.O. No.: 61, 2 August 1951. Citation: Sfc. Kaufman distinguished himself by conspicuous gallantry and intrepidity above and beyond the call of duty in action. On the night of 4 September the company was in a defensive position on 2 adjoining hills. His platoon was occupying a strong point 2 miles away protecting the battalion flank. Early on 5 September the company was attacked by an enemy battalion and his platoon was ordered to reinforce the company. As his unit moved along a ridge it encountered a hostile encircling force. Sfc. Kaufman, running forward, bayoneted the lead scout and engaged the column in a rifle and grenade assault. His quick vicious attack so surprised the enemy that they retreated in confusion. When his platoon joined the company he discovered that the enemy had taken commanding ground and pinned the company down in a draw. Without hesitation Sfc. Kaufman charged the enemy lines firing his rifle and throwing grenades. During the action, he bayoneted 2 enemy and seizing an unmanned machine gun, delivered deadly fire on the defenders. Following this encounter the company regrouped and resumed the attack. Leading the assault he reached the ridge, destroyed a hostile machine gun position, and routed the remaining enemy. Pursuing the hostile troops he bayoneted 2 more and then rushed a mortar position shooting the gunners. Remnants of the enemy fled to a village and Sfc. Kaufman led a patrol into the town, dispersed them, and burned the buildings. The dauntless courage and resolute intrepid leadership of Sfc. Kaufman were directly responsible for the success of his company in regaining its positions, reflecting distinct credit upon himself and upholding the esteemed traditions of the military service.
    1952-McLAUGHLIN, ALFORD L. Medal of Honor
Rank and organization: Private First Class, U.S. Marine Corps Company L, 3d Battalion, 5th Marines, 1st Marine Division (Rein.) Place and date: Korea, 4 and 5 September 1952. Entered service at: Leeds, Ala. Born: 18 March 1928, Leeds, Ala. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a machine gunner of Company L, in action against enemy aggressor forces on the night of 4-5 September 1952. Volunteering for his second continuous tour of duty on a strategic combat outpost far in advance of the main line of resistance, Pfc. McLaughlin, although operating under a barrage of enemy artillery and mortar fire, set up plans for the defense of his position which proved decisive in the successful defense of the outpost. When hostile forces attacked in battalion strength during the night, he maintained a constant flow of devastating fire upon the enemy, alternately employing 2 machineguns, a carbine, and handgrenades. Although painfully wounded, he bravely fired the machineguns from the hip until his hands became blistered by the extreme heat from the weapons and, placing the guns on the ground to allow them to cool, continued to defend the position with his carbine and grenades. Standing up in full view, he shouted words of encouragement to his comrades above the din of battle and, throughout a series of fanatical enemy attacks, sprayed the surrounding area with deadly fire, accounting for an estimated 150 enemy dead and 50 wounded. By his indomitable courage, superb leadership, and valiant fighting spirit in the face of overwhelming odds, Pfc. McLaughlin served to inspire his fellow marines in their gallant stand against the enemy and was directly instrumental in preventing the vital outpost from falling into the hands of a determined and numerically superior hostile force. His outstanding heroism and unwavering devotion to duty reflect the highest credit upon himself and enhance the finest traditions of the U.S. Naval Service.
    1952-BENFOLD, EDWARD C. Medal of Honor
Rank and organization: Hospital Corpsman Third Class, U.S. Navy, attached to a company in the 1st Marine Division. Place and date: Korea, 5 September 1952. Entered service at: Philadelphia, Pa. Born: 15 January 1931, Staten Island, N.Y. Citation: For gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving in operations against enemy aggressor forces. When his company was subjected to heavy artillery and mortar barrages, followed by a determined assault during the hours of darkness by an enemy force estimated at battalion strength, HC3c. Benfold resolutely moved from position to position in the face of intense hostile fire, treating the wounded and lending words of encouragement. Leaving the protection of his sheltered position to treat the wounded when the platoon area in which he was working was attacked from both the front and rear, he moved forward to an exposed ridge line where he observed 2 marines in a large crater. As he approached the 2 men to determine their condition, an enemy soldier threw 2 grenades into the crater while 2 other enemy charged the position. Picking up a grenade in each hand, HC3c Benfold leaped out of the crater and hurled himself against the on-rushing hostile soldiers, pushing the grenades against their chests and killing both the attackers. Mortally wounded while carrying out this heroic act, HC3c. Benfold, by his great personal valor and resolute spirit of self-sacrifice in the face of almost certain death, was directly responsible for saving the lives of his 2 comrades. His exceptional courage reflects the highest credit upon himself and enhances the finest traditions of the U.S. Naval Service. He gallantly gave his life for others.
    1952--GARCIA, FERNANDO LUIS Medal of Honor
Rank and organization: Private First Class, U.S. Marine Corps, Company I, 3d Battalion, 5th Marines, 1st Marine Division (Rein.). Place and date: Korea, 5 September 1952. Entered service at: San Juan, P.R. Born: 14 October 1929, Utuado, P.R. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a member of Company I, in action against enemy aggressor forces. While participating in the defense of a combat outpost located more than 1 mile forward of the main line of resistance during a savage night attack by a fanatical enemy force employing grenades, mortars, and artillery, Pfc. Garcia, although suffering painful wounds, moved through the intense hail of hostile fire to a supply point to secure more hand grenades. Quick to act when a hostile grenade landed nearby, endangering the life of another marine, as well as his own, he unhesitatingly chose to sacrifice himself and immediately threw his body upon the deadly missile, receiving the full impact of the explosion. His great personal valor and cool decision in the face of almost certain death sustain and enhance the finest traditions of the U.S. Naval Service. He gallantly gave his life for his country.
    1955---Top Hits
Rock Around the Clock - Bill Haley & His Comets
The Yellow Rose of Texas - Mitch Miller
Autumn Leaves - Roger Williams
I Don't Care - Webb Pierce
    1956--Elvis Presley surprises his mother with a gift of a pink Cadillac. The car will remain in the Presley family and eventually goes on display at Graceland.
    1956 - Johnny Cash hit the record charts running with "I Walk the Line". Cash's debut hit song climbed to #17 on the pop music charts.
    1957 -- Jack Kerouac's "On the Road," depicting a generation of restless spirits, is published. "Regarded as the foundation text for the Beat movement, the book was written on a single scroll of paper, made up of 12-foot long sheets of tracing paper taped together and fed through a typewriter continuously, so Kerouac would not have to pause his train of thought. He wrote in fits of inspiration that lasted for days, fueled by amphetamine binges and lack of sleep. The entire process took 20 days and ended with a single spaced, 120-foot long scroll."
    1958 -- Martin Luther King is arrested in an Alabama protest for loitering and fined $14 for refusing to obey police.
    1960--Annette Funicello's "Pineapple Princess" entered the Billboard Pop chart, where it will reach #11.
    1960 - Cassius Clay of Louisville, KY won the gold medal in light heavyweight boxing at the Olympic Games in Rome, Italy. Clay would later change his name to Muhammad Ali and become one of the great boxing champions in the world. In 1996, at the Olympic Games in Atlanta, GA, Muhammad Ali was given the honor of lighting the Olympic flame.
    1961-President John F. Kennedy signed the skyjacking law enacted by Congress. It made hijacking punishable by death or not less than 20 years imprisonment. Carrying a concealed or dangerous weapon was subject to a fine of 42,000 or imprisonment of not more than one year or both. It did not provide for inspection of carry on baggage, or persons, or any other implementation except for making it against the law. It was in reaction to a string of hijackings that followed the May 1, 1961 hijacking of an airplane by gun and knife to Havana. The press called them “ skyjackings” and thus a new word was also born.
    1963---Top Hits
My Boyfriend's Back - The Angels
Hello Mudduh, Hello Fadduh! - Allan Sherman
Blowin' in the Wind - Peter, Paul & Mary
Ring of Fire - Johnny Cash
    1964 - The Animal's "House of the Rising Sun" made it to #1. It stayed at the top until it was replaced three weeks later by Roy Orbison's "Oh, Pretty Woman". Orbison's smash was just entering the pop charts on this day, for a 14-week run.
    1964-"And I Love Her" by The Beatles peaks at #12 on the pop singles chart while "If I Fell" peaks at #53.
    1964- Manfred Mann's "Do Wah Diddy Diddy" is released.
    1965 -- San Francisco Examiner writer Michael Fallon applies the term "hippie" to the SF counterculture in an article about the Blue Unicorn coffeehouse where LEMAR (Legalize Marijuana) and the Sexual Freedom League meet, & hippie houses, declares the Beat movement is alive in the Haight-Ashley district ( this was a white area of town where rent was very cheap, many people lived in the same flat, and the low cost or no cost is why they lived in this section. It is a flashback to the derogatory term of a “would be” hipster used in Harlem. It primarily referred to white would be hipsters who tried to be “black and hip,” but were not.
    1965-The Rolling Stones fly to Los Angeles to record "Get Off My Cloud" and other tunes.
    1966-Labor Day opening of Martha and The Vandellas at the San Franisco Fillmore Auditorium.
    1968 -- John Lennon takes a plane to Germany to begin filming his first and only major movie role, appearing as "Pvt. Gripweed" in director Richard Lester's latest movie, the WWI satire How I Won the War. While filming, Lennon is quite taken with the "granny glasses" his character uses, and begins to wear them upon returning home, resulting in a major piece of his visual iconography.
     1969 - Lt. William Calley is charged with six specifications of premeditated murder in the death of 109 Vietnamese civilians at My Lai in March 1968. Calley, a platoon leader in Charlie Company, 1st Battalion, 20th Infantry, 11th Infantry Brigade (Light) of the 23rd (Americal) Division had led his men in a massacre of Vietnamese civilians, including women and children, at My Lai 4, a cluster of hamlets that made up Son My village in Son Tinh District in Quang Ngai Province in the coastal lowlands of I Corps Tactical Zone on March 16, 1968. The company had been conducting a search and destroy mission as part of the yearlong Operation Wheeler/Wallowa (November 1967 through November 1968). In search of the 48th Viet Cong (VC) Local Force Battalion, the unit entered Son My village but found only women, children, and old men. Frustrated by unanswered losses due to snipers and mines, the soldiers took out their anger on the villagers, indiscriminately shooting people as they ran from their huts and systematically rounding up the survivors, allegedly leading them to nearby ditch where they were executed. Reportedly, the killing was only stopped when Warrant Officer Hugh Thompson, an aero-scout helicopter pilot landed his helicopter between the Americans and the fleeing South Vietnamese, confronting the soldiers and blocking them from further action against the villagers. The incident was subsequently covered up, but eventually came to light a year later.
    1970 -Estimated 15 cm (6") of rainfall, Bug Point, Utah (state record)
    1970-Joe Cocker's "Mad Dogs and Englishmen" enters the LP charts.
    1971--Top Hits
Uncle Albert/Admiral Halsey - Paul & Linda McCartney
Smiling Faces Sometimes - The Undisputed Truth
Spanish Harlem - Aretha Franklin
Easy Loving - Freddie Hart
    1972 - Roberta Flack and Donny Hathaway won a gold record for their duet, "Where is the Love". The song got to number five on the pop music charts and was one of two songs that earned gold for the duo. The other was "The Closer I Get To You" (1978).
    1975-Lynette A. “Squeaky” Fromme, a follower of convicted murdered Charles Manson, attempted to shoot President Gerald Ford. On September 22 of the same year, another attempt on Ford's life occurred when Sara Jane Moore shot at him.
    1975 - Strong winds reduced visibilities to near zero in blowing dust resulting in a 22-car chain reaction accident on Interstate 10 near Toltec AZ. Two persons were killed, and 14 others were injured.
    1976--- During Jerry Lewis' annual Labor Day Telethon on NBC-TV, musical guest Frank Sinatra announces that he's brought a friend along -- and produces Dean Martin, Lewis' former comedy partner, who has not spoken to him since the duo's dissolution twenty years earlier. The tearful crowd erupts in laughter when Lewis greets Martin with, "So, you working?"
    1976 - No. 1 Billboard Pop Hit: "(Shake, Shake, Shake) Shake Your Booty," KC & the Sunshine Band.
    1979---Top Hits
My Sharona - The Knack
After the Love Has Gone - Earth, Wind & Fire
Don't Bring Me Down - Electric Light Orchestra
Heartbreak Hotel - Willie Nelson & Leon Russell
    1979- Anne Myers, All-American basketball player from UCLA, made history by signing a contract with the Indiana Pacers of the NBA, the first woman to do so. Meyers worked out with the team throughout training camp but was cut before the season began.
    1981-"Stop Draggin' My Heart Around" by Tom Petty and Stevie Nicks peaks at #3 on the singles chart; The Greg Kihn Band's "The Breakup Song (They Don't Write 'Em)" peaks at #15 and Foreigner's "Urgent" peaks at #4.
    1983-Originally, this PBS news show was called “The MacNeil-Lehrer Report” and was on every weeknight for a half hour starting in 1976. Robert MacNeil and Jim Lehrer were joined by Charlayne Hunter-Gault and Judy Woodruff. In 1983 the show was expanded to an hour and became TV's first regularly scheduled daily hour news show. The show has been praised for its depth and objectivity. In 1995 Robert MacNeil retired and the show was retiled “The News hour with Jim Lehrer.”
    1986-Dire Straits' "Money For Nothing" wins and MTV award for Best Video.
    1987-"American Bandstand" was cancelled after 30 years on the air.
    1987---Top Hits
La Bamba - Los Lobos
I Just Can't Stop Loving You - Michael Jackson with Siedah Garrett
Only in My Dreams - Debbie Gibson
She's Too Good to Be True – Exile
    1988 - Five days of heavy rain commenced in west central Florida. Up to 20 inches of rain in four days resulted in extensive urban flooding, and evacuation of 1000 homes. Flooding claimed four lives, and caused more than five million dollars property damage.
    1991-R.E.M. wins 5 MTV Video Music awards, including video of the year for "Losing My Religion."
    1997-Space Milestone: Voyager I. launched, setting a new distance record when after more than 20 years in space it reached 6.5 billion miles from Earth.
    1989-Chris Evert's tennis career came to an end in the quarterfinals of the US Open when she was defeated, 7-6, 6-2 by Zina Garrison.
    1998 - Aerosmith's "I Don't Want to Miss a Thing" debuted at #1 on U.S. music charts. The song, from the movie, "Armageddon", was the first single by Aerosmith to reach number one. It stayed at the top through the entire month of September. 
    2010 Bill Mazeroski looks on as four of his Pirates teammates unveil a 14-foot, 2,000-pound statue commemorating his walk-off home run in Game 7 of the 1960 World Series. The work includes an actual section of the left-center field wall which the second baseman homered over at the 406 mark off Yankee hurler Ralph Terry in the Pirates’ 10-9 victory.

*** Randolph, Peyton (1721?-1775), was an American lawyer who served as president of both the First and the Second Continental Congresses in 1774 and 1775. Those two meetings of colonial leaders at first sought fair treatment from Britain for the American Colonies but eventually declared independence. Randolph himself held moderate political views. He persuaded extreme patriots and those with more cautious views to work together. 
Randolph was born in Williamsburg into one of Virginia's most respected families. He graduated from the College of William and Mary and then studied law at the Inns of Court in London. In 1748, Randolph became attorney general of Virginia. That year, he won election to the House of Burgesses, Virginia's legislature. In 1766, he became speaker of the House. 
The British governor of Virginia dissolved the House of Burgesses in 1774. Its members then met in a series of revolutionary conventions. Randolph was elected to preside over the conventions in 1774 and 1775. He headed Virginia's delegates to the First and Second Continental Congresses. He was elected as the first president of both meetings. He died in October 1775, five months after the Second Continental Congress began.




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