Add me to mailing list    |           |      Search

Advertising | All Lists | Archives | Classified Ads | This Day In American History


   


We are looking for experienced business development
 professionals with established vendor / client
 contacts in general manufacturing equipment,
 road maintenance, material handling , radio/TV broadcasting
and other hard collateral.
We have openings for in-house business development positions 
and Independent Sales Associates.

Contact or send resumes to: John Martella SVP
800 800 8098 ext 5209 or direct: 248 743 5209
jmartella@leasecorp.com

Monday, April 19, 2010



Actress Kate Garry Hudson born April 19, 1979 Los Angeles, California. (Reminds me a lot of her mother Goldie Hawn. Editor)
http://www.imdb.com/name/nm0005028/bio


Headlines---

Archives, April 19, 2000
  Ken Greene Business News
   Classified Ads---Asset Management
Bank Beat—3 Florida, Washington, the Jochners, 1st Mass. +
 Top Stories April 12-April 16
  Now is the Time for Government Leasing
   Classified Ads---Help Wanted
 Help Wanted Ads Work-Testimonial
  New Hires---Promotions
   Cartoon---Hockey, Good Game!
Leasing 102 by Mr. Terry Winders, CLP
 Two Kinds of Capital Leases for GAAP
  Classified ads---Verification
 Evansville, Indiana---Adopt-a-Dog
News Briefs---
 BoA Earns $3.2bn Q1, reason: credit recovery they say
  TCF grows niche by niche
   Lakeland Bancorp Reports 44% Increase 1stQ Net Income
    Winmark Corporation Announces First Quarter Results
     GE 1Q profit down 32%, revenue slips; Immelt upbeat
 Top Goldman Leaders Said to Have Overseen Mortgage Unit
   You May have Missed---
    California Nuts Briefs--
      Sports Briefs---
       "Gimme that Wine"
  Today's Top Event in History
   This Day in American History
    Spring Poem
      SuDoku
       Daily Puzzle
     GasBuddy
   Weather, USA or specific area
     Traffic Live----


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

[headlines]
--------------------------------------------------------------


Archives, April 19, 2000
Ken Greene Business News

BankVest entered into a consensual liquidating Chapter 11 in late January. All furniture and equipment will be auctioned off on March 14th. The company has only 3 remaining employees. Finova now services the conduit leases. The estate is marketing its performing lease portfolio. Non-performing assets will be liquidated at a later date. Interested parties can contact BankVest at 508-786-7338.

eLease, Inc. an idealab! company, launched what they claim to be the financial service industry's first, fully automated, neutral online marketplace for capital equipment leasing. eLease offers business owners, purchasing managers and financial planners the ability to source, compare and select leases from a variety of banks and leasing companies in a true e-commerce environment.

Textron Financial Corporation announced the formation of AssetControl.com, an Internet business-to-business (B2B) joint venture to create the industry's most comprehensive B2B marketplace specializing in the online resale of surplus industrial equipment, excess inventory and commercial real estate. Additional partners include Entrade Inc.ATM Service, Ltd., a subsidiary of WorldWide Web NetworX Corporation and Safeguard Scientifics, Inc.

Advanta Corporation announced that its wholly-owned subsidiary, Advanta Bank Corp., has priced a $386 million equipment lease securitization. The securities are backed primarily by small-ticket equipment lease receivables contracts including copiers, microcomputers, printers and communication equipment originated through Advanta Bank Corp.

While it may be old news to some, First Sierra has ceased its brokerage business and is concentrating on internet leasing plus direct marketing.

Look for Bob Rodi of American Lease Exchange to release his "LeaseNOW" software.

Ken Greene Kenneth C. Greene & Associates

The foregoing is meant to provide general information to the leasing industry. It is not meant as an endorsement or legal opinion and readers should consult counsel and/or verify the accuracy of any contents upon which they intend to rely. Any recipients who wish to be removed from this newsletter mailing list should e-mail kgreene100@aol.com by reply e-mail, and will be promptly removed. Please also feel free to send me news and/or modifications to items discussed herein.

Today:

Kenneth C. Greene, Partner
Hamrick & Evans, LLP
10 Universal City Plaza, Suite 2200
Universal City California 91608
818-763-5292
Fax: 818-763-763-2309
kgreene@hamricklaw.com

[headlines]
--------------------------------------------------------------

Classified Ads---Asset Management

Haverhill, MA
Started in credit and collections 30 years ago with a private agency. My skills are negotiating with Attorney's, Insurance Companies & Large & small companies.
cityofpa@earthlink.net | Resume

Minneapolis, MN
16 years leasing experience from micro to large ticket market, variety of equipment. Most recently calling on vendor telecom dealers in Upper Midwest.
golfadm@yahoo.com

Santa Barbara CA
(will relocate)
Experienced Asset Manager of various portfolio's for a bank, broker and leasing company. Utilized specialized remarketing companies to maximize collateral values. Worked remote two years.
geoff.taylor@verizon.net | Resume

| Reference 1 | Reference 2

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

Other e-Mail Posting Sites:
http://www.leasingnews.org/Classified/Posting_sites.htm

[headlines]
--------------------------------------------------------------

Bank Beat—3 Florida, Washington, the Jochners, 1st Mass. +


The fifth in the State of Washington and the 50th bank to fail this year in the United States was City Bank, Lynnwood, Washington. The eight branches with 157 full-time employees will now be under Whidbey Island Bank, Coupeville, Washington; to assume all of the deposits.

As of December 31, 2009, City Bank had approximately $1.13 billion in total assets and $1.02 billion in total deposits. Whidbey Island Bank paid the FDIC a premium of 1.0 percent to assume all of the deposits of City Bank. In addition to assuming all of the deposits, Whidbey Island Bank agreed to purchase approximately $704.1 million of the failed bank's assets.

With heavy lending to developers and homebuilders, the bank has had problems for over the last three years. July 2, 2009, Conrad Hanson, the chief executive of City Bank, told the Seattle Times “The bank already is doing most of what's in the order. It is selling off houses and lots at the rate of $30 million to $40 million a month, he said, and using the proceeds to repay brokered certificates of deposit as they mature.”

The bank was founded April 15, 1974 to service the Seattle-Tacoma-Bellevue area and had 157 full-time employees. Equity had dropped from $416.5 million year-end 2008 to $200.3 million year-end 2009 following a $60.8 million loss year-end 2008 to $104.6 million loss year-end 2009 after $116.6 million charge off including $109.8 million in real estate construction and land development, $4.5 million in construction and industrial loans and $2.3 million in loans to individuals. Tier 1 risk-based capital ratio 4.13%

The FDIC and Whidbey Island Bank entered into a loss-share transaction on $455.6 million of City Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $323.4 million.

As note in earlier Bank Beats, Washington has approximately 90 banks with 1/3 in serious regulatory oversight primarily due to similar problems that faced City Bank.

http://www.fdic.gov/news/news/press/2010/pr10082.html

The four branches of Innovative Bank, Oakland, California were closed with Center Bank, Los Angeles, California assuming deposits and branches. Both banks have an Asian following, primarily Korean and Chinese.

Formerly known as the Bank of Oakland, the bank had gone from 98 employees down to 78 employees. The bank was founded in July 1, 1982 and at one time involved Ray Jochner, former Crocker National Bank Leasing Division Vice-President, and his son Tim who was at one time an employee. Executives of Meridian National Bank, after it was sold to Wells Fargo Bank, also were on board. Ray was a lover of fine wine and his son, after starting a successful merchant credit card company, also formed Shadowbrook Winery, Walnut Creek, California. (1)

Equity had gone from $31.1 million to $16.75 at year-end 2009 following a $7.5 million loss in 2008 and $14.4 million loss in 2009 with $14.3 million loss in commercial and industrial loans, $4.57 million in loans secured by non-farm non-residential property. Tier 1 risk-based capital ratio: 5.87%

As of December 31, 2009, Innovative Bank had approximately $268.9 million in total assets and $225.2 million in total deposits. Center Bank paid the FDIC a premium of 0.5 percent to assume all of the deposits of Innovative Bank. The FDIC and Center Bank entered into a loss-share transaction on $178.1 million of Innovative Bank's assets.

In Center Bank Press release they stated, “Three of Innovative's branches will reopen Saturday morning, April 17, during normal business hours as part of the Center Bank franchise, including the Oakland Chinatown and Santa Clara branches in Northern California and one branch in downtown Los Angeles.”

"First and foremost, our overriding goal is to ensure a smooth transition and to provide uninterrupted service for the customers impacted by the regulators' actions today," said Jae Whan (J.W.) Yoo, president and chief executive officer of Center Financial Corporation. "Backed by the strength and security of Center Bank, all Innovative Bank customers can be rest assured that their deposits are safe and fully insured to the maximum permitted by law. We welcome Innovative's customers to the Center Bank family and look forward to offering them a broader array of financial products and services, as well as an expanded geographic network of full-service branches and ATMs.”

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $37.8 million.

  1. http://www.wib.org/publications__resources/article_library/2000-02/aug02_jochner.html

http://www.shadowbrookwinery.com/news09JanCCTimes.htmhttp://www.fdic.gov/news/news/press/2010/pr10080.html

Seventh, Eighth, Ninth Banks to Fail in Florida.

Riverside National Bank of Florida, Fort Pierce, was closed by the Office of the Comptroller of the Currency with TD Bank, National Association (N.A.) Wilmington, Delaware, a division of Canada’s TD Bank, assuming the banking operations and all the deposits. Riverside National Bank of Florida had total assets of $3.42 billion and total deposits of $2.76 billion. It had gone from 953 full time employees to 811 by the end of 2009 with 61 branches.

The bank was reportedly rated “excellent” by BauerFinancial, a research firm in Coral Gables in 2007. As hit hard by the bust in real estate, Riverside was hit very hard with Bank equity the end of 2008 was $94 million to a minus $6.2 million the end of 2009 following two year of loss, $138 million in 2008 and $130 million in 2009 with $79 million in real estate charge offs ($26.8 million construction and land development, $43.88 million in 1-4 family residential properties, $9 million secured by nonfarm nonresidential property). They also had charge offs of $19.5 million commercial and industrial loans, $19.2 million loans to individuals, $4.5 million in other loans. Tier 1 risk-based capital ratio: 3.66%

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Riverside National Bank of Florida, 491.8 million

AmericanFirst Bank, Clermont with 20 full time employees was closed by the Florida Office of Financial Regulation with TD Bank, National Association (N.A.) Wilmington, Delaware, a division of Canada’s TD Bank assuming the banking operations and all the deposits.

AmericanFirst Bank had total assets of $90.5 million and total deposits of $81.9 million, Equity had dropped from $9.3 million to $373,000, following two years of loss with a loss of $1.2 million year-end 2008 to $8.79 million year-end 2009, following almost $1 million in real estate charge offs.

The bank was warned by the FDIC on March 26 they had 30 days to raise sufficient capital or sell itself to another financial institution.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for AmericanFirst Bank will be $10.5 million.

First Federal Bank of North Florida, Palatka with 94 full time employees and, was closed by the office of Thrift Supervision with TD Bank, National Association (N.A.) Wilmington, Delaware, a division of Canada’s TD Bank, assuming the banking operations and all the deposits. Net equity had dropped from $2.1 million to $1.3 million, following two years of losses: $1.5 million year-end 2008 to $23.2 million end of year 2009 with $25.9 million in real estate charge offs ($12.6 million construction and land development, $8.9 million in 1-4 family residential, $3.8 secured by nonfarm nonresidential properties, $534,000 multi-family residential properties) and $348,000 to individuals, $20,000 credit cards). Tier 1 risk-based capital ratio: -1.34%

First Federal Bank of North Florida had total assets of $393.3 million and total deposits of $324.2 million. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for First Federal Bank of North Florida.

The FDIC and TD Bank, N.A. entered into a loss-share transaction on $2.20 billion of the three failed Florida banks. Initially, TD Bank, N.A. and the FDIC will share in the losses on assets on a 50% - 50% basis.

There are an estimated 50 banks in Florida under regulation by the FDIC.

http://www.fdic.gov/news/news/press/2010/pr10078.html

Seven branches with 69 full-time employees of Tamalpais Bank, San Rafael, California, were closed and the FDIC with Union Bank, National Association, San Francisco, California, to assume all of the deposits of Tamalpais Bank.

Kit Cole, who founded Tamalpais Bank and served on its board of directors before falling ill in 2007, now serves as the chief executive and board chairwoman of Circle Bank in Novato, according to the Marin Independent Journal. He will be going after depositors, Marinites say, with the main problem of the bank being CEO Mark Garwood, who was seeking loans and broker deposits from outside the area, who go to the best return bidder.

The annual report disclosed that Tamalpais Bank has been in default on $5.7 million worth of loans to Pacific Coast Bankers Bank since Sept. 3, 2009, according to the Marin Independent Journal. “The report stated that the bank has the option to foreclose on the collateral securing the loans, which includes the bank's stock. The annual report also disclosed that the bank is in ‘technical default’ to the Federal Home Loan Bank of San Francisco, to which it owes $119 million.

As of December 31, 2009, Tamalpais Bank had approximately $628.9 million in total assets and $487.6 million in total deposits. Union Bank, N.A. paid the FDIC a premium of 2.0 percent to assume all of the deposits of Tamalpais Bank. Bank equity had dropped from $55.7 million end of 2008 to $18.8 million following a $6 million profit to a $36.1 million loss end of 2009 after charge offs of $35.8 million in real estate ($16.9 secured by nonfarm nonresidential, $13.9 from multifamily residential, $4.5 million construction and land development, $242,000 from 1-4 family residential). Tier 1 risk-based capital ratio: 3.58%

The FDIC and Union Bank, N.A. entered into a loss-share transaction on $522.3 million of Tamalpais Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $81.1 million.

http://www.fdic.gov/news/news/press/2010/pr10081.html

The four branches of Butler Bank, Lowell, Massachusetts, were closed with People's United Bank, Bridgeport, Connecticut, to assume all of the deposits of Butler Bank. This was the first bank failure in Massachusetts in 16 years.

The bank had gone from 72 full time employees to 58 at year-end 2009; net equity had dropped from $14.4 million year-end 2008 to $5.8 million year-end 2009. Two years of losses from minus $14.3 million to $9.1 million year-end 2009 following $5.66 million in real estate ($4.6 million construction and land development, $646,000 in non-farm non-residential, $393,000 1-4 family residential, $60,000 commercial and industrial loans, $47,000 loans to individuals.) Tier 1 risk-based capital ratio: 2.80%

As of December 31, 2009, Butler Bank had approximately $268.0 million in total assets and $233.2 million in total deposits. The FDIC and People's United Bank entered into a loss-share transaction on $206.1 million of Butler Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $22.9 million.

http://www.fdic.gov/news/news/press/2010/pr10079.html
http://www.fdic.gov/news/news/press/2010/pr10082.html


The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Lakeside Community Bank, Sterling Heights, Michigan. The bank was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the FDIC as receiver. There were ten full-time employees left.

The FDIC entered into an agreement with First Michigan Bank, Troy Michigan, to accept the failed bank's direct deposits from the federal government, such as Social Security and Veterans' payments. The FDIC was unable to find another financial institution to take over the banking operations of Lakeside Community Bank. As a result, checks to depositors for their insured funds will be mailed on Monday, April 19th. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits.

Customers who placed money with brokers should contact them directly for more information about the status of their funds.

Bank equity had dropped from $3.1 million to $586,000 following two consecutive year-end losses of $5.42 and $5.48 in 2009 follow $3.3 million in real estate loans ($1.9 construction and land development, $744,000 in 1-4 multi-family residential property and $654 secured by nonfarm nonresidential property.) Tier 1 risk-based capital ratio: 1.41%. As of December 31, 2009, Lakeside Community Bank had approximately $53.0 million in total assets and $52.3 million in total deposits.

The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $11.2 million.
http://www.fdic.gov/news/news/press/2010/pr10077.html

List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html

Previous Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm

[headlines]
--------------------------------------------------------------

Top Stories April 12-April 16


Here are the top ten stories opened by readers:

(1) LEAF Financial Up-Date
http://leasingnews.org/archives/Apr2010/4_15.htm#leaf_update

(2) Rudy Trebels Back in Business
http://leasingnews.org/archives/Apr2010/4_15.htm#trebels

(3) Old Frauds Remembered
http://leasingnews.org/archives/Apr2010/4_13.htm#old_fraud

(4) The Trouble with LEAF and Resource America
by Christopher Menkin
http://leasingnews.org/archives/Apr2010/4_13.htm#trouble_withleaf

(5) Bank Beat---Former Bank Pres. Looks for a Job
http://leasingnews.org/archives/Apr2010/4_13.htm#bank_beat

(6) Warehouse Lender List
http://leasingnews.org/archives/Apr2010/4_13.htm#warehouse_lender

(7)Warehouse Lender List & “Funding Advisor”
Bruce Kropshot from ELFA Funding Conference
http://leasingnews.org/archives/Apr2010/4_15.htm#funding_advisor

(8) Warehouse Loans---Part I---Why?
by Christopher Menkin
http://leasingnews.org/archives/Apr2010/4_13.htm#warehouse_pt1

(9) Clarification---Premier Lease Services
http://leasingnews.org/archives/Apr2010/4_15.htm#premier_clarification

(10) GE Capital Leasing System Advances
http://finance.yahoo.com/news/GE-Capital-Leasing-System-bw-3380189198.html?x=0&.v=1

((Please Click on Bulletin Board to learn more information))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

[headlines]
--------------------------------------------------------------


Now is the Time for Government Leasing

Meet the Players and the Funders

May 5-7,
AGLF/ELFA Public Sector Finance Forum
Westin Hotel, Michigan Avenue
Chicago, Illinois

Registration Fees:

After April 13, 2010
AGLF or ELFA Member $750.00
Non-Member $900.00
Government Registration* $400.00
Spouse/Companion** $200.00
Basics Session Only *** $95.00

Registration rates include admissions to all sessions,
refreshment breaks, the receptions, and continental breakfasts.

* Available to employees of state and local government entities only
** Guest registration is open only to those who accompany a registered

Registration form, who is attending by name or company,
and more about the conference, please click here:
http://www.aglf.org/spring2010.html

[headlines]
--------------------------------------------------------------

Leasing Industry Help Wanted

Sales


We are looking for experienced business development
 professionals with established vendor / client
 contacts in general manufacturing equipment,
 road maintenance, material handling , radio/TV broadcasting
and other hard collateral.
We have openings for in-house business development positions 
and Independent Sales Associates.

Contact or send resumes to: John Martella SVP
800 800 8098 ext 5209 or direct: 248 743 5209
jmartella@leasecorp.com



Please see our Job Wanted section for possible new employees.


[headlines]
--------------------------------------------------------------


Help Wanted Ads Work-Testimonial


"We have had an overwhelming response to the Leasing News ad, with 48 resumes by day number 2. With all the resumes totaled, we received, 86 resumes! Leasing News Job ads really work, and we are happy to be putting people to work in this tough economic climate. We are going to finalize all the interviews next week, and depending on what talent versues what we can offer sales people, we may run it again by next week."

Matt Williams
949-204-9901 Direct
949-612-3820 Fax

Help Wanted Ad Pricing Criteria
Smaller Ads
$595.00 minimum for four lines
Larger Ads
$100 per line thereafter
(skipped line will be counted as a line)
Additional Options

- Design work to help create the ad is free.

- Description of your company is free
(company description cannot have more lines than your ad)

- Contract and repeat discounts are available.

All rates are subject to change.

Ads run a minimum of 21 days on the web site ( holidays not included.)  There are placed in the "Help Wanted' section by category, alphabetical, with the largest ad in the category first. Copy may be amended without any extra charge.

It is also our policy to place "help wanted" ads above the news edition headlines. This position is not available as a paid position, but appear on the top of the news edition in a rotation basis. This position is not guaranteed,but is a practice to give advertisers more attention to their ad. 

Please send an email to kitmenkin@leasingnews.org to post a Help Wanted Ad.

Here are some samples of various size ads:
www.leasingnews.org/Classified/examples.htm

If you prefer a " non-employment" ad, we sell a banner ad, please click here for pricing.

If you would like more information, please contact: kitmenkin@leasingnews.org

We reserve the right to refuse any advertising.

Ads for employment should be placed in the classified ad section, where it is possible to also appear at the top of the headlines.

No changing or alternating banner ads.

Ad copy may be up-dated or changed at any time during the time period.

No charge for artwork or design.

To see sample size of ads, please go here.

[headlines]
--------------------------------------------------------------


New Hires---Promotions



Becky Hanley was hired as vice president, capital markets for the western U.S. at ATEL Leasing Corporation, the equipment leasing arm of ATEL Capital Group, San Francisco, California. She will continue in her role as director of syndication for ACG affiliate, Kalakane Capital LLC based in ATEL's Denver regional office. She will be responsible for institutional lease origination and syndications with lessors, banks, financial intermediaries, vendors and other third parties. Previously she was Vice President at Key Equipment Finance, Vice President, Capital Markets at CitiCapital Commercial Corporation, Syndication Sales Associate. She is a graduate of Ferris State University, Big Rapids, Michigan: Bachelors, Finance & Business Administration , 1993 — 1996
http://www.linkedin.com/pub/dir/Becky/Hanley/

Chris Lucas has been promoted to Credit Manager from Credit Analyst at Graphic Savings Group, Brooklyn, New York.

David C. Magnelia was hired as federal field sales representative, Key Government Finance, part of Key Equipment Finance, Superior, Colorado. In this role, Magnelia will oversee federal government sector sales for the company and be based out of the Washington, D.C. area.

Prior to joining Key Equipment Finance, Magnelia worked for Microsoft Financing as business development manager. Before that, he was consulting sales manager for DLT Solutions, the largest government reseller for Oracle Corp., which followed public sector positions with Oracle Corp. and Oracle Financing Division. Additional federal experience includes past positions at Science Applications International Corp., Booz, Allen & Hamilton Inc., Naval Air Systems Command, and Defense Logistics Agency.

Steve Shatrich appointed as senior vice president, the PNC Financial Services Group, Pittsburg, Pennsylvania, with the territories of Wisconsin, Tennessee, Kentucky, Missouri, Illinois, Indiana, Ohio and Michigan. He began his career with Firestone Bank in Akron, Ohio. He also spent 16 years with Bank One, where he served as executive vice president and national director of bank markets for the equipment finance and leasing division. Most recently, he was a senior vice president with Key Bank.

Allen Snelling was hired as Vice President, Major Account Sales, Marlin Business Services, Mount Laurel, New Jersey. He was President of RLAS (RSource Leased Asset Solutions Division), Boca Raton, Florida. He previously was Vice-President, Office Products, Key Equipment Finance, after serving as National Sales Manager and Product Development Manager for Key. Prior to that he was with GE Capital Express Financial Solutions, as regional sales manager, Northwest, hold several position prior at GE Capital. He was membership director at the American Golf Corporation for three years and a professional baseball player for the Toronto Blue Jays. He graduated Oregon State University B.S., Political Science, 1992 — 1995.
Baseball standing: http://www.baseball-reference.com/minors/player.cgi?id=snelli001all
http://www.linkedin.com/pub/allen-snelling/7/b63/811


[headlines]
--------------------------------------------------------------

 

[headlines]
--------------------------------------------------------------

Leasing 102
by Mr. Terry Winders, CLP

Two Kinds of Capital Leases for GAAP

We all know that there will be changes in the FASB #13 rules for lessee accounting in the near future. However it is still a ways off and the lessee must contend with the current rules. These rules or “classifications” as they are called is one of the most important subjects a lease salesperson needs to know to perform well in equipment leasing. One such accounting issue is that there are two kinds of capital leases. It depends on the purchase option how the lessee will depreciate the net present value (NPV) of the required lease payments. Depreciation for accounting means the “amortization of an expense” instead of the definition for income tax which is the” loss in value of a capital asset”.

If the lease meets any one of the four classification requirements, let’s say that because the lessor did not assume a residual over 12% the lease’s NPV was over classification D, the 90% test, and is therefore a “capital lease”. The question becomes how long the lessee depreciates the NPV of the lease payments? The lessee must discount the lease payments at their incremental borrowing rate (average cost of money under like circumstances) to determine the NPV. The four rules for classification are separated in two parts to determine the term of depreciation.

A short version of the classification requirements:

  1. Automatic ownership transfer

  2. Bargain purchase option

  3. Term over 75% of useful life

  4. 90% test

A Capital lease requirement for depreciating the NPV states that if the lease meets classification of A or B then the NPV will be depreciated over a “like” term as if it were a purchased asset. This means the term of depreciation has nothing to do with the lease term and everything to do with the accountant’s determination of how long the asset will be of use to the lessee. It is not uncommon for the term of the lease to be much shorter than the term of the depreciation. This creates a barrier to equipment replacement at lease termination because there still is an undepreciated value on the books that may exceed the value of the equipment.

If the lease has a FMV purchase option or no purchase option at all then it will pass classification A and B but as stated above it failed the 90% test so the depreciation of the NPV will be equal to the lease term. If it passed C and D in addition to A and B it would have been an “operating Lease” Therefore, because it failed D the depreciation was limited to the lease term and no barriers exist to prevent the replacement equipment from being considered at lease termination.

It is easy to see the logic behind the classification requirements because if it looks like the lessee will acquire the asset at termination they should look at it like a purchase. It a non-bargain purchase option exists then it must be questionable as to whether they will acquire ownership so the amortization of the expense (depreciation) must be limited to the lease term even though it is a “capital lease”.

If the lessee’s incremental borrowing rate was high enough perhaps the NPV would have been under 90% of the equipments fair value and the lease would carry an “operating lease” classification. But in any event knowing how the lessee plans to classify the lease may support you sales effort by giving you direction on your sales pitch.

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

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

Little Rock, Ark.

  

Meet and learn from Mr. Terry Winders, CLP

Leasing #102 columnist for Leasing News,
long time educator and trainer

Sales and Operations
click here for course information and to register

June 9, 10, until Noon on the 11th
Little Rock, Arkansas
Hosted by Arvest Equipment Finance

$395.00 Paid in Advance for first person from company
$345 with each additional attendee 

"Certified Leasing Professionals attending this seminar will earn CPEs (Continuing Professional Education)
Credits toward their recertification"

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

[headlines]
--------------------------------------------------------------


Classified ads---Verification

IRS
Retrieve/verify a corporation and personal tax information (1040, 1120, 1065) electronically directly from the source. Results delivered in 24-48 hours. 678-393-1988 Scott or sscher@recruitscreen.com

 

Leasing Industry Outsourcing
(Providing Services and Products)

All "Outsourcing" Classified ads (advertisers are both requested and responsible to keep their free ads up to date:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm

How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm

[headlines]
--------------------------------------------------------------

Evansville, Indiana---Adopt-a-Dog


Sheba - Reduced!
Border Collie [Mix]
Medium Adult Female Dog

"This sweet girl was taken for her own good. She is very laid back, house trained, and LOVES to give and receive love. This sweetheart takes a little bit to trust you, but once she does she will do anything to please you! Plus, she is around 5-6 years old, so she's even out of her puppy stage!!! She thought she had a new home, but because she was too scared to go into her new home, the owners gave up after a few minutes and just tied her up away from them. Please help save this beautiful girl's life and give her a family who will work with her and give her the love she deserves!!

"UPDATE: I picked Sheba up from the shelter and she's spent a few days from me. She does VERY well in a home, and completely moves and has the body of a border collie! She LOVES to play ball, and can even entertains herself with a ball for hours! When she's not playing ball, she can be found lying on the floor in front of the TV! She is very smart and picks up on things quickly (within 24 hours she knows how to use the dog door and she is doing well with sit), but she can be very dominant and needs somebody who has worked with dogs before and knows how to correctly train/handle them! She may be best as a single dog because of this, but she is also currently doing well with other dogs in her foster home! Also, she does WONDERFULLY with kids, and absolutely LOVES attention!! She can be a nervous girl, and because of this, she would do best as the only dog. Please consider giving this sweet girl a much needed home!"

Sheba - Reduced! is up-to-date with routine shots, house trained and spayed/neutered.

Contact: mylovegdaj@yahoo.com
http://www.petfinder.com/shelters/IN188.html

 

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

Adopt a Pet
http://www.adoptapet.com/

[headlines]
--------------------------------------------------------------

 



News Briefs----

BoA Earns $3.2bn Q1, reason: credit recovery they say
http://www.themoneytimes.com/featured/20100418/bank-america-earns-32bn-q1-id-10108766.html

TCF grows niche by niche
http://www.finance-commerce.com/article.cfm/2010/04/16/TCF-grows-niche-by-niche-Former-GE-Capital-exec-will-help-leasing-unit-search-for-acquisitions

Lakeland Bancorp Reports 44% Increase in First Quarter Net Income
http://finance.yahoo.com/news/Lakeland-Bancorp-Reports-44-pz-2007485702.html?x=0&.v=1

Winmark Corporation Announces First Quarter Results
http://finance.yahoo.com/news/Winmark-Corporation-Announces-bw-1431512360.html?x=0&.v=1

GE 1Q profit down 32%, revenue slips; Immelt upbeat
http://www.usatoday.com/money/companies/earnings/2010-04-16-ge-profit_N.htm

Top Goldman Leaders Said to Have Overseen Mortgage Unit
http://www.nytimes.com/2010/04/19/business/19goldman.html?hp

[headlines]
---------------------------------------------------------------


You May have Missed---

Site Reveals Most Eco-Friendly Car Shopping Cities
http://www.prnewswire.com/news-releases/carscom-names-2010-green-cities-91046189.html

 


Sports Briefs ---

NHL playoffs: Coyotes win game, lose Captain Shane Doan
http://www.mercurynews.com/sharks/ci_14911647

Sharks lose 1-0 in OT on own goal
http://www.contracostatimes.com/news/ci_14911833

 


California Nuts Briefs---

Two Billion-Dollar Boondoggle Criticized by California Judges http://www.courthousenews.com/2010/04/14/26409.htm


“Gimme that Wine”


Women break through at World's Best Sommelier competition
http://www.decanter.com/news/news.php?id=296956

Report: Consumers ready to dine out again
http://www.nrn.com/breakingNews.aspx?id=382104&menu_id=1368


Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

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

US/International Wine Events
http://www.localwineevents.com/

Winery Atlas
http://www.carterhouse.com/atlas/\

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm

[headlines]
----------------------------------------------------------------

Today's Top Event in History

1775- John Parker, revolutionary solider, captain of the Minutemen, gave this order at Lexington Green, Massachusetts, “Stand your ground. Don't fire unless fired upon; but if they mean to have a war, let it begin here." There is no proof that he said these words. Newspapers in the 18th century added it to the story. The Revolutionary War did not begin here. An earlier skirmish had been recorded in New Hampshire when a British fort was captured without gunfire (they snuck up in the middle of the night). History records this as the first actual gunfire and major battle. Captain Parker died in action September 17 the same year. For years this was known as John Parker Day and he was saluted for his courage. It is still celebrated in some New England communities. History records this as the “opening volleys of the American Revolution”. Captain John Parker, commanding some 70 Minutemen, after learning of the arrival of the British from Samuel Prescott, engaged the British. There were 70 Minutemen volunteers under Captain John Parker and about 700 British Regulars under Major John Pitcairns, who were on their way to destroy illegal military stores at nearby Concord. The Americans were ordered to disperse. As they were doing so, one of them fired a shot. The British returned fire, killing 8 Minutemen and wounding 10.
Troops under the command of Brigadier General Hugh Percy, played "Yankee Doodle" as they marched from Boston to reinforce British soldiers already fighting the Americans at Lexington and Concord . Whether sung or played on that occasion, the tune was martial and intended to deride the colonials:

Yankee Doodle came to town,
For to buy a firelock;
We will tar and feather him
And so we will John Hancock.

(CHORUS)
Yankee Doodle, keep it up,
Yankee Doodle Dandy,
Mind the Music and the step,
And with the girls be handy.
http://memory.loc.gov/ammem/today/apr19.html ( go to the second part )
The relatively brief fight at Lexington left eight Minutemen dead and ten wounded. With reinforcements and an overwhelming number, the British then marched to Concord, destroyed some colonial supplies, and fought another engagement before beginning a long an costly retreat under colonial fire back to Boston. The actual retreat was more costly to the British than the two traditional battles. By the day's end, the British had suffered about 273 casualties, the Americans 92.

[headlines]
----------------------------------------------------------------

This Day in American History

    1721- Roger Sherman, American statesman, member of the Continental Congress (1774—81 and 1783—84). signer of the Declaration of Independence and of the Constitution, was born at Newton, MA. Roger Sherman is the only American to sign four important historical documents: The Continental Association of 1774; The Declaration of Independence; The Articles of Confederation; and The Federal Constitution He also calculated astronomical and calendar information for an almanac. Sherman died at New Haven, CT, July 23, 1793.
http://www.rogersherman.net/
    1775 -- Midnight rider Paul Revere, on his way to warn Concord that the British were coming, is arrested by the Redcoats and relieved of his horse. (Revere's companion, William Dawes, succeeded in delivering the message. He was later released and rode to many of the surrounding towns giving word to unite and get ready for the British.
    1775 - The first engagement of the Revolutionary War took place under clear crisp weather at Lexington-Concord.
    1775- John Parker, revolutionary solider, captain of the Minutemen, gave this order at Lexington Green, Massachusetts, " Stand your ground. Don't fire unless fired upon; but if they mean to have a war, let it begin here." There is no proof that he said these words. Newspapers in the 18 th century added it to the story. The Revolutionary War did not begin here. An earlier skirmish had been recorded in New Hampshire when a British fort was captured without gunfire (they snuck up in the middle of the night). History records this as the first actual gunfire and major battle. Captain Parker died in action September 17 the same year. For years this was known as John Parker Day and he was saluted for his courage. It is still celebrated in some New England communities. History records this as the “opening volleys of the American Revolution”. Captain John Parker, commanding some 70 Minutemen, after learning of the arrival of the British from Samuel Prescott, engaged the British. There were 70 Minutemen volunteers under Captain John Parker and about 700 British Regulars under Major John Pitcairns, who were on their way to destroy illegal military stores at nearby Concord. The Americans were ordered to disperse. As they were doing so, one of them fired a shot. The British returned fire, killing 8 Minutemen and wounding 10.
Troops under the command of Brigadier General Hugh Percy, played "Yankee Doodle" as they marched from Boston to reinforce British soldiers already fighting the Americans at Lexington and Concord . Whether sung or played on that occasion, the tune was martial and intended to deride the colonials:

Yankee Doodle came to town,
For to buy a firelock;
We will tar and feather him
And so we will John Hancock.

(CHORUS)
Yankee Doodle, keep it up,
Yankee Doodle Dandy,
Mind the Music and the step,
And with the girls be handy.
http://memory.loc.gov/ammem/today/apr19.html ( go to the second part )
The relatively brief fight at Lexington left eight Minutemen dead and ten wounded. With reinforcements and an overwhelming number, the British then marched to Concord, destroyed some colonial supplies, and fought another engagement before beginning a long an costly retreat under colonial fire back to Boston. The actual retreat was more costly to the British than the two traditional battles. By the day's end, the British had suffered about 273 casualties, the Americans 92.
    1782- America's oldest continuously peaceful diplomatic relations began. The States General of the Netherlands United Provinces admitted John Adams (later to become second president of the US) as minister plenipotentiary of the young American republic. This was the second diplomatic recognition of the US as an independent nation. Within six months Adams had succeeded in bringing about the signing of the first Treaty of Amity and Commerce between the two countries (Oct 8, 1782).
    1865-Abraham Lincoln was the first president to be assassinated. He died at the White House on April 16. General Robert E. Lee had surrendered a week earlier. The Civil War was basically over His body was removed to the White House, where it remained until April 18, while people literally lined up miles to pay homage. In order to accommodate more people to show respect to the fallen president, the body was removed to the Capitol rotunda, where it lay in state on a catafalque on April 19 and 20. On April 21, it was taken to the railroad station and put aboard a train that conveyed it to Springfield, ILL. It is said there were people all along the railroad tracks who had come out to pay homage, some bringing flowers, and there was a lot of outright crying from not only women and children, but men who traditionally not show this emotion. Lincoln was buried on May 4, 1965, in Oak Ridge Cemetery, near Springfield. To perhaps understand this further, he had made his second inaugural address on March 4, not more than a month earlier. It brought tears to the eyes of many in the audience. It was reportedly a silent audience, befitting an occasion made ever more solemn by Lincoln's words. The war was not over, but there was room for hope, if not certainty. Lincoln began by saying that the occasion did not call for an extended address, such as the one delivered as the one he delivered at his first inaugural. The audience was as familiar as he with the progress so of the war. Lincoln asked his listeners to relive with him the forebodings of four years before, when both sides were rushing toward war, through “neither party expected the magnitude anticipated that the cause of the conflict might cease before the conflict in itself should cease. Each looked for an easier triumph and a result less fundamental and astonishing. Both read the same Bible and pray to the same God. Each invokes His aid against the other. It just God's assistance in wringing bread from the sweat of other men's faces; but let us judge not, that we be not judged.” He expressed the common hope that the war would soon end, and bade his hearers to continue what they had begun: “With malice toward none, with charity for all, with firmness in the right, let us strive on to finish the work we are in, to bind up the nation's wounds, to care for him who shall have borne the battle, and for his widow and orphans, to do all which may achieve and cherish a just and lasting peace among ourselves and with all nations.” The address was not followed by any demonstration, either public or personal, to indicate to Lincoln whether it had been effective. he felt himself that it was among the best he had ever delivered, and he expressed this sentiment in a letter to Thurlow Weed, thanking Weed for a few words of Congratulation. He was concerned with healing wounds, bringing the nation together, as he outlined in this speech. The country had heard him.
    1836--Birthday of Augustus D. Julliard, American music patron; responsible for founding the Julliard School of Music.
    1856-San Francisco City and County were consolidated by an act of the Legislature. San Mateo County was created from the southern part of San Francisco County. The Act to take effect July 1.
    1875-the Centennial celebration of the Revolution was held at Lexington and Concord, MA, on April 19,1875, to commemorate the 100 th birthday of American liberty. The participants included President Ulysses Simpson Grant, three cabinet secretaries, and many state governors.
    1887-The start of the Boston Marathon, originally called the American Marathon Race. It was first run on a course that began in Hopkinton, MA, and continued through Ashland, Framingham, Natick, Wellesley, and Newton to Exeter Street, Boston, a distance of 26 miles, 385 feet. The winner was John J. McDermott of the Pastime Athletic Club of New York City, whose time was 2 hours, 55 minutes, 10 seconds.
    1881 - at Nation City, South Dakota a 79 day snow blockade was lifted and the first train arrived.
1890 The Brooklyn Bridegrooms, who will later be known as the Dodgers, play their first National League game. In Boston, the former American Association team loses to the Braves, 15-9.
    1898-birthday of singer Doctor Clayton, Georgia
http://www.luckymojo.com/bluesrootdoctorclayton.html
http://www.worldwidewax.com/recs/db/db28.htm
http://hubcap.clemson.edu/~campber/parrot.html
    1906—Band leader/pianist Alex Hill Birthday
http://www.redhotjazz.com/alexhill.html
http://www.redhotjazz.com/hillo.html
    1932—Birthday of Andrea Mead Lawrence - U.S. Alpine skier; winner of two gold medals in the 1952 Olympics, the only U.S. skier - male or female - to win two medals in skiing to that time. Marrying in 1952, she had the third of her five children only four month before she just missed the bronze in the 1956 Olympics (Three children in four years and still retained world class skiing ability!).
Her Olympic victories, coupled with her U.S. championship titles in the downhill, slalom, and Alpine combined in 1950, 1952, and 1955 and the giant slalom in 1953, earned her a place in the International Women's Sports Hall of Fame.
    1933-Birthday of Jayne Mansfield - U.S. actor and entertainment personality. Although gifted with an IQ of 163, and charming, when she appeared on late night television shows it was her body and “dumb blonde” act that got all the attention. In 1956 she married Mr. Universe Mickey Hargity.and the emphasis on physical "beauty" may have sidetracked her. After a series of grade B movies, she appeared on late night television talk host shows, and toured in night club acts to supplament her dwindling film income (she had at one time been one of the highest paid actors in Hollywood) and she was killed in a horrific automobile accident between Biloxi, Mississippi, where she was appearing and New Orleans. On June 29, 1967 JM was driving with Ronnie Harrison and lawyer Sam Brody in the front seat. Her children, Mickey, Jr., Zoltan and Mariska sat in the back. As they rounded a curve on a dark stretch of road, the car slammed into a parked semi. Though the children survived with minor injuries, everyone in the front was killed instantly. Her daughter Marissa (Mariska) Hargity is the star of Law and Order Sex Victims Unit. Rumor has it that Mansfield was beheaded in the accident but it was her wig that flew off. The autopsy showed that she had had only one drink but the rumors that drinking was the cause of the accident and she was beheaded is what everyone thinks today.
    1941 - The temperature at Sodus, NY, soared to 95 degrees. The next day Albany, NY, reported a record for April of 93 degrees.
    1942- Alan Price, the founder of the Animals, was born in Newcastle, England. The band was originally called the Alan Price Combo, and played mostly rhythm-and-blues songs. Group members overheard some fans talking about those "wild animals" on stage, and thus the band adopted a new name - the Animals. Price's organ work and the vocals of Eric Burdon were the core of their early hits, such as 1964's "House of the Rising Sun," an adaption by Price of a black folk song. Price left the Animals in 1965 for a solo career, which included scoring the Lindsay Anderson film "O! Lucky Man." Both Price and Burdon returned for an Animals reunion in 1983.
    1945 - The musical "Carousel", based on Molnar's "Liliom", opened at the Majestic Theatre in New York City. John Raitt and Jan Clayton starred in the show which ran for 890 performances. Music was by the team of Richard Rodgers and Oscar Hammerstein,
http://www.musicalheaven.com/c/carousel.shtml
http://www.geocities.com/TelevisionCity/Studio/8849/Moviemusicals/Bill/carousel.htm
    1948- The Red Sox become the first team to hit three consecutive homers (Spence, Stephens and Doerr) on Opening Day, but the long ball isn't enough as the A's beats Boston in 11 innings, 5-4.
    1949 -Monuments honoring Babe Ruth, Lou Gehrig and Miller Huggins are unveiled in centerfield during Opening Day ceremonies held at Yankee Stadium.
    1949---Top Hits
Cruising Down the River - The Russ Morgan Orchestra (vocal: The Skyliners)
Red Roses for a Blue Lady - Vaughn Monroe
Forever and Ever - Perry Como
Candy Kisses - George Morgan
    1951 - General Douglas MacArthur addressed a joint session of Congress. defending his Korean policies and beliefs and declaring his military career to be at its end. Recalling words of a ballad,” Old soldiers never die, they just fade away,” MacArthur stated: “I now close my military career and just fade away, an old soldier who tried to do his duty as God gave him the light to see that duty.”
He was trying to save face for his plans to invade Korea and China, plus run as the Republican candidate for president in 1952. Instead the GOP recruited Dwight Eisenhower, who was until he decided to run a registered Democrat.
    1951 - Shigeki Tanaka, who survived the atomic blast at Hiroshima, Japan in World War II, won the Boston Marathon
    1956 - Actress Grace Kelly became Princess Grace of Monaco on this day. She married Prince Rainier III of Monaco in a storybook wedding. More than 1,500 radio, TV, newspaper and magazine reporters were on hand for the event in Monaco, as were most of the citizens of the tiny country. She died of injuries sustained in an automobile accident, Sept. 14, 1982 at Monte Carol, Monaco
    1956 - Major-league baseball came to New Jersey for the first time as the Brooklyn Dodgers defeated the Philadelphia Phillies 5-4 at Roosevelt Stadium in Jersey City. Walter O'Malley's Dodgers played several games in New Jersey during the 1956 season, taking a major step toward vacating Ebbets Field and moving to LA. The Dodgers broke the hearts of many in Flatbush who rallied around the team. Many of us never got over the team leaving Brooklyn. I remember going to games at Ebbets Field, including the World Series we won, and also watching the Bronx Bombers.
    1957---Top Hits
Little Darlin' - The Diamonds
Party Doll - Buddy Knox
Come Go with Me - The Dell-Vikings
Gone - Ferlin Husky
    1958-A 13 year old British teen named Laurie London had the best selling song in the US with an up-tempo version of the Gospel song "He's Got The Whole World In His Hands". Although the song was a hit on both sides of the Atlantic, none of London's follow-up releases cracked the US top 100.
    1958-The San Francisco Giants and the Los Angeles Dodgers met for the first time as major league baseball came to the West Coast. It was the first time that that the National League was truly national. The Dodgers - Giants rivalry continues to be one of the best in baseball.
    1959 - Singer Harry Belafonte appeared in the first of two benefit concerts for charity at Carnegie Hall in New York City.
http://listen.to/belafonte
    1960-Sarah Vaughan records with the Count Basie Band ( Roulette 52061)
http://parsec-santa.com/celebrity/celeb_pages/SarahVaughn.html
    1965- WINS in New York City, 1010AM dial, first began the 24 hours a day all news radio format. Previously, it has been Rock'n'Roll. The news-only format was quickly copied by WCBS, another New York Station, and then by AM stations throughout the country. KFRC, San Francisco, ironically went from the news-talk format to Rock'n'Roll, so I moved from news editor to newswriter/producer at KGO radio.
    1965---Top Hits
I'm Telling You Now - Freddie & The Dreamers
Game of Love - Wayne Fontana & The Mindbenders
I Know a Place - Petula Clark
King of the Road - Roger Miller
    1965 - An article in Electronics magazine by Gordon Moore, later Intel Chairman, noted that chips seem to double in power every 18 months. Thus was born Moore's Law. Moore later asserted that his claim was that the number of components that can be packed on a computer chip doubles every 2 years. Articles often misquote Moore and claim an annual doubling. In 2005 Intel offered $10,000 for a pristine copy of the magazine.
    1967 – Frank and his daughter Nancy Sinatra won a gold record for their hit single, "Something Stupid".
http://users.cis.net/sammy/stupid.htm
http://greggers.granitecity.com/elvis/women/sinatranancy.htm
    1967-Katherine Switzer defied organizers of the all-male Boston Marathon by submitting an entry under the name K. Switzer and having it accepted. She showed up at the starting line wearing heavy sweats and a hooded sweatshirt and peeled off the outer layers of clothing once the race began. Officials tried to force Switzer off the course, but her boyfriend, hammer thrower Thomas Miller, running with her objected. She finished the race, but officials refused to record her time.
http://www.girlpower.gov/girlarea/gpguests/switzer.htm
    1967-THORSNESS, LEO K. Medal of Honor
Rank and organization: Lieutenant Colonel (then Maj.), U.S. Air Force, 357th Tactical Fighter Squadron. Place and date: Over North Vietnam, 19 April 1967. Entered service at: Walnut Grove, Minn. Born: 14 February 1932, Walnut Grove, Minn. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. As pilot of an F- 105 aircraft, Lt. Col. Thorsness was on a surface-to-air missile suppression mission over North Vietnam. Lt. Col. Thorsness and his wingman attacked and silenced a surface-to-air missile site with air-to-ground missiles, and then destroyed a second surface-to-air missile site with bombs. In tile attack on the second missile site, Lt. Col. Thorsness' wingman was shot down by intensive antiaircraft fire, and the 2 crewmembers abandoned their aircraft. Lt. Col. Thorsness circled the descending parachutes to keep the crewmembers in sight and relay their position to the Search and Rescue Center. During this maneuver, a MIG-17 was sighted in the area. Lt. Col. Thorsness immediately initiated an attack and destroyed the MIG. Because his aircraft was low on fuel, he was forced to depart the area in search of a tanker. Upon being advised that 2 helicopters were orbiting over the downed crew's position and that there were hostile MlGs in the area posing a serious threat to the helicopters, Lt. Col. Thorsness, despite his low fuel condition, decided to return alone through a hostile environment of surface-to-air missile and antiaircraft defenses to the downed crew's position. As he approached the area, he spotted 4 MIG-17 aircraft and immediately initiated an attack on the MlGs, damaging 1 and driving the others away from the rescue scene. When it became apparent that an aircraft in the area was critically low on fuel and the crew would have to abandon the aircraft unless they could reach a tanker, Lt. Col. Thorsness, although critically short on fuel himself, helped to avert further possible loss of life and a friendly aircraft by recovering at a forward operating base, thus allowing the aircraft in emergency fuel condition to refuel safely. Lt. Col. Thorsness' extraordinary heroism, self-sacrifice, and personal bravery involving conspicuous risk of life were in the highest traditions of the military service, and have reflected great credit upon himself and the U.S. Air Force.
    1968 -Santana Blues Band and Frumious Bandersnatch at the San Francisco Carousel Ballroom.
    1969-- The first horse race in the U.S. that featured all women jockeys was run at Suffolk Downs, Boston, Massachusetts.
    1971-Over 1000 Veterans demonstrate against the Vietnam war in Wash D.C., throwing their medals over the Capitol fence.
    1972- Roberta Flack is awarded a gold record for "First Time Ever I Saw Your Face," the Number One 45 for six weeks in the spring. The former schoolteacher from North Carolina will continue to have a string of hits, several of them recorded with singer Donny Hathaway.
    1973- Glenrock, Wyoming received 41 inches of snow in just 24 hours, and a storm total of 58 inches, to establish two state records.
    1973---Top Hits
The Night the Lights Went Out in Georgia - Vicki Lawrence
Tie a Yellow Ribbon Round the Ole Oak Tree - Dawn featuring Tony Orlando
Sing - Carpenters
A Shoulder to Cry On - Charley Pride
    1975-Van McCoy's "The Hustle" enters the pop and R&B charts where it will later top both. The instrumental song is inspired by the dance of the same name and McCoy becomes one of the first industry people to get into the disco music scene.
    1976 - The northeastern U.S. was in the midst of an early season heat wave, and the Boston Marathon took place in 90 degree heat. At Providence RI the mercury hit 98 degrees.
    1976 - On this date, the day of the Boston Marathon, the northeast was in the midst of an early spring heat wave. The temperature at Providence, Rhode Island soared to 98 degrees. The temperature at Hopkinton, Massachusetts where the raced started was in the upper 90's but runners hit a cooling sea breeze upon entering Boston with temperatures dropping into the upper 60's.
    1977 - Alex Haley, former historian of the US Coast Guard, received a special Pulitzer Prize for his book "Roots."
    1978- Arista Records releases the Patti Smith Group's single "Because the Night." It is co-written by Smith and Bruce Springsteen and will become Smith's only charting single making it to #13 later in the year.
    1980-Brian Johnson replaces the late and great Bon Scott as AC/DC's lead singer. Later in the month, the band begins recording Back In Black. I saw the band in person in Campbell, California, and later at the Cow Palace. Bon Scott was the glue that held the bank together, but "Black is Black" was planned before his death and is one of AC/DC's best albums.
    1981 - The first major-league baseball team to win 11 straight games at the beginning of a season was the Oakland A's. Win number 11 came with a few fireworks, as a brawl or two became a part of a 6-1 victory over Seattle in the first game of a doubleheader. In the second game, however, Seattle ended the A's win streak with a 3-2 win.
    1981-The Pawtucket Red Sox hosted the Rochester Red Wings in a n International League game that turned into the longest contest in professional baseball history. It began on a cold Saturday night, April 18, and was suspended at 4:07am April 19 with the teams tied, 3-3, after having played 32 innings. When the game resumed on June 23, Pawtucket pushed across the winning run in the bottom of the 33 rd inning after only 18 minutes of play.
    1981---Top Hits
Kiss on My List - Daryl Hall & John Oates
Morning Train (Nine to Five) - Sheena Easton
Just the Two of Us - Grover Washington, Jr./Bill Withers
Old Flame – Alabama
    1982- Paul Simon and Art Garfunkel, following their successful reunion concert in New York's Central Park the previous September, announced that they would stay together "as long as the fans want us." But by the time the album they were working on came out 18 months later, all traces of Garfunkel's contributions had been electronically removed.
    1983 - a strong storm system dumped heavy snow in the northeast with 15 inches of snow in northern New Jersey, one foot in Scranton, Pennsylvania, and up to 17 inches in the Catskills of New York.
    1986 -a major storm system produced 10 tornadoes in Texas. One of these tornadoes, rated F3 in intensity, virtually annihilated the town of Sweetwater, Texas. The tornado struck at the unlikely time of 7:17 am. One person was killed and 100 were injured.
    1987 - Forty cities in the central U.S. reported new record high temperatures for the date as readings soared into the 80s and lower 90s for Easter Sunday. Fort Smith AR reported a record high of 95 degrees.
    1988-late Sonny Bono is inaugurated as the Mayor of Palm Springs.
    1989 - A dozen cities in the southwestern U.S. reported new record high temperatures for the date. The afternoon high of 98 degrees at Hanksville, UT equaled their record for April. Tucson AZ reported their earliest 100 degree reading of record.
    1989- In one of the worst naval disasters since the war in Vietnam, a freak explosion rocked the battleship USS Iowa , killing 47 sailors. The explosion occurred in the No. 2 gun turret as the Iowa was participating in gunnery exercises about 300 miles northeast of Puerto Rico.
    1989 - A dozen cities in the southwestern U.S. reported new record high temperatures for the date. The afternoon high of 98 degrees at Hanksville UT equaled their record for April. Tucson AZ reported their earliest 100 degree reading of record.
    1989---Top Hits
She Drives Me Crazy - Fine Young cannibals
Like a Prayer - Madonna
Funky Cold Medina - Tone Loc
I'm No Stranger to the Rain - Keith Whitley
    1983-Dennis Rodman of the Detroit Pistons won the first rebounding title of his NBA career. He snared 1,530 rebounds, 42.1% of Detroit's total, for an average of 18.7 per game.
    1995- a car bomb exploded outside the Alfred P. Murrah Federal Building at Oklahoma City, OK, at 9:02 AM, killing 168 people, 19 of them children at a day-care center; a nurse died of head injuries sustained while helping in rescue efforts. The bomb, estimated to have weighed 5,000 pounds, had been placed in a rented truck. The blast ripped off the north face of the nine-story building, leaving a 20-foot-wide crater and debris two stories high. . Structurally unsound and increasingly dangerous, the bombed building was razed May 23. Timothy J. McVeigh, a decorated Gulf War army vet who is alleged to have been angered by the Bureau of Alcohol, Tobacco and Firearms (ATF) attack on the Branch Davidian compound at Waco, TX, exactly two years before, was convicted of the bombing and was executed June 11, 2001. The ATF had offices in the OK federal building. Terry L. Nicholls, an army buddy of McVeigh, was convicted of lesser charges.
    1996 - One of the most memorable tornado outbreaks in Illinois history occurred on April 19, 1996. During the day, 33 tornadoes were reported as super cells erupted and moved across the state during the afternoon and evening hours. Wind estimates in excess of 170 mph were associated with some of the stronger tornadoes, one of which ripped through nearby Ogden, IL.
    2002-- Mariners' third baseman Jeff Cirillo ties the major league record for consecutive errorless games at the hot corner by playing his 99th contest without a miscue. The mark took John Wehner more than eight years to establish playing as a journeyman infielder with the Dodgers, Pirates and Marlins.

Stanley Cup Champions This Date

    1947 Toronto Maple Leaves


[headlines]
--------------------------------------------------------------


Spring Poem

How Do I Love Thee?

by Elizabeth Barrett Browning

How do I love thee? Let me count the ways.
I love thee to the depth and breadth and height
My soul can reach, when feeling out of sight
For the ends of being and ideal grace.
I love thee to the level of every day's
Most quiet need, by sun and candle-light.
I love thee freely, as men strive for right.
I love thee purely, as they turn from praise.
I love thee with the passion put to use
In my old griefs, and with my childhood's faith.
I love thee with a love I seemed to lose
With my lost saints. I love thee with the breath,
Smiles, tears, of all my life; and, if God choose,
I shall but love thee better after death.

[headlines]

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

SuDoku

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

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

[headlines]

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

Daily Puzzle

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

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

[headlines]

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

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

[headlines]

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

Weather

See USA map, click to specific area, no commercials

http://www.weather.gov/

[headlines]

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

Traffic Live---

Real Time Traffic Information

You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live

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

[headlines]

Independent, unbiased and fair news about the Leasing Industry.