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Tuesday, April 19, 2011

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  Leasing Icon Robert Krause Retires
   Classified Ads---Asset Management/Collections
Key Bank and Leasing---The Numbers
 Leasing is Not one of the reasons for all the bank failures
  Charlie Chan saying…
    Leasing 102 by Mr. Terry Winders, CLP
    Signatures on Documents
Proposed FASB Rules Delayed again
  Classified Ads—Help Wanted
   Top Stories April 12-April 15
  ELFA Accepting Member Nominations
   2011 Operations & Technology Excellence Award
    Cleveland, Ohio Adopt-a-Dog
News Briefs---
 Citi profit sags as revenue shrinks, expenses grow
  Utah bank official charged with money laundering
   Deutsche Bank’s $4 Billion Las Vegas Cosmopolitan
    Nat. Assoc. Builders Outlook Pessimistic
     Oregon Leasing Company Wants Health Exchange
      Frontrunners Emerge On 'Dancing'
       Paul McDonald Wasn't 'Comfortable' Singing/American Idol'

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Top Ten Stories Chosen by Readers | Top Stories last six months

  50 Top World Restaurants—says Who?
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######## 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.


Leasing Icon Robert Krause Retires

Dear Kit: I have resigned from The Alta Group and have announced my retirement from the Leasing business. You can cease sending me Leasing News which I always enjoyed receiving.”

Bob Krause

A life-time New Yorker, Robert Krause began his 48-year financial services career at Standard Financial Corporation, later worked for a Rothschild banking group affiliate, and then served as a founder and president of Northern Financial Corporation, which was purchased by Aetna in the 1970s and became Aetna Business Credit. He then held key positions for Todd Equipment Finance, and Granat Leasing.

Krause’s career at Sterling Bank Leasing began in 1993, a very active source for small ticket "app only" transactions as well as larger ticket transaction. He was always active, often quoted in Leasing News, and well-known as a "straight shooter" who was not afraid to voice his opinion.

He joined the Alta Group September, 2008.

Considered a tireless advocate for the leasing industry, he was an early board member of the Equipment Leasing and Finance Association (ELFA). He was founder and first president of the Eastern Association of Equipment Lessors (EAEL), which honored him with its Lifetime Achievement Award.

Alison Pryor, then executive director of EAEL, said Krause was recognized for his “years of leadership, ethical treatment of employees and customers, and significant contributions to the leasing industry and EAEL.”

Robert Krause was an early Leasing News supporter, and long time advertiser. He certainly deserves his retirement and the leasing industry will certainly miss his contributions and concern about ethical business practices.


Classified Ads---Asset Management/Collections

(These ads are “free” to those seeking employment or looking
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Key Bank and Leasing---The Numbers

While Key Corp., Cleveland, Ohio (NYSE: KEY) reported net income from continuing operations of $184 million for the first quarter of 2011, there was good news and bad news for their leasing division. Losses are down, but so are sales, reflecting the many announcements in Leasing News “New Hires” of sales leaving the company and going to work for other leasing entities, coupled with new positions announced at Key Equipment Finance.

Commercial Leasing (in millions)

First Quarter, 2011
4th Quarter, 2010
First Quarter, 2010

Charge offs

1st Quarter, 2011
4th Quarter, 2010
3rd Quarter, 2010
2nd Quarter, 2010
1st Quarter, 2010

The charge offs should then be contrasted with the FDIC filing leasing finance receivables losses of $62.49 million 2011, $106.5 million 2010, and $62.4 million 2009.

Key Corp. otherwise had a lot of bragging to make as:

  • Net interest margin at 3.25% for the first quarter of 2011

  • Nonperforming loans declined $183 million to 1.82% of period-end loans

  • Nonperforming assets declined $249 million

  • Loan loss reserve at 2.83% of total period-end loans

  • Net charge-offs declined to $193 million, or 1.59% of average loan balances, for the first quarter of 2011

  • Repurchased $2.5 billion of preferred stock related to participation in TARP


Pres.-CEO Elect Beth Money/Pres.-CEO Henry Meyer

"We expect to build 40 new branches in 2011, having opened 8 of those new branches in the first quarter and 77 others in the previous two calendar years," Key's President and Chief Operating Officer and CEO-elect, Beth Mooney, told reporters. “In addition, Key originated approximately $6.9 billion in new or renewed lending commitments to consumers and businesses during the first quarter, which is up from $5.3 billion for the same period last year."

Current President and CEO Henry Meyer, looking like he was happy to be leaving the bank in good hands with Ms. Money as CEO, explained, "...when we're looking at branches today, we're really looking at stores that are going to take in retail deposits but also make small-business and middle-market loans be attractive to private banking and a more, a different clientele there. So it's really a more holistic approach to the Community bank than it is just a retail deposit play."

The bank obviously wants to get more involved in the communities where its branches are located.

The change in mixture of products can be seen in the following two charts from the SEC filing:

(click here to view larger)

8K Key Filing:

Transcript of telephone conference with reporters:


Leasing is Not one of the reasons for all the bank failures

The good news is in the last two years of bank failures, readers will see very few lease losses in the charge offs or having difficulty. In writing Bank Beat for over two years there were several banks with leasing enterprises, very few loses reported. While there have been several recent fraud that hit all the major leasing companies, including banks such as Allied Health Care Services and Equipment Acquisition Resources, they did not result in bank failure. These also were unusual events, although quite dramatic.

Almost all the problems related by the failed banks are real estate development, and while first and second mortgage were of major trouble for the very large banks, for the community and regional banks, construction and land development and related loans were the main culprit. Once the personal guarantees and value of the land was considered to be one of the best, but today there are a lot of ex-millionaire developers and bank stock holders who are disappointed in their friends who talked them into investing.

It is not to say that many of the non-current loans were not first or second mortgages, but the real estate development problems is the most common theme, and for quite some time, too. These banks closed last week by the FDIC, have been in trouble for three to four years, indicating they are more to follow as the FDIC works the marketplace to the best of their ability. Their insurance fund this week was hit for $588.1 million, and many are thankful it wasn't worse.

The hardest hit was Superior Bank, Birmingham Alabama, costing the Deposit Insurance Fund (DIF) will be $259.6 million.

The 73 branches with 824 full-time employees of Superior Bank were closed on Friday, following a story in the Wall Street Journal on Thursday, using this regional bank as an example of how even regional banks are having difficulties that larger banks are able to overcome offering products that smaller banks don't have inroads or experience to enter. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Superior Bank, N.A., Birmingham, Alabama, a newly-chartered bank subsidiary of Community Bancorp LLC, Houston, Texas, to assume all of the deposits of Superior Bank.

What the Wall Street Journal missed by one day is that Superior Bank become the first multi billion dollar banking failure of 2011.

Superior Bank had lost $15.3 million year-end 2010 and $232.2 million year-end 2011 after charges offs of $167.4 million ($90.6 million construction and land development, $21.4 million in 1-4 family residential properties, $17 million multifamily residential properties, $29.9 million in nonfarm non residential property, $5.4 million in commercial and industrial loans, $2.9 million in loans to individuals. Tier 1 risk-based capital ratio: 1.80% notes, "Shareholders of Superior Bancorp have seen the price of their investment drop from $45 dollars per share in 2007 to 28 cents on today’s closing price, resulting in a total loss of almost $600 million."

As of December 31, 2010, Superior Bank had approximately $3.0 billion in total assets and $2.7 billion in total deposits. In addition to assuming all of the deposits of the failed bank, Superior Bank, N.A. agreed to purchase essentially all of the assets.

The Wall Street Journal article mentioned year-end filings not being filled with NASDAQ or other entities; however, the year-end FDIC filings were available, showing a dramatic equity drop from $272.5 million year-end 2010 to $49.2 million year-end 2011 with $266.2 million in non-current loans.

Nexity Bank, Birmingham, Alabama, like Superior stepped into Chapter 11 bankruptcy on July 26, 2010, trying to pull itself together, but was closed last Friday with AloStar Bank of Commerce, Birmingham, Alabama, a newly-chartered bank, to assume all of the deposits of Nexity Bank.

The bank was founded February 22, 1968 and had gone from 105 full time employees in 2010 to 81 by year-end 2011. Equity had dropped from $27.6 million to $958,000 year-end 2011, a minus $3.2 million equity first quarter of this year. The bank had lost $59.2 million year-end 2010, $22.4 million year-end 2011, and $5.7 million the first quarter of this year. Non-current loans were $60.7 million. 2010 charges offs were $44.4 million with $29.8 million in construction and land development and $14.1 million in other loans. Charge offs in 2011 were $7.8 million in construction and land development, $2.6 million in nonfarm nonresidential and 1.9 million in construction and industrial loans and $9 million in other loans. Tier 1 risk-based capital ratio end of year was 1.23% and .000975% with over $19.9 million in past due and nonaccrual loans.

Nexity Bank had offices in Atlanta, Georgia, Columbia, South Carolina, Myrtle Beach, South Carolina and Raleigh, North Carolina. November 1, 1999, the bank acquired all of the outstanding common stock of Peoples State Bank, Grant, Alabama. January 5, 2000: Peoples State Bank's name changes to Nexity Bank, and the main office relocated to Birmingham, Alabama. The branch in Grant, Alabama continued to operate as a traditional bank under the name "People's State Bank."

As of December 31, 2010, Nexity Bank had approximately $793.7 million in total assets and $637.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, AloStar Bank of Commerce agreed to purchase essentially all of the assets.

The FDIC and AloStar Bank of Commerce entered into a loss-share transaction on $384.2 million of Nexity Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $175.4 million.

Another bank hit with real estate development was the four branches of Bartow County Bank, Cartersville, Georgia, who were closed with Hamilton State Bank, Hoschton, Georgia, to assume all of the deposits. Founded March 28, 1974, the bank had gone from 83 full time employees in 2010 to 67 full time employees by year end 2011. Equity had taken a dramatic drop from $21.4 million to $2.5 million in the same time period.

The bank web site stated:
"Bartow County Bank was started in 1974 by a group of local business people with a vision to help serve the financial needs of Cartersville and the surrounding area.

"At that time, Cartersville was a sleepy little town located 30 minutes north of Atlanta. But, with the completion of interstate 75, things soon changed. Businesses started relocating to our area and tourists found Cartersville, with its varied culture, a nice place to stop. Many tourists even decided to stay permanently. Bartow County Bank has also grown with the area, becoming Bartow County's largest bank. We have seen many community banks bought out by larger banks and many big banks opening locations here."

Fifty miles from Atlanta, the town was not named after President Jimmy Carter but named for Col. Farish Carter. As of the 2000 U.S. census, the population of Cartersville was 29,925. Some population growth has been apparent as the city's population rose to about 41,234 at the U.S. Census Bureau's estimate in 2005. Caught in the boom of Georgia, the bank had lost $11.7 million in 2010 and $18.7 million in 2011 with non current loans and leases of $32.7 million following two years of charge offs in real estate loans, $10.8 million the previous year and $10 million in 2011 ($4.5 million construction and land development, $2.3 million in nonfarm nonresidential properties, $2 million in commercial and industrial loans, $348,000 multiple housing, $148,000 loans to individuals. Tier 1 risk-based capital ratio: 1.09%

As of December 31, 2010, Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Bartow County Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $69.5 million.

New Horizons Bank, East Ellijay, Georgia, was closed with Citizens South Bank, Gastonia, North Carolina, to assume all of the deposits. Founded May 21, 2004, they had 22 full time employees.

As of December 31, 2010, New Horizons Bank had approximately $110.7 million in total assets and $106.1 million in total deposits. Citizens South Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of New Horizons Bank.

Bank equity end of 2010 was $7.2 million; end of 2011: $485,000. The bank had lost $3.2 million the previous year and in 2011 had lost $6.9 million with $7.9 million in non-current loans. Charge offs in 2011 were $2 million in construction and land development, $380,000 in 1-4 family residences, $250,000 in commercial loans and $1.9 million in "other loans." Tier 1 risk-based capital ratio: 0.37%.

Again, criticism of banks in Georgia dependent on real estate loans; however, the problem was nationwide with the bank structure in Georgia showing the community banks hit the hardest as at one time real estate loans were considered one of the best collateral assets to have. Was the bank overextended or over exuberate. If you were a stockholder, you probably have stronger language to describe the president and board of directors’ stewardship

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.9 million.

The eight branches of Heritage Banking Group, Carthage, Mississippi, were closed with Trustmark National Bank, Jackson, Mississippi, to assume all of the deposits. Heritage was established January 1, 1920, made it through the depression, and had 66 full time employees.

Bank equity was $14.9 million year-end 2010 and $4.5 million year-end 2011. The bank had lost $1.9 million year-end 2010 and lost $10.4 million year-end 2011.Non-current loans were $17.5 million. The bank declared $1.8 million in land construction and development, $1.3 million in property secured by 1-4 multifamily residential properties, $533,000 loans to individuals, $124,000 construction and land development, $140,000 secured by farm land, and $298,000 in multifamily residential properties. Tier 1 risk-based capital ratio: 2.71%

As of December 31, 2010, Heritage Banking Group had approximately $224.0 million in total assets and $196.2 million in total deposits. Trustmark National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of Heritage Banking Group. In addition to assuming all of the deposits of the failed bank, Trustmark National Bank agreed to purchase essentially all of the assets.

The FDIC and Trustmark National Bank entered into a loss-share transaction on $156.4 million of Heritage Banking Group's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $49.1 million.

The 33rd FDIC-insured institution to fail in the nation this year, and the first in Minnesota, was Rosemount National Bank, Rosemount, Minnesota. Central Bank, Stillwater, Minnesota, was chosen to assume all of the deposits. Established October 1, 1982, the bank had 15 full time employees. Central Bank has acquired four closed Minnesota banks and one in Fort Myers, Fla., since the financial crisis began nearly four years ago.

The bank had been under a cease and desist order since April 28, 2010, with the main one to raise additional capital.

As of December 31, 2010, Rosemount National Bank had approximately $37.6 million in total assets and $36.6 million in total deposits. Net equity had gone from $2.9 million year-end 2010 to $899,000 year-end 2011. Noncurrent loans were $1.7 million.

The bank had lost $2.5 million year-end 2010 and $1.8 million year-end 2011 with $941,000 in construction and land development, $15,000 in commercial and industrial loans and $15,000 in loans to individuals. Tier 1 risk-based capital ratio: 2.90%

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.6 million.

Tracking Bank Failures Map:

List of Bank Failures:

Bank Beat:



Leasing 102
by Mr. Terry Winders, CLP

Signatures on Documents

I have written on the subject of making sure all blanks in the lease are completed prior to the Lessor signing the lease agreement. The lessor’s signature completes the contract. However, lately I have inspected lease agreements where the signatures are mere scribbles on a line with no additional information. The question is---who or what signed the lease?

In the early 1970’s, even small ticket leases required a notary signature. Leasing salesmen and brokers became notaries in most state to comply with this. As more and more got into leasing, this practice ended in small ticket leases as the practice became to obtain a copy of the person’s driver’s license. Often, this was forgotten by the salesman and then followed up with a fax. Or often, the signer went into where the copier was kept and came back with a copy of the driver’s license, or worse, the documents were left for signature of the president with a personal guarantee and then presented with the driver’s license copy.

In reality, the driver’s license is not legal proof as a notary, plus does not stop the claim the lessee was not signing as an individual but as a corporate officer to all the documents, including the personal guarantee. Some leasing companies realize this and required the broker or salesman to sign as a witness, in reality a poor legal practice.

In preparing the document, it is important that the name of the signor should be typed or printed below the signature to identify the individual that signed the agreement. This includes the corporate resolution as well as personal guarantee documents. Next a witness line should be provided for; especially if there is no corporate resolution, or signing authority to attest to the right of the individual to sign for the firm.

We seem to follow these rules when there is a large lease but as the size dwindles down our documentation efforts loosen up. It is considered smart to revert back to witness lines when there is no request for signing authority. This happens often when the lessee is a small firm and the owner or manager signs the lease. But it is hard to determine who signed the lease when the signature is a scribble with no additional information. Why leave it to a court to determine if the copy of the driver’s license is sufficient? Or the signer stating he was signing all documents as a corporate officer, not as a personal guarantee. If it is typed or printed below his name there is no argument here. For added precaution, add a place for social security number and home telephone number.

A treasury agent told me some time ago that the more neatly you sign your name the more difficult it is to forge. The easiest to forge is a scribble or a constant wave of hills and valleys. You would be surprised at how often an executive assistant has learned how to sign her boss’s name. And a salesman after his commission may look the other way, after all is only a "small” lease.

The question of signing authority and who signed the lease has come up in court too many times to be ignored. You must have a witness or signing authority for each lessee signature. If you use the witness line, it would be best to use one of the Lessee’s employees and just like the actual signor the name should be printed below the signature to identify the person. If an employee of the firm is not available, then the lease salesperson can sign as a witness but it should be a last resort.

In addition the title of each person should be included to erase any confusion that they may be signing personally. This is also true for the Lessor, signature then title and a printed or typed correct spelling of his/her name.

Sloppy documents, failure to completed blanks in the lease and confusion on signatures has caused more problems in court than any failure to make payments. Also once the lease is complete you should send a copy to the lessee and record the date and how you sent it.

You should complete an internal audit of your portfolio at least once a year to look for these kinds of problems, so you can nip it in the bud and save yourself a load of grief in the future.

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:

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


Proposed FASB Rules Delayed again

Continued lobbying by national and international banks and manufactures, as well as the financial community, as again postponed transparency changes for further “discussion “ regarding the Financial Accounting Standards Board proposed leasing regulations.

The joint standard setting bodies – the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB – have formally announced a further delay in the timetable for finalizing the new lease accounting standard, and other priority projects. The last target date for their completion had been June this year.

The G20 inter-governmental group set the end of the year for the board to complete the new standards.

Gary DiLillo, President 216-658-5618 or

To learn more about the benefits of
outsourcing personal property tax, please click here.


Leasing Industry Help Wanted

High Compensation to High Achievers
Leasing Subsidiary of a National Bank Holding Company looking for experienced professionals (10+ years of experience in commercial finance industry) who can originate a volume of bank-qualified credits (primarily SEC reporting companies). Average transaction size from $1-20MM. Enjoy private
office in our Southern California location.
We offer excellent commission with a draw.
Send resume in strictest confidence to:

Documentation Administrator
Los Angeles, CA

Join one of the Monitor's Top Ten Independent Finance and Leasing Companies doing middle and large ticket transactions. Going on 22 years of successful, repeat business with an excellent reputation in the finance/lease community. Please email resume to:
We will contact you for a personal interview
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Knowledge of transportation industry a plus, but not required. Compensation commensurate with experience

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Please see our Job Wanted section for possible new employees.


Top Stories April 12-April 15

Here are the top ten stories opened by readers:

(1) Archives---April 12, 2001
Aggregate Leasing Companies--

(2) 2011 NAELB National Conference Wrap-Up
By Mae Philpott, Dakota Financial

(3) Leasing Association Membership Confirms
Changing Industry
by Christopher Menkin

(4) Allied Health Care Services Not Over

(5) Madison Capital: How Did We get here?
by Allan Levine, COO, Madison Capital

(Tie) (6) Bank of the West moving more workers to Bishop Ranch

(Tie) (6) Up-Date--Looking for information on Scientific Imaginetics

(7) ‘Pia was never a frontrunner’

(8) Bank Beat---Chicago area and Vegas Bank Failures

(Tie) (9) FBI Press Release on Guilty Plea

(Tie) (9) Schwartz Ex-Marine lets Marines get Evicted---Semper Fi

(10) Leasing 102 by Mr. Terry Winders, CLP
Additional Lessee Accounting

(Due to technical reasons, not included)
Allied Health Care Services Charles K. Schwartz Pleads Guilty


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

ELFA Accepting Member Nominations for
2011 Operations & Technology Excellence Award

Deadline for Submittals June 6

Washington, D.C.— The Equipment Leasing and Finance Association (ELFA) announced it is accepting member nominations for its 2011 Operations & Technology Excellence (O&TE) Award. The O&TE Award will be presented to two winners at ELFA’s 50th Annual Convention, October 23-25 at the JW Marriott Hill County in San Antonio, Texas. The deadline for award nominations is June 6.

The O&TE Award Program identifies and recognizes equipment leasing and finance companies that have demonstrated best practices in developing and implementing innovative uses of technology or creative business processes to improve operations, enhance customer interactions, enter new markets and build overall ROI. The program brings the backroom to the foreground, spotlighting the best in the industry to provide an example for others.

“The O&TE Award is a wonderful opportunity to celebrate the innovation and quality of continuous improvement initiatives in equipment finance,” said Deborah Reuben, Product Manager, HCL Technologies and O&TE Award Sub-committee Chair. “The outstanding achievements of member companies in pursuing excellence and creating value are a benefit to their organizations and the entire industry.”

In addition to the winners receiving recognition at the ELFA Annual Convention, they will receive industry-wide recognition on the ELFA website, in ELT Magazine and in the ELFA SmartBrief.

For details on award entry eligibility, requirements and judging, visit Nominations must be received no later than Midnight Eastern Time, Monday, June 6, 2011. Nominations should be submitted via email only to Racquel Codling at with MS Office compatible attachments.

About ELFA
The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $521 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its over 600 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. In 2011, ELFA is celebrating 50 years of equipping business for success. For more information, please visit Follow ELFA on Twitter @ELFAonline.

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


Cleveland, Ohio-- Adopt-a-Dog

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and would benefit with some obedience training."

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Adoption Procedure:

Adopt-a-Pet by Leasing Co. State/City

Adopt a Pet

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• Fraud Investigation
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• Third-party Commercial Collections

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

--- News Briefs

Citi profit sags as revenue shrinks, expenses grow

Utah bank official charged with money laundering

Deutsche Bank’s $4 Billion Las Vegas Cosmopolitan

Nat. Assoc. Builders Outlook Pessimistic

Oregon Leasing Company Wants Health Exchange

Frontrunners Emerge On 'Dancing'; Kirstie Alley & Maksim Chmerkovskiy Get Help From Famous Dance Doctor

Paul McDonald Wasn't 'Comfortable' Singing Covers On 'American Idol'

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Peyton Hillis or Michael Vick will be on the cover of Madden ’12

California Nuts Briefs---

Anniversary 3.7 quake shakes northern Peninsula

New Lease on old Hacienda Shopping Center

“Gimme that Wine”

Twister Tears Up Maryland Winery

Patricia Kluge Says Her "Personal Armageddon" Is Over After Selling Vineyard At $64 Million Discount

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Legendary Sta Rita Hills AVA "La Encantada" Vineyard Changes Hands

Is Napa Welcoming or Impenetrable? Yes.

Free Mobile Wine Program

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US/International Wine Events

Winery Atlas\

Leasing News Wine & Spirits Page


This Day in American History

    1631 - English colony of Massachusetts Bay granted Puritans voting rights and John Winthrop was elected 1st governor of Massachusetts.
    1675-- Katen Tekakwitha - Mohawk- Algonquian, baptized this day. She was the first Native American proposed for sainthood in the Roman Catholic Church. Raised by an anti-Christian uncle after her parents died when she was four. When she was 19 she followed in her mother's footsteps and was baptized Christian. It is said she faced bigotry by Mohawks who opposed Christianity and saw it destroying their way of life. She was pious and refused to marry further separating her from the Indian culture. It is said she lived a "life of great spirituality and asceticism." After her death at age 24 miracles were attributed to her and in 1884 a plenary council of the Roman Catholic Church, meeting in the U.S. petitioned Rome for her canonization. The move was seen as a step to influence Indians to accept the church that accepted them as well as to recognize miracles attributed to her. In 1943 she was "recognized as possessed of heroic virtue," but no further action has been taken for her canonization.
    1775- Paul Revere, William Dawes and Samuel Prescott started at about 10pm, Eastern Time, to warn American patriots between Boston, Massachusetts and Concord, Massachusetts of the approaching British. Revere never completed the ride as he was captured by the British. The poem only remembers the one rider. Henry Wadsworth Longfellow’s poem about Paul Revere, published in 1861, was written to impress northerners during the Civil War of the necessity of fighting for liberty:
“One, if by land, and two, if by sea:
And I on the opposite shore will be,
Ready to ride and spread the alarm
Through every Middlesex village and farm
For the country fold to be up and to arm.”
From Richard Shenkman’s, “ I love Paul Revere whether he rode on Not:
President Harding worries about Paul Revere:
“Imagine for a moment in 1923, Al Capone is assembly an army of gun-toting henchmen in Chicago. (They will number 700 before he is through.) Cotton farmers in the South are sunk in depression. The Ku Klux Klan is on the rise. Newspaper headlines tell of corruption in the Veterans Bureau (the director has had to resign). Rumors in the capital hint of the coming Teapot Dome Scandal (Eventually two secretaries in the cabinet will go to jail, convicted of corruption.) But these are not the things that concern the president of the United Sates. What worries Warren Harding---touring the country on a campaign swing that will prove to be his last---is a recent attack on the legend of Paul Revere. An iconoclast had noted that Revere never completed the ride made famous by Longfellow. Before giving warning to Concord, Revere was discovered by the British and captured. They kept his horse, but released him, not knowing his mission, but wanting his horse as “tribute.” Dawes horse fell during the long and rough trip and could not finish. Harding, however, told the crowd he didn’t care. “I love the story of Paul Revere,” the president intoned in his most presidential-sounding voice, “whether he rode or not.” The fact is Paul Revere did ride, but it was Samuel Prescott who finished and actually made the warning known. The Minutemen were prepared for the British attack on April 19.
    1818 -- A regiment of Indians and blacks is defeated at the Battle of Suwanna, in Florida, ending the first Seminole War.
    1829--Birthday of Katherine Russell (Mother Mary Baptist), established homes in San Francisco for prostitutes, unemployed women, the aged and infirmed, and founder of St. Mary’s Hospital
in San Francisco. A House of Mercy for unemployed women opened in 1855, a Magdalene Asylum for prostitutes in 1861, and the home for the aged and infirmed in 1872. The daughter of a well-to-do family, she became a nun in her native Ireland. She headed a group of eight sisters sent to San Francisco to establish a convent and school. During a cholera epidemic her order worked with the city to care for dependent patients at a government hospital. Religious problems arose and Mother Mary purchased the building and named it St. Mary's Hospital, the first Catholic hospital on the Pacific coast. Under her direction the convent opened branches and hospitals in several California cities.
    1847 -- U.S. forces defeat Mexicans at Cerro Gordo in one of the bloodiest battle of the war, one of the turning points of the war. After
purchasing all the land from France, the Southwest was seized in
war with Mexico.
    1856-Senator J.B. Weller of California urged passage of a bill to authorize and facilitate the construction of a railroad and magnetic telegraph to the West.
    1857-birthday of Clarence Darrow, American attorney often associated with unpopular causes, from the Pullman strike in 1894 to the Scottsboro case in 1932, born at Kinsman, OH. At the Scopes trial, July 13, 1925, Darrow said: "I do not consider it an insult, but rather a compliment, to be called an agnostic. I do not pretend to know where many ignorant men are sure--that is all that agnosticism means."
    1864 -At Poison Springs, Arkansas, Confederate soldiers under the command of General Samuel Maxey capture a Union forage train and slaughter black troops escorting the expedition. The Battle of Poison Springs was part of broad Union offensive in the region of Texas, Louisiana, and Arkansas. General Nathaniel Banks had led a Yankee force through Louisiana in March and April, but a defeat in northwestern Louisiana at the Battle of Mansfield on April 8 sent Banks in retreat. Union forces nearby in Arkansas were moving towards Banks' projected thrust into Texas with the intention of securing southwestern Arkansas for the Federals. Union General Frederick Steele occupied Camden, Arkansas, on April 15. Two days later, he sent Colonel John Williams and 1,100 of his 14,000-man force to gather 5,000 bushels of corn discovered west of Camden. The force arrived to find that Confederate marauders had destroyed half of the store, but the Yankees loaded the rest into some 200 wagons and prepared to return to Camden. On the way back Maxey and 3,600 Confederates intercepted them. Maxey placed General John Marmaduke in charge of the attack that ensued. Williams positioned part of his force, the 1st Kansas Colored Infantry, between the wagon train the Confederate lines. The regiment was the first black unit in the army, comprised primarily of ex-slaves. The determined soldiers of the 1st Kansas stopped the first two Rebel attacks, but they were running low on ammunition. A third assault overwhelmed the Kansans, and the rout was on. Williams gathered the remnants of his force and retreated from the abandoned wagons. More than 300 Yankee troops were killed, wounded, or captured, while the Confederates lost just 13 killed and 81 wounded. Most shocking was the Rebel treatment of the black troops. No black troops were captured, and those left wounded on the battlefield were brutally killed, scalped, and stripped. The Washington Telegraph, the major Confederate newspaper in Arkansas, justified the atrocity by declaring "We cannot treat Negroes taken in arms as prisoners of war without a destruction of social system for which we contend."
    1865 -Union General William Tecumseh Sherman and Confederate Joseph Johnston signed a broad political peace agreement at Durham Station, North Carolina. The agreement promised a general amnesty for all Southerners and pledged federal recognition of all Southern state governments after their officials took oath of allegiance to the US. The new administration reneged on this, Sherman was roundly criticized publicly in drawing up the agreement that former President Lincoln and General Grant had instructed him to negotiate. The agreement was rejected by President Andrew Johnson, and Sherman and Johnston were forced to reach a new agreement with terms virtually the same as those given Robert E. Lee.
    1880- Birthday of Samuel Earl “Wahoo Sam” Crawford, Wahoo, Nebraska.. Wahoo Sam played pro ball for 20 years with the Detroit Tigers, racking up a career batting average of .309. His record of 312 career triples still stands. He was inducted into the Baseball Hall of Fame in 1957.
    1880 -a major tornado outbreak occurred from Arkansas to Michigan with 22 tornadoes rated F2 or greater. Three F4 tornadoes in Missouri did most of the killing with 68 people killed at Marshfield, Missouri. Another F4 tornado in Missouri was on the ground for 93 miles. 165 peopled were killed in this outbreak and over 500 were injured.
    1906-- Over 3, 000 lives were lost in the San Francisco earthquake, primarily due to the fire that practically destroyed San Francisco after a series of major earthquakes; some 10,000 acres were affected, as far as Mendocino, where farms near the coast actually fell into the ocean. While much damage was caused by the earthquake, it was the seventh Great Fire that burned for four days that contributed to the deaths. Hundreds, perhaps thousands of trapped persons died when South-of-Market tenements collapsed as the ground liquefied beneath them. The earthquake shock was felt from Coos Bay, Oregon, to Los Angeles, and as far east as central Nevada, an area of about 375,000 square miles, approximately half of which was in the Pacific Ocean. There were 135 aftershocks on April 18, and 22 on April 19.
    1913-Birthday of American composer Kent Kennan, born Milwaukee, Wisconsin. Died: 1 November 2003 , Austin, TX
    1921-Birthday of Barbara Hale, U.S. actor best known for her TV portrayal of Perry Mason's dutiful secretary Della Street.
    1922--Birthday of calypso music pioneer Lord Kitchener, whose real name is Aldwyn Roberts. Died 2000.
    1923- More than 74000 fans attended Opening Day festivities as the New York Yankees inaugurated their new stadium. Babe Ruth christened it with a game-winning three-run homer into the right-field bleachers. In his coverage of the game for the New York Evening Telegram sportswriter Fred Lieb described Yankee Stadium as “The House That Ruth Built,’ and the name stuck.
    1924 - Simon and Schuster, Inc. published the first "Crossword Puzzle Book".
    1925--the Woman's World Fair, in Chicago opened. The exhibits showed women's progress in major industries and professions and historians considered it as a landmark in the recognition of women's contribution to civilization.
    1927-- Canadian composer and pianist Marian Grudeff was born in Toronto. She and another Canadian, Ray Jessel, were engaged by producer Alexander H. Cohen to write songs for the musical "Baker Street," which premiered in Boston in December 1964. After revisions, the show opened in New York the following February. "Baker Street," based on the story of Sherlock Holmes, was called one of the best musicals of the 1960's.
    1929 - Red Nichols and his Five Pennies recorded the Glenn Miller arrangement of "Indiana" for Brunswick Records in New York City. Players included Benny Goodman, Gene Krupa and Jack Teagarden . The movie “The Five Pennies”
    1932—birthday of gospel vocalist Rev. Cleophus Robinson, Canton, MS
    1934—birthday of vocalist Neal Kimble, New Orleans, LA
    1934-J. F. Cantrell opened the first Laundromat. He called it the”washateria” in Fort Worth, Texas. Four electric washing machines were rented by the hour to those who wished to do their laundry. Hot water and electricity were supplied, but users were obliged to furnish their own soap.
    1936-The singing cowboy, Gene Autry, records "Back in the Saddle Again."
    1938--singer Charlie Pride birthday
    1941-Sideny Bechet, playing six instruments, records “Blues of Bechet,” Victor 27485)
    1941—birthday of singer Wilson Pickett, Prattville, AL
    1941-Mike Vickers, saxophone player and guitarist with the British group Manfred Mann, was born in Southampton, England. Leader Manfred Mann, whose real name is Manfred Lubowitz, immigrated to England from South Africa in the early 1960's. His group became part of the "British Invasion" of the North American record charts with such hits as "Do Wah Diddy Diddy," "Pretty Flamingo" and "Mighty Quinn." After the demise of his group, Manfred Mann formed another band called Chapter Three in 1969. In the following decade, this evolved into Manfred Mann's Earth Band, a heavy metal group.
    1942 - Birthday of Pete Gogolak (football: 1st soccer-style kicker in pro football: Buffalo Bills, NY Giants), Budapest, Hungry
    1942-The Toronto Maple Leafs completed the greatest comeback in Stanley Cup playoff history by defeating the Detroit Red Wings, 3-1, in Game 7 of the finals. The Leafs were down three games to none before they evened the series with 4-3, 9-3, and 3-0 victories.
    1942-16 B-25 airplanes of the 17th Bombardment Group,8th Air force, led by Colonel James Harold Doolittle, took off from he U.S. Hornet. Traveling low over the water, they dropped bombs on the cities of Tokyo, Kobe, and Nagoya, and then continued straight on until they ran out of fuel and crash-landed in the Chinese countryside. The raid took the Japanese military establishment by surprise and demonstrated for the first time the vulnerability of the Japanese home islands.
    1943 -- Traveling in a bomber, Japanese Admiral Isoroku Yamamoto, the mastermind of the attack on Pearl Harbor, is shot down by American P-38 fighters.
    1944 - California experienced its worst hailstorm of record. Damage mounted to 2 million dollars as 2 consecutive storms devastated the Sacramento Valley destroying the fruit crop.
    1944 - No. 1 Billboard Pop Hit: ``It's Love-Love-Love,'' Guy Lombardo & His Royal Canadians. It is one of Lombardo's 26 No. 1 pop songs. Lombardo's is the only dance band to ever sell more than 100 million records.
    1946 - Lead vocalist Skip Spence of Moby Grape is born in Windsor, Ontario.
    1950 -- The first transatlantic jet passenger trip is completed.
    1954-Birthday of American composer Robert Greenberg, born Brooklyn,New York.
    1956---Top Hits
Heartbreak Hotel/I Was the One - Elvis Presley
The Poor People of Paris - Les Baxter
Long Tall Sally - Little Richard
Blue Suede Shoes - Carl Perkins
    1957-Army reserve Lieutenant Buddy Knox whose "Party Doll" was a recent Number One, is called up for six months of active duty. Roulette Records' A&R team, Hugo Peretti and Luigi Creatore rush Knox to the studio to cut over 20 songs to ensure his career does not stall while he's in uniform. It does anyway.
    1959--Birthday of Susan Faludi - U.S. author and journalist. known especially for her exploration of the depiction of women by the news media. She won the 1991 Pulitzer Prize for explanatory journalism. Her best known book is Backlash, the Undeclared War against Women. She worked for the New York Times, San Jose Mercury, Miami Herald among other newspapers and was managing editor of the Harvard Crimson when she attended that university.
    1960-Dr. William M. Chardack inserted a wire implant into the heart of Frank Henefelt, a cardiac patient, to test the invention by Dr. Chardack and engineer Wilson Greatbatch, both of Buffalo, NY, patented this day. The battery-powered pulse generator unit tested successfully and was implanted into Henefelt’s abdomen. He lived for 2.5 years with the device. Swedish doctors first implanted a similar device in 1958.
    1964---Top Hits
Can’t Buy Me Love - The Beatles
Twist and Shout - The Beatles
Suspicion - Terry Stafford
Understand Your Man - Johnny Cash
    1965 - No. 1 Billboard Pop Hit: ``Game of Love,'' Wayne Fontana & the Mindbenders.
    1966 - 38th Annual Academy Awards celebration at the Santa Monica Civic Auditorium in Los Angeles. Bob Hope was the host, for the sixth time. He received a gold medal, the Honorary Award for unique and distinguished service to the film industry and the Academy. Other award recipients included Shelley Winters for her Best Supporting Actress role in "A Patch of Blue"; Martin Balsam, Best Supporting Actor for his performance in "A Thousand Clowns". The Best Actor Oscar went to my former Latimer Road neighbor in the Pacific Palisades, Lee Marvin ("Cat Ballou"); and Julie Christie picked up the Best Actress Oscar ("Darling"). The Oscar for the Best Music/Song from a 1965 movie was "The Shadow of Your Smile" from "The Sandpiper" (Johnny Mandel-music, Paul Francis Webster-lyrics). It’s a good thing that the "Oscars" were being broadcast in color this night (the first time) because the Best Director and Best Picture winner was "The Sound of Music" (Robert Wise, producer and director).
    1972---Top Hits
The First Time Ever I Saw Your Face - Roberta Flack
I Gotcha - Joe Tex
Rockin’ Robin - Michael Jackson
My Hang-Up is You - Freddie Hart
    1974 - James Brown, the ‘Godfather of Soul’, received a gold record this day for the single, "The Payback". Of the 44 hits that Brown would put on the charts over three decades, he received only one other gold record -- for "Get on the Good Foot - Part 1" in 1972. His biggest pop hits include: "I Got You (I Feel Good)" at number three in 1965, "Papa’s Got a Brand New Bag" at number eight in 1965, "It’s a Man’s Man’s Man’s World" at number eight in 1966, "I Got The Feelin’" at number six in 1968 and "Living in America" at number four in 1986. This song was featured in the Sylvester Stallone film, "Rocky IV". He has been in and out of jail for “Spousal Abuse” and other ailments, but started the singing-dance craze imitated by all those followed him in Rhythm n Blues, including Michael Jackson.
    1975-James Benton Parsons was appointed chief justice of the Illinois Supreme Court by President John F. Kennedy. He is the first African-American chief justice of a state supreme court. Died June 9, 1993
    1975-Alice Cooper's first TV special, "Welcome to My Nightmare: The Making of a Record Album" airs.
    1977 - No. 1 Billboard Pop Hit: ``Don't Leave Me This Way,'' Thelma Houston.
    1978 -- The U.S. Senate approves the transfer of the Panama Canal to Panama.
    1980---Top Hits
Another Brick in the Wall - Pink Floyd
Call Me - Blondie
Ride like the Wind - Christopher Cross
Honky Tonk Blues - Charley Pride
    1981-British progressive rock band Yes announces its break-up. During its 13-year career, the group became one of the world's most popular exponents of intricate, mystical, symphonic rock, despite the fact that they only had one big chart hit, "Roundabout." It went to #13 in 1972. Of course, they reunite on numerous occasions over the years.
    1983-- A suicide bomber kills U.S. Marines at the U.S. Embassy in Lebanon.
    1983 - No. 1 Billboard Pop Hit: ``Come on Eileen,'' Dexys Midnight Runners.
    1985 - Tulane University abolished its 72-year-old basketball program, and shocked the college sports world with the announcement. The school said that charges of fixed games, drug use and payments to players contributed to the shutdown of the basketball program.
    1985-Wham's "Make It Big" LP is released in China, making it the first Western album to be released there.
    1987-The Philadelphia Phillies’ Mike Schmidt hit the 500th home run of his career with two outs in the sixth inning of a game against the Pittsburgh Pirates. the Phillies rallied to win, 8-6. Schmidt finished his career with 548 homers, seventh on the all-time list at the time.
    1988-Miles Davis played at the San Francisco War Memorial Opera House view the Original Poster for this event at Wolfgang's Vault.
    1988---Top Hits
Get Outta My Dreams, Get Into My Car - Billy Ocean
Devil Inside - INXS
Where Do Broken Hearts Go - Whitney Houston
I Wanna Dance with You - Eddie Rabbitt
    1990 - Heavy snow blanketed the west central valleys and southwest mountains of Colorado with up to 18 inches of snow. Nine cities from the Mid Mississippi Valley to the Middle Atlantic Coast Region reported record low temperatures for the date, including Fort Wayne IND with a reading of 23 degrees.
    1992 - Albums by Def Leppard, Bruce Springsteen and Wynonna debut in the top four spots on Billboard's pop album chart. The albums are Def Leppard's ``Adrenalize,'' Springsteen's ``Human Touch'' and ``Lucky Town'' and Wynonna's ``Wynonna.'' (Wynonna Judd launches her solo career with the album and drops her last name to distance herself from her success as half of the mother-daughter duo The Judds.)
    1998 - Country group Diamond Rio are inducted into the Grand Ole Opry. The band opens their performance with their first number one hit "Meet in the Middle.
    2001--The San Francisco Board of Supervisors committee approved a plan to give sex change benefits to city employees.
    2003-- In four barricaded cottages in conquered Baghdad, Iraq, US troops find $656 million in US currency, in $100 bills stacked inside galvanized aluminum boxes sealed with blue strapping tape and green seals stamped "Bank of Jordan." On 22 April 2003, in the same Baghdad neighborhood, US troops would find another $112 million, similarly packed, hidden in seven dog kennels.
    2004 - Blink-182 drummer Travis Barker opens a franchise of the popular restaurant chain Wahoo's Fish Taco in Norco, Calif.

NBA Finals Champions This Date

    1962 Boston Celtics

Stanley Cup Champions This Date

    1942 Toronto Maple Leafs
    1959 Montreal Canadiens
    1963 Toronto Maple Leafs





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   by Christopher Menkin
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- Evergreen Leasing Continue Marlin's Sole Net Profit by Christopher Menkin
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  Bulletin Board Complaint
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  Bulletin Board Complaint
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   by Christopher Menkin
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- Ned Roscoe of “Cigarettes Cheaper!” Convicted 28 Counts
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   Bulletin Board Complaint
- NAELB Announces a New Member Benefit -
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- Salvex Introduces Global Online Auction “Off lease” Items
- 2011 World Leasing Yearbook Released
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- How is it? Don’t Ask! by Christopher Menkin
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- Leasing Brings Resource America to a serious loss by Christopher Menkin
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- Vaughn Indicted for defrauding banks, leasing companies
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   by Christopher Menkin
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- Starting a Leasing Company-Four Parts
   by Mr. Terry Winders, CLP
- Free Mobile Wine Program
- Special Report: Part I
   Could Church Kiosks, Royal Link Carts, NorVergence results been avoided?

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