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Independent, unbiased and fair news about the Leasing Industry

Wednesday, April 25, 2012

Today's Equipment Leasing Headlines

  Classified Ads---Controller/Legal
New Lawsuit—from $180 Million to $10 million +
Takes on Northern Leasing Systems
 March Makes First Quarter Best in Last Four Years
  by Christopher Menkin
   Classified Ads---Help Wanted
  Reid Raykovich, CLP new Executive Director
   Letters--We get eMail!
    Six Lawyers Against Evergreen Clause Abuse
 Banks Continue to Raise Capital
  After discount TARP auction, banks make ready
   by Andy Pierce, SNL Financial
    Shepherd/Boxer Mix
     Rochester, New York--Adopt-a-Dog
News Briefs---
 CIT Reports First Quarter Loss $447 Million
  Signature Bank reports $42.4 Million net income
   Bank of Hawaii Net Income 1st Quarter/Loans-Leases Up
    Pacific Rim Capital Saluted
     Wisconsin led nation in job losses year-to-year
      Wal-Mart lobbying campaign to amend anti-bribery law
       GE CEO defends tax rate after protesters disrupt speech
        Apple Posts Another Blowout Quarter
         Demand for fresh asparagus a welcome sign for growers

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

  911 First Request gets funded-emergency communicaton network
   You May Have Missed
     SparkPeople--Live Healthier and Longer
      Sports Briefs---
       Spring Poem
        California Nuts Briefs---
         "Gimme that Wine"
           This Day in American History
           Daily Puzzle
               Weather, USA or specific area
                 Traffic Live----

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



New Lawsuit—from $180 Million to $10 million +

Takes on

In 2008, then US Deputy Attorney Krishan Chittur challenged Northern Leasing Systems, New York City, with overcharging customers more than $180 million over the past ten years. Going through the legal process, in September, 2011 the five-judge panel New York Appellate Division ruled in favor of the third-party micro-ticket equipment leasing service, primarily credit card processing equipment, reversing summary judgment as to liability in a breach of contract class action brought against the company by four lessees.

On Monday, April 23, 2012, New York Attorney General Eric Schneiderman announced a lawsuit alleging the company siphoned more than $10 million in unauthorized debits from the bank accounts of more than 100,000 former customers, as well as extended leases beyond their original termination date in many states (Evergreen clauses are illegal in New York). The debits, Schneiderman claimed, occurred up to 11 years after the expiration of the company's equipment leases, allegedly retaining at least $3.5 million.

"These companies engaged in a series of deceptions to squeeze unauthorized fees out of their former customers up to a decade after their contracts expired," AG Eric Schneiderman said.

"We will seek both restitution for defrauded customers and substantial penalties from the companies to ensure justice and accountability prevail. My office will do everything in its power to ensure that New York's marketplace is honest and fair. Deceptive business practices will not be tolerated."

"Northern Leasing and its affiliates -- Lease Source-LSI LLC, Golden Eagle Leasing LLC, MBF Leasing LLC and Lease Finance Group LLC -- allegedly used shell company SKS Associates LLC to mislead customers and to avoid harm to Northern Leasing's reputation as a business. Tens of thousands of former Northern Leasing customers were unaware that the automatic debits had been taken from their bank accounts by a company with which they had never done business," he claimed.

Schneiderman's office received more than 70 complaints from around the country about SKS. (1)

Leasing News attempted to reach Jay Cohen, Chairman and Chief Executive Officer of Northern Leasing Systems. His secretary called back that he wanted us to know he was not ignoring us, but was tied up in meetings.

In the story of May 9, 2008, he told Leasing News,” Northern Leasing Systems has always prided itself on the fairness of its business practices and the open dialogue it fosters and maintains with its customers,” Jay Cohen, Chairman and Chief Executive Officer of Northern Leasing Systems, said. “We have hundreds of thousands of customers. Inevitably, there will be instances of customer complaints – justified or not. We stand by the actions of our officers and employees in fairly and openly communicating in writing the terms and conditions of our leases.” (2)

(1) Related story with interviews of those with complaints

(2) Northern Leasing says “It ain’t so!”



Classified Ads---Controller/Legal

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

Chicago, IL
experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating. 
Southeastern, MI
Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate. 

Southern CA
20 years exp. as hands-on leasing CFO, managing accounting, treasury, FP&A, including securitizations, Great Plains/FRx, budgets, risk management.  MBA.  Also available as interim Controller/CFO, consultant. 

San Diego , CA 
Experienced in-house corporate, equipment leasing and financial services attorney seeks position as managing or transactional counsel. Willing to relocate.
Cell Phone: 760-533-4058; | Resume

Free Posting for those seeking employment in Leasing:

All “free” categories “job wanted” ads:


March Makes First Quarter Best in Last Four Years
by Christopher Menkin

(Leasing News Chart)


click to make larger 

(ELFA Chart)

March New Business was $6.8 billion as reported by 34 leasing entities who make up the Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25:)

1. ADP Credit
2. BancorpSouth Equipment Finance
3. Bank of America
4. Bank of the West
5. BB&T Bank
6. BMO Harris Equipment Finance Company
7. Canon Financial Services
8. Caterpillar Financial Services
9. CIT
10. De Lage Landen Financial Services
11. Dell Financial Services
12. EverBank Commercial Finance
13. Fifth Third Equipment Finance Company
14. First American Equipment Finance
15. GreatAmerica
16. Hitachi Credit America
17. HP Financial Services
18. Huntington Equipment Finance
19. John Deere Financial
20. Key Equipment Finance
21. M&T Bank
22. Marlin Leasing
23. Merchants Capital
24. PNC Equipment Finance
25. RBS Asset Finance
26. SG Equipment Finance
27. Siemens Financial Services
28. Stearns Bank
29. Suntrust
30. Susquehanna Commercial Finance
31. US Bancorp Equipment Finance
32. Verizon Capital
33. Volvo Financial Services
34. Wells Fargo Equipment Finance

The Equipment Leasing & Finance Foundation released the April 2012 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) confidence in the equipment finance market is 62.1, up slightly from the March index of 61.7, making the fourth consecutive month of increases- indicating industry participants’ optimism…

But the reflection of March in both actual ELFA MFLI-25 new business numbers and ELFF MCI-EFI confidence upgrade was not reflected in those executives quoted in the two press releases

Thomas Jaschik, President, BB&T Equipment Finance wasn’t very positive, “While the business climate has definitely improved over the last 18 months, American companies are still very cautious with respect to the growth and expansion of their businesses. As they feel more confident in expansion, our market will grow as well.”

ELFA President and CEO William G. Sutton, CAE, was even more cautious: “Growth in new business volume appears to be easing somewhat as we head into the summer months. Increases in originations of the magnitude we have experienced during the past two to three years in a recovery mode are probably not sustainable. Nevertheless, a 10 percent rate of growth for the period continues a positive trend by businesses to make capex investments in productive assets. Credit quality metrics appear to be stabilizing, returning to pre-recession levels.”

John McQueen, Executive Vice President and Head of Wells Fargo Equipment Finance, headquartered in Minneapolis, Minnesota was more positive, saying, “We started to see a positive change in the equipment finance market in Q4-2010 with increased demand and reduced portfolio delinquency. In my perspective, demand for new equipment was being driven by a combination of factors. These factors include the replacement cycle for older equipment that businesses had been using for longer periods due to a weakening economy as well as companies focusing on acquiring equipment to improve efficiency. As we enter 2012, we’ve seen a continuation of these trends as Wells Fargo Equipment Finance had record financial performance in 2011, and we continued this momentum during Q1 with 11.5% year-over-year volume growth, a 17.0% backlog increase, strong transaction spreads, and continued portfolio quality improvement.”

In the ELFF Confidence report Kenneth Collins, CEO, Susquehanna Commercial Finance, Inc. was more optimistic: “Recovery is slow going but positive economic trends are still encouraging and will continue to enhance the equipment finance industry.”

The most positive came from Paul Menzel, President and CEO, Financial Pacific Leasing, LLC, but also seemed to have a touch of criticism of congress: “The small/micro ticket segment is starting to see some lift in demand. The question that still remains is, will it have legs given the absence in income growth for the individual consumer and the failure of our political system to resolve economic structural problems?”

The ELFA MLFI-25 remaining charts: Aging of Receivables continues much better than 2010. Credit approvals are still holding well. The employment numbers did not jive with the 1st quarter ZRG Equipment report:

Aging of Receivables:

click to make larger

Average Losses (Charge-offs) as a % of net receivables
(Year Over Year Comparison)

click image to make larger

Credit Approval Ratios As % of all Decisions Submitted
(Year Over Year Comparison)

click image to make larger

Total Number of Employees
(Year Over Year Comparison)

click image to make larger 

(ELFA charts)

(ZRG Partners 1st Quarter chart)





Leasing Industry Help Wanted


Credit and Syndication Manager
Carlsbad, California

Analysis of credits and Syndication to funding partners or
for booking into our in-house portfolio.
Experience with Vision and a plus.
Please click here for more information.
Established in 1986, ILS specializes in small-mid ticket equipment financing and working capital. Our Vendor-centric approach values long term relationships with our Lessee, Vendor
and Funding partners.

Leasing Sales Representative
Long Island, NY

Hiring experienced or new to business sales reps. Transactions in all states / all industries. Send resume to: or fax 631-414-7571.

About the Company: Sterling Capital Leasing, LLC is a national small ticket/middle market leasing company

Inside Sales Manager Irvine, California

First Year Expect $125k with base salary & commission
to direct small ticket sales team.
Click here for more information.

GeNESIS provides game-changing technology, tools and training as well as pre-qualified leads to help great salespeople be more successful and make more money.

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

Please see our Job Wanted section for possible new employees.




*** Announcement**********************************************


Reid Raykovich, CLP new Executive Director

"The Board of Directors of the CLP Foundation is excited to announce the hiring of Reid Raykovich, CLP to fill the position of Executive Director when Cindy Spurdle retires this summer.  She has worked in the equipment leasing industry since 2003.  Reid's passion for the CLP Program combined with her high energy will lead this foundation to further growth in the years ahead.  Reid brings strong operational & marketing skills to this job and we are so very pleased that she has agreed to serve the Foundation as its new Executive Director. I invite all CLPS to welcome her and offer your help to her as she transitions into her new position. "

Cindy Spurdle, retiring Executive Director


Letters--We get eMail!

(Mostly in Chronological Order)

First American Equipment Finance Sold to City National Bank

"FAEF is a good company. I like their model of developing long-term relationships with companies and continually servicing the needs of those companies as they grow. They build ongoing funding relationships with their lessee/companies. Their were competitive too.

"Congrags to Bill and his partners, they probably made a good premium on this buyout.

"Good to hear that banks are again looking for leasing companies to expand business.”

Jim Yokoyama

  3/31/12 2012 2011  
NAELB 566 617 696 National Association of Equipment Leasing Brokers
ELFA 522 565 582 Equipment Leasing and Finance Association
AGLF 277 274 250 Association of Government Leasing and Finance
CFA 260     Commercial Financial Association
NEFA 154 191 210 National Equipment Finance Association


The State of the Leasing Industry by its Associations

National Equipment Finance Association

Hugh Swandel
President, National Equipment Finance Association

"I am very happy to report that we are ahead of last year’s pace on renewals and anticipate exceeding the totals of last year. Gerry Egan and his team have done an outstanding job of attracting new members at the same time as renewing the loyal and faithful. There are definitely new players entering into the leasing space and this is helping to offset the industry wide decline in the number of brokers, lessors and funders that occurred during the credit crisis.

"I met several owner operators under the age of 40 at the recent NEFA conference in San Diego and this was truly a positive sign. NEFA is planning to engage more of the younger crowd at future conferences and our regionals. The younger attendees are refreshingly excited by the content of the sessions as well as the networking opportunities. The younger attendees see the conference as a way to accelerate their knowledge and understanding of the industry and learn from the experience of others. The longer term players are attending our conferences for the networking as well as important sessions on more current issues like the IFRS accounting changes. Member companies are discovering that our association is a great venue to give younger management and greater understanding of the business and the industry players.

"I have found the appeal of NEFA to be the balance of very strong major spring and fall conferences along with great regional events that have a loyal following of industry and non-industry players who want an opportunity to network with old friends and make some new ones. We are continuing to strive to increase member satisfaction and member participation in events and committees.

"Our entire industry has gone through a massive redefinition caused by the credit crisis and subsequent recession but now we are seeing the shape and definition of the new paradigm for originating and funding equipment leasing and financing transactions. It is currently a world of fewer brokers and a smaller but strong contingent of funding sources. This type of shift has happened a couple of times during my career and the years that follow a downturn are often the most productive and exciting as new and old players strive to establish or rebuild market share and find the new market opportunities. NEFA is a conduit for speeding the recovery and helping the strong players become better and achieve results that will keep them growing in the business for many years into the future.

"We have had much success with Working Capital programs and are strengthening our focus in this space.

“Kit, thanks for all you do for our industry, your articles are relevant and educational, you bring reality to this industry!"

National Association of Equipment Lease Brokers

"In my opinion NAELB's lineup of funding sources for their 2012 Annual Conference in Denver represents just how misguided and broken that organization has become. In the last ten years, the Leasing Industry has undergone major structural changes and NAELB's inability to change with the times has resulted in an event with very limited appeal to the independent broker.

Let's be frank, the majority of NAELB's Gold Level Sponsors represent the armpit of the Leasing Industry. I can count on one hand the number of deals I have funded with the likes of many of these companies in five years as an independent and contend that any broker whose book of business is predominated by many of these lenders has (had) a very limited shelf life in this business. I have a ton of respect for Financial Pacific Leasing and their role in the Industry and new guys RLC Funding are worth a look. Regardless, NAELB's lineup of sub-prime credit sponsors offers no value to those whose portfolio is predominantly "A" and "B" paper. It is very difficult to sell leases with cost of funds in excess of 25%, many with a fair market value, too, in a world where Ten Year yields are below 2%.

Whatever happened to quality and professionalism rather than cash advance and high rate business loans?

David Manzari - President
Cayuga Capital
Seneca Falls, NY 13148

(Leasing News received many such letters, but Mr. Manzari was the only one who agreed to sign his name. It shows courage to make his opinion known publically. I wish more people would follow his example. Whether you agree or disagree with the opinion, it brings the subject out on the table.

According to Monica Harper, Executive Administrator, NAELB, the Denver Conference exhibitors were originally sold out, but they were able to negotiate extra an extra room with the hotel, so could accommodate more exhibitors that originally scheduled, which Mr. Manzari may not have seen. It looks pretty good to me. Editor)

360 Equipment Finance
Allegiant Partners, Inc.
Allstate Capital, LLC
Amerisource Funding, Inc.
Axis Capital, Inc.
Bankers Capital
Baystone Financial Group
Belvedere Equipment Finance
Blackstone Equipment Leasing, L.P.
Blue Bridge Financial, LLC
Bryn Mawr Funding
BSB Leasing, Inc.
Channel Partners, LLC
CLP Foundation
Cohn & Dussi, LLC
Commerce National Bank
Dakota Financial, LLC
Diversified Lenders, Inc.
Financial Pacific Leasing, LLC
First Federal Leasing
Harbor Capital Leasing, LLC
Maxim Commercial Capital, LLC
Merchant Cash and Capital, LLC
MicroBilt Corporation
On Deck Capital
Pawnee Leasing Corporation
Preferred Business Solutions
Quail Capital Corp.
Quiktrak, Inc.
RCAP Leasing, Inc.
RLC Funding a Division of Navitas Lease Corp.
Stalwart Contract Finance, LLC
Summit Leasing, Inc.
TEAM Funding Solutions
Tetra Financial Group
TimePayment Corporation
United States Capital Corporation
Varilease Finance, Inc.

((Pre-Registration has ended. To register on site, download the printable registration form and bring it with you to the NAELB registration desk at the Sheraton Denver Downtown Hotel on April 26.

(Registration with fees:

(Note: Gary Greene, CLP, of Lease $mart, will be reporting for Leasing News about the NAELB Denver Conference.)

Greg Wells/Tamara McCourt, CLP---Out at Five Point Capital

Also Michael Losey and Jason Norton released

"I was very encouraged to hear that Five Point was already doing a similar model. We actually just started doing this at the beginning of February.

"We have had much success with Working Capital programs and are strengthening our focus in this space.

Kit, thanks for all you do for our industry, your articles are relevant and educational, you bring reality to this industry!"

Matt Williams
Eagle Business Finance

The Dave Murray Connection

“I just read the newsletter, fyi... Dave Murray has written "Best Seller" business book and has done several interviews on TV. Google him. The book is called "Borrowing Brilliance..."

Richard Orozco

(Amazon shows two books, the second one last year called "Plan B" with two "five star" customer reviews:

"Good article about Dave Murray.

"Dave Murray and Louis Schneider were high school friends, growing up in Sudbury, MA. Throughout high school Louis dated a girl whose father (Harold Gold, who pled guilty in Operation Lease Fleece) was in the leasing business. After college Louis went to work for Digital Equipment Corp and moved to Chicago. Harold was always an interesting character and at one point his sales team revolted, walked out, and formed their own company - if memory serves correctly it was Continental Leasing in Woburn, MA (the remnants of Continental are alive and well, I believe, in Bankers Capital, Northboro, MA). That left Harold with one sales person and a need to recruit a fresh sales team. Louis had moved back from Chicago and Harold convinced him there was far greater opportunity working for a small independent firm than a large giant. Harold was always very focused on generating cash flow and profit and was known for his ‘Goldisms,’ one of the more memorable ones being "I have no pride when it comes to money."

“Harold's son-in-law had joined the firm from his family's jewelry business. At the time Harold was doing business with Firestone Financial (Newton, MA - still around by now two or three generations of owners later) and their lead sales person had a friend whose family construction business had closed and the friend, a Boston College graduate, needed a new career. Harold hired him. Harold's business was Graphics Leasing Corporation and his key accounts were typesetting system manufacturers (pre-Mac days). The local district manager referred his daughter's boyfriend and Harold hired him. That team of four young guys would form the base of Harold's sales team for the next seven years. After an argument with Firestone, their lead sales person would leave Firestone to join Graphics and become the 5th. Along the way various people joined, often through a connection - one person was a great tennis player and played with Harold at his tennis club, another would be high school buddy from someone in Sudbury, one was a great golf player who played at Harold's New Seabury vacation home. Harold had formed a company named Graphics II and promised to sell the operation to the five younger guys if they stayed for seven years. Internally they were known as the G2 guys. Murray joined through Schneider. While Murray was never part of G2, he and Louis were always very close.

"Graphics sold deals non-recourse and bought for its own portfolio. In the late 1980s Textron suggested that if Harold would accumulate deals and fund once a month in bulk they would offer a better rate. Harold began to pursue the same strategy with other sources and soon Graphics was funding in three channels; one-off, portfolio, and bulk sales. It was always a wonderment that a funder would buy ten to twelve deals during the month at one rate, but if one held those deals and sold the same deals in a pool the rate would drop by 50 to 75 basis points.

Gold later got into other difficulties with his fundings and non-fundings, but that is another story.

"Murray never appeared to understand leasing or credit and never appeared to care - but he clearly understood marketing. Harold understood credit and tended to promote salesmanship and an understanding on how to run a portfolio. It was at Graphics Murray began the design of the credit card pre-approval program that would launch Direct Capital and then Preferred Leasing. In retrospect he was brilliant - he was never a finance guy, he was a marketer. Had there been more appreciation for Murray at Graphics, there likely never would have been a Direct Capital or Preferred Leasing.

“Louis was that high school athlete everyone wanted to hang with and in business he was a top salesman who left every warm day by 3:00 PM to go water skiing. They located Preferred in Lake Tahoe to take advantage of the outdoor sports and with Louis at the helm, recruiting young aggressive talent was effortless. Building upon the bulk sales model pioneered at Graphics, Schneider and Murray improved and improved and developed a model many would emulate.

"How it all came unwound is a different tale for another day."

(name with held)

"Thank you. I have enjoyed reading leasing news over the last four years. I have changed jobs and am not involved in leasing anymore. I don’t have time to read Leasing News on a regular basis but I always know where to find it if something changes."

Marci Jaman
SBA Portfolio Manager, SBA Government Lending
Susquehanna Bank

"Would you please remove my classified ‘position wanted’ listing from the Leasing News? I love the newsletter and will always read it….but the ad has had one ‘hit’ over the past one year and I would like you to take it down. I am based out of McKinney TX. Feel free to call me or email me if you wish to confirm this request.

What I have learned over the years is that the vast majority of ‘asset mgr’ and ‘portfolio mgr’ positions are filled from within. It seems that bringing in an outsider is not very popular (IMHO).

Thank you Kit and keep up the good work!
Joseph Hall
Hallnet LLC

Future of Mobile Devices

by Henry Blodget, CEO Business Insider

"I read Blodgett’s slides this morning with great interest as mobile are a focus of comScore’s digital research subscriptions. For your interest I have attached a copy of a recent webinar, “Digital Omnivores” that sheds light on the increasing trend of consumers to use their mobile or connected devices to download web content, where they had been doing so online with their desktops/laptops. The slides Blodgett presents are compelling and portend continuing change regarding the devices acquired by consumers for their web browsing, Dell’s announcement regarding mobile devices being the most recent of note.

"One thing is clear to me as I have been involved in the mobile space for the past seven months…there is no depression/recession in mobile. App and game developers are attracting PE, VC seed capital increasingly and are hiring developers. Newer ad agencies are appearing as strictly focused on the mobile space, and established agencies are moving into mobile to complement traditional ad venues of TV, radio, online, print, etc.

"As it relates to the leasing industry, perhaps one may expect loan applications to be available for completion and status updates using a mobile device in the way credit card applications are now. The trend of consumers to transact more personal financial business…bank balance inquiry and transfers, credit applications and payments, filing insurance claims and receiving claim status updates, electronic trades in one’s brokerage accounts…are examples where consumers are doing so with their mobile devices rather than online. Perhaps at the small business/small ticket level, mobile utility may become pervasive in much the same way scoring facilitated application processing, given that small business credit is still dependent on the personal financial capacity of the principals. One thing is clear from research from multiple sources…mobile and connected devices are a constant across age and gender demographics, and will only become more so as the Millennials progress through their adult and professional years.

"I commend you for introducing this important technological trend to your readers."

Ralph Mango
Project Management Coordinator | comScore, Inc. (NASDAQ:SCOR)

Digital Omnivores:


John Kenny Receivables Management

• End of Lease Negotiations & Enforcement
• Fraud Investigation
• Credit Investigations
• Asset Searches
• Skip-tracing
• Third-party Commercial Collections

The Solution to Your Credit & Accounts Receivable Needs
John Kenny
315-866-1167 |

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



Six Lawyers Against Evergreen Clause Abuse

Jim Coston
Coston & Coston LLC
105 W. Adams Street
Suite 1400
Chicago, Illinois 60603
(312) 205-1010

(In 1998, he was elected to the United Association of Equipment
Leasing Board of Directors, and in 2003-04 was the first
attorney to become UAEL President, very active in his political party.)

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ste. 2200
Los Angeles, CA 90071
Voice: (213) 617-6129
Fax: (213) 625-1832
Cell: (213) 268-8291

(Leasing News Advisor/Well-Known top Leasing Litigator)

Frank Peretore
Peretore & Peretore, P.C.
191 Woodport Road
Sparta, New Jersey 07871
(973) 729-8991

(Experienced leasing attorney, aggressive, author,
secretary, National Equipment Finance Association, ELFA, too)

Ellen Stern
Ellen Michele Stern
17630 El Mineral Rd
Perris, CA 92570

(Long time Southern California leasing attorney, well-respected)

Kevin E. Trabaris, Principal
Trabaris, P.C.
707 Skokie Boulevard, Suite 600
Northbrook, IL 60062
Direct: (847) 205-4377
Mobile: (847) 840-4687
Fax: (848) 260-5768

"In my career, I’ve repeatedly seen this provision misused
by unscrupulous lessors and think it’s a bad idea for both
the lessee and the lessor.”

Michael J. Witt, Esq.
4342 Oakwood Lane
West Des Moines, IA 50265
Tel: (515) 657-8706
Mobile: (515) 868-1067
Fax: (515) 223-2352

(Former Advanta Leasing
and Wells Fargo Equipment Finance attorney)

The original intention of the Evergreen clause in an equipment leasing contract was to have an alternative to when the lessee did not exercise the residual at the end of the contract. Often the clause calls for an automatic additional twelve months when the residual is not resolved.

In most cases, the lessor notifies the lessee that the residual will be due, often ninety days in advance. However, often there is nothing in the contract that requires the lessor to notify the lessee regarding the expiration of the contract.

Contrarily, many small ticket lessors do not notify the lessee, and automatically continue the lease, often via an ACH or continued billing, which often goes unnoticed until many payments have already been made.

Leasing News would like to see an industry standard that lessees are notified in advance of the expiration of their contract regarding its termination. We support the clause, and the notification requirement is wide open, meaning 90, 60, even 30 days and by telephone or mail.

This list of attorneys agrees with this and will be available to lessees, sometimes able to help them without a fee, or at a reduced rate, in an effort to end the abuse of Evergreen clause leases.

Companies who notify lessee in advance of lease expiration
   and require their discounter to also notify lessee in advance



Banks Continue to Raise Capital

Senior debt remained the instrument of choice for capital raising efforts among banks and thrifts in the U.S. in 2012, according to SNL Financial. Nearly $15.65 billion of senior debt was issued as of April 13 representing 67.49% of overall issuances in the industry. Almost all were in the top five banks.

Bank of America Corp. continued its trend of making small senior debt issuances in 2012 with two offerings April 12 of variable rate series L callable capped unsecured notes. BofA issued an aggregate $12 million of senior debt in these most recent offerings. HSBC USA Inc. on April 2 added to its tally of raises with a roughly $3.4 million senior debt offering.

Atlanta-based Capitol City Bancshares Inc. on April 12 completed a $955,000 private placement of 382,000 common shares at a per-share price of $2.50. The company announced an additional offering of 618,000 shares at $2.50 each, which remains pending. The slightly more than $4.50 billion of total common equity raises represents 19.42% of aggregate issuances in the industry as of April 13.

"Common Equity" was the second most popular, followed by "Preferred Equity" then "Subordinated debt."




After discount TARP auction, banks make ready
by Andy Pierce, SNL Financial

The U.S. Treasury lost an estimated $43.3 million ($48.8 million including fees) by selling TARP (“Troubled Asset Relief Program”) preferred shares of six banks and thrifts at a discount, but the investment as a whole was profitable. According to a recent dividend report, the Treasury received a total of $65.4 million in dividend payments from the institutions through Feb. 15. This does not include the value of any warrants or accrued dividends from Feb. 15th through the settlement date.

All the companies that had their shares auctioned were current on their dividend payments through Feb. 15. Seacoast Banking Corp. of Florida, which sold at a discount of 17.96%, the steepest of the auction, is the only bank in which the Treasury's investment is in the red. Seacoast also had a modified Texas ratio more than twice as high as any of the other companies as of Dec. 31, 2011.

Wilshire Bancorp Inc. and MainSource Financial Group Inc. sold at the lowest discount, which is not surprising given that they both participated in the auction of their own shares. MainSource repurchased 21,030, or 36.89%, of its own TARP shares for retirement. The company reported that its annual dividend payments on the shares would decrease by about $1 million as a result. Wilshire repurchased nearly all of its outstanding preferred shares, buying back 60,000, or 96.52%, of the total outstanding.

The Treasury has not announced plans for a second auction but that did not prevent Yadkin Valley Financial Corp. from pre-emptively registering its TARP shares for sale. Joseph Towell, Yadkin Valley's president and CEO, disclosed that the company is, "… filing at this time given the current activity we've seen from Treasury regarding TARP shares. This allows us to be ready should an opportunity be made available to us." Yadkin would differ from the six banks and thrifts in the previous auction in that it is not current on dividend payments, having roughly $2.5 million in unpaid dividends as of March 31.

Many of the TARP-participating banks are required to have a current registration in place for the re-sale of preferred shares, per their agreement with the Treasury. United Community Banks Inc. recently re-registered its TARP shares after having its obligation to maintain an effective registration waived by the Treasury in March 2011. Jimmy Tallent, the bank's CEO, disclosed in the press release that the re-registration was issued as part of its obligation with the Treasury. The company simultaneously filed for the registration of up to $300 million in debt and common equity securities, although Tallent also clarified that the company has "no current plans to issue securities at this time."

Additional TARP participants to recently file registration statements include Ameris Bancorp and Firstbank Corp., registering their TARP shares on the April 19 and April 17 of April, respectively.

The assets of the six banks in the initial auction ranged between $2 billion and $4.3 billion as of Dec. 31, 2011. Expanding the asset range to between $1.25 billion and $7 billion yields 32 public banks and thrifts with outstanding TARP preferred shares, 21 of which are current on their dividend payments through March 31.

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Shepherd/Boxer Mix
Rochester, New York-- Adopt-a-Dog

Breed: Shepherd (Unknown Type)/Boxer Mix
Color: Brown/Chocolate
Age: 10 months-Young
Size: Large 61-100 lbs (28-45 kg)
Sex: Male ID#:
4363371-GRASP, Inc.

"I am already neutered, housetrained, up to date with shots, good with kids, and good with dogs."

Prince's Story...
"Meet Prince, a 10 month old male Shepherd/Boxer/Pit Bull mix. Prince's family had too many dogs and found he needed more time and attention than they had available. They care very much for him and want him to find a good home. Prince is a high energy puppy and would do best having a fenced in yard. Prince gets along with other dogs, loves all everyone including children. He should not be with young children due to his size and energy level. Prince loves to cuddle and give kisses; this guy is a real mush. He appears house-trained, knows sit, paw, kiss, and down. Prince aims to please, and looks to his leader for direction. He rides very well in the car too! Prince would do best with a family who has the time to be with him and can give him a lot of exercise.

"Obedience training is recommended and will help him funnel his intelligence and energy as well as build an everlasting bond with you & your family."

Please contact Dog ( for more information about this pet.

His adoption fee is $250.00.

Contact This Rescue Group...
Rescue Group: G.R.A.S.P., Inc.
Pet ID #: 4363371-GRASP, Inc.
Contact: jennifer coykendall
Phone: (585) 234-1953
Let 'em know you saw "Prince" on! E-mail:
Address: PO BOX 26741
Rochester, NY

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

Adopt a Pet 

News Briefs----

CIT Reports First Quarter Loss $447 Million

Signature Bank reports $42.4 Million net income

Bank of Hawaii Reports Net Income 1st Quarter/Loans-Leases Up

Pacific Rim Capital Saluted;_ylt=A2KJNTthfpdPd3EA8K7QtDMD

Wisconsin led nation in job losses year-to-year

Wal-Mart took part in lobbying campaign to amend anti-bribery law

GE CEO defends tax rate after protesters disrupt speech|topnews|text|FRONTPAGE

Apple Posts Another Blowout Quarter

Demand for fresh asparagus a welcome sign for growers




911 First Request gets funded-emergency communicaton network



SparkPeople--Live Healthier and Longer

Eating with Diabetes: Counting ''Net'' Carbs




Sports Briefs----

Grant’s Final Mock Draft



Spring Poem

Written in early spring

        by William Wadsworth

I heard a thousand blended notes
While in a grove I sat reclined,
In that sweet mood when pleasant thoughts
Bring sad thoughts to the mind.

To her fair works did Nature link
The human soul that through me ran;
And much it grieved my heart to think
What Man has made of Man.

Through primrose tufts, in that sweet bower,
The periwinkle trail'd its wreaths;
And 'tis my faith, that every flower
Enjoys the air it breathes.

The birds around me hopp'd and played,
Their thoughts I cannot measure, -
But the least motion which they made
It seem'd a thrill of pleasure.

The budding twigs spread out their fan
To catch the breezy air;
And I must think, do all I can,
That there was pleasure there.

If this belief from heaven be sent,
If such be Nature's holy plan,
Have I not reason to lament
What Man has made of Man?



California Nuts Briefs---

OPD chief: burglaries, 100 blocks plan unrelated



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This Day in History

    1507-Little is known about the obscure scholar now called the "godfather of America," the German geographer and mapmaker Martin Waldseemuller, who gave America its name. In a book titled Cosmographiae Introductio, published this day, 1507, Waldseemuller wrote: "Inasmuch as both Europe and Asia received their names from women, I see no reason why any one should justly object to calling this part Amerige, i.e., the land of Amerigo, or America, after Amerigo, its discoverer, a man of great ability." Believing it was the Italian navigator and merchant Amerigo Vespucci who had discovered the new continent, Waldseemuller sought to honor Vespucci by placing his name on his map of the world, published in 1507. First applied only to the South American continent, it soon was used for both the American continents. Waldseemuller did not learn about the voyage of Christopher Columbus until several years later. Of the thousand copies of his map that were printed, only one is known to have survived. Waldseemuller probably was born at Radolfzell, Germany, about 1470. He died at St. Die, France, about 1517-20.
    1781 - Gen. Nathanael Greene engaged British forces at Hobkirk’s Hill, South Carolina, and was forced to retreat. 
    1831-The first streetcar company was incorporated this day in 1831 to be known as the New York and Harlem Railway
    1861-- Emma Edmonds alias Frank Thompson became a male nurse in the Second Volunteers of the United States Army. She later wrote Nurse and Spy, published in 1865, a rather lurid and perhaps not too accurate an autobiographical account of her exploits as a Union field nurse in northern Virginia and Kentucky but who was also a spy for the union forces. It has been estimated that approximately 400 women succeeded in enlisting in the army (either Union or Confederate) during the Civil War. She is buried in Washington Cemetery, Houston Texas, in lot G-26. This is a GAR lot that belonged to George B. McClellan Post of the Grand Army of the Republic. She is the only female member of the organization formed after the Civil War by Union veterans-The Grand Army of the Republic (GAR). There is also a biography of EE, She Rode with Generals, by Sylvia Gannett. Also, Richard Hall in Patriots in Disguise has some biographical information on Edmonds, including her postwar career, but the source of Hall’s comments appears to be from Gannett's book.
    1862 - Admiral Farragut occupies New Orleans, Louisiana.
    1865 - Four of the five Lincoln assassination suspects arrested on the 17th were imprisoned on the monitors U.S.S. Montauk and Saugus which had been prepared for this purpose on the 15th and were anchored off the Washington Navy Yard in the Anacostia River. Mrs. Mary E. Surratt was taken into custody at the boarding house she operated after it was learned that her son was a close friend of John Wilkes Booth and that the actor was a frequent visitor at the boarding house. Mrs. Surratt was jailed in the Carroll Annex of Old Capitol Prison. Lewis Paine was also taken into custody when he came to Mrs. Surratt's house during her arrest. Edward Spangler, stagehand at the Ford Theater and Booth's aide, along with Michael O'Laughlin and Samuel B. Arnold, close associates of Booth during the months leading up to the assassination, were also caught up in the dragnet. They were joined by Arnold on the 19th and Spangler on the 24th. George A. Atzerodt, the would-be assassin of Vice President Andrew Johnson, and Ernest Hartman Richter, at whose home Atzerodt was captured, were brought on board the ships on the 20th. Joao Celestino, Portuguese sea captain who had been heard to say on the 14th that Seward ought to be assassinated, was transferred from Old Capitol Prison to Montauk on the 25th. The last of the eight conspiracy suspects to be incarcerated on board the monitors was David E. Herold. The prisoners were kept below decks under heavy guard and were manacled with both wrist and leg irons. In addition, their heads were covered with canvas hoods the interior of which were fitted with cotton pads that tightly covered the prisoners' eyes and ears. The hoods contained two small openings to permit breathing and the consumption of food. An added security measure was taken with Paine by attaching a ball and chain to each ankle.
    1875 - New York City received three inches of snow, the latest measurable snow of record for that location.
    1898—The U.S. declares war on Spain.
    1898 - The temperature at Volcano Springs CA hit 118 degrees to establish a U.S. record for the month of April.
    1901- New York began requiring license plates on automobiles, the first state to do so.
    1907- Revolutionizing shipping, covered in a “History” Television documentary very well, was the first turbine-propelled naval ship “Chester,” commissioned this day and built at the Bath Iron Works, Bath, ME. The contract price for the hull and machinery was $1,688,000, quite a bit of money for its day. The” Chester” was equipped with four Parsons turbines. It trail speed was 26.52 knots, freeing ships from relying on wind to cross the Atlantic and Pacific Ocean. 
    1908-birthday of pianist Joe “from Bowling Green” Dean, St. Louis, MO.
    1908-Birthday of Edward R. Murrow( born Egbert Roscoe Murrow) in Greensboro, North Carolina
    1910 - Chicago, IL, was blanketed with 2.5 inches of snow, and a total of 6.5 inches between the 22nd and the 26th. It was the latest significant snow of record for the city.
    1913-birthday of the great alto sax player Earl Bostic, Tulsa, OK Died 1965, New York City.
(When I was learning how to play the alto sax, he was my favorite in the early 1950’s. I played along with “Harlem Nocturne” for hours until I memorized every lick and turn. It was not until I went to California and saw Charlie Parker in person that I decided I would never become an alto saxophone player and took up playing the Dixieland clarinet and fronting a 21 piece dance band sans musical instrument. I realized I had no talent to be an alto sax player after hearing “the Bird” in person. Charlie Parker with strings is perhaps my favorite album, next to Gil Evans and Miles Davis “Sketches of Spain” or “Old Bottle, New Wine.” or Basie’s atom bomb album. I also like both Turk Murphy Plays WC Handy and Louis Armstrong plays WC Handy. I like my friend Warren Luening's Big Band recordings. On yes, forgot, Bill May plays Jimmy Lunceford. Love all the Billy May albums. What a great arranger!!!! 
My dance band could play “Lean Baby, Lean.” Kit Menkin).
    1913-birthday of accordion player Santiago “Don” Jimenez, San Antonio, TX 
Died December 18, 1984 San Antonio
    1915-birthday of guitarist Johnny Shines, Frayser, TN .Died April 20, 1992, Tuscaloosa, AL

    1917-birthday of Ella Fitzgerald. Ella Fitzgerald was admired for her superlative musicianship and her skill in scat singing (singing improvised syllables while using the voice as an instrument). Born in Newport News, Virginia, and reared in a New York City orphanage, Fitzgerald was discovered at the age of 16, singing in a Harlem talent show. From 1934 until 1939 she sang with the Chick Webb Band, directing it for a time after the leader's death in 1939. One of her first hit tunes was is now an Easter favorite,” A Tisket, A Tasket.” In the mid-1940s, working with the American impresario Norman Granz, she toured Europe and Asia and performed in his Jazz at the Philharmonic concerts. Fitzgerald appeared in the 1955 film "Pete Kelly's Blues." In 1958 Fitzgerald appeared with the American jazz composer Duke Ellington at Carnegie Hall in New York City. She has also toured Europe frequently with the Oscar Peterson Trio. She died at her home in Beverly Hills, California, on June 15th, 1996.

    1923-birthday of guitarist/singer Albert King (Albert Nelson), Indianola, MS. He was a star at the Fillmore’s East and West during the 1960's, appearing on the bill with top rock stars. King's most popular records were made for the Stax label in Memphis in the late '60s and early '70s. "Cold Feet" made the pop charts in 1968. King died of a heart attack on December 21st, 1992, in Memphis, Tennessee.
    1925-- The first 50,000-watt radio station, WDY from Schenectady, NY, begins transmission.
    1928-birthday of tenor sax player Willis “Gator Tail” Jackson, Miami,FL. Died, October, 1987
    1928 - Buddy, the first seeing eye dog, was presented to Morris S. Frank on this day. Many seeing eye organizations and schools continue to offer specially trained dogs “ enhance the independence, dignity, and self-confidence of blind people...” (visit 
    1932-birthday of Meadow George “Meadowlark” Lemon II, basketball Hall of Famer, born Lexington, SC.
    1942 -- Ella Mae Morse and Freddy Slacks' "Cow Cow Boogie" hits #1
    1945-East meets West: US Army Lieutenant Albert Kotzebue encountered a single Soviet soldier near the German village of Lechwitz, 75 miles south of Berlin. Patrols of General Leonard Gerow's V Corps saluted the advance guard of Marshall Ivan Konev's Soviet 58th Guards Division. Soldiers of both nations embraced and exchanged toasts. The Allied armies of East and West had finally met.
    1945-GONZALES, DAVID M. Medal of Honor
Rank and organization: Private First Class, U.S. Army, Company A, 127th Infantry, 32d Infantry Division. Place and date: Villa Verde Trail, Luzon, Philippine Islands, 25 April 1945. Entered service at: Pacoima, Calif. Birth: Pacoima, Calif. G.O. No.: 115, 8 December 1945. Citation: He was pinned down with his company. As enemy fire swept the area, making any movement extremely hazardous, a 500-pound bomb smashed into the company's perimeter, burying 5 men with its explosion. Pfc. Gonzales, without hesitation, seized an entrenching tool and under a hail of fire crawled 15 yards to his entombed comrades, where his commanding officer, who had also rushed forward, was beginning to dig the men out. Nearing his goal, he saw the officer struck and instantly killed by machinegun fire. Undismayed, he set to work swiftly and surely with his hands and the entrenching tool while enemy sniper and machinegun bullets struck all about him. He succeeded in digging one of the men out of the pile of rock and sand. To dig faster he stood up regardless of the greater danger from so exposing himself. He extricated a second man, and then another. As he completed the liberation of the third, he was hit and mortally wounded, but the comrades for whom he so gallantly gave his life were safely evacuated. Pfc. Gonzales' valiant and intrepid conduct exemplifies the highest tradition of the military service.
    1945-KNIGHT, RAYMOND L. (Air Mission) Medal of Honor
Rank and organization: First Lieutenant, U.S. Army Air Corps. Place and date: In Northern Po Valley, Italy, 24 25 April 1945. Entered service at: Houston, Tex. Birth: Texas. G.O. No.: 81, 24 September 1945. Citation: He piloted a fighter-bomber aircraft in a series of low-level strafing missions, destroying 14 grounded enemy aircraft and leading attacks which wrecked 10 others during a critical period of the Allied drive in northern Italy. On the morning of 24 April, he volunteered to lead 2 other aircraft against the strongly defended enemy airdrome at Ghedi. Ordering his fellow pilots to remain aloft, he skimmed the ground through a deadly curtain of antiaircraft fire to reconnoiter the field, locating 8 German aircraft hidden beneath heavy camouflage. He rejoined his flight, briefed them by radio, and then led them with consummate skill through the hail of enemy fire in a low-level attack, destroying 5 aircraft, while his flight accounted for 2 others. Returning to his base, he volunteered to lead 3 other aircraft in reconnaissance of Bergamo airfield, an enemy base near Ghedi and 1 known to be equally well defended. Again ordering his flight to remain out of range of antiaircraft fire, 1st Lt. Knight flew through an exceptionally intense barrage, which heavily damaged his Thunderbolt, to observe the field at minimum altitude. He discovered a squadron of enemy aircraft under heavy camouflage and led his flight to the assault. Returning alone after this strafing, he made 10 deliberate passes against the field despite being hit by antiaircraft fire twice more, destroying 6 fully loaded enemy twin-engine aircraft and 2 fighters. His skillfully led attack enabled his flight to destroy 4 other twin-engine aircraft and a fighter plane. He then returned to his base in his seriously damaged plane. Early the next morning, when he again attacked Bergamo, he sighted an enemy plane on the runway. Again he led 3 other American pilots in a blistering low-level sweep through vicious antiaircraft fire that damaged his plane so severely that it was virtually nonflyable. Three of the few remaining enemy twin-engine aircraft at that base were destroyed. Realizing the critical need for aircraft in his unit, he declined to parachute to safety over friendly territory and unhesitatingly attempted to return his shattered plane to his home field. With great skill and strength, he flew homeward until caught by treacherous air conditions in the Appennines Mountains, where he crashed and was killed. The gallant action of 1st Lt. Knight eliminated the German aircraft which were poised to wreak havoc on Allied forces pressing to establish the first firm bridgehead across the Po River; his fearless daring and voluntary self-sacrifice averted possible heavy casualties among ground forces and the resultant slowing on the German drive culminated in the collapse of enemy resistance in Italy
    1946 - Jimmie Lunceford Orchestra recorded "Cement Mixer", (Majestic . )
    1947-Theodore Roosevelt National Park established. Located in North Dakota, the Theodore Roosevelt National Park includes two sections of the Badlands on the Missouri River as well as Theodore Roosevelt's Elkhorn Ranch.
    1949-An article by Deac Aylesworth in Look Magazine predicted that radio was doomed and that within three years, TV would overshadow radio completely.
    1950-The Boston Celtics made Chuck Cooper, an All-American from Dugquesne University playing with the Harlem Globetrotters, the first black player drafted by any NBA team when they selected him in the second round.
    1952-ESSEBAGGER, JOHN, JR. Medal of Honor
Rank and organization: Corporal, U.S. Army, Company A, 7th Infantry Regiment, 3d Infantry Division. Place and date: Near Popsudong, Korea, 25 April 1951. Entered service at: Holland, Mich. Born: 29 October 1928, Holland, Mich. G.O. No.: 61, 24 April 1952. Citation: Cpl. Essebagger, a member of Company A, distinguished himself by conspicuous gallantry and outstanding courage above and beyond the call of duty in action against the enemy. Committed to effect a delaying action to cover the 3d Battalion's withdrawal through Company A, Cpl. Essebagger, a member of 1 of 2 squads maintaining defensive positions in key terrain and defending the company's right flank, had participated in repulsing numerous attacks. In a frenzied banzai charge the numerically superior enemy seriously threatened the security of the planned route of withdrawal and isolation of the small force. Badly shaken, the grossly outnumbered detachment started to fall back and Cpl. Essebagger, realizing the impending danger, voluntarily remained to provide security for the withdrawal. Gallantly maintaining a l-man stand, Cpl. Essebagger raked the menacing hordes with crippling fire and, with the foe closing on the position, left the comparative safety of his shelter and advanced in the face of overwhelming odds, firing his weapon and hurling grenades to disconcert the enemy and afford time for displacement of friendly elements to more tenable positions. Scorning the withering fire and bursting shells, Cpl. Essebagger continued to move forward, inflicting destruction upon the fanatical foe until he was mortally wounded. Cpl. Essebagger's intrepid action and supreme sacrifice exacted a heavy toll in enemy dead and wounded, stemmed the onslaught, and enabled the retiring squads to reach safety. His valorous conduct and devotion to duty reflected lasting glory upon himself and was in keeping with the noblest traditions of the infantry and the U.S. Army.
    1953-MIYAMURA, HIROSHI H. Medal of Honor
Rank and organization: Corporal, U.S. Army, Company H, 7th Infantry Regiment, 3rd Infantry Division. Place and date: Near Taejon-ni, Korea, 24 and 25 April 1951. Entered service at: Gallup, N. Mex. Birth: Gallup, N. Mex. G.O. No.: 85, 4 November 1953. Citation: Cpl. Miyamura, a member of Company H, distinguished himself by conspicuous gallantry and intrepidity above and beyond the call of duty in action against the enemy. On the night of 24 April, Company H was occupying a defensive position when the enemy fanatically attacked threatening to overrun the position. Cpl. Miyamura, a machine gun squad leader, aware of the imminent danger to his men unhesitatingly jumped from his shelter wielding his bayonet in close hand-to-hand combat killing approximately 10 of the enemy. Returning to his position, he administered first aid to the wounded and directed their evacuation. As another savage assault hit the line, he manned his machine gun and delivered withering fire until his ammunition was expended. He ordered the squad to withdraw while he stayed behind to render the gun inoperative. He then bayoneted his way through infiltrated enemy soldiers to a second gun emplacement and assisted in its operation. When the intensity of the attack necessitated the withdrawal of the company Cpl. Miyamura ordered his men to fall back while he remained to cover their movement. He killed more than 50 of the enemy before his ammunition was depleted and he was severely wounded. He maintained his magnificent stand despite his painful wounds, continuing to repel the attack until his position was overrun. When last seen he was fighting ferociously against an overwhelming number of enemy soldiers. Cpl. Miyamura's indomitable heroism and consummate devotion to duty reflect the utmost glory on himself and uphold the illustrious traditions on the military service. 
    1953 - NBC-TV presented "Ethel and Albert", the video version of the popular radio show. Peg Lynch and Alan Bunce starred in the program
    1954-Bell Telephone Laboratories, New York City, announced the invention by Gearld Pearson, Calivin Fuller, and Daryl Chapin of a solar energy battery to convert the sun’s energy into useful amounts of electricity. Made of specially treated strips of silicon, the battery needed no fuel other than the light of the sun. It had no moving parts, nothing in it was consumed or destroyed, and theoretically it was possible for it to last indefinitely.
    1956-Malcolm McLean of Maxton, NC first containership, the Ideal X, left the port of Newark, NJ. He invented containerized shipping. He developed a large shipping container that could be packed with goods at the factor5y, hauled by truck to a port facility, carried on a specially fitted ships to a port terminal, offloaded from the ship, and hitched directly to trucks or loaded on freight cards for cross-continental transport, all without unpacking the containers' contents. The first containership facility was the Elizabeth-Port Authority Marine Terminal, operated by the Port of New York Authority. It opened for business on August 15,1962, when Sea-Land Service’s SS Elizabethport docked in New Bay, Elizabeth, NY, on the south side of Elizabeth Channel, south of Port Newark. During its first year, the facility handled 1.5 million tons of cargo on 242 vessels and employed730 people, who earned a total of more than $4 million. This revolutionized the entire shipping industry, plus gave birth to container and railroad carrier leasing.
    1956- Elvis Presley reached number one on the charts for the first time, with "Heartbreak Hotel." It was Presley's first hit for RCA Victor after the company purchased his contract from Sam Phillips of Sun Records for $35,000.
    1956-- The Italian luxury liner Andrea Doria collides with the Swedish liner Stockholm, the latter tearing a hole in the starboard hull of the former, killing 52 instantly and causing the Andrea Doria to sink by morning. On board is one Mike Stoller, who would go on to become one of the famous Lieber-Stoller songwriting team.
    1958-Arnold Palmer struggled to a final round 73, one over par, but still won the first of his four Masters championships. Palmer finished at 284, one shot better than Doug Ford and Fred Hawkins. He would win the tournament again in 1960, 1962 (in a playoff) and 1964.
    1959-the canal incorporated into a seaway opened, a 400-mile waterway between Montreal and Lake Erie, connecting the St. Lawrence River with the Great Lakes. It formed part of the St. Lawrence Seaway, 2,342 miles long, which allowed oceangoing ships to travel from the Atlantic Ocean to Duluth, MN.
    1960-Elvis Presley's first release since leaving the US Army, "Stuck On You" tops the Billboard chart. The record had been so highly anticipated, it sold over one million copies before it was even recorded.
    1960-With the Folk music craze in full swing, The Brothers Four enjoyed their biggest hit as "Greenfields" reached #2 on the Billboard chart.
    1961 - Robert Noyce patented the integrated circuit.
    1964- US President Lyndon B. Johnson announces that General. William Westmoreland will replace Gen. Paul Harkins as head of US Military Assistance Command Vietnam (MACV) as of 20 June. The assignment would put Westmoreland in charge of all American military forces in Vietnam. One of the war's most controversial figures, General Westmoreland was given many honors when the fighting was going well, but when the war turned sour, many Americans saw him as a cause of US problems in Vietnam. Negative feeling about Westmoreland grew particularly strong following the Tet Offensive of 1968, when he had requested a large number of additional troops for deployment to Vietnam. On 22 March 1968, President Johnson announced that Westmoreland would leave South Vietnam to take on the post of Army Chief of Staff; Gen. Creighton Abrams replaced him as the senior US commander in South Vietnam.
    1964-Dionne Warwick's "Walk on By" enters the Hot 100. Her fifth and thus far, biggest hit will eventually get to #6 on the chart for 13 weeks.
    1964-Peter and Gordon reach Number One on the U.K. pop chart with "World without Love," a song composed by Paul McCartney of the Beatles
    1965-- Backed by the Paul Butterfield Blues Band, Bob Dylan takes the stage at the Newport Folk Festival and plays his first-ever set of electric songs, horrifying many (but, contrary to legend, not all) in the crowd. After three songs, an upset Dylan says "Let's go, man, that's all," and the band leave the stage, only to be coaxed back out by Peter, Paul and Mary to play two more originals in the more "appropriate" acoustic manner. (Mainly because the band, a last-minute idea of Dylan's, only knew the three songs.)
    1967-Abortion first legalized: the first law legalizing abortion in the US was signed by Colorado Governor John Arthur Love. The law allowed therapeutic abortions in cases in which a three-doctor panel unanimously agreed.
    1967-STUMPF, KENNETH E. Medal of Honor
Rank and organization: Staff Sergeant (then Sp4c.), U.S. Army, Company C, 1st Battalion, 35th Infantry, 25th Infantry Division. Place and date: Near Duc Pho, Republic of Vietnam, 25 April 1967. Entered service at: Milwaukee, Wis. Born: 28 September 1944, Neenah, Wis. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. S/Sgt. Stumpf distinguished himself while serving as a squad leader of the 3d Platoon, Company C, on a search and destroy mission. As S/Sgt. Stumpf's company approached a village, it encountered a North Vietnamese rifle company occupying a well fortified bunker complex. During the initial contact, 3 men from his squad fell wounded in front of a hostile machinegun emplacement. The enemy's heavy volume of fire prevented the unit from moving to the aid of the injured men, but S/Sgt. Stumpf left his secure position in a deep trench and ran through the barrage of incoming rounds to reach his wounded comrades. He picked up 1 of the men and carried him back to the safety of the trench. Twice more S/Sgt. Stumpf dashed forward while the enemy turned automatic weapons and machineguns upon him, yet he managed to rescue the remaining 2 wounded squad members. He then organized his squad and led an assault against several enemy bunkers from which continuously heavy fire was being received He and his squad successfully eliminated 2 of the bunker positions, but one to the front of the advancing platoon remained a serious threat. Arming himself with extra hand grenades, S/Sgt. Stumpf ran over open ground, through a volley of fire directed at him by a determined enemy, toward the machinegun position. As he reached the bunker, he threw a hand grenade through the aperture. It was immediately returned by the occupants, forcing S/Sgt. Stumpf to take cover. Undaunted, he pulled the pins on 2 more grenades, held them for a few seconds after activation, then hurled them into the position, this time successfully destroying the emplacement. With the elimination of this key position, his unit was able to assault and overrun the enemy. S/Sgt. Stumpf's relentless spirit of aggressiveness, intrepidity, and ultimate concern for the lives of his men, are in the highest traditions of the military service and reflect great credit upon himself and the U.S. Army.
    1967-Just days after completing "Sgt. Pepper's Lonely Hearts Club Band", The Beatles laid down tracks for "Magical Mystery Tour" at Abbey Road studios in London.
    1968---SPRAYBERRY, JAMES M . Medal of Honor
Rank and organization: Captain (then 1st Lt.), U.S. Army, Company D, 5th Battalion, 7th Cavalry, 1st Cavalry Division (Airmobile). Place and date: Republic of Vietnam, 25 April 1968. Entered service at: Montgomery, Ala. Born: 24 April 1947, LaGrange, Ga. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Capt. Sprayberry, Armor, U.S. Army, distinguished himself by exceptional bravery while serving as executive officer of Company D. His company commander and a great number of the men were wounded and separated from the main body of the company. A daylight attempt to rescue them was driven back by the well entrenched enemy's heavy fire. Capt. Sprayberry then organized and led a volunteer night patrol to eliminate the intervening enemy bunkers and to relieve the surrounded element. The patrol soon began receiving enemy machinegun fire. Capt. Sprayberry quickly moved the men to protective cover and without regard for his own safety, crawled within close range of the bunker from which the fire was coming. He silenced the machinegun with a hand grenade. Identifying several l-man enemy positions nearby, Capt. Sprayberry immediately attacked them with the rest of his grenades. He crawled back for more grenades and when 2 grenades were thrown at his men from a position to the front, Capt. Sprayberry, without hesitation, again exposed himself and charged the enemy-held bunker killing its occupants with a grenade. Placing 2 men to cover his advance, he crawled forward and neutralized 3 more bunkers with grenades. Immediately thereafter, Capt. Sprayberry was surprised by an enemy soldier who charged from a concealed position. He killed the soldier with his pistol and with continuing disregard for the danger neutralized another enemy emplacement. Capt. Sprayberry then established radio contact with the isolated men, directing them toward his position. When the 2 elements made contact he organized his men into litter parties to evacuate the wounded. As the evacuation was nearing completion, he observed an enemy machinegun position which he silenced with a grenade. Capt. Sprayberry returned to the rescue party, established security, and moved to friendly lines with the wounded. This rescue operation, which lasted approximately 71/2 hours, saved the lives of many of his fellow soldiers. Capt. Sprayberry personally killed 12 enemy soldiers, eliminated 2 machineguns, and destroyed numerous enemy bunkers. Capt. Sprayberry's indomitable spirit and gallant action at great personal risk to his life are in keeping with the highest traditions of the military service and reflect great credit upon himself, his unit, and the U.S. Army.
    1969-- At the end of their gig at the Fillmore in San Francisco, Crosby, Stills and Nash invite Neil Young on stage to back them on a couple of songs, and they like the result so much he almost immediately becomes part of the band. 
    1970 - DJs around the U.S. played the new number one song, "ABC", quite often, as the Jackson 5 reached the number one spot in pop music for two weeks. "ABC" was the second of four number one songs in a row for the group from Gary, IN. "I Want You Back" was their first. "ABC" was one of 23 hits for Michael, Tito, Jackie, Jermaine and Marlon. "ABC" was knocked out of first place by The Guess Who and their hit, "American Woman".
    1970--- The Carpenters' "(They Long To Be) Close To You" hits #1
    1972 - Bill Sharman, ending his first year as head coach of the Los Angeles Lakers, was named Coach of the Year in the National Basketball Association (NBA). Sharman had a first year record of 69 wins and 13 lo1973 - The group, The Sweet, received a gold record for the hit "Little Willy". The English rocker band recorded four hits in addition to their first million-seller, "Ballroom Blitz", "Fox on the Run", "Action" and "Love is like Oxygen". "Little Willy" was a top-three hit, while the group’s other gold record winner, "Fox on the Run" made it to the top five.
1974, Anniversary of the Portuguese revolution; a public holiday in Portugal.
    1974-the National Football League adopted a 15-minute, sudden death quarter in an effort to reduce the number of tie games. The league also moved the goal posts from the goal line to the back line of the end zone to make it more difficult to kick field goals.
    1975-- The musical A Chorus Line debuts on Broadway, the first of what would be 6,137 performances over fifteen years
    1976-Center fielder Rick Monday of the Chicago Cubs rescued an American flag from several fans who ran onto the field and attempted to set it on fire. The incident occurred in Dodger Stadium in the fourth inning of a 5-4 10 inning victory by the Dodgers.
    1976 - No. 1 Billboard Pop Hit: ``Let Your Love Flow,'' Bellamy Brothers.
    1977-At a concert at the Saginaw, Michigan Civic Center, Elvis Presley makes what will be the last recordings of his life. Three songs from the show will appear, in heavily overdubbed mixes, on the posthumously released Presley album, "Moody Blue."
    1978- Queen's single "We Are the Champions" was certified Platinum. 
    1979-The film "Rock & Roll High School" starring the Ramones premiers.
    1980 -- President Jimmy Carter tells the American people about the hostage rescue disaster in Iran.
    1982- National holiday in Egypt celebrating the return of Sinai to Egypt after the peace treaty between Egypt and Israel.
    1985 - "Big River (The Adventures of Huckleberry Finn)" opened at the Eugene O’Neill Theatre on Broadway in New York City. The Tony Award-winning score for the show was written by Roger Miller (his first Broadway production). The show, about life on the Mississippi, with Daniel Jenkins in the starring role of Huck Finn, ran for 1,005 performances and won the Tony for Best Musical of the Year. "Big River" picked up several more Tony Awards: Featured Actor in a Musical to Ron Richardson; Best Director (Musical) to Des McAnuff; Best Book (Musical) to William Hauptman; and Best Scenic Designer and Lighting Designer to Heidi Landesman and Richard Riddell respectively. 
    1988---Top Hits
Wishing Well—Terence Trent D Arby
Anything for You—Gloria Estefan
Where Do Broken Hearts Go—Whitney Houston
Pink Cadillac---Natalie Cole
    1990-Hubble Space Telescope: deployed by Discovery, the telescope is the largest on-orbit observatory to date and is capable of imaging objects up to 14 billion light-years away. The resolution of images was expected to be seven to ten times greater than images from Earth-based telescopes, since the Hubble Space Telescope is not hampered by Earth's atmospheric distortion. Launched Apr 12, 1990, from Kennedy Space Center, FL. Unfortunately, the telescope's lenses were defective, so the anticipated high quality of imaging was not possible. In 1993, however, the world watched as a shuttle crew successfully retrieved the Hubble from orbit, executed the needed repair and replacement work and released it into orbit once more. In December 1999 the space shuttle Discovery was launched to do extensive repairs on the telescope.
    1990-The Fender Stratocaster that Jimi Hendrix used to perform the "Star Spangled Banner" at Woodstock is auctioned off in London for $295,000.
    1993—Top Hits
Freak Me---Silk
Nothin’ But a “G” Thang---Dr.De
I Have Nothing (from the “Bodyguard”)—Whitney Houston
    1994-- Yankee Stadium in New York holds their first "Joe DiMaggio Day," featuring Paul Simon singing "Mrs. Robinson" (and cheers when he gets to the "Where have you gone, Joe DiMaggio?" part). 
    1995-- The 257-day strike ends as the Dodgers beat the Marlins 8-7. The work stoppage caused last season to end early, force the cancellation of World Series, and delayed the opening of this season.
    1996- U2 began their first tour in more than four years before a sellout crowd of 38,000 in Las Vegas. The band featured 11 songs from its "Pop Mart" album but the audience reacted more enthusiastically to such U2 standards as "Pride (in the Name of Love)" and "Where the Streets Have No Name." The glitzy and extravagant show featured what was billed as the world's biggest TV screen and the band emerging from an enormous lemon-shaped mirror ball suspended above the stage. 
    1998-- The 'Iron Man's' streak continues as Cal Ripken plays in his 2,500th consecutive game as the Orioles host the A's at Camden Yards.
    2001-- Padres' outfielder Rickey Henderson, 42, breaks the career walks record established by Babe Ruth when he receives his 2,063rd base on balls.
    2002—Top Hits
What’s Luv---Fat Joe featuring Ashanti
U Don’t Have to Call—Usher
I Need a Girl (part 1)---P.Diddy featuring Usher and Loon
Ain’t It Funny—Jennifer Lopez featuring Ja Rule

NBA Finals Champions This Date

    1952 Minneapolis Lakers
    1965 Boston Celtics.

Stanley Cup Champions This Date

    1964 Toronto Maple Leafs




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