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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.

Monday, April 30, 2012

Today's Equipment Leasing Headlines

Archives April 30, 2001
  Leasing Salesman Pay Survey
   Classified Ads---Sales Manager
Former Lt. Gov. & Chairman Republican Nat. Party Bank Fails
  Palm Desert Springs succumbs, FDIC Can't find acquirer in MD
   Career Crossroad—“Non-compete, but I want to leave!”
    Classified Ads---Help Wanted
     Placard---Being on Time
Leasing 102 by Mr. Terry Winders, CLP
 What is a legal lease (continued)
   FDIC Makes Economic Information Available
    Top Stories April 23--April 27
Bank M&A Q1 scoreboard: Momentum is back
 By Harish Mali, SNL Financial
   Lab Mix 21 Weeks Old
    Broomfield, Colorado Adopt-a-Dog
     Open Positions at Leasing Funders/Various Locations
News Briefs---
 Fitch April Risk Radar
  Dunkin’ Donuts to Add 25 Stores in Texas
   More New Developments In Successful Partnering In 2012
    Travelers face patchwork of free vs. paid Wi-Fi
     50th Anniversary Beach Boys

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

     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.



Archives April 30, 2001
Leasing Salesman Pay Survey

Here are responses from eight companies we have received to date, divided into Lessor and Lessor:


We pay 2% of equipment volume in compensation. Generally there is a base of $48K and the 2% commish is paid for volume over $200K. They also earn 25% of the fee of any brokered deal they bring in. The 25% split of broker income is independent of our funded equipment volume. We pay monthly though will probably shift to quarterly.


As a sales rep, with 4 years experience I make a base salary of $48k with a chance to make commission once I make more money for the company than it takes to keep my seat, i.e. $4000 per month. It seemed to be online with the Advanta commission plan but unless you really generate volume you cannot realize commission.


Our plan is pretty simple. Our sales reps working with vendors and lessees are paid a commission of 3% of the equipment cost.


Around here, be it small ticket or big ticket, I believe all the lease origination personnel have had a base salary and then a bonus once a certain minimum volume was done on a monthly (for the small ticket group) or annual (for the large ticket group) basis. Our most experienced and senior large ticket salesperson makes well into the 6 figure range I've heard but they consistently book volume in the tens of millions each year. I think all our large ticket group that have been here two or more years each make over$100,000 per year between base and bonus.

Our small ticket people have had the potential to make six figures but it has always been heavily volume dependent.

There are several different bases, based on whether or not they hit their bogey for the year or month. Bonus is only paid once minimum target volume is reached. If someone is not hitting their target within a year around here they usually let them go.



I pay my in-house sales people as follows: Base Salary of 30K per year. this covers the first $5,000 in GP. I allocate 50% of any deal the generate themselves and 10% of the GP on any house deal that I assign to them to help them cover the first $5,000 in GP. On the second 5,000 in GP the sales rep earns 25% and 40 % on any GP generated after that. A rep working for me can justify their existence at about $800K per year in volume. They will make$45-50K at $100K per month in volume and about $75K at $150K per month in volume.


We get 35% of the first $10,000 per month in gross that we bring into the company. We get 45% above $10,000 and 50% above $18,000 per month. We split document fees over the amount required in the approval. It is all commission, no guarantee.


We pay a reconciling draw against commissions ranging from $10,000.00 per month to $2,000.00 per month. The rep makes commission of 25% of the gross revenues generated. Once they become three months behind on their draw, the draw is discontinued.


You may quote me.

Several years ago I became aware of a survey done by The Manifest Group where they found that the average equipment leasing salesperson, with two year's experience, earned an average of $25,000 per year. This was, I was told, a national average, which by definition means that half the salespeople nationally earned less than $25,000 per year, and half earned more than $25,000 per year.

At my former company, we compensated salespeople with a 50% split of the gross commission due on the leasing transaction. The salespeople generally had use of our office space, and we paid for special promotions. In addition, we provided an auto allowance of $300 per month, and a telephone allowance of $150 per month. We found it necessary, in virtually all cases, to provide the salespeople with a draw against future earned commissions. We found that even our most experienced salespeople did not break-even on this arrangement until they were employed with us at least three years.

The most generous compensation program I have first-hand knowledge of provides the leasing salespeople with 65% of the gross transaction commission. This company, a longtime, successful leasing broker, also provides office space, use of telephone, and the payment of advertising promotions.

In fairness to all leasing salespeople, their compensation potential depends as much on their company's access to capital, and flexible financing plans, as it does on their individual sales ability and work ethic. In our case, at just the time our salespeople began to realize their individual potential, their ability to grow their earnings was drastically curtailed by our loss of bank funding.

My only advice to your inquirer is: carefully evaluate the company you represent or will represent. Your ability to cultivate vendor and lessee relationships depend to a great degree on your company's ability to deliver on its credit program and funding promises. Unfortunately, in today's economic and leasing environment, the only thing you can count on is uncertainty.

Steve Chriest

Five more from May 1, 2001:



$50K base
.25% of volume
Cell phone paid for.
They should be making $100,000-

I really enjoy your news letter.


Base Salary $75,000 (not a draw)
10% of the gross profit

Buy rates ranged from 200-300 over T's.

Commissions were to be paid 30 days after the quarter was closed.

Both commissions paradigms were geared for volume to be in excess of $1MM er month.

Discount Broker


#1 Base Salary $75,000 (draw)

Salary x2 = $150,000
Expenses $ 30,000
Total $180,000 / 12 = $15,000 Hurdle per month
50/50 split PV on all deals

Buy rates ranged from 300 to 500 over like T's

Commissions were paid monthly


Here we make no salary, 45% of the gross margin on $1.00 residual deals, and 5% of the GM on the deals that we retain the FMV or 10% residual. We make 100% of the doc fee over what our sources charge and a draw is available on case by case basis.


We pay our sales reps 50% of the GP after inspections, UCC's and routine office costs. We also pay for marketing and promotion items, business cards, brochures, handouts, mailings, etc, etc.

The reps responsibility is to bring in the business and that is it. I do not require a monthly volume, but do ask that they stay in contact, preferably in person, with any customer or vendor once a month at least. I price, doc, close and fund the deals. All they do is make the contact.

Any deal originated or referred by that salesperson's vendor or customer is theirs even if they haven't talked with them about the specific deal.

Average annual compensation is usually 50 to 65K, but the opportunity is unlimited. We are presently looking for reps in northern New Jersey and western NY and eastern PA.


Bob Runyon,
Capital Agreements Corporation



Classified Ads---Sales Manager

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

Fort Myers, Florida
Very experienced and strong skills with both Captive and Specialty Sales Management. Over 25 years , will relocate and travel---successful and team player.

Free Posting for those seeking employment in Leasing:

All “free” categories “job wanted” ads:



Former Lt. Gov. & Chairman Republican Nat. Party Bank Fails
Palm Desert Springs succumbs, FDIC Can't find acquirer in MD

The four branches of HarVest Bank of Maryland, Gaithersburg, Maryland were closed with Sonabank, McLean, Virginia, to assume all of the deposits. Founded November 15, 2004 they had 24 full time employees at five offices: Bethesda, Frederick, Gaithersburg, Germantown, and Rockville.

Tier 1 risk-based capital .0097

Jack McDonnell was the chairman of the board and the claim to fame was Michael S. Steele, who was the former Lt. Governor as well as Chairman of the Republication National Committee.

Michael S. Steele
64th Chairman of the Republican National Committee

The board sounds like a who's who, including Louis M. Poppe was on the SBA National advisory Council and the host of others seem strong, but evidently not very involved in the bank itself. Full board here:

(If web site down,here is a copy: )

The bank had been trying to raise capital and in June of last year had several investors, but the reality was the bank had lost $12.4 million in 2010 and non-current loans were at $16.8 million with a net worth which would become $2.8 million by the end of 2011 from a high of $16.9 million in 2009, just four years earlier.

(in millions, unless otherwise)

Net Equity
2006 $11.9
2007 $15.1
2008 $16.7
2009 $16.9
2010 $5.0
2011 $2.8
3/31 $1.2

2006 -$1.5
2007 $1.7
2008 -$428,000
2009 -$1.6
2010 -$12.4
2011 -$2.8
3/31 -$1.5

Non-Current Loans
2006 0
2007 $2.3
2008 $7.4
2009 $10.1
2010 $16.8
2011 $19.2

Charge Offs

2006 0
2007 0
2008 $1.3 ($1.2 1-4 family residential, $91,000 commercial and industrial)
2009 $2.1 ($784,000 1-4 family, $718 nonfarm-nonres., $389,000 commercial-industrial, $28,000
2010 $3.2 ($1.1 construction/land, $962,000 1-4 family, $675,000 nonafrm-nonres, $535,000
2011 $1.4 ($703,000 commercial-industrial, $484,000 nonfarm nonres., $116,000 construction/land, $77,000 1-4 family)
3/31 $695,000 ($384,000 1-4 family, $301,000 multifamily, $10,000 commercial loans)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

As of December 31, 2011, HarVest Bank of Maryland had approximately $164.3 million in total assets and $145.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, Sonabank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.2 million.


Palm Desert National Bank, Palm Desert, California was closed with Pacific Premier Bank, Costa Mesa, to assume all of the deposits. Founded December 7, 1981 it had 36 full time employees. 2006 the bank had 141 full time employees, 2007 158, 2008 96, 2009 83, 2010 67, 2011 34. It was locally owned and operated by a board of very good friends.

The losses hit the real estate down turn, and is a good example of not only the growth of non-current loans, almost all real estate, but the heavy losses in construction and land development, hit the bank at $7.3 million in 2008, $11.8 million in 2009, and $3.7 in 2010 along with corresponding high commercial industrial write off of 42.8 million and $2.9 and almost $1 million.

Charge Offs
2006 $308,000 ($253,000 1-4 family homes, $60,000 commercial-industrial, -$5,000 individual)
2007 $17,000 (-$114,000, $120,000 commercial/industrial, $11,000 individual)
2008 $10.5 ($7.3 construction/land, $2.8 commercial/industrial, $308,000 1-4 family, $34,000 indiv.)
2009 $17.6 ($11.8 construction/land, $2.9 commercial/industrial, $392,000 nonfarm nonres.)
2010 $5.9 ($3.7 commercial/industrial, $954,000 construction/land, $532,000 nonfarm, nonres.,
$85,000 ind.)
2011 $2.1 ($925,000 1-4 family, $810,000 nonfarm nonres., $601,000 commercial, $163,000 multifamily, $93 individual, -$458,000 construction/land).

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

The net equity went from $34.7 million in 2008 to $2 million end of 2011.

After receiving directive to raise capital, Palm Desert sold its branch in La Quinta and Palm Springs to Bank of Southern California, San Diego. It also sold its Electronic Banking Solutions division, EBS, to First California Bank for $5 million. It had created the division 1994 with a mission to provide premier electronic banking services throughout the United States for a variety of product line services.

Despite the sale of assets, the cutting of expenses, including cutting full time employees from 158 in 2007 to 34 by year end 2022, the small bank could not overcome the four years of high non-current loans, the charge offs, resulting in three years of terrible losses for its size.

Tier 1 risk-based capital ratio .0231

(in millions, unless otherwise)

Net Equity
2006 $29.9
2007 $30.4
2008 $34.7
2009 $13.4
2010 $7.0
2011 $2.0

2006 $6.7
2007 -$79,000
2008 $5.1
2009 -$19.5
2010 -$6.4
2011 -$4.4

Non-Current Loans
2006 $619,000
2007 $14.5
2008 $29.8
2009 $32.5
2010 $29.9
2011 $15.2

As of December 31, 2011, Palm Desert National Bank had approximately $125.8 million in total assets and $122.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Pacific Premier Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $20.1 million.

The two offices of Bank of the Eastern Shore, Cambridge, Maryland were closed and no acquirer was found. Founded August 19, 1986 the bank had gone from 49 full time employees to 30 end of year 2011 in their two offices in Cambridge, 1025 Washington Street, and 301 Crusader Road.

Tier 1 risk-based capital ratio .0181%

To protect the depositors, the FDIC created the Deposit Insurance National Bank of Eastern Shore (DINB), which will remain open until May 25, 2012 to allow depositors access to their insured deposits and time to open accounts at other insured institutions.

As of December 31, 2011, Bank of the Eastern Shore had $166.7 million in total assets and $154.5 million in total deposits. At the time of closing, the amount of deposits exceeding the insurance limits were undetermined. Uninsured deposits were not transferred to the DINB. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.

The cost to the FDIC's Deposit Insurance Fund is estimated to be $41.8 million.

Cambridge was settled by English colonist in 1684, and is one of the oldest colonial cities. Once into tobacco, it became a farming community, then canning, and now primarily tourist with a population of 12,326. The 400-room Hyatt Regency Chesapeake Bay resort is well known for it’s a golf course, spa, and marina. The resort was the site of the 2007 US House Republican Conference, which included an address by U.S. President George W. Bush.

Not much was found on the bank board of directors, except for two cease and desist orders from the FDIC.

August 12, 2010
First cease and desist

April 30, 2011
Second cease and desist

On March 12, 2012 the County Council of Dorchester County "Based on the request of Harold S. Robbins, President, the Council agreed to execute a letter citing the Bank of the Eastern Shore as a valuable asset to Dorchester County. Councilman Newcomb abstained. The Council acknowledged that bank officials are applying for funds from a Government sponsored program geared towards economic development and specific to foreign investment but acknowledged that the Bank officials are not asking for a letter of support for that application."

The bank had its toughest years and thus the two cease and desist order, but by the first one, the bank was in serious trouble and year-end 2011 the idea a letter from the county council would help sounds way out of touch with reality. Non-current loans in 2009 were $25.1 million and $26.2 million, way too high for a small ban, and by the end of March the net equity had dropped from $24.2 million in 2008 to $2.5 million after so high charge offs.

One major culprit:

(in millions, unless otherwise)

Net Equity
2006 $21.8
2007 $23.2
2008 $24.2
2009 $18.5
2010 $10.9
2011 $3.0
3/31 $2.5

2006 $2.2
2007 $2.1
2008 $278,000
2009 -$4.9
2010 -$9.2
2011 -$7.9
3/31 -$529,000

Non-Current Loans
2006 $1.5
2007 $889,000
2008 $4.7
2009 $25.1
2010 $26.2
2011 $9.1

Charge Offs
2006 0
2007 0
2008 $262,000 ($152,000 nonfarm-nonresidential, $90,000 to individuals)
2009 $1.9 ($750,000 multifamily, $750,000 nonfarm nonr, res., $617,000 commercial, $464,000 indiv.)
2010 $7.6 ($2.8 construction/land, $2.6 nonfarm, nonres., $954,000 1-4 family, $953,000 commercial, $214,000 loans to individuals)
2011 $5.4 ($1.8 nonfarm-nonres., $1.6 1-4 family, $1.2 commercial, $623,000 construction, land, $88,000 to individuals-$23,000 auto, $65,000 credit cards) 3/31 $602,000 ($332,000 nonfarm-nonres., $85,000 commercial/industrial, $91,000 indiv., $85,000 commercial/industrial, $23,000 1-4 family)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

Information about the operation and deposits can be found in the following press release:


The four branches of Inter Savings Bank, fsb D/B/A InterBank, fsb, Maple Grove, Minnesota were closed with Great Southern Bank, Reeds Spring, Missouri, to assume all of the deposits. Founded July 26, 1965 they had 41 full time employees at their four offices: Edina, Lakeville, Maple Grove, and Roseville. December 31, 2007 they had 122 full time employees, 2008 108, $2009 103, 2010 44, 2011 41.

Tier 1 risk-based capital ratio .0204 end of year December 31, 2011 (first quarter was not available).

In the recent bank failures, many have been caused by heavy construction/land development followed by nonfarm nonresidential loans, to the going finished buildings that began to see low occupancy. In InterBank the residential first and second mortgage loan write-offs were very high, starting in 2008, as well as a history on high non-current loans going well before the write-offs. An example of a group buying in the mortgage marketplace and the lack of business and thus any fees as evidenced by their drop in full time employees from 122 in 2007 to 41 year-end 2011.

(in millions, unless otherwise)

Net Equity
2006 $73.1
2007 $73.7
2008 $49.4
2009 $27.1
2010 $13.3
2011 $7.3

2006 $10.3
2007 $1.0
2008 -$23.4
2009 -$16.2
2010 -$13.6
2011 -$6.0

Non-Current Loans
2006 $23.3
2007 $28.0
2008 $29.5
2009 $30.1
2010 $26.2
2011 $28.3

Charge Offs
2006 $660,000 ($604,000 1-4 family, $50,000 nonfarm, $6,000 individuals)
2007 $2.3 ($2.3 1-4 family residential properties)
2008 $12.5 ($12 1-4 family, $336,000 multifamily, $113,000 nonfarm nonres.,$47,000 individual)
2009 $15.1 ($14.2 1-4 family, $796,000 nonfarm nonres.,$118,000 multifamily, $6,000 individual)
2010 $16.8 ($16.7 1-4 family, $$53,000 multifamily, $39,000 nonfarm nonres, -$5,000 individual)
2011 $11.9 ($10.5 1-4 family, $1.0 multifamily, $381,000 nonfarm, -$30,000 individual)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

As of December 31, 2011, InterBank, fsb had approximately $481.6 million in total assets and $473.0 million in total deposits. In addition to assuming all of the deposits of the failed bank, Great Southern Bank agreed to purchase essentially all of the assets.

The FDIC and Great Southern Bank entered into a loss-share transaction on $413.0 million of InterBank, fsb's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $117.5 million


The six branches of Plantation Federal Bank, Pawleys Island, South Carolina were closed with First Federal Bank (formerly known as First Federal Savings and Loan Association of Charleston), Charleston, South Carolina, to assume all of the deposits

Murrells Branch

Pawleys Branch

Myrtle Branch

Founded October 20, 1986 the bank had 76 full time employees at their six offices: three in Greenville, one each in Myrtle Beach, Murrells Inlet, and Pawleys Island. 2008 152, 2009 135, 2010 67, 2011 76. In July, 2011, Plantation Federal sold its Georgetown branch to Citizens Bank to raise extra capital. June, 2010 it has been told to raise additional capital, but by year-end the loss was $17.9 million followed by a loss of $20.2 million bringing the equity from $52.8 million in year 2008 to $5.1 million year-end 2011

Construction and land development loans were the culprit as the entire area had overbuilt and was seeing drop offs in tourism as well as second home development.

Tier 1 risk-based capital was .0151

(in millions, unless otherwise)

Net Equity
2006 $25.1
2007 $27.3
2008 $52.8
2009 $45.3
2010 $24.6
2011 $5.1

2006 $1.9
2007 $1.3
2008 $937,000
2009 -$9.4
2010 -$17.9
2011 -$20.2

Non-Current Loans
2006 $331,000
2007 $412,000
2008 $7.1
2009 $53.0
2010 $44.8
2011 $46.0

Charge Offs
2006 $44,000 ($25,000 commercial/industrial, $19,000 individuals)
2007 $43,000 ($43,000 individuals)
2008 $453,000 ($422,000 1-4 family homes, $30,000 individuals, $1,000 construction/land)
2009 $11.7 ($5.3 construction/land, $2.5 1-4 family, $2.3 nonfarm nonrs., $1.1 commercial/industrial,$250,000 multifamily, $128,000 individual)
2010 $15.9 ($6.5 construction/land, $2.7 nonfarm nonres., $1.7 commercial industrial, $250,000 indivi.)
2011 $15.0 ($5,000 commerical, $4.4 construction/land, $2.7 1-4 family, $1.8 nonfarm nonres., $414 indiv.)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

The FDIC and First Federal Bank entered into a loss-share transaction on $221.7 million of Plantation Federal Bank's assets. First Federal Bank will share in the losses on the asset pools covered under the loss-share agreement. For more information on loss share, please visit:

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $76.0 million.

List of Bank Failures:

Bank Beat:





Career Crossroad—“Non-compete, but I want to leave!”

Question: I am considering a new sales role, but have a non-compete – how do you suggest I handle this?

Answer: I strongly recommend you consult with an attorney – it is worth the expense and your first step so you will know what you will need to deal with (in some states they are not enforceable)

If you are considering other opportunities:

1. Conduct your search and attend your interviews
2. While on your phone interview or inquiry, I would mention your non-compete. You can mention you have consulted with an attorney and discuss with potential new employer how this should be approached
3. If you decide you are going to accept an offer from a particular company – obviously give your two week notice (no turning back!) and discuss the non-compete with your current employer
4. Many times, they will agree to an arrangement (again, if enforceable – if not enforceable and they bring this up during your exit interview let them know you have already advised with an attorney, etc…)
5. You want to make sure you don’t EVER burn a bridge, do the right thing and it won’t come back to haunt you in the leasing business.

If you are working with a Recruiter, they should discuss with you in the beginning!

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567\

Previous Career Crossroad columns:



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.




Leasing 102
by Mr. Terry Winders, CLP

Part 1---What is a Legal Lease?

What is a legal lease –Part II

For purposes of this, a legal lease definition:

  • Additional consideration is not nominal if when the option to renew the lease is granted the rent is stated to be the fair market rent for the use of the goods for the term of the renewal determined at the time the option is to be performed, or) when the option to become the owner of the goods is granted to the lessee the price is stated to be the fair market value of the goods determined at the time the option is to be performed.

  • Additional consideration is nominal if it is less than the lessee’s reasonably predictable cost of performing under the lease agreement if the option is not exercised;

A purchase option may be for the “fair market value,” however it still could be considered a bargain if it cost more to return it than to buy it. This is one of the reasons the lessor must understand the cost associated with removal, packaging and shipping or placing this burden upon the lessee. It will make the lease in reality a loan because the return requirements force the lessee to purchase the asset because it is cheaper to purchase it than return it. Recording the investigation into these predicted expenses would only be required on hard to return equipment or equipment that require a lot of instillation and therefore a lot of "disinstillation."

  • “Reasonably predictable” and “remaining economic life of the goods” are to be determined with reference to the facts and circumstances at the time the transaction is entered into; and

This requirement supports the information known only at commencement and if it is recorded then changes that occur over the term of the lease cannot be used to offset the assumptions. If nothing is recorded or investigated regarding purchase options and economic life it can then be said that the lessor had no concerns, hence no risk, and treatment as a loan instead of a lease seems certain.

  • “Present value” means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. The discount is determined by the interest rate specified by the parties if the rate is not manifestly unreasonable at the time the transaction is entered into: otherwise, the discount is determined by a commercially reasonable rate that takes into account the facts and circumstances of each case at the time the transaction was entered into.

The purpose of the “Present Value” approach becomes important if the “non-cancelable” lease is terminated and the court is trying to determine if the lessee gained any equity or advantage from the early buyout. Leases that are paid out early fall into two categories depending on if the equipment is purchased by the lessee or returned by the lessee. If the equipment is returned and a “Present Value” of the remaining rentals is charged there is little or no problem, however, if the lessee purchases the equipment early, then the question is: was this really a loan instead of a lease? The “early buy out” EBO must be greater than the present value of the remaining rents and the purchase option. If it is the same or less then the lessee gains an advantage thought to be equity, hence, a loan. It is usually prudent to present value the rent and then present value the actual assumed equipment value (at termination) instead of the just the residual. If it is for less than this, a case can be made that the lessor was giving up the additional value a true owner would expect to receive, hence a loan exist.

These definitions are surly going to be tested and better defined as we see additional court cases, so the reader needs to be aware of the changes and modifications of the current legal process and find ways to be kept informed.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at or 502-649-0448

He invites your questions and queries.

Previous #102 Columns:

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

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



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


FDIC Makes Economic Information Available

Chart is static. For the full FDIC Information: current economic info counties in each state, certain metropolitan statistics, too; invaluable for short and long range planning, please go to:



Top Stories April 23--April 27

Here are the top ten sorties opened by readers:

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

(2) New Lawsuit—from $180 Million to $10 million +
Takes on Northern Leasing Systems

(3) April 27, 2000 Archives
Paul Menzel, CLP: Survival of the Fittest

(4) The State of the Leasing Industry by its Associations
by Christopher Menkin

(6) New Hires---Promotions

(5) Leasing 102 by Mr. Terry Winders, CLP
What is a Legal Lease?

(7) Sheldon Player Please Call 408-354-7967
by Kit Menkin

(8) Reid Raykovich, CLP new Executive Director

(9) Six Lawyers Against Evergreen Clause Abuse

(10) Lease Accounting Project Update
by Shawn Halladay, The Alta Group

Extra—not counted for technical reasons
First American Equipment Finance Sold to City National Bank

Gary DiLillo, President 440.871.0555 or

Comprehensive personal property tax outsourcing services.
Click here to see what our clients say about us.


Bank M&A Q1 scoreboard: Momentum is back

By Harish Mali
SNL Financial

Amid the slowdown in FDIC-assisted failed bank transactions, the traditional bank M&A market has regained energy in the first quarter, according to SNL Financial data.

There were 50 whole bank and thrift deals announced in the first quarter aggregating to more than $3 billion, which is more than 3.5x the total value of deals announced in the preceding two quarters. Not only have the volume and number of deals picked up, but pricing has also improved. The average price to tangible book value of deals announced in the first quarter was 125.7%, the highest level of the last seven quarters. The total assets and deposits involved in the first quarter's bank and thrift deals amounted to $22.4 billion and $18.0 billion, respectively.

Branch deals have also surged in popularity with 25 transactions announced in the first quarter. A total of 174 branches and $5.5 billion deposits were transferred, compared to 41 branches and $1.3 billion deposits transferred in the preceding quarter. There were only 18 branch deals announced in the year-ago quarter, involving 41 branches and $836.3 million in deposits.

With the consolidation pace picking up, government-assisted transactions have fallen in the first quarter, as only 14 failed banks and thrifts were taken over in government-assisted transactions, compared to 24 such failures in the first quarter of 2011.

Among all deal types in the first quarter, six buyers were the most active with two acquisitions each. One of them was Davenport, Fla.-based CenterState Banks Inc. It assumed control of two failed banks, Belleview, Fla.-based Central Florida State Bank and Jacksonville, Fla.-based First Guaranty B&TC Co. of Jacksonville in January. First Guaranty Bank was its sixth purchase from the FDIC since 2009.

Another acquisitive company was Houston-based Prosperity Bancshares Inc., which agreed to acquire Lubbock, Texas-based American State Financial Corp. for $529.2 million, the second largest deal announced in the quarter. The target had more than $3.1 billion in total assets and $2.5 billion in deposits as of Dec. 31, 2011.

The largest deal of the quarter was the proposed acquisition of Santa Barbara, Calif.-based Pacific Capital Bancorp by Tokyo-based Mitsubishi UFJ Financial Group Inc. for $1.5 billion. It is the third largest deal announced in last twelve months after the sales of Wilmington, Del.-based ING Bank FSB and Raleigh, N.C.-based RBC Bank (USA) last year.

With 36 deals in total, the Midwest remained in the news in the first three months of 2012. The region witnessed 19 whole bank/thrift deals, 12 branch deals and five government-assisted deals. It is followed by the Southeast with 20 deals including eight whole bank/thrift, four branch and eight government-assisted deals.



Lab Mix 21 Weeks Old
Broomfield, Colorado -- Adopt-a-Dog

Age: 21weeks
Breed: Lab mix
Sex: male
Altered: nope - way too young
Size: growing!
Other Dogs: friendly and outgoing
Cats: unsure

The adoption donation for Rescue Labs is $250 for young Labs to the age of 2.

Mile High Labrador Retriever Missin:

720-989-1LAB (720-989-1522)

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Adopt a Pet 




Open Positions at Leasing Funders/Various Locations

(Most of the listing have "open positions." While you may find ones that do not, check back later, as they may have added an opening.)

Advantage Funding



Alter Moneta

Atlas Copco

Balboa Capital

Bank of America

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(type in state, and keyword leasing or category)

CIT Job Openings

CSI Leasing

Data Sales

De Lage Landen Financial

Direct Capital

Farm Credit

Financial Pacific

Fifth-Third Bank

GE Capital

GreatAmerica Leasing

Hillcrest Bank

Home Savings Bank

Huntington Bank

Key Bank
Click here

Marlin Business Services
Key (not available at this time)

Madi$on Capital

Meridian Bank


Northern California Farm Credit (office listings)

People's United Bank

PL Capital

Prime Alliance Bank

Regions Bank

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Sterling Bank

TCF Bank

TD Bank

US Bank 
(type position in blank space and/or state)

Wells Fargo

Zions Bank

Leasing News invites other employers to list their "open positions." The listing is free.

News Briefs----

Fitch April Risk Radar

Dunkin’ Donuts to Add 25 Stores in Texas

More New Developments In Successful Partnering In 2012

Travelers face patchwork of free vs. paid Wi-Fi

50th Anniversary Beach Boys
(they sang as a group before calling themselves the Beach Boys)

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 |




SparkPeople--Live Healthier and Longer

SparkPeople Trivia



Sports Briefs----

Sacramento Mayor Kevin Johnson: King's Arena deal is dead

Tim Tebow voted 95th-best player in NFL by vote of peers



Spring Poem

Three Spring Notations on Bipeds

by Carl Sandburg (1920)


The down drop of the blackbird,
The wing catch of arrested flight,
The stop midway and then off: off for triangles, circles, loops of new hieroglyphs—
This is April’s way: a woman:
“O yes, I’m here again and your heart
knows I was coming.”


White pigeons rush at the sun,
A marathon of wing feats is on:
“Who most loves danger? Who most loves wings? Who somersaults for God’s
sake in the name of wing power in the sun and blue on an April Thursday.”
So ten winged heads, ten winged feet, race their white forms over Elmhurst.
They go fast: once the ten together were a feather of foam bubble,
a chrysanthemum whirl speaking to silver and azure.


The child is on my shoulders.
In the prairie moonlight the child’s legs hang over my shoulders.
She sits on my neck and I hear her calling me a good horse.
She slides down—and into the moon silver of a prairie stream
She throws a stone and laughs at the clug-clug.



California Nuts Briefs---

Steve Buster, President, Mechanics Bank



“Gimme that Wine” 

Sweetness That Bites Back

Grape Expectations: Oregon Wine Country

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Winery Atlas\

Leasing News Wine & Spirits Page



This Day in History

     1494 - Christopher Columbus arrived in Guantanamo Bay on his 2nd voyage to the Americas.    
    1778- A blockage of enemy ships was completed, stretching from West Point, NY, to Constitution Island, NY. A huge chain was forged at the Sterling Iron Works in Orange County, NY, from ore mined in the same county and was carried in sections to West Point, where it was joined and stretched across the Hudson River to prevent British ships from passing. The chain weighed 180 tons and was 1,700 feet loan: each link was 2.5 inches wide and 30 inches long. It was placed in position on April 16 and on April 30, secured at both ends. Earlier in the war, in the summer of 1776, a chain of chevaux-de-frise and sunken ships had been extended between Fort Washington, NY, and Fort Lee, NY, to serve as a blockage, but the British passed on October 9, 1776, without fire a gun. The chain reportedly stopped the ships, and made they easy target from the ground.
    1789- George Washington was inaugurated as the first president of the US under the new Constitution at New York, NY. Robert R. Livingston administered the oath of office to Washington on the balcony of Federal Hall, at the corner of Wall and Broad streets.
    1798- The US Navy was established. In June 12, the department purchased the Portsmouth Navy Yard, Portsmouth, NH, from William Dennet and his wife for $5,500. It embraced 58.18 acres and had previously been used for building man-of-war ships.
    1803-One of the real-estate deals in history was completed when more than 820,000 square miles of the Louisiana Territory were turned over to the US by France, for $15 million ( four cents an acre.) This almost doubled the size of the US, extending its western border to the Rocky Mountains. 
    1812-Louisiana became the 18th state. the Pelican State: the state bird is the eastern brown pelican. Named in honor of Louis XIV of France, Louisiana has several other nicknames: Sportsman’s Paradise, Sugar State (that’s beet sugar), and Creole State. The capital of Louisiana is Baton Rouge and the beautiful magnolia is its adopted flower while the state tree is the bald cypress. "You are My Sunshine", Louisiana’s state song. "Give Me Louisiana" is also considered a state song, and the state motto is: Union, justice and confidence. 
    1820- the first antislavery magazine was the “The Emancipator,” issued monthly from this date to October 31,1820. It was edited and published by Elihu Embree and cost a $1.00 a year.
    1852 - A tornado, following the same track as the famous "Tri-state Tornado" of 1925, struck the town of New Harmony IND. Just sixteen persons were killed by the twister, due to the sparse settlement. The "Tri-state Tornado" killed 695 persons.
    1861-Robert Selden Garnett, a graduate of the United States Military Academy at West Point, resigned from the army. aide-de-camp to General Zachary Taylor from 1846 to 1849. He was appointed a brigadier general of the Confederate States on June 6,1861, and history records him as the first Confederate General killed in the civil war. Garnett was appointed adjutant general of the state troops of Virginia, and allotted the task of organizing this heterogeneous force into an army. Early in June he was commissioned brigadier-general and given command of the Confederate troops operating in northwestern Virginia. He died on July 13,1861, at the battle of Carrick’s Ford, VA ( now near Parson, WV). When the Federal attack dislodged the Confederates from Rich Mountain, Garnett was compelled to abandon Laurel Hill. He saved his army, outnumbered more than six to one by McClellan's men, by a most masterly retreat. In the heat of the retreat, Garnett shouted: "They need a little lesson. They may get away if they like". These were to be his last words. On July 13, 1861 General Robert Selden Garnett was killed instantly while directing the conduct of his rear guard after the sharp engagement at Carrick's Ford, on Cheat River. In deference to Garnett's heroism during the Mexican War, a Union honor guard conveyed the body to his family under a truce flag. He was the West Point classmate and cousin of Confederate General Richard B. Garnett who was killed in action at Gettysburg. He was greatly respected by soldiers and officers on both sides of the war. Garnett had the distinction of being the first general officer to be killed in the Civil War. He was a brave and skilful officer, of whom the South expected much, but who did not have opportunity to fulfill the promise of his military training, according to
    1870- the first medal of honor to a Jewish solider was conferred upon Sergeant Leopold Karpeles of Springfield, MA, who, while serving as flag bearer, rallied the retreating troops at the Battle of the Wilderness, near Fredericksburg, VA.
    1871 - Apaches in Arizona surrendered to white and Mexican adventurers; 144 died. 
    1879-Massachettes was the first state to pass a factory inspection law. It provided that the governor appoint two or more of the district police to act as inspectors of factories and public buildings.
    1877- Writer Alice Toklas birthday; best known as the was the life partner of U.S. author Gertrude Stein. She published Stein's letters and wrote her memoirs.
    1889 - Washington's inauguration became the first U.S. national holiday. 
    1899-Birthday of Ellis Wilson, African American artist born at Mayfield, KY, and died at New York, NY, January 1,1977,. Wilson painted realistic portrayals of African Americans at work and at play. In 1944 he was awarded a Guggenheim fellowship. He visited South Carolina, painting city scenes and fishing towns. In the 1950’s, Wilson took a revelatory trip to Haiti which changed the way he painted Unable to not any facial features on the Haitians, he painted from a distance. Wilson began painting flat, stylized silhouettes, Haitian Funeral Procession remains Wilson’s most popular an accessible painting.

    1900 - Train engineer Casey Jones was killed when trying to save the "Cannonball Express" as it highballed its way through Vaughn, MS. His real name was John Luther Jones.
    1900 - Hawaii was organized as a U.S. territory. 
    1912-Birthday of Eve Arden - U.S. actor. EA is perhaps best remembered as Miss Brooks in the television series Our Miss Brooks which netted her Emmy awards. She was also nominated for a supporting role Academy Award in the movie Mildred Pierce (1945), one of her many "best friends" roles. She was featured in more than 100 motion pictures. Because of her impeccable comic timing, she was often cast as the heroine's sarcastic, wisecracking best friend. She also was a regular draw on Broadway.
    1923--Jazz bass player Percy Heath birthday
    1929-Country singer Johnny Horton was born in Tyler, Texas. His "Battle of New Orleans" sold a million copies in 1959 as did his 1960 recording of "North to Alaska," the title song from a John Wayne movie. Horton was killed in a car crash in Milano, Texas on November 5th, 1960.

    1931—birthday of guitarist Jimmy Lee “Lonesome” Robinson, Chicago, IL
    1933-Country superstar Willie Nelson was born in Abbott, Texas. He first gained fame as a songwriter. Among his compositions are two that have become standards in country music - "Family Bible" and "Night Life." After recording 18 albums for RCA, he fled Nashville in the early 1970s' for Austin, Texas, where, with Waylon Jennings, he became the leader of the "Outlaw" country movement. Nelson later turned his attention to updating such pop standards as "Stardust" and "Over the Rainbow," which were played heavily on both pop and country radio stations.
    1939 - The first railroad car equipped with fluorescent lights was put into service. The train car was known as the "General Pershing Zephyr".
    1939 - Baseball’s ‘Iron Horse’, Lou Gehrig, played his last game with the New York Yankees . 
    1939-Birthday of Ellen Taaffee Zwilich - U.S. classical composer. She was the first woman to obtain a doctorate at the Julliard School of Music. She won the Pulitzer Prize for Music.
    1940 - Jimmy Dorsey and his band records the song that was to become their theme. It went on to become one of the most familiar big band themes of the era.
It includes his famous alto sax solo and was not his last big hit
(“So Rare” in the fifties, one of the first I learned to play solo.)
    1940 - Belle Martell was licensed in California by state boxing officials to be the first American woman prize-fight referee!
    1941--Jazz alto saxophonist Charlie "Bird" Parker makes his first record, playing Jay McShann's song "Swingmatism." 
    1943- Bobby Vee (Robert Velline) is born in Fargo, N.D. His biggest hit is the No. 1 song ``Take Good Care of My Baby'' in 1961.
    1944 - The New York Giants beat the Brooklyn Dodgers 26-8
very badly. The game set a major-league record for runs driven in by a team in a single game. 
    1945 - “How would you like to be queen for a day!” That opening line, delivered by host, Jack Bailey, was first heard on Mutual radio on this day. The first "Queen for a Day" was Mrs. Evelyn Lane. Years later Bailey would take the show to TV for a long, popular run. 
    1945 - Arthur Godfrey began his CBS radio morning show. His theme was "Seems Like Old Times". "Arthur Godfrey Time" ran until this very same day in 1972. Godfrey’s show was different in that he used live talent and not records. His popularity with listeners was the major reason that several sponsors gave Godfrey the freedom to ad-lib their commercials and, from time to time, joke about the products as well. He was the first to broadcast live from Hawaii, where he was given credit by United Airlines for greatly increasing tourism to the area.
    1947 - Maps had to be changed as Boulder Dam was changed back to its original name, Hoover Dam. Some people, mostly those who live in the community of Boulder, Nevada, still refer to the dam as Boulder Dam. It is a local joke there, where residents were recorded saying on CBS radio, “ It was a dam shame,” which was edited out by many local stations as being “blue material.”
    1948-The Organization of American States founded. This regional alliance was founded by 21 nations of the Americas at Bogotá, Columbia. Its purpose is to further economic development and integration among nations of the Western hemisphere, to promote representative democracy and to help overcome poverty. The Pan-American Union, with offices at Washington, DC, serves as the General Secretariat for the OAS.
    1952—Top Hits
Wheel of Fortune - Kay Starr
Anytime - Eddie Fisher
Blacksmith Blues - Ella Mae Morse
(When You Feel like You’re in Love) Don’t Just Stand There - Carl Smith
    1952 -In his final at-bat before leaving to fight in the Korean War, Ted Williams hits a game winning two-run home run to beat the Dizzy Trout and the Tigers. Fittingly, the Fenway faithful was there to celebrate Ted Williams' Day.
    1953 - Frank Sinatra cut his first session with Nelson Riddle at Capitol Records in Hollywood. Sinatra’s new musical style, under Riddle’s direction, brought him back into the limelight, and a chance for Hollywood fame.
    1955 - Perez Prado's "Cherry Pink and Apple Blossom White" hits #1
    1955 - University of Iowa men students conducted panty raids at women’s dorms. Some say the Hawkeyes were still celebrating their February 28th basketball win (72-70) over the Golden Gophers of the University of Minnesota. Others think the men were celebrating the fact that enough snow had melted after the long winter to make it possible to find the women’s dorms again. In any case, panty raids became the in thing to do at colleges everywhere.
    1957-Elvis Presley releases his hit single "Jailhouse Rock." 
    1960—Top Hits
Stuck on You - Elvis Presley
Sink the Bismarck - Johnny Horton
Sixteen Reasons - Connie Stevens
He’ll Have to Go - Jim Reeves
    1960 --Fats Domino releases his classic "Walking to New Orleans" 
    1961-Willie Mays of the San Francisco Giants became the eight player in major league history to hit four home runs in a single game. Mays performed the feat at Milwaukee County Stadium as the Giants beat the Braves, 14-4.
    1962-- The Orlons release "Wah Watusi" 
    1964 - TV sets would be drastically different after a ruling by the FCC stating that all TV receivers should be equipped to receive both VHF (channels 2-13) and the new UHF (channels 14-83). As a result, TV dealers scrambled to unload their VHF-only models as fast as possible. Antenna manufacturers were kept busy, as the new UHF receivers required new antennas too. A new set of channels were available, primarily for local community broadcasting, as the Federal Communication Commission foresaw local television broadcasting and perhaps news, food reviews, and special interest viewing. It was not until Cable broadcasting made the costs of transmission so low that the channels became popular and today competes with the “four” major networks.
    1966- The Young Rascals' "Good Lovin'" hits #1
    1966- Folk singer and songwriter Richard Farina died in a motorcycle crash in Carmel, California following a party to launch his book, "Been Down So Long It Looks Like Up to Me." He was 30. Farina recorded several albums with his wife Mimi, who is Joan Baez's sister. 
    1967-Muhammand Ali was stripped of his world heavyweight boxing championship when he refused to be inducted into military service. Said Ali,” I have searched my conscience, and I find I cannot be true to my believe in my religion by accepting such a call.’ He had claimed exemption as a minister of the Black Muslim religion. He was convicted of violating the Selective Service act but the Supreme Court reversed this decision in 1971,.
    1968—Top Hits
Honey - Bobby Goldsboro
Cry like a Baby - The Box Tops
Young Girl - The Union Gap
The Legend of Bonnie and Clyde - Merle Haggard
    1968--VARGAS, M. SANDO, JR. Medal of Honor
Rank and organization: Major (then Capt.), U.S. Marine Corps, Company G, 2d Battalion, 4th Marines, 9th Marine Amphibious Brigade. Place and date: Dai Do, Republic of Vietnam, 30 April to 2 May 1968. Entered service at: Winslow, Ariz. Born: 29 July 1940, Winslow, Ariz. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as commanding officer, Company G, in action against enemy forces from 30 April to 2 May 1968. On 1 May 1968, though suffering from wounds he had incurred while relocating his unit under heavy enemy fire the preceding day, Maj. Vargas combined Company G with two other companies and led his men in an attack on the fortified village of Dai Do. Exercising expert leadership, he maneuvered his marines across 700 meters of open rice paddy while under intense enemy mortar, rocket and artillery fire and obtained a foothold in 2 hedgerows on the enemy perimeter, only to have elements of his company become pinned down by the intense enemy fire. Leading his reserve platoon to the aid of his beleaguered men, Maj. Vargas inspired his men to renew their relentless advance, while destroying a number of enemy bunkers. Again wounded by grenade fragments, he refused aid as he moved about the hazardous area reorganizing his unit into a strong defense perimeter at the edge of the village. Shortly after the objective was secured the enemy commenced a series of counterattacks and probes which lasted throughout the night but were unsuccessful as the gallant defenders of Company G stood firm in their hard-won enclave. Reinforced the following morning, the marines launched a renewed assault through Dai Do on the village of Dinh To, to which the enemy retaliated with a massive counterattack resulting in hand-to-hand combat. Maj. Vargas remained in the open, encouraging and rendering assistance to his marines when he was hit for the third time in the 3-day battle. Observing his battalion commander sustain a serious wound, he disregarded his excruciating pain, crossed the fire-swept area and carried his commander to a covered position, then resumed supervising and encouraging his men while simultaneously assisting in organizing the battalion's perimeter defense. His gallant actions uphold the highest traditions of the Marine Corps and the U.S. Naval Service.
    1969-The Beatles release "Let It Be," "You Know My Name (Look up the Number)"
    1969- The Fifth Dimension are awarded a gold single for "Aquarius/Let the Sunshine In," a medley from the hit rock musical "Hair.
    1970-President Nixon announced the US was sending troops into Cambodia in an attempt to destroy the "sanctuaries" from which men and materiel were infiltrated into South Vietnam. This sparked widespread protests on the home front, including a march on Washington and the closure of many American colleges and universities. Protests immediately began across the United States Five days later National Guards shoot at students, killing four of them at Kent State, Ohio Allison Krause,19; Sandra Lee Scheur, 20; Jeffrey Glenn Miller,20, and William K. Schroeder, 19).
    1970- Billy Williams of the Cubs becomes first National League player to play 1000 consecutive games.
    1970-- Bob Dylan releases "Trouble in Mind" 
    1973-In a televised address on Watergate, President Richard Nixon announced he had accepted the resignations of his chief of staff H.R. Haldeman, domestic policy assistant John Ehrlichman, counsel John Dean, and Attorney General Richard G. Kleindienst. He denied any involvement in the Watergate break-in or any subsequent cover-up.
    1975- Communist troops moved into Saigon and 1,000 Americans in the city were hastily evacuated. Thousands of South Vietnamese also tried to flee. The surrender announcement came 21 years after the1954 Geneva agreements divided Vietnam into North and South. The last American troops had left South Vietnam in March, 1973. Today it is a “National Holiday” commemorating the fall of Saigon to the Communists in 1975, ending the Vietnam War.
    1976- Bruce Springsteen, fresh from a Memphis concert, attempts to vault a fence at Graceland to see his idol, Elvis Presley, but is quickly escorted away by security. 
    1976—Top Hits
Disco Lady - Johnnie Taylor
Let Your Love Flow - Bellamy Brothers
Right Back Where We Started From - Maxine Nightingale
Together Again - Emmylou Harris
    1976-- The Betsy Ross Bridge is the first major bridge named for a woman in the U.S. It spans the Delaware between Philadelphia and Pennsauken, N.J.
    1977-Steve Miller's "Jet Airliner" is released. It will become his fourth US Top Ten hit.
    1977- Glen Campbell's "Southern Nights" hits #1 
    1979 - No. 1 Billboard Pop Hit: ``Reunited,'' Peaches & Herb.
    1984—Top Hits
Against All Odds (Take a Look at Me Now) - Phil Collins
Hello - Lionel Richie
Hold Me Now - The Thompson Twins
Right or Wrong - George Strait
    1985 - The National Basketball Association set an all-time season attendance record as 19,506,355 fans attended games in arenas around the league. Seven NBA cities -- Boston, Chicago, Houston, Dallas, Detroit, Los Angeles and Philadelphia -- drew over a million fans each in the 1984-85 basketball season. 
    1987 - Three more compact discs of music by The Beatles went on sale for the first time. The discs were "Help!", "Rubber Soul" and "Revolver". Again, the Beatles made the top ten. 
    1987 - Thunderstorms developing along a cold front produced severe weather in Idaho, Utah, Wyoming and Montana. Thunderstorms produced wind gusts to 100 mph in Lincoln, Mineral and Sanders counties. Twenty-three cities in the central and southeastern U.S. reported record high temperatures for the date. Memphis TN was the hot spot in the nation with a record high of 94 degrees
    1988- Montreal native Celine Dion won the Eurovision Song Contest for Switzerland with her performance of the ballad "Don't Leave Without Me (Ne Partez Pas Sans Moi)." Dublin was host of the contest, watched by an estimated 600-million TV viewers.
    1988-During a game between the Cincinnati Reds and the Yew York Mets, Reds manager Pete Rose, objecting to a delayed call by umpire Dave Pallone, shoved Pallone twice after the ump accidentally poked Rose in the cheek. Rose was fined $10,000 and suspended for 30 days.
    1988—Top Hits
Wishing Well- Terence Trent D Arby
Anything For You- Gloria Estefan
Angel- Aerosmith
Where Do Broken Hearts Go- Whitney Houston
Pink Cadillac- Natalie Cole
    1990 - Late afternoon and evening thunderstorms produced severe weather in southern Virginia and the Carolinas, with tennis ball size hail reported southeast of Chesnee SC. Thunderstorms moving over the Chesapeake Bay flooded U.S. Highway 50 on Kent Island MD with several inches of water resulting in a seventeen-mile long traffic jam.
    1992 -the heat was definitely on in the central US. The following cities set record high temperatures not only for the date but for the month of April as well: Valentine, Nebraska 100 degrees, North Platte, Nebraska 98 degrees, Colorado Springs, Colorado 87 degrees, Denver, Colorado 90 degrees, Casper, Wyoming 84 degrees, and Cheyenne, Wyoming 83 degrees. the past month was .3 degrees below normal at Raleigh, North Carolina. This ended an amazingly long streak of 27 consecutive months of normal or above normal temperatures. The streak began in January 1990. The previous record streak of 11 months extended from July 1912 to May 1913.
    1997- Ellen DeGeneres, on her several season show “Ellen,” declared on television she was a lesbian. The first regularly appearing homosexual character in a television situation comedy was Jodie Dallas, played by comedian Billy Crystal beginning in 1977 on the series “Soap.”
    2001--The San Francisco Board of Supervisors passed a measure 9-2 to allow city employees medical benefits for a sex change.
    2004- Ray Charles appears at his Los Angeles recording studio to attend a ceremony marking it as a national historic landmark. It will be the last public appearance he ever makes.

NBA Finals Champions This Date
    1971 Milwaukee Bucks




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