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Leasing News is a web site that posts information, news, and
entertainment for the commercial alternate financing,
, finance and leasing industry

Wednesday, April 27, 2016

Today's Equipment Leasing Headlines

What Happened to the $11.4 Million
  in the IFC Credit Bankruptcy “Approved Disbursements?”
ELFA’s 2016 National Funding Conference
  By Paul Menzel, CLFP, Financial Pacific Leasing
Paul Menzel, CLFP, Presents Bruce Kropschot Award
  Leasing News Person of the Year for 2015
Leasing Industry Ads---Help Wanted
  ATEL Capital/Ascentium Capital/TopMark Funding
Less is More for UCC-1 Financing Statements
  By Tom McCurnin, Leasing News Legal Editor
PayNet Offers New Interactive Platform
  Risk Insight Suite®
Doberman Pinscher
   Burlingame, California  Adopt-a-Dog
Leasing News Classified Ads
 Asset Management
News Briefs---
Ant Financial Hauls In $4.5 Billion
   in Largest Private Tech Raise Ever
Now You Don't Have to Be a Millionaire
    to Bank at Goldman Sachs
iPhone Sales Drop, and Apple’s 13-Year Surge Ebbs
Net income fell 22 percent to $10.5 billion
Intel CEO Details Priorities Beyond PCs
"cloud computing is the most important trend"
Deutsche Bank leader cleared of fraud allegations
"The accusations weren't substantiated"
Comerica Climbs After CEO Says He's Willing to Sell the Bank
  Texas lender is `looking at all alternatives'
VW Presentation in ’06 Showed How to Foil Emissions Tests
 detailed how the co. could cheat emissions tests on its diesel engines

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Top Ten Stories Chosen by Readers | Top Stories last six months (Be Careful of Doing Business)
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You May have Missed---
   SparkPeople--Live Healthier and Longer
   Winter Poem
    Sports Briefs---
      California Nuts Brief---
       "Gimme that Wine"    
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What Happened to the $11.4 Million
in the IFC Credit Bankruptcy “Approved Disbursements?”

IFC Credit filed Chapter 7 Bankruptcy July 27, 2009, and it seems "Approved Disbursements" have been filed.  But what happened to the $11.4 Million in "Approved Disbursements" for the "Final Trustee Distribution to Creditors?"  The actual court filing is attached (1).

The anticipated return for the $59 Million in unsecured debt is 1.6%. Here “Final Trustee Distribution to Creditors “synopsis:

It appears the person who was responsible for "assistance" was the former IFC Credit Manager, who keep his office and, appears, his pay during these years. Leasing News was told he was not in favor of the NorVergence leases, but was overruled by his boss, Rudy Trebels. Ironically, the NorVergence bankruptcy is still in the process of hearing claims and cases (yes, since July 24, 2004).

Leasing News has received news about a Bulletin Board complaint that was supposedly resolved. There were two leases, an Evergreen clause, and supposedly, both leases were taken care by the trustee's office. But it appears the second one was sold to a collection agency where the attorney is now taking the former lessee to court. By the way, the company closed two years ago, seems to no longer exist, so the guarantors are being sued for not making Evergreen payments or returning the equipment. Leasing News had many complaints about IFC Credit and the Evergreen Clause abuse.

  1. Amended Trustee’s Final Report (63 pages)

IFC Credit Articles:

NorVergence articles:


(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)


ELFA’s 2016 National Funding Conference
By Paul Menzel, CLFP, Financial Pacific Leasing
an Umpqua Bank company

“Industry participation is at record numbers …”

The Equipment Leasing and Finance Association (ELFA) 28th annual National Funding Conference, held at the Swissotel Hotel in Chicago, Illinois, was kicked off at lunch with attendees who also signed up for the preceding Industry Best Practices Roundtables covering the Bank, Independent and Captive segments.  Bill Stephenson, DLL CEO and current ELFA Chairman, gave a synopsis of the state of the industry. Despite European economic headwinds, concerns about China’s economy, and uncertainty surrounding the US political landscape, the US economy and our industry continues to chug along. Ralph Petta, President & CEO of ELFA, reported that our industry participation is as robust as anytime in its history. Attendance at the Funding Conference was over 600 individuals representing over 220 companies with over 50 funding sources presenting and taking appointments.

Bill Phelan and Tom Ware provided an assessment of our recent and expected industry performance from a credit perspective. While performance, as measured by originations, delinquencies and default trends, continues to be healthy, there are signs for slight weakening. Early stage delinquency is rising slightly from record low levels. Origination activity continues to be lackluster, although market share of “Independents” (which includes the so-called alternative lenders) has been growing faster than that of Banks. Forecasted performance shows modest decline in almost every equipment and industry segmentation, with Energy being the most dislocated sector. There are no signs that we approaching a recessionary phase of the cycle.

Andy Fishburn of ELFA provided an update on issues facing our industry on the Federal level. Everyone was pleased with the outcome on new FASB Lease Accounting Standards for the US being less disruptive than those adopted by Europe. The other noteworthy accomplishments from ELFA lobbying efforts are the permanent adoption of Section 179 Bonus Depreciation and the expanded energy subsidies and tax benefits supporting renewable sources, particularly wind and solar. The views from Washington DC on the election front were not dissimilar than what is headline news. The prohibitive favorite to occupy the White House next year is Hillary Clinton. Much needed tax reform is not expected to evolve for several years, if ever, due to the weak will of career politicians. However, CFBP/ECOA regulations will increasingly hamper lenders as they require more and more data capture and reporting.

ELFA Vice President, State Government Relations, Dennis Brown, indicated that there still were no updates on the questions posed by ELFA to the California Department of Corporations seeking to clarify changes to the California Finance Lender’s License regulations. More urgently, Dennis called for leasing entities doing business in the state of Illinois to get involved in ELFA’s lobbying effort to address proposed licensing of lenders in that state, somewhat patterned off of California’s new regulations. Initial drafts are more onerous than California’s expanded laws and will result in very restrictive requirements that will affect all non-bank lenders.

I only attended the Bank Best Practices Roundtable and am unable to report on what was discussed in the Independent and Captive roundtables. Aside from further discussion on PayNet’s data trends impacting our industry, there was much discussion surrounding regulation and the human capital challenges to our industry. “Know Your Customer” regulations are getting more demanding with upcoming requirements to capture “beneficial owner” data about customers. This will apply tremendous pressure on how lenders capture and process credit applications. The impact is expected to be most challenging for small-ticket lessors who credit score and do not always require any or all owners to guarantee the obligation. Large-ticket lessors also see challenges in highly structured transactions to tax advantaged or financially structured entities. In the end, the cost and speed of commerce will be negatively impacted.

The other major concern for Banks, which is likely shared by all leasing industry participants, is the aging of the workforce and the lack of diversity in our industry. Ideas were shared by Bank participants as to how they are addressing succession planning and appealing to a younger workforce’s needs and motivations. Most banks shared that their institution was adopting a more casual and flexible work environment as well as implementing specific diversity initiatives. ELFA shared its Guest Lecture Program and resources for anyone who wants to conduct industry specific lectures to schools and other institutions as a way to promote careers in our industry.

Despite the confusing, multi-level layout of the conference at the Swissotel, it was obvious that there was a tremendous amount of networking and deal making going on in every nook and cranny of the facility, as well as in the fabulous restaurant environs of downtown Chicago. There was bustle at all times and places. 

The formal networking activity of the Funding Exhibitors and Attendees maintained a fever pitch throughout Wednesday. Funding Exhibitors had their appointment schedule completely full with 20 minute, non-stop sessions. The following Thursday half-day schedule was not nearly as well attended. Networking activity was concentrated between Tuesday’s reception and dinner period through Wednesday’s appointment, reception and dinner options.

The hottest topics surrounding the funding discussions were about the level of competition in terms of numbers of varied participants and low rates and margins driven by high liquidity in the marketplace. Many independents felt it was a good time to sell portfolio to lock in rates while Banks were looking to syndicated transactions in order to meet origination budgets. 

In the end, everyone was feeling good about the many opportunities, professionally and personally, that a robust leasing and finance industry is providing at the moment. In true industry optimistic fashion, many were giving passing curiosity to when the next down part of the cycle will occur while pressing hard for the next opportunity.

Paul J. Menzel, CLFP
President & CEO
Financial Pacific Leasing, Inc.,
a subsidiary of Umpqua Bank
877-222-8558  x121
800-510-0101  fax
3455 South 344th Way Ste. 300
Federal Way, WA 98063



Paul Menzel, CLFP, Presents Bruce Kropschot Award
Leasing News Person of the Year for 2015

Bruce Kropschot, Paul Menzel, CLFP

At the Equipment Leasing and Finance Association (ELFA) 28th annual National Funding Conference, Paul Menzel, CLFP, Leasing News Person of the Year for 2005, presented Bruce Kropschot, Senior Managing Director and Merger & Acquisition Advisory Practice Leader for The Alta Group his award.

Bruce sent a thank you email:

“Thank you for the beautiful Leasing News Person of the Year award that was presented to me by Paul Menzel at the ELFA Funding Conference. The memento is now displayed in a prominent place in my office. Again, thank you and the Leasing News Advisory Board for making this possible.”

Bruce Kropschot has been active in the equipment leasing industry since 1972 and has been a senior executive of three large leasing companies. In 1986, he founded Kropschot Financial Services, a firm he developed into the leading provider of merger and acquisition advisory services for equipment leasing companies. In 2008, Kropschot Financial Services became a part of The Alta Group, the leading worldwide consulting firm for the leasing industry. Bruce heads Alta’s M&A advisory practice, which also arranges debt and equity capital and provides valuation services for leasing companies. He has played a major role representing sellers or buyers in the sale of about 200 equipment leasing and financing companies.

After 43 years in the equipment leasing industry, Bruce shows no signs of slowing down. He says that his business is his favorite hobby. When asked what have been the keys to his success, he stated, “Obviously a thorough knowledge of many types of leasing companies is essential in the M&A advisory business. However, of utmost importance is maintaining the highest level of integrity. The Alta Group’s reputation depends upon always treating as confidential any information we receive in confidence from potential buyers and sellers of leasing companies.”

Bruce has served on the Board of Directors of the Equipment Leasing and Finance Association, the Equipment Leasing and Finance Foundation, Eastern Association of Equipment Lessors, United Association of Equipment Leasing and International Network of Merger & Acquisition Partners. He has served on the Leasing News Advisory Board since 2000, and he also served on the alumni advisory board of the Ross School of Business at the University of Michigan. He has BBA and MBA degrees (with honors) in Accounting and Finance from the University of Michigan and is a CPA.


Leasing Industry Help Wanted

Sales Representative
San Francisco

2 to 3 Years in Financial Services

The keys to success at ATEL include:

• Ability to learn quickly and effectively
• Money motivated
• Competitive, never say die attitude

"You were born to win, but to be a winner,
you must plan to win, prepare to win,
and expect to win." - Zig Ziglar

For Further Information, click here
ATEL Capital Group, headquartered in the Transamerica Pyramid in San Francisco, is one of the largest independent equipment financing companies in the US serving a wide range of industries, focusing on Fortune 1000 companies and other near investment grade credit corporations. Since 1977 ATEL has priced, structured and negotiated in excess of $30 billion of equipment lease financing transactions


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Less is More for UCC-1 Financing Statements
By Tom McCurnin
Leasing News Legal Editor

Borrower Sues Lender for Putting Too Much Information on UCC-1
Financing Statement.  Because Case Was Brought in Federal Court,
Court Found No Liability on Federal Claims and Declined
Jurisdiction on Remaining State Law Claims

Brackfield & Associates P'ship v. Branch Banking & Trust Co., No. 3:14-CV-524-PLR-HBG, 2015 WL 5177737 (E.D. Tenn. Sept. 4, 2015)

Readers may recall that I am a firm believer in making UCC-1 Financing Statements as bleak and empty as possible. Today’s case demonstrates why that is probably a good practice. The facts follow.

Plaintiff Brackfield & Associates borrowed an undisclosed sum of money from Defendant Branch Banking & Trust Co. As part of the loan package, the borrower supplied the bank with detailed financial statements, as well as a security agreement, pledging some of those assets to the bank. The bank filed a UCC financing statement showing a complete listing of the assets and liabilities of the borrower, and likewise filed the same UCC-1 with the County Register of Deeds.  Not all the assets listed in the financial statement, which was attached to the UCC-1 was pledged collateral. Upon learning of the mistake, the Bank amended the UCC-1. 

The borrower sued, alleging that the bank breached contracts relating to the line of credit by filing the UCC-1 with the unredacted financial information, and the complaint sued on five theories: (1) violation of the Fair Credit Reporting Act, (2) violation of the Gramm–Leach–Bliley Act, (3) violation of the Tennessee Financial Records Privacy Act, (4) violation of the Right to Financial Privacy Act and (5) breach of contract under state law.  The Bank filed a motion to dismiss. 

The bank argued that the first three theories, which were federal claims, were not actionable based on the fact that the UCC-1 containing the financial information was filed. The borrower seemed to concede that point, but argued that the two remaining state law claims should survive.

The court acted on the concessions, and dismissed the three federal claims.  What the borrower’s counsel may have failed to appreciate is the legal doctrine of supplemental or pendent jurisdiction, a concept where a federal may hear related state law claims. The operative word is “may.” In this case, the court, having dismissed the federal claims, declined to exercise jurisdiction on the remaining state law claims and dismissed the whole action. Lender wins, borrower loses.

What are the takeaways here?

First, Less is More in UCC-1 Filings.  A UCC-1 merely provides notice to interested parties that a security interest may exist. As a mere notice, the UCC-1 generally requires no more than the party names, addresses, and a general description of the collateral. The secured party does not need to include dollar amounts, terms and conditions, or other information about the debtor or the transaction as part of the financing statement.  Here the bank certainly put too much information on the UCC-1.

Second, There is No Way to un-ring the Bell. Once a UCC-1 is filed, its public record. 

• Third, Some Care Needs to be Taken When Drafting the UCC-1. The bank was obviously lazy and in a hurry here, and simply slapped on a financial statement. Equipment lessors often slap on a copy of the lease or the invoice. This is really a bad practice. I’d rather have the UCC-1 simply say “equipment” rather than risk the creditor’s collateral position with a description of a machine which is detailed and might contain an incorrect serial number. It’s better to have no serial number than a wrong one, or have no equipment description other than “equipment” rather than an incorrect description.

The bottom line to this case is that it aptly demonstrates why less is more in filing UCC-1 financing statements. 

Brackfield Case  (3 pages)

Tom McCurnin is a partner at Barton, Klugman & Oetting in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Visit our web site at
Previous Tom McCurnin Articles:

Previous Tom McCurnin Articles:



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

PayNet Offers New Interactive Platform
Risk Insight Suite®

Knowledge Source on Canadian Small Business Credit
Provides Lending Activity & Loan Performance

(TORONTO, ON — PayNet announces Risk Insight Suite®, a new interactive platform, providing instant access to credit performance data and industry analysis on the small business sector of the Canadian economy at www.

Private businesses are a key driver of the Canadian economy; indispensable in their role as job creators and innovators across the entire country that can’t be measured on any stock market ticker.PayNet’s indices function as solid indicators of economic activity that provide early insight into market trends.

At Risk Insight Suite, users can access one-of-a-kind credit performance data including lending activity and loan performance by province/region and industry sectors.

William Phelan
President, PayNet

“PayNet is providing a unique window to examine small business lending and credit trends compiled from our real-time proprietary database from 1 million small business contracts worth over $70 Billion in loans,” states William Phelan, President of PayNet.  “Users of Risk Insight Suite Canada can identify new opportunities for growth, analyze lending activity by province/region and industry, and monitor the business cycle.

Aimed at providing commercial lenders, regulators, government officials, institutional investors and media with increased data transparency and innovative analytics, users can benchmark their C&I growth against an objective index, and can even use this intelligence to lower operating costs.

“Lenders simply can’t find thisquantitative view into this critical but opaque sector of the Canadian economy anywhere else,” Phelan noted. For instant access to the richest measures of Canadian small business credit please visit Risk Insight Suite at

PayNet, Inc. Canada is the premier provider of risk management tools and market insight to the commercial credit industry, collecting real-time loan information from leading Canadian lenders and turning it into actionable intelligence. The company's proprietary database -- updated weekly -- is a growing collection of commercial loans and leases, worth over $70 billion. Using state-of-the-art analytics, PayNet converts raw data into real-time market intelligence and predictive information that subscribing lenders use to manage risk, lower operating costs, originate more loans and improve their business strategy. For more information visit

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


Doberman Pinscher
Burlingame, California  Adopt a Dog


"Hey everyone, I'm Perdita! I'm a 5-year-old, 85 lb., spayed female Doberman Pinscher with a short, black and tan coat. I am a super sweet lady who loves to go on walks with her favorite person. And you'll want to take me, because I'm very easy to gear up and settle into a nice rhythm with you. I love treats, so I bet you could teach me a ton of cool tricks if you promise to give me some of those! When it's time for pets, I will lean against you and give you a big, goofy smile. I would do best in a home that has some experience with cool canines like me, and I get along with some other dogs (but we should meet first to be sure). Ask for Perdita, ID# A805032."

Peninsula Humane Society of San Mateo County
Tom and Annette Lantos Center for Compassion
Adoptions | Education | Wildlife | Administration
1450 Rollins Road, Burlingame, CA 94010
Phone 650.340.7022 Fax 650.685.8428

Adoption Profile

The Adoption Procedure
We ask potential adopters to complete our Adoption Profile, which serves as a conversation starter when you meet with a pet and Adoption Counselor in one of our Get Acquainted Rooms. Our counselor will use this profile to discuss your past experiences with pets, your lifestyle, activities you might want to do with your new pet and the pet’s housing situation. And, of course, we will answer your questions. To make the best match possible, we suggest that you bring all family members to meet the new companion and bring your current dog(s) to meet a new dog. Adopters must be at least 18 years old. Of course, we give you “alone” time with the pet you are considering. Please note that PHS/SPCA reserves the right to deny adoptions. Our priorities are the health, safety and future well-being of the animals in our care and the health, safety and expectations of people hoping to find an animal companion. For a list of current available animals, please call 650/340-7022 ext. 823 (info is updated daily before we open).

Center for Compassion Hours

11 am to 7 pm on weekdays and 11 am to 6 pm on weekends; closed major holidays. We ask potential adopters to arrive at least an hour before closing to compete an adoption.


Adopt a Pet


Leasing News Classified Ads

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(Leasing News provides this ad as a trade for appraisals
and equipment valuations provided by Ed Castagna)


News Briefs---

Ant Financial Hauls In $4.5 Billion in Largest Private Tech Raise Ever

Now You Don't Have to Be a Millionaire to Bank at Goldman Sachs

iPhone Sales Drop, and Apple’s 13-Year Surge Ebbs

Intel CEO Details Priorities Beyond PCs
"cloud computing is the most important trend"

Deutsche Bank leader cleared of fraud allegations

Comerica Climbs After CEO Says He's Willing to Sell the Bank
Texas lender is `looking at all alternatives'

VW Presentation in ’06 Showed How to Foil Emissions Tests
 detailed how the co. could cheat emissions tests on its diesel engines




--You May Have Missed It

Technology Among Drivers of Used-car Demand
  TD Economics Special Report


SparkPeople--Live Healthier and Longer

5 Veggies You Didn't Know You Could Cook in the Microwave


Spring Poem

Lines Written in Early Spring

I heard a thousand blended notes,
While in a grove I sate 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 green bower,
The periwinkle trailed its wreaths;
And ’tis my faith that every flower
Enjoys the air it breathes.

The birds around me hopped and played,
Their thoughts I cannot measure:—
But the least motion which they made
It seemed 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?




Sports Briefs----

Steve Kerr (deservedly) wins 2015-16 NBA Coach of the Year

Ex-49ers coach reveals ridiculous logic for Smith over Rodgers pick

Skip Bayless is leaving ESPN for a ridiculous amount of money

That boring Patriots-Browns game suddenly looks pretty exciting

Colin Kaepernick is looking surprisingly skinny these days

Receivables Management LLC
John Kenny

• End of Lease Negotiations & Enforcement 
• Third-Party Commercial Collections | ph 315-866-1167

(Leasing News provides this ad as a trade for investigative
reporting provided by John Kenny)


California Nuts Briefs---

California tax official got $130,000 worth of office furniture

San Diego Home prices up 6.4% since last year

Rent this van to live at Google and 'eat Google food' for $30 a day


“Gimme that Wine”

Rep. Mike Thompson introduces tax bill to benefit U.S. wine industry

The Coolest Wine Labels of 2016, Part One

A defensible trademark isn’t as simple as putting your name on it,
   attorneys explain re: Duck Commander

Sauvignon blanc’s continuing evolution

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Leasing News Wine & Spirits Page


This Day in American History

     1773 - The British Parliament passes the Tea Act, a bill designed to save the faltering East India Company by greatly lowering its tea tax and thus granting it a monopoly on the American tea trade. The low tax allows the East India Company to undercut even tea smuggled out of America, and many colonists view the act as another example of taxation without representation. When three tea ships, the Dartmouth, the Eleanor, and the Beaver, arrived in Boston Harbor, the colonists demanded that the tea be returned to England. After Massachusetts Governor Thomas Hutchinson refused, Patriot leader Samuel Adams organized the so-called "Boston Tea Party" with about sixty members of the "Sons of Liberty." On December 16, 1773, the Patriots boarded the three British ships disguised as Mohawk Indians, and dumped 342 chests of tea into Boston Harbor. The destroyed tea was valued at approximately ten thousand pounds. Parliament, outraged by the Boston Tea Party and other blatant destruction of British property, enacted the Coercive Acts, also known as the Intolerable Acts, in the following year. The colonists in turn responded by calling the first Continental Congress to consider a united American resistance against the British
    1791 - Birthday of American artist and inventor, Samuel Finley Breese Morse (d. 1872), after whom the Morse code is named, born at Charlestown, MA. Graduating from Yale University in 1810, he went to the Royal Academy of London to study painting. After returning to America, he achieved success as a portraitist. Morse conceived the head of an electromagnetic telegraph while on shipboard, returning from art instruction in Europe in 1832, and he proceeded to develop his idea. With financial assistance approved by Congress, the first telegraph line in the US was constructed between Washington, DC and Baltimore, MD. The first message tapped out by Morse form the Supreme Court Chamber of the US Capitol building on May 24, 1844, was, ‘What hath God wrought?” 
    1805 - The first American flag flown over a fortress of the Old World
was flown when Lieutenant Presley Neville O’Bannon of the Marines raised the colors over the Tripolitan fortress at Derna, on the north coast of Africa (now in Libya). After marching 800 km from Egypt, US agent William Eaton leads a small force of US Marines and Berber mercenaries against the Tripolitan port city of Derna. Lieutenant O’ Bannon, commanding the Marines, performed so heroically in the battle that Hamet Karamanli presented him with an elaborately designed sword that now serves as the pattern for the swords carried by Marine officers. The phrase "to the shores of Tripoli" from the official song of the US Marine Corps also has its origins in the Derna campaign.
    1810 - Ludwig van Beethoven gives the world a romantic piece for piano, with the dedication, "For Therese, as a remembrance." Nowadays nobody remembers Therese. The publisher couldn't read Beethoven's handwriting and to this day the piece is known as "Fur Elise."  While Beethoven never married, he came very close several times, and had many loves of his life as a musician and composer. "We can only speculate upon whether it was Beethoven's intention to write the piece in the letters of the name of his beloved. The famous melody starts with the tones E - D# - E, or enharmonically E - Eb - E, which in German languages equivalents E - Es - E, the "tuneable" letters in the name ThErESE or EliSE.
    1813 - US forces under Gen. Zebulon Pike, for whom Pikes Peak is named, captured York (today called Toronto) and then
burned it to the ground in an unsuccessful attempt to gain control of Lake Ontario. There is the fight regarding boundaries, fishing, and as important, over 300,000 loyalists remaining from the Revolutionary War, many of whom moved to Canada where England granted land to those who opposed the Revolution and assisted the British. There were still hard feelings between the two groups, as Canada was a province
of England and many believed the colonist here were still a threat.  During the battle, Gen. Pike was killed when an ammunition magazine exploded.
    1816 - The first tariff passed by Congress for protection rather than primarily for revenue was the “act to regulate the duties on imports and tonnage.”
    1822 - Birthday of Ulysses S. Grant, 18th president of the US (Mar 4, 1869—Mar 3, 1877) was born in Hiram, OH.  President Lincoln promoted Grant to lieutenant general in command of all the Union armies on Mar 9, 1864, changing the direction of the war effort.  On April 9, 1865, Grant received General Robert F. Lee’s surrender at Appomattox Court House, VA, which he announced to the Secretary of War as follows: “General Lee surrendered the Army of Northern Virginia this afternoon on terms proposed by myself. The accompanying additional correspondence will show the conditions fully.” Nicknamed “Unconditional Surrender Grant,” Grant was a brilliant, inventive, creative General, who did like to drink, but he was a controversial president, who failed in his second attempt for the presidency and reportedly died he died at Mount McGregor, NY, July 23, 1885, a “broken man,” four days after completing his memoirs. He was buried at Riverside Park, New York, NY, following a huge parade. Grant’s Tomb was dedicated in 1897. So now you know who is buried at Grant’s Tomb.
    1825 - The industrialist Robert Owen sets up Utopian Socialist Colony at New Harmony, Indiana. About 1,000 settlers were attracted to the 20,000 acres made available. Dissension arose and there was lack of direction among those who were supposed to cooperate. Owen left in 1827. In 1828, the community ceased to exist as a Utopian enterprise.
    1825 - The first strike for the 10-hour work-day, by carpenters in Boston.
    1848 - Slavery abolished in all French territories.
    1864 - On his birthday, Grant officially issued orders to his armies that would lead to the end of the American Civil War. The plan called for Sherman to advance on Confederate forces through Georgia, Siegal to move through the Shenandoah Valley, Butler to advance up the James River toward Richmond and Meade to follow and engage the Army of Northern Virginia under Robert E. Lee.
    1865 - The Sultana, heavily overloaded with an estimated 2,300 passengers, exploded in the Mississippi River, just north of Memphis, en route to Cairo, Illinois. Most of the passengers were Union soldiers who had been prisoners of war and were eagerly returning to their homes. Although there was never an accurate accounting of the dead, estimates range from 1,450 to nearly 2,000. Cause of the explosion was low levels of water in the boilers likely caused by the extra output required to navigate the spring flood currents on the River.  The little-known event is unparalleled in US maritime history and is usually overlooked as it occurred in the immediate aftermath of the assassination of President Lincoln and the pursuit and killing of John Wilkes Booth.
    1865 - Actor John Wilkes Booth, the assassin of President Lincoln, was shot and killed in a barn near Port Royal, Virginia, by federal cavalrymen after they set the barn on fire. 
    1875 - John McCloskey was the first Catholic priest from the United States to be made a cardinal, under the title of Santa Maria Supra Minervam by Pope Pius IX. The investiture was made in the cathedral on Mott Street, New York City.
    1880 – Francis D. Clarke and M.G. Fooster secured a patent on a “device for aiding the deaf to hear” that made its own electricity and operated by bone conduction. The first electrical hearing aid produced commercially was the Acousticon, invented by Miller Reese Hutchinson of New York City in 1901. The first hearing aid using transistors was manufactured by Sonotone Corporation, Elmsford, NY, and offered for sale on December 29, 1942. It weighed 3.5 ounces and was three inches long.
    1892 - Birthday in Lewiston, Maine of composer and conductor Howard Fogg (d. 1953), a pioneer in the composition and synchronization of film soundtracks. Fogg spent much of his life in Montreal. In 1934, he wrote what is considered the first original composition for a Canadian film - the music for a documentary called "Rhapsody in Two Languages."
    1899 - In Chicago, Illinois, the Western Golf Association was founded. 
    1899 - A tornado struck Kirksville, MO, killing 34 persons and destroying 300 buildings.
    1900 - Birthday of Walter Lantz (d. 1994) at New Rochelle, NY. Originator of Universal Studios’ animated opening sequence for their first major musical film, “The King of Jazz,” he is best remembered as the creator of Woody Woodpecker, the bird with the wacky laugh and the taunting ways. Lantz received a lifetime achievement Academy Award for his animation in 1979.
    1903 - In Long Island, New York, Jamaica Race Track opened. Spectators included Lillian Russell and Diamond Jim Brady. 
    1904 - Congress extends the Chinese Exclusion Act indefinitely (first passed in 1882; again in 1902 extending the act for 10 years), making it unlawful for Chinese laborers to enter the US and denying naturalized citizenship to the Chinese already here. 
    1912 - One of the worst tornado outbreaks in Oklahoma's history occurred. 16 tornadoes rated F2 or greater touched down in the state with 6 of them rated F4. 29 people were killed.
    1915 - The temperature at Washington, DC hit 92 degrees, the highest ever in April. New York City hit 92 degrees as well.
    1927 - Birthday of Coretta Scott King, civil rights activist, widow of Martin Luther King, Jr.
    1931 - 100ºF (38ºC), Pahala, Hawaii (state record)
    1932 - Birthday of Casey Kasem, famous countdown disc jockey who died in 2014.
    1932 - Birthday of Maxine Brown of the country trio, the Browns, born in Samti, Louisiana. Their recordings of "The Three Bells," "Scarlet Ribbons" and "The Old Lamplighter" were big hits on both the country and pop charts in 1959 and '60. Maxine tried a solo career after the Browns broke up in 1967, but had only one minor hit.
    1938 - On Victor Records, Tommy Dorsey and his orchestra recorded "I Hadn’t Anyone ’til You", featuring Jack Leonard on vocals. It wasn’t long thereafter that Leonard, unhappy with his role in the orchestra and looking for more money, left the band, but not before recommending a young Sinatra as his replacement.
    1939 - Drummer Jerry Mercer of the Montreal-based rock group April Wine was born. Mercer replaced April Wine's original drummer, Richie Henman, in 1974. April Wine was Canada's leading touring band of the '70s, and among their hits were 1972's "You Could Have Been a Lady" and "Roller" from 1979. Their biggest international success came in the following decade when "Just Between You and Me" made number 21 on the Billboard Hot 100 in 1981. April Wine also appeared with the Rolling Stones at a Toronto night club in March 1977. 
    1942 - A destructive tornado, rated F4, tracked through Rogers and Mayes counties in Oklahoma. The town of Pryor was hit squarely. 52 people were killed and damage amounted to $2.5 million.
    1944 - Cuba Gooding of the '70s soul group “The Main Ingredient” was born. Perhaps his son Cuba Gooding, Jr., is better known as an actor.  Early on, Junior landed guest starring roles on shows like "Hill Street Blues" (1981) and "MacGyver" (1985). His first major role was in the 1991 box office surprise “Boyz n the Hood” (1991). He followed this success with supporting roles in major films like “A Few Good Men” (1992), “Lightning Jack” (1994) and “Outbreak” (1995).
In 1996, Cuba was cast as an arrogant but loyal football player in the Tom Cruise-Cameron Crowe film “Jerry Maguire” (1996). The film became a huge box office smash and earned Cuba an Academy Award for Best Supporting Actor. His "Show Me the Money" line in the movie became a nationwide catchphrase. The role elevated him to superstar status, as many of Hollywood's top producers began to "show him the money" to appear in their films.
    1947 - Peter Ham of Badfinger is born. One of rock music's true talents who died way too soon.
    1947 – Babe Ruth Day at Yankee Stadium drew a crowd of more than 58,000 to honor the ailing star, who was nearing the end of his life because of throat cancer. Ruth, the legendary “Sultan of Swat,” died a year later at age 53.
    1948 - Kate Pierson of The B-52s is born in Weehawken, N.J. The group's biggest hits are the 1989 songs “Love Shack'' and “Roam,'' both of which reach No. 3 on Billboard's Hot 100. Pierson also sings backup on R.E.M.'s top 10 hit “Shiny Happy People.'' Both bands are based in Athens, Ga.
    1949 - Top Hits
“Cruising Down the River” - The Blue Barron Orchestra (vocal: ensemble)
“Forever and Ever” - Perry Como
“’A’ You’re Adorable” - Perry Como
“Candy Kisses” - George Morgan
    1950 - The modern state of Israel is officially recognized by the British government.
    1951 - Birthday of Ace Frehley, former lead guitarist with the theatrical rock group Kiss, in New York. Kiss, known for their painted faces and extravagant on-stage antics, was one of the biggest-selling acts of the 1970's. Frehley was recruited for the band through an ad in The Village Voice. The critics almost unanimously panned Kiss' heavy-metal thudding, but their albums sold in the millions. Frehley left Kiss in 1983.
    1956 - At age 31, Rocky Marciano, undefeated in 49 professional bouts (43 knockouts and six title defense), announced his retirement as World Heavyweight Boxing Champion.
    1956 - Capitol Records signs Gene Vincent, intending to market him as the next Elvis…"Be-Bop-a-Lula."
    1957 - Elvis makes his second and last appearance outside of the US, wearing his classic gold lame suit for the last time as he plays Toronto's Maple Leaf Gardens.
    1957 - Top Hits
“Little Darlin’” - The Diamonds
“All Shook Up” - Elvis Presley
Mama Look at Bubu - Harry Belafonte
“Gone” - Ferlin Husky
    1959 - "Personality", by Lloyd Price was released. From the 1950s to the early 1960s, Price had 10 songs on the nation’s pop music charts.
    1959 - Sheena Easton is born in Bellshill, Scotland. Her biggest hit is “Morning Train (Nine to Five),'' which tops Billboard's Hot 100 for two weeks in 1981.
    1963 - Martha and the Vandellas had their first entry on the Billboard rhythm-and-blues chart, "Come and Get These Memories." Three months later, the Motown group would have its biggest hit, "Heat Wave."
    1963 - Little Peggy March's "I Will Follow Him" hits #1 
    1964 - John Lennon's "In His Own Write," a collection of funny poems and drawings, is published in the U.S.
    1965 - Top Hits
“Game of Love” - Wayne Fontana & The Mindbenders
“Mrs. Brown You’ve Got a Lovely Daughter” - Herman’s Hermits
“I Know a Place” - Petula Clark
“This is It” - Jim Reeves
    1968 - Vice President Hubert H. Humphrey announces his candidacy for the Democratic presidential nomination. In an interview, he said he supported the current US policy of sending troops "where required by our own national security." On 31 March 1968, President Lyndon B. Johnson, frustrated with his inability to reach a solution in Vietnam, announced that he would “neither seek nor accept the nomination of his party for re-election”. This set up a contest for the Democratic nomination. Humphrey's main competition was Senator Eugene McCarthy (D-Minnesota), who had come within a few hundred votes of beating Lyndon Johnson in the New Hampshire primary. Robert Kennedy had entered the race and won most of the Democratic primaries until he was assassinated in June. When the Democratic National Convention opened in Chicago in August, a conflict immediately erupted over the party's Vietnam platform. While demonstrations against the war took place in the streets outside the convention hall, Humphrey won the party nomination. He was ultimately defeated in the general election by Republican Richard Nixon, who criticized the Johnson's handling of the war and ran on a platform of achieving "peace with honor" in Vietnam.
    1968 - Jimmy Ellis won a 15-round decision over Jerry Quarry to capture the heavyweight championship. This fight at Oakland, CA, was the final in an eight-man elimination tournament to select a champion to replace Muhammad Ali, from whom the title was stripped when Ali declined to enter the military draft due to his religious beliefs against war.
    1968 - Simon & Garfunkel's "Mrs. Robinson" is released. It is from
the soundtrack of “The Graduate.”
    1969 - Joe Cocker makes his American debut on the "Ed Sullivan Show" before embarking on a tour.
    1970 - The Civic Center branch of Surety National Bank became the first bank to be fully automated opened in Los Angeles, CA. It contained six telestations equipped with closed-circuit television and monitored by a teller. A “validator” provided instant validation of checks by code rather than by signature. A money machine dispensed cash in an envelope. This was well before ATM’s. Not known what
happened to Surety National Bank. 
    1971 – Henry Aaron joined Babe Ruth and Willie Mays as the only Major Leaguers to hit 600 home runs.
    1973 - Top Hits
“Tie a Yellow Ribbon Round the Ole Oak Tree” - Dawn featuring Tony Orlando
“Sing” - Carpenters
“The Cisco Kid” - War
“Superman” - Donna Fargo
    1974 - Waylon Jennings's first number-one single, "This Time," entered the country charts in the US.
    1975 - Saigon is encircled by North Vietnamese troops.
    1976 - Maxine Nightingale was awarded a gold record for the single, "Right Back Where We Started From", which spent 2 weeks at #2. In the early 1970s, Nightingale was in the productions of "Hair", "Jesus Christ Superstar", "Godspell" and "Savages". 
    1976 - Bruce Springsteen's meteoric career rise is stalled when he sues manager Mike Appel for fraud and breach of contract, keeping him from performing or recording for over a year.
    1976 - After years of alleged physical and verbal abuse, and having left over the Fourth of July with nothing but pocket change and a gas station credit card, Tina Turner files for divorce from her husband of sixteen years, Ike.
    1979 - Stevie Wonder makes a surprise appearance at a Duke Ellington tribute concert at UCLA's Royce Hall. He performs "Sir Duke and Ellington's "C-Jam Blues." 
    1980 - Three years and a day after opening its doors, New York's legendary disco, Studio 54 shuts down due to numerous questionable activities. Several movies about the club and its attendees will make it appear the club was open longer.
    1981 - Top Hits
“Kiss on My List” - Daryl Hall & John Oates
“Morning Train (Nine to Five)” - Sheena Easton
“Being with You” - Smokey Robinson
“A Headache Tomorrow (Or a Heartache Tonight)” - Mickey Gilley
    1981 - Xerox introduces its STAR 8010 information system, the first computer on the market to boast a mouse and a point-and-click interface. The STAR was based on cutting-edge work at Xerox's Palo Alto Research Center, which had developed a graphic user interface using a mouse for a machine called the Alto. The mouse, first demonstrated in 1968 by Douglas Engelbart of the Stanford Research Institute, would not catch on until the Apple Macintosh was introduced in 1984. Xerox devoted nine years and some $50 million to developing the STAR, but the product failed, partly because of its high price of $16,500, It had no easy language to learn and no spreadsheet capabilities, and one of the major developers Alan Kay went on to Atari and then to Apple, to help in development of its computer.
384 KB (expandable to 1.5MB) of real memory 
10, 29 or 40 MB hard drive 
17-inch display 
8" floppy drive 
Ethernet connection
    1983 – Nolan Ryan broke the 56-year old Major League strikeout  record held by Walter Johnson when he recorded the 3,508 K of his career.  Ryan remains the leader with 5,714.
    1986 - No. 1 Billboard Pop Hit: “Addicted to Love,'' Robert Palmer. This is Palmer's first No. 1 single.
    1987 - Forty-two cities in the western and south central U.S. reported record high temperatures for the date. The afternoon high of 87 degrees at Olympia, WA was an April record, and highs of 92 degrees at Boise, ID, 95 degrees at Monroe, LA, and 96 degrees at Sacramento, CA tied April records. (The National Weather Summary) More than 300 daily temperature records fell by the wayside during a two week long heat wave across thirty-four states in the southern and western U.S. Thirteen cities established records for the month of April.
    1988 - Observers at the Mount Washington Observatory in New Hampshire reported over 7 feet of snowfall in a 10 day period, bringing their total for April to 89.9 inches. This set a new record for April snowfall on the mountain breaking the old standard of 89.3 inches set in 1975. Records have been kept on the summit since December of 1932.
    1989 - Severe thunderstorms struck Omaha, Nebraska. Hail up to 4.5 inches in diameter fell. 3 inches of rain in a relatively short period of time caused flooding of streets with 3 feet of water reported at some intersections.
    1989 - Top Hits
“Like a Prayer” - Madonna
“Funky Cold Medina” - Tone Loc
“I’ll Be There for You” - Bon Jovi
“The Church on Cumberland Road” - Shenandoah
    1990 - Thunderstorms produced severe weather in eastern Texas and the Lower Mississippi Valley. Severe thunderstorms spawned thirteen tornadoes in Texas and twelve in Louisiana. A tornado southwest of Coolidge, TX injured eight persons and caused more than five million dollars damage. There were also eighty-five reports of large hail and damaging winds, with baseball size hail reported at Mexia, TX and Shreveport, LA. Forty-three cities in the eastern U.S. reported record high temperatures for the date. Records highs included 94 degrees at Charleston, WV, 95 degrees at   MD and 96 degrees at Richmond, VA.
    1994 - The first criminal convicted on the evidence of DNA matching was Timothy W. Spencer, who died in the electric chair in Greensville Correctional Center, Greensville, VA. Spencer was convicted of murdering four women in Richmond, VA, in 1987. DNA from his cells were matched with DNA found in evidence at the scene of the crime, a process also known as genetic fingerprinting.
    1995 - The US Justice Department files an antitrust suit to block Microsoft from buying Intuit, makers of the popular Quicken financial software, for $2.1 billion. The suit argued that financial software was one of the only remaining software sectors not dominated by Microsoft. Intuit dominated about 70% of the personal finance software segment, while Microsoft Money held only 22%. Microsoft voluntarily abandoned the merger in May.  Of all the products developed by Microsoft to date, Microsoft Money never took off compared to Quicken.
    1995 - Ross Glatzer, president of Prodigy Services Co., the leader of the pack on the Internet, quits amid tension between parent companies IBM and Sears. IBM reportedly wanted more power over the online venture, which had just started showing signs of profitability. The two companies had invested $1 billion in the venture since 1985. In March, Prodigy's second-in-command, Scott Kurnit, left the company to join MCI's new Internet venture. The company continued to struggle after Glatzer's departure. In 1996, Prodigy's management purchased the company and began transforming it into an Internet service provider.
    1996 - Barry Bonds, joins his father and godfather, Willie Mays, becoming only the fourth major leaguer to hit 300 homers and swipe 300 bases as he homers for the Giants' in a 6-3 victory over the Marlins. Bobby Bonds, Mays and Andre Dawson were the only other 300-300 players. 
    2000 - Sixteen players of the Tigers and White Sox are suspended for a total of 82 games for participating in two brawls at Comiskey Park five days ago, making it the most severe punishment ever given for a bench-clearing incident. Both managers, Phil Garner and Jerry Manuel, are suspended for eight games each.
    2011 - An estimated 305 tornados between the 27th and 28th sets a record for the largest outbreak ever recorded, including two EF-5s, four EF-4s and 21 EF-3s. Arkansas through Mississippi, Alabama, Georgia, southern Tennessee, Virginia to Pennsylvania and New York were all affected. An estimated 300 died including 210 in Alabama alone. This brought the April total past 600, the most in any month in recorded US weather history.
    2011 - Rod Stewart was honored at the 28th annual ASCAP Pop Awards in Los Angeles for the string of hits he wrote in the 1970s that included "Maggie May", "You Wear It Well", "Tonight's The Night" and "Do Ya Think I'm Sexy".
    2014 - Pope Francis canonizes John XXIII and John Paul II; this is the first time that the Catholic Church has elevated two former popes to sainthood in the same ceremony.
    2015 - Today's scheduled game between the Orioles and the White Sox was postponed because of violent protests in downtown Baltimore, following the death of a black man in police custody a week earlier. Two days earlier, as an Orioles game was headed for extra innings, the mayor's office asked spectators not to leave the ballpark because of safety concerns, before lifting the recommendation at the end of game after things had calmed down.



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- California DBO Release Survey Results Alternate Finance
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  Vice Chairman and Chief Commercial Banking Officer
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  on Lease Payoff Quote
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   Menkin has an Epiphany
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   at Huntington Technology Finance
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   Forming Associations to Overcome Being Regulated
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   Does Not Protect Unlicensed Brokers
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    "Rules Are Not Going to Impact Lessee Behavior"
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   in North America
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   Many Believe Direct Capital is "A Pig in a Poke"
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   Top CEO Position Still Not Filled
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- “Lending Club Sends up a Red Flare”
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   CLFP Foundation Announce Collaboration
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   by New FASB and IFRS Lease Accounting Rules
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    and Make Extra Income
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    Record All-Time Highs
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- Take Your Banker to Lunch
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   Onset Financial/Mazuma Capital
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- Wants to Go After Lessors and Their Attorneys
   Re: Evergreen Clause Abuses
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- Balboa Capital, Irvine, California
   $20,543.22 Bulletin Board Complaint
   Alleged “Bait and Switch”
- Female Lease Finance Association Presidents
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    California Lender’s License
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- "The Memory Shock" –New Book by Barry Reitman
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  ---Automatic Evergreen Payment---PPR
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    by Christopher Menkin
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   The use of “Equipment Finance Agreements”
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    Bank of the West

   Equipment Lease Agreement (EFA)
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