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Monday, April 27, 2009

At the age of 85, Jack Klugman marries his partner of 20 years, Peggy Crosby.

Actor Jacob Joachim "Jack" Klugman born April 27, 1922 Philadelphia, Pennsylvania. Perhaps best known as Oscar Madison in the TV series "The Odd Couple (114 episodes, 1970-1975) and as the first medical examiner series as Dr. R. Quincy in "Quincy M.E. (148 episodes, 1976-1983). He was one of the early 1950's star of TV "playhouse" dramas. In 1989 Klugman lost a vocal cord to cancer, but he continued to act on stage and on television.


Blackberry, Handheld Device Users
    Classified Ads---Legal
        Greystone Closed?
In Defense of Benny Judah/Excel Leasing
    Pugent Sound/Secords/Larasco/12 Banks +
        ELFA Funding Conference Report
Cartoon---Steve Geller, CLP, Finds Funding
    Attendance Count: Two Conference left until Fall
        Bank Beat---Four more Banks Fail
Classified Ads---Help Wanted
    Now is the time for a "Help Wanted ad"
        Leasing News Top Stories---April 20-24
Leasing 102 by Mr. Terry Winders, CLP
Broker/Lessor Assignment Agreements
    New Hires---Promotions
        Classified ads—Leasing Attorneys
Swine flu fears close schools NY, Texas, Calif.
    Swine flu: What it is, how to fight it
    GM killing its Pontiac brand, sources say
    Fontainebleau Files $3B Suit against Lenders
News Briefs---
    Today's Top Event in History
        This Day in American History
Baseball Poem
        Daily Puzzle
    Weather, USA or specific area
        Traffic Live----

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


Blackberry, Handheld Device Users

At the suggestion of Paul Menzel, CLP, President of Financial Pacific,
the “Click Here—for entire edition” has been moved to the top of the email news edition. He believes this will speed up the ease of reading Leasing News on his Blackberry device.

Jerry Newell, CLP, Executive Vice President of Bank of the West Equipment, also reports reading Leasing News when he takes BART. Several have asked for a better system, and perhaps this will work.

Rob Yohe, Stillwater, Kansas also has this problem on his hand held device and has asked us to make a “text version” available. Leasing News started out in text five days a week and went to HTML three times a week. Since we made the suggestion by Paul, perhaps we should give this a try and see what happens.

As an attempt to listen to our readers, Leasing News now offers an experiment in the “text format.” Readers should understand you have to request this, headlines do not click to stories, there are no cartoons, charts, photographs, or even ads that open up It is missing all the features of HTML.
It is raw text.

What will be sent is given to the web master to post on the web site whose headlines are sent by email to readers. Again, it is text only. It may be read more easily on a hand held device. It will also be sent out three to four hours earlier than the HTML version, midnight or later California time.

To request this experiment put in the subject line Text Edition in your email to



Classified Ads---Legal

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

For a full listing of all “job wanted” ads, please go to:

To place a free “job wanted” Leasing News ad:

ELFA Career Center: Job Seekers ( free ):



Greystone Closed?

Looks like Greystone Equipment Finance Corporation Burlington, Massachusetts is closed, reportedly only a few people left. Leasing News hopes to have the complete story by the Wednesday edition,
about who is going to manage the $60 million portfolio, including if vendors will get paid, as well as salesmen who are allegedly owed past commissions. You’ll get the inside news here first.

Alert—Greystone $2-$3 Million Not Funded?



In Defense of Benny Judah/Excel Leasing

Benny Judah works the phones in his office at Excel Financial Co.

Several brokers have come to the defense of Benny Judah of Excel Lease Fund Inc. dba Excel Financial Leasing, Lubbock Texas. In Friday's Leasing News the SEC froze his company assets and accused 50 year old Benny Judah of selling some $40 million in unregistered securities between January 2006 and March 2009 that he was using for “day trading.” They also claimed his stating in literature to investors that he had over 4500 leases with receivables from the leases at $15 million earning 19.8% was "fictitious."

There was no web site on the company, nor does he appear to solicit business through leasing association conferences or advertising. His operation appeared not to be on the radar. "Not so," say several readers who wish to remain anonymous.

"I am saddened to see what Benny Judah is going through right now. Granted, if he misappropriated funds, it should not be tolerated. I remember taking a call from Benny over 20 years ago at the first leasing company I worked for and he was looking to sell some paper. He impressed me with his professionalism and sincerity. Years later when I became a broker, Excel was a very easy company to do business with. Their B/C+ credit program for transactions under $25,000 was simple and fair. No broker was going to get rich off of doing deals with Excel’s commission cap but the customer was not taken advantage of, either. The last contact I had with an Excel employee was in January when I attempted to submit an application. I was told that new submissions were on hold while they worked to raise money to fund more leases. I wish him well."

"I knew (three employees) 3 personally...I know of 2 other brokers that worked with Excel and were equally satisfied with their service… in Benny’s defense, I can verify that they actually DID fund leases! If he was playing the stocks, I hope he picked him better than I have in the past!"

"I have a rate sheet with phone and fax numbers and their email addresses! They were funding my leases."

"They were a very good funding source for me until the end of the year, when they said they were in the process of raising more money to fund leases. Very easy to work with, paid vendors fast, too."

Judah’s side to the story has not been told. It should be noted in 2001, he made a settlement with the SEC without admitting or denying any wrongdoing. He agreed to pay a $50,000 civil penalty following allegations he and his company, Excel Leasing, sold $32 million in unregistered securities to investors nationwide between 1987 and 2000.



Pugent Sound/Secords/Larasco/12 Banks +

Looks like the cases(s) between Puget Sound Leasing, Issaquah, Washington, Larasco, Inc. and the Louis A. Secord, Jr., an individual, Defendant, Richard A Secord, an individual defendant, is(are) getting messy. You thought it was messy before. Originally First Sound Bank filed against twelve banks who had signed recourse/non-recourse agreements with Pugent Sound Leasing when it was owned by Larasco plus the Secords personal guarantees. Then the case about leases paid off, but monthly payments made to the assignee or recorded, security deposits claimed, extra lease payments, purchase options become "fair market value" rather than a $1.00 has come home to roost. First Sound then started its case against Larasco and the Secords.

Now Wells Fargo Equipment Finance, Inc., Plaza Bank, Regal Financial Bank, Cowlitz Bank and Washington Federal Savings' (the "Investor Banks) have been granted to "intervene" and make claims
against First Sound Bank as the purchaser of Puget Sound Leasing from Larasco and the Secords.

The issue concerns buying back streams of lease payments, defaults, and other aspects of the original agreements between Puget Sound Leasing with perhaps as many as 12 banks named, plus others not named to date, with those involved in the sale of the portfolios being named. Some of the names are now public knowledge, but some of the banks who purchased portfolios have not filed yet
(and may not want their name involved.)

Legal Experts besides John Dean of the Alta Group are being named.

It appears the banks understand the deep pockets of the Secords as well as the legal ramifications of First Sound Bank's responsibility. The count at press time is 22 attorneys involved from six law firms (recent ones being allowed to “intervene” have not been added to the list.)

Can you imagine the scheduling problems. The judge turned down the motion for a “speedy trial,” realizing each of the attorneys will wait to present their case, plus have time to prepare and react to the motions by the other attorneys involved. I guess you can say the employment of those involved is good for the State of Washington economy.

“J’Accuse” by 12 employees of Puget Sound Leasing
by Christopher Menkin, Publisher



ELFA Funding Conference Report

The Equipment Leasing and Finance Association held April 22-23 at the Fairmont Hotel, Chicago, Illinois was hailed as a success by those who attended. It was quite different from the one in 2008. Over 300 attended this year, ELFA reported, while over 400 attended last year, but the main difference was the number of funders:


Bank of the West
Fifth Third Leasing
First Bank of Highland Park
First Eagle Bank
IBM Global Financing
Key Equipment Finance
Kingsbridge Holdings
People's Capital and Leasing
RBS Asset Finance Inc.
Sentry Financial Corporation
Sterling Bank Leasing
Wells Fargo Equipment Finance


AIG Commercial Equipment Finance, Inc.
Alliance Leasing, Inc.
All Points Capital
ALTEC Capital Services
Bank of the West
Boston Financial & Equity Corporation
Comerica Leasing Corporation
Commonwealth Capital Corp.
Fifth Third Leasing Company
First Bank of Highland Park
First Eagle Bank
GE Commercial Finance
Huntington Equipment Finance
IBM Global Financing
IFC Credit Corporation
Key Equipment Finance
Kingsbridge Holdings, LLC
Lakeland Bank
LEAF Financial Corporation
National City Commercial Capital LLC
New World Equipment Funding, LLC
People's Capital & Leasing Corp.
Popular Equipment Finance
Prudential Capital Group
RBS Asset Finance
Regions Equipment Finance
Sovereign Bank
Star Financial Bank, Star Equipment Finance Division
Sterling Bank Leasing
SunTrust Leasing Corporation
United Leasing, Inc.
US Bank Business Equipment Financing
Wells Fargo Equipment Finance Inc.

Many admitted that business was down, but they were holding thier own. They did not seem to mind not hitting their numbers, but were more concerned in keeping loses down. Whether this period will come back to "bite them" next year, meaning they will feel it more next year, did not seem to be a concern.

Reports that "you buy this from me" and "I will sell to you or trade you" were not uncommon. One major lessor said he was working on a large barge lease and was turned down by five he had worked with before, and was at the conference to find a six. At the time this was said, he had not been successful.

Overall comments were optimistic, but realistic, and those that attended found the conference much worth their time.



Cartoon---Steve Geller, CLP, Finds Funding

Leasing Solutions, LLC
Steve Geller, CLP



Attendance Count: Two Conference left until Fall

The National Vehicle Leasing Association scheduled for June 10-12th has been postponed.

Next on the list is the National Association of Equipment Leasing
Brokers April 30-May 2, 2009, the end of this week, at the Red Rock Casino, Resort and Spa, Las Vegas, Nevada Rooms were still available at press time. Perhaps walk-in registration may be best, but contact

Steve Reid will be giving reports on the event. Over 360 have registered to date. 2008 in New Orleans, 550 attended. In 2007, 571 attended and in 2006 it was 426. 45 Exhibitors this year. Last year they had 72 exhibitors and 66 exhibitors previously.

It is reported 120 have registered for the May 6-8, 2009 Association of Governmental Leasing and Finance (AGLF) and Equipment Leasing and Finance Association Join Conference at the Brown Palace Hotel Denver, Colorado. The changes, and pending changes in accounting for leases, seems to have affected this line of business as well as the margins, plus the down grading of city, county, state government ratings due to their financial difficulties.

Event Agenda:

Registration form:
(fax form to (856) 423-3420).



Bank Beat---Four more Banks Fail

Breaking the record of 2008, the 26th bank to fail this year was American Southern Bank, Kennesaw, Georgia, closed by the Georgia Department of Banking and Finance. It was also the fifth bank to close this year in Georgia. The tenth bank to close in Georgia in the past year. The FDIC entered into a purchase and assumption agreement with Bank of North Georgia, Alpharetta, Georgia, to assume all of the deposits, excluding those from brokers, of American Southern Bank. The one office of American Southern Bank will reopen on today, Monday, as a branch of Bank of North Georgia.

As of March 30, 2009, American Southern Bank had total assets of approximately $112.3 million and total deposits of $104.3 million. Bank of North Georgia paid a premium of 0.003 percent to acquire the deposits of American Southern Bank. Bank of North Georgia will not assume $48.7 million in brokered deposits held by American Southern Bank. In addition to acquiring $55.6 million of the failed bank's deposits, Bank of North Georgia agreed to purchase approximately $31.3 million in assets. The FDIC will retain any remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund will be $41.9 million

Security Bank, Macon, Georgia, reported an $18.5 million first-quarter loss, the sixth straight quarter the bank has finished in the red. The fourth largest bank in Georgia has reported $226 million in losses. Federal and state regulators have ordered five of the company’s six banking subsidiaries to boost capital and improve lending policies. The order also restricts their ability to issue dividends and use brokered deposits. Real estate loans seem to be the culprit in Georgia banks.

First Bank of Beverly Hills, Calabasas, California, was closed Friday by the California Department of Financial Institutions, which appointed the FDIC as receiver. First Bank of Beverly Hills, as of December 31, 2008, had total assets of $1.5 billion and total deposits of $1 billion. It is estimated that the bank has $179,000 of uninsured deposits. First Bank of Beverly Hills is the 28th FDIC-insured institution to fail this year and the fourth in California. The last bank to be closed in the state was County Bank, Merced, on February 6, 2009. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $394 million.

First Bank of Idaho, FSB, Ketchum, Idaho, became the 29th bank to fail this year. The FDIC entered into a purchase and assumption agreement with U.S. Bank, Minneapolis, Minnesota, to assume all of the deposits, excluding those from brokers, of First Bank of Idaho. The failed bank had seven offices in Idaho and Wyoming. As of December 31, 2008, First Bank of Idaho had total assets of approximately $488.9 million and total deposits of $374.0 million. U.S. Bank paid a premium of 0.55 percent to acquire the deposits of First Bank of Idaho.

U.S. Bank will not assume $112.8 million in brokered deposits held by First Bank of Idaho. The FDIC estimates that the cost to the Deposit Insurance Fund will be $191.2 million

Michigan Heritage Bank, Farmington Hills, Michigan, was closed Friday by the Michigan Office of Financial and Insurance Regulation. The FDIC entered into a purchase and assumption agreement with Level One Bank, Farmington Hills, Michigan, to assume all of the deposits, excluding those from brokers, of Michigan Heritage. The three offices of Michigan Heritage will reopen on today, Monday, as branches of Level One.

As of December 31, 2008, Michigan Heritage had total assets of approximately $184.6 million and total deposits of $151.7 million. Level One paid a premium of 1.16 percent to acquire the deposits of Michigan Heritage.

Level One will not assume $50 million in brokered deposits held by Michigan Heritage. In addition to acquiring $101.7 million of the failed bank's deposits, Level One agreed to purchase approximately $46.1 million in assets. The FDIC will retain any remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund will be $71.3 million

List of Bank Failures:

Previous Bank Beat Columns:



Classified ads---Help Wanted

Credit Syndicator / Funding Specialist


Credit Syndicator

Full time opening for the right team player with heavy structured transaction experience.  Click here for description.

Funding Specialist

Full time opening for the right team player with heavy structured transaction experience.  Click here for description.


Seeking an experienced Leasing Professional who has:
  • a proven track record in the middle market arena
  • experience w/ customer & vendor programs
  • Home State Leasing Corporation, a subsidiary of Home State Bank, N.A., has been serving the needs of our clients since 1915.



    Like selling vendor programs and large transactions?
    Enjoy international financing programs?
    Prefer the advantages of a commission only environment with the security of health and welfare benefits?

    CLICK HERE to find out how to have fun again.



    Now is the time for a "Help Wanted ad"

    With all the leasing companies getting out of the broker business, or leasing itself, there are some excellent experienced and profession people in the market place. In sales, some have a direct customer or vendor following in place, plus there are operations, credit, collection, and well-experienced people available who do not need much training.

    Four line Leasing News ads with the logo free and company description fee are $500,
    plus we design the ads for free. Extra lines and spaces are available.
    A "click to" a full page job description is free (no extra charge.)

    To learn more, contact



    Leasing News Top Stories---April 20-24

    Here are the top ten stories opened by readers:

    (1) Unbelievable Bulletin Board Complaint

    (2) $40 Million Fraud/Leasing Founder Assets Frozen

    (3) Alert—Greystone $2-$3 Million Not Funded?

    (4) Unbelievable Bulletin Board Complaint –Up-Date

    (5) US Bancorp 51% 1st Q Loss/Lease Losses Up

    (6) How's Business---Don't Ask!
    by Christopher Menkin

    (7) OFC Capital Downsizes

    (8) (tie)
    Letters Criticize “Anonymous” Larkins" letter

    (8) (Tie)
    Sales makes it Happen--by Kit Menkin
    Cold Calling----Part II

    (9) (tie)
    Cartoon—Greystone Department Head Meeting

    (9) Wells Profit is Vanishing

    (10) Key Loans and Leases off 1st Quarter




    Leasing 102

    by Mr. Terry Winders, CLP

    Broker/Lessor Assignment Agreements

    I have written in the past on the problems of what is assigned when you sell a deal and what is actually sold. Now I would like to discuss with you what pit falls exist in a poorly written assignment form. If you are acting as a broker and are only a facilitator and are using the funding sources documents then your risk only revolves around the proper completion of the documents. That is to say that you observed the signing of the documents by the authorized signer and closed the deal by making sure the lessee understood the transaction. There have been some “ignorant” defenses of late where the lessee did not understand the consequences of “non cancelable” or did not have an opportunity to read the document. Please read my article on proper deal closing.

    If you place your name as Lessor on the lease agreement and then assign or sell the transaction to a funding source they may want to have you sign a reps and warranty agreement along with the assignment. Its purpose is to make the funding source comfortable that you did your due diligence and with the exception of the credit risk the transaction is legally collectable.

    To begin with an assignment agreement must explain what is being assigned or sold to the funding source. First the lease and equipment must be identified by using the date of the agreement and the names of the participants. If you are using a schedule A to identify the equipment make sure it is a “complete” description. If in a default the equipment can not be identified and the claim is therefore compromised you may be subject to a repurchase of the transaction.

    Next you need to state the purchase price in dollars and the date on which it is due. If there is any additional documents due to complete the sale then identity them and understand the sale is contingent upon producing them. If the additional documents are not produced by the date required then a new or corrected assignment form must be prepared to replace this one.

    Then you need to identify what is being sold using words like" Seller does hereby grant, bargain, sell, transfer and deliver to purchaser all of seller's right, title and interest in the equipment, to have and to hold the equipment unto purchaser, its successors and assigns, forever”. Once in awhile when a reps and warrantee agreement is not present the seller may want additional language such as “Seller hereby indemnifies purchaser against all claims and costs incurred in the defense of title to the equipment by anyone claiming by or through seller.” This puts a burden on the seller/lessor to make sure proper title is free and clear of all liens so it can be passed to purchaser/ funding source. To accomplish this any Lessor needs to check for liens on the vendor and obtain through a properly completed purchase order an indemnity for clear title. You should also check for tax liens on the Lessee because it will cloud your title.

    An assignment that passes title is a sale and you must obtain a resale certificate from the purchaser or you may be subject to a sales tax. The same as you are subject to a sales tax with the vendor if you did not provide a resale certificate. In addition, there needs to be language in the assignment agreement that passes the manufacturers warrantees to the new owner and then notify the vendor of the new owner to insure that the new owner can obtain the required protection.

    Your funding source is also going to want a properly filed UCC financing statement with first lien position. If it is a PMSI financing statement you need to supply an assignment of your filed UCC-1 that was filed within the 20 day after possession limit and proof of the date of delivery of the first piece of equipment. This should insure a first lien position.

    Always keep in mind that if you closed the lease and then sell it you are subject to fraud even though your assignment is on a non-recourse basis so make sure of everything and get a good assignment form drafted by your attorney that places some of the burden on the purchaser indicating that they are seasoned purchasers and capable of making decisions on their own and will do their own due diligence prior to making the purchase of your transaction.

    If you are asked to sign a “reps and warrantee” agreement, make sure it is reviewed by your attorney so you are not taking on more risk than you can handle.

    Properly prepared assignments state the real agreement between Lessor and the funding source. Poorly prepared documents open the door for all kinds of disputes and problems. Attorneys love poorly prepared documents and I believe they see dollar signs in their eyes when non lease attorneys attempt to prepare our type of agreements so get a good “lease” attorney. It will save you many dollars and hours of grief.

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

    Previous #102 Columns:



    New Hires---Promotions

    Paul Barkworth, FCA, has been appointed Chief Financial Officer at Merchants Automotive Group, Inc. of Hooksett, NH. Previously he was CFO for Cetacean Networks, Inc and Rivulet Communications, Inc., both venture funded start-up companies. Barkworth's extensive managerial and financial experience also includes serving on the board of Baptist Insurance Company, PLC.

    Barkworth was born in London, England, emigrated to the U.S. in 1997 and became a U.S. citizen. He is a Fellow of the Institute of Chartered Accountants and spent much of his U.K. career in public practice. He has held various management positions at Coopers & Lybrand, Grant Thornton and with affiliates of BDO International. Immediately prior to moving to the U.S., Barkworth was a senior partner with Solomon Hare, of Bristol, England, now part of Smith Williamson. For many years Barkworth served as a Magistrate in the English criminal courts and he has a strong record of public service and commitment to non-profit organizations.

    Paul plays the flute, has an abiding interest in historical biography, supports the England Rugby team from afar and is an avid Formula One enthusiast. He lives in East Hampstead, NH with his wife, Jennifer, and daughter, Helen.

    Cheryl Lahti McCormick has been hired as administrative assistant at Affiliated Investment Group, Inc., Cedar Park, Texas. She is a recent graduate of The University of Texas with a degree from the Communications school.

    Shad Peterson has been named Chief Operating Officer Chicago Freight Car Leasing Co., Rosemont, Illinois. He formerly was CEO of Union Leasing, the vehicle fleet management subsidiary of CFCL, having been appointed by the Board of Directors in 2007 after holding the position of President since 2005. Prior to joining Union Leasing, Shad was Sr. Vice President & Managing Director of Sales & Operations for Greenwich Technology Partners. He will Shad will retain his position as CEO at Union Leasing, focusing on executing the corporate business plan and providing strategic guidance to this growing business unit. He will also retain the position of President for Mississippi Railcar L.L.C. and will assume the position of Vice President of Hoosier Railcar Inc., both of which are independent family owned businesses that provide quality railcar repair services to private car owners, shippers and railroads.

    Phil Ratner has joined Synergy Restaurant Consultants as Managing Director, who have offices in California, Florida, Texas and Pennsylvania. He will spearhead restaurant turnaround efforts and provide financial, operational, and structural expertise for major restaurant, hotel and hospitality chains. He was President and CEO of Marie Callender's Restaurants, previously serving as president and CEO of Acapulco Restaurants for ten years. He has a Bachelors Degree and an M.B.A from Cornell University. He has served on the boards of five publicly traded restaurant companies.



    Classified ads—Leasing Attorneys

    Birmingham, Alabama
    The lawyers of Marks & Weinberg, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel.
    California, National: city: Riverside
    Ellen Stern - get results, reasonable pricing; numerous industry contacts, nearly 30 yrs SoCal, 20 yrs equip.: CFL license specialist, documentation, work-outs, litigated collections, recoveries; deal-maker.

    Kenneth C. Greene
    California & Nevada
    Hamrick & Evans, LLP, Universal City , LA; San Francisco Bay
    Area, No.Calif. & Nevada. Call for free consultation (828)763-5292 or (415) 806-2254,
    Connecticut, Southern New England:
    EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates.
    Los Angeles, Southern CA
    Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry.  Bankruptcy and State Court litigation.   Vincent V. Frounjian (818) 990-0605 or email:

    Encino, California: Statewide “ELFA”
    Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigation, debt collection, and bankruptcy.
    Call Stephen E. Jenkins Esq (818) 501-3800

    Los Angeles, Statewide: CA.     "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis.

    Los Angeles -statewide: CA      "ELFA"
    Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email:   

    Long Beach, CA
    Wagner & Zielinski,  successfully representing lessees/ lessors.  Not a member of any leasing organization, therefore not beholden to special interests.  Richard Wagner
    (562) 216-2952

    Long Beach CA.
    Paul Bent -- 30 years experience in all forms of equipment leasing, secured lending, and asset based transactions, from analysis and deal structuring to contract negotiations to closing to private dispute resolution. (562) 426-1000

    Law Firm - Service, Dallas, TX. "ELFA"
    Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance.

    National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA).

    St. Louis County , MO. - statewide:
    Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates.
    Ronald J. Eisenberg, Esq. (636) 537-4645 x108
    Westport, CT: We represent finance companies, banks, lessors, etc., in replevins/seizures, collections and bankruptcy matters in Connecticut and New York. Flat fee, contingency and hourly rates.


    Leasing Industry Outsourcing
    (Providing Services and Products)

    How to Post a Free Leasing Attorney Classified ad


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

    News Briefs----

    Swine flu fears close schools in NY, Texas, Calif.

    Swine flu: What it is, how to fight it

    GM killing its Pontiac brand, sources say

    Fontainebleau Las Vegas Files $3B Suit Against Lenders



    Today's Top Event in History

    1900-Birthday of Walter Lantz, originator of Universal Studios’ animated opening sequence fro their first major musical film, The King of Jazz. Walter Lantz 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. He was born at New Rochelle, NY, and died March 22, 1994, at Burbank, California.


    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, after whom the Morse code is named, born at Charleston, MA, and died at New York ,NY, April 2, 1872. 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 Dama, 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 Presely 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." Nowadys nobody remembers Therese. The publisher couldn't read Beethoven's handwriting & 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 burns captures York (today called Toronto) and then
    proceeds to burn 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 loyalist left after the revolutionary war, many 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.
        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)., President Lincoln promoted Grant to lieutenant general in command of all the Union armies Mar 9,1864, changing the direction of the war effort.. On April 9, 1865, Grant received General Robert F. Lees 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 a controversial president, who failed in his second attempt for the presidency and reported 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 20,000acres made available. Dissension arose and there waas lack of dirction among those who were supposed to cooperate. Owen left in 1827. In 1828 the community ceased to exist as a Utopian enterpise.
        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 not determined, but the little-known event is unparalleled in US history.
        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 McClosey 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, invenented 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 weighted 3.5 ounces and was three inches long.
        1892-Birthday of composer and conductor Howard Fogg, a pioneer in the composition and synchronization of film soundtracks, was born in Lewiston, Maine. 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." Fogg died in 1953.
        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, originator of Universal Studios’ animated opening sequence fro their first major musical film, The King of Jazz. Walter Lantz 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. He was born at New Rochelle, NY, and died March 22, 1994, at Burbank, California.
        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 & 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.
        1931--- 100ºF (38ºC), Pahala, Hawaii (state record)
        1932--Birthday of Casey Kasem, famous countdown disc jockey.
        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.
        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 born. Perhaps his son Cuba Gooding, Jr., is better known as an actor; Early on, he 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 to soon.
        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, was born 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's 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.
        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--Crooner Andy Williams had the top selling song in the US with "Can't Get Used to Losing You". Despite being surrounded by Rock 'n' Rollers, Williams had placed 14 songs on Billboard's Top 40 since 1956 and would add 13 more by 1972.
        1963-At 15 years, 1 month and 13 days old, Little Peggy March became the youngest female singer to have a #1 record in the US when "I Will Follow Him" reached the top of the Billboard chart. Her producers stuck the "Little" to her stage name despite her strenuous objections.
        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-US Vice President Hubert 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, form whom the title was stripped.
        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.
        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".
        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 appears the club was open for longer, but it was not.
        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
        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 Baltimore MD and96 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, 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, Willie Mays and Andre Dawson are 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.



    Baseball Poem

    Opening Day in Chicago
            seasons begins
            on a cold afternoon
            as blankets warm cheering fans and
            the first pitch soars across home plate
            stinging our catcher's hand
            frozen inside
            his mitt.

    Written by Dan Zamudio, published in his
    book “Catcher in the Wry” Baseball Poems
    McFarland & Company, Publishers



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