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Independent, unbiased and fair news about the Leasing Industry


Monday, August 6, 2012

Today's Equipment Leasing Headlines

   Carebridge for Patrick Sponsel
    Classified Ads---Asset Management
Marlin 1st Time Net Income Exceeds Evergreen Income
 by Christopher Menkin
  Companies who utilize Evergreen Clauses
   for Extra Lease Payments
 Career Crossroad—
  "Best way to ask for a raise?"
    Classified Ads---Help Wanted
       Alexa U.S. Ranking
       Leasing News #1
      Top Stories July 30--August 3
    ---In case you missed a story---
Leasing 102 by Mr. Terry Winders, CLP
 “Municipal Leases”
   Bank Beat---Waukegan Savings Bank
    Credit Union Deposits Outpacing Banks’
      Labrador Retriever/Border Collie
      Mount Laurel, New Jersey Adopt-a-Dog
   The Best-Selling Products of All Time
    24/7 Wall Street
News Briefs---
 One dead, nine injured, lightning at NASCAR Race
  Will husband of Yahoo's Mayer stay home with their baby?
    The bankers’ view of wine

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

  You May have Missed---
   SparkPeople--Live Healthier and Longer
    Sports Briefs---
     Baseball Poem
      California Nuts Brief---
       "Gimme that Wine"    
          This Day in American History
           Daily Puzzle
               Weather, USA or specific area
                 Traffic Live----

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

Please send Leasing News and ask them to subscribe. We are free! Send email to and put in subject line: subscribe


Carebridge for Patrick Sponsel

Sharpe Financial Network
President, National Association of Equipment Leasing Brokers

July 9th, 2012 Leasing News reprinted with permission from the National Association of Equipment Leasing Brokers his colon operation discovered during a colonoscopy exam, asking readers to pray for him. His tumors were removed, but he continues his recovery from cancerous tumors.

While he is active publically not only as a broker, but as director of marketing and sales at Natures Harvest International, he is a private person and has been downplaying any display at the NAELB Regional Meeting September 7-8 in Baltimore, Maryland.

It is fitting that his friends be able to communicate as well as keep up-to-date and therefore:

(Note: We hope to improve the photo quality)




Classified Ads--- Asset Management

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

Orange County, CA
20+ years with record of success. Hands on manager that can show how its done to get great results in Asset Management

San Francisco, CA
Ten years experience setting residuals, negotiating leases and remarketing equipment across a broad spectrum of large ticket asset types including marine, intermodal, mining, energy, manufacturing.

Free Posting for those seeking employment in Leasing:

All “free” categories “job wanted” ads:



Marlin 1st Time Net Income Exceeds Evergreen Income
by Christopher Menkin

For the first time since Leasing News has been keeping records of Evergreen Clause "extra payments", Marlin Business Services, Mount Laurel, New Jersey (NASDAQ: MRLN) for the second quarter, 2012, net income allocated to common stock of $2.861 million is higher than the Evergreen renewal income net of depreciation $1.9 million. Also higher, six month net income allocated to common stock
of $4.433 million compared to renewal income net of depreciation of $3.6 million.

In fact, the Evergreen renewal income is down $100,000 compared to the previous year of $1.8 million for the first quarter, or $200,000 compared to six month of $3.6 million to $3.8 million. (SEC filing, pages 18 and page 42.)

Part of the increase in income comes from two sections, even with a slight decline in one section:

“Fee income decreased $0.1 million to $2.8 million for the three-month period ended June 30, 2012 compared to $2.9 million for the three-month period ended June 30, 2011. Fee income included approximately $0.8 million of net residual income for the three-month period ended June 30, 2012 and $1.1 million for the three-month period ended June 30, 2011.

“Fee income also included approximately $1.7 million in late fee income for the three-month period ended June 30, 2012, which increased 6.2% from $1.6 million for the three-month period ended June 30, 2011. The increase in late fee income was primarily due to the increase in average total finance receivables.”
    (SEC filing, page 33)

“Insurance income. Insurance income remained stable at $1.0 million for the three-month period ended June 30, 2012 compared to the three-month period ended June 30, 2011.

“Other income. Other income remained constant at $0.4 million for the three-month period ended June 30, 2012 compared to the three-month period ended June 30, 2011. Other income includes various administrative transaction fees and fees received from lease syndications.”
    (SEC filing, page 34)

“Our leases offer our end user customers the option to own the equipment at lease expiration. As of June 30, 2012, approximately 67% of our leases were one dollar purchase option leases, 32% were fair market value leases and 1% were fixed purchase option leases, the latter of which typically contain an end-of-term purchase option equal to 10% of the original equipment cost. As of June 30, 2012, there were $31.3 million of residual assets retained on our Consolidated Balance Sheet, of which $25.1 million, or 80.2%, were related to copiers.

“As of December 31, 2011, there were $32.7 million of residual assets retained on our Consolidated Balance Sheet, of which $26.5 million, or 80.9%, were related to copiers. No other group of equipment represented more than 10% of equipment residuals as of June 30, 2012 and December 31, 2011, respectively. Improvements in technology and other market changes, particularly in copiers, could adversely impact our ability to realize the recorded residual values of this equipment...

(Leasing News underline; note, no mention of any possible change of notification at end of lease in 46 states.)
    (SEC filing, page 42)

(Renewal Income)

“Our leases generally include renewal provisions and many leases continue beyond their initial contractual term. Based on the Company’s experience, the amount of ultimate realization of the residual value tends to relate more to the customer’s election at the end of the lease term to enter into a renewal period, purchase the leased equipment or return the leased equipment than it does to the equipment type.

“We consider renewal income a component of residual performance. Renewal income net of depreciation totaled approximately $1.7 million and $1.8 million for the three-month periods ended June 30, 2012 and June 30, 2011, respectively. Renewal income net of depreciation totaled approximately $3.6 million and $3.8 million for the six-month periods ended June 30, 2012 and June 30, 2011, respectively.”
    (SEC filing, page 42)

Banking requirements are well above minimum as well as loan agreements, as well as the Bank Tier 1 ratio's are very strong:

"At June 30, 2012, MBB’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio and total risk-based capital ratio were 18.49%, 18.24% and 19.05%, respectively, which exceeds requirements for well-capitalized status of 5%, 6% and 10%, respectively. At June 30, 2012, Marlin Business Services Corp.’s Tier 1 leverage ratio, Tier 1 risk-based capital ratio and total risk-based capital ratio were 32.04%, 34.77% and 35.85%, respectively, which exceeds requirements for well-capitalized status of 5%, 6% and 10%, respectively."
    (page 47)

Loss reserves are conservative, down due to better receivable, and overall the company is in very good shape, and perhaps the Evergreen clauses are changing, which would really turn this company around into a more positive position than today.

Marlin Second Quarter:

Press Release:
Marlin Leasing Reports 2nd Q/Cash Dividend $0.08 per share

Previous Marlin Articles:




Companies who utilize Evergreen Clauses for Extra Lease Payments 

These companies use language in their purchase options to confuse, perhaps to deceive, with the result an automatic continuation for an additional twelve months of payments.

Several have contiuation of payments and the requirement of replacing the equipment for a new lease. Leasing News has had complaints involving companies who invoke the twelve months on a $1.00 purchase option, as well as on an Equipment Finance Agreements.

ACC Capital, Midvale, Utah
IFC Credit, Morton Grove, Illinois
Jules and Associates
LEAF Financial Group
, Philadelphia, Pennsylvania
Marlin Business Leasing, Mount Laurel, New Jersey
Marquette Equipment Finance, Midvale, Utah 
Mazuma Capital Corporation, Draper, Utah
Onset Financial, South Jordan, Utah 
Republic Bank, Bountiful, Utah
Tetra Financial Group, Salt Lake City, Utah

ACC Capital, Midvale, Utah---This company is no longer in business, although its portfolio is being wound down, according to its owner Loni Lowder; the receivables are being collected by creditors. Lowder today is an employee, manager, Stalwart Contract Finance, Salt Lake City, Utah. To date, all Evergreen Clause complaints have been satisfied.

IFC Credit, Morton Grove, Illinois---This company is in bankruptcy, appeared many times in the Leasing News Bulletin Board prior to filing bankruptcy, but engaged in Evergreen Clauses, and unfortunately a recent example is a complaint to the trustee, stemming from M&T Bank lease assignment expiring and notify the lessee that they did not notify about the residual, which was a $1.00. This has happened many times with other banks who have taken over the IFC Credit Corporation portfolio. Calls and letters to the trustee and attorneys have gone unanswered.

Jules and Associates, Los Angeles, California--- Jules and Associates, Los Angeles, California---A repeat customer, who notified Jules and Associates on a lease, but was not before the 180 day expiration, so Jules and Associates instead of the 1% due for the residual ($2,308.79) charged six more payments or $40,463.94, and if 1% is not paid in this time, they will be subject to another three months.

LEAF Financial Group, Philadelphia, Pennsylvania---It appears this company is in a more wind down phase, moving its operation of LEAF Commercial Credit with basically the same management. There have been complaints about the Evergreen Clause, including one this year for an Equipment Finance Agreement!

Marlin Business Leasing, Mount Laurel, New Jersey---The actual SEC filings state the profit earned from Evergreen Clause, primarily from copier leases. Bulletin Board Complaints have been received about this practice in addition to the SEC financial statement filings.

(9) Marlin Response to posting 

Marquette Equipment Finance, Midvale, Utah --- According to Dorran Sampson, Vice-President/Broker Relations: "Marquette Equipment Finance does not offer an Evergreen product. Our master lease provides for extensions but is negotiated at the schedule level. Notice periods are also negotiated at the schedule level and vary depending on the Lessee’s needs."

When the company was bought and became Pacific Western Equipment Finance (a division of Pacific Western Bank) he maintained the same position. It was noted his old company was still on the list, and a request of his "master lease" was made.

"Our docs are the same as when we were with Marquette. Because we’re public now, it is very difficult to get documents released."

I asked him if he could send to a broker wanting to do business with him, "Sorry, can’t forward to you or your brokerage."

A search of PACER, a national index for U.S. district, bankruptcy and appellate courts brought up a number of Marquette cases, and the first one hit pay dirt: Merchants & Farmers Bank, a Mississippi Corporation versus Marquette Equipment Finance and Applied Financial. It was a similar case and while "dismissed with prejudice" (6), it had the arguments regarding the purchase option and a copy of the complete contract with a similar PPR as with Mazuma Capital:

"(g) Lessee's Options at End of Initial Period. At the end of the Initial Period of any Lease, Lessee shall, provided at least one-hundred-eighty (180) days prior written notice is received by Lessor from Lessee via certified mail, do one of the following: (1) purchase the Property for a price to be determined by Lessor and Lessee, (2) extend the Lease for twelve (12) additional months at the rate specified on the respective Schedule, or (3) return the Property to Lessor at Lessee's expense to a destination within the continental United States specified by Lessor and terminate the Schedule; provided, however, that for option (3) to apply, all accrued but unpaid late charges, interest, taxes, penalties, and any and all other sums due and owing under the Schedule must first be paid in full, the provisions of Sections 6(c) and (d) and 7(c) hereof must be specifically complied with, and Lessee must enter into a new Schedule with Lessor to lease Property which replaces the Property listed on the old Schedule. With respect to options (1) and (3), each party shall have the right in its absolute and sole discretion to accept or reject any terms of purchase or of any new Schedule, as applicable. In the event Lessor and Lessee have not agreed to either option (1) or (3) by the end of the Initial Period or if Lessee fails to give written notice of its option via certified mail at least one-hundred-eighty (180) days prior to the termination of the Initial Period, then option (2) shall apply at the end of the Initial Period. At the end of the extension period provided for in option (2) above, the Lease shall continue in effect at the rate specified in the respective Schedule for successive periods of six (6) months each subject to termination at the end of any such successive six-month renewal period by either Lessor or Lessee giving to the other party at least ninety (90) days prior written notice of termination."

The first option is to purchase the equipment for a price to be determined by Lessor and Lessee and requires a certified letter 180 days prior. This sounds like a fair market purchase option, but the “price to be determined” language means that the Lessor can set any price it wants. This option is illusory in my opinion.

The second option is to continue the lease for an additional 12 months, the “Evergreen” period. No notice of this provision is given to the lessee either in advance of signing or prior to exercising this option. Republic Bank purchases these 12 month extensions in advance of their exercise. How would the bank know that the lessee is going to exercise this option, unless everyone knows it is the only practical option for the lessee to exercise? Republic Bank President Boyd Lindquist confirmed in a telephone call that he “buys” these extensions from Mazuma and has for quite some time.

The third option is to return the equipment, but the clause is draped with the condition that the lessee has to re-lease identical equipment for a similar term. It also has 180 day certified letter requirement, and applies to the second option of 12 months, but also has the clause of an automatic six month option. So what is the point of exercising this option? At the end of this re-lease, there would be the same three identical options, so the lessee would be required to re-lease and re-lease. It’s just like Groundhog Day.

Leasing News is working on obtaining information on other companies so named to add to the list, including follow-up on the master lease for Pacific Western Equipment Finance. If you have a copy, please send and will keep your name “off the record.”

((7) See for Copy of Filing, including contract.)

Mazuma Capital Corp, Draper, Utah Several routie "end of lease agreements, as alleged in Unified Container and Anderson Dairy (1) "8. The basic scheme involves the inclusion of a purchase, renewal, return (“PRR”) provision in the lease. The lessor assures the customer they will be able to purchase the equipment at the end of the initial term in the lease for a reasonable or nominal price. Often, the lessor promises the equipment can be purchased at a fixed percentage of the total amount financed. However, at the end of the initial lease term, the lessor refuses to honor the agreed upon purchase price or negotiate in good faith regarding a purchase price, but instead, insists the lease automatically renews for an additional term (usually twelve months).

9. The inclusion of the purchase and return options in the lease are entirely illusory and intended only to give the customer the false impression that it can exercise any of the three options at the end of the initial lease term, when in fact, the lessor will only allow an automatic renewal at the end of the initial lease term.) There are other exhibits. This case was settled "out of court."
    (page 3)

H. Jared Belnap, President & CEO, Mazuma Capital Corp., takes exception on beingon the Evergreen list. His full letter and Leasing News Response is at (5).

Onset Financial, South Jordan, Utah --- Onset contract, which contained:

“Section 20
n. Lessee's Options at Maturity of Base Period. At the maturity of the Base Period of any Lease, Lessee shall, provided at least one hundred fifty (150) days prior written notice is received by Lessor from Lessee via certified mail, do one of the meowing: (1) purchase the Property for a price to be determined by Lessor end Lessee, (2) renew the Lease for twelve (12) additional months at the rate specified on the respective Schedule, or (3) terminate the Schedule and return the Properly to Lessor at Lessee's expense to a destination within the continental United States specified by Lessor; provided, however, that for option (3) to apply, all accrued but unpaid late charges, interest, taxes, penalties, and any and all other sums due end owing under the Schedule must first be paid in full, the provisions of Sections 8f, 8g and 7d hereof roust be specifically complied with, and Lessee must enter into a new Schedule with Lessor to lease Property which replaces the Property fisted on the old Schedule. With respect to options (1) and (3), each party shall have the right in its absolute and sole discretion to accept or reject any terms of purchase or of any new Schedule, as applicable. In the event Lessor end Lessee have not agreed to either option (1) or (3) by the maturity of the Base Period, or if Lessee fails to give written notice of Its option via certified marl at least one hundred fifty (150) days prior to Use maturity of the Base Period, or if an Event of Default has occurred under any Lease, then option (2) shall apply at the maturity of the Base Period. At the maturity of the renewal period provided for In option (2) above, the Lease shall continue in effect at the rate specified in the respective Schedule for successive periods of six (6) months each subject to termination at the maturity of any such successive six-month renewal period by either Lessor or Lessee giving to the other party at best thirty (30) days prior written notice of termination." (1)

((8) See for Copy of Onset Contract with PPR purchase option.

Republic Bank, Bountiful, Utah Purchases and participates in extended Evergreen clause agreements.

They are legal in all states, except four states require advance notification be given to the lessee regarding termination of the lease and its residual (Four states: New York Rhode Island, Texas, Illinois (In Illinois, Consumer law, but may affect commercial, especially a proprietorship, partnership or personal guarantee)"

Tetra Financial Group, Salt Lake City, Utah Several routine "end of lease agreements, as alleged in Unified Container and Anderson Dairy (1)

“22. Mazuma Capital is associated with Republic Bank and obtains financing for its leases containing PRR provisions from Republic Bank.

23. Like what took place at Amplicon, Inc., the PRR scheme utilized by Matrix, Applied Financial, LLC, Mazuma Capital, Tetra Financial Group, LLC and others has begun to be exposed through litigation and negative press. See Deseret News (2) articles attached hereto as Exhibits B (2) and C. (3)”

Here is a case where New York courts threw out the Evergreen Clause as not legal in New York, even though venue appears to be Utah. (4))

(1) 36 main pdf

(2) Deseret News

(3) Exhibit C

(4) Salon Management case

(5) Mazuma Takes Exception on Being on Evergreen List

(6) Order to Dismiss with Prejudice

(7) Copy of filing, including contract

(8) Copy of Onset Contract with PPR purchase option

(9) Marlin Response to posting.

John Kenny Receivables Management

• End of Lease Negotiations & Enforcement• Fraud Investigations
• Credit Investigations • Asset Searches 
• Skip-tracing • Third-party Commercial Collections | ph 315-866-1167|

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


Career Crossroad—
"Best way to ask for a raise?"

Question: Emily, what is the best way to ask for a raise?

Answer: The best approach is to NOT ask for a raise outright. Typically, employees will present a list to their employer explaining why they should receive a raise. I don't like this approach, as it almost is a demand, with a list of why that an employer either accepts or objects, and I have a better suggestion. My two-phase approach minimizes objections!

First, approach your employer by asking how they believe you are doing in your role e.g. your contributions to the company/division, what you can improve on, etc… Obviously, if there are multiple areas that need improvement (take notes) and if the overall self-generated review is not positive, then this is NOT the time to ask for an increase in salary. Listen. Your goal is not to ask for a raise, but find out what your boss thinks about your performance.

If the outcome is positive, then continue with the conversation with something to the effect “… well that is great, that is why I wanted to meet with you … I also feel I have contributed in the following ways (give your list now--verbally, not written) ….

If your boss agrees and even points out other things you are doing well, you can react by saying, thank you, perhaps my performance warrants a -----% increase …”

If the outcome is not so positive, take notes and work on / strive to make the improvements / changes discussed. You can then request another review, (making SURE you have addressed any areas of needed improvement) then continue with the conversation with something to the effect “… well that is great, that is why I wanted to meet with you …

I also feel I have contributed in the following ways (share your list of reasons now) …. … I am hoping you agree that my performance warrants a -----% increase …”

This method ensures to the employer that you are truly interested in your career and that you are really interested in positively contributing to the organization - additionally, you will gain respect.

Now make this approach your own - modify it to sync with your personality, role, etc…


The following are sure ways to be knocked down: the “market dictates” or “my colleague is receiving …” – so what?!

The worst reason “I received a job offer”; you can bet you will be let go within the next 6 months! (Some employees use “counter-offers” from current employers to receive an increase – again, not only will be let go within the next 6 months! BUT more importantly, you are hurting yourself / your reputation – it is a small industry – word WILL get out).

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Fax: 954-499-8802
Cell: 954-612-0567
Twitter: @RIIInfo
Invite me to Connect on LinkedIn & Follow RII on LinkedIn

Career Crossroads Previous Columns 


Leasing News Help Wanted Ad Pricing

Take Advantage of this Limited Offer!!!

25% Off regular rate below plus 30 day run

Help Wanted Web Ad New Programs

Classified Ad Section 

21 days in a row:
$595 four lines (a space is a line) 
($40 each additional line or space)

All you need do is send us the copy or the position description you want to fulfill and we do the rest. We will design the ad with the idea to fit you budget best, as well as recommend a “click to a web page” or seprate full page job description. Lines and spaces determine the price of the “help wanted ad” as the Logo is free as well as company description at the bottom of the ad (not to exceed the number of lines of the ad.) Also freeclick to a click to a web site or a full description of the position.

Ads are placed in the "Help Wanted' section by category, alphabetical, with the ad with the most lines first in the group. They appear on the web site and in each news edition at the top, not in flash, but in separate news editions. (The “help wanted” top ad are changed in each news edition in sequence with other “help wanted” ads, mostly in a chronological basis.) The ad always appears in the classified help wanted section in each news edition, plus remains on the web site, even when it appears at the top of the headlines.

Most readers scroll the newsletter, or those directly interested in classified, will click on the headline and go direct to the news edition classified help wanted section, or click on the web site, and go to it at this site.

Leasing News reserves the right to refuse advertising, particularly to a company that has appeared in the complaint bulletin board



Alexa Ranks Leasing News #1

While gives the worldwide Alexa ratings, where Leasing News has the #1 among leasing and finance meeting, it does not report the ranking in the U.S. It’s claim that it is the most read news in the leasing and finance industry is not true.

Here are both rankings, with U.S. first, with worldwide last:

(The lower the ranking, the more readers, as the list counts
all web sites and the leasing/finance is only a very small part):

Leasing News

(It should be noted Leasing New is usually three times
a week issue compared to the others at five times a week.
The rating should be considered in comparison.) is an associate with Google in a Google program. Leasing Association newsletters are primarily to their members, although available from some to non-members and are therefore not included; is 175,987 US and 880,065 worldwide.




Top Stories July 30--August 3
---In case you missed a story---

Here are the top ten stories opened by readers

(1) Archive: August 3, 2000
--- 35 Leasing Companies Major Changes

(2) Placard ---Richard Branson's
5 Rules for Good Business

(3) Onset Financial PPR as Marquette, Mazuma, Tetra
by Christopher Menkin

(4) Leasing 102 by Mr. Terry Winders, CLP
What is a SWAG residual?”

(5) Facebook admits millions of accounts are fake

(6) Marquette removed from
Companies who notify lessee in advance of lease expiration
and require their discounter to also notify lessee in advance

(7) Sales Make it Happen by Christopher Menkin
"What is the best use of my time now?"

(8) New Hires---Promotions

(9) Companies Opt to Lease/Finance Equipment to Preserve Capital

(Tie) (10) Career Crossroad—
"Next cubicle always complaints about her job."

(Tie) (10) Exchange Bank Misses TARP payment





Leasing 102
by Mr. Terry Winders, CLP

“Municipal Leases”

Leases to governmental bodies that are political subdivisions and have taxing authority are called Municipal leases and the lessor’s margin is tax free if certain rules are adhered to: Such as; the equipment must be for “essential use “that means the equipment is paid for by tax revenues and not by ticket admissions, grants, patient revenues, or other funds not connected to taxes.

The transaction must contain a “Non Appropriation Clause”. This allows the municipality to return the equipment at the end of “their’ fiscal year if no funds have been appropriated for this equipment the next fiscal year. Most municipal leases carry a clause that restricts the return of the equipment if it is replaced by equipment that serves the same purpose. Some lessors have been caught with this clause when the municipality did not replace the equipment but instead hired an outside contractor to perform the service. This caused a change in documentation to also restrict returning the equipment based on the service to the public.

The transaction must show that the municipality will retain ownership at lease termination. This is usually handled by a mandatory low value purchase requirement.

Municipal lease documentation is different and requires the proper authority to approve it and the correct person designated to sign. This requires an incumbency certificate and a lessee’s attorney’s option to make sure all the required approvals have been met and the signer has the authority to sign.

Tax free income is attractive but the rates are very low and only have value to someone that has taxable income from other sources. If a large loss creates negative income for the lessor’s tax year then tax free income is not attractive because income would be higher on a taxable transaction and would be sheltered from taxes by the loss.

On occasion after a change in political makeup of the represented authority, it is important to note that on occasion they like to get out of the responsibility for the lease and will try and maintained that the previous administration had no authority to lease the equipment. Therefore you must maintain very strong documentation and “dot every i” and make sure all signatures and blanks are properly handled. Make sure the attorney’s option says that all approvals have correctly been made and the authority of the signor is in place.

Do not confuse municipal leasing with federal leasing or “not-for-profit” 501C companies. The normal rule for federal leasing is “don’t do it”…. give it to someone that knows how to handle all the required red tape and hopefully you can get a fee and run the other way just as fast as you can. My advice, leave it to the experts.

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

He invites your questions and queries.

Previous #102 Columns:


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

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


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


Bank Beat---Waukegan Savings Bank

Fortieth bank to fail this year and the sixth in Illinois.

The two branches of Waukegan Savings Bank, Waukegan, Illinois, were closed with First Midwest Bank, Itasca, Illinois, to assume all of the deposits. Perhaps readers may identify that Waukegan is the birthplace of the late science fiction writer Ray Bradbury and comedian Jack Benny. Founded January 1, 1924, the bank had 26 full time employees as of March 31, 2012 at its two offices in Waukegan. Year-end 2003 they had 44 full time employees.

The bank was not doing well before the economic recession began, having their first major loss in 2004 of $562,000 and then a higher loss of $861,000 in 2005:

(in millions, unless otherwise)

2003 $389,000
2004 -$562,000
2005 -$861,000
2006 -$1.2
2007 -$1.4
2008 -$1.1
2009 -$2.4
2010 -$1.5
2011 -$1.9
3/31 -$622,000

Net Equity
2003 $13.6
2004 $12.8
2005 $11.8
2006 $10.7
2007 $9.3
2008 $7.6
2009 $6.1
2010 $4.2
2011 $2.5
3/31 $1.7

Non-Current Loans
2003 $181,000
2004 $125,000
2005 $51,000
2006 $247,000
2007 $302,000
2008 $923,000
2009 $3.6
2010 $3.1
2011 $3.7
3/31 $3.2

Charge Offs
2003 $68,000 ($68,000 Loans to Individuals)
2004 $46,000 ($44,000 Loans to Individuals, $2,000 1-4 family residential properties)
2005 $68,000 ($68,000 Loans to Individuals)
2006 $80,000 ($80,000 Loans to Individuals)
2007 $58,000 ($58,000 Loans to Individuals)
2008 $124,000 ($96,000 Loans to Individuals, $28,000 1-4 family residential properties)
2009 $245,000 ($231,000 1-4 family residential, $14,000 Loans to Individuals)
2010 $963,000 ($342,000 1-4 family, $90,000 multifamily, $70,000 nonfarm/nonres., $26,000 indiv.)
2011 $890,000 ($403,000 multifamily, $267,000 1-4 family, $156,000 commercial, $55,000 nonfarm/nonres. $9,000 individuals
3/31 $128,000 ($90,000 commercial/industrial, $29,000 1-4 family, $9,000 loans to individuals)

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

The bank was poorly managed for almost ten years and by the time it agreed to a consent order on April 8, 2010 (1) is was way too late. Perhaps the region was hit earlier than the recession, due to the make up of lower income marketing area of the bank.

“As of the 2011 the city had a total population of 92,046. It is the ninth-largest city in Illinois by population. It is the fifth-largest city on the western shore of Lake Michigan, after Chicago, Milwaukee, Green Bay, and Kenosha. Hispanic or Latino of any race were 44.82% of the population. 6.9% were of German ancestry according to Census 2000. 30.92% White, 19.21% African American, 0.54% Native American, 3.58% Asian, 0.06% Pacific Islander, 22.96% from other races, and 3.50% from two or more races.

"Unlike the rest of the Metro Chicago area's Hispanic population, which is predominantly Mexican, Waukegan is home to a diverse array of Hispanics hailing from Puerto Rico, the Dominican Republic, Honduras, Peru and Argentina.

"There were 27,787 households out of which 40.4% had children under the age of 18 living with them, 49.5% were married couples living together, 14.6% had a female householder with no husband present, and 30.0% were non-families.",_Illinois

March 31, 2012, the bank had a Tier 1 risk-based capital ratio 3.31%.

As of March 31, 2012, Waukegan Savings Bank had approximately $88.9 million in total assets and $77.5 million in total deposits. In addition to assuming all of the deposits of the failed bank, First Midwest Bank agreed to purchase essentially all of the failed bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $19.8 million. Compared to other alternatives.

List of Bank Failures:

Bank Beat:

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Credit Union Deposits Outpacing Banks’

Americans are keeping more money in cash (deposits) than ever before. While banks have seen increases, and continue the main source for deposits, credit unions have grown faster, according to SNL Financial.

In addition to bank failures, including one of the largest, Washington Mutual, Bank of America’s attempt to charge a $5 monthly debit card fee brought more to credit unions. While the growth has been high compared to its history, the top five banks still have a tremendous lead.

Deposit growth across the industry (note the growth in deposits, meaning more savings and less spending.)


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Labrador Retriever/Border Collie
Mount Laurel, New Jersey Adopt-a-Dog

ID#: 4770362
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Age: Young
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Pet ID #: 4770362
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Fax: (856) 787-0267
Address: PO Box 24
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Rubik’s Cube
Category: Toy
Units sold/sales: 350 million units
Parent Company: Seven Towns Ltd.

Category: Smartphone
Units sold/sales: 250 million units
Parent Company: Apple

The coat of arms of Hogwarts, representing the four Houses (clockwise, starting top right: Slytherin, Ravenclaw, Hufflepuff, Gryffindor), with the school's motto, which translates to
"never tickle a sleeping dragon".

Harry Potter
Category: Book series
Units sold/sales: 450 million units
Parent Company: Scholastic (U.S. publisher)

Michael Jackson Thriller
Category: Album
Units sold/sales: 110 million units
Parent Company: Epic Records

Mario Franchise
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Units sold/sales: 262 million units
Parent Company: Nintendo

Steve Jobs, Apple's then-CEO, introducing the iPad

Category: Tablet
Units sold/sales: 67 million units
Parent Company: Apple

Star Wars
Category: Movies
Units sold/sales: $4.54 billion in ticket sales
Parent company: 20th Century Fox

Toyota Corolla
Category: Vehicle
Units sold/sales: 39 million cars
Parent Company: Toyota

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Units sold/sales: $125 billion revenue
Parent Company: Pfizer

A DualShock 3 controller

Category: Video game console
Units sold/sales: 300+ million units
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This Day in History

     1727- The first Roman Catholic convent in America is occupied by the Ursaline nuns in New Orleans. The convent/school is still occupied today although rebuilt several times and much enlarged.
    1774- English religious leader Ann Lee (1736-1784) and a small band of followers first arrived in America. Her sect called itself the United Society of Believers in Christ's Second Coming, but to the rest of the world her followers came to be known as the "Shakers."
    1777-Birthday of Mary Brant, a Mohawk, had nine children with the British superintendent of Indian Affairs. She managed his household and was his hostess for almost 25 years until his death in 1774. She then retired to upper New York state and was a loyalist during the American revolution. She supplied intelligence and ammunition for the British in the battle of Oriskany, August 6, 1777. Brant and her brother who was a warrior leader of the Iroquois were instrumental in aligning the entire Iroquois nation on the side of the British in the American revolution. Following the defeat of the British, she joined other refugees in Kingston, Ontario. Several hundred thousand loyalists left, many going back to Great Britain, others to Canada.
    1787: the Constitutional Convention engaged in the “Great Debate” over the draft constitution, during which it determined that Congress should have the right to regulate foreign trade and interstate commerce, established a four-year term of office for the president and appointed a five-man committee to prepare a final draft of the Constitution. 
    1801- The Great Religious Revival of the American West began at a Presbyterian camp meeting in Cane Ridge, Kentucky.
    1815-With the end of the Napoleonic wars in Europe, and laws about bringing “slaves” into the United States as “free labor,” immigration to the U.S. increased to new levels as work was to be had. Between 1815 and 1860, 5,000,000 persons came to the U.S. Over half of the immigrants came from the British Isles, mostly from Ireland. The next largest contingent arrived from Germany, 1,500,000, not counting German-speaking French citizens from Alsace and Lorraine. More than half the German immigrants settled in the upper Mississippi and Ohio river valleys. They brought new techniques and craftsmanship. For instance, Ohio glassware was a superior type of glassware manufactured from 1815 to 1850. The designation “Ohio” was generally applied both to the blown and molded glass produced in the Ohio River Valley region. Three of the leading manufacturers of this glassware were located in Mantua, Kent, and Zanesville, all cities of Ohio. The designation “Ohio” was also used to identify glass factories in the neighboring regions of West Virginia and western Pennsylvania.
    1821- Birthday of Edward H. Plumptre, Anglican theologian. He served on the Old Testament committee for the 1881 English Revised Version of the Bible. Today, he is better remembered as author of the hymn, "Rejoice, Ye Pure in Heart."
    1829-Birthday of Marie Elizabeth Zakrzewski - pioneer U.S. doctor. She graduated from a school for midwives without incident but when she was appointed chief midwife and professor, male opposition forced her resignation. On arriving in the U.S., she met Elizabeth Blackwell who helped her enter Western Reserve medical school for regular medical training. She assisted the Blackwell sisters in the New York Infirmary and ran the institution while Elizabeth was in England. She served as physician and professor at the New England Female Medical College in Boston but left because the founder saw women's position in medicine limited to midwifery. She founded the New England Hospital for Women and Children in 1862 and served in various capacities there until 1899.
In addition to her pioneering medical work, she developed lunchrooms for the working poor women and aid for poor Jews. Her New England Hospital was the first one to trained nurses and offer social services.
    1862 -- CSA ironclad "Arkansas" is badly damaged in Union battle.
( actual accounts: )
    1864-The Rebels evacuate Fort Powell, Mobile Bay. attack Yesterday we wrote about the Battle of Mobile Bay, Alabama starting. It actually lasted until August 23. David G. Farragut, commanded a fleet of fourteen wooden ships and four ironclads. running through a minefield and past Confederate forts Gains, Morgan, and Powell, Farragut’s fleet defeated a Confederate flotilla, including the Confederate ironclad Tennessee, and took one of the South’s last major ports. The city of Mobile was taken in 1865.
    1870- White conservatives suppressed black vote and captured the Tennessee legislature. A reform movement was afoot and states started outright restricting blacks from voting, others made poll tax and literacy tests a requirement. The Southern states voting as a block made deals for a new president in an electoral contest, by tenure gained control of committees as senator were voted by the state legislators in this century, and while the North beat the South in the Civil War, the South now controlled bills, committees, and legislation and would dominate for almost a century to follow.
    1890 - Denton ‘Cy’ Young pitched his first major-league baseball game on this day. He led the Cleveland Spiders past the Chicago White Sox. Young went on to enjoy a great baseball career, winning a total of 511 games (95 more than second place Walter Johnson) ... averaging more than 23 victories over 22 seasons, playing for Cleveland, St. Louis, and Boston (where he played in the first World Series, and won). The Cy Young Award was established in 1956, when the Baseball Writer's Association of America bestowed the honor on the best pitcher in major-league baseball for that year. The award has been presented every year since. In fact, from 1967 on, two Cy Young awards have been presented annually to the best pitcher in each major league.
    1905-Birthday of Clara Bow - U.S. film actor. CB was called the "'It' girl" as she portrayed the carefree flapper in early Hollywood films. She starred in more than 30 films including the classic Wings but her strong Brooklyn accent prevented her from making it in talking pictures. Her various sex scandals also lost fan support but it was her voice that ended her movie career. She won a beauty contest while still in high school that sent her to Hollywood. A good biography is J. Morella's The 'It' Girl: the Incredible Story of Clara Bow (1976).
    1906-Birthday of trombone player Vic Dickenson, Xenia, OH, Died November 16,1984.
    1911- Film and television pioneer and comedian Lucille Ball born at Butte, MT. In addition to her many other film and television credits, Lucille Ball always will be remembered for her role in the 1950s CBS sitcom I Love Lucy. As Lucy Riccardo, the wife of band leader Ricky Riccardo (her real-life husband, Desi Arnaz), her comedic style became a trademark of early television comedy. She was instrumental in many pioneering innovations in TV production. Desilu Productions, the company founded by Ball and Arnaz, insisted on filming in Hollywood instead of New York. This move is largely credited with creating a shift in TV production to the west coast. In addition, theirs was the first TV show to use 35mm film to increase the clarity of the final image, the first to use three cameras instead of one and the first to be filmed in front of a live audience. On Apr 1,1958, the final episode was broadcast, but I Love Lucy now is seen worldwide in syndication. Ball continued her involvement both before and behind the camera, appearing in three additional sitcoms. She became the first woman to head a major motion picture and TV studio when she purchased Arnazs share of Desilu Productions. Ball and Arnaz were divorced in 1960; she later married Gary Morton. She died Apr 26, 1989, at Los Angeles, CA.
    1918-Birthday of jazz promoter/sponsor Norman Granz , Los Angeles, CA.,,407567,00.html
    1918 - Unusually hot weather began to overspread the Atlantic Coast States, from the Carolinas to southern New England. The temp- erature soared to an all-time record high of 106 degrees at Washington D.C., and Cumberland and Keedysville hit 109 degrees to establish a state record for Maryland. Temperatures were above normal east of the Rockies that month, with readings much above normal in the Lower Missouri Valley. Omaha NE reached 110 degrees.
    1921—Jazz flautist Buddy Collette birthday.
(“Swinging Shepard’s” is a great album ).
    1925-Birthday of Bill Haley, rock 'n' roll's first teen idol, born in Highland Park, Michigan. Haley, with his group, the Saddlemen, at first played country-and-western, but in 1952 he dropped the cowboy image and changed the band's name to the Comets. Haley began recording cover versions of R'n'B hits, and in 1953, his "Crazy Man Crazy" became the first rock 'n' roll record to make the Billboard pop chart. Bill Haley and the Comets' biggest success came in 1955 when "Rock Around the Clock" rose to number one. Haley was the most popular rock 'n' roll idol until Elvis Presley came along, but by 1958 his career was basically over. He continued to work as a nostalgia act, mainly in Britain and Europe. Haley died on February 9th, 1981 in his hometown of Harlingen, Texas.
    1927-Birthday of Canadian composer Dolores Claman, born in Vancouver. She and her husband, Richard Morris, became one of the country's most successful jingle-writing teams in the mid-1960's. Claman and Morris have also written several stage musicals and film scores, the theme for CBC's "Hockey Night in Canada" and the score for the film "A Place to Stand," made for the Ontario pavilion at Expo 67. The film won an Oscar.
    1929-Birthday of Janice Lee York Romary - U.S. Olympic fencer (1952-1968) who in 1968 became the first woman to be the U.S. flag bearer in the opening ceremonies of the Olympics (Mexico City).
    1930-Birthday of singer Abbey Lincoln, Chicago, IL.

    1930- Mysterious disappearance at age 41, Joseph Force Crater, justice of the New York State Supreme Court. Never seen or heard from after disappearance on this date. Declared legally dead in 1939. “Where is Judge Crater” signs appeared everywhere in the thirties.
    1932-Birthday of singer and actress Della Reese.
    1937-Maxine Sullivan records “Loch Lomond,” NYC ( Voc 3169).
    1945-Memorial observances in many places for victims of the first atomic bombing of a populated place, which occurred at Hiroshima, Japan in 1945,( it was August 5 in the United States ) when an American B-29 bomber, “Enola Gay,” dropped an atomic bomb over the center of the city. The pilot was Colonel Paul Warfield Tibbets, Jr. of Miami, FL., and the bombardier was Major Thomas W. Ferebee of Mocksville, NC. More than 205,000 civilians died either immediately in the explosion or subsequently of radiation. If you had been reading history in America in the preceding months, it would have given you a sense of the time and in order to save lives, the atomic bomb was dropped.
    1946-Birthday of American composer Brian Holmes, Washington, DC.Brian Holmes usually composes for voice or chorus
    1948 - Seventeen-year-old Bob Mathias won the decathlon competition at the Olympic Games being held in London, England. 
    1949---Top Hits
Some Enchanted Evening - Perry Como
Again - Gordon Jenkins
Riders in the Sky - Vaughn Monroe
I’m Throwing Rice (At the Girl that I Love) - Eddy Arnold
    1950---THOMPSON, WILLIAM. Mendal of Honor
Rank and organization: Private First Class, U.S. Army, 24th Company M, 24th Infantry Regiment, 25th Infantry Division. Place and date: Near Haman, Korea, 6 August 1950. Entered service at: Bronx, N.Y. Birth: New York, N.Y. G.O. No.: 63, 2 August 1951. Citation: Pfc. Thompson, distinguished himself by conspicuous gallantry and intrepidity above and beyond the call of duty in action against the enemy. While his platoon was reorganizing under cover of darkness, fanatical enemy forces in overwhelming strength launched a surprise attack on the unit. Pfc. Thompson set up his machine gun in the path of the onslaught and swept the enemy with withering fire, pinning them down momentarily thus permitting the remainder of his platoon to withdraw to a more tenable position. Although hit repeatedly by grenade fragments and small-arms fire, he resisted all efforts of his comrades to induce him to withdraw, steadfastly remained at his machine gun and continued to deliver deadly, accurate fire until mortally wounded by an enemy grenade. Pfc. Thompson's dauntless courage and gallant self-sacrifice reflect the highest credit on himself and uphold the esteemed traditions of military service.
    1952-- At the age of 46, Satchel Paige becomes the oldest pitcher major league history to hurl a complete-game shutout as he beats the Tigers in 12 innings, 1-0. This record will last until Phil Nieikro blanks the Blue Jays, 8-0 to wins his 300th career victory in 1985.
    1955- "Baby, Let's Play House" became Elvis Presley's first national chart single, reaching number 10 on Billboard's country chart.
    1956-Birthday of soprano sax player Kenny G, whose full name is Kenny Gorelick.
    1956-- The Alan Freed movie Rock! Rock! Rock! goes into production, featuring Tuesday Weld (her singing vocals dubbed by Connie Francis), Chuck Berry, Frankie Lymon & the Teenagers, The Moonglows, The Flamingos, and LaVern Baker.
    1957---Top Hits
Love Letters in the Sand - Pat Boone
Tammy - Debbie Reynolds
Diana - Paul Anka
(Let Me Be Your) Teddy Bear - Elvis Presley
    1957- 16 year-old John Lennon and his group the Quarrymen recorded "Baby Let's Play House" and "Puttin' on the Style" at a church social in Liverpool. The recording, made on the day Lennon met 14 year-old Paul McCartney, sold at a London auction in September 1994 for the equivalent of $156,000 Canadian.  
    1959 - A bucket survey showed that thunderstorms dropped 16.70 inches of rain on parts of Decatur County IA. The total was accepted as Iowa's 24 hour rainfall record.
    1960-Chubby Checker performs "The Twist" on American TV for the first time on "American Bandstand.
    1962--Frank Ifield topped the UK charts for the first of seven straight weeks with "I Remember You". The record would become the second highest-selling single of the year in Britain and a #5 hit in the US.
    1963- the New York Mets hired several rock 'n' roll acts, including Chubby Checker and Dee Dee Sharp, to perform before a game with the Pittsburgh Pirates.
    1965-The Voting Rights Act of 1965 signed into law by President Lyndon Johnson, designed to thwart attempts to discriminate against minorities at the polls. The act suspended literacy and other disqualifying tests, authorized appointment of federal voting examiners and provided for judicial relief on the federal level to bar discriminatory poll taxes. Congress voted to extend the Act in 1975, 1984, and 1991.
    1965- Marty Balin and Paul Kantner formed a folk-rock group that evolved into the Jefferson Airplane, the premier San Francisco psychedelic band of the late '60s. The Airplane made its debut the following month at a Haight-Ashbury club, and was signed to RCA later in the year. "The Jefferson Airplane Takes Off," their first album, was awarded a gold record in 1966.
    1965---Top Hits
(I Can’t Get No) Satisfaction - The Rolling Stones
I’m Henry VIII, I Am - Herman’s Hermits
What’s New Pussycat? - Tom Jones
The First Thing Ev’ry Morning (And the Last Thing Ev’ry Night) - Jimmy Dean
    1967 - Dean Chance of the Minnesota Twins pitched five innings of perfect baseball, leading his team to victory over the Boston Red Sox. Chance was only the third player to pitch a shortened, perfect game.
    1971 - The last remaining troops of the Fourth Battalion, 503rd Infantry of the 173rd Airborne Brigade, (the first U.S. Army ground combat unit to arrive in Vietnam in May 1965), cease combat operations and begin preparations to leave Vietnam. The first U.S. ground combat unit of any branch to reach Vietnam was the Third Marine Regiment, Third Marine Division, which began arriving on March 8, 1965. The initial U.S. combat forces were followed by a vast array of combat, combat support, and logistics units that together with U.S. Navy and Air Force personnel in-country reached a peak of 543,400 in April 1969. In June 1969, President Richard Nixon gave the order, as part of his "Vietnamization" policy, which began the process of reducing American troop strength; the troop withdrawals began the following fall and continued until the Paris Peace Accords were signed in January 1973.
    1972 -Hitting his 660th and 661st career homers, Hank Aaron breaks Yankee legend Babe Ruth's record for most home runs with one team. Hammerin' Hank's' second homer of the day is a 10th inning blast which enables the Braves to beat the Reds, 4-3
    1973- Roberto Clemente becomes the first Latin-born player to be inducted into the Hall of Fame.
    1973---Top Hits 
The Morning After - Maureen McGovern
Live and Let Die - Wings
Diamond Girl - Seals & Crofts
Lord, Mr. Ford - Jerry Reed
    1973 - No. 1 Billboard Pop Hit: ``The Morning After,'' Maureen McGovern. The song is the theme to the film ``The Poseidon Adventure.''
    1979- The Cars don't pay attention to the sophomore jinx predictions and go two-for-two: "Candy-O" is their second straight album to go platinum. 
    1980-Birthday of American composer Matthew Logan, born Jacksonville,
    1981 - Golfing legend Lee Trevino was disqualified from the PGA Championship in Duluth, GA when the ‘Super Mex’ had his scorecard signed by Tom Weiskopf instead of himself.
    1981-After a seven-week strike that cut the heart out of the regular baseball season, major league players approved a plan for a split season with the post-strike games to constitute the second half. The New York Yankees, Oakland Athletics, Philadelphia Phillies and Los Angeles Dodgers were declared first-half champions, automatically qualify for special divisional playoffs.
    1981- Stevie Nicks' "Bella Donna" LP is released
    1981---Top Hits
Jessie’s Girl - Rick Springfield
Theme from "Greatest American Hero" (Believe It or Not) - Joey Scarbury
I Don’t Need You - Kenny Rogers
Dixie on My Mind - Hank Williams, Jr.
    1984- The Jacksons' "Victory" tour opened in Kansas City. The eight-story stage, designed by brother Michael, obscured the view from one-fourth of Arrowhead Stadium's 60,000 seats. Despite complaints about the $30 ticket prices, "Victory" proved to be the then-largest concert tour ever. The Jacksons played 55 dates in 23 cities, selling about 2.3 million tickets. Each brother raked in about $5 million . The promoter, Chuck Sullivan, lost $20 million because he agreed to pay all costs of the lavish production.
    1984- The Cars release their video for "Drive." Actor Timothy Hutton directed it. 1984 - No. 1 Billboard Pop Hit: ``Ghostbusters,'' Ray Parker Jr. Huey Lewis sues Parker, saying the Academy Award-nominated song sounds too much like his ``I Want a New Drug.'' 
    1986 - Timothy Dalton became the fourth actor to be named “Bond ... James Bond.” Dalton, 38, and his studio, United Artists, ended months of speculation as to who would star as Agent 007 in the 15th James Bond film. The character of Bond was created by writer Ian Fleming. Other stars to play the role of the suave, debonair and deadly double agent include: Roger Moore, Sean Connery and George Lazenby, with Pierce Brosnan as the James Bond for the 1990s. 
    1988 -Cub reliever Goose Gossage becomes the second player in major league history to record 300 career saves as he retires one batter in a 7-4 victory over the Phillies.
    1988- Jose Canseco became the 11th player in major league history to hit 30 homers and steal 30 bases in a
season. The A's outfielder, with 31 homers, joins the 30-30 club stealing second base with one out in the ninth inning for his 30th as Oakland beat the Mariners, 5-4.
    1988 - Severe thunderstorms produced large hail and damaging winds in Pennsylvania and New York State. A cold front crossing the northwestern U.S. produced wind gusts to 66 mph at Livingston MT.
    1989 -Boston Red Sox retire Carl Yastrezemski's #8.
    1989---Top Hits
Batdance - Prince
On Our Own - Bobby Brown
So Alive - Love & Rockets
Why’d You Come in Here Lookin’ like That - Dolly Parton
    1994 --Laura Geller, the fourth woman rabbi in the United States, became the first woman SENIOR rabbi at a major metropolitan Jewish congregation, Temple Emanuel in Beverly Hills, California that has more than 1,000 members. She estimated that about 300 women serve as assistant or associate rabbis, even senior rabbis in smaller congregations in the U.S. There have been "issues of gender at every step of my career," Rabbi Gallerias," and some people, even within this congregation, still find it an issue." But, she adds, I'm grateful that I came to this position as a middle-aged woman... I'm fully clear that it’s their problem, not mine. When they say, 'I like you very much, but I'm just not comfortable with a woman rabbi,' they're telling me something about themselves, not about me." Sally J. Pries and, ordained in 1972, was the first woman rabbi in the United States, at the Monmouth County Reform Temple in New Jersey. Regina Jonas was the first woman rabbi in the world, ordained in 1935.
    1996- Daniel Goldin, administrator of the National Aeronautics and Space Administration announced scientific evidence that there was life on Mars. The discovery was made by Dr. Roberta Score and a team of American scientists. Using electron microscopes, they examined a 4.5 billion year old Martian meteorite that struck Antarctica 13,000 years ago and found fossils of what appeared to be a “primitive form of microscopic life.” 
    1996- The soundtrack to the film "She's The One," starring Edward Burns and Jennifer Aniston, is released. The album is record by Tom Petty and the Heartbreakers and features the single, "Walls
    1999 - "The Sixth Sense" opened with Bruce Willis starring as a child psychologist and Haley Joel Osment, who plays an 8-year-old who is visited by ghosts. As of July 24, 2001, it had rung up $293,501,675 at the box office. 
I didn’t realize Willis was a ghost. When you see it a second time, it gives a different perspective to the movie.
    2001- The Hall of Fame Veterans Committee comprised of five former players, five media members and five former executives, which was established in 1953, is to be replaced by a 90-member group made up of the members of the Hall of Fame (61), the recipients of the J.G. Taylor Spink award for writers (13), the Ford C. Frick award for broadcasters (13) and current Veterans Committee members (3). The new committee will be able elect players only once every two years and executives, umpires and managers only once every four years.
    2002 -- Protecting the Giants' 11-10 lead over the Cubs, 32-year old reliever Robb Nen becomes the 16th and youngest closer to record the 300th save of his career.
    2010-- In a 15-minute pre-game ceremony delayed by rain at Turner Field, the Braves retire Tom Glavine's uniform number 47. The southpaw, who won 244 of his 305 career victories with the organization, including five seasons with 20 or more wins, was inducted into the team's Hall of Fame earlier in the day at a luncheon.





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