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Headlines---
Capital
Stream to Dismiss Lawsuit
DVI
to File Bankruptcy?---Up-date
Scuttlebutt-GE
Capital's Acquisition Transamerica
More
Leasing Association Reactions----
U.S.
Bank Names Mike Michael New Portland Market President
Fitch
"B" Rating/Negative on AmeriCredit
Willis
1st Q Profits Rise 29% to $2.0 Million
This Border ##### Denotes Press Release (Not Written By Leasing
News)
Classified Ads---Help wanted
|
About the Company: www.leasingpartnerscapital.com |
|
Nationwide Funding is committed to customer service, innovation and leadership. We are a leading provider of equipment financing solutions for businesses nationwide, and the vendors who serve them.
|
|
About the Company: www.odysseyequipfinance.com |
Job Wanted ads at:
http://65.209.205.32/LeasingNews/JobPostings.htm
------------------------------------------------------------------------------------------------------------
Capital Stream to Dismiss Lawsuit
London Stock Exchange this morning reported Twins Acquistions
purchased
another 4,016,032 shares at 27 pence, giving them:
" Resultant total of the same class owned or controlled
(and percentage of
class) 35,563,278 (59.02%)"
After throwing in the towel in the bidding for International
Decision Systems, a reliable source informs that the lawsuit Capital Stream
filed will be dismissed shortly.
It is also expected that the IDS board of directors will
resign shortly, according
to an inside source.
"For all intent
and purposes Schroeder controls the company and can appoint their own
board. However I expect that they will continue to buy the
stock and once
they hit 90% will take the company private."
Kevin Riegelsberger has become the hulk.
http://two.leasingnews.org/temporary/hulk.gif
Repeated calls and e-mails have gone unanswered, but when
the official
“press release” is made, we’ll have it off their web site.
It is reported there will not be any celebrations at IDS
in Minnesota until all
of this is wrapped up, which could be as early as next month.
DVI to File Bankruptcy?---Up-date
The rumors about Netbank or Republic Leasing of South Carolina
considering the portfolio's are not true. Republic does not buy
portfolios. They only
purchase individual leases from approved brokers
and lessors. They
usually are on a one-to-one basis or a program basis
with their established lessors.
According to highly reliable sources, Republic, who is interested
in
all "good business from good sources," may consider
funding some of
DVI's (or any other qualified source) leases that meet Republic's
normal
criteria, if counsel agrees that their normal broker/lessor
funding
procedures will protect them under the existing circumstances. In other
words, just business as usual.
By the press releases of DVI, management appears "desperate"
for an
angel to come in to stave off their inability to acquire
funds to meet
cash flow. There are
a lot of unhappy vendors, staff, and
sales
people, too, plus many jobs are at stake. A failure of this magnitude
is not what the leasing industry needs today.
A very reliable inside source tells Leasing News that DVI
has "... not
funded any deals in close to three weeks....they had been conducting business (i.e. approving
deals) up until last Friday. They have not issued any approvals since Friday.
Looks like the wheels have ground to a halt.
Unlikely they will restart anytime soon if ever.
"The million dollar question is!!! will Strategic Partners
(i.e. small
ticket division in Chicago) simply emerge as a "new entity" and start conducting business
as usual. The problem child has been big brother in Pennsylvania."
What The Lessors Are Saying About…GE Capital’s Acquisition
of Transamerica
ELAonline.com
Aegon N.V., the Dutch
insurance company, announced it had reached an agreement through its subsidiary
Transamerica Finance Corporation (TFC), to sell most of TFC’s commercial
lending business to GE Commercial Finance for a total payment of approximately
$5.4 billion. The transaction is expected to close before year-end 2003.
Under the terms of the agreement, Aegon will sell all of
those TFC business units that provide distribution financing (including
inventory floorplan financing) for manufacturers and dealers, as well
as equipment financial services and specialty finance units that engage
in leasing and commercial loan financing for equipment, real estate, technology
companies and international structured finance.
The units being sold, acquired in 1999 as part of Aegon’s
acquisition of Transamerica Corporation, include approximately 1,700 employees
and serve customers primarily in North America and Europe. The operations
being sold are based in Chicago.
Chris Gillock, a corporate spokesman for Transamerica, said,
“We’re very happy with the transaction. These businesses have been non-core
businesses for Aegon since they acquired Transamerica in 1999, so it was
time. At the time of purchase, they said they wouldn’t stay in the financial
services. GE folks approached unsolicited and a deal was cut.”
Industry lessors
had a different reaction upon hearing of the sale. Edward Dahlka, President,
LaSalle National Leasing Corporation, said, “This is obviously another
example of the consolidation going on in our industry. Transamerica is
a customer and that’s one less customer for us. I’m hopeful that Transamerica’s
people will find work that will bring more participants to our industry
or find work in the GE family.”
Deborah Monosson,
President and CEO, Boston Financial & Equity Corporation:
“I think it leaves a void in the marketplace. I believe in
competition and Transamerica was one of the more sizeable leasing companies
that could compete in the business..who's next?”
CONTACT:
Amy J. Holmes, CAE
ELA
E-mail: aholmes@elamail.com
--------------------------------------------------------------------------------------------------------
**** announcement *****************************************
More Leasing Association Reactions----
From Dr. Ray Williams, CAE
Regarding your recent report on leasing associations, thank
you for your
supportive comments on my tenure as UAEL's exec.
As I have mentioned before, you provide an invaluable service
to the Equipment Leasing Industry. Hope all is well.
My Best,
Ray
--
From Bob Bell, President, National Association of Equipment
Leasing Brokers
As you might have guessed, I have received numerous e-mails
from members
and former board members of NAELB regarding your articles
on leasing
associations and the inevitable comments by some of your
readers. As
the current president of NAELB I believe it is incumbent
on me to offer
a few comments as well.
I can’t speak for other associations and I certainly don’t
claim to
have divine insight, but I do know a great deal about what
our members
want and what has made our association resilient and successful.
Yes,
successful. We owe
an immeasurable debt of gratitude to those hard
working former NAELB board members and leaders who came before
us for
their insight, tenacity, and dedication to create, nurture,
and develop
this association. I
wish I could name them all, but surely I would
slight someone, and that would be extremely unfortunate.
The reason for the decline in association membership has
been dissected
and examined ad infinitum. It is not just the leasing industry that has
suffered from the slow economy and shrinking business count.
That
having been said, I still expect our membership to be at
an all time
HIGH by year end. This
will be accomplished by providing tangible
economic as well as educational and networking benefits to
our members.
We are not just strong on membership and benefits, but our
financial
condition is extremely solid as well.
It has been said that due to advances in technology and the
information
super highway, leasing associations and annual conferences
are passe.
Kit, I know opinions are like belly buttons, everybody has
one, but a
recent member survey indicated that 73% of our members consider
the
Annual Conference to be “important”
or “93very important” to their
business. Furthermore,
I anticipate we will have excellent attendance
at our Fall regional meetings in Irvine on September 19-20
and Atlanta
on November 7-8. Everyone
is invited to attend and can register as of
next Wednesday at www.naelb.org
Our plan, which we began implementing several years ago,
was simply to
provide leasing professionals with so many tangible benefits
(i.e.,
$2.00 credit reports, $7.95 overnight shipments (unlimited
weight, no
pickup charges, or fuel surcharges), .039 long distance,
free access to
legal assistance, and of course the ever so popular online
Leasing
Forum, that they would feel compelled to join. Once a member of NAELB,
our hope was and still is, these new members would get actively
involved
and by doing so, grow professionally and economically.
The plan seems
to be working!
In conclusion, I can only surmise those having divine insight
or
consummate knowledge of the leasing business, have no need
to associate
with any of the leasing associations. The rest of us mortals, however,
can find substantial benefits in belonging to and participating
in one or more industry organizations.
I will be at both regional meetings and I look forward to
seeing old friends and making new ones.
Kindest regards,
Bob Bell, CLP
President
NAELB
877-349-5957
--
Due to some
unknown e-mail glitch you did not get the entire text of my e-mail.
You should have know when you saw it come through unsigned.
I would appreciate it if you would print the whole thing. I don't want anybody to think that I have, or would ever give up
on the association movement.
Bob Rodi
President
LeaseNOW, Inc
( Your e-mail was signed with your full signature. I still
have a copy. However, if you say
there was a glich, which has happened in the past with e-mail from LeaseNOW,
we are glad to print what you had originally intended::
I have read your association piece and I have
enjoyed the responses. Please allow
me to advance my comments and voice my opinion.
First of all I would characterize your comments
on the UAEL "having it all" as somewhat misplaced. Without reopening old wounds I will simply say
that what UAEL had during that era was merely a façade. The dismantling of that façade began with Jim
Lahti, continued with George Davis and simply ended with me. As far as your characterization of certain members
who have left the UAEL and now actively work for other associations I
think they may fall into the categories that were described by Jeffrey
Taylor. Many of these members simply
find themselves being left behind by the industry. The "perfect storm" has claimed a lot of victims. Many of them have been "swamped" by
the technology wave and other changes in the industry that undermine what
little competitive edge they thought they had.
Now many of these people find themselves trapped in an industry
that they can't leave because that technology wave has created barriers
to entry in many industries. Instead
of bowing out gracefully they will choose to swim against the current
until they sink beneath the waves of the perfect storm for the final time.
Ironically enough, I recall a conversation that
took place between me and a prominent UAEL member more than 10 years ago.
It was a very successful fall conference and this individual looked
out over the room and said, "Bob, the funny thing is that half of
these people are out of business and just don't know it yet".
That was sage advice from a very experienced and respected member
of that organization. That observation proved to be very astute.
I would also comment on the "run up"
in membership that was experienced by associations in the mid nineties.
Many of us knew that new entrants to the industry were not there
because of their commitment to the industry.
They were attracted by wide open credit windows and the volume
driven philosophy that was meant to produce quick profits and leverage
the cheap money of securitization. These companies were never serious players.
Many of them were members one year and gone the next year but,
Jeff Taylor was right again when he observed that all of the association
leadership was enamored with the money that these companies were willing
to throw around and spend.
That being said I would not trade one minute that
I have spent volunteering or working for UAEL nor do I have any regrets
about any amount of money I had invested in UAEL membership. I sat down one day and added up what we had
invested in the UAEL over the past 17 years. Including dues, travel, conferences
and the extra money spent to be a part of the leadership, I calculated
that I had invested approximately $130,000.00.
I have personally earned well over 30x that amount during the same
time period. In addition we have
employed more than 50 people, all of whom were well paid with good benefits.
In 17 years I have never missed a conference and
when I land in Portland for the UAEL fall conference I will be attending
a WAEL/UAEL conference for the 35th time. I learn something from one of
my peers at every conference and I get to see long time friends and yes,
play golf. Hopefully other attendees
learn something from me. That is
what the association is about. It
is not about discounts on Fedex and Credit reports.
Jeff Taylor may be right and the association movement
may be heading for its final days. Over the next 10 years it will serve an aging
and dwindling membership base. As
increasingly sophisticated risk based scoring models are developed the
customer base will be sliced and diced into increasingly discreet categories. The behavior of these applicant pools will be
predictable and intelligent systems will render decisions and even be
capable of "subjective" decisions.
This will negate the need for the originator and it may in turn
negate the need for the association. Whatever the case, I can guarantee
that I will be there to turn out the lights for the last time at the last
conference. I just can't imagine drinking with a credit
scoring model, no matter how good she looks.
Bob Rodi, CLP
President
LeaseNOW, Inc.
www.leasenow.com
1-800-321-LEASE (5327) x101
Coda: Please print this for me.
After I reread my comments I would like to clarify one item.
I stated that the "dismantling of the UAEL façade" began
when Jim Lahti was president and continued with George Davis, subsequently
ending with me in the year 2000. I
want to point out that Jim Lahti and George Davis had two of the best
years, financially, in the association's 25 year history.
The UAEL executive committee of that era began to realize that
the association had to change and that G&A expenses were spiraling
out of control. By focusing on and subsequently isolating and
eliminating the problem, the current leadership was free to concentrate
on service to the membership rather than competing with other associations.
Bob Rodi, CLP
President
LeaseNOW, Inc.
www.leasenow.com
1-800-321-LEASE (5327) x101
Thank You, Jeffrey Taylor
Thank you, Jeff, for the plug in your newsletter. We picked up new readers
in Australia, France, Japan, plus many in the United States
after you
mentioned our six month report on Leasing Associations (
in the U.S.).
I did not realize
you had so many readers around the world, and some
very large corporations, too.
One plug deserve another, so those who don’t know Mr. Taylor’s
schedule:
Jeffrey Taylor Sales Training Schedule At A Glance
New York - August 11
Chicago - August 12
San Francisco - August 14
Boston - September 6
San Diego - October 11
http://two.leasingnews.org/temporary/JTaylor.htm
He will be “on the road,” and today, Friday, is the last
day
to register. Don’t
miss this opportunity to meet “face-to-face”
with this author and trainer. The literature at the class is
worth more than the entrance fee. He also guarantees
your money back, if you don’t get anything from his training—
no hassle, no argument, your money back.
#### Press Release #############################################
International Decision Systems Announces
Alliance with BEA WebLogic Platform 8.1
MINNEAPOLIS, Minn., International
Decision Systems
Inc. (IDS) has announced
that it uses the BEA WebLogic Enterprise
PlatformTM to support the IDS lease/loan and asset management
software
solutions Customer Care, InfoLease Integration Manager and
Rapport. In
addition to serving as a BEA channel partner, IDS will provide
frontline
support for WebLogic Express and WebLogic Server with BEA-certified
technical representatives.
The announcement supports the general availability of BEA
WebLogic
Platform 8.1TM, a unified architecture that provides superior
business
integration through the convergence of application development
and
integration from BEA Systems, Inc. (Nasdaq:BEAS), the world-leading
application infrastructure software company.
IDS is the global
leader in developing lease/loan accounting and
portfolio management software and services that allow companies
to
streamline their business processes, thereby saving them
time and money.
Together, IDS and BEA can provide asset finance companies
with increased
technological efficiency by simplifying the flow of information
within their
enterprise and decreasing the cost of managing applications.
³BEA¹s WebLogic Express and WebLogic Server are the industry
standard, and
are perfect complements to IDS¹ Rapport, Customer Care and
Integration
Manager,² states IDS chief architect Howard Dunlavy. ³Our
strategic alliance
with BEA will bring solutions to market that will enable
companies to get
better information faster resulting in improved overhead
cost control,
automated operations and protected profit margins.²
Dunlavy cites WebLogic Express¹ low cost Java Servlet Engine with 24/7
support as another major factor in partnering with BEA. ³IDS
applications
don¹t require full implementation of the Java 2 Enterprise
Edition (J2EE)
specification. They can be run in WebLogic Express, saving
our customers
money as a result. ³
IDS¹ solutions will also support BEA¹s WebLogic Server, a
dominant
J2EE-compliant application server on the market. ³Many IDS
customers have
already committed to WebLogic Server as a standard within
their
environments,² Dunlavy explains. ³By supporting WebLogic
Server, which is
cross-functional with other enterprise solutions, IDS products will be more
robust.²
The IDS/BEA alliance is effective as of July 2003.
About International Decision Systems
International Decision Systems (IDS) is the global leader
in developing
lease/loan accounting and portfolio management software and
services. With
offices in the United Kingdom; Minneapolis, MN; Sydney, Australia
and
Singapore, IDS offers the largest and most experienced global
consulting,
implementation and technical support teams in the leasing
industry.
InfoLease, the world¹s premier lease/loan portfolio and asset
management
system, comprises the foundation of IDS¹ product line. With
a web-enabled
front-end and more than 70 custom add-on solutions, InfoLease
is the most
adaptable and scalable lease/loan technology available in
today¹s
marketplace.
IDS¹ parent company, IDS Group plc, is publicly traded on
the London Stock
Exchange (IDGL). For additional information about International
Decision
Systems and IDS Group plc, visit.
IDS and InfoLease are registered trademarks of International
Decision
Systems.
#### press release ##########################################
U.S. Bank Names Mike Michael New Portland Market President
PORTLAND, Ore.-(NYSE:USB)
U.S. Bank has named Ralph S. (Mike) Michael to lead commercial
banking and serve as the market president for U.S. Bank in Portland. Michael
succeeds Joseph M. Otting who was promoted to lead all commercial banking
efforts for U.S. Bank in its eastern U.S. territory. Michael begins his
work in Portland on Monday, Aug. 11.
"Mike brings tremendous attributes to this position,
both personally and professionally," said David I. Rainer, head of
commercial banking in U.S. Bancorp's western region. "His work both
in the financial services industry and in the community is admired by
many who have known him over the years, and I am thrilled that his talents
and energy will now be devoted to U.S. Bank customers, employees, community
stakeholders and shareholders in Portland. Mike is a 'roll-up the sleeves
and let's get to work' type of banker who will spend most of his time
working with customers, talking and visiting with employees and getting
to know the Portland community and its leaders."
A 28-year banking veteran, Michael, 48, most recently worked
for PNC Financial Services Group in Pittsburgh, where he was executive
vice president and group executive leading the company's private client
banking, capital markets, large corporate banking and leasing businesses.
In prior positions, Michael also led treasury management and was instrumental
in creating PNC's electronic invoicing and payment presentment system.
From May 1992 to February 1996, Michael was market president overseeing
PNC Bank in Ohio and northern Kentucky.
In addition to his successes in banking, Michael is an active
community leader, an area that he strongly believes in and will continue
with his new responsibilities in Portland. Michael is past chairman of
the Greater Cincinnati United Way campaign, vice chairman of Cincinnati
Business Committee and has served on numerous local boards throughout
his career including Children's Hospital of Pittsburgh and Xavier University.
U.S. Bancorp (NYSE:USB), with assets of $195 billion, is
the 8th largest financial services holding company in the United States.
The company operates 2,199 banking offices and 4,575 ATMs, and provides
a comprehensive line of banking, brokerage, insurance, investment, mortgage,
trust and payment services products to consumers, businesses and institutions.
U.S. Bancorp is home of the Five Star Service Guarantee which assures
customers of certain key banking benefits and services or customers will
be paid for their inconvenience. U.S. Bancorp is the parent company of
U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.
CONTACT:
U.S. Bank
Teri Charest, 612-303-0732
or
Steve Dale, 612-303-0784
SOURCE: U.S. Bank
#### Press Release ###########################################
Fitch "B" Rating/Negative on AmeriCredit
Based in Fort Worth, TX, ACF has become the largest independent
subprime automobile finance company in North America. As of June 30, 2003,
ACF maintained $14.9 billion in managed automobile finance receivables.
Fitch Ratings-Chicago: Fitch Ratings maintains the 'B' rating
and Negative Rating Outlook for AmeriCredit Corp.'s (ACF) senior unsecured
debt following ACF's announcement of a delay in releasing operating results
for quarter and fiscal year ended June 30, 2003. Approximately $375 million
of debt is affected by this action.
ACF and its independent accountants are reviewing the accounting
treatment under Financial Accounting Standards Board's Statement 133,
'Accounting for Derivative Instruments and Hedging Activities', of certain
interest rate swaps that were entered into prior to 2001 and used to hedge
variable cash flows on credit enhancement assets. This review will determine
whether unrealized losses originally classified in other accumulated other
comprehensive income should be reclassified to net income for fiscal-year
2002 and the first nine months of fiscal-year 2003, which may ultimately
result in a restatement.
The amount of unrealized losses being reviewed totals approximately
$50 million pre-tax. Fitch will evaluate the results of the review when
finalized. Based on ACF's representation, Fitch does not believe that
any restatement will have a material effect on previously reported cash
flows or shareholders' equity because any such unrealized losses that
may be reclassified to net income have already reduced shareholders' equity
through other accumulated comprehensive income.
Fitch notes that ACF appears to be performing to plan, and
unrestricted cash is modestly better than expectation. Unrestricted cash
balances increased by $79 million to $317 million at June 30, 2003, compared
with $238 million at March 31, 2003. According to the company, ACF expects
to hit required enhancement levels in all pools that have exceeded specified
trigger levels during August, although additional pools will breach triggers
later in the year.
Fitch's concerns continue to emphasize asset quality performance
relative to chargeoffs and delinquencies, coupled with continued pressures
in used car prices. Annualized net charge-offs declined to 7.4% of average
managed auto receivables for the fourth quarter of fiscal 2003, compared
with net charge-offs of 7.6% for the March 2003 quarter. Although, net
chargeoffs have shown modest improvement, the level continues to remain
high.
Contact: Peter J. Shimkus +1-312-368-2063, Chicago or Christopher
D. Wolfe +1-212-908-0771, New York.
### Press Release ##############################################
Willis Lease Finance Reports First Half 2003 Profits Rise
29% to $2.0 Million
SAUSALITO, Calif.----Willis Lease Finance Corporation (Nasdaq:WLFC),
a leading lessor of commercial jet engines, today reported first half
2003 net income rose 29% from a year ago despite continued challenging
market conditions. In the quarter ended June 30, 2003, the company generated
net income of $1.2 million, or $0.13 per diluted share, on revenue of
$15.6 million. In the second quarter of 2002, the company posted net income
of $577,000, or $0.07 per diluted share, on revenue of $13.4 million.
For the first half of 2003, net income was $2.0 million, or $0.22 per
diluted share, compared to $1.5 million, or $0.17 per diluted share for
the same period in 2002.
Current Market
"In the first half of 2003, the aviation marketplace
was jolted by the effects of the war in Iraq, the SARS virus and more
airline bankruptcies and near bankruptcies," said Charles F. Willis,
President and CEO. "The good news is that the adverse effects of
the war and the SARS virus appear to be in the rearview mirror at this
point. While still a challenging environment, more people are flying.
Asian travel in particular appears to be rapidly recovering from the SARS
crisis, with carriers reinstating flights and reporting increased traffic.
In addition, from what I can see, it seems as though the marketplace is
finding a way to deal with most of the troubled airlines in a manner that
helps to preserve some semblance of stability."
The portfolio utilization rate at June 30, 2003 was 84.6%,
which was down slightly from 85.8% at March 31, 2003, but up considerably
from 80.0% at the end of June last year. At July 31, 2003, the utilization
rate improved to 87.5%. "We are pleased with how the lease portfolio
is performing, and with what we have been able to accomplish over the
past year," said Donald A. Nunemaker, Chief Operating Officer. "As
of the end of July 2003, our portfolio utilization rate was higher than
it has been at any month end since October 2001. We continue to actively
manage our portfolio to meet the needs of our customers while striving
for the highest utilization rate possible."
Results from Operations
Lease revenue in the second quarter totaled $14.6 million,
up 8% from $13.6 million in the second quarter of 2002. Year-to-date lease
revenue improved 5% to $28.6 million compared to $27.2 million in the
first six months of 2002. During the second quarter of 2003, sales of
equipment generated a net gain of $1.0 million, compared to a net loss
of $152,000 in the same quarter last year. In the first six months of
2003, the company booked $1.1 million in gains on sales of equipment compared
to $583,000 in the like period of 2002. Total revenue in the quarter ended
June 30, 2003 increased 16% to $15.6 million compared to $13.4 million
in the same quarter of 2002, with the increase attributable to higher
lease revenue and a larger gain on sales of equipment. Year-to-date 2003
total revenue increased 7% to $29.7 million compared to $27.8 million
in the first half of 2002 due to the same reasons as identified above.
"Last quarter we reported we had five engines leased
to two carriers who had filed for bankruptcy protection. Since that time,
one engine was returned, and payments on the remaining four engines have
been reinstated," said Monica J. Burke, Chief Financial Officer.
"In the second quarter, we did not recognize $300,000 of lease revenue
from these troubled carriers, although we are hopeful it will ultimately
be recoverable. We also recorded $670,000 of deposits into lease revenue
from a customer that went bankrupt in a prior year. In addition, the $1.0
million gain from sale of equipment was partially offset by a write-down
of $645,000 on three engines held for sale, one of which was sold in July.
As we have done in the past, we occasionally choose not to make further
investments in certain assets that are not economical to repair."
Total expenses in the second quarter of 2003 increased 11%
to $13.9 million compared to $12.5 million in the same quarter of 2002.
Year-to-date 2003 total expenses grew 5% to $26.7 million from $25.3 million
in the first half a year ago. Depreciation was 15% higher in the current
quarter and 13% higher year-to-date mainly due to accelerated depreciation,
resulting from changes in estimates of useful lives and residual values,
on certain older engine types. Net interest and finance costs dropped
4% in the second quarter of 2003 and 5% year-to-date as a result of the
continued reductions in interest rates. In the quarter ending June 30,
2003, general and administrative expense grew 15% to $3.5 million compared
to $3.1 million in the second quarter a year ago mainly due to increased
employee and consulting costs partially offset by reduced legal expenses.
For the first half of 2003, general and administrative expenses were up
2% at $6.9 million from $6.8 million in the first half of 2002.
Second quarter 2003 pretax income totaled $1.7 million, up
87% compared to $901,000 in the second quarter of 2002. Year-to-date 2003
pre-tax income grew 21% to $2.9 million compared to $2.4 million in the
first half of 2002. Second quarter 2003 net income nearly doubled to $1.2
million, or $0.13 per diluted share, compared to $577,000, or $0.07 per
diluted share in the second quarter a year ago. In the first six months
of 2003, net income grew 29% to $2.0 million, or $0.22 per diluted share,
compared to $1.5 million, or $0.17 per diluted share, in the first six
months of 2002.
Balance Sheet & Liquidity
At June 30, 2003, the company had 117 commercial jet engines,
4 aircraft parts packages and 6 aircraft in its lease portfolio with a
net book value of $501.7 million compared to $499.9 million at June 30,
2002, when it consisted of 117 commercial jet engines, 4 aircraft parts
packages and 6 aircraft.
Assets totaled $545.1 million at the quarter ending June
30, 2003, compared to $552.2 million a year ago. Shareholders' equity
increased 3% to $106.4 million, or $12.04 per common share at June 30,
2003, compared to $103.0 million, or $11.66 per common share, a year earlier.
The company had approximately $18.5 million available under
its credit facilities at June 30, 2003 compared to approximately $30.6
million a year ago. The company's funded debt to equity ratio was 3.4
to 1 at June 30, 2003, compared to 3.5 to 1 at the end of the second quarter
last year. WLFC had $32.2 million of restricted and unrestricted cash
and cash equivalents at June 30, 2003, compared to $40.3 million at June
30, 2002.
About Willis Lease Finance
Willis Lease Finance Corporation leases spare commercial
aircraft engines, rotable parts and aircraft to commercial airlines, aircraft
engine manufacturers and overhaul/repair facilities. These leasing activities
are integrated with the purchase and resale of used and refurbished commercial
aircraft engines.
CONTACT:
Willis Lease Finance Corporation
Donald A. Nunemaker, 415-331-5281
SOURCE: Willis Lease Finance Corporation
### Press Release #############################################
Letters---We get Email
Thank you for the outstanding news. I've been reading to your
newsletter for the last year but will have to discontinue
service. It
is important to let you know that I have found it more useful
than any
other type of "leasing news" out there. Presently, I am making a major
career shift into trading energy derivatives and won't be
able to keep
up with your notifications.
I wish you all the
best and hope everyone out there in the leasing world is reading your
newsletter on a daily basis!
Best,
David T. Garvey
--
I recently changed employers and used to receive your news
letter at my previous employer. Would you please put me on
your
distribution list again as I always enjoyed your articles.
My new
e-mail address is: pzediker@firstbankhp.com
Thanks Kit. I appreciate your assistance in this matter.
Regards, Paul E. Zediker
Exec. Vice Pres. First Bank
of Highland
Park
(It’s that easy to be added, or to change an address.
Welcome Back, Mr. Zediker. editor)
---
I am surprised at how many folks really read the whole newsletter.
YOU are the star Kit. Who else would stay up until 2:00 or 3:00AM every morning just to delight your readers
with great news, wonderful humor, and important announcements. The Leasing industry is fortunate to have you.
I know everyone feels this way too.
Take a bow Kit. You deserve it.
Rosanne
rosanne@1stindependentleasing.com
Rosanne Wilson
(Thanks. Usually hear
the complaints. Kit )
---
I am throwing taking my hat out of the ring, and throwing
all my support
to The Terminator. He will help the leasing industry, and
California.
Izzy Finster
California---The Land of Fruit and Nuts.
(Izzy must be up there in age, as that was the motto of the
state maybe thirty
to forty years ago. editor )
--
My webmaster was working on the site for The Leasing Library
(www.theleasinglibrary.com) during part of Thursday and it may have been
temporarily unavailable to your readers interested in "Winning Leases
with TValue5".
We did not include pricing as it may be purchased as a stand-alone
item ($55.00) if the user already has TValue5, or bundled with TValue5
or a TValue upgrade at a reduced price. Seemed like a bit too much to try to include in the Press Release.
It is all laid out on the website or your readers may call me at 800/564-2404
with any questions.
By the way, the copy I sent to you was not a final version.
I just wanted to give you a feel for the product.
We'll send the finished version to you on the release date.
Best regards,
Ted
Ted Parker
cclcjp@ix.netcom.com
( details follows:
editor )
--------------------------------------------------------------------------------------------------
Winning Leasing with TValue 5
The Leasing Library introduces our newest publication “Winning
Leases with TValue 5” that helps Lessors unlock the power of TValue5 software.
The Leasing Library adds an outstanding, new product to its’
already impressive list of leasing oriented books, reports and industry
related software.
“Winning Leases with TValue5” is a step-by-step guide that
takes the reader from the most basic lease pricing to advance lease structures
such as multiple advance payments, residuals, refundable security deposits,
step, skip and touch payment leases. Learning to calculate commissions,
solving for present value or an interest rate are all presented in easy
to understand detail. Numerous exercises are presented to give the reader
the pricing and structuring skills they need.
Readers will also learn the ins and outs of funding their
leases and how to avoid leaving money on the table when discounting the
rental stream.
“Winning Leases with TValue5” helps Lessors combine the power,
speed and accuracy of TValue5, the standard for interest calculations
and loan amortization, with leasing industry specific applications. Financial
calculators will now spend most of their time as paperweights.
You will find “Winning Leases with TValue5” not only an excellent
training tool but a handy reference source.
“Winning Leases with TValue5” was developed by experienced
leasing professionals to help Lessors quickly, accurately and easily create
winning lease structures.
“Winning Leases with TValue5” is available only in an e-
book (PDF) format. Orders may be placed at: http://theleasinglibrary.com/wtv5/.
For more information, contact Ted Parker, CLP, at 800/564-
2404, email ted@cclease.com or visit the website at www.theleasinglibrary.com
______________________________________________________________________
News Briefs---
Fed Expected to Leave Rates Alone
http://www.washingtonpost.com/wp-dyn/articles/A31385-2003Aug7.html
Productivity soars; jobless claim drop to six-month low
http://www.ajc.com/business/content/business/0803/07econ.html
Retailers report strong sales in July
http://www.ajc.com/business/content/business/0803/07retail.html
--------------------------------------------------------------------------------------
This Day in American History
1588 –
This event is mentioned as history may have been quite different for
the founding of the United States. The Spanish Armada, a
fleet of 130 huge ships, met defeat at the hands of English sailors and
their smaller, more maneuverable vessels. Then a series of wicked Atlantic
storms off the coast of Southern England took their toll. Only half of
the 130 Spanish ships managed to limp ... at best ... home. The 60 or
so English ships, plus the weather, saved England from the Spanish invaders.
1814-Esther
Hobart McQuigg Morris was born at Tioga County, NY, but eventually moved
to Wyoming Territory, where she worked in the women’s rights movement
and had a key role in getting a women’s suffrage bill passed. Morris became
justice of the peace of South Pass City, WY, in 1870, one of the first
times a woman held public office in the US. She represented Wyoming at
the national suffrage convention in 18795. She died April 2, 1902, at Cheyenne, WY.
1863—Birthday of Florence
Augusta Merriam Bailey - U.S. ornithologist and author. She produced the
Handbook of Birds of the Western United States and Birds of New Mexico
(1928) as well as a half dozen other bird guides. She also produced some
books with the help of her husband whom she married after her major publications. Her powers of observation veered off into another direction when
she was diagnosed with tuberculosis and went to Arizona and southern California
for convalescence. There she researched a devastating book My Summer in
a Mormon Village (1894) that revealed the stifling life of Mormon women.
She was wondrous after seeing the suffering of women under polygamy but
who retained their faith in it. "The spirit that is first and best
in woman - her power of self-sacrifice in the face of abstract rights
- has been used as a tool or torture and it will be used successfully
until education teaches her that there is a higher light for her to follow."
and later,” I recalled with a shudder the statistics I had known about
the number of farmers; wives who go insane.” During this period she also
wrote A-Birding on a Bronco 1896, and Birds of Village and Field (1898).
She was the first woman associate of the American Ornithologists' Union.
She won its Brewster medal in 1931 for her comprehensive report on the
birdlife of the Southwest in Birds of New Mexico. A variety of California
chickadees were named in her honor. She attended Smith College. Her first book was
Birds Through an Opera Glass (1889). Her mother was a graduate of Rutgers
Institute. http://www.northnet.org/stlawrenceaauw/bailey.htm
1844- Brigham Young chosen
Mormon Church head following Joseph Smith death.
1866-Birthday
of Mathew Henson, famous African-American
explorer, born at Charles County, MD. He met Robert E. Peary while
working in a Washington, DC, store in 1888 and was hired to be Peary’s
valet. He accompanied Peary on his seven subsequent Arctic expeditions.
During the successful 1908—09 expedition to the North Pole, Henson and
two of the four Eskimo guides reached their destination Apr 6, 1909. Peary
arrived minutes later and verified the location. Henson’s account of the
expedition. A Negro Explorer at the North Pole, was published in 1912.
In addition to the Congressional medal awarded all members of the North
Pole expedition, Henson received the Gold Medal of the Geographical Society
of Chicago and, at 81, was made an honorary member of the Explorers Club at New York, NY. Died
Mar 9,1955, at New York, NY. http://www.matthewhenson.com/
http://www.arcticice.org/henson.htm
1866-The
first queen to visit the United Sates was Queen Emma, widow of King Kamehameha
IV of the Sandwich Islands ( later to be re-named Hawaii), who arrived
in New York City from England on the Cuuard liner Java. She was received
on August 14,1866 by President Andrew Johnson and
introduced to his family.
American business had already started to invest in the island,
bringing
coffee, potatoes, hybrid
sugarcane, horses and cattle.
1882-Birthday of Olga Smaroff - U.S. pianist and musician
who followed in the footsteps of her mother and grandmother to become
another generation of concert pianists.
She was the first American woman to win a scholarship to the Paris
Conservatoire. She performed with the New York Philharmonic and the Boston
Symphonic Orchestra among others in the U.S. and Europe.
She gave up her successful
concert career in 1911 to marry but gradually returned to it and her nationwide
concert tours even before after her divorce in 1923 to the dictatorial
orchestra conductor Leopold Stokowski. However, her performing career
was cut short by an arm injury in 1925. She became a much honored faculty member of Juilliard graduate school
and the Philadelphia Conservatory of Music. OS established the Schubert
Memorial to aid musically talented young Americans to overcome the prejudices
against American-trained artists. She
lectured world-wide and was a prolific author of books introducing classical
music to the layperson. She joined the faculty of Juilliard graduate school
and the Philadelphia Conservatory of Music. Her autobiography is An American
Musician's Story (1939.) Her first
piano lessons were by her mother and then her grandmother who was a noted
concert pianist.
1884- Sara Teasdale - U.S. poet, one of the finest lyricists of her generation. Her later works became haunted and subtle with
great style and depth with an economy of words. She was awarded the 1918
Pulitzer Prize in poetry for Love Songs (1917). Most biographers point to a divorce and "an unhappy life,"
but she was known to have had a lasting relationship with at least one
woman, She died of an overdose of barbiturates while ill in 1933.
http://www.stlouiswalkoffame.org/inductees/sara-teasdale.html
http://www.bonniehamre.com/Personal/Sara.htm
http://www.lib.udel.edu/ud/spec/findaids/teasdale.htm
http://selfknowledge.com/422au.htm
http://www.sweetstar.com/book/1568493452
1896-Birthday of Majorie Kinnan Rawlings - U.S. writer. Her
novel The Yearling (1938) won the Pulitzer Prize. She had been a reporter,
but it wasn't until she divorced and moved by herself to Cross Creek,
Florida, that she found her fiction writer's voice.
Perhaps her autobiographical Cross Creek (1942) is her finest as
she weaves in poetical voice how she discovered her Florida home and the
richness of the land. She had suddenly broken off her reporting career
and her marriage to move to the 40 acres of orange trees in northern Florida.
Writing of the people and the place, she won the O. Henry memorial Award
for her short story "Gal Young Un" (1933). Other lesser known
works followed until The Yearling burst onto the scene to become an instant
classic and win the Pulitzer. It was also made into a movie. She remained
at her beloved Cross Creek home until her death in 1953.
http://www.petercoyote.com/creek.html
1899-Birthday
Of Russell Markert, American choreographer Russell Markert, born at Jersey
City, NJ. He founded and directed the Radio City Music
Hall Rockettes from 1932 to 1971. He
died December 1, 1990, at Waterbury, CT. 1899 - A.T. Marshall of Brockton,
MA patented the refrigerator. It was not practical in cost for many households
and “ice” refrigerators were common
until perhaps World War II.
1876-Thomas
Alva Edison of Menlo Park, NJ, obtained a patent for a “method of preparing
autographic stencils for printing”. He
went on to improve the “mimeograph,” who until
the advent of the photocopier, was the most widespread method
of paper communication
and duplication.
1896-Birthday
of Marjorie Kinnan Rawlings, American short story writer and novelist
( The Yearling), born at Washington, DC. Rawlings died at St. Augustine,
FL, December 14, 1953.
http://memory.loc.gov/ammem/today/aug08.html.
1900-Birthday of bandleader Lucky Millinder, Anniston, AL.
1911 -
Membership in the U.S. House of Representatives was established at 435.
Every 211,877 residents of the U.S. were represented by one member of
Congress.
1918-Two
days after the Battle of Marne ended, the British Fourth Army mounted
an offensive at Amiens with the objective of freeing the Amliens-Paris
railways from bombardment by the German Second and Eighteenth Armies.
More than 16,000 German prisoners were taken in two hours of fighting
the first day. The German forces were forced back to the Hindenburg’s
line by September 3. This battle is considered a turning point by many
historians because of its impact on the psyche o f Germany. August 8 was
described by General Erich Ludendorff as a “Black Day” for Germany. 1923-Birthday
of singer Jimmy Witherspoon, Gurdon,AR.
August 8, 1918 -Alto Sax player
Benny Carter Birthday (Died July 12,2003)
http://newarkwww.rutgers.edu/ijs/bc/
http://www.jazzradio.org/benny.htm
http://www.riverwalk.org/profiles/carter.htm
1926-Birthday
of trombonist Urbie Green, Mobile, AL.
1922-Louis
Armstrong, 22 years old, leaves for the Windy City.
His autobiography is fascinating
to read about his version of the beginnings of jazz. He perhaps is not only the best known
jazz musicians, but considered even today to have been quite
ahead of his time. On old records,
it is easy to pick him out playing the trumpet. He had tone, melody and rhythm that still
wants you to sing, dance, or tap your foot.
1923 -
Benny Goodman was 14 years old as he began his professional career as
a clarinet player. He took a job in a band on a Chicago-based excursion
boat on Lake Michigan.
1932-Birthday
of singer/songwriter Mel Tillis, Pahokee,FL.
Tillis was the Country Music Association Entertainer of the Year
. Equally talented as a singer and as a songwriter, Tillis began his hit-making
career in 1958 with "The Violet and the Rose." His top-ten singles
have included "Who's Julie," "The Arms of a Fool"
and "Memory Maker." Tillis has a speech impediment, but has
made his stuttering a part of his act.
1933-Louisiana
Governor O.K.Allen pardon’s Huddie William
Ledbetter,
better known as the folksinger “Leadbelly.,” He got the name
while
in prison in Texas for being very strong. He was a very big man with
an explosive temper, and was in for murder. He was pardoned by Texas
Governor Pat Neff from a thirty year sentence, something
that was unheard
of in Texas and from the very conservative Neff, but it is
said, he sang
a song of why he should be released that so affect the warden,
and then
Neff, that they released him. Leadbelly was one of my father’s
favorite
folksingers, that he played all the time, and my first memories
of my
father are listening to this music in the forties. I remember sitting
on his knee, perhaps the earliest recollection of my father,
who I miss
more and more as each year goes by.
http://www.nashvillesongwritersfoundation.com/fame/ledbet.html
http://www.blueflamecafe.com/index.html
http://members.fortunecity.com/kgerald/personel/LedbetterHuddie.htm
http://www.cycad.com/cgi-bin/Leadbelly/biog.html
http://www.mala.bc.ca/~mcneil/cit/citlcleadbelly.htm
1933-The
first savings and loan association established by the federal government
was the first Federal Savings and Loan Association of Miami, Florida.
The creation of savings and loan institutions had been authorized
by the Home Owners Loan Act of June 13, 1933, to provide a convenient
place for the investment of small and large sums and to lend money to
local applicants for first mortgages.
1941 -
Les Brown and His Band of Renown paid tribute to baseball’s ‘Yankee Clipper’,
Joe DiMaggio of the New York Yankees, with the recording of "Joltin’
Joe DiMaggio" on Okeh Records. From that time on, DiMaggio adopted
the nickname, Joltin’ Joe.
1942-Adding
to the fear of the times from both the war in the Pacific and Atlantic,
this event
is forgotten by many today. Six Germans were electrocuted this day in 1942 in Washington, DC.
They were part of a group of eight who were tried by a military
commission of seven generals. One
saboteur, George John Dasch, was sentenced to 30 years in prison, and
another Ernest Peter Bruger, received a life sentence. All eight were
found guilty of landing in rubber boats from enemy submarines, carrying
explosives, incendiaries, fuses, detonators timing devices, acids, and
similar material. Four of them
landed on June 13, 1942, at Amagansett, NY, on Long Island, and were discovered
by Seamen Second Class John C. Cullen of the Amagansett Coast Guard Station.
Four others landed on June 17, 1942, at Poine Vedra Beach near Jacksonville,
FL.
1951-Birthday
of Randy Shilts, journalist known for his reporting on the AIDS epidemic.
One of the first openly homosexual journalists to work for a mainstream
newspaper and the author of And the Band Played On: Politics, People and
the AIDS Epidemic. Born at Davenport, IA, and died at Guerneville, CA,
Feb 17, 1994.
1951---Top Hits
Too Young - Nat King Cole
Mister and Mississippi - Patti Page
Because of You - Tony Bennett
I Wanna Play House with You - Eddy Arnold
1957- Club President Walter O'Malley makes it official announcing
the Dodgers will play in Los Angeles next season.
1959---Top Hits
Lonely Boy - Paul Anka
A Big Hunk o’ Love - Elvis Presley
My Heart is an Open Book - Carl Dobkins, Jr.
Waterloo - Stonewall Jackson
1960- British
Decca destroyed 25,000 copies of Ray Peterson's death-rock song, "Tell
Laura I Love Her." The company refused to release a song which it
said was "too tasteless and vulgar for the English sensibility."
A rival firm, however, had no such compunction, recording a cover version
by a singer named Ricky Valance, which went to number one on the British
chart. In the US, Ray Peterson's recording of "Tell Laura I Love
Her" reached number seven on the Billboard pop chart.
1967---Top Hits
Light My Fire - The Doors
All You Need is Love - The Beatles
A Whiter Shade of Pale - Procol Harum
I’ll Never Find Another You - Sonny James
1968- Race riot
in Miami Florida.
1969-Photographer
Iain Macmillan took six pictures of the Beatles crossing the street outside
their Abbey Road studio in London. A police officer held up traffic while
the band walked back and forth several times. Paul McCartney chose one
of the pictures for the cover of the "Abbey Road" album.
1970-New York Yankees
honor Casey Stengel, retiring his number 37.
1970- Janis
Joplin bought a tombstone for blues singer Bessie Smith's unmarked grave
in a Philadelphia cemetery. Less than two months later, Joplin herself
was dead of a drug overdose. Smith had died following an auto accident
in 1942 at the age of 37.
1973-Vice-President
Spiro T Agnew brands them "damned lies" regarding reports he took kickbacks from government contracts
in Maryland. He vowed not to resign; that he was innocent.
1974 - Roberta Flack received a gold record
for the single, "Feel Like Makin’ Love". Flack, born in Asheville,
NC and raised in Arlington, VA, was awarded a music scholarship to Howard
University in Washington, DC -- at the age of 15. One of her classmates
became a singing partner on several hit songs. Donny Hathaway joined Flack
on "You’ve Got a Friend", "Where is the Love" and
"The Closer I Get to You". She had 10 hits on the pop charts
in the 1970s and 1980s.
1974-President
Richard Nixon announced in a televised address that he would resign. Three days earlier he had released tape transcripts
revealing he had impeded the Watergate investigation. Nixon told an audience of some 100,000,000,
he had made some wrong decisions but that he was resigning because he
no longer had enough support in Congress.
1975---Top Hits
One of These Nights - Eagles
Jive Talkin’ - Bee Gees
Please Mr. Please - Olivia Newton-John
Just Get Up and Close the Door - Johnny Rodriguez
1975- country
singer Hank Williams Junior suffered severe head injuries when he fell
150 metres while mountain climbing in Montana. When he returned to performing
months later, he had switched to a country-rock sound from the pure country
style made famous by his father.
1976-The
Chicago White Sox made baseball sartorial history by donning shorts for
a game against the Kansas City Royals. The Sox won, 5-2, but the shorts,
a novelty thought up by owner Bill Veeck, lasted only a while.
1981-Shiaway
St. Pat, driven by Ray Remmen, won the Hambletonia, the most important
race for three-year-old trotters, contested for the first time at the
Meadowlands in New Jersey.
1983---Top Hits
Every Breath You Take - The Police
Sweet Dreams (Are Made of This) - Eurythmics
She Works Hard for the Money - Donna Summer
Your Love’s on the Line - Earl Thomas Conley
1983-- A jury in Kansas City, MO, awards TV anchorwoman Christine
Craft $500,000 in sex discrimination suit against KMBC-TV for removing
her from her anchor position because she was too old, too fat, and not
deferential to men. The judgment was later overturned by an appeals court.
The judgment of discrimination was upheld but no money awarded.
http://www.museum.tv/archives/etv/C/htmlC/craftchrist/craftchrist.htm
http://www.amazon.com/exec/obidos/ASIN/0884962482/inktomi-bkasin-20/103-5362656-4423850
1984 -
Carl Lewis won his third gold medal at the Los Angeles Olympics. He won
the 200-meter sprint. At the same time, Greg Louganis received his first
gold medal in diving in the springboard competition.
1986- singer
David Crosby, sentenced to a five-year term for drug and weapons charges,
was paroled from a prison in Huntsville, Texas after serving only five
months. The convictions were overturned by a Texas appeals court in November
1987- Crosby said when he was released that he had kicked a ten-year drug
habit and wanted to resume his musical career. He gained fame with the
Byrds in the late 1960's, then teamed with Stephen Stills, Graham Nash,
and Neil Young.
1988-The
first night game of Chicago’s Wrigley Field was postponed by rain with
the Cubs leading the Philadelphia Phillies 3-1, in the bottom of the fourth
inning. The Phillies’ Phil Bradley let off the game with a home run, but
in a postponed game, all statistics are washed out.
1990- Iraq annexes
Kuwait. The US has been sending troops to Saudi Arabia
and moving the US Navy into the Mediterranean
seas.
1991---Top Hits
(Everything I Do) I Do It for You - Bryan Adams
P.A.S.S.I.O.N. - Rhythm Syndicate
Summertime - D.J. Jazzy Jeff & The Fresh Prince
She’s in Love with the Boy - Trisha Yearwood
1992- heavy
metal fans trashed part of Montreal's Olympic Stadium following the cancellation
of a Guns N' Roses concert. Lead singer Axl Rose halted the show after
a few songs because of a sore throat. That prompted the rock-and-bottle
throwing rioters to use everything from an uprooted street lamp to metal
barriers to smash windows in the stadium. Damage was pegged at about $300,000.
Eight police officers were slightly hurt and a dozen people arrested.
The head of the Olympic Stadium banned Guns N' Roses from returning to
the facility and sent letters describing the riot to stadiums across North
America. Pierre Bibeau described Rose as having "no respect for his
fans." The premature end to the Guns N' Roses set was the second
glitch of the night. The previous act, Metallica, had to end its performance
when lead singer James Hetfield was burned by an exploding stage prop.
His injuries caused the postponement of several dates on the tour by the
two bands. Three years to the day after the aborted concert, Metallica
sued promoter Donald K. Donald for $254,000, claiming they were never
paid for the show. And in December 1995, an out-of-court settlement awarded
spectators to the aborted show $300,000. The money went toward legal fees
and to charity.
1993-The
Dream Team, a specially-assembled team of NBA all-stars, defeated Crotia,
117-85, to win the gold medal at the 1992 Summer Olympics in Barcelona.
The Dream Team, coached by Chuck Daly, including Charles Barkley, Larry
Bird, Clyde Drexler, Patrick Ewing, Magic Johnson, Michael Jordan, Christian
Laettner, Karl Malone, Chris Mullin, Scottie Pippen, David Robinson and
John Stockton.
1994- Janet
Jackson tied Aretha Franklin for the most gold singles by a female artist
- 14 - when "Any Time, Any Place" was certified as having sold
more than 500,000 copies.
1995- the Canadian stage production of Disney's "Beauty
and the Beast" opened at the Princess of Wales Theatre in Toronto.
At $17 million, it was the most expensive stage production in Canadian
history.
1998---Top Hits
The Boy Is Mine- Brandy & Monica
My Way- Usher
You're Still The One- Shania Twain
Adia- Sarah McLachlan
1998 -At the age of 41, Twins' Paul Molitor becomes fifth
player in major league history to have at least 3,000 hits and 500 steals.
His 5-for-5 performance and the theft of his 500th base allows him to
join Ty Cobb (4,191 hits, 892 steals), Honus Wagner (3,415, 722), Eddie
Collins (3,315, 744) and Lou Brock (3,023, 938) as the only players to
accomplish this milestone.
1998-The largest free jazz festival in the world, San
Jose, California, draws 200,000 to hear Sandoval, Broadbent, Schuur, among
many others.
2003-Largest
free jazz festival started last night and into this morning the opening
of the San Jose Jazz Festival. We went to see the Count Basie Band at
a special preview and concert at Santana Row, San Jose.
I have many great memories of seeing the Basie band since I was
14 years old and stood outside the
kitchen at a club in Los Angeles, to seeing at many other places, and
shaking his hand with my kids at Circle Star, San Carlos, California.
When I had my dance band in high school and college, we had many
of his band's arrangement in our book.
While I have many favorites
from the Atom Bomb album to the Newport Jazz Festival, one of my favorites is the 1966 Frank Sinatra at the Sands with the
Count Basie Band. Sinatra just turned 50 and makes jokes about it with
Basie, and the band never played better, and Sinatra was terrific, also.
"Sent for You Yesterday..."
We had Warren Luening,Jr., playing lead trumpet in the
band, and Chris Morgan on third ( think Dave Silverman played
second or fourth, can't
remember, except he was primarily a Dixieland trumpet player).
All three were cut ups, had two many girls at rehearsal, but no one could hit the high notes that Warren
could
hit and hold. And
he played things right the first time. He could read, had great rhythm
and was born with perfect pitch. He went on to graduate from UCLA and
then the Air Force band during
the Viet Nam war. He had great
class then. And still does, today. Great
dresser, too; always stylish. He can be heard on movie recordings, studio
recordings, and is in great demand in Hollywood. I'm really looking forward
to tonight. I wish Warren and his
lovely wife, Stella, had been with us..
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