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(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Scott Wheeler)

Monday, December 15, 2008

Det. Ricardo 'Rico' Tubbs, Det. James 'Sonny' Crockett,
Photo date: 1984 "Miami Vice" Philip Michael Thomas, Don Johnson Photo by Gary Null - © MPTV - Image courtesy
Actor Donnie Wayne "Don" Johnson born December 15, 1949, Flat Creek, Missouri ;best known as playing Sonny Crockett in "Miami Vice"(111 episodes, 1984-1990) and the lead in the San Francisco TV show "Nash Bridges"(122 episodes, 1996-2001). In addition to being an actor, he is also a singer, songwriter, producer, and director.


New List—2008 (Dec, 07-to Date)
    Kit’s Salvation Army Kettle
        Classified Ads---Sales
Leasing Books for Christmas/Hanukah
    Bank Beat
        Mortgage applications down 7.1%
Leasing 102 by Mr. Terry Winders, CLP
“Lease Language”
    Top Stories---December 8-December 12
        Cartoon---Ancient Poem
            For Christmas, alcohol free recipes
Classified ads—Lease Portfolio / Legal
  Fed may cut interest rates to 0% soon
    Tech Bust: Silicon Valley Millionaires Burned
    Executive Pay Limits May Prove Toothless
    Layoffs fuel foreclosures
    Thousands try for 100 Rolls-Royce jobs
    Finding health coverage after a layoff
    Lawyer Beats Investors/Clients in NYC
    Madoff: Where Wealth Went to Vanish
    Madoff's Clients are Who's Who
    Many old friends probably lost millions
  News Briefs---
You May have Missed---
    Top Stories---
        "Gimme that Wine"
Today's Top Event in History
    This Day in American History
    Daily Puzzle
    Weather, USA or specific area
        Traffic Live----

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

New List—2008 (Dec, 07-to Date)

--- Mergers, Acquisitions & Changes
"The Good, the Bad and the Ugly"--

(If any corrections, additions, please contact

Balboa Capital, Irvine, Ca (12/07) Curt Lysne, Senior. Vice President of Sales, who both started and headed the broker division, left the company last week (Lysne later in the month joins PFSC in Portland, Oregon )(12/08) Exits broker business badly with no time period notice, cutting off brokers, approvals, many report fundings not complete. Much more to follow.

Bankers Healthcare Group, Weston, FL. (05/08) Cuts off brokers, "...will honor all outstanding approvals (30) days from the original approval date and respond to all outstanding applications currently in credit throughout the month of May, however no new credits will be accepted.
date of approval."

C and J Leasing Corp , Des Moines , Iowa (11/08) in business since 1982 has let go its 18 employees, stopped funding, and is not taking on any new business, according to its president C. Allen Rice. He says he has been in the business for over 26 years and has never seen anything like today's financing marketplace.

CIT Group, New York (11/08) CIT becomes commercial bank to seek TARP funds.(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM

Citibank, New York (06/08) starts closing leasing operations, has several units for sale. (04/08) Citigroup reveals serious losses

Columbia Bank Leasing , Tacoma, WA (12/07) Sr. VP Tom Mahaffey leaves to become, Vice President, Chief Credit Officer, Pinnacle Business Finance (11/08) Bank to exit leasing although excellent portfolio,very low delinquencies, scared of leasing, they say.

Creative Capital Leasing Group, LLC, San Diego, CA. (04/08) Goes Chapter 7, portfolio's placed for sale. (12/007) Perhaps the first equipment leasing company to file bankruptcy because of the subprime mortgage market problems. A hard line leasing company, well-known for taking both consumer and commercial real estate, the company filed for Chapter 11 Bankruptcy in the Southern California Bankruptcy Court on September 10, 2007. They listed up to 99 creditors, which may exceed to $100 million, but most likely is perhaps $75 million, including PFF Bank and Trust.

Direct Capital, Portsmouth, NY (12/08) many cutbacks reported by readers as well] as nearby leasing company receiving applications from employees fired, but CEO Chris Broom says business is up 23%, $10 million put into the company and approaching banks to increase their lines of credit.(11/08) Readers report cutbacks, Broom says “normal.”

Diversified Financial Service, Omaha, NE (06/08) exits the broker funding business.

El Camino Resources International Leasing and Financing, Chatsworth, California (11/08) Not funding deals in Mexico; suit along with ePlus Group against Huntington Bank, Columbus, Ohio is preceding to a trial, perhaps by July of next year.

First Republic Bank, San Francisco, Ca. (01/08) Paul Knowlton, CLP, Managing Director, First Republic Equipment Finance, 2008 president of the United Association of Equipment Leasing (UAEL), confirmed that First Republic Bank, San Francisco, California is closing its leasing division that Knowlton heads. First Republic Bank was purchased by Merrill-Lynch and in recent news about selling off more of its assets, which previously included Merrill-Lynch Commercial Finance Lease division. May 20, 2006 Republic announced that it had purchased Bank of Walnut Creek, across the San Francisco Bay in Walnut Creek, the hub of Contra Costa County.

GE Capital, Conn (11/08) GE becomes commercial bank to seek TARP funds (10/08) closes more leasing divisions (09/08) starts cutting leasing divisions. (04/08) Citibank sells units to GE Capital (12/07) purchases most of Merrill-Lynch Finance Division, officers given notice to look for other employment

Global Funding LLC. Clearwater, FL (12/08) Jeff Maricle says just a "consultant" for Landmark Financial, not his company, returns all advance rentals before this company closes due primarily to publicity, it is claimed. (11/08) Jeff Maricle was found guilty of not returning an advance rental (10/08) Company out of business, founder Jeff Maricle, names SunBridge Capital truck deals not funding as prime cause.

GMAC Financial Services (02/08) Net Loss $724 Million compared to net income of $1 billion in 4th quarter of 2006.

Greystone Equipment Finance, Massachusetts (11/09) Founder Donald Synborski let go by board reportedly over direction of company. Also there is a $1 million group of leases with Acropolis, with four in default, more to follow. Several Alerts were posted in Leasing News, and looks like PFF and Balboa also had write offs. Original vendor group reportedly working under another name in another state.

IFC Credit Corporation, Morton Grove, IL (12/08) admits to letting 15 employees go, readers say it is 26 to 35 (11/08) Reaches Settlement with FTC and Attorneys General and agrees to refund 86% of payments made since NorVergence filed bankruptcy to those who have not settled or paid off to date. Law fees and costs said to be over $50 million.

International Lease Finance Corp. (part of AIG) (11/08) Founder trying to sell unit off of AIG (09/08) Gets stung as a unit of insurance conglomerate AIG, which was effectively taken over Tuesday by the federal government, the jet-leasing company owns 1,000 jets built by Boeing and Airbus and has more than 100 Boeing jets still on order.

Huntington Equipment Finance, Vendor Finance Group, Bellevue, Washington (11/08)Laurie A. Bakke, Vice President, confirmed that Huntington Bank, Columbus, Ohio, is discontinuing funding for her 12 employee division that specialized in vendor finance and leasing programs. She says Huntington will continue to accept credit submissions through December 31, 2008 and will honor all backlog.

Irwin Financial (08/08) Irwin sells US operation.” I know that you've reported on the portfolio sale and closure of Irwin in the US and the sale of Irwin in Canada. You may not be aware of how Irwin has completely dropped the ball on any type of conduit to accommodate vendors and lessees during the wind down. In many cases they are not honoring purchase orders after lessees have received equipment (stating that they are contingent) or credit approvals. They have sent lessee executed lease documents and checks to the former sales reps to find a home, but without accompanying credit packages. Headquarters (Bellevue WA) has all but abandoned any cooperation with their former sales reps by not answering phones, emails, etc. I do not want my name used but thought that you might find this interesting in light of Irwin Union Bank, Irwin Franchise and Irwin Technology still having ongoing operations.” (07/08) cuts off brokers.

Lakeland Bank, Montville, NJ (10/08) Lets go its Equipment Leasing Division President Stephen Schachtel by “mutual agreement, “as per the SEC filing. Chief Executive Officer Tom Shara said the replacement of Schachtel with the division’s number two man, Robert Ingram, is part of a plan to downsize the leasing business. “We want to go to a local leasing platform. We don’t want to do a national lease book of business,” said the former TD Banknorth executive who took over as CEO in April after former President & CEO Roger Bosma retired. Heavy losses in truck leasing reported, particularly by one major lessee.

LEAF, New Jersey (12/08) announces loan to cover NetBank portfolio purchase and more lines, but numbers don’t add up. Doesn’t respond to questions as parent stock goes into the toilet (08/08) LEAF Third Party Funding in Southern California (formerly Pacific Capital Bank Leasing, Santa Barbara Leasing (03/08) closes old Jim Harris’ Alco Leasing Company, Portland, Oregon(02/08) Parent of LEAF reports $6.4MM 1st Q Loss

LEAF, Columbia, SC (10/08) Cuts bank on broker business, letting discounters and even franchise discounters go elsewhere.

LEAF Third Party Funding in Southern California (formerly Pacific Capital Bank Leasing, Santa Barbara Leasing, (08/08) closes operation, lets everyone go.

Lehman Bros, New York (09/08) files for BK, syndicator for many leasing companies.

Marlin Business Services, New Jersey (12/01) Marlin Industrial Bank, Salt Lake City, Utah, files to be commercial bank, bank president tells press board approved move to apply for TARP money (11/08) $941,000 loss Third Quarter 10/08) Let's broker service representatives go, cuts back on brokers. (05/08) Confirms layoffs of 51 employees

Merrill-Lynch, Chicago/New York (12/07) GE purchases most of Merrill-Lynch Finance Division, officers given notice to look for other employment (09/08) sold to BofA (04/08) Reveals serious losses(09/08) sold to BofA

M&T Credit (Bank)(10/08) Effective October 1, 2008, M&T Credit Services, LLC (M&T Credit) will no longer offer equipment lease and finance services for business and professional banking customers.
“M&T will honor approved applications up to 90 days after the approval date, and existing contracts will continue to be serviced through their expiration dates.” Alfred Luhr M&T Business Banking Market Manager

National City, Cleveland, Ohio (10/08) cuts employees, divisions, in verge of failure (06/08) OTS issues memorandum of understanding, starts closing down leasing operation.

OneWorld Leasing Inc. (08/08) Ira Z. Romoff, President, confirms: “Not a merger per se, but a combination. Still under negotiation." (07/08) The leasing co-operative looking for one source, rather than many; could be a merger

New World Equipment Funding, LLC, Lake Success, New York (07/08) Cuts off many brokers/discounters, denies problems with SunBridge Capital truck portfolio.

Pentech Financial, Campbell, CA (12/08) Negotiations continued (11/08) Memo to all no funding for at least two weeks more weeks, includes Vanguard operation in San Diego, as CEO Millerbus discussed
renewal of line with allegedly Wells Fargo, reporting making many changes due to purchase of Wachovia; Pentech loss ratio reportedly back in line. If not resolved by end of December, layoffs expected.

PFF, Pomona, Ca. (11/08) sold to US Bank, Minneapolis, Minnesota. PFF Bank had total assets of $3.7 billion and total deposits of $2.4 billion. Besides assuming all the deposits, U.S. Bank will purchase virtually all their assets. The FDIC will retain any remaining assets for later disposition. (06/08)--Ron Lear leaves for OTC and Steve Tidland to join Commercial Commerce, PFF basically out of leasing, in trouble. Bank direct active in state, indirect many warehouse loans and lines to "C" and "D" leasing operations. (04/08) Expects $200 million loss (01/08) Wins assets on major lease from Creative

Popular Finance (10/08) Division of Popular Bank, portfolio is reported for sale as bank starts selling off US Divisions, broker business cut back to direct selling.(01/08) announces sale of consumer divisions and looking to sell other units

Radiance-Capital , Tacoma , WA (12/08)"Currently, Radiance is focused on portfolio management only and not accepting new brokers or credit applications… When things change and we start lending again on more consistent basis and terms, I can update you at that time. Due to the instability in the economy and with those that lend to this industry, I don't see us lending in 2009. Unfortunately, in my humble opinion, I don't think we have seen the worst yet." Meryl L. Newman,Chief Executive Officer."

Sandy Springs, Olney, MD (10/08) Lou Caceres Executive Vice President Caceres confirms that the leasing operation is no longer accepting broker business, adding “we are not 100% out of this.” It appears they still have a few broker relationships, although he did not specifically state this nor expand upon the previous statement. For the record he said Sandy Spring Bank Leasing is not accepting any new broker business.

Southwest Credit, San Antonio, TX (02/08) Two Bulletin Board complaints keeping advance rentals, not being able to fund transactions tied to real estate.

Studebaker-Worthington, NY (08/08) State Bank of Long Island sells long time leasing operation to Main Street National Bank, who will then take over the broker operation, reporting to Bob Fisher, CLP, and EVP. Main Street Bank expanding leasing operations, also franchise fundings and direct healthcare service division (05/08) Insiders tell Leasing News "due diligence" is being conducted as S-W to be sold to Tom Depping's Main Street National Bank, Kingwood, Texas (04/08) S-W in escrow, name of buyer not known at this time (02/08) According to Omar Diaz, Studebaker is still actively accepting and funding business. He could make no comment, referring to Ken Paston, who was not available for comment (02/08) Reports of company being sold. (01/08) State Bank of Long Island announced that they plan to divest themselves of their leasing subsidiary, Studebaker-Worthington leasing Corp.

SunBridge Capital, Mission, Kansas (12/01) Bank reportedly repossesses "Trucks on Hand," all but four employees reportedly let go. Brokers owed commissions, they tell Leasing News. (11/08) announces no more funding until first of year to concentrate on "Trucks on Hand." (06/08) cut off from funding, "Trucks on Hand" still in operation.

Textron (10/08) Textron Inc. is downsizing its commercial finance business to reflect "the sustained turmoil in world credit markets." Textron said that it will reduce the size of Textron Financial Corp., its commercial finance business, and the company will exit its Asset Based Lending and Structured Capital segments, along with several additional product lines, through an orderly liquidation over the next two to three years, as market conditions allow. The assets in the businesses to be liquidated represent approximately $2 billion in managed finance receivables within TFC's $11.4 billion portfolio, it said.

TFC also said that it will limit new originations in its Distribution Finance, Golf, and Resort portfolios. In a regulatory filing, the company said, "In recent weeks, volatility and disruption in the capital and credit markets have reached unprecedented levels."

WaMu Bank, Washington (09/08) Had closed direct and indirect leasing business the previous year, winding down operation, bank fails and is purchased by Chase.

Wachovia Bank (05/08) May Take $1B Charge Tied to Leases (10/08) sold to Wells Fargo, let's go its leasing operation.

Note: There are three that waiting for better confirmation to add to list for 2008.

Old List ( not up-dated at this time)



Please click here to go to
Kit's On Line Salvation
Army Kettle



Classified Ads---Sales

“I wanted to thank you.  I got my job at Enterprising Capital through your website.

“As I’ve found a job, please remove my name from your classifieds to leave room for those in need.

“Thanks and take care.”

Saul Sloman, Vice President
Enterprising Capital
2110 Strasburg Ct.
Dunwoody, GA 30338
Direct (770) 451-1041
Cell (404) 307-5059
Fax (770) 451-3140

Also note that Donna Mount has joined:

Cherry Hill, NJ
College grad seeking entry level sales position for equipment leasing and financing in small to mid-size ticket markets. Have 6 months experience in the industry and self-motivated. Contact Matt at 609-280-2178 or
email at
Chicago, IL
Sales Executive or Senior Manager, with responsibility for leasing capital equipment in support of transactions based on current market values, market potential and economic trends.

Colorado, CO
Highly motivated sales professional with 20 years experience originating Municipal Lease Transactions, with focus in public safety sector . Will travel/relocate. Strong sales and leadership skills.

Fort Myers, Florida
Very experienced and strong skills with both Captive and Specialty Sales and  Sales Management. Over 20 years, will relocate and travel- successful and team player . 

Fresno, CA
Aggressive, competitive self-starter w/successful vendor/direct equipment
leasing and asset-based lending experience seeks return to leasing industry
after successful stint in business banking sales.

Montgomery, AL
Individual with 10 years advertising sales exp. & 7 years insurance sales exp. Wants independent contractor situation in Alabama.
Work with leasing company or broker.334-590-5133

Orange County, CA
19+ years of successful marketing to the broker/lessor community representing one funding source owned by several parent companies.

Over 30 years of financing experience, resume posted at, phone 580-351-2531

Pittsburgh , PA
Aggressive self starter looking for leasing position w/10 plus yrs sales exp., plus banking experience 814-227-4592
15 year lease vet looking for plact to take business.great references. all major equipment types. open to compensation. please contact if interested.

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

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

ELFA Career Center: Job Seekers (free):



Leasing Books for Christmas/Hanukah

Top Ten Tips to Increase Leasing Sales
Price: $15.00

12 Core Fundamental Tips for the NEW Leasing Sales Professional
Price: $15.00

Linda P. Kester’s two others books, ""366 Marketing Tips for Equipment Leasing" and "12 Core Fundamental Tips for the NEW Leasing Sales Professional" are also available at:

To Order, please go here:



Bank Beat

Haven Trust Bank, Duluth, Georgia, became the 24th bank to fail in the nature this year, and the fifth in Georgia when it was closed Friday by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Branch Banking & Trust (BB&T), Winston-Salem, NC, to assume all of Haven Trust's deposits, including those that exceeded the insurance limit. The four branches of Haven Trust will reopen today, Monday, as branches of BB&T.

As of December 8, 2008, Haven Trust had total assets of $572 million and total deposits of $515 million. BB&T agreed to assume all of the deposits for $112,000. In addition to assuming all of the failed bank's deposits, BB&T will purchase approximately. The FDIC estimates that the cost to the Deposit Insurance Fund will be $200 million. The BB&T's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. The last bank to be closed in the state was First Georgia Community Bank, Jackson, GA, on December 5, 2008.\\dmzdoc2

Georgia’s Community Banks feeling the pain:

PNC Financial and National City reached an agreement with the U.S. Department of Justice under which PNC will divest 61 National City branches in western Pennsylvania.

Sanderson State Bank, Sanderson, Texas, became the 25th bank to fail as it was closed on Friday by the Texas Department of Banking, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Pecos County State Bank, Fort Stockton, Texas, to assume all of Sanderson State Bank's deposits, including those that exceeded the deposit insurance limit. Sanderson State Bank's sole office will reopen on today, Monday, as a branch of The Pecos County State Bank.

As of December 3, 2008, Sanderson State Bank had total assets of $37 million and total deposits of $27.9 million. The Pecos County State Bank agreed to assume all of the deposits for a .55 percent premium. In addition to assuming all of the failed bank's deposits, The Pecos County State Bank will purchase approximately $3.8 million of assets, and have the option to purchase owned premises and equipment. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $12.5 million. The Pecos County State Bank's acquisition of all the deposits was the least costly resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Sanderson State Bank is the second in Texas. The last bank to be closed in the state was Franklin Bank, SSB, Houston, TX, on November 7, 2008.

Wells Fargo & Co. plans to take a charge of $40 billion in the fourth quarter connected with its acquisition of Wachovia Corp, according to a report from Richard Bove, an analyst in Lutz for Ladenburg Thalmann.

Current list of failed banks:

Previous reports:



Mortgage applications down 7.1%

The Mortgage Bankers Association (MBA) Mortgage Applications Survey for the week ending December 5, 2008 showed a decrease of 7.1% on a seasonally adjusted basis. The conventional purchase index sank 15.5%, while the government purchase index, largely Federal Housing Administration-related, fell 21.3%.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.45% from 5.47%, with points increasing to 1.23 from 1.16, including the origination fee, for 80% loan-to-value ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.09% from 5.13%, with points decreasing to 1.26 from 1.28, including the origination fee, for 80% LTV loans.

Further, the average contract interest rate for one-year ARMs increased to 6.76% from 6.61%, with points decreasing to 0.26 from 0.52, including the origination fee, for 80% LTV loans.

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



Leasing Industry Help Wanted


Regional Sales Manager

Are you a sales professional with proven track record in the small ticket market?

Learn what Falcon can offer you!


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

CLICK HERE to find out how to have fun again.

Settlement Specialist

Settlement Specialist
Brea, CA

Small ticket leasing company looking for someone to negotiate end lease settlements (renewals, FMV, etc.) and run the department. Report directly to the Director of Operations. Require 2+ yrs. experience minimum. Attractive Compensation $65k to $90k 1 st yr. + benefits.

Please email resume to: or
Fax: 714-985-6255

Please see our Job Wanted section for possible new employees.



Leasing 102

by Mr. Terry Winders, CLP

Lease Language

I function as a teacher and an expert witness and on many occasions I discover that lessor’s and their customers are on different wavelengths when it comes to lease language. They "miscommunicate" due to our use of a language they do not understand. We also conger up some home owned terms on a company wide basis and think the world knows what we are talking about. I will show you what I am talking about by discussing some common terms.

First Term; “capital lease”. A capital lease is only an accounting term used as a classification tool for booking a commercial equipment lease when it meets one of the SFAS #13 paragraph 7 requirements. A automatic title transfer, a bargain purchase option, a term for greater than 75% of the equipments useful life or that a discount of the rent stream, at the lessee’s incremental borrowing rate is above 90% of the equipments fair value. I have heard lessor’s state that it is only a capital lease like that describes its tax and legal status also and that is not the case. In income tax terms it is a disguised conditional sales contract or a true lease. For legal purposes it is a “lease intended as a security” or a legal Article 2A lease. These terms need to be understood and properly conveyed or explained to the lessee and not thrown about indiscriminately.

In addition you cannot tell a lessee that your lease is an operating lease, because, while you may believe that is so, it is up to the lessee’s accountant to make that determination. Remember that the discount rate the lessee uses on the 90% test is different than the one the Lessor uses, which may result in different answers. The accountant may use a different equipment fair value than you because the rule requires the 90% test on the fair value and not on the equipment cost. This is the reason most lessor’s do not place the equipment cost in the lease agreement. These differences make it hard for you to be so certain.

A “bargain purchase option” is defined differently for each set of rules; accounting, income tax and legal. The accounting definition is: A provision allowing the lessee, at his option, to purchase the leased property for a price which is sufficiently lower than the expected fair value of the property at the date the option becomes exercisable that exercise of the option appears, at the inception of the lease, to be reasonably assured. The definition for Federal income tax is: if the user has the option to acquire the property at the end of the lease for a price that either is nominal in relation to the value of the property at the time when the option can be exercised (as determined at the time the parties entered into the agreement or which is relatively small when compared with the total payments required to be made.) For the uniform commercial code (Article 2A) the definition is: the lessee has an option to become the owner of the goods for no additional consideration or nominal additional consideration upon compliance with the lease agreement.

Both accounting and federal income tax rules discuss the future value of the equipment as seen at the time the lease begins as can be seen with the words “at the inception of the lease” and “as determined at the time the parties enter into the agreement” but the legal definition makes no mention of future value it only discusses the value at termination and if it is a bargain based on the value at that time. Be very careful how you handle purchase options and understand the consequences.

Many of our lease terms confuse the lessee and none more than the word “lease” by itself. The word lease is about as clear as saying that I am going to give you a boat without describing what kind of a boat. You may have in mind a ski boat when I have in mind a kayak. You must describe what kind of lease you are presenting and the implications of that type of lease. Leasing is not financing and to sell it on the same basis by saying it is a $1 out deal misleads the lessee and can get you into all kinds of problems. (Refer to the differences I wrote about between $1 out leases and loans for reference).

We use the terms “advance” and “arrears” to often without explaining their purpose or function. The proper definition of “advance” is a payment received in advance of the lessee’s right to use the asset. The definition of “arrears” is a payment received after the lessee has used the equipment. It is true that an advanced payment is cheaper that an arrears payment but that is not usually the reason for using it. Explain the differences to your lessee and let them chose which one they want.

In addition, the word “rent” also misleads the lessee into thinking the Lessor is taking care of maintenance, repairs, insurance, and assessed taxes. All of which are usually found in a “rental agreement”. The proper term is “lease payment”, or use the term “net lease” which would require you to explain to the lessee his responsibility to pay for maintenance, repairs, insurance, and assessed taxes.

This is only the tip of the iceberg on terms in our business. Please understand that the terms we use daily are usually new to our customers and as lease sales personnel we are charged with the responsibility to clearly communicate our product to the lessee to avoid nasty disagreements and misunderstandings.

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

Previous #102 Columns:

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



Top Stories---December 8-December 12

Here are the top ten stories opened by readers:

(1) SunBridge Capital’s “Truck at Hand” Repossessed

(2) Pentech still on its Feet by Christopher Menkin

(3) Operation Lease Fleece: Up-Date

(4) Franchise Lessees doing well

(5) Trigger Data Complaints

(6) "Oy Vey, Banks & Leasing!"

(7) Treasury says bank rescue a success so far

(8) More on CMC Leasing

(9) Sales Make it Happen --- by Scott Wheeler
“How to Become a Better Leasing Advisor”

(10) AIG: 38 More Get Bonuses





For Christmas, alcohol free recipes

This is for those who do not drink alcohol, primarily aimed at expectant mothers, but also for young children and those who do not drink alcohol.

Written by Alyssa D. Gusenoff, daughter of well-known leasing attorney Barry Dubin of Cooper, White & Cooper LLP, the non-alcoholic book aimed at mothers-to-be has been very well received. Both our web graphic designers, who just had children, recommend the book.

"This is a very fun book, “Maria Martinez Wong, in charge of all HTML graphics and layout, wrote. “You will enjoy healthy fruity drinks that offer nutritional benefits for the mom and baby with clever titles like ‘The Stroller,’ ‘Pregnant Peach,’ ‘Doctor’s Orders,’ ‘Easy Delivery,’ ‘Car Seat,’ ‘Cry Baby’ & many more. The book is very well put together; it includes about 91 recipes and a table of equivalencies.

“It really offers a fun way of enjoying the “no - no’s” of being pregnant without the alcohol.

“Margarita Mama will make the perfect gift for any mom-to-be anywhere."

Zachary Gusenoff

This is from Gretchen Gabriel, who is responsible for the graphics, photographs, and charts at Leasing News:

“I think this book is very well done. It offers a variety of non-alcoholic drinks that are cleverly named things like ‘Materni-Tini’ and ‘Raspberry Rattle’, as well as the non-alcoholic versions of some of the most popular cocktails. I think the recipes would be great at a baby shower or gathering where there are pregnant women. It seems like a welcome treat since most pregnant women just drink endless glasses of ice water. Even the non-pregnant set would enjoy some of these creations! A lot of fun!”

Divided into three chapters: “Frozen Delights,” “On the Rocks,” “Martini’s & More,” there are over 60 recipes for every “mom to be” with illustrations.

Available at Amazon and other book stores:



Classified ads—Lease Portfolio / Legal

Leasing Industry Outsourcing
(Providing Services and Products)

Lease Portfolio: Stilwell, KS
Looking to buy or sell lease portfolio? 20+ year lease consultant specializing in portfolio placement. Free initial consultation. References available on request.
Contact today
"I enjoy brainstorming about all aspects of leasing. I'll be back to you within 24 hours of your call or e-mail!" Barry S. Marks, Esq.
Legal: Los Angeles, CA
Challenge me with your legal question about leasing. No charge for a "free" consultation. Richard Wagner, Esq. .
Legal: Westport, CT
We represent finance companies, banks, lessors, etc., in replevins/seizures, collections and bankruptcy matters in Connecticut and New York. Flat fee, contingency and hourly rates.

All "Outsourcing" Classified ads
(advertisers are both requested and responsible to keep their free ads up to date):

How to Post a free "Outsourcing" classified ad:



News Briefs----

Federal Reserve may cut interest rates to 0% soon

Silicon Valley Millionaires Burned in Tech Bust

Executive Pay Limits May Prove Toothless

Layoffs fuel foreclosures

Thousands try for 100 Rolls-Royce jobs

Finding health coverage after a layoff

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Today's Top Event in History

1791-The first 10 amendments to the US Constitution, known as the Bill of Rights, became effective following ratification by Virginia. The anniversary of ratification and of effect is observed as Bill of Rights Day. The constitutional amendments were drawn up by James Madison and were declared in force this day, having been passed by both houses of Congress and ratified by their required number of states. The first of them established religious freedom, freedom of speech and press, the right to assemble, and the right to petition the government. The amendments were submitted to the states by the First Congress on September 25, 1789. The first state to ratify was New Jersey, which acted on November 20, 1789. Originally both houses passed 12 amendments, but two of them---on the proportion of representatives and on compensation—failed to secure the requisite number of states and ratifications.


This Day in American History

    1791-The first 10 amendments to the US Constitution, known as the Bill of Rights, became effective following ratification by Virginia. The anniversary of ratification and of effect is observed as Bill of Rights Day. The constitutional amendments were drawn up by James Madison and were declared in force this day, having been passed by both houses of Congress and ratified by their required number of states. The first of them established religious freedom, freedom of speech and press, the right to assemble, and the right to petition the government. The amendments were submitted to the states by the First Congress on September 25,1789. The first state to ratify was New Jersey, which acted on November 20,1789. Originally both houses passed 12 amendments, but two of them---on the proportion of representatives and on compensation—failed to secure the requisite number of states and ratifications.
    1792-The first life insurance offered by a general insurance company was offered by the Insurance Company of North America, organized in Philadelphia, PA with a capital of $600,000 on December 10th. The first policy was issued this day. Only six policies were written in five years, and in 1804 the life insurance feature was a discontinued. The first president was John Maxwell Nesbitt. He was a co-founder of the Bank of North American with Robert Morris, who both helped finance the revolutionary war.
    1814-Twenty-six “Federalist party” Delegates from Connecticut, Massachusetts, New Hampshire, Rhode Island, and Vermont, who opposed the War of 1812, met to plan secession from the United States. Known in history as “The Hartford Convention,” it lasted until January 5, 1815. They voted not to secede.
    1839 - The first of triple storms hit Massachusetts Bay. The storm produced whole gales, and more than 20 inches of snow in interior New England. There was great loss of life at Gloucester MA
    1854-The first street-cleaning machine of importance was employed by Philadelphia, PA. This was a historic event, as most city streets were quite dirty, which not only hampered transportation but was quite unsanitary. According to a contemporary account, it consists of “a series of brooms on a cylinder about two feet six inches wide, attached to two endless chins, running over an upper and lower set of pulleys, which are suspended on a light frame of wrought iron behind a cart, the body of which is near the ground. As the cart wheels revolve, a rotary motion is given to the pulleys conveying the endless chains and a series of brooms attached to them; which being made to bear on the ground successively sweep the surface and carry the soil up an incline or carrier plate, over the top of which it dropped into the cart.”
    1862 - Nathan B. Forrest crosses the Tennessee River at Clifton with 2,500 men to raid the communications around Vicksburg, Mississippi.
    1862 - In New Orleans, Louisiana, Union Major General Benjamin F. Butler turns his command over to Nathaniel Banks. The citizens of New Orleans hold farewell parties for Butler, "The Beast," but only after he leaves.
    1864 - The battle at Nashville begins.
    1869 -- Norton I, Emperor of the United States & Protector of Mexico, & the greatest American ruler in history, leaves San Francisco to seek his yearly tribute from the legislature & lobbyists. He inspects the new capitol during the gala ball celebrating the buildings’ inauguration.
    1874-The first child abuse prevention organization was the New York Society for the Prevention of Cruelty to Children, founded in New York City by Henry Bergh, Elbridge Gerry, and James Wright. Initial funding was provided by Cornelius Vanderbilt. Bergh had earlier founded the American Society for the Prevention
Of Cruelty to Animals in 1866.
    1874-The first reigning king to visit the United States was David Kalakaua, King of the Sandwich Islands(Hawaii), who was elected king on February 12, 1874, by a vote of 39-6. He embarked on the USS Benicia on November 17,1874 and was received at the White House, Washington, DC, by President Ulysses Simpson Grant. Congress tendered him a reception on December 18. He arranged for a treaty of reciprocity, which was concluded on January 30,1875. He returned to his country on February 15 on the USS Pensacola.
    1890-Sitting Bull is murdered by soldiers after he had surrendered, then claimed he was trying to escape. Famous Sioux Indian leader, medicine man and warrior of the Hunkpapa Teton band. Known also by his native name, Tatanka-yatanka, Sitting Bull was born on the Grand River, SD. He first accompanied his father on the warpath at the age of 14 against the Crow and thereafter rapidly gained influence within his tribe. In 1886 he led a raid on Fort Buford. His steadfast refusal to go to a reservation led General Phillip Sheridan to initiate a campaign against him which led to the massacre of Lieutenant Colonel George Custer's men at the Little Bighorn, after which Sitting Bull fled to Canada, remaining there until 1881. He later joined the Buffalo Bill Wild West Show and toured the US and Europe. When the government tried to take more land from the Indians, he became active again. A copy of the days newspapers about his death is noted below, and this is from Don Russell, “The Lives and Legends of Buffalo Bill(Norman, Okla, University of Oklahoma Press, 1960., page 132:) “At the outbreak of the Ghost Dance War, the War Department ordered the arrest of Chief Sitting Bull. Although the Sioux chief was , by 1890, quite old and had lost much of his power within the tribe, the army still feared him as a great anti-white leader. Forty-three Indian policeman, with the backing of two troops of the Eight Calvary just three miles away, were sent to make the arrest.
“ An hour before dawn the Indian police arrived at Sitting Bull’s cabin. At first the old chief offered no resistance; but when a few policemen tried to speed things up by dressing him roughly, he became angry. A crowd of Sitting Bull supporters gathered. Almost ready to leave, the chief demanded that the Indian police saddle his horse.
“Sitting Bull’s was no ordinary horse, but an equine from the staged, show time West. It had belonged to Buffalo Bill, and Sitting Bull had performed special tricks with it when the Indian had traveled with Buffalo Bill’s Wild West Show. When Sitting Bull left the show to return to the Indian nation, Buffalo Bill, in friendship, gave the trick horse to him as a gesture of the showman’s gratitude.
“As the Indian police dragged and pushed Sitting Bull from his cabin, words were exchanged between the chief’s supporters and his abductors. Suddenly, Sitting Bull announced that he was not going. Shots rang out, and with the first volley Sitting Bull was struck dead, one bullet entering from the front and another from behind. Both bullets were fired by the Indian police.
“Oddly, when the shooting started, Sitting Bull’s horse took the cue for his act in Buffalo Bill’s Wild West Show. With bullets flying everywhere, Indian police and Sitting Bull partisans scurrying for cover, the horse began to perform his tricks. Right in the middle of the newly anointed battlefield, he sat down and raised one hoof. Terror-stricken, some of the Indian police thought Sitting Bull’s freed spirit had entered his horse and made the animal do the act. The battle continued for thirty minutes. Fourteen people, from both sides, were killed.
“ Sitting Bull’s horse, incredible, was not injured, and an Indian policeman rode him to Fort Yates with news of the battle. Eventually, the chief’s horse was returned to Buffalo Bill, who put him back to work in the Wild West Show. In 1893, at the Chicago Columbian Exposition, the Wild West Show’s cavalry standard bearer rode Sitting Bull’s old horse.”
    1895-birthday of composer Any Razaf, Washington, DC, died February 3, 1973,Los Angeles
    1896—Breaking all records, 1,096,509 shares of stock were traded at the New York Stock Exchange; over one million shares of stock.
    1897-Birthday of trumpet player Ed Allen, Nashville, TN
    1911-Bandleader Stan Kenton born Wichita, Kansas “Salt Peanuts!”
    1925-Birthday of trumpet player Jimmy Nottingham, Brooklyn, NY,,474141,00.html?artist=Jimmy+Nottingham
    1927-Birthday of sax player Gene Quill, Atlantic City, NJ,,482073,00.html?artist=Gene+Quill
    1929-Birthday of pianist Barry Harris, Detroit, MI
    1932-Birthday of vocalist/song writer Jesse Belvin, San Antonio, TX
    1934-Birthday of Trombonist Curtis Fuller, Detroit, MI
    1935-Birthday of drummer Dannie Richmond, New York City
    1938 - Washington sends its fourth note to Berlin demanding amnesty for Jews.
    1939 - The epic film "Gone with the Wind" had its world premiere in Atlanta, introduced by its producer David O. Selznick.
    1941 - On Victor Records, Lena Horne recorded the classic torch song that became her signature: "Stormy Weather".
    1942-Dave Clark, musician (leader of the Dave Clark Five, "I Like It Like That"), born London, England.
    1943-Battle of San Pietro: A German panzer battalion inflicted heavy casualties on American forces trying to take the 700-year-old Italian village of San Pietro, before withdrawing from the town. San Pietro was reduced almost entirely to rubble. The American movie director John Huston, serving as an Army lieutenant, filmed the battle for the military. So graphic was the film that it was described as antiwar by the military brass at the War Department. The film was cut from five to three reels before censors allowed it to be released in 1944. It was later re-edited for the television series "The Big Picture."
    1943-The first Marine officer of Chinese descent was Wilbur Carl Sze, commissioned a second lieutenant. He was born in Washington, DC, and at the age of five went to China, where he remained for 11 years before returning to the United States.
    1943-King Cole Trio records,” Sweet Lorraine.”
    1944-Glenn Miller, 40, crashes in the English Channel
    1944-Invasion of Mindoro, Philippines. After the usual barrage from naval guns, the US 24th Division landed on Mindoro, the largest of the islands immediately south of Luzon (the most important island of the Philippines). American soldiers easily advanced eight miles inland, took the perimeter of their beachhead and started construction of an airfield. Japanese kamikaze counterattacks, however, sank two motor torpedo boats and damaged the escort carrier Marcus Island, two destroyers and a third motor torpedo boat, making Mindoro a more costly conquest than the island of Leyte had been.
    1944-The first US Army generals to wear the five-start insignia were Henry Harley “Hap” Arnold, Dwight David Eisenhower, Douglas MacArthur, and George Catlett Marshall, who appointments were ratified by the Senate this day. The grade of General of the Army was established by act of Congress on December 14, 1944.
    1944-The first US Navy admirals to wear the five-star insignia as Admirals of the Fleet were Ernest Joseph King, William Daniel Leahy, and Chester William Nimitz, whose appointments were ratified by the Senate this day. The grade of fleet admiral of the Navy was established by act of Congress on December 14, 1944. 1949-Birdland opens in New York City
    1944--VLUG, DIRK J. Medal of Honor
Rank and organization: Private First Class, U.S. Army, 126th Infantry, 32d Infantry Division. Place and date. Near Limon, Leyte, Philippine Islands, 15 December 1944. Entered service at: Grand Rapids, Mich. Birth: Maple Lake, Minn. G.O. No.: 60, 26 June 1946. Citation: He displayed conspicuous gallantry and intrepidity above and beyond the call of duty when an American roadblock on the Ormoc Road was attacked by a group of enemy tanks. He left his covered position, and with a rocket launcher and 6 rounds of ammunition, advanced alone under intense machinegun and 37-mm. fire. Loading single-handedly, he destroyed the first tank, killing its occupants with a single round. As the crew of the second tank started to dismount and attack him, he killed 1 of the foe with his pistol, forcing the survivors to return to their vehicle, which he then destroyed with a second round. Three more hostile tanks moved up the road, so he flanked the first and eliminated it, and then, despite a hail of enemy fire, pressed forward again to destroy another. With his last round of ammunition he struck the remaining vehicle, causing it to crash down a steep embankment. Through his sustained heroism in the face of superior forces, Pfc. Vlug alone destroyed 5 enemy tanks and greatly facilitated successful accomplishment of his battalion's mission.
    1945 - A record December snowstorm buried Buffalo, NY, under 36.6 inches of snow, with unofficial totals south of the city ranging up to 70 inches. Travel was brought to a halt by the storm.
    1954-“Davy Crockett” premieres on TV. This show, a series of five segments, can be considered TV's first miniseries. Shown on Walt Disney's "Disneyland" show, it starred Fess Parker as American western hero Davy Crockett and was immensely popular. The show spawned Crockett paraphernalia, including the famous coonskin cap (even after we found out that Boone never wore a coonskin hat).
    1962 - The first album to make fun of a United States President became the United States' #1 LP. The album was Vaughn Meader’s "The First Family", which stayed at #1 for three months.
    1954 -- Kirk Douglas/James Mason movie "20,000 Leagues Under the Sea" released.
    1958- In its year-end survey, Billboard rates the top pop tune of 1958 as Domenico Modugno's "Volare," the top R&B tune as Chuck Willis' "Hang Up My Rock & Roll Shoes," the best selling LP as the original cast album of "My Fair Lady" and the best-selling EP as Elvis Presley's "Jailhouse Rock."
    1959- The Everly Brothers record "Let It Be Me" in New York City, the first time they've recorded outside of Nashville and the first time they've recorded with strings.
    1961-- Adolf Eichmann, the former German Gestapo official accused of a major role in the Nazi murder of 6 million Jews, is sentenced by a Jerusalem court to be hanged.
    1962 - The Boston Celtics' Bob Cousy set a National Basketball Association record as he scored his 5,926th field goal. His career highlights included the NBA’s 1957 MVP Award, and the record set on March 21, 1953 for 30 free throws in one game when the Celtics played the Syracuse Nationals. Four of the free throws were made in overtime.
    1965-- The United States drops 12 tons of bombs on an industrial center near Haiphong Harbor, North Vietnam.
    1967-- President Lyndon B. Johnson signs the meat bill in the presence of Upton Sinclair, the author of the controversial book The Jungle.
    1967- Beatles release "Christmas Time is Here Again"

    1967-The Beatles' "Magical Mystery Tour" LP goes gold.
    1967--LYNCH, ALLEN JAMES Medal of Honor
Rank and organization: Sergeant, U.S. Army, Company D, 1st Battalion (Airmobile), 12th Cavalry, 1st Cavalry Division (Airmobile). place and date: Near My An (2), Binh Dinh province, Republic of Vietnam, 15 December 1967. Entered service at: Chicago, Ill. Born: 28 October 1945, Chicago, Ill. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Sgt. Lynch (then Sp4c.) distinguished himself while serving as a radio telephone operator with Company D. While serving in the forward element on an operation near the village of My An, his unit became heavily engaged with a numerically superior enemy force. Quickly and accurately assessing the situation, Sgt. Lynch provided his commander with information which subsequently proved essential to the unit's successful actions. Observing 3 wounded comrades Lying exposed to enemy fire, Sgt. Lynch dashed across 50 meters of open ground through a withering hail of enemy fire to administer aid. Reconnoitering a nearby trench for a covered position to protect the wounded from intense hostile fire, he killed 2 enemy soldiers at point blank range. With the trench cleared, he unhesitatingly returned to the fire-swept area 3 times to carry the wounded men to safety. When his company was forced to withdraw by the superior firepower of the enemy, Sgt. Lynch remained to aid his comrades at the risk of his life rather than abandon them. Alone, he defended his isolated position for 2 hours against the advancing enemy. Using only his rifle and a grenade, he stopped them just short of his trench, killing 5. Again, disregarding his safety in the face of withering hostile fire, he crossed 70 meters of exposed terrain 5 times to carry his wounded comrades to a more secure area. Once he had assured their comfort and safety, Sgt. Lynch located the counterattacking friendly company to assist in directing the attack and evacuating the 3 casualties. His gallantry at the risk of his life is in the highest traditions of the military service, Sgt. Lynch has reflected great credit on himself, the 12th Cavalry, and the U.S. Army.
    1968- Grace Slick, performing with the Jefferson Airplane on the "Smothers Brothers Comedy Hour," appears in blackface and raises a black-leather glove in the black power salute at the conclusion of "Crown of Creation." The incident is one of several which leads to the show's cancellation the following season.
    1971-The firsts secret Service agents who were woman were Laurie B. Anderson, Sue A. Baker, Kathryn I. Clark, Holly A. Hufschmidt, and Phyllis Frances Shantz, former agents of the Executive Protective Service.
    1973- American Psychiatric Association declares homosexuality is not mental illness.
    1973-Sandy Hawley became the first jockey to win 500 races in a single year when he rode Charlie Jr. to victory in the third race at Laurel Race Course in Maryland.
    1973---Charlie Rich followed his number 15 hit, "Behind Closed Doors" with a number one smash on the Hot 100, "The Most Beautiful Girl".
    1974-Pitcher Jim “Catfish” Hunter was ruled a free agent by arbitrator Peter Seitz who decided that Oakland A’s owner Charley Finley had not fulfilled the terms set forth in Hunter’s contract. Hunter later signed to play with the New York Yankees.
    1974 - Baltimore Colts quarterback, Bert Jones, set an NFL record by when he completed seventeen consecutive passes in a game against the New York Jets.

    1978 - United States President Jimmy Carter announced he would establish diplomatic relations with China from January 1, 1979, and break off relations with Taiwan.
    1979 - Chris Haney and Scott Abbot invented the game "Trivial Pursuit".
    1979-Pink Floyd's "Another Brick in the Wall" hits Number One on the U.K. pop chart before subsequently finding similar success in the U.S.
    1980 - Dave Winfield signed a ten-year contract with the New York Yankees for a paycheck between $1.3 and $1.5 million, making him the wealthiest player in United States team sport history. It was said the total package for the outfielder was worth over $22 million.
    1982 - Paul "Bear" Bryant announced his retirement as head football coach at the University of Alabama after 232 victories and only 46 losses.
    1983 - The remaining 80 United States combat soldiers in Grenada withdrew. -- just over seven weeks after the United States-led invasion of the Caribbean island.
    1986- CIA director William Casey suffers a cerebral seizure.

    1986 - In New York City, violinist Isaac Stern arrived in a horse-drawn carriage to cut the ribbon on the renovated Carnegie Hall.
    1986 - Kenny Rogers cut a 17 million dollar deal with the Dole Food Company, to become the highest-paid celebrity pitchman.
    1987 - A major winter storm hit the Great Lakes Region, intensifying explosively as it crossed northern Illinois. High winds and heavy snow created blizzard conditions in southeastern Wisconsin. Winds gusted to 73 mph, and snowfall totals ranged up to 17 inches at LaFarge. The barometric pressure at Chicago IL dropped three quarters of an inch in six hours to 28.96 inches, a record low reading for December. Up to a foot of snow blanketed northern Illinois, and winds in the Chicago area gusted to 75 mph. O'Hare Airport in Chicago was closed for several hours, for only the fourth time in twenty years. High winds derailed train cars at Avon IN. Light winds and partly sunny skies were reported near the center of the storm, a feature typical of tropical storms.
    1988 - High pressure in the Pacific Northwest and low pressure in the southwestern U.S. combined to produced high winds from Utah to California. Winds gusting to 70 mph in the San Francisco area left nearly 300,000 residents without electricity. Winds in Utah gusted to 105 mph at Centerville.
    1989 - A couple of low pressure systems spread heavy snow across the northeastern U.S. Up to two feet of snow was reported along Lake Erie in northeastern Ohio, and up to ten inches was reported in Connecticut. Heavy snow squalls developed over Michigan for the third day in a row. Three Oaks MI reported 25 inches of snow in two days. Twenty-six cities in the north central U.S. reported record low temperatures for the date. The low of 10 degrees below zero at Wichita KS was a December record for that location.
    1993 - Delegations from 117 countries approved by consensus a GATT trade treaty aimed at opening up international markets.
    1993 - Called "a beautiful film about the holocaust horror", Steven Speilberg's haunting black-and-white film Schindler's List opened in United States theaters. Starring Liam Neeson, Ben Kingsley, Ralph Fiennes, and Caroline Goodall, the film won many awards, including Oscars for Best Picture and Best Director.
    1995 - The United Nations Security Council authorized NATO to take over peacekeeping operations in Bosnia in a resolution spelling the end of one of the United Nations' toughest field missions.
    1995 - Southeast Asian nations signed a treaty banning the possession, manufacture and acquisition of nuclear weapons and created a nuclear arms-free zone from Burma and Vietnam in the north to Indonesia in the south.
    1995 - European Union leaders christened their planned new single currency the "Euro."
    1995--- The Ted Williams Tunnel in Boston is opened as the Splendid Splinter leads the way.
    1997-Mike Gartner of the Phoenix Coyotes became the fifth player in NHL history to reach the 700-market in regular-season goals scored. Gartner tallied at 10:41 of the first period against the Detroit Red Wings in a game that ended in a 3-3 tie.
    1997-The SF 49ers retired #16, the number on Joe Montana's jersey.
    2002 -- Indianapolis wide receiver Marvin Harrison catches nine passes for 172 yards and two TDs to break Herman Moore's single-season reception record (123). Harrison finishes the year with 143 catches.




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