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Correction---Leasing 102 by Mr. Terry Winders, CLFP
How much do you know about leasing?

The link to the answers was not working in the early edition, although a “copy and paste” would work. Several readers asked for a working link to the answers, which was sent to them:

"Thank you for the link. I think we are going to send this to our portfolio regional bankers. That should be fun…………"
Bob Underwood
Specialty Funding

"Just wanted to let you know the link to Terry Winders answers is not working…..here I am thinking I got all the answers correct……Hope you are doing great."
Denny Houseman

"Need the answers; please send"
Respectfully,
Gary Anderson, Commercial Advisor
CNG Leasing, LLC

Just a few to show there were readers who took the test seriously.
- Editor

Link to original article:
http://leasingnews.org/archives/Feb2015/2_23.htm#how

Link to Answers:
http://www.leasingnews.org/archives/March%202008/03-03-08.htm#102

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Classified Ads---Legal

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

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Experienced in-house corporate, equipment leasing and financial services attorney seeks position as managing or transactional counsel. Willing to relocate.
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Free Posting for those seeking employment in Leasing
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
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Warren Capital Receiver and Law Firm Join
The Gravy Train

by Tom McCurnin
Leasing News Legal Editor

Warren Capital Receiver Michael Kasolas and his Attorneys at Arent Fox Billed Nearly $577,000 for Fees For Six Weeks of Work. At This Rate Will There Be Anything Left For Investors?

Warren Clayton v Warren Capital San Francisco Superior Court Case No. 14-543097.

With over $22 million dollars in victims and only perhaps three million dollars in assets, will the lawyers and receiver be able to bill the whole three million dollars by the end of the year, leaving the investors with nothing?

Warren Capital, a 31 year old leasing company was founded by W. Clay Stephens. Stephens was well-known in the industry, and extremely popular in Santa Rosa, California, where he lived. He was involved in the community as well as a past president of a school board of directors. After Stephens was struck down with a heart attack in 2014, the investors and his family discovered his alleged Ponzi scheme. The facts follow.

Warren Capital was formed in 1984 by W. (Warren) Clayton Stephens and provided financing for equipment acquisition, secured loans and other financial services. Warren Capital brokered most of its transactions to institutional funding sources.

Around 2000, Stephens decided that he would finance some leases himself, establishing a subsidiary, Warren Equipment Finance. To raise the capital to fund new leases, he offered about 100 friends returns on their money, ranging between 8 to 10 percent. The investments were supposedly secure because the leases were backed by the physical equipment which could be repossessed in the event the business stopped making the lease payments.

Stephens, age 72, died from a heart attack November 10, 2014. But upon his death, it was discovered that instead of a diverse portfolio of lucrative equipment leases, the handsome investment returns were being paid to old investors, so new investors could be recruited. Stephens’ sons reportedly lost more than $1 million they invested with their dad. Scott Shapiro, Chief Operating Officer, Senior Vice President, and Assistant Vice President of Warren Capital, claimed complete ignorance about the subsidiary’s activities. Stephens’ family members have said they were equally ignorant of his activities. The family is now in private discussions with the receiver and the investors about resolving the matter. Stephens’ home was heavily mortgaged. Presumably, the Ponzi scheme was used to finance his $500,000 salary and pay off old investors to recruit new ones. Stephens was apparently living a double life.

The assets of Warren Capital are limited. Of the $22 million in outstanding investments owed to the investors, there were leases worth only about $300,000. Combined with a corporate life insurance policy of $1.75 million and about $1 million in cash, investors are left with about $3 million in recoverable assets.

The investors sought the appointment of a Receiver, Michael Kasolas who was appointed December 8, 2014. He quickly moved the court to approve the hiring of Arent Fox, a local law firm. But documents uncovered by Leasing News reflect that the Receiver and his law firm billed nearly $577,000 for fees and expenses. This is for a six week period. The fees and expenses of the Receiver Michael Kasolas were not noted. At this rate, the entire asset fund of Warren Capital will be exhausted by the end of this summer.

According to the North Bay Business Journal, the law firm Arent Fox claimed that its attorneys worked a total of 664 hours through the end of December, and that their ordinary billing for this time would actually have been $415,176. “But Arent Fox has voluntarily written down its bills by a total of $96,123, resulting in a discount of approximately 23 percent on its professional fees,” according to a statement from the firm.” It should be noted that there has been no contested litigation in the case so far, only meetings. $330,000 worth of meetings?

Aside from the shock value of this supposed pillar of the community committing fraud and the receiver’s billing frenzy, what are the take-aways here?

First, I was struck by the sheer size of the attorney fee bill for only six weeks of work. And only for meetings! By simple math, the firm billed a little over 100 hours per week for six weeks.

Second, putting aside the ridiculous attorney fees, the goal is to preserve as much money for the victims as possible. Perhaps the receiver could have gotten creative with his attorneys and bargained for a flat fee?

Third, who says you have to engage counsel and have meetings and litigate endlessly? Perhaps the correct answer might be to do nothing, and simply distribute the $3 million? While that may seem counter-intuitive, I just don't see having a pool of $3 million in the future will be very likely.

Fourth, like the evolution of the French Revolution, receivers often cannot resist suing the very class of people the receiver has sworn to protect. Often the receiver sues the old investors, claiming that the disbursements of so-called “profit” were really fraudulent conveyances. The leasing community got stung in a similar Ponzi scheme last year with Equipment Acquisition Resources ----and several notable lessors were sued by the receiver who was supposed to protecting, not prosecuting, the creditors!

Fifth, like the scam by John Otto of HL Leasing (Heritage Leasing, Fresno, California), I was struck by the naivety of the investors. I'm sure none of them sought the advice of counsel, or took a written assignment of these nonexistent “leases”. I forget who said “there's a sucker born every minute,” or “a fool and his money are soon parted.”

I guess the bottom line for me is I'm perplexed by the receiver hiring these big time lawyers milking the case—and I'm disappointed, but not surprised, at the stupidity of the investors. I don’t believe that there will ever be as much money on the table as there is now, and mark my words, the best course of action is to distribute the $3 million now, and fire the receiver and the lawyers.

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

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

Previous Tom McCurnin Articles
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

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Scam Detector Expands Reach
New App, FTC Connection

Scam Detector App now tied in with the Federal Trade Commission. According to Founder Sorin Mihailovici, “We implemented a FTC feature module on our website that encourages local consumers and businesses to report names of criminals or scams they witness into the FTC database. You can see it through our website, in the top right corner, at: www.scam-detector.com."

"The app exposes in detail over 800 of the world's most notorious scams, in all industries. It educates the consumers on how these fraudulent activities work and how to avoid them. The app is free."

((Please Click on Bulletin Board to learn more information))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

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Is There an EFA in Your Future
By Barry S. Marks, Esq.

Only one-quarter of all leases closed in this country are true leases. Fully two-thirds are “leases intended as security” ($1.00 purchase, dirty, finance, security, not-true leases…choose your favorite – let’s call them financing leases) .

Nevertheless, our industry has relied on lease language in financing documents for over half a century. Judges have generally followed the light in construing financing leases as financings and not real leases, but there have been notable exceptions. There have been a few cases in which a judge attached liability for ownership of equipment to a finance lease lessor. State tax authorities routinely tax financing leases as true leases (and tax the finance charge as a result).

For this and other reasons, the Equipment Finance Agreement (“EFA) is becoming increasingly popular and stands to replace the familiar financing lease as the finance vehicle of the future. An EFA is simply a loan and security agreement by another name. Unlike a lease, the equipment user and not the financer clearly holds title. The transaction is stated to be in the nature of a loan or financing rather than a lease of personal property.

EFAs are also sometimes used to finance motor vehicles and other potentially dangerous equipment, to be clear that debtors own the equipment in order to preserve tax exemptions available only to the debtors and in other situations where financing leases might create an ambiguity as to the debtor’s title or the lessor’s security interest.

As opposed to a financing lease, an EFA is clear on its face as to the parties’ intention. The EFA therefore has the following advantages over a financing lease.

The EFA includes remedies under UCC Article 9 rather than mixing lease (Article 2A) and loan (Article 9) language. Presumably, this will make it easier to enforce in the event of a borrower default.

The EFA clearly states that the debtor holds title, which may have advantages for state sales tax purposes. Many states assess sales tax on the finance charge component of rent in a true lease. Some will tax financing leases the same way as true leases, assessing the additional tax because it appears that the lessor retains title.

As the debtor clearly holds title, debtor sales and property tax exemptions are more likely to be preserved.

The lender will be shown as a lienholder on the certificate of title, avoiding confusion with state titling authorities.

Virtually any standard equipment lease can be converted to an EFA without a great deal of redrafting. Several important points should be considered, however.

General Language – Obviously, terms such as “rent,” “lessee,” and “lessor” should be changed throughout. The document should clearly state that the parties intend a loan (or financing) and that title will vest in the debtor immediately and no upon payment of a purchase option” or “final rental.

Defaults and Remedies – The language of these sections should be changed to contemplate a secured lending rather than a lease. The lender will be entitled to remedies under UCC Article 9, rather than UCC Article 2A. Although the result is similar, the language is different and clarity is important.

Purchase Option Language – This language should be deleted or changed to reflect a final or balloon payment.

Interest – In an equipment lease, the rent is stated without generally identifying the implicit interest rate. Under some state motor vehicle laws, the interest rate in a secured financing must be disclosed. While these considerations should (theoretically) apply to a financing lease, some lessors escape scrutiny because of the form of their documents. An EFA would be more likely to be subject to state motor vehicle finance laws, and whether the interest rate must be disclosed should be checked.

Usury – Although usury considerations should (theoretically) apply to financing leases, they generally do not apply to true leases. An EFA is more likely to be subject to state usury limitations than a lease, particularly if the interest rate is stated on the face of the document. Most lessors would be comfortable relying on choice of law and forum selection clauses in the lease bringing any litigation into a state that does not have a restrictive usury ceiling. Usury “savings clauses,” under which the interest rate is reduced to the maximum rate permitted by law, should be included in every EFA.

Tax Language – Any federal or state income tax indemnity for loss of tax benefits should be excised. The lessor should consider whether its policy regarding the payment of sales and property taxes should be reconsidered where the debtor will obviously be the owner of the leased equipment.

Grant of Security Interest – The EFA should state clearly that the financing party is granted a first priority security interest.

Purchase Money Security Interest – It will be even more important than in most lease transactions that the lessor file its UCC financing statement within 20 days after delivery (not necessarily acceptance) of the equipment in order to preserve the purchase money security interest status.

Return Provisions – The return provision language should be adjusted so that it is clear that the equipment is not to be returned. It makes sense that some this language remain as the borrower’s responsibility in the event of a default. On the other hand, evergreen clauses and holdover rent provisions should be removed.

Miscellaneous Boilerplate – Article 2A language should be removed, acceptance language should be adjusted, and other general boilerplate should be discussed with counsel so that both the language in the document and the lessor’s policies may evolve appropriately to the new transaction format.

Before rushing off to make a few simple changes, a lessor should be aware that there may be other language that can trip up operations or enforcement of a converted lease form. Among other things, an EFA is not designed to be used for working capital loans or other financings not tied to specific items of equipment. Many banks balk at buying EFA payments where the boilerplate they are used to seeing in leases or loan agreements is not present.

With a little planning and investigation, however, an EFA may make good business sense for many leasing companies and other equipment financers.

Barry S. Marks, Esq. | Marks & Associates, P.C.
Street Address: 505 N. 20th Street | Suite 1615
Birmingham, AL 35203
Mailing Address: PO BOX 11386 | Birmingham, AL 35202
Tel: (205) 251-8303 | Fax: (205) 278-8905
Email: barry@leaselawyer.com
www.leaselawyer.com

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Leasing Industry Ads---Help Wanted

Help Wanted ads in Leasing News Work---Give us a try.
Contact: 408-354-7967

New ELFF Report: Impact of Alternative Financing

The Equipment Leasing & Finance Foundation titled, “The Impact of Alternative Financing on the Equipment Leasing and Finance Industry: Maximizing Opportunities and Managing Threats”.

The report offers an in-depth look at this growing sector. It will help legacy equipment finance companies and other lenders understand what and who composes the alternative finance marketplace and the environment in which it operates.

Study highlights include:

Key reasons for borrowers’ receptivity to alternative finance

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It is available at no cost to Foundation donors and for sale for $300.00 at the Foundation online library at http://www.store.leasefoundation.org/cgi-bin/msascartdll.dll/ProductInfo?productcd=AltFin

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Leasing News Advisor
Armon Mills

Armon Mills joined the Leasing News Advisory Board on February 5, 2004. In reality, he was quite instrumental and was the first to give Kit Menkin advice to incorporate, trade mark, and develop what were originally e-mails about what was happening in the equipment leasing industry sent to friends. Kit served on all Armon’s advisory boards; is a personal friend of he and his family. He and Armon often had lunch together often when Armon was located in San Jose, California. They also both served on community non-profit organizations as officers, including chairmen and presidents, working on projects together. Armon has been a mentor to several publishers, many of them across the nation, running the various Business Journals and other media.

Armon L. Mills, President and Publisher
San Diego Business Journal
4909 Murphy Canyon Road, Suite 200
San Diego, CA 92123
Direct Phone: 858.277.6795
Cell: 858.220.5443
Email: amills@sdbj.com

In January of 2011, Armon joined J.H. Cohn LLP as Director of Practice Development, Southern California Region.

In 2013 Armon returned to the San Diego Business Journal as President and Publisher.

Armon earned a Bachelor of Arts degree in Business Administration from Southwestern College in Winfield, Kansas. He also earned his Certified Public Accountant certificate from Kansas in 1967.

Armon began his career in public accounting with the national CPA firm of Fox & Company. Armon joined the firm in January of 1964. His career with Fox included 11 ½ years on the audit staff including promotions to manager on June 1, 1968 and was admitted as a full Partner on June 1, 1970. He was a partner with the firm for 14 years and managing partner of Fox & Company offices for nine years in:

            St. Louis, Missouri from July 1, 1975 to December 31, 1977
            Kansas City, Missouri from January 1, 1978 to July 31, 1981
            Minneapolis, Minnesota from August 1, 1981 to July 30, 1984.

Armon was recruited to American City Business Journals on July 31, 1984 as President and Chief Operation Officer. He was in that position for two and a half years during which time the company grew from four Business Journals in Kansas City, Missouri, San Jose, California, Milwaukee, Wisconsin and Portland, Oregon to 35 Business Journals covering the United States from coast to coast and Hawaii. He was also President and Chief Operating Officer when American City Business Journals went public with an IPO on July 18, 1985.

Armon moved to Phoenix, Arizona in 1987 to be Publisher of the Business Journal serving Phoenix and the Valley of the Sun. He and his family moved to the Bay area in 1991 where he was Publisher of business publications in San Jose and Silicon Valley before moving to San Diego in 2004 to become President and publisher of the San Diego Business Journal. Under my leadership, the San Diego Business Journal increased its’ bottom line net operating income 370 percent from 2003 to 2007.

Armon was active in many community organizations. While in San Jose, he served as chair of the Board of Directors of the San Jose/Silicon Valley Chamber of Commerce, The Santa Clara County Salvation Army, YMCA of Santa Clara Valley and the Silicon Valley Capital Club. He was a previous member of the Board of Directors for the Silicon Valley Chapter of Commonwealth Club of California, San Jose Sports Council, American Red Cross, Santa Clara County Boy Scouts of America, March of Dimes, Valley Medical Center Foundation, United Way, San Jose Repertory Theater, The American Heart Association, the Santa Clara County Arts Council and Treasurer and Chair of the Finance Committee for the San Jose Convention and Visitors Bureau. Armon also chaired the 1995 KTCH Channel 54 Public Television Station fund-raising auction and is a past member of their Board of Directors. He served on the board of the Alliance of Area Business Publications from 1986 to 1989 and was President of the Association in 1988. He was an active member of the San Jose Rotary Club for over 12 years.

Armon has received several community and business awards which include:

Media Advocate of the Year – 1997
U.S. Small Business Administration San Francisco District

Silver Hope Award – 1997
National Multiple Sclerosis Society

Distinguished Citizen Award – 1998
Santa Clara County Council of Boy Scouts of America

Leadership Excellence Award – 1998
San Jose/Silicon Valley Chamber of Commerce

                 Silver Beaver Award – 2001
                 Santa Clara County Council of Boy Scouts of America

                 Business Hall of Fame – 2002
                 Southwestern College – Winfield, Kansas

                 Joint Civilian Orientation Conference (JCOC)
                 Class of 70 –October, 2005
                 Selected by the Department of Defense to visit military bases
                 and operations in Germany, United Kingdom and Italy.

Armon is continuing his strong commitment to the community here in San Diego. He is the past Chair of the Board of Directors of the San Diego Police Foundation. He is a member of Rotary Club #33 and a past member of the Board of Directors of LEAD San Diego. Armon is on the board of the San Diego Better Business Bureau. He is also a member of the National University Holiday Bowl Committee and the San Diego Credit Union Poinsettia Bowl Committee. Armon is the Finance Chair of the New Majority of California and serves on their state board of directors. Armon is also on the Leasing News Advisory Board.

Armon has been married to his wife Sandra for over 36 years and has four adult children, Kathryn, Marnie, Darin and Trina.

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

FDIC-Insured Institutions Down $2.9 Billion (7.3%) from 2013
Here is Fourth Quarter, 2014 Report

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $36.9 billion in the fourth quarter of 2014, down $2.9 billion (7.3 percent) from earnings of $39.8 billion that the industry reported a year earlier. The decline in earnings was mainly attributable to a $4.4 billion increase in litigation expenses at a few large banks. More than half of the 6,509 insured institutions reporting (61.2 percent) had year-over-year growth in quarterly earnings. The proportion of banks that were unprofitable during the fourth quarter fell to 9.4 percent from 12.7 percent a year earlier.

Martin J. Gruenberg
FDIC Chairman

"The banking industry continued to improve at the end of the year," FDIC Chairman Martin J. Gruenberg said. "Although total industry earnings declined as a result of significant litigation expenses at a few large institutions and a continued decline in mortgage-related income, a majority of banks reported higher operating revenues and improved earnings from the previous year. In addition, banks made loans at a faster pace, asset quality improved, and the number of banks on the 'Problem List' declined to the lowest level in six years."

Chairman Gruenberg added: "Community banks performed especially well during the quarter. Their earnings were up 28 percent from the previous year, their net interest margin and rate of loan growth were appreciably higher than the industry, and they increased their small loans to businesses."

Community banks earned $4.8 billion during the quarter. Based on criteria developed for the FDIC Community Banking Study published in December 2012, there were 6,037 community banks (92.7 percent of all FDIC-insured institutions) in the fourth quarter of 2014 with assets of $2.1 trillion (13.3 percent of industry assets). Fourth quarter net income of $4.8 billion at community banks was up $1.0 billion (27.7 percent) from a year earlier, driven by higher net interest income, increased noninterest income, and lower loan-loss provisions. Community banks' net income, net interest income, noninterest income, and loan balances all grew at a faster pace than the industry as a whole. Asset quality indicators showed further improvement, and community banks continued to hold 45 percent of small loans to businesses.

For the industry as a whole, loan and lease balances rose $149.4 billion (1.8 percent) in the fourth quarter to $8.3 trillion. Commercial and industrial loans increased by $42.2 billion (2.5 percent), and credit card balances grew by $35.4 billion (5.2 percent). Over the past 12 months, loan and lease balances increased 5.3 percent. This is the highest 12-month growth rate for loans since mid-year 2008.

Net interest income was $1.1 billion (1 percent) higher than a year ago, as the industry's interest-bearing assets increased 6.2 percent in 2014. Almost three out of four institutions (70.5 percent) reported higher net interest income than in the fourth quarter of 2013. The average net interest margin (the difference between the average yield banks earn on loans and other investments and the average cost of funding those investments) was 3.12 percent, down from the 3.27 average in the fourth quarter of 2013. This is the lowest quarterly average margin since the 3.11 percent reported in the third quarter of 1989, as larger institutions continued to increase their holdings of low-yield, liquid investments.

Noninterest income was down $160 million (0.3 percent) from a year ago, as income from the sale, securitization, and servicing of residential mortgages declined $1.6 billion (30.8 percent). More than half of all banks (54.4 percent) reported year-over-year increases in quarterly noninterest income.

Noninterest expenses were $4.9 billion (4.8 percent) higher than a year ago, as itemized litigation expenses at a few of the largest banks were $4.4 billion higher. Banks set aside $8.2 billion in provisions for loan losses, up 12 percent from $7.3 billion a year earlier. This is the second consecutive quarter that the industry has reported a year-over-year increase in loss provisions.

Asset quality indicators continued to improve as insured banks and thrifts charged off $9.9 billion in uncollectible loans during the quarter, down $2.2 billion (18.3 percent) from a year earlier. The amount of noncurrent loans and leases (those 90 days or more past due or in nonaccrual status) fell $9.2 billion (5.4 percent) during the fourth quarter. The percentage of loans and leases that were noncurrent declined to 1.96 percent, the lowest level since the 1.73 percent posted at the end of the first quarter of 2008.

The average return on assets (ROA) fell to 0.96 percent in the fourth quarter from 1.09 percent a year earlier. The average return on equity (ROE) declined from 9.76 percent to 8.56 percent.

Chairman Gruenberg concluded: "The current operating environment remains challenging. Revenue growth continues to be held back by narrow interest margins and lower mortgage-related income. And, many institutions are reaching for yield given the low interest-rate environment, which is a matter of ongoing supervisory attention. Nevertheless, results from the fourth quarter generally were positive for the banking industry, and for community banks in particular."

Financial results for the fourth quarter of 2014 and the full year are contained in the FDIC's latest Quarterly Banking Profile, which was released today. Also among the findings:

Full-year earnings totaled $152.7 billion. Total net income for 2014 was $1.7 billion (1.1 percent) less than the industry reported in 2013. This is the first decline in annual net income in five years. Full-year ROA was 1.01 percent, marking the third year in a row that the annual ROA has exceeded 1 percent. Reduced revenues from the sale, securitization, and servicing of residential mortgages (down $9.1 billion or 35 percent) and increased litigation expenses at a few large banks (up $6.5 billion or 206 percent) were the main causes of the drop in full-year earnings. Almost two out of every three banks (64 percent) reported higher net income than in 2013.

The number of "problem banks" fell for the 15th consecutive quarter. The number of banks on the FDIC's "Problem List" declined from 329 to 291 during the quarter, the lowest since the end of 2008. The number of "problem banks" now is 67 percent below the post-crisis high of 888 at the end of the first quarter of 2011.

The Deposit Insurance Fund (DIF) balance continued to increase. The DIF balance (the net worth of the Fund) rose to a record $62.8 billion as of December 31 from $54.3 billion at the end of September. The Fund balance increased primarily due to decreases in estimated losses for past bank failures. Estimated insured deposits increased 1.0 percent, and the DIF reserve ratio (the Fund balance as a percentage of estimated insured deposits) rose to 1.01 percent as of December 31 from 0.88 percent as of September 30. A year ago, the DIF reserve ratio was 0.79 percent.

The complete Quarterly Banking Profile is available at http://www2.fdic.gov/qbp on the FDIC Web site.

Receivables Management LLC
John Kenny

• End of Lease Negotiations & Enforcement
• Third-Party Commercial Collections

john@jkrmdirect.com | ph 315-866-1167
www.jkrmdirect.com

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

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

Equipment Leasing and Finance Industry Confidence
in February Remains at Three-Year High

Washington, DC,– The Equipment Leasing & Finance Foundation (the Foundation) releases the February 2015 Monthly Confidence Index for the Equipment Finance Industry (MCI-EFI) today. Designed to collect leadership data, the index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $903 billion equipment finance sector. Overall, confidence in the equipment finance market is 66.3, a slight increase from the three-year high level reached by the January index of 66.1.

William Verhelle
Chief Executive Officer
First American Equipment Finance

When asked about the outlook for the future, MCI-EFI survey respondent William Verhelle, Chief Executive Officer, First American Equipment Finance, a City National Bank Company, said, “The economy continues to improve. First American is seeing increased equipment acquisition activity among the large corporate borrowers we serve. We are optimistic that lower energy costs, if they remain at current low levels, will drive increased U.S. economic activity in the second half of 2015. We are more optimistic about the U.S. economy today than we have been at any time during the past six years.”

February 2015 MCI-EFI Survey Comments from Industry Executive Leadership:

Independent, Small Ticket

David Schaefer, CEO
Mintaka Financial, LLC

“Demand remains moderate and competition is strong. We remain bullish for 2015 as we expand channels and products. We are planning on muted GDP so we are focused on making our own opportunities versus waiting for the general economy to expand.”

Bank, Small Ticket

Kenneth Collins, CEO
Susquehanna Commercial Finance, Inc.

“Things just seem to be better. Gas prices and unemployment are headed in the right direction.

[I am] concerned over the negative effect of lower gas prices, i.e., higher fail rates of energy loans and energy stock value.”

Bank, Middle Ticket

Elaine Temple, President
BancorpSouth Equipment Finance

“I see continued strength in the transportation segment of the economy. That segment of our business will remain strong. The opportunities in oil and gas have substantially declined. I expect the decline to depress the volume of business during 2015. 2015 will be a mixed year with some industries doing well and others in decline.” Elaine Temple, President, BancorpSouth Equipment Finance

Bank, Middle Ticket

Thomas Jaschik, President
BB&T Equipment Finance

“All signs have been pointing to a ‘break-out’ year in 2015. However, investment in capital assets continues to be sporadic. Companies continue to be cautious in expanding their production capacity. Let's hope the economists are correct in their predictions for 2015.” Thomas Jaschik, President, BB&T Equipment Finance

February 2015 Survey Results:

The overall MCI-EFI is 66.3, a slight increase from the January index of 66.1.

• When asked to assess their business conditions over the next four months, 30.3% of executives responding said they believe business conditions will improve over the next four months, up from 23.3% in January. 63.6% of respondents believe business conditions will remain the same over the next four months, down from 76.7% in January. 6.1% believe business conditions will worsen, up from none who believed so the previous month.

• 42.4% of survey respondents believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, up from 20% in January. 51.5% believe demand will “remain the same” during the same four-month time period, down from 80% the previous month. 6.1% believe demand will decline, up from none in January.

• 27.3% of executives expect more access to capital to fund equipment acquisitions over the next four months, down from 33.3% in January. 72.7% of survey respondents indicate they expect the “same” access to capital to fund business, up from 66.7% in January. None expect “less” access to capital, unchanged from the previous month.

• When asked, 39.4% of the executives reported they expect to hire more employees over the next four months, a decrease from 50% in January. 57.6% expect no change in headcount over the next four months, up from 50% last month. 3% expect to hire fewer employees, up from none who expected fewer in January.

• 6.1% of the leadership evaluate the current U.S. economy as “excellent,” up from 3% last month. 90.9% of the leadership evaluate the current U.S. economy as “fair,” down from 97% in January. 3% rate it as “poor,” up from none the previous month.

• 45.4% of the survey respondents believe that U.S. economic conditions will get “better” over the next six months, an increase from 43.3% who believed so in January. 54.6% of survey respondents indicate they believe the U.S. economy will “stay the same” over the next six months, down from 56.7% in January. None believe economic conditions in the U.S. will worsen over the next six months, unchanged from last month.

• In February, 48.5% of respondents indicate they believe their company will increase spending on business development activities during the next six months, a decrease from 50% in January. 51.5% believe there will be “no change” in business development spending, an increase from 50% last month. None believe there will be a decrease in spending, unchanged from last month.

About the Foundation

The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that provides vision for the equipment leasing and finance industry through future-focused information and research. Funded through charitable individual and corporate donations, the Foundation is the only organization dedicated to future-oriented, in-depth, independent research for the leasing industry. Visit the Foundation online at http://www.LeaseFoundation.org

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

News Briefs----

U.S. farmers turn to equipment leases to cope with profit slump
http://www.reuters.com/article/2015/02/23/us-farm-equipment-leases-idUSKBN0LR1YL20150223

Huntington to Buy Macquarie Equipment Finance
http://www.wsj.com/articles/huntington-to-buy-macquarie-equipment-finance-to-expand-in-michigan-1424793609

HSBC Chief Defends Swiss Bank Account Worth $7.7 Million
http://www.nytimes.com/2015/02/24/business/dealbook/hsbc-chief-defends-swiss-bank-account-worth-7-7-million.html?_r=0

JP Morgan Chase to close hundreds of bank branches
http://www.cbsnews.com/news/jpmorgan-chase-to-close-hundreds-of-bank-branches/

Report Uncovers 2015 Global Digital Banking Trends
http://thefinancialbrand.com/50258/2015-digital-banking-outlook-trends/

Deutsche Bank signs multibillion-dollar IT deal with HP
http://www.reuters.com/article/2015/02/24/us-deutsche-bank-hp-idUSKBN0LS0T820150224

AerCap removes Boeing 757s and 767s from Russia
http://www.flightglobal.com/news/articles/aercap-removes-boeing-757s-and-767s-from-russia-409338/

Statement of Federal Reserve Chair Janet L. Yellen--Unabridged
Semiannual Monetary Policy Report to the Congress
http://www.federalreserve.gov/newsevents/testimony/yellen20150224a.htm

[headlines]
--------------------------------------------------------------

--You May Have Missed It

Microsoft Band gets tiny keyboard, bike app in update
http://www.seattletimes.com/business/microsoft/microsoft-band-gets-tiny-keyboard-bike-app-in-updat

[headlines]
--------------------------------------------------------------

SparkPeople--Live Healthier and Longer

11 Things Children Can Teach You About Weight Loss
The Littlest People Know the Biggest Motivation Secrets
http://www.sparkpeople.com/resource/motivation_articles.asp?id=405

[headlines]
--------------------------------------------------------------

Winter Poem

The Road Not Taken

by Robert Frost

Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth;

Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that, the passing there
Had worn them really about the same,

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads to way,
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I-
I took the one less traveled by,
And that has made all the difference.

[headlines]
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Sports Briefs----

No downtown San Diego stadium site till 2025?
http://www.utsandiego.com/news/2015/feb/24/stadium-mts-bus-downtown/

Ravens' Steve Bisciotti says 2014 was 'my worst year as an owner'
http://www.usatoday.com/story/sports/nfl/ravens/2015/02/24/ravens-steve-bisciotti-says-2014-was-my-worst-year-as-an-owner/23959721/

49ers to speak with Ryan Mathews, Mark Ingram if Gore leaves town
http://sanjose.suntimes.com/sj-sports/7/144/51880/sf-49ers-ryan-mathews-frank-gore/

Derrick Rose has meniscus tear
http://www.chicagotribune.com/sports/basketball/bulls/chi-derrick-rose-meniscus-tear-bulls-20150224-story.html

Olbermann suspended by ESPN over twitter fued
http://ftw.usatoday.com/2015/02/espn-keith-olbermann-penn-state-twitter-taken-off-air

[headlines]
--------------------------------------------------------------

California Nuts Briefs---

You’re out, tobacco: bill would ban products at all
California baseball venues (including chewing tobacco)
http://www.sacbee.com/news/politics-government/capitol-alert/article11042966.html

Facebook bus drivers unanimously approve union contract
http://blog.sfgate.com/techchron/2015/02/23/facebook-bus-drivers-unanimously-approve-union-contract/

[headlines]
--------------------------------------------------------------

“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Guy Fieri drops plans for winery outside of Santa Rosa
http://www.pressdemocrat.com/home/3558156-181/guy-fieri-drops-plans-for

Winemaker David Ramey to introduce affordable, fun wines
http://www.pressdemocrat.com/lifestyle/3495043-181/winemaker-david-ramey-to-introduce

Illinois sends over 100 cease and desist letters
http://shipcompliantblog.com/blog/2015/02/24/illinois-sends-100-cease-desist-letters/

Update: Former Napa Valley Crime Stoppers volunteer jailed on theft charges
http://napavalleyregister.com/news/local/former-napa-valley-crime-stoppers-volunteer-now-a-fugitive/article_9c4d7524-941d-5f01-ba22-b3f2bf05e757.html

Premiere Napa Auction Reaches Record Heights
http://www.wine-searcher.com/m/2015/02/premier-napa-auction-reaches-record-heights

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm

[headlines]
----------------------------------------------------------------

     1643 – The massacre of friendly Indians at Pavonia, near present-day Hackensack, New Jersey, is ordered by William Kieft, Governor of New Netherlands. 120 Wecquaesgeek men, women and children, asleep in their wigwams, died. Eyewitness David P. deVries noted: "...about midnight I heard a great shrieking, and I ran to the ramparts of the fort... Saw nothing but firing, and heard the shrieks of the savages murdered in their sleep. When it was day, the soldiers returned to the fort, having massacred or murdered 80 Indians, and considering they had done a deed of Roman valor, in murdering so many in their sleep; where infants were torn from mother's breasts, and hacked to pieces in the presence of the parents, and the pieces thrown into the fire and in the water, and other sucklings, being bound top small boards, were cut, stuck, pierced, & miserably massacred in a manner to move a heart of stone...“
http://www.ulster.net/~hrmm/halfmoon/lenape/effects.htm
http://www.getnj.com/jchist/19.shtml
http://www.nnp.org/newvtour/regions/Hudson/pavonia.html
    1751 – The first monkey ever to perform in the US appeared in NYC for a 1 cent admission.
    1779 - George Clark captures Fort Sackville at Vincennes, Indiana.
http://memory.loc.gov/ammem/today/feb25.html
    1781 - American General Nathanael Greene crossed the Dan River on his way to his March 15th confrontation with Lord Charles Cornwallis at Guilford Court House, N.C.
    1791 - The charter of the first bank of the US: The First Bank of the US at Philadelphia, Pennsylvania, was proposed as a national bank by Alexander Hamilton. It lost its charter in 1811. The Second Bank of the US received a charter in 1816 which expired in 1836. Since that time, the US had no central bank until 1913 when the Federal Reserve System was established.
    1793 – The first US Cabinet met at the home of President George Washington.
    1804 - The Democratic-Republican Party held their first caucus and elected Thomas Jefferson of Virginia for President and George Clinton of New York for Vice-President. The Federalists did not have a caucus but supported Charles Cotesworth Pinckney of South Carolina for President and Rufus King of New York for Vice-President. Jefferson received 162 electoral votes and Pinckney 14.
    1824 - The Baptist General Tract Society was organized in Washington, D.C. In 1826, the society was moved to Philadelphia, and by 1840, the organization had issued over 3.5 million copies of 162 different tracts.
    1825 – New Harmony, Indiana. Robert Owen announces New Harmony utopian plan in Indiana to government dignitaries in the Hall of the US House of Representatives.
http://www-lib.iupui.edu/kade/newharmony/home.html
http://csf.colorado.edu/psn/marx/Bio/owen.html
http://www.avsands.com/Travel/Places/newharmonyindi_une_av.htm
http://www.newharmony.org/
    1836 - Samuel Colt obtained a patent for “an improvement in revolving fire-arms.” He had invented the revolving cylinder pistol in 1830 while he was traveling on the S.S. Carlo. With a pocket knife he whittled a wood model. He first obtained a patent from England in 1835. After his US patent, he formed the Patent Arms Manufacturing Company of Paterson, NJ, capitalized at $230,000. The first revolvers produced by the factory were .34-caliber models. The company nearly failed in its first decade, but was revived by an order from the government in 1847 for one hundred revolvers to use in the Mexican-American War. The revolver was the first firearm that could be used effectively by a man on horseback. Colt set up a new factory in Connecticut and made a fortune after the war as ranchers, outlaws, prospectors, and lawmen stormed into the newly acquired Western territories with their six-shooters blazing.
    1837 – The first US electric printing press was patented by Thomas Davenport.
    1842 - Famous woman lighthouse keeper, Ida Z. Lewis, was born in Newport, Rhode Island. She was the oldest daughter of the lighthouse keeper at Lime Rock in Newport, R.I. and she assumed her father's responsibilities when he suffered a paralytic stroke when she was 15. By rowing her sister and brothers to school and getting supplies from the mainland, she became an expert oarsperson. Her ability to handle a boat even in the worst weather conditions enabled her to rescue dozens of people from capsized boats in Newport Harbor. Her fame spread throughout the country and she was honored in numerous ceremonies. President Grant and dignitaries of her area paid their respects by personally visiting this great 19th century heroine. In 1879, after 22 years of keeping the Lime Rock Lighthouse, she was officially designated the first woman Keeper of the Light.
http://www.lkwdpl.org/wihohio/lewi-ida.htm.
    1843 – King Kamehameha III agreed to cede the Hawaiian Islands to Lord George Paulet over legal disputes with British subjects. Lord Paulet then formed an occupation government while attempting to annex the Kingdom of Hawaii to the UK. The Provisional Cession lasted only five months.
    1847 – The State University of Iowa was approved.
    1862 - The U.S. Congress passes the Legal Tender Act, authorizing the use of paper notes to pay the government's bills. This ended the long-standing policy of using only gold or silver in transactions, and it allowed the government to finance the enormously costly war long after its gold and silver reserves were depleted. Several proposals involving the use of bonds were suggested. Finally, Congress began printing money, which the Confederate government had been doing since the beginning of the war. The Legal Tender Act allowed the government to print $150 million in paper money that was not backed by a similar amount of gold and silver. Another Legal Tender Act passed in 1863, and by war's end, nearly a half-billion dollars in greenbacks had been issued. The Legal Tender Act laid the foundation for the creation of a permanent currency in the decades after the Civil War. At this time, the Comptroller of the Currency was also established.
   1863 - The first bank to file as a National Bank under “an act to provide a national currency” was the First National Bank of Davenport, IA. Austin Corbin was the first president. For two days, the bank was the only national bank in operation under the new act.
    1866 - Miners in Calaveras County, CA discovered what is now called the Calaveras Skull - human remains that supposedly indicated that man, mastodons, and elephants had co-existed.
    1870 - Hiram Rhodes Revels of Mississippi was sworn in as the first black U.S. senator and the first black representative in Congress. Revels was elected to fill the office vacated by Jefferson Davis. He served through March 1871, the remainder of Davis' vacated term. The first African-American to serve a full term in the U.S. Senate, Blanche Kelso Bruce (1875-1881), was also from Mississippi.
http://bioguide.congress.gov/scripts/biodisplay.pl?index=R000166
http://freepages.folklore.rootsweb.com/~docbratt/hiram_rhodes.htm
http://www.shider.com/history/revels.htm
http://ctct.essortment.com/africanamerican_pwr.htm
    1873 - Enrico Caruso, universally regarded as the world's greatest operatic tenor, was born in Naples, Italy. He became widely known in 1898 through his appearances in Milan, about three years after his debut at Caserta, near Naples, in the role of Faust. In 1902, he made his London debut and the following year, he first appeared in the U.S. He was very well received and actually bought a house here as he made many tours and was extremely popular. Caruso made his first recordings in 1901, and was largely responsible for the public perceiving the phonograph as a home entertainment medium rather than a toy. His recording of "Vesti La Giubba (On With the Motley)" for the Victor Company in 1907 is believed to be among the first records to sell a million copies. For more than 30 years after his death in 1921, Caruso was one of the Victor Company’s top-selling artists. The 1951 film "The Great Caruso," with Mario Lanza, provided renewed interest in his records.
http://www.enricocarusomuseum.com/home.html
    1874 - Skokomish Indian reservation was established near Shelton, Washington. The Skokomish Tribal Nation is a federally-recognized tribe of Skokomish, Twana, Klallam, and Chimakum people, indigenous of the Pacific Northwest, and one of nine bands of Twana people.
http://www.washington.edu/uwired/outreach/cspn/hstaa432/
lesson_12/skokomish.html
http://www.pacificnet.net/jue/idontknow/answersexplanations/
dogowa.html
http://www.skokomish.org/
http://www.newsdata.com/enernet/fishletter/documents/fl7doc8c.html
http://www.wavcc.org/wvc/cadre/WaStateHistory/course/tribes.htm
    1875 - Kiowa Indians under Chief Lone Wolf surrendered at Ft Sill, OK.
    1888 – Former Secretary of State John Foster Dulles was born in Washington, DC. His civil service dates to the Wilson administration as legal counsel for the US delegation to the Versailles Peace conference which experience was valuable to him later as a drafter of the United Nations charter. Later, he was Secretary of State under President Eisenhower. Dulles died in 1959 of colon cancer and is buried in Arlington National Cemetery. He has received numerous awards in the US and in Europe, among them the Medal of Freedom. The Dulles International Airport is named in his honor. "The ability to get to the verge without getting into the war is the necessary art... if you are scared to go to the brink, you are lost."
    1896 - Singer/songwriter Ida Cox (Ida Prather) was born Toccoa, GA. Died 1967.
http://www.blues.org/history/womenhistory/idacox.html
http://www.geocities.com/BourbonStreet/Delta/2541/blicox.htm
http://www.amazon.com/exec/obidos/ASIN/B00005K2D1/
avsearch-df1-9-20/102-1682336-8966565
    1900 - Pianist Hartzell “Tiny” Parham was born Winnipeg, Manitoba. Died April 4, 1943.
http://www.redhotjazz.com/tiny.html
http://www.musical-genre.com/tiny_parham.htm
    1901 – Wealthy industrialist J.P. Morgan incorporated the United States Steel Corporation. In its day, there was a saying, “As US Steel goes, so goes the country.”
    1901 – The youngest of the Marx Brothers, Zeppo, was born Herbert Manfred Marx in NYC. He died in California in 1979.
    1908 – The first tunnel under the Hudson River, for railroads, was completed.
    1910 - Millicent Fenwick, the inspiration for Garry Trudeau's "Doonesbury" character Lacey Davenport, was born at New York, NY. Former fashion model, author, member NJ General Assembly and US congresswoman, she was a champion of liberal causes. Fenwick pointed to her sponsorship of the resolution creating the commission to monitor the 1975 Helsinki accords on human rights as her proudest achievement. She fought for civil rights, peace in Vietnam, aid for the poor, reduction of military programs, gun control and restrictions on capital punishment. Fenwick died at Bernardsville, NJ, Sept 16, 1992.
    1907 - US playwright Mary Coyle Chase was born in Denver.   She won the 1944 Pulitzer Prize for the play “Harvey”, the tale of an invisible six-foot rabbit. She wrote a sparkling screenplay to convert it into a very successful movie. She began her writing career as newspaper reporter. Chase died in Denver in 1981.
http://www.imdb.com/name/nm0153808/
    1913 – Federal Income Tax: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration. The 16th Amendment to the United States Constitution was ratified on February 3 by Rhode Island (interestingly, it was a Republican bluff that brought the bill forward in the Rhode Island legislature, as they thought the Democrats would be crazy passing it), permitting the levying of an income tax on individuals and businesses without apportionment on the basis of the population of states. It did not go into effect until February 12th. Officially, the Secretary of State Philander Knox on February 25, 1913 declared it to be "in effect", but never stating it was lawfully ratified. There were many legal issues from the various states that were never resolved. The change did not come at once, however, for the first income tax law specified graduated rates of 1 to 6% of income. It was a flat tax. There is controversy that not all the states ratified this amendment, although amendments to it were made Congress….which controversy remains today.
http://www.freerepublic.com/forum/a3920a3ba708e.htm
http://www.scrapthecode.com/educating/history.html
http://caselaw.lp.findlaw.com/data/constitution/amendment16/01.html#1
http://www.16thamendment.com/intro.asp
    1913 – The actor who was the voice of the nearsighted Mr. Magoo, Jim Backus, was born in Cleveland. He also gained fame as the wealthy Thurston Howell III in “Gilligan’s Island”. He died in LA in 1989.
    1913 – Auric “Goldfinger” actor Gert Frobe was born in Saxony. He died in 1988.
    1918 - “Bobby” Riggs birthday, tennis player, was born Robert Lormier Riggs at Los Angeles, CA. Riggs won the US National Singles Championship in 1939 and 1941, and won three titles at Wimbledon in 1939. After World War II, he turned pro successfully but won his greatest fame as the male sexist for a pair of “Battle of the Sexes” matches in 1973. He won the first of these against Margaret Court and lost the second to Billie Jean King. Died at Leucadia, CA. Oct. 25, 1995.
    1919 - Oregon became the first state to impose a state gasoline sales tax, placing one cent per gallon on all motor fuel. The funds collected were used for road construction and maintenance.
    1919 - Jazz cellist Fred Katz’s birthday
http://www.spaceagepop.com/katz.htm
http://www.emusic.com/cd/10735/10735030.html?fref=148694
http://www.allaboutjazz.com/reviews/r1202_044.htm
    1919 – New York Giants outfielder Monte Irvin was born in Haleburg, AL. A star with the Newark Eagles of the Negro Leagues, Irvin became an All-Star with the Giants five times and was the mentor of All-time great, Hall of Famer Willie Mays. Irvin was elected to the Baseball Hall of Fame in 1973 and is now the oldest living African-American former MLB player.
    1919 – The League of Nations was established under the Treaty of Paris.
    1922 - “Texas Rose” Bascom birthday. A Cherokee-Choctaw Indian born at Covington County, MS, Rose Flynt married rodeo cowboy Earl Bascom and learned trick roping, becoming known as the greatest female trick roper in the world. She appeared on stage, in movies, and on early TV. She toured with the USO during World War II, performing at every military base and military hospital in the US. After the war, she entertained servicemen stationed overseas. In 1981, she was inducted into the National Cowgirl Hall of Fame (located at Hereford, TX). She died Sept 23, 1993, at St. George, UT.
    1922 - The temperature at Los Angeles, CA, soared to 92 degrees to establish a record for the month of February.
    1924 – Manager Ty Cobb issued an edict to his team, the Detroit Tigers, forbidding players to play golf during training camp. A report in the Detroit Free Press said Cobb confiscated players' golf clubs.
    1924 - Marie Boyd scored 156 points in a Maryland High School basketball game that her team, Lonaconing Central High School, won against Ursuline Academy of Cumberland, 163-3. She is still listed first in the National High School Sports Record Book for most points scored and field goals made (77) in a single six-girl basketball game.
   1927 - Pianist James P. Johnson’s first recording of “Snowy Morning Blues,” Columbia 14204-D)
    1928 – Charles Jenkins Laboratories of Washington, DC became the first holder of a television license from the Federal Radio Commission.
  1928 – TV writer, playwright, screenwriter and author Larry Gelbart was born in Chicago. His best work was as the creator of the record-breaking hit TV show “M*A*S*H*” that ran 1972-83. He died in 1989 in Beverly Hills.
    1929 - Saxophonist Tommy Newsom was born in Portsmouth, VA. He is best-known for his playing in the Tonight Show Band of the 1960's, 70's and 80's where he occasionally was the butt of jokes as Doc Severinson's dim-witted sidekick. Newsom was always good-humored about it all, but this particular "gig" covered up the fact that he was actually a pretty talented tenor-saxophone soloist.
http://www.amazon.com/exec/obidos/ASIN/B000001VNM/
avsearch-df1-9-20/102-1682336-8966565
    1933 – USS Ranger is launched. It is the first US Navy ship to be built solely as an aircraft carrier. After outstanding service in the Atlantic during World War II, Ranger was decommissioned in 1947 and sold for scrap.
    1933 – NFL rule changes: hash marks 10 yard in from the sidelines and goal posts were placed on the goal line.
    1933 – Tom Yawkey bought the Boston Red Sox.
    1934 – One of golf’s more flamboyant personalities, Champagne Tony Lema was born in Oakland, CA. His only major title was the 1964 Open Championship. He died in 1966 at age 32 in an airplane accident.
    1938 - Miami Drive-In Debuts: Miami's first drive-in movie theater opened. Invented by Richard Hollingshead, the first drive-in debuted in New Jersey June 6, 1933, on Admiral Wilson Boulevard in Pennsuaken. Admission was 25 cents per car and 25 cents per individual, with no car paying more than one dollar. Hollingshead received a patent for his idea in 1933, but it was later repealed in 1939. Without a patent to hinder them, copycats began opening up drive-ins all across the country. By 1938, most metropolitan areas had drive-in theaters. The drive-in craze would reach its peak in 1963 when 3,502 theaters were in operation across the country. Today, most drive-ins have been replaced by DVD, TV movies, Internet movie rentals, and On-Demand movies on cable TV, as the most inexpensive way to watch a movie, or romantic encounter. Land values had become so expensive for other, more lucrative uses that owners sought to cash in rather than continue their operations. As of March 2014, 348 drive-ins were reported in the US. In the Fall of 2014, the burger chain Johnny Rockets announced that it would team up with USA Drive-Ins to open 200 drive-ins by 2018 serving Johnny Rocket's food at the concession stands.
    1942 - The US Navy orders Japanese American residents of Terminal Island near Los Angeles Harbor to leave in 48 hours. They are the first group to be removed en masse and suffer especially heavy losses of their homes and businesses as a result. Lesser known is the fact that similar fates were visited upon German-American and Italian-American families during the war.
http://www.janm.org/clasc/resources.htm
http://www.janet.org/janet_history/niiya_chron.html
    1943 - George Harrison, former lead guitarist for the Beatles, was born in Liverpool, England. He was the guitarist and co-songwriter for the Beatles, alongside John Lennon, Paul McCartney and Ringo Starr. The band is considered to be the most influential rock and roll group of all time. Harrison is credited with introducing Eastern musical styles and instrumentation to Western Pop. After the breakup of the Beatles, Harrison embarked on a successful solo career, became an independent film producer (“Time Bandits”) and created on of the first charity rock concerts with his “Concert for Bangladesh,” which brought relief to flood victims of that country. His first project after the Beatles broke up in early 1970 was a three-record set, "All Things Must Pass," which contained the number-one single, "My Sweet Lord," which was later litigated and found to have been a plagiarization of “He’s So Fine”. The two benefit concerts at Madison Square Garden in New York for the people of Bangladesh, a documentary film and a Grammy Award-winning three-record set earned more than 10 million dollars, which was donated to UNICEF after a lengthy delay caused by legal problems. Harrison had another number-one hit in 1973 with "Give Me Love (Give Me Peace on Earth)," and his tribute to John Lennon, "All Those Years Ago," made it to number two on the Billboard Hot 100 in 1981. Harrison's 1987 comeback album "Cloud Nine," was a big hit, as was the single "Got My Mind Set On You." He died at Los Angeles, CA. on Nov 29, 2001.
http://web.mit.edu/scholvin/www/harrison/harrison.html
    1944 - Top Hits
“Besame Mucho” - The Jimmy Dorsey Orchestra (vocal: Bob Eberly & Kitty Kallen
“My Heart Tells Me” - The Glen Gray Orchestra (vocal: Eugenie Baird)
“Shoo, Shoo, Baby” - The Andrews Sisters
“Ration Blues” - Louis Jordan
    1946 - Les Brown records “Lover's Leap”: for Columbia
    1950 - Pianist Mike Wofford born San Antonio, TX
http://www.mikewofford.com/
    1950 - “Your Show of Shows” premiered on TV. Sid Caesar and Imogene Coca starred in the NBC 90-minute variety program along with Carl Reiner and Howard Morris. It started as a one hour show February 25, 1950. The show included monologues, improvisations, parodies, pantomimes and sketches of varying length. Some of its writers were: Mel Brooks, Larry Gelbart, Neil Simon and Woody Allen. It was my father's favorite show. He was general manager of WOR-TV in New York. We grew up enjoying "live TV." He was a friend of Carl Reiner and Howard Morris and the director of the show, Irv Kirshner, was one of my father's best friends, who also directed the Jackie Gleason Show, if my memory serves me correctly.
    1952 - Top Hits
Cry - Johnnie Ray
Slowpoke - Pee Wee King
Anytime - Eddie Fisher
Give Me More, More, More (Of Your Kisses) - Lefty Frizzell
    1957 - Buddy Holly and The Crickets traveled to Norman Petty's studio in Clovis, NM, to record "That'll Be the Day" (one of the classics of rock 'n' roll) and "I'm Looking for Someone to Love". Both songs were released on Brunswick Records in May of that year. The record, released under the Crickets' name, was Holly's first million-seller, topping both North American and British charts.
    1960 - Top Hits
“The Theme from ‘A Summer Place’" - Percy Faith
“Handy Man” - Jimmy Jones
“What in the World's Come Over You” - Jack Scott
“He'll Have to Go” - Jim Reeves
    1961 - Davey Allison, NASCAR auto racer, was born at Hueytown, AL. Allison won 19 races in 191 starts, including one Daytona 500. The son of racer Bobby Allison, Davey was killed in a helicopter accident on the infield of the racetrack at Talladega, AL, July 13, 1993.
    1961 - After being discharged from the US army nearly a year ago, Elvis Presley makes his first concert appearance since 1958 at the Ellis Auditorium in Memphis, Tennessee. During the show, RCA Records presents The King with a plaque to commemorate 76 million records sold worldwide.
    1963 - Vee Jay Records, a small Chicago-based label, releases the first Beatles record in the US, "Please Please Me" backed with "Ask Me Why." A smash in the UK, barely noticed in the US, "Please Please Me" was the second record released in the U.S. by The Beatles. Some labels carried a famous misprint, making it an instant, and valuable, collector's item. The label listed the group as The Beatles.
    1963 – Former Yankees right fielder and current Yankees broadcaster, Paul O’Neill, was born in Columbus, OH. O’Neill was a five-time World Series champion, one with Cincinnati and four with the Yankees. He is the only Major Leaguer to have played on the winning team in three perfect games: Tom Browning, 1988, David Wells, 1998, and David Cone, 1999.
    1964 - Twenty-two year-old Cassius Clay won the world heavyweight boxing title by defeating Sonny Liston in the seventh round in Miami, FL. Clay had been an 8-1 underdog. In fact, only 8,297 fans showed up for the bout. http://news.bbc.co.uk/sport1/hi/boxing/specials/ali_at_60/1722098.stm
http://www.antekprizering.com/claylistonfive.html.
Asked how he would defeat Sonny Liston, “Float like a butterfly, sting like a bee.” At the height of his athletic career, Ali was well known for both his fighting ability and personal style. His most famous saying was, "I am the greatest!” In 1967, he was convicted of violating the Selective Service Act and was stripped of his title for refusing to be inducted into the armed services during the Vietnam War. Ali cited religious convictions as his reason for refusal. In 1971, the Supreme Court reversed the conviction. Ali is the only fighter to win the heavyweight fighting title three separate times. He defended that title nine times. He has devoted his life to helping others. Despite a crippling disease, he gives much time to promoting peace and bringing people together.
    1964 - U.S. Air Force launched a satellite employing an Atlas/Agena combination from Point Arguello, CA and from Cape Kennedy, FL.
   1966 - CONNOR, PETER S. Medal of Honor
Rank and organization: Staff Sergeant, U.S. Marine Corps, Company F, 2d Battalion, 3d Marines, 1st Marine Division (Rein), FMF. Place and date: Quang Nag Province, Republic of Vietnam, 25 February 1966. Entered service at: South Orange, NJ. Born: 4 September 1932, Orange, N.J. Citation: For conspicuous gallantry and intrepidity in action against enemy Viet Cong forces at the risk of his life above and beyond the call of duty. Leading his platoon on a search and destroy operation in an area made particularly hazardous by extensive cave and tunnel complexes, S/Sgt. Connor maneuvered his unit aggressively forward under intermittent enemy small-arms fire. Exhibiting particular alertness and keen observation, he spotted an enemy spider hole emplacement approximately 15 meters to his front. He pulled the pin from a fragmentation grenade intending to charge the hole boldly and drop the missile into its depths. Upon pulling the pin he realized that the firing mechanism was faulty, and that even as he held the safety device firmly in place, the fuse charge was already activated. With only precious seconds to decide, he further realized that he could not cover the distance to the small opening of the spider hole in sufficient time, and that to hurl the deadly bomb in any direction would result in death or injury to some of his comrades tactically deployed near him. Manifesting extraordinary gallantry and with utter disregard for his personal safety, he chose to hold the grenade against his body in order to absorb the terrific explosion and spare his comrades. His act of extreme valor and selflessness in the face of virtually certain death, although leaving him mortally wounded, spared many of his fellow marines from death or injury. His gallant action in giving his life in the cause of freedom reflects the highest credit upon the Marine Corps and the Armed Forces of the United States.
    1966 - Nancy Sinatra receives her first gold record for "These Boots Are Made for Walkin'." She will share a gold record with her father Frank next year for "Something Stupid.”
    1968 - Top Hits
“Love is Blue” - Paul Mauriat
“(Theme From) Valley of the Dolls” - Dionne Warwick
“(Sittin' On) The Dock of the Bay” - Otis Redding
“Skip a Rope” - Henson Cargill
    1969 - *MORGAN, WILLIAM D., Medal of Honor
Rank and organization: Corporal, U.S. Marine Corps. Company H, 2d Battalion, 9th Marines, 3d Marine Division. Place and date: Quang Tri Province, Republic of Vietnam, 25 February 1969. Entered service at: Pittsburgh, Pa. Born: 17 September 1947, Pittsburgh, Pa. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a squad leader with Company H, in operations against the enemy. While participating in Operation DEWEY CANYON southeast of Vandergrift Combat Base, 1 of the squads of Cpl. Morgan's platoon was temporarily pinned down and sustained several casualties while attacking a North Vietnamese Army force occupying a heavily fortified bunker complex. Observing that 2 of the wounded marines had fallen in a position dangerously exposed to the enemy fire and that all attempts to evacuate them were halted by a heavy volume of automatic weapons fire and rocket-propelled grenades. Cpl. Morgan unhesitatingly maneuvered through the dense jungle undergrowth to a road that passed in front of a hostile emplacement which was the principal source of enemy fire. Fully aware of the possible consequences of his valiant action, but thinking only of the welfare of his injured companions, Cpl. Morgan shouted words of encouragement to them as he initiated an aggressive assault against the hostile bunker. While charging across the open road, he was clearly visible to the hostile soldiers who turned their fire in his direction and mortally wounded him, but his diversionary tactic enabled the remainder of his squad to retrieve their casualties and overrun the North Vietnamese Army position. His heroic and determined actions saved the lives of 2 fellow marines and were instrumental in the subsequent defeat of the enemy. Cpl. Morgan's indomitable courage, inspiring initiative and selfless devotion to duty upheld the highest traditions of the Marine Corps and of the U.S. Naval Services. He gallantly gave his life for his country.
    1973 - Juan Corona sentenced to 25 life sentences for 25 murders
http://www.geocities.com/Area51/Shadowlands/4077/corona.html
    1976 - Top Hits
“50 Ways to Leave Your Lover” - Paul Simon
“Theme from S.W.A.T.” - Rhythm Heritage
“Love Machine (Part 1)” - The Miracles
“Good Hearted Woman” - Waylon & Willie
    1977 - Dust reduced visibilities from eastern Virginia through the southeastern states to Florida between the 24th and 28th. The dust originated in the western Great Plains on the 22nd and 23rd with wind gusts above 100 mph reported at Guadalupe Pass, Texas, at White Sands, New Mexico, in Sherman County, Kansas, and in eastern Colorado.
    1977 – Pistol Pete Maravich set the NBA record for a guard with 68 pts
    1981 - Christopher Cross won five Grammy Awards at ceremonies in Radio City Music Hall in New York City. He was awarded the Album of the Year award for "Christopher Cross" and his hit, "Sailing", won for Best Arrangement Accompanying Vocalist(s), Record of the Year and Song of the Year. Christopher was also voted Best New Artist of 1980. All in all, a very good night for Mr. Cross...
    1982 - Final episode of "The Lawrence Welk Show" airs.
http://www.museum.tv/archives/etv/L/htmlL/lawrencewelkwrencewelk.htm
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http://us.imdb.com/Title?0047749
http://www.welkshow.com/
    1984 - "Ironweed", by William P. Kennedy, was awarded the Pulitzer Prize for fiction this day. The novel, about a man trying to make peace with the ghosts of his past -- and present, also captured the National Book Critics Circle Award for fiction. ("Ironweed" was made into a movie in 1987, directed by Hector Babenco, starring Jack Nicholson and Meryl Streep.)
    1984 - Top Hits
“Jump” - Van Halen
“99 Luftballons” - Nena
“Girls Just Want to Have Fun” - Cyndi Lauper
“Stay Young” - Don Williams
    1986 - "We Are The World" captured four Grammy Awards. The song, featuring more than 40 superstar artists gathered at one time, was awarded the Top Song, Record of the Year, Best Pop Performance and Best Short Video Awards. Lionel Richie and Michael Jackson wrote the song, which was recorded by 45 celebrities. The record raised more than 33 million dollars for African famine relief.
    1987 - Frank Sinatra's appearance on "Magnum PI" gave the TV show its highest rating ever.
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    1987 – Southern Methodist University's football program is the first college football program to receive the “death penalty” by the NCAA's Committee on Infractions. It was revealed that athletic officials and school administrators had knowledge of a “slush fund” used to make illegal payments to the school's football players as far back as 1981.
    1987 – Former Cy Young Award winner, LaMarr Hoyt, was banned from baseball for the 1987 season for drug abuse.
    1988 - Bruce Springsteen opened his "Tunnel of Love" tour in Worcester, Mass. Springsteen shed his working-man image, adopting the persona of a boardwalk carnie. He performed eight songs from the "Tunnel of Love" album plus an assortment of "B" sides, unreleased songs, cover tunes and new material. Songs from Springsteen's earlier albums were virtually ignored.
    1989 - Mike Tyson knocked out Frank Bruno in the fifth round in Las Vegas, Nevada. Tyson was the WBA, WBC & IBF Undisputed World Heavyweight Champ.
    1989 - Thirteen cities in Florida reported record low temperatures for the date, including Jacksonville with a reading of 24 degrees. Severe cold in Florida claimed three lives, and resulted in 250 to 300 million dollars crop damage. Unseasonably warm weather prevailed in the central U.S. Dodge City, KS reported record high of 80 degrees.
    1989 – Shortly after buying the team from the Murchison family, owner Jerry Jones fired the only coach the Dallas Cowboys ever had, Tom Landry.
    1990 - Snow spread across the northeastern U.S. Massachusetts was blanketed with 8 to 15 inches of snow, 5 to 10 inches was reported in Rhode Island, and totals in Connecticut ranged up to 10.5 inches at New Canaan. In central New York State, snow and high winds resulted in a number of chain-reaction multiple accidents, and a total of 108 persons were injured. Snow and high winds created white-out conditions along Interstate 87 in Saratoga County, NY. Sub-zero cold was reported from Minnesota through Michigan to northern New England. Duluth, MN reported a record low of 26 degrees below zero
    1991 – During the Gulf war, an Iraqi scud missile hit an American military barracks in Dhahran, Saudi Arabia killing 28 US Army reservists from Pennsylvania.
    1992 - Natalie Cole's single and album "Unforgettable" captured seven Grammy awards, including Best Album, Best Record and Best Song. Victoria native David Foster was named Producer of the Year for the album and single. The title song of "Unforgettable" was an electronically-produced duet between Cole and her father, Nat (King) Cole, who died in 1965.
    1992 - Grammy awards for Vancouver rocker Bryan Adams, who won for best song written specifically for a motion picture or television - for "(Everything I Do) I Do It For You" from "Robin Hood: Prince of Thieves."
    1992 - Eric Clapton wins six Grammys, including Best Record and Best Song for "Tears In Heaven" as well as Best Album for "Unplugged". James Brown is recognized for Lifetime Achievement and Michael Bolton is given a statue for Best Pop Vocal Performance for his note-for-note remake of "When a Man Loves a Woman".
    1992 – Muddy Waters won the Lifetime Achievement Award at the 34th Annual Grammy Awards.
    1993 - The Florida Marlins baseball team introduced their mascot, Billy the Marlin. According to Billy's Web page, (web7.sportsline.com/u/baseball/ flamarlins/kids/billyhome.htm), Billy's favorite movie is "A Fish Called Wanda" and his favorite TV show is "Flipper". The team is now known as the Miami Marlins, reminiscent of the long-time minor league team of that name.
    1993 - The big snow season of 1992-93 continued to set records. Evansville, Indiana set a new monthly snowfall record on this date with 18.4 inches. 12.7 inches of snow fell in 24 hours at Columbia, Missouri to set a new 24 hour snowfall record for the month. Light snow at Pocatello, Idaho raised its seasonal snowfall total to 85.7 inches to set a new all-time seasonal snowfall record. The old record was 85.6 inches set in the 1983-84 season.
    1994 – “Holy Cow!” Former Yankees shortstop, Phil Rizzuto, was elected to the Baseball hall of Fame.
  1995 - Frank Sinatra performs for what would be the last time, singing his hits for a private party of 1,200 at his own golf tournament, the Frank Sinatra Desert Classic in Palm Springs, CA. His last song? "The Best Is Yet To Come." “The Chairman of the Board” passed away in May, 1998.
    1995 - Madonna's "Take a Bow" became the #1 single in the U.S. The smash hit was number one for seven weeks: “Take a bow, the night is over; this masquerade is getting older; Lights are low, the curtains down; There's no one here.”
    1997 - Directors of Bethel Bible Village met to decide whether to remove Pat Boone as a sponsor for the Pat Boone Celebrity Spectacular, a charity golf tournament the singer had supported for nearly 20 years. A few weeks earlier, Boone had turned from cotton-candy crooner to leather-clad heavy-metal rocker. Trinity Broadcasting, a Christian TV network, received so many complaints about his heavy-metal act that it canceled his weekly Gospel America show. However, he remained host of a Christian film and TV awards program. According to Chairman Theodore Baehr of the Christian Film and Television Commission, "In white bucks or black leather, Pat Boone is still the same guy underneath".
    1998 - The Grammys were handed out during ceremonies at Radio City Music Hall. Bob Dylan won three Grammys, including one for Best Album for "Time Out Of Mind." Dylan's son, Jakob, also won an award, winning Best Song for "One Headlight," a song he recorded with his band, The Wallflowers. Also winning awards were John Fogerty, who picked up Best Rock Album for "Blue Moon Swamp," Elton John for Best Male Vocal for "Candle In The Wind 1997" and Van Morrison, who won one for Best Pop Collaboration for "Don't Look Back," a song he recorded with John Lee Hooker.
    1999 - Television's highly popular “Baywatch”, watched each week in more than 100 countries, began a locale change for its 1999 season by filming on location in Australia. The show starred executive producer David Hasselhoff and a brigade of red swimsuit-clad lifeguards. On this date, TV producer Greg Bonnan attended a public meeting in Avalon Beach, a beachfront Sydney suburb. Some of the 1,700 people who attended were shouting, "Don't come here, leave us alone!" and "We don't want you here!" A fifth of the town's population turned out for the meeting, which appeared to split the community between younger Baywatch fans and older people who abhorred the invasion of privacy and inconvenience that film productions bring. Many residents were angered when security guards blocked off part of the beach and banned a surfer from the area. After the unruly meeting, Bonnan said he was considering invitations from other Australian coastal towns that welcomed the chance to put their beach on television screens worldwide.
http://www.baywatch.com/
http://www.ricochetrecords.com/Recordings/recordings.html
    2003 - Financier Ralph Whitworth pays one million dollars to have Paul McCartney play at his wife Wendy's 50th birthday party. McCartney presents the CNN exec with a dozen roses after singing "Birthday" to her and then, as agreed, donates the full amount to the charity Adopt-A-Minefield.
    2005 - Edward Patten of Gladys Knight and the Pips was admitted to a hospital in Detroit after a stroke. He passed away the next day.
    2007 - Academy Awards: Best Picture: “The Departed”-Graham King; Best Director: Martin Scorcese-“The Departed”; Best Actor: Forest Whitaker as Idi Amin-“The Last King of Scotland”; Best Actress: Helen Mirren as Queen Elizabeth II-“The Queen”; Best Supporting Actor: Alan Arkin as Edwin Hoover-“Little Miss Sunshine”; Best Supporting Actress: Jennifer Hudson as Effie White-“Dreamgirls”. http://en.wikipedia.org/wiki/79th_Academy_Awards
    2009 - Calling him "the soundtrack of my youth," US President Barack Obama presents Stevie Wonder with the Library of Congress' Gershwin Prize.
    2011 - Researchers in Fairbanks, Alaska, discovered the remains of a 3-year old child from the Ice Age and named it Xaasaa Cheege Ts'eniin, 'Upper Sun River Mouth Child'.

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