Wednesday, February 10, 2021
Today's Leasing News Headlines
Leasing Industry Job Wanted
New York Legislature Moves to Expand Reach
of the Recently Enacted Small Business Truth-in-Lending
Act Before it Becomes Effective
By Robert L. Hornby, CSG Attorneys at Law
Aggregate Funders, Currency, Still Listed
By Christopher Menkin, editor
LeasePolice.com and LeasePoliceplus.com are Down
By Christopher Menkin, Editor
Leasing Industry Ads
Balboa Capital/TopMark Funding
Define Your Position
Sales Makes it Happen by Scott Wheeler, CLFP
Response to Leasing News Reader’s Survey
Including Comments of What Readers Like Best
1.2 Million Mortgagors Fear Losing Their Homes
"Rapid Rollout of Vaccines to reopen economy" noted
The World’s Largest Metro's by Area
Urban Areas by Total Land Area in 2020
First Citizens, CIT Receive
Stockholder Approval For Merger
Baystone Government Finance hits record
for new business volume in 2020
Plano, Texas Adopt a Dog
Introducing Leasing News Advisor
Salesforce reveals new Employees ‘Work From Anywhere’ plan
Two-thirds of workers in offices as little as one day a week
Tesla’s China sales more than doubled in 2020
"one-fifth of Tesla’s sales overall"
Sacramento mayor condemns protesters who
vandalized his Pocket neighborhood home
You May have Missed---
Lloyd Austin takes first steps
to repair a battered Pentagon
Broker/Funder/Industry Lists | Features (wrilter's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months
www.leasingcomplaints.com (Be Careful of Doing Business)
Leasing News Icon for Android Mobile Device
California Nuts Brief---
"Gimme that Wine"
This Day in History
Weather, USA or specific area
######## surrounding the article denotes it is a “press release,” it was not written by Leasing News nor has the information been verified. The source noted. When an article is signed by the writer, it is considered a “byline.” It reflects the opinion and research of the writer.
Leasing Industry Job Wanted
Experienced credit underwriter, financial analyst & vendor program manager seeks part time, remote work opportunity to assist in managing/evaluating vendor programs, loss pool analysis, credit requests, restructurings and workout situations. Emphasis on asset based and secured financing to the middle and large ticket market. Multiple industry experience including: Commercial, Industrial, Manufacturing, Transportation, Construction and Distribution segments. Interested in approximately 20 to 30 hours per week, no benefits required. East Coast Location. Contact firstname.lastname@example.org
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New York Legislature Moves to Expand Reach
of Small Business Truth-in-Lending Act
By Robert L. Hornby
CSG Attorneys at Law
On December 23, 2020, Governor Andrew Cuomo finally signed the New York State Small Business Truth in Lending Act into law. New York thereby officially became the second state in the nation to pass a TIL Act aimed at small business financing, following California’s lead when it enacted its own TIL Act in 2018. But. even before the ink was dry on the New York Truth in Lending Act, the New York Legislature immediately moved to amend the law, aiming to expand its reach beyond that of its West Coast counterpart. As further discussed below, the good news is that the pending amendments to the NY Truth in Lending Act will push the effective date to January 1, 2022 (at the earliest); the bad news is that the mandated disclosures will now reach well beyond what any reasonable person would consider a “small business loan.”
The law that is now in place — found in new Article 8 of the New York Financial Service Law — is presently set to take effect on June 21, 2021. Like California, the NY Truth in Lending Act mandates that non-exempt providers of “commercial financing” of $500,000 or less must disclose certain truth-in-lending-type information about the financing offer to the recipient prior to entering into a financing transaction. Pursuant to the law, commercial financing includes: (1) “open-end financing,” which is defined as a secured or unsecured “agreement for one or more extensions of open-end credit . . . the proceeds of which the recipient does not intend to use primarily for personal, family or household purposes”; (2) “closed-end financing,” defined as a secured or unsecured “closed-end extension of credit . . . including equipment financing that does not meet the definition of a lease” under the Uniform Commercial Code Section 2-A-103; (3) “sales-based financing,” defined as a “transaction that is repaid by the recipient to a provider, over time, as a percentage of sales or revenue”; and (4) a “factoring transaction,” which is as “an accounts receivable purchase transaction that includes an agreement to purchase, transfer, or sell a legally enforceable claim for payment held by the recipient for goods the recipient has supplied or services the recipient has rendered that have been order but for which payment has not yet been made.” The bill’s definition of commercial financing also includes the catch-all phrase, “other form[s] of financing, the proceeds of which a recipient does not intend to use primarily for personal, family or household purposes.”
The law provides a number of exemptions based on who is lending (financial institutions), the type of transaction involved (secured real property), the number of transaction in a year (5 or less in a year) and the amount of the transaction ($500,000 and above). Notably, the law expressly exempts commercial equipment leases but does not exempt commercial equipment loans. (Note: FASB and both state/federal accounting consider “capital leases” as “finance” and not a “true” or “operating lease” as their definition of “leasing.” Editor).
When Governor Cuomo signed the bill into law after months of delay, he issued a statement expressing concerns about the law but stated that he was nonetheless signing because he had secured the agreement of the Legislature to make “technical changes” to the law. While the Governor did not elaborate on what “technical changes” were needed, New York Senate Bill S898 was introduced in January 2021 stating that it was “a negotiated change” to the law meant to address the Governor’s concerns. That bill has been fast-tracked, already passing the New York Senate on January 19, 2021 and currently pending before the New York Assembly.
Although the S989 purportedly addresses “technical changes,” it makes substantive changes to the NY Truth in Lending Act that increases the scope of the law while also exempting a new class of transactions. As noted, under the current law, the disclosure requirements do not apply to any commercial financing transactions over $500,000. However, S989 adds an additional $2 million to that amount, meaning that any non-exempt commercial financing transaction under $2.5 million will require Truth in Lending Act disclosures. The bill also adds a new exemption for commercial financing transactions where the recipient is a motor vehicle dealer, a rental vehicle company or an affiliate involved in a “commercial open-end credit plan of at least fifty thousand dollars, including any commercial loan made pursuant to such a commercial financing transaction.”
Fortunately, S898 extends the effective date of the law to January 1, 2022, presumably to permit the Department of Financial Services (NYDFS) to promulgate the regulations needed to implement the law. It is anticipated that NYDFS will issue draft regulations for public comment that will articulate the manner in which the mandatory disclosures will be made including the necessary formatting and presentation of same. However, it is unclear when those proposed regulations will be issued and how long that process will actually take (recall that the process in California has taken well over a year).
Given that S898 arose from an agreement between the Governor and the Legislature, it seems highly likely that it will pass the New York Assembly and be signed into law. Assuming the amendments remain as drafted, and even though certain transactions involving auto dealers will be exempt, it is clear the New York Truth in Lending Act will cover significantly more commercial financing transactions than was originally contemplated. It is difficult to image how raising the threshold to $2.5 million will serve the purported goal of protecting small businesses. Indeed, if S898 is passed, it will be a misnomer to continue to refer to this law as a “small business” financing act.
Robert L. Hornby
Chair, Equipment Leasing & Finance
CSG Attorneys at Law
Chiesa Shahinian & Giantomasi PC
One Boland Drive |
West Orange, NJ 07052
11 Times Square, 31st Floor |
New York, NY 10036
“An experienced litigator, Robert Hornby represents national and regional banks and finance companies in all aspects of equipment leasing, asset based lending and civil litigation in New York and New Jersey states and federal courts. He regularly counsels clients on a wide range of matters unique to the equipment finance and leasing industry, from drafting master documentation to the enforcement of lessors’ and secured creditors’ rights.”
Aggregate Funders, Currency, Still Listed
By Christopher Menkin, editor
Leasing News reported January 25, 2021, Currency, 12100 Wilshire Boulevard, Los Angeles, California was down to a small staff, sales and other personnel are no longer located here, and the office would be "sub-leased" at best. Categorized as an "Aggregate Funder" by Leasing News, the company was one of the original Financial Technology entries into the marketplace. (1)
The underwriters are listed on the website. Leasing News attempted to contact TimePayment, who has reportedly taken over servicing for the nearly $200 million portfolio which Currency originated and was managing with leverage from a major bank.
Located in Burlington, Massachusetts, TimePayment has been in the top five leasing website postings in Leasing News. In April, 2018, the company completed its acquisition of LeaseQ, founded in 2011, an "online equipment financing marketplace to show multiple competing financing offers to prospective borrowers. The marketplace remains an innovative sales financing option for vendors who would like to provide both instant approvals and pricing transparency." (2)
In the press release, it was stated "TimePayment is a Boston-based FinTech company owned by affiliates of Fortress Investment Group, a leading, highly diversified global investment manager. Fortress is owned by SoftBank Group Corp. (TOKYO: 9984), a global technology investor focused on advancing the Information Revolution by forming long-term partnerships with the most superior companies in the information industry. TimePayment leads the industry with technology tools and capital that enables equipment sellers and financial intermediaries to offer fast, paperless equipment lease financing to their customers. The company’s proprietary credit scoring and risk-based transaction model delivers competitive lease financing solutions across the credit spectrum; from Fortune 500 companies to small business start-ups. TimePayment proudly serves more than 100,000 active accounts with transaction sizes ranging from $500 to over $500,000.“ (2)
One of the companies that reportedly have taken over its deals from Currency is eBay. Another is also another very large group in the business of such transactions, SandHills Global, Lincoln, Nebraska. SandHills has taken over the origination and payments technology platform and software systems along with some personnel as evidenced by information readily available on the websites of both Currency and Sand Hills Publishing.
None of the companies have returned telephone calls. In the growth of FinTech, Leasing News has written about OnDeck, recently purchased, and others who were at one time very active as bank interest rates are very low and groups who obtain higher rates appear not as "risky" because the profits are thought to cover receivables and actual losses. The advertising of "We take bank deals that they don't take" has been rampant in their advertising.
When Leasing News started the list of "Aggregate Funders" there were originally 23 and, once the confirmation of changes in Currency become public, there will just be one.
(1) Major Executive and Financial Changes
Reported at Currency, Los Angeles, California
(2) TimePayment™ Completes Acquisition
Aggregate Funding Sources - Updated
(Online: connects lessees, lessors, and vendors)
LeasePolice.com and LeasePoliceplus.com are Down
By Christopher Menkin, Editor
The founder of LeasePolice, Bernie Boettigheimer, CLFP, told me he had talked to his son, John, who was running Centra Funding/4 Hour Funding, that he wanted to turn LeasePoliceplus.com to the American Association of Commercial Finance Brokers (AACFB). Originally, John Kenny had taken over as General Manager, although Bernie was active in the operation as the staff was in Texas. Kenny was a long time “investigator” and research source for both Leasing News and Lease Police on many companies, many of the principals of which wound up serving jail time.
When the website URL registration was renewed, Kenny registered it in his name. When this was discovered, Bernie was annoyed and ended the relationship with John Kenny. At the same time, he had his copy of the website moved to a new site: LeasePoliceplus.com (1).
After Bernie passed away, February 5, 2020, his son John told me the American Association of Commercial Finance Brokers had asked if he can move the data and program to them to keep LeasePolicePlus alive.
“I told them that it would be a great idea to keep the 'mission of a vendor checking agency' alive as a fitting memorial to my father,” he told Leasing News. “My only desire is to see LP live on in some way and it would seem better suited for an organization like AACFB to take it on.”
In an interview, John told Leasing News this last Monday he had not moved the program and website to AACFB.
At this time, both of the sites: leasepolice.com and leasepoliceplus.com are not online.
Monica Harper, Executive Director, American Association of Commercial Finance Brokers, told Leasing News, “AACFB is still planning to integrate Leasepoliceplus in some way. There are a few technical details that need to be worked out. The COVID pandemic caused a delay in this project as everyone involved needed to focus on core business projects last year.”
(1) Lease Police Changes Web Address to
Help Wanted Ads
Define Your Position
The success of Specialist in surgical equipment
If I were to ask, could you define your position in the market concisely and accurately? Top originators in the equipment leasing and finance industry understand the market in which they participate. More importantly, they can define specifically how they and their company fits within their defined market. Top originators know their own strengths and weaknesses within their defined market. Top originators can articulate their "sweet spot" within their defined market and they aggressively sell their capabilities to deliver superior services and products.
Top originators make it their mission to concisely explain to every vendor and end-user their exact capabilities and strengths. Every call, email, and meeting is focused on exactly what they can deliver. The message does not change from day to day or call to call. Their objective is to find partners and customers that can best use their services. Top originators are focused on a specific niche within the market and they spend 110% of their time and effort attracting vendors and end-users which align with their capabilities and strengths.
Several years ago, an originator described his focus as a medical finance professional providing funding for various medical equipment. Once we dissected his actual portfolio it was obvious that most of his funded transactions were for veterinarians purchasing two specific types of surgical equipment. Today, this originator describes himself as a specialist in surgical equipment for veterinarians providing funding for acquisitions between $50.0K and $250.0K. This originator is a player in his niche. He is well known by equipment vendors catering to his niche. He knows the difference between various manufacturers and is considered an equipment expert. He knows what it takes to be or become a successful veterinarian. He knows his competitors and exactly how he fits within his market. His annual volume has significantly increased year over year for several years and his margins have increased because of the value he brings to his vendors and end-users. This originator can easily articulate his position in the market to any potential vendor or end-user. His marketing efforts are efficient and powerful. He is maximizing his efforts and income with every new relationship and transaction.
Order via Amazon: https://www.createspace.com/5355516
Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Sales Makes it Happen articles:
Response to Leasing News Readers’ Survey
Including Comments of What Readers Like Best
What is the primary way that you access Leasing News?
via Leasing News email 77%
via Bookmark 13%
via Internet Search 9%
via LinkedIn/Social 1.0%
What is the primary type of device on which you read Leasing News?
Desktop Computer 42%
Laptop Computer 30%
How do you navigate through the News Edition?
Click Headlines 12%
Past reviews showed a higher user of smartphones and lower use of tablets. It could be that remote work has contributed to the reduced usage of smartphones and higher use of both laptop and tablets from previous surveys.
“The primarily way received" may be that those who reach on the website versus the email are not “steady” readers but perhaps more occasional readers and did not want to respond to the survey. By the following responses, it appears most respondents are regular readers of the news edition.
Here are just a “few” of the many responses to
"What do you like best about Leasing News?"
(Note as received, not in any special order. Not Edited.)
I enjoy seeing the new hires/promotions section to keep my finger on the pulse of the industry.
Individual and company news, history
Breadth of stories, in-depth articles about industry, legal updates
It's integrity and commitment to the truth.
easy to navigate, relevant info and usually one of the first sources to announce promotions, hires and industry news.
Industry info, job changes
Information is industry specific and accurate
Dirt of fraudsters
Keeping up with the industry, people, tax laws etc.
I like it all
Timely digest of industry news
Keeping us updated on new state laws concerning lease documentation.
Keeps me up to date on what's going on in the Industry and personnel changes.
Industry information not readily available from other sites
Current Industry News
Offbeat stories not found elsewhere
Precise and accurate information
Industry Reporting & Forecasting as well as the New Hires feature
You are doing a great job!!
Keeps me up to date on what's happening with the marketplace
mergers/acquisitions; People on the move
The newsletter is very informative and I have been a client for several years. Continue the good work.
Current industry news
Articles which connect to practical everyday finance company situations.
Relevant and up to date industry information
Variety of content, not just news releases, and people stories. I like that it covers the whole industry and is not just ELFA news.
Concise helpful news
Stories on successful use of technology
Current information on our industry
You do a pretty thorough job of covering relevant leasing topics. Thanks
Broker Community Features
Keep companies and individuals accountable for doing fraud that hurts everyone in the industry.
Bad actors in leasing industry
More legal stories, such as Tom used to write.
Specific industry growth #s (i.e. restaurant, transportation, etc.
Vehicle leasing and financing
New broker funding sources entering the marketplace and what they do.
Employment personnel changes, today in history, government. Report updates.
I enjoy them all. You help me keep up on not just industry trends, but also upcoming regulations. Kit Great Job!!
Occasional insights into stand-alone OEM captives
More Canadian content
1.2 Million Mortgagors Fear Losing Their Homes
"Rapid Rollout of Vaccines to reopen economy" noted
More than a million mortgagors in a recent survey said they fear they are at risk of eviction or foreclosure or being forced to move in the next 30 days.
Mortgage Bankers Association's (MBA) Research Institute for Housing America (RIHA) Q4 2020 analysis showed, in particular, that 5 million households did not make their rent or mortgage payments in December, and 2.3 million renters and 1.2 million mortgagors said they feel they are at risk of eviction, foreclosure, or otherwise compelled to leave their homes.
The survey showed in December, 7.9% of renters (2.62 million households) missed, delayed, or made a reduced payment, while 5.0% (2.38 million homeowners) missed their mortgage payment.
Compared with previous periods, the data reveals the percentage of homeowners and renters behind on their payments has decreased since last year's third quarter.
Gary V. Engelhardt, Professor of Economics in the Maxwell School of Citizenship and Public Affairs at Syracuse University, commented, "Gradual improvements in the labor market and economy helped more renters and homeowners make their housing payments at the end of 2020. However, the COVID-19 pandemic continues to cause financial stress for millions of Americans, particularly for those who rent and have student loan debt.
"Despite 5 million renters and homeowners not making their December payment, fewer believe they are at risk of eviction, a foreclosure, or would be forced to move in the next 30 days. This confidence is perhaps an indication that direct checks and enhanced unemployment benefits, rental assistance, mortgage forbearance programs, and a federal eviction moratorium have so far been effective in keeping people in their homes."
One highlight from the study reflects how property owners are directly impacted by renters' ability or inability to make payments. "Property owners continue to play a key role in helping renters," MBA reported: 10.7% of renters missed one payment over the three quarters, 4.0% missed two payments, 2.7% missed three payments, and 5.4% missed four or more payments; 12% of renters received permission from their landlord to delay or reduce their monthly payment (by week); In aggregate, rental property owners lost as much as $7.2 billion in fourth-quarter revenue from missed rent payments. This was down from over $9.1 billion in the third quarter.
Added Engelhardt, "A rapid rollout of vaccines will hopefully slow the virus and lead to a larger reopening of the economy later this year. This would help the labor market and give affected households the opportunity to get back to work, resume their housing and student debt payments, and pay back past-due amounts."
The full study is available on MBA.org.
Even though the Tokyo-Yokohama metropolitan area boasts a population of 38 million people, it isn't the world's largest urban region by area. Every year, Demographia releases its World Urban Areas Report which features a wealth of demographic statistics on a host of cities across the world. While delving into the population of different cities, it also highlights the largest cities in land area.
While Tokyo-Yokohama comes first in the population stakes, it comes third in land area with 3,178 square miles. The New York-New Jersey-Connecticut metro region claims the title as the largest urban area in physical size, sprawling out over 4,669 square miles.
Boston-Providence comes second with 3,683 square miles. U.S. cities can't compete with booming Asian giants in terms of population but when it comes to land area, they are hard to beat. Eight of the world's ten biggest cities by land area in the United States.
By Niall McCarthy, Statista
#### Press Release #############################
First Citizens, CIT Receive
Stockholder Approval For Merger
RALEIGH, N.C. and NEW YORK, -- First Citizens BancShares, Inc. (NASDAQ: FCNCA) ("First Citizens"), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) ("CIT"), the parent company of CIT Bank, N.A., jointly announced that, at their respective special meetings of stockholders held today, First Citizens and CIT received the stockholder approvals for the merger of the companies.
Both companies are preparing for anticipated completion of the transaction in the second quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals. The combined company will create the 20th largest bank in the United States based on assets.
Frank B. Holding, Jr., First Citizens Chairman and Chief Executive Officer, said, "Today marks an important milestone as we move closer to uniting our two companies.
"The combination of our companies will leverage our unique attributes, and we are excited about the opportunities it will provide for all of our constituents, including our stockholders, our customers, our associates and our communities."
Ellen R. Alemany, CIT Chairwoman and Chief Executive Officer, commented, "We are pleased to have crossed this key threshold as we work toward the merger of two complementary banks that will unlock greater potential for stakeholders."
About First Citizens
First Citizens BancShares, Inc. is the financial holding company for Raleigh, North Carolina-headquartered First-Citizens Bank & Trust Company ("First Citizens Bank"). As one of America's largest family-controlled banks, First Citizens Bank is known for building financial strength that lasts for personal, business, commercial and wealth management clients. Founded in 1898, the bank provides a broad range of financial products and operates a network of branches in 19 states that include many high-growth markets. For more information, visit First Citizens' website at firstcitizens.com. First Citizens Bank. Forever First®.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). CIT's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
##### Press Release ############################
##### Press Release ############################
Baystone Government Finance hits record
for new business volume in 2020
MANHATTAN, Kan., - Despite the worldwide COVID‐19 pandemic, Baystone Government Finance closed its most successful year on record in 2020, the company announced.
Baystone was founded 33 years ago in 1987 as the government and non‐profit lending division of KS StateBank. The Manhattan, Kan.‐headquartered lender funded more than $261 million in deals in 2020. The average deal last year was around $179,000.
Notably, Baystone provided New York City Fire Department (FDNY) with $3.35 million in emergency financing for 19 ambulances in spring 2020. Baystone also funded two separate deals of more than $4 million dollars each.
Evan Howe, Director of the Baystone Government Finance Program, said, “Going into 2020, we did not know exactly what to expect in terms of volume. There was a lot of uncertainty. However, it soon became apparent to us that there was more demand than we anticipated from our customers and we were able to fill that demand.”
Howe went on to explain that while Baystone completed many smaller ticket transactions, which is the mainstay of the division’s business, the several large deals played a significant role in the record‐setting year. They saw growth in the emergency marketplace, especially, financing fire trucks, ambulances and school technology. That growth and diversification of the portfolio was another source of success for Baystone in 2020.
Brad Buhrow, Assistant Vice President of Baystone, commented,
“School technology for distance learning has been a particularly strong driver of recent demand. The more ‘essential’ the asset, the more likely the equipment lease is to survive potential budget cuts.”
To continue this record‐setting growth, in 2021 Baystone will continue to focus on adding and promoting talented individuals in the Government Finance Division of KS StateBank.
### Press Release ############################
Plano, Texas Adopt a Dog
6.1 Black Male
Hi, my name is Jolly and as you can see from my picture, I am a stunningly handsome black lab. I have not had the best of care up until now, so I am currently going through my final medical treatments and doing fabulous.
If you want someone that will be your best boy ever and has loads of love to give ……. read on and pick me, pick me…….
What my foster parents say about me: Jolly is a very well behaved boy. No counter surfing, no stealing food, he doesn’t bother you when you’re eating and has not chewed anything that isn’t his. It appears that he was left outside most of the time, and now that he has been living indoors, he is absolutely loving all the comforts of a home life. He has had to learn bathroom etiquette and has mastered this. He also loves playing with his squeaky moose or rummaging through his play box for a tennis ball or nylabone and he loves to bring his toys and play where you are.
In the evenings, he loves nothing more than a snuggle on the couch. Well, actually, lets be totally honest, anytime you sit down, he’s ready for a snuggle, he’s that much of a love bug. He doesn’t get up on our bed, but he does love to sleep on his bed next to you and in the morning, you are greeted with the biggest, most excitable wiggly lab you could wish for. He is so pleased to see you and start his day.
A quiet home, without small children, is a must as they make Jolly very nervous with their noise and speed. Older teenagers / young adults would be fine. He loves neighborhood walks and gets excited to see other dogs. He was surrendered with his female sibling, so an only dog home or another family dog with good doggy 101 skills would be great. Jolly eats in his crate and has been learning that a crate is safe and short stints in the crate are ok... it’s a work in progress. Jolly doesn’t understand he’s not old enough to have a driver’s license, so car travel is him being secured in a seatbelt harness or travel crate which he does great with.
Jolly really is a gentle boy and is pretty much perfect, we’re smitten ……. You’ve just got to meet him....
Dallas Fort Worth Labrador Retriever Rescue Club, Inc.
3100 Independence Parkway, Suite 311
Plano, Texas 75075
NOTE: We are not located at this address.
Adopting a Dog Information:
Because our rescue is a 100% volunteer organization, over 97 cents of every dollar goes to the care of our rescued dogs!
Leasing News Advisor
Senior Managing Director
The Alta Group
7448 Treeline Drive
Naples, FL 34119
Bruce Kropschot is one of the first asked to join the advisory board and he has been active since September 6, 2000. He was named Leasing Person of the Year for 2015.
Bruce Kropschot has been active in the equipment leasing industry since 1972 and has been a senior executive of three large leasing companies. In 1986, he founded Kropschot Financial Services, a firm he developed into the leading provider of merger and acquisition advisory services for equipment leasing companies. In 2008, Kropschot Financial Services became a part of The Alta Group, the leading worldwide consulting firm for the leasing industry. Until recently, Bruce has headed Alta’s M&A advisory practice, which also arranges debt and equity capital and provides valuation services for leasing companies. He has played a major role representing sellers or buyers in the sale of about 200 equipment leasing and financing companies. Although still active with Alta, Bruce is trying to prepare for eventual retirement by turning over more of his responsibilities to his successor, Jim Jackson.
After 49 years in the equipment leasing industry, Bruce hopes to continue being of service to some of his long-time leasing company relationships. He says that his business is his favorite hobby. When asked what have been the keys to his success, he stated, “Obviously a thorough knowledge of many types of leasing companies is essential in the M&A advisory business. However, of utmost importance is maintaining the highest level of integrity. The Alta Group’s reputation depends upon always treating as confidential any information we receive in confidence from potential buyers and sellers of leasing companies.”
Bruce has served on the Board of Directors of the Equipment Leasing and Finance Association, the Equipment Leasing and Finance Foundation, Eastern Association of Equipment Lessors, United Association of Equipment Leasing and International Network of Merger & Acquisition Partners. He has served on the Leasing News Advisory Board since 2000 and he also served on the alumni advisory board of the Ross School of Business at the University of Michigan. He has BBA and MBA degrees (with honors) in Accounting and Finance from the University of Michigan and is a CPA.
Bruce’s favorite recreational activity has long been skiing. Now that knee problems have curtailed his ski trips, Bruce and his wife Barbara spend their vacations with international travel and have visited all 7 continents.
This Day in History
676 - In King Philip’s War, the Narragansett and Nipmuck Indians, searching for food, raided Lancaster, Mass. Over 35 villagers were killed and 24 were taken captive including Mary Rowlandson and her 3 children. Rowlandson was freed after 11 weeks and an account of her captivity was published posthumously in 1682.
1677 - Virginia Governor William Berkley revokes the royal pardon which Colonel Herbert Jeffreys has brought for rebels of Bacon’s Rebellion. In defiance of the Crown, Berkley proceeds to execute 23 of the rebels.
1763 - Treaty of Paris ends French and Indian War. Canada was ceded to Britain, France received various West Indies possessions and Spain won Louisiana and Cuba. Known in Europe as the Seven Years' War, this conflict ranged from North America to India, with many European nations involved. In North America, French expansion into the Ohio River Valley in the 1750s led to conflict with Great Britain. Some Indians fought alongside the French; a young George Washington fought for the British. As a result of the signing of the Treaty of Paris, France lost all claims to Canada and had to cede Louisiana to Spain. Fifteen years later, French bitterness over the loss of its North American colonies to Britain contributed to its supporting the colonists in the American Revolution.
1841 - The Act of Union, uniting Upper and Lower Canada, came into effect.
1846 - Their leader assassinated and their homes under attack, the Mormons of Nauvoo, Illinois, begin a long westward migration that eventually brings them to the valley of the Great Salt Lake in Utah. The members of the Church of Jesus Christ of Latter-day Saints had been persecuted for their beliefs ever since Joseph Smith founded the church in New York in 1830. Smith's claim to be a modern-day prophet of God and his acceptance of polygamy proved controversial wherever the Mormons attempted to settle. In 1839, Smith hoped his new spiritual colony of Nauvoo in Missouri would provide a permanent safe haven for the Saints, but anti-Mormon prejudice there proved virulent. Angry mobs murdered Smith and his brother in June, 1844 and began burning homes and threatening the citizens of Nauvoo. Convinced that the Mormons would never find peace in the United States, Smith's successor, Brigham Young, made a bold decision: the Mormons would move to the still wild territories of the Mexican-controlled Southwest. Young had little knowledge of the geography and environment of the West and no particular destination in mind, but trusting in God, he began to prepare the people of Nauvoo for a mass exodus. On this day in 1846, Young abandoned Nauvoo and began leading 1,600 Mormons west across the frozen Mississippi in subzero temperatures to a temporary refuge at Sugar Grove, Iowa. Young planned to make the westward trek in stages, and he determined the first major stopping point would be along the Missouri River opposite Council Bluffs. He sent out a reconnaissance team to plan the route across Iowa, dig wells at camping spots, and in some cases, plant corn to provide food for the hungry emigrants. The mass of Mormons made the journey to the Missouri River, and by the fall of 1846, the Winter Quarters were home to 12,000 Mormons. After a hard journey across the western landscape, Young and his followers emerged out onto a broad valley where a giant lake shimmered in the distance. With his first glimpse of this Valley of the Great Salt Lake, Young reportedly said, "This is the place." That year, some 1,600 Mormons arrived to begin building a new civilization in the valley. The next year, 2,500 more made the passage. By the time Young died in 1877, more than 100,000 people were living in the surrounding Great Basin, the majority of them Mormons. Young, however, had not escaped the troubles that plagued the Church in the East. By early 1848, the Mormons' haven became a U.S. territory after the American victory in the Mexican War. The Mormons had finally found a permanent home along the Great Salt Lake, but its isolation and freedom from persecution was short-lived.
1855 - US citizenship laws were amended to include all children born abroad of US parents.
1855 - The Women's Hospital of New York City is founded. Although it provides much needed care for poor women, the hospital was also the arena for J. Marion Sims. Much of his work was done on Black slaves where he saved countless lives and developed new procedures in gynecology. He founded the hospital for Black women to receive free care.
1861 - Jefferson Davis receives word that he has been selected president of the new Confederate States of America. Davis was at his plantation, Brierfield, winter pruning rose bushes with his wife, Varina, when a messenger arrived from nearby Vicksburg. It was not a job he wanted, but he accepted it out of a sense of duty to his new country. Varina later wrote that she saw her husband's face grow pale and she recalled, "Reading that telegram he looked so grieved that I feared some evil had befallen our family. After a few minutes he told me like a man might speak of a sentence of death." Davis said of the job: "I have no confidence in my ability to meet its requirement. I think I could perform the function of a general." He could see the difficulties involved in launching the new nation. "Upon my weary heart was showered smiles, plaudits, and flowers, but beyond them I saw troubles innumerable. We are without machinery, without means, and threatened by powerful opposition but I do not despond and will not shrink from the task before me." Davis was prescient in his concerns. He drew sharp criticism during the war: Alexander Stephens, the vice president, said Davis was "weak and vacillating, timid, petulant, peevish, obstinate," and Stephens declared that he held "no more feeling of resentment toward him" than he did toward his "poor old blind and deaf dog." His appointment of his friends as generals was one of his main undoings, plus his inability to keep to a course. It is said he changed his mind about military strategy often, actually following the suggestions of the last military person with whom he spoke. There were legendary conflicts between him and Gen. Joe Johnston over tactics. He had been elected to a six year term, never finishing it, and many believe he would not have been re-elected.
1863 - Two of the world's most famous midgets, General Tom Thumb, who stood three feet, four inches high, and his bride, Lavinia Warren, who was two feet, eight inches tall, were married in New York City, in front of 2,000 of their closest friends.
1863 - Alanson Crane patented the fire extinguisher.
1868 - Birthday of William Allen White (d. 1944), at Emporia, KS. American newspaperman, owner and editor of the Emporia Gazette. Coined the phrase “tinhorn politician” and in one obituary, wrote of the deceased that he had “The talent of a meat-packer, the morals of a money changer and the manners of an undertaker.”
1868 - The temperature of 32 degrees below zero recorded at Muscatine, Iowa on the Mississippi River was the lowest for the period 1839 to 1965.
1870 - The first YWCA in the US was formed in NYC.
1893 - Birthday of “The Schnozz,” Jimmy Durante (d. 1980), on the Lower East Side, New York City. His first break into show biz came when he was 17 when he got a regular job playing ragtime at a saloon at Coney Island. Later his friend, Eddie Cantor, urged him to try comedy. In the 1920's, he had a very popular nightclub in New York called “Durant.” The painter had left “e” off and wanted a $100 bucks to re-do the sign and lights. Durante developed a unique comedic style as a short-tempered but lovable personage. His shtick included slamming down his hat and flapping his arms. His clothing, enormous nose, craggy face, gravely singing voice and mispronunciations were all part of the persona. Durante, whose career spanned six decades, appeared on TV, stage and screen. His television signoff, “Good night, Mrs. Calabash, wherever you” are became a trademark.
1893 - Birthday of William Tatem “Bill” Tilden, Jr., (d. 1953), at Philadelphia. Generally considered one of the greatest players of all time, Tilden won more tournaments than the record books can count. A nearly flawless player, he was also an egotistical showman on the court with an interest in show business. He turned pro in 1930 and continued to win regularly.
1894 – Pitcher Herb Pennock was born in Kennett Square, PA. Pennock won 241 games and posted a 5-0 record in five World Series for the New York Yankees over a 22-year Major League career. He was elected to the Hall of Fame shortly after his death in 1948.
1897 – The familiar slogan “All the News That’s Fit to Print” appeared on page one of The New York Times. It had first appeared on the editorial page on Oct 25, 1896. Although in 1896, a $100 prize was offered for a slogan, owner Adolph S. Ochs concluded that his own slogan was better.
1899 – The record low temperature for the state of Ohio was set at Milligan when the mercury dipped to 39 degrees below zero. The record low temperature for Virginia was also set at Monterey with 29 degrees below zero.
1902 – Birthday of Walter Brattain (d. 1987), Xiamen, China. Together with William Shockley and John Bardeen, he invented the transistor. The three shared the Nobel Prize for physics in 1956 for the transistor and for their work on semiconductors. The transistor replaced the bulky vacuum tubes previously used in electronics and paved the way for all later microelectronics.
1902 – Drummer William Henry “Chick” Webb (d. 1934) birthday, Baltimore.
1906 – Lon Chaney, Jr. (d. 1973) was born Creighton Tull Chaney in Oklahoma City. Chaney was well-known for playing The Wolf Man, The Mummy, Frankenstein’s Monster and Count Dracula in numerous Universal Studios horror films.
1907 - Birthday of alto sax player Walter ”Foots” Thomas (d. 1981), Muskogee, OK. He also was an arranger in Cab Calloway’s orchestra. He moved to New York City in 1927 and played for a time with Jelly Roll Morton. He then joined The Missourians in 1929, just before Calloway took it over. In 1943, he left to work with Don Redman. http://www.okjazz.org/index.cfm?id=99981.
1908 - Birthday of Jean Coulthard (d. 2000), Vancouver, BC. She was the first composer from the Canadian west coast to gain wide recognition. Her orchestral compositions "Canadian Fantasy," "Excursion," "Ballade (A Winter's Tale)" and "Song to the Sea" established her reputation in Canada in the early 1940's. In 1953, the CBC commissioned her to write” A Prayer for Elizabeth" to mark the Queen's coronation.
1914 - Birthday of Larry Adler (d. 2001), harmonica virtuoso, Baltimore.
1916 - Birthday of accordion player Aldus Roger (d. 1999), Carencro, LA.
1920 - Representatives for Major League Baseball outlawed pitches that involve tampering with the ball, including using the spitter or sandpaper or emery paper. It may be a baseball law but it is often broken like others. Many umpires have the nail files to prove it. Separately, Lee Magee admitted to NL President John Heydler and Cubs President William Veeck that he tried to throw a game with the Boston Braves when he was with the Cincinnati Reds in 1918 but that the Reds won the game in the 13th inning. Heydler later testified on June 8 that Magee told him he became suspicious that Hal Chase had double-crossed him and so he stopped payment on the check…and this was well before the 1919 World Series that the Black Sox threw to the same Reds!
1921 - Birthday of pianist Big Joe Duskin (d. 2007), Birmingham, AL
1923 - For the first time, ink paste was manufactured by the Standard Ink Company. It was available in one color: black.
1925 - In Michigan City, Indiana, the first waterless gas storage tank was put into service.
1925 - At an American League meeting, a plan was adopted to alternate the site of future World Series openers by league rather than deciding it by a coin toss: Games One, Two, Six, and Seven in one park and Three, Four, Five in the other, unless a ban on Sunday baseball interfered in one city. The clubs finishing fourth in the AL will share in the World Series pool. World Series umpires received a raise to $2,500, while umps in city series will earn $700.
1927 - Birthday of opera singer Mary Violet Leontyne Price, Laurel, MS. She rose to international acclaim in the 1950s and 1960s, and was one of the first African-Americans to become a leading artist at the Metropolitan opera. One critic characterized Price's voice as "vibrant", "soaring" and "a Price beyond pearls", as well as "genuinely buttery, carefully produced but firmly under control", with phrases that "took on a seductive sinuousness.” Time magazine called her voice "Rich, supple and shining, it was in its prime capable of effortlessly soaring from a smoky mezzo to the pure soprano gold of a perfectly spun high C."
1927 - Gisele Mackenzie (d. 2003), Canadian singer, star of “Your Hit Parade” TV show during the 1950s, was born in Winnipeg, Manitoba. Her mother was a concert singer and pianist.
1930 - Actor Robert Wagner (It Takes a Thief”, “Hart to Hart”) was born in Detroit.
1932 - Birthday of accordion/zydeco player Rockin' Dopsie, Sr., (d. 1993) was born Alton Rubin, Carencro, LA.
His son, Rockin' Dopsie, Jr.
1933 – Oregon state record low temperature of -54ºF (-48ºC), Seneca, OR.
1933 - The Postal Telegraph Company of New York City introduced the singing telegram.
1933 - In round 13 at a boxing match held at Madison Square Garden in New York, Primo Carnera knocked out Ernie Schaaf. While the crowd and the press at the match shouted, "Fake!" at the knockout, Schaaf later died as a result of that punch. It was no fake.
1934 - The United States Postal Service issued the first stamps without perforations or glue in New York City. One had to cut apart the stamps, then apply glue to the back to get them to stick to an envelope. After numerous complaints, the Postal Service changed this idea.
1935 - The Pennsylvania Railroad started passenger service with its new "streamlined" electric locomotive. The engine was 79 1/2 feet long and weighed 230 tons.
1939 - Birthday of singer Roberta Flack, Asheville, North Carolina. She had a half-dozen ballad hits in the 1970's, including three number-ones: "The First Time Ever I Saw Your Face," "Killing Me Softly With His Song" and "Feel Like Makin' Love." Flack returned to the top-10 in 1991 with "Set the Night to Music," a duet with Maxi Priest. Flack is the only solo artist to win the Grammy Award for Record of the Year in consecutive years: "The First Time Ever I Saw Your Face" won at the 1973 Grammys and "Killing Me Softly with His Song" won the following year.
1942 - A Japanese submarine launches a brutal attack on Midway, a coral atoll used as a U.S. Navy base. It was the fourth bombing of the atoll by Japanese ships since December 7. The capture of Midway was an important part of the broader Japanese strategy of trying to create a defensive line that would stretch from the western Aleutian Islands in the north to the Midway, Wake, Marshall, and Gilbert Islands in the south, then west to the Dutch West Indies. Occupying Midway would also mean depriving the United States of a submarine base and would provide the perfect launching pad for an all-out assault on Hawaii. Adm. Isoroku Yamamoto, mastermind of the Pearl Harbor attack and commander in chief of the Japanese combined fleet, knew that only the utter destruction of U.S. naval capacity would ensure Japanese free reign in the Pacific. Japanese bombing of the atoll by ship and submarine failed to break through the extraordinary defense put up by Adm. Chester Nimitz, commander of the U.S. Navy in the Pacific, who used every resource available to protect Midway and, by extension, Hawaii. Yamamoto persevered with an elaborate warship operation, called Mi, launched in June, but the Battle of Midway was a disaster for Japan, and was the turning point for ultimate American victory in the Pacific. The television series “Victory at Sea” has an excellent episode regarding this early part of the war, especially the Japanese underestimation of the American fighting stamina.
1942 - Second Lieutenant Alexander Ramsey “Sandy” Ninger, Jr. was posthumously awarded World War II's first Medal of Honor for heroism at the Battle of Bataan. He had graduated from West Point in 1941 and was on his first assignment after being commissioned.
1942 - For Decca Records in Los Angeles, California, Ted Fio Rito's orchestra recorded "Rio Rita." Bob Carroll provided the vocals for the song that became the group's theme song.
1942 - The first gold disc ever awarded to an artist was presented to the Glenn Miller Orchestra by RCA Victor during a radio broadcast. The presentation was for Miller's recording of "Chattanooga Choo-Choo," which sold more than 1.2 million copies on the Bluebird label. The award was not solid gold - it was merely gold lacquered.
1945 - "Rum and Coca Cola" by Andrews Sisters hits #1
1945 - Top Hits
“Rum and Coca Cola” - Andrew Sisters
“Accentuate the Positive” - Johnny Mercer
“I Dream of You” - The Tommy Dorsey Orchestra (vocal: Freddy Stewart)
“I'm Losing My Mind Over You” - Al Dexter
1949 - Lee J. Cobb, Arthur Kennedy and Mildred Dunnock starred in Arthur Miller’s "Death of a Salesman," which opened at New York City's Morocco Theatre. The play would later become a major motion picture. The play won six Tony awards and the 1949 Pulitzer for Drama.
1949 - Joe Fulks of the Philadelphia Warriors set an NBA record by scoring 63 points in a game against the Indianapolis Jets. Fulks' total was the largest recorded by an NBA player before the introduction of the 24-second clock in 1954. His record stood until November 8, 1959, when Elgin Baylor of the Minneapolis Lakers scored 64 points.
1950 – Olympic gold-medal swimmer Mark Spitz was born in Modesto, CA. A nine-time Olympic champion and former world record-holder in seven events, he won seven gold medals at the 1972 Summer Olympics in Munich, an achievement surpassed only by Michael Phelps, who won eight golds at the 2008 Summer Olympics in Beijing. Spitz set new world records in all seven events in which he competed in 1972, an achievement that lasted for 36 years until it was surpassed by fellow American Michael Phelps, who won eight golds at the 2008 Summer Olympics in Beijing.
1952 - DAVIS, GEORGE ANDREW, JR., Medal of Honor
Rank and organization: Major, U.S. Air Force, CO, 334th Fighter Squadron, 4th Fighter Group, 5th Air Force. Place and date: Near Sinuiju-Yalu River area, Korea, 10 February 1952. Entered service at: Lubbock, Tex. Born: 1 December 1920, Dublin, Tex. Citation: Maj. Davis distinguished himself by conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty. While leading a flight of 4 F-86 Saberjets on a combat aerial patrol mission near the Manchurian border, Maj. Davis' element leader ran out of oxygen and was forced to retire from the flight with his wingman accompanying him. Maj. Davis and the remaining F-86's continued the mission and sighted a formation of approximately 12 enemy MIG-15 aircraft speeding southward toward an area where friendly fighter-bombers were conducting low level operations against the Communist lines of communications. With selfless disregard for the numerical superiority of the enemy, Maj. Davis positioned his 2 aircraft, and then dove at the MIG formation. While speeding through the formation from the rear he singled out a MIG-15 and destroyed it with a concentrated burst of fire. Although he was now under continuous fire from the enemy fighters to his rear, Maj. Davis sustained his attack. He fired at another MIG-15 which, bursting into smoke and flames, went into a vertical dive. Rather than maintain his superior speed and evade the enemy fire being concentrated on him, he elected to reduce his speed and sought out still a third MIG-15. During this latest attack his aircraft sustained a direct hit, went out of control, and then crashed into a mountain 30 miles south of the Yalu River. Maj. Davis' bold attack completely disrupted the enemy formation, permitting the friendly fighter-bombers to successfully complete their interdiction mission. Maj. Davis, by his indomitable fighting spirit, heroic aggressiveness, and superb courage in engaging the enemy against formidable odds exemplified valor at its highest.
1953 - Top Hits
“Don't Let the Stars Get in Your Eyes” - Perry Como
“Why Don't You Believe Me” - Joni James
“Keep It a Secret” - Jo Stafford
“I Let the Stars Get in My Eyes” - Goldie Hill
1954 - “The Glenn Miller Story,” starring James Stewart and June Allyson, has its American premiere in New York City, some ten years after Miller’s disappearance over the English Channel during World War II. The movie was massively successful at the box office. In 1954, the film was nominated for three Academy Awards, including Best Screenplay and Best Score. The film won the Oscar for Best Sound Recording, by Leslie I. Carey. Its soundtrack was equally successful, reaching number one on the Billboard album charts in 1954, featuring a number of the band’s most popular recordings.
1954 - President Eisenhower warned against US involvement in Vietnam. Called the ‘Domino’ Theory, Eisenhower thought that Vietnam’s fall to communism would lead to consequential communist uprisings in neighboring countries, such as Laos, Cambodia and Thailand. He also that that it could possibly extend as far as India, Japan, the Philippines, Indonesia, and Australia and New Zealand. This gave the US enough motivation and, more importantly, justification as to why they greatly increased military presence in Vietnam. Eisenhower said, “The possible consequences of the loss [of Indochina] are just incalculable to the free world.” Even though the theory was imprecise, and only Laos and Cambodia joined communism after the US lost the war, it was significant as the foundation of the US involvement in the conflict.
1956 - Elvis Presley recorded "Heartbreak Hotel" for RCA Records in Nashville, Tennessee. The record was awarded two gold records, one for each side. The hit song gracing the other side was "I Was the One"
1956 - Little Richard records "Long Tall Sally"
1956 - "My Friend Flicka" TV Premiere. CBS series about a boy and his horse based on the children's book by Mary O’Hara. The series was set in the early 1960's on the Goose Bar Ranch in Montana. Johnny Washbrook starred as Ken McLaughlin, Gene Evans as Ken's father, Bob, Anita Louise as Ken's mother, Nell, Frank Ferguson as Gus, the ranch hand, and Wahanna, the beautiful Arabian horse, as Flicka.
1957 - Rev. Martin Luther King, Jr., and other Southern black clergy founded the Atlanta-based Southern Christian Leadership Conference (SCLC) to help coordinate civil rights activities in the South. King remained the SCLC's president until his assassination in 1968. King's son, Martin Luther King III, became the SCLC's president on January 15, 1998.
1958 - Elvis Presley attains his ninth US number one single with the double-sided hit "Don't" / "I Beg of You."
1958 - Frank Sinatra's "Come Fly with Me" rose to the top of the US album chart, where it would stay for the next five weeks.
1959 - Link Wray performs his controversial instrumental hit "Rumble" on American Bandstand. Because of its title, many radio stations refused to play the record, but it still managed to sell over a million copies and reach #16 on the Billboard Pop chart.
1959 - St. Louis, Missouri was hit by an F4 tornado. Nearly 2000 buildings were damaged or destroyed and over $10 million in damage was done. 21 people lost their lives and 345 sustained injuries
1960 - Adolph Coors III, the beer brewer and grandson of the founder, while on his way to work, he was murdered at the age of 44 in a foiled kidnapping attempt by escaped murderer Joseph Corbett in Golden, CO. In September, the remains of Coors were found by hunters in a remote area around Pikes Peak. The subject of an international manhunt, Corbett was captured in Vancouver, BC in October of that year.
1961 - The Los Angeles Chargers in the American Football League, moved to San Diego, California. The club began play in 1960 as a charter member of the American Football League. In 1960, QB Jack Kemp was captain of the team and he led the Chargers to a Western Division Championship with a 10–4 record. The high-scoring Chargers won divisional crowns in five of the league’s first six seasons and the AFL title in 1963 with a 51–10 victory over the Boston Patriots. The Chargers began the 2017 season in Los Angeles and moved into a new SoFi Stadium in Inglewood for the 2020 season as joint tenants with the Rams.
1961 - Top Hits
“Will You Love Me Tomorrow” - The Shirelles
“Calcutta” - Lawrence Welk
“Shop Around” - The Miracles
“North to Alaska” - Johnny Horton
1961 - Henry Mancini had the #1 album in the US with the soundtrack to the film “Breakfast at Tiffany's.”
1962 - Francis Gary Powers, the U.S. pilot of a U-2 plane shot down over the Soviet Union in 1960, was exchanged for KGB agent Rudolf Abel in Berlin.
1964 - The press reported "millions of teenage boys are spending extra time in front of the mirror trying to make their hair look like Paul McCartney's...," after The Beatles appeared on "The Ed Sullivan Show" the night before.
1965 - Viet Cong guerrillas blow up the U.S. barracks at Qui Nhon, 75 miles east of Pleiku on the central coast, with a 100-pound explosive charge under the building. A total of 23 U.S. personnel were killed, as well as two Viet Cong. In response to the attack, President Lyndon B. Johnson ordered a retaliatory air strike operation on North Vietnam called Flaming Dart II. This was the second in a series of retaliations launched because of communist attacks on U.S. installations in South Vietnam. Just 48 hours before, the Viet Cong struck Camp Holloway and the adjacent Pleiku airfield in the Central Highlands. This attack killed eight U.S. servicemen, wounded 109, and destroyed or damaged 20 aircraft. With his advisors advocating a strong response, President Johnson gave the order to launch Operation Flaming Dart, retaliatory air raids on a barracks and staging areas at Dong Hoi, a guerrilla training camp 40 miles north of the 17th parallel in North Vietnam. Johnson hoped that quick and effective retaliation would persuade the North Vietnamese to cease their attacks in South Vietnam. Unfortunately, Operation Flaming Dart did not have the desired effect. The attack on Qui Nhon was only the latest in a series of communist attacks on U.S. installations, and Flaming Dart II had very little effect.
1965 - An often-used quote was first spoken by Hubert H. Humphrey who said, "The impersonal hand of government can never replace the helping hand of a neighbor." Humphrey was a beloved United States Senator from Minnesota and a Vice-President during the Lyndon Johnson administration. He eventually ran for the Presidency but lost to Richard M. Nixon, primarily because Nixon promised to end the war in Viet Nam (which he eventually did) and Humphrey was Johnson's former vice-president, who at best “waffled” on the Viet Nam war. Perhaps what lost him the very close race was the Chicago Democratic National Convention. The convention, which began August 12, 1968, was the most violent in U.S. history. Antiwar protestors clashed with police and national guardsmen. Hundreds of people, including bystanders and members of the press, were beaten by police, some in full view of television cameras. Nixon beat Humphrey 31,785,480 to 31,275,166, and independent George C. Wallace, a third-party candidate, 9,906,473. The electoral vote was 302 to 191 and Wallace received 45. The republicans gained four seats in the House and five in the Senate (the Democrats still held majorities of 58-42 in the Senate and 243 in the House). The Republicans gained five governorships in the election.
1966 - Andrew Brimmer is appointed the first Black person to serve on the Federal Reserve Board.
1967 - Procedures for presidential succession were further clarified by the 25th Amendment, along with provisions for continuity of power in the event of a disability or illness of the president.
1967 - The Beatles record "A Day in the Life." The Beatles and George Martin added the orchestral crescendos to "A Day in the Life," using a 40-piece orchestra. Martin would later recall that when he told some of Britain's finest musicians that they were to play twenty-four bars of cacophonous, improvised crescendo, "they all looked at me as though I were completely mad."
1968 - Sly and the Family Stone's "Dance to the Music" enters the pop charts
1969 - Top Hits
“Crimson and Clover” - Tommy James & The Shondells
“Everyday People” - Sly & The Family Stone
“Touch Me” - The Doors
“Daddy Sang Bass” - Johnny Cash
1970 - BACA, JOHN P., Medal of Honor
Rank and organization: Specialist Fourth Class, U.S. Army, Company D, 1st Battalion, 12th Cavalry, 1st Cavalry Division. Place and date: Phuoc Long Province, Republic of Vietnam, 10 February 1970. Entered service at: Fort Ord, Calif. Born: 10 January 1949, Providence, R.I. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Sp4c. Baca, Company D, distinguished himself while serving on a recoilless rifle team during a night ambush mission A platoon from his company was sent to investigate the detonation of an automatic ambush device forward of his unit's main position and soon came under intense enemy fire from concealed positions along the trail. Hearing the heavy firing from the platoon position and realizing that his recoilless rifle team could assist the members of the besieged patrol, Sp4c. Baca led his team through the hail of enemy fire to a firing position within the patrol's defensive perimeter. As they prepared to engage the enemy, a fragmentation grenade was thrown into the midst of the patrol. Fully aware of the danger to his comrades, Sp4c. Baca unhesitatingly, and with complete disregard for his own safety, covered the grenade with his steel helmet and fell on it as the grenade exploded, thereby absorbing the lethal fragments and concussion with his body. His gallant action and total disregard for his personal well-being directly saved 8 men from certain serious injury or death. The extraordinary courage and selflessness displayed by Spc4. Baca, at the risk of his life, are in the highest traditions of the military service and reflect great credit on him, his unit, and the U.S. Army.
1971 - Four journalists, including photographer Larry Burrows of Life magazine, Kent Potter of United Press International, Nenri Huett of the Associated Press, and Keisaburo Shimamoto of Newsweek, die in a South Vietnamese helicopter operating in Laos. The journalists had been covering Operation Lam Son 719, a limited attack into Laos by South Vietnamese forces, when their helicopter crashed. Vietnam was one of the most reported conflicts in the history of warfare. In 1964, when the massive American buildup began, there were roughly 40 U.S. and foreign journalists in Saigon. By August 1966, there were over 400 news media representatives in South Vietnam from 22 nations. The Vietnam War correspondents in the field shared the same dangers that confronted the front-line troops, risking their lives to witness and report the realities of the battlefield. Sixteen Americans lost their lives while covering the war. American journalists are among the 42 U.S. civilians still missing in action and unaccounted for in Southeast Asia, including NBC News correspondent Welles Hangen and Time photographer Sean Flynn, both of whom disappeared while covering the war in Cambodia.
1971 – Former Cardinals and Giants 1B Bill White became the first African-American play-by-play broadcaster in Major League history. WPIX-TV hired White to team with Phil Rizzuto and Frank Messer on New York Yankees telecasts. He announced for the Yankees for 18 years.
1975 – Former Negro Leagues star Judy Johnson won election to the Baseball Hall of Fame. A third baseman in the 1920s and 30s, Johnson batted .309 over a 17-year professional career.
1977 - Top Hits
“Torn Between Two Lovers” - Mary MacGregor
“New Kid in Town” - Eagles
“Blinded by the Light” - Manfred Mann's Earth Band
“Near You” - George Jones & Tammy Wynette
1978 - Van Halen's debut album is released. The LP hit the top-20 and has sold over 6 million copies. It contained the singles "You Really Got Me and "Runnin' with the Devil."
1978 - Southern California received up to 8 inches of rain, resulting in widespread floods and mudslides. The rainfall produced a wall of water, which ripped through the mountain resort community of Hidden Springs drowning at least 13 persons. The storm caused 50 million dollars in damage, making it one of the most destructive in history.
1979 - Rod Stewart's "Do Ya Think I'm Sexy" was the #1 US single. It was a track from the album "Blondes Have More Fun," which was the #1 U.S. album this day. The album stayed at the top for three weeks. "Do Ya Think I'm Sexy" was number one for four weeks: “If you want my body and you think I'm sexy; come on sugar let me know. If you really need me just reach out and touch me; come on honey tell me so...”
1982 - Bismarck, North Dakota experienced its 45th consecutive day of sub-zero temperature readings which tied the previous record long string of sub-zero daily lows ending on the same date in 1937
1985 - One of the Houston Rockets' "Twin Towers," seven-foot four-inch tall Ralph Sampson, the Rockets star center, scored 24 points, leading the West to beat the East, 140-129, in the NBA All-Star Game held in Indianapolis, Indiana. Sampson was chosen as the game’s Most Valuable Player.
1985 - "Tears Are Not Enough," the contribution of Canadian recording artists to African famine relief, was recorded at Manta Sound in Toronto under the name "Northern Lights." The song was written by Bryan Adams and his regular songwriting partner, Jim Vallance. Adams's performance of the song at the Live Aid concert in July 1985 was marred by satellite blackout.
1985 - Top Hits
“I Want to Know What Love Is” - Foreigner
“Easy Lover” - Philip Bailey with Phil Collins
“Careless Whisper” - Wham! featuring George Michael
“Ain't She Somethin' Else” - Conway Twitty
1987 - A gala benefit concert was held at Roy Thomson Hall in Toronto to honor the 100th anniversary of the Royal Conservatory of Music. Among the alumni who participated were tenor Jon Vickers, violinist Steven Staryk, soprano Lois Marshall and conductor Victor Feldbrill.
1987 - One of the Soviet Union's top rock bands, Autograph, played in Quebec City as part of its first North American tour. The concert was organized to coincide with the Rendezvous 87 hockey series between the NHL all-stars and the Soviet Union.
1989 - Ronald H. Brown, who was elected chairman of the Democratic Party National Committee, becoming the first African-American chairman of a major political party. Brown later served as Secretary of Commerce in the cabinet of President Bill Clinton. He was killed with 34 others on April 3, 1996 in an airplane crash near Bosnia during a ceasefire.
1989 – “Miami Vice's” 100th episode seen on TV
1990 - Paula Abdul's "Forever Your Girl" became the first album to generate six number-one singles when "Opposites Attract" hit the top of the Billboard chart.
1991 - Kevin Costner, Donny Osmond, Meryl Streep and Mike Tyson were among dozens of celebrities who gathered in Burbank, California to record a tribute to US troops in the Persian Gulf. The song, "Voices That Care," was composed and produced by Canadian David Foster.
1992 - The New Kids on the Block filed suit on this date against former producer Gregory McPherson, accusing him of slander. McPherson had publicly accused the group of lip-syncing and said that the young entertainers did on 20 percent of the singing in concerts and on their 1988 hit album, “Hangin' Tough.” McPherson claimed that New Kids manager Maurice Starr and Starr's brother were the real voices. The group's attorney denied his claim. Two months later, McPherson dropped his $21 million suit against Starr.
1992 - In Indianapolis, former heavyweight boxing champion Mike Tyson was found guilty of rape of an 18-year-old beauty contestant, Desiree Washington. The jury found him guilty on all three counts after deliberating for 9 hours.
1992 - Noted black author Alex Haley died at age 70 in Seattle of a heart attack. Haley would be best-remembered for his gripping account of African family history spanning two centuries, “Roots,” which was later turned into a wildly successful television miniseries. The eight-part series was aired on consecutive nights and became the most watched show in TV history. Some 130 million people-nearly half the country's population at the time--watched the last episode of the show. Haley's books led to an increased interest in the study of black history and heritage. Haley later spent two decades with the U.S. Coast Guard as a journalist, writing adventure stories to take the edge off his boredom. When he retired, he moved back to New York to pursue a writing career. He interviewed trumpeter Miles Davis and political activist Malcolm X for Playboy in the 1960s and later collaborated with the Black Muslim spokesman to write “The Autobiography of Malcolm X” (1965), an acclaimed work that fueled the black-power movement in America and was cited extensively in institutions of higher learning. Haley then started his best-known work, “Roots: The Saga of an American Family,” published in 1976. The blend of fact and fiction, drawn largely from stories recited by Haley's grandmother, chronicles seven generations of Haley's family history, from the enslavement of his ancestors to his own quest to trace his family tree. To write the mostly nonfiction work, Haley pored over records in the National Archives and went by safari to the African village of Juffure to meet with an oral historian (Haley later donated money to that village for a new mosque). There are those who claim that Haley copied the work from other writers. It was never proven and all lawsuits brought against him were not successful. In the early 1970s, he and his brothers founded the Kinte Foundation, named for Haley's ancestor Kunta Kinte, to collect and preserve African American genealogy records. Haley received special citations from the Pulitzer Prize and National Book Award committees in 1977 for “Roots”, which sold more than a million copies in one year. It was translated into 26 languages. Later in his life, Haley wrote a biography of Frank Wills, the security guard who discovered the break-in at the Watergate Hotel that brought down Richard Nixon's presidency.
1993 - Michael Jackson, in a live TV interview with Oprah Winfrey, said he had an inherited disorder that causes skin pigmentation to fade. He denied altering most of his face but did admit to minor cosmetic surgery. Jackson also said he finds the comfort in children and animals that he missed in a friendless, workaholic childhood. In the wake of Jackson's first solo interview in nearly a decade, sales of his "Dangerous" album, released 14 months earlier, skyrocketed.
1993 - Mick Jagger marked the release of his "Wandering Spirit" album with an invitation-only gig at a dance club in New York. Most of the material was from his solo effort, but Jagger also performed a couple of Rolling Stones' tunes - "Live With Me" and "Rip This Joint." The concert was beamed to clubs in Atlanta, Chicago, Los Angeles and Toronto.
1994 - A severe ice storm occurred over portions of Arkansas, Louisiana, Mississippi, and Alabama. Heavy rainfall of over 5 inches in some sections resulted in one of the worst icing in many years for this region. Ice accumulation reached 6 inches in Mississippi, resulting in damage to 3.7 million acres of commercial forestland valued at an estimated $1.3 billion. Over 80,000 utility poles were pulled down by the weight of the ice. Some residents of Mississippi were without power for up to a month. Damage and cleanup costs exceeded $50 million in Arkansas.
1996 - Canadian country singer Shania Twain drew an estimated crowd of 10,000 to 20,000 fans for an autograph session at the Mall of America in Minneapolis.
1996 - An IBM computer called Deep Blue made chess history by comfortably beating world champion Garry Kasparov, a machine's first victory under classic tournament rules.
1997 - Heavyweight Riddick Bowe announced that he had retired from boxing in order to join the US Marines. He had enlisted on January 27 and reported to Parris Island on this date. On February 21, Bowe announced that he had changed his mind and that the Marines had agreed to release him. “He could not,” said the Corps, “handle the regulated lifestyle.” Bowe, 29, married and the father of five, had won the heavyweight championship in 1992 from Evander Holyfield only to surrender it to Holyfield in 1993. In his Marines stint, he endured 36 hours of actual training.
1998 - AOL raised its monthly flat access rate from $19.95 to $21.95, explaining it needed to upgrade its network to handle the onslaught of people taking advantage of its flat price. The increase was set to go into effect in April, 1998. Eventually seven users could use the dial-up program. DSL and cable brought the internet faster speeds than the AOL dial-up and by the first quarter of 2003, for the first time in its history, AOL began losing more members than it was putting on.
2008 - The Eagles won a Grammy Award for Best Country Performance by a Duo or Group with Vocal for "How Long." It was the band's fifth Grammy Award.
2015 – A disgraced Alex Rodriguez met with owner Hank Steinbrenner, GM Brian Cashman and other members of the Yankees top brass to apologize for his past actions. Before his one-year suspension, which is now over, A-Rod was barely on speaking terms with his employer, and his representatives were routinely threatening to sue. But the meeting seems to have cleared the air: "There was an honest and frank discussion on all of the issues. As far as the Yankees are concerned, the next step is to play baseball in spring training."
2015 – President Obama sought approval from Congress to add force in the fight against ISIS. The current campaign began without Congressional approval, raising concerns that Obama exceeded the limits of his authority.
2019 - Sexual abuse investigation into US Southern Baptist churches reveals 400 church members implicated with over 700 victims, according to The Houston Chronicle and the San Antonio Express-News.
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