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Friday, February 1, 2008


Classified Ads---Sales Manager
    Hall Dynasty EAEL-UAEL Proposed Merger
        Will the Studebaker-Worthington name survive?
Tax Stimulus Package---Leasing viewpoint
    Fed lowers Prime 1.25% in Eight Days—L.Viewpoint
        Thought Subprime Woes Couldn't Get Any Worse?
Classified Ads---Help Wanted
    NVLA Conference-- June 11-14, 2008
        $20 Million Home Equity Scam
CIT Jr. Fund, not for leasing
    Drive Business, Reduce Margin Compression
        Bank of West $417.3 Million for 2007
            Midwest Leasing 100% owned by Curt MacRae
                Bank of the West/Stillwater Trade Capital
Japan's Equipment Leasing Slips In 2007
    UBS' 14B Write-down Results in Record Loss
        '09 budget deficit poised to hit $400B
    News Briefs---
You May have Missed---
After Mining Deal, Financier Donated to Clinton
    Sports Briefs---
        "Gimme that Wine"
Calendar Events
    Snapple Real Facts
        Today's Top Event in History
    This Day in American History
Football Poem
        Daily Puzzle
News on Line---Internet Newspapers
Missoula Independent, Montana

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


Classified Ads---Sales Manager

Atlanta, GA
Strong sales and leadership skills; demonstrated with sales training and sales performance. Lead team in both regional and national operations and developed marketing programs.

Dallas-Fort Worth Texas
Highly experienced, vendor driven professional sales/manager. Solid, "up and running" book of business. Can produce from day one. Looking for aggressive company to join with.

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

To place a free “job wanted” ad here, please go to:



Hall Dynasty EAEL-UAEL Proposed Merger

Brent Hall, CLP, Pinnacle Leasing, VP-UAEL, marathon runner
(photo: Courtesy UAEL Newsline)

Looks like the Hall dynasty is involved in the merger talks of the Eastern Association of Equipment Lessors (EAEL) and the United Association of Equipment Leasing (UAEL), formerly known as the Western Association of Equipment Leasing
(WAEL—pronounced “whale” by its membership at the time.)

The latest is a January 30th e-mail to UAEL members from the president asking members to contact Bruce Winter for EAEL members and Brent Hall (son of Oren Hall, ex-president UAEL, now invested in Agility, ex-Sierra Cities officer) for UAEL members. The e-mail nor telephone number was not given for either party, nor an e-mail or telephone number for the president. Maybe on purpose as perhaps they don’t want feedback, they want to take over EAEL.

Here are the e-mail address and telephone numbers to voice your opinion at this stupid idea. (253) 926-1800 (925) 952-8253
For EAEL: 410-792-7400 x107

“UAEL Memo
Wednesday, January 30th, 2008

“We would like to take this opportunity to report that the Executive Boards of the EAEL and the UAEL have established committees to explore the possibility of a merger of the EAEL and the UAEL. The joint taskforce made-up of the two committees had its initial meeting this month. The taskforce is exploratory in nature, researching and assessing whether the sum of the two organizations would be greater than their respective parts, and would thereby offer the members of both organizations superior and enhanced services and opportunities. We expect the taskforce will explore the pros and cons of a proposed combination throughout fiscal year 2008, with the goal of making a recommendation to the respective Boards by the end of the year. Any input or ideas should be directed to Bruce Winter for EAEL members and to Brent Hall for UAEL members.

“Thank you,

“Paul Knowlton, CLP
First Republic Bank
President, UAEL”

(Leasing News did not leave out the Certified Leasing Professional designation after Hall’s name, it is not a typo on our part, as the e-mail is produced exactly as sent. We didn’t do it, Brent. Keep
on running. editor)

Certainly those who belong to both associations, will save some money belonging to only one. Perhaps to offset, remember the UAEL membership fees are higher, overall, and most likely the organization will be named the United Association of Equipment Leasing with EAEL no more.

Perhaps other associations may benefit as members who have been putting off joining may put their EAEL membership dues in another association; or UAEL will come out with lower dues; could be? Brent Hall, CLP is vice-president of UAEL in 2008 and most likely president in 2009 when the merger would take place: Continuation of the Hall Dynasty.


$395.00 FULL MEMBERSHIP (less than 3 employees)
$800.00 FULL MEMBERSHIP (less than 50 Employees)
$1,100.00 FULL MEMBERSHIP (more than 50 Employees)
$1,100.00 FULL MEMBERSHIP (funding source)
$1,100.00 SERVICE MEMBERSHIP (attorneys, accountants, etc.)


Broker/Lessor ($0-10 million in sales) $ 595.00
Broker/Lessor ($10-20 " " " ) $ 995.00
Broker/Lessor($20+million " " ) $1,295.00
Funder $1,995.00
Service Provider (less than 6 employees) $ 795.00
Service Provider (6 or more " " " $1,495.00



Will the Studebaker-Worthington name survive?

By Kit Menkin

According to Omar Diaz, Studebaker is still actively accepting and funding business. He could make no comment, referring to Ken Paston, who was not available for comment. Whether the portfolio, the company, or the employees are available as a unit ( as Bruce Kropschot has arranged in the past) is not known. The press release says in the first quarter of 2007, the company will be "divested. Today there are two months left. Will it be GE or LEAF? Will Paston head up an independent company? If you hear of anything, please let us know so we can share with readers, name with held, if you like.

Ironically the first company I sent applications and had them approved as a broker in 1971 was Studebaker-Worthington with the representative Jim Pierce, who also taught me about "lease factors" using a Boston Financial small blue pamphlet book, which I still use to this day. Brokers were not popular then. Charts were based in a simple manner as brokers were not considered to understand discounting. Most sales came from the sales force of leasing companies .

In those days, if you wanted a fast answer, you drove to the small office in Novato, California, where this "old gentleman" handled all approvals or disapprovals, but funding was out of the East Coast. There was no faxing or internet and I don’t remember UPS having next day or Federal Express. Studebaker was one of the first to work with independent brokers. Avco, Budget, Foothill followed, then CIT and Westinghouse.

Studebaker-Worthington Leasing started in 1965 and was one of the first to accept lease brokerage business. The company like Westinghouse and others, started with the financing of the
equipment they manufacture. Studebaker did air compressors and related equipment from the parent company. Very necessary at the time.

State Bancorp, Inc. (Amex: STB), parent company of State Bank of Long Island purchased Studebaker-Worthington, announced February 28, 2001:

"Studebaker will operate as a subsidiary of State Bank of Long Island and will be headed up by Kenneth Paston, a minority owner of the firm and its current President. Mr. Paston will also assume the additional responsibility of CEO due to the retirement of Frederic Weiss, a founding principal of the firm. It is the intent of State Bank's management to retain the Studebaker name and its entire Jericho, New York-based staff.

"State Bank of Long Island has provided an array of banking services to middle market clients in the New York metropolitan area for over thirty years. According to Thomas F. Goldrick, Chairman and CEO of State Bancorp, Inc., "State Bank of Long Island has enjoyed a twenty year banking relationship with Studebaker Worthington Leasing Corp. and we are delighted to announce this strategic alliance. The acquisition of Studebaker Worthington Leasing Corp. will complement State Bank's current product offerings, including an existing strategic partnership with JCM Leasing for large ticket leasing services, and will provide Studebaker access to the Bank's extensive customer base throughout the metropolitan area."

Ken Paston is still head of Studebaker-Worthington. It is reported that they have been inundated with telephone calls since Leasing News reported that State Bancorp was putting the company up
for sale. State Bancorp has had its problems, starting in January, 2007 when they settled and paid $65 million to the plaintiff. The company previously estimated a $74 million settlement on a pretax basis. The suit was brought up six years ago by a Texas company that accused State Bancorp of abetting fraud at the mortgage company, Melville-based Island Mortgage Network.

The fourth quarter statement included the news of the divestment, although it appears Studebaker-Worthington was not ready to let the news go public.

"Decision to Exit Leasing Business: A non-cash goodwill impairment accounting charge of $2.4 million related to a decision to sell substantially all the assets of the Company's leasing subsidiary
was recorded in the fourth quarter of 2007."

"Our decision to divest the Studebaker-Worthington leasing subsidiary represents the final phase of our corporate restructuring and sets the stage for the Bank to redeploy the capital resources formerly committed to the leasing operation towards our core business competencies. This divestiture, expected to be completed late in the first quarter of 2008, will result in an annual cost savings to the Bank of approximately $3.0 million in cash operating expense. The resultant goodwill write-down of $2.4 million from the strategic decision to exit the leasing business and sell Studebaker-Worthington, while not a cash charge, was fully recognized in the fourth quarter of 2007 as prescribed by SFAS No. 142. This non-cash accounting charge has no impact on the Bank's capital ratios."
Full press release:



Tax Stimulus Package---Leasing Viewpoint

As you have been reading in the major newspapers, President George Bush and the U.S. House of Representatives are in accord for $150 Billion Stimulus!

On the business side, companies would be given a 50 percent bonus deduction on equipment that would normally be depreciated over many years. The incentive, which would cost $42.3 billion in 2008, is intended to encourage spending. The package would also double the limit on expenses, to $250,000 from $125,000, which small business can write off as a deduction from annual income, with a total cap of $800,000. That is expected to cost $1 billion in 2008.

Raising the depreciation may be of help to more middle-size companies in the extra first year write off. It may also induce more operating leases where the lessor has the ability to pass the depreciation along to individual investors. It may also create more single investor type lease instruments where the
lease is “true” and the lessor takes the depreciation as well as the interest.

Most leases, 89% according to the Equipment Leasing and Finance Association survey, are “capital leases,” either with a $1.00 residual or “nominal one.” In addition, often portfolio’s are sold or used
as collateral, which affects the transaction in most cases and treats it as a “loan.”

An investment tax credit would have been a better incentive, but when it was in practice, it was reportedly abused, so seems to have become unpopular as some of the very large government
FIFO or SILO, as congress labeled them.

Certainly the increased tax deduction is better than none at all, that it will increase leasing business, please see the next article.



Fed lowers Prime 1.25% in Eight Days

The Leasing Viewpoint

Unprecedented that the US Federal Reserve Board has lowered the prime rate to major banks by 1.25% in eight days. Definitely a knee jerk reaction to the stock market, scared about the subprime mortgage losses, the high volume of homes not sold and/or empty due to foreclosure, and the major impetus to get this housing and other markets going; slowing down the recession, but perhaps speeding up inflation.

What does it mean to leasing? First let’s look at a brief score card:

Homeowners with adjustable-rate mortgages or home equity loans
Homeowners with strong credit ratings who can refinance at lower rates.
Businesses with loans tied to the prime rate.
Brokers/Discounters with signed leases at the higher rate.

Investors in CDs or money market accounts.
Homeowners with houses in foreclosure (doesn’t help them)
Holders of defaulted mortgages (lower rates for those who qualify, but most are in cities that high unemployment or people who have moved seeking employment elsewhere.)
Banks/Funders who did approvals on their long term assets structure, but now must cut their margin.
Brokers/Discounters who may have to re-do credit and re-negotiate leases due to the lower rate
( they hope many of their clients may not ask for the new low rate)
Salespersons/Brokers/Discounters who find new customers asking for better rates,
more conscious of rate as they are aware the prime is lower.

The real question is when does the lower rate begin to affect the marketplace as well as the government tax stimulus. The lower rates are in effect now, but it will be at least a quarter before the results will come into effect. The tax stimulus needs to make it through the Senate first and
then to the president. Yesterday the Republicans blocked the $157 billion economic stimulus.

What the Tuesday primary election will bring is not known, or how the package will ultimately look like, especially if vetoed by the president. And if it does get passed in February, its effect may not be for six months or for tax purposes not until 2009, so anyway you look at it, the best business gets is a lower prime rate.

I keep going back to Michael J. Fleming, now with the Alta Group, but 27 year president/ceo of the Equipment Leasing and Finance Association:

"Lowering the cost of funds doesn't necessarily increase liquidity," he told CFO magazine. "Companies don't buy or lease equipment because the price is right or because interest rates go down, [they acquire equipment] because they need it," Fleming told He also pointed out that his clients, who comprise finance companies that fund equipment leases for companies of all sizes, are being all sizes, are being very cautious about capital spending, because the markets are unpredictable right now. "That may be irrational, because business fundamentals are all pretty good, all in all . . . but that's the reality," added Fleming.

"If there is a chance that you are not going to be paid back, what does the price [of capital] matter?"

It also haunts my memory: While Caterpillar posted an 11% rise in quarterly net income last week on strong growth abroad, it reported the growth came from overseas. The heavy-equipment maker said it expects "recessionary conditions" in the U.S. to persist.

Here’s a good source:



Thought Subprime Woes Couldn't Get Any Worse?

The value of subprime mortgages securitized in 2006 is set to plummet.

Stephen Taub

The soundness of first-lien subprime residential mortgages securitized in 2006 has deteriorated considerably in the past three months, Moody's Investors Service warned.

"Currently, the performance is much worse than that in prior years and shows a progressive deterioration in the performance of each of the year's quarterly vintages," the debt rater said in a new report.

advertisement As a result, Moody's estimated that average losses on securitized 2006 mortgages will fall within the 12 percent to 24 percent range; losses will be about 9 percent to 13 percent for the first-quarter 2006 group, while losses for mortgages originated in each subsequent quarters will be progressively higher, with the fourth-quarter 2006 range pegged at 14 percent to 35 percent.

In October, Moody's figured losses on 2006 securitized mortgages would range between 6.5 percent and 15 percent. Ratings for RMBS (residential mortgage-backed securities) are likely to be negatively impacted.

Separately, Bloomberg reported that defaults on privately insured U.S. mortgages rose 37 percent in December from the same month a year earlier, citing data from the Mortgage Insurance Companies of America.

In addition, the number of insured borrowers more than 60 days late on payments surged to a record 64,384 in December, from 46,921 in December 2006. Defaults increased 5.5 percent from November, the prior high.



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**** Announcement**************************************

National Vehicle Leasing Association Celebrates 40 Years of Success
at its Annual Conference and Auto Show - June 11-14, 2008
Looking Back, Moving Forward – Celebrating 40 Years of Success: 1968 - 2008

NVLA Annual Conference Exposition and Auto Show

ALEXANDRIA, Va.----The National Vehicle Leasing Association (NVLA) announces that its Annual Conference Exposition and Auto Show will take place June 11th – 14th, 2008 at the J.W. Marriott Camelback Inn in Scottsdale, Arizona.

The theme this year, ”Looking Back, Moving Forward”, provides an opportunity to reflect on the accomplishments of the last 40 years and plan for the next 40. The NVLA Conference is the perfect place to network with key industry professionals, glean valuable knowledge from extensive industry-specific workshops, seminars, general sessions, and roundtable discussions. It is also a time to let loose and enjoy the many social events and leisure activities only the NVLA and the Camelback resort can offer!

This year’s keynote speakers include Art Spinella - President, CNW Research, Tom Kontos - Vice President, Industry Relations & Analytical Services, Adesa Inc. and Charles Vogelheim - Vice President, J.D. Power as well as a special guest speaker.

Attendance at the NVLA Annual Conference is open to everyone in the vehicle leasing industry, including lessors, manufacturers, banks and suppliers, to name but a few. The Conference is designed to promote face-to-face interaction among attendees and offer valuable direct access to a broad assortment of product and service suppliers, as well as highly respected experts on issues relevant to the vehicle leasing business.

“We’re proud to build on the last few years successes at both the Gaylord in Texas and who could forget the Venetian in fabulous Las Vegas, by continuing to provide leading-edge educational programs, and networking events, this year hosted at the unparalled JW Marriott Camelback Inn in beautiful Scottsdale, AZ” NVLA Conference Chairperson, Michael Wood, proudly announced. “We’ve listened to member feedback and are incorporating many suggestions into this year’s conference. We’re also bringing back some old traditions, including key note speakers including such industry pundits as Art Spinella, Charles Vogelheim and Tom Kontos. The 2008 NVLA conference will be another winner!”

The Conference will kick off on Wednesday, June 11th, and continue though Saturday, June 14th. There are numerous educational opportunities scheduled throughout the conference, including:

Concurrent Half Day Workshops

  1. ABC’s & 123’s: How to get into the Leasing Business
  2. Making the Move from Lease Broker to Lessor
  3. Industry Specific Roundtables, Workshops and Seminars:
  4. Alternative Fuel Forum and Exposition
  5. Sales and Marketing Focus
  6. Revenue Opportunities for Your Leasing Business
  7. How to Hire and Fire Effectively
  8. Tax & Accounting Issues
  9. Sales Management 101: Setting Goals and Motivating Staff
  10. Navigating Generation Gaps in the Workforce
  11. Lease Funding for Lessors
  12. Credit Union Lessors Roundtable
  13. How to Plan and Execute an Effective Sales Meeting
  14. Legal, Legislative, Tag and Title Update 2008
  15. Consumer Lessor Roundtable
  16. Fleet Lessors Roundtable

The 40th Anniversary Conference will be full of surprises. An exciting complement of social events and entertainment including a special recognition of past NVLA presidents, the presentation of the Clemens Pender Award and a very special guest speaker, as well as the Annual Golf Tournament all serve to balance the educational events of the Conference with some lighter social opportunities. There’s no better place to network with your peers, bankers, suppliers and the like. These special events help foster new relationships, rekindle old friendships and cement business opportunities. All this and more is included in your Conference registration.

Who should attend?

Anyone involved in the auto leasing business or who supplies products and services to this industry, including: Independent Leasing Companies, Banks, Credit Unions, Manufacturers, Dealers, Upfitters, Auctions, Computer/Software services, Credit Reporting services, Funding Sources and Banks, Credit Unions, Insurance Providers, Legal services, Vehicle Maintenance and Repair services, Vehicle Manufacturers, Remarketing services and Transportation services.

For more information on the NVLA Annual Conference contact NVLA headquarters at 800-225-NVLA, or, or
visit the NVLA website at

About the National Vehicle Leasing Association (NVLA)

NVLA provides educational opportunities, promotes responsible legislation and communicates with members regarding developments and trends in vehicle leasing. NVLA promotes the independent leasing industry while encouraging the highest ethical and professional standards.

NVLA Headquarters
Marques Silva, 800-225-NVLA



$20 Million Home Equity Scam

(This was sent to Leasing News by Rob Yohe, one of the original Leasing News advisors,
who comments:

“I though you might the following of interest. It is yet another sign of deteriorating economic conditions. I assume we will continue to see increased levels of fraud at all levels & types of lending & investment vehicles. One of my many mentors always said ‘Desperate people (regardless of prior ethical standards) will do desperate things to maintain their standards of living & outward appearances’.

“This becomes increasing true during tough economic times. I am hearing from the street that fraudulent activities are on the rise. While technology can help us to detect & prevent fraud, it equally provides another outlet for use by those looking to perpetrate fraud.

“How does the old saying go? ‘If we do not recall & remember history we are bound to repeat it’. Then there is my old favorite "locks are made for honest people!" because if someone sets out to defraud you, having the skills & sociopathic disposition, then they will get you.”

Thirteen People Indicted, Seven More Plead Guilty, in $20 Million Home Equity Loan Scheme

NEWARK – A judge formally unsealed a 35-count Indictment today charging 13 individuals in a scheme to fraudulently obtain more than $20 million in home equity and business lines of credit between February 2004 and November 2005. Seven more people pleaded guilty today in the scheme, whose victims include at least 16 different lenders in northern New Jersey, U.S. Attorney Christopher J. Christie announced.

The Indictment alleges that four of the defendants – Jacob Kim, 51, of Palisades Park; Jun Hwang, 42, of Cliffside Park; Jeff Kim, 37, of Edgewater; and Justin Kim, 27, of Palisades Park – were loan brokers with American Macro Growth (AMG), in Palisades Park. Jacob Kim was AMG’s president and also acted as a broker, according to the Indictment. The remaining defendants were clients of AMG who allegedly used its services to fraudulently obtain lines of credit. They are: James Park, 41, of Hackensack; Jin Hee Song, 35, of Palisades Park; Tae Woo Lee, 42, of Palisades Park; Sun Hee Lim, 37, of Fort Lee; Hyun M. Kim, 35, of Palisades Park; Dong Jin Kim, 53, of Palisades Park; Hye Sung Park, 37, of Queens, N.Y.; Hyeong Ju Lee, 33, of Edgewater; and Ma Dung Kim, 50, of Maywood.

The Indictment alleges that AMG helped its clients use the same properties as collateral for multiple home equity lines of credit or “HELOCs,” even though the loan amounts far exceeded the value of the properties that were to serve as security. In one instance, the Indictment alleges, an AMG client used less than $300,000 of equity in a Palisades Park property to obtain approximately $2,137,000 in credit from nine different banks. According to the Indictment, the scheme effectively stripped the banks of security for the loans.

In a HELOC, a borrower pledges the equity in the borrower’s house or condominium as security for the line of credit. The bank’s security interest in the house or condominium is then publicly recorded so that other lenders will be aware of prior claims on the property. According to the Indictment, AMG and its clients executed the scheme by closing on multiple HELOCs in a short period of time so that the earlier lenders’ security interests would not be publicly recorded at the time that later lenders closed on subsequent loans.

The Indictment also alleges that AMG misrepresented clients’ income and other important information in order to increase the amounts that clients would be eligible to borrow. According to the Indictment, AMG regularly submitted falsified income tax returns on behalf of its clients while applying for lines of credit. The falsified income tax returns grossly inflated the clients’ income to create the illusion that the applicants would be able to repay the loans.

Six of the seven individuals who pleaded guilty in the scheme today were borrowers who each used AMG’s services to procure loans totaling between $750,000 and $1.9 million. They are: Chul Chung, 43, of Ridgefield Park; Dea Hee Lee, 44, of Creskill; Ha Rim Park, 42, of Palisades Park; Junho Park, 34, of Little Ferry; Jeffrey Ryu, 42, of Fort Lee; and Sung Woo Son, 37, of Palisades Park.

Sin Ah Kim, 35, of Lindhurst also pleaded guilty and was an employee of AMG who helped clients fraudulently obtain the lines of credit. Among the indicted individuals, Justin Kim was arrested on Oct. 24 and Sun Hee Lim was arrested Jan. 9. The government expects further arrests and pleas in the case.

Another aspect of the fraud, according to the Indictment, was that AMG helped clients fraudulently obtain business lines of credit or “BLOCs”. Although the BLOCs required that the borrower use the loan proceeds only for business purposes, AMG advised its clients to use BLOCs to purchase residences or pay down mortgages in order to increase the equity in already-existing residences. The clients then would use the residence to obtain multiple HELOCs.

The Indictment further alleges that defendant James Park loaned money to AMG clients which the clients used to pay down existing mortgages and thus increase the amounts they could borrow in HELOCs. James Park allegedly made loans of approximately $200,000 and $150,000 to two AMG clients who used the loans to pay down mortgages and obtain multiple HELOCs. The Indictment further alleges that James Park obtained approximately $1,441,900 in HELOCs from at least 8 different banks using less than $300,000 of equity as security for the loans.

According to the Indictment, AMG’s clients paid large commissions for AMG’s assistance. One client allegedly paid defendant Jun Hwang approximately $122,529 in commissions for his help in obtaining approximately $1,718,300 in lines of credit from at least seven different banks.

The victims of the scheme include Banco Popular, Bank of America, The Bank of New York, Citibank, Commerce Bank, Fleet Bank, JP Morgan Chase Bank, HSBC Bank, Hudson United Bank, North Fork Bank, PNC Bank, Sovereign Bank, Wachovia Bank, Washington Mutual Bank, Wells Fargo Bank and Countrywide Home Loans, Inc.

Christie credited Special Agents of the FBI, under the direction of Special Agent in Charge Weysan Dun, and Special Agents of the Federal Deposit Insurance Corporation Office of Inspector General, under the direction of Special Agent in Charge Gary Sherrill.

The government is represented by Assistant U.S. Attorney Bradley A. Harsch of the Criminal Division in Newark.


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

CIT Jr. Fund, not for leasing

("The customers will primarily be middle market private equity firms and the companies they purchase," a CIT spokesperson reported." Leasing companies would not be a target customer, nor would real estate companies. This has nothing to do with subprime," it was added. Editor)

CIT Launches New Junior Capital Fund

Fund Complements Existing Strengths in Senior Debt Financing and Syndication

NEW YORK – CIT Group Inc . (NYSE: CIT), a leading global commercial finance company, today announced the formation of 505 Capital Partners, LP (the Fund), a fund that will invest in second lien, mezzanine and other subordinated debt instruments. The Fund will capitalize on the Company’s core strengths of asset origination, risk management and client service. To date, it has raised $225 million in equity, and when fully leveraged it will have a target size of approximately $1 billion.

“We created 505 Capital Partners in response to the increasingly complex financing needs of our clients, as junior capital plays a critical part in the overall capital structure,” said Walter Owens , President of Corporate Finance at CIT.

Walter Owens

“The Fund offers us a powerful complement to our existing financing and syndication capabilities and will allow us to win more business with a one-stop financing solution.”

Tim Eichenlaub , Senior Managing Director at CIT, will head the Fund, which will not be consolidated on CIT’s balance sheet and will operate independently.

Tim Eichenlaub

About CIT
Founded in 1908, CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $80 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. CIT will celebrate its centennial beginning February 11, 2008. .


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

Alta Group Conference Explores How Technology Platforms

Drive Business, Reduce Margin Compression

(There may be additional presenters. Attendees told Leasing News this was a very informative and worthwhile session last year. With a new emphasis, this one should even be better.

CHICAGO, -- How can equipment leasing and finance executives effectively compete, reduce margin pressures and prosper with ever increasing competition and pressure from stockholders?

“One clear way is to ensure that there is a technology strategy as well as a platform that can originate new business and increase operational efficiency,” says Shawn Halladay, managing principal of The Alta Group’s professional development division.

Shawn Halladay

“Lessors are increasingly seeking to solve their toughest business challenges through technology and business process optimization,” says the host of The Alta Group’s third annual information technology conference scheduled at the Marriott Oakbrook Hotel, March 5-7.

Focusing on the theme, “Combating Margin Compression,” speakers will represent industry consultancies, technology providers and equipment leasing and finance companies. Discussion and system exploration will provide a range of information from broad business and strategic viewpoints to technical nuts and bolts. The conference is designed for COOs, CFOs, CIOs, IT managers, risk managers, portfolio/equipment managers, conversion specialists, auditors and quality teams. The Chicago location makes it easy for executives from both coasts to meet face to face, Halladay notes.

“Margin compression is on everyone’s mind these days,” Halladay adds. “The goal of this two and a half-day event is to open up the various technology applications and see how they work to create efficiencies.” The program begins with continental breakfast on March 5 and ends at 11:30 a.m. on March 7.

Halladay has served the equipment leasing and finance industry for more than 20 years, as a lessor, trainer, consultant and auditor. His professional experience includes all leasing sectors and he has served customers in North America, South America, Asia and Europe. He has authored eight books on equipment leasing. Halladay serves on Financial Accounting committee of the Equipment Leasing and Finance Association, as well as the editorial board of the Journal of Equipment Lease Financing.

Speakers for this year’s conference include another well known leasing educator and industry author, Dr. James Johnson, PhD., Northern Illinois University School of Business. He will discuss how lessors should position themselves to survive in the mature asset finance industry. Dr. Johnson has written or co-authored several books on equipment leasing, including Power Tools for Successful Leasing, Technology Leasing: Power Tools for Lessees and Power Tools for Small Ticket Leasing.

Presenters include Mike Zoretich and Mark Belec of Third Pillar; Andrew Denton, CHP Consulting; Joseph Franco, Oracle; and consultant Tom Matlon.

Topics include using technology to address risk, outsourcing, cost controls, system selection, accounting dynamics, migration to new platforms, regulatory compliance management and optimizing the performance of a legacy platform.

In addition, leading industry providers, such as CHP Consulting, Third Pillar, PriceWaterhouseCoopers and Oracle Lease Management, will conduct comprehensive functionality demonstrations of their technology platforms. They will introduce the latest features of their systems, and show how customers are using technology to respond to the dynamic changes taking place in the industry and create cost efficiencies.

“The functionality demos using transaction data provided by the conference organizers provide attendees with a clear understanding of how the technology platforms will work in real-world situations,” said Justin Cooper, president, CHP North America. “Everyone uses the same data and scenarios, making comparisons easy.”

The cost to attend is $1,495. Persons interested in registering for the conference can call Kaye Reeder at 801-322-4499 or email For more information, visit

About The Alta Group:

The Alta Group is a global consultancy serving equipment leasing and finance companies, investment professionals, manufacturers, banks and government organizations. Founded in 1992, The Alta Group supports clients in North America; Latin America; Western, Central and Eastern Europe; Australia and China. For more information,
please visit


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

Bank of the West Earns $417.3. Million for 2007; $1.7 Million in 4Q

Bank of the West today announced that net income for the full year 2007 was $417.3 million compared with 2006 earnings of $572.0 million.

Net income for the fourth quarter of 2007 was $1.7 million, compared with $138.7 million earnings of the last quarter of 2006. The quarterly results include impairment charges on the investment portfolio of $189.5 million (pretax) as well as a loan and lease provision of $82.0 million (pretax) to cover an increased risk in the loan portfolio and chargeoffs.

Surpassing $60 billion for the first time, the bank's assets grew 11.1% over year-end 2006 to $61.8 billion. Loans and leases outstanding for the bank stood at $43.7 billion at December 31, 2007, up 10.4% over the end of 2006.

"We're pleased with our strong asset generation, especially in our middle market banking and agribusiness sectors, and with fee income growth," said President and CEO Michael Shepherd. "Like most of our peers, however, we're disappointed in our fourth quarter results, which were reduced by substantial impairment charges taken primarily against subprime investment securities. We also made additional provisions for possible credit losses, particularly related to loans to home builders."

Bank of the West is among the 25 largest commercial banks in the U.S.

The bank has more than 700 branch banking locations and commercial banking offices in 19 states: California, Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Nevada, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming. Bank of the West’s holding company, BancWest Corporation, is a wholly owned subsidiary of BNP Paribas, a leading global financial services institution.


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

Midwest Leasing 100% owned by Curt MacRae

(photo courtesy MLF)

Livonia, MI: — Midwest Leasing Group, a 15-year-old equipment leasing company, in Livonia, Minnesota announces that Curt MacRae, the President of the company since 1993, has purchased all outstanding stock from his partner, Lou Wright, a non-working partner in the business.

In a friendly negotiation, MacRae acquired Wright’s entire fifty (50) per cent ownership in the corporation.

Curt MacRae
(photo courtesy MLF)

Wright, who owns and operates a successful financial investment firm, Wright Asset Management Group, in Plymouth, MI, plans to concentrate the bulk of his time in that endeavor. MacRae may seek out other investors in the future to lend flexibility in managing and building portfolios for the corporation.

Midwest Leasing Group (MLG), a successful small ticket lessor/broker operates nationally, doing 60 per cent of their business in the Michigan - Ohio area, but having written leases in 46 states and Canada.

A Master Member of National Association of Equipment Leasing Brokers, MacRae stated that Midwest Leasing Group operating procedures and goals will remain mostly unaltered, but the change of ownership is expected to give MLG the flexibility to build new business opportunities, and to expand their coverage and capabilities. MacRae thanked Wright for his input and creativity over the past 15 years, and both left the door open for other opportunities together in the future.


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

Bank of the West and Stillwater Trade Capital Sign Services Agreement

San Francisco -- Bank of the West and Stillwater Trade Capital, LLC, today announced an agreement for Bank of the West’s Managed Services Group to provide transaction servicing. New York-based Stillwater Trade Capital is an international commercial finance company providing small and medium-size enterprises in emerging countries the funding to engage in the global economy at a cost-of-capital competitive advantage.

Tom Blinten, Stillwater President and CEO, said, “We are very pleased to join with Bank of the West. Our program has challenging servicing requirements and requires a vendor that can meet our unique requirements. Bank of the West has the resources and expertise to allow us to reach our significant growth objectives.”

Portland-based Vice President Eric Gross, Director of Bank of the West Managed Services added, “It’s exciting to work with such a dynamic company. Stillwater’s innovative approach to the market coupled with their strong management team will be a formidable force in the marketplace.”

Stillwater and its affiliates finance a broad spectrum of asset classes, including consumer assets, commercial assets, operating assets, select commodities, and structured credit products. . Stillwater’s goal is to help its clients become international leaders in their respective industries. Its partner and investor, Stillwater Capital Partners, has been a leading provider of alternative investment services since 1997 and now manages over $900 million for high-net-worth individuals, endowments, foundations, private family offices, trust companies, RIA firms, insurance corporations, and institutions worldwide

Founded in 1874, $62 billion-asset Bank of the West ( is one of the 25 largest commercial banks in the United States. Bank of the West offers a full range of business, trust, international and personal banking services. Bank of the West’s Managed Services Group is a leading provider of primary and backup servicing functions for commercial lease and loan portfolios. Since 1989 Managed Services has delivered cutting-edge technology supported by a highly experienced staff. Bank of the West is wholly owned by BNP Paribas. For more information, visit our web site at, or contact Eric Gross at (503) 225-1607


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

News Briefs----

Japan's Equipment Leasing Slips In 2007

UBS' 14B Writedown Results in Record Loss

'09 budget deficit poised to hit $400B

Google Earnings Come up Short

Yang's Yahoo! Loss $.5B

Yahoo's chairman departs board

Home Depot to lay off 10% of headquarters staff

Starbucks cooling its U.S. growth



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After Mining Deal, Financier Donated to Clinton



Sports Briefs----

Giants practice report

Brady's humble beginning



“Gimme that Wine”

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Winemaker finds profitable sideline selling grapes to hobbyists

Nutritional information considered for US wine labels

Costco loser in liquor ruling

Three accused of bilking K-J of $200,000

Wine Prices by vintage
US/International Wine Events
Winery Atlas
Leasing News Wine & Spirits Page
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.



Calendar Events This Day

Baked Alaska Day

Bubble Gum Day
Imagine being able to chew bubble gum at school or work.

National Freedom Day

Robinson Crusoe Day
Anniversary of the rescue of Alexander Selkirk, a Scottish sailor who had been put ashore on (in September 1804) 0n the uninhabited island Juan Fernandez, at his own request, after a quarrel with his captain. His adventure formed the basis for Daniel Defoe’s book:” Robinson Crusoe. A day to be adventurous and self-reliant/

Saint feast Days



The name for Oz in the "Wizard of Oz" was thought up when the creator, Frank Baum, looked at his filing cabinet and saw A-N, and O-Z, hence "Oz."



Today's Top Event in History

1865- President Abraham Lincoln's signed into law the 13th Amendment to the US Constitution (abolishing slavery): "1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States or any place subject to their jurisdiction. 2. Congress shall have power to enforce this article by appropriate legislation." The amendment had been proposed by the Congress Jan 31, 1865; ratification was completed Dec 6, 1865.


This Day in American History

    1633 - The tobacco laws of Virginia were codified, limiting tobacco production to reduce dependence on a single-crop economy.
    1780 – The British fleet carrying General Clinton’s 8,000-man army arrives from New York off Charleston, South Carolina.
    1790- The Supreme Court of the United States met for the first time in New York City with Chief Justice John Jay presiding.
    1859-Considered one of America’s greatest composers, Victor Herbert, was born in Dublin, Ireland.
    1860-The first Rabbi to open the House of Representatives with prayer was Rabbi Morris Jacob Raphall, rabbi of Congregation B’nai Jeshurn, New York City, who delivered the invocation at the first session of the 36th congress.
    1860-Decree from Norton I, Emperor of the United States & Protector of Mexico, orders representatives of the different states to assemble at Platt’s Music Hall in Frisco to change laws to ameliorate the evils under which the country is laboring.
    1861 - Texas seceded from the Union and joined the Confederate States of America.
    1862 - Battle Hymn of the Republic, written by Julia Ward Howe, was first published in the Atlantic Monthly. The song's music was inspired by the song "John Brown's Body." Howe just wrote new words for the existing music.
    1865- President Abraham Lincoln's signed into law the 13th Amendment to the US Constitution (abolishing slavery): "1. Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States or any place subject to their jurisdiction. 2. Congress shall have power to enforce this article by appropriate legislation." The amendment had been proposed by the Congress Jan 31, 1865; ratification was completed Dec 6, 1865.
    1865-The first lawyer admitted to practice before the Supreme Court who was African-American was John S. Rock,. His admittance was moved by Senator Charles Sumner of Massachusetts. Chief Justice Salmon Portland Chase presided. It would be the last triumphant act in a life overflowing with achievement, for Rock died suddenly on December 3, 1866. He was interred at the Twelfth Baptist Church and buried with full Masonic honors at Woodlawn Cemetery in Everett, MA.
    1878- Hattie Wyatt Caraway, born at Bakersville, TN, Hattie Caraway became a US senator from Arkansas when her husband died in 1931 and she was appointed to fill out his term. The following year she ran for the seat herself and became the first woman elected to the US Senate. She served 14 years there, becoming an adept and tireless legislator (once introducing 43 bills on the same day) who worked for women's rights (once cosponsoring an equal rights amendment), supported New Deal policies as well as Prohibition and opposed the increasing influence of lobbyists. Caraway died at Falls Church, VA, Dec 21, 1950.
    1885- John Taylor, the president of the Mormon Church, goes "underground" to avoid arrest and continue resisting federal demands for reforms within the community of Latter-day Saints. A former Methodist minister, Taylor converted to Mormonism in 1836, not long after Joseph Smith founded the religion in New York. Taylor quickly became one of Smith's closest confidants and supporters, and he remained loyal to the controversial prophet and his church through years of persecution. When Smith was assassinated in Illinois in 1844 by an angry mob, Taylor was by his side and suffered several wounds during the attack. He escaped serious injury because a heavy pocket watch stopped a potentially fatal bullet. After Smith's death, Taylor became an equally loyal follower of the new church president, Brigham Young. Taylor led one group of Mormon emigrants westward to Salt Lake City where Young was building a thriving theocratic empire. In Utah, he continued to ascend in the church hierarchy, and when Young died in 1877, Taylor took over leadership of the church. Taylor's tenure as the leader of the Latter-day Saints was marked by growing tensions between the church and the federal government. The Mormon practice of polygamy became a lightning rod for federal criticism, yet this issue reflected a larger struggle regarding the church's power over its members and the future state of Utah.
Although the Mormons treasured the freedom to develop their new society free from outside interference, they also sought the benefits of being a part of the United States. Inevitably, these two goals conflicted. In 1851, the Mormons won territorial status for Utah, but the government remained suspicious of Taylor's theocratic society. To the federal government, the Mormon political and economic domination of the region violated the separation of church and state. By attacking polygamy, federal authorities hoped they could also undermine the secular power of the church. Taylor strongly opposed the federal attempts to undermine the Mormon theocracy. He believed the practice of polygamy was divinely ordained and state or federal anti-polygamy laws should not be allowed to prevail. Determined to assert the primacy of national secular law over the Mormon theocracy, US marshals began arresting Mormons for practicing polygamy. Vulnerable to arrest themselves, Taylor and his leading administrators went underground on 01 February 1885. For the next two-and-a-half years, Taylor conducted church business from a series of secret hideouts in Salt Lake City. Taylor's underground administration managed to avoid arrest, but the federal actions were steadily undermining church power and influence. Grudgingly, in 1887, Taylor assented to one concession: making polygamy illegal in a proposed Utah state constitution. Congress found Taylor's proposed compromise inadequate and rejected the petition for statehood. Taylor died that same year, still an exile in his own home. For several more years, the Mormon leadership continued the fight, but federal pressure eventually became so great that in 1890 Taylor's successor publicly rejected polygamy. The theocratic government of the Latter-day Saints had been tamed, and Utah achieved statehood in 1896.
    1893- The first moving picture studio was built at Thomas Edison's laboratory compound at West Orange, NJ, at a cost of less than $700. The wooden structure of irregular oblong shape was covered with black tar paper. It had a sharply sloping roof hinged at one edge so that half of it could be raised to admit sunlight. Fifty feet in length, it was mounted on a pivot enabling it to be swung around to follow the changing position of the sun. There was a stage draped in black at one end of the room. Though the structure was officially called a Kinetographic Theater, it was nicknamed the "Black Maria" because it resembled an old-fashioned police wagon.
    1894—Birthday of rag time pianist/composer James P. Johnson
    1895--Film director John Ford was born at Cape Elizabeth, ME, as Sean Aloysius O'Feeney; he changed his name after moving to Hollywood. Ford won his first Academy Award in 1935 for The Informer. Among his many other films: Stagecoach, Young Mr. Lincoln, The Grapes of Wrath, How Green Was My Valley, Rio Grande, What Price Glory? and Mister Roberts. During World War II he served as chief of the Field Photographic Branch of the OSS. Two documentaries made during the war earned him Academy Awards. He died Aug 31, 1973, at Palm Desert, CA.
    1898- Travelers Insurance Company issued the first car insurance against accidents with horses.
    1901- actor Clark Gable birthday. His first film was The Painted Desert in 1931, when talking films were replacing silent films. He won an Academy Award for his role in the comedy It Happened One Night, which established him as a romantic screen idol. Other films included China Seas, Mutiny on the Bounty, Saratoga, Run Silent Run Deep and Gone with the Wind, for which his casting as Rhett Butler seemed a foregone conclusion due to his popularity as the acknowledged "King of Movies." Gable was born at Cadiz, OH, and died Nov 16, 1960, at Hollywood, CA, shortly after completing his last film, Arthur Miller's The Misfits, in which he starred with Marilyn Monroe.
    1902- birthday of Langston Hughes. African American poet and author, born at Joplin, MO. Among his works are the poetry collection Montage of a Dream Deferred, plays, a novel and short stories. Hughes died May 22, 1967 at New York, NY.
What happens to a dream deferred?
Does it dry up
like a raisin in the sun?

Or fester like a sore--
and then run?

Does it stink like rotten meat?
Or crust and sugar over—
like a syrupy sweet?

Maybe it just sags
like a heavy load

Or does it just explode?

— Langston Hughes, "Dream Deferred"
( lower part of )
    1906-- 1st federal penitentiary building completed, Leavenworth KS. The penitentiary is the largest maximum-security prison in the United States, housing more than 2,200 inmates.  Famous inmates over the years included Al Capone, Machine Gun Kelly, and Robert Stroud – the famous “Birdman of Alcatraz.”  Actually, Stroud’s bird work began at Leavenworth, where he served 28 years before being transferred to Alcatraz. The Immanuel Church, located on the grounds, was made famous in Ripley’s Believe it or Not as the only church in which Protestant and Catholic services were conducted simultaneously.
    1911- Thomas Jennings was found guilty and sentenced to death for the murder of Clarence B. Hiller in the Criminal Court of Cook County, Illinois. He was convicted because of his fingerprints and is the first to be found guilty. The Illinois Supreme Court rule that fingerprints were admissible evidence. Hiller was hanged for his crime.
    1919 - The first Miss America was crowned in New York City. The winner, Edith Hyde was found by the judges not to be a Miss. She was a "Mrs." named Mrs. Tod Robbins, the mother of two children.
    1920 - The North West Mounted Police ("The Mounties") became the Royal Canadian Mounted Police.
    1922-Birthday of 1922, Renata Tebaldi - Italian operatic soprano whose rich, sumptuous voice made her the operatic star at the Metropolitan Opera, Covent Garden, and LaScala in the 1950s and 60s. She was known for her acting ability. In 1946, along with Arturo Toscanini, RT performed at the reopening concert of La Scala, which had been closed during World War II.    Her great roles included Giacomo Puccini's Mimi (La Bohème) and Tosca, Giuseppe Verdi's Desdemona (Otello) and Aida, and Umberto Giordano's Madeleine (Andrea Chénier).
    1934- Bob Shane of the Kingston Trio was born in Hilo, Hawaii. The trio was credited with starting the folk craze of the late 1950's and early '60s with their hit recording of "Tom Dooley" in 1958. The Kingston Trio had a clean-cut collegiate image which helped them win acceptance among the trendy college crowd. The trio broke up in 1968.
    1935 -- James T. Farrell finishes his Studs Lonigan trilogy (Judgment Day).
    1937- Don Everly of the Everly Brothers was born in Brownie, Kentucky. The brothers were one of the most important acts of early rock 'n' roll. Their music, a mixture of close country harmonies over a rocking beat, resulted in two dozen chart entries, including such number-one records as "Wake Up Little Susie," "All I Have to Do Is Dream" and "Cathy's Clown." The brothers broke up in 1973, reunited in 1983 and again in 1985. They were last seen touring with Garfunkle and Simon, who re-united, and confessed on stage, before the introduction, when they started, they were trying to sound like their idols, the Everly Brothers.
    1939 - On Victor Records, Benny Goodman and his orchestra recorded "And the Angels Sing". The vocalist for that song went on to find fame at Capitol Records, Martha Tilton.
    1940 - For his first recording session, held in Chicago, Illinois, with the Tommy Dorsey Band, Frank Sinatra sang "Too Romantic" and "The Sky Fell Down". Sinatra replaced Jack Leonard as the band's lead singer.
    1941 - "Downbeat" magazine reported Glenn Miller had signed a new three-year contract with RCA Victor Records, guaranteeing him $750 a side, the largest record contract signed to that date.
    1944---Top Hits
My Heart Tells Me - The Glen Gray Orchestra (vocal: Eugenie Baird)
Shoo, Shoo, Baby - The Andrews Sisters
Besame Mucho - The Jimmy Dorsey Orchestra (vocal: Bob Eberly & Kitty Kallen
Pistol Packin’ Mama - Al Dexter
    1945-- US Army arrives at Siegfriedlinie, a major defense of the Nazi regime.
    1949 - Louis B. Mayer, of Metro Goldwin Mayer (MGM), became a millionaire all over again when he sold his racehorse breeding farm for one-million dollars.
    1949 - 1949, RCA Victor introduced the 45 rpm record. It was designed as a rival to Columbia's 33 1/3 rpm long- playing disc, introduced the previous year. The two systems directly competed with each other to replace 78 rpm records, bewildering consumers and causing a drop in record sales.
By the end of 1949, all the major companies, except RCA, had committed themselves to the LP record, seemingly putting an end to the 45. Even RCA itself announced it would issue its classical library on 33 1/3 rpm discs. But RCA was not ready to admit the demise of the 45 rpm record. The company spent $5-million publicizing 45 rpm as the preferred speed for popular music. The campaign worked. Buyers of non-classical records turned increasingly to the 45 rpm record, so that by 1954, more than 200-million of them had been sold. And all the major companies now were producing both 33 1/3 and 45 rpm records.
    1951---Birthday of American Composer/Pianist Michael Shapiro, Brooklyn, NY.
    1951 -50ºF (-46ºC), Gavilan NM (state record)
    1951 - The temperature at Taylor Park Dam plunged to 60 degrees below zero, a record for the state of Colorado
    1951 - The greatest ice storm of record in the U.S. produced glaze up to four inches thick from Texas to Pennsylvania causing twenty-five deaths, 500 serious injuries, and 100 million dollars damage. Tennessee was hardest hit by the storm. Communications and utilities were interrupted for a week to ten days.
    1952---Top Hits
Slowpoke - Pee Wee King
Cry - Johnnie Ray
Anytime - Eddie Fisher
Give Me More, More, More (Of Your Kisses) - Lefty Frizzell
    1953 - "Private Secretary" debuted on CBS-TV starring Ann Southern as Susie McNamera, the private secretary to New York talent agent, Peter Sands played by Don Porter. With its last show airing on September 10, 1957, the show ran on CBS during the regular television seasons and ran on NBC-TV in the summers of 1953 and 1954.
    1953- "Your Are There" premiered on Television. The program began as an inventive radio show in 1947. News correspondents would comb the annals of history and "interview" the movers and shakers of times past. Walter Cronkite hosted the series on CBS for four seasons. The show's concept was revived for a season in 1971 with Cronkite gearing the program toward children.
    1953- General Electric Theater premiered on TV. CBS's half-hour dramatic anthology series was hosted by Ronald Reagan (in between his movie and political careers). Making their television debuts were Joseph Cotten (1954); Fred MacMurray, James Stewart and Myrna Loy (1955); Bette Davis, Anne Baxter, Tony Curtis and Fred Astaire (1957); Sammy Davis, Jr (1958); and Gene Tierney (1960). Other memorable stars who appeared on the series include: Joan Crawford, Harry Belafonte, Rosalind Russell, Ernie Kovacs, the Marx Brothers and Nancy Davis Reagan, who starred with her husband in the premonitory episode titled "A Turkey for the President" (1958).
    1954 - On CBS-TV, "The Secret Storm" was shown for the first day of a 20-year run.
    1955--Elvis Presley records, "Baby, Let's Play House"
    1956 -- Martin Luther King, Jr.'s Montgomery Improvement Association files suit in federal court against Alabama for segregation of buses.
    1957--Birthday of Donna Adamek, known as "Mighty Mite", DA dominated women's professional bowling from 1978 through 1981.
She was Woman Bowler of the Year each year and, in that four-year period, she won the Women's Open in 1978 and 1981, the WIBC Queens in 1979 and 1980, and the WPBA National Championship in 1980. Adamek led the WPBA tour in winnings for three consecutive years, 1978 through 1980.
During the 1981-82 season, DA rolled three perfect 300 games. {{The compiler of WOAH whose highest average was 194 (287 game) remembers when ONE 300 GAME was memorable before the change in bowling ball construction and the way bowling lanes are dressed
    1958-- Elvis Presley records: "My Wish Came True," "Doncha' Think It's Time," "Your Cheatin' Heart," "Wear My Ring Around Your Neck."
    1960- Greensboro Sit-In. Commercial discrimination against blacks and other minorities provoked a nonviolent protest. At Greensboro, NC, four students from the Agricultural and Technical College (Ezell Blair, Jr, Franklin McCain, Joseph McNeill and David Richmond) sat down at a Woolworth’s store lunch counter and ordered coffee. Refused service, they remained all day. The following days similar sit-ins took place at the Woolworth’s' lunch counter. Before the week was over they were joined by a few white students. The protest spread rapidly, especially in southern states. More than 1,600 people were arrested before the year was over for participating in sit-ins. Civil rights for all became a cause for thousands of students and activists. In response, equal accommodation regardless of race became the rule at lunch counters, hotels and business establishments in thousands of places.
    1960---Top Hits
Running Bear - Johnny Preston
Teen Angel - Mark Dinning
Where or When - Dion & The Belmonts
El Paso - Marty Robbins
    1962 -- US: Ken Kesey’s One Flew Over Cuckoo's Nest is published.
    1963-- Paul Simon graduates from New York City's Queens College.
    1964- "I Want to Hold Your Hand" by the Beatles reached number one on the Billboard Hot 100 chart. It stayed there for seven weeks.
    1964- The Beatles' "Please Please Me" enters the pop charts
    1964-The governor of Indiana declared "Louie, Louie" pornographic. The song was about seven years old when the Kingsmen recorded their version in 1963, and the fantastic legend that grew up in its wake--a legend that even an FCC investigation couldn't kill--seems to have sprung solely from their extraordinary lack of elocution. Berry, who spoke on the subject a while back to a Los Angeles interviewer named Bill Reed, explains the song as the lament of a seafaring man, spoken to a sympathetic bartender named Louie. Here, without further ado, are the "official" published lyrics:
"Louie Louie, me gotta go. Louie Louie, me gotta go. A fine little girl, she wait for me. Me catch the ship across the sea. I sailed the ship all alone. I never think I'll make it home. Louie Louie, me gotta go . Three nights and days we sailed the sea. Me think of girl constantly. On the ship, I dream she there. I smell the rose in her hair. Louie Louie, me gotta go. Me see Jamaican moon above. It won't be long me see me love. Me take her in my arms and then I tell her I never leave again. Louie Louie, me gotta go." (By Richard Berry. Copyright 1957-1963 by Limax Music Inc.)
    1966-The first Navy captain who was African-American was Thomas David Parham, Jr., of Newport News, VA, a Presbyterian chaplain, whose rank was raised from commander to captain.
    1966-Bill Graham resigns as business manager of the San Francisco Mime Troupe in order to devote himself full-time to the business of acid rock concert promotion, initially at the Fillmore Auditorium.
    1966--Birthday of soccer great Michelle Akers.
    1967- the American Basketball Association (ABA) was born with 10 teams and George Mikan as commissioner in hits first season. The ABA lasted nine years before four teams, the Denver Nuggets, the Indiana Pacers, the New Jersey Nets and the San Antonio Spurs, were absorbed into the NBA.
    1967-- The Beatles record "Sgt. Pepper's Lonely Hearts Club Band"
    1968---Top Hits
Judy in Disguise (With Glasses) - John Fred & His Playboy Band
Chain of Fools - Aretha Franklin
Green Tambourine - The Lemon Pipers
Sing Me Back Home - Merle Haggard
    1968- Green Bay Packers head coach Vince Lombardi resigned after nine seasons, five NFL titles and victories in the first two Super Bowls. Oddly enough, Green Bay’s founding coach, Curly Lambeau, resigned on the same day in 1950 after 29 years on the job.
    1968- Elvis Presley's only child, Lisa Marie, was born. Elvis and his wife, Priscilla, were married in Las Vegas the previous May. They were divorced in 1973.
    1968 -The Jimi Hendrix ExperienceJohn Mayall and the Bluesbreakers, at the Fillmore Auditorium.
    1969- Tommy Roe's "Dizzy" enters the pop charts
    1969- Tommy James & the Shondells' "Crimson and Clover" hits #1.
    1970-Timothy Leary sentenced to 10 years for Texas/Mex marijuana bust.
    1970 *STEINDAM, RUSSELL A. Medal of Honor
Rank and organization: First Lieutenant, U.S. Army, Troop B, 3d Squadron, 4th Cavalry, 25th Infantry, Division. Place and date: Tay Ninh Province, Republic of Vietnam, 1 February 1970. Entered service at: Austin, Tex. Born: 27 August 1946, Austin, Tex. Citation: for conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. 1st Lt. Steindam, Troop B, while serving as a platoon leader, led members of his platoon on a night ambush operation. On the way to the ambush site, suspected enemy movement was detected on 1 flank and the platoon's temporary position was subjected to intense small arms and automatic weapons fire as well as a fusillade of hand and rocket-propelled grenades. After the initial barrage, 1st Lt. Steindam ordered fire placed on the enemy position and the wounded men to be moved to a shallow bomb crater. As he directed the return fire against the enemy from his exposed position, a fragmentation grenade was thrown into the site occupied by his command group. Instantly realizing the extreme gravity of the situation, 1st Lt. Steindam shouted a warning to alert his fellow soldiers in the immediate vicinity. Then, unhesitatingly and with complete disregard for his safety, 1st Lt. Steindam deliberately threw himself on the grenade, absorbing the full and fatal force of the explosion as it detonated. By his gallant action and self-sacrifice, he was able to save the lives of the nearby members of his command group. The extraordinary courage and selflessness displayed by 1st Lt. Steindam were an inspiration to his comrades and are in the highest traditions of the U.S. Army.
    1971- The Love Story soundtrack album is certified gold.
    1974- “Good Times” premiered on TV. A CBS spin-off from "Maude," which was a spin-off of "All in the Family." "Good Times" featured an African American family living in the housing projects of Chicago. The series portrayed the Evans family's struggles to improve their lot. The cast featured Esther Rolle and John Amos as Florida and James Evans, Jimmie Walker as son J.J., Bernadette Stanis as daughter Thelma, Ralph Carter as son Michael, Johnny Brown as janitor Mr. Bookman, Ja'Net DuBois as neighbor Willona Woods, Janet Jackson as Willona's adopted daughter Penny and Ben Powers as Thelma's husband, Keith Anderson.
    1975- Neil Sedaka's "Laughter in the Rain" hits #1.
    1976---Top Hits
Love Rollercoaster - Ohio Players
Love to Love You Baby - Donna Summer
You Sexy Thing - Hot Chocolate
This Time I’ve Hurt Her More Than She Loves Me - Conway Twitty
    1978- the first postage stamp depicting an African-American woman was issued. It showed the likeness of Harriet Tubman, the escaped slave and abolitionist who led more than 300 slaves to freedom along the Underground Railroad.
    1978- Bob Dylan's film "Renaldo and Clara," a documentary of the Rolling Thunder Revue tour mixed with surrealistic fantasy sequences, premieres in Los Angeles.
    1979-Patty Hearst released from jail.
    1982- "Late Night with David Letterman premiered..” This is when it all began: the stupid pet tricks, stupid human tricks and the legendary top ten lists. "Late Night" premiered on NBC as a talk/variety show appearing after "The Tonight Show with Johnny Carson." Host David Letterman was known for his irreverent sense of humor and daffy antics. The offbeat show attained cult status among college crowds and insomniacs, as many tuned in to see a Velcro-suited Letterman throw himself against a wall. The show also featured bandleader-sidekick Paul Shaffer, writer Chris Elliott and Calvert DeForest as geezer Larry "Bud" Melman. In 1993, Letterman made a highly publicized exit from NBC and began hosting "The Late Show" on CBS.
    1984---Top Hits
Owner of a Lonely Heart - Yes
Karma Chameleon - Culture Club
Talking in Your Sleep - The Romantics
The Sound of Goodbye - Crystal Gayle
    1985 -69ºF (-56ºC), Peter's Sink UT (state record)
    1985 - Snow, sleet and ice glazed southern Tennessee and northern sections of Louisiana, Mississippi and Alabama. The winter storm produced up to eleven inches of sleet and ice in Lauderdale County AL, one of the worst storms of record for the state. All streets in Florence AL were closed for the first time of record
    1987 - Terry Williams from Los Gatos, California, won the largest slot machine payoff, to that time, pocketing $4.9 million after getting four lucky 7s on a machine in Reno, Nevada.
    1988 - Thirty cities in the eastern U.S. reported new record high temperatures for the date, including Richmond VA with a reading of 73 degrees. Thunderstorms in southern Louisiana deluged Basile with 12.34 inches of rain. Arctic cold gripped the north central U.S. Wolf Point MT reported a low of 32 degrees below zero
    1989 - While arctic cold continued to invade the central U.S., fifty- four cities in the south central and eastern U.S. reported new record high temperatures for the date. Russell KS, the hot spot in the nation with a high of 84 degrees the previous day, reported a morning low of 12 above. Tioga ND reported a wind chill reading of 90 degrees below zero
    1989- a Spokane, Washington, funeral director revealed that jazz saxophonist and pianist Billy Tipton, who had lived his life as a man, was a woman. Tipton played for years in the US northwest after a career with several big bands. He appeared to have a wife and adopted three sons.
    1990---Top Hits
How Am I Supposed To Live Without You- Michael Bolton
Opposites Attract- Paula Abdul (Duet With The Wild Pair)
Downtown Train- Rod Stewart
Two To Make It Right- Seduction
    1992 - United States President George Bush and Russian President Boris Yeltsin signed the Camp David declaration which states t hat their two countries no longer regard each other as adversaries
    1992--Barry Bonds signs baseball's highest single year contract ($4.7 million)
    1993- On Lisa Marie's 25th birthday, it was announced that she wouldn't be taking over her father's estate as provided in his will. Lisa Marie left management of Graceland and other parts of Elvis's multimillion-dollar estate to Jack Soden, head of Elvis Presley Enterprises.
    1993-- First Lady Hillary Rodham Clinton is given an office in the West Wing of the White House and named January 25 to head a commission charged with creating a health plan for the nation. It is the most influential position a president's wife has ever had. she bans smoking in the White House February 1. Will she return in the
next presidential election?
    1995---Top Hits
Creep- TLC
On Bended Knee- Boyz II Men
Another Night- Real McCoy
Take A Bow- Madonna
    1999-- Clinton impeachment trial: conflicting testimony. Under heavy security, former White House intern Monica Lewinsky answers questions from House prosecutors, as they work to elicit new information that might bolster their impeachment case against President Bill Clinton. Some of the points on which the testimony of presidential confidant Vernon Jordan conflicts with Monica Lewinsky's.
    2000---Top Hits
I Knew I Loved You- Savage Garden
What A Girl Wants- Christina Aguilera
Smooth- Santana Featuring Rob Thomas
Back At One- Brian McKnigh
    2003- After a successful 16 day mission, the space shuttle Columbia, with a crew of seven, perished during entry. Kalpana Chawla, 41, emigrated to United States from India in 1980s and became an astronaut in 1994, was one of seven astronauts who died in an explosion that streaked across the Texas sky on a clear, beautiful morning .Laurel Clark, 41, a Navy diving medical officer aboard submarines, then flight surgeon who became an astronaut in 1996. On board Columbia to help with science experiments. Had 8-year-old son. Her home was in Racine, Wis. Commander Rick Husband, 45, Air Force colonel; Pilot William McCool, 41;.Payload commander Michael Anderson, 43; David Brown, 46, a Navy captain, pilot and doctor;Ilan Ramon, 48, a colonel in Israel's air force and the first Israeli in space.

XXXVIII Feb. 1, 2004 New England 32, Carolina 29



Football Poem

Coach Bear Bryant’s Poem

This is the beginning of a new day.
God has given me this day to use as I will.
I can waste it or use it for good.
What I do today is important as I am
exchanging a day of my life for it.
When tomorrow comes, this day will be gone forever.
Leaving something in its place I have traded for it.
I want it to be a gain, not loss--good, not evil.
Success, not failure, in order that I shall not forget
the price I paid for it.




The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?



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