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San Clemente, California

The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions .  We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223

Ten years providing financing nationwide

Wednesday, February 25, 2009

Actress Elizabeth Téa Pantaleoni, better known as Tea Leoni, born February 25, 1966, New York City, New York. Jurassic Park III, The Family Man, Deep Impact, Fun with Dick and Jane and Spanglish.


Seeking Information-Marlin Leasing
    Classified Ads---Controller
        Pioneer Not Funding Again
AEL Financial going strong in marketplace
    Interview with Al Levine, Madison Capital
        Letters---We get eMail
    Cartoon---Didn’t you get the memo?
Sales makes it Happen—by Tom Martin
Effectively Qualifying Lessees
Obama's stimulus package
by Shawn Halladay, The Alta Group
    Classified ads—Outsourcing/Asset Management
ELFA Index to show 50.2% Drop from Dec. to Jan.
    Stanford’s Antigua Bank Seized, Shares Redistributed
    AIG in talks with U.S. government, sees $60B loss
    AIG Said to Get Bids from MetLife, Axa
    Ritz Camera files for bankruptcy
    Target profit falls 41% as consumers cut back
    Madoff judge affirms July 2 deadline for claims
    Hearst says it will close or sell S.F. Chronicle
News Briefs---
    You May have Missed---
    The secret In-Out Burger Menu
        California Nuts Brief---
    Sports Briefs---
"Gimme that Wine"
    Today's Top Event in History
        This Day in American History
    Daily Puzzle
    Weather, USA or specific area
Traffic Live----

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


Seeking Information—Marlin Leasing

Marlin Business Services---Getting unverified reports from readers. Looking for more information; looking for confirmation:



Classified Ads---Controller

Boca Raton, FL
CPA w/ Sarbanes Oxley/ 15 years management exp. as CFO/ Controller/5 yrs w/ PWC Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate.
Chicago, IL
experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating.
Southeastern, MI
Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate.

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

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

ELFA Career Center: Job Seekers (free):



Pioneer Not Funding Again

Pioneer Capital Corporation, of Addison, Texas reported not funding, starting around the second week of January, then to start by January 26th, as their parent IFC Credit Corporation, Morton Grove, Illinois
was in the process of selling off two portfolio’s, but was having technical difficulties during the process. It was also reported at the time IFC Credit was not funding transactions.

On January 30th, an IFC Credit portfolio was sold, Leasing News was informed:

“I am pleased to inform you that IFC just signed off on a bulk sale that should be fully completed today.

"This sale of receivables should allow us to clear enough room under our currently facility to resume partial funding and we expect to restart these operations on Monday.

"We are expecting a second and much larger portfolio sale to be completed later next week which should allow us to resume normal funding operations for the foreseeable future.

"During this interruption, many of you called with words of encouragement, and everyone at Pioneer wishes to thank all of you for your heart felt support.”

It appears the leases in arrears still need funding, according to readers who were informed this from Pioneer, and they await the completion of the second “and much larger portfolio,” which several told was to take place today (Tuesday), with past fundings to take place by Friday, there were told.

During this time, according to readers, Pioneer was slowing down credit approvals, and several said “stalling six, seven days” on transactions that were generally approved in a few hours. Several
readers said they were generally turning down most transactions, but Leasing News was unable to verify this.

No one at Pioneer Capital Corporation of IFC Credit Corporation was available for a comment.



AEL Financial going strong in marketplace

Contrary to rumors, Jim Bailey of AEL Financial, Buffalo Grove, Illinois, just out of Chicago, is not getting out of the equipment leasing broker business. "We are just not taking on any new brokers, trying to service our current brokers, keeping our credit lines open and service to our current brokers."

AEL Financial is a member of the Forsythe Group of Companies, a diversified, billion dollar group of companies with leadership positions in energy, power generation, motor-sport racing, high performance electronics, engine technology and engineering, banking, real estate development, agribusiness, insurance, and financial services.

At one time they were part of American Enterprise Bank, located in the same building at 600 North Buffalo Grove Rd. Buffalo Grove, IL 60089.

Companies Not taking Broker Business:



Interview with Al Levine, Madison Capital

Allan Levine is the Chief Operating Officer and of Madison Capital, LLC,
Owings Mills, Maryland. He has been in the vehicle and equipment leasing business for 34 years.

“We have cut back our broker business, but not out. Historically, it was 20%-30% of our business. We want to be at that level. We are previewing more transactions and not wasting either ours or our broker’s time on weak full submissions that do not fit our footprint. Our borrowing is in tack, with fractionally higher rates. We have made our credit criteria a bit more defined and we are even more conscious of who are customers are, what they do, their history, etc. It is the same we did before, just more of it.”

Did you have a credit you ranked as “stellar” go “supernova” by late 08?

“Excellent credits that went south were industry related. A perfect example was a major national wood supplier with 75 years in business that simply ran out of clients. This was not logging related, but finished wood related for the housing industry. The customer never had an historic credit blip. The other thing that one could not predict was strong asset resale losses. For example, we the right brand concrete pump truck that cost about $300K that should have sold, at auction, for $200k, which brought $125k. And, we even had $50k down. The total down turn was the culprit and impossible to predict. There are just too many similar units for sale.”

Are your days longer or shorter than before?

“My days are about the same, but my work focus is different. However, long days have always been the norm. When business is good, one works hard and when bad, one works hard. In bad times, there has been a bit more stress on the collection side, but that is manageable and failing transactions or those needing restructuring is slowing. In good times, we work harder to process transactions. As an FYI, more good direct business is coming in and good margins are attainable. The vehicle portfolio, which performed ahead of budget last year and has normal defaults, is providing wonderful opportunities as the larger fleet lenders are focused elsewhere rather than on the small to midsized fleets.”

What advice would you give to a graduating finance major looking for a job in May or June of 2009?

“I would tell a graduating finance majors to move in with three friends, keep the overhead down, go to graduate school in some other field. I do not think there will be an abundance of jobs in finance. There are many unemployed good experienced people that can be hired that will help upgrade one's staff now. Madison is finding new good people that have lost their jobs. We are hiring as we simultaneously look to acquire another company that perhaps is a bit distressed. We feel 2009 will be flat, but this is a good time to work on your infrastructure, do your business plan, honker down, and wait for the turnaround.”

Allan is a member of the Leasing News Advisory Board. He began in leasing in 1971 when he went to work for a firm focused on vehicle and small-ticket equipment leasing. In 1974, Allan started Fox Auto & Truck Discount Leasing Company, which evolved, in the early 1980's, into Fox Discount Leasing, Inc. In 1987, he formed Fox Valley Leasing, which merged with Harbor Leasing to become Madison Capital in August of 1997.

He has served on many boards and committees throughout the leasing industry, including: the local chapter of the NVLA (National Vehicle Leasing Association), the Equipment Leasing and Finance Association's committee for independent leasing companies (ILC) and its Future Council group, former director of the Eastern Association of Equipment Lessors, is past chair of The Gordon Center (a 550-seat boutique venue for the performing arts),  and as past Chairman of the Board of an international not-for-profit serving over 5500 individuals with development disabilities and has 2300 employees. He was VP of The Jewish Community Center and on its board of directors for years. Recently Allan became a member of the Baltimore Zoo’s Board of Directors. It is the fourth largest Zoo in the US. He has also served on the board of many additional local philanthropic and community organizations.

Allan is a graduate of the University of Maryland where he played lacrosse.

Allan Levine, Chief Operating Officer
9D Gwynns Mill Court
Owings Mills, MD 21117

Direct Line: 443.796.7337
Office: 443.796.7333
fax: 443.796.7200
Equipment and Vehicle Leasing Solutions



Leasing Industry Help Wanted

Commercial Sales Associate

Looking for Sales Associate with a following.  Your area of expertise should be with any titled rolling stock;  New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses,  any commercial vehicle.  National Scope.  Hi Commission with benefits. 

Curt Webster, CVLE  516 922-7447

We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States.



Position available for experienced salesperson to solicit direct business for equipment & vehicle leasing company located in Maryland. Madison Capital provides lease financing nationwide, in Canada and Puerto Rico

Call either Nancy Pistorio (800.733.5529 ext 7325) or Allan Levine (800.733.5529 ext 7337)

About the Company: We are a direct funding source for most types of equipment and all makes of vehicles. We have brokerage capability and experience for equipment transactions up to $10,000,000.

Looking to Hire the Best!

If you are located in the Mid-Atlantic region with a book of customers and limited funding, we should talk. Email resume to:
Call Tom at 800-422-1844

About the Company: Liberty is a regional self-funded finance company specializing in hard assets at good rates. 

San Clemente, California

The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions .  We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223

Ten years providing financing nationwide


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

CLICK HERE to find out how to have fun again.

Vice President
Credit Manager/Funding Operations

Hands-on, professional and personable senior management team member to work with small ticket leases from the third party broker marketplace. Click here for more information.

About the company: Founded in 1982, we originate all of our leases through an independent network of lease brokers

Please see our Job Wanted section for possible new employees.





Letters---We get eMail

(Mostly in chronological order)


To Terry Winders:

"Thanks for today’s Leasing News “Leasing 102” on Selling Transactions. It was right on point. I hope the leasing community makes copies of this and forces all sales people to memorize it. I can’t tell you how many deals we see that have very little introductory information, let alone financial and collateral information. I firmly believe the broker community operates on ”fear” that if they ask to many questions the customer will walk. This economy is a wake-up call."

Bob Robichaud, CLP
Vice President Leasing Relations
Commerce National Bank
279 E. Orangethorpe Ave.
Fullerton, CA 82832
Tel: 714-882-7648

Leasing 102 by Mr. Terry Winders, CLP
Selling Transactions in Today’s Marketplace


“It’s been a while since we’ve spoken. Although I’m also in the camp that does not support the bill, I applaud your article and appreciate the quick rundown of the key items that do affect our industry, and how. There is certainly some opportunity there and that is where the focus should be for now.

“Nice work.

“Thank you,”

(name with held)


“Your article on the Stimulus package was terrific. I found it informative, succinct, focused and to the point containing virtually all the information pertinent to your audience. “

J.P. (Jake) Kemps
P.S. I thought you might enjoy this:


“Thanks for the great newsletter, I read every edition.

“Thanks for the heads up on the 50% bonus depreciation being extended as part of the new stimulus bill. “


William Tice
Integrity Medical Capital

(Readers should note that celebrated author, lease accounting expert, Shawn Halladay in today’s issue expands last weeks article on the new stimulus bill how it affect the leasing and finance industry. editor)


“Kerri O'Connor, SVP Chief Risk Officer at Marlin should be commended for promoting Ron Queen to Vice President of Credit and Ed Siciliano, SVP and Chief Sales Officer should be commended for appointing Ray Shilling to Vice President of Sales (Marlin Business Services, Mount Laurel, NJ.)

“These promotions are very good news for Marlin. I have known both of these individuals for over 10 years. Ray was my first boss at Advanta Leasing. Both of these guys worked their way up the ladder and did not rely on office politics. I would like to congratulate them. I see good things for Marlin going forward.”

Brian Cornell
Bear Mountain Leasing


“My name is David Bailey from Sister & Sister's Trucking Company. SunBridge Capital financed a flatbed trailer for our company on December 10, 2008. Ten days after we had the trailer the wiring on the tires began showing. There was no DOT inspection sticker on the trailer, and when our representative inquired, he was told that all of the paperwork and information were sent via FedEx by the bank and I should receive it the next day. Needless to say, I never received the paperwork from SunBridge Capital until a month later and several telephone calls to the company. On December 22, 2008, our representative spoke with Chris Tolmes of Trucks at Hand about the tires and the driver's side pigtail (lights connector), and he agreed to replace the tires and lights. One tire was replaced with another recap with the promise to replace the rest and the recap after the Christmas holidays. I tried calling after the New Year only to receive a disconnected recording from the operator. Our representative contacted the agent in which we processed the deal and he gave her the number to Chris Gregory at SunBridge Capital. Chris gave her a number to Hendrick the lead mechanic from Trucks at Hand. Hendrick informed her that the man named Chris Tolmes lied to her on December 22nd about replacing the other tires, because he knew at that time everyone had been laid off and the company was in financial trouble. He said that all credit cards and accounts were closed and SunBridge Capital is responsible for replacing the tires. Our representative then called Chris Gregory at SunBridge Capital's office back and he told her that the lease states we acquired the trailer AS IS. She informed him that the lease also states that the trailer was supposed to be in satisfactory condition, which the DOT inspection that we acquired on our own revealed that it was not. All of the tires were recaps with wire showing or close to it, which is unacceptable to DOT standards. Recapped tires are not easily detected by the necked eye, unless one is proficient or expert in tires. SunBridge Capital financed this deal knowingly that Trucks at Hands was folding, and we have not heard from them to replace the tires or lights. After thorough research, SunBridge Capital knew the situation of Trucks at Hand as far back as July 2008, but financed us with faulty equipment from Trucks at Hands anyway. This was very deceptive, and I am not only working with Better Business Bureau, Federal Trade Commission and Attorney General's office, but also a private attorney to bring charges against SunBridge Capital.”


David Bailey

(Leasing News has been writing about SunBridge Capital since June. This complaint is "common." There are many others, including those who have told Leasing News that they are also suing SunBridge. You may also want to have your attorney look into enjoining LEAF Corporation who recently purchased a portfolio from them. The timing may be a legal factor that makes them liable, especially if certain future events occur.

(I also suggest you contact the Sandi Soendker, Managing Editor of OOIDA, Owner-Operator Independent Drivers Association
"Landline Magazine," on line also: . Editor)

SunBridge Capital, Mission, Kansas-up-date

Problems at SunBridge Capital: No Money

(Note: SunBridge Capital did not response to the email sent.)


“You certainly have been right about GE Capital. In August 2008 GE capital acquired CitiCapital. I came over from Citi with the Healthcare & Energy Group. 120 came over and 40 were let go the first day, to include the hospital direct group. This left the vendor markets group. The Henry Schein program fell into GE's, not so well performing dental group to include the Patterson program and Practice Acquisition group. GE sold the dental portfolio to Wells/Matsco for 730MM and had to hold back $65MM (approx) (8+%, that’s not so good) and, twisted off about 40 folks right away and another 10 after the runoff. 20 more whittled over two months leaving 10 of us. We were the cross sell group that services the Citibank bankers and Smith Barney financial advisors in the healthcare space and represented a net, new and clean healthcare pipeline of $100MM business with a .18% delinquency ratio. Still Imelt said 30%ROE out of this channel, which was not going to fly, so even though it was profitable and clean, they let us go. “

(Name With Held)


“Tygris is not interested at this time in providing an interview. The comment provided to you yesterday should have addressed your query; there is no major change of direction – simply making adjustments like everyone else in this economy. Tygris Vendor Finance is and intends to continue to be a significant player in their served markets of healthcare, office products and technology. The statement they provided yesterday should be published to set this straight. As always, when there is news from our client, you will be included in the media distribution.

“From my email yesterday…

“’Your statement that Tygris Vendor Finance has exited our copier and technology divisions is entirely incorrect. The letter you referenced is simply a reflection of what Tygris does as a matter of practice, that is, we work with vendor partners to achieve established desired results and when objectives cannot be met, certain arrangements are ended or suspended. Tygris Vendor Finance remains well capitalized and is active in its served markets of healthcare, office equipment and technology. Given the current economic environment, Tygris will continue to apply rigorous portfolio management and exercise caution as it evaluates existing client relationships and in its selection of new customers.’

“Your readers can obtain accurate and current information at “

Susan Carol, APR
On behalf of Tygris Vendor Finance

(Leasing News did publish the statement and will repeat as well noted your comments above. By the way, never talked about capitalization, just the exiting of certain market places. Interesting that your viewpoint is the articles centered on a capitalization decision. editor)

"It is a sad day for us whenever we have to let someone go, but as a rule we will always make refinements to our businesses - including selectively adjusting staffing levels up and down - that are in the long term best interest of our employees, our customers and our shareholders. Particularly in this environment, we're all dealing with challenging decisions."
Tygris spokesman statement (Susan Carol, APR )


“I happened to see your son's story in your publication. My son came back from a year's tour in '07 in Iraq.

“I wish your son well and a safe tour.

“My best friend's son just came back from his 9th tour and was most recently in Afghanistan. He's a helicopter pilot.”

Mr. Vincent Barauskas, managing member
Merrimac Capital Services, LLC
11 Liana Street
Woburn, MA 01801
ph: 781-933-1381 * fax: 1-866-583-6340


“Recently my brother- in- law sent me a link to this newsletter which featured a "Snapple Real Fact” about the organist who got ejected from the baseball game in 1985 with the Clearwater Phillies.

“I just wanted to let you know that the umpire's name was Kevin O'Connor, not Keith. He is my husband - who very much liked Wilbur Snapp (the organist) and I liked visiting and seeing the "3 blind mice" made out of clay that he would display on his organ after this game.

“Just thought I'd let you know.”

Joanne O'Connor <>

(At Jack Russell Stadium in Clearwater, Florida, on June 26, 1985, organist Wilbur Snapp played "Three Blind Mice" following a call by umpire Kevin O'Connor. The umpire was not amused, and saw to it that Mr. Snapp was ejected from the game. )


News Briefs---
You May have Missed---
California Nuts Brief---
Sports Briefs---
"Gimme that Wine"
Today's Top Event in History
This Day in American History
Daily Puzzle
Weather, USA or specific area
Traffic Live----

“I have been going to your site for years now. It is really a good resource. My only comment is that I think the “fluff” you put in, detracts away from the important “stuff”. Maybe there are others out there who care more about a celebs birthday, but if I really want to know, I will catch “Entertainment Tonight”. Ditto the SuDoKu puzzle. Otherwise, thanks for the industry insight.”


William M. Engel, ASA
Strategic Asset Management
875 Hopkins Road, Williamsville NY 14221
Phone: 716-689-9350 (Ext. 13) / 800-686-8885 (Ext. 13)
Fax: 716/689-9351 / 888-250-7553
Cell: 716/830-8022

(Leasing News has readers who enjoy the puzzles, etc. I did drop “Snapple” and “Calendar Events” as I found the work to put them together too long for the number of people reading them. I like the birthdays, and the requirement is the person has to be "alive," as birthdays celebrate life.  I prefer musicians, and really like older people who people don't realize are still alive such as Les Paul of Les Paul and Mary fame (he still plays jazz every Sunday at a club in New York.)  I try to include younger people, too, like Tea Leoni, especially when they are as good looking as she is. Brightens my day~!
(The others don’t take any time, and there are readers who open them. We consider ourselves an on line newspaper, offering what printed newspapers offer...many don't read our cartoons, or even many of our stories or news briefs or sports briefs, but I think the reason we have more readers than any of our competitors is the variety we offer.  You don't have to read “This day in American History” that I started 15 years ago and up-date each edition ((put together by me, not someone else.)) Or even who's birthday it is.  It is a rare person who reads a printed newspaper from beginning to end.

(What is someone’s “fluff,” is another person’s “pleasure.” Editor)

“An important correction on your article concerning Pinnacle Business Finance Transparency. You reference the National Equipment Leasing Association, I am not familiar with the NELA but the person you reference is the President of the National Equipment Finance Association; aka NEFA.

“I am a bit confused on your opinions of transparency and responsibility in regards to Pinnacle or any privately held independent leasing company. As business owners our responsibilities are numerous and at the top of the list is properly managing the business to promote sustained profitability. It is common that remote offices or sales offices are established by independent broker/lessors and often times they are closed for a myriad of reasons. The responsibility or concern should be directed at the employees and customers affected by the change, there is no responsibility to disclose a private matter to the world or Leasing News. Prompting changes to the web site is certainly needed, but not a priority, as outdated information on web sites is all too common.

“I recently was forced to close down an office in New Jersey. My reasons for doing so are not for public record, and I would feel no obligation to report to Leasing News on the matter. My focus was on the employees, customers and doing what is best for our company. So, since I did not inform or want to discuss with Leasing News; does that imply that I am dishonest, unethical, or not responsible? You can investigate and report the news as you see it, but there is no obligation for a private company to demonstrate transparency to Leasing News in regards to company restructuring, consolidation, or downsizing.“

Brian Bjella

Brian Bjella
Grandview Financial, Inc
408 E. Main Street, Ste 6
Marshall, MN 56258
(DID) 507-929-5101
(Toll Free) 866-288-9957 (Fax) 507-929-1510

For more information regarding the Grandview Financial companies:
Quest Resources -
HLC Capital -
Dakota Capital -

(Sorry for the mix-up in names of NEFA. The typo was corrected on line.

(You missed the point of the story: transparency. Perhaps your friendship “blinded” you or that you are vice-president of NEFA influenced your opinion.

(The word comes from "A transparent object, especially a photographic slide that is viewed by light shining through it from behind or by projection." In the current use, it means "the full, accurate, and timely disclosure of information."

(The public complains about subprime mortgages, banks, and others not being transparent. The same applies to Pinnacle, as well as NEFA, and your company as you have employees, work with vendors, brokers, banks, funders: the public. You have responsibilities to them as well as following the laws of the land in regard to your treatment of good business, employees, customers, vendors and the rules
and regulations by city, county, state, and federal government. That you are vice-president of NEFA, also makes you legally a “public person” in addition to being a president of one or more companies.

(When you assume leadership, it means being a leader and being even more transparent. This applies especially to a public figure, such as a president of a leasing association or an officer or board member. You become not only a role model, but a “responsible leader.”

(All the people contacted, including Tom Cetto and Chuck Brazier, said to speak with Brent Hall, but he did not return telephone calls or email. All Leasing News was seeking was “the full, accurate, and timely disclosure of information.” Kit Menkin)


Brent Hall, CLP
(photo: NEFA)

“I have served on the UAEL and NEFA board with Brent Hall for a while now and have observed a person of character and contribution to our industry. I found your comments about Brent Hall offensive and unwarranted. It is hard to find people committed to both their companies and their industry and Brent is an excellent example of someone who is both. Sometimes your “unbiased and fair news” feels biased and a little mean spirited. Brent Hall deserves more respect than you are giving him. I am sure there is a better and more constructive way to make your points than the way you did today.

“Not every company that closes offices is evil. Sometimes it is just what it takes to stay strong and stable in a down market.”


Hugh Swandel
Swandel and Associates
Ph. 204.477.0703
Fax 204.453.5044
Cell 204.996.4844

(“Evil” was never used or implied in the story. Leasing News also never said or implied closing an office is “evil.”

(Regarding being biased, you have already stated you are on the NEFA Board as Brian Bjella is, too. The question then is the story “biased,” too. You bet!!! It called the president to task for being misleading and not being forthright, especially for also having the responsibilities as president of a leasing association to demonstrate leadership and responsibility to the industry.

(I have cleared up this “unbiased and fair news” business many times as it applies to unsigned articles and stories. When a writer signs his or her name to a column or story, it is his or her opinion. It is
then “biased.” They state their own personal opinion. In this specific case, it was not signed just as a writer or even editor, but the publisher. It then has more weight than a columnist, meaning it is the position of the publisher; may even be classified as an “editorial.” Christopher Menkin)

Pinnacle Business Finance Transparency
by Christopher Menkin, Publisher





Sales Make it Happen --- by Tom Martin

Effectively Qualifying Lessees for More Efficiency, More Profitability

What do you as a salesperson or broker gain by being able to quickly qualify a lease prospect? It's pretty simple. You can decide either to pursue the prospect right away or move on to a more promising opportunity.

Four marketing steps will help you to get a signature on a lease contract:

1. Finding – Getting the name of the proper contact to finance a specific piece of equipment
2. Qualifying – Determining if the prospect's needs match what you can offer
3. Developing – Creating the relationship to collect all the data necessary to prepare a proposal
4. Closing – Convincing the prospect to finance the asset with you

Why It's Hard

Inexperienced lease brokers struggle the most with qualifying because they are not sure of what specific funding is (or is not) available for the transaction. After a while, the lease broker will have talked to many funding sources, which bolsters its database by showing the “sweet spot” of each funding source.

The successful broker knows how to phrase both sales and credit questions and—just as importantly—when to ask them. Sales questions address such concerns as a detailed description and cost of the asset, delivery date, term, structure and competition. Credit questions are about the principals, financials, guarantees and additional collateral.

The funding sources look for the broker to qualify the financing opportunity. There are many qualifying questions in the areas of asset, credit, term, structure, competition and so on. It is important for a broker or salesperson to ask the right questions up front before securing any quotes or commitments on the broker's part. 

The Vital Questions

The questions presented here should lead to a form that you as the broker or salesperson can use in phone interviews or meetings with prospects to size up the potential lessee and find it the best fit in regard to funding sources.

  • Is there a detailed description of the equipment to be leased?
  • What will this equipment do for the business? (e.g., increase profit or reduce costs)
  • Is it intended as replacement equipment or an addition? (If the former, what is it replacing?)
  • Who is the vendor? How long has it been in business?
  • Does the customer want to own the equipment at the end of the term?
  • Is residual value at the end of the term a consideration?
  • What is the timing of the acquisition?
  • How long has the prospect been in business and under the current ownership?
  • What is the prospective lessee's business structure? (e.g., S Corp., C Corp., LLC, Sole Proprietorship, Partnership)
  • Who are the owners?
  • Are they willing to guarantee the lease? Is there anything derogatory on their credit report?
  • With respect to credit, what financial statements or tax returns are available?
  • What is the current gross and net income?
  • Who has the prospect had leases or loans with in the past? (This will help to determine potential competitors and the prospect's creditworthiness.)

When the Competition Isn't Obvious

Your competition may not be obvious. The successful lease broker finds out what the prospect's options are and what the prospect thinks about each of them. Through skillful questioning, the broker finds out what the prospect has already ruled out. Moreover, the broker finds out who has turned the deal down—and more importantly, why.

The broker always asks, “Have you considered doing the financing with your local bank?” Often the answer is that the local bank has said no. The broker should find out why. Don't be afraid that the question will make the prospect think of a source of competition that he did not already come up with. The prospect thought of the local bank before you ever found him. If the prospect says he is talking to the local bank, be prepared to offer an advantage that is not based on price.

The lease broker needs to understand what type of transaction is difficult to fund. Here is a partial list of yellow flags:

•  Start-ups—especially restaurants
•  Less than two years in business
•  Negative net worth of lessee
•  Loss in prior year(s)
•  Low FICO score
•  Consumer as lessee
•  Refinance (needed when the customer has low cash flow or low net worth)
•  Select industries such as gaming, water purification, owner-operators of trucks
•  Certain types of assets such as tanning beds, ATM machines, titled vehicles
•  Anything with a value under $5,000
•  Assets with a low residual value such as restaurant equipment or furniture
•  The need for venture capital as opposed to financing of an existing business

Strategies for Larger Transactions

For larger transactions, try to get a commitment fee based on agreed-upon criteria (e.g., good credit, reasonable cash flow, collateral). This discussion of the criteria will usually bring out the inherent problems that need to be overcome quickly. Also, it will get the deal off the market until the broker has had a chance to obtain an approval from a funding source. This conversation will also ensure the prospective lessee's commitment to providing all the needed information, such as the principal's personal statements, tax returns and credit information.

The successful lease broker knows the criteria of its funding sources. The wider the variety of transactions the broker finds, the broader its needs for sources of funding. (For a more detailed discussion, see “How Many Funding Sources Do You Need?” in Leasing Logic , Vol. 15, No. 3, September 2007.)

Initially, it may seem that the route of least resistance is to just place the application. However, it is more efficient for the broker, the funder and the customer to answer all the pertinent questions in advance. Credit people lose patience with the back-and-forth of filling in the gaps to see whether the deal makes sense.

To sum up, it's always easier to continue down the path with the prospect that wants to have the broker place its deal than it is to know when to move on to a more promising prospect. But, this discernment it vital. Successful brokers have one common trait: they quickly recognize whether the transaction can be placed with one of their funding sources.

In 1969, Tom founded CFI Financial Services, where he has raised capital for privately held lessors, marketed tax advantaged structures to tax and treasury groups within the Fortune 1000, and been successful in many lease transactions. He served on the Equipment Finance and Leasing Association Board of Directors, plus is a m ember of Editorial Review Committee of Journal of Equipment Finance (1996-Present). He currently serves on the Membership Committee of ELFA, NAEL, NEFA. He has extensive speaking, moderating, and industry panelist engagements at industry conferences; topics included: leasing, residual value forecasting, taxation, sales compensation, and legislation.

He also has been an Expert witness in court cases on behalf of IRS and Fortune 100 companies. He graduated from the University of Texas – Bachelor of Business Administration, 1964 and served in the U S Army Special Forces (Green Beret)

Sales Makes it Happen articles:




Obama's stimulus package

by Shawn Halladay, The Alta Group

Brief overview of the business tax provisions:

There has been a great deal of hype and hoopla over the recently enacted stimulus package (the American Recovery and Reinvestment Act of 2009, or Recovery Act), along with a good dose of doubt as to its effectiveness. But what does it mean for the equipment leasing industry? The following represents a brief description of the key business tax provisions of the new law.

Additional 50% first-year depreciation

For property placed in service after December 31, 2008, in tax years ending after that date, the new law provides an additional depreciation deduction in the placed-in-service year equal to 50% of the adjusted basis of qualified property. This bonus depreciation is generally available on property acquired and placed in service before January 1, 2010, or January 2011 for certain longer-lived assets).

Just like under the prior bonus depreciation rules, the adjusted basis of qualified property is reduced by the additional 50% depreciation deduction before computing the amounts otherwise allowable as depreciation deductions for the applicable tax year. Additionally, no AMT depreciation adjustment is required for property recovered under the bonus depreciation rules, which will help pull lessors currently subject to AMT out of their AMT positions.

The effect of the bonus depreciation rules is to create a 60% depreciation deduction in the first year for 5-year MACRS property. Applying the half-year depreciation convention to an asset purchase of $100,000, the depreciation deduction for the first year will be $60,000 [($100,000 × .50 = $50,000) + (($100,000 − $50,000) × .20 = $10,000)].

Under preexisting regulations, any §179 expensing comes off the top before the additional 50% first-year depreciation allowance is computed. The taxpayer then computes its regular depreciation based on the adjusted basis remaining after the §179 expensing and after the additional 50% first-year bonus amount.

The bonus depreciation can be claimed for an asset that is qualified property, the original use of which begins with the taxpayer after December 31, 2007, and is property acquired and placed in service before January 1, 2010. Qualified property is (1) property to which MACRS applies with a recovery period of 20 years or less, (2) water utility property, (3) certain computer software, or (4) qualified leasehold improvement property. There are binding contract rules that apply to certain types of property.

Property ineligible for bonus depreciation includes property that must be depreciated under the alternative depreciation system, listed property (such as a passenger auto) that is not used more than 50% for business, and qualified New York Liberty Zone leasehold improvement property.

First-year depreciation dollar cap for new passenger autos

The Recovery Act retroactively increases by $8,000 (for vehicles bought and placed in service after 2008 and before 2010) the first-year depreciation dollar limit for a passenger auto that is qualified property. The property also must meet the original use and acquisition and placed-in-service requirements previously discussed in the bonus depreciation section.

The increased depreciation limit is reduced to the extent of non-business use and does not apply if you choose to elect out of bonus depreciation. This additional first-year deduction allowed on property that is listed property, such as passenger autos, is taken into account when computing the recapture amount for property in which the business use of listed property declines to 50% or less of total use after the placed-in-service year.

One-year optional extension of election to trade bonus and accelerated depreciation

Prior to the Recovery Act, a taxpayer could elect to forego bonus and accelerated depreciation for eligible qualified property in exchange for the present allowance, as refundable tax credits, of otherwise-deferred pre-2006 credits. These pre-2006 credits include research credits and credits for AMT paid that are attributable to tax years beginning before 2006.

The new law expands the definition of eligible qualified property for property placed in service after December 31, 2008, in tax years ending after that date, as it relates to this election. The effect of these changes is to extend the election to cover property placed in service by December 31, 2009, or December 31, 2010 for aircraft and long-production-period property. Taxpayers can, however, decline this extension.

Post-2008 election to trade bonus and accelerated depreciation

As discussed above, a corporation can elect to forego bonus and accelerated depreciation for eligible qualified property in exchange for otherwise-deferred pre-2006 credits. The Recovery Act allows a taxpayer to make this election for its first tax year ending after December 31, 2008 and each later year, for property placed in service after December 31, 2008, even if it did not make the election for its first tax year ending after March 31, 2008.

§179 expensing for 2009

For tax years beginning in 2009, the §179 expensing limit has increased to $250,000 and the investment ceiling limit to $800,000, although these amounts are not indexed for inflation. Like the bonus depreciation provisions, the new law does not require an alternative minimum tax adjustment for property expensed under §179. The increases in the §179 limitations are retroactive for property placed in service in tax years beginning after December 31, 2008, so they apply regardless of whether the property was placed in service before, on, or after the date the Recovery Act was signed into law.

This means that, for 2009, a business’ §179 expensing is phased out completely under the investment ceiling limit only when its investment in qualified expensing-eligible property reaches $1,050,000. The increase in these limits to $250,000 and $800,000 only applies to 2009, however, so, unless there is further legislation, these limits will fall to $125,000 and $500,000 for 2010, and then to $25,000 and $200,000 for 2011 and afterwards.

Small business NOL carryback period.

Small businesses can now elect, for NOLs arising in tax years ending after December 31, 2007, to increase the NOL carryback period for an 2008 NOL from 2 years to up to five years. A small business for this purpose is defined as a corporation or partnership that has average gross receipts, for the three-tax-year period ending with the tax year in which the loss arose, of $15 million or less.

An applicable 2008 NOL is the taxpayer's NOL for any tax year ending in 2008, or, at the taxpayer's election, any tax year beginning in 2008. Additionally, an alternative tax net operating loss deduction is allowed for AMT purposes instead of the regular NOL deduction.

Reduced estimated tax burden for individuals with small businesses

For those readers who must make estimated tax payments, effective February 17, 2009, the new law provides that, for any tax year beginning in 2009, in computing the amount of the required annual installments of estimated income tax of any qualified individual, the term “required annual payment” means the lesser of (1) 90% of the tax shown on the return for the tax year, or (2) 90% of the tax shown on the return of the individual for the preceding tax year.

A qualified individual means any individual if the AGI on the tax return for the preceding tax year is less than $500,000 ($250,000 if married filing separately) and the individual certifies that at least 50% of the gross income shown on the return for the preceding tax year was income from a small trade or business. A small trade or business is one that employed no more than 500 persons, on average, during the calendar year ending in or with the preceding tax year.

Shawn D. Halladay
Managing Principal
124 South 400 East Suite 310
Salt Lake City, UT 84111-2135
Phone: (801) 322-4499
Fax: (801) 322-5454

Mr. Halladay is a member of the Leasing News Advisory Board.
His biography:



Classified ads—Outsourcing/Asset Management

Leasing Industry Outsourcing
(Providing Services and Products)

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Call Chris @ 508-785-1277.

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NetSentric provides services to leasing companies: Inspection, Appraisals, Auditing, Warehousing, Repossession, Asset Management, Repairs, Remarketing and Field Service for Electronics and Computing Technology.

Asset Management: Monroe, NC
Recover a greater return on your investment.  We specialize in the woodworking, pallet, sawmill and forestry industries. Melinda Meier (704)288-1904 x103
Asset Management: Nationwide
BUYER/LENDER BEWARE. Don't sign anything until Collateral Verifications Inc. goes onsite, knocks on the door and gets the facts.

Seasoned and fair priced workforce is at your service for all lease collections, repossessions, and asset liquidations, appraisals.  Call Nassau Asset Management 800-462-7728  

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Hearst says it will close or sell S.F. Chronicle without significant staff reductions



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Today's Top Event in History

1913 – Federal Income Tax: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration. The 16th Amendment to the United States constitution was ratified on February 3 by Rhode Island (interesting it was a Republican bluff that brought the bill forward in the Rhode Island legislature, as they thought the Democrats would be crazy passing it), permitting the levying on income tax on individuals and businesses without apportionment on the basis of the population of states. It did not go into effect until February 12th . Officially the Secretary of State Philander Knox on February 25, 1913 declared it to be "in effect", but never stating it was lawfully ratified. There were many legal issues from the various states that were never resolved. The change did not come at once, however, for the first income tax law specified graduated rates of 1 to 6% of income. It was a flat tax. There is controversy that not all the states ratified this amendment, although amendments to it were made Congress.


This Day in American History

    1643 -- Dutch massacre of friendly Indians at Pavonia, near present-day Hackensack, New Jersey, is ordered by William Kieft, Governor of New Netherlands. 120 Wecquaesgeek men, women and children asleep in their wigwams die. Eyewitness David P. deVries noted: "...about midnight I heard a great shrieking, and I ran to the ramparts of the fort... Saw nothing but firing, and heard the shrieks of the savages murdered in their sleep. When it was day the soldiers returned to the fort, having massacred or murdered 80 Indians, and considering they had done a deed of Roman valor, in murdering so many in their sleep; where infants were torn from mother's breasts, and hacked to pieces in the presence of the parents, and the pieces thrown into the fire and in the water, and other sucklings, being bound top small boards, were cut, stuck, pierced, & miserably massacred in a manner to move a heart of stone...“
    1779- George Clark captures Fort Sackville at Vincennes , Indiana.
    1781 - American General Nathanael Greene crossed the Dan River on his way to his March 15th confrontation with Lord Charles Cornwallis at Guilford Court House, N.C.
    1791- the charter of the first bank of the US: The First Bank of the US at Philadelphia, Pennsylvania, Proposed as a national bank by Alexander Hamilton, it lost its charter in 1811. The Second Bank of the US received a charter in 1816 which expired in 1836. Since that time, the US has had no central bank. Central banking functions are carried out by the Federal Reserve System, established in 1913.
    1804- the Democratic-Republican party held their first caucus and elected Thomas Jefferson of Virginia for president and George Clinton of New York for vice-president. The Federalist did not have a caucus but supported Charles Cotesworth Pinckney of South Carolina and Rufus King of New York for vice-president. Jefferson received 162 electoral votes and Pickney, 14.
    1824 -The Baptist General Tract Society was organized in Washington, D.C. In 1826 the society was moved to Philadelphia, and by 1840, the organization had issued over 3.5 million copies of 162 different tracts.
    1825 – New Harmony, Indiana. Robert Owen announces New Harmony utopian plan in Indiana to government dignitaries in the Hall of the US House of Representatives.
    1836- Samuel Colt obtained a patent for “ an improvement in revolving fire-arms.” He had invented the revolving cylinder pistol in 1830 while he was traveling on the S.S. Carlo. With a pocket knife he whittled a wood model. He first obtained a patent from England in 1835. After his US patent, he formed the Patent Arms manufacturing Company of Paterson, NJ, capitalized at $230,000 to manufacture them The first revolvers produced by the factory were .34-caliber models. The company nearly failed in its first decade, but was revived by an order from the government in 1847 for one hundred revolvers to use in the Mexican-American War. The revolver was the first firearm that could be used effectively by a man on horseback. Colt set up a new factory in Connecticut and made a fortune after the war as ranchers, outlaws, prospectors, and lawmen stormed into the newly acquired Western territories with their six-shooters blazing.
    1842 -- Famous woman lighthouse keeper Ida Z. Lewis born, Newport, Rhode Island. She was the oldest daughter of the lighthouse keeper at Lime Rock in Newport, R.I., who assumed her father's responsibilities when he suffered a paralytic stroke when she was 15. By rowing her sister and brothers to school and get supplies from the mainland she became an expert oarsperson. Her ability to handle a boat even in the worst weather conditions enabled her to rescue dozens of people from capsized boats in Newport Harbor. Her fame spread throughout the country, and she was honored in numerous ceremonies. President Grant and dignitaries of her area paid their respects by personally visiting this great 19th century heroine. In 1879 after 22 years of keeping the Lime Rock Lighthouse she was officially designated the first woman Keeper of the Light.
    1859- the first temporary insanity defense in a criminal case was used by Daniel Sickles, a congressman from New York. On this date he shot and killed Philip Barton Key, the son of Francis Scott Key, author of “The Star-Spangled Banner,” after he learned the younger Key was having an affair with his wife. His lawyer, James T. Brady, offered the defense of “temporary insanity.” sickles was acquitted. He eventually became a general in the Civil War, in which he lost a leg, and served as minister to Spain.
    1862 - The U.S. Congress passes the Legal Tender Act, authorizing the use of paper notes to pay the government's bills. This ended the long-standing policy of using only gold or silver in transactions, and it allowed the government to finance the enormously costly war long after its gold and silver reserves were depleted. Soon after the war began, the federal government began to run low on specie. Several proposals involving the use of bonds were suggested. Finally, Congress began printing money, which the Confederate government had been doing since the beginning of the war. The Legal Tender Act allowed the government to print $150 million in paper money that was not backed by a similar amount of gold and silver. Another legal tender act passed in 1863, and by war's end nearly a half-billion dollars in greenbacks had been issued. The Legal Tender Act laid the foundation for the creation of a permanent currency in the decades after the Civil War.
    1863- the first bank to take file as a National Bank under “an act to provide a national currency” was the first National bank of Davenport, IA. Austin Corbin was the first president. For two days, the bank was the only national bank in operation under the new act.
    1870- 1870-Hiram Rhodes Revels of Mississippi was sworn in as the first black U.S. senator and the first black representative in Congress. Revels was elected to fill the office vacated by Jefferson Davis. He served through March 1871, the remainder of Davis' vacated term. The first African-American to serve a full term in the U.S. Senate, Blanche Kelso Bruce (1875-1881), was also from Mississippi.
    1873- Enrico Caruso, universally regarded as the world's greatest operatic tenor, was born in Naples, Italy. He became widely known in 1898 through his appearances in Milan, about three years after his debut at Caserta, near Naples, in the role of Faust. In 1902, he made his London debut and the following year he first appeared in the U.S. He was very well received and actually bought a house here as he made many tours and was extremely popular. Caruso made his first recordings in 1901, and was largely responsible for the public perceiving the phonograph as a home entertainment medium rather than a toy. His recording of "Vesti La Giubba (On With the Motley)" for the Victor Company in 1907 is believed to be among the first records to sell a million copies. For more than 30 years after his death in 1921, Caruso was one of the Victor company's top-selling artists. The 1951 film "The Great Caruso," with Mario Lanza, provided renewed interest in his records.
    1874 -- Skokomish Indian reservation established (near Shelton, Washington).
    1896-Singer/song writer Ida Cox (Ida Prather) born Toccoa, GA, Died 1967.

    1900-pianist Hartzell “Tiny” Parham, born Winnipeg, Manitoba. Died April 4, 1943.
    1910- Millicent Fenwick, the inspiration for Garry Trudeau's "Doonesbury" character Lacey Davenport, birthday. Former fashion model, author, member NJ General Assembly and US congresswoman, Millicent Fenwick was born at New York, NY. A champion of liberal causes, Fenwick pointed to her sponsorship of the resolution creating the commission to monitor the 1975 Helsinki accords on human rights as her proudest achievement. She fought for civil rights, peace in Vietnam, aid for the poor, reduction of military programs, gun control and restrictions on capital punishment. Fenwick, died at Bernardsville, NJ, Sept 16, 1992.
    1907-- Mary Coyle Chase - US playwright. MCC won the 1944 Pulitzer Prize for the play Harvey, the tale of an invisible six-foot rabbit. She wrote a sparkling screenplay to convert it into a very successful movie. MCC began her writing career as newspaper reporter.
    1913 – Federal Income Tax: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration. The 16th Amendment to the United States constitution was ratified on February 3 by Rhode Island (interesting it was a Republican bluff that brought the bill forward in the Rhode Island legislature, as they thought the Democrats would be crazy passing it),permitting the levying on income tax on individuals and businesses without apportionment on the basis of the population of states. It did not go into effect until February 12 th . Officially the Secretary of State Philander Knox on February 25, 1913 declared it to be "in effect", but never stating it was lawfully ratified. There were many legal issues from the various states that were never resolved. The change did not come at once, however, for the first income tax law specified graduated rates of 1 to 6% of income. It was a flat tax. There is controversy that not all the states ratified this amendment, although amendments to it were made Congress.
    1918- “Bobby” Riggs birthday, tennis player born Robert Lormier Riggs at Los Angeles, CA. Riggs won the US National Singles Championship in 1939 and 1941, and won three titles at Wimbledon in 1939. After World War II, he turned pro successfully but won his great fame as the male sexist for a pair of “Battle of the sexes” matches in 1973. He won the first of these against Margaret Court and lost the second to Billie Jean King. Died at Leucadia, CA. Oct. 25, 1995.
    1919-Oregon became the first state to impose a state gasoline sales tax, placing one cent per gallon on all motor fuel. The funds collected were used for road construction and maintenance.
1919 Jazz cellist Fred Katz birthday
    1922- “Texas Rose” Bascom birthday, a Cherokee-Choctaw Indian born at Covington County, MS, Rose Flynt married rodeo cowboy Earl Bascom and learned trick roping, becoming known as the greatest female trick roper in the world. She appeared on stage, in movies and on early TV. She toured with the USO during WWII, performing at every military base and military hospital in the US. After the war she entertained servicemen stationed overseas. In 1981 she was inducted into the National Cowgirl Hall of Fame (located at Hereford, TX). She died Sept 23, 1993, at St. George, UT.
    1922 - The temperature at Los Angeles, CA, soared to 92 degrees to establish a record for the month of February.
    1924 - Ty Cobb, issued an edict to his team, the Detroit Tigers, forbidding players to play golf during training camp. A report in the Detroit Free Press said Cobb confiscated players' golf clubs.
    1927 -Pianist James P. Johnson first recording of “Snowy Morning Blues,” Columbia 14204-D)
    1929-Saxophonist Tommy Newsom born Portsmouth, VA He is best-known for his playing in the Tonight Show Band of the 1960's, 70's and 80's where he occasionally was the butt of jokes as Doc Severinson's dim-witted sidekick. Newsom was always good-humored about it all, but this particular "gig" covered up the fact that he was actually a pretty talented tenor-saxophone soloist.

    1938- Miami Drive-In Debuts: Miami's first drive-In movie theater opened on this day. Invented in 1933 by Richard Hollingshead, the first drive-in debuted on Crescent Boulevard in Camden New, Jersey. Admission was 25 cents per car and 25 cents per individual, with no car paying more than one dollar. Hollingshead received a patent for his idea in 1933, but it was later repealed in 1939. Without a patent to hinder them, copycats began opening up drive-ins all across the country. By 1938, most metropolitan areas had drive-in theaters. The drive- in craze would reach its peak in 1963 when 3,502 theaters were in operation across the country. Today most drive-ins have been replaced by VHS and DVD as the most inexpensive way to watch a movie, or romantic encounter, plus land has become so expensive to prohibit the return of the investment and management.
    1942 -- The US Navy orders Japanese American residents of Terminal Island near Los Angeles Harbor to leave in 48 hours. They are the first group to be removed en masse & suffer especially heavy losses as a result.

    1943- George Harrison, former lead guitarist for the Beatles, was born in Liverpool, England. He was the guitarist and co-songwriter for the Beatles, alongside John Lennon, Paul McCartney and Ringo Starr. The band is considered to be the most influential rock and roll group of all time. Harrison is credited with introducing Eastern musical styles and instrumentation to Western Pop. After the breakup of the Beatles, Harrison embarked on a successful solo career, became an independent film producer (Time Bandits) and created on of the first charity rock concerts with his “Concert for Bangladesh,” which brought relief to flood victims of that country. His first project after the Beatles broke up in early 1970 was a three-record set, "All Things Must Pass," which contained the number-one single, "My Sweet Lord." In 1971, Harrison sponsored and was the host for two benefit concerts at Madison Square Garden in New York for the people of Bangladesh. The concerts, a documentary film and a Grammy Award-winning three-record set earned more than 10 million dollars, which was donated to UNICEF after a lengthy delay caused by legal problems. Harrison had another number-one hit in 1973 with "Give Me Love (Give Me Peace on Earth)," and his tribute to John Lennon, "All Those Years Ago," made it to number two on the Billboard Hot 100 in 1981. Harrison's 1987 comeback album "Cloud Nine," was a big hit, as was the single "Got My Mind Set On You." He died at Los Angeles, CA. on Nov 29,2001.
    1944---Top Hits
Besame Mucho - The Jimmy Dorsey Orchestra (vocal: Bob Eberly & Kitty Kallen
My Heart Tells Me - The Glen Gray Orchestra (vocal: Eugenie Baird)
Shoo, Shoo, Baby - The Andrews Sisters
Ration Blues - Louis Jordan
    1946- Les Brown records “Lover's Leap”: for Columbia
    1950- pianist Mike Wofford born San Antonio, TX
    1950- “ Your Show of Shows” premiered on TV. “Sid Caesar and Imogene Coca starred in the NBC 90-minute variety program along with Carl Reiner and Howard Morris. It started as a one hour show February 25, 1950. The show included monologues, improvisations, parodies, pantomimes and sketches of varying length. Some of its writers were: Mel Brooks, Larry Gelbart, Neil Simon and Woody Allen. It was my father's favorite show. He was general manager of WOR-TV in New York. We grew up enjoying "live TV." He was a friend of Carl Reiner and Howard Morris and the director of the show was one of my father's best friends, Irv Kirshner, who also directed the Jackie Gleason Show, if my memory serves me correctly.
    1952---Top Hits
Cry - Johnnie Ray
Slowpoke - Pee Wee King
Anytime - Eddie Fisher
Give Me More, More, More (Of Your Kisses) - Lefty Frizzell
    1957 - Buddy Holly and The Crickets traveled to Clovis, NM, to record "That'll Be the Day" (one of the classics of rock 'n' roll) and "I'm Looking for Someone to Love". Both songs were released on Brunswick Records in May of that year. Buddy Holly and the Crickets recorded "That'll Be the Day" at Norman Petty's studio in Clovis, New Mexico, after weeks of rehearsal. The record, released under the Crickets' name, was Holly's first million- seller, topping both North American and British charts.
    1960---Top Hits
The Theme from "A Summer Place" - Percy Faith
Handy Man - Jimmy Jones
What in the World's Come Over You - Jack Scott
He'll Have to Go - Jim Reeves
    1961- Davey Allison, auto racer born at Hueytown, AL NASCAR's rookie of the year, Allison won 19 races in 191 starts, including one Daytona 500. The son of racer Bobby Allison, Davey was killed in a helicopter accident on the infield of the racetrack at Talladega, AL, July 13, 1993.
    1961-After being discharged from the US army nearly a year ago, Elvis Presley makes his first concert appearance since 1958 at the Ellis Auditorium in Memphis, Tennessee. During the show, RCA Records presents The King with a plaque to commemorate 76 million records sold worldwide.
    1963 -- Vee Jay Records, a small Chicago-based label, releases the first Beatles record in the US, "Please Please Me" backed with "Ask Me Why." A smash in the UK, barely noticed in the US. "Please Please Me" was the second record released in the U.S. by The Beatles. Some labels carried a famous misprint, making it an instant, and valuable, collector's item. The label listed the group as The Beattles.
    1964 - Twenty-two-year old Cassius Clay won the world heavyweight boxing title by defeating Sonny Liston in the seventh round in Miami, FL. Clay had been an 8-1 underdog. In fact, only 8,297 fans showed up for the bout.
    1965- Twenty-two-year-old Cassius Clay (later Muhammad Au) became world heavyweight boxing champion by defeating Sonny Liston . Asked how he would defeat Sonny Liston, “ Float like a butterfly, sting like a bee.” At the height of his athletic career Ali was well known for both his fighting ability and personal style. His most famous saying was, "I am the greatest!' A movie was recently made about his career. In 1967 he was convicted of violating the Selective Service Act and was stripped of his title for refusing to be inducted into the armed services during the Vietnam War. Ali cited religious convictions as his reason for refusal. In 1971 the Supreme Court reversed the conviction. Ali is the only fighter to win the heavyweight fighting title three separate times. He defended that title nine times. He has devoted his life to helping others. Despite a crippling disease, he gives much time to promoting peace and bringing people together.
    1966-Nancy Sinatra receives her first gold record for "These Boots Are made for Walkin'." She will share a gold record with her father Frank next year for "Something Stupid.
    1968---Top Hits
Love is Blue - Paul Mauriat
(Theme From) Valley of the Dolls - Dionne Warwick
(Sittin' On) The Dock of the Bay - Otis Redding
Skip a Rope - Henson Cargill
    1969--*MORGAN, WILLIAM D. Medal of Honor
Rank and organization: Corporal, U.S. Marine Corps. Company H, 2d Battalion, 9th Marines, 3d Marine Division. Place and date: Quang Tri Province, Republic of Vietnam, 25 February 1969. Entered service at: Pittsburgh, Pa. Born: 17 September 1947, Pittsburgh, Pa. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a squad leader with Company H, in operations against the enemy. While participating in Operation DEWEY CANYON southeast of Vandergrift Combat Base, 1 of the squads of Cpl. Morgan's platoon was temporarily pinned down and sustained several casualties while attacking a North Vietnamese Army force occupying a heavily fortified bunker complex. Observing that 2 of the wounded marines had fallen in a position dangerously exposed to the enemy fire and that all attempts to evacuate them were halted by a heavy volume of automatic weapons fire and rocket-propelled grenades. Cpl. Morgan unhesitatingly maneuvered through the dense jungle undergrowth to a road that passed in front of a hostile emplacement which was the principal source of enemy fire. Fully aware of the possible consequences of his valiant action, but thinking only of the welfare of his injured companions, Cpl. Morgan shouted words of encouragement to them as he initiated an aggressive assault against the hostile bunker. While charging across the open road, he was clearly visible to the hostile soldiers who turned their fire in his direction and mortally wounded him, but his diversionary tactic enabled the remainder of his squad to retrieve their casualties and overrun the North Vietnamese Army position. His heroic and determined actions saved the lives of 2 fellow marines and were instrumental in the subsequent defeat of the enemy. Cpl. Morgan's indomitable courage, inspiring initiative and selfless devotion to duty upheld the highest traditions of the Marine Corps and of the U.S. Naval Services. He gallantly gave his life for his country.
    1973 -Juan Corona sentenced to 25 life sentences for 25 murders
    1976---Top Hits
50 Ways to Leave Your Lover - Paul Simon
Theme from S.W.A.T. - Rhythm Heritage
Love Machine (Part 1) - The Miracles
Good Hearted Woman - Waylon & Willie
    1977- dust reduced visibilities from eastern Virginia through the southeastern states to Florida between the 24th and 28th. The dust originated in the western Great Plains on the 22nd and 23rd with wind gusts above 100 mph reported at Guadalupe Pass, Texas, at White Sands, New Mexico, in Sherman County, Kansas, and in eastern Colorado.
    1981 - Christopher Cross won five Grammy Awards at ceremonies in Radio City Music Hall in New York City. He was awarded the Album of the Year award for "Christopher Cross" and his hit, "Sailing", won for Best Arrangement Accompanying Vocalist(s), Record of the Year and Song of the Year. Christopher was also voted Best New Artist of 1980. All in all, a very good night for Mr. Cross...
    1982 -Final episode of "The Lawrence Welk Show" airs.
    1984 - "Ironweed", by William P. Kennedy, was awarded the Pulitzer Prize for fiction this day. The novel, about a man trying to make peace with the ghosts of his past -- and present, also captured the National Book Critics Circle Award for fiction. ("Ironweed" was made into a movie in 1987, directed by Hector Babenco, starring Jack Nicholson and Meryl Streep.)
    1984---Top Hits
Jump - Van Halen
99 Luftballons - Nena
Girls Just Want to Have Fun - Cyndi Lauper
Stay Young - Don Williams
    1986 - "We are the World" captured four Grammy Awards. The song, featuring more than 40 superstar artists gathered at one time, was awarded the Top Song, Record of the Year, Best Pop Performance and Best Short Video Awards. Lionel Richie and Michael Jackson wrote the song, which was recorded by 45 celebrities. The record raised more than 33 million dollars for African famine relief.
    1987- Frank Sinatra's appearance on "Magnum PI" gave the TV show its highest rating ever.
    1988- Bruce Springsteen opened his "Tunnel of Love" tour in Worcester, Mass. Springsteen shed his working-man image, adopting the persona of a boardwalk carnie. He performed eight songs from the "Tunnel of Love" album plus an assortment of "B" sides, unreleased songs, cover tunes and new material. Songs from Springsteen's earlier albums were virtually ignored.
    1989 - Mike Tyson stopped (knocked out) Frank Bruno in the fifth round in Las Vegas, Nevada. Tyson was the WBA, WBC & IBF Undisputed World Heavyweight Champ.
    1989 - Thirteen cities in Florida reported record low temperatures for the date, including Jacksonville with a reading of 24 degrees. Severe cold in Florida claimed three lives, and resulted in 250 to 300 million dollars crop damage. Unseasonably warm weather prevailed in the central U.S. Dodge City KS reported record high of 80 degrees.
    1990 - Snow spread across the northeastern U.S. Massachusetts was blanketed with 8 to 15 inches of snow, 5 to 10 inches was reported in Rhode Island, and totals in Connecticut ranged up to 10.5 inches at New Canaan. In central New York State, snow and high winds resulted in a number of chain-reaction multiple accidents, and a total of 108 persons were injured. Snow and high winds created white-out conditions along Interstate 87 in Saratoga County NY. Subzero cold was reported from Minnesota through Michigan to northern New England. Duluth MN reported a record low of 26 degrees below zero
    1992- Natalie Cole's single and album "Unforgettable" captured seven Grammy awards, including best album, best record and best song. Victoria native David Foster was named producer of the year for the album and single. The title song of "Unforgettable" was an electronically-produced duet between Cole and her father, Nat (King) Cole, who died in 1965.
    1992-Grammy awards, Vancouver rocker Bryan Adams won for best song written specifically for a motion picture or television - for "(Everything I Do) I Do It For You" from "Robin Hood: Prince of Thieves."
    1992--Eric Clapton wins six Grammys, including Best Record and Best Song for "Tears In Heaven" as well as Best Album for "Unplugged". James Brown is recognized for Lifetime Achievement and Michael Bolton is given a statue for Best Pop Vocal Performance for his note-for-note remake of "When a Man Loves a Woman".
    1993 - The Florida Marlins baseball team introduced their mascot, Billy the Marlin. According to Billy's Web page ( flamarlins/kids/billyhome.htm), Billy's favorite movie is "A Fish Called Wanda" and his favorite TV show is "Flipper".
    1993 -the big snow season of 1992-93 continued to set records. Evansville, Indiana set a new monthly snowfall record on this date with 18.4 inches. 12.7 inches of snow fell in 24 hours at Columbia, Missouri to set a new 24 hour snowfall record for the month. Light snow at Pocatello, Idaho raised its seasonal snowfall total to 85.7 inches to set a new all-time seasonal snowfall record. The old record was 85.6 inches set in the 1983-84 season.
    1995 - Madonna's "Take a Bow" became the #1 single in the U.S. The smash hit was number one for seven weeks: “Take a bow, the night is over; This masquerade is getting older; Lights are low, the curtains down; There's no one here.”
    1997 - Directors of Bethel Bible Village met to decide whether to remove Pat Boone as a sponsor for the Pat Boone Celebrity Spectacular, a charity golf tournament the singer had supported for nearly 20 years. A few weeks earlier, Boone had turned from cotton-candy crooner to leather-clad heavy-metal rocker. Trinity Broadcasting, a Christian TV network, received so many complaints about his heavy-metal act that it canceled his weekly Gospel America show. However, he remained host of a Christian film and TV awards program. According to chairman Theodore Baehr of the Christian Film and Television Commission, "In white bucks or black leather, Pat Boone is still the same guy underneath".
    1998-The Grammy's were handed out during ceremonies at Radio City Music Hall. Bob Dylan won three Grammy's, including one for Best Album for "Time Out Of Mind." Dylan's son, Jakob, also won an award, winning Best Song for "One Headlight," a song he recorded with his band, The Wallflowers. Also winning awards were John Fogerty, who picked up Best Rock Album for "Blue Moon Swamp," Elton John for Best Male Vocal for "Candle In The Wind 1997" and Van Morrison, who won one for Best Pop Collaboration for "Don't Look Back," a song he recorded with John Lee Hooker.
    1999 - Television's highly popular Baywatch, watched each week in more than 100 countries, began a locale change for its 1999 season by filming on location in Australia. The show starred executive producer David Hasselhoff and a brigade of red swimsuit-clad lifeguards. On this date, TV producer Greg Bonnan attended a public meeting in Avalon Beach, a beachfront Sydney suburb. Some of the 1,700 people who attended were shouting, "Don't come here, leave us alone!" and "We don't want you here!" A fifth of the town's population turned out for the meeting, which appeared to split the community between younger Baywatch fans and older people who abhorred the invasion of privacy and inconvenience that film productions bring. Many residents were angered when security guards blocked off part of the beach and banned a surfer from the area. After the unruly meeting, Bonnan said he was considering invitations from other Australian coastal towns that welcomed the chance to put their beach on television screens worldwide.




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