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Leasing News is a web site that posts information, news, and
entertainment for the commercial alternate financing,
, finance and leasing industry



Monday, January 25, 2016

Today's Equipment Leasing Headlines

Archives---January 25, 2006
Outside Sales “Broker" Maximum Commissions
Position Wanted---Senior Management
  Seeking New Position
Top Stories January 19 – January 21
(Opened Most by Readers)
Aggregate Funding Sources - Update
(On Line: connects lessees, lessors, and vendors)
“Was in ‘Administration’/Now Hard Time Finding Job”
Career Crossroad---By Emily Fitzpatrick/RII
Leasing Industry Ads---Help Wanted
Ascentium Capital/Financial Pacific/Umpqua Bank
Saluting Leasing News Advisor
 Steve Crane, CLFP
Asset-Based Capital Conference Jan 26 -27
Commercial Finance Association
Lessor Ordered to Refund Draw on Letter of Credit
Because Lessee was a Failed Bank
by Tom McCurnin, Leasing News Legal Editor
Are you Sales Tax Compliant?
Leasing 102 by Mr. Terry Winders, CLFP
Growth Slows for Mobile Banking Users
  at the Nation’s Largest Banks
Helping Disabled Vets to Learn Farming
Vets 2 Farm
Labrador Retriever
Portland, Oregon  Adopt-a-Dog
Leasing News Classified Ad
Licensed Investigators
News Briefs---
Chesswood Group Announces Agreement
   to Sell EcoHome Financial for $35 Million
Jamie Dimon’s Compensation Rises 35%,
   to $27 Million
How Social Media Is Shaping Financial Services
  by CEO of Lenddo
Blockchain Startup Gets Big-Bank Backing
"mainstream uses of digital ledger"

Broker/Funder/Industry Lists | Features (writer's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months (Be Careful of Doing Business)
Leasing News Icon for Android Mobile Device

You May have Missed---
   SparkPeople--Live Healthier and Longer
    Sports Briefs---
      California Nuts Brief---
       "Gimme that Wine"    
          This Day in American History
           Daily Puzzle
               Weather, USA or specific area
                 Traffic Live----

######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer.

Leasing News was designed for mobile devices to be read in
Portrait Style, with the ability to expand to create a larger font.



Archives---January 25, 2006
Outside Sales “Broker" Maximum Commission

Leasing Companies
Balboa Capital (d)
- Commercial Deals $100,000+
Bank of the West (a)
- $50,000    
- $100,00    
- $250,00    
- Over $250,00    
BSB Leasing
- up to $100,000                                  
- "thin to win"                                  
Cannon Financial
Citi Capital
Dolsen Leasing Company (e)
- $10,000 - $25,000                                  
- $25,001 - $50,000                                  
- $50,001 - $75,000                                  
- $75,001 - $ 100,000                                  
- $100,001 - $250,000                                  
Financial Pacific
- Under 2 years in business                                  
- Over 2 years in business                                  
GE Capital
Great America
Main Street
- $5K-100K                                  
- over $100K                                  
Marlin Leasing
- Vendor Side    
- Broker Side (b)    
Pawnee Leasing (c)
Vanguard Leasing, Inc.
- 10K-50K                                  
- 50K-100K                                  
- Municipal Deals in General                                  
Leasing Companies

(a) Bank of the West - (Discounters: Max incl. first + last)
(b) Marlin Leasing - May split any overage
(c) Pawnee Leasing - (Sales Tax not included)
(d) Balboa: Over $100,000 is considered Commercial. We do not pay a vendor any fees. We no longer have a Muni sales channel. Our outside commissions are limited to brokers. If a referral source, CPA or attorney, refers a transaction to a sales rep they have some flexibility to comp them but based on the reports I see that is rare.
(e) Vendor direct same as broker



Position Wanted---Senior Management
  Seeking New Position Opportunities

Each Week Leasing News is pleased, as a service to its readership, to offer completely free ads placed by candidates for jobs in the industry. These ads also can be accessed directly on the website at:

Each ad is limited to (100) words and ads repeat for up to 6 months unless the candidate tells us to stop. Your submissions should be received here by the end of each week.

Please encourage friends and colleagues to take advantage of this service, including recent graduates and others interested in leasing and related careers.

Senior-level leasing executive accomplished in sales, finance, operations and marketing. Seeking new opportunity to capitalize on my strategic, ideation, communication and analytical strengths to identify opportunities, formulate solutions and articulate strategies that inspire cross-functional teams to enhance corporate performance and shareholder value. Adept negotiator of multi-million dollar lease program agreements and contracts. Driver of increased sales productivity, incremental revenue, operating expense reductions and customer acquisition/retention.




Top Stories January 19 – January 21
(Opened Most by Readers)

(1) ACC Capital's Residual Claim in Alabama Thrown
  Out of Court for Bait and Switch
by Tom McCurnin, Leasing News Legal Editor

(2) Reminder for this Thursday Afternoon
       Tribute for Shannon (Berry) Green, CLFP

(3) New Hires---Promotions in the Leasing Business
         and Related Industries

(4) 2017 Ford Torino GT   
  Muscle Car to be Back on the Road

(5) Leasing Companies Stock Wednesday
         One Year Chart

(6) Navitas Lease Corp. Purchases Liberty Financial Group
Opens Specialized Vehicle and Equipment Financing Division

(7) Approaching Funding Sources
Leasing 102 by Mr. Terry Winders, CLFP

(8) Pictures from the Past---1985
—Spaceman Millerbis

(9) Tiny bank, huge ROE: WebBank’s Fintech hidden recipe
  FDIC Insured - 59% ROE and a very low risk classification

(10) CLFP Adds 8 Members in January
  Increases Members by Company




Aggregate Funding Sources
(On Line: connects lessees, lessors, and vendors)

Only one left now, from an original over 30 at the turn of the century. CapitalRelay claims a current network of 736 brokers. A current network
of 119 lenders.




Leasing Industry Ads---Help Wanted
This Way Up/Credit Analyst


Credit Analyst
Your Choice, Locate in Either Office:
Anaheim,CA; Federal Way, WA; Tigard, OR 

$150K -$500k equipment leases, financing (recourse/non-recourse lines of credit) 
Requires five or more years of credit underwriting. Work with third party originators, brokers, as well as clients & vendors of Umpqua Bank 
Please click here for more information.
A subsidiary of Umpqua Bank


“Was in ‘Administration’/Now Hard Time Finding Job”
Career Crossroad---By Emily Fitzpatrick/RII

Question: Emily, I am unemployed … I was in a lease administration role before I was laid off. I am having a hard time finding a position in the Equipment Leasing Industry – what would you suggest?

Answer: I am sorry to hear that you are having difficulty finding a new position … many are in the same predicament. Things seem to be picking up in the Leasing / Finance Industry, so hopefully you will be able to secure a new role soon.

I am confident that you have skills that are transferable from industry to industry – do some research in determining what other industries you may be interested in.

Additionally, you may want to develop your resume geared towards those industries; each version should focus on your transferable skills. This will lead to a few versions of your resume – that is okay.

I know the trend is toward millennials as well as those up-to-date on financial technology tools and software.

Definitely, brush up on your skills … e.g. take some classes, even high school or junior college. Serious think about signing up for a CLFP designation within the industry – this will make you more marketable.

Be open to consulting work or part-time opportunities which future employers will consider and admire. Meet the change with fun and don’t be afraid. Look at this as a change not only for a job, but to gain better knowledge and skills and have fun while doing it.

Remember, activity leads to activity. Get active!

Don’t forget to NETWORK with:
· Recruiters
· Staffing agencies (typically for consulting / temp work)
· Previous co-workers
· Previous managers

They may be aware of openings coming available …
I wish you luck and if you need more assistance, please feel free to contact me.


Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone:  954-885-9241
Cell:  954-612-0567
Invite me to Connect on LinkedIn
Also follow us on Twitter #RIIINFO

Career Crossroads Previous Columns



Leasing News Advisor 
Steve Crane, CLP

Steve Crane, CLFP is an original member of the Leasing News Advisory Board, joining in July of 2000. Steve stated “Kit Menkin has been a friend of mine for many years and I am honored to serve as an advisor to this widely read and popular publication”.

Steve resides in the San Francisco Bay Area and is Manager of the Commercial Division at BSB Leasing. BSB is a funding source for equipment financing brokers and other referral sources, and Steve’s group funds financial statement transactions between $100K and $1MM.

Prior to BSB, Steve was Vice President & Marketing Manager for the Indirect Equipment Finance Group at Bank of the West. During his career, which started in 1983, he has held positions at Westinghouse Credit, Ingersoll Rand Financial, CIT, and Taylor Financial. He has also held various volunteer positions with The CLFP Foundation, EAEL and NEFA. 

Steve Crane, CLFP
Vice President & Commercial Division Manager
BSB Leasing, Inc.
7921 Southpark Plaza, Suite 208
Littleton, CO  80120   
Fax: 303-329-0240

Steve has been married to his wife Cheryl for 27 years and they have two sons, Ryan and Alex.  Ryan was recently married in Australia, and he and his wife live and in Northern California.  Alex is a second-year medical student and recently was engaged – wedding will be sometime in 2017.

Steve, Cara, Ryan and Cheryl (Wedding in Brisbane Australia)

An avid exercise enthusiast, Steve enjoys the outdoors and is an active backpacker, golfer, sailor and triathlete.

Steve with his running companion Sadie

Steve enjoys his work and is looking forward to many more years of participating on the Leasing News Advisory Board and the equipment financing industry


Asset-Based Capital Conference Jan 26 -27
Commercial Finance Association


Jan 26 - Jan 27
Commercial Finance Association
Asset-Based Capital Conference 2016
Four Seasons Hotel
Las Vegas, Nevada





Lessor Ordered to Refund Draw on Letter of Credit
Because Lessee was a Failed Bank
by Tom McCurnin
Leasing News Legal Editor

Equipment Lessor Did the Right Thing to Get Letter of Credit
 to Secure Bank’s Leasing Obligation. But Federal Statute Requires Lessor-Beneficiary to Refund Proper Draw After Bank Failed.

California Bank & Trust v. Piedmont Operating P'ship (2013) 218 Cal. App. 4th 1322, 1335

I like letters of credit as they provide a smooth, easy and efficient way to get paid without a lot of fuss. Present a draft and you get a check. And because of particular laws on the books called “the independence principal,” the issuer of the letter of credit is required to pay if the beneficiary submits the correct documents. 

But in today’s case, a lessor secured its lease of office space to bank with a letter of credit from another bank. When the bank defaulted on the lease, the lessor drew against the letter of credit. So far, so good.  Then the lessee bank failed, the FDIC took over, and two years later, the courts made the lessor give back the money.  It’s just not fair. Sadly, it’s due to a specific federal statute, so the court had few choices. The facts follow.

Piedmont, as lessor, leased office space to a small bank, Alliance Bank. To further collateralize the lease, the lessor required Alliance Bank to post a $500,000 letter of credit issued by Union Bank. In return, Union Bank, took a deposit to secure its issuance of the Letter of Credit.  So far, so good.

But Alliance Bank failed, and Piedmont drew against the Union Bank Letter of Credit and received the $500,000 from Union Bank. The FDIC took over, rejected the property lease, and transferred the assets (including the deposit at Union Bank) to California Bank & Trust. After the draw, Union Bank debited the $500,000 deposit account at California Bank & Trust. California Bank sued to recover its $500,000. 

California Bank & Trust sued Piedmont on the grounds that a FDIC rejection of a lease means that no money is owed, and since there was a zero balance, the draw against the Letter of Credit for future rent was unlawful, and the lessor had to return the money. 

Piedmont argued that the “independence principle” makes the Letter of Credit essentially untouchable and therefore, it had the right to draw against the letter of credit. The trial court agreed, blessed the Letter of Credit draw, let the lessor keep the money, and awarded Piedmont over $395,000 in attorney fees and costs. 

On appeal, the court held that the effect of the FDIC statute which disallows claims against a failed bank has the net effect of disaffirming the lease and making the lease have a zero balance. Since rent was current at the time of the FDIC takeover, the lessor was statutorily prohibited from collecting future rent. The rationale of the statute is that while some creditors might suffer, the public as a whole benefits in that the liabilities of failed banks are minimized. The court side-stepped the independence principle, oddly stating that the draw against the Union Bank’s Letter of Credit was proper, but keeping the $500,000 when future rent is not recoverable is simply not fair. 

The court entered judgment for California Bank and against the lessor Piedmont, ordering that Piedmont should refund the $500,000 and the lessor was also liable for the bank’s attorney fees. Lessor loses. 

What are the lessons here?

•  First, Letters of Credit Remain Viable Collateral For Leases. This case is fact specific in that the lessee was a small bank which failed. This is unlikely that this scenario would occur again.

•  Second, When Leasing to a Bank, The Lessor Is At Risk In The Event of Failure.  Under specific federal statutes, the FDIC can wave its magic wand and make you debt disappear. Yes, the lessor will have its equipment, but future rent will be barred. Take this into consideration when underwriting the lease. 

The bottom line to this case is that the lessor expected to be able to recover its future rent from a bank via a letter of credit posted by another bank.  Obviously, the lessor was unaware of the specific federal statutes which make this problematic.

California Bank and Trust v Piedmont OP (19 pages)

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

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

Previous Tom McCurnin Articles:




Are you Sales Tax Compliant?
Leasing 102 by Mr. Terry Winders, CLFP


I spoke recently to a sales tax auditor who had just completed an audit of a bank leasing company. He discovered that the sales tax had been paid to the state, as required, on the payments received by the bank, however the state had not received the tax from the payments received and retained by the broker/packager. The state tax auditor said because the payment had not been received, they were going to place a sales tax lien on the leasing company and the owner (or the one who signs the check) that originated the transaction. The lien would be cleared when the tax and penalties were paid.
Most jurisdictions nationwide have not only changed taxes to upfront but upfront on gross receipts since they finally figured out that leases bring in more tax revenue than non-leases.

One of the problems of retaining lease payments and having the funding source purchase the remaining payment stream is sales tax compliance on the retained payments. There are some states that have "one time" sales tax forms in order to remit the taxes promptly. Some have up to five transactions. It varies. If they don't have a specific form, brokers/packagers have been instructed to either write "One Time Filing" on the top of their regular sales tax forms or they should prepare a letter submitting the tax and letting the jurisdiction know that this is a onetime event. By doing this, the sales tax is remitted promptly and there is no need to register to do business in each jurisdiction.

If tax has not been paid based on the purchase price for the property, tax must be reported based on rental receipts.  You must report the amount collected in the period in which the rental receipts were received.

Even though the sales tax has been collected and remitted for the last payment, if the lease terminates early and the lessee purchases the equipment there will be a sales tax on the purchase price (early termination amount).

Most states want the sales tax paid up front. It is collected by the vendor and this eliminates the problem for the Lessor. However, it opens the door for the State to add a new use tax on the lease payments. This double tax was eliminated years ago thanks to the effort of the then Equipment Leasing Association (now Equipment Leasing and Finance Association). But I fear they may bring it back. Also you have those States like Texas that want the sales tax on the rent stream paid up front if the purchase option is less than 10%.
If you are accepting invoices without the sales tax on them as the vendor states the law in their state does not apply to their equipment or out of state sales, best to obtain a signed “re-sale card” that puts the burden on them (if they are still in business when the state finds out that sales tax does indeed apply.)

I would also suggest you add a discussion about sales tax compliance and the possibility that over the lease term, the sales tax may increase and that it will be the responsibility of the lessee to pay it. Add it to your closing procedures and inform the lessee verbally, or in writing, of the sales tax requirements. I would add this to the long list of things you define when closing a lease or in the cover letter you include with the copy of the lease when you send it to them.

With the current economic environment many states are on the hunt for revenue. Sales tax audits are becoming more frequent so you need to make sure you are in compliance with each States requirements. Failure to do so will result in fines and penalties.

I also suggest you belong to one of our lease trade associations, especially the Equipment Leasing and Finance Association, because they are the ones who are the watchdogs that fight to keep things like the double sales tax requirements from being established that will have a devastating impact on our business. Think of the association dues like life insurance or the greedy tax system will get you in the end.

Previous #102 Columns:

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


Growth Slows for Mobile Banking Users
at the Nation’s Largest Banks

by Philip Ryan,

Weekly visits via the mobile channel exceeded branch visits for the first time in 2015, according to a recent report from Javelin Strategy & Research. But it appears converting existing customers to mobile may be growing more difficult for banking’s largest players.

The number of mobile banking users continues to climb at the nation’s largest banks, but the rate has declined from a year ago, a Bank Innovation analysis finds.

JPMorgan Chase has claimed the largest number of users for more than two years now, and that lead continues to grow over Bank of America and Wells Fargo & Co.

Chase reported 22.8 million active mobile customers in its quarterly earnings last week, an increase of 2.7% on the quarter and 19.5% on the year. A year ago, the bank saw considerably faster growth — a 4% increase quarter over quarter and 22.3% year-over-year.

Bank of America announced 18.8 million mobile active users, which represents 2% growth on the quarter, and 13.8% on the year. The bank also reported that 15% of consumer deposits now come through the mobile channel, up 25% over last year’s figure of 12%. A year ago, Bank of America saw 2.5% quarterly growth in active mobile users, and 14.6% growth on the year.

Wells Fargo’s mobile growth had a slow quarter, increasing 1.3% QOQ to 16.2 million active mobile customers. That’s 14.9% YOY growth. As evidenced in the graph below, Wells Fargo was growing rapidly a year ago, and appeared on pace to reach BofA’s numbers, before growth leveled off in Q2.



Helping Disabled Vets to Learn Farming

Vets2farm is a non-profit organization built for the purpose of providing disabled Veterans a place to heal, farm, grow and give back. It is a place where Veterans who are interested in farming can learn the various tasks associated with running an organization as well as the science behind everything we do on the farm. This, in turn, benefits not only the Veterans we serve, but the community as well.

To learn more, please go here:


Cattle Dog Mix, Female
Campbell, California  Adopt-a-Dog

Breed:       Labrador
Sex: Male
Color White, Black
Age: 9 years
Weight: 51.6 lbs.
Location: Dog Green Pod
Kennel: 35
Code # 183818
Adopt Fee: $150


"Hey! Hi! Helloooo! Gosh, it sure is nice to meet you! The name’s Crash, and I just love making new friends! Don’t be fooled by my age; I’m an active, bouncy gentleman and I want to live life to the fullest! In fact, I may be a little too much dog for some people; I’ll do best in a home with children old enough to handle my energy. I’m ready to bond, and once I’m settled into my home, I’ll want to spend as much time as possible right next to my people. I just know my perfect home is out there, and I’m ready to find my happily ever after, so come on in and give me my fairy tale ending!

"The adoption fee includes spay/neuter, microchip ID, collar and OHS I.D. tag, initial vaccines, courtesy veterinarian exam, 30 days free PetPlan health insurance and plenty of post adoption support!"

Oregon Humane Society
1067 NE Columbia Blvd.
Portland, Oregon 97211

Hours for viewing pets
Sunday-Wednesday: 10 am-7 pm
Thursday-Saturday: 10 am-9 pm

Hours for meeting with pets
Sunday-Wednesday: 10 am-6:30 pm
Thursday-Saturday: 10 am-8:30 pm

Phone operator hours
Every day: 9 am-7 pm at (503) 285-7722


Adopt a Pet


Licensed Investigator

Irvine, CA - Consulting and Investigations Operation Lease Fleece Case Agent, 20 year FBI fraud/white collar crime investigator,
10 year USMC Officer-pilot.
Calif. Private Investigator License #29005
Mobile: 949-713-9601

Los Angeles - Licensed Private Investigators, specializing Collateral Recovery Field Investigation for the Lending industry since 1998 - Our clients include Banks, Credit Unions, Automotive and Equipment Lenders.

Collections, Investigations & Asset
Tierra Investigations & Consultants, LLC. Commercial collections, repossessions, bankruptcy fraud, theft & conversion claims.  
Fax 605-647-0534




News Briefs---

Chesswood Group Announces Agreement to Sell EcoHome Financial for $35 Million
(At the end of 2015, Chesswood's commercial finance business had 22,600 leases and loans with gross receivables of approximately $480 million, comprising 81% of Chesswood's finance portfolio.)

Jamie Dimon’s Compensation Rises 35%, to $27 Million

How Social Media Is Shaping Financial Services by CEO of Lenddo

Blockchain Startup Gets Big-Bank Backing "mainstream uses of digital ledger"


Credit Analyst
Your Choice, Locate in Either Office:
Anaheim,CA; Federal Way, WA; Tigard, OR 

$150K -$500k equipment leases, financing (recourse/non-recourse lines of credit) 
Requires five or more years of credit underwriting. Work with third party originators, brokers, as well as clients & vendors of Umpqua Bank 
Please click here for more information.
A subsidiary of Umpqua Bank




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Inside Apple’s massive Bay Area expansion


SparkPeople--Live Healthier and Longer

You Asked: Do Drinks Like Coffee, Tea or Diet Soda
   Count toward My Daily Water Quota?


Football Poem

The Day goes by quickly
The time seems to drag
But it is the end that matters.
Celebrate or Cry!




Sports Briefs----

Bruising loss showcases New England Patriots' flaws

Panthers, Led by Flashy Cam Newton, Swamp Flailing Cardinals

Shaq visits Gainesville to play ball with kids
Basketball star heard about viral story involving local officer

Why Mike Vrabel said no to 49ers’ D-coordinator job


(Leasing News provides this ad as a trade for appraisals and equipment valuations provided by Ed Castagna)


California Nuts Briefs---

Recent rains may not mean more water deliveries,
 feds tell California farmers



“Gimme that Wine”

Three Napa Valley Producers Agree to Give Up
  Use of Name ‘Port’ on Wine Labels

How Woodward Canyon Winery Old Vines Cab became a classic

Sonoma County wines will shine at Super Bowl’s
    San Francisco fan village

Australian Wine Exports to the U.S. Rise 4% In 2015

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Leasing News Wine & Spirits Page


This Day in American History

     1704 - The Battle of Ayubale destroyed most of the Spanish missions in Florida.  In 1703, ex-Governor Moore presented to the Carolina assembly a plan for an expedition against the Spanish towns in Apalachee Province, near present-day Tallahassee.  After recruiting 50 colonists, he traveled to the upper waters of the Ocmulgee River, where he recruited 1,000 Creek Indians to join the expedition against their traditional enemies.  On January 25, 1704, Moore's force arrived at Ayubale, one of the larger mission towns in Apalachee. While most of the Creeks raided the surrounding villages, Moore took most of the whites and 15 Creek into Ayubale itself around 7:00 am. The only resistance was organized by Father Angel Miranda, who retreated into the town's church compound, which was surrounded by a mud wall. With 26 men he successfully held the English at bay for nine hours, and only surrendered himself, his men, and 58 women and children after they ran out of arrows.  According to one Spanish account, Miranda threw himself and his followers on Moore's mercy. He was, according to this account (but apparently not others), then summarily slain in cold blood by Moore's Indian allies, and some of his followers were then tortured and killed. 
    1775 – Americans dragged cannon up a hill to fight the British at Gun Hill Road, The Bronx. When the British navy landed on Staten Island in 1775, New York City Patriots feared an imminent invasion. They did not want the precious cannon at the Battery to fall into enemy hands. Thus, in December, 1775, they took the cannon to the mainland and scattered them roughly along present-day Gun Hill Road from today’s Jerome Avenue across the Bronx River to modern White Plains Road.
    1783 – Birthday of William Colgate (d. 1857), Kent, England.  He founded what became the Colgate Toothpaste Company in 1806, a starch, soap and candle business in Manhattan, on Dutch Street. In 1820, he started a starch factory across the Hudson in Jersey City, leading to a long and current involvement of the company in Jersey City. 
    1787 – Small farmers in Springfield, Massachusetts led by Daniel Shays continued their revolt against tax laws. Federal troops broke up the protesters of what became known as Shays’ Rebellion. Shays’ Rebellion suffered a setback when debt-ridden farmers led by Capt. Daniel Shays failed to capture an arsenal at Springfield, Mass.     
    1821 – The Hudson River was frozen solid during the midst of the coldest winter in forty-one years. Thousands of persons crossed the ice from New York City to New Jersey, and refreshment taverns were set up in the middle of the river to warm pedestrians.
    1825 – The first engineering college in the US opened, Rensselaer Polytechnic Institute, Troy, NY.
    1825 – CSA Gen. George Pickett (d. 1875) was born in Richmond, VA.  He is best remembered for his participation in the futile and bloody assault at Gettysburg that bears his name, Pickett’s Charge. Pickett's division arrived at the battle after guarding the Confederate lines of communication through Chambersburg, PA.  Lee’s Army of Northern Virginia, which had initially driven the Union Army of the Potomac to the high ground south of Gettysburg, had been unable to dislodge the Union soldiers from their position. Lee's plan for July 3 called for a massive assault on the center of the Union lines on Cemetery Ridge, calculating that attacks on either flank the previous two days had drawn troops from the center. He directed General Longstreet to assemble a force of three divisions for the attack—two exhausted divisions and Pickett's fresh division from Longstreet's own corps.  The three divisions stepped off across open fields almost a mile from Cemetery Ridge. Pickett's division was on the right flank of the assault. It received punishing artillery fire, and then volleys of massed musket fire as it approached its objective. Pickett's Charge was a bloodbath. While the Union lost about 1,500 killed and wounded, the Confederate casualties were several times that. Over 50% of the men sent across the fields were killed or wounded. Pickett's three brigade commanders and all thirteen of his regimental commanders were casualties.
    1831 – Birthday of Jane Goodwin Austin (d. 1894), Worcester, MA.  Novelist, essayist, and short story writer. Most of her novels were authentically accurate depictions of the Pilgrims which she carefully researched.
    1837 – At 7 PM, a display of the Northern Lights danced above Burlington, VT. Its light was equal to the full moon. Snow and other objects reflecting the light were deeply tinged with a blood red hue. Blue, yellow and white streamers were also noted.
    1840 – US naval expedition under Charles Wilkes became the first to identify Antarctica as a new continent.  European maps showed a hypothesized land at the bottom of the Southern hemisphere until Captain James cook’s ships, crossed the Antarctic Circle on 17 January 1773, in December 1773 and again in January 1774.  Cook came within about 75 miles of the Antarctic coast before retreating in the face of field ice in January 1773.  The first confirmed sighting of Antarctica can be narrowed down to the crews of ships captained by three individuals:  von Bellingshausen (a captain in the Imperial Russian Navy, Edward Bransfield, a captain in the Royal Navy, and Nathaniel Palmer of Stonington, CT. The first documented landing on Antarctica was by the American sealer John Davis on 7 February 1821, although some historians dispute this claim.  The first recorded and confirmed landing was at Cape Adair in 1895.  In December 1839, as part of the US Exploring Expedition of 1838–42 conducted by the US Navy (sometimes called the "Ex. Ex.", or "the Wilkes Expedition"), the expedition  reported the discovery "of an Antarctic continent west of the Balleny Islands" on 25 January 1840. That part of Antarctica was later named "Wilkes Land", a name it retains to this day.
    1856 – Marines and seamen from the U.S. sloop DECATUR went ashore at the village of Seattle, Washington, to protect settlers from Indian raids. The Indians launched a seven-hour attack but were driven off later that day after suffering severe losses. Incredibly, only two civilian volunteers were killed and no Marines or sailors were lost.
    1871 – Unveiled in the U.S. Capitol Rotunda, Vinnie Ream’s statue of Abraham Lincoln that was authorized by Congress.
    1871 – Birthday of Maud Wood Park (d. 1955), Boston.  Directed congressional lobbying and was one of the key women implementing Carrie Chapman Catt’s winning strategy to get women’s suffrage passed. Instrumental in getting congressional approval for many child labor, maternity, and child health reforms as well as the Cable Act of 1922 which granted married women US citizenship independent of their husband’s status. Before the Cable Act, an American-born woman AUTOMATICALLY lost her citizenship when she married a non-American citizen.
    1879 – The Arrears of Pensions Act is passed by Congress. It authorizes back-payment of military pensions beginning from the day of discharge. If the veteran is dead, payments will be made to the family.
    1890 – Nellie Bly circled the world in 72 days, stepping into history. Newspaper reported Nellie Bly, the pen name used by Elizabeth Cochrane Seaman, set off from Hoboken, NJ on Nov. 14, 1889, to attempt to break Jules Verne's imaginary hero Phileas Foggs’ record of voyaging around the world in 80 days. She did beat Fogg's record, taking 72 days, 6 hours, 11 minutes and 14 seconds to make the trip, arriving back in New Jersey on January 25, 1890. ::
    1896 - Birthday of the leading black American singer and dancer of the Jazz Age, and the Harlem Renaissance, Florence Winfree (d. 1927), Washington, DC. She appeared in Langston Hughes's “Shuffle Along”in 1921 and “Plantation Review”on Broadway in 1922, then at the London Pavilion in “Dover Street to Dixie”in 1923. Offered a spot in the “Ziegfeld Follies,” she turned it down and joined in creating a rival show with an all-black cast. Winfree was the first black woman to appear as a headliner at the Palace Theatre. She was so revered for her efforts to create opportunities for black entertainers and to bring the unique culture of blacks to Broadway that more than 150,000 people filled the streets of Harlem to mourn her when she died at New York City, Nov 1, 1927, at age 31.
    1900 - Birthday of tenor sax player Captain John Handy (d. 1971), Pass Christian, MS.
    1903 - (Sleepy) John Estes (d. 1977), an important early bluesman, was born in Ripley, Tennessee. He played on the streets of Memphis in the 1920's, supporting himself by working the night shift at a train yard. His tendency to doze off on the job earned him his nickname. He returned to Brownsville, Tennessee, in the 1940's, where he remained in obscurity for more than 15 years. Estes was rediscovered by a documentary filmmaker. He signed a recording contract and appeared at folk festivals in the US and Europe. One of Estes's LPs included a guest spot by guitarist Mike Bloomfield, and Estes later appeared on an LP by Ray Cooder. The rock group Joy of Cooking had a minor hit in 1971 with a song written by Estes, "Going to Brownsville."
    1915 - Alexander Bell in New York calls Thomas Watson in San Francisco, inaugurating transcontinental telephone service.
    1918 – Broadcaster Ernie Harwell, (d. 2010) was born in Washington, GA.  For 55 seasons, 42 of them with the Detroit Tigers, Harwell called the action on radio and/or TV. In January 2009, the American Sportscasters Association ranked Harwell 16th on its list of Top 50 Sportscasters of All Time.
    1919 - The League of Nations, forerunner of the United Nations, was founded.
    1924 - The first Winter Olympic, opened in Chamonix, France, with athletes representing 16 nations. The ski jump, previously unknown, thrilled spectators.  The Olympics offered a boost to skiing, which would make enormous strides in the next decade.
    1937 - Trumpeter Buck Clayton cuts his first record, accompanying Billie Holiday, on “Why Was I Born?”
    1937 – “The Guiding Light” debuted on NBC radio from Chicago. In 1952, it moved to CBS television, where it remained until September 18, 2009.
    1938 - Etta James (d. 2013) was born Jamesetta Hawkins in Los Angeles.  James is regarded as having bridged the gap between rhythm and blues and rock and roll, and was the winner of six Grammys and 17 Blues Music Awards. In early 1961, James released what was to become her signature song, "At Last", which reached number two on the R&B chart and number 47 on the Billboard Hot 100. Though the song was not as successful as expected, it has become the most remembered version of the song. She was inducted into the Rock and Roll Hall of Fame in 1993, the Blues Hall of Fame in 2001, and the Grammy Hall of Fame in both 1999 and 2008.  “Rolling Stone” ranked James number 22 on their list of the 100 Greatest Singers of All Time and number 62 on the list of the 100 Greatest Artists.
    1940 - The biggest snowstorm on record for Richmond, Virginia came to an end. 21.6 inches of snow fell over a 3 day period.
    1940 - Mary Martin, "My Heart Belongs to Daddy"
    1941 – Pope Pius XII elevates the Apostolic Vicariate of the Hawaiian Islands to the Roman Catholic Diocese of Honolulu.
    1944 - The character of Beulah, a black maid who was played by a white man, Marlin Hunt, first aired on radio's "Fibber McGee and Molly". In 1945, the spin-off, "Beulah", became a radio series.
    1945 - In New York, Richard Tucker debuted at the Metropolitan Opera House in "La Gioconda". As a note of trivia, I went to the summer camp with his son in New Hampshire, who we became fast friends during this time period.
    1945 - The first water supply to be fluoridated in order to reduce tooth decay was the water system of Grand Rapids, MI. Fluoridation started with the addition of one part of fluoride ion to each million parts of water passing through the water treatment plant.
    1945 - Top Hits
“Don't Fence Me In” - Bing Crosby & The Andrews Sisters
“There Goes that Song Again” - Russ Morgan
“I'm Making Believe” - Ella Fitzgerald & The Ink Spots
“I'm Wastin' My Tears on You” - Tex Ritter
    1945 - VALDEZ, JOSE F., Medal of Honor
Rank and organization: Private First Class, U.S. Army, Company B, 7th Infantry, 3d Infantry Division. Place and date: Near Rosenkrantz, France, 25 January 1945. Entered service at: Pleasant Grove, Utah. Birth: Governador, N. Mex. G. O. No.: 16, 8 February 1946. Citation: He was on outpost duty with 5 others when the enemy counterattacked with overwhelming strength. From his position near some woods 500 yards beyond the American lines he observed a hostile tank about 75 yards away, and raked it with automatic rifle fire until it withdrew. Soon afterward he saw 3 Germans stealthily approaching through the woods. Scorning cover as the enemy soldiers opened up with heavy automatic weapons fire from a range of 30 yards, he engaged in a fire fight with the attackers until he had killed all 3. The enemy quickly launched an attack with 2 full companies of infantrymen, blasting the patrol with murderous concentrations of automatic and rifle fire and beginning an encircling movement which forced the patrol leader to order a withdrawal. Despite the terrible odds, Pfc. Valdez immediately volunteered to cover the maneuver, and as the patrol 1 by 1 plunged through a hail of bullets toward the American lines, he fired burst after burst into the swarming enemy. Three of his companions were wounded in their dash for safety and he was struck by a bullet that entered his stomach and, passing through his body, emerged from his back. Overcoming agonizing pain, he regained control of himself and resumed his firing position, delivering a protective screen of bullets until all others of the patrol were safe. By field telephone he called for artillery and mortar fire on the Germans and corrected the range until he had shells falling within 50 yards of his position. For 15 minutes he refused to be dislodged by more than 200 of the enemy; then, seeing that the barrage had broken the counter attack, he dragged himself back to his own lines. He died later as a result of his wounds. Through his valiant, intrepid stand and at the cost of his own life, Pfc. Valdez made it possible for his comrades to escape, and was directly responsible for repulsing an attack by vastly superior enemy forces.
    1945 – Larry MacPhail, Dan Topping and Del Webb purchased the New York Yankees for $2.8 million from the heirs of previous owner Jacob Ruppert. The new owners announced that Ed Barrow will remain in place as general manager, but a month later they installed MacPhail as GM.  Under this ownership team, until 1964, the Yankees would achieve their greatest success:  16 World Series appearances with 12 championships.
    1946 – The United Mine Workers rejoined the American Federation of Labor.
    1947 – Thomas Goldsmith, Jr. filed a patent for a "Cathode Ray Tube Amusement Device", the first ever electronic game.  A television pioneer, after graduating from Cornell, became director of research for DuMont Laboratories in NJ, and (after 1953) vice president.  He chaired the Synchronization Panel of the National Television System Committee and the Radio Manufacturers Association Committee on Cathode-Ray Tubes.  He also became the chief engineer for the DuMont Television Network.
    1947 – Al Capone (b. 1899) died in Florida at age 48.  After a seven-year reign of terror as the head of Chicago’s organized crime gangs, he was finally convicted of income tax evasion and sentenced to prison from which he was paroled in 1939.  By then, the deterioration from syphilis and gonorrhea deepened.  He spent his final years in his Palm Island, FL mansion with what doctors described as the mind of a 12-year old.
    1949 – At the Hollywood Athletic Club, the first Emmy awards were presented.
    1950 - Birthday of Gloria Naylor, author of “The Women of Brewster Place” (1982) and “Bailey's Café” (1992).
    1950 - Highest January temperature ever recorded in Cleveland, Ohio:
73ºF (23ºC).
    1951 - Steve Roland “Pre” Prefontaine (d. 1975), long distance runner, born at Coos Bay, OR. Prefontaine was an outstanding athlete whose grit, determination, and activism personified Americans' growing interest in physical fitness, jogging, and running. Although never an Olympic Champion or world record holder, he set 14 US records during his career cut short by a fatal automobile accident on a road where he often trained.
    1953 - Top Hits
“Why Don't You Believe Me” - Joni James
“Don't Let the Stars Get in Your Eyes” - Perry Como
“Keep It a Secret” - Jo Stafford
“I'll Go On Alone” - Marty Robbins
    1953 - The Cincinnati Mohawks and the Troy (OH) Bruins played the only doubleheader in the history of the International Hockey League, with one game being played in each team's home city. The Bruins won the first game in Troy, 3-0. The Mohawks won the nightcap in Cincinnati, 2-1.
    1958 - Elvis Presley's "Jailhouse Rock" becomes the first single ever to enter the U.K. pop chart at Number One
    1959 - American Airlines opened the jet age in the US with the first scheduled transcontinental flight on a Boeing 707 nonstop from California to New York.
    1960 - Sam Cooke, "Chain Gang"
    1960 - The National Association of Broadcasters reacted to the "payola" scandal by threatening fines for any disc jockeys who accept money for playing particular records.
    1961 - Beginning a tradition that survives to this day, John F. Kennedy held the first televised presidential news conference five days after being inaugurated as the 35th president.
    1961 - President John F. Kennedy appointed the first female presidential physician, Dr. Janet Graeme Travell of New York City. Several previous Presidents had received treatment from a female medical practitioner.  The one of most note was Dr. Susan Ann Edison, who graduated from the Cleveland Homeopathic Medical College and who treated President James Garfield from July 2, 1881, the day he was shot by an assassin, to September 19, 1881, when he died.
    1961 - The Disney animated cartoon classic, “101 Dalmatians”, was released to theaters. It took an animation staff of three hundred to complete the film in three years, at a cost of $4 million. It was a huge success at the box office.
    1961 - Top Hits
“Wonderland by Night” - Bert Kaempfert
“Exodus” - Ferrante & Teicher
“Calcutta” - Lawrence Welk
“North to Alaska” - Johnny Horton
    1962 - Sam Cooke's "Twistin' the Night Away," later done by Rod Stewart, is released on RCA Records. It will make it up to #9 on the pop chart.
    1964 - The Beatles reached #1 on the music charts for the first time, with their single, "I Want to Hold Your Hand" which took the top position not only in "Cash Box" magazine, but also on the hit lists of radio stations. "Billboard" magazine listed the song at #1 on February 1. The group's second #1 hit, "She Loves You" was released on Swan Records, and not Capitol. Other Beatles songs were released on Vee Jay ("Please, Please Me"), M-G-M ("My Bonnie" with Tony Sheridan), Tollie ("Twist and Shout"), Atco ("Ain't She Sweet") and the group's own label, Apple Records, as well as Capitol.
    1965 - Alta, UT, was in the midst of a storm that left the town buried under 105 inches of snow establishing a record for the state.
    1969 - Top Hits
I Heard It Through the Grapevine - Marvin Gaye
Crimson and Clover - Tommy James & The Shondells
Everyday People - Sly & The Family Stone
Daddy Sang Bass - Johnny Cash
    1969 - The Beatles release "Two Of Us," "For You Blue," "Let It Be"
    1969 - Creedence Clearwater Revival's "Proud Mary" enters the pop charts
    1971 - Charles Manson was found guilty of masterminding the killings of actress Sharon Tate and six others. He and three female members of his "family" were found guilty of one count of conspiracy to commit murder and seven counts of murder in the first degree and are sentenced to life imprisonment. During one of the most sensational trials in history, it was revealed that Manson regarded the Beatles as angels who communicated to him through their music. In particular, "Helter Skelter," "Piggies," "Revolution 9" and other songs on the "The White Album. He remains in jail today, although he asks for parole each year.  Manson was found dead in his cell on May 14, 2015.
    1975 - The Cars win the Rolling Stone magazine annual readers' poll as the best new band of the year.
    1975 - The Carpenters' "Please Mr. Postman" hits #1
    1977 - Top Hits
“I Wish” - Stevie Wonder
“Car Wash” - Rose Royce
“Dazz” - Brick
“I Can't Believe She Give It All to Me” - Conway Twitty
    1981 - Super Bowl XV:  Oakland Raiders beat Philadelphia Eagles, 27-10 in New Orleans; Super Bowl MVP: Jim Plunkett, Oakland QB.  Plunkett won another Super Bowl with the Raiders in 1983 and he is the only two-time Super Bowl-winning QB NOT in the Pro Football Hall of Fame.
    1981 – Singer Alicia Keys was born in Hell’s Kitchen, NYC.
    1984 - Apple's Macintosh computer went on sale this day for $2,495. It wasn't until mid-1985, however, that sales began to take off and this computer began to replace the Apple II model.
    1985 - Top Hits
“Like a Virgin” - Madonna
“All I Need” - Jack Wagner
“You're the Inspiration” - Chicago
“How Blue” - Reba McEntire
    1986 - Dionne Warwick's single "That's What Friends Are For" topped the R-P-M magazine singles chart in Canada. Profits from the sale of the disc were donated to AIDS research.
    1986 - Bruce Springsteen's "My Hometown" peaks at #6 on the chart.
    1987 - The New York Giants defeated the Denver Broncos, 39-20, to win Super Bowl XXI. The victory gave New York its first NFL title in 30 years. Giants quarterback Phil Simms completed 22 of 25 passes for 268 yards and three touchdowns to win the game's Most Valuable Player Award. Neil Diamond performs the US national anthem.
    1987 - The second major storm in three days hit the Eastern Seaboard producing up to 15 inches of snow in Virginia, Maryland and Delaware. Up to 30 inches of snow covered the ground in Virginia following the two storms
    1988 - Guard Rickey Green of the Utah Jazz scored the 5,000,000 point in NBA history to a game against the Cleveland Cavaliers. Green made a three-point shot at the buzzer ending the third quarter. The Jazz won, 119-96.
    1988 - Vice President George H.W. Bush and Dan Rather clashed on "The CBS Evening News" as the anchorman attempted to question the Republican presidential candidate about his role in the Iran-Contra affair.
    1990 - Low pressure developed explosively over east central Missouri and moved into Lower Michigan producing high winds and heavy snow across parts of Iowa, Illinois and Wisconsin. Wind gusts to 60 mph and up to a foot of snow created near blizzard conditions in southeastern Wisconsin and northern Illinois. Wind gusts in Indiana reached 76 mph at Wabash. Thunderstorms associated with the storm produced wind gusts to 54 mph at Fort Madison, IA.
    1993 - A gunman shot and killed two CIA employees outside agency headquarters in Virginia. A Pakistani national was later convicted and was executed in 2002.
    1995 - Top Hits
“Creep” - TLC
“On Bended Knee” - Boyz II Men
“Another Night” - Real McCoy
“Always” - Bon Jovi
    1998 - Denver beats Green Bay 31-24 in Super Bowl XXXII at San Diego behind Terrell Davis' 157 yards rushing and a Super Bowl-record three touchdowns. A record worldwide audience of 800 million in 147 countries views the game on television.
    1999 - The Rolling Stones open their “No Security Tour” in Oakland, CA. It is the band's first arena tour in more than two decades. Sue and I were there, four rows from the stage, center right, in the aisle as the usher could not find my site as noted on my ticket. The band was never better, full of energy, spirit, and showmanship. Afterwards, on BART going back to our car, I noted that the tickets I had shown to the usher to find our seats were from the Barry Manilow Show the previous week where we had up-front seats. They were the same color tickets and same style printing. In the dark, the usher using a small flashlight, neither of us had noticed they were not the Rolling Stone tickets (that I had placed in my other pocket after the last ticket check and drawn the Manilow tickets out in error, basically only showing the seating numbers.)
    2015 – Rob Manfred assumed the title of Commissioner of MLB from the retired Bud Selig.

Super Bowl Champions:
    1981 - Oakland Raiders
    1987 - New York Giants
    1998 - Denver Broncos













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- Leasing News Person of the Year for 2015
   Bruce Kropschot
- Happy Mango Wants to Demystify Credit Scoring
   and Open Up Loans to More People
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- Chisick Back in Business As Excel Business Funding
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   Response to Editor Sean Murray,
- Each Year Poet Barry Marks, also an Attorney,
    Writes a Christmas Poem for Leasing News Readers
      “For a better economy in 2-0-1-6”
- California Concerned about Financial Technology Practices
- Confirmed—Capital One Equipment Finance Corp.
   Exiting the Marketplace  - and Why
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    Worthiness in the global Underbanked market
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- Is Fintech the Next Big Bust?
- Online Marketing for Social Media
  New Concepts to Increase Business
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    Issues Policy to All Third Party Originators
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    Despite the ELFA October MLFI-25 Report
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   Lending Industry eBook
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- Alternate Finance/Cash Advance Lenders Not Regulated as Banks
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   Parent of First American Equipment Finance
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- Valerie Jester Receives 2014 Award
    Leasing Person of the Year
- ELFA San Antonio Conference Report
   Forecast Equipment Finance Market to Hit $1.045 Trillion
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  as Copperline Capital, LLC, Chicago, Illinois
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  Full Range of Small Business Financing Needs
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  Daniel P. Dyer Resigns
- Hiring a Credit Analyst
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- NEFA Elects New Officers
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 Active Again on the Internet
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  Survey Finds: 56% Had Incomes of $125,000
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   Annual Conference Report by Hugh Swandel
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  All Generated from UCC Filings
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- Top Five Leasing Company Web Sites
  in North America
- Leasing News Bulletin Board Update
   Hawkins Counter Sues $50,000 Judgement
Fed Chair Asks Cobra Capital for a Survey
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     Leasing News Exclusive
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- OnDeck Capital Hit with Several Law Suits
- President of EAR Sentenced to Five Years
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  New Exercise for Individuals or Groups
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   Concerned History is Repeating Itself
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   Changing the Way Credit Decision Are Being Made
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- CLFP Foundation Breaks Record, Plus 18 New Members
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- Senior Vice President Sentenced to Federal Prison
    Loss to Bank was $991,680
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   Vendor & Small Biz
- Bank Officer Gets One Year/$174,000 Judgment
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- Which States Finance the Most Equipment
- New Website
- Lease One Tagged for Fraud in Lease Commitment
     by Tom McCurnin, Leasing News Legal Editor
- Three New Bulletin Board Complaints
    US Business Funding, Newport Beach, California
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   End-to-End Transaction Lifecycle with DocuSign & eOriginal
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- Bulletin Board Complaint
   Balboa Capital, Irvine, California
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    Get Repeat Customer/Vendor Business with These Tips
      By Christopher Menkin
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     by comScore
- Report: “The Impact of Alternative Financing on the
    Equipment Leasing and Finance Industry"
- The Equipment Leasing and Finance Foundation Releases
 study "Digital Documents in the Equipment Finance Industry”
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    First Response to Cease & Desist
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  Bulletin Board Complaint $5,915 Deposit Made in 2013
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   By Tom McCurnin and Frank Peretore 
- Leasing Brokers: When May You Collect a Commission?
- Bulletin Board Complaint
    Integrity Financial Groups, Alpine, Utah
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  Brian Acosta/Matrix Business Capital
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        Bait and Switch Sales Tactics
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   Very, When the Lessor Sneaks in a Blanket Lien
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    and Make Extra Income
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    Record All-Time Highs
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Use a Password Generator
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   Re: Evergreen Clause Abuses
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- Balboa Capital, Irvine, California
   $20,543.22 Bulletin Board Complaint
   Alleged “Bait and Switch”
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  ---Automatic Evergreen Payment---PPR
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    by Christopher Menkin
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   The use of “Equipment Finance Agreements”
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    Bank of the West

   Equipment Lease Agreement (EFA)
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