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


Orange, California

Commercial Credit Analyst

3-5 Year underwriting experience Underwrite 15 to
20 credit apps a day, $75,000 started credit limit,
above $75,000 with committee.
This is a key position, important for
the growth of Quick Bridge Funding.

For more description of duties and requirements,
please click on position
Quick Bridge Funding provides working capital loans
to small and mid-sized companies throughout
the United States. With an innovative program
we provide capital to an to an under-served market.


Tueday, July 9, 2013

Today's Equipment Leasing Headlines

Archives--July 9, 2010 
 Memorial for Shawn Giffin
  Classified Ads---Collections
   Change Email Address
    Cartoon---Son Response to Father’s Fall
BBB Leasing Company Ratings
 July 8, 2013
  Leasing 102 by Mr. Terry Winders, CLP
   Captive Lessor Private Label Leasing
    California Finance Lenders License Change
     Classified Ads---Help Wanted
 What is the Interviewer Looking For?
  Career Crossroad---By Emily Fitzpatrick/RII
   Leasing News Advisor
    Phil Dushey
California Federal Court throws Monkey Wrench
 Into 5% Late Payment Fee Provision
  By Tom McCurnin
   2012 Bank failures cost FDIC $241.6M more than expected
    By Aarti Kanjani, SNL Financial
     FASB/IASB Five Roundtable Meetings
      10 Top Stories July 2, 2013
       (You May Have Missed)
        Leasing Attorneys
          Cairn Terrier
           Orange, California Adopt-a-Dog
News Briefs---
Jobs data give Ben excuse to cut QE
 Credit software firm nets $30 million in financing
  CFOs Plan to Hire in Accounting, Finance and IT
   50 Top Community Bank Leaders in Social Media
    Ohio Commerce Bank agrees to be acquired by Peoples Bank
      Madoff Case Puts Focus on Duties of Custodial Banks

Broker/Funder/Industry Lists | Features (collection)
Top Ten Stories Chosen by Readers | Top Stories last six months (Be Careful of Doing Business)

  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.

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Archives--July 9, 2010
Memorial for Shawn Giffin

Memorial for Shawn at Mariner's Church in Newport Beach on Friday the 9th at 6PM. It will be held at the Chapel. Mariner's Church is located in Newport Beach.

5001 Newport Coast Drive Irvine, CA 92603 (949) 854-7600

"Please join us as we remember Shawn as we knew and loved him. Please bring any photos, stories, souvenirs, and other remembrance to pass to his sons to help keep their father's memory alive forever."

Laura Giffin,
Newport Beach, California

"Giffin, Shawn, 45, passed away Thursday, June 17, 2010. Shawn is survived by his sons, Jake (13), and Kyle Giffin (11), and his wife, Laura Giffin, all of Newport Beach; his parents, Marty and Fred Giffin of Temple, Arizona, and his brother, Scott Giffin of Colorado. Shawn graduated with a degree in Business and Finance from the University of Arizona in 1988. After graduation, Shawn moved to Newport Beach, California. He co-founded Balboa Capital Corporation, which grew to become one of the fastest growing companies in the country, employing over 300 employees in various offices. Shawn was well known and respected in the business community as a leader. He was named Entrepreneur of the Year in 1997 and was written about often in publications such as Success Magazine, Inc. Magazine, the Orange County Business Journal. He believed, however, that the greatest achievement in his life was found in his two beautiful boys. He will be dearly missed by all and treasured in our hearts forever. At his family's request, his burial will be private.”

Orange County Register

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Classified Ads---Collections

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

Long Grove, Illinois

Financial services professional with a proven track record of positively impacting corporate finances through effective management of cash flow, collections and financial assets. Strategic thinker capable of analyzing financial issues and processes in order to implement changes that improve efficiency and profit margins. Well-versed in all aspects of corporate financial affairs. | Resume

Free Posting for those seeking employment in Leasing:

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Change Email Address

A reader, who did not want to take credit for the suggestion, asked why Leasing News did not have a "change email" address on the “tool bar” right under our name?

We never thought of it. Most often we find an email has changed when it starts coming back as no longer active or the party is not known at the company address. Often this is months after the actual event.

Hopefully this will help us keep our mailing list more up-to-date as well remind readers who want to receive the news edition by email to let us know their new address and to delete their old address.

Please see the new edition in our tool bar at top.

Kit Menkin, editor






BBB Leasing Company Ratings
July 8, 2013

Since the scandal with the Los Angeles Bureau of Better Business Bureau (see stories at end), many of the leasing companies located in the L.A. franchise are no longer rated.

The L.A. Bureau search finds this statement: "BBB is currently updating its files on all businesses in the Greater Los Angeles area and pending that review, a BBB rating is unavailable."

Leasing News is keeping the ratings as of March 25, 2013 to the following companies: Ability, Alliance Financial Group, American Capital, Balboa Capital, Barklay, Benchmark, Celtic, Jules & Associates.

Chase Industries, Grand Rapids, Michigan,: BBB continues to rate company A+ company, although corporation "dissolved” in 2011, founder filed personal BK with many claims from vendors not paid as well as leasing companies and other creditors (removed from Leasing News list)

Radiance Capital, Tacoma, Washington, remains an A+ despite the several Bulletin Board Complaints regarding charging a purchase option on an Equipment Finance Agreements, including one that also had a $5,000 security deposit, that is now called in “default” for not paying the alleged purchase option on an EFA.

Rating Changes since March 25, 2013

Two companies that appear in the list are now A+: Mazuma Capital and Tetra Financial Group.

In the A+ category: TCF Equipment Finance is downgraded to an A.

Moving up to the A+ is Direct Capital.

The only other change is LEAF Financial moving to a B+.

-------------------------------------------------- (Be Careful of Doing Business)

BBB Ratings

Ability Capital Solutions, Long Beach, California: A
ACC Capital, Midvale, Utah: A+

Balboa Capital, Irvine, California: B+
Benchmark Financial, Aliso Viejo, California: F
Balboa Capital, Irvine, California: B+
iFinancial Group, San Clemente, California: A

Integrity Financial Groups, Murray, Utah A-

Liberty Capital, Aliso Viejo, California C

Marlin Leasing, Mount Laurel, New Jersey A+
Jules and Associates, Los Angeles, California: A+
Matrix Business Capital, Long Beach, California: A
Newport Financial Partners, Newport Beach, California: B-

Onset Financial, South Jordan, Utah A
Radiance Capital, Tacoma, Washington: A+

Tetra Financial Group, Salt Lake City, Utah A+



--Accredited 12/16/1997
21st Century Leasing, San Diego, California

ACC Capital, Midvale, Utah
Closed, lenders running off portfolio residuals, according to Loni Lowder, president.

--Accredited 9/10/2000
Advantage Leasing Corporation Milwaukee, Wisconsin

--Accredited 4/01/2002
Allegiant Partners, San Rafael, California

Alliance Funding Group, Orange, California

---Accredited 3/01/1997
American Capital Group, Inc., Irvine, California

--Accredited 9/01/2008
Arvest Bank Leasing, Fayetteville, Arkansas

--Accredited 8/27/1999
Axis Capital, Grand Island, Nebraska

Bankers Capital, Northborough, Massachusetts

BSB Leasing, Englewood, Colorado

--Accredited 6/20/1996
Charter Capital, Scottsdale, Arizona

Chase Industries, Grand Rapids, Michigan

CSI Leasing, St. Louis, Missouri

Dakota Financial, LLC, Los Angeles, California

De Lage Landen Financial Services, Incorporated, Wayne, Pennsylvania

Direct Capital, Portsmouth, New Hampshire

--Accredited 3/10/2011
Financial Pacific, Federal Way, Washington

--Accredited 8/10/2011
Five Point Capital, San Diego, California

--Accredited 12/27/2010
Great America Leasing, Cedar Rapid, Iowa

Innovative Leasing Services, Inc. Carlsbad, California carlsbad-ca-10008827/

--Accredited 7/20/2011
Jules & Associates, Los Angeles, California

---Accredited 1/2/1993
Key Equipment Finance aka KeyBank Headquarters Location

--Accredited 5/9/2003
Lease Corporation of America, Troy, Michigan

Accredited since 08/01/1997
Lease $mart, Oro Valley, Arizona  85737

---Accredited 2/22/2011
Marlin Leasing, Mount Laurel, New Jersey

---Accredited 4/30/2004
Mar Vista, Villa Park, California

Mazuma Capital Corp., Salt Lake City, Utah

Orion First Financial, Gig Harbor, Washington

Accredited since 09/02/1999
P&L Capital, Omaha, Nebraska 68137

Pawnee Leasing, Fort Collins, Colorado

---Accredited since 08/21/2007
Portfolio Financial Servicing Company, Portland, Oregon

---Accredited 8/20/2009
Providence Capital Funding, Brea, California

Radiance Capital, Tacoma, Washington

Southern California Leasing Inc., Tustin, California

---Accredited 03/03/1979
Steelcase Financial Services, Grand Rapids, Michigan

---Accredited 3/11/2005
Strada Capital Corporation, Laguna Hills, California

Studebaker-Worthington Leasing Corp., Jericho, New York

---Accredited 12/19/2007
Summit Funding Group, Cincinnati, Ohio

Tetra Financial Group, Salt Lake city, Utah A+

United Leasing, Evansville, Indiana


---Accredited 2/10/2007
Ability Capital Solutions, Long Beach, California

--Accredited 4/6/2010
Cornerstone Medical & Technology Finance, Lees Summit, Missouri, -lees-summit-mo-99153606

--Accredited 8/19/2011
iFinancial Group, San Clemente, California

--Accredited since 12/13/2007
Matrix Business Capital, Long Beach, California

---Accredited 8/12/2010
Navitas Lease Finance Corp
., Ponte Vedra Beach, Florida

Onset Financial, South Jordan, Utah

TCF Equipment Finance, Minnetonka, Minnesota


Celtic Leasing, Irvine, California

Integrity Financial Groups, Murray, Utah

Tristar Capital, Santa Ana, California 13137212


Balboa Capital, Irvine, California

LEAF Financial Corporation, Philadelphia, PA

Varilease Finance, Inc., Salt Lake City, Utah


Newport Financial Partners, Newport Beach, California

C +

TimePayment Corporation


Liberty Capital LLC, Aliso Viejo, California


Barklay Capital, Inc., Costa Mesa, CA

Benchmark Financial Group, Aliso Viejo, California

Equilease Financial Service, Norwalk, Connecticut

Susquehanna Commercial Finance, Pottstown, Pennsylvania

NOT Rated Any More:

Atel Capital

Business Leasing NorthWest, Seattle, California

Enterprise Capital Partners dba Enterprise Leasing, Spokane, Washington

Icon Capital Group, Harrison, New York (Icon Capital now into gas and oil).

Somerset Capital Group, Milford, Connecticut
(This company was an A- in 2010. The site lists no complaints in the last 12 months or last three years. No explanation is given as to why it is “not rated.”)

Many banks and financial Institutions with leasing entities evidently do not have their leasing divisions separated from bank and financial institutions ratings. No rating was found on the leasing divisions.

Find your company's BBB listing by going to and using your zip code first for the right division.

Better Business Bureau leader resigns amid pay-for-play scandal

Head of Local BBB reacts to corruption scandal

Working Capital Loans $10,000-$250,000


Leasing Industry Help Wanted

Orange, California

Commercial Credit Analyst

3-5 Year underwriting experience Underwrite 15 to
20 credit apps a day, $75,000 started credit limit,
above $75,000 with committee.
This is a key position, important for
the growth of Quick Bridge Funding.

For more description of duties and requirements,
please click on position
Quick Bridge Funding provides working capital loans
to small and mid-sized companies throughout
the United States. With an innovative program
we provide capital to an to an under-served market.

Leasing Coordinator
West Los Angeles, California

Grow with us: coordinate credit, documents, funding,
and all processing--- helping small to medium size
businesses survive as well as improve their profit.
Dakota Financial is a small family style run company.
Speak directly to the person in charge:
Michael Green (310) 6969 3030 x 124
We fund traditional leases as well as sale-leasebacks,
private party sales, start-ups, and owner/operators
from $10,000 up to $250,000.

Positions Available in Irvine and San Diego
Funding Coordinators and Credit Analysts

1 year experience preferred, salary/benefits
Funding Coordinator description: click here
Credit Analyst description: click here
Commercial Finance & Leasing Bank of Cardiff, Inc, a
finance lender licensed pursuant to the California Finance
Lenders Law, license #603G469

Small Ticket Leasing Sales Reps

No Book/Relationships Required
No Need for Relocation
Chicagoland/Northeast/Southern Cal
"Committed to our Clients to
Produce Timely and Effective Results"

For information on placing a help wanted ad, please click here:

Please see our Job Wanted section for possible new employees.



Leasing 102
by Mr. Terry Winders, CLP

Captive Lessor Private Label Leasing

One of the most unique ways to obtain leases is to become a leasing company that operates under the name of the vendor or the manufacturer. The lessee believes that they are dealing with the equipment supplier. To establish this private label leasing you have many additional issues to consider.

To begin with the name on the lease agreement leads the lessee to believe they are dealing with the equipment supplier so they think they can stop payments when the equipment stops. The lease agreements have to address the separation from the responsibility for equipment performance. To that extent the “net lease” nature is important and needs to be in bold print. Lessors that are owned by the manufacturer must be separate corporations so the manufacturer can book the sale and the leasing company can book the full cost of the equipment. In addition, they have a major need to emphasize the net lease requirements. They also need to be licensed, such as required doing business in California (Now under the newly merged Department of Business Oversight).

Manufacturers or vendors that do not have the financial requirements to establish a financial services leasing company but want to try to control their market and maintain contact with their customers are excellent opportunities for private label leasing programs.

A private label leasing program must have an agreement with the manufacturer/vendor that sets out the requirements for interaction between the parties. I recommend it be constructed by a lease attorney. One of the most important discussions is credit qualifications. The vendors are going to push like hell to get each marginal credit approved and it will cause tension that will put a lot of pressure on the agreement.

Discussions should be held and covered in the agreement on recourse, limited recourse, remarketing support, and residual guarantees. If a recourse agreement is established each expense to recover the equipment and remarket it should define who pays for what. On residual guarantees or residual participations where excess funds are received agreements must spell out responsibilities, cost coverage and term requirements. The time it takes to remarket the equipment can lead to an increase in cost as there is no interest being paid on invested funds.

Rates must be discussed and occasionally a blind discount can be arranged to provide low cost funds to support inventory reductions or special sales promotions.

It is often requested that the manufacturer/vendor wants a piece of the action in the form of a participation in the margin. If you offer this realize that your rates must go up and it may price you out of the market and place pressure on the sales staff of the vendors to accept competitor’s offers. If you allow participation then you should have some loss participation. This can be arranged by retaining the participation to build a loss reserve and release a percentage of the reserve on a yearly basis.

There are a lot of issues to make a private label program work, including accounting as well as servicing by the entity itself or a “back

office” company (There are also many funders who offer this). It can be a very successful way to maintain volume if you work at it and have constant contact with all levels of management.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached or call 502-649-0448.

He invites your questions and queries.

Previous #102 Columns:

Mr. Terry Winders available as Expert Witness. 35 years as a professional instructor to the top equipment leasing and finance companies in the United States, author of several books, including DVD's, as well as weekly columnist to Leasing News. He also performs audits of leasing companies as an expert on documentation, and has acted as an expert witness on leasing for litigation in legal and tax disputes, including before the IRS. He also has taught the senior bank examiners, how to review a bank leasing department, for the Federal Reserve in Washington D.C. and has trained the examiners for the FDIC on how to prepare a lease portfolio for sale.

Mr. Winders received his Master of Business Administration and his Bachelor of Science degrees from the College of Notre Dame.


(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)




California Finance Lenders License Change

Effective July 1, 2013 the department of Corporations (DOC) and the Department of Financial Institutions (DFI) merged to form the Department of Business Oversight (Department).

To learn more, please visit the new website

The new California License Web Addresses:



What is the Interviewer Looking For?
Career Crossroad---By Emily Fitzpatrick/RII

Question: During an interview, what is the interviewer looking for?

Answer: Number one: Remember being able “to do” the job is only a part of the interview process.

Interviewers will ask you dozens of searching questions that test your confidence, poise, and desirable personality trains. They may be tracking if you contradict yourself and if are able to think on your feet. The interviewer will make a decision based on some main areas:

  1. How can you contribute to the company/department?

  1. Will you complement or disrupt the department?

  1. Are you willing to take the extra step?

  1. Are you manageable?

  1. Are your comp requirements in line with the market?

  1. And of course, does he believe you can do the job?

The interviewer will be looking for a pattern in your replies in order to find certain traits.

You will fail if you:

  1. If you don’t listen to the questions (let the interviewer “lead” the interview)

  1. If you annoy the interviewer by answering a question that was not asked

  1. If you provide superfluous information (keep your answers brief, thorough and to the point)

You must be prepared to answer an array of questions that have value and relevance to the employer, for example:

  1. Why do you want to work here

  1. What can you do for us that someone else cannot do?

  1. What is your greatest weakness?

Again, listen to the question and answer it only. Don’t try to do the job for the interviewer. Don’t try to outguess what they are looking for or want. Keep it simple…

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

Small Ticket Leasing Sales Reps

No Book/Relationships Required
No Need for Relocation
Chicagoland/Northeast/Southern Cal
"Committed to our Clients to
Produce Timely and Effective Results"


Leasing News Advisor 
Phil Dushey

Phil is one of the original founding members of the Leasing News Advisory Board.

Philip Dushey
Global Financial Services
1 State Street
New York NY 10004
Phone 212-480-4900

Phil Dushey has been active in the finance and leasing industry for the over 35 years. His first company was Global Financial Services, which is still active and successful today. Global specializes in all types of financing such as equipment leasing, accounts receivable financing, debt restructuring, and establishing lines of credit. Mr. Dushey feels that to be competitive in today's expanding financial climate a company must be able to service all of his clients needs not just equipment leasing. 

In 1989, Mr. Dushey saw a need for a company that would serve the needs of churches, synagogues, mosques, and other places of worship throughout the country for equipment Leasing. At the time, most financing sources were reticent regarding religious institutions. He then formed Global Church Financing. It continues to be the leading company in providing financing to churches and other religious institutions today.

In 2001, Mr. Dushey fulfilled one of his lifelong dreams and formed Global Financial Training Program. He believes it is the most comprehensive and successful training school in the country to train people who want to enter the finance and leasing business. The program includes everything they need to enter the business. He says he very much enjoys teaching how to make money in the finance industry based on 35 years of experience.

Mr. Dushey is a founding member of the National Association of Equipment Leasing Brokers. He has been a member and speaker at many leasing organizations for several years.

He and his wife Laurie have been married for 43 years, with six grandchildren, three boys and three girls age 5, 7, 9, 12, 15 and 17.


California Federal Court throws Monkey Wrench
Into 5% Late Payment Fee Provision
By Tom McCurnin
Leasing News Legal News Editor

Late Payment Penalty of 5% Are Typical in Most Loan Agreements, But When Challenged Creditor Dropped the Ball and Presented No Evidence How Late Charges Compensate Creditor, and Court Invalidates Provision

California Bank & Trust v Shilo Inn, 2012 WL 5605589 (D. Ore. 2012).

As a banking lawyer, I always thought that a 5% late charge was reasonable, and while the Bank might get some push back from such a charge, they were generally upheld. In today’s case, the borrower not only pushed back, but hired good counsel, who contested the charges and won.

The borrower was The Shilo Inn in Portland, Oregon, and the creditor was California Bank & Trust. The loan was a $500,000 real estate loan, governed by California law. When The Shilo Inn defaulted, the Bank quickly filed suit seeking a receiver over rents. The District Court stepped in and ordered that the Bank provide The Shilo Inn with a payoff statement, and that if the Shilo Inn did not pay the amount, the Court would appoint a receiver. However, the payoff number included about $100,000 in default interest which the borrower contested.

The borrower filed a motion for summary judgment, which clearly and concisely set forth how the borrower paid the monies and what a hardship the payment was.

Conversely the Bank, while given the opportunity to explain the 5% penalty, proffered no evidence showing the damages provided by the default interest provisions have any bearing on the range of harm that reasonably could have been anticipated at the time the parties agreed to the provisions, and proffered insufficient evidence demonstrating that the default interest provisions were related to the actual damages that Plaintiff could have anticipated would have flowed from Defendants' breaches. The Judge gave the Bank the opportunity to present the evidence, they just resorted to canned conclusions.

I have no doubt that the Bank will be paid its principal and contract interest. However, it remains a mystery to me why, when given the opportunity to explain how default interest affects the bank and compensates for an increased risk, the Bank did not take this golden opportunity to present some empirical evidence. Failing that I question why, when faced with a summary judgment, the Bank did not simply negotiate the default interest and move on. Now the Bank has created a reportable legal decision adverse to all creditors. Heck, default interest and attorney fees are generally the first parts of the haircut a bank often has to take to get paid. So why not put those chips on the table at the first opportunity?

The lessons for the equipment lessor here are that if the lessor is going to charge default interest rate, and it is contested, the lessor should be prepared to show facts and data that the cost of servicing a defaulted loan are so significant that it warrants the late fee. I think I would want to consult an accountant, but at first blush, perhaps the lessor should take the whole cost of the collection department overhead, divide by the total number of loans in default and extrapolate that number into the 5% charge.

Alternatively, the lessor could just take the haircut on the default interest rate and move on.

California Bank Case

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:



2012 Bank failures to cost FDIC $241.6M more than expected
By Aarti Kanjani, SNL Financial

The FDIC has increased its total projected cost of 2012 bank failures by $241.6 million, or 9.64%, compared to the initial loss estimates it provided at the time of the shutdowns, according to an analysis by SNL.

The federal agency released the updated loss estimates to its deposit insurance fund on its website. The total projected cost to the deposit insurance fund jumped to $2.75 billion, as of Dec. 31, 2012, from an aggregate $2.51 billion at the time of the respective shutdown announcements.

Of the 51 initial loss estimates the FDIC announced for 2012 failures, 49 have increased, while only two have decreased. The anticipated loss per institution increased by a median of $3.9 million compared to initial estimates.

Comparatively, when updated loss estimates were posted by the FDIC for 2011 failures, these aggregated $767 million, or 10.69%, more than initially expected. Eighty-six of the 92 initial loss estimates increased, while six decreased, according to SNL's analysis. For failures in 2010, the FDIC raised the total projected cost by $2.01 billion, or 9.06%, compared to its initial loss estimates. Of the 157 initial loss estimates, 102 increased, while 55 declined, SNL's analysis showed.

However, the cost of bank failures themselves is not rising. The median cost to the deposit insurance fund at announcement as a percent of failed-bank assets was 21% in 2012, compared to the 23% median cost in 2011 and 2010. Failures in 2009 were costlier, at a median of 29% to failed-bank assets.

In estimating 2012 losses, the FDIC made its largest upward adjustment, by dollar amount, to the loss estimate of Little Falls, Minn.-based Home Savings of America. At the time of its failure Feb. 24, 2012, the FDIC predicted that the transaction would cost the deposit insurance fund $38.8 million. At Dec. 31, 2012, the estimate was raised by $44.8 million to $83.6 million. The FDIC was unable to find a financial institution willing to acquire the thrift. At the time of failure, the thrift had experienced explosive growth in its recent years. Total loans jumped to $341.3 million at the end of 2011 from $46.2 million at the end of 2004. Almost all of its loans were single-family. After a loss of $26.3 million in 2011, the company's Tier 1 risk-based ratio was negative 4.57%.

On the other hand, two failures were less costly than expected. The largest downward revision in estimated costs came in connection with Franklin, Tenn.-based Tennessee Commerce Bank, which was seized Jan. 27, 2012. The FDIC initially predicted a loss of $416.8 million, which was reduced to $374.6 million as of Dec. 31, 2012. The FDIC sold Tennessee Commerce to Louisville, Ky.-based Republic Bancorp Inc. without a loss-share agreement. On July 28, 2011, the bank's holding company, Tennessee Commerce Bancorp Inc. announced that it was purchasing a controlling interest in two banks in Tennessee via a "debt previously contracted" transaction.

On Nov. 1, 2011, the holding company reported year-to-date losses of $120.0 million, or $9.83 per share. It also disclosed that the bank was "critically undercapitalized" and that it was seeking strategic alternatives. Next, the bank reported a slew of enforcement actions, including a written agreement with the state regulator, a prompt corrective action directive with the FDIC and a written agreement with the Federal Reserve. The company announced Jan. 20 that it was investigating prior financial statements, which could result in additional losses. Also notable in the bank's history was its legal battle related to the termination of its CFO in 2008.

The second downward revision in estimated costs was for Chicago-based Second Federal Savings and Loan Association of Chicago, a mutual thrift. The FDIC anticipated the cost to be $76.90 million and reduced it slightly to $76.85 million, as of Dec. 31, 2012.

On a percentage basis, the FDIC's largest increase to its 2012 loss estimate was for Glasgow, Mo.-based Glasgow Savings Bank, which was picked up by Marceline, Mo.-based RMB Bancshares Inc. on July 13, 2012. The FDIC initially estimated the cost would be $100,000 and later raised it to $3,080,000. Its parent, Gregg Bancshares Inc., had received a TARP investment of $825,000 in 2009. As of March 31, 2012, 30.69% of the Glasgow Savings Bank's total real estate loans were past due or nonaccruing.

Looking at the bank failures between Jan. 1, 2008, and Dec. 31, 2012, the FDIC's greatest underestimate of cost to the deposit insurance fund was for Pasadena, Calif.-based IndyMac Bank FSB. When the bank was placed into conservatorship July 11, 2008, the FDIC anticipated the cost to be $10.70 billion, but later increased it to $13.21 billion, as of Dec. 31, 2012. This also marks the most expensive bank failure since Jan. 1, 2008. The FDIC transferred the bank's assets to Pasadena-based IndyMac Federal Bank FSB, which operated as a bridge bank and eventually was sold to Pasadena-based IMB Management Holdings LP.




  FASB/IASB Five Roundtable Meetings

The FASB and the IASB will host five roundtable meetings ( Brazil, England, two in US, Singapore) on their proposed changes to lease accounting standards:

Tuesday, September 10, in Sao Paulo, Brazil
Location: TBD
Meeting time: TBD
Registration deadline: July 22

Monday, September 16, in London, England
IASB Office
30 Cannon St.
London EC4M 6XH
United Kingdom
Meeting time: TBD
Registration deadline: July 22

Monday, September 23, in Norwalk, Connecticut
FASB Office
401 Merritt 7
Norwalk, CT 06856
Meeting times: 9:00 a.m. to noon ET; 1:00 p.m. to 4:00 p.m. ET
Registration deadline: July 22

Thursday, October 3, in Los Angeles, California
Sheraton Gateway Los Angeles
6101 W. Century Blvd.
Los Angeles, CA 90045
Meeting times: 9:00 a.m. to noon PT; 1:00 p.m. to 4:00 p.m. PT (nonpublic entity roundtable)
Registration deadline: July 22

Friday, October 4, in Singapore
Location: TBD
Meeting time: TBD
Registration deadline: July 22

Because meetings may change, check the FASB and the IASB websites for the most up-to-date information before finalizing plans.

IASB Web Site


10 Top Stories July 2, 2013
(You May Have Missed)

Here are the top stories opened by readers:

(1) Dallin Hawkins Second Arrest within 25 days
Well-known Super Broker

(2) Integrity Financial Groups, Murray, Utah
$50,000 Bulletin Board Complaint

(3) Marlin Business Services/Union Bank Launch
New Financing Program

(4) Leasing 102 by Mr. Terry Winders, CLP
Lease Classification”

(5) New Hires---Promotions

(6) Why I Became a CLP
Donna Wesemann, Vice-President
Susquehanna Commercial Finance, Inc.

(7) What is Legal and Illegal for an Employer to Ask?”
Career Crossroad---By Emily Fitzpatrick/RII

(8) Repossessing Vehicles: Three Cases
---Three Different Results
By Tom McCurnin

(9) Happy Fourth of July from the Editor

(10) ELFA Survey of Equipment Finance Activity
Reports Overall New Business Volume Grew 16.4% in 2012


Leasing Coordinator
West Los Angeles, California

Grow with us: coordinate credit, documents, funding,
and all processing--- helping small to medium size
businesses survive as well as improve their profit.
Dakota Financial is a small family style run company.
Speak directly to the person in charge:
Michael Green (310) 6969 3030 x 124
We fund traditional leases as well as sale-leasebacks,
private party sales, start-ups, and owner/operators
from $10,000 up to $250,000.




Classified ads—

Leasing Industry Outsourcing
(Providing Services and Products)

Leasing Attorneys

Birmingham, Alabama
The lawyers of Marks & Weinberg, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel. 
California, National: city: Riverside 
Ellen Stern - get results, reasonable pricing; numerous industry contacts, nearly 30 yrs SoCal, 20 yrs equip.: CFL license specialist, documentation, work-outs, litigated collections, recoveries; deal-maker. 

Kenneth C. Greene
California & Nevada 
Hamrick & Evans, LLP, Universal City , LA; San Francisco Bay 
Area, No.Calif. & Nevada. Call for free consultation (828)763-5292 or (415) 806-2254,
Connecticut, Southern New England: 
EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates. 
Los Angeles, Southern CA 
Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry.  Bankruptcy and State Court litigation.   Vincent V. Frounjian (818) 990-0605 or email:

Encino, California: Statewide “ELFA” 
Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigationdebt collection, and bankruptcy.
Call Stephen E. Jenkins Esq (818) 501-3800

Los Angeles, Statewide: CA.     "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis. 

Los Angeles -statewide: CA      "ELFA"
Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email:   

Los Angeles- Statewide, CA
Lawyer specializing in banking and leasing issues statewide. Documents and litigation. 
Tom McCurnin, Barton, Klugman & Oetting. Voice: (213) 617-6129 
Cell:(213) 268-8291

Long Beach, CA 
Wagner & Zielinski,  successfully representing lessees/ lessors.  Not a member of any leasing organization, therefore not beholden to special interests.  Richard Wagner 
(562) 216-2952

Long Beach CA.
Paul Bent -- 30 years experience in all forms of equipment leasing, secured lending, and asset based transactions, from analysis and deal structuring to contract negotiations to closing to private dispute resolution. (562) 426-1000

Trabaris, P.C.: Finance attorney with 24 years’ experience with transactional, documentation, secured financing and workouts/restructurings.  Kevin Trabaris.  Phone:  847-205-4377.


Law Firm - Service, Dallas, TX. "ELFA"
Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance. 
National:  The OMEGA Network Group-nationwide legal representation of small and mid ticket equipment lessors-flat fee bankruptcy & replevin, contingent collection, 
billable litigation (704-969-3280)

National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA). 

St. Louis County , MO. - statewide: 
Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates. 
Ronald J. Eisenberg, Esq. (636) 537-4645 x108
NJ,De,Pa: Specializing in leased equipment/secured transactions. Collections, replevins/workouts reasonable rates. Sergio Scuteri/Capehart & Scratchard, /
New York and New Jersey
Peretore & Peretore, P.C. documentation, portfolio purchase & sale, replevin, workouts, litigation, collection, bankruptcy.  Aggressive. Over 25 years

Thousand Oaks, California: 
Statewide coverage Spiwak & Iezza, LLP 20+ years experience,Representing Lessors banks in both State/ Federal Courts/ all aspects of commercial leasing litigation.
Nick Iezza 805-777-1175


• Contract Negotiations • Fraud Investigations 
• Credit Investigations • Skip-tracing 
• Third-party Commercial Collections
John Kenny 
Receivables Management

For flat fee or commissions basis | ph 315-866-1167|

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)


Cairn Terrier
Orange, California Adopt-a-Dog

Pet ID: A1260769
Sex: Female
Age: 3 Years
Color: TAN
Kennel: 096

OC Animal Care
561 The City Drive South
Orange, CA. 92868
Open Daily - 10:00 AM to 5:00 PM
Wednesday (Extended Hours) - 10:00 AM to 7:00 PM
Closed Holidays

Steps to Adoption:

Adopt-a-Pet by Leasing Co. State/City

Adopt a Pet



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

News Briefs----

Jobs data give Ben excuse to cut QE

Credit software firm nets $30 million in financing

CFOs Plan to Hire in Accounting, Finance and IT

50 Top Community Bank Leaders in Social Media

Ohio Commerce Bank agrees to be acquired by Peoples Bank in Marietta

Madoff Case Puts Focus on Duties of Custodial Banks




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U.S.A. car market advanced 9% in June 2013
Top 25 brands and top 30 models



SparkPeople--Live Healthier and Longer


What's Better: the Treadmill or the Open Road?


Baseball Poem

Listening to Baseball

This morning I argued with a friend 
about angels. I didn't believe 
in his belief in them-- I cannot 
believe they're not a metaphor. 
Our argument, affectionate, 
lacking an animus, went nowhere. 
We promised to talk again soon. 
Now, when I'm driving away 
from Boston and the Red Sox 
are losing, I hear the announcer 
say, 'No angels in the sky today' - 
baseball-ese for a cloudless afternoon 
no shadows to help a man 
who waits in the outfield 
staring into the August sun. 
Although I know the announcer's 
not a rabbi or a sage (no, 
he's a sort of sage, disconsolate 
philosopher of batting slumps 
and injuries), still, I scan 
the pale blue sky through my 
polarized windshield, fervently 
hopeful for my fading team 
and I feel something a little 
foolish, a prayerful throbbing 
in my throat, and remember 
being told years ago that men 
are only little lower 
than the angels. Floating ahead of me 
at the Vermont border, I see 
a few wispy, horse mane clouds 
which I quietly pray will drift 
down to Fenway Park, where 
a demonic opponent has just 
slammed another Red Sox pitch, 
and the centerfielder - call him 'Jim' - 
runs back, back, back, 
looking heavenward, 
and is shielded and doesn't lose 
the white ball in the glare.




Sports Briefs----

Larry Bird praises Pierce, Garnett

Bryce Harper in Home Run Derby

Andy Murray covers Englands newspapers and tabloids


California Nuts Briefs---


Asiana attendant describes dramatic evacuation

How rescuers saved SF plane-crash victims

Asiana Flight 214 crash: First responders describe surreal scene at SFO

Crash investigators turn to cockpit decisions

Bay Bridge opening postponed indefinitely due to retrofit delays



“Gimme that Wine”

Investors eager to dump, sources say

No. Calif. Wineries scrambling to make room for upcoming harvest

Wine Is Key to Virginia Celebration

Muscat Wine from Alsace by Eric Asimov

Virginia Wines: In the Old Dominion, a New Terroir


Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Winery Atlas\

Leasing News Wine & Spirits Page


This Day in History

      1755 - General Edward Braddock was mortally wounded when French and Indian troops ambushed his force of British regulars and colonial militia, which was on its way to attack France's Fort Duquesne (Pittsburgh). Gen. Braddock's troops were decimated at Fort Duquesne, where he refused to accept Washington's advice on frontier style fighting. British Gen'l. Braddock gave his bloody sash to George Washington at Fort Necessity just before he died on Jul 13.
    1776- Declaration of Independence read aloud to Gen Washington's troops in NY.
    1776 - New York was the 13th colony to ratify the Declaration of Independence.
    1793- Vermont is the first state to complete the revision of its constitution
( lower half of: )
    1809-Samuel Parker of Billerica, MA received his first patent for a leather-splitting machine, which split leather to any thickness. This invention doubled the use of leather.
    1811- Sara Payson Willis Parton born Portland, Maine, better known as Fanny Fern, whose first collection of witticisms sold 80,000 copies. SP was one of the first woman newspaper columnist in the world.

    1819-birthday of Elias Howe, American inventor of the sewing machine, born at Spencer, MA. He died October 3, 1867, Brooklyn, NY. All inventions were slow to catch on as people were afraid to try new things, or change, or invest. His invention made him very little money.
    1838- Birth of Philip P. Bliss born in Clearfield County, Pennsylvania. American gospel singer and songwriter. His best-remembered hymns include 'Wonderful Words of Life,' 'It is Well with My Soul' and 'Let the Lower Lights Be Burning.'
    1846 - An American naval captain occupies the small settlement of Yerba Buena, a site that will later be renamed San Francisco. Surprisingly, Europeans did not discover the spectacular San Francisco Bay until 1769, although several explorers had sailed by it in earlier centuries. When Spanish explorers finally found the bay in that year, they immediately recognized its strategic value. In 1776, the Spanish built a military post on the tip of the San Francisco peninsula and founded the mission of San Francisco de Asis (the Spanish name for Saint Francis of Assisi) nearby. The most northern outpost of the Spanish, and later Mexican, empire in America, the tiny settlement remained relatively insignificant for several decades. However, the potential of the magnificent harbor did not escape the attention of other nations. In 1835, the British Captain William Richardson established a private settlement on the shore of Yerba Buena Cove, several miles to the east of the Mexican mission. That same year the U.S. government offered to purchase the bay, but the Mexicans declined to sell. In retrospect, the Mexicans should have sold while they still had the chance. A little more than a decade later, a dispute between the U.S. and Mexico over western Texas led to war. Shortly after the Mexican War began, U.S. Captain John Montgomery sailed his warship into San Francisco Bay, anchoring just off the settlement of Yerba Buena. On this day in 1846, Montgomery led a party of marines and sailors ashore. They met no resistance and claimed the settlement for the United States, raising the American flag in the central plaza. The following year, the Americans renamed the village San Francisco. When the Mexicans formally ceded California to the United States in the 1848 Treaty of Guadalupe, San Francisco was still a small town with perhaps 900 occupants. That same year, however, gold was discovered at the nearby Sutter's Fort. San Francisco became the gateway for a massive gold rush, and by 1852, the town was home to more than 36,000.
    1846 - The U.S. Treaty with Great Britain set the Oregon boundary at the 49th parallel. Expansionists in Congress disagreed, and used the slogan “54-40 or Fight.” In June, Col. Castro’s forces from Monterey, under the command of Joaquín de la Torre, fought the “Battle of Olompali” north of San Rafael with Fremont’s troops from Sonoma. Two Americans and five or six Californians were killed. John Frémont, along with my namesake Christopher “Kit” Carson, his guide, crossed to the Presidio with his Republic of California forces and spiked 10 Spanish guns. He also gave the name “Chrysoplylae” or “Golden Gate” to the entrance of the Bay. Meanwhile, on July 2 Commodore Sloat anchored at Monterey aboard the “Savannah.” He hesitated to follow his secret orders lest he commit the same grave error as Commodore Jones in 1842. Thomas Larkin advised the Commodore to move cautiously. July 5, Frémont returned to Sonoma and organized the “California Battalion” to carry on the revolution. Marine Lt. Archibald H. Gillespie was appointed adjutant. July 7, American flag rose at Monterey by Commodore John Drake Sloat, U.S.N. Sloat decided to take possession of California because he feared the British might occupy Monterey, and he was concerned about the reported revolution in Sonoma. The Commodore told the people of Monterey that he came to bring greater political freedom and stability, and henceforth California would be a part of the United States. 
Population the pueblo of Yerba Buena estimated at about 1000 non-natives. There were about 50 buildings in the pueblo. July 8, Capt. Montgomery took formal possession of Yerba Buena and appointed Lt. Washington Allen Bartlett the first American Alcalde because he spoke fluent Spanish. This appointment was later ratified by a vote of the people. And this day, Captain James B. Montgomery of the “U.S.S. Portsmouth” and 70 marines and sailors marched to the Plaza at Yerba Buena (San Francisco), hauled down the Mexican flag and raised the Stars and Stripes. Capt Montgomery claims Yerba Buena (San Francisco) for United States. He later made Indian slavery against the law by proclamation.
As a side note, it would not be until January 24, 1848 that James W. Marshall, an employee of John Sutter, accidentally discovers gold while building a sawmill near Coloma City. Efforts to keep the discovery secret failed, and the gold rush of 1849 was under way, bringing thousands of men to California.
    1847-the twelve and longer workday was common. The first law to try and change the workday to ten hours a day was by a new law in New Hampshire, although because of the “bargaining position,” it was ineffective. It stated that “in all contracts relating to labor, ten hours actual labor shall be taken to be a day’s work unless otherwise agreed by the parties.”
    1850-Zachary Taylor, War hero, 12th president of the United States, after serving only 16 months, dies of “acute gastrointestinal illness,” also thought to be cholera at the age of 55. Vice-President Millard Fillmore was sworn in as the 13th president of the United States on July 10. Some historians suggested that Taylor
may have been poisoned. To test this theory, his remains were exhumed from a cemetery in Louisville, KY, on June 17, 1991. A coroner’s report dated June 26 found no evidence of foul play.
    1852 -- American Poet Henry Wadsworth Longfellow visits Jewish cemetery of Newport, RI. Shortly thereafter he writes his poem "The Jewish Cemetery at Newport". 
    1853-Admiral Perry and US Navy visit Japan
    1863-At the battle of Port Hudson, Miss., Confederate Major General Franklin Gardner surrendered his garrison of 5500 men to General Nathaniel P. Banks after a siege of six weeks. The army this day fully controlled this crucial spot on the Mississippi.
    1864 - Confederate General Jubal Early brushes a Union force out of his way as he heads for Washington. Early's expedition towards the Union capital was designed to take pressure off Robert E. Lee and the Army of Northern Virginia around Petersburg. Beginning in early May, Ulysses S. Grant's Union army had continually attacked Lee and drove the Confederates into trenches around the Richmond-Petersburg area. In 1862, the Confederates faced a similar situation around Richmond, and they responded by sending General Thomas J. "Stonewall" Jackson to the Shenandoah Valley to occupy Federal forces. The ploy worked well, and Jackson kept three separate Union forces away from the Confederate capital. Now, Lee sent Early on a similar mission. Early and his force of 14,000 marched down the Shenandoah Valley, crossed the Potomac into Maryland, and then veered southeast toward Washington. Union General Lew Wallace, commander of the Middle Department and stationed in Baltimore, patched together a force of 6,000 local militiamen and soldiers from various regiments to stall the Confederates while a division from Grant's army around Petersburg arrived to protect Washington. Wallace placed his makeshift force along the Monocacy River near Frederick. Early in the morning of July 9, Early's troops easily pushed a small Federal guard from Frederick before encountering the bulk of Wallace's force along the river. Wallace protected three bridges over the river. One led to Baltimore, the other to Washington, and the third carried the Baltimore and Ohio Railroad. Early's first attack was unsuccessful. A second assault, however, scattered the Yankees. The Union force retreated toward Baltimore, and the road to Washington was now open to Early and his army. Union losses for the day stood at 1,800, and Early lost 700 of his men. However, the battle delayed Early's advance to Washington and allowed time for the Union to bring reinforcements from Grant's army. On July 11th, he actually entered the District of Columbia, breaking through inadequate Union forces southeast of Frederick, MD. He withdrew on July 12th as reserves were reported on their way. He continued to harass Union forces from the Shenandoah Valley until the Battle of Cedar Creek in October. He again missed his opportunity and allowed the Union troops to regroup. The poem “Sheridan’s Ride” by Thomas Buchanan Read dramatized the general’s return to the field and the turn of the battle.
    1868- The 14th Amendment defined US citizenship and provided that no State shall have the right to abridge the rights of any citizen without due process and equal protection under the law. Coming three years after the Civil War, the 14th Amendment also included provisions for barring individuals who assisted in any rebellion or insurrection against the US from holding public office, and releasing federal and state governments from any financial liability incurred in the assistance of rebellion or insurrection against the US.
    1872-John F. Blondel of Thomaston, ME, obtained a patent for a doughnut cutter. A spring pushed the dough out of a center tube to make a hole. His invention helped to increase efficiency for bakers to increase their quantities of this tasty treat that originated in the 16th century Holland, where it was known as an "Olykoek." Blondel, however, was not the one who gave this pastry its famous ring shape. According to legend, a Maine sea captain gave the doughnut its hole by thrusting a piece of fried dough on the spoke of his ship’s wheel so he could steer with both hands. On the books, however, it was in 1847 when a young American named Captain Hanson Crockett Gregory first put the hole in the doughnut. Hanson's mother was a cake maker who, because the cakes were difficult to fry all the way through, began placing walnuts and hazelnuts in the center to mask their gooey texture. Her son disliked this part of the otherwise delicious cake and removed it altogether, giving it the look we all know and love. Today Americans eat an estimated 10 billion of these deep-fried pastries annually. Krispy Kreme is taking the country by storm.
    1893-in Provident Hospital on Chicago’s south side, African-American surgeon Dr. Daniel Hale Williams performed the first successful open-heart surgery. The patient was James Cornish, who’s internal mammary artery had been damaged by a knife wound. The operation was witnessed by six doctors, and described in the March 27, 1897 Medical Record.
    1894- Dorothy Thompson birthday- influential U.S. newspaper columnist. Expelled from Germany for her virulent anti-Nazi stand when she was a U.S. reporter, she lectured widely against Hitler on her return to the U.S. She headed her paper's Berlin office 1925-1934. Her newspaper column On the Record was one of the most popular in the nation (1936-1958).
    1896- Birth of William Cameron Townsend, American missionary and linguist. In 1942 he established what has become the largest evangelical missionary agency in the world --Wycliffe Bible Translators (WBT). 
    1907-birthday of Eddie Dean ( Edward Dean Glosup,) was born in Posey, Texas. He appeared in scores of low-budget westerns, including his own series of 20 films from 1946 to '48. Dean and his wife Loreen co-wrote the country music classics "One Has My Name, the Other Has My Heart" and "I Dreamed of a Hillybilly Heaven. Died Thousand Oaks, California, March 4, 1999",+Eddie
    1908 – American photographer Minor White birthday.
    1910 - Jimmy Dale Birthday
((real name Harold C. Fox, bandleader-clothier, who first coined “zoot suit” ( with a reet pleat!)1942.)
Bahai’i observance of the anniversary of the execution by a firing squad, 1850, at Tabriz, Persia, of the 30-yer-old Siyyid Ali Muhammed, the Bab ( prophet-herald of the Baha’ Faith. One of the nine days of the year when Bahai'is suspend work.
    1914-the first auction duplicate bridge championship was held at the Lake Placid Club, Lake Placid, NY. The four-man team of the New York Bridge Whist Club defeated the team of the Knickerbocker Whist Club of New York City by seven tricks on 48 boards to win the American Whist League’s Hamilton Trophy, symbolic of the whist championship of the United Sates and Canada.
    1915--Birthday of American composer David Diamond, born Rochester, NY. Died 12 June, 2005.
Diamond studied with Nadia Boulanger in Paris, because of his great hero Maurice Ravel. He Had a close friendship with Leonard Bernstein, who premiered a lot of his works. Diamond was still active as a composer in his mid 80’s, and has been mostly known for the work "Rounds" for string orchestra.
    1918 –- Worst rail accident in U.S. history occurs with head-on collision of two trains at Nashville, Tennessee, taking the lives of 101 & injuring another 171.
    1921-birthday of Canadian country singer Stu Davis ( David Stewart,) born in Boggy Creek, Saskatchewan. He and his brother Fred teamed up in 1939 to perform as the Harmony Boys on Regina radio station CKCK. Stu Davis later became known as "Canada's Cowboy Troubadour," and made appearances in the late 1940's on NBC radio's "National Barn Dance" from Chicago and the "Grand Ole Opry." Davis signed with London Records in 1956, making 15 LP's for the label. 
    1925-birthday of tenor sax player Frank Wright, Grenada, MS
    1926- Mathilde Krim birthday - founder of AmFar, the preeminent AIDS organization in 1980 that has raised more than $50 million for AIDS research and education. She was one of the first to recognize the dangers of AIDS worldwide - in 1980 when most health authorities were unaware of anything called AIDS - and then had the courage to do something about it, using $100,000 of her own funds. She served as head of a lab at New York's Memorial Sloan-Kettering Cancer Center and was a noted medical researcher and health educator.
    1928- Vince Edwards birthday. As Dr. Ben Casey on the 1961 television show “Ben Casey,” Edwards’s muscular, brooding charm made him an overnight sex symbol. Medical school enrollment increased while he was on the air. After conquering a gambling addiction, he became a real-life hero. Born at Brooklyn, NY, he died at Los Angeles, CA, Mar11, 1996.
    1930-arranger/bandleader Buddy Bregman born, Chicago, IL
    1936 - The temperature hit an all-time record high of 106 degrees at the Central Park Observatory in New York City, a record which lasted until LaGuardia Airport hit 107 degrees on July 3rd in 1966.
    1941 - Crackerjack British cryptologists break the secret code used by the German army to direct ground-to-air operations on the Eastern front. British experts had already broken many of the Enigma codes for the Western front. Enigma was the Germans' most sophisticated coding machine, necessary to secretly transmitting information. The Enigma machine, invented in 1919 by Hugo Koch, a Dutchman, looked like a typewriter and was originally employed for business purposes. The Germany army adapted the machine for wartime use and considered its encoding system unbreakable.
    1942 - No. 1 Billboard Pop Hit: ``Sleepy Lagoon,'' Harry James Orchestra.
    1944- German Army Group Center was taken by surprise when the Soviets began an offensive between the Baltic Sea and the Carpathian Mountains. The Germans had expected an attack farther south, where the Red Army had already penetrated deep into Poland. When Hitler refused to allow a German retreat, the Soviets easily broke through the German lines, and the Reich’s forces were isolated in the Baltic states. Within a week Army Group Center was virtually annihilated, with a loss of 200,000 men.
    1944-*PUCKET, DONALD D. (Air Mission) Medal of Honor
Rank and organization: First Lieutenant, U.S. Army Air Corps, 98th , Bombardment Group. Place and date: Ploesti Raid, Rumania, 9 July 1944. Entered service at: Boulder, Colo. Birth: Longmont, Colo. G.O. No.: 48, 23 June 1945. Citation: He took part in a highly effective attack against vital oil installation in Ploesti, Rumania, on 9 July 1944. Just after "bombs away," the plane received heavy and direct hits from antiaircraft fire. One crewmember was instantly killed and 6 others severely wounded. The airplane was badly damaged, 2 were knocked out, the control cables cut, the oxygen system on fire, and the bomb bay flooded with gas and hydraulic fluid. Regaining control of his crippled plane, 1st Lt. Pucket turned its direction over to the copilot. He calmed the crew, administered first aid, and surveyed the damage. Finding the bomb bay doors jammed, he used the hand crank to open them to allow the gas to escape. He jettisoned all guns and equipment but the plane continued to lose altitude rapidly. Realizing that it would be impossible to reach friendly territory he ordered the crew to abandon ship. Three of the crew, uncontrollable from fright or shock, would not leave. 1st Lt. Pucket urged the others to jump. Ignoring their entreaties to follow, he refused to abandon the 3 hysterical men and was last seen fighting to regain control of the plane. A few moments later the flaming bomber crashed on a mountainside. 1st Lt. Pucket, unhesitatingly and with supreme sacrifice, gave his life in his courageous attempt to save the lives of 3 others.
    1946-Birthday of Bon Scott, singer for AC/DC is born. I saw him in Campbell, California, when there was a rock'n'roll club early on and at one time had a signed poster by all members of the band.
    1948- Satchel Paige, 42, debuts in majors pitching two scoreless innings for Cleveland. Paige was the greatest attraction in Negro Leagues baseball and one of black baseball’s greatest players. He was also, at age 42, the first Black pitcher in the American League. Inducted into the Hall of Fame in 1971. Died at Kansas City, MO, June 8, 1982.
    1947-the first army officer who was a woman was Florence Aby Blanchfield, appointed lieutenant colonel in the Army, with a ceremony held at the Pentagon, Washington,, with General Dwight David Eisenhower, Chief of Staff, presenting her with her commission. On June 1, 1943, she had been appointed superintendent of army nurses.
    1949 - NBC radio broadcast "Dangerous Assignment" for the first time. The show starred Brian Donlevy as Steve Mitchell.
    1950---Top Hits
Bewitched - The Bill Snyder Orchestra
My Foolish Heart - The Gordon Jenkins Orchestra (vocal: Eileen Wilson)
I Wanna Be Loved - The Andrews Sisters
Why Don’t You Love Me - Hank Williams
    1951 -- American "hard-boiled" novelist Dashiell Hammett sentenced, choosing six months' imprisonment rather than co-operate with the US House of Representatives Committee on Un-American Activities' inquiries into domestic "subversion", refusing to kow-tow to the anti-communist witch hunters. My son Dashiell is named after him, my favorite detective writer. Hammett was President of the League of American Writers in 1942, & of the Civil Rights Congress of New York, 1946-47.
    1952 - No. 1 Billboard Pop Hit: ``Auf Wiederseh'n Sweetheart,'' Vera Lynn.
    1954 - Debbie Sledge of Sister Sledge is born. Sisters Debbie, Joan, Kim and Kathie Sledge of North Philadelphia begin recording as Sister Sledge in 1971. The group's biggest hit is the million-selling No. 2 song ``We Are Family'' in 1979.
    1955-Pat Boone released his version of "Ain't That a Shame" which became his first #1 hit.
Originally a Fats Domino hit.
    1955---A landmark in music history is established on July 9th, when Bill Haley's "Rock Around The Clock" reaches number one on the Billboard chart. Many music historians will eventually acknowledge the song as a dividing line, separating Rock and Roll from everything that preceded it. 
    1955-Les Paul and Mary Ford enter the Billboard charts with "Hummingbird", which will reach #7 and become the first of their five Pop chart entries. 
    1956- Dick Clark made his debut as host of "Bandstand" on Philadelphia TV station WFIL. He took over from Bob Horn, who had been charged with driving while intoxicated during a highly publicized police crackdown.  "Bandstand" featured top pop and rock stars lip-synching their latest hits and a group of local teens dancing in the studio to recorded music. The ABC network expressed interest, and in 1957 the program was re-titled "American Bandstand" and shown across the US and Canada. At the height of its popularity, the daily show was reported to have generated one million fan letters a week. Through their exposure on "American Bandstand," such non-singers as Fabian and Frankie Avalon became teen idols.  Clark relinquished his "Bandstand" hosting duties in 1989 to 26 year-old David Hirsch. The program died within a matter of months. Still, it had been on the air for 37 years - a record for a television variety show. Clark today hosts a daily talk show, plus many other specials.
    1956-Actor Tom Hanks born Concord, California. After his parents divorced when he was a toddler, Hanks lived with his father, a cook. He began studying acting in high school, played with a Shakespeare festival for three years, and launched his television career in 1980 with Bosom Buddies, an offbeat sitcom about two men forced to disguise themselves as women. He made a splash with Splash in 1984, followed by a huge success with Big in 1988, for which he received an Oscar nomination. After several quiet years, his career took off again with Sleepless in Seattle (1993); he is now considered one of the biggest box office draws alive. He won the Best Actor Oscar twice, for Philadelphia in 1993 and Forrest Gump in 1994. He was also nominated for his role in Saving Private Ryan in 1998. He began directing in 1996 with That Thing You Do and co- produced Cast Away (2000), for which he received another Best Actor Oscar nomination.
    1957-Bobby Helms "My Special Angel" is released. 
    1958---Top Hits 
Hard Headed Woman - Elvis Presley
Splish Splash - Bobby Darin
Poor Little Fool - Ricky Nelson
Guess Things Happen that Way - Johnny Cash
    1958-Johnny Cash, following in the footsteps of ex-Sun Records artist Carl Perkins, signs with Columbia Records.
    1958-- On Capitol Hill, Casey Stengel and Mickey Mantle appear in front of the Senate Anti-Trust and Monopoly Subcommittee which is investigating the baseball monopoly power in regards to sport's antitrust exemption. After 'The Old Perfessor' gives 45 minutes of rambling and confusing testimony, Senator Estes Kefauver laughs when Mickey Mantle's answers his inquiry about the topic with, "My views are just about the same as Casey's."
    1959- The Drifters "Dance with Me" is released. 
    1962--- Bob Dylan records Blowin in the Wind.
    1962 - No. 1 Billboard Pop Hit: ``Roses Are Red (My Love),'' Bobby Vinton.
    1964-"House of the Rising Sun" by the Animals hits #1 on the U.K. singles chart.
    1965- Patricia Roberts Harris was sworn in as the ambassador to Luxembourg, the first African-American Ambassador. She was appointed by President Lyndon B. Johnson, who later that month announced US Troops would be increased from 75,000 to 125,000 in South Vietnam and the draft would be doubled from 17,000 to 35,000 a month.
    1966 -- United Farm Workers benefit at the Fillmore with Quicksilver Messenger Service & the San Andreas Fault Finders.
    1966---Top Hits
Paperback Writer - The Beatles
Red Rubber Ball - The Cyrkle
Hanky Panky - Tommy James & The Shondells
Think of Me - Buck Owens
    1966-Jack Nicklaus shot 282 at Muirfield in Scotland to win his first British Open Championship. With this victory, Nicklaus joined Gene Sarazen, Ben Hogan and Gary Player as the only golfers to have won all four events comprising golf’s modern Grand Slam: the Masters, the US Open, The British Open and the PGA Championship. Nicklaus won two other British Opens, in 1970 and 1978.
    1968- The Beatles "Ob-La-Di, Ob-La-Da" is released. 
    1969- A funeral was held in Cheltenham Spa, England, for Rolling Stones guitarist Brian Jones, who had been found dead in the swimming pool of his home six days earlier. The coroner's report cited "death by misadventure."
    1969-Courtney Love is born.
    1974---Top Hits
Rock the Boat - The Hues Corporation
Rock Your Baby - George McCrae
Hollywood Swinging - Kool & The Gang
He Thinks I Still Care - Anne Murray
    1977-KISS' "Love Gun" LP enters the chart.
    1977-Bob Marley and the Wailers' "Exodus" LP enters the chart.
    1978-Steve Miller's "Jet Airliner" peaks at #8 on the pop chart.
    1978- After crashing legendary bluesman Willie Dixon's house in Chicago, Dixon takes the Rolling Stones to the local Quiet Night Club to join Muddy Waters and his band onstage and jam with them on several of their favorite Muddy songs, including "Mannish Boy." 
    1982---Top Hits
Don’t You Want Me - The Human League
Rosanna - Toto
Hurts So Good - John Cougar
Any Day Now - Ronnie Milsap
    1983-The Police's "Every Breath You Take" peaks at #1 on the pop chart -- a position it will hold for 9 weeks. 
    1983-Stevie Nicks' album "The Wild Heart" enters the chart. It features the smash hit, "Stand Back." 
    1983-Elton John's hit "I'm Still Standing" hits #12 on the singles chart.
    1984 - The Hoosier Dome in Indianapolis, IN was packed to the rafters. 67,596 spectators, the largest crowd to watch a basketball game in the United States, saw the U.S. men’s Olympic team defeat a team of players from the NBA, 97-82. The largest crowd in the world to see a basketball game was in 1951. 75,000 spectators saw the Harlem Globetrotters play in Olympic Stadium in West Berlin, Germany. 
    1985 - Football great Joe Namath signed a five-year pact with ABC-TV to provide commentary for "Monday Night Football". The former New York Jets quarterback reportedly earned one million dollars a year for the job. Namath replaced ‘Dandy’ Don Meredith. Broadway Joe had previous experience with "Monday Night Football" as a player, when he and the Jets were the first team to play on the popular TV series on September 21, 1970. 
    1987 - Thunderstorms produced severe weather in Michigan. A tornado near Munising, MI, destroyed part of a commercial dog kennel, and one of the missing dogs was later found unharmed in a tree top half a mile away.
    1988 - Twenty-three cities in the eastern U.S. reported record high temperatures for the date. Alpena, MI, and Buffalo, NY, suffered through their sixth straight day of record heat. The percentage of total area in the country in the grips of severe to extreme drought reached 43 percent, the fourth highest total of record. The record of 61 percent occurred during the summer of 1934. 
    1988- At Candlestick Park, Chris Speier hits for the cycle as the Giants maul the Cardinals, 21-2. The 21 runs scored establishes a San Francisco record. 
    1988-Elton John's "Reg Strikes Back" LP enters the chart. It will stay for 19 weeks and features the hit, "I Don't Wanna Go On With You Like That." 
    1988-Steve Winwood's "Roll With It" LP enters the chart. It will stay on the chart for 31 weeks eventually hitting #1. The LP features the #1 hit, "Roll With It."
    1989-- 1st time Wimbledon has both men & women's final on same day, Boris    Becker beats Stefan Edberg & Steffi Graf beats Martina Navratilova
    1990---Top Hits
Step By Step - New Kids on the Block
She ain’t Worth It - Glenn Medeiros featuring Bobby Brown
Hold On - En Vogue
    1991- Prodigy began testing a service allowing customers to pay bills electronically. The service, which cost about $9.95 a month on top of Prodigy's monthly online service fee, allowed members to pay up to 20 bills electronically. About a quarter of a million subscribers participated in the test.
    1994- John Mellencamp's "Dance Naked" LP enters the chart. The album features the hit "Wild Night", a duet with MeShell NdegeOcello. 
    1994-The Kiss tribute album, "Kiss My Ass, Classic Kiss Regrooved" enters the chart. The LP features Kiss songs done by artists such as Lenny Kravitz, Stevie Wonder and Garth Brooks.
    1995-The Grateful Dead played what proved to be their last concert at Soldier Field in Chicago. The show began with their only Top-10 hit, "Touch of Grey," and ended with an encore of "Black Muddy River" and "Box of Rain." One month later he entered a drug rehabilitation program in Forest Knoll, known as Forest Farm. Jerry Garcia died of an overdose while recovering from drug addiction at Forest Farm in Marin CountyThe band broke up after leader Jerry Garcia died of a heart attack exactly one month later. Garcia died early Wednesday, August 9, in his sleep at the drug rehabilitation clinic in Forest Knolls, Marin County, where he had gone to kick a heroin habit. He had snuck out after curfew and made a connection. The Marin County coroner said preliminary tests indicated Garcia - overweight and diabetic - had died of a heart attack.
    1995- The Rolling Stones played their first concert in their homeland in five years, opening the British leg of their "Voodoo Lounge" tour in Sheffield, England. During the tour, the Stones played before more than 6.5 million people in 135 venues around the world. Ticket sales topped $300-million Canadian, with more than $430-million in merchandise sales. They are still on a roll; every concert I have seen them, they get better and better. Several recent ones I have sat in the second or third up-front row.
    1997-Apple Computer chairman and CEO Gilbert Amelio was ousted from Apple on July 9, 1997. His unexpected departure came less than a year and a half after he was named chairman in February 1996. Amelio became the third Apple chief forced out in four years, including John Sculley in 1993 and Michael Spindler in 1996. Amelio had a very fancy wine cellar entrance and trappings. He liked it there better than
anywhere else.
    1998-- Brewer owner Bud Selig, who served as acting commissioner for nearly the last six years, is named by the owners to be baseball's ninth commissioner. To avoid conflicts of interest, his ownership of the Milwaukee's franchise will be placed in trust.
    2002 --Despite chants of 'Let them play!' from the sellout crowd of 41,871 at Milwaukee's Miller Park, Baseball Commissioner Bud Selig declares the 73rd All-Star Game a 7-7 tie after 11 innings. No player is selected to receive the first Ted Williams Most Valuable Player award, named in honor of the late Red Sox legend who died five days ago.
    2005 -- Daredevil skateboarder Danny Way jumps the Great Wall of China; rolling down a massive ramp at nearly 50 mph, Way botched the landing on his first attempt but then successfully completed the jump across the 61-foot gap four times, adding 360 degree spins on his last three tries.




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