Leasing News

######## 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. It is considered “bias” as it is the writer’s viewpoint.

Conversation with Jamie Chisick, Mar Vista
by Christopher Menkin

From an alert posted January 27, 2010, Jamie Chisick, founder and president of Mar Vista Financial, Villa Park, California finally returned a telephone call. That I had called many times, and also spoke to Frank Freer, Blackstone Capital Partners, located in the same building not far away, did not reach him, he said. Frank Freer said Chisick was a very good guy, helping many brokers put deals together they could not get done elsewhere in the entire United States. Some say the companies are related. One person told me Brian Chisick, father of Jamie, is the owner of Blackstone Capital Partners.

Chisick was a co-founder along with his brother Brad Chisick of Nationscapital Mortgage, found guilty in 2005 in Olympia, Washington and ordered to pay $712,527.19 in restitution to 120 Washington state consumers. He also is not permitted to do business in the State of Washington for twenty years. He also was part of First Alliance Mortgage that went bankrupt.

The Alert of January 27,2010 was all fact, quoting a ruling from the judge: "The court found Nationscapital's owner Jamie Chisick and corporate managers Michael Buff, Kevin Kraus and Darin Williams guilty as charged. They failed to provide required disclosures and misled consumers about their loans. In his oral ruling, Judge Hicks stated, "...I come away with a strong feeling that Mr. Chisick is like the Typhoid Mary of the brokerage industry and it's his kind of behavior that is exactly why we have regulations in the state of Washington. It's abominable."

It was most likely a telephone call from reaction to his salesmen comments on LinkedIn, the National Association of Equipment Leasing Broker Forum, as well as answering requests from individual brokers, quoting the alert that brought the telephone call. Just the facts. No opinion.

Chisick said he was the only leasing company doing start-up restaurants, just completing a $90,000 to a start-up that no one would touch. He said he paid the brokers up to 15 points for deals under $50,000. It was his money. He did the collecting, the insurance, the personal property tax, and the lessees paid him, not anyone else. He didn't have to rely on credit scores or financial statements or the type of equipment.

It was his money.

I asked him why he was not licensed as a finance lender in the State of California. He said his attorneys told him because he was doing "true leases," "operating leases," he did not need to be licensed. He said he first started out as a broker, but that wasn't working and he could see a need to service the brokers who had no where to go with their deals.

I asked him if the rumor was true that his father who had owned a mortgage company had made available $110 million for his leasing company. He replied, "No comment."

He said most of the leasing deals were 36 months with 31 monthly payments, and after making them, if the lessee made five more payments, the equipment was theirs. He called it a “Term Residual Lease.” * He said that qualified for as a lease. We spoke about the condition that a lease could not have a "bargain purchase" option and in some cases five monthly payments could be considered a "bargain." He add that the remaining payments had to be at least 20% to qualify as a "true lease." All leases were scheduled in this manner.

Chisick said his attorney told him these were "operating leases." Asked if he declared the depreciation on all the leases, another test, he said yes.

I told him I had run a UCC search on his company and many of the transactions were below subprime, and in all of them I saw, additional collateral was taken, such as other equipment, blanket liens, and according to Terry Winders, CLP, taking additional collateral in these circumstances would negate it as a "true lease."

He said it was not uncommon for a blanket lien, or taking a CD or savings account, other equipment, and that often that made sure that the payments would be made. Most often the lessee and the broker were more than glad to get the deal done and didn't care about these requirements or the monthly payments.

He said if I had any other questions, to give him a telephone call and he would be glad to answer them. He was here to service the broker community who could not get their deals done elsewhere.

The National Association of Equipment Leasing Brokers has Mar Vista listed a "funder" and in good standing.

The company has an A+ record at the Better Business Bureau:
http://www.la.bbb.org/Business-Report/Mar-Vista-Financial-13158488

Jamie P Chisick
Mar Vista Financial
1224 E Katella Ave Ste 207
Orange, CA 92867-5065
Telephone 888-835-9995
Email jchisick@marvistafinancial.com

Areas that accept “fair market value leases” as defined:
http://www.marvistafinancial.com/areasweserve

* **The Term Residual Lease (TRL) acts as an option to either purchase or return the equipment at the completion of the Original Lease Term. Compared to a standard FMV Lease of 12, 24, 36, 48, or 60 months, the term on a TRL is shortened to 10, 21, 31, 42, or 52 monthly payments. The Lessee can return the equipment after the Original Lease Term or they can choose to purchase the equipment by making 2 additional monthly payments on a 10 month term (12 payments to own), 3 additional monthly payments on a 21 month term (24 payments to own), 5 on a 31 month term (36 to own), 6 on a 42 month term (48 payments to own), or 8 on a 52 month term (60 payments to own.) The Residual payments are made monthly. (Note: Jamie Chsick states all remaining payments have to be at least 20% to qualify as a "true lease." All leases were scheduled in this manner

Mar Vista Alert (01/27/2010)
http://leasingnews.org/archives/Jan2010/1_27.htm#mar_vista

Sales makes it Happen
by Kit Menkin

Salesman Pay Survey

In the 1970’s, most leasing companies had salesmen who handled “house” accounts, this changed in the 1980’s with the growth of independent brokers who worked solely for a “commission.” The 1990’s saw the growth of “super brokers,” who funneled other brokers’ transactions for a commission. In addition, many funders were in essence super brokers, discounting transactions for the present value, often including the residual in the discount or pledge of the contract.

When things started to dry up, you would find brokers helping out other brokers, splitting commissions and source.

Today there definitely has been a change in the equipment leasing sales marketplace as more companies seek direct vendor business as well as require exclusive sales by their representatives. The trend in the previous ten years has changed away from independent brokers who went to the company with the best price and commission for themselves. There are less companies seeking outside transactions, as well as the marketplace has changed to the good credit and the poor credits, much less in-between where independent brokers could make a credit case for a client.

Sole independent brokers who make over $2 million a year in gross sales are considered very good; $3 million gross sales for a long time professional is common, with commissions points dependent more on the size of the lease than ever before. Again, this also depends on the marketplace.

Today it appears the industry average for salesmen who work for companies that “discount” their leases (sell their lease contracts to others) is approximately 50% of the profit. This is the present value of the lease contract, less funders discount charges. Many are paid a percentage of the override is fees charged, such as for documentation, site inspections, etc. Very few are paid a draw and live on a commission basis. They may get an advance from a signed lease, but can be charged back if the lease does not move forward.

Health benefits, travel, as well as other perks are not common today. A few will pay up to 60% over a “quota.”

Volume was basically $5,000 to $10,000 in gross profits per month (less processing fees), meaning the salesmen made anywhere from $30,000 to $60,000, averaging $80,000 per year. Gone were the days where 20% of the salesmen made in excess of $120,000 per year, always exceeding quota. $100,000 is considered a top wage for a direct salesman in the small ticket market place and less than 20% obtain this today.

The industry average for salesmen who work for companies who act as lessors, not selling or discounting their lease contracts, is more complex to state due to the various volume requirements for salesman. The main difference is “rate” versus “volume.” Lessor salesmen generally have accounts that the lessor services and remuneration is not on the difference between the rate of the lease, but primarily on the volume of transactions.

Most salesmen here earn a base salary versus a draw. They are paid in excess of making their quota, or an additional percentage based on volume. Where minimum volume was $6 million, .0075 to .008 was common, or $45,000 per year. A report of .02 on volume over $200,000 was stated, meaning the quota was $2.4 million a year in sales for the base salary.

An experienced salesman makes $50,000. plus.0025% of volume. There are other benefits including marketing and operational support as well as health and some travel expenses, dependent if a conference or assigned attendance.

It appears the average lessor salesman must produce $10 million a year. This figure, of course, is based on the market. Larger ticket or smaller tickets have a different ratio.

If your company has a different remuneration schedule, please send and unless you tell us otherwise, we will not divulge your name and the name of your company.

kitmenkin@leasingnews.org

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Direct Capital Slashes Finance Transaction with E-Signatures

PORTSMOUTH, N.H.– Direct Capital, a leading nationwide provider of commercial lending services, has launched a new electronic documentation system that enables its customers to securely execute lease, loan, and working capital transactions electronically. The system, the first of its kind in the equipment leasing industry, is drastically reducing turnaround time for business customers and delivering meaningful cost savings for the company.

“We have launched the most streamlined, convenient lending process available to businesses today,” said James Broom, Chief Executive Officer for Direct Capital. “This was a major undertaking that significantly improves the efficiency and experience for businesses when they need to access capital. Equally as important, we have also enhanced our industry leading competency in fraud detection.”

According to Broom, the initiative has reduced the customer documentation processing time from five days to five hours on average. “It’s a win-win for all parties,” he said. “We are completing transactions with remarkable speed while reducing costs involved with express delivery services and expensive errors, and we are also greatly reducing our impact on the environment.”

The new process has also been very well received by Direct Capital’s vendor partners, according to Shawn Arnone, Vice President of Business Development for Direct Capital. “We have a large base of vendors/dealers who offer financing to their customers using our services,” said Arnone. “You can imagine how pleased they are to receive a purchase order the same day they submit an application to us. We are even providing same day payments in some cases. This is a game-changing efficiency in the vendor sales cycle.”

According to Broom, the initiative was built through a partnership with electronic solutions provider eOriginal. “Our vendor selection hinged on the capability to deliver robust eSignature technology and management together with a trusted repository,” he said. “eOriginal has a long and successful history providing the capability to transfer and securitize electronic loan transactions. eOriginal is one of the best technology partners we have ever worked with.” Broom also noted that Direct Capital has successfully implemented the process with its secondary market financing sources.

“Partnering with Direct Capital on such a dramatic and successful business process transformation has given both companies the opportunity to showcase our strengths in the finance market,” said Steve Bisbee, CEO of eOriginal. “We realized the depth of the Direct Capital commitment when we saw their due diligence in confirming legal, audit and secondary market requirements and their requirement to incorporate only the best practices.

About Direct Capital

Established in 1993, Direct Capital provides specialty finance solutions, including capital equipment leasing, commercial loans, working capital, and merchant cash advances. Direct Capital markets its services through direct relationships with businesses and through partnerships with franchisors, vendor dealers, and manufacturers of capital equipment. Superb execution on its exceptional and unique direct service delivery model is the cornerstone of Direct Capital's success in an increasingly commoditized financial services industry. Direct Capital is headquartered in Portsmouth, NH with offices in New York, New Jersey, California and New London, NH. Subscribe to the Direct Capital blog at http://blog.directcapital.com. Follow Direct Capital on Twitter at http://twitter.com/directcapital

About eOriginal

eOriginal provides advanced electronic signature, vaulting and electronic transaction solutions that are tamper–sealed, auditable and legally enforceable through either a SaaS or as an on premise software model. eOriginal SmartSign® enables compliance with the eSignature requirements of the ESIGN Act, UETA and the UCC. eOriginal has provided secure, verifiable execution, delivery and management of commercial loans, leases and other financial industry documentation for over a decade. eOriginal customers, including top–tier financial institutions, have processed over 20 million electronic signatures without a single system error or legal challenge. To learn how eOriginal can streamline your business processes, visit www.eoriginal.com or call 888.224.6404. Subscribe to the eOriginal blog at blog.eoriginal.com. Follow eOriginal on Twitter at twitter.com/eOriginal.

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

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Telerent Leasing Corporation Becomes a $100 Million Credit Facility

Raleigh, NC – Telerent Leasing Corporation, a North Carolina-based, independent leasing company specializing in hospitality, healthcare, and renewable energy equipment leases, has closed a $100 million credit facility with BB&T Corporation. Telerent CEO George Fleming commented, “BB&T has been our primary financial partner since 1999, when they created a $20 million facility for us. This much larger facility supports our continued portfolio growth and new business initiatives.”

Telerent was founded in the late 1950’s by a number of Raleigh businessmen, and was acquired in 1989 by the Global 500 Company ITOCHU of Japan. The MONITOR, a financial services publication, named Telerent to its Top 100 Leasing Companies in the U.S. last year.

TeleHealth Services, Telerent’s largest division is the nation’s leading provider of healthcare grade televisions and interactive patient education systems to hospitals. Earlier this year, TeleHealth Services launched their latest platform of their interactive patient education system, TIGR V7 Duo.

This year Telerent also completed a merge of their equipment financing divisions to form TLC Capital. By combining the two divisions, TLC Capital is better situated to provide flexibility in their financing solutions while taking advantage of their expertise as a direct lending source to the healthcare and hospitality industries.

“Ten years ago, BB&T was one of several banks used by Telerent for cash management services,” said Jeff Langel, CFO of Telerent. “ Since 1999, BB&T has steadily supported Telerent’s growth, and today BB&T serves as Telerent’s primary banking partner, providing asset based lending, capital market products, corporate trust services, e-commerce capabilities, corporate and employee credit cards, investment management products, and of course, cash management services. Whenever Telerent needs a banking solution, we know we can turn to BB&T for an answer.”

“Telerent Leasing Company is a leader in supporting the hospitality and healthcare sectors and we are delighted that they have extended their financing with us,” said Steven Bullard, BB&T Triangle Regional Corporate Banking Manager. “This credit facility directly benefits the hospitals and hotels in their portfolio by increasing their capacity and improving their ability to serve their customers, many of which are facilities that are major businesses in their communities.

About BB&T:
BB&T is the 10th largest financial services holding company in the U.S. with $163.7 billion in assets and market capitalization of $22.4 billion as of March 31. Based in Winston-Salem, N.C., the company operates more than 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.

About Telerent Leasing Corporation:
Telerent Leasing Corporation provides business to business equipment financing solutions to hospitality, healthcare, and commercial industries across the United States. Telerent offers a variety of loan and lease structures, including operating leases for purchasing new or used equipment, leaving capital and credit lines available for other investments and operational expenses. With more than 50 years of lending experience and support in the medical and hospitality industries, Telerent Leasing Corporation delivers the best in customer satisfaction. Based in Raleigh, North Carolina, Telerent Leasing Corporation operates as a subsidiary of ITOCHU International, Inc.

Additional information regarding Telerent Leasing Corporation, its divisions and solutions can be obtained online at www.telerent.com.

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

Madison Capital Equipment and Vehicle Leasing Announces New Marketing Director

Owings Mills, MD- - Madison Capital, LLC., a vehicle and equipment lease finance company announced today the hiring of Mark Caulfield as the firm's Marketing Director. Caulfield brings more than fifteen years of progressive internet marketing experience and leadership.

Mark Caulfield

Prior to joining Madison Capital, Caulfield held the position of Director of Marketing for Echelon Corp., an online medical education company. In this role, he helped grow the company's client base and online business by utilizing creative eMarketing campaigns that built a brand identity within the online medical education industry.

Immediate responsibilities will include promoting the capabilities of Madison Capital among small and medium sized businesses throughout the Mid-Atlantic region. "Madison Capital has much to offer companies looking for a lease/finance partner that can help these entrepreneurs grow their businesses" stated Caulfield. "I look forward to leveraging my experience and helping Madison Capital communicate their equipment and vehicle financing solutions to the business community.”

About Madison Capital, LLC.

Madison Capital was created in 1997 as a result of the merger of two companies: Harbor Equipment Leasing began in 1983, and Fox-Valley Vehicle Leasing began in 1974.

Madison Capital has over 60 years of combined experience in commercial vehicle and equipment financing. They are a direct funding source for most types of equipment and all makes of vehicles. In addition, Madison offers loan portfolio servicing capabilities, concentrating on firms looking to outsource their billing and collection functions.

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

[headlines]
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    1732-- Englishman James Oglethorpe received a royal charter to form the American colony of Georgia. It was to be a place of refuge for sectarian Protestant believers, persecuted in England.
    1772-The first naval attack in the Revolutionary Ware was made against the British revenue cutter Gaspee, commandeered by Lieutenant William Duddington, which ran aground while chasing the packet Hanna off Namquit Point, Providence, RI, in Narragansett Bay. During the night, merchant John Brown and number of others rowed
out in eight longboats captained by Abraham Whipple, board the Gaspee, and set it on fire.
    1846- John Parker Hall of New Hampshire was elected, running on the first antislavery ticket. He switched from serving as a Democrat in the House of Representatives and ran as a Republican, starting the antislavery “ticket.”
    1856-Committee of Vigilance of San Francisco issued a proclamation which read in part: "All political, religious, and sectional differences and issues have given way to the paramount necessity of a thorough and fundamental reform and purification of the social and political body."
    1862-- Battle of Port Republic, last of 5 battles in Jacksons Valley camp, early Confederate victories by General "Stonewall" Jackson.
http://www.cr.nps.gov/hps/abpp/battles/va106.htm
http://www.cr.nps.gov/hps/ABPP/shenandoah/svs3-6.html
    1863-- The Battle of Brandy Station was the largest cavalry battle ever fought on the North American continent. of the 20,000 soldiers involved, about 17,000 were of the mounted branch. Brandy Station is also the first battle of the war's most famous campaign - Gettysburg.
http://www.nps.gov/frsp/brandy.htm
    1887- Gertrude Agnes Muller birthday, U.S. businesswoman and inventor. Her widowed mother ran a boarding house and sold her homemade doughnuts to support the family. She also was an inventor, primarily for children products, such as the “ toidey seat," and other such products, including being the first to develop a child safety seat for automobiles.
    1856- A band of 497 Mormons left Iowa City, Iowa, and began the more than 1,000-mile trek to Salt Lake City. They carried all their goods in about 100 two-wheeled handcarts, most of which were heaped with the maximum load of 400 to 500 pounds. Each family usually had one cart, and the father and mother took turns pulling while any children old enough helped by pushing. The handcart immigrants soon ran into serious problems. The Mormon craftsmen who had constructed the handcarts back in Iowa City had chosen to use wooden axles instead of iron in order to save time and money. Sand and dirt quickly wore down the wood, and water and heat made the axles splinter and crack. As the level terrain of the prairies gave way to the more rugged country of the Plains, the sheer physical challenge of hauling a 500-pound cart began to take its toll. One British immigrant who was a skilled carpenter wrote of having to make three coffins in as many days. Some of the pilgrims gave up. Two girls in one handcart group left to marry a pair of miners they met along the way. The majority, however, struggled on and eventually reached the Salt Lake Valley. Over the course of the next four years, some 3,000 Mormon converts made the overland journey by pushing and pulling heavy-laden handcarts. Better planning and the use of iron axles made the subsequent immigrations slightly easier than the first, and some actually made the journey more quickly than if they had used ox-drawn wagons. Still, once the church finances had recovered, Young's followers returned to using conventional wagons. The handcart treks remained nothing less than heroic. One Mormon girl later estimated that she and her family had each taken over a million steps to reach their goal, pushing and pulling a creaking wooden handcart the entire way.
http://www.lds.org/placestovisit/location/0,10634,1787-1-1-1,00.html
http://www.walmart.com/catalog/product.gsp?product_id=323397&sourceid=
0100000010991440602498
http://www.xmission.com/~nelsonb/handcart.htm
    1863-The largest cavalry battle of the war is fought at Brandy Station, Virginia. After the Confederate victory at Chancellorville in early May, Lee began to prepare for another invasion of the North by placing General J.E.B. Stuart's cavalry at Brandy Station, just east of Culpeper, to screen the rest of the Army of Northern Virginia as it started toward the Blue Ridge mountains. Stuart used this time at Brandy Station to stage a grand parade in order to boost morale and show off his dashing troopers to local residents. Unbeknownst to Stuart, his pompous display was observed by uninvited Union cavalry and infantry under the command of General Alfred Pleasonton, who lurked across the Rappahannock. On June 9, Pleasonton struck the surprised Rebels in a two-pronged assault. After initially falling back, the Confederates eventually rallied, and the battle raged all day around St. James Church. The battle's key moment came when Union troops headed to seize Fleetwood Hill, an elevation from which the Yankees could shell the entire battlefield. Confederate Lieutenant John Carter struggled to mount a cannon on the hill and fired a single shot that stopped the Union troopers in their tracks. The Yankee officer leading the charge suspected the Confederates had a line of guns sitting just over the top of the hill, when in fact it was a single gun with barely enough powder for a single shot. Carter's heroic act saved the day for Stuart. The move bought time for the Confederates, and they held the hill.
The battle continued until late afternoon, with many spectacular cavalry charges and saber fights in addition to hand-to-hand combat by dismounted cavalry. In the end, Stuart's forces held the field. Although it was technically a Rebel victory, the battle demonstrated how far the Union cavalry had come since the beginning of the war. Stuart's cavalry had been the master of their Union counterparts, but its invincibility was shattered on that muggy Virginia day.
http://www.nps.gov/frsp/brandy.htm
http://americancivilwar.com/brandy_station.html
http://www.americancivilwar.com/statepic/va/va035.html
    1891-Cole Porter's birthday. Each day we celebrate life with the birthday of a notable musician, artist or American. The purpose is to celebrate life and a birthday is the perfect day to do so.. An excellent book is available at amazon.com titled Cole Porter: A Biography by William McBrien. You will find my review of this book along with others on Amazon.com . Porter published his first song,” The Boblink Waltz” at the age of 10. His career as a composer and lyricist for Broadway was launched in 1928 when five of his songs were used in the musical play, “ Let’s Dot It.” His prolific contributions to the Broadway stage included Fifty Million Frenchmen, Wake up and Dream, The Gay Divorcee, Anything Goes, Leave It To Me, Du Barry was a Lady, Something for the Boys, Kiss Me Kate, Can Can and Silk Stockings. Both of Porter's legs were crushed in a horseback riding accident in 1937, and he became a semi-invalid thereafter. Porter was born at Peru, IN, and died at Santa Monica, October 15,1964.
    1894 -- American Railway Union convenes in Chicago (-26th), representing 465 local unions & a claimed membership of 15,000. On the 26th they call a sympathy strike for Pullman workers.
http://recollectionbooks.com/siml/library/PullmanStrike.htm
    1899 - James J. Jeffries scored an 11th-round knockout against "Sunny" Bob Fitzsimmons at Coney Island, New York. Jeffries became heavyweight boxing champ as a result.
    1899---Kate Chopin book “The Awakening” is published. Way ahead of her time, she created the unforgettable character Edna Pontellier, the married woman who sought her own sexual and emotional identity.
http://www.dailycelebrations.com/060901.htm
    1902 -Horn and Hardart Baking Company opened the first automatic arrangement for vending food at 818 Chestnut Street, Philadelphia, PA, on June 9, 1920. The mechanism, which cost $30,000, was imported from Germany, where the patents were acquired from their Swedish originators. The company then opened a chain of Automate restaurants in cities across the nation, including New York City, where a branch opened in 1912 at 1515 Broadway. These automats used a different mechanism that was patented and manufactured by Horn and Hardart. Customers were presented with an array of little compartments, each containing a dish of prepared food visible through a glass door. When the customer dropped a nickel in the proper slot, the door popped open, allowing the customer to remove the dish. The compartments were refilled from behind by restaurant workers.
    1909-The trip that changed women's attitude towards automobiles from “Woman of Achievement and History:”
Alice Huyler Ramsey, 22, with three women friends as passengers got behind the wheel of a topless motor car in New York City and headed west. Predicted to turn for home within days, the women sped across the U.S. to San Francisco in 41 days and proved that women could drive "just like a man." The new Maxwel Ramsey could hit 40 on the few good roads there were. Most of the "roads" were nothing more than rutted wagon trails.
Sponsored by the Maxwell Company, the women's trip was well publicized. Ramsey did all the repair work herself like changing sparkplugs and fixing flats. The women "passengers" were called a working crew by Ramsey. AHR drove cross country almost 70 more times, doing it once a year until her death at 96. She held a valid driver's license. In accepting an AAA award for her part in proving that "automobiles are here to stay rugged and dependable enough to commend any man's respect, gentle enough for the daintiest lady," AHR included herself among "the great women drivers who were convinced we could drive as well as most men." A 1909 "in town" race of women drivers show the cars and the race conditions in cities. But outside the cities, there were virtually no roads - just wagon trails. For years many women were afraid to drive because it infringed on the male prerogative. Men were men and could not be expected to trust a woman behind the wheel of a car. Most women chose not to challenge for the driver's seat since it made the man look less virile. Another reason was that a woman behind the wheel of a car caused rampant road rage as men deliberately crashed into the cars driven by women to teach them not to challenge men's rights.
    1915-Les Paul, one of the most influential guitarists in popular music history, was born in Waukesha, Wisconsin. With his wife Mary Ford, he had a string of hits in the late 1940's and early '50s. Among them were "Mockin' Bird Hill," "How High the Moon" and "The World is Waiting for the Sunrise." These recordings were among the earliest to use multitracking. Les Paul designed guitars which were marketed by the Gibson company, and became the favorites of pop, rock and country musicians. Paul also built the first eight-track tape recorder, which helped pioneer multitrack recording. And he invented "sound-on-sound" recording, which has since become known as overdubbing.
http://www.lespaulonline.com/bio.html
    1924 - Jelly Roll Morton and his band recorded "Jelly-Roll Blues" for General Records.
    1934- Donald Duck makes his first film appearance, in The Wise Little Hen, a short by Walt Disney. Donald, along with Mickey Mouse (who debuted in 1928), would become one of Disney's most beloved characters. Donald's popularity also led to other characters in the Duck family, including Daisy Duck, Uncle Scrooge, and nephews Huey, Dewey, and Louey.
    1934--soul singer Jackie Wilson was born in Detroit. He got his first big break when he replaced Clyde McPhatter as lead singer of the Dominoes. Wilson later developed into one of the premier black vocalists, beginning in the late 1950s. His string of hits included "Higher and Higher," "Lonely Teardrops" and "Baby Workout." In September, 1975, he collapsed on stage in Cherry Hill, New Jersey. He remained in a coma until his death on January 21st, 1984.
    1943—FDR introduces “Withholding tax” on payroll; popularly known as the "Pay As You Go Tax," allowed Americans to taxpayers to withhold federal income taxes before getting paid their wages or salaries. It also was a major cash boon for the government, especially for the wartime economy.
    1944—Top Hits
Long Ago and Far Away - Helen Forrest & Dick Haymes
I’ll Get By - The Harry James Orchestra (vocal: Dick Haymes)
I’ll Be Seeing You - Bing Crosby
Straighten Up and Fly Right - King Cole Trio
    1946--*DEGLOPPER, CHARLES N. Medal of Honor
Rank and organization: Private First Class, U.S. Army, Co. C, 325th Glider Infantry, 82d Airborne Division. Place and date: Merderet River at la Fiere, France, 9 June 1944. Entered service at: Grand Island, N.Y. Birth: Grand Island, N.Y. G.O. No.: 22, 28 February 1946. Citation: He was a member of Company C, 325th Glider Infantry, on 9 June 1944 advancing with the forward platoon to secure a bridgehead across the Merderet River at La Fiere, France. At dawn the platoon had penetrated an outer line of machineguns and riflemen, but in so doing had become cut off from the rest of the company. Vastly superior forces began a decimation of the stricken unit and put in motion a flanking maneuver which would have completely exposed the American platoon in a shallow roadside ditch where it had taken cover. Detecting this danger, Pfc. DeGlopper volunteered to support his comrades by fire from his automatic rifle while they attempted a withdrawal through a break in a hedgerow 40 yards to the rear. Scorning a concentration of enemy automatic weapons and rifle fire, he walked from the ditch onto the road in full view of the Germans, and sprayed the hostile positions with assault fire. He was wounded, but he continued firing. Struck again, he started to fall; and yet his grim determination and valiant fighting spirit could not be broken. Kneeling in the roadway, weakened by his grievous wounds, he leveled his heavy weapon against the enemy and fired burst after burst until killed outright. He was successful in drawing the enemy action away from his fellow soldiers, who continued the fight from a more advantageous position and established the first bridgehead over the Merderet. In the area where he made his intrepid stand his comrades later found the ground strewn with dead Germans and many machineguns and automatic weapons which he had knocked out of action. Pfc. DeGlopper's gallant sacrifice and unflinching heroism while facing unsurmountable odds were in great measure responsible for a highly important tactical victory in the Normandy Campaign.
    1946 - Mel Ott of the New York Giants had the honor of becoming the first manager to be ejected from both games of a doubleheader.
    1952—Top Hits
Kiss of Fire - Georgia Gibbs
Blue Tango - The Leroy Anderson Orchestra
Be Anything - Eddy Howard
The Wild Side of Life - Hank Thompson
    1953 -Touching down far east of traditional tornado alley, a devastating tornado, at least of F4 intensity, tore through Worcester County, Massachusetts and killed 90 people and injured 1288. The northern part of the city of Worcester suffered extreme damage. Property damage exceeded 52 million dollars which until then was a record high for a single tornado. 4000 buildings were damaged or destroyed. spawned by a classic supercell thunderstorm with tops at 60,000 feet, this tornado was and still is the worst tornadic event in history of New England.
    1954 - Army counsel Joseph N. Welch asked Sen. Joseph R. McCarthy, "Have you no sense of decency, sir?" during the Senate-Army Hearings. The audience of citizens and newspaper and television reporters burst into wild applause. Just a week later, the hearings into the Army came to a close. McCarthy, exposed as a reckless bully, was officially condemned by the U.S. Senate for contempt against his colleagues in December 1954. During the next two- and-a-half years McCarthy spiraled into alcoholism. Still in office, he died in 1957. http://www.nytimes.com/learning/general/onthisday/big/0609.html
    1956-Bestselling crime novelist Patricia Cornwall, creator of crime- solving medical examiner Kay Scarpetta, born Miami, Florida. Hoping to become a crime novelist, Cornwall spent six years studying forensic science and working at the morgue. She wrote three novels between 1984 and 1988, all featuring a dashing, adventurous, and poetic detective hero, with a minor medical- examiner character named Kay Scarpetta. An editor advised Cornwall to focus on Scarpetta and to write grittier fiction based on everyday crime situations faced by the morgue. Cornwall wrote Postmortem, which was finally accepted by Scribner's after seven other publishers rejected it. The novel won five major mystery awards that year and sold hundreds of thousands of copies in paperback. Cornwall's subsequent Scarpetta novels, including Cruel and Unusual (1993) and Cause of Death (1996), sold in the millions and have been translated into 22 languages, earning her multimillion-dollar advances.
1958-Jerry Lee Lewis and his producer Sam Phillips take out a full page ad in Billboard Magazine to explain his second divorce and third marriage to his 14 year old second cousin Myra.
    1958-Sheb Wooley hit the top of the Billboard chart with a novelty song called "The Purple People Eater". When he first sang the tune for MGM executives, Sheb said he was scraping the "bottom of the barrel", but the brass loved the song and wanted to release it. Three weeks after it hit store shelves, it was the number one record in the US and would start a merchandising craze that included hats, T-shirts and even ice cream.
    1958-- Still angry that his employers refuse to back him in his defense of recent charges of inciting a riot at a Boston show, DJ Alan Freed quits New York radio station WINS, claiming they refused to "stand by my policies and principles." The same day, Freed debuts his new package tour in Hershey, PA, starring Chuck Berry, Buddy Holly, Jerry Lee Lewis, Frankie Lymon and the Teenagers, Danny and the Juniors, Screamin' Jay Hawkins, Larry Williams, and the Chantels.
    1959-A sixteen-year-old singer named Wayne Newton, long ridiculed for his girlish voice, begins a two-week engagement at Vegas' Freemont Hotel, and proves so popular that he would headline at the location for over three years. He would go on to earn $20 million annually
    1960—Top Hits
Cathy’s Clown - The Everly Brothers
Burning Bridges - Jack Scott
Paper Roses - Anita Bryant
Please Help Me, I’m Falling - Hank Locklin
    1961-Birthday of actor Michael J. Fox, Edmonton, AB, Canada.
    1962 - Tony Bennett made his debut at Carnegie Hall in New York City ten years after making his first hit song, "Because of You."
    1964- Louis Armstrong's "Hello, Dolly!" hits #1
    1963-Birthday of actor Johnny Deep, born Ed Wood at Owensboro, KY.
    1966 -Hurricane Alma made landfall over the eastern Florida panhandle -- the earliest lanfalling hurricane on the U.S. mainland on record.
    1967---McGONAGLE, WILLIAM L. Medal of Honor
Rank and organization: Captain (then Comdr.) U.S. Navy, U.S.S. Liberty (AGTR-5). place and date: International waters, Eastern Mediterranean, 8-9 June 1967. Entered service at: Thermal, Calif. Born: 19 November 1925, Wichita, Kans. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty. Sailing in international waters, the Liberty was attacked without warning by jet fighter aircraft and motor torpedo boats which inflicted many casualties among the crew and caused extreme damage to the ship. Although severely wounded during the first air attack, Capt. McGonagle remained at his battle station on the badly damaged bridge and, with full knowledge of the seriousness of his wounds, subordinated his own welfare to the safety and survival of his command. Steadfastly refusing any treatment which would take him away from his post, he calmly continued to exercise firm command of his ship. Despite continuous exposure to fire, he maneuvered his ship, directed its defense, supervised the control of flooding and fire, and saw to the care of the casualties. Capt. McGonagle's extraordinary valor under these conditions inspired the surviving members of the Liberty's crew, many of them seriously wounded, to heroic efforts to overcome the battle damage and keep the ship afloat. Subsequent to the attack, although in great pain and weak from the loss of blood, Captain McGonagle remained at his battle station and continued to command his ship for more than 17 hours. It was only after rendezvous with a U.S. destroyer that he relinquished personal control of the Liberty and permitted himself to be removed from the bridge. Even then, he refused much needed medical attention until convinced that the seriously wounded among his crew had been treated. Capt. McGonagle's superb professionalism, courageous fighting spirit, and valiant leadership saved his ship and many lives. His actions sustain and enhance the finest traditions of the U.S. Naval Service. (Captain McGonagle earned the Medal of Honor for actions that took place in international waters in the Eastern Mediterranean rather than in Vietnam.)
    1968—Top Hits
Mrs. Robinson - Simon & Garfunkel
Tighten Up - Archie Bell & The Drells
This Guy’s in Love with You - Herb Alpert
Honey - Bobby Goldsboro
    1969 - The U.S. Senate confirmed Warren Burger to be the new chief justice of the United States, succeeding Earl Warren.
    1970- The Guess Who's "American Woman" hits #1
    1970- Anna Mae Hays and Elizabeth P. Hoisington become the first women in U. S. military history to reach the rank of brigadier general. On 06-17-1971, Jeanne M. Holm was promoted to brigadier general in the U.S. Air Force, the first woman to gain that rank in the Air Force. In 1973, Holm is promoted to major general.
    1972 -Thunderstorms dumped up to 14 inches of rain in about 4 hours on the east slopes of northern Black Hills in South Dakota. Severe flash flooding resulted, especially in the Rapid City area. The make matters worse, the Canyon Lake Dam collapsed sending a wall of water through the city. 238 people were killed and 2932 were injured. Total damage exceeded $150 million.
    1973 - Secretariat won the Belmont Stakes, becoming the first American Triple Crown winner in 25 years.
    1974- Bruce Springsteen gives the most important performance of his career, opening for Bonnie Raitt at her Boston Arena show. Playing his full two-hour set at Raitt's insistence, Bruce delivers a show so impressive that Rolling Stone's Jon Landau later wrote in Boston's The Real Paper, "I saw rock and roll future, and its name is Bruce Springsteen. And on a night when I needed to feel young, he made me feel like I was hearing music for the very first time." Landau would later become Springsteen's manager and producer.
    1975 - Tony Orlando and Dawn received a gold record for their hit song "He Don’t Love You (Like I Love You)". The album sold a million copies, and was number one for three weeks from May 3 to 17, 1975. It was also one of five million copy sellers for the trio. "He Don’t Love You" was a remake of a hit Jerry Butler crooned in 1960.
    1976—Top Hits
Love Hangover - Diana Ross
Silly Love Songs - Wings
Get Up and Boogie (That’s Right) - Silver Convention
One Piece at a Time - Johnny Cash
    1977 - No. 1 Billboard Pop Hit: "I'm Your Boogie Man," KC & the Sunshine Band.
    1978 - Leaders of the Church of Jesus Christ of Latter-day Saints struck down a 148-year-old policy of excluding black men from the Mormon priesthood.
    1980 - Comedian and actor Richard Pryor suffered almost fatal burns at his San Fernando Valley, California home when a mixture of "free-base" cocaine exploded and set him on fire. Near death, he convalesced at Sherman Oaks Community Hospital Burn Center.
    1981-Xerox is the first with a personal computer for the office: Xerox 820. Basically a word processor, it retailed for $3,000, had two disk drives and a monitor displaying twenty- four lines of 80-character type.
http://www.geocities.com/SiliconValley/Peaks/9595/xerox.html
    1983 - Kansas City Chiefs running back Joe Delaney tragically drowned while trying to save three children from drowning in Monroe, Louisiana. Two of the children perished, but one made it to safety. A few weeks later, Pres. Reagan posthumously awarded Delaney the Presidential Citizens Medal.
    1984—Top Hits
Time After Time - Cyndi Lauper
Oh Sherrie - Steve Perry
The Reflex - Duran Duran
Someday When Things are Good - Merle Haggard
    1985 - American educator Thomas Sutherland was kidnapped in Lebanon, and he was released in November 1991 along with fellow hostage Terry Waite.
    1985 - The Los Angeles Lakers narrowly beat the Boston Celtics, 111-100, to win their first National Basketball Association title in nine tries against the Celtics. Since 1959, when they were based in Minneapolis, Minnesota, the Lakers had been shut out of the championship series. The most-valuable-player for the winning Lakers was Kareem Abdul-Jabbar.
    1987 - No. 1 Billboard Pop Hit: "Always," Atlantic Starr.
    1987 - Thunderstorms in the northeastern U.S. produced large hail and damaging winds in Vermont injuring two persons. Thunderstorms in Ohio produced wind gusts to 75 mph near Akron, and deluged Pittsfield with two inches of rain in thirty minutes.
    1989-- Mets outfielder Darryl Strawberry hits his 200th career home run in a ten-inning, 4-3, loss to the Pirates.
    1989 - Thunderstorms produced severe weather over the Central Gulf Coast Region during the day and evening. Severe thunderstorms spawned 17 tornadoes, including one which injured ten persons and caused a million dollars damage at Orange Beach, AL. Thunderstorm winds gusting to 90 mph killed three persons and injured four others at Mobile AL. Thunderstorms also deluged Walnut Hill and Avalon Beach, FL, with eight inches of rain.
1989 "Star Trek V" premiers; "The Final Frontier"
http://www.imdb.com/title/tt0098382/
http://www.amazon.com/gp/product/6305350205/002-5217827-1679236?v=glance&n=130
    1990 -San Diego, California set a new record rainfall amount on this date. .38 inches of rain fell breaking the old record of .13 inches established in 1892. Moisture from the remains of Hurricane Boris was responsible for this rare rain event.
    1990 - 25 years to the day after their father Brian and his band The Beach Boys hold the No. 1 spot for "Help Me Rhonda," Carnie and Wendy Wilson's trio Wilson Phillips (with Chynna Phillips) move into the No. 1 spot on the Billboard Hot 100 with their single "Hold On."
    1993—Top Hits
That s The Way Love Goes-- Janet Jackson
Freak Me- Silk
Knockin Da Boots, H-Town
Weak- SWV
    1993 - What's Love Got to Do With It?, a film about singer Tina Turner and how she rose to rock stardom with her abusive husband Ike Turner, opened in U.S. theaters. The film was well received, and the stars, Angela Bassett and Laurence Fishburne, were both nominated for Oscars. Bassett won a Best Actress Golden Globe for her electrifying performance as Tina.
    1996-In San Francisco, basic rent has climbed to $1300 a month for a 2 bedroom apartment. 70% of SF residents rent and the vacancy rate is under 2%. June 2009 ~ Average rent for 2 bedroom apartment in is $2,500. Two-thirds of S. F. residents rent and the vacancy rate is 4.5%.
    1998-Top Hits
The Boy Is Mine, Brandy
Too Close- Next
You re Still The One- Shania Twain
My All- Mariah Carey
    1999 - Ricky Martin's self-titled album was certified multi-platinum on this date.
    1999 --After being ejected in the 12th inning by plate umpire Randy Marsh for arguing a catcher's interference call, Bobby Valentine returns to the dugout with a fake mustache and glasses. The National League will suspend the Mets' manager for two games and fine him for using the disguise.
    2000 - Boyz II Men release to radio stations "Pass You By," their first new single in more than three years.
    2009-The Librarian of Congress announced that twenty-five culturally significant recordings, including "Tom Dooley" by The Kingston Trio, "Rumble" by Link Wray and "My Generation" by The Who, will be preserved in a special sound archive in the National Recording Registry.

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