“At this point default judgments for “not showing up” have been rendered in Illinois, Texas, and Massachusetts making contracts generated by NorVergence as being “fraudulent in nature,” therefore null and void. If such a ruling should be handed down in the U.S.District court (in the FTC suit,) it would apply to all NorVergence “Equipment Rental Contracts” in the district court the ruling is made. “

“I think your conclusion about the law is not quite accurate. A ruling in the U.S. District Court for any particular federal judicial district does not bind all the federal courts in the U.S.; it only establishes the law in that specific district, which may only be part of a state (California, for instance, has four different federal judicial districts, although most states have only one).

“If the case is ultimately appealed to the U.S. Court of Appeals, then the law in that case would be established for all the courts in that particular Appellate Court (or Circuit), e.g., the 7th Circuit for Illinois cases or the 5th Circuit for Texas cases.

“Only after a ruling by the U.S. Supreme Court in a particular case is the law of that case established for the entire U.S.

“Thanks for your continuing coverage of these issues. They will no doubt have many long-term effects in our industry.”

Paul
P A U L B E N T
T h e A l t a G r o u p
3715 Lewis Avenue
Long Beach, California 90807
(562) 426-1000 (562) 492-1199 Fax

This e-mail is from a well-known and respected attorney, Ronald P. Gossett, who represents many NorVergence lessees as defendants. To our direct knowledge, he has had the pulse on all the legal actions involving NorVergence leases.

“All of these default judgments are meaningless when it comes to Enforceability… The leasing companies are not party to the suits which have resulted in these default judgments; thus, the leasing companies are not bound by the decisions regardless of which court or which state in which they are rendered. The judgments only mean that NorVergence can not enforce them.

“Collateral estoppel, which is the legal doctrine where one tries to take a ruling applied to one entity and apply the same ruling to parties in other cases growing out of the same facts, requires circumstances which are not present here.

“All that these default judgments mean is that the politicians pursuing them (I.e., the attorneys general) are getting publicity for a day. If they want to do something meaningful, sue the leasing companies as Florida's attorney general has done (although presently unsuccessfully). Until then, the fact that NorVergence didn't show up in one or one hundred courtrooms does not matter.”

Ronald P. Gossett
rongossett@gossettlaw.com

Gossett & Gossett, P.A.
Building I
4700 Sheridan Street
Hollywood, FL 33021
(954) 983-2828

The recent settlement of a nationwide class action lawsuit between former customers of the now defunct phone-service reseller Norvergence and General Electric Capital Corp. serves as a template for similar lawsuits.

As part of the deal, GE Capital agreed to pardon approximately $9 million in payments from 660 small businesses and nonprofits in a dozen states.

Those payments were owed under five-year leases they entered into with Norvergence before the phone-service reseller went out of business. Later approved by a Bergen County, N.J., judge, the settlement offers a pattern for other cases and hope for pending lawsuits against 34 other companies that purchased Norvergence leases.

Attorneys on both sides credit GE for setting the pace for other leasing firms that have not reached settlements.

"The fact of the matter is GE really deserves kudos for settling," says attorney Jeffrey Herrmann. "Rather than dig in its heels and fight, GE recognized that class members were victims, too."

As a follow-up to yesterdays story on Michael S. Green to file Appeal on NorVergence Class Action Denial

“An interesting tidbit that might qualify as leasing news: Former congressman J. J. \"Jake\" Pickle passed away over the weekend at the age of 91. Pickle is most famous in the Leasing biz for his involvement in the 1984 Tax Reform Act. One result of that act is the \"Pickle Lease\", a lease by a U.S. lessor to a foreign lessee in which depreciation is slowed down to a straight line basis over a longer recovery period. The structure\'s namesake is, of course, Congressman Pickle. I just thought someone ought to know.”

“The Pickle Lease is the term applied to most types of cross-border leases which originate in the United States. (It is named for Congressman Pickle who supported legislation which gave rise to the depreciation format of this type of lease.) Most types of assets, including aircraft, can be leased on a basis where somewhat reduced U.S. depreciation benefits can be included in the economics.”

Retired U.S. Rep. Jake Pickle, 91, of Austin died peacefully at 7:35 a.m. today at his home in Westminster Manor. His wife, Beryl, was with him, a family spokesman said.

A statement issued by the family said, "Jake Pickle represented the people of Central Texas with integrity for three decades. He was a grassroots politician who made decisions based on the needs of his constituency, not political gain.

"He was a mentor to many who returned the favor with loyalty and friendship," the statement added. "In addition to a distinguished career, Jake Pickle was dedicated to his family, who will miss him greatly."

SALES: Seeking energetic, self motivated sales pro, nationwide opportunities, equipment/ transportation leasing and financing (buses, livery, limousines, ambulances, paratransit, funeral vehicles). Direct experience helpful/ not required. We are willing to train the right person. Moderate travel /extensive phone work required. Highest commissions paid in the industry. Fax or email resume to 718-392-5427 or dcoolbaugh@advantagefunding.us

About the Company: Advantage Funding is a leading commercial and consumer vehicle and equipment financing and leasing company, Long Island City, NY.

www.advantagefund.com

SFBI Recruiters

Need:
- Need fast turn around?
- Need a base salary and a good comp plan?
- Do you need competitive rates ?
- Need personalized expert service for   your vendors?
- Sales Reps w medical leasing vendors   needed nationally.
- Sales Reps w Specialty Trucking vendors   needed nationally!

Contact: Fred St Laurent, SFBI Professional Recruiting. Email: Fred@sfbirecruiter.com

www.sfbirecruiter.com

Wanted: Energetic, self-motivated outside sales professional in Pacific NW.
For full job description go to http://www.dolsenleasing.com/Careers.cfm

In business since 1958, DLC is an independent funding source servicing the $10K-250K market in 11 western states.

www.dolsenleasing.com

Tax Manager

Tax Manager

Seeking Tax Manager for Marshall, MN Headquarters. Responsible for management of USBancorp small ticket leasing division for a multi - billion dollar portfolio including oversight of compliance with all sales, use, rental, property, excise and miscellaneous taxes pertaining to the business of leasing. Four-year college/ university degree; or 2-4 years related work exp. and/or training; or equivalent combination of education and experience.

For complete description and application, click here.

www.usbank.com

Rumor has it: Deborah J. Monosson, president of Boston Financial and Equity is bringing her new sales manger John Colton to the Lessors Network Annual Showcase, featuring technology solutions for the equipment leasing markets at the Annual Showcase scheduled August 24-25 from the Ritz-Carlton, Buckhead hotel in Atlanta, GA.

Boston Financial and Equity provided the equipment to get AOL started and has been ahead of the curve since.

“A roundtable discussion will outline the benefits and challenges organizations have experienced deploying electronic leasing solutions including the legislative and technology landscape in today's market. What do lessors need to know about technology, market awareness and acceptance of the Internet? Real world examples will illustrate what steps to take when enabling end-to-end processing within the leasing enterprise.”

Additional information about the Lessors Network and the Lessors Network Annual Showcase is available at
http://www.lessors.com/

Portland Oregon – Portfolio Financial Servicing Company (PFSC) the nation's largest independent provider of third party servicing for lease and loan portfolios announced that is has been selected by Radiance Capital LLC to become Primary Servicer of their commercial lease and loan portfolio.

As part of this agreement PFSC will provide complete lease and loan administration functions from monthly invoicing to collections and loss recovery. According to Mr. Jerry Hudspeth – President of PFSC, “We are very pleased to partner with Radiance Capital. Their highly experienced team coupled with their access to capital will allow them to make a significant impact in the market .”

Ms. Meryl Newman – Chief Operations and Financial Officer of Radiance Capital adds, “PFSC's servicing and portfolio management expertise allows us to focus and leverage our core competencies of originating quality business within our market. We believe our industry expertise and business model coupled with PFSC's capabilities, reputation and experience creates a formidable and dynamic industry force.”

Radiance Capital (www.radiance-capital.com) is a privately held “B Credit” finance company based in Seattle, Washington. Radiance provides equipment financing through a broker channel for transactions ranging from $5,000 - $50,000 in Washington, Oregon, Idaho, Arizona and Northern California. Radiance's management team has over 80 years combined experience in commercial leasing with an emphasis on underwriting and servicing a wide range of credits.

PFSC is the largest independent commercial lease and loan-servicing company is the U.S. and is headquartered in Portland, Oregon. PFSC provides primary/master servicing, backup/successor servicing, and consulting for lease and loan portfolios. It currently manages over $14.0 billion in assets. More information can be found at www.pfsc.com.

Eric Gross
Director of Sales and Marketing
Portfolio Financial Servicing Company
2121 SW Broadway
Portland, OR 97201
Ph (503) 721-3226
Fax (503) 274-0439
egross@pfsc.com

Citing a 68% growth in receipts from Asian Owned Business in the US, Leasing Partners Capital Inc. expands to meet challenge.

WAYNE, NJ., – Chuyu Xiong has been named Market Development Manager at the firms new Long Island NY, location. Xiong, a native of Mainland China, received advanced education both in the US and in China. Xiong has over 10 years finance experience with notable firms such as Goldman Sachs and Nomura Capital. Xiong will lead the marketing and sales strategies targeted at Asian owned and operated businesses in New York and across the United States.

“Reversing the trend of manufacturers moving offshore, there are many Chinese companies planning to move into the U.S. These businesses are not familiar with financing in the U.S., especially, leasing. This creates a good opportunity for the leasing industry to explore.” says Xiong.

According to the most recent Economic Census data, Asian-owned businesses in the U.S. reached 913,000 with annual receipts of $206 billion -- averaging $336,000 in annual sales per firm. The statistics show a growth rate of over 30% in number of firms, and 68% in receipts, faster than any other minority-owned business segment.

“With Chuyu leading the charge we now are able to offer a professional approach to meet the demands of this critical market segment from a financial and cultural perspective” says Duane E. Rouba, managing partner at Leasing Partners Capital's Northern New Jersey Headquarters.

Leasing Partners Capital Inc. is a leading equipment and technology leasing company based in Northern New Jersey. The company operates 21 field offices throughout the United States.

Leasing Partners Capital has been offering financial and operating lease products to businesses and vendors in the Commercial, and Government Market sectors for more than 20 years.

The firm is known as a leader in the vendor leasing program arena as a result of excellent marketing execution, outstanding responsiveness and client service levels.

Robert T. Mayer
Director, Vendor Development
Leasing Partners Capital Inc.
1211 Hamburg Turnpike – Suite 306
Wayne, NJ 07470
800-848-7210
973-709-9286 fax
rmayer@leasingpartnerscapital.com
www.leasingpartnerscapital.com

1944 - The GI Bill of Rights was signed by President Franklin D. Roosevelt. One of the most important governmental measures of the post-World-War-II era, the bill was designed to provide greater opportunities for returning war veterans. An important result of the bill was the training of almost 8 million veterans.

    1610--In their search for a marketable product, some settlers had begun growing tobacco. 1610. Europeans had acquired a taste for tobacco in the late sixteenth century when the Spanish brought samples from the West Indies and Florida. Initially expensive, it became popular among wealthy consumers. The high price appealed to Virginians, but they found that native Virginia leaf was of poor quality. John Rolfe began experimenting with seeds from Trinidad, which did much better. The first cargo of Virginia-grown tobacco arrived in England in 1617 and sold at a highly profitable 3 shillings per pound. Following Rolfe's success, settlers immediately planted tobacco everywhere- -even in the streets of Jamestown. Company officials, unwilling to base the colony's economy on a single crop, especially one that many people (including King James) considered to be an unhealthy indulgence, tried to restrict annual production to 100 pounds per colonist. Colonists, busy "rooting in the ground about Tobacco like Swine" as one observer reported, ignored these restrictions. But it was only after company rule ended that tobacco planting really surged. Between 1627 and 1669, tobacco exports climbed from 250,000 pounds to more than 15 million pounds. As the supply grew, the price plunged from 13 pence in 1624 to a mere penny in the late 1660s, where it remained for the next half century. What had once been a luxury product thus became affordable for Europeans of average means. Now thoroughly dependent on tobacco for their livelihood, the only way colonists could compensate for falling prices was to grow even more, pushing exports to England to more than 20 million pounds by the late 1670s.
    1774-The Quebec Act was passed by Parliament. It established a permanent government in Quebec and extended its boundaries south to the Ohio River, to include land contested by several American colonies. For this, it was considered by the colonists to be one of the Intolerable Acts that lead to the Revolutionary War.
http://www.wpi.edu/Academics/Depts/MilSci/BTSI/abs_coer.html
    1807 - The crew of the British man-of-war, "Leopold," fired upon and boarded the United States frigate "Chesapeake." The commander of the "Chesapeake," James Barron, was court martialed and convicted for not being prepared for action. Along with some others, this incident led to the War of 1812. Eight years after the war, Stephen Decatur, a judge in the court martial, was killed in a duel. The victor of the duel was James Barron.
    1832- John Ireland Howe of Derby, CT, obtained a patent for manufacturing pins. He exhibited it at the American Institute Fair in New York City, receiving a silver medal for his contribution to Manufacturing. He later founded the Howe Manufacturing Company and made improvements on his design. It was a great boon to the clothing industry, among others.
    1846- Adolphe Sax patented his invention - the saxophone. He had invented the instrument early in the decade, and by the time the patent was granted there were 14 different saxophones - seven designed for orchestras and seven for bands. The saxophones designed for bands are the ones in common use today.
    1847-The doughnut with a hole was first invented in 1847 by American sea captain Hanson Crocket Gregory.
http://www.etni.org.il/challenge/challenge5.htm
    1896- Dr. Mary Stone ( Shih Mai-Yu), graduated from the Medical School of the University of Michigan, Ann Arbor, MI, becoming the first physician who was a Chinese woman. She founded the Women's Hospital at Kiukiang, China, under the auspices of the Methodist Foreign Mission and served as its head for 25 years.
    1894-Legendary magician and escape artist Harry Houdini married Wilhelmina Beatrice Rahne.
(lower part of: http://memory.loc.gov/ammem/today/jun22.html )
    1903-Birthday of Ben Pollack, Chicago Dixieland drummer, who owned a “pizza/beer/jazz “ joint on Sunset Blvd in Hollywood, California, with a cover charge. When I was growing up, this was one of best hang outs as those under 18 could get in, and often, we had beer, although we were also not 21. Pollack was a “boom-chick-a-boom” drummer, but played with some of the best and is mentioned in many Chicago jazz era books. Warren Luening, Jr. would sometimes sit in and play trumpet with the band. Pollack really liked his playing, and it may have been one of the reason we were always able to drink beer here.
    1910 -- .. Dancer, anthropologist, humanitarian, philanthropist.
Katherine Dunham born, Chicago, Il
http://www.eslarp.uiuc.edu/kdunham/bio.htm
http://www.pbs.org/wnet/freetodance/biographies/dunham.html
    1912—The Republican party under President Roosevelt got into a bitter feud between the various faction of the party, starting out in the open with Roosevelt asking a faction to leave the convention; resulting in a split party, basically giving the election to Democratic candidate Woodrow Wilson, who was not that popular but won because of the Republican split party.
http://www.canoe.ca/MusicHistoryAugust/home.html
    1918-A Michigan Central Railroad troop train, after several days shuttling soldiers to New York from Chicago, was deadheading back to the Midwest when it struck the rear of the Hagenback-Wallace Circus train. The circus trained has stopped to have its brake box overhauled in Ivanhoe, Indiana. Fifty-three circus performers were killed. Of the circus animals not killed outright, many that were crippled and maimed had to be destroyed by police officers. The performers, of who only three could be identified, were buried in a mass grave. The engineer, A.K. Sargent, who was accused of falling asleep at the throttle, was tried and acquitted.
    1919-An F5 tornado struck the town of Fergus Falls, Minnesota. 59 people were killed and 400 buildings were destroyed. Lumber was carried for 10 miles and other debris were found 60 miles away.
    1933-Birthday of Diane Feinstein - U.S. Senator from California, former mayor of San Francisco. In 1969, she first woman to be elected president of the San Francisco Board of Supervisors and then succeeded the murdered mayor serving 1978-88. She was defeated in a try for Governor of California but lost and then was elected U.S. Senator in 1992.
    1936—. singer, songwriter and actor Kris Kristofferson was born in Brownsville, Texas. His first success as a songwriter came when Roger Miller recorded "Me and Bobby McGee." That song was turned into a million-seller by Janis Joplin in 1971. And Sammi Smith sold a million with "Help Me Make It Through the Night," another Kristofferson song. By this time, Kristofferson had begun his career as a singer, and in 1972, his single, "The Silver-Tongued Devil and I," was certified gold. His other successes have included the single, "Why Me," and the albums "The Silver-Tongued Devil and I" and "Jesus Was a Capricorn." In 1985, Kristofferson, along with Johnny Cash, Waylon Jennings and Willie Nelson, recorded the hugely successful "Highwayman" single and album. There was a "Highwaymen Two" album in 1990 with the same cast.
    1937-At Chicago's Comiskey Park Joe Louis won the World Heavyweight Championship title by knocking out James J. Braddock (eighth round). Louis retained the title until his retirement in 1949. Exactly one year after the Braddock fight, on June 22, 1938, Louis met Germany's Max Schmeling, at New York City's Yankee Stadium. Louis knocked out Schmeling in the first round.
    1938 -- Joe Louis knocks out "Aryan supremacy claimant Max Schmeling.
http://www.ibhof.com/jlouis.htm
    1944 - The GI Bill of Rights was signed by President Franklin D. Roosevelt. One of the most important governmental measures of the post-World-War-II era, the bill was designed to provide greater opportunities for returning war veterans. An important result of the bill was the training of almost 8 million veterans.
    1945- Howard Kaylan, one of the two lead singers of the Turtles, was born in New York City. The Turtles had hit singles with "It Ain't Me Babe" in 1965 and "Happy Together" and "She'd Rather Be With Me," both in 1967. Some members of the Turtles wanted the group to be more than a band that made hit singles. The resulting dissension led to the Turtles' breakup in 1968. Lead singers Howard Kaylan and Mark Volman joined the Mothers of Invention, and then embarked on a duo career as Flo and Eddie.
    1947- 12 inches of rain fell in 42 minutes at Holt, Missouri, setting a new rainfall intensity world record. That record was tied on January 24-25, 1956, at the Kilauea Sugar Plantation in Hawaii, as their state record was established with 38 inches of rain in 24 hours.
    1949---Top Hits
Again - Gordon Jenkins
Some Enchanted Evening - Perry Como
Bali Ha'i - Perry Como
One Kiss Too Many - Eddy Arnold
    1957---Top Hits
Love Letters in the Sand - Pat Boone
Teddy Bear - Elvis Presley
I Like Your Kind of Love - Andy Williams
Four Walls - Jim Reeves
    1959 - Eddie Lubanski bowled 24 consecutive strikes, that is two perfect games, back-to-back, in a bowling tournament in Miami, Florida.
    1959-Chuck Berry's "Memphis" is released.
    1959 - Starting its fourth week at the top of the Tunedex was "The Battle of New Orleans" by Johnny Horton. The song spent six weeks at number one. It was Horton's only number one record and million copy seller. He had other big hits with movie music like "Sink the Bismarck" and "North to Alaska" from the film by the same title, starring John Wayne. Horton, from Tyler, Texas, married Hank Williams' widow Billie Jean Jones. On November 5, 1960, Johnny Horton was killed in a car crash.
    1962 - St. Louis Cardinal veteran Stan Musial broke the late Ty Cobb's major league record of 5,863 career total bases.
    1963 - "Fingertips - Pt 2," by Stevie Wonder, was released, and became his first number one single on August 10th. From 1963 to 1987, Wonder had 46 hits on the pop and R&B music charts, eight of which made it to number one.
    1963--The Safaris' "Wipe Out" is released.
    1964 - The United States Supreme Court voted that "Tropic of Cancer," Henry Miller's controversial book, could not be banned.
    1965---Top Hits
I Can't Help Myself - The Four Tops
Mr. Tambourine Man - The Byrds
For Your Love - The Yardbirds
Ribbon of Darkness - Marty Robbins
    1968---Mason Williams' "Classical Gas" is released.
    1968- the Jeff Beck Group, with Rod Stewart and Ron Wood, made its US debut at the Fillmore East in New York City. Stewart was said to have had such a severe case of stage fright that he hid behind the speakers for the first couple of songs. The band, which had a major influence on the heavy metal groups that followed, broke up after two LPs and several North American tours.
    1972- Hurricane Agnes, a category 1 storm, made landfall near Apalachicola, Florida on the 19th, moved northeast, joined up with an upper level disturbance, and unloaded anywhere from 10 to 20 inches of rain across Maryland, Virginia, Pennsylvania, and New York during the period from the 20th to the 25th. Extreme flooding was the result -- the worst in U.S. history. A dike was breached at Wilkes-Barre, Pennsylvania and the resultant wall of water destroyed much of the city. Total damage was $3.5 billion and 122 lives were lost.
    1973---Top Hits
My Love - Paul McCartney & Wings
Playground in My Mind - Clint Holmes
I'm Gonna Love You Just a Little More Baby - Barry White
Kids Say the Darndest Things - Tammy Wynette
    1981 - A young woman from Lubbock, TX, was struck by lightning. The bolt of lightning struck just above her right shoulder near her neck, and passed right to left through her body, tearing her warm-ups, causing her tennis shoes to explode, and lifting her two feet into the air.
    1981---Top Hits
Stars on 45 medley - Stars on 45
Sukiyaki - A Taste of Honey
A Woman Needs Love (Just like You Do) - Ray Parker Jr. & Raydio
But You Know I Love You - Dolly Parton
    1985 - "People" took count of the deaths in Sylvester Stallone's "Rambo" movie, finding that 44 people directly killed. Those at "People" figured out this was an average of one person dying every 2.1 minutes. There were also 70 explosions that killed an uncountable number of people.
    1987 - Thunderstorms in southern Texas produced wind gusts to 116 mph near Quemado. Thunderstorms in New York State produced 5.01 inches of rain in 24 hours at Buffalo, an all-time record for that location, and produced an inch of rain at Bath, PA. The temperature at Fairbanks AK soared to 92 degrees, establishing a record for the date.
    1988 - Sixty-five cities in twenty-four states reported record high temperatures for the date. Tucson AZ reported an all-time record high of 114 degrees, surpassing the previous record of 112 degrees established a day earlier. Highs of 98 degrees at Pittsburgh, PA, and 100 degrees at Baltimore, MD, tied records for the month of June.
    1989- White Sox Carlton Fisk surpasses Yogi Berra as the American League leader for career home runs by a catcher as his 307th home run helps to beat the Yanks, 7-3.
    1989---Top Hits
I'll Be Loving You (Forever) - New Kids on the Block
Satisfied - Richard Marx
Buffalo Stance - Neneh Cherry
Love Out Loud - Earl Thomas Conley
    1990 - The last-place Atlanta Braves fired manager Russ Nixon and replaced him with GM Bobby Cox, who last managed Toronto in 1985. Good move. Cox led the Braves to a dramatic worst-to-first turnaround, the first of its kind in the National League. In the World Series his team lost to the (also) resurgent Minnesota Twins. Cox was name AP Manager of the Year (the first manager to be so named in both leagues). The Braves followed 1991 with NL East championships in 1992, 1993, 1995, 1996, and 1997, becoming the first team to win division titles in six straight completed seasons. Those division titles also let to NL pennants, except for 1993 and 1997.
    1998 - CompUSA announced that it was buying Computer City from Tandy for $275 million. Tandy was selling the sickly chain as part of a turnaround it had started the previous year. Tandy president Leonard Roberts said, “Computer City was a losing operation for the company. The sale will allow us to completely focus on Radio Shack at a time when profits are at an all-time high.”
    1990- Billy Joel became the first rock artist to perform at Yankee Stadium.
    2001-- Returning to major leagues after a stint with Newark Bears of the independent Atlantic League, Jose Canseco starts as the designated hitter for the White Sox. The former All Star, who has 446 career home runs (23rd all time), didn't get any offers after being released by the Angels in the spring.
    2003-- In the 13th inning at Veterans' Stadium, pinch-hitter Todd Pratt hits a two-run giving the Phillies a walk-off 6-5 victory over the Red Sox. Boston's shortstop Nomar Garciaparra's club tying record 6-for-6 (all singles) performance could not prevent the bullpen from blowing three late leads; 2-1 in the 8th (Thome's HR ties it), 3-2 in 12th (Thome's second HR ties it).