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Friday, June 22, 2007


Classified Ads---Operations
    Caught in a lie
        FTC versus IFC Credit Corporation
Classified Ads---Help Wanted
    Wildwood Closes Its Doors
        Leasing Schools/Franchisors
    Monitor 100 Now Available
“Too Tell the Truth”—by Marks & Weinberg
--More on Equipment Lease Guarantees
    Poem by Barry Marks---
        Dale Davis receives award
American Cap. $125MM Velocity Fin. Group
    Wells Fargo/CIT's Construction Unit
        Wal-Mart/GE to Expand Banking Service
    Blackstone IPO prices at $31/$4.1B
News Briefs---
    You May have Missed---
        "Gimme that Wine"
Calendar Events
    Snapple Real Facts
        Today's Top Event in History
This Day in American History
    Baseball Poem-bonus ”Who’s on First?”
            Daily Puzzle

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


Classified Ads---Operations

East Windsor, NJ
Skilled Manager in credit, collections, training, documentation, policy and procedure, lease and finance operations. Get results and keep the customer coming back.
Boulder, CO
A proven Director acknowledged for the ability to creativly troubleshoot situations, and to develop/implement  turn around programs in both start-up and established operations. E-mail:

To place a free “job wanted” ad here, please go to:

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



Caught in a lie

Filed June 19, 2007, the date of the interviews:

Date of Report (Date of earliest event reported): June 19, 2007

(Exact name of registrant as specified in its charter)

California    0-11113    95-3673456
(State or other jurisdiction    (Commission    (I.R.S. Employer of incorporation)
File Number)    Identification No.)

1021 Anacapa Street, Santa Barbara, CA 93101
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (805) 564-6405 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

    [ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)

    [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)

    [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

    [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement

        On June 19, 2007, Pacific Capital Bank, N.A. (the "Bank"), a subsidiary of Pacific Capital Bancorp (the "Company"), entered into an Asset Purchase Agreement with LEAF Funding, Inc. , LEAF Financial Corporation, and LEAF Commercial Finance Co., LLC (collectively the "Buyer") for the sale of the Bank's equipment leasing and financing business (the "Business").

The following is a description of significant terms of the Asset Purchase Agreement:

1. The Buyer will purchase the equipment lease portfolio
and certain other assets, and assume certain liabilities, for a purchase price equal to 104.7643% of the Bank's net investment in the equipment lease assets. The aggregate purchase price is estimated to be approximately $280 million.

2. The sale of the Business is anticipated to close on June

2. The Bank agrees not to compete with the Buyer for five
years in the third-party origination business of equipment leases of the size and for equipment of the type for which the Business extends leases. This covenant does not prevent the Bank from acquiring, being acquired by, or merging with another business that includes equipment leasing as part of a larger business.

The Company's press release dated June 20, 2007, announcing the execution of the Asset Purchase Agreement as well as the Company's sale of its Indirect Auto Finance portfolio is attached hereto as Exhibit 99.1

Item 9.01 Financial Statements and Exhibits

Copy of SEC filing June 19, 2007:

And you wonder about "truth" in politics and ethics in leasing:

"Thanks for your inquiry, but it would be inappropriate to comment on a rumor."
Debbie Whiteley, Senior Vice President & Director, Communications Programs Pacific Capital Bancorp

"How can you believe such a rumor, Kit. It's not true."
Paul Menzel, CLP, Sr. VP, Pacific Capital Bank

‘She specifically said there is no Pacific Capital transaction on his (Mr. DeMent's) desk. In pursuing this more, she told me again she was the senior assistant and if something was going on with Pacific Capital, she would know. “Don’t listen to rumors,” she advised.”

The same day the story was printed in Leasing News, this press release from Debbie Whitely in the late afternoon:



FTC versus IFC Credit Corporation

In the Federal Trade Commission filing by Senior Attorney Randy Brook, the firm of Askounis & Borst, P.C., Chicago, Illinois requested a continuance of the hearing until July 27, 2007. The FTC made no objection and Northern District of Illinois Eastern District Judge Joan B. Gotschall granted the request.

It is estimated this case without a summary judgment could last a minimum of one and a half years to three years or more.

Hearing the decision, Randy Brook took off on a sea kayak expedition in Southeast Alaska, back in Seattle, Washington on June 27.

By the way, here is the list of attorneys, to give readers an idea of what the cost of this case may become.

Plaintiff: Federal Trade Commission represented by Randall H. Brook Phone: 206 220 6350

Plaintiff: Federal Trade Commission represented by David M. Horn Phone: 206 220 6350

Plaintiff: Federal Trade Commission represented by Maxine R. Stansell Phone: (206) 220-6350

Defendant: IFC Credit Corporation represented by Beth Anne Alcantar Phone: 847-663-6740
Fax: 847-663-6741

Defendant: IFC Credit Corporation represented by Vincent Thomas Borst Phone: (312) 861-7100
Fax: 312-861-0022

Defendant: IFC Credit Corporation represented by David Alexander Darcy Phone: (312) 861-7100
Fax: (312) 861-0022

Defendant: IFC Credit Corporation represented by Debra Rose Devassy Phone: (312) 861-7100

Defendant: IFC Credit Corporation represented by Kenneth D. Peters Phone: (312) 861-7100
Fax: 312-861-0022

Defendant: IFC Credit Corporation represented by Stephen Charles Schulte Phone: (312) 558-5600

Defendant: IFC Credit Corporation represented by Jeffrey Mark Wagner Phone: (312) 558-5600



Leasing Industry Help Wanted

EFD Marketing Specialist

EFD Marketing Specialist
Walnut Creek, CA

You will serve as a liaison between the department’s equipment leasing brokers and internal staff. Requires a BA or 3 years of relevant experience. CLICK HERE for a detailed description and resume submission



Wildwood Closes Its Doors

“It is with much regret that we announce the closing of Wildwood Financial Group, Ltd. effective June 30, 2007 due to the death of our founder Bob Baker, CLP.

“Following the decision to close, the staff has been asked to wrap up operations and close the office ending the week of June 22nd.

“To all of our clients, funding sources, and business consultants, we appreciate your prayers and support through the good years and during this most difficult time.”

The Staff at Wildwood Financial Group, Ltd.

Mona Janes, CLP
Tracy Galibert
Donna Fite, CLP
Mary Ann Pompe
Tabitha Heinz
Kimberly Willen

In 1995, after being in the finance and leasing industry for over 30 years, the late Bob Baker, CLP, formed the Wildwood Financial Group, Ltd. The concept of Wildwood was created by accident. Bob was a frequent speaker conducting seminars and workshops at various leasing association conferences. After a Bob’s sessions at these workshops, several companies approached him to do in-house training.

He grew this concept to $34,950 for training, and follow-up, helping graduate place leases. He was the main contact, knowing what went where and why. He also brought members into leasing associations. In 1995, he won the United Association of Equipment Leasing membership contest with 27 new members in a several month period. He also probably brought an equal number into the growing National Association of Equipment Leasing Brokers. He wanted his graduates to join leasing associations, network, find sources and make new friends themselves.

In September of last year he purchased assets of Leasing Institute of America (LIA) of Salt Lake City, Utah. The company was owned by ACC Capital and Amembal Associates.

Leasing News has asked the staff if they have plans to start another school, or have employment plans, or are available in the marketplace, but has not heard from them at press time.



Leasing Schools/Franchisors

(For our "Financial and Sales Training" list, please click here)

Corporate Capital Leasing Group Grows to 24 Offices

“Our company, Corporate Capital Leasing Group, Inc was started 12 years ago by Ken Glasgow who has 41 years experience in equipment leasing. Three years ago we realized that due to down sizing or retirements, there were many good people looking for employment or a business opportunity. So we developed a program to recruit and train our own sales people. We looked for people who had experience in some form of business (preferably one that relates to equipment or vehicles), and were comfortable with customer contact.

“We developed a training plan that concentrates on marketing with the goal of making our people productive and earners as quickly as possible. The training consists of a manual, CD's and an on line Bulletin Board that now has over 350 posts and can be searched for answers to specific questions. It is also a place where we post new programs and describe recent unusual leases. We call our people Regional Managers (RMs) and each one has a protected territory and signs a 10 page Agency Agreement outlining their responsibilities.

“Since time is a Leasing Broker's worst enemy, we encourage our RM's to call and preview any potential application that isn't "cookie cutter" so that we can tell them if it is worth pursuing and what they would need to go further. Most of our training is by actually doing leases since we hold their hand every step of the way and explain what we are doing. To separate the workers from the dreamers, we required a refundable $950 security deposit for the training materials; not enough to eliminate good people and enough to make sure they were going to use the training we give them to bring applications to us and not set up shop across the street. The $950 is refunded when they book $95,000 or more in leasing business (in addition to their commissions) and several RMs did that the first month.

“Our Regional Manager Program is based on our belief that we are in the leasing business, not the training business and that we make more money doing leases than by selling training. Our Regional Mangers have grown to twenty four offices but we have had people who realized that they couldn't sell leasing for some reason and we have had some called up to the Reserves or National Guard.

“We have also had people who, after a few years wanted to go out on their own as Lease Brokers and they went with our blessing and recommendation and suggested they join the National Association of Equipment Leasing Brokers.

“ We are not actively looking for additional RMs now but if someone who has and interesting background and lives in an area where we are not represented would contact us, we would gladly talk to them.”

Ken Glasgow
Corporate Capital Leasing Group, Inc.

Global Leasing

Program cost: $19,950.00

In 2003, broker/lessor Global Leasing founder Phil Dushey created a new division to train independent salesmen in all the aspects of finance, including leasing, accounts receivable financing, business acquisitions, debt restructuring, working and venture capital. His students have found great success and he spends most of his time now developing entrepreneurs, who also utilize his knowledge and sources of funds.“

“We are not super brokers and have never been one. Occasionally we will co-broker a transaction, but generally we function as a lessor for our own accounts. 2. Our website address for our training is 3 When we train our students we do not have them send transactions through Global. We set them up to deal directly with the lenders. We also require that all lenders who work with our students will automatically approve them to do business with them. Also our current price for the program is $24,950 We also model our training program from the experience we have from being in the business for about 25 years that a broker needs to serve all of the financial needs of their clients ,whether it be equipment leasing ,factoring, acquisitions, SBA Loans or debt restructuring, we do it all."

Philip Dushey

Global Financial Services
17 State Street
New York NY 10004
Phone 212-480-4900

Mr. Dushey is also on the Leasing News Advisory Board

Lease One, Lynnfield, Massachusetts

“Our program has been operating for 14 years, we charge $19,900 for a three day training, & offer lifetime support , ongoing marketing assistance, plus complete underwriting which allows the associate more time to market there company& we provide everything from materials, airfare, hotel , food, equipment etc...”
Joe Angelo, Jr.




Monitor 100 Now Available

The 2007 Monitor 100 issue has "hit the streets" this week - and it's bigger and better than ever!

We've "deconstructed" our traditional format and we're proud to present this year's survey results in seven distinct sections: an overview, net assets, new business volume, captive leasing, the global scene, personnel and a wrap up of non-data related input from survey participants.

Each section contains relevant articles by industry leaders as well as important news collected from our archives. And once again, the Monitor is pleased to present Monitor 100 Executive Perspectives - individual profiles of 14 leasing executives.

So check your mailboxes for this year's Monitor 100 issue - it's on the way.

If you simply can't wait for your print copy, the electronic version of this year's Monitor 100 Report containing survey data is available now. To order:




More on Equipment Lease Guarantees

Barry Marks & Ken Weinberg
Marks & Weinberg, P.C.

Thanks to everyone who responded to our recent article on guaranties executed in equipment finance transactions. In answer to many of the questions, and further to the issues raised in the article:

1.    The most common question that was raised was whether intra-family guaranties escaped the consideration issue. The usual case in point is that papa has all the money and is providing a guaranty for Junior’s new business.

The courts have been very creative in this situation about accepting “love and affection”, a duty to provide support in the future (long-term care) and such as consideration for the guaranty. Generally speaking, when we are dealing with individuals we can be a little less stringent on the rules, particularly where a family or other personal relationship is involved. We still like to consider the issue and have some documentation in the file as to why the parties think there is good consideration.

2.    This brings about a very important point that we want to reiterate: We are not saying that upstream, cross-stream or other guaranties that do not clearly show significant consideration are worthless. We are saying that they are vulnerable to attack and their value should be considered.

3.    It is also important to bear in mind that the court is going to look carefully at any guarantor trying to get out of a guaranty by claiming failure of consideration. The worst problem is where a third party creditor is involved. This will most commonly arise in a secured guaranty.

Obviously, if the guaranty is going to have any value, the guarantor’s credit must be strong. The likelihood of the guarantor going bankrupt should be far less than that of the lessee defaulting. The exception to the rule is where a secured guaranty is involved and the guarantor is providing collateral for someone else’s lease or loan.

The consideration issue is most important in those situations. The possibilities exists that the guarantor might, in fact, follow the lessee into bankruptcy and the Trustee for the guarantor or a third party creditor, might attack the lessor/lender’s security interest in the collateral pledged as security for the guaranty.

Once again, no one is saying that the guaranty is worthless or that the security interest unenforceable. The point is that, going into any guaranty situation, we advise readers to take a moment and consider what the consideration to the guarantor is and whether it represents what a reasonable person would consider “reasonable”, “adequate”, “sufficient” or the like in common parlance.

4.    The Model Business Corporation Code, which has been enacted in most states, includes a statute granting broad authority for boards of directors to approve corporate guaranties. We are not aware of any case that has construed this to do away with the consideration requirement or to address the other issues we raised in our article. Nevertheless, it may be helpful in convincing banks and other funders to accept corporate guaranties if there is a question about the corporation’s legal authority to execute the guaranty.

    Unfortunately, the subject addressed by the statute raises another issue: Does the execution of a guaranty always require the approval of a board of directors? We generally take a conservative view on this subject when representing the bank, but sometimes the argument can be made that the execution of the guaranty, like the lease or loan itself, is in the “ordinary course of business” of the corporation and therefore something that the president or perhaps a vice president can approve in the course of the company’s business.

    This issue merits its own article, but we suggest you consider whether the equipment being used is essential to the subsidiaries or other affiliated company’s business and whether the party providing the guaranty is actually an entity clearly formed for the purpose of providing the guaranty.

Ken and I will be happy to field your questions at any time and thanks again for all the response. Our new website, is up and running and should be updated monthly with new cases and ideas.

Previous Guarantee Article:

Suite 525, 2001 Park Place North
Birmingham, Alabama 35202
P. O. Box 11386
Birmingham, Alabama 35203
fax 251.8305

Barry S. Marks concentrates his practice in the areas of equipment leasing, commercial lending and finance. He has significant experience negotiating, drafting and providing legal counsel with respect to a large variety of finance transactions. Barry is listed in The Best Lawyers in America®, is a Director Emeritas - National Association of Equipment Leasing Brokers, is a Past Member of Legal Committee of the Equipment Leasing and Finance Association, is currently on the Board of Editors for the Journal of Equipment Lease and Financing and Leader's Equipment Leasing Newsletter and was the first attorney to obtain the designation of a Certified Lease Professional. Barry is also co-editor of , a recipient of the Bill Granieri Award for Education in Equipment Leasing, National Association of Equipment Lessors (1999) and a frequent lecturer on business and commercial law issues. He has co-authored three books and chapters in two legal treatises.

Ken Weinberg, Esq.
Suite 525, 2001 Park Place North
Birmingham, Alabama 35202
P. O. Box 11386
Birmingham, Alabama 35203
Phone: 205.251.8307
Fax: 205.251.8305

Ken Weinberg, founding shareholder, concentrates his practice in the areas of equipment leasing, commercial lending and finance and general business law.
He created a monthly column entitled “Dispatches from the Trenches” for the nation's largest equipment leasing publication, Monitor Leasing and Financial Services (since 2002). For access to a searchable database of the 40-plus articles, visit the Cases and Articles section of our website. Co-Editor -
Frequent lecturer on Article Nine of the Uniform Commercial Code and on equipment leasing generally. He is a member of the - Equipment Leasing and Finance Association, National Association of Equipment Leasing Brokers, UCC Subcommittees on Leasing and Secured Transactions, American Bar Association, Alabama State Bar University of Georgia School of Law, J.D., 1999, cum laude, Executive Articles Editor of Journal of Intellectual Property Law. Vanderbilt University, B.A., 1996, magna cum laude, Phi Beta Kappa, Special Honors in the College of Arts and Science

Previous “To Tell the Truth” articles here:



Poem by Barry Marks---

Barry S. Marks “A Collection of Poetry” won the 2003 Morris Memorial Chapbook Award from the Alabama State Poetry Society.

Here is a poem from the collection:


When you told me to get out, your anger
punched a hole through our marriage;
a black spot hung in the air
in the kitchen, in between us.

When I looked at you, it obscured your face,
so I tried walkin' to the side, but it was still there,
a black spot as big as your fist.

It made a sucking sound
and began to grow.

My first though was to find something
to plug it up, yours, to your credit,
was for the children, who you loaded into the car
and drove off, leaving me with the blackness
as it swelled into the dining room.

I ran upstairs for a Bible
but when I turned around
it was advancing up the steps and
it backed me into the bedroom,
into the closet, into a corner and
all I could see was black so I knew
it was on me and closed my eyes
and held my breath but I had to
breathe so I inhaled and when
I opened my eyes the lights were on
and everything was back the way it should be.

At least that’s what I thought
damn you,
until I looked in the mirror.


From time-to-time Leasing News will run other poems from this collection.

Leasing News readers may purchase “Poems from the Big Table” that Barry and his friends put together from



Leasing News Advisor Dale Davis receives award

Dale R. Davis

TriWest Financial

Republic Fleet Services

Annual Awards recognizing outstanding service to the Vehicle Leasing Industry and the National Vehicle Leasing Association (NVLA) were presented at the Annual Conference held earlier this month.
The highest honor awarded by the NVLA, the Clemens-Pender Lessor of the Year Award, given to the lessor who best exemplifies the highest standards of professional conduct was bestowed upon Dale Davis, President of Republic Fleet Services by Joan Pender Beyers.

Kathleen Everhart, CVLE, received the Samuel J. Lee Memorial Award for her distinguished service as an associate member of the NVLA. Awards were also presented to Elaine Litwer, Mike Wood and Tarry Shebesta for their outstanding commitment to the NVLA while serving on the 2006/07 Board of Directors.

Reportedly the 2007 event "shattered" attendance records set only a year ago and included representatives from primary bank and credit union funding sources, independent Lessors, captive funders, manufacturers, and many suppliers of industry related goods and services.

The 2007 Conference included comprehensive educational seminars dedicated to commercial, fleet and consumer lessor, as well as credit union and bank lessors. The exhibit hall featured vehicles from Ford, Toyota, and Nissan as well as commercial up-fitted vehicles from Leggett & Platt (ABC) and Ford Commercial. These manufacturers were invited to launch their 2008 Fleet Product and Program Presentations during lunch and evening general sessions, generating much buzz about what’s new on the scene in the automotive world for 2008.

Annual Elections were held for the National Officers of the NVLA at the Annual Meeting on June 9th. Officers for 2007/08 elected by the members are: President – Tarry Shebesta of ACS Sales & Leasing; First Vice President - Michael Wood of Auto One Lease, Inc.; Second Vice President – Scott Crawford, CVLE of Wilmar, Inc.; Third Vice President - Steven Posner of Putnam Leasing Company, Inc.; Secretary/Treasurer – Roger Camping, CVLE, of RC Auto Corp, Inc; Director at Large – Mark VanNest, CVLE, of MWL Financial Services; Director at Large – Andrew Carr, CVLE of Quality Leasing Company, Inc.; Associate Director – Kathleen Everhart, CVLE, of GMI Insurance.

In a moment of great pride NVLA President David Blassingame passed the gavel to the newly elected President Tarry Shebesta. David celebrates a resoundingly successful year in office, having presided over NVLA’s shift to a new association management firm, The Leonard Resource Group. As well, his presidency witnessed the rebirth of the Certified Vehicle Leasing Executive educational program, and he concluded his year in office with an economically strong NVLA.

In his inaugural speech, incoming President Tarry Shebesta laid out his plans and ideas for the coming year. “Two important priorities are to grow the membership and expand our lease education programs,” noted Shebesta. Other areas of attention include enhancing fleet relationships with auto manufacturers and addressing the many legal issues that affect the leasing industry.

Next year’s conference will celebrate NVLA’s 40th anniversary and will be held June 11th – June 14th 2008, at the Camelback Inn and Resort in beautiful Scottsdale, Arizona.
For more information on the National Vehicle Leasing Association, contact NVLA headquarters at 800.225.NVLA, or, or visit the NVLA website at

About the National Vehicle Leasing Association (NVLA)
NVLA provides educational opportunities, promotes responsible legislation and communicates with members regarding developments and trends in vehicle leasing. NVLA promotes the independent leasing industry while encouraging the highest ethical and professional standards.
NVLA Headquarters
Marques Silva, 800-225-NVLA
Account Manager


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

American Capital Invests $125 Million in Velocity Financial Group

Bethesda, MD –– American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that it and an affiliate have invested $125 million in Velocity Financial Group Inc., a newly formed specialty finance company that will provide equipment financing and working capital to middle market and venture-backed companies. American Capital’s investment takes the form of senior subordinated debt and preferred equity. American Capital Equity Fund I LLC, a fund managed by American Capital, provided 30% of the American Capital equity investment. Velocity Financial Group’s management is investing alongside American Capital.

Velocity Financial Group Inc., a newly formed specialty finance company that will provide equipment financing and working capital to middle market and venture-backed companies. American Capital’s investment takes the form of senior subordinated debt and preferred equity. American Capital Equity Fund I LLC, a fund managed by American Capital, provided 30% of the American Capital equity investment. Velocity Financial Group’s management is investing alongside American Capital.

“Velocity Financial Group is positioned to become a key provider of equipment leasing to middle market companies and of venture finance for small, venture-backed companies,” said Bob Grunewald, American Capital Managing Director, Financial Services Group. “Leveraging its independent status and management expertise, Velocity will differentiate itself in a highly competitive market by providing unbiased consultative services on hardware and software. In addition, management’s experience financing venture capital companies will be a key differentiator, particularly when coupled with American Capital Financial Services Group’s broad contacts and knowledge of the venture market.”

Velocity is a specialty finance company providing equipment financing and working capital to middle market and venture-backed companies. Velocity was launched in May 2007 with approximately $400 million in available capital, including American Capital’s investment. It was formed by a team of former executives from Comdisco Inc., including the former CEO of the company’s technology leasing division and the head of the company’s east coast venture finance division. Velocity provides equipment leasing to middle market companies with revenue of between $20 million and $1 billion through its Middle Markets Group and venture leasing and lending to venture-backed companies through its Ventures Group. Velocity is headquartered in Chicago and will serve the venture community out of offices in Boston and Silicon Valley.

"We are delighted that American Capital is supporting Velocity Financial Group in establishing a new financing alternative for middle market and venture-backed companies,” said Velocity Chief Executive Officer Frank Cirone. “American Capital’s expertise in financial services and credit evaluation, as well as its network among middle market companies and venture capital providers, make it the ideal investment partner for Velocity."

"We set out to build a permanent balance sheet, with strong financial partners that had wide reach, were experts in our business and shared our perspective of building an enterprise for long term sustainability and success. We found all of these qualities in American Capital," says Velocity President Jan Haas.

American Capital has invested directly and through its funds under management $8.7 billion in the last twelve months, $4.6 billion year to date and approximately $3 billion quarter to date. Not including funds under management, American Capital has invested $6.1 billion in the last twelve months, $3.1 billion year to date and approximately $2 billion quarter to date. For more information about American Capital’s portfolio, click here.

The Financial Services Group offers capital solutions for consumer and commercial finance, insurance and asset management companies. The Group invests throughout the capital structure, including senior debt, subordinated debt and equity, and investments up to $800 million in each transaction. Companies interested in learning more about American Capital's Financial Services Group should contact Bob Grunewald, Managing Director, at (301) 951-6122.

American Capital is the second largest U.S. publicly traded alternative asset manager with $12 billion in assets under management (second to Fortress (NYSE: FIG)). American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from $5 million to $800 million per company in North America and €5 million to €500 million per company in Europe.

As of May 31, 2007, American Capital shareholders have enjoyed a total return of 656% since the Company's IPO - an annualized return of 23%, assuming reinvestment of dividends. American Capital has paid a total of $1.6 billion in dividends and paid or declared $24.24 dividends per share since going public in August 1997 at $15 per share.

Companies interested in learning more about American Capital's flexible financing should contact Mark Opel, Senior Vice President, Business Development, at (800) 248-9340, or visit or


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

Wells Fargo to Acquire CIT's Construction Unit

SAN FRANCISCO and NEW YORK, – Wells Fargo & Company (NYSE: WFC) and CIT Group Inc. (NYSE: CIT) today signed a purchase agreement for Wells Fargo to acquire CIT Construction, the U.S. construction lending business unit of CIT. CIT Construction had $2.4 billion in assets and 235 employees as of March 31, 2007. Terms of the agreement were not disclosed. The acquisition is expected to be completed by the end of this month.

Headquartered in Tempe, Arizona, CIT Construction has provided commercial financing to the construction industry since 1938. It serves contractors who build and repair infrastructure, as well as equipment distributors/dealers that sell and rent construction equipment throughout the U.S. It will operate as a division of Wells Fargo Equipment Finance, Inc.

“Consistent with our vision to satisfy all our customers’ financial needs, CIT Construction significantly expands our equipment finance lending capabilities and brings us opportunities to serve our customers even better,” said Tim Sloan, group head of Wells Fargo’s Commercial Banking, Real Estate and Specialized Financial Services Group. “We’ll be able to offer Wells Fargo’s full suite of products and services to CIT Construction’s customers. This transaction supports Wells Fargo’s long-term strategy to expand a core industry important to the growth of Wells Fargo Equipment Finance,”

“Our decision to exit this long-standing CIT business reflects our commitment to increasing shareholder value through proactive portfolio management as we look to redeploy capital to other high growth areas of our business,” said Walter J. Owens, president of CIT’s Corporate Finance Group.

CIT Construction originates and services senior secured loans collateralized by a wide range of high-quality construction equipment. It is one of the largest non-captive lenders in the industry with long-standing relationships with most of the industry’s leading participants. Its top 50 clients have been with the company an average of 19 years, and its executive management team averages 26 years of experience and 19 years with CIT Construction.

“This transaction complements Wells Fargo Equipment Finance’s strategy of providing capital to meet the needs of customers, ranging from middle market contractors to large manufacturers, in a core U.S. industry,” said John McQueen, head of Wells Fargo Equipment Finance, Inc. “CIT Construction is recognized as an industry leader. The team that will be joining us is experienced, passionate and committed to the construction industry. We look forward to building on its success by providing additional products and services for both our customers.”

“Our commitment to providing our customers with the same quality service they have come to expect will be seamless as a result of this transaction,” said Ron Riecks, president of CIT Construction. “Our team is excited to join the Wells Fargo family and build upon our financing record of success.”

About Wells Fargo Equipment Finance, Inc.
Wells Fargo Equipment Finance, Inc., a wholly owned subsidiary of Wells Fargo Bank, N.A., has a portfolio that exceeds $9 billion, and serves more than 26,000 customers in the U.S. and Canada.

About Wells Fargo & Company
Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet ( across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”

About CIT
CIT Group Inc. (NYSE: CIT), a leading global commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $80 billion in managed assets and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has approximately 7,500 employees in locations throughout North America, Europe, Latin America and Asia Pacific.


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

News Briefs----

Wal-Mart/GE to Expand Banking Service

Blackstone IPO prices at $31 a share, raising about $4.1B

'Live Free or Die Hard'---Bruce Willis



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Fresno State Winery creates new wine for national retailer

Matriarch has guided St. Helena winery for 25 years
Historic Spottswoode celebrates anniversaries

Couple to pop cork on new winery near Mount Sterling, Illinois

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Calendar Events This Day

Chocolate Éclair Day

Croatia: Antifascist Struggle Day –
National Holiday. Commemorates uprising against fascist invaders in 1941.

Stupid Guy Thing Day –
Women are always talking about it, so here’s the day to commemorate it! Women every-where are to make a list of “stupid guys things” and pass it on!

Take your dog to work day –
A day to celebrate the great companions dogs make and to encourage adoption from animal shelters. Annually, the first Friday after Father’s Day.

Saint feast Days



There are more doughnut shops per capita in Canada than in any other country.



Today's Top Event in History

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.


This Day in American History

    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.
    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.
    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: )
    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
    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.
    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.
    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).
    2006--California and the rest of the West Coast got hit by a big heat wave. For three days it has been over 100 degrees in the shade.
It was 104 degrees at Los Gatos, California, where I work. The air conditioning could not keep up and when the office hit 83 degrees at 3pm, we closed up and all went home for a cool one.

NBA Finals Champions This Day

    1994 Houston Rockets



Baseball Poem

Play at the Plate

From the book

“That Sweet Diamond “
by Paul B. Janeczko, Carole Katchen (Illustrator)

watch the ball
short hop the wall and
the right fielder-who
can't pick it up fast enough -
finally snatch it
sling it
to the impatient cut-off man,
who throws home
almost before he turns.

watch the runner
toe the inside corner of third,
eyes on
the coach's windmill arm
signaling haste.

watch the meeting place:
the catcher begging for the ball
so he can sweep the tag
at the runner beginning
his slide
before the umpire,
holding his mask
behind his back
as casually as a satin heart
of valentine candy,
signals the meeting over,
the runner safe.

Baseball Bonus

The original radio show of Abbott and Costello’s, “Who’s on First Base.”




The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?



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