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

Orange, California

Director of Underwriting
Manage credit department with approval
up to $75,000, greater with committee

Portfolio Manager
Manage Collection Efforts for 1,000+ customer base

Cash Management Accountant
1 to 2 years of related accounting/treasury experience

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

Monday, March 11, 2013

Leasing News Advisory Board
 List of Advisors with Biographies
  Classified Ads---Credit
Marlin Business Service Form 10-K Highlights
 What you did not see in the press release
  by Christopher Menkin
   Companies who utilize Evergreen Clauses
    for Extra Lease Payments
     Cartoon—Fax Food
 More Copier Woes
  Coactive Capital Partners
   By Tom McCurnin
    “I Have an Offer---Now What?”
      Career Crossroad---By Emily Fitzpatrick/RII
       Classified Ads---Help Wanted
Leasing 102 by Mr. Terry Winders, CLP
 Depreciation and ITC
  It's Alabama, Not Georgia Bank Failure
   Bank Beat--by Christopher Menkin
    Media Tips - Learning from the Reporter’s Perspective
     Top Stories March 3--March 6
      (You May Have Missed)
        Leasing Attorneys
 Labrador Retriever --- Beautiful Golden
  Mount Laurel, New Jersey Adopt-a-Dog
News Briefs---
 Hedge Fund Manager Found and Jailed in Fraud
  ILFC Awarded 2013 Lessor of the Year
   -Trade Industry Recognition Caps 3-Year Turnaround Effort
    NYC pension funds join effort to oust HP directors
     TechFest gives glimpse of Microsoft’s future

Broker/Funder/Industry Lists | Features (collection)
Top Ten Stories Chosen by Readers | Top Stories last six months

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

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Leasing News Advisory Board
List of Advisors with biographies

Chairman, Advisory Board
Bob Teichman, CLP Teichman Financial Training, Sausalito, CA.
Advisory Board
Steve Crane, CLP CLP, Bank of the West, San Ramon, CA

Endeavor Financial Services, Costa Mesa , CA

Phil Dushey Global Financial Services, Manhattan, NY
Ken Greene, Esq. Hamrick & Evans, Universal City, CA
Shawn D. Halladay The Alta Group, Salt Lake City, UT
Robert S. Kieve Empire Broadcasting, San Jose, CA
Bruce Kropschot Kropschot Financial Services, The Villages, FL
Bruce Lurie Douglas-Guardian Services Corporation, Houston, TX
Andrew Lea HCL CapitalStream, Pt. Richmond, CA
Allan Levine Madison Capital, LLC., Owings Mills, MD
Don Myerson BSB Leasing, Colorado, Hawaii
Armon L. Mills, CPA J.H. Cohn, LLP, San Diego, CA
Tom McCurnin Barton, Klugman & Oetting, Los Angeles, CA
Hugh Swandel The Alta Group, Canada
Paul Weiss Panthera Leasing, San Francisco, CA
Rosanne Wilson, CLP 1st Independent Leasing, Beaverton, OR
Ginny Young former Brava Capital, Orange, CA

Christopher Menkin Saratoga, California




Classified Ads---Credit

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

Greater Atlanta, GA
13 yrs. small ticket--directly w/brokers & direct sale, plus working
capital.. Most recently Medical.  
Cell: (770) 561-1434 LinkedIn: | Resume

Free Posting for those seeking employment in Leasing:

All “free” categories “job wanted” ads:


Marlin Business Service Form 10-K Highlights
What you did not see in the press release
by Christopher Menkin

(107 pages)

What originally is released by all publically held companies (and others as well) is a press release about their financial success (even when it is not). The press release puts forth the best numbers, or a spin on the results, as well as a statement, usually from the president. Almost all press releases are exaggerated position, statements, some even quite ridiculous in their bragging. The media has nothing else, so they disseminate it.

Public held companies often have a telephone or direct meeting with stock analysts, who ask stock related questions or broad economic viewpoints.

What follows for publically held companies is the SEC filing, which gives the full financial condition of the company. It often is a month or longer from the press release. At this time, the media analyst consider old news as they covered the press release.

The Marlin Business Service (NASDAQ-MRLN) Fourth Quarter and Year-end 2012 announcement was issued January 30, 2013. (1) The year-end 12/31/2012 10-K was filed on Friday, March 8, 2013 (2)

What follows are items, some mentioned in the press release, other not, as well as details that those in the leasing industry would find interesting ---that perhaps the general investing public would not even care, but insiders will find revealing.

In chronological sequence:

“ Our average original lease transaction was approximately $12,200 at December 31, 2012, and we typically do not exceed $250,000 for any single lease transaction. As of December 31, 2012, we serviced approximately 69,000 active equipment leases having a total original equipment cost of $842.4 million for approximately 58,000 small and mid-sized business customers.

“From our inception in 1997 to December 31, 2012, we have processed approximately 799,000 lease applications and originated over 334,000 new leases.”
  - page 3

“Our indirect origination channels account for approximately 5% of the active lease contracts in our portfolio and consist of our relationships with lease brokers and certain equipment dealers who refer end user customer transactions to us for a fee or sell us leases that they originated with end user customers.”
  - page 6

“We had personal guarantees on approximately 31% of our leases.

“ At December 31, 2012, approximately 55% of our end user customers insured the equipment under their existing policies. For the others, we offer an insurance product through a master property insurance policy…”
  - page 7

“In May 2000, we established AssuranceOne, our Bermuda-based, wholly-owned captive insurance subsidiary, to enter into a reinsurance contract with the issuer of the master property insurance policy. Under this contract, AssuranceOne reinsures 100% of the risk under the master policy, and the issuing insurer pays AssuranceOne the policy premiums, less claims, premium tax and a ceding fee based on a percentage of annual net premiums written.”
  - page 8

Equipment Category Percentage

page 8

State Percentage

page 9

“Within two hours of receipt of the application, the credit analyst is usually ready to render a credit decision on transactions less than $50,000."
  - page 11

“As of December 31, 2012, we employed 265 people. None of our employees are covered by a collective bargaining agreement and we have never experienced any work stoppages.”
  - page 17

“We are a Pennsylvania corporation with our principal executive offices located at 300 Fellowship Road, Mount Laurel, NJ 08054 (usury laws perhaps as well as Cannon is located in Mount Laurel, NJ-relationship not known at this time).”
  - page 18


At December 31, 2012, we operated from five leased facilities including our executive office facility, a Philadelphia office facility, two branch offices and the headquarters of MBB. Our Mount Laurel, New Jersey executive offices are housed in a leased facility of approximately 50,000 square feet under a lease that was set to expire in May 2013. We also lease 3,524 square feet of office space in Philadelphia, Pennsylvania, where we perform our lease recording and acceptance functions. Our Philadelphia lease expires in July 2013. In addition, we have a regional office in Johns Creek, Georgia (a suburb of Atlanta). Our Georgia office is 5,822 square feet and the lease expires in July 2013. The headquarters of MBB in Salt Lake City is 5,764 square feet and the lease expires in October 2014. We also lease 300 square feet for a sales office in Sherwood, Oregon. This lease commenced September 2010 and is on a month-to-month basis.

Subsequent to December 31, 2012, the Company extended its lease agreement on its executive offices in Mount Laurel, New Jersey from May 2013 to May 2020. Concurrently, the Company also entered into a lease agreement for an additional 9,700 square feet at the same location, which commences in June 2014 and expires in May 2020.”
  - page 25

page 30

Stock Repurchase Plan

“On November 2, 2007, the Board of Directors approved a stock repurchase plan. Under this program, Marlin is authorized to repurchase up to $15 million of its outstanding shares of common stock. This authority may be exercised from time to time and in such amounts as market conditions warrant. Any shares purchased under this plan are returned to the status of authorized but unissued shares of common stock. The repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time. The stock repurchases are funded using the Company’s working capital.

“There were 33,546 shares of common stock repurchased by the Company pursuant to the above plan during the year ended December 31, 2012. As of December 31, 2012, the maximum approximate dollar value of shares that may yet be purchased under the stock repurchase plan is approximately $5.1 million.

“In addition to the repurchases described above, pursuant to the 2003 Plan, participants may have shares withheld to cover income taxes. There were 111,769 shares repurchased to cover income tax withholding pursuant to the 2003 Plan during the year ended December 31, 2012, at an average cost of $14.21 per share.”
  - page 33

Provision for credit losses. The provision for credit losses increased $1.8 million, or 43.9%, to $5.9 million for the year ended December 31, 2012 from $4.1 million for the year ended December 31, 2011, primarily due to the impact of portfolio growth and the ongoing seasoning of the portfolio, partially offset by lower charge-offs. Net charge-offs were $4.8 million for the year ended December 31, 2012, compared to $6.5 million for the year ended December 31, 2011. The reduction in net charge-offs was primarily due to improved delinquency migrations. Net charge-offs as a percentage of average total finance receivables decreased to 1.11% during the year ended December 31, 2012, from 1.81% for the year ended December 31, 2011. The allowance for credit losses increased to approximately $6.5 million at December 31, 2012, an increase of $1.1 million from $5.4 million at December 31, 2011.”
  - page 41

page 48

Residual Performance

“Our leases offer our end user customers the option to own the equipment at lease expiration. As of December 31, 2012, approximately 67% of our leases were one dollar purchase option leases, 31% were fair market value leases and 2% were fixed purchase option leases, the latter of which typically contain an end-of-term purchase option equal to 10% of the original equipment cost. As of December 31, 2012, there were $29.9 million of residual assets retained on our Consolidated Balance Sheet, of which $23.8 million, or 79.6%, were related to copiers. As of December 31, 2011, there were $32.7 million of residual assets retained on our Consolidated Balance Sheet, of which $26.5 million, or 80.9%, were related to copiers. No other group of equipment represented more than 10% of equipment residuals as of December 31, 2012 and 2011, respectively...”
  - page 49

“Our leases generally include renewal provisions and many leases continue beyond their initial contractual term. Based on the Company’s experience, the amount of ultimate realization of the residual value tends to relate more to the customer’s election at the end of the lease term to enter into a renewal period, purchase the leased equipment or return the leased equipment than it does to the equipment type. We consider renewal income a component of residual performance. Renewal income, net of depreciation, totaled approximately $6.7 million, $7.5 million and $7.7 million for the years ended December 31, 2012, 2011 and 2010, respectively. The decline in renewal income was primarily due to fewer leases reaching the end of their original contractual terms during 2012, as a result of the lower originations during the 2008 to 2010 timeframe.”
  - page 50

Deloitte & Touche financial statement with disclosure of accounting beginning page 61 and continues to page 66, then footnotes from page 67 to all the legal footnotes and forms to page 107 (Of course, much more information that was included in the original press release--- and to those who understand accounting, quite precise.)

  1. Marlin 4th Q and Year end AnnouncementPDF/Marlin4thQandYearendAnnouncement_32013.pdf
  2. Marlin 10K



Companies who utilize Evergreen Clauses
for Extra Lease Payments

Two of the companies on this list do a lot of copier leasing, where it is reported manufacturers are now getting a piece of auto-renewals and as well as insisting that they be in the lease as a condition of the business. Also included in the fine print in the LEAF contract is a one month rental return fee including an inspection fee at the location specified by lessor and while most contracts not return at lessee’s expense (it is not to the local dealer who supplied the copier, but often it reportedly is across the nation as a negotiating tactic.) (1)

The companies in this group use language in their purchase options to confuse, perhaps to deceive, with the result an automatic continuation for an additional twelve months of payments. Often they win transactions with lower monthly payments as the lessee is not aware of the practice at the end of the initial term of the lease.

Several have continuation of payments and the requirement of replacing the equipment for a new lease. Leasing News has had complaints involving companies who invoke the twelve months on a $1.00 purchase option, as well as on an Equipment Finance Agreements.

ACC Capital, Midvale, Utah
Balboa Capital, Irvine, California
IFC Credit, Morton Grove, Illinois
Jules and Associates
LEAF Financial Group
, Philadelphia, Pennsylvania
Marlin Business Leasing, Mount Laurel, New Jersey
Marquette Equipment Finance, Midvale, Utah 
Mazuma Capital Corporation, Draper, Utah
Onset Financial, South Jordan, Utah
Pacific Western Equipment Finance, Cottonwood Heights, Utah 
Republic Bank, Bountiful, Utah
Tetra Financial Group, Salt Lake City, Utah

(Click on name to learn more about the company on this list)

  1. Copier Wars---It's more than the lease payment
    by Christopher Menkin





More Copier Woes
Coactive Capital Partners
By Tom McCurnin

Leasing Companies without Copier Leasing and Governmental Leasing Experience Shouldn’t Do Either. Here, Leasing Company Got Tagged for Invalid Lease.

CoActiv Capital Partners, Inc. v. Englewood Housing Authority, 2013 WL 512348

As I noted last month, copier leasing is a niche which is fraught with some highhanded and cutthroat practices. Combine copier leasing with governmental leasing, and you’ve just doubled your risk. Apparently, one leasing company thought they could just jump into the fray with little experience, and they got burned.

Englewood Housing Authority leases copiers. New Jersey, as well as most other States, has a competitive bidding statute which prohibits a lessor from just waltzing into a governmental agency and signing them up. Englewood Housing Authority had a contract with Ace Copiers which was made in accordance with New Jersey’s bidding law.

CoActive Capital Partners is an equipment lessor in Pennsylvania. It does not advertise that it finances copiers, let alone copiers for governmental use. Yet it did both in 2009. Apparently, one of Ace’s salesmen went to work for CoActive and showed up at the Englewood Housing Authority and observed the old Ace copiers, and promised it would replace them and take care of the old lease. One would think that the salesman, being an experienced governmental deal guy would have known about the New Jersey law, but apparently not. A new copier was installed with a contract balance of around $59,000. There was some evidence that the copier was over-priced in that the model only cost $26,000.

The Housing Authority noticed the problem and cancelled the lease within a few months. CoActive surprisingly sued the Housing Authority. The Court threw out the suit, stating that CoActive “should be aware of the applicable bidding laws, and the law presumes that public contractors operate with knowledge of relevant laws concerning the procedural and substantive discretion and authority of officials with whom they deal.”

CoActive appealed and made the ridiculous argument that the copier was for the use of the Housing Authority’s employees, and the law only applies to equipment which the public as a whole uses. Since the New Jersey law applies to any lease over $17,000, it was clear to the Court of Appeals that the government bidding law applied and that CoActive should have known about it before entering into the lease.

Now, CoActive has a used copier and no contract stream, and probably has the old Ace copiers as well.

The lessons for the equipment lessor are obvious here.

First, Copier leasing is a specialty. If you’re used to leasing yellow iron, don’t try to enter this market.

Second, Governmental leasing is also a specialty. If you’re used to doing corporate leases, don’t try to enter this market without a really good legal staff.

Third, One way to get into both markets is to hire a salesman with experience in each market. But it was obvious from the opinion that this salesman knew the law and for some inexplicable reason went ahead and did this deal without governmental approval.

CoActive Case:

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

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

Previous Tom McCurnin Articles:

Why Choose Advanced Property Tax Compliance?

Dedicated to the leasing industry
click here to learn more. 

Hear What Our Clients say about us 
click here

Gary DiLillo, President 440.871.0555 or



I Have an Offer---Now What?”
Career Crossroad---By Emily Fitzpatrick/RII

Question: I am considering an offer from a company and am very interested in the offer. What kinds of questions should I be asking about the company before accepting?

Answer: Before asking any question, identifying the health of the company must be high on your priority list. It is imperative to know that the company will be functioning in the future. Your role and future income is dependent on your performance, and the performance of the company.

Research and/or review the company’s financial information to determine if the company is growing, remaining static or declining. You will also want to examine the company’s strengths and weaknesses versus those of the competition to determine some relative position within the industry. Additionally, review the strength of the management team and management succession. Here are some points to consider:

  • Performance of the overall industry and how the company performs(ed) in relation to similar companies during economic upturns AND downturns

  • Ownership and potential changes to ownership

  • Management succession

  • Legal issues and any regulatory threats

There are of course many other points to consider before accepting an offer with a new employer, but understanding the historical and future success of the company should be a key factor in your decision making process.

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

Career Crossroads Previous Columns


Leasing Industry Help Wanted


Orange, California

Director of Underwriting
Manage credit department with approval
up to $75,000, greater with committee

Portfolio Manager
Manage Collection Efforts for 1,000+ customer base

Cash Management Accountant
1 to 2 years of related accounting/treasury experience

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



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

Please see our Job Wanted section for possible new employees.


Leasing 102
by Mr. Terry Winders, CLP

Depreciation and ITC

If you were a prudent individual and you saved part of your income after tax by placing it in a savings account. You would have to pay an income tax on the earned interest ---but your principal had already been taxed. We will call it your capital. However, let’s say that after you had saved a sufficient amount you wish to start a business. Therefore, you take your already taxed capital and purchase equipment for your new business.

After some time the equipment you purchased for your company becomes obsolete and needs to be replaced. It will take more capital to purchase the new equipment but all your income has been taxed. It could be said that the government is taxing you out of business. Therefore, the government established a capital recovery system to allow business to have tax free income equal to the loss in value of their business assets. They call it “depreciation.”

In the beginning depreciation was called ADR (asset depreciation range) and it had many ranges so it could get as close to the actual annual loss of value of the equipment. In those cases where ADR did not fit the actual depreciation a company could chose “facts and circumstances,” if it had historical data to back up the depreciation.

In the 1950’s the Marshall Plan had done a good job of helping Europe and Japan recover from the second world war and in the process it was accomplished with modern equipment while the USA was stuck with 1930s equipment so the Kennedy Administration in 1962 introduced the “investment tax credit” to encourage American businesses to retool.

The main feature of ITC was that it was available to the “first user” which allowed small business who could not use the ITC due to limited income to pass it on to a lessor who could use it and receive lower lease payments. It was established at 7% of the equipment cost and it was tax forgiveness--- not tax timing like depreciation was. The 7% was taken in the first year but the taxpayer had to retain the equipment 7 years or return a portion of the credit based on the actual term of ownership. (This is why most true leases had a term of 7 years in those days)

In 1981 the economy was in bad shape and interest rates were at historic highs. The Regan administration raised the ITC to 10% and reduced the requirement of ownership to 5 years. (So, the average term of true leases changed to 5 years) They also made a major change in depreciation and introduced the “Accelerated Cost Recover System” (ACRS) to replace ADR and F&C.

Depreciation no longer followed the loss in value of the equipment. It became a political football that the government could use to impact the economy as seen by the modification of ACRS in 1986 to MACRS. Then in the past few years we have seen 50% bonus depreciation and 100% bonus depreciation. The impact is a question of tax timing. Accelerated depreciation saves taxes in the current year but increases taxes in the future.

ITC is tax forgiveness and is much more effective in stimulating equipment purchases and improving the economy. However, many think it would play havoc with the deficit. I think it would be a tremendous by increasing equipment sales and improving profits and getting the economy moving.

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

He invites your questions and queries.

Previous #102 Columns:


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

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


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


It's Alabama, Not Georgia Bank Failure
Bank Beat--by Christopher Menkin

While eighty-five banks based in Georgia have now failed in the last four years, followed closely by Florida and Illinois, this bank originated in 1946 as Valley National Bank of Lanett, Alabama. It moved its headquarters in 2002 to LaGrange, Georgia, 70 miles southwest of Atlanta.

There have been four failures this year so far compared to 13 at this time last year.

Number of Bank Failures


There are less than 700 problem "institutions" banks, according to the FDIC, and hopefully not as many as in the condition of Frontier Bank.

It does not appear the problems were in Georgia, as LaGrange Bank, a relatively small bank with 26 full time employees at two branches in LaGrange, did not have the charge offs or losses or non-current loans in 2009 or 2012 anywhere near Frontier, as well as has been profitable. It Tier 1 risk-based capital ratio 15.87%, extremely healthy, compared to Frontier Tier 1 risk-based capital ratio 0.65%

It appears Frontier National Corporation, Chelsea, Alabama (FIEC:OTC US) is the holding company formed 1997 for Frontier Bank. William G. Bond signed as CEO on the June 18,2012 FDIC directive (1). Named as CEO in stock director is Steven Townson, vice-chairman, CEO of Frontier Bank, along with Harry Brown Jr.,64, Harry Brown Sr., 91, Charles Reeves Jr., 87; Raymond Styres,74, Wesley Bowden, 76,Jerry Fielding, 65,Steven Sprayberry,60 Barry Vaughn,61.

It appears Harry I. Brown Jr., a certified financial planner, entered into the employment agreement "after the merger of First National Sylacauga Corporation and Valley National Corporation."

Mr. Brown, Jr., CFP, was chairman and ceo of Frontier Bank from September, 1977 to May, 2002 "4th Generation Banker in the bank my grandfather started out of his general store. Merged in 1996 with my cousin's bank and am still on board of directors."

The ten offices of Frontier Bank, LaGrange, Georgia, were closed with Heritage Bank of the South, Albany, Georgia, to assume all of the deposits. Founded May 23, 1946 the bank had a high of 144 full time employees in 2007 and end of year, 2012: 98 full time employees at their one bank in Georgia at Lagrange, founded in 1946 and their nine in Alabama, founded 12/16/2002 with two in Chelsea (one more an administrative office, limited service), two in Sylacauga, and one each in Auburn, Pelham, Valley, and Vincent.

This bank made many poor loans, especially in construction and land development, as well as housing loans. Not the charge offs:

(in millions, unless otherwise)

Charge Offs

2006 $804,000 ($547,000 1-4 family,$188,000 indiv.,$35,000 comm, $62,000, constr./land,-$28,000 nonfarm
2007 $556,000 ($247,000 indiv.,$176,000 const. land, $147,000 nonfarm/nonres.
2008 $2.9 ($2.4 construction/land,$182,000 1-4 family, $132 other loans, $995,000 commercial/ind.,$64,000 individual, $53,000 credit cards)
2009 $11.9 ($9.0 construction/land,$2.5 1-4 family, $260,000 commercial/ind., $197,000 loans to indiv.,$187,00 other consumer loans)
2010 $3.5 ($2.2 construction/land,$1.0 1-4 family res,$113,000 nonfarm/nonres,$90,000 individual,$96,000 other loans)
2011 $13.0 ($9.4 construction/land,$1.5 nonfarm/nonres,$1.3 commercial, $232,000 individual, $175,000 other consumer, $58,000 other loans) 2012 $6.9 ($2.5 construction/land, $1.7 commercial,$1.0 multifamily, $640,000 nonfarm/nonres.$381,000 individuals, $193,000 other consumer loans, $163,000 auto loans, $20,000 other loans

Construction and Land, 1-4 family multiple residential, Multiple Family
Residential, Non-Farm Non-Residential loans.

The non-current loans followed the real estate write-offs:

Non-Current Loans
2006 $1.8
2007 $4.0
2008 $2.3
2009 $22.1
2010 $17.4
2011 $36.5
2012 $22.5

Resulting in the losses and net equity showing up in 2009 from the charge off sand non-current loans:

(in millions, unless otherwise)

2006 $3.9
2007 $3.1
2008 $2.6
2009 -$6.0
2010 $165,000
2011 -$20.1
2012 -$5.4

Net Equity
2006 $26.6
2007 $27.3
2008 $28.9
2009 $24.1
2010 $24.8
2011 $6.6
2012 $1.2

As of December 31, 2012, Frontier Bank had approximately $258.8 million in total assets and $224.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, HeritageBank of the South agreed to purchase $111 million in loans. HeritageBank of the South will not acquire any of Frontier Bank's other real estate owned. This transaction does not involve a loss-share agreement, but is subject to an asset purchase discount of $34.8 million.

Three of Frontier Bank's branches are strategically located for HeritageBank of the South along the 40-mile corridor between LaGrange and Auburn, Alabama, a market that the Bank entered in 2012. Six additional branches are located south and southeast of Birmingham, Alabama, marking HeritageBank of the South's entry into this new market.

In a press release, Leonard Dorminey, President and Chief Executive Officer of Heritage Financial Group said their"... strong capital position – with a Total Risk-Based Capital Ratio of 18.4% at December 31, 2012 – has enabled it to continue to take advantage of expansion opportunities. Frontier Bank represents the fourth acquisition with the FDIC that HeritageBank of the South has completed. 'We are excited by the opportunities this acquisition presents to our company, including the overall continued growth of our franchise in Georgia, Alabama and Florida, and more specifically to our growing presence in and around Auburn, Alabama.

"The Auburn-Opelika market has proven to be very attractive for our bank: it is home to Auburn University and the robust economic environment associated with the Kia Motors manufacturing plant and related suppliers in the area, making it one of the most attractive markets in the state.

"Additionally, we look forward to the opportunity to enter the Birmingham market," Dorminey added, "one of the major metropolitan markets in the state where we hope to differentiate HeritageBank of the South as a leader in community banking and build a solid banking platform for future growth.

Overall, we feel confident about the quality of the assets we are acquiring and the limited risk structure of this deal."

(1) FDIC Directive

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.6 million.

Bank Failure Map:

List of Bank Failures:

Bank Beat:




Media Tips - Learning from the Reporter’s Perspective

    1. Go into an interview with a positive perspective. 
    2. Most reporters aren’t trying to make you look bad. They just want an interesting story for their audience. 
    3. Never forget that media people make their money by telling as interesting a story as possible in order to gain the largest audience as possible. 
    4. Do you like it when possible business partners, clients, or dates don’t return your phone calls? 
    5. The media will hate you if you don’t return their calls.
and 212-764-4955.



Top Stories March 3--March 6
(You May Have Missed)

Here are the top ten stories opened by readers:

(1) Top Five Leasing Web Sites—
Why These Companies Are Growing in Sales

(2) Demand Up for Small Business Lending
-- Direct Capital report

(3) Leasing Schemes’ Court Cases Update
by Christopher Menkin

(4) California Bankruptcy Court Throws Out
Adversary Action Against Balboa Capital and Bank of America
Leasing for Fraudulent Conveyance
By Tom McCurnin

(5) California Case Demonstrates
Perils of Leasing Franchise Restaurant Equipment
--- By Tom McCurnin

(6) New Hires---Promotions

(7) Lamborghini unveils $4 million car

(8) Placard---Do It!

(9) U.S. Bancorp Davis Remains Optimistic, but Cautious

(10) Leasing 102 by Mr. Terry Winders, CLP
Justice vs. the Law

Not Counted for Technical Reasons:
Northern Leasing systems Settles $11 Million NY AG Suit

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Leasing Attorneys

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

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

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

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

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

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

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

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

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


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

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

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

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

John Kenny Receivables Management

• End of Lease Negotiations & Enforcement• Fraud Investigations
• Credit Investigations • Asset Searches 
• Skip-tracing • Third-party Commercial Collections | ph 315-866-1167|

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


Labrador Retriever --- Beautiful Golden
Mount Laurel, New Jersey Adopt-a-Dog

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Large: 61-80 pounds

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He is playful and fun-loving. Reggie is looking for a forever home where he will be loved and get attention. He was rescued from a high kill rate shelter and fostered. He is a handsome boy who would love to be your soul mate. He would make a great jogging companion too. He has a beautiful handsome golden coat. He has a well-known radio host dog trainer and she will be happy to show you all the things he has learned already.
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PO Box 24
Mt. Laurel, NJ 08054
856-642-0004 sanctuarysociety
Let 'em know you saw "Reggie" on

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News Briefs----

Hedge Fund Manager Found and Jailed in Fraud

ILFC Awarded 2013 Lessor of the Year
Trade Industry Recognition Caps 3-Year Turnaround Effort

NYC pension funds join effort to oust HP directors

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Spring Poem

The March wind roars
Like a lion in the sky,
And makes us shiver
As he passes by.

When winds are soft,
And the days are warm and clear,
Just like a gentle lamb,
Then spring is here.

- Author Unknown



Sports Briefs----

Tiger wins another WGC at Doral

Tiger has rival to thank for win

Sacramento group's bid to buy Kings doesn't measure up

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Howard leads Lakers past Bulls,0,7900758.story

NFL roundup: Top players attracting interest




California Nuts Briefs---

Many left behind as Silicon Valley rebounds

Facebook's Sheryl Sandberg doubles down on 'Lean In' campaign


“Gimme that Wine”

The World of Wine: What’s Trending This Spring

Treasures of the Alps by Eric Asimov

Wineries join up to form Mississippi River Hills Wine Trail

The 11th Annual Pinot Noir Summit Presents Rising Stars in the Pinot World

Wine Enthusiast magazine touts "fantastic finds" among Finger Lakes Rieslings

Wine, Etc.: White wines have many advantages over reds

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Winery Atlas\

Leasing News Wine & Spirits Page


This Day in History

 1665 -New York's English Deputies approved a new legal code, which guaranteed all Protestants the right to practice their religious observances unhindered. It seems those leaving the old world brought their religious prejudices with them, but with the intermingling of cultures, things began to change here. This action was the result of English proprietor of New York, James Duke of York who on February 28 th approved official recognition of all Protestant sects. Until this date, the official and only legal church was the Reformed Protestant Dutch Church. This unusual toleration of the Dutch Church by the English Church, by the way, contrasted sharply with the restrictive policies of the Dutch West India Company before its lost of the colony to the British in 1664. Despite this restriction, a great many unauthorized religious groups established footholds in the Dutch colony. This religious diversity inherited by the English proprietor in 1664 made the policy of toleration a practical necessity.
    1731-Robert Treat Paine birthday, Jurist and signer of the Declaration of Independence. Born at Boston, MA; died there May 11, 1814 
    1778 - Marines participated the action when the Continental Navy frigate BOSTON, enroute to France, sighted, engaged, and captured the British merchant ship MARTHA. As the drum of the BOSTON beat to arms, John Adams seized a musket and joined the Marines on deck until the frigate's captain, Samuel Tucker, sent him below for safety.
    1783 - George Washington forbids the unauthorized meeting of officers called for in the anonymous Newburgh Address and suggests a regular meeting of officers to discuss grievances to be held 15 March.
    1789- Benjamin Banneker with Pierre L'Enfant began to lay out Washington in the District of Columbia, Benjamin Banneker has been called the first African American intellectual. Self-taught, after studying the inner workings of a friend's watch, he made one of wood that accurately kept time for more than 40 years. Banneker taught himself astronomy well enough to correctly predict a solar eclipse in 1789. At the request of President George Washington, Banneker was placed on the planning committee to develop the nation's capital. It was lucky for DC that he had been asked to be a part of that process. When Pierre LÌEnfant, the architect who had been asked to lead the design process, was fired for his bad temper he left the city taking all of the plans with him. In two days Benjamin Banneker recreated the complete layout of the streets, parks and major buildings all from memory. His effort saved the U.S. government innumerable time and effort. ( In trying to prove the date of this event, it appears part of this may be “legend” or “hoax” mixed in with the truth. L'Enfant is recognized as the designed and he was “fired.” “As chief designer of the new national capital, L'Enfant quickly antagonized the three commissioners in charge of making sure the place got built. When they complained, he alienated his principal supporters, including George Washington, who reluctantly fired him.”” Although L'Enfant's plan was followed he was dismissed in 1792 after being responsible for removing without permission, the house of Daniel Carroll, an important resident in the city.” “Banneker did not work with L'Enfant. Banneker returned home in April 1791. L'Enfant was appointed in March 1791 to a very different job and worked at that job until March 1792. They would never have met and Bannaker would never have seen L'Enfant's plans which were, according to him, still incomplete in 1792. L'Enfant still has the plans and lived just outside Washington until he died in 1825. He is (now) buried at Arlington Cemetery but refused an appointment as professor at West Point.”
    1824 - The U.S. War Department created the Bureau of Indian Affairs. A lifelong friend and trusted aide of Ulysses S. Grant, Ely Parker rose to the top in two worlds, that of his native Seneca Indian tribe and the white man's world at large. He went on to become the first Indian to lead the Bureau.
    1845- Wittenberg College was chartered in Springfield, Ohio, under Lutheran auspices.
    1853 - Marines from the USS Cyane landed at San Juan del Norte, Nicaragua to protect American lives and interests during political disturbances. Cornelius Vanderbilt, the North American millionaire, recognizing the potential value of a canal route between the Atlantic and Pacific Oceans, felt that the best site for such a canal was across Nicaragua. He began transporting people (especially those prospecting for gold in the western U.S.) across Nicaragua using stagecoach and boats in 1851. 
    1861-The Confederate constitution was adopted unanimously by the Confederate congress in session at Montgomery, Ala. It declared the sovereignty of states and forbade passage of any law prohibiting slavery. Montgomery, Alabama, delegates from South Carolina, Mississippi, Florida, Alabama, Georgia, Louisiana, and Texas gathered and spelled out that their country wanted to preserve slavery, which was the reason for the formation of state. The constitution resembled the Constitution of the United States, even repeating much of its language, but was actually more comparable to the Articles of Confederation--the initial post- Revolutionary War U.S. constitution--in its delegation of extensive powers to the states. The constitution also contained substantial differences from the U.S. Constitution in its protection of slavery, which was "recognized and protected" in slave states and territories. However, in congruence with U.S. policy since the beginning of the 19th century, the foreign slave trade was prohibited. The constitution provided for six-year terms for the president and vice president, and the president was ineligible for successive terms. Although a presidential item veto was granted, the power of the central Confederate government was sharply limited by its dependence on state consent for the use of any funds and resources. Although Britain and France both briefly considered entering the Civil War on the side of the South, the Confederate States of America, which survived until April 1865, never won foreign recognition as an independent government The war was about slavery:
“Representatives and direct taxes shall be apportioned among the several States, which may be included within this Confederacy, according to their respective numbers, which shall be determined by adding to the whole number of free persons, including those bound to service for a term of years, and excluding Indians not taxed, three-fifths of all slaves.”
“No bill of attainder, ex post facto law, or law denying or impairing the right of property in Negro slaves shall be passed.”
“Congress shall also have power to prohibit the introduction of slaves from any State not a member of, or Territory not belonging to, this Confederacy.”
“The Confederate States may acquire new territory; and Congress shall have power to legislate and provide governments for the inhabitants of all territory belonging to the Confederate States, lying without the limits of the several Sates; and may permit them, at such times, and in such manner as it may by law provide, to form States to be admitted into the Confederacy. In all such territory the institution of Negro slavery, as it now exists in the Confederate States, shall be recognized and protected by Congress and by the Territorial government; and the inhabitants of the several Confederate States and Territories shall have the right to take to such Territory any slaves lawfully held by them in any of the States or Territories of the Confederate States.”
    1865- General William T. Sherman captured the town of Fayetteville, North Carolina, and promptly destroyed the Fayetteville arsenal
    1867 - Acquiescing to the will of Congress, President Andrew Johnson appoints commanders for the five military districts carved out by the First Reconstruction Act; 20,000 troops, including black militia, are sent south. Under their protection over 70,000 blacks and 6,000 whites are registered to vote. Many of the whites are landless people who have been prevented from voting in previous years. Coalitions of blacks and southern whites, “scalawags” as they are called, elect representatives sensitive to their needs. With the army also come thousands of northerners, some to help and some to help themselves. These become know as “carpetbaggers” since many seem to have all of their possession in large cheap bags, often made of carpet. In spite of corruption that plays a large part in the post-war years, much food, shelter and technical help will be provided. 
    1888- Great Blizzard of 1888 rages
    1898-Dixieland trombone player Miff Mole born Roosevelt NY
    1901-Birthday of Gladys Rockmore Davis, U.S. artist who has works hanging in the Metropolitan Museum of Art. 
    1903-bandleader Lawrence Welk born at Strasburg, ND. He learned to play the accordion and at 17 formed his first band. After playing all over the Midwest, he moved to Los Angeles where in 1955 his show began its nationwide television broadcast of 'Champagne Music." The longest-running program in TV history, "The Lawrence Welk Show" played each Saturday on ABC from 1955 until 1971 when it was dropped because sponsors thought its audience was too old. One of my closest high school friends, Warren Luening, came from New Orleans to play on this show as a teenager. Today he is a sought after top studio musicians, his trumpet solo's noted on records for Frank Sinatra, Barry Manilow, among many others, plus major motion picture credits. Welk kept the show on a network of more than 250 independent stations for 11 more years after the network, and still can be seen in reruns. Welk's entertainment empire included the purchase of royalty rights to songs, including the entire collection of songs by Jerome Kern. He also was a major real estate investor. His son Larry manages the estate today.
    1903- Dorothy Schiff Thackrey birthday, although born to wealth, she bolted the Republican party to engage in social welfare work. In 1939 she bought the New York Post. She wrestled it though the NYC newspaper wars and it lasted as the only daily afternoon paper.
    1907- a number of rich and famous women of the day including Mrs. John Jacob Astor, Maude Adams, Ethel Barrymore, Mrs. Walter Damrosch, and Mrs. Harry Payne Whitney opened their own women's club The Colony with a clubhouse at 112 Madison Ave., New York City, the first time women had their own public gathering place.
    1907 - After some delays, the trial of political boss Abe Ruef begins, on a charge of felony extortion in demanding the proprietors of Delmonico's restaurant to pay him $1,175 under a threat that he would hold up their liquor license if they did not submit to his demand. 
    1911 -the US snow depth record of 451 inches was measured at Tamarack, California.
    1913- composer John Weinzweig, a pioneer of 20th- century composing methods in Canada, was born in Toronto. Weinzweig was the first Canadian to explore the 12-tone technique in his 1939 work "Suite for Piano Number One." Weinzweig's works are considered to be one of the cornerstones of the Canadian repertoire. His ballet suite, "Red Ear of Corn," composed in 1949, is his best known composition.
    1918-The first cases of the "Spanish" influenza were reported in the US when 107 soldiers became sick at Fort Riley,KS. By the end of 1920 nearly 25 percent of the US population had had it. As many as 500,000 civilians died from the virus, exceeding the number of US troops killed abroad in WWI. Worldwide, more than 1 percent of the global population, or 22 million people, had died by 1920. Due to the panic, cancellation of public events was common and many public service workers wore masks on the job. Emergency tent hospitals were set up in some locations due to overcrowding.
    1919- birthday of band leader/composer Mercer Ellington, Duke Ellington's only son, Washington, DC.
    1922-Drummer Jackie Mills born Brooklyn NY,,517878,00.html?artist=Jackie+Mills
    1922- Madeline Houston McWhinnery birthday, founder of the First Women's Bank in New York City, the first full-service U.S. commercial bank to be predominantly owned and operated by women. In 1989, the name was changed to First New York Bank For Business and in 1994, it was liquidated.
    1926- Sax player Billy Mitchell born Kansas City MO
    1927-First Armored Car Robbery: the Flatheads Gang staged the first armored truck holdup in U.S. history on the Bethel Road, seven miles out of Pittsburgh, Pennsylvania, on the way to Coverdale. The armored truck, carrying $104,250 of payroll money for the Pittsburgh Terminal Coal Company, drove over a mine planted under the roadbed by the road bandits. The car blew up and five guards were badly injured.
    1932-Jazz violinist Leroy Jenkins born 1932 Chicago IL
    1935- Bank of Canada opens.
    1937-Hudson Delange Bank cuts “Sophisticated Swing.”
(see Will Hudson---
    1941- the Lend-Lease program began which enabled Great Britain to borrow money from the US to buy food and arms during World War II, went into effect.
    1942 - Vaughn Monroe and his orchestra recorded "Sleepy Lagoon", the last song Monroe recorded for Bluebird Records. Vaughn sang while Ray Conniff played trombone. Both later went to different record companies: Monroe with RCA and Conniff with Columbia. The baritone of Monroe was heard on radio, and he was in several movies in the 1950s. He died in May of 1973. "Racing With the Moon" and "Ghost Riders in the Sky" were two of his greatest contributions to music.
    1942- Canadian folk singer and songwriter David Wiffen born.
    1942 - After struggling against great odds to save the Philippines from Japanese conquest, U.S. General Douglas MacArthur abandons the island fortress of Corregidor under orders from President Franklin Roosevelt. Left behind at Corregidor and on the Bataan Peninsula were 90,000 American and Filipino troops, who, lacking food, supplies, and support, would soon succumb to the Japanese offensive. After leaving Corregidor, MacArthur and his family traveled by boat 560 miles to the Philippine island of Mindanao, braving mines, rough seas, and the Japanese Navy. At the end of the hair-raising 35-hour journey, MacArthur told the boat commander, John D. Bulkeley, "You've taken me out of the jaws of death, and I won't forget it." On March 17, the general and his family boarded a B-17 Flying Fortress for Northern Australia. He then took another aircraft and a long train ride down to Melbourne. During this journey, he was informed that there were far fewer Allied troops in Australia than he had hoped. Relief of his forces trapped in the Philippines would not be forthcoming. Deeply disappointed, he issued a statement to the press in which he promised his men and the people of the Philippines, "I shall return." The promise would become his mantra during the next two and a half years, and he would repeat it often in public appearances. For his valiant defense of the Philippines, MacArthur was awarded the Congressional Medal of Honor and celebrated as "America's First Soldier." Put in command of Allied forces in the Southwestern Pacific, his first duty was conducting the defense of Australia. Meanwhile, in the Philippines, Bataan fell in April, and the 70,000 American and Filipino soldiers captured there were forced to undertake a death march in which at least 7,000 perished. Then, in May, Corregidor surrendered, and 15,000 more Americans and Filipinos were captured. The Philippines--MacArthur's adopted home--were lost, and the U.S. Joint Chiefs of Staff had no immediate plans for their liberation. After the U.S. victory at the Battle of Midway in June 1942, most Allied resources in the Pacific went to U.S. Admiral Chester Nimitz, who as commander of the Pacific Fleet planned a more direct route to Japan than via the Philippines. Unperturbed, MacArthur launched a major offensive in New Guinea, winning a string of victories with his limited forces. By September 1944, he was poised to launch an invasion of the Philippines, but he needed the support of Nimitz's Pacific Fleet. After a period of indecision about whether to invade the Philippines or Formosa, the Joint Chiefs put their support behind MacArthur's plan, which logistically could be carried out sooner than a Formosa invasion. On October 20, 1944, a few hours after his troops landed, MacArthur waded ashore onto the Philippine island of Leyte. That day, he made a radio broadcast in which he declared, "People of the Philippines, I have returned!" In January 1945, his forces invaded the main Philippine island of Luzon. In February, Japanese forces at Bataan were cut off, and Corregidor was captured. Manila, the Philippine capital, fell in March, and in June MacArthur announced his offensive operations on Luzon to be at an end; although scattered Japanese resistance continued until the end of the war in August. Only one-third of the men MacArthur left behind on March 11, 1942, survived to see his return. "I'm a little late," he told them, "but we finally came." 
    1945- rock guitarist Harvey “Snake” Mandel was born in Detroit. He learned blues guitar in Chicago, and beginning in 1968 played on albums by such artists as Canned Heat and John Mayall. Mandel developed into one of the most sought-after session men, as well as releasing several albums on his own.
    1947- Mark Stein, organist with Vanilla Fudge, one of the first heavy-rock bands, was born in Bayonne, New Jersey. Vanilla Fudge's extended and slow-motion version of the Supremes' "You Keep Me Hangin' On" was a top-ten hit in 1968. Their debut album contained similarly extended versions of such songs as "Eleanor Rigby," "Ticket to Ride" and "Bang Bang." The group called their music "psychedelic-symphonic rock," but audiences soon tired of it. Vanilla Fudge broke up in 1970. Mark Stein later formed a group called Boomerang. There was a Vanilla Fudge reunion in 1986.
    1948-a record cold followed in the wake of a Kansas blizzard. Lows of 25 degrees below zero at Oberlin, Healy, and Quinter, Kansas established a state record for the month of march. Lows of 15 degrees below zero at Dodge City, 11 degrees below zero at Concordia, and 3 degrees below zero at Wichita were records for March at these locations. The low of 3 degrees below zero at Kansas City, Missouri was their latest subzero reading of record.
    1950---Top Hits
Music, Music, Music - Teresa Brewer
I Said My Pajamas - Tony Martin & Fran Warren
Dear Hearts and Gentle People - Bing Crosby
Chatanoogie Shoe Shine Boy - Red Foley
    1950- singer Bob McFerrin born, New York, New York
    1950 -- Frankie Laine's "The Cry Of The Wild Goose" hits #1
    1952-Guitarist Johnny Smith along with Stan Getz cut Moonlight in Vermont, NYC.
    1958—Top Hits
Don't/I Beg of You - Elvis Presley
Sweet Little Sixteen - Chuck Berry
Lollipop - The Chordettes
Ballad of a Teenage Queen - Johnny Cash
    1958-After finding out that her husband, Jerry Lee Lewis has married his 13 year old cousin, Jane Mitcham files for divorce.
    1959-RCA sends a Gold record to Elvis Presley as his single, "A Fool Such As I" reaches the one million sales mark.
    1959- the first play by an African-American woman to appear on Broadway was “Raisin in the Sun,” by Lorraine Hansberry, which opened at the Ethel Barrymore Theatre, New York City. It was a story about an African-American family living in the Southside area of Chicago and starred Sidney Poitier, Ruby Dee, and Claudia McNeil.
    1960-Pioneer 5 was launched from Cape Canaveral, the first spacecraft placed in solar orbit to investigate interplanetary space between the orbits of Earth and Venus. It transmitted data for 138.9 hours.
    1962 -a record heavy snowfall occurred in Iowa, leaving up to 48 inches (at Inwood) on the ground. It was described as "one of the most paralyzing snowstorms in decades".
    1963- the Rolling Stones entered the IBC Studios in London for their first recording session. They recorded cover versions of songs by their r'n'b heroes - Bo Diddley, Willie Dixon and Jimmy Reed. The recordings were never released.
    1966---Top Hits
The Ballad of the Green Berets - SSgt Barry Sadler
Listen People - Herman's Hermits
California Dreamin' - The Mamas & The Papas
Waitin' in Your Welfare Line - Buck Owens
    1967 -- "Yesterday" by the Beatles becomes the most-covered song of all time, notching 446 recorded versions in just two years' time
    1967-- The Supremes' "Love Is Here And Now You're Gone" hits #1
    1968 - Otis Redding was posthumously awarded a gold record for the single, "(Sittin' on) The Dock of the Bay". On December 10, 1967, Redding was killed in a plane crash in Lake Monona in Madison, Wisconsin, and was inducted into the Rock and Roll Hall of Fame in 1989. The song, recorded just three days before his untimely death, was one of 11 charted hits Redding recorded between 1965 and 1969.
    1968-The Supremes enjoy their ninth Billboard number one record with "Love Is Here and Now You're Gone"
    1969 -- The Jackson 5 sign with Motown.
    1970-KELLOGG, ALLAN JAY, JR. Medal of Honor
Rank and organization: Gunnery Sergeant, U.S. Marine Corps (then S/Sgt.), Company G, 2d Battalion, 5th Marines, 1st Marine Division. place and date: Quang Nam province, Republic of Vietnam, 11 March 1970. Entered service at: Bridgeport, Conn. Born: 1 October 1943, Bethel, Conn. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as a platoon sergeant with Company G, in connection with combat operations against the enemy on the night of 11 March 1970. Under the leadership of G/Sgt. Kellogg, a small unit from Company G was evacuating a fallen comrade when the unit came under a heavy volume of small arms and automatic weapons fire from a numerically superior enemy force occupying well-concealed emplacements in the surrounding jungle. During the ensuing fierce engagement, an enemy soldier managed to maneuver through the dense foliage to a position near the marines, and hurled a hand grenade into their midst which glanced off the chest of G/Sgt. Kellogg. Quick to act, he forced the grenade into the mud in which he was standing, threw himself over the lethal weapon and absorbed the full effects of its detonation with his body thereby preventing serious injury or possible death to several of his fellow marines. Although suffering multiple injuries to his chest and his right shoulder and arm, G/Sgt. Kellogg resolutely continued to direct the efforts of his men until all were able to maneuver to the relative safety of the company perimeter. By his heroic and decisive action in risking his life to save the lives of his comrades, G/Sgt. Kellogg reflected the highest credit upon himself and upheld the finest traditions of the Marine Corps and the U.S. Naval Service. 
    1970-The 1969 Grammy Award winners are announced. The Fifth Dimension's "Aquarius/Let the Sunshine In" is Record of the Year. Blood, Sweat and Tears, by the band of the same name is "Album of the Year" and Joe South's "Games People Play" is Song of the Year. Also, Crosby, Stills and Nash won the Best New Artist
   1970-- The Beatles release, "Let It Be"
   1971-TV's fictional Rock band, The Partridge Family, featuring David Cassidy on vocals, receives a Gold record for "Doesn't Somebody Want to be Wanted". It's the second of their five Top 20 hits.
    1971 - Television networks ABC, NBC and CBS were told by the Federal Communications Commission that a limited three-hour nightly program service -- or ‘prime time' -- would begin in September. The network programs were to be slotted between 8 and 11 p.m. on the East and West coasts -- an hour earlier in the Central and Mountain time zones.
    1972 -- Neil Young's album Harvest hits #1
    1974---Top Hits
Seasons in the Sun - Terry Jacks
Boogie Down - Eddie Kendricks
Jungle Boogie - Kool & The Gang
There Won't Be Anymore - Charlie Rich
    1982 - Marin County Supervisor Barbara Boxer officially files for the congressional seat being vacated by John Burton. Boxer, 41 , a former aide to Burton, says she will run against President Ronald Reagan's economic and enviromental policies. Mayor Dianne Feinstein says a San Franciscan should hold the seat, but Boxer has ralied support from San Francisco's leftist activists.
    1982---Top Hits
Centerfold - The J. Geils Band
Open Arms - Journey
I Love Rock 'N Roll - Joan Jett & The Blackhearts
You're the Best Break This Old Heart Ever Had - Ed Bruce
    1985 - DJs around the U.S. began questioning listeners to see which ones could name the 46 pop music stars who appeared on the hit, "We Are the World". The song, airing first on this day as a single, contains a “Who's Who” of contemporary pop music.
    1986-After years of debate, NFL owners adopted a rule change allowing the limited use of televised replays to assist the officials on the field. This system was eliminated after the 1991 season and has been debated periodically ever since.
    1988 - A blizzard raged across the north central U.S. Chadron NE was buried under 33 inches of snow, up to 25 inches of snow was reported in eastern Wyoming, and totals in the Black Hills of South Dakota ranged up to 69 inches at Lead. Winds gusted to 63 mph at Mullen NE. Snow drifts thirty feet high were reported around Lusk WY.
    1989 - Twenty-one cities in the central and southwestern U.S. reported new record high temperatures for the date. The afternoon high of 95 degrees at Lubbock TX equaled their record for March.
    1990 - Forty-four cities in the central and eastern U.S. reported record high temperatures for the date. Record highs included 71 degrees at Dickinson ND and Williston ND, and 84 degrees at Lynchburg VA, Charleston WV and Huntington WV. Augusta GA and Columbia SC tied for honors as the hot spot in the nation with record highs of 88 degrees. A vigorous cold front produced up to three feet of snow in the mountains of Utah.
    1990---Top Hits
Escapade - Janet Jackson
Dangerous - Roxette
Roam - The B-52's
Chains - Patty Loveless
    1993-Eric Clapton hit number 1 in the US with his "Unplugged" album that had been in the Top Ten for six months. The additional attention created by his six Grammys at the annual awards ceremony pushed sales of his live album even higher. "Unplugged" beat out "Achtung Baby", "The Beauty and The Beast" soundtrack and albums by Annie Lennox and kd lang for album of the year.
    1994- Mary Wilson was the only original member on hand as the Supremes received their star on Hollywood's Walk of Fame. Diana Ross, who split with the Supremes in 1970, was in Europe. The third original Supreme, Florence Ballard, died in 1976.
    1994 - "I just can't stop laughing, I can't stop crying," the reaction of Helen Cunliffe, longtime advocate of the women's priest lobby, when the Church of England voted to ordain women as priests, November 10, 1992. The first women priests were ordained March 11, 1994 and performed their first priestly duties Sunday March 13, 1994, Mother's Day in England.
    1996- Celine Dion's "Falling Into You" was released. By the end of the year, the album had sold more than 18-million copies worldwide.
    1996-Paul McCartney, George Harrison and Ringo Starr turn down a $225 million offer to do a reunion tour.
    1997- Paul McCartney was knighted by the Queen in a ceremony at Buckingham Palace. Hundreds of fans, some wearing T-shirts that read "Arise Sir Paul," cheered his arrival and stayed outside the palace until he emerged.

    1997- the Columbus Quest defeated the Richmond Rage, 77-64, to win the fifth and deciding game in the American Basketball League's first championship series. Columbus had trailed two games to one. The Quest were lead by Valerie Still, who scored 14 points and was named Most Valuable Player of the finals.
    1998 - French authorities dug up the remains of legendary French singer and actor Yves Montand and whisked them to a laboratory for DNA tests to settle a paternity suit. . ( You may say, “What has this to do with American History and my closest answer is that he was an old flame of Marilyn Monroe.) The tests would determine if Montand was the father of Aurore Drossard, age 22, who claimed she was his daughter and wanted part of his estate. Montand died in 1991 at age 70, just three days before he was to testify in the lawsuit. While alive, he refused to submit to the DNA testing, but was forced to do it in death. Yves Montand was a popular French nightclub singer and movie actor, most famous for his dramatic role in the 1953 thriller The Wages of Fear. His long marriage to actress Simone Signoret weathered his reputation as a ladies' man, including his famous dalliance with Marilyn Monroe, his co- star in Let's Make Love (1960). In the 1980s Montand had a second wind, with character roles in several films including Jean de Florette (1986). By the way, the DNA tests proved she was not his daughter
    2001- Preston Wilson signs a $32 million, five-year contract with Florida. The 26-year old Marlin center fielder, the franchise's first 30-30 player, was obtained from the Mets in the Mike Piazza deal.
    2006 - Phoenix's record run for dry days finally ends at 143 days. The last measured rain fell on October 18, 2005. Not only did the rain break the dry spell, the 1.40 inches that fell was a record amount for the date.
    2008- In New York, The Ventures, Leonard Cohen, and the Dave Clark Five are among those inducted into the Rock and Roll Hall of Fame.
    2010--ETCHBERGER, RICHARD L. Medal of Honor
Rank: Chief Master Sergeant, Organization: U.S. Air Force, Company: Detachment 1, Division: 1043d Radar Evaluation Squadron, Born: 5 March 1933, Departed: Yes (03/11/1968), Entered Service At: Hamburg, Pennsylvania, G.O. Number: , Date of Issue: 09/21/2010, Accredited To: Pennsylvania, Place / Date: Phou Pha Thi, Laos, 11 March 1968. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Chief Etchberger and his team of technicians were manning a top secret defensive position at Lima Site 85 when the base was overrun by an enemy ground force. Receiving sustained and withering heavy artillery attacks directly upon his unit’s position, Chief Etchberger’s entire crew lay dead or severely wounded. Despite having received little or no combat training, Chief Etchberger single-handedly held off the enemy with an M-16, while simultaneously directing air strikes into the area and calling for air rescue. Because of his fierce defense and heroic and selfless actions, he was able to deny the enemy access to his position and save the lives of his remaining crew. With the arrival of the rescue aircraft, Chief Etchberger, without hesitation, repeatedly and deliberately risked his own life, exposing himself to heavy enemy fire in order to place three surviving wounded comrades into rescue slings hanging from the hovering helicopter waiting to airlift them to safety. With his remaining crew safely aboard, Chief Etchberger finally climbed into an evacuation sling himself, only to be fatally wounded by enemy ground fire as he was being raised into the aircraft. Chief Etchberger’s bravery and determination in the face of persistent enemy fire and overwhelming odds are in keeping with the highest standards of performance and traditions of military service. Chief Etchberger’s gallantry, self-sacrifice, and profound concern for his fellow men at risk of his life, above and beyond the call of duty, reflect the highest credit upon himself and the United States Air Force.



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