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Vice President
Credit Manager/Funding Operations

Hands-on, professional and personable senior management team member to work with small ticket leases from the third party broker marketplace. Click here for more information.

About the company: Founded in 1982, we originate all of our leases through an independent network of lease brokers

Monday, March 2, 2009

Actor, Singer, Songwriter Jon Bon Jovi born John Francis Bongiovi, Jr. March 2, 1962, Perth Amboy, New Jersey. “You Give Love a Bad Name", "Livin' on a Prayer", and "Wanted Dead or Alive", "I'll Be There for You" plus many more.


Benchmark Financial Group, Aliso Viejo, CA
Bulletin Board Complaint
    Classified Ads---Marketing
        IFC Credit/Pioneer Up-Date---LEAF, too
NY/NJ Regional Meeting open to all
    ZRG Free Employment Webinar Tomorrow
        Classified Ads---Help Wanted
Bank Beat ----Two More Banks Fail
    New Hires---Promotions
Leasing 102 by Mr. Terry Winders, CLP
State of the industry
    Leasing News Top Stories---February 23-27
        Classified ads— Operations/Remarketing/Repo's
    ATEL Capital Group/Comerica Line of Credit
Asian stock markets tumble
    U.S. charges Stanford with massive Ponzi scheme
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    AIG gets bids from MetLife, Axa
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######## surrounding the article denotes it is a “press release”


Benchmark Financial Group, Aliso Viejo, CA
Bulletin Board Complaint

by Christopher “Kit” Menkin, editor

January 26, 2009 from Tony Williams, Enviro Ink, Fort Wayne, Indiana:
“In October of 2008, I signed an Equipment Lease Agreement with Benchmark Financial Group - on Oct 22 salesman Jordan Pilchman called me and said the loan was approved for the equipment and that he needed the first month lease payment of $ 1685.09 - which included a document fee of $ 199.00 -- I faxed them a check which they cashed - a week later when I called Jordan, he said he had only $30,000 approved and was waiting on the credit dept to approve the balance -- total amount which I requested was $90,000.
Weeks went by nobody would return my calls- left numerous messages for Jordan. I finally got the number for his boss Jonathan, who said he would take over the file and get it processed - he could not get it approved either - so I said just refund my deposit - Jonathan said, that I would have to deal with Jordan about that . I called Jordan numerous times , but he did not return my calls.
I finally called Marcus Devon, who is the president of the company and left a message and explained to him my situation. Marcus Devon never returned any of my phone calls.
I live in Fort Wayne, Indiana - and had my attorney Donald Doxsee call Marcus Devon -- he never returned my attorneys call either.
Kit, they have no reason to hold my money - the loan did not get approved and they took 3 months to tell me that they could not do anything for me. If you can make a phone call, on my behalf I would greatly appreciate it. I'm forwarding the phone # of the different parties involved – “

Tony Williams
Enviro Ink
10372 Leo Rd,
Fort Wayne In 46825
260-482-6888 -- fax

February 26, 2009 email from Marcus Devin, President, Benchmark Financial Group, Aliso Viejo, CA (his final statement on the matter received):

“Your facts are incorrect.

“You have not been involved with the phone calls, emails or documents between Benchmark and this customer nor should you be since you are not a representative of Benchmarks or Enviro Ink.

“Prior to your email below, we were never aware that the customer was talking to Direct Capital or Quest. We only knew that they had applied for financing with “another broker”.

“Pawnee did originally turn down our request as I told you but after we called them and were told of an open approval we then began working on the transaction again. Thanks for that tip by the way.

“This customer has already wasted the time, effort and money of several brokers, lenders, discounters and debt sources. We have signed documents and per my sales rep today, this customer wants to fund this lease with Benchmark.

“Thanks to your efforts and investigative reporting, we will be talking to all the folks copied on this email and involved with this customer. Knowing what we have learned about this transaction in the last few days, I’m not sure anyone wants to be involved with this transaction.

“If Direct Capital, Quest, PredictiFund, Pawnee or Lease Police have any additional information on this customer or the vendor that I should be aware of, please contact me directly.”

Above is the original complaint, sent January 26, followed by the concluding statement on February 26, 2009.

It is Leasing News role to decide if a complaint is legitimate and then to present the facts to the readers. After receiving the complaint statement, the first things we ask for are copies of all contracts, proposals, correspondence, plus front and back side of the check to see who cashed it and also verify the dollar amount involved. The next is a search on the internet about both companies:

Enviro Ink:

Better Business Rating: No Rating

Benchmark Financial Group
Better Business Bureau: “F” rating.

Derek T. Braslow of Pogust, Braslow, Millrood, Conshohocken, PA, posted on the WEB January 28,2009 "Benchmark Financial Groups, LLC Class Action --- Lease Financing Bait and Switch?

He is searching for those with poor experience with Benchmark Financial Group to join the class action suit, claiming on the web site:

"Benchmark is engaging in fraudulent, illicit, unlawful, and predatory business practices by:

“1) Failing to refund deposits to prospective applicants upon non-approval of a lease application;

“2) Failing to inform applicants in a timely and reasonable manner as to the status of the lease application;

“3) Intentionally declining prospective applicants the initial loan amount sought and then substituting loan approval for a lower amount and generally at a significantly and unreasonably higher interest rate; and

“4) Violating California’s Business and Professions Code, Section § 17200 et seq."

Benchmark Financial Group is a licensed as a California Finance Lender, #603E780 as of August 6, 2008.

After receiving copies of all correspondence, contracts, front and back side of the check by regular mail, the other side was sought by sending the complaint statement, this one to Marcus Davin, the president of Benchmark Financial:

February 6, 2009 from Kit Menkin:

“Anthony Williams dba Enviro Ink, Fort Wayne, Indiana is seeking the return of a deposit cashed by Benchmark on October 24, 2007 for $1,685.09 for an "Equipment Finance Agreement."

“In the papers he provided, there was no form that allowed Benchmark to keep the funds for services provided, especially since the lease did not move forward.

“If you have such a form, please forward or provide a statement as to why Benchmark has not returned the $1,685.09.”

February 9, 2009 from Marcus Devin:
“We processed a credit application with Enviro Ink and got it approved at PredictiFund. The customer would not agree to a daily lease payment as outlined with PredictiFund so we cancelled the transaction.

“After talking to the customer, we decided to try Pawnee for a smaller amount. Since this customer now had a history of not taking our approvals, we sent them a proposal at Pawnee rates which were signed by the customer and we then got two SD payments in advance as required by Pawnee.

“We then found out that Pawnee had seen this deal. Here’s the notes in the file “Pawnee has declined this one twice before, limited cash reserves, history of settlements and slow pays. Equipment is different with every request and the ownership has changed.

“These type of responses lead us to believe that we’ve been lied to, possible sale leaseback when we’ve been told it’s all new etc., etc...

“We’ve gone around and around with this guy. We’ve offered to apply 100% of their advance check to this deal or the next deal and they want out.

“Buyers are Liars”

In a telephone conversation, it was explained that the complaint was five months old and in the original email the applicant outlined the original request was for $90,000 worth of equipment. Marcus Devin repeated the customer did not want to sign an ACH and cancelled the lease with PredictiFund. He therefore forfeited the deposit. He followed up the telephone conversation with an email the next day:

February 10th from Marcus Devon:
“1) We have ACH verbiage in our agreement. The customer signed and agreed to the ACH.

“2) The customer cancelled the agreement which makes the advance deposit earned.

“3) After they were told this, they then wanted to move forward on a smaller lease. We agreed to the payment and terms, sent it over to Pawnee where we were told of all the problems. In order to clear things up and to make sure this customer was not lying to us, we asked for additional information which was never provided to us. They then cancelled the second transaction.”

Marcus Devin also telephoned after he sent the email that he would call Tony Williams about this and straighten this out. I waited a few days then contacted Tony Williams to learn if Marcus Devon had called to discuss his approval:

February 13th from Tony Williams:

A copy of the email was forwarded to Marcus Devin along with this message:
“Tony says you never called him as you told me on the telephone and by email you were going to do.  He also states he would have accepted an ACH.
“I think the next step is to send me a copy of PredictiFund approval, or if you like, I can contact them directly, as if this gets printed I am going to quote you as they were the funder in the transaction and I will ask them for a statement. I have known Brad Peterson 15 or more years…”

February 13, 2009 from Marcus Devin:

“This has gotten out of control and I think we need to just move on.

“I have spoken to Tony and have emailed him numerous times yet he emails you that I haven’t.

“He tells you that someone in our accounting dept. is calling his vendor to tell them about the approval. That would never happen.

“He tells you he never agreed to the ACH yet he signed it. Tells you he never agreed to the documents yet signed them and even sent you a copy.

“Why don’t you ask Pawnee about this deal? They’ve seen it 4-5 times in the last few months, different equipment, different cost and even different vendors…’s a bad deal.”

There were several telephone conversations with Marcus Devon, centered on the approval from PredictiFund issue, and whether the issue was ACH or not, to get this step completed. He kept saying he had the approval at PredictiFund and was not going to send to Leasing News any written approval as he didn’t have to prove anything (In the past, there have been issues settled with a copy of the funder approval.) In another conversation, he said he read from his notes that the submission was approved at PredictiFund.

February 16 from Tony Williams:
“Just heard from Marcus Davin -- he is still carrying on about me turning down the ACH loan -- I told Marcus that at no time did his company offer me a loan approval - that somebody over there was covering their tracks .I told him I would take the ACH loan today - he said that was not available now. He said he was willing to refund part of my deposit -- since his people spent a lot of time on the project -- I said no, that was unacceptable - I wanted my whole deposit refunded -- he said he was going to look further into my file -
“Tony W”

I sent an email to Brad Peterson, president of PredictiFund if there was an approval?

February 18, 2009 from Brad Peterson:

“Hello, Kit.

“I cannot find any record of us looking at a deal for Enviro Ink, at least under that name. It is possible one of our underwriters "previewed" the transaction.


After informing Marcus Devin, he responded:

February 18, 2009 response from Marcus Devin:

“Did you call Pawnee? Did they confirm that they’ve seen this deal several times from different brokers, for different amounts and on different equipment, all in the last few months?

“This transaction was approved at PredictiFund. The customer agreed to a daily payment and a 24 months term before we sent it over and then after it was approved, they changed their mind.

“You mention Tony has a legitimate complaint. What exactly is his complaint?

“I have spoken to him several times; he tells you that he has never talked to me.

“He agreed to the PredictiFund payment and terms, then cancels.

“He say’s he never authorized us to ACH his account yet sends you a copy of the signed ACH form.

“I’m trying to figure out why you are involved with a customer of ours and why you are taking his word at face value yet you ignore the information I send. You still don’t know if it was approved at PredictiFund and I assume you never talked to Pawnee.

“I would appreciate your support and your support of our industry against customers like Enviro Ink. He has wasted our time, our debt sources time and other brokers who also were lied to.

“I would offer to get him on the phone with you but again, I am wondering why you’re involved with one of our customers.”

Morning: February 19, 2009 Marcus Devin requested that I call, which I did, and he got Tony Williams and I on a three way telephone conference call with him. Tony again repeated that Marcus Devin never called him, that he wanted the deposit returned, there never was an approval, according to the people he spoke to at Benchmark, was forthright in October the equipment he was seeking, and in the middle of his talking, Marcus Devin cut in and said he had already sent the check back. Tony Williams asked the amount. Marcus Devin said the entire amount and did not want to do business with someone who was lying and a fraud.”

After the three way telephone conversation, Marcus Devin telephoned to say he was going to call Lease Police and alert them to the “fraud,” as wells as Pawnee.

1:55pm, February 19, 2008 email from Marcus Devin:
“Kit – I just spoke to Pawnee. It’s a dual approval. One for lighting equipment and one for printing equipment.

“I don’t know why they declined my submission and then later approved two other brokers but anyway, they will approve and fund my request.

“Per your wisdom, are you in agreement with me to stop payment on his refund since he now approved?

“He said he would take anything I can get him.”

I telephoned Marcus Devlin and told him that was not the agreement in the three way telephone conversation. He talked about making a stop payment on the check, and I told him if he did that, this was a legitimate complaint for Leasing News. I added that he had said the company was a "fraud," but now wanted to do the transaction, after saying he had sent the deposit back.

I followed this up with a detailed email of what he had said in the past, his position, and that there was no proof that PredictiFund approved the lease, which was the original conversation.

The next day Tony Williams called to tell me Benchmark Financial Group salesmen contacted him, wanting to do the two leases at Pawnee. He finally told them after he received the check
and it cleared the bank, he would consider a lease proposal from Benchmark on the two Pawnee leases. He was adamant about the return of his deposit.

I waited until February 26, as that would be a week from when Marcus Devin said he had "already sent the check" to see it was not received. Tony said it was not. Marcus Devin was contacted.

Marcus sent another email, 4:08pm, February 26th
(Note: He reveals that while he said on February 19th that he had sent out the full deposit to Tony Williams, here he states that he “stopped the refund check from going out.”):

”… I had two approvals, one with PredictiFund and one with Pawnee. I still have one with Pawnee.

“When I told my sales rep that I was cancelling his transaction and sending the check back, my rep called Tony and Tony said he would do the transaction with Benchmark. We stopped the refund check from going out.

“Even yesterday, I was copied on an email from my rep that Tony was working with us and we had the deal back in funding.

“This is my reps deal and as long as there is not fraud or misrepresentation, I am going to let my sales rep fund this deal.

“I have been more than fair with copying you on these emails and having a conference call between you and our customer. We have done everything we said we would do and we plan to fund this transaction with our customer.”

In discussing this with Tony Williams, he said both the salesman and Jonathan Jay Kim admitted to him they never had an approval at PredictiFund. He did not believe that Marcus Devin ever sent the check as he claimed he had already sent in the three way telephone conversation. He has not changed his position and was angry that the check was never sent out, although Marcus Devin
has said he had done so in the three way telephone conversion.
He had a few others words to say that cannot be printed in Leasing. He then forwarded a copy of an email from Jonathan Jay Kim, Executive Vice-President, dated February 24th::

Email to Tony Williams Jonathan Jay Kim:
“Thanks Buddy' I really appreciate you being cool with me...As discussed earlier, I apologize for any inconveniences thus far. I take 100 percent responsibility!

“I am sorry...When you told me that Jeremy said that you were approved I should have listened to you. (I misplaced your file and made an honest mistake.)

“Actually there are dual submissions and approvals for Enviro Ink with Pawnee and I would be more than happy to fund this deal. Please fill out the attached application as we had discussed and fax back to me along with the invoices and I will get funding documents out to you within 48 hours. Also, it would be my pleasure to send you $1,500.00 worth of lease certificates for your next transaction.”

Copy of email quoted above to Tony Williams from Jonathan Jay Kim:


Benchmark Financial Group web site shows the company is a member of both the United Association of Equipment Leasing, now the National Equipment Finance Association (NEFA) and National Association of Leasing Brokers (NAELB.) The later was down at press time under going a major change for its members and public. Leasing News was told NEFA doesn't yet have the membership list yet on the website. Membership was not able to be confirmed in either association.



Classified Ads---Marketing

Philadelphia/Wilmington, DE
Experienced new business development/marketing professional with expertise in document imaging leasing; Major Account and independent dealer channel activation a strength.  Will travel/relocate.

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

To place a free “job wanted” Leasing News ad:

ELFA Career Center: Job Seekers (free):



IFC Credit/Pioneer Up-Date---LEAF, too

Leasing News was contacted by several readers that the IFC Credit, Morton Grove, Illinois telephone number was not working. They thought the company had gone out of business.

An inside email lead to this response:

“We are definitely in business. We had terrible thunderstorms in Chicago last night and one of our phone servers went down. Our 800 and direct #’s are fine.”

An email had also been sent:


To:          All IFC Associates

From:     IFC Service Desk

Date:      February 27 , 2009

Re:         Telephone System Outage

One of our telephone switches is currently down. During this outage IFC Associates will not be able to receive calls from external callers. However, Associates will still be able to dial externally and internally. The IT Department is currently working with our vendors to rectify the issue. There is no ETA at this time, but updates will be e-mailed as they become available.

Leasing News also learned that both IFC Credit and Pioneer were behind on fundings from the first sale of their portfolio, but had just signed off on a larger portfolio with LEAF Corporation, and
that past funding would be caught up with and new business sought. The insider stated it might be as early as Wednesday, but definitely by the end of the week.

It was noted that there were more layoffs at IFC Credit and scale back at Pioneer Capital Corporation, Addison, Texas. First Corp, Morton Grove, Illinois, and Irvine, California was
not discussed.



NY/NJ Regional Meeting open to all

Tuesday, March 3, 2009
New York/ New Jersey Regional Luncheon
12:00 p.m. - 2:00 p.m.
Hosted by Steve Geller, Leasing Solutions

Cafe Italiano Ristorante
Englewood Cliffs, NJ

Cost: Members $40; Non-Members $60

Leasing Association Events-Meetings Open to All



ZRG Free Employment Webinar Tomorrow



Leasing Industry Help Wanted



Position available for experienced salesperson to solicit direct business for equipment & vehicle leasing company located in Maryland. Madison Capital provides lease financing nationwide, in Canada and Puerto Rico

Call either Nancy Pistorio (800.733.5529 ext 7325) or Allan Levine (800.733.5529 ext 7337)

About the Company: We are a direct funding source for most types of equipment and all makes of vehicles. We have brokerage capability and experience for equipment transactions up to $10,000,000.

Looking to Hire the Best!

If you are located in the Mid-Atlantic region with a book of customers and limited funding, we should talk. Email resume to:
Call Tom at 800-422-1844

About the Company: Liberty is a regional self-funded finance company specializing in hard assets at good rates. 

San Clemente, California

The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions .  We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223

Ten years providing financing nationwide


Like selling vendor programs and large transactions?
Enjoy international financing programs?
Prefer the advantages of a commission only environment with the security of health and welfare benefits?

CLICK HERE to find out how to have fun again.

Vice President
Credit Manager/Funding Operations

Hands-on, professional and personable senior management team member to work with small ticket leases from the third party broker marketplace. Click here for more information.

About the company: Founded in 1982, we originate all of our leases through an independent network of lease brokers

Please see our Job Wanted section for possible new employees.



Bank Beat ----Two More Banks Fail

Leasing News noted in its Wednesday edition The FDIC now reports 252 "problem" banks, compared to 171 in its third quarter report, or to put more in prospective, there were just 76 in the fourth quarter of 2007.There were 25 bank failures in 2008 and to date 16.

Douglas County Bank, Douglasville, Georgia has been ordered to a hearing as supervisory authorities have "reason to believe that the Bank has engaged in unsafe or unsound banking practices and has committed violations of law and/or regulations."

First Republic Bank, San Francisco, Talk about syndication!!!!
FRB purchased Bank of Walnut Creek (both where former UAEL President Paul Knowlton ran the leasing division) was purchased by Merrill Lynch & Co. Inc. in 2007, and now part of Bank of America since sold to them in 2008, is reportedly for sale, according to the Wall Street Journal. They just are about finished a branch office on Highway 9, right here in Los Gatos, California.

Golden Coast Bank, Long Beach, California: The FDIC and the CDFI considered the matter and determined that they had reason to believe that the Bank had engaged in unsafe or unsound banking practices and violations of law and/or regulations.

Heritage Community Bank, Glenwood, Illinois becomes the fifteenth bank to fail this year. MB Financial Bank, N.A., Chicago, Illinois, to assume all of the deposits of Heritage Community and take over their four branches. As of December 5, 2008, Heritage Community Bank had total assets of $232.9 million and total deposits of $218.6 million. In addition to assuming all of the deposits of the failed bank, including those from brokers, MB Financial Bank agreed to purchase approximately $230.5 million in assets at a discount of $14.5 million. The FDIC estimates that the cost to the Deposit Insurance Fund will be $41.6 million. Heritage Community Bank is not affiliated with Heritage Bank of Central Illinois, Heritage Bank of Schaumburg, or Heritage State Bank, Lawrenceville.

Security Savings Bank, Henderson, Nevada became the 16th bank to fail. It had been notified earlier about its operation. Bank of Nevada, Las Vegas, Nevada, to assume all of the deposits of Security Savings Bank, as well as open its two offices under their name.
As of December 31, 2008, Security Savings Bank had total assets of approximately $238.3 million and total deposits of $175.2 million. Bank of Nevada did not pay a premium to acquire the deposits of Security Savings Bank. In addition to acquiring all of the failed banks deposits, including those from deposit brokers, Bank of Nevada agreed to purchase approximately $111.3 million in assets. The FDIC estimates that the cost to the Deposit Insurance Fund will be $59.1 million.

Uniti Bank, Buena Park, California: The FDIC considered the matter and determined that it had reason to believe that the Bank had engaged in unsafe or unsound banking practices.\\dmzdoc1\

Westbridge Bank and Trust, Chesterfield, Missouri: The FDIC considered the matter and determined that it has reason to believe that the Bank has engaged in unsafe and unsound banking practices and violations of law and regulation.\\dmzdoc1\

Current List of Failed Banks:

Fourth Quarter Bank Report:



New Hires---Promotions

Kip Amstutz, Mantis Financial, Austin, Texas was elected to OneWorld Leasing Board of Directors.

Chris Carpenter joined Balboa Capital, Irvine, California, Vendor Program Group. He previously was with NEL and GE Capital/HPSC.

Brian T. Hayden was elected to the board of directors of Genesis Lease Limited (NYSE: GLS), Shannon, Ireland. He was employed by General Electric Commercial Aviation Services (GECAS) from 1993 until his retirement at the end of 2008. During his tenure with GECAS, he served as Executive Vice President and the Head of GECAS' office in Shannon, Ireland, as well as the GE National Executive Director for the Republic of Ireland. He also served as Chairman of the Board and President of GECAT, then a pilot training subsidiary of GECAS. From 1989 to 1993, he was Senior Vice President of the technical division of GPA Group, a commercial aircraft leasing company based in Shannon. Mr. Hayden began his career with Aer Lingus in 1970 where he held various management positions. He is a director of Airplanes Limited.

Mr. Hayden graduated as a Chartered Mechanical Engineer and is a Fellow of the Institution of Engineers of Ireland. He was awarded an MSc by Trinity College Dublin and subsequently earned an MBA from University College Dublin in 1984.

Marc Keepman, KLC Financial, Minnetonka, Minnesota, was elected to OneWorld Leasing Board of Directors.

Kyle Key has joined Wells Fargo Equipment Finance, becoming the territory manager for its Specialty Vehicle Group in New Mexico, Texas, Louisiana, Mississippi, Oklahoma and Arkansas. He
previously was district sales manager for Key Equipment Finance. Prior he served in sales at Translease, Inc and GE Commercial Finance.

David Stearns, Fujifilm Financial Services (American Leasing Alliance, Inc.), Algonquin, Illinois was elected to the position of director emeritus of the OneWorld Leasing board. Stearns is the founder of OneWorld Leasing and has served on the board since the group's inception in 2002.

Tom Whalen joined Balboa Capital, Irvine, California, Vendor Program Group. He was previously at Leaf Financial, Key Equipment Finance and HP Financial Services, specializing in the healthcare and IT vertical markets.

Terry Vanwambeke joined Balboa Capital, Irvine, California, Vendor Program Group. He was previously with NBF Capital, Alamo Truck and Key Equipment Finance.



Leasing 102

by Mr. Terry Winders, CLP

State of the industry

There are many concerns floating around our leasing industry today about the possibility of our ability to fund leases in the future because of the 100% advance requirement. Clearly the fear of God has been planted in most funding sources today and they are so tight that even water cannot make it through. Rates are not the issue, risk is the concern. A 100% advance is risky so how can you shore up the concern about risk?

To begin with, do not try to accept a down payment on a bargain option lease. It is not that the type of lease is a problem, because it already is an Article 9 loan for legal and fails the tax test, but your lease document cannot handle and does not mention anything about the reduction in the advance. If you try to alter the document by the time you change all of the provisions you might as well have used a conditional sales contract to begin with. The same applies to additional collateral; there is no language in the lease agreement to handle it.

One of the best ways to reduce risk is to require a security deposit. Usually the deposit needs to be 5% on hard goods and 10% to 15% on soft goods and perhaps more on software or hard to remarket goods. But always keep in mind that you need language in your lease to take care of security deposits such as:

SECURITY DEPOSIT: If any Schedule so indicates, Lessee has deposited with Lessor the security deposit set forth in one or more Schedules as security for its payment of rent and other amounts due hereunder, and performance of its other obligations under this Lease. The security deposit shall not bear interest. Lessor may, but shall not be obligated to, apply such deposit (or any part thereof) to cure any Event of Default hereunder, in which event Lessee shall promptly restore the deposit to the full amount originally deposited. The remaining balance of the deposit, if any, shall be returned to Lessee upon the termination of this Lease. Lessor may commingle any funds deposited with Lessor as a security deposit.

Security deposits work because they can be used to offset past due payments, unpaid insurance premiums, or unpaid repair bills.

Advanced payments work on short term leases where each payment represents a fair amount of money, such as a 36 month lease on software with a payment of 3.33% could require the first and last two payments in advance and that would be equivalent to a reduction in the advance of 10% whereas a 60 month lease with payments of 2.12% would only provide a reduction of 6%. However to go beyond first and last two payments in advance would certainly invite criticism from both legal and tax. I have seen first and last six payments on bargain option leases where the concern as to the type of lease is not an issue.

Short terms help with risk but they are not much good at making money. A transaction with a yield of 10% over 36 months on $100,000 has a yield of $16,161 whereas a 60 month term has a yield of $27,482. Those who are working on commission need longer terms to maximize income but at the same time being successful by closing a lease is the most important task. In addition a packager could as to be compensated over the term of the lease as it is earned to lower the risk by lowering the advance at the time of funding. Any packaging fee increases the risk to the funding source. By increasing the advance equal to the fee and it can take a long time before the unpaid balance gets close to the collateral value of the equipment.

I have spent a lot of print trying to teach you that knowledge of the equipment as to its value, use, and lessee maintenance plus studies on its remarket abilities and estimates of value over the term are important for residual purposes but it also goes a long way to identify the actual risk presented by the lease to the funding source. Qualifying the risk and making the deal comfortable will be the watchword for the next two years.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at or 502-327-8666.
He invites your questions and queries.

Previous #102 Columns:

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



Leasing News Top Stories---February 23-27

Here are the top ten stories opened by readers:

(1) Seeking Information-Marlin Leasing
(Please see "extra" after the top ten)

(2) Enterprising Capital Partners, Inc. dba
Enterprise Leasing, Spokane, Washington
Bulletin Board Complaint

(3) Employment Shift to "Brokers" & "Independents”

(4) Pioneer Not Funding Again

(5) Credit Union Enter Leasing Equipment Fray

(6) U.S. Bancorp CEO Davis rips TARP

(7) Its Official. Popular Leasing sold to TCF

(8) Steve Reid's advice to graduating finance major

(9) Interview with Al Levine, Madison Capital

(10) AEL Financial going strong in marketplace

(10) Leasing 102 by Mr. Terry Winders, CLP
Selling Transactions in Today’s Marketplace

Extra--Not counted for technical reasons:
February 27, 2009 --- Leasing News Extra
Reader comes through on News about Marlin

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



Classified ads— Operations/Remarketing/Repossessions

Leasing Industry Outsourcing
(Providing Services and Products)

Operations: Houston, TX
Silverlake Inspections LLC is an independent contracting company for real estate and equipment verification with pictures.
Operations: Portland , OR
Portfolio Financial Servicing Company provides state of the art portfolio servicing for portfolios of all sizes. 800-547-4905
Operations: Roseburg, OR
Tired of paying a full time documentation person? Try outsourcing. Ideal for anywhere in the USA. E-mail or Call Trina Drury
541-673-4116 or 541-784-7973.
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### Press Release ##########################

ATEL Capital Group and Comerica Announces Closing of
Amended Multi-Purpose Line of Credit Agreement

San Francisco, CA - ATEL Capital Group and Comerica announced today that they have successfully amended and extended ATEL’s $75million multi-purpose revolving credit facility thru June 2010.

The credit facility will be used to warehouse equipment leases and fund venture loans made by ATEL and its Capital Equipment and Growth Capital Funds as well as for general working capital purposes. The credit facility was syndicated with Comerica Bank as the lead bank and includes four other banks.

Paritosh K. Choksi Chief Operating Officer said” I am pleased with the vote of confidence Comerica and our bank group has in ATEL extending this facility in a very tight credit market.” Michael Silva Senior Vice President of Comerica said “On behalf of Comerica and the bank group we have a very strong working relationship with ATEL and are pleased to extend and strengthen our decade long relationship.”

ATEL Capital Group is an international financial services company that offers its clients a wide array of financial solutions including equipment leasing, asset-based lending, venture finance, lease administration and asset management. Since its inception, ATEL has sponsored twelve public SEC-registered equipment leasing programs as well as four prior private growth capital investment programs. These Funds with over 45,000 investors have generated attractive returns for ATEL’s investors over the last 30 years. Additional information about ATEL Capital Group can be found on the Company's web site at

Comerica Incorporated (NYSE: CMA), founded in 1849, is a financial services company headquartered in Dallas, Texas. The company strategically aligned into three major business segments: The Business Bank, The Retail Bank, and Wealth and Institutional Management. The company, through it subsidiaries, provides financial products and services in the United States, Canada, and Mexico. Comerica reported assets of $67.5 billion at Dec. 31, 2008.


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

News Briefs----

Asian stock markets tumble on worsening US slump

U.S. charges Stanford with massive Ponzi scheme

U.S. commits further $30 billion to AIG: sources

AIG gets bids from MetLife, Axa for life unit: source

New bank market crashes in Georgia

Mortgage rates hold below 5.5 percent

Buffett Accepts Blame and Faults Others

Siegfried and Roy stage comeback for charity



You May have Missed---

Bernie in Hell Hot Sauce



Sports Briefs----

Search at sea: Raiders LB Cooper feared lost

49ers sign Brandon Jones

Cassel trade signifies Pats feel Brady will be OK



California Nuts Briefs---

Schwarzenegger declared a statewide drought emergency



“Gimme that Wine”

2007: The harvest of the decade in Napa?

Sonoma: Back to the futures

Four candidates earn Master Sommelier title

Wine Exports Top $1 Billion

Asian Fusion, via the Wine List---Eric Asimov

Wine Prices by vintage
US/International Wine Events
Winery Atlas\
Leasing News Wine & Spirits Page
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.



Today's Top Event in History

1877 - A United States electoral commission declared Rutherford B. Hayes president, the only American president to be elected this way. The original result had been too close to call, with several disputed ballots. The nation had never before faced a dispute over the results of a presidential election, although elections had been decided by congress several times due to electoral procedure results, but this was the first where a dispute was settled. A candidate needed 185 electoral votes to win and Samuel J. Tilden, the Democratic candidate, clearly had 184. In dispute were the 19 electoral votes of three states still under carpetbag rule—Florida, Louisiana, and South Carolina-plus one vote in Oregon. In Congress both parties agreed on January 29 to establish an electoral commission to decide the issue. The commission, with five members from each house of Congress and five members from the Supreme Court, was made up of eight Republicans and seven Democrats. All the commission’s decisions were to fall along party lines. On March 2, Congress accepted the commission’s decision, which awarded all the disputed votes to the Republican candidate Rutherford B. Hayes, who thus received 185 electoral votes to Tilden’s 184. The Republicans were accused of offering southern Democrats economic favors for their region if they supported Hayes’s claim. In any event, the new president showed a conciliatory attitude toward the South: the last Federal troops were withdrawn and there was no further effort to protect the rights of blacks. Reconstruction was over.


This Day in American History

    1776-Charleston, South Carolina, set up an independent government under a temporary local constitution that was to be in effect until an agreement with England could be reached. John Rutledge was chosen president on Marcy 17. The government, said to be the first independent government within the recognized borders of the colonies, successfully defended Charleston against the British army and fleet on June 28, 1776, thus freeing the South from attack for nearly three years.
    1776- Americans begin shelling British troops in Boston. On March 17, the British evacuated Boston after American forces seized and fortified Dorchester Heights on March 4. General Howe sailed for Halifax, Nova Scotia, to await reinforcements.
    1776 - The Battle of the Rice Boats. A group of boats containing rice are the target of a British attack on March 2, 1776. The Council of Safety reacts quickly, ordering the local militia to set boats on fire and drive the British away. The Inverness, loaded with rice and deerskins, is set on fire and cut loose, drifting into the brig Nelly. While some 500 Whigs from South Carolina join the 600 Georgia rebels, the two ships drift downstream, setting three more ships on fire. Royal Governor Wright, who has fled tot the relative safety of the British vessels barely escapes.
    1793-Birthday of Sam Houston, famed American patriot. Houston was a congressman (1823-27) and governor (1827-29) of Tennessee. He resigned his office as governor in 1829 and rejoined the Cherokee Indians (with whom he had lived for several years as a teenage runaway), who accepted him as a member of their tribe. Houston went to Texas in 1832 and became commander of the Texan army in the War for Texan Independence, which was secured when Houston routed the much larger Mexican forces led by Santa Ana, April 21,1836, at the Battle of San Jacinto. After Texas admission to the Union, Houston served as US senator and later as governor of the state. He was deposed in 1861 when he refused to swear allegiance to the Confederacy.
    1799 - Congress standardized US weights and measures.
1807-The African slave trade was prohibited after January 1,1808 by an act of Congress, which outlawed importation of slaves into any place within the jurisdiction of the U.S.
    1815--- To put an end to robberies by the Barbary pirates, the United States declares war on Algiers.
    1819- Territory of Arkansas organized . The eastern U.S. was slowly becoming urbanized, but the frontier, moving ever westward, was still the place for the vigorous outdoor activities associated with newly settled rural areas. Marksmanship was highly prized and involved such sports as squirrel shooting by four-man teams. On one occasion, a team shot 152 squirrels by nightfall and the other, 141. Considered a brutal sport was the rough-and tumble fight. There were no rules and the two contestants were free to bite off ears or gouge out eyes until a fighter gave up or was knocked unconscious. By the way squirrel shooting is still popular today in many regions.
    1819-The first immigration law enacted by Congress established rules and procedures for passenger ships brining immigrants to the U.S. The most t important procedure was the numerical registry of immigrations, which made it possible to compile accurate statistics on immigrations in later years.
    1828-Melissa Burton Coray born at Mersey, Ontario, Canada. At the age of 18 she accompanied her Mormon Battalion soldier husband, William Coray, on a 2,000-mile military march on foot from Council Bluffs, IA, to San Diego, CA, then 1,500 more miles across the Sierra Nevada Mountains and the Nevada desert to Salt Lake City, UT, the only woman to make the entire trip. On July 30, 1994, a mountain peak near Carson Pass was named for her, the 2nd peak in California to be named for a woman.
    1829-Birthday of Carl Schurz, American journalist, political reformer and army officer in Civil War. Born near Cologne, Germany, he died at New York, NY May 14,1906.
    1836- Texas adopted Declaration of Independence from Mexico.
    1846 - A great storm hit Virginia and the Carolinas. The storm caused half a million dollars damage, and in North Carolina drowned fifty families and a thousand cattle on Notts Island.''
    1850-First masquerade ball in San Francisco with 600 guests. The event was organized by Tiffany Shlain and in 1998 moved to the Palace of Fine Arts with 2,000 guests.
    1853- Territory of Washington organized after separating from Oregon Territory.
    1861-The US Congress creates Dakota and Nevada Territories out of the Nebraska & Utah territories. One of the many things leading up to the Civil War were territories and states being created that would become “free states” and thus the “slave states” would lose their leverage in Congress, and the fear that “slavery” would be abolished. On February 4, the Confederacy was formed and earlier in the year states started seeding from the Union. The creation of these territories was signed by President James Buchanan. Nevada Territory was formed from Utah Territory; Dakota Territory from Nebraska Territory. Abraham Lincoln would be inaugurated president in two days; Hannibal Hamlin was his vice-president.
    1867- Jesse James-gang attempts to rob bank in Savannah MO, 1 dead. The attempted robbery on a private bank occurred 2:30 pm. March 2, 1867 in Savannah, east of St. Joseph, Missouri in Andrew County. There were five men in the gang, four men dismounted and entered the bank. Judge McClain refused to be robbed and put up an admirable defense. During the attempt Judge John Mc Clain was shot but lived. No money was stolen.
    1877 - A United States electoral commission declared Rutherford B. Hayes president, the only American president to be elected this way. The original result had been too close to call, with several disputed ballots. The nation had never before faced a dispute over the results of a presidential election, although elections had been decided by congress several times due to electoral procedure results, but this was the first where a dispute was settled. A candidate needed 185 electoral votes to win and Samuel J. Tilden, the Democratic candidate, clearly had 184. In dispute were the 19 electoral votes of three states still under carpetbag rule—Florida, Louisiana, and South Carolina-plus one vote in Oregon. In Congress both parties agreed on January 29 to establish an electoral commission to decide the issue. The commission, with five members from each house of Congress and five members from the Supreme Court, was made up of eight Republicans and seven Democrats. All the commission’s decisions were to fall along party lines. On March 2, Congress accepted the commission’s decision, which awarded all the disputed votes to the Republican candidate Rutherford B. Hayes, who thus received 185 electoral votes to Tilden’s 184. The Republicans were accused of offering southern Democrats economic favors for their region if they supported Hayes’s claim. In any event, the new president showed a conciliatory attitude toward the South: the last Federal troops were withdrawn and there was no further effort to protect the rights of blacks. Reconstruction was over.
    1888-The Grand Fountain Savings Bank, also known as the True Reformers Savings Bank, was chartered. It was the first bank for African-Americans operated by African-Americans. It began operations on April 3, with a paid-up capital of $4,000. The first day’s deposits were $1,268.69. The board of directors was elected by the society of the United Order of True Reformers, a group founded by William W. Browne.

    1899-Mt.Ranier National Park established, located in the Cascade Mountains of Washington state, this is the fourth oldest national park.
    1904-Theodor Seuss Geisel birthday, the creator of The Cat in the Hat and How the Grinch Stole Christmas, was born at Springfield, MA. Known to children and parents as Dr. Seuss, his books have sold more than 200 million copies and have been translated into 20 languages. His career began with And to Think That I Saw It on Mulberry Street, which was turned down by 27 publishing houses before being published by Vanguard Press. His books included many messages, from environmental consciousness in The Lorax to the dangers of pacifism in Horton Hatches the Egg and Yertel the Turtle's thinly veiled references to Hitler as the title character. He was awarded a Pulitzer Prize in 1984 "for his contribution over nearly half a century to the education and enjoyment of America's children and their parents." He died Sept 24, 1991, at La Jolla, CA.
    1909-Melvin “Mel” Ott birthday, Baseball Hall of Fame outfielder born at Gretna, LA. Playing for the New York Giants, Ott hit 511 home runs, a National League record until Willie Mays surpassed it in 1966. Inducted into the Hall of Fame in 1951. Died at New Orleans, LA, Nov 21, 1958.
    1907 - After a crowded and contentious session, California Assembly members voted 58 to 19 to move the state caputal from Sacremento to Berkley. as a result of the vote on the bill, California voters will be given an apportunity to decide the question on January 1908.
    1912-drummer Red Saunders born, Memphis TN
    1914-Martin Ritt birthday, American film and television director born at New York, NY. His best-known films are Hud (1963), Sounder(1972), and Norma Rae(1979.) He is perhaps best know
for his innovative television drama’s in the 50’s and 60’s. During the 1950’s he was blacklisted by McCarthy’s anti-Communist crusade. Died December 8,1990, at Santa Monica, CA.
    1917 -- Congress passes the Jones Act making Puerto Rico a territory of the United States and makes the inhabitants U.S. citizens.
    1917-Desi Arnaz birthday. Born at Santiago, Cuba, as Desidero Alberto Arnaz y Acha III, to a wealthy family. The 1933 revolution sent them ( now improvished) to Miami, FL, and the young Arnaz sought a music career. Arnaz led his own band and introduced the conga line to America. He had several musical hits including “Babalu.” He moved into acting, meeting his future wife, Lucille Ball, at RKO. Ball and Arnaz created one of the great TV comedies, “ I Love Lucy,” 1951-1957) and started the innovative Desilu TV production company. Ball and Arnaz divorced in 1960. Arnaz died on December 2, 1986 at Del Mar, Ca.
    1923- Arthel “Doc” Watson birthday, singer, musician (Riding the Midnight Train, Then and Now), born Deep Gap, NC. He first gained notice in 1961 with an engagement at Gerde's Folk City in New York's Greenwich Village. And his reputation was solidified with an appearance at the 1963 Newport Folk Festival. Watson relied heavily on traditional material - songs such as "Tom Dooley" and "Shady Grove." He recorded for Folkways and Vanguard records in the '60s. In the early '70s, Doc Watson's career was revived by a guest appearance on the Nitty Gritty Dirt Band's three-album set, "Will the Circle Be Unbroken."
    1923-Orrin Keepnews, co-founder of Riverside Records, jazz writer and reviewer born New York City, NY.

    1924-Harmonica player Alexander “Papa George” Lightfoot born Natchez, MS died 1971 Campbell, MS
    1924---Eddie “Lockjaw” Davis birthday
Tough tenor Eddie "Lockjaw" Davis is a gutsy hard-driving swinger who displays raw lyricism and real energy in his playing. Admired by all his fellow musicians, he was for a while closely associated with the Count Basie band, but also formed small bands with fellow tenor player Johnny Griffin in the 60s and Roy Eldridge in the 70s.,,420939,00.html?artist=

    1925-Highway Numbers introduced. A joint board of state and federal highway officials created the first system of interstate highway numbering in the US. Standardized road signs identifying the routes were also introduced. Later the system would be improved with the use of odd and even numbers that distinguish between north-south and east-west routes.
    1927 - Raleigh, North Carolina was buried under 17.8 inches of snow in 24 hours to establish a record snowfall for the city. Nashville, North Carolina received 31 inches of snow.
    1931-Tom Wolfe birthday, author, journalist (The Bonfire of the Vanities, The Right Stuff), born Richmond, VA.
    1933-- The motion picture King Kong starring Fay Wray, had its world premiere in New York
    1934 -Birthday of Dottie Rambo, contemporary gospel singer and songwriter. She has authored such country gospel favorites as "In the Valley He Restoreth My Soul," "Build My Mansion Next Door to Jesus" and "I Just Came to Talk With You, Lord."
    1936-Andy Kirk Band records,” Walkin’ and Swingin’’ Decca 809.
    1942-musician Eddie Money born Brooklyn, NY
    1943- Protected by American and Australian fighters, 137 American Flying Fortress and Liberator bombers attacked a Japanese convoy en route from its base at Rabaul to New Guinea today 1943. All the transports and four of the destroyers were sunk and 3,500 Japanese troops were drowned. Of the 150 Japanese aircraft involved in the fighting, 102 were shot down. Of the 150 Japanese aircraft involved in the fighting, 102 were shot down. The Battle of Bismarck Sea was a major victory for the Allies, ending any efforts by the Japanese to send reinforcements to New Guinea.
    1944- rock singer Lou Reed was born in Brooklyn, New York. He was lead singer and songwriter of the Velvet Underground in the late 1960s. The group's bleak outlook captured the attention of Andy Warhol, who made them a part of his "Exploding Plastic Inevitable" multi-media show, which toured the US and Canada in 1966. Lou Reed made a bitter departure from the Velvet Underground in 1970, living in seclusion for a couple of years. His solo career began in 1972, and his second album, "Transformer," was produced by David Bowie. From this LP, came Reed's only top-ten single, "Walk on the Wild Side." Reed's later albums ranged from commercial rock to grating instrumental noise. A live concert LP, "Rock 'n' Roll Animal," was certified gold in 1974.
    1948-Guitarist, Larry Carlton born, Torrence, Ca.
    1949 - Eddie Money (Edward Mahoney) is born in Brooklyn, N.Y. His biggest hit is the No. 4 song ``Take Me Home Tonight.''
    1949- The first automatic streetlight system in which the streetlights turned themselves on at dark is installed in New Milford, Connecticut, by the Connecticut Light and Power Company. Each streetlight contained an electronic device that contained a photoelectric cell capable of measuring outside light. By November of 1949, seven miles of New Milford’s roads were automatically lit at dusk by a total of 190 photoelectric streetlights. No longer would the proud men of New Milford be forced to don stilts in order to light their streetlamps.
    1950-Birthday of singer Karen Carpenter. She teamed with her pianist brother as the Carpenters who became a highly successful pop duo during the 1970s. KC died in 1983 from anorexia nervosa. The Carpenters had 19 hits including "Close to You," and "We've Only Just Begun." Her battle with the disease that led to her death has been the subject of several TV movies and documentaries.
    1951-The first All-Star Game of the National Basketball Association was played at the Boston Garden, Boston, MA, before a crowd of 10,094 patrons. The East team, coached by Joe Lapchick, defeated the West team, coached by John Kundla, by the score of 111-94.
    1951-George Wettling’s Jazz Band (Sullivan, Hall, Davison) cut “Collier’s Climb.”
    1955--Bo Diddley has his first recording session at Universal Recording Studio in Chicago, where he lays down "Bo Diddley", which will top the US R&B chart by the following June.
    1957 - Teenage heartthrob Tab Hunter’s song "Young Love" was number one in the U.S.
and stays there for the entire month.
    1957---Top Hits
Young Love - Tab Hunter
Teen-Age Crush - Tommy Sands
Butterfly - Charlie Gracie
There You Go - Johnny Cash
    1959- Miles Davis cuts "Kind of Blue" for Columbia. It is considered the number one jazz album best seller today. It was originally released as a Columbia Jazz Club Member alternative, and was considered advant guarde in its day.
March 2
    1960- Wilt Chamberlain (Philadelphia) sets NBA playoff record of 63 points.
    1962-Jon Bon Jovi ( real name John Bongiovi) singer, songwriter ("You Give Love a Bad Name"), born Sayreville, NJ. Bon Jovi's melodic heavy metal on such chart-toppers as "You Give Love a Bad Name" and "Livin' on a Prayer" made them America's hottest rock band in 1986. Albums such as "Slippery When Wet" and "New Jersey" were multi-million-sellers.
    1962-Wilt Chamberlain poured in 100 points, an NBA record, as the Philadelphia Warriors defeated the New York Knicks, 169-147, in Hershey, PA. Chamberlain made 36 field goals and a record 28 foul shots and set yet another record by scoring 59 points in the second half.
    1962 - Jon Bon Jovi (John Francis Bongiovi, Jr.), lead singer of the group Bon Jovi, is born in Perth Amboy New Jersey. He scores a solo No. 1 hit in 1990 with the million-selling ``Blaze of Glory,'' the theme song of the film ``Young Guns II.''
    1963- Chubby Checker hosts "The Limbo Party" at San Francisco's Cow Palace. His special guests include Marvin Gaye, the Four Seasons, the Crystals, Lou Christie, Dick & Dee Dee, Paul & Paula and Herb Albert & the Tijuana Brass.
    1963-The Four Seasons score their third consecutive Billboard #1 with "Walk like a Man".
    1963-The Cascades achieved their only Billboard Top 40 hit when "Rhythm of the Rain" topped out at #3.
    1964 - The Beatles "Twist and Shout" backed with "There's a Place" is released in the U.S. on Tollie Records, the fourth label to release a Beatle record in America. Also on this day, shooting began on The Beatles' first feature film A Hard Day's Night. The film was a black-and-white semi-fictional account of "a day in the life" of the Beatles, and included eight songs written specifically for the film. Richard Lester was director.
    1965---Top Hits
This Diamond Ring - Gary Lewis & The Playboys
My Girl - The Temptations
The Jolly Green Giant - The Kingsmen
I’ve Got a Tiger by the Tail - Buck Owens
    1966-Left wing Bobby Hull of the Chicago Blackhawks became the first NHL player to score 50 goals in a season twice when he scored his 50th goal of the 1965-66 season in a 5-4 win over the Detroit Red Wings.
    1966 --215,000 US soldiers in Vietnam.
    1967-Senator Robert Kennedy (D-New York) proposes a three-point plan to help end the war. The plan included suspension of the US bombing of North Vietnam and the gradual withdrawal of US and North Vietnamese troops from South Vietnam with replacement by an international force. Secretary of State Dean Rusk rejected Kennedy's proposal because he believed that the North Vietnamese would never agree to withdraw their troops.
    1967- Winners of the ninth annual Grammy Awards for 1966 are announced. Record of the Year is Frank Sinatra's "Stangers in the Night." "Sinatra, a Man and His Music" is tabbed Album of the Year and Song of the Year is John Lennon and Paul McCartney's "Michelle." Herb Alpert wins a Grammy for ``What Now My Love,'' Best Non-Jazz Instrumental. The Mamas & the Papas wins a Grammy for ``Monday Monday,'' Best Contemporary Group Performance.
    1968-Blue Cheer's "Summertime Blues" is released as is Simon & Garfunkel's "Scarborough Fair."
    1968-CUTINHA, NICHOLAS J. Medal of Honor
Rank and organization: Specialist Fourth Class, U.S. Army, Company C, 4th Battalion, 9th Infantry Regiment, 25th Infantry Division. Place and date: Near Gia Dinh, Republic of Vietnam, 2 March 1968. Entered service at: Coral Gables, Fla. Born: 13 January 1945, Fernandina Beach, Fla. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. While serving as a machine gunner with Company C, Sp4c. Cutinha accompanied his unit on a combat mission near Gia Dinh. Suddenly his company came under small arms, automatic weapons, mortar and rocket propelled grenade fire, from a battalion size enemy unit. During the initial hostile attack, communication with the battalion was lost and the company commander and numerous members of the company became casualties. When Sp4c. Cutinha observed that his company was pinned down and disorganized, he moved to the front with complete disregard for his safety, firing his machine gun at the charging enemy. As he moved forward he drew fire on his own position and was seriously wounded in the leg. As the hostile fire intensified and half of the company was killed or wounded, Sp4c. Cutinha assumed command of all the survivors in his area and initiated a withdrawal while providing covering fire for the evacuation of the wounded. He killed several enemy soldiers but sustained another leg wound when his machine gun was destroyed by incoming rounds. Undaunted, he crawled through a hail of enemy fire to an operable machine gun in order to continue the defense of his injured comrades who were being administered medical treatment. Sp4c. Cutinha maintained this position, refused assistance, and provided defensive fire for his comrades until he fell mortally wounded. He was solely responsible for killing 15 enemy soldiers while saving the lives of at least 9 members of his own unit. Sp4c. Cutinha's gallantry and extraordinary heroism were in keeping with the highest traditions of the military service and reflect great credit upon himself, his unit, and the U.S. Army.
    1969-Phil Esposito, center of the Boston Bruins, became the first player in National Hockey League history to score 100 points in a season when he scored a goal in Boston’s 4-0 victory of the Pittsburgh Penguins.
    1969-At the 11th Grammy Awards, Glen Campbell is presented with Album Of The Year honors for "By The Time I Get To Phoenix" and Simon and Garfunkel's "Mrs. Robinson" is named Record Of The Year. Jose Feliciano is dubbed Best New Artist and the Bobby Russell composition "Little Green Apples" is given the nod as Song Of The Year. Mason Williams won Best Instrumental Performance for "Classical Gas" and Judy Collins takes home a statue for Best Folk Performance for "Both Sides Now".
    1972-Pioneer 10: This unmanned probe began a journey on which it passed and photographed Jupiter and its moons, 620 million miles from Earth, in December 1973. It crossed the orbit of Pluto, and then in 1983 become the first known Earth object to leave our solar system. On Sept 22, 1987 Pioneer 10 reached another space milestone at 4:19 PM, when it reached a distance 50 times farther from the sun than the sun is from Earth. It was also the first spacecraft to carry a message intended to be read by living beings elsewhere in the universe. Bolted to the probe’s exterior wall was a gold-anodized plaque, six by nine inches in area, that carried a number of illustrations: drawings of a human man and woman, a star map marked with the location of the sun, and a second map showing the flight path of Pioneer 10. The message was designed by astronomer Carl Sagan.
    1973---Top Hits
Killing Me Softly with His Song - Roberta Flack
Dueling Banjos - Eric Weissberg & Steve Mandell
Could It Be I’m Falling in Love - Spinners
Rated "X" - Loretta Lynn
    1974 --A grand jury in Washington, D.C. concludes that President Nixon was indeed involved in the Watergate cover-up.
    1974--Stevie Wonder takes home five Grammy Awards during ceremonies held at the Hollywood Palladium. The singer is honored for Album of the Year ("Innervisions"), Best Pop Vocal Performance ("You Are the Sunshine of My Life"), Best R&B Song ("Superstition"), Best R&B Vocal Performance ("Superstition") and Best Engineered Recording ("Innervisions"). Says Wonder on his five trips up to the podium: "I would like to thank you all for making this the sunshine of my life tonight." Gladys Knight & the Pips wins Grammys for ``Neither One of Us'' (Best Pop Vocal Performance By A Duo, Group or Chorus) and ``Midnight Train to Georgia.'' (best R&B vocal performance by a group). 1974 - Neil Diamond wins a Grammy for ``Jonathan Livingston Seagull,'' Best Film Soundtrack.
    1974-Terry Jacks, who had left The Poppy Family in 1970, had the top song in the US with "Season's In the Sun". The tune was originally written in French, titled "Le Moribund" ("The Dying Man") and recorded as an album cut by The Kingston Trio. It was recommended by Jacks to The Beach Boys, who did record it, but declined to release it. Their decision worked out well for Jacks, who sold over eleven and a half million copies of the record.
    1975- Roberta Flack won three Grammy Awards for "Killing Me Softly With His Song." Best new artist was Bette Midler.
    1978 - The coffin containing the body of actor-director Charlie Chaplin was stolen from a Swiss cemetery. Chaplin, who had died a year earlier, is considered one of the great geniuses of cinema. His body was recovered three months later, found in a cornfield 10 miles from the cemetery in Corsier-sur-Vevey, Switzerland, and the grave robbers were arrested. Chaplin's body was reburied in a vault surrounded by cement.
    1979 -Over 1,100 Christian organizations combined to form the Evangelical Council for Financial Accountability (ECFA). This oversight agency was created to demonstrate to the public that religious groups wanted to make themselves accountable for the funds they raise and spend.
    1979- The three-day Havana Jam, sponsored by CBS Records and the Cuban government, began in the 5,000-seat Karl Marx Auditorium in Havana. Among the acts appearing were Weather Report, Stephen Stills and Billy Joel. They were the first US pop artists to appear in Cuba in more than 20 years.
    1981---Top Hits
I Love a Rainy Night - Eddie Rabbitt
Woman - John Lennon
Keep on Loving You - REO Speedwagon
Southern Rains - Mel Tillis
    1983-- Sony and Philips introduced their jointly-developed compact disc system.
The CD is a digital medium in which sound waves are replicated as a series of binary numbers on the 12 cm disc. A laser in the CD player reads the digital information, which is then translated into sound. In contrast, vinyl records were traditionally recorded using analog technology, which replicates sound waves in the grooves of a record. The sound is transmitted through a needle vibrating in a groove via a cartridge to an amplifier. The major advantage of digital recording over analog is that it eliminates extraneous noise. In analog recording, a noise reduction mechanism is needed to minimize hisses and crackles. Within a decade of the CD's introduction, vinyl records had virtually disappeared from stores.
    1984 - After 30 years in business, the first McDonald’s franchise closed in Des Plaines, Illinois. A new drive-in McDonalds opened right across.
    1985 - For the first time, country singer, Gary Morris hit #1 on the country charts with "Baby Bye Bye" from his album, "Faded Blue".
    1986 - Queen Elizabeth signed the Australia bill, formally severing the last constitutional ties with Britain.
    1987 - Two sets of quintuplets were born, one set to Rosalind Helms in Peoria, Illinois, and another set to Robin Jenkins of Las Vegas, Nevada.
    1987 - United States Government officials said the median price for a new home topped $100,000 for the first time. The six-figure price of $110,700, was up from $94,600.
    1988-Grammy news: U2's "The Joshua Tree" wins Best Album, while Paul Simon's "Graceland" wins Best Record. Jody Watley wins Best New Artist.
    1989---Top Hits
Straight Up - Paula Abdul
Lost in Your Eyes - Debbie Gibson
The Lover in Me - Sheena Easton
I Sang Dixie - Dwight Yoakam
    1991- Andrew Lloyd Webber's "Aspects of Love" closed in New York after 377 performances. It was the shortest run of any Lloyd Webber musical on Broadway. "Aspects of Love" was said to be the most expensive play in Broadway history, costing about two million dollars to open and running up expenses of eight million by the time it closed. Little of the investment was recouped during the show's nearly 11-month run. The British production was much more successful, running for more than three years.
    1992- Second baseman Ryne Sandberg signed a four-year contract with the Chicago Cubs worth $28.4 million to become baseball’s highest paid player at the time, passing Bobby Bonilla of the New York Mets. The eight-time All-Star and nine-time Gold Glove winner retired in the middle of the 1994 season but retuned to the game ( at a far lower salary) in 1996.
    1996- Another east coast snowstorm deposited 4.6 inches of snow at Central Park in New York City to bring its seasonal snowfall total to 66.3 inches, breaking the old season snowfall record of 63.2 inches set in 1947-48.
    1998-In a surprise announcement, Apple Computer said it would stop producing its Newton handheld computer. The ill-fated Newton, which cost an estimated $500 million to develop over ten years, got off to a bad start when it debuted in 1993. The press panned its much ballyhooed handwriting recognition capability, and although later versions corrected some of the problems, the product never quite recovered from its traumatic entry into the marketplace. In the late 1990s, the Newton was overtaken by new products like 3Com's PalmPilot, which sold one million units during its first two years on the market, compared with 200,000 Newtons sold in five years.
    1999-Bob Dylan is the opening performer at the House Of Blues at the Mandalay Bay Resort in Las Vegas. During the encore, Dylan performs with U2's Bono for a rousing rendition of "Knockin' On Heaven's Door.
    2001 ---Yahoo stock (YHOO on NASDAQ) loses $2.75 to close at $21.69. On a split adjusted basis, it had traded as high as high as $237.50 on 03 January 2000, and as low as $1.32 on 22 September 1996.




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