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Credit Syndicator

Full time opening for the right team player with heavy structured transaction experience.  Click here for description.

Funding Specialist

Full time opening for the right team player with heavy structured transaction experience.  Click here for description.

Wednesday, March 18, 2009


Jazz flutist Paul Horn born March 17, 1930

Classified Ads---Controller
    Paul A. Larkins resigns from Key Finance
IFC Credit-Pioneer Leasing Up-Date
by Christopher Menkin
    Classified ads---Help Wanted
        Operation Lease Fleece: Up-Date
Sales makes it Happen—by Scott Wheeler
Passion for Leasing Success
    Wells Fargo Chief Criticizes TARP
        Lakeland Year-End, Once the Darling of Leasing
ATEL Cash Distribution Fund VI LP
    John Updike Poem
        Fitch to Rate CNH and LEAF II
Cuomo: AIG paid $1M-plus bonuses to 73 workers
    Outcry Builds in Washington for Recovery
    Washington knew AIG preparing to pay bonuses
    Democrats line up bills to strike at AIG
    Caterpillar to lay off 2,454 workers
    Unlocking Credit 4 Small Businesses Fact Sheet
    FDIC Boosts Fees for Debt Guarantee
    N.E. businesses billed for oil dump cleanup
    Bush refuses to criticize Obama in Canada
    Feds clear way for NYC's Bloomberg to run again
    Steve Wozniak survives Dancing w/the Stars Cut
    "American Idol": Anoop Desai impresses
    American Idol fashion watch
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Traffic Live----

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


Classified Ads---Controller

Boca Raton, FL
CPA w/ Sarbanes Oxley/ 15 years management exp. as CFO/ Controller/5 yrs w/ PWC Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate.
Chicago, IL
experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating.
Southeastern, MI
Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate.

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Paul A. Larkins resigns from Key Finance

Confirmed: Paul A. Larkins, CEO of Key National Finance and Key Equipment Finance, Superior, Colorado, and Leasing News Person of the Year for 2006, has resigned.

A call to his office this morning to get confirmation or denial was directed to Key Public Relations Officer Tricia Akins, who did not return the telephone call. The reaction by Mr. Larkins’ secretary, known to Leasing News, the fact that he was not available, email returned, and comments were referred to public relations indicates the group was not prepared.

Late afternoon email from Tricia Atkins:

“Peter Hancock, Vice Chairman of Key’s National Banking organization, announced today that Paul Larkins, President and CEO of Key National Finance, will be resigning at the end of the month to take a position at an asset management firm specializing in distressed debt.  Key remains committed to the leasing business, known as Key Equipment Finance (KEF). Business groups that previously reported to Larkins, including KEF, will now report to Hancock.  We are grateful to Paul for his leadership, and wish him the best in his new endeavors.”

Larkins had just won an award for his education program, plus was recently named top business newsmakers in Colorado for the third consecutive year by the Denver Business Journal.

November 11, 2008 he announced 180 positions were let go from the estimated 1,100 employees, including 30 positions of the company's 352 person Boulder, Colorado headquarters being let go or not replaced via attrition.

Previous quarterly reports from Key Bank SEC filings showed the leasing division was doing relatively well. The year-end commercial leasing is the result of a LILO tax ruling against the bank (others
banks and financial institutions experienced the same ruling.) The yield without the ruling is noted.

2007 Year End Commercial Leasing (in millions)

2008 int. yield 2007 int. yield 2006 int. yield

9,642 (425) (4.41) * 10,154 606 5.97 9,773 595 6.08

*would have been 4.82% for 2008, and Key’s taxable equivalent net interest margin would have been 3.14%.

“During the fourth quarter of 2008, Key’s taxable-equivalent net interest income was reduced by $18 million as a result of an agreement reached with the IRS on all material aspects related to the IRS global tax settlement pertaining to certain leveraged lease financing transactions. During the second quarter of 2008, Key’s taxable-equivalent net interest income was reduced by $838 million following an adverse federal court decision on Key’s tax treatment of a leveraged sale-leaseback transaction. During the first quarter of 2008, Key increased its tax reserves for certain LILO transactions and recalculated its lease income in accordance with prescribed accounting
standards. These actions reduced Key’s first quarter 2008 taxable-equivalent net interest income by $34 million. Excluding all of these reductions, the taxable-equivalent yield on Key’s commercial lease financing portfolio would have been 4.82% for 2008, and Key’s taxable equivalent net interest margin would have been 3.14%.”

Commercial lease financing allocation of losses (in millions)

2008 2007 2006
Amount Allowance Loans Amount Allowance Loans Amount Allowance Loans
148 8.3 11.8 125 10.4 14.4 139 14.7 15.6

Leasing News Person for the year 2006 Paul A. Larkins



IFC Credit-Pioneer Leasing Up-Date
by Christopher Menkin

IFC Credit Corporation, Morton Grove, Illinois reportedly is attempting to sell a large portfolio, discounting heavily, which allegedly attracted LEAF Corporation to the last purchase, as well as other assets, including residuals and maybe even Rudy Trebels art on his office wall.

Okay, it's not that funny. But neither are the complaints Leasing News is receiving:

"I found your name in a leasing publication and was wondering if you can help me? I am having a very difficult time collecting money from IFC Credit Corporation out of Morton Grove, Illinois. I have made several calls and sent several emails to ******, Account Rep and Marc Langs, CFO and they are not responding. Do you know if they are having any financial problems? Do you of any other companies that are having issues with IFC? Are there any contacts you can give me that might be able to help? Are there any "better business organizations" that handle leasing companies that I can call? Any feedback you can share with me would be greatly appreciated. I am copying my Credit Manager in this email to keep her in the loop. Thank you in advance for your time…"

(CFO Name and Company With Held)

Pioneer Capital Corporation, Addison, Texas, meantime is no longer funding. Leases that were to fund have reportedly been returned to brokers or dealers, including their first and last and other charges, total amount. A few committed by one franchisor, but brokers tell us Pioneer is not approving leases at this time.

Much of the IFC Credit Corporation cash flow problems seem to stem from the cost of NorVergence lease litigation and defense.



Leasing Industry Help Wanted

Credit Management/Funding Operations

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

Credit Syndicator / Funding Specialist


Credit Syndicator

Full time opening for the right team player with heavy structured transaction experience.  Click here for description.

Funding Specialist

Full time opening for the right team player with heavy structured transaction experience.  Click here for description.


"Senior Leasing/Commercial Account Executives

Proven history of closed deals & an established book of business?
Want superior support & great income opportunity?
Email resume to

About the Company: CapNet Financial Services, Inc has been a leader in direct lease originations for 10 years. Our mission is to provide American business with fast, innovative, financing solutions to grow their companies and exceed their goals."


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.

Burbank, California

Experienced salesperson for well-established/experienced company, very active in leasing industry, nationwide.

Call Jeff Rudin (888) 44QUAIL x14 or email :

About the company: Quail Equipment Leasing 17 years in business with the ability to develop specialized programs for vendors and unique industries: $10K to $24MM.


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.

Please see our Job Wanted section for possible new employees.



Operation Lease Fleece: Up-Date

Hon. Cormac J. Carney, Former UCLA football star, and UCLA Football wide receiver Rose Bowl MVP.
November 7, 2007 the FBI investigation dubbed “Operation Lease Fleece” officially filed charges against 23 for their roles in a fraud scheme that allegedly caused more than $20 million in losses to several leasing companies and banks that believed they were financing equipment leases. First, that was the dollar amount at the time, as other defaults have brought new cases and charges. According to the records, many were arrested on October 18, 2007.

In a year and a half one all of the original 23 have plead guilty, confessing to “sealed documents.” In this time period, only two more have apparently been named to those who have already confessed. All are under “house arrest.” Although many get permission to travel, and the guess is they will be getting from one to four year sentences, depending. None of this is official, but information from other criminal attorneys. Certainly the financial economy has changed since this all began. Maybe this is to their benefit, maybe not.

The two new to the original list occurred last year, with indictments on 12/04/2008: Chance Neil Weaver and Michael Scott Grayson, both out of bail and scheduled for Jury Trial to 6/16/2009 09:00 AM before Judge Cormac J. Carney. The indictment says they are related to Adam S. Zuckerman and seemed to have served as a vendor who provided invoices for Zuckerman’s operation.

As dates come up again for sentencing, they have been postponed, indicating this is going to be going on until early next year. The most recent changes show December 7, 2009 and January 4, 2010. Dates set before this time period most likely will also moved forward to dates similar to these, indicating the FBI and US Attorney’s office consider the case “continuing.” Neither the FBI or Jennifer L Waier, US Deputy Attorney who has been involved in the case since the beginning
had any comment for Leasing News readers. It appears there are other suspects and the case is not closed.

This is part of the request to Judge Carney to postpone sentencing:

“2. Defendant and the government are engaged in ongoing discussion regarding matters that will significantly impact defendant’s sentencing. The parties require additional time to conclude these discussions and prepare position papers concerning sentencing.

“3. The parties believe it is in the best interest of the case for defendant’s sentencing date to be continued to December 7, 2009 at 9:00 a.m.

United States Attorney
Assistant United States Attorney
Chief, Santa Ana Office
3/11/09 Jennifer L. Waier
Assistant United States Attorney
Attorneys for Plaintiff
United States of America
3/11/09 Stephan A. DeSales/JLW
Counsel for Defendant

The so-called three ring leaders of Operation Lease Fleece are no longer in the leasing business, it is believed. Adam Zuckerman is reportedly still active in the investment business. Adam Zuckerman was about to make a “mea culpa” to Leasing News, then went on a cruise, then at the beginning of the year to Israel, and has been active in “putting deals” together, traveling all over the country using a “pen name,” he did divulge to those he was working with. He remains an entrepreneur. He is greatly concerned with having a reduced sentence and has apparently cooperated in every way to obtain this goal.

Long time partners Jim Raeder and Mark McQuitty of CapitalWerks, Preferred Lease, formerly SierraCities from the sale of their company Republic Leasing of Southern California, appear to have gone their separate ways. They have been living off the sale of Republic Leasing of Southern California for quite some time, Leasing News was told by Jim Raeder. CapitalWerks/Preferred Leasing was never very profitable, he said. Many of the employees have started their own leasing companies.

After pleading guilty in a sealed document, Raeder moved to Colorado, where he was originally raised, bringing his family. He told Leasing News he is spending a lot of time with his wife and children. He has been wondering if he will ever get back into the leasing business after he serves his time, and appears to Leasing News he wants to return in some capacity upon his release. His health has not been good, it is reported.

Mark McQuitty stayed in Southern California, had rented several offices, was reportedly active in several ventures, but appears to have let them lapse. He is originally from New Zealand. Whether he will eventually return to his home country is not known.

During the time since his pleading guilty, he has had three serious DMV convictions. He was put on three years probation on July 31, 2008 with the sentence stayed. The DMV record does not show if his license was revoked, but the court knowing his pleading guilty to federal charges may have influenced the decision. (Out of respect for his family, Leasing News is not providing his public DMV conviction record sent in by a reader.)

Here is an up-date on the sentencing dates:

(Southern Division - Santa Ana)
CRIMINAL DOCKET FOR CASE #: 8:07-cr-00239-CJC All Defendants

Jennifer L Waier
AUSA - Office of US Attorney
411 West Fourth Street, Suite 8000
Santa Ana, CA 92701

These are from public documents, up-dated March 17, 2009:

*February 19, 2008 James Raeder pled guilty 18:1343: Wire Fraud before Judge Cormac J. Carney. Sentencing set for 1/4/2010 before Judge Cormac J. Carney. Documents sealed.

May 20, 2008 Mark McQuitty pled guilty 18:1343: Wire Fraud before Judge Cormac J. Carney. Sentencing set for 5/18/2009 10:00 AM before Judge Cormac J. Carney. Documents sealed. Since the arrest, he has several DMV convictions.

April 8, 2008 Anthony E. Watson pled guilty before Judge Cormac J. Carney.. Documents sealed. Latest: Sentencing Hearing to 10/5/2009 10:00 AM before Judge Cormac J. Carney.

Adam Zuckerman pled guilty with the jury trial date of July 8, 2008 at 8:30 a.m. as to this defendant only. There were questions regarding his plea. Currently Sentencing set for 7/13/2009 before Judge Cormac J. Carney. Plea agreement as of December 7, 2007 is sealed. He reportedly wore a wire, contributed names and dates, plus will testify against many of those named. He has allegedly gone on a cruise, and with permission traveled to Israel, but has now turned in his passport.

Paul Arnold pled guilty before Judge Cormac J. Carney. Sentencing set 12/14/2009 AM before Judge Cormac J. Carney.

James H Breedlove: Sentencing continued (date not found, assume 10/5/2009)

Anthony E. Watson: continuing Sentencing Hearing to 10/5/2009 10:00 AM before Judge Cormac J. Carney

Kirk A McMahan: continuing Sentencing Hearing to January 4, 2010 before Judge Cormac J. Carney.

Lourey McComber before Judge Cormac J. Carney. Sentencing is now set for 12/7/2009 before Judge Cormac J. Carney."

Leigh Dorand pled guilty 18:1343: Wire Fraud before Judge Cormac J. Carney. Sentencing set for 12/7/2009 before Judge Cormac J. Carney. Document sealed

Jeffrey Greenough pled guilty to 18:1343: Wire Fraud (1) 18:2: Aiding and Abetting and Causing an Act to be Done before Judge Cormac J. Carney. Sentencing hearing for defendant Jeffrey Greenough to 12/7/2009 before Judge Cormac J. Carney. Documents sealed.

Lourey McComber pled guilty to 18:1343: Wire Fraud (1) 18:2: Aiding and Abetting and Causing an Act to be Done before Judge Cormac J. Carney. Stipulation to Continue 46 Sentencing hearing to 8/11/2008 11:00 AM before Judge Cormac J. Carney. Documents sealed. Latest: Sentencing set for December 7, 2009 before Judge Cormac J. Carney.

Harold Gold pled guilty to 18:1343: Wire Fraud (1) before Judge Cormac J. Carney. Sentencing set for 12/7/2009 before Judge Cormac J. Carney.

Troy Worrell pled guilty and sentencing set for 12/7/2009 before Judge Cormac J. Carney.

Geoffrey Silver to the charge of conspiracy to appear before Judge Cormac J. Carney 6/8/2009. Documents sealed. Court records show that he has been granted permission to travel throughout the United States.

Mark Castleman indicted for mail fraud and November 19, 2008 pleased guilty. Sentencing to be 4/6/2009 before Judge Cormac J. Carney.

Les Spitzer also known as Guy Amsalem pled guilty before Judge Cormac J. Carney. Sentencing set for 6/15/2009 before Judge Cormac J. Carney. Documents sealed.

Brian Sime also known as Joe Turner also known as Tonga Title 18:1014 FALSE STATEMENT TO FINANCIAL INSTITUTION: 18: 2(b) CAUSING AN ACT TO BE DONE (1) Public Defender reassigned. Documents sealed. Sentencing set for 6/22/2009 before Judge Cormac J. Carney. Documents sealed

Leo J Najera pled guilty before Judge Cormac J. Carney. Sentencing set for 6/15/2009 before Judge Cormac J. Carney. Documents sealed

Nohad Mousa pled guilty to 18:1341 MAIL FRAUD before Judge Cormac J. Carney.
JUDGMENT AND COMMITMENT by Judge Cormac J. Carney as to Defendant Nohad Mousa (1), Count(s) 1, 6 months imprisonment, time served. Pay $100 special assessment. Pay total restitution of $94,775. Interest on restitution ordered waived. Defendant shall be held jointly and severally liable with co-participant George Simon (Docket No 8:07CR00246) for the amount of restitution ordered in this judgment. All fines are waived. 3 years supervised release under terms and conditions of US Probation Office and General Orders 318 and 01-05. Signed by Judge Cormac J. Carney.

Plea Agreement:

Notably absent in court records is John J. Callaghan, 38, of Warminster, Pennsylvania, who worked at Citicapital. Allegedly there were three or four Citicapital bank officers named. According to a Citicapital press release three were dismissed. They are not named, nor allegations that the fraud was higher up in administration. Subprime and other large losses seem to have taken precedence.
According to the US Attorney press release, complaints from Citibank started their investigation.

Here are those originally named by the FBI and US Attorney’s office:

James T. Raeder II, 42, of Mission Viejo, who worked at Capitalwerks/Preferred Lease
Mark McQuitty, 46, of Trabuco Canyon, who worked at Capitalwerks/Preferred Lease
Richard Norris, 60, of Los Angeles, who worked at Capitalwerks/Preferred Lease
Anthony E. Watson, 61, of San Clemente, who worked at CapitalWerks/Preferred Lease
Douglas Cox, 37, of Rancho Santa Margarita, who worked at CapitalWerks/Preferred Lease
Adam Zuckerman, 37, of Laguna Beach, who worked at Brickbanc
Kirk McMahan, 31, of Newport Beach, who worked at Brickbanc
Paul Arnold, 56, of Laguna Hills, who worked at Brickbanc
Geoff Silver, 35, of Calabasas, who worked at Silver Industries
Brian Sime, 29, of Irvine, who worked at Brickbanc
John J. Callaghan, 38, of Warminster, Pennsylvania, who worked at Citicapital
Leo Najera, 28, of Mission Viejo, who worked at ECCI
John Budge, 38, of Sartell, Minnesota, who worked at Bach Business Credit
Leigh Dorand, 42, of Phoenix, who worked at Tech Capital
James Breedlove, 51, of Newport Beach, who worked at Santa Fe Equipment
Mark Castleman, 47, of Chino Hills, who worked at Industrial Information Systems
Les Spitzer, 60, of Grenada Hills, who worked at Pyramid Infinite
George Simon, 38, of Redondo Beach, who worked at Advantage IT Solutions
Jeff Greenough, 48, of Laguna Beach, who worked at Peniche
Troy Worrell, 47, of Newport Beach, who worked at Peniche;
Lourey McComber, 53, of Prescott Valley, Arizona, who worked at Peniche
Harold Gold, 75, of Falmouth, Massachusetts, who worked at Leasing Services
Nohad Mousa, 40, of Anaheim, who worked at Saut Wa Soora, Inc.

Last Up-date (full story):

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



Sales Make it Happen --- by Scott Wheeler

With over twenty-six years of leasing experience and an Executive Masters in Business Administration, Scott is an accomplished senior leasing executive with leadership qualities in marketing and operations. His extensive experience will benefit organizations looking to reach a higher level of profitability and corporate development.

Passion for Leasing Success

I speak to many lessors, brokers and funding sources on a regular basis. I am constantly energized by the individuals who have a real passion for our business. These are not fair weather friends of our industry – they are committed to their personal success no matter what the conditions – they are optimists – they work hard and smart; and look toward the future as an excellent career opportunity. I would like to share a few comments from recent conversations.

The first individual has been in the industry for over ten years and as recently as twelve months ago had in excess of fifteen individuals working in his shop. Life was good. In November of 2008, a conversation revealed that he had to cut back significantly (there were 50% less employees, cash flow was tight, business was very slow and many of his funding sources were pulling back). At the time, this individual was not hoping for the good old days to return; he was planning for the future and was working on redefining who he wanted to be in the future.

Just a few days ago I spoke again to this individual and his first comment was that business was “Rocking and Rolling”. He replaced two sales reps in December. The new hires were generating good transactions which were being funded. The company was attracting better credits and vendors that he was unable to penetrate in the past because of fierce competition were sending him deals on a regular basis. The better transactions opened up new doors to new funding sources and more importantly he was having fun. The point is this individual has a passion for what he does. He was not trying to change the economic conditions, he was willing to make internal changes to reshape his shop, his focus, and his outlook on how to be successful in today's world.

His shop, although smaller, is energized and actively pursuing different types of transactions. He is touching his past and new relationships with optimism and gusto; therefore, uncovering new opportunities. Success and optimism are contagious both internally and externally. This individual is a realist. He is still keeping his expenses lean and watching his costs. He is optimistic that the rest of 2009 will be better than the last third of 2008 and expects his company to get their fair share of business because of their hard work and dedication to one another, their vendors and their lessees. While others are crying, he is building a stronger more profitable operation for the future.

A second conversation was with a lessor who funds most of his own paper with internal lines. The lessor is about 30 employees strong and has been in business for about 25 years. This firm funds both small ticket transactions and lower middle market transactions regionally. In late 2007 and early 2008, the owners perceived that business was going to get tough. They sold off a large chunk of their internal portfolio to free up their lines. Two experienced collectors were hired in the first half of 2008, even though their portfolio wasn't underperforming at the time. In hindsight all of these moves were brilliant. To date their portfolio continues to perform exceptionally well – however, they claim that they work the portfolio hard and are quick to react to unfavorable situations. This firm has not contracted in recent months, but has expanded. There has been some excellent talent available in the market and this firm has added several new originators. These individuals have allowed the company to enter new industries and business has been growing the last two quarters. The owner claims he hasn't worked this hard in years, twelve hour days have been necessary to process the flow of good and bad transactions (they have seen their fair share of poor credits). The owners have consistently made investment in their future and it has paid off. I have met most of the marketing team and these individuals are enthusiastic and encouraged about the future. Their passion for success radiates throughout the organization.

There are many similar stories to be told in our industry. The majority of leasing entrepreneurs have an individual passion for success. Many are working longer, harder and smarter than they have in the past. They are planting seeds and concentrating on the opportunities of the future. These individuals enjoy providing exceptional service to their clients and are committed to having fun. These individuals reject negativity and thrive on their passion to succeed. There are many new opportunities yet to be found, waiting to be discovered by the passionate individual who is working hard, digging deep, building new relationships, networking with others and committed to advocating the benefits of our industry.

Please let me know your thoughts, suggestions or ideas. or 410-877-0428 .

Sales Makes it Happen articles:




Wells Fargo Chief Criticizes TARP

Wells Fargo Chairman Richard M. Kovacevich joins U.S. Bancorp Chief Executive Richard Davis recent criticism of TARP. At the Stanford Institute for Economic Policy, Kovacevich outlined his resistance to taking $25 billion in a federal direct-investment under the Troubled Asset Relief Program.

Richard M. Kovacevich

He said he opposed the program’s structure requiring Wells and other major banks to take the money, saying that regulators hoped requiring all banks to take the money would lift public perception on the troubled banks to the level of the nation’s healthiest banks. He feared the opposite, that it was have a negative public relations effect. Kovacevich feared the reputation of the nation’s strongest banks would sink.

Kovacevich said Wells Fargo didn't need the funds. He pointed out that it required Wells Fargo Bank to take the TARP money, which shut the bank out of the private capital markets. As a result, the bank had to slash its dividend to build up capital as part of its efforts to eventually repay the TARP investment.

It should be pointed out the TARP plan was approved by the Bush Administration, backed by the FDIC chairman and the Treasury Secretary, as well as the majority of the 2008 Congress, both house and senate. Banks were not given a chance to vote on it, or even accountability rules, and just the basic guidelines to stay in business.



Lakeland Year-End, Once the Darling of Leasing

Net income for 2008 was $15.2 million compared to net income of $18.0 million in 2007.

In 2008, the Company recorded a provision for loan and lease losses of $23.7 million compared to $6.0 million in 2007. The higher loan loss provision includes a $17.8 million provision for the leasing division. During 2008, the Company was informed by two leasing originators that they could no longer fulfill all of their obligations under contractual recourse provisions. In 2007, the Company recognized a $1.8 million gain on equity securities in its investment portfolio resulting from the acquisition of a financial institution in which the Company owned stock compared to gains of $53,000 in 2008.

Lakeland received $59.0 million under the TARP Capital Purchase
program upon the closing of the transaction on February 6, 2009.


• Total loans and leases increased by $149.5 million or 8% from 2007 to 2008.
• Total assets increased to $2.64 billion, a 5% increase from 2007.
• Lakeland’s net interest margin increased to 3.79%, up 38 basis points from 2007.

SEC Filing:



ATEL Cash Distribution Fund VI LP

“The Partnership had net income of $607 thousand and $876 thousand for the year ended December 31, 2008 and 2007, respectively. The year-to-date 2008 results reflect a net decrease in total revenues and an increase in operating expenses when compared to prior year.

“Total revenues for the year ended December 31, 2008 declined by $218 thousand, or 6%, as compared to prior year, largely due to decreases in operating lease revenues, interest income and other revenue totaling $217 thousand, $43 thousand and $22 thousand, respectively. These decreases were partially offset by increases in gain on sales of assets and revenues from direct financing leases totaling $42 thousand and $22 thousand, respectively.

The reduction in operating lease revenues was primarily due to continued run-off and disposition of lease assets. Interest income on the Partnership's cash deposits declined as a result of the current lower interest rate environment when compared to prior year; and other revenue decreased due to a year over year decrease in maintenance costs, associated with returned equipment, that were billed back to certain lessees. “

“Cash provided by investing activities decreased by $119 thousand for the year ended December 31, 2008 as compared to prior year. The net decline in cash flow was comprised of an $89 thousand decrease in proceeds from sales of lease assets and a $30 thousand decline in payments received on the Partnership's investment in direct financing leases. “

“Proceeds from sales of lease assets decreased primarily due to reduced sales activity during 2008 as compared to the prior year. Sales activity declined as more railcars under leases scheduled for termination were re-leased rather than sold. The reduced payments received on the Partnership's investment in direct financing leases were primarily due to run-off of the portfolio. “

“Net cash used in financing activities increased by $2.6 million for the year ended December 31, 2008, as compared to prior year, primarily due to the payment of two distributions to Limited Partners during 2008 compared to one payment made in 2007. The 2008 distributions, totaling $1.9 million and $2.3 million, were paid from cash from 2007 and 2008 operations, respectively; and the 2007 distribution, totaling $1.6 million, was paid from cash from 2006 operations. The distributions were based on cash available net of any short-term payables and reserves as determined by the General Partner.”

Full Report:



John Updike Poem, March 16, 2009 New Yorker Magazine

John Updike Date of birth: March 18, 1932
Date of death: January 27, 2009

Here in this place of arid clarity,
two thousand miles from where my souvenirs
collect a cozy dust, the piled produce
of bald ambition pulling ignorance,
I see clear through to the ultimate page,
the silence I dared break for my small time.
No Piece was easy, but each fell finished,
in its shroud of print, into a book-shaped hole.

Be with me, words, a little longer; you
have given me my quitclaim in the sun,
sealed shut my adolescent wounds, made light
of grownup troubles, turned to my advantage
what in most lives would be pure deficit,
and formed, of those I loved, more solid ghosts.


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

Fitch to Rate CNH and LEAF II Receivables Funding

CHICAGO---Following its monthly surveillance review, Fitch Ratings identified two of its $5.27 billion U.S. ABS Equipment Leasing/Loans transactions as 'Under Analysis', indicating that Fitch will be issuing a rating action within 30 days. Those transactions include the following:

--CNH Equipment Trust 2008-A;

--LEAF II Receivables Funding LLC.

To review a list of all deals Fitch currently has Under Analysis, please use the following link (accessible to all users of the Fitch web site):

As Fitch receives monthly information on structured finance transactions from trustees and servicers, Fitch analysts run the data through various internal algorithms that identify classes of a transaction as possible candidates for upgrade or downgrade. Fitch's analysts scrutinize the output to decide which deals need a formal review, which are noted as 'under analysis', and those deals which can be given a SMARTView date.


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

News Briefs----

Cuomo says AIG paid $1M-plus bonuses to 73 workers

Outcry Builds in Washington for Recovery of A.I.G. Bonuses

Washington knew AIG was preparing to pay bonuses

Democrats line up bills to strike at AIG

Caterpillar to lay off 2,454 workers in 3 states

Unlocking Credit for Small Businesses Fact Sheet

FDIC Boosts Fees for Debt Guarantee

N.E. businesses billed for oil dump cleanup

Bush refuses to criticize Obama in Canada

Feds clear way for NYC's Bloomberg to run again

Steve Wozniak survives Dancing with the Stars Cut

"American Idol": Anoop Desai impresses, Lil Rounds stumbles during country night

American Idol fashion watch: 'polar expedition' jackets



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

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Today's Top Event in History

1837, the 22nd and 24th president of the US was born Stephen Grover Cleveland at Caldwell , NJ ,1837. Terms of office as president: March 4, 1885—March 3, 1889, and March 4, 1893—March 3, 1897. He ran for president for the intervening term and received a plurality of votes cast but failed to win electoral college victory for that term. Only president to serve two nonconsecutive terms. Also the only president to be married in the White House. He married 21-year-old Frances Polsom, his ward. Their daughter, Esther, was the first child of a president to be born in the White House.


This Day in American History

    1543- the first record of a flood in the United Sates observed by the Spanish explorer Hernando de Sota. he noted the Mississippi River began overflowing its banks and continued until it crest on April 20. by the end of May, the flood had receded. Desoto introduced wild pigs into the wilderness that environmentalist changed the animal population considerable, including introducing smallpox that killed millions of Indians and when expeditions returned a hundred years late, they questioned Desoto's reports because of the major changes to the landscape. ( see the March edition of Atlantic Magazine:
    1644 - In Virginia the Opechancanough Indians rise up against the settlers but after two years they will be defeated decisively. They will be forced to give up all the land between the James and York Rivers. The resulting peace will last until 1675.
    1692 - Following the accession of William III to the English throne, Pennsylvania is declared a royal colony and New York governor Benjamin Fletcher is declared governor of Pennsylvania, depriving William Penn of his proprietary powers. The Crown takes over Pennsylvania because the pacifist Quakers refused to involve themselves in the war against France and because William Penn had maintained friendly relations with the former English monarch, James II
    1748- George Washington visited the public spa at a mineral spring opened to the public( deeded to the colony of Virginia in 1756 by Thomas Fairfax, sixth Baron Fairfax “ to be forever free to the publick for the welfare of suffering humanities.” The spa was located in Bath , Berkeley County , VA ( now Berkeley Springs, Morgan County, WV ).
    1782- birthday of John Calhoun, American statesman and first vice president of the US to resign that office (Dec 28, 1832). Born at Abbeville District , SC , died at Washington , DC , Mar 31, 1850,consider the South's strongest advocate for slavery. The vice-presidents ran as separate offices in his day and he served under John Quincy Adams from March 4, 1825 to March 4, 1829 and under President Andrew Jackson from March 4, 1829 to December 28,1832. He resigned to fill the vacancy in the Senate caused by the resignation of Robert Young Hayne, senator form South Carolina . Calhoun was elected to fill the vacancy on December 12, 1832. He had been secretary of war, secretary of state. He was too weak and ill to read his speech or oppose Daniel Webster's brilliant oratory that brought about the “Missouri Compromise” regarding limited slavery in the Western territory. Senator Daniel Webster argued in favor of the compromise. He both cautioned Southerners that disunion would lead to war and advised Northerners to forgo antislavery measures. The Compromise of 1850 was passed and Calhoun died soon after on March 31, 1850.
    1806-Birthday of African-American Norbert Rillieux, inventor of sugar refining.
    1813 - David Melville of Newport , Rhode Island patented the gas streetlight. He first installed these lights in front of his own house on Pelham Street Soon everyone in the neighborhood wanted one.
    1837, the 22nd and 24th president of the US was born Stephen Grover Cleveland at Caldwell , NJ ,1837. Terms of office as president: March 4, 1885—March 3, 1889, and March 4, 1893—March 3, 1897. He ran for president for the intervening term and received a plurality of votes cast but failed to win electoral college victory for that term. Only president to serve two nonconsecutive terms. Also the only president to be married in the White House. He married 21-year-old Frances Polsom, his ward. Their daughter, Esther, was the first child of a president to be born in the White House.
    1848--"California Star" reported that non-Native population of San Francisco
was 575 males, 177 females and 60 children
    1856-birthday of African-American Dr Daniel H. William, who performed first successful open heart operation
    1886 - Edward Everett Horton (narrator: Fractured Fairy Tales on The Bullwinkle Show; actor: It's a Mad, Mad, Mad, Mad World, Lost Horizon, Sex and the Single Girl, Arsenic and Old Lace; died Sep 29, 1970)
    1901-- William H. Johnson was born in Florence , South Carolina. , a famous African American artist. Johnson spent many years in Europe painting expressionist works. He was strongly influenced by the vivid styles and brushstrokes of Henry 0. Tanner, Vincent van Gogh, Paul Gauguin, Edward Munch and Otto Dix. He left Europe when Hitler began destroying art that had primitivist or African themes. Back in the US , Johnson developed a new, flatter style and delved into subjects of his own experience as well as historical African-American figures and events. Going to Church (1940—41) and Mom and Dad (1944) are examples of his later work.\
    1902 - Enrico Caruso recorded 10 arias for the Gramophone Company. The recording session took place in Milan , Italy and Caruso walked away with $500 for his effort.
   1907 - The lawyers prosecuting alleged grafters score point after point in the proceedings before the grand jury and announce that they have sufficient evidence to prove that the United Railroads, the Pacific States Telephone Co., Home Telephone Co., the Prize-Fight Trust and the Gas Co., have bribed San Francisco supervisors and other city officials.
    1911-March 18, Dean Kinkaide Birthday ( noted big band arranger, Dorsey's “Boogie Woogie,” Goodman's “Bugle Call Rag”. Had many of his arrangements in my high school/college big
    1925 - the 'Great Tri-state Tornado' tore a 219 mile path through Missouri , Illinois , and Indiana , resulting in the greatest US tornado disaster ever. 695 people were killed, the largest death toll from a single tornado in US history. 234 deaths occurred at Murphysboro , Illinois , the biggest death toll within a single city from a tornado on record. At one point, the tornado was moving at a record setting 73 mph. This tornado was easily an F5 on the Fujita scale with winds exceeding 260 mph. Instead of occurring along a cold front or in a squall line, the tornado was closely associated with a surface low pressure area. In all respects, it was a remarkable tornado and stands alone in its own class of tornadic events
    1926 - Peter Graves (Arness) born Minneapolis, MN ;actor: Mission Impossible, The Winds of War, Airplane, Airplane 2, Stalag 17, The President's Plane is Missing, The Night of the Hunter; brother of actor James Arness, who lived near us and took my brother and I to University High School often—Our next door neighbor James Whitmore turned down the “Gunsmoke” role and recommended Arness instead.)
    1931- the first electric razor was manufactured by Schick company of Stamford , CT , was delivered today. Remington introduced the dual-headed electric shaver in 1940. The electric shaver was invented by Colonel Jaco Schhick, who recognized that soldiers in the field needed a razor that did not require soap or hot water. he patented a tiny electric motor in 1923, and received pate4nts on his “shaving implement” on November 6, 1928. He could not convince anyone to manufacture his invention, so raised money himself to start his own company..
    1932- author John Updike born, Shillington , PA
    1932- Casa Loma Band cuts “Smoke Rings.”
    1938- singer, former minor league baseball player, Charley Pride born Sledge, MS. He is considered to be the most successful black entertainer in country music. Mississippi . By the early 1970's, Pride had become RCA Victor's biggest-selling artist since Elvis Presley, with hits such as "Is Anybody Going to San Antone?" "Kiss and Angel Good Morning" and "Wonder Could I Live There Anymore." When his first record, "Snakes Crawl at Night," was released in 1965,there was almost no publicity and few people realized that Pride was black. But by the following year, Pride had gained a huge hit and a Grammy Award nomination for "Just Between You and Me."And in 1967 he was introduced on the Grand Ole Opry by Ernest Tubb.
    1940- Casa Loma Band cuts “No Name Jive, “ Decca)
    1941- Wilson Pickett, one of the great soul singers of the 1960's, was born in Prattville , Alabama . Pickett joined a Detroit group called the Falcons in 1962, and sang lead on their hit, "I Found a Love." But Pickett, on the suggestion of the Falcons' producer, soon began a solo career. He signed with Atlantic in 1964, and had the first of his many hits with "In the Midnight Hour." His backing group on this record was Booker T. and the MG's. Pickett's other successes included "Land of 1,000 Dances," "Funky Broadway" and "I'm a Midnight Mover."
    1945-the first professional hockey player to score 50 goals in one season was Joseph Henri Maurice “Rocket” Richard of the National Hockey League's Montreal Canadiens, who scored his 50 th goal in the 17 th minute 45 th second of the third and last period against the Boston Bruins at the Boston Garden , Boston , MA . He retired in 1960 with 544 goals in 16 regular seasons.
    1945- The Japanese released mechanized flying bombs piloted by young Japanese men. These suicide bombs, directed against the US aircraft carrier fleet attacking the Japanese fleet in the Kure-Kobe area, inflicted serious damage on the Enterprise , Intrepid and Wasp .
    1945 - About 1300 American bombers, with some 700 escorting fighters, drop 3000 tons of bombs on Berlin, despite heavy anti-aircraft defenses, including numerous jet fighters. The US fleet loses 25 bombers and 5 fighters.
    1945---TREADWELL, JACK L. Medal of Honor
Rank and organization: Captain, U.S. Army, Company F, 180th Infantry, 45th Infantry Division. Place and date: Near Nieder-Wurzbach, Germany, 18 March 1945. Entered service at: Snyder. Okla. Birth: Ashland, Ala. G.O. No.: 79, 14 September 1945. Citation: Capt. Treadwell (then 1st Lt.), commanding officer of Company F, near Nieder-Wurzbach, Germany, in the Siegfried line, single-handedly captured 6 pillboxes and 18 prisoners. Murderous enemy automatic and rifle fire with intermittent artillery bombardments had pinned down his company for hours at the base of a hill defended by concrete fortifications and interlocking trenches. Eight men sent to attack a single point had all become casualties on the hare slope when Capt. Treadwell, armed with a submachinegun and hand grenades, went forward alone to clear the way for his stalled company. Over the terrain devoid of cover and swept by bullets, he fearlessly advanced, firing at the aperture of the nearest pillbox and, when within range, hurling grenades at it. He reached the pillbox, thrust the muzzle of his gun through the port, and drove 4 Germans out with their hands in the air. A fifth was found dead inside. Waving these prisoners back to the American line, he continued under terrible, concentrated fire to the next pillbox and took it in the same manner. In this fort he captured the commander of the hill defenses, whom he sent to the rear with the other prisoners. Never slackening his attack, he then ran across the crest of the hill to a third pillbox, traversing this distance in full view of hostile machine gunners and snipers. He was again successful in taking the enemy position. The Germans quickly fell prey to his further rushes on 3 more pillboxes in the confusion and havoc caused by his whirlwind assaults and capture of their commander. Inspired by the electrifying performance of their leader, the men of Company F stormed after him and overwhelmed resistance on the entire hill, driving a wedge into the Siegfried line and making it possible for their battalion to take its objective. By his courageous willingness to face nearly impossible odds and by his overwhelming one-man offensive, Capt. Treadwell reduced a heavily fortified, seemingly impregnable enemy sector.
    1945--*WILKIN, EDWARD G. Medal of Honor
Rank and organization: Corporal, U.S. Army, Company C, 157th Infantry, 45th Infantry Division. Place and date: Siegfried Line in Germany, 18 March 1945. Entered service at: Longmeadow, Mass. Birth: Burlington, Vt. G.O. No.: 119, 17 December 1945. Citation: He spearheaded his unit's assault of the Siegfried Line in Germany. Heavy fire from enemy riflemen and camouflaged pillboxes had pinned down his comrades when he moved forward on his own initiative to reconnoiter a route of advance. He cleared the way into an area studded with pillboxes, where he repeatedly stood up and walked into vicious enemy fire, storming 1 fortification after another with automatic rifle fire and grenades, killing enemy troops, taking prisoners as the enemy defense became confused, and encouraging his comrades by his heroic example. When halted by heavy barbed wire entanglements, he secured bangalore torpedoes and blasted a path toward still more pillboxes, all the time braving bursting grenades and mortar shells and direct rifle and automatic-weapons fire. He engaged in fierce fire fights, standing in the open while his adversaries fought from the protection of concrete emplacements, and on 1 occasion pursued enemy soldiers across an open field and through interlocking trenches, disregarding the crossfire from 2 pillboxes until he had penetrated the formidable line 200 yards in advance of any American element. That night, although terribly fatigued, he refused to rest and insisted on distributing rations and supplies to his comrades. Hearing that a nearby company was suffering heavy casualties, he secured permission to guide litter bearers and assist them in evacuating the wounded. All that night he remained in the battle area on his mercy missions, and for the following 2 days he continued to remove casualties, venturing into enemy-held territory, scorning cover and braving devastating mortar and artillery bombardments. In 3 days he neutralized and captured 6 pillboxes single-handedly, killed at least 9 Germans, wounded 13, took 13 prisoners, aided in the capture of 14 others, and saved many American lives by his fearless performance as a litter bearer. Through his superb fighting skill, dauntless courage, and gallant, inspiring actions, Cpl. Wilkin contributed in large measure to his company's success in cracking the Siegfried Line. One month later he was killed in action while fighting deep in Germany
    1949---Top Hits
Far Away Places - Margaret Whiting
Powder Your Face with Sunshine - Evelyn Knight
Cruising Down the River - The Russ Morgan Orchestra (vocal: The Skyliners)
Don't Rob Another Man's Castle - Eddy Arnold
    1953- in baseball's first franchise shift in half a century, the Boston Braves announced that they would become the Milwaukee Braves. The team remained in Milwaukee through the 1965 season after which it moved to Atlanta .
    1957---Top Hits
Young Love - Tab Hunter
Round and Round - Perry Como
Little Darlin' - The Diamonds
There You Go - Johnny Cash
    1957- “Tales of Wells Fargo” premiered on TV. This half-hour western starred Dale Robertson as Jim Hardie, agent for Wells Fargo Transport Company. In the fall of 1961, the show expanded to an hour. Hardie bought a ranch, and new cast members were added, including Jack Ging as Beau McCloud, another agent, Virginia Christine as Ovie, a widow owning a nearby ranch, Lory Patrick and Mary Jane Saunders as Ovie's daughters and William Demarest as Jeb, Hardie's ranch foreman. Jack Nicholson appeared in one of his first major TV roles in the episode "The Washburn Girl." My father Lawrence Menkin wrote many of the episodes.
    1959 - Bill Sharman of the Boston Celtics began what was to be the longest string of successful consecutive free throws (56 in a row) to set a new National Basketball Association record.
    1959 - President Eisenhower signed the Hawaii statehood bill
    1963 the first doomed sports stadium that was fully enclosed started to be built this day. It was the Astrodome, Houston , TX , formally known as the Harris County Domed Stadium. The overall cost was $35.5 million. The arena could accommodate 66,000 people. The first baseball game under the dome was played on April 9, 1965 between the Houston Astros and the New York Yankees, who lost 2-1. The first football game was played on September 11,1965, when the University of Tulsa defeated theUniversity of Houston 14-0.
    1964--Birthday of Bonnie Blair, speed skater. Born on March 18, 1964, in Cornwall, N.Y. She moved with her parents to Champaign, Ill., when she was 2 and began skating at that time. In 1988 Blair won the gold medal in the 500 meters at the Winter Olympics in Calgary, and a bronze in the 1,000 meters. In the 1992 games in Albertville, France, she won two gold medals at the same distances, becoming the first American Woman to win three gold medals in the Winter Olympics and in 1994 she added more.
    1965---Top Hits
Eight Days a Week - The Beatles
Stop! In the Name of Love - The Supremes
The Birds and the Bees - Jewel Akens
I've Got a Tiger by the Tail - Buck Owens
    1966- Robert C. Weaver became first Black presidential cabinet member when sworn in as Secretary of Housing and Urban Affairs, (Johnson Administration)

    1967-Oakland Raider great wide receiver Andre Previn Rison born Flint , MI.
    1967 - The Beatles went gold, receiving a gold record for the single, " Penny Lane ". The ‘B' side of hit record was the also-popular "Strawberry Fields Forever".
    1970-Country Joe McDonald is convicted for obscenity and fined $500 for leading
a crowd in his infamous Fish Cheer ("Gimmie an F..!") at a concert in Massachusetts.
    1970 - Brook Benton received a gold record for the hit single, "Rainy Night in Georgia ". It was Benton 's first hit since 1963's "Hotel Happiness".
    1970- a wild-cat strike of postal employees locals of the National Association of Letter Carriers that began in New York City this day spread to parts of New York , New Jersey , and Connecticut . On March 23, President Richard Nixon decaled a state of national emergency and called out 30,000 troops to move the mail. The strike ended on March 24.
    1971- high winds accompanied a powerful low pressure system tracking from the Rocky Mountains to the Great Lakes . Winds gusted to 100 mph at Hastings , Nebraska and to 115 mph at Hays, Kansas . High winds caused 2 million dollars in property damage in Kansas .
    1972-The Knox-class ocean destroyer escort, the Jesse L. Brown, was named at the Avondale Shipyards, Westwego, LA, becoming the first naval ship to be named for an African-American naval officer. Jesse Leroy Brown of Hattiesburg , MI , was commissioned an ensign on April 15, 10949. He died near the Changjin Reservoir in Korean, becoming the first African-American flier in the Naval Reserve to be killed in combat.
    1972-Neil Young enjoyed his only solo, US number one hit with "Heart Of Gold". Backing vocals were provided by James Taylor and Linda Ronstadt.
    1972--Paul Simon's self-titled debut album topped the chart on the strength of the singles "Mother And Child Reunion" and "Me And Julio Down By The School Yard".
    1973---Top Hits
Killing Me Softly with His Song - Roberta Flack
Love Train - O'Jays Also Sprach Zarathustra (2001) - Deodato
Teddy Bear Song - Barbara Fairchild
    1978 - The Bee Gees started an eight-week stay at the top of the pop music charts with "Night Fever" (they had a total of nine #1 hits) from the "Saturday Night Fever" soundtrack.
    1981---Top Hits
9 to 5 - Dolly Parton
Keep on Loving You - REO Speedwagon
Woman - John Lennon
Guitar Man - Elvis Presley
    1985 - History was made in the short-lived United States Football League. A pro football record was set by Denver and Houston of the USFL with a total of 112 passes thrown in the game. Houston went airborne 69 times, Denver took to the air 43 times.
    1989---Top Hits
Lost in Your Eyes - Debbie Gibson
The Living Years - Mike & The Mechanics
Roni - Bobby Brown
From a Jack to a King - Ricky Van Shelton
    1995- Michael Jordan, considered one of the NBA'S greatest all-time players, made history again when he announced that he was returning to professional play after a 17-month break.. The 32-year-old star had retired just before the start of the 1993—94 season, following the murder of his father, James Jordan. Jordan, who averaged 32.3 points a game during regular season play, had led the Chicago Bulls to three successive NBA titles. While retired, he tried a baseball career, playing for the Chicago White Sox minor league team. On his return to the Bulls, he led them to three more NBA titles in 1996, 1997 and 1998. He recently made a come-back, until he injured his knee.




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