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Day in American History

Friday, May 20,2005

Headlines---

Classified Ads-Outsourcing-Asset Mngmt/Back Office
    GE Capital Takes Another $2.9 Million NorVergence Hit
        Is CIT Throwing in the Towel?
            Alexa Report on Leasing Association Web Sites
                Letters---We get Emails
Classified Ads---Help Wanted
    John Chase (Chase Leasing) Passed Away May 1
        Companies Urge Employees to Escape Cubicles
Partners Equity Names VP of Finance & Treasurer
    Austin joins AIG Commercial Equipment Finance
        News Briefs---
            Sports Briefs---
"Gimme that Wine"
    Today Top Three Events in History
        This Day in American History
            Baseball Poem-- Gregory Corso

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

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Classified Ads-Outsourcing-Asset Management/Back Office

Asset Management

Asset Management: Atlanta, GA.
Asset Recovery Specialist. We get your money or we get your > equipment back for you. Physical Asset Recovery Experts!
E-mail: mcrouse911@joimail.com

Asset Management: Boston, MA.
Appraisals, re-marketing, audits, inspections and more! Over 15-years industry experience and dedicated to deliver personal, prompt, professional services.
Call Chris @ 508-785-1277.
E-mail: chris@dovermanagementgroup.com

Asset Management: Nationwide
BUYER/LENDER BEWARE. Don't sign anything until Collateral Verifications Inc. goes onsite, knocks on the door and gets the facts.
http://www.i-collateral.com
Email: mark@i-collateral.com

Asset Management: Milwaukee, WI
We specialize in ATM machine repossession and remarketing. We can get you top dollar for your inventory.
E-mail: bdperry1@yahoo.com

Asset Management: Oxnard-Hollywood Beach, CA.
20 Years Exp. w/Equity Analysis/Placement- Residual Forecasting Methodologies Computer Equipment Assets. Portfolio Mgr. Two Major Leasing Companies/Strong Analyst Background w/Leading Info Services Firm.
E-mail: GregoryMLorenz@aol.com

Back office: Atlanta , GA.
GlobalTech Portfolio Services provides world class lease, loan administration and asset management for equipment and vehicles. Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216
E-mail: azeppenfeld@globaltechfinancial.com

Back Office: Atlanta, GA.
Let Tax Partners handle your sales and use tax compliance duties w/less risk and cost than in-house. Largest tax compliance firm in US
E-mail: sales@taxpartners.com

Back office: Dallas, TX.
Property Tax and sales and use tax administration services performance is guaranteed and we will save you time and money or our service is free.
E-mail: info@osgsolutions.com

Back office: Indianapolis, IN
JDR Solutions, LLC specializes in delivering customized back-office lease portfolio admin./ASP services for lessors, banks, manufacturer captives: other financial institutions.
Paul Henkel (317) 251-5352 ex. 7201
E-mail: paul.henkel@jdrsol.com

Back office: Jacksonville, FL.
CIT's Portfolio Service Group: providing cost-effective lease/portfolio services: Accounting, Tax Reporting, Collection svc, End of Lease Solutions, Front End Documentation, Invoicing, and on-line reporting
E-mail: vincente.dingianni@cit.com

Back Office: Laughlin, NV.
20 years experience on funder/broker sides. Looking for a relationship where I act as credit shop for smaller brokers when financial statements are involved.
E-mail: batarista@laughlin.net

Back office: New Rochelle, NY
Proactive management/administration of commercial/consumer vehicle lease/finance portfolios covering insurance, titles, registrations, sales/property taxes, tickets, collections, accounting, vehicle disposition. Since 1975
E-mail: Barrett@BarrettCapital.com

Back Office: Northbrook, IL
Our staff of CPA's and lease professionals can handle any or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/income tax, accounting, etc.
E-mail: ngeary@edwinsigel.com

Back Office: San Rafael, CA
We can run your back office from origination to final payoff. 30 years experience in commercial equipment lease and loan portfolio management.
E-mail: gmartinez@phxa.com

full listing of all classified ads—outsourcing:
http://64.125.68.91/AL/LeasingNews/JobPostingsOutsourcing.htm

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GE Capital Takes Another $2.9 Million NorVergence Hit

by Christopher Menkin

On December 6, 2004, GE Capital forgave $2 million in New York State.

January 11, 2005 3.5 million in New Jersey, now $2.9 million in eight other states.

Eight attorneys general have crafted a settlement agreement that could provide $2.9 million in debt forgiveness to small businesses now on the hook for payments to third-party leasing companies after an allegedly fraudulent telecommunications company went bankrupt.

Connecticut, Georgia, Illinois, Maryland, North Carolina, Pennsylvania, South Dakota, and Washington, D.C. - 85% ‘walk away” as of 7-15-04, $2.89 million debt removed for 216 small businesses across the states. CIT reportedly offering 100% “walk away” on lease payments owed.

Leasing News has been informed from a highly reliable source that more settlements are coming next week. Wells Fargo Financial Leasing is a subsidiary of Wells, and therefore not a bank in itself. The state enforcement people, like the Attorney General, would therefore have jurisdiction. This fact is what is making all the state settlements with bank subsidiaries possible. Look for more announcements as over twenty state attorney general's offices have been in the mood to start using their subpoena action, if settlements are not forthcoming.

A major lessor has informed us they are concluding a settlement with the California attorney general's office, where papers may be signed by the time your read this.

Leasing News has stated from the very beginning in its editorials that this is the right direction to go and has applauded the various attorneys general offices for their thorough and timely resolution to the NorVergence scandal.

While many leasing companies thought they could “hide” behind a “hell and high water” contract, those days are in the past. While Leasing News is a trade publication for the industry, incompetence, fraud, or unethical conduct should have its consequences. It is the smart, adult, best business decision, to step up to the plate. Or as many professional collectors know, some times you “take the hit” and the company learns from the experience so hopefully it does not happen again.

Many leasing companies have a long list of restricted equipment or industries or categories where extra precaution should be taken due to the nature of maintenance, obsolescence, trouble-prone, liabilities, or general nature of the situation itself. Telecommunication equipment leasing will never be the same as it was in the past.

Here is the official press release from Illinois Attorney General Lisa Madigan, who seems to have taken the lead on this settlement with seven other states attorneys general's offices:

MADIGAN, OTHER ATTORNEYS GENERAL SETTLE NORVERGENCE CLAIMS WITH GENERAL ELECTRIC CAPITAL CORPORATION

ILLINOIS CUSTOMERS OF NORVERGENCE COULD BE FORGIVEN OF DEBTS TOTALLING MORE THAN $855,000

Chicago – Attorney General Lisa Madigan today announced that she has joined seven other Attorneys General in crafting a settlement agreement that could provide more than $855,000 in debt forgiveness to 62 Illinois small businesses now on the hook for payments to third party leasing companies after an allegedly fraudulent telecommunications company went bankrupt.

Illinois Attorney General Lisa Madigan

Madigan and the Attorneys General of Connecticut, Georgia, Maryland, North Carolina, Pennsylvania, South Dakota, and Washington, D.C., have reached an agreement with General Electric Capital Corporation (GE Capital) in connection with its collection agreements on behalf of NorVergence, Inc. Under the terms of the agreement, impacted consumers may choose to participate or decline to participate. If all affected consumers in the six states and D.C. accept the deal, GE Capital will be writing off more than $2.89 million in debt for 216 small businesses.

“Deceptive sales pitches lured hundreds of Illinois small business customers into signing telecommunication service agreements with NorVergence. But when the service suddenly ceased, the collection agency hassles began,” Madigan said. “With this agreement, GE Capital is agreeing to end a nightmare that has haunted many small businesses as they try to regain telecommunications service and overcome the financial hurdles caused by NorVergence.”

Under the settlement agreement, GE Capital – which entered into direct contracts with NorVergence customers or, through other third-party companies, bought out lease agreements between NorVergence and its customers – has agreed to write off or forgive $2,891,699 million it claimed to be owed by 216 NorVergence customers from the states represented in the agreement, including $855,440 owed by 62 Illinois consumers. This amount constitutes 85% of the debt owed to GE Capital from the period beginning on July 15, 2004, the approximate date that NorVergence ceased providing any services. Consumers who have made payments to GE Capital since July 15, 2004, will receive credit for those payments toward their remaining balance.

While GE Capital denies any wrongdoing, it has agreed to forgive the $2.89 million of the debt it claims consumers owe on rental agreements and provide up to two years for customers to pay any remaining balances.

In November 2004, Madigan filed a lawsuit against NorVergence, and Peter Salzano, its president. NorVergence is a telecommunications company based in Newark, New Jersey, that set up a sales office in Oakbrook Terrace. Madigan's lawsuit alleged the company's sales pitch offered small businesses discounted telecommunications services through the use of a “Matrix” box.

NorVergence claimed the device was necessary to allow a small business to reap a 30 percent discount on its current telecommunications costs, including long distance, DSL service, and wireless phone service. The total cost of agreements to lease the matrix boxes ranged from approximately $12,000 to $175,000.

Under NorVergence's alleged scheme, the company would sell its five-year contracts to leasing companies and walk away with the profit. When NorVergence was forced into bankruptcy in June 2004, its customers were left without service but still responsible for the five-year lease agreement payments to leasing companies.

All Illinois consumers who signed agreements with NorVergence that were bought by GE Capital or signed NorVergence agreements directly with GE Capital, will receive a notice in the mail shortly regarding the opportunity to participate in this settlement. To accept the settlement offer, consumers must follow instructions contained in the notice and execute a Settlement and Mutual Release by the date indicated in the notice. Also, any consumer that previously settled with GE Capital regarding NorVergence service for terms that are less favorable than this settlement can receive the more favorable settlement terms if they choose.

Illinois consumers with questions about the settlement can contact Madigan's Consumer Fraud Hotline at 1-800-243-0618.

Consumer Fraud Bureau Chief Elizabeth Blackston and Assistant Attorney General Jennifer Meyer are handling the case for Madigan's Springfield Consumer Fraud Bureau.

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Is CIT Throwing in the Towel?

by Christopher Menkin

January 11, 2005, CIT Technology Financing Services, Inc. (“CIT') agreed to forgive $4.36 million owed by 255 New Jersey customers and then in New York, $4.2 million, 90 percent of the contract.

It looks like CIT has decided they do not want to pursue the bad debt, that they have written off to the Security Exchange Commission and facing action by various state attorneys general office, as well as possible action by the Federal Trade Commission, wants out everywhere:

“Received this notice from CIT on Tuesday on both of my NorVergence lease accounts.  Stating pursuant to an agreement with the Fl AG, CIT is offering a Settlement Program for us to pay off all outstanding balances on our Rental Agreement at a substantial discount.  It goes on to state that if we choose not to participate in this settlement, CIT is free to enforce the terms of the original Rental Agreement.

” They are forgiving 100% of the remaining principal balance as of
7/15/04, forgiving late fees or penalties, forgiving insurance
charges, giving full credit for payments made to CIT after 7/15/04
and they will withdraw any and all adverse credit reports they filed.

” They are looking for $489.26 X 2 of which I had two separate
contracts for my two business locations. 

” If I do not choose to participate they will enforce the terms of the
Rental Agreement but they will not institute any legal proceedings
against us in any court outside of Florida.”

Leasing News has attempted to reach CIT for a comment, but it appears their policy is not to comment on legal matters, except in disclosures to the Security Exchange Commission.

Many of these leases have already past the non-accrual stage and have been classified by auditors as “write off.” While the assets have been in deed written off the books, many of the leases are in legal or collection phases with the hopes of at least 20% recovery, it is reported. As you can see in these recent cases, the larger lessors have decided it is more prudent to reach a mutual agreement such as GE Capital and it appears CIT, too. Look for Partners Equity, Preferred Lease, and others of the 45 leasing companies who feel victim to NorVergence leases to follow the GE Capital lead, who were the first to settle in New York State, December 6,2004.

From a random sampling of the current attitude, the hawk field will be left primarily to Popular Leasing USA in Missouri where they believe the commercial laws of the state are more to their favor. However, the recent ruling of including NorVergence in the legal battle may have repercussions with those who believe they have “hell and high water” contracts, and excuse the mixing metaphors, that are also “bullet proof.”
http://www.leasingnews.org/Conscious-Top%20Stories/Novergence_60.htm
http://www.leasingnews.org/Conscious-Top%20Stories/Novergence_68.htm

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David G. Mayer's Business Leasing News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law.  The rating is not valid as it includes all those who visit and communicate with the law firm.  When Business Leasing News has its own individual web site, it will be included in the Alexa survey.

*It should also be noted that two web sites have their "list serve" posted via their site, meaning their e-mails are counted as a visit to the site, whereas they are "list serve" communication.  These are technically visits to the web site, but primarily to use "list serve."

These comparisons are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than an actual count from the website itself.  Other than as noted above, we believe the ratings are reflective as most have stayed in the same position, basically, for over a year.

The Alexa tool bar works on most browsers.
They are partnered with Google.

You may download their free tool bar A graph and analysis of the last three months are available.

( Note: the lower the number, the higher you are on the list. It is based on all web sites. Leasing is only a very small part of the various sites such as Yahoo, MSN, Google, etc. )

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Letters---We get Emails

“I am attempting to deliver some papers to an entity named GE Capital Pacific Leasing, which based upon my internet research may also be known as GE Capital Colonial Pacific Leasing. I ran across your article through Google and thought that you might be able to give me an address or some contact information for this entity. I have an address of 13010 SW 68th Parkway, Portland, OR 97223, but the package was returned by the post office stating it was not deliverable as addressed. I would very much appreciate any help that you could provide. Thank you.”

Ann N. Kathan, Attorney at Law
ANN N. KATHAN, PLLC
524 King Street
Alexandria, Virginia 22314
(703) 518-5189 (Telephone)
(703) 518-5113 (Facsimile)
akathan@mindspring.com

(The last address we had was in Chicago, but we are told this portfolio has moved. Any reader have information about a current address. editor )

CyberNet

“We had an opportunity to look a large transaction with this company. When I reviewed the invoice, the prices looked high for what the equipment was. So I talked to a computer vendor who I knew who told me the configuration was impossible and he confirmed the prices were way high. So I asked a question and never received a good answer. As a result, we took a pass.

“The only reason I bring this up is your article today on the large loss that a lessor took. It is heartbreaking to take a loss like this but this company specializes in financing data processing equipment. What gap in Credit allowed underwriting like this? I know what I have to do to discount a lease and I find it unbelievable what is going on with these lessors and banks.

“Keep up your great work,”

Dick Eichner
North American Funding Corp.
deichner@nafclease.com

--

“It was over a year ago that we received a deal from The National Companies for CyberNet.  The deal fits the profile of transactions that CyberNet was proliferating the market with.  They were needing servers for a large contract that they had taken on with one of the
major railroads. 

“The deal was for a little over a million dollars.  There were a number of red flags on these deals the first of which was when I looked into the vendor for the servers, they were not first, second or third
tier providers.  Secondly, the vendors, when you looked at D&B on the
company had been in business for a short period of time, plus they reported only nominal sales.  This being offered, why would a company of CyberNet\'s supposed financial strength deal with unknown vendors that didn\'t have the capabilities to support the hardware. 

“Then there is the National Companies, they were very anxious to place the deals, get information directly for you from CyberNet and provide you with all the needed information. It was interesting, they were able to get the information directly from CyberNet, but when I tried to contact Horton at CyberNet to ask some questions on the transactions, he was never available, and if messages were left, he
wouldn\'t return phone calls.

” We came close to doing the deal for CyberNet, but the fact that the vendor made us extremely suspicious of the transaction, plus other aspects of the entire transaction that just didn\'t seem right, we eventually walked.  Much to the chagrin of the broker on this deal.

” This is easier said than sometimes done, but proper due diligence goes a long way to protect your portfolio than the zest and zeal for volume.”

(Please withhold name)

http://www.leasingnews.org/Conscious-Top%20Stories/CyberNet.htm

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NAELB Conference Report by Charlie Lester

“Thank you for asking me to write about the NAELB Conference. I'll be glad to work something up and send it to you tomorrow before I leave for a few days in Maine.

“I want you to know the conference was good for me since I was able to prove I was not dead yet.

“I was very proud to be voted into the OLG (Old Leasing Guys) group and learn the secret handshake.  I do plan to attend all the OLG meetings in the future since this is a great group

Thanks, Charlie

(Our readers are glad you got the blessings of the NAELB board of directors to write the story. editor)

http://www.leasingnews.org/Conscious-Top%20Stories/
NAELB%20Conference.htm

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Partner's Equity

“40% of the portfolio was tied up in NorVergence.  Hard to believe you could write off 40% of your portfolio and still be open.  They won't be open for long.”

(Name with held)

“You don't have all the facts. Do your research and you will see Partners Equity has more problems with the NorVergence leases than they admit.”

(Name with held)

(Partners Equity states they are very healthy and are about to make two important announcements that will give evidence to their health and positive direction of the company. Editor)

http://www.leasingnews.org/#partner

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“Off the record please.

“I hear that MBNA has now fired almost 80% of the former Sky reps they acquired and are finishing that up now that they are dropping the Sky name. Have you heard anything similar?”

(Name with held)

(Telephone calls have not been returned regarding any confirmation or denial. Should we hear anything, we certainly will pass it along. Editor)

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First Female Prez Eastern Association of Equipment Lessors

“Congratulations to Nancy Pistorio....being the first woman is secondary (although long overdue) to the fact she is a capable and knowledgeable person.. it is well deserved! “

Deborah J. Monosson
President
Boston Financial & Equity Corporation
1260 Boylston Street
Boston, MA 02215
617-267-2900

http://www.bfec.com

(Betty Kerhoulas of Pacifica Capital was the first at the United Association of Equipment Leasing; June Sciotto, Regal Finance ( from memory ) was the first at the National Association of Equipment Leasing Brokers, and for the Equipment Leasing Association, it most likely will be Valerie Hayes Jester of Brandywine Capital, as she is currently the vice chair. Editor)
http://www.leasingnews.org/archives/May%202005/5-09-05.htm#nancy

--

From Russia with Love---

“One the things that constantly amazes me is the universality of the internet and e-mail. There is a high-speed line in my office in Kiev, and so using e-mail is no different from using it at home.

“Ukraine may be behind us in some things, but their internet access and cell phone usage is right up there.

“I'll be home by the end of this week, and back in my office by Monday.”

Regards,

Bob Teichman, CLP
Teichman Financial Training
3030 Bridgeway, Suite 213
Sausalito, CA 94965
Tel: 415 331-6445
Fax: 415 331-6451
e-mail: BoTei@aol.com

(We have asked Bob to write an article of his invitation to consult regarding leasing in Ukraine. editor )

---

“I enjoy reading the ‘Leasing News' daily. I was an employee of GE Capital for 15 years and am currently a Leasing Representative for a funder of technology collateral like; desktop/laptop computers, servers, routers, printers etc. Technology collateral is something new for me and I am looking for a referral of some good brokers that deal with this type of collateral.

“Data Sales is a privately owned "true" funding source and we bill and service all of our transactions. Transaction size is $25,000 - $5,000,000.

“Thank you again for the service that you provide the leasing industry.”

Scott Baer
Regional Lease Manager
Data Sales Co.
Office: 952-895-3343
Mobile: 612-205-2461
Fax: 952-890-8917
sbaer@datasales.com

(Thank you for the compliment, but we should take out a banner ad, if you want to advertise to attract referral business.
http://64.125.68.91/AL/LeasingNews/PostingFormAdvertising.asp
editor)

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Classified Ads---Help Wanted

Equipment Leasing Marketing Specialist

Sales / Sales Representative

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John Chase (Chase Leasing) Passed Away May 1

John Churchill Chase Jr. John Churchill Chase, Jr., CLP, 65, died peacefully at home early Sunday morning, May 1,2005, after a long illness. Born in New Orleans, LA, John was a graduate of Louisiana State University.

Memorial donations may be made to Pancreatic Cancer Action Committee, 2221 Rosecrans Ave., Suite 131, El Segundo, CA and Kansas City Hospice, 9221 Ward Pkwy., Suite100, Kansas City, MO 64114-9808.

He served in the National Guard. He worked as a sales manager in the pharmaceutical industry, transferred to Kansas City in 1973, and in 1986, opened his own small business, Chase Leasing Co. He served on the board of the National Association of Leasing Brokers (2001-2005)

(was secretary-treasurer. editor) , was a Certified Leasing Professional, and is a past president of the Overland Park Cosmo Club.

He loved working, playing tennis and golf, and fishing on Table Rock Lake with his wife, Andra. He was devoted to the woman in his life-his wife, Andra; his two daughters, Katrina and Alyssa; his sister, Frances; and his loyal assistant, Judy Leeds. Well known among his friends in Overland Park's Round Hill neighborhood for his warmth and hospitality, John celebrated each New Years Day by hosting a New Orleans-style back-eyed-pea dinner.

John was preceded in death by his parents, John Churchill Chase and Frances Nicholson Chase and a sister, KathrynChase, all of New Orleans. Surviving are his wife of 40 years, Alexandra "Andra"DeMonsabert Chase of Overland Park; daughters, Katrina Chase Motsinger ofLeawood and Alyssa Chase of Indianapolis, IN; four grandchildren, Oscar and KirbyMotsinger of Leawood and Ria and Jake Robein of Indianapolis; and a sister, FrancesChase Shelton of New Orleans.

Published in the Kansas City Star on 5/2/2005.

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Companies Urge Employees to Escape Cubicles and Get Active

AccountingWEB.com - - Companies around the country are marking National Employee Health & Fitness Day today with new wellness programs, discounts or simple encouragement for workers to get moving.

CEOs are leading their employees on walks through downtowns, others are making accommodations for bicycle commuting, and some are offering discounts on gym memberships to keep their employees healthy and active. CIGNA HealthCare introduced a new “Just Walk 10,000 Steps a Day” wellness program to encourage small bursts of activity throughout the day.

"While most people know that regular exercise is important, many cannot find the time to fit exercise into their busy schedules," Diana Wynne, CIGNA's Healthy Rewards program project manager, said in a statement. CIGNA HealthCare employees get discounts on a variety of weight management, nutrition and fitness products and services.

CIGNA reports that some large U.S. corporations estimate an average return of $5 for every dollar invested in wellness programs, and an average drop in health care costs of 2.5 percent.

Many health-conscious employers already know that an active workforce is not only a productive workforce, but happier as well.

According to the National Association for Health and Fitness, promoting health year-round, not just today, is a great idea because it lowers levels of stress for employees while boosting self-esteem, self-image and well-being. Workers can also increase their stamina and maybe even lose weight.

This week is also Bike to Work Week, sponsored by the League of American Bicyclists and other cycling organizations. These organizations cite three main benefits of bike commuting: a better body, clean air and more money. The average annual price of keeping a car running is $3,000 while it costs $300 to keep a bike operating for a year.

Even though many workers are inactive, it's never too late to start moving. According to the Centers for Disease Control and Prevention, more than half of American adults do not get the recommended amount of physical activity a day. Workplace programs can be a big motivator.

The state of North Carolina is also getting into the act, encouraging residents to do just about anything that involves physical activity. May is designated as National Physical Fitness and Sports Month by the President's Council on Physical Fitness and Sports. “We'd love to see everybody out there running, biking and getting a big cardiovascular workout each day, but we know that's not practical for everyone. So we've tried to come up with a simple, enjoyable way for people to remind themselves to get off the couch and be active," said Shellie Pfohl, executive director of Be Active North Carolina.

There's plenty of evidence to back up the contention that Americans have to get off the couch – or out of the cubicle. The President's Council on Physical Fitness and Sports says that the combination of poor diet and physical inactivity are rapidly approaching tobacco, at 435,000 annual deaths, as the leading cause of preventable death in the U.S.

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

Partners Equity Names VP of Finance & Treasurer

Partners Equity Capital Company (PECC) announced the appointment of Evan Wilkoff as vice president of finance and treasurer.

Wilkoff brings over 15 years of capital markets and leasing experience, having provided funding strategy, portfolio analysis, servicer reporting, and interest rate hedge valuation consulting services to various specialty finance companies.

"As vice president of finance and treasurer, Evan will be responsible for all aspects of treasury management, including bank relationships, commercial paper conduits, and assisting in asset sales and financial reporting," says Don Campbell, Chairman and CEO.

"Evan has a tremendous background and work ethic," continued Campbell, "We are pleased to have a person of his caliber and reputation as a member of the PECC management team."

Before joining PECC, Wilkoff was a principal in a financial modeling consulting company where he was responsible for the automation and modeling of asset securitizations. Prior to that, Wilkoff was a director of asset-backed securities at CoreStates Bank where he worked in the commercial paper and private placement product groups.

[headlines]

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Austin joins AIG Commercial Equipment Finance, Inc.

Peter D. Austin has joined AIG Commercial Equipment Finance, Inc. (AIGCEF) as Vice President – Franchise Finance. Mr. Austin comes to AIGCEF with over eleven years experience in the financial services industry. He earned a Bachelor of Arts from Yale University.

As Vice President – Franchise Finance, Pete will responsible for the development of new business in the franchise finance industry for AIGCEF. This represents AIGCEF's entry into the franchise finance market. He is based in Pittsburgh, PA and can be reached at (412) 577-2485 or at peter.austin@aig.com.

[headlines]

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News Briefs------

Economic Index Falls; So Do Jobless Claims
http://www.nytimes.com/2005/05/20/business/20econ.html?pagewanted=all

30-, 15-year mortgage rates lowest since February
http://www.usatoday.com/money/perfi/housing/2005-05-19-mortgage_x.htm

Trump Chooses Kendra as 'The Apprentice'
http://www.nytimes.com/aponline/arts/AP-TV-Apprentice.html

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Sports Briefs----

Pistons pull away, end Pacers' year, Miller's career
http://www.usatoday.com/sports/basketball/games/
2005-05-19-pistons-pacers-game6_x.htm

NHL and Players' Association Meet in N.Y.
http://www.nytimes.com/aponline/sports/AP-HKN-NHL-Lockout.html

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“Gimme that Wine”

Update on the Establishment of the Mendocino Winegrape Commission
http://www.ukiahdailyjournal.com/Stories/0,1413,91~3089~2875806,00.html

New Zealand wines show signs of maturity
http://www.lowellsun.com/lifestyles/ci_2741204

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Top Three Events in History Today

1825-Birthday of Antoinette Brown, the first woman minister in U.S. History. A graduate in theology from Oberlin College in 1850, she was refused ordination by a number of churches, but finally accepted by the Congregational Church in South Butler, New York (1852-54.) She married into the renowned Blackwell family (Elizabeth was the first woman physician in U.S. history and her sister Emily, also a physician, was one of the organizers of the first woman's hospital.) Antoinette had six children and abandoned her battles for women's rights. Later she resumed her women's rights activities to become one of the most sought after speakers in the nation. She also published a number of well received books, her last book “The Social Side of Mind and Action” (1915) was written when she was 90. She lived to 96, long enough to see women get the vote.
http://www.oberlin.edu/external/EOG/OYTT-images/NettyBlackwell.html
http://www.amazon.com/exec/obidos/ASIN/0935312048/
avsearch-bkasin-20/002-0667839-4443242
1851-birthday of Emil Berliner, Jewish immigrant, who came to the United States in 1870 from Germany and later worked for Alexander Graham Bell's telephone company. In 1877, the year after Graham invented the telephone, Berliner developed an improved telephone receiver. Ten years later, Berliner dramatically improved the phonograph when he developed the flat gramophone record, which quickly replaced Thomas Edison's recording cylinder. He also developed a method for mass-producing records. He also invented the microphone among other achievements.
http://memory.loc.gov/ammem/berlhtml/
http://www.hebrewhistory.org/factpapers/berliner27-II.html
1862- President Lincoln signed the Homestead Act opening millions of acres of government-owned land in the West to settlers or “homesteaders,” who had to reside on the land and cultivate it for five years. http://memory.loc.gov/ammem/today/may20.html

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This Day in American History

    1638- Dorchester, MA voted to establish a property tax to support public schools: “It is ordered the 20 th of May, 1639, that there shall be a rent of twenty pounds a year for ever imposed upon Tomsons Island to be paid by every person that hath property in the said island according to the proportion that any such person shall from time to time enjoy and possess there.”
    1704-Elias Neau founds school for slaves in New York His real name was Elias Naud. He was from France, a seaman who sallied to Haiti before arriving in New York, where he founded the first school for black slaves. More about this period can be learned about the history of southeastern New York, home of the largest African-American population in the US: http://www.africana.com/Utilities/Content.html?&../cgi-bin/
banner.pl?banner=Education&../Articles/tt_246.htm
    1768- Dolley Madison, a widow, married James Madison. During the British invasion of Washington, D.C., in the war of 1812 she escaped with valuable state papers from the White House before it was burned by the British. Strong-willed, she hung her wash in the east room of the White House to show her disdain for those who thought the presidency was royalty. She was a noted and charming hostess in the complex game of Washington society. She acted as hostess for George Washington and reportedly her charm and social grace was a great aid in Madison being nominated for President.
http://www.whitehouse.gov/history/firstladies/dm4.html
http://www.vcdh.virginia.edu/madison/exhibit/index.html
    1775-North Carolina. Commemorates claimed signing of a declaration of independence from England by citizens of Mecklenburg County. There is quite a controversy of this event. Historian Allan Nevins, apparently with good reason, says it was a fraud. It was not put into written form until 1800, it wasn't a county clerk on the basis of his memory of the event. Mecklenburg does figure in the developing schism with Great Britain. In May 1775 some resolutions were passed denying the authority of the king in North Carolina. But there was no mention of independence.” Some North Carolinians, smarting over the Mecklenburg fraud, maintain that they still deserve recognition as the first to declare Independence. The claim is based on a meeting in Halifax, where the delegates to the Congress were instructed to “concur with the delegates of the other Colonies in declaring Independency.” The meeting was held in April, 1776. North Carolinian James Street insisted that this “was the first explicit declaration by any Colony in favor of complete separation from Britain.” Street,” The Revolutionary War(1954),pg.79).
    1777-the first treaty between states after the Declaration of Independence was concluded between George and South Carolina at Dwitt's Corner, SC. Under its provisions, the Cherokees were forced to retire behind a line running southwest through Georgia form the straight part of Pickens County on the North to a point just below the mouth of the Tallulah at the western tip of the state. Since landing on the continent, the natives were moved further and further from their original “homeland.” From an estimated population, some say well into the millions
http://www.theatlantic.com/issues/2002/03/mann.htm , the population shrank to several hundred thousand, due primarily to disease brought from the old world to humans and animals..
    1825-Birthday of Antoinette Brown, the first woman minister in U.S. History. A graduate in theology from Oberlin College in 1850, she was refused ordination by a number of churches, but finally accepted by the Congregational Church in South Butler, New York (1852-54.) She married into the renowned Blackwell family (Elizabeth was the first woman physician in U.S. history and her sister Emily, also a physician, was one of the organizers of the first woman's hospital.) Antoinette had six children and abandoned her battles for women's rights. Later she resumed her women's rights activities to become one of the most sought after speakers in the nation. She also published a number of well received books, her last book “The Social Side of Mind and Action” (1915) was written when she was 90. She lived to 96, long enough to see women get the vote.
http://www.oberlin.edu/external/EOG/OYTT-images/NettyBlackwell.html
http://www.amazon.com/exec/obidos/ASIN/0935312048/
avsearch-bkasin-20/002-0667839-4443242
    1851-birthday of Emil Berliner, Jewish immigrant, who came to the United States in 1870 from Germany and later worked for Alexander Graham Bell's telephone company. In 1877, the year after Graham invented the telephone, Berliner developed an improved telephone receiver. Ten years later, Berliner dramatically improved the phonograph when he developed the flat gramophone record, which quickly replaced Thomas Edison's recording cylinder. He also developed a method for mass-producing records. He also invented the microphone among other achievements.
http://memory.loc.gov/ammem/berlhtml/
http://www.hebrewhistory.org/factpapers/berliner27-II.html
    1856-revolutonizing communication, David Edward Hughes of Louisville,KY, received a patent on a telegraph ticker that successfully printed type. He then sold his rights to the Commercial Company for $100,000 on November 1, 1855, a huge sum of money or the day, perhaps the first “dot commer” of the “communication revolution” to follow. The modern teleprinter, telex system and computer keyboards are all direct descendants of this invention
http://www.acmi.net.au/AIC/HUGHES_BIO.html
    1862- President Lincoln signed the Homestead Act opening millions of acres of government-owned land in the West to settlers or “homesteaders,” who had to reside on the land and cultivate it for five years.
http://memory.loc.gov/ammem/today/may20.html
    1872- Madeline McDowell Breckinridge birthday; U.S. social activist who began by organizing and taking part in grassroots movements in her native Kentucky battling for educational and health facilities. She campaigned for juvenile courts, branched out into fighting political corruption while heading charity organizations and was even instrumental in building a tuberculosis hospital (a disease she suffered from most of her life). She headed the Kentucky Equal Rights organization which not only successfully passed suffrage in a southern state, but also obtained rights for married women that "allowed" them to keep their own earnings, have joint custody of their own children, etc.
http://www.womeninkentucky.com/site/reform/m_breckinridge.html
http://www.womeninkentucky.com/site/reform/motherssphere.html
    1873-Levi Strauss secures the necessary patents for canvas pants with copper rivets to reinforce the stress points. Born in Buttenheim, Bavaria, in 1829, the young Levi Strauss emigrated to the United States in 1847.. He arrived in San Francisco in 1853 with a load of merchandise that he hoped to sell in the California mining camps. Unable to sell a large supply of canvas, Strauss hit on the idea of using the durable material to make work pants for miners. Strauss' canvas pants were an immediate success among hardworking miners who had long complained that conventional pants wore out too quickly. In 1872, Strauss received a letter from Jacob Davis, a customer and tailor who worked in the mining town of Reno, Nevada. Davis reported that he had discovered canvas pants could be improved if the pocket seams and other weak points that tended to tear were strengthened by copper rivets. Davis' riveted pants had proven popular in Reno, but he needed a patent to protect his invention. Intrigued by the copper-riveted pants, Strauss and his partners agreed to undertake the necessary legal work for the patent and begin large-scale production of the pants. Davis' invention was patented on this day in 1873. In exchange for his idea, Strauss made the Reno tailor his production manager. Eventually, Strauss switched from using canvas to heavyweight blue denim, and the modern "blue jeans" were born. Since then, Levi Strauss & Company has sold more than 200 million pairs of copper-riveted jeans. By the turn of the century, people outside of the mining and ranching communities had discovered that "Levi's" were both comfortable and durable. Eventually, the jeans lost most of their association with the West and came to be simply a standard element of the casual American wardrobe. They are no longer manufactured in San Francisco or the USA.
    1901-pianist Jimmy Blythe born Lexington,KY
http://www.allmusic.com/cg/x.dll?UID=8:52:12|PM&p=amg&sql=B10175
    1916- Norman Rockwell's first cover for the Post, depicting a boy having to care for his infant sibling—pushing the baby carriage while his buddies set oft to play ball—appeared on the May20 edition. His last Post cover appeared in 1963.
May 20-21,1927- Captain Charles Lindbergh, 25-year old aviator, departed from rainy, muddy Roosevelt Field, Long Island, NY, alone at 7:52am this day in 1927 in a Ryan monoplane named Spirit of St. Louis. He landed at Le Bourget airfield, Paris, at 10:24pm Paris time ( 5:54pm NY time, May 21, winning a $25,000 prize offered by Raymond Orteig for the first nonstop flight between New York City and Paris, France (3,600 miles ). The "flying fool" as he had been dubbed by some doubters became "Lucky Lindy," an instant world hero.
    1920 -The Chicago police, dressed as soldiers and farmers, raid the Wrigley Field bleachers arresting two dozen Cub fans for gambling as Grover Cleveland Alexander blanks the Phillies, 6-0.
    1931-Kenton Lloyd “Ken”Boyer, baseball player and manager, born at Liberty,MO. Boyer was an exceptional third baseman for the St. Louis Cardinals, winning the National League MVP awards in 1964. He managed the Cards from 1978 though June 8, 1980. Died at Ballwin, MO, Sept 7,1982.
    1932- Amelia Earhart became the first woman to fly solo across the Atlantic this day.
    1941-Harry James records “ You Made Me Love You,” putting the band on top!
    1942-Glenn Miller Band records “ I've Got a Gal in Kalamazoo.” Victor.
    1944-The Stan Kenton Band with Anita O'Day records “ And Her Tears Flowed Like Wine.”
    1944---Singer Joe Cocker birthday
http://www.cocker.com/
    1945- Cher, whose full name is Cherilyn Sarkasian LaPier, was born in El Centro, California. She and husband Sonny Bono enjoyed great success beginning in 1965 with the chart- topping "I Got You Babe." Sonny and Cher became household names with their TV series which ran from 1971 to '75. But a marriage breakup also ended their professional career together. Cher went on to a successful career as a singer and an actress, hitting number one with three singles in the early '70s, "Gypsies, Tramps and Thieves," "Half-Breed" and "Dark Lady." She revived her singing career in 1988 with two top-20 singles, "I Found Someone" and "We All Sleep Alone." Recently, she scored a hit with the resurrected 'I got you babe' performed with MTV's Beavis and Butthead.
http://www.cher.com/
http://www.cherworld.com/
    1948- In front of only 5,001 fans in Chicago, Joe DiMaggio strokes four extra base hits for the fourth time in his career as he hits for the cycle for a second time in a 13-2 rout of the White Sox. The 'Yankee Clipper' paces the Bombers' 22-hit attack with a two home runs, a triple, a double and a single and drives in 6 runs.
    1951-The first “Ace” to fly a jet was Captain James Jabara of Wichita, KS, a member of the fourth Fighter Interceptor Wing, who shot down his first and sixth enemy Mig Jet airplanes this day in 1951 over Sinjuiju northwest Korea. He eventually defeated 15 Migs over Korea and became the second triple jet ace. ( the first Triple jet ace was Captain Joseph Christopher McConnell,Jr., who shot down 16 MiG-15s. He shot down three in one day, May 18. He completed 106 missions in Korea. His neighbors built him a house in Apple Valley, CA, known as Appreciation House. He was killed August 24, 1954 at Edwards Air Force base, CA, while testing a new plane, an F-86H.)
    1953-In just their 13 th game of the season, the Braves, in their first year in Milwaukee, surpassed their total of 1952 attendance of 28, 1278, their last year in Boston.
    1954- Bill Haley's "Rock Around the Clock" was released. The record was not a hit until after it was included in the soundtrack of "Blackboard Jungle" the following year.
http://www.history-of-rock.com/haley.htm
    1956---Top Hits
Heartbreak Hotel/I Was the One - Elvis Presley
The Wayward Wind - Gogi Grant
I'm in Love Again - Fats Domino
Blue Suede Shoes - Carl Perkins
    1957 - A tornado touched down to the southwest of Kansas City and traveled a distance of seventy-one miles cutting a swath of near total destruction through the southeastern suburbs of Ruskin Heights and Hickman Mills. The tornado claimed the lives of forty-five persons, and left hundreds homeless. It was the worst weather disaster of record for Kansas City. About all that remained of one house was a small table and a fish bowl atop, with the fish still swimming about inside the bowl, rather unconcerned.
    1961- A white mob attacked a busload of Freedom Riders in Montgomery, Ala., prompting the federal government to send in United States marshals to restore order.
http://www.nytimes.com/learning/general/onthisday/big/0520.html
    1964---Top Hits
My Guy - Mary Wells
Love Me Do - The Beatles
Ronnie - The 4 Seasons
My Heart Skips a Beat - Buck Owens
    1967-Only a week after surrendering the top of the R&B chart to Martha & the Vandellas, Aretha Franklin retakes the top spot with "Respect." A tune that will also be Number One on the pop chart. It was originally recorded and written by Otis Redding who would say he prefers Franklin's version to his own
    1972---Top Hits
The First Time Ever I Saw Your Face - Roberta Flack
Oh Girl - Chi-Lites
I'll Take You There - The Staple Singers
Grandma Harp - Merle Haggard
    1973 - Ken Moore beat 4,030 competitors to win the 63rd Bay-to-Breakers footrace in San Francisco, CA. Moore stepped his way to the finish line in 37 minutes, 15 seconds over a course measured at 7.8 miles.
    1978 - Mavis Hutchinson, 53, made it to New York City to become the first woman to run across America. The 3,000-mile trek took her 69 days. She ran an average of 45 miles each day. Now that's what we call a daily workout.
    1980---Top Hits
Call Me - Blondie
Ride like the Wind - Christopher Cross
Lost in Love - Air Supply
Gone Too Far - Eddie Rabbitt
    1982 - TV's "Barney Miller" was seen for the last time in its original network run on ABC-TV. Hal Linden as Barney, Abe Vigoda as Fish and a talented cast continue to bring the fictional 12th Precinct to TV screens through syndication.
http://timstvshowcase.com/bmiller.html
http://www.zxcproductions.com/web/Abe/abe.html
    1985 - The Dow Jones industrial average broke the 1300 mark for the first time. The Dow gained 19.54 points to close at 1304.88.
    1985-The game between the Milwaukee Brewers and the Cleveland Indians in Cleveland was rained out. Remarkably, this was the first rainout of the season in either league, after a major-league record 485 games had been played without a postponement.
    1985 - Larry Holmes retained the heavyweight boxing title of the International Boxing Federation at Reno, NV by defeating Carl Wilson in 15 rounds. The fight marked the first, heavyweight title fight in Reno since Jack Johnson and Jim Jeffries duked it out in 1910.
    1985-Daryl Hall and John Oates headlined a concert for the grand re-opening of the legendary Apollo Theatre in Harlem. The show benefited the United Negro College Fund and also featured two of the original Temptations, David Ruffin and Eddie Kendrick.
    1987 - The Milwaukee Brewers ended a 12-game losing streak by beating the Chicago White Sox by a 5-1 score. The Brew Crew had opened the season winning 13 games in a row.
    1988 - Thunderstorms in the south central U.S. produced wind gusts to 70 mph at Omaha, NE, and wind gusts to 80 mph at Midland and Dallas, TX. Temperatures in California soared into the 90s and above 100 degrees. San Jose CA reported a record high of 97 degrees.
    1988---Top Hits
Anything for You - Gloria Estefan & Miami Sound Machine
Shattered Dreams - Johnny Hates Jazz
One More Try - George Michael
I'm Gonna Get You - Eddy Raven
    1990 - Thunderstorms produced severe weather across the southeastern quarter of the nation through the day and night. Severe thunderstorms spawned six tornadoes, including one which injured two persons at Algoma, MS, and another which injured nine persons at Rogersville, MO. There were 119 reports of large hail or damaging winds. Thunderstorms produced baseball size hail at Houston MO and damaging winds which killed one person at Toccoa GA.
    1995-Don Henley marries Sharon Summerall in Malibu. Among those present and who performed were Bruce Springsteen, Billy Joel, Sting and Tony Bennett.
    1996 - Bridgeport, Connecticut soared to 97 degrees for its hottest temperature on record in May.
    2001- Barry Bonds becomes 13th player in major league history to hit home runs in four consecutive at-bats. The Giant outfielder went yard in his final two at-bats yesterday and homers in his first two official turns at the plate today.

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Baseball Poem

"I Dream of a Baseball Star"

by Gregory Corso

I dreamed Ted Williams
leaning at night
against the Eiffel Tower, weeping.
He was in uniform
and his bat lay at his feet
-- knotted and twiggy.

"Randall Jarrell says you're a poet!" I cried.
"So do I! I say you're a poet!"

He picked up his bat with blown hands;
stood there astraddle as he would in the batter's box,
and laughed! flinging his schoolboy wrath
toward some invisible pitcher's mound
-- waiting the pitch all the way from heaven.

It came; hundreds came! all afire!
He swung and swung and swung and connected not one
sinker curve hook or right-down-the middle.
A hundred strikes!
The umpire dressed in strange attire
thundered his judgment: YOU'RE OUT!
And the phantom crowd's horrific boo
dispersed the gargoyles from Notre Dame.

And I screamed in my dream:
God! throw thy merciful pitch!
Herald the crack of bats!
Hooray the sharp liner to left!
Yea the double, the triple!
Hosannah the home run!

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