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Tuesday, May 26, 2009

Actor James Arness (born James Aurness) May 26, 1923, Minneapolis, Minnesota. Best known as Marshal Matt Dillon on Gunsmoke, a top TV show for 20 years (617 episodes, 1955-1975). He also was a hit in several other TV shows and series," "How the West Was Won" and "McClain's Law". Three Bronze service stars, Purple Heart. In our neighborhood in the Pacific Palisades, CA, drove my brother and I to junior high school and University High School almost every school day in his station wagon on his way to work down Sunset Boulevard. I think he felt sorry for us standing at the bus stop, but also my brother was six, five, and Arness six, seven, so he may have had some connection, too. My father also wrote some "Gunsmoke" TV shows.


Archives---April 26, 2004
    Richest Man in Leasing
Classified Ads---Sales
Sovereign Joins "No More Broker Business List"
    Up-Dated: Leasing Companies Out of Broker Business
        Cartoon---Lessor Applies for Warehouse Line
Top 25 Most Influential Leasing People Questions
    Answered by Christopher Menkin
        Classified Ads---Help Wanted
Bank Beat-Three Banks/FDIC raises insurance fees
    Leasing News Top Stories--May 18-22
Leasing 102 by Mr. Terry Winders, CLP
    Insurance Vs Indemnity
    New Hires---Promotions
Classified ads-Finance/Human Resources
    News Briefs---
    El Paso Truckers/Leasing Company want what's due
        FASB issues new lease accounting paper
Job layoffs accelerate home foreclosures
        Playboy for sale $300 Million
    Susan Boyle wows 'em again
You May have Missed---
      Sports Briefs---
        Gimme that Wine"
    Today's Top Event in History
        This Day in American History
Baseball Poem
        Daily Puzzle
    Weather, USA or specific area
        Traffic Live----

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


Archives---April 26, 2004
Richest Man in Equipment Leasing

Dave Harmon was the single largest owner of a leasing company until he sold off the majority of his portfolio of El Camino Leasing in Woodland Hills, California, in 2001. The mantle then went to San Francisco’s ATEL Capital Group President A.J. Batt, who then shortly retired to give the title of world's richest leasing owner to Dean Cash, his "partner for twenty years," who now owns almost 75%.. Perhaps this has now passed to Patrick Byrne, president of Balboa Capital, Irvine, California who recently bought out his partner Shawn Giffin.

Nevertheless, officially, the title of richest single person in leasing should go to 56 year old Steven Ferencz Udvar-Hazy who is listed in Forbes magazine with a net worth of $2.6 billion. He currently resides in Beverly Hills, California. He started the company with his father.

Udavar-Hazy founded International Lease Finance Corporation which was sold to the insurance company AIG, American International Group.

ILFC was the nation's largest lessor and financier of jet aircraft.

Their website:



Classified Ads---Sales

Cherry Hill, NJ
College grad seeking entry level sales position for equipment leasing and financing in small to mid-size ticket markets. Have 6 months experience in the industry and self-motivated. Contact Matt at 609-280-2178 or
email at

Fort Myers, Florida
Very experienced and strong skills with both Captive and Specialty Sales and  Sales Management. Over 20 years, will relocate and travel- successful and team player . 

Fresno, CA
Aggressive, competitive self-starter w/successful vendor/direct equipment
leasing and asset-based lending experience seeks return to leasing industry
after successful stint in business banking sales.

Minneapolis, MN
16 years leasing experience from micro to large ticket market, variety of equipment. Most recently calling on vendor telecom dealers in Upper Midwest.

Montgomery, AL
Individual with 10 years advertising sales exp. & 7 years insurance sales exp. Wants independent contractor situation in Alabama.
Work with leasing company or broker.334-590-5133

Many years of successful experience in niche leasing. Seek position with bank or other self-funded entity. Position and/or location secondary to company profile.

Orange County, CA
19+ years of successful marketing to the broker/lessor community representing one funding source owned by several parent companies.

Over 30 years of financing experience, resume posted at, phone 580-351-2531

Philadelphia, PA
Aggressive Sales Hunter with 10 plus years of story credit experience (B-D credit including start-ups) with a strong emphasis on building productive business relationships.

Philadelphia Metro Area - 30 Years experience Healthcare sales/ management- 3 years experience newly create "small-ticket" healthcare division. Good success - Mitch Utz 215-460-4483
Pittsburgh , PA
Aggressive self starter looking for leasing position w/10 plus yrs sales exp., plus banking experience 814-227-4592

Pittsburgh, PA
Over 25 years of leasing experience including Captive, Dealer, Broker, and Third Party. Multiple equipment types. Seeking a Territory or National Sales position.

San Francisco
I am seeking a commission only structure w/established firm with a niche program / product.  30 years equipment leasing successful sales experience. 650-574-2873

San Francisco Bay Area:
Business Development “Hunter” with transferable book of business in multiple segments: commercial construction, technology, fitness, etc. Years of managerial experience: can also be a “player/coach”.

Award winning commercial leasing salesman, middle market Georgia , Alabama , Tennessee , and Florida in addition to originating leases nationally. 26 years experience.
15 year lease vet looking for plact to take business.great references. all major equipment types. open to compensation. please contact if interested.

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

To place a free "job wanted" Leasing News ad:

ELFA Career Center: Job Seekers (free):



Sovereign Joins "No More Broker Business List"

"The Commercial Equipment Finance Group of the Sovereign Bank CEVF division is in the process of exploring other strategies for our business line.

"We are no longer going to be accepting new applications from brokers. We would like to thank you for your past help and support, and we look forward to your continued support as we work through these difficult times in our industry."

Jerome Rosen
Senior Vice President
CEVF Market Leader
Mail Code: NY1-MLV-01-01
3 Huntington Quadrangle
Melville, NY 11747
Tel: 631-531-0615 (820615)
Fax: 631-531-0961

Sovereign Bank is part of Santander, the 19th largest bank in the world, founded in Northern Spain in 1857.



Up-Dated: Leasing Companies Out of Broker Business

Advantage Business Capital, Lake Oswego, Oregon
AEL Financial, Buffalo Grove, Illinois
*(No longer taking new broker business)
Balboa Capital, Irvine, Ca
Bankers Healthcare Group, Weston, FL.
C and J Leasing Corp, Des Moines, Iowa
CIT Group (limited)
Columbia Bank Leasing, Tacoma, WA
Court Square, Malvern, Pennsylvania
Creative Capital Leasing Group, LLC, San Diego, CA
Diversified Financial Service, Omaha, NE
Equipment Finance Partners, a division of Altec, located in
Birmingham, Alabama
Evans National Leasing, Inc., Hamburg, NY
Excel Financial Leasing, Lubbock Texas
First Republic Bank, San Francisco, Ca
GE Capital, Conn (limited)
Global Funding LLC., Clearwater, FL
Greystone, Burlington, MA
Heritage Pacific Leasing, Fresno, CA
Huntington Equipment Finance, Vendor Finance Group,
Bellevue, Washington
Irwin Financial (not in the U.S.)
Lakeland Bank, Montville, NJ
LaSalle Systems Leasing
LEAF Third Party Funding, Santa Barbara, Ca.
Marlin Leasing, Mount Laurel, NJ
M&T Credit (Bank)
Merrill Lynch Financial
Mesa Leasing, San Diego, California
National City, Cleveland, Ohio
Pentech Financial, Campbell, CA
PFF Bancorp, Inc, Pomona, CA
Pinnacle Business Finance, Fife, Washington
PredictiFund, a subsidiary of Capital Access Network, Inc
Popular Finance, St. Louis, Missouri
Radiance-Capital, Tacoma, WA
Sandy Springs, Olney, MD
Sovereign Bank, Melville, New York
SunBridge Capital, Mission, Kansas
Textron Financial
Union Capital Partners, Midvale, Utah
Velocity Financial Group, Rosemont, Illinois
Wachovia Bank Leasing
Washington Mutual Financial
Western Bank, Devils Lake, ND

It should be noted Bulletin Board Complaints and
information regarding IFC Credit Corporation, Morton
Grove, Illinois and its affiliates, such as Pioneer
Capital, Addison, Texas

Bulletin Board Complaint
IFC Credit Corp. dba First Corp.

Bulletin Board Complaint
IFC Credit, Morton Grove, Illinois

IFC Credit-Pioneer Leasing Up-Date

IFC Credit, Morton Grove, Illinois
Bulletin Board Complaint---Up-Date

IFC Credit, Morton Grove, Illinois



Cartoon---Lessor Applies for Warehouse Line



Top 25 Most Influential Leasing People Questions
Answered by Christopher Menkin

Let me share some answers with all the readers:

"Yes, you can include a biography as an attachment."

"Yes, you can make changes to descriptions, if yours or someone else's, especially if it corrects something in the description. Just send to me."

"No, you just can't name someone. You need to state why you think the person has been 'influential' to the leasing industry. The editor may correct spelling or make clarifications, but the person making the nomination needs to write the description."

"No, once listed, a nominee cannot be deleted from the list."

"No, I don't know how long this will run, maybe another week, depends on readers' response. You still have time to make a nomination along with a description of why."

All nominations are subject to netiquette and the editor's final approval.


18 nominations from last week and six for this issue. Rules are simple: the person nominated must still be alive, but does not necessarily have to be active in the leasing industry today. Nominations are "anonymous."

"Influential" as "a person whose actions and opinions strongly influence the course of events" {Online Dictionary}.

Send nominations to:

New Nominees:

A.J. Batt--Formerly the CEO & Chairman of ATEL. He started in the industry in 1977 and worked his way up from walking the streets of San Francisco selling off deals to banks such as BofA, to running a 150 person operation using Public Funds to invest in Operating Leases for Large Ticket transactions. Not to mention he wrote the first "Leasing Software" called LEAH II in the early 80's. Originally a NASA engineer he knew numbers…a genius with numbers and making leases work.

Barry Marks--He was the original National Association of Equipment Leasing Broker's attorney and a very forward thinking, bright attorney, practical businessman, and a prince of a person. To the best of my knowledge, it was Barry's idea a zillion years ago to come up with a "list serve" for the association. He also was instrumental in moving us to a management company. Had it not been for those two things alone the NAELB would not be where it is today. I serve on the NAELB Board and his advice and counsel helped us move forward each year. He is one of only three people to earn the Bill Granieri award.

Dan Michalek - He was the founder of Connor Capital Corporation (which was sold to Linc Capital, Inc.) and later founded Paynet, where he was the first chairman (, whose payment history reports have become the standard for larger lessors in the commercial leasing industry. Paynet is sponsored both by the Equipment Leasing and Finance Association and Experian, as well as "partnering" with InfoCentricity.

Deborah Monosson--- A role model for women in leasing, active on the board at the Equipment Leasing and Finance Association, Equipment Leasing and Finance Foundation, first female president of the Commercial Finance Association, serving on many committees, very active and outspoken.

Gary Shivers--Co-founder and former president of Marlin Leasing and current President of Navitas. He helped Marlin go public and they are one of the few micro-ticket leasing companies that has done so. As a former employee at Marlin, I know that people valued him as a true sales champion and he is clearly missed there currently! I followed him to Navitas when Marlin's Chicago office closed and was pleasantly surprised that I was not the first (or likely the last) ex-Marlin employee to make this switch which should be a great testament to Gary.

David Wiener--He has provided the industry with expertise in the structuring of transactions in the syndications arena and as project leader within the equipment leasing and finance industry. A proven top producer he has personally structured and executed over 700 transactions totaling $2.3 billion in sales volume generating $94 million income. He has created full capital markets deal placements capabilities for 3 separate to 10 vendor finance organizations. He is a national authority on equipment finance demographics. For 24 years David was a member of Equipment Leasing & Finance Association ("ELFA") Research Committee. Senior Vice President / Group Head, Capital Markets and Structured Finance for LEAF Financial Corporation. Senior Vice President, GE Capital Markets. Director, Corporate Planning reporting to the CFO at Tokai Financial Services (now De Lage Landen Financial Services in 1991. In 1981 when the Economic Tax Recovery Act was enacted, Mr. Wiener quietly engineered 47 tax benefit transfer leases - the most executed in the U.S. He went on to personally conclude a combined $195 million of financing for California's Bay Area Rapid Transit System and the New York Metropolitan Transit Authority. He also was a great help at Colonial Pacific Leasing.

Current Top 25 Influential List:



Classified ads---Help Wanted


San Clemente, California

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

Ten years providing financing nationwide


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

CLICK HERE to find out how to have fun again.



Bank Beat-Three Banks/FDIC raises insurance fees

Citizens National Bank, Macomb, Illinois, became the 36th bank to fail this year, the fifth in Illinois. The FDIC entered into a purchase and assumption agreement with Morton Community Bank, Morton, Illinois, to assume all of the deposits of Citizens National Bank, excluding those from brokers.

As of May 13, 2009, Citizens National Bank had total assets of $437 million and total deposits of approximately $400 million. Morton Community Bank agreed to purchase approximately $240 million of assets. The FDIC will retain the remaining assets for later disposition. Morton Community Bank will purchase all deposits, except about $200 million in brokered deposits, held by Citizens National Bank.

The bank opened on Saturday, May 23, 2009 as Morton Community Bank, who entered into a loss-share transaction on approximately $200 million of Citizens National Bank's assets. Morton Community Bank will share in the losses on the asset pools covered under the loss-share agreement. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $106 million

Strategic Capital Bank, Champaign, Illinois, became the 35th bank to fail this year; the fourth in Illinois. The FDIC appointed Midland States Bank, Effingham, Illinois, to assume all of the deposits of Strategic Capital Bank. The bank will open Tuesday, today, under the new name.

As of May 13, 2009, Strategic Capital Bank had total assets of $537 million and total deposits of approximately $471 million. In addition to assuming all of the deposits of the failed bank, Midland States Bank agreed to purchase approximately $536 million of assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and Midland States Bank entered into a loss-share transaction on approximately $420 million of Strategic Capital Bank's assets. Midland States Bank will share in the losses on the asset pools covered under the loss-share agreement. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $173 million.

The controversial assessment by the FDIC was altered with the infusion by the Federal Government, but with the recent loss on Thursday of the major bank in Florida, BankUnited FSB, Coral Gables, costing $4.9 billion, the FDIC will charge 5% on FDIC customer profits. It will be costing $5.6 billion from the industry, raising the total annual bill to $17.6 billion. The special assessment will be collected September 30, 2009. Certainly this will be passed down to bank customers.

The FDIC also voted to charge banks with at least $100 billion in assets -- about $500 million more of the assessment than it previously planned. This is to offset the complaints from community banks when they tried to raise the charge to them as written about here in Bank Beat.

The standard maximum deposit insurance amount (SMDIA) to $250,000 per depositor was extended through December 31, 2013. This extension of the temporary $250,000 coverage limit became effective immediately upon the President's signature. The legislation provides that the SMDIA will return to $100,000 on January 1, 2014.

The 29th bank to fail this year had as its chairman of the board during the crisis that lead to the FDIC seizing the bank was Nancy Schauer. She also is the mother of Tom Williams, ExChangeLease, San Francisco, perhaps best known as one of the first Aggregate Internet funders. He also was involved in the development of other aggregate internet funders in the days when the dot com industry invested millions to automate the lease application process on line.

Tom now operates eLease Funding, Inc., St. Petersburg, Florida, a member of One World Leasing Co-Op. He sent Leasing News a copy of his mother's appeal to local US Congressman and others regarding the take over of the bank when she was chairman.

This is Ms. Schauer's story:

"In 1997, a group of Sun Valley/Ketchum business leaders and hankers determined that the large regional and national banks operating in the community were not able to adequately respond to the challenging nature of the community's unique mountain resort environment. As is typical of all resort communities, activity fluctuates significantly with the seasons.

"Approximately 90 shareholders invested $8 million, 10 staff members were hired, and First Bank of Idaho was opened. Within the first year, the bank had $20 million in assets. Since that first year, the bank has accomplished the following:

"Grew from one branch to three in the Sun Valley/Ketchum area; Expanded into the Jackson Hole, Wyoming area with three branches in Jackson Hole, a branch in Driggs, Idaho, and a branch in Victor, Idaho;

"*Increased assets to $480 million;
*Raised approximately an additional $30 million in capital;
*Generated $8 million in net profits;
*Became the market leader in the Sun Valley/Ketchum area (38% market share);
*Created over 140 new jobs.
A*s important. the bank became a vital community partner, donating over $500,000 to Sun Valley/Ketchum non-profit organizations, supporting local events with employee volunteers, and providing leadership to a number of organizations including Rotary. the Chamber of Commerce, and many non-profits.

"First Bank of Idaho represents the true essence of a "community bank" - one that is able to help community members achieve their dreams and become active participants in creating a vibrant economy. At no time did the bank participate in the sub-prime mortgage market or invest in risky real estate loans or securities.

"Unfortunately, due to the national economic downturn, which has affected the communities in which it operates, the bank experienced the same challenges as most American banks. At the time this document was drafted, First Bank of Idaho was threatened with being sold to another bank by the Federal Deposit Insurance Corporation (FDIC) and the Office of Thrift Supervision (OTS).

"The decline started last fall. when dropping real estate values affected the viability of a number of large loans. The bank aggressively identified these problem loans (unlike most large banks nationwide) and shared their concerns and their management plans for these loans with the OTS (also unlike most large banks nationwide). This proactive approach, in a good faith attempt to comply with mark to market accounting requirements and "subsequent transaction" rules established by the Financial Account Standards Board (FASB), resulted in the bank reporting a loss of $4.5 million in 2008. This was the first loss for the bank in nine years. As part of its efforts to bring its capital ratios hack into balance, the bank set a goal to shrink its loan portfolio by $50 million.

"In general, a 10% capital ratio is required to maintain a bank's rating as "well capitalized". When (in early 2009) the loss for 2008 was accounted for, the bank's ratio fell to 9.83% - hardly a draconian situation. At that time, the OTS presented a memo of understanding to the bank that offered the bank time - through June 30, 2009 - to raise an additional $10 million in capital to bring its capital ratio up to 12%. The OTS also informed the bank that it could qualify for a matching amount in TARP funds should it raise that equity. Had the bank been given until June 30, 2009, to raise this capital (as promised by the OTS), the new equity and TARP funds would have resulted in its having a capital ratio in the 14% range, well in excess of the OTS requirement. The additional capital also would have been sufficient to help the bank weather the remainder of the economic downturn.

"An investment banking firm was hired in January, 2009, to solicit capital. In late March, meetings were held with eight potential investors. However, during the time that the board was soliciting additional capital, the government agencies took two unexpected and unnecessary actions that severely restricted the bank's liquidity: The Federal Reserve reduced the bank's line of credit from $140 million to $86 million, which was the amount the bank had outstanding at the time. In other words, this action effectively prevented the bank from making further loans of any kind. The bank's advance rate also was reduced from 70% - 80% to 20% - 40%. This also impaired the amount of funds available to make loans and support operations. The OTS and FDIC downgraded the bank's rating and eliminated its access to brokered CD markets including the Certificate of Deposit Account Registry (CDARS) program. This significantly limited the bank's ability to borrow funds or to accept deposits for the program. These two actions by the government agencies put a severe strain on the bank's liquidity as it no longer had access to traditional sources of money to fund the shortfall between deposits and loans

"Just as the bank was expecting offers from potential investors, the FDIC/OTS placed the bank under a Cease and Desist order. This effectively meant that the bank could not increase or grow its loan portfolio. Local and regional newspapers reported on the "Cease and Desist" order.

"So, while it is undeniable that the bank board might not have acted quickly enough to bring in capital, it also is clear that the OTS targeted this bank for sale to a larger bank and had no intention of allowing it to save itself, an action that would save taxpayers tens of millions of dollars.

"In effect, government agencies have used banking technicalities to take over an essentially viable community bank and effectively sell its assets to a large bank for far less than they are worth. Worse, these same government agencies have used their powers to prevent this community bank from saving itself through outside private investment that was willing and ready to come to the rescue. We believe that First Bank is not the only community bank suffering this fate. In fact, some community bankers are predicting that the regulatory agencies' current actions will lead to the dissolution of hundreds - if not thousands - of community banks. It appears that

"Jobs will be lost, businesses that were supported by the bank during down times will suffer, and strong independent community spirit will be compromised. In addition, all 284 investors who believed in establishing a local community bank will lose almost all of their investments."

FDIC Press Release

"April 24, 2009, First Bank of Idaho, FSB, Ketchum, Idaho, was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The bank had seven offices in Idaho and Wyoming. All seven offices will reopen on Monday as branches of U.S. Bank.

"As of December 31, 2008, First Bank of Idaho had total assets of approximately $488.9 million and total deposits of $374.0 million. U.S. Bank paid a premium of 0.55 percent to acquire the deposits of First Bank of Idaho.

"U.S. Bank will not assume $112.8 million in brokered deposits. U.S. Bank agreed to purchase approximately $17.8 million in assets. The FDIC estimates that the cost to the Deposit Insurance Fund will be $191.2 million."

List of Bank Failures:



Leasing News Top Stories--May 18-22

Here are the top ten stories opened by readers:

(1) Archives May 18, 2004
$77.5 Million Gym Ponzi Scheme

(2) Top 25 Most Influential Leasing People--May 18

(3) FBI Calls HL Leasing a "Ponzi Scam"

(4) $200 Million Wine Country real estate Ponzi scheme

(5) (tie) Largest Bank in Florida Fails

(5) (tie) Top 25 Most Influential Leasing People-- May 20

(6) Three Amigos: McDonald-Romoff-Schwartz

(7) Latest John Otto/HL Leasing Story

(8) What Happened? $77.5 Million Gym Ponzi

(9) Top 25 Most Influential Leasing People-- May 22


(10) (tie) Why HL Leasing Was Not Licensed
by Christopher Menkin



Leasing 102
by Mr. Terry Winders, CLP

Insurance Vs Indemnity

The economy has caused many strange issues to emerge and none are as alarming as lessees that refuse to provide liability insurance or those who wish to self insure. To begin with there are a multitude of problems when an altercation occurs and people or property are injured. I know you are aware of how our society is overrun with attorneys and they want to sue everyone and let the courts determine who is at fault so be aware you are at risk. You as the Lessor are the equipment owner during the lease term so you "will be" involved in the litigation. The question is… Who is going to pay for it?

Your first line of defense is to have proper insurance including: 1) "Physical Damage" coverage equal to the "retail value or fair market value of the equipment during the lease. This requires that you obtain a "loss payable clause" from the insurer in your name to protect your outstanding interest in the equipment at its current fair market value or replacement value. 2) "Liability" coverage equal to the damage that the equipment could inflict. That is very high in rolling stock and some production equipment where operators are in harm's way. Also remember that injured workers in many States are not allowed to sue employers, due to workman's compensation rules, but you are not their employer, and the owner of the equipment that injured them, and therefore may be the main target. You need to get an "additionally insured endorsement" so that the insurance carrier covers you in liability cases. 3) On occasion you need to get a "breach of warranty" clause to cover you if the lessee fails to follow the requirements of the policy and allows an uninsured or non-employee to operate the equipment. To cut premium costs many insurance carriers are not covering equipment that is on a non company use or operators that have a history of drug and alcohol abuse.

Next if you are foolish enough to allow the lessee to self insure then recognize that instead of their insurance carrier paying for the litigation you will be stuck. To attempt to recover the cost of litigation plus any loss you may have from getting burned in the case you should carry very stiff language in your lease in the indemnity section. However even a good indemnity section will not save you if the net worth or the liquid assets of the lessee are below your loss. That is to say that if you bow to self insurance your lessee better have a very strong balance sheet. If you take the business risk of allowing self insurance here is the language I would suggest for the indemnity section: "Lessee assumes liability for, and hereby agrees, at its own cost and expense, to indemnify, defend, and hold harmless Owner, its directors, members, employees, agents, attorneys, affiliates, successors and assigns from and against any and all liabilities, losses, damages, injuries, claims (including, without limitation, claims based upon strict liability), demands, penalties, actions, costs and expenses, including legal expenses, of any kind or nature arising out of the use, condition (including, without limitation, latent and other defects, whether or not discoverable), operation, ownership, selection, delivery, leasing or return of any items of equipment, regardless of where, how and by whom operated, or for any interruption of service, loss of business or consequential damages. These provisions shall survive the expiration or termination of this Lease Agreement.

In addition you may want to add a sentence regarding their acceptance of this paragraph for self insurance purposes including adding their initials next to this statement.

Most of the real problems for Lessor's have come from their evolvement in the selection of the equipment or the vendor. The more you get involved the more you are at risk for injuries or damage caused by "your" equipment. Also do not think that because your lease contains a bargain purchase option and therefore you think it is not a lease for legal purposes and you are safe, think again, if it says lease at the top of the form you are at risk.

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

Previous #102 Columns:



New Hires---Promotions

Jerry Connolly was named CEO,, Pomona, California. He will continue to oversee all operational aspects of TruckCenter. conducts regularly scheduled public auction events on behalf of some of the largest companies in America, operating from five permanent company-owned auction facilities in Atlanta (GA), Fort Worth (TX), Indianapolis (IN), Los Angeles (CA), and New Castle (DE). simultaneously broadcasts the auctions over the Internet with real-time audio and video, enabling pre-approved buyers to bid from their offices or homes.

Mark Geary is now the president of, Pomona, California. He spent 35 years at CitiCapital (formerly Associates Commercial Corporation) in a series of roles with increasing responsibility leading to executive leadership. He joined the company in 1969 as a management trainee in Chicago IL. His responsibilities have ranged from Branch Manager in Akron, Houston and Louisville to Executive Vice President and Regional Manager for 10 branches in Eastern United States. He will be based in Truck Center's Dallas /Fort Worth office. Geary holds a Bachelor of Arts degree in Economics from the University of Notre Dame

Tom Hearn appointed vice-president of sales for Iowa, Indiana, and Southern Illinois, Bibby Financial Services, Downers Grove, Illinois. He previous was with Goldleaf Financial as a business development officer, vice president of sales position at Crestmark Bank.

Michael Myers has been promoted to vice president - healthcare, Relational Technology Solutions, Rolling Meadows, Illinois. He formerly was the company's director of healthcare business development.

Prior to joining Relational Technology Systems, Myers was vice president for sales at Xtria, LLC, a PACS consultancy where he played a key role in innovating and pioneering the "managed services" model for the delivery of PACS and other health care IT projects. While at Comdisco Healthcare Group, he served as vice president - international, where he was instrumental in establishing both lease and technology services business in Eastern Europe, Western Europe, and South America.

Later, Myers was a founding executive of MedAssets Exchange, Inc., a refurbished imaging equipment and mobile services provider which was a subsidiary of MedAssets, Inc., a leading GPO. As vice president - sales, he directed a national direct sales force and a 14-firm dealer organization while also serving on the company's senior management team.

Myers is a frequent speaker at healthcare conferences and forums around the country. A cum laude graduate from Northeastern Illinois University, he also received an MBA in Marketing from the Kellstadt Graduate School of Business at DePaul University.

Eddie Newcomer appointed to sales Lubbock, Texas, by Latitude Equipment Leasing, Marlton, New Jersey.

Julie Owen appointed to sales Phoenix, Arizona, by Latitude Equipment Leasing, Marlton, New Jersey.

Tom Wajnert, ten year principal with The Alta Group, Lake Tahoe, Nevada, promoted to the Northern California merger and acquisition practice, consisting of John Dean, Bruce Kropschot, Joe Nachbin, Mike Fleming and Paul Bent. Wajnert was with AT&T Capital Corporation, a NYSE-listed, full-service equipment leasing and commercial company operating in 23 countries. He later sold that company and completed the largest management-led buyout in the financial services industry.



Classified ads-Finance/Human Resources

Finance: Chicago, IL
Experienced in big ticket origination, syndication, valuation and workout.
Twenty five years, MBA, CPA,
JD, LLM (Tax), structuring specialist. Inbound and outbound transactions.
Transaction Summary | The Lechner Group
Finance: Naperville, IL
Your guide to the right questions and answers in finance. Expert in capital raising, GAAP, acquisitions, lease economics. CPA. MBA.
Finance: Charlotte, NC
15 Years of Equipment Leasing Experience and Recruiting with Business Aviation niche. Visit us at
Human Resource Consultant: New York, NY
Employee Relations, Recruiting, Benefits, employee customer surveys, plus payroll administration "ON-LINE" services-- AND IN PERSON at your location Please visit:
Information System: North Detroit, MI
INFOLEASE EXPERT - 18 years experience.  Since being downsized in 2002, working as a consultant for several leasing companies.
Seeking consulting projects nationwide.

Leasing Industry Outsourcing
(Providing Services and Products)

All "Outsourcing" Classified ads (advertisers are both requested and responsible to keep their free ads up to date:

How to Post a free "Outsourcing" classified ad:



News Briefs----

El Paso Truckers/Leasing Company want what's due

FASB issues new lease accounting paper

Job layoffs accelerate home foreclosures

Playboy for sale $300 Million

Unlikely singing sensation Susan Boyle wows 'em again



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Today's Top Event in History

1868- President Andrew Johnson avoids impeachment by 1 vote. When Johnson removed his Secretary of War Edwin M. Stanton over plans for Reconstruction, the opposing party, Republicans, voted to impeach him on February 24 at the House of Representatives. A trial then was brought against him by the US Senate. Both times the vote was 35 for conviction and 19 for acquittal. Because a two-thirds vote was needed to convict, Johnson was judged not guilty. As a side note, on May 21, the Republican National Convention nominated Gen. Ulysses S. Grant for the presidency, and at the same meeting, the convention adopted the name National Republican Party.


This Day in American History

    1637 - During the Pequot War, an allied Puritan and Mohegan force under English Captain John Mason attacks a Pequot village in Connecticut, burning or massacring some 500 Indian women, men, and children. As the Puritans of Massachusetts Bay spread further into Connecticut, they came into increasing conflict with the Pequots, a war-like tribe centered on the Thames River in southeastern Connecticut. By the spring of 1637, 13 English colonists and traders had been killed by the Pequot, and Massachusetts Bay Governor John Endecott organized a large military force to punish the Indians. On May 26, 1637, two hours before dawn, the Puritans and their Indian allies marched on the Pequot village at Mystic, slaughtering all but a handful of its inhabitants. On June 5, Captain Mason attacked another Pequot village, this one near present-day Stonington, and again the Indian inhabitants were defeated and massacred. On July 28, a third attack and massacre occurred near present-day Fairfield, and the Pequot War came to an end. Most of the surviving Pequot were sold into slavery, though a handful escaped to join other southern New England tribes.
    1649-A ban on Jesuits was enacted by the Puritan Massachusetts colony. Contrary to what is taught in elementary and middle schools, the puritans were quite prejudiced to other religions and did not escape England for persecution, but wanted for the opposite reason, to ensure their own religion above any others. The ban provided that “No Jesuit or ecclesiastical person obayned by the authoritie of the pope shall henceforth come within our jurisdiction” except ting survivors of shipwrecks and trades who “ behave themselves inoffensively during their abode here.” A second offense was punishable by death.
    1736 - In northwestern Mississippi, British and Chickasaw Indians defeated a combined force of French soldiers and Choctaw Indians at the Battle of Ackia, thus opening the region to English settlement.
    1771 - A famous Virginia flood occurred as heavy rains in the mountains brought all rivers in the state to record high levels.
    1819 - The first steam-propelled vessel to attempt a trans-Atlantic crossing, the 350-ton Savannah, departed from Savannah, Ga., May 26 and arrived in Liverpool, England, Jun 20.
    1836-The power of the Southern pro-slavery Congress voted the first gag rule when they voted 117 to 68 to ban any consideration of the contentious subject of slavery. The resolution red: “Whereas it is extremely important and desirable that the agitation of this subject should be finally arrest, for the purpose of restoring tranquility to the public mind, your committee respectfully recommend the adoption of the following additional resolution; Resolved that all petitions, memorials, resolutions, propositions, or papers relating in any way, or to any extent whatever, to the subject of slavery, or the abolition of slavery, shall without being either printed or referred, be laid upon the table and that n further action whatever shall be had thereon.”
    1864-The Territory of Montana was formed by Congress from the Territory of Idaho.
    1868- President Andrew Johnson avoids impeachment by 1 vote. When Johnson removed his Secretary of War Edwin M. Stanton over plans for Reconstruction, the opposing party, Republicans, voted to impeach him on February 24 at the House of Representatives. A trial then was brought against him by the US Senate. Both times the vote was 35 for conviction and 19 for acquittal. Because a two-thirds vote was needed to convict, Johnson was judged not guilty. As a side note, on May 21, the Republican National Convention nominated Gen. Ulysses S. Grant for the presidency, and at the same meeting, the convention adopted the name National Republican Party.
    1883-Jazz singer Mamie Smith born Cincinnati, OH. Died October 30, 1946
    1886-Al Jolson birthday, Actor, singer, born Asa Yoelson at St. Petersburg, Russia. Died at San Francisco, CA, Oct 23, 1950. The first performer to sing in a sound movie ( The Jazz Singer).
    1895 – famous “America” photographer Dorothea Lange born Hoboken, New Jersey.
    1896 -An F5 tornado hit Oakwood, Ortonville, and Thomas, Michigan. 47 people were killed and 100 were injured. Trees were debarked "even to the twigs, as though done by the careful hand of an experienced artisan". Parts of houses were found up to 12 miles away.
    1907-Birthday of John Wayne, American motion picture actor, most famous “macho man,” born Marion Michael Morrison at Winterset, IA. He died at Los Angeles, CA., June 11,1979. The Orange County airport where he lived in Los Angeles is named after him. “ Talk low, talk slow and don't say too much,” was his advice on acting.
    1914—Trumpet player Ziggy Elman born. Died June 26, 1980,Los Angeles.
    1916—Composer/author Louis Thomas Hardin, better known as “Moondog,” born Marysville, KS
    1917 - A tornado touched down near Louisiana MO about noon and remained on the ground for a distance of 293 miles, finally lifting seven hours and twenty minutes later in eastern Jennings County, IN. The twister cut a swath of destruction two and a half miles wide through Mattoon, IL. There were 101 persons killed in the tornado, including 53 at Mattoon, and 38 at Charleston IL. Damage from the storm totaled 2.5 million dollars.
    1920-Peggy Lee birthday, singer, songwriter and actress Peggy Lee was born Norm Deloris Egstrom at Jamestown, ND. She got her start singing on a Fargo, ND, radio station, and was soon hired by Benny Goodman to sing with his band. Known for her simple, jazzy style as well as her sex appeal, her biggest hits were 1958”s “Fever” and 1969's “Is That All There Is?_---both of which are now considered standards. She is perhaps best remembered for the songs that she co-wrote and performed in Disney's Land and the Tramp.” She continued to perform until the 1990's, when poor health forced her to retire. She died January 21, 2002 at Los Angeles, Ca.
    1923---James Arness birthday, born Minneapolis, MN. He was our neighbor and was starring in "Gunsmoke". My father wrote a few of the episodes. Mr. Arness also took my brother Michael and I to University High School for almost two years ( until I learned to drive ). He would pick us up at the bus stop on Sunset Blvd. in his Oldsmobile station wagon. Perhaps at times he would get up to 80 to 100 miles an hour down Sunset Blvd. He would zoom in and out of traffic, laughing, and give us advise on life. My brother told my mother the speed and she told us not to ride with him anymore (we did, as we always beat the bus to school ). If he was late, he would drop off us a few blocks from the high school, but if he was really making time, he would drop us off right in front. He was a very nice man. Right across from where we lived was James Whitmore. He was offered the Gunsmoke role first, but turned it down, recommending Arness, he was at least twice as tall as he was. Whitmore thought Arness was better for the role.
    1937 - Lionel Hampton and his band recorded the classic, "Flying Home", for Decca Records.
    1938- William Bolcom, American pianist, composer and writer, born Seattle, Washington.
    1940- The evacuation of 200,000 British and 40,000 French and Belgian soldiers began. The British Force had become trapped by advancing German armies at Dunkirk, the port on the northern coast of France. Sailing on every kind of transport available, including fishing boats and recreational craft, these men were safely across the English Channel by June 2.
    1942—Lionel Hampton's big ban, with Illinois Jacquet, records “Flyin' Home,” (Decca 18394)
    1943--MARTINEZ, JOE P . Medal of Honor Rank and organization: Private, U.S. Army, Company K, 32d Infantry, 7th Infantry Division. Place and date: On Attu, Aleutians, 26 May 1943. Entered service at: Ault, Colo. Birth: Taos, N. Mex. G.O. No.: 71, 27 October 1943. Citation: For conspicuous gallantry and intrepidity above and beyond the call of duty in action with the enemy. Over a period of several days, repeated efforts to drive the enemy from a key defensive position high in the snow-covered precipitous mountains between East Arm Holtz Bay and Chichagof Harbor had failed. On 26 May 1943, troop dispositions were readjusted and a trial coordinated attack on this position by a reinforced battalion was launched. Initially successful, the attack hesitated. In the face of severe hostile machinegun, rifle, and mortar fire, Pvt. Martinez, an automatic rifleman, rose to his feet and resumed his advance. Occasionally he stopped to urge his comrades on. His example inspired others to follow. After a most difficult climb, Pvt. Martinez eliminated resistance from part of the enemy position by BAR fire and hand grenades, thus assisting the advance of other attacking elements. This success only partially completed the action. The main Holtz-Chichagof Pass rose about 150 feet higher, flanked by steep rocky ridges and reached by a snow-filled defile. Passage was barred by enemy fire from either flank and from tiers of snow trenches in front. Despite these obstacles, and knowing of their existence, Pvt. Martinez again led the troops on and up, personally silencing several trenches with BAR fire and ultimately reaching the pass itself. Here, just below the knifelike rim of the pass, Pvt. Martinez encountered a final enemy-occupied trench and as he was engaged in firing into it he was mortally wounded. The pass, however, was taken, and its capture was an important preliminary to the end of organized hostile resistance on the island.
    1944--NEWMAN, BERYL R. Medal of Honor Rank and organization: First Lieutenant, U.S. Army, 133d Infantry, 34th Infantry Division. Place and date: Near Cisterna, Italy, 26 May 1944. Entered service at: Baraboo, Wis. Birth: Baraboo, Wis. G.O. No.: 5, 15 January 1945. Citation: For conspicuous gallantry and intrepidity above and beyond the call of duty on 26 May 1944. Attacking the strongly held German Anzio-Nettuno defense line near Cisterna, Italy, 1st Lt. Newman, in the lead of his platoon, was suddenly fired upon by 2 enemy machineguns located on the crest of a hill about 100 yards to his front. The 4 scouts with him immediately hit the ground, but 1st Lt. Newman remained standing in order to see the enemy positions and his platoon then about 100 yards behind. Locating the enemy nests, 1st Lt. Newman called back to his platoon and ordered 1 squad to advance to him and the other to flank the enemy to the right. Then, still standing upright in the face of the enemy machinegun fire, 1st Lt. Newman opened up with his tommygun on the enemy nests. From this range, his fire was not effective in covering the advance of his squads, and 1 squad was pinned down by the enemy fire. Seeing that his squad was unable to advance, 1st Lt. Newman, in full view of the enemy gunners and in the face of their continuous fire, advanced alone on the enemy nests. He returned their fire with his tommygun and succeeded in wounding a German in each of the nests. The remaining 2 Germans fled from the position into a nearby house. Three more enemy soldiers then came out of the house and ran toward a third machinegun. 1st Lt. Newman, still relentlessly advancing toward them, killed 1 before he reached the gun, the second before he could fire it. The third fled for his life back into the house. Covering his assault by firing into the doors and windows of the house, 1st Lt. Newman, boldly attacking by himself, called for the occupants to surrender to him. Gaining the house, he kicked in the door and went inside. Although armed with rifles and machine pistols, the 11 Germans there, apparently intimidated, surrendered to the lieutenant without further resistance, 1st Lt. Newman, single-handed, had silenced 3 enemy machineguns, wounded 2 Germans, killed 2 more, and took 11 prisoners. This demonstration of sheer courage, bravery, and willingness to close with the enemy even in the face of such heavy odds, instilled into these green troops the confidence of veterans and reflects the highest traditions of the U.S. Armed Forces.
    1946---Top Hits
The Gypsy - The Ink Spots
All Through the Day - Perry Como
Laughing on the Outside - The Sammy Kaye Orchestra (vocal: Billy Williams)
New Spanish Two Step - Bob Wills
    1949-Singer Hank Williams ,Jr. ("All for the Love of Sunshine," "I Fought the Law"), born Shreveport, LA, May 26, 1949.
    1951-Birthday of Sally Kristen Ride. Dr. Ride, one of the first women in the US astronaut corps and the first American woman in space, was born at Encino, CA. Her flight aboard the space shuttle Challenger was launched from Cape Canaveral, FL., June 18, and landed at Edwards Air Force Base, Ca., June 24, 1983. The six-day flight was termed “nearly a perfect mission.”
    1954---Top Hits
Wanted - Perry Como
Little Things Mean a Lot - Kitty Kallen
Man Upstairs - Kay Starr
I Really Don't Want to Know - Eddy Arnold
    1956-Althea Gibson, tennis champion, wins the French Open, becoming the first Black tennis player to win a major tennis title, 1956. Died September 28, 2003
    1959- In another of Bill Veeck's stunts, 3-feet 7 inch Eddie Gaedel returns to a major league field along with three other midgets. Arriving by helicopter and dressed as Martians, the quartet shake hands with Nellie Fox and Luis Aparicio near second base on Comiskey Park's infield and give them toy ray guns as the PA announcer informs fans the crowd the ETs have arrived to help the somewhat short keystone combo in their struggle with giant earthlings.
    1961 - Dave Garroway told the NBC-TV brass that he was ready to retire. “I want to give up the Today show,” he said, “to stop talking awhile and start looking, thinking and listening to people.” Garroway voiced his trademark, “Peace,” with palm facing the camera, for the last time, after 10 years of early morning informing and entertaining.
    1962--The Isley Brothers' "Twist and Shout" is released on Wand Records. It will rise to #17 on the US Pop chart and will be covered two years later by the Beatles, whose version rose to #2.
    1962-Mr. Aker Bilk became the first British artist to have a number one record in America when his clarinet laden instrumental "Stranger On The Shore" topped the Hot 100. It made #2 in the UK.
    1962---Top Hits
Stranger on the Shore - Mr. Acker Bilk
I Can't Stop Loving You - Ray Charles
Old Rivers - Walter Brennan
She Thinks I Still Care - George Jones
    1964-Lenny Kravitz birthday, Actor, singer, born New York.
    1965-The Rolling Stones appear on "Shindig!" along with Jackie De Shannon, Sonny and Cher and Jimmy Rodgers.
    1967 -a slow moving nor'easter battered New England with high winds, heavy rain, and record late season snow on this day and into the 26th. Winds 70 to 90 mph in gusts occurred along the coast. Over 7 inches of rain fell at Nantucket, Massachusetts with 6.57 inches falling in 24 hours to set a new 24 hour rainfall record. Severe damage occurred along the coast from very high tides. 24.9 inches of snow fell at Mount Washington, New Hampshire to set a new may snowfall record. 10 inches of snow fell near Keene, New Hampshire and 6 inches was recorded at Dublin, New Hampshire.
    1967-- "Sgt. Pepper's Lonely Hearts Club Band", by The Beatles, was released. It took the Fab Four only 12 hours to record their first album, "Please, Please Me". It took them 700 hours to complete "Sgt. Pepper's".
    1967--The Charlatans, The Salvation Army Banned, and Blue Cheer at the Avalon Ballroom in San Francisco.
    1969-John Lennon recorded "Give Peace a Chance" in a room at Hotel La Reine Elizabeth, in Montreal, Canada. The voices of Tommy Smothers and Petula Clark can be heard on the chorus. The song was credited to Lennon / McCartney, even though Paul had nothing to do with the record. Lennon may have been showing his appreciation for McCartney's help on "The Ballad of John and Yoko" single, which the two of them recorded without George and Ringo.
    1970---Top Hits
American Woman/No Sugar Tonight - The Guess Who
Turn Back the Hands of Time - Tyrone Davis
Everything is Beautiful - Ray Stevens
My Love - Sonny James
    1978 - The first legal casino in the eastern United States opened in Atlantic City, New Jersey.
    1978---Top Hits
With a Little Luck - Wings
Too Much, Too Little, Too Late - Johnny Mathis/Deniece Williams
You're the One that I Want - John Travolta & Olivia Newton-John
She Can Put Her Shoes Under My Bed (Anytime) - Johnny Duncan
    1984 - Thunderstorms during the late evening and early morning hours produced 6 to 13 inches of rain at Tulsa OK in six hours (8.63 inches at the airport). Flooding claimed fourteen lives and caused 90 million dollars property damage. 4600 cars, 743 houses, and 387 apartments were destroyed or severely damage in the flood.
    1986---Top Hits
Greatest Love of All - Whitney Houston
Live to Tell - Madonna
On My Own - Patti LaBelle & Michael McDonald
Tomb of the Unknown Love -Kenny Rogers
    1987 -Severe thunderstorms spawned 15 tornadoes in west Texas. In Louisiana, a man in a boat on Lake Bistineau was struck and killed by lightning, while the other 3 people aboard were unharmed. The man reportedly stood up in the boat and asked to be struck by lightning.
    1988 - There was "frost on the roses" in the Upper Ohio Valley and the Central Appalachian Mountain Region. Thirteen cities reported record low temperatures for the date, including Youngstown OH with a reading of 30 degrees. Evening thunderstorms in North Dakota produced wind gusts to 75 mph at Jamestown.
    1994-Elvis Presley's daughter Lisa Marie marries the self- proclaimed "King Of Pop" Michael Jackson in the Dominican Republic. Presley files for divorce in January of 1996

Stanley Cup Champions This Date

    1988 Edmonton Oilers



Baseball Poem

How It All Started

It all started
when Pedro threw a no-hitter on Opening Day.
Nomar backed him up
with a triple play deep in the hole
and Manny Ramirez smashed
the first of 90 home runs.

Suddenly things got brighter.
Flowers sprang whole from the earth
and the cod swarmed to George's Bank.
The war ended. U.S. Marines
danced in the streets with handsome Fedayeen.
(Jerry Falwell married them off
while the Pope and the imams cheered.)

Israel and Palestine agreed
to share everything: beds, cities, streets,
temples and mosques,
falafel and coffee and tea.
Air pollution stopped
along with global warming and gum disease.

The Sox won it all of course,
beating the Yankees in three
and the Yankees in four
and the Yankees in five
(they lost one just to keep the Series alive).
Mia Hamm hit a grand slam
to put it away in the ninth.

Boston exploded with joy.
Babe Ruth signed the game-winning ball
and nobody sold it on E-bay.

That's how it all started.
At least, that's what I recall





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