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Friday, May 7, 2010

Basketball Player Shawn Dwayne Marion born May 7, 1978 Waukegan, Illinois. Nicknamed “The Matrix” by TNT. 2010 with the Dallas Mavericks. Don't ask Bernie Boettigheimer, CLP, if he is going to stay. Bernie's disappointed with the whole team now.


Attention: See UCC's Allied Health
   Classified Ads---Operations
  Marlin turns it Around!
   by Christopher Menkin
 Resource America "repositioning our leasing company"
  by Christopher Menkin
   Leasing Schools/Franchisors List—Only Three Now
    Cartoon---California Wine
     Classified Ads---Help Wanted
 Dennis Brown Summary Streamline Sales Tax Report
Iron Man 2/Babies/Mother's Day DVD Tips
 Invictus/Edge of Darkness/Film Noir Collection
  Fernando Croce Movie/DVD Reviews
   Leasing Conference---Up-date
  Culver City, California -- Adopt-a-Dog
    Cartoon --- Dog Psychiatrist
   Charlie Lester Explains Start Private Label Program
  Classified ads—Operations / Remarketing / Repossessions
News Briefs ---
 Market Drop Fueled by a Crisis, Anxiety and an Error
  High-Speed Trading Glitch Costs Investors Billions
   Asian markets jolted by Eurozone debt fears
    86% Banks move away from Commercial Real Estate loans
     Senate vote defeats move to cut financial watchdog powers
 Geithner/Paulson say more financial regulation needed
  Bernanke: Fed is working to get credit to small business
   Mortgage rates dip for 2nd week
    Forecasting the Recovery for Banks' Loan Losses
   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”



Leasing News is looking for current information and/or experiences with Allied Health Care Services, Inc., 89 Main St., Orange, NJ 07050 for a Leasing News article. Please contact:

First Two Month UCC Filings:

Last Three Year UCC (429) Filings:

Allied Health:


Classified Ads---Operations

N. Phoenix, Arizona
Kathleen Gibbons-Erler. Eleven years experience in all office operations, including but not limited to lease processing. Excellent follow up skills. References on

Acton, MA
Strong experience in lease accounting, operations, & systems.  
Implemented lease plus, Great Plains, networks.
Excellent financial reporting and analysis skills. Looking for new opportunity.
LinkedIn| Resume

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

Other e-Mail Posting Sites:


Marlin turns it Around!
by Christopher Menkin

While the Marlin Business Service (NASDAQ:MRLN) Securities Exchange Commission 8K filing is not as complete as a year-end filing, it certainly shows a remarkable turnaround. It reveals a change in direction with a net income of $1.2 million the first quarter, after a revamping of adding more salesmen, their training and expenses, starting up the independent broker division and its expenses and efforts.

Marlin was perhaps the first small ticket leasing company to see the change in the marketplace over almost three years ago, cutting back, downsizing, even getting out of the broker program (now starting back in it), plus starting an industrial bank, getting out of programs that weren’t working, but the efforts now seem to be paying off.

Again, it should be pointed out that the actual changes started late in the first quarter, and considering it, the trend is back in momentum at Marlin:

The keys to look here are the “Average Monthly Sources” as well as the “Approval Percentages.” More sources, higher quality submissions meaning more efficiency and less cost, and sales reps are up as well as brokers starting on board: a Very impressive start.

As far as the balance sheet goes, no short term borrowing, cash is up, net equity is up, and certainly better than the first quarter 2009 loss of $879,000. This company is positioned to grow. Their CEO saw the downturn first, maybe he is also first to see the up-turn in business in the United States.

"Despite the headwinds of a weak economy, we're encouraged by the favorable performance trends in our business," says Daniel P. Dyer, Marlin's CEO. "In 2010, our priorities will focus on growth and investing in the sales side of the business as we serve the credit needs of small businesses across the U.S. In doing so, we will continue to operate with the same discipline that has allowed us to navigate successfully through the current economic downturn."

First quarter 2010 lease production was $23.6 million, based on initial equipment cost, up 18% from $20 0 million for the fourth quarter of 2009. Approval rates on lease originations improved to 46% for the first quarter of 2010, versus 44% for the fourth quarter of 2009. The average implicit yield on new lease production was 15.32% in the first quarter of 2010. Net interest and fee margin is 11.12% for the first quarter 2010 compared to 10.08% in first quarter 2009. The Company increased its sales force 39% in first quarter 2010 to 53 full time equivalents.

At March 31, 2010, the Company has outstanding $97 8 million of leases and loans funded through its banking subsidiary, Marlin Business Bank, and has $85.1 million in FDIC-insured deposits outstanding at an average borrowing rate of 3.02% with a weighted average term to maturity of 2.6 years. First quarter 2010 average deposits outstanding were $81 4 million at a weighted average interest rate of 3.09%

Full SEC report:


Resource America "repositioning our leasing company"
by Christopher Menkin

"We are in the middle of repositioning our leasing company which suffered this quarter in part as a result of costs incurred to solidify that valuable franchise,” declared Jonathan Cohen, CEO and President, Resource America (NASDAQ@: Rexi), in his company press release, which also reported reporting a loss from continuing operations attributable to common shareholders of $1.2 million for the second fiscal quarter and six months ended March 31, 2010. It was confirmation of the Leasing News story written on April 13, 2010.

In the press release, Mr. Cohen was quoted as saying, "While we were pleased by events at Resource Capital, Apidos, and Resource Real Estate both during the quarter and immediately after it, we were disappointed by our loss this quarter after two profitable quarters; nonetheless we believe our recovery to stable profitability remains on track."

The loss this quarter was better than the loss from continuing operations attributable to common shareholders of $11.5 million for the second fiscal quarter and six months ended March 31, 2009; only $1.2 million.

There was no explanation of the “positioning statement;” however, Leasing News has been writing about it since the beginning of last year, with the latest on April 13, 2010 when Leasing News questioned the financial structure of LEAF Financial Corporation, especially in relationship to its parent Resource America. The SEC reports showed consolidations, cut back of employees, and operations. Most seriously affected has been LEAF-Specialty Finance, South Carolina, which has not been funding new leases for a period of two months and their brokers most likely have gone elsewhere by this time.

The South Carolina operation is also reportedly down to 12 employees servicing the portfolio primarily from NetBank days, along with the previous years business, down considerably, Leasing News is told by several sources. This unit is for sale, according to many reliable sources. Reportedly AJ Batt, former founder of ATEL Capital considered getting back into the leasing business, but appears more interested in the hedge marketplace. Resource America makes fees from buying and selling properties, including leasing portfolios, and the cash infusion would be good for the company whose main business is real estate management ( multi-family, apartments, industrial property, as well as leasing and finance.

The loss is not good for its borrowing ability. As noted in the April 13, 2010 article:

"LEAF Financial Corporation and Leaf Funding, Inc. are borrowers pursuant to a $100 million credit agreement dated as of July 31, 2006 with PNC Bank, National Association. The parties thereto have entered into an amendment dated as of March 31, 2010 that extends the maturity date of the credit agreement until May 15, 2010, while the parties negotiate the terms and documentation of a longer term renewal. Under the terms of the extension the maximum borrowing limit reduces by unused capacity in excess of $25 million if created by sales of commercial finance assets to any of the LEAF sponsored investment funds."

The May 6, 2010 press release noted:

"At March 31, 2010, borrowings include $96.5 million of borrowings under a non-recourse credit facility at LEAF, $17.6 million of corporate revolving debt, $13.5 million of senior notes, net of a discount, and $16.9 million of other debt, of which $13.5 million is in mortgage debt secured by the underlying properties."

It was noted by SEC filings:

"It appears PNC has extended, by another amendment, the Leaf warehouse line for 45 days, from March 31, 2010 to May 15, 2010. Amendments are needed to avoid a formal default to the main agreement. It also appears the $100M w/l capacity will be reduced further if Leaf sells assets to any of the funds over $25M. Does that mean PNC doesn’t want Leaf to have more than $25M of line capacity? The 8K report said the exact same thing with no further details."

In the highlights of the March 31, 2010 quarter of Resource America, their six month statement for their fiscal year: "The Company reduced its borrowings to $144.5 million at March 31, 2010, a decrease of $49.9 million from September 30, 2009. This decrease primarily reflects a $40.00 million reduction in borrowings on LEAF's revolving warehouse credit facility and a $9.5 million reduction of the Company’s two corporate revolving lines of credit."

By SEC filings it appears the $100M w/l capacity will be reduced further if Leaf sells assets to any of the funds over $25M.

The recent statement does not address this and the numbers in the consolidated statements of operation do not break apart the leasing entities, and may include other financing arrangements. Either way, the numbers are not good:

Commercial Finance (in thousands)
Three Months Ended
2010 $4,731
2009 $6,775
Six Months Ended
2010 $10,343
2009 $11,288

Resource America, Consolidated (in thousands)
Net Loss  
Three Month Ending Net loss attributable to common shareholders
2010 (1,847) (1,232)
2009 (12,789) (11,633)
Six Months Ended  
2010 (1,259) (261)
2009 (16,392) (14,853)

If you are a lender seeing the nature business of the parent with holdings in Southern California and other troubled areas, the losses, the changes in the leasing industry, and the apparent slow reaction of the financial side that resulted in perhaps the new financial officers and other changes, you too would be suspicious about getting in deeper with this credit. To some, it appears a house of mirrors with fees and funds and structure, while others see the general nature of the business itself in trouble as small and medium size banks have continued trouble with construction loans, commercial real estate loans, and less “take out” money as the entire real estate market remains in serious trouble and has not recovered from the subprime and derivatives 1-4 and multi family housing bubble burst, including commercial properties affect by the overturn and perhaps “over-built”

In writing “Bank Beat” the overwhelming small and regional bank failures, meaning 50 branches and more, came from commercial and industrial real estate loans, not 1-4 multi-family properties. Other failures were in other related commercial real estate loans and apartment loans, as well as “land development.”

- The Trouble with LEAF and Resource America
   by Christopher Menkin

Bank Beat:

Full SEC report:



Leasing Schools/Franchisors List—Only Three Now

In up-dating the Leasing Schools/Franchisors list, it was discovered six companies are no longer in business, and perhaps this is a reflection of what is happening.

A good example comes from Leasing Partners, now in the cupcake business:

Formed by Ken Glasgow, President of Corporate Capital Leasing Group, Inc. and Sal Cozza, President of Flexlease Financial, "Leasing Partners, LLC. was very successful in training new brokers, "We will be distinctly difference from other schools. The emphasis will be on 'Partners'."

"For $5900 we are offering a three day all expenses included (air, beach front hotel, meals) training session in Naples, Florida. It will be 'No BS' (boring statistics) training geared to enable the Broker to start making money the day they get home."

Today it is "Simply Cup Cakes."

"Sal & I decided that we can't encourage anyone to become a Broker right now considering the climate. I have been spending my time working with my wife's cupcake business, Simply Cupcakes of Naples Similar to our leasing training program, we train people to open their own Simply Cupcakes and have opened 13 so far with 6 more coming this summer

"By the way, they are not franchises. They pay a one time consulting fee and nothing after that. The web site tells all about our training programs."

Ken has a Facebook site for his store with 2,500 on it, and it is not only for individual sales, but birthdays, weddings, and well as other events. All cup cakes are with the best ingredients, separated eggs, you name it, and well for $2.95 each and cheaper by the tray.

Leasing Schools/Franchisors
(For our "Financial and Sales Training" list, please click here)

Global Leasing
Lease One
Wheeler Leasing School

  (does not include those specifically employed in training or education,
but who have a similar program as the following entities:)

Global Leasing

Program  cost: $19,950.00

In 2003, broker/lessor Global Leasing founder Phil Dushey created a new division to train independent salesmen in all the aspects of finance, including leasing ,accounts receivable financing, business acquisitions, debt restructuring, working  and venture capital. His students have found great success and he spends most of his time now developing entrepreneurs, who also utilize his knowledge and sources of funds.“

" We are not superbrokers and have never been one. Occasionally we will co-broker a transaction ,but generally we function as a lessor for our own accounts. 2. Our website address for our training is   3 When we train our students we do not have them send transactions through Global. We set them up to deal directly with the lenders. We also require that all lenders who work with our students will automatically approve them to do business with them.  Also our current price for the program is $24,950  We also model our training program from the experience we have from being in the business for about 25 years that a broker needs to serve all of the financial needs of their clients ,whether it be equipment leasing ,factoring,acquisitions,SBA Loans or debt restructuring, we do it all."  

Philip Dushey

Global Financial Services
17 State Street
New York NY 10004
Phone 212-480-4900

Mr. Dushay is also on the Leasing News Advisory Board


Lease One, Lynnfield, Massachusetts

Program Cost: $19,900.00

Since 1989 Lease One has been providing superior training along with unprecedented ongoing support to our broker network. With offices from coast to coast we proudly exhibit the foremost training experience available. Our one time initial investment will provide you with the training and support for the lifetime of your venture with no on-going fees (Hotel/Airfare/Materials/Leads are all included in this price).

“The Lease One Opportunity is the only turn key business opportunity that allows you to devote the time necessary to building a business, no need to worry about processing or underwriting your deals; we do it for you, forever! Our unique program is the only one that offers free marketing assistance along with a devoted graphics design department to enable you to creatively attract new customers to your business. Call us today or visit our website ( ) to learn more about this exciting opportunity. We are Lease One; It's the Lease we can do!”

Joseph L. Angelo Jr.
Lease One Corp.
220 Broadway, Suite 102
Lynnfield , MA 01940


Wheeler Leasing School

Program Cost: $14,500

The training and support provided will allow individuals to establish their own independent brokering businesses. This program is not a franchise operation and therefore has no future royalty payments due. There is a one time upfront investment. The ongoing business expenses are determined by you.

A five day course taught by Scott Wheeler, CLP. There is no financial requirement or obligation with the application. Upon completing the pre-screening process and being accepted into the program you will be asked to sign an agreement with Wheeler Business Consulting LLC.

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

Link to articles written by Scott Wheeler:

Contact Information:
Wheeler Business Consulting LLC 1314 Marquis Ct.
Fallston, Maryland 21047

Phone: 410-877-0428
Fax: 410-877-8161




Leasing Industry Help Wanted


Interviewing Leasing Professionals With Proven Track Record and Established Book of Business. Envision Provides: 1) Established Funding Sources, 2) Fun Working Environment, 3) Full Benefits (Health Insurance, 401k), 4) Aggressive Commission Structure.
Resumes To:, Contact: Jeff Edwards (949) 225-1712

Envision Capital Group is dedicated to providing the best in class products and service to our employers, customers, vendors and partners in the small and middle ticket commercial finance industry. With over 50 years of combined experience we have the knowledge, skills, abilities and relationships to help you reach your goals.

Seeking originators with 5+ years small ticket and/or
middle market experience and with established
customer and vendor relationships. Remote
office and on site positions are available.

Please send resumes to:
Attn: Mike Lockwood or Russ Runnalls CLP

Please see our Job Wanted section for possible new employees.


Dennis Brown Summary Streamline Sales Tax Report

(Leasing News caught Dennis Brown, Vice President State Government Relations, Equipment Leasing and Finance Association in between Dallas where he was leaving the ELFA Legal Forum and going to Chicago for the AGLF-ELFA Public Sector Forum.

He is the person who also is involved in the leasing and finance aspects of the Streamline Sales Tax project.

The recent report was long, and perhaps not as well read as it should have been, so we asked him for a summary as it is important for this industry to be kept abreast: )

"The Streamlined Sales Tax (SST) system is being developed by state governments to assist states in administering a simpler and more uniform sales and use tax system. The Equipment Leasing & Finance Association (ELFA) has been engaged from the outset.

"Under the Streamlined Sales Tax Agreement a member state with local jurisdictions that levy sales or use taxes may elect to source the retail sale of tangible personal property or digital goods, excluding lease or rental, to the location where the order is received by the seller, which is known as origin sourcing. Leases and rentals have separate sourcing to the equipment location or destination sourcing. A rental store owner with non-recurring payments in his short term rental contracts for party equipment usually of 3 days duration has asked that an exception be written to the destination rule for leases that would allow his short term rentals to be sourced the same as a retail sale or origin sourcing.

" ELFA seeks to insure that this proposed amendment to the Agreement will not impact long term commercial equipment finance leases because that would require in-state lessors to alter their systems to source sales tax collection on intrastate leases differently than interstate transactions."

Dennis Brown
Vice President State Government Relations
Equipment Leasing and Finance Association
1825 K Street NW, Suite 900
Washington, DC 20006
Phone: (202) 238-3411
Fax: (202) 238-3401

Full Report:
SST Board Debates Compensation, Prepares for Federal Legislation
By Daniel T. Schibley © 2010, CCH Incorporated



Fernando’s View
By Fernando F. Croce

Superheroes (“Iron Man 2”) and toddlers (“Babies”) come to theaters, while DVD releases offer inspiring (“Invictus”), suspenseful (“Edge of Darkness”) and classic hits (“Film Noir Collector’s Edition”).

Iron Man 2 (Paramount Pictures): Robert Downey Jr. reprises his role as rich-arms-dealer-turned-superhero Tony Stark in this sequel to the 2008 box-office smash. Once again based on the Marvel Comics character and directed by Jon Favreau, it picks up where the previous installment left off, with Stark trying to combine his playboy lifestyle with his heroic persona as the metallic Iron Man. Since his identity is no longer secret, however, he has to deal with reporters, fans, and government officials who want the secrets behind his powerful armor. The biggest danger, however, comes from a ruthless new foe, Ivan Vanko (Mickey Rourke), who’s determined to take revenge on him. With smooth special effects and a cast that also includes Gwyneth Paltrow, Don Cheadle and Scarlett Johansson, it’s a breezy way to kick off the summer blockbuster season.

Babies (Focus Pictures): The idea of a feature-length documentary on babies may sound thin (how many different ways, after all, can an audience say “awwww”?), yet director Thomas Balmes’ movie manages to be stirring while still delivering the expected levels of adorability. Following four infants from birth to their first steps, it hopscotches from several corners of the world, collecting details from the toddlers as well as their environments. There’s Hattie in the buildings of San Francisco, Ponijao in a tribal village in Namibia, Mari in bustling Tokyo, and Bayarjargal in the grassy plains of Mongolia. Will the behavior of these children reveal distinct differences in each of their cultures, or will unifying similarities emerge to connect them all together? Check out “Babies” to find out, and see human moments as beguiling as in any Nature documentary.

Netflix tip: With Mother’s Day just around the corner, hit your queue for a hearty fill of cinematic mother love. Especially recommended: Joan Crawford in “Mildred Pierce,” Irene Dunne in “I Remember Mamma,” Shirley MacLaine in “Terms of Endearment” and, why not, Meryl Streep in “Mamma Mia!”

New on DVD:

Invictus (Warner Bros. Pictures): After proving (and investigating) the durability of his screen persona in “Gran Torino,” Clint Eastwood proves once again why he’s one of America’s most respected directors with this inspiring, true-story tale set during South Africa’s most trying times. Nelson Mandela (Morgan Freeman) has just been elected president, yet the country remains torn in the shadow of apartheid’s racially divisive policies. In order to bring the people together, Mandela turns to the universal appeal of sports, and tries to get the country’s rugby team into the 1995 World Cup. Though the movie hardly lacks the excitement and crowd-pleasing drama (including the travails of the team’s captain, played by Matt Damon) of conventional underdog sagas, it is also filled with keen cultural observations about a country’s past and humanity’s need to stick together during hard times.

Edge of Darkness (Warner Bros. Pictures): After taking some time off to concentrate on his directorial career, tough-guy icon Mel Gibson returns to the screen with this punchy action thriller. Gibson plays Thomas Craven, a veteran Boston homicide detective who loses his beloved daughter during a gangland hit. Was she the victim of an underworld vendetta, or was this just the tip of an iceberg of systematic corruption? Looking for answers (and revenge), Craven embarks on a brutal one-man journey. The plot is not exactly original (the Liam Neeson thriller “Taken” had a similar outline), but action specialist Martin Campbell (“Casino Royale”) and Gibson’s taut charisma keep things marching along towards an engrossing conclusion.

Film Noir Collector’s Edition (Questar): Film noir has always been one of the most enduringly fascinating genres, and serious cinema lovers should not miss this five-disc set of classics. Titles include the severe 1945 drama “Scarlet Street,” with Edward G. Robinson as a meek married man fascinated with a femme fatale (Joan Bennett), and “The Stranger,” Orson Welles’ moody look at the dark forces lurking under the wartime surfaces of a small town. Also among the highlights are two of the harshest noirs ever made: “D.O.A.,” a harrowing tale of a dying man seeking his own killer, and “Detour,” a master class in low-budget filmmaking that should be viewed not only by students of noir, but also by aspiring directors.


Leasing Conference---Up-date

Plan your fall conferences to get on board the changing equipment leasing marketplace.

September 24-25
2010 NAELB Eastern Regional Meeting
Renaissance Atlanta Airport Concourse Hotel
One Hartsfield Centre Parkway
Atlanta, Georgia

By phone - Contact (888) 391-8724 or
(404) 209-9999 and please identify yourself
as an NAELB Eastern Regional Meeting attendee

October 15-17
NEFA Funding Symposium Fall 2010
The Ritz-Carlton, Buckhead
Atlanta, Georgia

Registration is scheduled to open this summer.

October 24-26
ELFA 49th Annual Convention
Boca Raton Resort & Club
Boca Raton, Florida

November 12-13, 2010
NAELB Western Regional Meeting
Hilton Orange County / Costa Mesa
3050 Bristol Street
Costa Mesa, California

To make hotel reservations by phone - Contact (714) 540-7000 or (714) 438-4923
and please identify yourself as an NAELB Western Regional Meeting attendee



Culver City, California---Adopt-a-Dog


Breed: Chihuahua Mix
Size: Small 25 lbs (11 kg) or less
Color: Tan/Yellow/Fawn - With White
Sex: Female
Age: Young
Melody is:
already spayed
good with kids
good with dogs
up to date with shots

Melody's story..."Melody is the sweetest little love bug you can ever meet. She is adorable with people, especially kids. She is find with other dogs, but does best with passive dogs. Melody is about 1 years old, weighs about 8 pounds. She is vaccinated, microchipped and spayed. What a lovely little dog for seniors, couples with limited living space, or with a family with large yards where she can run and play. If interested in meeting our little Melody, please contact Mary Chatman at 323 758 8992 or email

Contact this rescue group to adopt Melody ...
Rescue Group: Mary's Little Lambs Animal Rescue
Phone: (323) 758-8992E-mail:
- Let 'em know you saw "Melody" on!
Fax: (323) 758-8992

Culver City , CA

Adopt-a-Pet by Leasing Co. State/City

Adopt a Pet



Charlie Lester Explains the Start of the Private Label Program

Lou Schneider of Preferred Lease reported his company was the first to market a credit card concept, when actually the first was actually Trans Leasing International, Inc., of Northbrook, Illinois. The card was the LeaseCard. Direct Capital co-started by Schneider's partner David Murray was second, and third was Preferred Lease, which was purchased by Capital Werks.

This brought up the subject of the birth of private label program, and at the start, Charlie referred to himself as Grandpa Charlie, thus the GC:

LN: It sounds like the Private Label Recourse Program could be taken to a community bank or to any lender so interested, in a recourse or non recourse manner. The broker is a “discounter”. How does the recourse program work?

GC. Private Label Recourse Programs—the recourse part is critical since American Express does have non-recourse private label and they are totally different.

In a recourse program, the broker is given a credit window by the funding source that commits to buy the lease paper if deals fit the window. The broker does the entire credit workup, makes the credit decision and documents all leases in its name. The broker also pays all vendors and sub-brokers. Periodically, the broker forwards the leases to the funding source where an analyst verifies the deals do in fact fit the credit window and the broker is then paid. Part of the broker proceeds is usually withheld as a loss reserve.

After the deal is booked, the monthly payments are billed in the name of the broker with payments going to a lock box. Normally, the broker also receives 50% of all late fees.

LN. What are the major advantages and risks to brokers and funding sources in a recourse program?

GC. The overriding advantage for everyone is higher volume and higher profits. In addition, the broker has more name recognition since the broker’s name is on everything received by the lessee with the funding source being the silent partner.

The major risk for the broker is the possible failure of the funding source to provide timely delinquency reports so problem accounts can be spotted early and collection efforts stepped up. Another broker risk occurs if the funding source picks and chooses deals to buy instead of honoring the credit window provided. In this case, the broker has to find another funding source or fund the deal out of his own pocket.

The funding source has a number of risks including the possibility that the broker will not have the financial strength to repurchase deals in default. Undisclosed split deals are another major risk. In addition, there is dependence on the broker not to manipulate the portfolio delinquencies.

LN. How does the broker know when the funding source has failed to provide timely data?

GC. Unfortunately, it can take 6-24 months before problems become apparent. The ATT fiasco in the mid-90’s is a classic example of a funding source that had so many computer platforms and data bases that reports were full of errors and corrections almost impossible to fix. In some cases, personal property taxes were not billed for a two-year period and when they were billed, the responsibility to collect them fell back on the recourse broker. In cases like the one with ATT, it is almost impossible to determine how many additional deals went into default as a result of poor quality delinquency reports, but common sense says the damage has to be high.

LN. How does a funding source know when they have problems with a recourse broker and how do they verify them?

GC. Again, it can take time and constant monitoring before problems surface. Most recourse brokers are strong financially and honest to a fault, but they do have a much larger window of opportunity to cheat the system. This window includes hidden early payoffs, sales taxes not paid, split deals and monthly payments made for lessees in default to prevent a repurchase.

Once a funding source has serious questions about the honesty of a recourse broker, the normal procedure would be to “drop the corporate veil”. This is a drastic step since it means converting all monthly invoices to the name of the funding source instead of the recourse broker. The funding source then waits to see what if any complaints are received from the lessees. They also compare monthly invoices with checks received to see if there is a match. In addition, UCC filings may be audited to see if deals have been split or duplicated. Last, but not least, the deals and financial statements of the broker are audited to see if the required reserves have been maintained and contract terms have been honored.

LN. To your fellow brokers, would you recommend they pursue recourse relationships?

GC. No. In my opinion based on ten years experience as a recourse broker with ATT, CIT and First Sierra, the extra upfront profit and name recognition is not worth it. Being on recourse is like making love to a gorilla, you stop when the gorilla wants to, not when you want to. No matter how much you plan and reserve for losses, even the strongest broker will have a hard time meeting it repurchase obligations in a down economy. A poor economy with a few bad credit decisions can bankrupt any recourse broker unless they have a strong parent bank or just happen to be the favorite relative of Bill Gates. Being a non-recourse broker is three tranquilizers a day, but recourse is ten per day with a bottle of Tums for dessert.

LN: Sounds like there are a lot of pitfalls.

GC: Everything can go wrong at both the funding source and broker levels if either side is incompetent, dishonest or if either one does not live up to its commitments.

The funding source must honor the credit window they assign and not pick and choose what they will buy on a subjective basis outside the window. The funding source must also have adequate computer systems that keep the recourse broker updated on almost a real time basis as to what is happening in his portfolio so problem accounts can be spotted early on and cured. The longer it takes to detect a problem account, the greater the odds that the broker will have to repurchase the entire contract and legal recoveries after the repurchase average less than 30% of the repurchase amount. Only the collection attorneys who charge 30-45% of the amounts recovered love a repurchase.

To protect itself, the funding source must have high quality people to monitor the recourse brokers for financial strength, honesty and operating practices. Unfortunately, the relationship between the funding source and broker can get so warm and personal that reserves are reduced, PG's are released and company financial statements are not closely monitored on a timely basis to see if there are changes in financial strength. They also must have very competent analysts to assure that all deals bought are in the credit window and free of fraud.

Everyone loves a good war story--so here is one I know first hand from 1991 when Lease Pro, Inc. signed the first recourse agreement with Denrich until August 30, 2001 when we received our check for late fees from CIT and closed the portfolio. Due to long recourse period, I have always compared recourse to making love to a gorilla--you stop when the gorilla wants to, not when you want to. The gorilla is now gone and I am slowly beginning to heal.

A good example of a funding source failing to meet it commitments to its recourse brokers was the ATT fiasco in the mid-90's. A situation that did not get much better as the portfolio moved to Newcourt and then to CIT. With each move, fewer and fewer people knew how to manage the recourse relationships. A simple payoff request could take 3-5 days to receive.

After ATT had purchased Denrich Leasing and the qualified portfolio managers like Bob Quinn and Pete Smith had resigned, recourse brokers had to live with delayed and incorrect reporting caused by inexperienced personnel hampered by the ATT data bases being on three different computer platforms.

Misapplication of monthly payments was a common occurrence and getting corrections made was like trying to make the sun rise in the west. The real disaster came when the ATT system failed to bill for personal property taxes for as much as two years and the burden of collecting the back taxes was placed back on the broker. As you might guess, the broker paid most of these taxes without going back to the lessee.

As you can see, funding sources have responsibilities that could bankrupt a good recourse broker if they do not live up to there part of the bargain. I did not go bankrupt due to the ATT problems, but I sure bled a lot.

Charlie today is at Altus Hospice

Altus House
Charlie Lester - Room 6
5411 Northland Drive NE
Atlanta, Georgia 30342


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News Briefs----

Market Drop Fueled by a Crisis, Anxiety and an Error

High-Speed Trading Glitch Costs Investors Billions

Asian markets jolted by Eurozone debt fears

86% Banks move away from Commercial Real Estate loans
(The percentage of bank failures from "Bank Beat" show how failures in commercial real estate loans, not subprime residential mortgages. Editor)

Senate vote defeats move to cut financial watchdog powers

Geithner and Paulson say more financial regulation is needed

Bernanke: Fed is working to get credit to small business

Mortgage rates dip for 2nd week

Forecasting the Recovery for Banks' Loan Losses

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Today in History

 1966 - The Mamas and The Papas made the climb to the top of the "Billboard" pop music chart with "Monday, Monday". For three weeks "Monday, Monday" stayed at the top of the pop music world. The tune was the second hit by the group -- just two months after their first, "California Dreamin’". These two songs would be the only number one hits for the group, though they made it to number two with "Dedicated to the One I Love".


This Day in American History

    1700-The population of the colonies was sparsely scattered over the large area of the colonies with poor roads and communications. Below the Delaware River, an isolated farm was the usual settlement, save for Charleston, which had about 250 families. Philadelphia had approximately 700 houses, New York about 5,000 inhabitants, Newport less than 2000, and Boston, the largest city, 7000. There were approximately 275,000 inhabitants in the colonies.
    1700—William Penn beings monthly meetings for Blacks advocating emancipation.
    1789-Celebrating the inauguration of George Washington, the first Presidential Inaugural Ball was held at New York, NY., the Assembly Rooms, on the east side of Broadway, a little way north of Wall Street. A medallion portrait of President George Washington in profile on a fan was presented as a souvenir to the ladies.
    1818- Juliet Ann Opie Hopkins birthday - Although she actually did the job of supervising the Chimborazo Hospital during the Civil War, her husband got the title of hospital supervisor (and the money) because the Alabama legislature refused to recognize a women in any professional capacity. She actually went onto the battlefields to minister to the Confederate wounded and was wounded herself. She was buried with full military honors at Arlington National Cemetery.
    1840 - The Great Natchez, Mississippi Tornado, the most deadly and destructive in early United States history, left the city in ruins. 317 people were killed, most of them along the water front.
    1864—Until May 20th, General Grant continued to hammer at General Lee’s waning forces; known as the Spotsylvania campaign. After the Wilderness, Grant’s and Meade’s advance on Richmond by the left flank was stalled at Spotsylvania Court House on May 8. This two-week battle was a series of combats along the Spotsylvania front. The Union attack against the Bloody Angle at dawn, May 12-13, captured nearly a division of Lee’s army and came near to cutting the Confederate army in half. Confederate counterattacks plugged the gap, and fighting continued unabated for nearly 20 hours in what may well have been the most ferociously sustained combat of the Civil War. On May 19, a Confederate attempt to turn the Union right flank at Harris Farm was beaten back with severe casualties. Union generals Sedgwick (VI Corps commander) and Rice were killed. Confederate generals Johnson and Steuart were captured, Daniel and Perrin mortally wounded. On May 21, Grant disengaged and continued his advance on Richmond. While considered inconclusive as there were no winners, Lee did not stop Grant's march toward Richmond and the overall plan to cut off supplies to troops from all ports. Grants 100,000 troops met Lee's 52,000 and the Northern politicians were not happy there was not a victory. The causality count for the Union Army was 18,000 and the Confederate: 12,000. With little money, no support from Europe, ports from Texas, Louisiana, Florida, and going up the coast being captured by the North, including Mississippi, what little supplies could not reach the dwindling number of soldiers. Almost 1/2 of Confederate soldiers were wounded, captured, killed, or died from disease. By war's end, over 2,000,000 volunteers had joined the Union army. Of the 425 Confederate generals, 146 were graduates of West Point. Almost 1/3 of US Army officers resigned to serve the Confederacy. In reality, the Southern army was ill-equipped, had limited supplies ( even shoes as many found dead at Gettysburg were shoeless), and was greatly outnumbered. In addition, many were not in favor of slavery controlled mostly by large plantation owners. The issue to secede was controversial in many Southern states.
    1878-African-American Joseph R Winters patents the mobile fire escape to be placed on “fire engine trucks.”
    1892-birthday of Archibald MacLeish, American poet and Librarian of Congress (1939-44), born at Glencoe, IL. MacLeish, who was also a play writer, Pulitzer Prize winner, editor, lawyer, professor and farmer, died at Boston, MA, April 20, 1982.
    1894- Pioneer country musician George Riley Puckett was born in Alpharetta, Georgia. Puckett was one of the most popular hillbilly singer- guitarists of the 1920's and '30s. He was the first hillbilly artist to yodel on record - he did so at his debut session in 1924. Puckett was a member of the Skillet Lickers, the best-known hillbilly band of the period.
    1901-birthday of Gary Cooper, Frank James Cooper, Helena, MT. He changed his name to Gary at the start of his movie career. He is best known by baseball fans for his portrayal of Lou Gehrig in The Pride of the Yankees. Other films included Wings, The Virginian, The Plainsman, Beau Geste, Sergeant York ( for which he won this first Academy Award), High Noon ( winning his second Oscar for best actor ), the Court Marital of Billy Mitchell and Friendly Persuasion. He died May 13, 1961, at Hollywood, CA.
    1907-Bloody Tuesday in San Francisco. The Street Car-men were among the most militant of San Francisco workers as they struck in five of the six years from 1902 to 1907, leading to the violent gunfight that erupted on this day, with two deaths.
    1915-Birtish passenger liner Lusitania on its return from New York to Liverpool, carrying nearly 2,000 passengers, was torpedoed by a German submarine off the coast of Ireland, sinking within minutes. 1,198 lives were lost. U.S. President Wilson sent note of protest to Berlin on May 13, but Germany, which had issued warnings in advance, pointing to Lusitanai’s cargo of ammunition to Britain. US maintained “neutrality” for the time being.
    1922- Darrin McGavin Birthday Darrin McGavin is perhaps best known in the movies for his role in “Man with the Golden Arm, “ and for the first television series, “Mickey Spillane’s Mike Hammer” but is perhaps remembered for his short lived series as a reporter named “Kolchak” on the “Night Stalker.”
    1922-birthday of pianist Roy Hall, Big Stone Gap, VA
    1926-tenor saxophone Herbie Steward born, Los Angeles, CA.
    1926-birthday of drummer Kansas City Red ( Arthur Stevenson), Drew, MS
    1927--Birthday of Ruth Prawer Jhabvala, German-born American author whose Heat and Dust (1975) won the Brooker award for fiction. She won academy awards for best adapted screenplay for her script of Room with a View and for Howard's End.
    1931- 1950's pop vocalist Teresa Brewer was born in Toledo, Ohio. She was a radio star on the "Amateur Hour" at the age of five, and was only 19 when she had her first million-seller, "Music, Music, Music," in 1950. Her other million-selling hits in the pre-rock 'n' roll era included "Till I Waltz Again With You," "Ricochet" and "Let Me Go Lover
    1933-birthday of John Constantine ( Johnny) Unitas, pro Football Hall of Fame quarterback, born Pittsburgh, PA.
    1941 - Glenn Miller records, "Chattanooga Choo Choo" ( Bluebird).
    1941-Paul Quinchette birthday
    1942--WAINWRIGHT, JONATHAN M. Medal of Honor
Rank and organization: General, Commanding U.S. Army Forces in the Philippines. Place and date: Philippine Islands, 12 March to 7 May 1942. Entered service at: Skaneateles, N.Y. Birth: Walla Walla, Wash. G.O. No.: 80, 19 September 1945. Citation: Distinguished himself by intrepid and determined leadership against greatly superior enemy forces. At the repeated risk of life above and beyond the call of duty in his position, he frequented the firing line of his troops where his presence provided the example and incentive that helped make the gallant efforts of these men possible. The final stand on beleaguered Corregidor, for which he was in an important measure personally responsible, commanded the admiration of the Nation's allies. It reflected the high morale of American arms in the face of overwhelming odds. His courage and resolution were a vitally needed inspiration to the then sorely pressed freedom-loving peoples of the world.
    1943-birthday of Thelma Houston, Leland, MS
    1943-The Liberty Ship George Washington Carver launched.
    1945 - Baseball owner Branch Rickey announced the organization of the United States Negro Baseball League, consisting of six teams.
    1945- Russian, American, British and French ranking officers crossed into a second-floor recreation room of a small red brick schoolhouse ( which served as General Eisenhower's headquarters ) at Reims, Germany. Representing Germany, Field Marshal Alfred Jodl signed an unconditional surrender of all German fighting forces. After a signing that took almost 40 minutes, Jodl was ushered into Eisenhower’s presence. The American general asked the German if he fully understood what he had signed and informed Jodl that he would be held personally responsible for the any deviation from the terms of surrender, including the requirement that German commanders sign a formal surrender to the USSR at a time and place determined by that government.
    1945---SCHWAB, ALBERT EARNEST --- Medal of Honor
Rank and organization: Private First Class, U.S. Marine Corps Reserve. Born: 17 July 1920, Washington, D.C. Entered service at: Tulsa, Okla. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty as a flamethrower operator in action against enemy Japanese forces on Okinawa Shima in the Rykuyu Islands, 7 May 1945. Quick to take action when his company was pinned down in a valley and suffered resultant heavy casualties under blanketing machinegun fire emanating from a high ridge to the front, Pfc. Schwab, unable to flank the enemy emplacement because of steep cliffs on either side, advanced up the face of the ridge in bold defiance of the intense barrage and, skillfully directing the fire of his flamethrower, quickly demolished the hostile gun position, thereby enabling his company to occupy the ridge. Suddenly a second enemy machinegun opened fire, killing and wounding several marines with its initial bursts. Estimating with split-second decision the tactical difficulties confronting his comrades, Pfc. Schwab elected to continue his l-man assault despite a diminished supply of fuel for his flamethrower. Cool and indomitable, he moved forward in the face of a direct concentration of hostile fire, relentlessly closed the enemy position and attacked. Although severely wounded by a final vicious blast from the enemy weapon, Pfc. Schwab had succeeded in destroying 2 highly strategic Japanese gun positions during a critical stage of the operation and, by his dauntless, single-handed efforts, had materially furthered the advance of his company. His aggressive initiative, outstanding valor and professional skill throughout the bitter conflict sustain and enhance the highest traditions of the U.S. Naval Service.
    1946-William H. Hastie is inaugurated as the first Black governor of the Virgin Island.
    1947-The first regularly scheduled television drama was “Kraft Television Theater, “ telecast on the National Broadcasting Company’s network form May 7, 1947 to October 1,1958, from 7:30pm to 8:30PM. The program ran for eleven years, during which time it present 650 plays that required 5,236 sets and the participation of 3,955 actors. The first drama was “ Double Door,” starring John Baragrey. The shows were live.. Among the playwrights getting their big breaks were: Rod Serling, Paddy Chayefsky and Tad Mosel. Some of the show’s most notable plays included: “ the Easy Mark” (1951) with Jack Lemmon,” Double Ivory” (1953) with Lee Remick, “ To Live in Peace(1953) with Anne Bancroft,” “The Missing Years,”(1954) with Anthony Perkins and Mary Astor, “ Alice in Wonderland” (1954) with Robin Morgan, Art Carney, Edgar Bergen and Charlie McCarthy,” and “ A Profile in Courage,”(1956) with our neighbor on Latimer Road in the Pacific Palisades James Whitmore. The last play was based on a book by Senator John F. Kennedy, who also appeared on the program to introduce the drama.
    1951-one of television’s earliest popular game shows “Strike It Rich” premiered. The downtrodden and the poverty-stricken showed up on this game show to tell their sob stories. Whoever received the most votes from the studio audience was declared the winner The losers were able to receive help form sympathetic viewers through a telephone “heart line.” Warren Hull hosted the program. The show got in trouble with the New York City Welfare Department in 1954 when 55 of the show’s hopeful contestants remained in New York and sent on welfare.
    1950-Tim Russert born Buffalo, New York. After 16 years as the longest-serving moderator of NBC's “Meet the Press.” He died at the age of 58 on June 13, 2008 ("Go Bills!!!")
    1951- Janis Ian birthday, U.S. singer and songwriter won the 1975 Grammy when she sang so poignantly of her alienation "At Seventeen." Later she came out of the closet as a lesbian and the lyrics of the song were poignantly illuminated. She became a columnist for The Advocate magazine.
    1951 - Russia was admitted to participate in the 1952 Olympic Games by the International Olympic Committee.
    1951-Birthday of, Janis Ian, U.S. singer and songwriter, who won the 1975 Grammy when she sang so poignantly of her alienation "At Seventeen." Later she came out of the closet as a lesbian and the lyrics of the song were poignantly illuminated. She became a columnist for The Advocate magazine.
    1954- Vietnam’s victory over France at Dien Bien Phu ended the Indochina War. This battle is considered one of the greatest victories won by a former colony over a colonial power. It is said that General Eisenhower was the first president to authorize U.S. military action following Dien Bien Phu’s
fall from power.
    1958 - Pianist Van Cliburn signed an artist’s contract with RCA Victor Records.
    1959---Top Hits
Come Softly to Me - The Fleetwoods
The Happy Organ - Dave ‘Baby’ Cortez
Sorry (I Ran All the Way Home) - The Impalas
White Lightning - George Jones
    1959 - 103 fans packed the LA Coliseum for an exhibition game between the Los Angeles Dodgers and the New York Yankees. Sandy Koufax pitched for the Dodgers. It was Roy Campanella Night. The star catcher for the Dodgers, paralyzed in an automobile accident, was honored for his contributions to the team for many years. A three time Most Valuable Player in the National League, Campanella was permanently paralyzed in an automobile accident in December, 1958. The evening’s ceremonies preceded the game, won by the Yankees, 6-2.
    1961-Tony Orlando makes his first appearance on Billboard's Hot 100 with "Halfway to Paradise", which peaks at #39. He'll have one more hit next year and then won't be heard from until 1970 when he reappears with his group, Dawn.
    1966 - The Mamas and The Papas made the climb to the top of the "Billboard" pop music chart with "Monday, Monday". For three weeks "Monday, Monday" stayed at the top of the pop music world. The tune was the second hit by the group -- just two months after their first, "California Dreamin’". These two songs would be the only number one hits for the group, though they made it to number two with "Dedicated to the One I Love".
    1966- Simon and Garfunkel's "I Am a Rock" enters the Hot 100 -- the folk-pop duo's third chart entry. In its eleven weeks on the chart, it will peak at #3
    1966-Del Shannon enters the Billboard Hot 100 for the 16th time with "The Big Hurt", which will stall at #94.
    1967—Top Hits
Somethin’ Stupid - Nancy Sinatra & Frank Sinatra
The Happening - The Supremes
Sweet Soul Music - Arthur Conley
Need You - Sonny James
    1969 -Another beautiful day in the park in San Francisco: Grateful Dead and the Airplane performed at the Polo Field in Golden Gate Park .
    1970--KAYS, KENNETH MICHAEL Medal of Honor
Rank and organization: Private First Class, U.S. Army, Headquarters and Headquarters Company, 1st Battalion, 506th Infantry, 101st Airborne Division. place and date: Thua Thien province, Republic of Vietnam, 7 May 1970. Entered service at: Fairfield, Ill. Born: 22 September 1949, Mount Vernon, Ill. Citation: For conspicuous gallantry intrepidity in action at the risk of his life above and beyond the call of duty. Pfc. (then Pvt.) Kays distinguished himself while serving as a medical aidman with Company D, 1st Battalion, 101st Airborne Division near Fire Support Base Maureen. A heavily armed force of enemy sappers and infantrymen assaulted Company D's night defensive position, wounding and killing a number of its members. Disregarding the intense enemy fire and ground assault, Pfc. Kays began moving toward the perimeter to assist his fallen comrades. In doing so he became the target of concentrated enemy fire and explosive charges, 1 of which severed the lower portion of his left leg. After applying a tourniquet to his leg, Pfc. Kays moved to the fire-swept perimeter, administered medical aid to 1 of the wounded, and helped move him to an area of relative safety. Despite his severe wound and excruciating pain, Pfc. Kays returned to the perimeter in search of other wounded men. He treated another wounded comrade, and, using his own body as a shield against enemy bullets and fragments, moved him to safety. Although weakened from a great loss of blood, Pfc. Kays resumed his heroic lifesaving efforts by moving beyond the company's perimeter into enemy held territory to treat a wounded American lying there. Only after his fellow wounded soldiers had been treated and evacuated did Pfc. Kays allow his own wounds to be treated. These courageous acts by Pfc. Kays resulted in the saving of numerous lives and inspired others in his company to repel the enemy. Pfc. Kays' heroism at the risk of his life are in keeping with the highest traditions of the service and reflect great credit on him, his unit, and the U.S. Army.
    1971-Miles Davis played at the San Francisco Fillmore West
    1972- After trying and failing seven time since moving from Minneapolis in 1960, the Los Angeles Lakers won their first NBA championship, defeating the New York Knicks, 114-100., to win the series, four games to one. As the Minneapolis Lakers, the team had won five titles, the last one coming in 1954.
    1975---Top Hits
He Don’t Love You (Like I Love You) - Tony Orlando & Dawn
Before the Next Teardrop Falls - Freddy Fender
Chevy Van - Sammy Johns
Roll on Big Mama - Joe Stampley
    1977- Steven Bishop's "On & On" is released.
    1978 - No. 1 Billboard Pop Hit: "If I Can't Have You," Yvonne Elliman.
    1982-A federal jury decided that the National Football League was in violation of antitrust laws when it attempted to prohibit the Oakland Raiders from moving to Los Angeles. The Raiders, an original team in the American Football League, played in Oakland from 1960 through 1981, and in Los Angeles form 1982 through 1994 after which they returned to Oakland. Owner Al Davis is still suing everyone, this time for broker promises made to get them to return. Rumor is he wants to go back to Los Angeles, and perhaps a Super Bowl win may be the key to see the Raiders stay or they leave.
    1983---Top Hits
Beat It - Michael Jackson
Jeopardy - Greg Kihn Band
Let’s Dance - David Bowie
Jose Cuervo - Shelly West
    1984-In San Francisco, American veterans of the Vietnam War reached an out-of-court settlement with seven chemical companies in their class-action suit relating to use of herbicide "Agent Orange."
    1985 - The Edmonton Oilers set a National Hockey League record for playoff wins (12). Edmonton won its second Stanley Cup with a 7-3 win over the Chicago Black Hawks.
    1985 - No. 1 Billboard Pop Hit: "Crazy for You," Madonna.
    1987 - Shelly Long made her last appearance as a regular on the popular “Cheers” TV show.
    1987-Thirty-one cities in the western U.S. reported record high temperatures for the date. Highs of 93 degrees at Portland OR and San Jose CA were the warmest of record for so early in the season. The high of 92 degrees at Quillayute WA was a record for the month of May. The temperature at Sacramento CA hit 105 degrees, Fresno hit 103 and Bakersfield had a high reading of 101.
    1987 - Top Hits
Anything For You-- Gloria Estefan & Miami Sound Machine
Shattered Dreams- Johnny Hates Jazz
Wishing Well- Terence Trent D'Arby
One More Try- George Michael
    1988-Winning Colors, ridden by Gary Stevens, became the third filly and the first roan to win the Kentucky Derby. Forty Niner finished second, and Risen Star was third.
    1989-A record setting May snowfall occurred At Buffalo, New York, Shattering Records Held For Over 80 Years. The 7.9 Inch Amount Was The Greatest For May 7th In Buffalo, the greatest for any day in may, the greatest snowfall in 24 hours, and the greatest amount of snow so late in the season.
    1990 - No. 1 Billboard Pop Hit: "Nothing Compares 2 U," Sinead O'Connor. The million-selling single is the Irish rocker's only top 40 hit. It is written by Prince.
    1991---Top Hits
Baby Baby - Amy Grant
Joyride - Roxette
I Like the Way (The Kissing Game) - Hi-Five
Rockin’ Years - Dolly Parton with Ricky Van Shelton
    1991 Darryl Strawberry returns to New York as a Dodger with mixed results. A crowd of 49,118 mostly booing fans watch him hit a two-run home run, and they cheer when he makes the last out of the game with the potential tying and winning runs on base in the 6-5 Met victory
    1992-the 27th amendment to the Constitution was ratified, prohibiting Congress from giving itself midterm pay raises.
    1994- 1,322 guitarists, led by Randy Bachman, gathered in Vancouver to play Bachman-Turner Overdrive's "Takin' Care of Business" for 68 minutes and 40 seconds. The outdoor strumathon set two world records - the greatest number of guitarists and the longest mass guitar jam session.
    1998—Top Hits
Too Close- Next
My All- Mariah Carey
You re Still The One- Shania Twain
Everybody [Backstreet s Back]- Backstreet Boys
    1999 -- In the biggest comeback in Jacobs Field history, the Indians score 18 runs in the final three innings to overcome a 9-1 deficit to beat the Devil Rays, 20-11. Tampa Bay's first baseman Fred McGriff sets a major league record by homering in his 34th park.
    2002—Top Hits
Foolish- Ashanti
Murder Inc.-Def Jam 13
What's Luv?- Fat Joe Featuring Ashanti
I Need A Girl (Part One)- P. Diddy Featuring Usher & Loon
U Don't Have To Call- Usher
    2006-- As Barry Bonds takes up his position in left field, the Phillies fans in the stands behind him unfurl a section-long banner which leaves no doubt about their sentiments concerning the Giants' outfielder pursuit of the Babe. The message displayed briefly during first inning informs the unpopular superstar "Ruth did it on hot dogs & Beer - Aaron did it with class."

NBA Finals Champions This Date

    1972-- Los Angeles Lakers


Baseball Poems

#  1

 by  Brendan Awerbach

Baseball is a game,  It has a Hall of Fame.

In Cooperstown, it's there, Getting in is so rare.

Baseball! Doubleday is the father of the game we know,
Or is it really so.
Playing in the late 1800's, 
In front of crowds that were smaller then a hundred.
Baseball started in a very small way,
People needed to know how to play.

By the 1920's after the Black Sox scandal,
Baseball was changing and people started to get the handle.

The Yankees of the 30's and 40's started to create quite a sensation,
as baseball fever gripped the eastern part of the nation.

 Ruth, Gehrig, Cobb, Johnson and Young all became the names of the day,
They would be the first to be in the Hall of Fame in a great way.

 Baseball from the late 30's to the mid 40's took a back seat to the war,
but in the late 40's and 50's came back with roar.

A new generation of players were around,
Led by Feller, DiMaggio, Williams and Snyder, the stars seemed to abound.

The 60's and 70's gave us more greats,
Koufax, Yastremski, Mays, Aaron, Mantle and Maris,
Baseball was known and played from the US to Paris.

As we entered the 80' and 90's, more stars came around,
Griffey, Ripken, Mcquire, Jackson, Ryan and Smoltz , all are the players that will astound.

The Hall of Fame is where all the greats are enshrined,
To hear their stories and tales can take a lotta time.
To understand baseball is not very tough,
And if you love the game, you can never get enough.





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