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Leasing News is a web site that posts information, news, and
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Broker/Lessor Relationship Manager

Responsible for the development and maintenance of all broker/lessor relationships for Financial Pacific Leasing located in Canada. Promote the FinPac product and develop new sources of business. Work remotely from your location in Canada with periodic travel within Canada and Seattle, WA. Base salary plus commission plan.

Please click here for more information.
Since 1975 serving the broker/lessor industry
in the $5,000 to $50,000 marketplace.

Monday, May 6, 2013


Today's Equipment Leasing Headlines

Newport Financial Partners, Newport Beach, California
 Bulletin Board Complaint ---Up-Date
  Archives---May 6, 2002 Ron Caruso
---On the Leasing Industry (Sound Familiar?)
   Classified----Asset Management
Sterling Financial Corporation & Commerce National Bank
 Announce Agreement for Sterling to Acquire Commerce National Bank
  Leasing 102 by Mr. Terry Winders, CLP
   How to Sell Yourself
     “Getting frustrated in my job search”
       Career Crossroad---By Emily Fitzpatrick/RII
        Placard---Never Give Up!
         Classified Ads---Help Wanted
  Scrivener’s* Error Results in $950,000 Error for Bank
   (*Someone employed to make written copies of documents)
     By Tom McCurnin, Leasing News Legal News Editor
 Bank of the Ozarks is the most active failed-bank bidder
  By Aarti Kanjani and Robert Clark, SNL Financial
   Chesswood, Parent of Pawnee Announces 20% Gain
    Not Too Late—Register on Line AGLF Conference
     --- Registration Open for Government Financing Forum
     Cartoon---Kit’s World
      Top Stories April 29-May 2
       (You May Have Missed)
        North Mill Equipment Finance Closes $50 Million
Loan Facility with Wells Fargo
          German Shepherd
           Orange County, California Adopt-a-Dog
News Briefs---
 Investors may lobby JPMorgan to clip Dimon's wings if vote fails
  Alaska volcano erupts, may affect air travel
   Senate to vote on proposed Internet sales tax law
    Texas plant that exploded carried only $1M policy
     Buffett Opens Up About Fed, Keeps Successor Secret at Berkshire Meeting

Broker/Funder/Industry Lists | Features (collection)
Top Ten Stories Chosen by Readers | Top Stories last six months (Be Careful of Doing Business)

  You May have Missed---
   SparkPeople--Live Healthier and Longer
    Sports Briefs---
      California Nuts Brief---
       "Gimme that Wine"    
          This Day in American History
           Daily Puzzle
               Weather, USA or specific area
                 Traffic Live----

######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer.

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Newport Financial Partners, Newport Beach, California
Bulletin Board Complaint ---Update

(The following page was sent in by a Leasing News reader. It is an active screen shot, meaning you can click on reports to learn more.)

Newport Financial Partners, Newport Beach, California
---Bulletin Board Complaint 4th Posted

John Kenny Receivables Management

• End of Lease Negotiations & Enforcement• Fraud Investigations
• Credit Investigations • Asset Searches 
• Skip-tracing • Third-party Commercial Collections | ph 315-866-1167|

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)



Archives---May 6, 2002 Ron Caruso
On the Leasing Industry (Sound Familiar?)

(Edited due to Length)

The message for the leasing industry remains (unfortunately) the same: there are no discernible, convincing signs that an upturn in capital spending is around the corner. Most economists and other soothsayers agree the Fed is not likely to raise interest rates until late summer at the earliest. There is concern that psychologically any uptick in interest rates could abort an economic resurgence. Additionally, the gray clouds emanating from serious political issues, e.g., in the Middle East, oil prices and to cause business to be hesitant to make long-term investments at this time.

At this juncture, perhaps the best we can hope for is more of the same for the rest of this year. The leasing industry has gone through a massive wave of consolidation and cost-cutting. It was anticipated this would allow the survivors both to be in better financial shape and also to enjoy fatter spreads. However, the lack of volume in all three market sectors, small ticket, middle market and big ticket has (if anything) intensified the competition. Surprisingly, the credit/collection situation has not deteriorated significantly. Although this is little consolation as lessors experience run-offs in their portfolios, for those of us who can remember the red ink of the early 90’s, there is a recognition that things could be worse.

What Will Lead the Resurgence?

This is a question which lends itself to a great deal of debate, and what-ifs.

Will unused broadband capacity suddenly disappear and will the equipment demands of the now departed dotcoms be replaced?

Will the manufacturing sector take the plunge and seek to bring in new equipment?

Will demand for transportation, both passenger and cargo, resurge?

Will consumer demand for cars, homes,, continue to pump- prime the economy?

A “yes” answer to any one of these questions could trigger a domino-like resurgence in capital spending. For now, however, the prevailing answer seems to be-not right away. Stay tuned.

(The message: The Leasing industry has been here before. editor).

Ron Caruso
R.H.Caruso & Co.
Executive Recruiters for the Service Industry


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



Classified Ads---Asset Management

(These ads are “free” to those seeking employment
or looking to improve their position)

Open to Relocate
Richard Brosniak 25+ years progressive experience. I am in search of a career with a growing company. 25+ years’ experience in Credit, Collections Recovery and Remarketing. I will build and train your team, lower your delinquency and increase your recoveries. Please contact via email

Free Posting for those seeking employment in Leasing:

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

Sterling Financial Corporation and Commerce National Bank
Announce Agreement for Sterling to Acquire Commerce National Bank

(Brings more Leasing to the NorthWest as Sterling did not have a leasing division as Commerce National has with a broker division headed by Veteran Steve Reid, CLP---editor)

Spokane, Wash.——Sterling Financial Corporation (NASDAQ: STSA) (the "Company") and Commerce National Bank (OTCBB: CNBF) ("CNB") announced that the Company and its principal operating subsidiary, Sterling Savings Bank ("Sterling"), have entered into a definitive agreement to acquire CNB for cash consideration of $15.10 per common share. Including the planned redemption of outstanding CNB stock options and warrants for cash, the aggregate transaction value is approximately $42.9 million.

The transaction, which has been approved by the boards of directors of the Company and CNB, will provide a significant enhancement to Sterling's current operations in Southern California. The transaction is subject to approval by CNB shareholders and bank regulatory agencies, and other customary conditions of closing. It is expected to be completed during the third quarter of 2013.

David DePillo, Vice-Chairman
Chief Lending Officer, Sterling
(Photo: Sterling Financial)

"Commerce National Bank is a solid, business-focused bank that we expect will provide substantial synergies with our current operations in the Orange County market," said David DePillo, vice chairman and chief lending officer of Sterling. "In addition to a high quality, relationship-based loan portfolio, CNB also brings us a scalable equipment leasing business that fills a void in our current commercial product set."

Mark Simmons, Pres., CEO, CNB
(Photo: CNB)

Mark Simmons, president and chief executive officer of CNB said, "We are excited to be entering into this transaction with Sterling. This is an excellent outcome for our shareholders, and we believe our customers, employees, and community will benefit from the wide array of products and services offered by the combined company. We are partnering with a company that shares our values and outlook on the opportunities in this environment, and we look forward to continuing to serve our clients the best way we can."

As of March 31, 2013, CNB had assets of approximately $242.7 million, loans of $146.3 million, deposits of $211.4 million, and shareholders' equity of $30.1 million. The Company expects the transaction will be accretive to earnings per share during the first year following completion with a tangible book value dilution earn-back period of approximately three years.

Bingham McCutchen LLP served as the legal advisor to the Company and Richard E. Knecht PC served in the same capacity for CNB. Keefe Bruyette & Woods, Inc., a Stifel Company, served as the financial advisor to CNB.

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




Leasing 102
By Mr. Terry Winders, CLP

How to Sell Yourself

Many lease sales personnel fail before they start for a variety of reasons. It makes no difference if you are calling on vendors or end-users. The way you approach the sales call is almost as important as your plan on who to call on.

To begin with you need to learn how to listen. Those who begin by claiming they have a plan that will meet the customer’s needs before discovering what needs really exist is bound to put the customer on the defensive. The first thing to do is to determine what the customer thinks about leasing and based on this information begin a meaningful conversation about the customers’ needs.

One of the most important facts that a lease salesperson needs to have is a “complete” understanding of all types of leases regardless of having all of them to offer. You also need to sell the benefits of what you do have and not run down what you do not offer. A professional salesperson presents how the customer’s needs are met by what he has to offer and does not misrepresent what he does not have.

Those who carry a rate card and only sell rate are usually not going to be successful. The more the salesperson knows about the current and future effect of accounting rules for lessees plus the correct federal income tax requirements can guide the customer in the proper direction. The worst thing a lease salesperson can do is present assumptions on rules that are not correct. Proper lease training should be made available to all sales personnel and they should strive to learn it all.

Proper dress and a clean and neat presentation should go unsaid however some people seem to think sloppy dress and a poor vocabulary are acceptable in today’s world. The best that can be said about timing is that 10 minutes early is on time. If you are late you show disrespect for the customer’s time. Always call to see if being late is acceptable or to reschedule. In addition you should dress for the call. Suits are not always proper and sometimes they are a must. Sloppy with lots of tattoo’s showing is rarely acceptable.

It is always acceptable to carry a crib sheet that lists all the questions you want to ask and there is nothing wrong with referring to it from time to time to make sure you have covered everything. Also it is acceptable to take notes on your conversation so you do not miss important facts. The longer your conversation the better chance you have to obtain complete information about any possible opportunities.

A salesperson should not drill the customer with questions but ask leading questions that cause the customer to talk about their company and reveal facts that may not have been discovered otherwise. Do not be too eager to rush out as soon as an opportunity is discovered. Once you know what is required make sure you learn everything you can.

Even if there is no opportunity ask the customer for leads, because it will tell you if you failed to make an impression, or if they truly have no interest. If you made an impression--- there may be business in the future. If they say something derogatory you may need to change your approach.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at or 502-649-0448.

He invites your questions and queries.

Previous #102 Columns


Mr. Terry Winders available as Expert Witness. 35 years as a professional instructor to the top equipment leasing and finance companies in the United States, author of several books, including DVD's, as well as weekly columnist to Leasing News. He also performs audits of leasing companies as an expert on documentation, and has acted as an expert witness on leasing for litigation in legal and tax disputes, including before the IRS. He also has taught the senior bank examiners, how to review a bank leasing department, for the Federal Reserve in Washington D.C. and has trained the examiners for the FDIC on how to prepare a lease portfolio for sale.

Mr. Winders received his Master of Business Administration and his Bachelor of Science degrees from the College of Notre Dame.


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


Getting frustrated in my job search”
Career Crossroad---By Emily Fitzpatrick/RII

Question: I am getting frustrated in my job search – do you have any advice?

Answer: Career moves and unemployment are an integral part of our working lives, but how long this phase lasts is up to you.

The employment market varies from year to year. Sometimes it is a buyer’s market and sometimes a seller’s market. Regardless of the state of the economy, there ARE good jobs out there for the hunters who employ a comprehensive approach.

Some active seekers apply to only the well-known companies – they forget that the majority of growth in America is with small companies with fewer than 50 employees. Your goal should be to land the best possible job that aligns with your career goals. This will not happen if you do not cast a large net to capture all the potential opportunities – better yet, work with a recruiter to do the legwork for you.

There are many different approaches that combine active and passive job-hunting strategies that can help cover all bases and tap into the best opportunities:

  • Recruiters who specialize in your industry or position type (top of the list)

  • Professional associations

  • Business and trade publications

  • Networking

The key is to create and maintain momentum - do not give up!

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567
Invite me to Connect on LinkedIn
Also follow us on Twitter #RIIINFO

Career Crossroads Previous Columns




Leasing Industry Help Wanted



Broker/Lessor Relationship Manager

Responsible for the development and maintenance of all broker/lessor relationships for Financial Pacific Leasing located in Canada. Promote the FinPac product and develop new sources of business. Work remotely from your location in Canada with periodic travel within Canada and Seattle, WA. Base salary plus commission plan.

Please click here for more information.
Since 1975 serving the broker/lessor industry
in the $5,000 to $50,000 marketplace.




Please see our Job Wanted section for possible new employees.


Scrivener’s* Error Results in $950,000 Error for Bank
(*Someone employed to make written copies of documents)

By Tom McCurnin
Leasing News Legal News Editor

Mis-described Date in Security Agreement Cured by Oral Evidence,
But Absent Dragnet Clause, Second Advance of $950,000
Is Not Covered by Security Agreement, Leaving Bank Unsecured

Duckworth v Covey, 2012 WL 9896766 (Bankr. C.D. Ill. 2012)

Banks have a love affair with a document software program called “Laser Pro.” But after reading this case, I think it should be called “Laser Amateur,” because sloppy drafting cost the Bank $950,000. The good news for the Bank was that a prior loan for $1.1 million dollars was saved by the Court agreeing to use “the composite document rule” to interpret the document, e.g., fix the mistakes. The facts follow:

David Duckworth was a farmer in Peoria, Illinois and borrowed $1.1 million dollars from State Bank of Toulon, which was secured by a broad form security agreement, covering crops among other things, which recited the date of the loan as December 13, 2008, as did the UCC-1 Financing Statement. However, the promissory note was executed on December 15, 2008.

Duckworth and the Bank entered into another secured loan, based on the same security agreement for another $950,000 in 2010, which recited the “indebtedness” as described in the 2008 security agreement.

Neither the 2008 security agreement, nor the 2010 loan agreement contained an “additional advance“ clause, nor did the document contain what us UCC guys call a “dragnet clause” where a default under one agreement gloms onto the collateral of another agreement. As soon as the Court explained this in the preamble, I knew this was not going to end well for the Bank.

In 2010, Duckworth also granted MICHLIG, LLC a security agreement covering crops and crop insurance proceeds.

When Duckworth filed bankruptcy in 2011, the trustee sought to invalidate the Bank’s security interest for both loans. First, the trustee argued that because the date of the note was mis-described, the “four corners rule” applies to the security agreement, making oral or extraneous evidence inadmissible to explain the date. Thus, the trustee argued the Bank was unsecured.

As for the second note, the trustee argued that since the term “indebtedness” referred the reader back to the December 13, 2008 promissory note, the second advance in 2010 could not be secured by the collateral.

The Bank argued that the “composite document rule could be used, a rule of document construction whereby the security agreement, if negotiated and signed at the same time with other documents, can be interpreted using the other documents as a reference point. Thus, according to the Bank, the failure to accurately describe the 2008 promissory note and the outright omission of the 2010 can all be explained by a careful and deliberate reading of the documents.

The Court noted that the security agreement is verbose and simple terms are given complex definitions spanning multiple paragraphs and pages. The Court called the document, “endless overkill that would make even the most persnickety lawyer blush.” In spite of this incredible verbosity, the loan documents do not contain a dragnet clause nor a future advance clause which would tether the collateral on the first loan to a default under the second loan.

First the Bankruptcy Court ruled that once an enforceable security agreement is presented to the court (value given, debtor has rights in the collateral, and the debtor signs the security agreement), the issue of interpretation is considered. The Court held that the mis-description of the note’s date in the security agreement does not render an otherwise enforceable agreement invalid. The Court further held that extrinsic evidence (consisting of oral testimony or other documents) may be used to explain the intent of the parties as to the date of the first loan. The Court noted that there was no evidence that MICHLIG was confused or prejudiced by the mis-description. Accordingly, the Court ruled that the Bank was secured on its first advance of $1.1 million dollars. However, the Bank’s good fortune did not last long.

Second, the Court had a different opinion as to reading into an absent date from the second advance. No date was referenced, except back to the original definition of the indebtedness, which was December 13, 2008. The Bank apparently argued that the “indebtedness” can actually mean two dates, a position which the Court found flawed, given the breadth of the documents. Accordingly, the second advance by the Bank was unsecured and the Bank was out $950,000 plus interest.

Finally, there was an issue as to the crop insurance proceeds and whether the Bank had an interest in the crop insurance proceeds, to which the Court concluded that the Bank’s collateral did not describe insurance proceeds (MICHLIG’s security agreement did) and further held that under Federal Crop Insurance Act, the collateral description had to be very specific. Again, the three page 9 paragraph collateral description did not mention insurance proceeds.

The bottom line? The Bank advance almost $2 million dollars of secured debt and even though the loan document were seriously flawed, the Court threw the Bank a bone as to the first loan, so its blanket attached to everything (except the crop insurance proceeds) but only to the extent of the amount of its first loan, $1.1 million dollars. Otherwise, the Bank was unsecured.

The lessons here are obvious.

First, having worked in a Bank, I know the Laser Pro program and it is very automated, but it substitutes boilerplate for clear thought. If the creditor is using Laser Pro software, it is imperative that someone with detail skills needs to go over the document and fly speck it, especially when involving $1 million dollars.

Second, additional advance and dragnet clauses should be standard fare in any security agreement and was shocked that this multiple page security agreement did not have these basics.

Third, annual document reviews were norm for our banking group, and we had someone, unconnected with the credit, put a set of eye balls onto the loan documentation every year the credit got renewed. If necessary, the borrower would be asked to sign corrective documentation.

Finally, when an additional advance is made, and the loan is tied to other documents, a bank lawyer ought to review the entire loan document suite. I found the idea that the Bank would double-down on its million dollar loan with such patently poor documents to be shocking.

Duckworth Case:

Tom McCurnin is a partner at Barton, Klugman & Oetting in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Visit our web site at

Previous Tom McCurnin Articles:



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Bank of the Ozarks is the most active failed-bank bidder
By Aarti Kanjani and Robert Clark, SNL Financial

The most active failed-bank bidder award goes to Bank of the Ozarks, a unit of Little Rock, Ark.-based Bank of the Ozarks Inc. The bank submitted 61 disclosed bids to the FDIC between Jan. 1, 2009, and April 26, including bids on 19 of the 51 failed-bank deals in 2012. Only seven of the bank's 61 bids were winning bids, while another seven represented runner-up bids. Also of note, Bank of the Ozarks was not disclosed in any bid summary form as submitting multiple bids for a transaction.

Conway, Ark.-based Home BancShares Inc. unit Centennial Bank wins the silver medal for most active failed-bank bidder with 35 bids on distinct failures and 38 total bids. Centennial Bank has completed seven failed-bank deals and was the runner-up bidder in another six transactions.

The most active runner-up bidder was IBERIABANK, a unit of Lafayette, La.-based IBERIABANK Corp., with 10 runner-up bids. The company has put in a bid for 20 separate failed banks and submitted a total of 26 bids on its way to acquiring four failed institutions since 2009.

Great Southern Bank, a unit of Springfield, Mo.-based Great Southern Bancorp Inc., submitted 18 bids on distinct failures and 21 total bids. Despite the high number of bids, like IBERIABANK, it completed only four FDIC-assisted transactions during the cycle.

Another active bidder during the period was Chicago-based MB Financial Inc. unit MB Financial Bank NA. A high percentage of the bank's bids proved to be competitive on pricing, with six first-place bids and six second-place bids. It submitted 14 bids on distinct failures and 23 total bids.

The buyers of the most failed banks since the beginning of 2009 were Minneapolis-based U.S. Bancorp unit U.S. Bank NA, and Atlanta-based State Bank Financial Corp. unit State Bank and Trust Co., with 12 each. They were followed by Ameris Bank, a unit of Moultrie, Ga.-based Ameris Bancorp, which acquired 10 failed banks.

Through 12 different banking subsidiaries, Wintrust Financial Corp. has acquired nine failed banks, while submitting 25 total bids, 20 bids on distinct failures and four runner-up bids.


Chesswood, Parent of Pawnee Announces 20% Gain

TORONTO, ONTARIO - Chesswood Group Limited “Chesswood") (TSX:CHW), experienced income before taxes and unrealized gains up by more than 20% for the first quarter of 2013, ended March 31st.

The Company's income before taxes and unrealized gains was $4.7 million for the quarter, compared to $3.8 million in the first quarter of 2012.

Barry Shafran, President/CEO said he was “thrilled to get off to a strong start in 2012.”

"Each of our operating businesses posted results ahead of the same quarter last year, with Pawnee Leasing and Case Funding each attaining meaningful milestones. Pawnee had an excellent quarter of originations that resulted in another record quarter for new business, while Case Funding recorded its best results to date and posted another profitable quarter," added Shafran.

The separate websites of Chesswood's operating businesses are at,, and

Friday Toronto Stock Exchange:




Not Too Late--Register on-line AGLF Conference

Registration Open for Government Financing Forum


May 8--May 10 Public Sector Finance Forum
DoubleTree Chicago, Illinois Magnificent Mile

Darrel W. Peters, CLP, Equipment Finance Specialist, Arvest Equipment Finance will be covering the conference for Leasing News.

The Association for Government Leasing and Finance along with the Equipment Leasing and Finance Association Public Sector Finance Forum is open to both members and non-members. First time attendees also receive 10% off.

Conference Registration

ELFA Member Registration

Basic Session Only - Wednesday
Discounts Do Not Apply

Governmental Registration

* Available to employees of state and local governments only


From experienced equipment leasing & finance professionals seeking to keep up with the latest product, administrative and legislative trends in the tax exempt and federal finance market, to those seeking insight into the Public Finance Sector as a new business opportunity. Business executives, attorneys, bankers, brokers, CPA’s, financial advisors, investment bankers, document specialists, syndicators, credit and sales personnel will all benefit from attending.

The Association for Governmental Leasing & Finance (AGLF) is a full service organization active in all phases of the municipal leasing industry. The membership encompasses all facets of municipal leasing and includes third party lessors, placement agents, investment bankers, government officials, vendors, manufacturers, captives, and commercial bankers.

To register for the conference ­

To reserve your hotel room –

The Association holds two annual conferences each year, the first in May and the other in November. AGLF conferences are structured as an educational forum designed to aid attendees in increasing their market share in the tax-exempt leasing industry. Because the planners and leaders who run the conferences are active in the industry, AGLF conferences provide informative and useful sessions, based on real-world situations. Click on Events/Meetings to see our calendar of programs.

Available only to members, our quarterly Tax Exempt Leasing Letter (TELL) contains timely, informative, up-to-the-minute news about the association and the leasing industry. A subscription to TELL and discounts on publications are two additional benefits of membership.

All members receive a copy of the Fifty State Survey, a compilation of federal tax law, federal securities law, and of legislation and case law specifically affecting governmental leasing in the Fifty States.






Top Stories April 29-May 2
(You May Have Missed)

Here are the top stories opened by readers:

(1) Balboa Capital, Irvine, California
Bulletin Board Complaint #11 Posted
By Christopher Menkin, editor

(2) Newport Financial Partners, Newport Beach, California
---Bulletin Board Complaint 4th Posted
By Christopher Menkin, editor

(3) “A look outside Pawnee at 7am this morning!”
from Gary Souverein

(4) Leasing 102 by Mr. Terry Winders, CLP
How Much Do You Know?

(5) Sterling Financial Purchases Commerce National
By Kit Menkin

(6) Banks Scramble to Shed Servicing Duties as a
Result Basel III Accords--- Will Affect Leasing?
By Tom McCurnin, Leasing News Legal News Editor

(7) Balboa Doubles Size Commercial Financing Team

(8) Caterpillar’s Junior Lien Prevails Over Senior Lien
Doesn’t Obtain Security Agreement
By Tom McCurnin

(9) Pilot Flying J legal drama unfurls

(10) Vehicle Leasing Conference Finds Daylight
By Edward P. Kaye, Advantage Funding

Working Capital Loans for Small Businesses

Channel Partners is now offering a new Easy Rewards program that allows you to earn rewards on EVERY deal over $15,000 in EVERY state!



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

North Mill Equipment Finance Closes $50 Million
Loan Facility with Wells Fargo

North Mill Equipment Finance LLC (“North Mill EF”) has entered into a $50 million senior loan facility with Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC). The new loan facility will enable North Mill EF to expand its business of originating small-ticket equipment leases and loans throughout the United States through vendors, dealers and brokers. Based in Norwalk, CT, North Mill EF is a specialty finance company with extensive experience leasing equipment in the small-ticket sector as well as purchasing and servicing equipment lease portfolios from banks and other specialty finance companies.

Gary Silverhardt, President and CEO of North Mill EF, views this facility as an opportunity to originate and fund a significant number of leases in the company’s target markets of transportation, construction and materials handling, thereby enhancing the company’s growth.

Mr. Silverhardt stated, “We are very happy that the Wells Fargo team expressed its confidence in North Mill’s industry-leading servicing and collection operating platform by providing this loan facility. It will enable us to expand our equipment leasing activities and to continue to provide customers with the superior service for which we are known.

Stewart Hayes, Senior Vice President of Wells Fargo Capital Finance said, “We are pleased to have completed such important financing for North Mill Equipment Financing. The new loan facility for North Mill will support the senior capital they need to fund loans and leases to their customer base. We are proud to have been able to work with a leading independent specialty finance company like North Mill and look forward to supporting their plans for successful business growth.”

About North Mill Equipment Finance
North Mill EF has over 55 years of experience originating equipment leases and loans, as well as purchasing and servicing equipment lease and loan portfolios from banks and other specialty finance companies. As a third-party servicer, the company has the capacity to handle thousands of accounts for multiple parties. Since 2002, Equilease has purchased over 30 lease and loan portfolios representing over $1 billion of asset value. For more information, visit

North Mill EF is a subsidiary of Colford Capital Holdings LLC, a New York City based holding company that is building a diversified and industry-leading specialty finance and asset management business through acquisitions, strategic partnerships and new business development. In addition to North Mill Equipment Finance, Colford owns North Mill Capital, a national asset based lending and receivables factoring company based in Princeton, NJ. Colford is majority owned by Monitor Clipper Partners, a private equity firm that targets growth-oriented businesses with strong management teams and currently manages over $2 billion in capital. For more information, visit

About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, timeshare development and others. For more information, visit

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


German Shepherd
Orange County, California Adopt-a-Dog


“When Ella's situation was discovered, kind animal lovers tried to reason with the owner and were told that he would 'sell' her but not send her to a rescue group---she was his income machine.

Thanks to the support and partnership of Pryor's Planet rescue, we were able to rescue Ella and get her to safety...

“Ella arrived in poor condition, clearly having been kept outdoors all of her life. She has a gentle disposition but is uncertain in new situations. She has learned to trust new people and is friendly to those she meets.

“UPDATE: 4/29/2013

Ella is now in a foster home and her sweet personality is coming out. She lives with a small dog in her home and does very well with him. We also introduced her to some cats and she was unfazed. She is also very friendly to all people that she has met.

“Ella is housebroken and very polite in her new home.

“If you would like to meet Ella, please complete the online application and a counselor will contact you.”

Phone: 714-97-GSROC (714.974.7762)
Fax: 714-455-7201


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

Adopt a Pet




News Briefs----


Investors may lobby JPMorgan to clip Dimon's wings if vote fails

Alaska volcano erupts, may affect air travel

Senate to vote on proposed Internet sales tax law

Texas plant that exploded carried only $1M policy

Buffett Opens Up About Fed, Keeps Successor Secret at Berkshire Meeting



---You May Have Missed

11 Advanced Excel Tricks That Will Help You Get An Instant Raise At Work



SparkPeople--Live Healthier and Longer

SparkPeople--Live Healthier and Longer

The Sleep Quiz



Baseball Poem


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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This Day in History

       1740-birthday of John Penn, signer of the Declaration of Independence, born at Caroline County, VA. died September 1`4,1788. 
    1775-the first Mason who was African-American was Prince Hall, initiated on March 6, 1775, in an army lodge that was stationed at Castle William under General Thomas Gage in or near Boston, MA.   It operated under the Irish constitutions.  When the British evacuated Boston, Hall and his fellow members were given a permit to form African Lodge No. 1, which they did on July 3, 1776.  On June 30, 1784, after the Revolution, Hall and others applied to the Grand Lodge of England for a warrant, which was issued on September 29,1784, to African Lodge No. 459, with Prince Hall as Master. The first meeting under the charter was held on May 5, 1787, in Boston, MA. the lodge was not recognized by American masonry. The first African-American lodge to be recognized was the Alpha Lodge of New Jersey, No. 116 Free and Accepted Masons, the warrant for which was granted at the Annual Communications of the Grand Lodge in Trenton, NJ, on January 19,1871.  The Mason at one time was the largest "fraternal" organization in the United States and quite influential in all communities. 
    1812-birthday of Martin R. Delaney, ethnologist, Black newspaper publisher, the first African-American to receive a regular army officer commission (Major) and African-American nationalist. 
    1829- Phoebe Ann Coffin, (aka Phebe Hanaford), first woman ordained in New England as a minister. PAC was an successful author in addition to being a Universalist minister. 
    1851-Dr. John Gorne of Apalachicola, FL, was granted a patent for a mechanical freezer, " an improvement in the process for the artificial production of ice."  At a dinner on July 14, 1850, at the Mansion House, Apalachicola, Gorrie produced blocks of ice the size of bricks. He installed his system in the U.W. Marine Hospital in Apalachicola. 
    1856-Birthday of Robert E. Peary, who was thought to be the first to discover the North Pole.  As reported in This Day in American History on May 3, the first airplane flight to the North Pole discovered he did not discover the "true" North Pole as originally claimed. 
"...was piloted by Lieutenant Colonel William Pershing Benedict of San Rafael, CA, and copilot Lieutenant Colonel Joseph Otis Fletcher of Shawnee, OK. In 1997, historian Robert M. Bryce published the results of research indicating that no previous explorer succeeded in reaching the Pole, despite two long standing claims, and that Fletcher was the first human known to set foot on it.  In addition, Dr. Albert Paddock Crary, who was in this party, on February 12,1961, reached the South Pole by tracked vehicle as part of a scientific expedition.   He became then the only explorer to set foot"
    1856 - U.S. Army troops from Fort Tejon and Fort Miller prepared to ride out to protect Keyesville, California, from Yokut Indian attack.
    1864 - General Sherman began to advance on Atlanta.
    1877 -- Chief Crazy Horse surrenders to US troops, who later murder him (on Sept 5th he is bayoneted in the back on orders; Dakota Sioux Chief Sitting Bull leads 5,000 of his followers into Canada to ask protection from the Queen & petition land for a reserve after defeating Gen. Custer & US 7th Cavalry at the Little Big Horn. The Canadian government refuses.
    1882-Congress restricted the immigration of Chinese laborers, actually suspending Chinese immigration for a 10-year period and forbidding naturalization. The act was repealed on December 17,1943
    1882 -- Congress passes the first Chinese Exclusion Act over the veto of President Garfield, making it unlawful for Chinese laborers to enter the US for the next 10 years & denying naturalized citizenship to the Chinese already here. Chinese immigration is essentially shut off for the next 60+ years, as the act is extened in both 1902 & 1904.
    1884 -- Brokerage firm of Grant & Ward, in which former President Ulysses S. Grant was a silent partner, failed under the weight of $16,725,466 worth of debts. It soon became known that Ward was a swindler who had used Grant's "good" name to perpetuate one fraud after another.
    1895-birthday of Rodolpho Alfonzo Rafaello Pietro Filberto Gugliemi Di Valentina D'Antonguolla, whose professional name was Rudolph Valentino, was born at Castellaneta, Italy. Popular cinema actor.  For years press reports claimed that "at least one weeping veiled woman in black bought flowers to his tomb" in Hollywood Memorial Park, every year on the anniversary of his death at New York, NY. August 23, 1926 
    1899-birthday of trombonist Charlie Irvis, New York City. 
  1904-Country music pioneer Cliff Carlisle was born in Taylorsville, Kentucky. An associate of Jimmie Rodgers, he began his recording career in February 1930 with Rodgers's "T For Texas." During the next 18 months, Cliff Carlisle recorded more than a dozen of Rodgers' songs, and many other tunes sung in Rodgers' style. Cliff later formed a duo with his brother Bill, and they were popular throughout the '30s and '40s. Cliff Carlisle retired from music in 1947. 
    1915-George Herman " Babe" Ruth of the Boston Red Sox hit his first major league home run in a game against the New York Yankees in New York. 
    1915-birthday of Orson Welles, actor and director born at Kenosha, WI. Citizen Kane, which he directed and in which he played the title role, is one of the most influential films ever made.  Other files in which he had a role include The Third Man and the Magnificent Amersons.   A radio show he 
did in the 1930's brought listeners to believe the Earth was invaded form Mars.  Died at Los Angeles, CA, October 10, 1985. 
    1918- Canadian composer and teacher Godfrey Ridout was born in Toronto. During his association with the University of Toronto's Faculty of Music from   1948 until his retirement in 1982, he guided some of Canada's most famous musicians. As a composer, Ridout will be best remembered for his orchestral pieces, including "Music For a Young Prince," commissioned for the opening of the St. Lawrence Seaway in 1959 and composed with Prince Charles in mind. Ridout died in 1984. 
    1928-The longest footrace in history began at City Hall in New York City. It concluded on July 24 in San Francisco, 3, 415 miles later. 60-year-old Abraham Lincoln Monteverde, a veteran of more than 100 marathons, not only won the race, but he was also the only competitor to finish. 
    1931-brithday of Willie Howard Mays, Hall of Fame outfielder, born at Westfield, AL.

    1936-birthday of singer Sylvia Robinson ( Mickey and Sylvia), Born Sylvia Vanderpool in New York City . Singer/songwriter/producer/ label owner. In mid-'50s, teamed with Mickey Baker to form the performing duo Mickey & Sylvia. Had million-selling "Love Is Strange" in 1956-57. Married Joe Robin son and founded All Platinum Records which later became Sugar Hill Records, the first major rap label. 
    1937-at 7:20pm, the dirigible Hindenburg exploded as it approached the mooring mast at Lakehurst, NJ, after a trans-Atlantic voyage.  Of its 97 passengers and crew, 36 died in the accident, which ended the dream of mass transportation via dirigible 
    1939- Herbie Cox, lead singer of the '50s and '60s vocal group the Cleftones. 
    1940 -- John Steinbeck's The Grapes of Wrath wins the Pulitzer Prize as most distinguished novel of 1939. He gets the Nobel Prize for Literature in 1962. 
Banned in 1980 in two Iowa high school sophomore classes after a parent complained the book was "profane, vulgar, & obscene."The head of the school board defended the action, noting the US was "going pell mell downhill" morally & they were reversing the trend.
    1942 David Freisen birthday 
    1944 - The first flight of the Mitsubishi A7M fighter (designed to replace the Zero) takes place. Technical problems and Allied bombing raids prevent mass production.
    1948 - May 6, 1948- KNXT (now KCBS) TV channel 2 in Los Angeles CA (CBS) 1st broadcast
    1951-May 6, Liz Taylor's 1st divorce (Conrad Hilton Jr)
      1953-Alva "Bobo" Holloman of the St. Louis Browns pitched a no-hitter in his first major league start, defeating the Philadelphia Athletics, 6-0.  Holloman never pitched another complete game in his career which lasted just another 21 games. His early appearances with them, all in relief, yielded an ERA close to 9.00. Undaunted, the confident Holloman pestered manager Marty Marion to give him a chance as a starter. He took the mound in that capacity for the first time on the rainy night of May 6, 1953 before a hometown crowd of 2,473 and no-hit the Athletics 6-0. The 29-year-old rookie embellished his performance with three RBI and his only two hits in the majors. Yes, he never pitched another complete game in his major league career, which was over before the end of 1953. 
    1954-running for the British Amateur Athletic association in a meet at Oxford University, Roger Bannister broke the four-minute barrier with a time of 3?59:4.  Four minutes for a mile at the time was considered not only a physical barrier but also a psychological one. In this epic race, Bannister relied on two teammates to pace him. Chris Brasher helped Bannister for the first two laps with times of 57.5 and 1:58.2.  Chris Chataway sprang to the lead for the third quarter (3.00:5). Bannister followed Chataway around the curve and started his kick on the backstretch.  He sprinted pas Chataway and, as he broke the tape, into track history.  But his record lasted little more than a month, until John Landy of Australia ran 3:58.0 on June 
    1957 - Senator John Fitzgerald Kennedy of Massachusetts was awarded the Pulitzer Prize for his book "Profiles in Courage". 
    1957-Eugene O'Neill became the first writer to win a Pulitzer Prize four times for drama: 1957,"for his play "Long Day's Journey Into Night." His other awards were in 1920 for"Beyond the Horizon," in 1922 for "Anna Christie," and in 1928 for "Strange Interlude." 
    1958-Top Hits 
Tequila - The Champs 
The Witch Doctor - David Seville 
Wear My Ring Around Your Neck - Elvis Presley 
Oh Lonesome Me - Don Gibson 
    1959 - The Pablo Picasso painting of a Dutch girl was sold for $154,000 in London. It was the highest price paid to that time for a painting by a living artist.
    1963-William Faulkner wins a posthumous one for The Reivers; Samuel Barber wins for his "Piano Concerto No. 1."
    1964-the first election in the District of Columbia was the primary election, when the Reverend Edward Franklin Jackson, a Methodist minister who was African-American, defeated Frank Daniel Reeves for the office of Democratic committee-man.
    1965-In their Clearwater, Florida hotel room, Mick Jagger and Keith Richards work out the opening guitar riff of "Satisfaction", following Richard's purchase of a Gibson fuzz-box earlier that day. 
    1965-James Brown reworks a song called "I Found You" by Yvonne Fair and comes up with "I Got You" (I Feel Good). It will become the biggest hit of his career, reaching #3 in the US.
    1967-Two weeks after being pushed out of the top spot on the Cashbox Best Sellers list by The Monkees' "A Little Bit Me, A Little Bit You", Nancy and Frank Sinatra return to the top spot with "Something Stupid".
    1966---Top Hits 
Good Lovin' - The Young Rascals 
Monday Monday - The Mamas & The Papas 
Sloop John B - The Beach Boys 
I Want to Go with You - Eddy Arnold
    1968-PATTERSON, ROBERT MARTIN Medal of Honor
Rank and organization: Sergeant, U.S. Army, Troop B, 2d Squadron. 17th Cavalry. Place and date: Near La Chu, Republic of Vietnam, 6 May 1968. Entered service at: Raleigh, N.C. Born: 16 April 1948, Durham, N.C. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Sgt. Patterson (then Sp4c.) distinguished himself while serving as a fire team leader of the 3d Platoon, Troop B, during an assault against a North Vietnamese Army battalion which was entrenched in a heavily fortified position. When the leading squad of the 3d Platoon was pinned down by heavy interlocking automatic weapon and rocket propelled grenade fire from 2 enemy bunkers, Sgt. Patterson and the 2 other members of his assault team moved forward under a hail of enemy fire to destroy the bunkers with grenade and machinegun fire. Observing that his comrades were being fired on from a third enemy bunker covered by enemy gunners in l-man spider holes, Sgt. Patterson, with complete disregard for his safety and ignoring the warning of his comrades that he was moving into a bunker complex, assaulted and destroyed the position. Although exposed to intensive small arm and grenade fire from the bunkers and their mutually supporting emplacements. Sgt. Patterson continued his assault upon the bunkers which were impeding the advance of his unit. Sgt. Patterson single-handedly destroyed by rifle and grenade fire 5 enemy bunkers, killed 8 enemy soldiers and captured 7 weapons. His dauntless courage and heroism inspired his platoon to resume the attack and to penetrate the enemy defensive position. Sgt. Patterson's action at the risk of his life has reflected great credit upon himself, his unit, and the U.S. Army. 
    1970 -- Between today & about the 20th, student strikes disrupt 448 colleges, involving 1 million+ students (possibly as many as "4 million students"; Todd Gitlin believes 750+ campuses (of 2500 nationwide), with demonstrations at 1200+ demonstrations against sending troops to Cambodia) Stanford University experiences "worst riots in its history."
75 campuses stayed closed thru rest of the school year). 
    1972-Elton John's "Rocket Man" is released in the US, where it will reach #6. 
    1973-The New England Whalers won the first championship of the World Hockey association. They defeated the Winnipeg Jets, 9-6, to win the final series, four games to one. Both teams later moved into the National Hockey League. 
    1973- Paul Simon began his first solo tour in Boston, three years after splitting up with Art Garfunkel. Some of the shows were recorded and selections released on the following year's "Live Rhymin'" album. 
    1974---Top Hits 
The Loco-Motion - Grand Funk 
Dancing Machine - The Jackson 5 
The Streak - Ray Stevens 
Things Aren't Funny Anymore - Merle Haggard
    1977-Ten weeks after entering the Billboard singles chart, The Eagles' masterpiece, "Hotel California" became the band's fourth US #1 hit. 
    1980 - NBC came to terms with its superstar, Johnny Carson, on this day. Johnny signed a new three-year contract for approximately $5-million a year. Carson also reduced his"Tonight Show" to one hour from ninety minutes and cut his work week to four nights. Plus, he got billing in the show's title, as it became "The Tonight Show starring Johnny Carson". 
    1982 - Gaylord Perry of the Seattle Mariners became the 15th pitcher in the major leagues to win 300 career victories. Perry, known for his spitball as well as a variety of other pitches, led the Mariners past the New York Yankees 7-3. He was long suspected of doctoring the baseball with his salvia.  Perry pitched for eight different teams over 22 years an won 314 games.
--Top Hits 
I Love Rock 'N Roll - Joan Jett & The Blackhearts 
Chariots of Fire - Titles - Vangelis 
Ebony and Ivory - Paul McCartney with Stevie Wonder 
Mountain Music - Alabama 
    1984- Tina Turner's comeback hit, "What's Love Got to Do With It," was released. The song went to number one, won Grammys for record and song of the year, and established Turner as a major solo star. 1986- The Rev. Donald E. Pelotte, 41, was ordained in Gallup, New Mexico -- the first American Indian to be made a Roman Catholic Bishop in the U.S. 
    1986 - From the What an Ungrateful Thing to Do, Joan file: Comedienne, Joan Rivers, put her foot in her mouth by announcing to the world that she was leaving "The Tonight Show" as permanent guest host to begin her own late-night gabfest on the new FOX TV Network. 
    1988-" Have another doughnut, you fat pig!"  After a 6-1 loss to the Boston Bruins in the Stanley Cup playoffs, New Jersey Devils coach Jim Schoenfeld confronted referee Don Koharski as the officials left the ice.  In a scuffle, Kobarski either fell, or was pushed, causing Schoenfeld to mock him with the insult, " Have another doughnut, you fat pig!."  The league suspended Schoenfeld without a hearing, but a judge granted the Devils request for an injunction, in response, regular officials chose not to work the next Devils-Bruins game. Instead, an amateur ref. handed the game assisted by two off-ice officials acting as linesmen. The Devils won, 3-1. 
    1990---Top Hits 
Nothing Compares 2 U - Sinead O'Connor 
I Wanna Be Rich - Calloway 
How Can We Be Lovers - Michael Bolton 
Love on Arrival - Dan Seals 
  1992- Bruce Springsteen unveiled his new band at a surprise show at the Bottom Line in New York. The only holdover from the E Street Band was keyboardist Roy Bittan. The four-piece group backed Springsteen on "Saturday Night Live" three nights later. "The Boss" opened his world tour in Stockholm nine days after his New York appearance. 
    1998-Chicago Cubs rookie pitcher Kerry Wood set the National League record and tied the major league record for most strikeouts in a 9-innning game when he fanned 20 Houston Astros in a 2-0 Chicago win. Roger Clements set the major league record in 1986 and tied it in 1996. The former modern National League Mark, 19, was held by three pitchers, Steve Carlton,  Tom Seaver and David Cone.
    2006--Nancy Sinatra unveiled her star on the Hollywood Walk Of Fame as she celebrated forty years in music since the debut of her 1966 hit "These Boots Are Made for Walkin".



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