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Leasing News is a web site that posts information, news, and
entertainment for the commercial bank, finance and leasing industry

Monday, May 20, 2013


Today's Equipment Leasing Headlines

Balboa Capital Tagged for Stealing Corporate Trade
 Secrets of TimePayment Systems
  By Tom McCurnin, Leasing News Legal Editor
   Classified Ads---Sales
  Top Stories May 13-May 17
   (You May Have Missed)
    Companies who notify lessee
in advance of lease expiration
Leasing 102 by Mr. Terry Winders, CLP
 Term of Use in Sales
  “I Am Ready to Move On!”
    Career Crossroad---By Emily Fitzpatrick/RII
     Classified Ads---Help Wanted
 “Documentation” Fees, Semantics and a War Story
   by Michael J. Witt, Esq.
    Commitment to Lease Agreements
     Leasing Conferences 2013 World Wide
     The History of CLP
      by Bob Teichman, CLP
       Classified Ads---Employment Web Sites
   Labrador Hound Mix
    Sudbury, Massachusetts Adopt-a-Dog
News Briefs---
 Commonwealth Chief Misused Leasing funds Finra Charges
  ELFA Quoted Wall Street Journal--Accounting Change
   Mortgage rates jump for 2nd week in a row
    SUBWAY® to Add 3,000 Locations Worldwide in 2013
     GE’s $1 Billion Gamble on the Light Bulb and Appliances
      11 Hottest Cars Unveiled in 2013
       Gallup: Family of four needs an average $58,000 a Year

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---
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Balboa Capital Tagged for Stealing Corporate Trade
Secrets of TimePayment Systems
[Part One of Two Parts]

By Tom McCurnin
Leasing News Legal News Editor

Case Provides Rare Insight into Corporate Raiding of Trade Secrets Uncovered by computer forensic intelligent Lawyer Who Used E-Discovery to Track Emails and Cell Phone Data to Sue Balboa Capital

Having taken a number of business divorces and trade secrets cases into litigation, I’m always amazed that some people actually covet trade secrets and worse still, don’t believe they will get caught. Today’s case provides a rare glimpse into the world of trade secrets, pulling back the curtain on how corporations steal trade secrets using private emails, how they are distributed, and how a computer forensic intelligent Boston lawyer discovered and prosecuted the theft using technology only recently available—called “E-Discovery,” which lifts data, texts, emails, and other activity from cell phones and laptops which the user thought they erased.

The article is long—way too long to put in a single edition of Leasing News. Therefore, this article will be in two parts. The first part will cover how a corporation solicited a key sales person, how that sales person, once employed, hacked into her former employer’s computer system to steal confidential vendor reports and financial data, and how, once the corporation obtained that data, how it was disseminated to the upper echelons of the corporation.

The second part will cover how the lawyer for TimePayment Systems, Burlington, Massachusetts, Kent Sinclair, discovered the theft using state of the art electronic discovery, recovered files and messages thought deleted from cell phones and laptops to discover emails and text messages which the employee thought she had erased. Armed with that information, Mr. Sinclair sought, and was granted, an injunction against Balboa Capital, Newport Beach, California, which ultimately forced Balboa to quickly settle the case.

I’ll also discuss how salespersons can legally solicit former customers, what companies can to protect themselves from such theft or if accused of theft, what companies can do to protect themselves from pesky trade secret lawsuits.

How you feel about trade secrets will affect your view of this case. Some people believe if a confidential customer list falls into their lap, it’s not theft of trade secrets. Other companies take the high road and will not allow new employees to bring over trade secrets. So before this article starts, let’s find out how you, the reader, feel about the theft of trade secrets.


You are a leasing executive, interviewing or training a prospective or new employee. The employee tells you that he/she has list of his or her former employer’s customer and vendor list, contact information funding history, default rates, and interest rates and perhaps emails the list to you. The salesman’s former employer is one of your chief competitors. Is there any doubt that having this information would give you information not readily available in the open market place and give you a competitive advantage?

The list is conspicuously marked on all pages, “CONFIDENTIAL TRADE SECRETS: DO NOT DISTRIBUTE” and bears the name of your chief competitor.

You have two choices. Do you:

A. Congratulate the employee. He or she obviously has the skill set and aggression to make a good fit with your company, and you proceed to integrate that list to senior management and to your company’s contact list, with the idea to transition over those new contacts.

B. Express shock to the employee. He or she obviously misjudged you and your company. You would not want such a list, and would not hire an employee who stole trade secrets. You either elect not to hire the prospective employee or fire the new hire, because your company policies expressly forbid the taking of trade secrets from your company or any other company.

Now, that you’ve figured out where you and your company stand on the issue, lets plough into the case at hand, the facts of which are not far off from the hypothetical.


(Photo: LinkedIn)

Lisa Gargiulo as Employee of TimePayment Systems

Lisa Gargiulo aka formerly known as Lisa Gunville, Hull, Massachusetts, started to work at TimePayment Systems, Burlington, Massachusetts, as a salesperson in 2006, where she managed the dealers and secured equipment financings. She signed a confidentiality agreement in her employee handbook. She was trained by TimePayment Systems and promoted in 2009, to an account executive. She did about $18 million in sales for TimePayment Systems and was a top producer, according to court records.

TimePayment Systems takes corporate security seriously. None of the employee’s computers, including corporate laptops have functioning USB ports, so that reports may not be downloaded to an external disk, all employees sign confidentiality agreements and the downloading of reports is monitored carefully. All reports have a footer on them which states: “CONFIDENTIAL TRADE SECRETS: DO NOT DISTRIBUTE.” All such reports also bear the source of the information, TimePayment Systems.

Gargiulo Solicited by Balboa

Lisa Gargiulo was contacted via LinkedIn by Phil Silva, President of Balboa Capital (at Balboa since 2008) to see if she was interested in working for Balboa, one of several direct competitors of TimePayment Systems and the two arranged an interview date of October 23, 2011. Gargiulo flew out to California. But before she arrived, she began an unusual pattern of downloading historical data, customer lists, funding histories, credit information and financials of vendors from TimePayment’s sales software program to her personal laptop computer, and emailing them to herself. While at her hotel in Irvine, waiting for her interview, she downloaded more reports to her personal laptop. The next day, she had her interview with Mr. Silva.

In her deposition, Lisa Gargiulo denied telling Mr. Silva anything about the reports she downloaded the night before. But she was given an offer and she accepted on that same day.

She resigned from Time Payment Systems the following Monday, October 24, 2011. She was told by TimePayment Systems to bring in her laptop and that her server access would be cut off.

Gargiulo While an Employee of Balboa, Convinces TimePayment’s Salesman to Download Reports for Her

After she resigned, and while employed by Balboa, Gargiulo tried to access the TimePayment server four times and ascertained that she was indeed locked out. She convinced a co-worker, Jonathan McBride, to download a report, containing financial and contact data. McBride downloaded the report, containing 3,000 vendor names and financial data, and he sent the report to Gargiulo through McBride’s personal email account.

Gargiulo Distributes Report to Balboa Officers

Gargiulo, in turn, forwarded the report to Balboa Capital officers, Patrick Ontal (joined Balboa, 2007 as vice-president of indirect vendor sales) and Chief Operating Officer Robert “Rob” Rasmussen (since 2004) in early November, 2011, during her training week at the company. As stated, the report was conspicuously marked “Confidential Trade Secret Information Do Not Distribute.”

After Mr. Rasmussen received the report, he reviewed it in detail and in an email to Patrick Ontal he states:

“According to Lisa most of the accounts found on the first spreadsheet you received from her appear here too.”

So there must have been a prior report given to Mr. Rasmussen which is unaccounted for. In any event, the report’s contents was entered into Balboa’s database with the obvious intent to solicit business from TimePayments’ dealers and move TimePayment’s business from TimePayment Systems to Balboa Capital.

Balboa Issues Press Release About Gargiulo

Balboa issued the following press release after the vendor list reports were distributed to the officers:

“11/08/11 - Leading Point-Of-Use Water Industry Professional
Joins Balboa Capital

“IRVINE, California, November 8, 2011 - Balboa Capital Corporation, a leader in equipment financing in the United States, is proud to announce and welcome Lisa Gunville to the company’s Vendor Services Team as Regional Manager of its Point-Of-Use Water Division. Ms. Gunville joins Balboa Capital after a successful tenure at another financing company, where she was the top sales performer for five consecutive years and helped grow its point-of-use water division. Ms. Gunville prides herself on providing customers with results-based financing solutions along with the utmost focus, accessibility and personalized service.

“A recognized leader in the point-of-use water industry, Ms. Gunville has more than 26 years of experience that includes business development, business funding, vendor sales, and financial management and consulting.

“’I am very pleased to welcome Lisa to our Vendor Services Team,’ said Phil Silva, President of Balboa Capital, who adds, ‘She is an accomplished and successful industry professional, and her joining our team reinforces our commitment to the point-of-use water industry. Balboa Capital will continue to innovate and bring real value to manufacturers and dealers in this very important industry for us’.”

Balboa Solicited Jonathan McBride from TimePayment

As the reader might recall, Gargiulo enlisted Jonathan McBride to download secret reports in October. Mr. Silva, after Balboa had possession of the secret reports, contacted McBride on November 22, 2011, and requested him to join Balboa Capital. But there was one precondition, before doing so, Mr. Silva wanted specific information from Mr. McBride, including a rate sheet for various types of TimePayment credits. It is unknown whether Mr. McBride complied with this request.

The Theft of Trade Secrets is Complete.

And so, as of late November, 2011, Balboa Capital had, through its employee Lisa Gargiulo, successfully raided TimePayment Systems computer system, had in its possession, at least two reports detailing customers, vendors, rates, financial data, default information and contact information. Balboa had obtained one of TimePayment’s leading employees, and was working on another. And as of that date, Balboa was so confident that the theft was undiscovered, that it issued a press release, lauding the acquisition of Ms. Gargiulo, then known as Gunville.

In the next portion of this article, the segment will discuss:

• How TimePayment Systems discovered the theft of its trade secrets using sophisticated state of the art e-discovery
• What TimePayment’s crafty lawyer, Kent Sinclair did to prosecute the case, including suing Balboa, Gargiulo, and McBride.
• What is the law on stealing and receiving trade secrets;
• What salesmen can legally do to solicit former customer without stealing trade secrets
• How companies can protect themselves from employees and competitors stealing their trade secrets
• What companies can do in the hiring process to protect themselves from trade secret lawsuits.

Tune in on Wednesday-- May 22, 2013!#+#!
Same Bat-Time--- Same Bat Channel!#+#!

TimePayment Systems v Balboa/Lisa Gargiulo Complaint

Lisa Gargiulo deposition 

TimePayment Systems v McBride Complaint

Copy of McBride Hearing

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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Classified Ads---Sales

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

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

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Free Posting for those seeking employment in Leasing:

All “free” categories “job wanted” ads:


Top Stories May 13-May 17
(You May Have Missed)

Here are the top stories opened by readers:

(1) Balboa Capital, Newport Beach, California
Bulletin Board Complaint #12--Decisive
By Christopher "Kit" Menkin, Publisher

(2) Lovely Ladies of Leasing
by Tamara McCourt, CCE, CLP

(3) Balboa Capital Tagged for Stealing Corporate Trade
Secrets of TimePayment Systems
(E-Technology Changes Leasing Employment)

(4) Does Your Company Have a Policy for
B.Y.O.D. Cell Phone Use
By Tom McCurnin, Leasing News Legal News Editor

(5) Archives---May 15, 2003
What Lessors Are Saying About...Staffing Up

(6) Western Equipment Finance Parent
Takes over Central Arizona Bank

(7) Leasing 102 by Mr. Terry Winders, CLP
Return Equipment

(8) Several States Fail to Meet July 1, 2013 Deadline
for Enacting Amended UCC Article Nine
By Tom McCurnin, Leasing News Legal News Editor

(Tie) (9) Community Banks grow C&I loans amid 'fierce' competition
By Andrew Wolcott and Lindsey White, SNL Financial

(Tie) (9) NAELB Welcomes New Board of Directors

(11) Real Estate Takes Another Bank Down in Georgia
Fraud closes Second Bank in Asheville, North Carolina
(Home of Thomas Wolfe "You Can't Go Home Again")



Companies who notify lessee
in advance of lease expiration

These companies do not use language to confuse, perhaps to deceive, with the result an automatic continuation for an additional twelve months of payments. They do not invoke the twelve months on a $1.00 purchase option or an Equipment Finance Agreement.

In its editorial of June 30, 2011, Leasing News recommends that the equipment lessor send a certified letter with return receipt; however, at this time, the acceptance of the word of the president of the company will be accepted until proven otherwise.

ABCO Leasing
Advantage Funding
Agility Ventures LLC
Allegiant Partners
American Leasefund, Inc.
BancLease Acceptance Corporation 
Bank of Ozarks Leasing 
Bankers Capital
Bank of the West, Indirect Equipment Finance 
Black Rock Capital
BSB Leasing
Capital Technology & Leasing, LLC
Cobra Capital, LLC
Commerce National Bank
Dakota Financial, LLC
Direct Capital

Financial Pacific Leasing 


Five Point Capital, In
Forum Financial Services, Inc. 
Gonor Funding
GreatAmerica Leasing
Innovative Lease Services, Inc.
Madison Capital
Macrolease Corporation 
Manufacturer's Lease Plans, Inc
Mesa Leasing
Maxim Commercial Capital
Mount Pleasant Capital
National Machine Tool Financial Corporation
Navitas Lease Corp. 
Northwest Leasing Company
P&L Capital Corporation 
Pacifica Capital 
Pawnee Leasing Corporation

Southern California Leasing, Inc 
Standard Professional Services, LLC
Stoddard & Associates 
TEAM Funding Solutions


Full List:

Companies who utilize Evergreen Clauses
for Extra Lease Payments

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


Leasing 102
by Mr. Terry Winders, CLP

Term of Use in Sales

Selling an equipment lease requires a good knowledge of the leasing product and its implications for, or effect on, the lessee. This includes all the income tax, legal, and accounting requirements, not to mention the differences from State to State on assessed taxes and legal differences.

For many reasons a lease is not a loan, however, the ignorance of the customer base, and the eagerness of leasing companies to offer what the customer asks for, has created a leasing market that covers many types of non-leases as well as true leases. So on many occasions the lessee is not offered a lease that fits the circumstances better but, just what the Lessee is familiar with, and has requested. Selling the correct type of lease takes a professional salesperson and not just an order taker.

Many of our leases are truly disguised conditional sales contracts (installment loans). Due to the complexity of leasing and the lack of knowledge by the average agent for the Internal Revenue Service, and the average bankruptcy Judge, so many unqualified leases slip through that we are lulled into a thought process that these type leases are acceptable. The time is drawing to a close when leasing firms can rely on these type leases and they will find themselves out in the cold. The rule makers and the qualifications for leasing are under siege and we need to view how leasing is different from loans and begin presenting the differences and the effect of a real lease instead of just comparing the similarities such as: rate, term, and purchase options.

A correct lease is one that accomplishes placing the equipment’s “use” and the expense for that use into the proper period of “time.” One of the benefits of the computer age and the type of software offered today is that business can analyze their needs much sharper than before. Studies of equipment use and expenses such as insurance, labor for maintenance, spare parts, and down time have suggested shorter terms of equipment use. The old thought process of using it until it drops has given way to using it until it becomes a heavy maintenance problem or is technically outdated and then moving on to new equipment. Leasing became popular for many reasons but lost in the list was the most important reason, to match the “expense” to the term of “use”.

Installment commercial loans and sales contracts are done on a 36, 48, or 60-month basis. Straight line depreciation of the equipment cost for accounting purposes depends on the equipment’s average useful life, possibly five years, six years, or longer and Federal Income Tax depreciation is according to The Modified Accelerated Recovery System. None of these terms are in tandem. If equipment is traded early, the tax and accounting effects are not good, and, in addition, the cash required to make the loan payments usually exceeds the expense for interest and depreciation. Most financial managers and business owners want to coordinate these expense terms to improve business management. Leasing on the other hand does bring all of these expenses and terms into tandem “if” the term of lease matches the anticipated term of equipment “use”.

We also need to explain how a lease can protect profits by placing the expense next to revenue in months of high revenue and avoiding payments in periods of low revenue. Irregular payments are acceptable for all of the rules if they match the use and revenue generation of the equipment.

If you discuss the lessee’s needs and present more than one option and sell the one that matches the use and explain the differences between leasing and lending then you may be on the path of becoming a professional lease salesperson.

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 a consultant regarding assisting attorneys in resolving disputes or explaining procedures or reviewing documents as utilized in the finance and leasing industry.

He is the 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.


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



I Am Ready to Move On!”
Career Crossroad---By Emily Fitzpatrick/RII

Question: I am in the process of searching for a new career opportunity.

Approximately five years ago, I was in the process of interviewing and received two offers from competing companies. I accepted one and have remained here for the past five years – it is now time to move on.

I was interested in re-exploring the company that I received the first offer from five years ago. As such, I submitted my qualifications.

At this point, the company is not interested in re-exploring an employment relationship because I turned down the offer I received from them five years ago. Do you have some insight?

Answer: I have noted multiple times in this column to be careful of burning bridges. Did you verbally decline the offer that was presented and provide adequate follow up? If not, it was imperative that you left the door open to future opportunities.

Another possibility, they may assume you were not successful at the competing company. Make sure you are able to provide your track record of success along with sufficient explanation of why you are currently exploring new opportunities (all positive of course). If you have been there five years, that says something…

I always recommend when you turn down an offer:

"Rejection of Offer" Letter (a phone call AND an email is appropriate) may include the following:

“I enjoyed our meeting on... to discuss the possibility of my joining XYZ Company. I was impressed by your .... E.g. sales records and enthusiastic team (express what you liked about the company / division, etc...).

“Although I greatly appreciate your consideration and your confidence in my abilities, I must decline your employment offer as I have decided to accept another position more in line with my current career aspirations.

“I hope that, in the future, if circumstances allow me to cross paths with you again, that you will be open to communicating.

”Again, I appreciate your time and appreciate your consideration.”

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

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!





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.


Help Wanted Classified Ads

$595 four HTML lines
(note, a space is counted as a line)
$40 for each additional line or space

The classified ad will appear for 21 days.

The idea is to attract an applicant to learn more, either to click to a full description on your web site or to a full job description attachment (free, no charge).

All "Help Wanted" ads go into the "Help Wanted" classified ad section, which appears in each news edition, and is well read. The ad will also appear on the web site for those who go directly to the web site section.

A "Help Wanted" ad appears at the top of the headlines in each edition in a chronological basis with other help wanted ads. The position cannot be purchased. The ad also continues to appear in the classified ad section in the news edition as well as the web site in addition to appearing above the headlines. If there is only one help wanted ad, a display ad may be utilized in the rotation basis as this position, meaning the one help wanted ad is not going to be on top in every edition.

Contact for more
information or to help word a classified ad.

Leasing News reserves the right to refuse advertising, particularly to a company that has appeared in the complaint bulletin board


Documentation” Fees, Semantics and a War Story
by Michael J. Witt, Esq.

Anyone who pays attention to what is now going on Congress and a number of state legislatures knows that watchdog debtor-protection advocates are pushing for all kinds of reforms relating to fees that banks and finance companies should be allowed to charge their customers. Leasing and lending activity is at a multi-year low, and many lessors, banks and finance companies are trying to make up for decreased revenues by increasing the ancillary fees they charge their customers. “Fee rip-offs” is becoming a household expression.

Generally, the law relating to commercial leasing and lending allows a lessor or lender to charge “reasonable” fees, provided the fee is adequately disclosed to the customer beforehand. Having said that, though, the fee must be adequately described and detailed. If the right contractual language is not used, then a pitfall awaits the unwary lessor or lender.

Here’s a small war story from my days as an in-house equipment finance attorney:

A discounter charged his lessee a $349 fee described in the application simply as a “Documentation Fee.” Ten days later, he sold the transaction to my company. A few days later, we filed a UCC financing statement and charged our out-of-pocket costs to the lessee, which was permitted under the lease. Upon receiving the invoice containing the UCC charge, the lessee had had just about enough. A critical mass of perceived abuse formed in his thinking. He refused to pay the UCC filing fee and, while he was at it, questioned the legality of the $349 “documentation” fee.

A small-ticket lease documentation set takes the average broker or discounter just about four-and-a-half minutes to complete, by my estimate. The discounter fills in about ten boxes on the form, and he’s done. Meaning: this particular lessee had a valid point. From his perspective, the fee was a rip-off. When he called us to complain, we referred him back to the discounter, who agreed to refund all but $100 of the fee.

The moral of the story? You can charge your customer a reasonable fee for putting the transaction together, but you’re skating on thin ice if you call it a “documentation” fee. Use a more expansive term like “processing fee.” (Avoid “origination fee” because some states have statutes limiting what can be charged as an “origination” fee in loan transactions, and it’s possible they could apply to your “nominal” lease transactions.) In your document, disclose that the fee is intended to cover the broad panoply of work that goes into getting the deal done for the lessee. State that the fee covers a multiplicity of pre-transactional work, “including but not limited to” activities such as credit investigation time and expense, the cost to obtain credit bureau reports, and the documentation of the transaction.

In short, the law will usually charge you with the obligation to be precise in your terminology. It will hold no sympathy for your argument that, in using the term “documentation” fee, “it’s simply a matter of semantics.”

Michael Witt was Managing Counsel at Wells Fargo & Co and Senior Vice President and General Counsel of Advanta Leasing Corporation. Today he is a legal consultant for Aviva Investors North America and principal in Witt Law.





Commitment to Lease Agreements

Commitment Forms

The dollar size of the lease proposal often dictates the details and length of the commitment letter.

In small ticket lease, the actual lease payment is often given and calls for the first and last as well as the documentation fee. Often a clause contains a "documentation" fee for $495.00, which is non-refundable if the lease is not approved. The wording is different and seems to be buried and whether written originally by an attorney or taken from the use of another leasing companies form is not known.

According to ex-employees as well as complaints that have appeared in Leasing News, many companies get such proposals signed in advance knowing they will be unable to proceed with the lease due to the nature of the equipment or the proposed lessee telling them of their credit difficulties in the presentation or from running a consumer credit report.

In larger ticket size leases, often a form such as this is used, which specifically charges a fee to process the application:

Loans or “Working Capital” commitment letters are explicit and require the broker to often be licensed. This form is for use in California:

This form is one of the most widely used in the leasing industry for leases $50,000 and above and covers most of the bases. Note: Last sentences about the signatures makes this more a “proposal,” than commitment. If required, these sentences may be removed.

It is a good idea to have the form you use reviewed by an attorney with equipment leasing experience. This does not mean your college friend who became a lawyer. You wouldn't take your children to an Endodontist to get braces on their teeth, although the practitioner is a "dentist." The same with going to an attorney. You don't go to a divorce attorney to go over a lease commitment contract.

Some things to consider in your form.

#1: ACH---If you are going to require it or may require it, you should have this spelled out in the agreement. If not in the contract and becomes a requirement of the lease, the proposal is invalid.

#2 Date---It is a good idea to have a time period involved, and perhaps if not approved, from completion of all the documents and/or lease contracts. A prospect can back out after 30 days and bring this up in small claims court, unless spelled out the time begins after all documentation is complete ( attorneys will have different opinions on this and its wording, but the complaint may make it into Leasing News when it takes months before anything happens.)

#3 Personal guarantee--of all officers who own 10% or more of a privately held corporation. (This will protect if the final approval comes in with terms and conditions, but requires other guarantors who are not named on the application or in the proposal.)

This form was developed by Ken Greene now at partner at Hamrick & Evans, LLP, Universal City, California, with offices also in Northern California.

To Contact Ken Greene:

Kenneth C. Greene, Partner
Hamrick & Evans, LLP
10 Universal City Plaza, Suite 2200
Universal City California 91608
Fax: 818-763-763-2309

The form makes it a contract between both parties, and is not one sided as appeared in this Leasing News Bulletin Board Complaint:

(click to make larger)

from this Leasing News Bulletin Board Complaint:



Leasing Association 2013 Conferences

June 6-8 2013
IFLA Conference and Annual General Meeting
Reykjavik, Iceland

World Leasing Convention
June 13-14
Maritime Hotel
Berlin, Germany


Canadian Finance &
Leasing Association
September 18-20
Marriott Halifax
Harbourfront, Halifax

September 27-28, 2013
2013 NAELB Western Regional
Irvine, California



2013 Funding Symposium

October 10-13
Nashville Marriott
at Vanderbilt University
Nashville, Tennessee


October 10-11
2013 Annual Convention
Rome, Italy.

October 20-22
ELFA 52nd Annual Convention
JW Marriott Grande Lakes-Orlando, Florida

November 1-2, 2013
2013 Eastern Regional
Nashville, Tennessee


November 6-8, 2013
Boca Raton Resort Club, Boca Raton, FL


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.


The History of CLP

The crux of becoming a Certified Lease Professional is passing a test that takes from six to eight hours to complete, plus recertifying every four years. Recertification does not require an examination. There are mentors who help those who want to take the test, who do not charge for their time. There are “schools,” but the main means to pass the test is to read and study “The Certified Lease Professionals' Handbook.”

The book is considered by many the “bible” of the equipment leasing industry. While there have been many books on the subject, from James M. Johnson, Ph.D. & Barry S. Marks “Power Tools for Leasing,” David G. Mayer's “Leasing for Dummies, (now out of print)” to books written by the late Peter Nevitt, or collections from Ted Parker, CLP, Shawn Halladay, Sudhir Amembal, and the legal tome by the late Jeffrey Wong, esq., the book used for study is considered the most thorough to pass the test. 

by Robert Teichman, CLP

The CLP program was started in 1984 by the members of the Broker's Committee of the Western Association of Equipment Lessors (“WAEL”). The original qualifications relied on a complex point system, which was subsequently changed to the current time-in-business standard.

At present, candidates wishing to sit for the Certification exam must have been in the equipment or commercial finance business for at least three years.

Originally, there were no study materials or courses. Then in 1990 a group of CLPs and other professionals produced the Home Study Course. This large loose-leaf manual covered the thirteen subjects treated in the Certification exam.

The authors were Ted Parker, CLP, Ken Goodman, CLP, Hal Horowitz, CLP, Jim Swander, CLP, Ron Silver, CPA, Paul Menzel, CLP, Jon Haas, CLP and Don Zaretsky, CLP.

In 1995, the Board of Directors of the United Association of Equipment Leasing (“UAEL”) (formerly WAEL) asked Ray Williams, the then Executive Director of the association, to produce a textbook for the CLP program, due to an upsurge in interest in the program. Ray asked for my assistance, as I was then Chairman of the Education Committee and therefore nominally in charge of the CLP program.

Ray and I developed the First Edition of the Leasing Professionals' Handbook, using the Home Study Guide as base material. The format was trade paperback, smaller and handier than the loose-leaf binder that preceded it. We recruited additional authors, including Ken Greene, Esq., Oren Hall, Robert Herrick, Bob Rodi, CLP, and Matt Shieman. I authored a chapter and Ray was the overall editor, giving the book a consistent look and editorial style.

The book proved popular and was republished as a Second Edition with minor changes and corrections.

Both editions retained the original format, covering the thirteen subjects of the Certification exam. The Exam has 15 sections (1). Presently a section on Insurance and Agricultural Leasing is being added to the exam because those two topics were added to the 4th Edition Handbook.

Then in 2000, the CLP Program was spun off by UAE into a free-standing foundation, the CLP Foundation.  The original three groups that supported the program changed with UAEL and the Eastern Association of Equipment Lessors (“EAEL”) merging, as well as the National Association of Equipment Leasing Brokers (“NAELB”), who today continue to support the program.  The foundation today is comprised of individual CLP's, rather than of companies. It has its own officers and Board of Directors, and an administrator of the CLP Program.  Cindy Spurdle is retiring from the position then end of April and a new person will soon be appointed as the search committee has concluded and made its recommendations.

The Handbook was transferred to the Foundation by UAEL, and in 2004 the Handbook was completely re-written and published by the Foundation as The Certified Lease Professionals' Handbook. The book was expanded to the sixteen subjects of the current Certification exam. The Handbook is now in its second printing. The handbook now has 18 sections

The Handbook is the primary sourcebook for those people wishing to take the Certification exam. The book has gone through many changes over the years, but the editors and authors will continue to keep the text timely and relevant, as the leasing industry itself.

It is available for $59.95 plus postage and handling directly from  -610-687-0213 or via email 

  1. Exam Sections:

Bob Teichman, CLP, Teichman Financial Training is also Chairman of the Leasing News Advisory Board





Classified Ads---Employment Web Sites

Here is a list of top internet job web sites, several specializing in financial, money, and leasing, too.


Labrador Hound Mix
Sudbury, Massachusetts Adopt-a-Dog

Meet Kemba, a 1.5-year-old male Labrador Hound mix.
This handsome boy is friendly, active, and playful.

For more information, please call, visit, or email the shelter. Buddy Dog Humane Society, Inc. Sudbury, MA (978) 443-6990 or

How to Adopt:

Buddy Dog Humane Society
151 Boston Post Road (Rt 20)
Sudbury, MA 01776
They Serve God Who Serve His Creatures. “Buddy Dog Humane Society
Telephone: (978) 443-6990
Fax: (978) 443-4046
Hours of Operation
Tuesday and Thursday: noon – 8 pm
Sunday, Wednesday, Friday, Saturday: noon – 5 pm

Follow Route 128 to exit 26 then follow Route 20 west for 6.8 miles. You’ve found us! We are located on the left side of Route 20. Follow Route 495 to exit 24A then follow Route 20 east for approximately 10 miles. You’ve arrived! We are located on the right side of Route 20.


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

Adopt a Pet



News Briefs----


Commonwealth Chief Misused Leasing funds Finra Charges

ELFA Quoted Wall Street Journal--Accounting Change


Mortgage rates jump for 2nd week in a row

SUBWAY® to Add 3,000 Locations Worldwide in 2013

GE’s $1 Billion Gamble on the Light Bulb and Appliances

11 Hottest Cars Unveiled in 2013

Gallup: Family of four needs an average $58,000 a year



---You May Have Missed

20 Trendiest Dog Breeds (and Mixes) in America



SparkPeople--Live Healthier and Longer

SparkPeople--Live Healthier and Longer

6 Things You Don't Know About Your Muscles




#  1
by  Brendan Awerbach

Baseball is a game,  It has a Hall of Fame.
In Cooperstown, it's there, Getting in is so rare.

Baeball! 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.




Sports Briefs----

Gerardo Parra’s home run leading off D-backs 1-0 win was first of its kind in 50 years

Super Bowl vote: 49ers, Bay Area prepare for NFL's decision Tuesday

Tour of California: Tejay van Garderen wins championship

Kings' new ownership group kicks off team's new era

New Kings boss Ranadive is all about winning

• Contract Negotiations • Fraud Investigations 
• Credit Investigations • Skip-tracing 
• Third-party Commercial Collections
John Kenny 
Receivables Management

For flat fee or commissions basis | ph 315-866-1167|

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




California Nuts Briefs---


Palm Springs: Moguls, Mobsters and Movie Stars
Launched California's Desert Playland

Los Gatos' Bow Wowzer, Purrsnickety Closing, Owners Retiring


“Gimme that Wine”

Feds put new rules on wineries' use of social media Secures $1 Million in Additional Funding

Winery Job Listings Continue to Climb

Napa Valley Vintners Bring Award-Winning Chefs to Auction Napa Valley 2013

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Winery Atlas\

Leasing News Wine & Spirits Page


This Day in History

     1638- Dorchester, MA voted to establish a property tax to support public schools: “It is ordered the 20th of May,1639, that there shall be a rent of twenty pounds a year for ever imposed upon Tomsons Island to be paid by every person that hath property in the said island according to the proportion that any such person shall from time to time enjoy and possess there.”
    1704-Elias Neau founds school for slaves in New York His real name was Elias Naud. He was from France,  a seaman who sallied to Haiti before arriving in New
    1768- Dolley Madison, a widow, married James Madison.  During the British invasion of Washington, D.C., in the war of 1812 she escaped with valuable state papers from the White House before it was burned by the British.   Strong-willed, she hung her wash in the east room of the White House to show her disdain for those who thought the presidency was royalty. She was a noted and charming hostess in the complex game of Washington society.   She acted as hostess for George Washington and reportedly her charm and social grace was a great aid in Madison being nominated for President.
    1775-North Carolina. Commemorates claimed signing of a declaration of independence from England by citizens of Mecklenburg County. There is quite a controversy of this event.  Historian Allan Nevins, apparently with good reason, says it was a fraud. It was not put into written form until 1800, it wasn't a county clerk on the basis of his memory of the event.  Mecklenburg does figure in the developing schism with Great Britain.  In May 1775 some resolutions were passed denying the authority of the king in North Carolina. But there was no mention of independence.” Some North Carolinians, smarting over the Mecklenburg fraud, maintain that they still deserve recognition as the first to declare Independence. The claim is based on a meeting in Halifax, where the delegates to the Congress were instructed to “concur with the delegates of the other Colonies in declaring Independency.” The meeting was held in April, 1776.  North Carolinian James Street insisted that this “ was the first explicit declaration by any Colony in favor of complete separation from Britain.” Street,” The Revolutionary War(1954),pg.79).

    1777-the first treaty between states after the Declaration of Independence was concluded between George and South Carolina at Dwitt's Corner, SC.  Under its provisions, the Cherokees were forced to retire behind a line running southwest through Georgia form the straight part of Pickens County on the North to a point just below the mouth of the Tallulah at the western tip of the state. Since landing on the continent, the natives were moved further and further from their original “homeland.” From an estimated population, some say well into the millions . , the population shrank to several hundred thousand, due primarily to disease brought from the old world to humans and animals.. 1825-Birthday of Antoinette Brown, the first woman minister in U.S. History. A graduate in theology from Oberlin College in 1850, she was refused ordination by a number of churches, but finally accepted by the Congregational Church in South Butler, New York (1852-54.) She married into the renowned Blackwell family (Elizabeth was the first woman physician in U.S. history and her sister Emily, also a physician, was one of the organizers of the first woman's hospital.)Antoinette had six children and abandoned her battles for women's rights. Later she resumed her women's rights activities to become one of the most sought after speakers in the nation. She also published a number of well received books, her last book “The Social Side of Mind and Action” (1915) was written when she was 90. She lived to 96, long enough to see women get the vote.
    1851-birthday of Emil Berliner, Jewish immigrant, who came to the United States in 1870 from Germany and later worked for Alexander Graham Bell's telephone company. In 1877, the year after Graham invented the telephone, Berliner developed an improved telephone receiver. Ten years later, Berliner dramatically improved the phonograph when he developed the flat gramophone record, which quickly replaced Thomas Edison's recording cylinder. He also developed a method for mass-producing records. He also invented the microphone among other achievements.
    1856-revolutonizing communication, David Edward Hughes of Louisville,KY, received a patent on a telegraph ticker that successfully printed type.  He then sold his rights to the Commercial Company for $100,000 on November 1, 1855, a huge sum of money or the day, perhaps the first “dot commer” of the “communication revolution” to follow. The modern teleprinter, telex system and computer keyboards are all direct descendants of this invention
    1862- President Lincoln signed the Homestead Act opening millions of acres of government-owned land in the West to settlers or “homesteaders,” who had to reside on the land and cultivate it for five years.
    1872- Madeline McDowell Breckinridge birthday; U.S. social activist who began by organizing and taking part in grassroots movements in her native Kentucky battling for educational and health facilities.   She campaigned for juvenile courts, branched out into fighting political corruption while heading charity organizations and was even instrumental in building a tuberculosis hospital (a disease she suffered from most of her life).   She headed the Kentucky Equal Rights organization which not only successfully passed suffrage in a southern state, but also obtained rights for married women that "allowed" them to keep their own earnings, have joint custody of their own children, etc.
    1873-Levi Strauss secures the necessary patents for canvas pants with copper rivets to reinforce the stress points. Born in Buttenheim, Bavaria, in 1829, the young Levi Strauss emigrated to the United States in 1847.. He arrived in San Francisco in 1853 with a load of merchandise that he hoped to sell in the California mining camps. Unable to sell a large supply of canvas, Strauss hit on the idea of using the durable material to make work pants for miners. Strauss' canvas pants were an immediate success among hardworking miners who had long complained that conventional pants wore out too quickly. In 1872, Strauss received a letter from Jacob Davis, a customer and tailor who worked in the mining town of Reno, Nevada. Davis reported that he had discovered canvas pants could be improved if the pocket seams and other weak points that tended to tear were strengthened by copper rivets. Davis' riveted pants had proven popular in Reno, but he needed a patent to protect his invention. Intrigued by the copper-riveted pants, Strauss and his partners agreed to undertake the necessary legal work for the patent and begin large-scale production of the pants. Davis' invention was patented on this day in 1873. In exchange for his idea, Strauss made the Reno tailor his production manager. Eventually, Strauss switched from using canvas to heavyweight blue denim, and the modern "blue jeans" were born. Since then, Levi Strauss & Company has sold more than 200 million pairs of copper-riveted jeans. By the turn of the century, people outside of the mining and ranching communities had discovered that "Levi's" were both comfortable and durable. Eventually, the jeans lost most of their association with the West and came to be simply a standard element of the casual American wardrobe.
   1901-pianist Jimmy Blythe born Lexington,KY|PM&p=amg&sql=B10175
    1907 - Forty-one Igorrote, head-hunters and dog-eaters from the wild districts of Bontac providence in the northern part of Luzon, were brought to this country by the steamer Nippon Maru, arriving Friday. Despite the cold air the Igorrotes , almost naked, stood about the steerega deck of the liner and gazed with awe upon the surrounding evidence of civilization. The rumor spread on board tha the head-hunters had been imported by Patrick Calhoun for the purpose of breaking the car strike, but this was denied by R. Schneidewind, who is bringning the Igorrotes to this country.
    1916- Norman Rockwell's first cover for the Post, depicting a boy having to care for his infant sibling—pushing the baby carriage while his buddies set oft to play ball—appeared on the May20 edition. His last Post cover appeared in 1963.
     May 20-21,1927- Captain Charles Lindbergh, 25-year old aviator, departed from rainy, muddy Roosevelt Field, Long Island, NY, alone at 7:52am this day in 1927 in a Ryan monoplane named Spirit of St. Louis.  He landed at Le Bourget airfield, Paris, at 10:24pm Paris time ( 5:54pm NY time, May 21, winning a $25,000 prize offered by Raymond Orteig for the first nonstop flight between New York City and Paris, France (3,600 miles ). The "flying fool" as he had been dubbed by some doubters became "Lucky Lindy," an instant world hero.
    1920 -The Chicago police, dressed as soldiers and farmers, raid the Wrigley Field bleachers arresting two dozen Cub fans for gambling as Grover Cleveland Alexander blanks the Phillies, 6-0.
    1931-Kenton Lloyd “Ken”Boyer, baseball player and manager, born at Liberty,MO. Boyer was an exceptional third baseman for the St. Louis Cardinals, winning the National League MVP awards in 1964.  He managed the Cards from 1978 though June 8, 1980. Died at Ballwin,MO, Sept 7,1982.
    1932- Amelia Earhart became the first woman to fly solo across the Atlantic this day .
    1941-Harry James records “ You Made Me Love You,” putting the band on top!
    1942-Glenn Miller Band records “ I've Got a Gal in Kalamazoo.” Victor.
    1944-The Stan Kenton Band with Anita O'Day records “ And Her Tears Flowed Like Wine.”  
    1944-Singer  Joe Cocker Birthday
     1945- Cher, whose full name is Cherilyn Sarkasian LaPier, was born in El Centro, California. She and husband Sonny Bono enjoyed great success beginning in 1965 with the chart- topping "I Got You Babe." Sonny and Cher became household names with their TV series which ran from 1971 to '75. But a marriage breakup also ended their professional career together. Cher went on to a successful career as a singer and an actress, hitting number one with three singles in the early '70s, "Gypsies, Tramps and Thieves," "Half-Breed" and "Dark Lady." She revived her singing career in 1988 with two top-20 singles, "I Found Someone" and "We All Sleep Alone." Recently, she scored a hit with the resurrected 'I got you babe' performed with MTV's Beavis and Butthead.
    1948- In front of only 5,001 fans in Chicago, Joe DiMaggio strokes four extra base hits for the fourth time in his career as he hits for the cycle for a second time in a 13-2 rout of the White Sox. The 'Yankee Clipper' paces the Bombers' 22-hit attack with a two home runs, a triple, a double and a single and drives in 6 runs.
    1951-The first “Ace” to fly a jet was Captain James Jabara of Wichita, KS, a member of the fourth Fighter Interceptor Wing, who shot down his first and sixth enemy Mig Jet airplanes this day in 1951 over Sinjuiju northwest Korea.  He eventually defeated 15 Migs over Korea and became the second triple jet ace. ( the first Triple jet ace was Captain Joseph Christopher McConnell,Jr., who shot down 16 MiG-15s.  He shot down three in one day, May 18. He completed 106 missions in Korea.  His neighbors built him a house in Apple Valley, CA, known as Appreciation House.   He was killed August 24, 1954 at Edwards Air Force base, CA, while testing a new plane, an F-86H.)
    1951-The first "Ace" to fly a jet was Captain James Jabara of Wichita, KS, a member of the fourth Fighter Interceptor Wing, who shot down his first and sixth enemy Mig Jet airplanes this day in 1951 over Sinjuiju northwest Korea. He eventually defeated 15 Migs over Korea and became the second triple jet ace. ( the first Triple jet ace was Captain Joseph Christopher McConnell,Jr., who shot down 16 MiG-15s. He shot down three in one day, May 18. He completed 106 missions in Korea. His neighbors built him a house in Apple Valley, CA, known as Appreciation House. He was killed August 24, 1954 at Edwards Air Force base, CA, while testing a new plane, an F-86H.)
    1951--MOYER, DONALD R. Medal of Honor
Rank and organization: Sergeant First Class, U.S. Army, Company E, 35th Infantry Regiment. Place and date: Near Seoul, Korea, 20 May 1951. Entered service at: Keego Harbor, Oakland, Mich. Born: 15 April 1930, Pontiac, Mich. G.O. No.: 19, 1 February 1952. Citation: Sfc. Moyer assistant platoon leader, Company E, distinguished himself by conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty in action against an armed enemy of the United Nations. Sfc. Moyer’s platoon was committed to attack and secure commanding terrain stubbornly defended by a numerically superior hostile force emplaced in well-fortified positions. Advancing up the rocky hill, the leading elements came under intense automatic weapons, small-arms, and gr enade fire, wounding the platoon leader and platoon sergeant. Sfc. Moyer, realizing the success of the mission was imperiled, rushed to the head of the faltering column, assumed command and urged the men forward. Inspired by Sfc. Moyer’s unflinching courage, the troops responded magnificently, but as they reached the final approaches to the rugged crest of the hill, enemy fire increased in volume and intensity and the fanatical foe showered the platoon with grenades. Undaunted, the valiant group forged ahead, and as they neared the top of the hill, the enemy hurled a grenade into their midst. Sfc. Moyer, fully aware of the odds against him, unhesitatingly threw himself on the grenade, absorbing the full blast of the explosion with his body. Although mortally wounded in this fearless display of valor, Sfc. Moyer’s intrepid act saved several of his comrades from death or serious injury, and his inspirational leadership and consummate devotion to duty contributed significantly to the subsequent seizure of the enemy stronghold and reflect lasting glory on himself and the noble traditions of the military service.
    1953-In just their 13th game of the season, the Braves, in their first year in Milwaukee, surpassed their total of 1952 attendance of 28,1278, their last year in Boston.
   1954- Bill Haley's "Rock Around the Clock" was released. The record was not a hit until after it was included in the soundtrack of "Blackboard Jungle" the following year.
    1956---Top Hits
Heartbreak Hotel/I Was the One - Elvis Presley
The Wayward Wind - Gogi Grant
I'm in Love Again - Fats Domino
Blue Suede Shoes - Carl Perkins
    1957 - A tornado touched down to the southwest of Kansas City and traveled a distance of seventy-one miles cutting a swath of near total destruction through the southeastern suburbs of Ruskin Heights and Hickman Mills. The tornado claimed the lives of forty-five persons, and left hundreds homeless. It was the worst weather disaster of record for Kansas City. About all that remained of one house was a small table and a fish bowl atop, with the fish still swimming about inside the bowl, rather unconcerned.
    1961- A white mob attacked a busload of Freedom Riders in Montgomery, Ala., prompting the federal government to send in United States marshals to restore order.
    1964---Top Hits
My Guy - Mary Wells
Love Me Do - The Beatles
Ronnie - The 4 Seasons
My Heart Skips a Beat - Buck Owens
   1964 -- Elvis' 15th movie, Viva Las Vegas, co-starring Ann-Margret, premieres in Hollywood.
    1967--BELLRICHARD, LESLIE ALLEN Medal of Honor
Rank and organization: Private First Class, U.S. Army, Company C, 1st Battalion, 8th Infantry. Place and date: Kontum Province Republic of Vietnam, 20 May 1967. Entered service at: Oakland, Calif. Born: 4 December 1941, Janesville, Wis. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Acting as a fire team leader with Company C, during combat operations Pfc. Bellrichard was with 4 fellow soldiers in a foxhole on their unit’s perimeter when the position came under a massive enemy attack. Following a 30-minute mortar barrage, the enemy launched a strong ground assault. Pfc. Bellrichard rose in face of a group of charging enemy soldiers and threw hand grenades into their midst, eliminating several of the foe and forcing the remainder to withdraw. Failing in their initial attack, the enemy repeated the mortar and rocket bombardment of the friendly perimeter, then once again charged against the defenders in a concerted effort to overrun the position. Pfc. Bellrichard resumed throwing hand grenades at the onrushing attackers. As he was about to hurl a grenade, a mortar round exploded just in front of his position, knocking him into the foxhole and causing him to lose his grip on the already armed grenade. Recovering instantly, Pfc. Bellrichard recognized the threat to the lives of his 4 comrades and threw himself upon the grenade, shielding his companions from the blast that followed. Although severely wounded, Pfc. Bellrichard struggled into an upright position in the foxhole and fired his rifle at the enemy until he succumbed to his wounds. His selfless heroism contributed greatly to the successful defense of the position, and he was directly responsible for saving the lives of several of his comrades. His acts are in keeping with the highest traditions of the military service and reflect great credit upon himself and the U.S. Army.
    1967--MOLNAR, FRANKIE ZOLY Medal of Honor
Rank and organization: Staff Sergeant, U.S. Army, Company B, 1st Battalion, 8th Infantry, 4th Infantry Division. place and date: Kontum Province, Republic of Vietnam, 20 May 1967. Entered service at: Fresno, Calif. Born: 14 February 1943, Logan, W. Va. Citation: For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. S/Sgt. Molnar distinguished himself while serving as a squad leader with Company B, during combat operations. Shortly after the battalion’s defensive perimeter was established, it was hit by intense mortar fire as the prelude to a massive enemy night attack. S/Sgt. Molnar immediately left his sheltered location to insure the readiness of his squad to meet the attack. As he crawled through the position, he discovered a group of enemy soldiers closing in on his squad area. His accurate rifle fire killed 5 of the enemy and forced the remainder to flee. When the mortar fire stopped, the enemy attacked in a human wave supported by grenades, rockets, automatic weapons, and small-arms fire. After assisting to repel the first enemy assault, S/Sgt. Molnar found that his squad’s ammunition and grenade supply was nearly expended. Again leaving the relative safety of his position, he crawled through intense enemy fire to secure additional ammunition and distribute it to his squad. He rejoined his men to beat back the renewed enemy onslaught, and he moved about his area providing medical aid and assisting in the evacuation of the wounded. With the help of several men, he was preparing to move a severely wounded soldier when an enemy hand grenade was thrown into the group. The first to see the grenade, S/Sgt. Molnar threw himself on it and absorbed the deadly blast to save his comrades. His demonstrated selflessness and inspirational leadership on the battlefield were a major factor in the successful defense of the American position and are in keeping with the finest traditions of the U.S. Army. S/Sgt. Molnar’s actions reflect great credit upon himself, his unit, and the U.S. Army.
    1967 - The Young Rascals' "Groovin'" hits #1
    1967-Only a week after surrendering the top of the R&B chart to Martha & the Vandellas, Aretha Franklin retakes the top spot with "Respect." A tune that will also be Number One on the pop chart. It was originally recorded and written by Otis Redding who would say he prefers Franklin's version to his own
    1972---Top Hits
The First Time Ever I Saw Your Face - Roberta Flack
Oh Girl - Chi-Lites
I'll Take You There - The Staple Singers
Grandma Harp - Merle Haggard
    1973 - Ken Moore beat 4,030 competitors to win the 63rd Bay-to-Breakers footrace in San Francisco, CA. Moore stepped his way to the finish line in 37 minutes, 15 seconds over a course measured at 7.8 miles.
    1978 - Mavis Hutchinson, 53, made it to New York City to become the first woman to run across America. The 3,000-mile trek took her 69 days. She ran an average of 45 miles each day. Now that's what we call a daily workout.
    1978 --: The beloved/notorious biopic The Buddy Holly Story, starring Gary Busey, premieres in Holly's hometown of Lubbock, TX.
    1978 - Wings' "With A Little Luck" hits #1
    1980---Top Hits
Call Me - Blondie
Ride like the Wind - Christopher Cross
Lost in Love - Air Supply
Gone Too Far - Eddie Rabbitt
    1982 - TV's "Barney Miller" was seen for the last time in its original network run on ABC-TV. Hal Linden as Barney, Abe Vigoda as Fish and a talented cast continue to bring the fictional 12th Precinct to TV screens through syndication.
    1985 - The Dow Jones industrial average broke the 1300 mark for the first time. The Dow gained 19.54 points to close at 1304.88.
    1985-The game between the Milwaukee Brewers and the Cleveland Indians in Cleveland was rained out. Remarkably, this was the first rainout of the season in either league, after a major-league record 485 games had been played without a postponement.
    1985 - Larry Holmes retained the heavyweight boxing title of the International Boxing Federation at Reno, NV by defeating Carl Wilson in 15 rounds. The fight marked the first, heavyweight title fight in Reno since Jack Johnson and Jim Jeffries duked it out in 1910.
    1985-Daryl Hall and John Oates headlined a concert for the grand re-opening of the legendary Apollo Theatre in Harlem. The show benefited the United Negro College Fund and also featured two of the original Temptations, David Ruffin and Eddie Kendrick.
    1987 - The Milwaukee Brewers ended a 12-game losing streak by beating the Chicago White Sox by a 5-1 score. The Brew Crew had opened the season winning 13 games in a row.
    1988 - Thunderstorms in the south central U.S. produced wind gusts to 70 mph at Omaha, NE, and wind gusts to 80 mph at Midland and Dallas, TX. Temperatures in California soared into the 90s and above 100 degrees. San Jose CA reported a record high of 97 degrees.
    1988---Top Hits
Anything for You - Gloria Estefan & Miami Sound Machine
Shattered Dreams - Johnny Hates Jazz
One More Try - George Michael
I'm Gonna Get You - Eddy Raven
    1990 - Thunderstorms produced severe weather across the southeastern quarter of the nation through the day and night. Severe thunderstorms spawned six tornadoes, including one which injured two persons at Algoma, MS, and another which injured nine persons at Rogersville, MO. There were 119 reports of large hail or damaging winds. Thunderstorms produced baseball size hail at Houston MO and damaging winds which killed one person at Toccoa GA.
    1991 - Jeff Reardon becomes the fourth major leaguer to compile 300 career saves. The 35 year-old right-handed reliever, who will retire with 367 saves, reaches the milestone when he retires the side in order in the ninth inning of the Red Sox's 3-0 victory over Milwaukee at Fenway Park.
    1995-Don Henley marries Sharon Summerall in Malibu. Among those present and who performed were Bruce Springsteen, Billy Joel, Sting and Tony Bennett.
    1998 -- Frank Sinatra's funeral is held Beverly Hills' Church of the Good Shepherd, with attendees including Tony Bennett, Bob Dylan, Liza Minnelli, Jack Nicholson, Tony Curtis, Kirk Douglas, Sophia Loren, Bob Newhart, Faye Dunaway, Angie Dickinson, and ex Mia Farrow. Dylan's statement reads, in part, "Right from the beginning, he was there with the truth of things in his voice... He was one of the very few singers who sang without a mask." Ten years later to the day, May 13th is declared Frank Sinatra Day by the Congress of the United States.
    2001- Barry Bonds becomes 13th player in major league history to hit home runs in four consecutive at-bats. The Giant outfielder went yard in his final two at-bats yesterday and homers in his first two official turns at the plate today.
    2006 - After a 29 at-bats homerless drought, Barry Bonds finally catches Babe Ruth with his 714th home run. The historic homer, which ties the designated hitter for second place for career round trippers, comes during the second inning of an interleague contest with the A's with the pitch thrown by southpaw Brad Halsey landing in the first deck of the right-center stands of McAfee Coliseum.
    2012 - Babe Ruth's circa 1920 jersey sells to an undisclosed buyer for $4.415,658, the largest amount ever paid for a piece of sports memorabilia according to The woolen uniform top was probably worn by the Babe during his first season with the Yankees after being traded by Red Sox's owner Harry Frazee.



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