Friday, November 4, 2005
Headlines--- Applications Fall, Mortgage Rates Rise ######## surrounding the article denotes it is a "press release"
-------------------------------------------------------------- Applications Fall, Mortgage Rates Rise Reaching the highest rate in 16 months, 30-year average mortgage rates hit 6.31%, compared to 5.11% a year ago. Adjustable-rate mortgages also went up. Indications are the housing market is starting to cool due to the rising rates, as the Fed raised short-term rates a quarter-point to the highest level in four years. Also word that Congress was considering limited deductions of consumer home mortgage interest also put a damper on the market place, as consumer become more concerned about national gas prices and the higher cost of living. While it is too early to see a trend, it should be noted that adjustable-rate mortgages accounted for 29.4% of mortgage applications. Construction holds its trend while the season turns to winter and a slowing of this industry, and homes on the market take longer to sell, with asking prices being negotiated downward, a new indication of the market moving from a seller's dominance to a buyer's. The housing, mortgage and construction industries have been fueling the economy. It is beginning to look like a cold Winter is coming. -------------------------------------------------------------- SunBridge Capital joins the "Funder" List A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
(L) SunBridge Capital is a direct funding source. We specialize in commercial equipment such as construction equipment, work trucks, titled vehicles and more. Because we understand the value of the assets we fund, we are able to approve a wider range of customers than most other lenders, and deliver approvals in one business day or less. We are committed to providing unprecedented sales tools to the Broker community. We give you the flexibility and control that you need to best serve your customers and to realize your business goals. This includes our on-line broker financing application at www.sunbridgecapital.com/apply . Approvals are delivered as parameters, which allows our brokers to structure the most appropriate deal for their customers and increases their likelihood of closing. *We are in the process of developing our private label program. Some documents can be customized for our regular brokers. **We work direct with vendors who prefer to do business with a direct funding source; and those with whom we have a long standing relationship. We will never attempt to develop a vendor relationship as a result of information obtained from one of our brokers.
For the full list, please go here: http://www.leasingnews.org/Funders_Only/Funders.htm -------------------------------------------------------------- Classified Ads----Asset Management Austin, TX. Bloomfield Township, MI. Chicago, IL. Hartford, CT. Princeton, NJ. Wilton, CT. For a full listing of all "job wanted" ads, please go to: http://216.66.242.252/AL/LeasingNews/JobPostings.htm To place a free "job wanted" ad, please go to: http://216.66.242.252/AL/LeasingNews/PostingForm.asp -------------------------------------------------------------- From Our Archives---- November 3, 2000 "Marlin Leasing Completes $96.9 Million Securitization "Marling Leasing proudly announces the completion of its second term securitization. Marlin recently sold $96.9 million in asset-backed securities that were rated by both Moody's and Fitch. "We are quite pleased with the execution of this recent transaction," said Dan Dyer, Marlin Leasing's CEO. "The company continues to grow; maintaining investor confidence in the asset-backed market plays a vital role in our long term success." --------------------------------------------------------------
-------------------------------------------------------------- Long-Term Trends in Healthcare; Implications for the Leasing Industry New report from Equipment Leasing and Finance Foundation
Healthcare, in the 25-year period from 2005 to 2030 will be shaped by the interaction of a growing demand for healthcare from an aging population and the limit on the resources of society. This interaction will put a premium on productivity and productivity gains will be driven by a wide variety of technology applications in the healthcare sector, many of which will be financed by leasing. A new study, Long-Term Trends in Healthcare: Implications for the Leasing Industry, provides insight into the opportunities and challenges of leasing healthcare equipment and technology. The study, published by the Equipment Leasing and Finance Foundation, provides readers a greater understanding of the projected growth in healthcare equipment, and identifies a number of factors that are converging to make the healthcare sector more receptive to lease financing. The study also provides insight into three major risks the leasing industry will encounter in trying to fill the potential demand for leased equipment. This Foundation study is now available as part of the Healthcare Financing Compendium along with ELA's study, Healthcare Equipment Leasing: U.S. Market Dynamics and Outlook, 2005-2006. The compendium can be purchased through the ELA store at www.elaonline.com/store. The Winter, 2005 Foundation Newsletter: http://www.leasefoundation.org/Reports/JELF/Winter05/JELFWinter05.pdf -------------------------------------------------------------- Venture Capital Investment Q3 05 - MoneyTree Survey Results http://www.nvca.org/pdf/05Q3MTRelFinal.pdf Arizona Association Meeting Report
The Arizona Equipment Leasing Association held it last meeting for the year 2005 at the Scottsdale Country Club Wednesday night. Over 30 enthusiastic and energized leasing professionals networked and commented on the state of their businesses this year. To cap the evening Jeffery Taylor, published author and internationally renowned speaker gave a formal presentation " Has The Leasing Industry Lost Its Direction" Mr. Taylor's insight into what drives leasing and what aspects will make up the direction of the leasing business were awesome. His presentation sparked continued discussion long after his presentation ended. Pat McCann, CLP AZELA Board Member -------------------------------------------------------------- Exclusive Interview By Kit Menkin
Pawnee Leasing Corporation, Fort Collins, Colorado, established in 1982, is a very well respected and well-known small-ticket funding source specializing in start-up business and less traditional credits up to $30,000. Today they have 45 employees and work primarily with brokers who have been in business for only a year ( many are well established for over twenty-five years.) Their rates are high and terms tough, but they have a growing niche in the marketplace as their success has indicated. They know what they are doing. While I was on vacation, the following press release was issued:
In June, 2005 Gary H. Souverein, who has been with the company since 1993, was elevated from executive vice-president to president and COO. Perhaps there was purpose in this move as cars4U "merger" includes Pawnee's senior management team will continue on their roles with Pawnee. In addition, Rob Day and Sam Leeper, Pawnee's Chairman and founder, and CEO respectively, will be among the trustees for the income fund.
"This is not a current event for Pawnee," he explained. "We've been engaged in discussions and subsequent due diligence with cars4U for several months. I can tell you due diligence can be a distraction to running any business, but we enjoy demonstrating our well disciplined business operations. We are very proud of the systems and results we've created at Pawnee." "We were not seeking an opportunity like this; in fact just weeks earlier to our introduction to cars4U we had completed a significant financing facility with JPMorgan Chase... Our business was well positioned for our growth plans. Ours was not a situation motivated by some deficiency in our business. We have been exceptionally fortunate to have a stable record of success in every year of our company history." Here are more specifics from Gary Souverein : "On October 24 Pawnee entered into an agreement with cars4U to be acquired concurrent with our two firms completing an IPO...and conversion to an income trust/fund. Pending a successful IPO the purchase price would be $57.9 million. Under the terms of the purchase agreement, $44.4 million will be payable in cash at closing with the balance--- satisfied through the issuance of securities, which are directly or indirectly exchangeable for units of the income trust/fund." "Canada's public marketplace is much smaller, but it is very dynamic... income trusts specifically make up over $160 billion of market capitalization. This is an important opportunity for us, to leverage the public capital markets. cars4U appears to be impressed with the overall operation, particularly the earnings performance in Pawnee's marketplace. This is not a portfolio purchase, more an investment. Souverein appears excited about the opportunities to come. "In the coming months, we should be successful in our IPO effort, " he said. He believes while the cultures of both are different, they both have the same mission. "It centers on our shareholders, employees and customers, " he explained. "Every aspect of our business and 100% of our employee and management team remains as is. "I can emphasize to you and your readers we intend to continue to deliver and focus our corporate mission to the broker community. We will continue to underwrite small-ticket start-up and less traditional credits, like we have been doing since we started in 1982. If you would like to offer support to Gary, encouragement, here is his address: Gary H. Souverein -------------------------------------------------------------- Classified Ads---Help Wanted Administration Manager
Leasing Sales Manager
National Account Manager
------------------------------------------------------------- Illinois courts dismiss IFC suits v. NorVergence customers on jurisdiction and res judicata grounds
Randy Brook Senior Attorney Federal Trade Commission "The Hon. James Ryan of the Circuit Court of Cook County, IL, 3rd Municipal District, has just issued his third decision and order dismissing suits by IFC Credit Corp. against consumers who had NorVergence Rental Agreements ("NRA") assigned to IFC. Judge Ryan held that the forum selection clause in the NRAs was "unenforceable because it offends the public policy of fundamental fairness" and, therefore, the Illinois courts have no personal jurisdiction over the out-of-state defendants. A copy of the Streng opinion and order is attached. Judge Ryan gave particular note to the significance of the Master Program Agreement between NorVergence and IFC that pre-dated any signing of the NRAs by consumers. This decision follows, and expands the reasoning of, prior decisions of the same court involving 14 separate cases brought by IFC. "In addition, Judge Mary K. Rochford of the 2nd Municipal District dismissed an IFC suit against Magnetic Technologies on the merits, based on res judicata grounds. As yet there is only a handwritten order (copy attached). "The FTC takes no position on these decisions. The undersigned staff attorney, speaking only for himself, does note that the FTC has long held that filing distant forum lawsuits against individual and small business consumers are unfair practices that violate the FTC Act, regardless of whether any particular state may uphold its courts' jurisdiction against distant consumers based on a forum selection or waiver clause in the contract." http://leasingnews.org/PDF/Magnetic%20Tech%20Dismissal%20Order.pdf http://leasingnews.org/PDF/IFCvStreng.pdf "The Hon. Blanche Manning, US District Judge in the Northern District of Illinois, has dismissed an IFC lawsuit against Warner Robbins Supply on jurisdictional grounds. Judge Manning considered conflicting lower court decisions and held, on motion to reconsider, that the NorVergence forum selection was not enforceable and there was no other basis to exercise jurisdiction in IL. "The case was handled by IL attorney Michael Fleck." http://leasingnews.org/PDF/Memorandum%20Opinion%20and%20Order.pdf http://leasingnews.org/PDF/Minute%20Order%20dismissing%20case.pdf -------------------------------------------------------------
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The Cat is Going to Get You This is not only addressed to lessors and their attorneys involved with NorVergence leases, but to others in the industry who are still living in the 20th century; the days before Google, Yahoo, Copernic, Mozilla Firefox, Opera, Safari, to name a few, plus list serve, blogs, and "professional" web sites a ten year old child can construct in a half hour---free hosting, free e-mail addresse with 1gb storage space, and digital televisions with sixty plus more channels for local and international news happening right now, seen right now, in real time, by satellite, even from Luso in Portugal to Adigar and Casablanca in Morocco ( I was there, almost every apartment had a satellite dish, often clothing hanging to dry, too, but satellite dish nevertheless.) Hotels in Rome, Lisbon, and even Oporto had wireless internet available for guests (one even had a hotel lap top you could bring to your room for personal use, if you did not have your lap top with you to plug in.) There is CNN, Fox News, BBC, all in English, local television news, and even American televisions shows: "CSI- New York" is popular in Portugal. And you haven't seen anything until you watch "Law and Order" in German. While Leasing News may be alienating a few of its advertisers, several leasing associations, perhaps the 47 leasing companies involved ( the list is still be developed,) our mission is to be independent, unbiased, and provide fair news about the industry. This centers on factual information. From my bottom floor office window I have a view out a window that goes from the ceiling to the floor, perhaps three and a half feet wide, that often I pull the shade up. My office is in the back of the second building, so not one can see it, but I have this luxurious landscape of an empty lot with the weeds cut down, right next to the County Superior Court House in Los Gatos. It is several football fields wide and long. Seriously, I like to look out the window because it is almost like being in the country. When I am on the telephone, sometimes I look out and see this black cat. He is big for a cat. He owns the empty lot. It is his to survey. It is his to hunt. He often sits on a small hill in the far corner, surveying the panorama , looking perhaps for a golpher or another animal, more importantly, a bird that lands for the bugs in the soil covered with cut brown weeks. He is quite noticeable to me as I know where he likes being on the top of this small hill. He is black against the brown dirt and cut weeds. He has his territory. He has his own "office." My eyes go right to him every time I look out the window. Sometimes in walking to my car, I see him sitting, waiting. He does not appear that he is moving. He might even be a small black statue. He seems to have great patience. The cat reminds me of Randy Brook, the Federal Trade Commission attorney, who specializes in prosecuting banks, financing, and leasing companies, as if he were a cat about to put his teeth around the bird and take him home to eat. I remember one day looking from my window, sitting in my chair, watching the cat sneek up on its prey. He moves very slowly, almost as if he is not moving at all. Low to the ground, almost as if he were part of it, deliberately in slow motion, keeping low to the ground, stopping when the bird looks his way, always keeping his two eyes on his goal. His prey is oblivious. There is no fear, just an occassion quick look around, no real care, just eating bugs, not aware he is about to be suddenly pounced upon and also eaten. Lessors in NorVergence "Equipment Rental Agreements" are losing ground as expressed in a recent decision brought to Leasing News attention in Sterling National Bank, as assignee of NorVergence against Kings Manor Estates, LLC, and Paul Anderson, individually, in the civil court of the State of New York, New York County. Sterling has its motion for summary judgment denied in NY and then may end up paying for the defendant's legal costs! "As to any transfer, the court reserves the power to direct that the costs, including the cost of any Request for Judicial Intervention, be borne by plaintiff "...the motion for summary judgment is denied and the motion for a stay is granted. This matter shall be stayed pending further order of the court and, three months hence, a conference before the court shall be held to determine whether the matter has been resolved or whether defendants request that this matter be transferred to the Supreme Court after the expiration of such stay. As to any transfer, the court reserves the power to direct that the costs, including the cost of any Request for Judicial Intervention, be borne by plaintiff. The court does not reach the question of whether the plaintiff, having elected this forum, has waived a right to request transfer of this matter." In recent stories, especially in Illinois, cases of venue and other substance issues have gone against plaintiffs. Information, cases, are being share not only with NorVergence lessees, but their attorneys, who should not be viewed as a "sole practitioner but a member of perhaps the United States largest law firm with all its assets, experience, and knowledge with internet instant information. For leasing companies who have not settled, Leasing News advises you to read this case, to realize you are not safe in your contract, and this cat is going to get you. Be warned. This cat does not have a bell around its neck. http://leasingnews.org/PDF/SterlingforNovergence.pdf Christopher Menkin, Publisher ###Press Release############################ Truck, Construction Repossessions Show Increase in Q3
Nassau Asset Management notes repos up in many sectors, but not all; Contributing factors include fuel costs, greater leasing activity WESTBURY, NY, -Equipment repossessions and liquidations nationwide continued to rise during the third quarter, most notably for trucks and construction machinery, reports Nassau Asset Management. Nassau's NasTrac Quarterly Index (NQI) reveals trends in repossessions and orderly liquidations based upon the company's own internal activity in a given quarter compared to the same quarter the previous year. Nassau provides asset recovery, appraisal, collections, liquidation and remarketing services for equipment leasing and finance companies across the nation. The company earlier this year noted that repossessions and liquidations during the first two quarters of 2005 increased significantly for the first time since 2002. This trend continues through the third quarter. In the company's latest NQI, repossessions and liquidations during third quarter (Q3) 2005 compared with Q3 2004 increased in four of five categories: trucks/trailers (+188%); construction equipment (+126%); printing presses (+49%); and machine tools (+22%). However, repossessions and liquidations of medical devices decreased for the first time in 2005 (-24%). Edward Castagna, president of the company, says several factors appear to be influencing the 2005 upswing in repossessions and liquidations for some equipment sectors. "The obvious answer is that adverse economic conditions are driving up some repossessions. This is true, but not the whole story," Castagna explains. "Fuel costs are among the adverse economic conditions affecting repossessions. There is no question in our minds that rising fuel costs earlier this year made it harder for truckers, construction companies and other firms to do business, which resulted in more repossessions," Castagna says. A September 2005 Duke University/CFO Magazine Business Outlook survey noted that chief financial officers cited high fuel costs as the number one concern for U.S. firms, surpassing high health care costs for the first time in the survey's history. "Yet part of the increase in repossessions and liquidations may also be attributed to greater leasing activity by our clients in the equipment finance industry," Castagna adds. For example, if lease volume is up, even if delinquencies are as low as 1%, the numbers of liquidations and repossessions will rise. The Equipment Leasing Association's (ELA) annual volume chart shows overall leasing volume peaked at $247 billion in 2000, and then slipped to: $216 billion in 2001; $206 billion in 2002; and $194 billion in 2003. The most recent chart, which compiles data from the federal government and ELA, includes estimates by Financial Institutions Consulting that predicted 2004 volume would increase to $220 billion, with 2005 volume potentially topping the industry's $247 billion highpoint in 2000. The ELA recently reported that new business volume in September reached $5.06 billion, the highest for any month in 2005 and an increase of 18.1% over new volume generated in August. About NQI NQI reports on Nassau's internal repossession and orderly liquidation activity in a given quarter compared to the same quarter the previous year. Readers should keep in mind that results must be viewed over several quarters to establish trends. Finance companies and industry analysts can also contract with Nassau to dig deeper into the numbers, determining the root causes for trends and researching specific equipment types. Companies can use their private reports created by Nassau to help mitigate risk in portfolios and/or provide useful economic indicators to their own clients. About Nassau Nassau Asset Management of Westbury, NY, has been providing nationwide full-service asset management, including equipment remarketing, fleet and plant liquidations, collections, and appraisals for more than 25 years to the equipment finance industry. For more information, please visit www.nasset.com or call 1-800-4.NASSAU. Edward Castagna 1-800.4.NASSAU, ext. 301 ecast@nasset.com, cc: carla@crosslink.net ###Press Release########################### CIT to Host Investor Day Conference NEW YORK, -- CIT Group Inc. (NYSE: CIT) will host an Investor Conference on Tuesday, November 8, 2005. The scheduled start time of the presentation is 8:00am EST and is expected to last until approximately 12:45pm EST. Presenters include Jeffrey M. Peek, Chairman and Chief Executive Officer, Joseph M. Leone, Vice Chairman and Chief Financial Officer, Thomas B. Hallman, Vice Chairman, Specialty Finance, Lawrence A. Marsiello, Vice Chairman and Chief Lending Officer, Frederick W. Wolfert, Vice Chairman, Commercial Finance and Walter J. Owens, Executive Vice President, Chief Sales & Marketing Officer. A live webcast of the presentation, in addition to the accompanying slides, will be available on CIT's Investor Relations web site at http://ir.cit.com. To view the presentations and listen to the live event, log on to the web site approximately fifteen minutes prior to the start of the event to register, download and install any necessary audio software. A replay of the event will be archived at http://ir.cit.com until 11:59pm EST on November 30, 2005. About CIT Group CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its Global Headquarters in New York City and Corporate Offices in Livingston, New Jersey, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com . ###Press Release############################
News Briefs---- Retail Sales Rose 4.4% Last Month Greenspan warns Congress budget deficits could cause serious economic disruptins Fitch: Monthly Performance Weaker for U.S. Prime & Subprime Auto ABS Amtrak's business operations need to be strengthened, GAO says pre-qualification, pre-approval and loan commitment. Risk of Avian Flu Could Send Poultry Indoors ---------------------------------------------------------------
You May Have Missed Is New York Worth a Trip? Oui http://www.nytimes.com/2005/11/02/dining/02mich.html ----------------------------------------------------------------
California News Briefs--- Governor's re-election prospects low http://www.mercurynews.com/mld/mercurynews/news/politics/elections/13069217.htm ----------------------------------------------------------------
"Gimme that Wine" Coppola buys landmark winery in Geyserville Artisans & Estates acquires La Jota Airlines Go to Great Lengths in Choosing Wine ---------------------------------------------------------------
Restaurant Review (Leasing News invites you to send in information about your favorite restaurant, or where you go when you are visiting another city.) Tucson, Arizona
6440 N. Campbell Ave., Tucson, Arizona 520- 299-1771 Fax 520-299-6635 http://www.anthonyscatalinas.com Location: http://www.anthonyscatalinas.com/location.html Very easy to find from downtown, either up two main streets or up Campbell or Main. Definitely wear a tie. Get a reservation early, months in advance, if you can. Great dinner, great wine list, smoking and cigar smoking section that will not bother non-smokers, great view of the city, alhough new buildings and area surrounding the restaurant which at one time was alone on the hill. Wine Spectator Magazines only Grand Award Winning Restaurant for Wine Selection in the entire State of Arizona. Fantastic service, great food and dessert. You will not be disappointed, except it is expensive (very for older wines, but you won't find them except in collector's cellars). Winner of many national dining awards, too. Truly an outstanding restaurant, equal or better than you will find in New York, San Francisco, Chicago, or New Orleans. (Not far from the Sheraton El Conquistador that I have stayed at four or five times for conventions and also to visit Arizona University). If Burton Rogers is there, generally handling the wine selection, ask for him. I have known him from Gene's Liquors in Saratoga, to The Plumed Horse in Saratoga, to a great restaurant no longer in Monterey, and since he is one of the most knowledgeable and experienced on wine I have ever met, it will be your treat to meet him; a real character, too. ----------------------------------------------------------------
Today's Top Event in History 1939-The Packard Motor Car Company, Detroit, publicly exhibited the first air-conditioned car at the 40th Automobile Show, Chicago, IL. Air in the car was cooled to the temperature desired, dehumidified, filtered, and circulated. The refrigerating coils were located behind the rear seat in tan air duct, with heating coils into another compartment of the same duct. The capacity of the unit was equivalent to 1.5 tons of ice in 24 hours when the car was driven at 60 miles per hour, or 2 tons at 80 miles per hour. The invention was first offered to the Ford Motor Company, invented by the Greenberg Brothers. It was a sweltering August day when the three Greenberg Brothers entered the posh Dearborn, Michigan offices of the notoriously anti- Semitic carmaker, Henry Ford. "Mr. Ford," announced Hyman Greenberg, the eldest of the three, "we have a remarkable invention that will revolutionize the automobile industry." Ford looked skeptical, but their threats to offer it to the competition kept his interest piqued. Hi Greenberg continued, "We would like to demonstrate it to you in person." After a little cajoling, they brought Mr. Ford outside and asked him to enter a black car that was parked in front of the building. Norman Greenberg, the middle brother, opened the door of the car. "Please step inside, Mr. Ford." "What!" shouted the tycoon, "are you crazy? It must be one hundred degrees in that car!" "It is," smiled the youngest brother, Max, "but sit down, Mr. Ford, and push the white button." Intrigued, Ford pushed the button. All of a sudden a whoosh of freezing air started blowing from vents all around the car, and within seconds the automobile was not only comfortable, it was quite cool! "This is amazing!" exclaimed Ford. "How much do you want for the patent?" Norman spoke up. "The price is one million dollars." Then he paused, "And there is something else. We want the name 'Greenberg Brothers Air Conditioning' to be stamped right next to the Ford logo." "Money is no problem," retorted Ford, "but no way will I have a Jewish name next to my logo on my cars!" They haggled back and forth for a while and finally they settled. One and one half million dollars, and the name Greenberg would be left off. However, the first names of the Greenberg brothers would be forever emblazoned upon the console of every Ford air conditioning system. And that is why today, whenever you enter a Ford vehicle you will see those three names clearly defined on the air-conditioning control panel: Max-Hi-Norm ----------------------------------------------------------------
This Day in American History 1646 -The Massachusetts Bay Colony passed a law making it a capital offense to deny that the Bible was the Word of God. Any person convicted of the offense was liable to the death penalty. World Series Baseball Champions This Date 2001 Arizona Diamondbacks. http://worldseries.mlb.com/ws/index.html ------------------------------------------------------------- American Football Poem Sir Andrew Barton (excerpts of a Scottish ballad) "Fight on, my men," says Sir Andrew Barton, "Fight on my men," says Sir Andrew Barton, But when they could not hear his whistle blow, With that they boarded this noble ship, My lord Howard took sword in his hand, He caused his body to be taken down, The National Football League (NFL) has had only one head coach with a Harvard degree, but he was an awfully good one. This year, Marv Levy, A.M. '51, who led the Buffalo Bills to four straight Super Bowl appearances--a feat matched by no other coach--was inducted into the NFL Hall of Fame in Canton, Ohio. At the ceremony, ESPN's Chris Berman introduced Levy by booming out the coach's signature line: "Where would you rather be than right here, right now?" That question, embodying a Zen-like wisdom, helped focus athletes for the battle. Levy used it before every game for 44 years. His NFL teams compiled a regular-season record of 143-112 and went 11-8 in the postseason. The Bills destroyed opponents with their famous "no-huddle" offense run by flashy quarterback Jim Kelly, and boasted stars like running back Thurman Thomas, receiver André Reed, and defensive end Bruce Smith. But perhaps Levy's greatest coaching achievement came in remobilizing the Bills each fall during their four-year Super Bowl run, since the team lost each of those big games. "Losing each one was tremendously disappointing," says Levy, who was 65 when the streak began. "I'd like to be able to say that we won one of them, or all four, but that's not going to change. Yet each time, our athletes showed their resilience--they got right back to work. The only way to win a Super Bowl is to get into it." After the first loss, a 20-19 heartbreaker to the New York Giants, the coach recalled a small book of poetry his mother had given him when he went into the service, and typed out four lines from an unknown British poet: Fight on, my men, Sir Andrew said, A little I'm hurt but not yet slain. I'll just lie down and bleed awhile, And I'll rise and fight again. "Eight or ten players came up and asked for a copy of that poem," says Levy, who on another occasion cited Hemingway's definition of character as "grace under pressure," suggesting why one newspaper called him a "Renaissance man on the sidelines." His own college-football career took place at Coe College in Iowa, where Levy was both a running back and a member of Phi Beta Kappa. "I loved the coaches at that small college--their high ideals," he recalls. "They were models who embodied everything I wanted to be." After graduation in 1950, he "reluctantly trudged off" to Harvard Law School, but immediately found himself sitting in classes thinking, "I don't want to be a lawyer--I can't take this." Levy called home to tell his father he was dropping out of law school, and that what he really wanted to do was be a football coach. "There were 30 seconds of painful silence," he recalls, before his father said, "Be a good one." Levy quickly transferred into a master's program in history at the Graduate School of Arts and Sciences, where he studied under luminaries such as Arthur Schlesinger Sr., Merle Fainsod, and Sidney B. Fay, who advised Levy's thesis on the Lend-Lease program. The future leader also attended every Harvard football game. "I cannot avow that what I learned at Harvard prepared me precisely for a career as a football coach," Levy wrote in a 1994 memoir for the Phi Beta Kappa newsletter, the Key Reporter. "Perhaps being in an environment where such earnest enthusiasm pervaded all the activities--intellectual and nonacademic--of those who made up the Harvard community helped me understand how important it is to be associated with people who are intrinsically motivated." Levy's coaching career began at St. Louis Country Day School, and included college jobs at Coe, New Mexico, William and Mary, and Berkeley, where future San Francisco 49er coach Bill Walsh was his assistant. (In 1970 Levy would be a finalist for the Harvard head coaching job that ultimately went to Joe Restic.) In 1978 he got his first NFL head coaching job with the Kansas City Chiefs and joined the Bills in 1986, staying through the 1997 season. When Levy took charge of the New Mexico program, he was the youngest head coach of a major college team in America, and by 1994 he had become the NFL's oldest head coach. "Challenge my coaching accomplishments if you wish," he wrote in the memoir. "But my stamina, at least, defies criticism." "I went into football because I enjoyed it," he says. "You are surrounded by these great role models, playing a game that's energizing--and that's your life's work? How lucky can you get?" (by the way, the poem is really a ballad about a Scottish Captain killed by the British, a true story remembered as a song, but that is another story for another day.) |
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