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

Friday, October 23
, 2015

Today's Equipment Leasing Headlines

Why Was Daniel Dyer Forced to Resign
 When He was Co-Founder of Marlin Leasing?
State Bank & Trust Acquires Patriot Capital
The Alta Group Served as Financial Advisor
New Hires---Promotions in the Leasing Business
  and Related Industries
Leasing Industry Ads---Help Wanted
Ascentium/Channel Partners/IMCA
Credit/Collections #102 by Ben Carlile
Managing Risk amid High Competition
Leasing Conference –Updates
ELFA Board Retires at the Conferences Natural End
New Chairman takes over/Sutton to leave End of Year
CIT Group Announces Senior Management Succession Plan
  Four Major Changes
CIT Announces Strategic Initiatives Designed to Further
Its Transition to a U.S. Commercial Bank
OnDeck Expands Product Set To Meet
Full Range of Small Business Financing Needs
Halloween Special: Original Frankenstein/Mad Love
Its' the Great Pumpkin, Charlie Brown/Deep Red/The Howling
Digital Reviews from Leasing News' Fernando Croce
Poodle Blend
Atlanta, Georgia  Adopt-a-Dog
News Briefs---
GATX 3rd Quarter Reports Results
 23% Decline
High times ahead for Canadian rails, No Keystone Pipe Line
 halt to expansion of Alberta’s northern tar sands
Caterpillar Slashes Outlook on Weak Demand
 sees sales falling for fourth straight year in 2016
Farm machinery taps into sharing economy trend
  things have been quieter at equipment dealerships
U.S. existing home sales surge in September
  sales grow to the second-highest pace in eight years
Amazon’s Jeff Bezos is the third-richest man in the nation
  Oh, Boy!
How to Comply with 2015 FASB Lease Accounting Changes
Michael Keeler and Bruce Conway, LeaseAccelerator (32 pages)

Broker/Funder/Industry Lists | Features (writer's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months (Be Careful of Doing Business)
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######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer.

Leasing News Monday -  Charles Anderson in FinTech #102
What does “instant credit decision” mean? – Part II



Why Was Daniel Dyer Forced to Resign
When He was Co-Founder of Marlin Leasing?

By Christopher Menkin

Reaction was swift and very surprising that Daniel Dyer was resigning as CEO and Director of Marlin Business Services Corp. at age 57. notes, "It is considered a bad sign when a top manager leaves the position abruptly and without an understandable explanation...Dyer co-founded Marlin in 1997 and has served as CEO and director since. It’s rare for top managers at big corporations to retire suddenly with no successor in place. When that does happen, it’s a signal that the outgoing chief was asked to leave.”

The resignation was ironic as the same day of the announcement, stock analysts gave Marlin "an average broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a strong buy recommendation.

"Zacks has also given Marlin Business Services Corp. an industry rank of 79 out of 265 based on the ratings given to its competitors." (2)

The company stock is doing well, despite the announcement of Dyer’s retirement!


End-of-day Price ($): 16.94
Change ($) :0.61
Change (%): 3.74
One Day Volume: 23,535
Day's High ($) : 16.96
Day's Low ($) : 16.37
Previous Close ($) : 16.33

It was the timing that was perhaps the most strange, such as by October 20th, right before the Equipment Leasing and Finance Association (ELFA) Convention in San Antonio, Texas on October 25th.  Both he and Edward J. Siciliano, interim CEO, are listed among attendees, as well as Dyer is on the board of directors. Wouldn't it be better if the effective date was after the conference?  Why so sudden? Why not an orderly change with a replacement announced with a smooth transition.

The effective date was important. Leasing News was informed Dan Dyer’s term on the ELFA Board of Directors is coming to its natural end. Yes, this would be an important event for him. He is not on the new Board that begins immediately after Convention. Robert J. Rinaldi, Commercial Industrial Finance, Inc. will become Past Chairman and William F. Stephenson, DLL, will become Chairman. He would want to
be there.

It will be the last conference for President and CEO William G. Sutton, CAE, Ret. Rear Admiral, who retires at year end with Ralph Petta taking over as President and CEO on January 1, 2015.

Yes, it should therefore be important for him to attend. Afterwards, he could join as an independent member or be considered part of Marlin as he was hired as a consultant for one year, not to go over 35 hours per month.

Leasing News received no comment from either Mr. Dyer or the
interim CEO Mr. Siciliano.

The Marlin consultant agreement is a type of a one year non-compete in New Jersey law, according to a well-known attorney. (3)

In addition, the other terms of resignation, are pretty strong, and may be considered may be consider "common" for a top executive, although the terms were not published in the resignation of Chief Financial Officer Lynne Wilson on April 30, 2015, or Executive Vice President, General Counsel George D. Pelose on November 7, 2013. The terms are very strong. He can't talk, write, complain, or breathe any comment regarding his term or experience at Marlin. (4)

But then again, maybe it is a health agreement, and someone was trying to tell this to Leasing News.  The first photo is the Leasing News file photo of Mr. Dyer, used on the web site and ELFA pages. The second was on his site, but was removed:


(If a reader sees him at the ELFA Conference, please take either a selfie or photo so we can find out which is the correct photo above as could not get a response from Marlin Business Services.)

But then again for a third time, in the press release announcing the retirement, Dyer concludes in his statement, “I look forward with anticipation to pursuing new opportunities of a personal and career interest." (5)  If this statement is true, Dyer will be attending the ELFA San Antonio Conference, which now has close to 1,000 registered.

What is going on, and will Marlin continue the Evergreen Clause game, particularly used on copier leases?  Has competition by FinTech companies and the growth of Ascentium Capital as well as Financial Pacific changed the marketplace? Or is it an issue of health, but then why the non-compete one year consultation and strong separation agreement?

  3.  Consulting Agreement
  4. Separation Agreement
  5. Marlin Press Release

In a Surprise Move, Marlin Business Co-Founder/CEO Daniel P. Dyer Resigns



State Bank & Trust Acquires Patriot Capital
The Alta Group Served as Financial Advisor

Bruce Kropschot, Senior Managing Director and Mergers & Acquisitions Advisory Practice Leader for the Alta Group told Leasing News the Alta Group served as a financial advisor to Patriot Capital Corporation in the acquisition of its equipment finance origination platform by State Bank and Trust Company, Atlanta, Georgia. Barry Marks, Esq. served as Legal Counsel to Patriot Capital.

Patriot Capital is a privately owned company that finances fueling and related convenience-store and commercial fueling equipment throughout the continental United States. Founded in 2000, it has grown from a regional financing firm to a leading provider of equipment financing for equipment such as gas pumps, LED lighting, underground storage tanks and related equipment.

Chris Santy, founder and president of Atlanta-based Patriot Capital Corp., will join State Bank as president of the newly created Patriot Finance Division.

“I am excited to be joining State Bank and look forward to expanding our lending capabilities through the resources of a larger institution.” Santy said. “Our two companies align very well from a cultural perspective. We believe the strength and power of State Bank with the industry knowledge of Patriot Capital will help make us a more formidable competitor in the equipment finance space.”

Patriot’s customer base includes fuel jobbers, convenience-store operators and commercial fueling sites.

Tom Wiley
CEO, State Bank & Trust

“Equipment financing is a business we have long wanted to enter, and we have found a great fit with Patriot, one of the largest equipment lenders in the retail fueling industry,” said Tom Wiley, CEO of State Bank & Trust. “Patriot Capital Corp. has, under Chris Santy’s leadership, developed a nationwide footprint, being recognized in the industry for the strength of their sales and management teams, strong customer partnerships and customer focus.

He continued, “We believe this acquisition is an attractive use of capital that will broaden our asset generating capabilities through additional growth and diversification of our loan portfolio. In addition, we believe we can efficiently generate significant scale by leveraging the established Patriot Capital distribution platform with greater value through the utilization of our existing programs and products.”

“An increasing number of banks have become attracted to the additional commercial loan volume that can be achieved through an equipment financing business,” said Kropschot.

“The Alta Group was pleased to be able to help Patriot Capital founder and President Chris Santy complete this transaction with a strong bank whose financial resources should enable the Patriot Capital organization to continue its rapid growth.”

Kropschot stated that buyers and sellers often have difficulty in determining how they should value a leasing business that is for sale.  “This panel brings together individuals who have had a wide variety of experience in the equipment leasing and finance M&A market, and they will share their knowledge as to various methods of valuing a business in an acquisition.”

Bruce Kropschot

The announcement came as Kropschot was en route to San Antonio, Texas, for the annual Equipment Leasing and Finance Association (ELFA) Convention, where he will be reporting on the conference for Leasing News. He will be presenting on Sunday the Leasing News 2015 Person of the Year Award to Valerie Jester, Past President of ELFA and its first female president.  Kropschot will also serve as moderator for a session on Tuesday, Oct. 27, on Valuing a Business in an Acquisition. Other session presenters will include Eric Hanson of Macquarie Capital (USA), Hernan Hernandez of City National Bank, Lawrence A. Marsiello of Pine Brook Road Partners, and Paul Menzel of Financial Pacific Leasing. 


New Hires---Promotions in the Leasing Business
and Related Industries

Jim Alek was hired as Managing Director by Philips Medical Capital, Greater Philadelphia area. He joined De Lage Landen Financial Services, 2002, and was promoted to Global Chief Risk Officer, Clean Technology & Healthcare (2006-September, 2015). Education: Temple University - James E. Beasley School of Law, JD, law (1979 – 1982). Penn State University, BS, Economics (1973 – 1977).

Nick Cicerone was hired as Technician, Fleming Consulting, LLC; based in Philadelphia, Pennsylvania. Previously, he was Administrative Clerk, LEAF Commercial Capital, Inc. (October 2002 – September 2015 Education: Franklin Towne Charter High School (2000 – 2004).

Janet Cooksey was hired as Regional Sales Manager for Advantage Funding, Lake Success, New York. She will "...capitalize on her transportation financial services experience in over-the-road (OTR), regional-haul and vocational trucks as well as trailer financing, in the company’s Mid-South Region...(she) served as Regional Sales Manager for Charlotte-based Commercial Credit Group, Inc., where she sold more than $20 million in truck financing (June 2015-October 2015). She also handled Volvo Construction Equipment, averaging $110 million in total annual sales (November 2000–June 2014);” District Finance Manager, Mack Financial Services (2000–2008); Credit Manager, Mars Petcare (November, 1999 – November, 2000); Manager of Credit & Collections, Republic Services, Browning Ferris Industries (October, 1998 – November, 1999); Credit Manager, American Color Graphics (1993 – 1998); Asset Base Recovery Rep., The Associates (March, 1986 – January, 1992). Education:  Chadwick University, 1 course, Economics (1987 – 1989). Middle Tennessee State University, Finance, Greenbrier High School (1980 – 1984).

Rahul Kapur was hired as Managing Director, ZRG Partners, Rochelle Park, New Jersey, "to support growth in the Payments and Retail Banking sector.  Rahul will be part of the firm’s global financial services practice and bring specific expertise to clients in the payments and banking space. “Previously, Director, Advisory, Banking and Payments. PwC (April, 2014 – July, 2015); Senior Director, Management Consulting, Banking, Cards, and Payments
Cognizant Technology Solutions (April, 2012 – April, 2014); Principal,
Capgemini (November, 2010 – April, 2012); Managing Principal, Capco (November, 2005 – November, 2010); Vice President, Consulting Services, MasterCard Advisors (June, 2004 – November, 2005); Principal Consultant, Infosys Technologies (November, 2002 – March 2004); Director, Consulting, Bowne Global Solutions (April, 2000 – November, 2002); Manager, Deloitte Consulting (September, 1998 – April, 2000); Manager, PriceWaterhouse (August, 1991 – August, 1996); Manager, PriceWaterhouse (August, 1991 – August, 1996). Education: Darden Graduate School of Business Administration, University of Virginia. MBA, General Management (Strategy) (August, 1996 – May, 1998). Carnegie Mellon University, BS, Applied Mathematics/Operations Research (Minor in Industrial Management)
(August, 1987 – May, 1991). East Brunswick High School (1983 – 1987).

Laura Heft was announced as Associate Attorney at Askounis & Darcy, PC, Chicago, Illinois.  She joined the firm August, 2015. "Ms. Heft concentrates her practice in transactional and litigation matters with a special focus on aircraft related issues.  Ms. Heft is licensed to practice in the States of Illinois and Indiana." Previously, she was Attorney Intern, Regional Office, Federal Aviation Administration (June, 2015 – August, 2015); Attorney, Clutch Group (March, 2015 – August, 2015); Attorney, Hagens Berman Sobol Shapiro LLP (October, 2014 – March, 2015); Judicial Law Clerk, Elkhart County (May, 2012 – August, 2014); Administrative Law Judge, Judge Clinic, Indiana University (August, 2011 – May, 2012); Research Assistant, Indiana University Maurer School of Law (August, 2011 – May, 2012); Database Project, Student Coordinator, Indiana University (April, 2011 – May, 2011); Intern, Helsinki Foundation for Human Rights (February, 2011 – May, 2011); Research Assistant, University Maurer School of Law (June, 2010 – August, 2010); Research Department Intern, 2nd District Court of Appeals of Illinois (June, 2010 – August 2010); Manager, Heft Enterprises Inc. (January, 1995 – May, 2010). Organizations: United States Hang Gliding and Paragliding Association, H2 Pilot, Starting June, 2010. Illinois Bar Association, Member, Starting October, 2012. Chicago Bar Association, Member (2012 – 2013). South Bend Civic Theatre, Actress, Starting January, 2012. Elkhart Civic Theatre, Actress, (August, 2013 – November, 2013). American Bar Association Business Law Section, Starting February, 2015. Volunteer: Board Member, Elkhart County Family Services (February, 2014 – August, 2014). Volunteer, Wausau Area Events (2011). Arts and Culture, Volunteer, Habitat for Humanity, 2009.
Social Services, Camp Leader, Camp Adventure, 2007. Volunteer,
Les Restos du Coeur, Civil Rights and Social Action, 2007. Languages: French. Education: University of Mississippi School of Law L.L.M., Master of Laws in Air and Space Law, 3.90 (2014 – 2015). Indiana University Bloomington, Doctor of Law (JD), Law (2009 – 2012). Activities and Societies: Indiana Law Journal, Managing Editor. Journal of Law and Social Equality, Executive Notes and Comments Editor.  Law and Drama Society. Phi Alpha Delta Legal Fraternity. Cornell College, Bachelor's Degree, International Relations; French
(2006 – 2009). Nicolet Technical College, Associate's Degree, Culinary Arts (2001 – 2004).

Matthew Kelley was hired as Senior Credit Analyst at Deutsche Leasing USA, Chicago, Illinois.  Previously, he was Senior Credit Risk Analyst, West Suburban Bank (January, 2015 – October, 2015); Finance Program Officer, VP & Portfolio Compliance Officer, National Finance Associates, LLC (April, 2006 – October, 2014); Credit and Collections Analyst, Bowe Bell + Howell (April, 2005 – April, 2006); Risk Analyst, Bank of America, Fleet Capital Leasing (April, 2003 – April, 2005); Transaction Analyst, Bank of America, Fleet Capital Leasing (April, 2000 – April, 2003); Lease Negotiations Representative, Heller Financial (July, 1995 – April, 2000); Vendor Finance Program Officer, Inventory Control Analyst, Staff Accountant, Forsythe Technology (1990 – 1995). Volunteer: Arlington Heights Park District, Coach of Youth Athletics (August, 2006 – Present). Education: Northern Illinois University, College of Business, Bachelor of Science, Finance (1985 – 1989). Minor in Economics. Activities and Societies: VP of Finance, Campus Activities Board

Blake Kennedy was promoted to Senior Vice President, Business Development at Bibby Financial Services USA, Greater Atlanta Area. He joined the firm September, 2008 as Vice President of Sales & Marketing; promoted, January, 2014 to Head of Sales-South. Previously, he was Account Manager/Business Development UPS (1996 – 2006). Education: Elon University, Political Science (1990 – 1994).

Mike Larson was hired as Regional Sales Manager, Balboa Capital, Irvine, California; he is based out of Seattle, Previously, he was Vice President, National Accounts, TIP Capital (March 2014–October 2015); Regional Sales Executive, Key Bank (December 2011–March 2014); Vice President, Sales, Puget Sound Leasing (2004–2010); Regional Sales Manager, American Express Business Finance (2001–2004); Regional Vice President, First Sierra Financial (1997–2001). Education: Portland State University, BS, Business Administration and management, General (1978 – 1982).

Brian Lowe was announced as General Manager, Equipment Finance at Summit Funding Group, Inc., Dallas, Texas. He joined the firm August, 2015. He began his career at Legg Mason in the Private Client Group (July, 201-August, 2003); Originator/Account Manager, Bottcher America Co. (June, 2003-May, 2007). July, 3008, he joined GE Capital as Experienced Commercial Leadership Program (ECLP); promoted August, 2009, Credit/Risk, Associate Franchise Finance; promoted, May, 2010, National Sales Manager - Vendor Financial Services (‘NACCO Program’); promoted, January, 2014, Managing Director, Business Development, Vendor Finance, Irving, Texas.
“At GE Capital, Brian managed a team focused on originating new programmatic relationships across the Construction, Industrial, Machine Tool, and Energy industries. Before that, Brian was the National Sales Manager for a Vendor Program with major forklift manufacturers helping them increase sales through financing from their independent dealer network and direct sales team.” Volunteer: Florida Citrus Sports Bowl Selection Committee, Florida Citrus Sports (January, 2012 – Present), Poverty Alleviation Volunteer Experience & Causes. Education: Emory University, Goizueta Business School, MBA, Marketing (2005 – 2007). Activities and Societies: Entrepreneurship, Marketing Club, 'Doing Business in Argentina' Program, Washington Campus, Volunteer Activities. Virginia Polytechnic Institute and State University, BA, Finance, Risk Management (1999 – 2003). Activities and Societies: Kappa Sigma, Intramural Sports (Basketball, Football, Water Polo, Lacrosse), Wine Club, Hokie Football, Pamplin Business School study abroad program in Riva San Vitale, Switzerland. John Carroll High School (1995 – 1999).

Victoria McManus was promoted to Executive Vice President and Chief Strategic Officer for the Greenbrier Companies. "McManus has more than 20 years’ experience in the finance industry, with emphasis on the rail equipment sector. She was head of Babcock & Brown’s North American Rail Group from its founding in 1999 until mid-2008." She became a director, June, 2009.  Previously, she was President, The CIT Group (1989-1999).

Kim Simmons was hired as Assistant Vice President of the newly established Celtic Bank Leasing & Equipment Finance Group, Salt Lake City, Utah. Previously, she was Senior Marketing Assistant, TAB Bank (June, 2015 - September, 2015); Director of Operations and Marketing, Stalwart Contract Finance, March, 2010; promoted to Syndication Manager, January, 2013.  Prior, Director of Intermediary Relations, ACC Capital Corporation (March, 2002 – November, 2010); Operations Manager, Union Capital Partners, LLC (April, 2007 – March, 2009). Organizations: National Association of Equipment Brokers, Davis County Horse Council, 4-H. "She has served on the Membership Committee for the National Association of Equipment Leasing Brokers (NAELB) and hosted several "Women in Leasing Luncheons" at NAELB's annual conference." Education: Weber State University, Assoc., Business/Finance (1997 – 1999).

John Sparta rejoins DLL, Wayne, Pennsylvania, as VP Healthcare Americas. Previously, he worked at Phillips Medical Capital, September, 2011, as Vice President Global Business Development Vice President Global Business Development; promoted January, 2013 to Managing Director. Prior, he was at De Lage Landen, starting out September, 2004, as Director Program Management; promoted, February, 2006, Vice President, Sales; General Manager (March, 2013 - September, 2015). Education: Cabrini College, BS, Business Administration (1987 – 1991). Devon Preparatory School (1984 – 1987).



Leasing Industry Help Wanted


Press Release    
WE'RE HIRING at Our Minneapolis Headquarters
Credit Manager
This position will be responsible for underwriting small ticket working capital applications up to $250,000 in a fast paced and high volume environment. The candidate will make independent decisions on commercial credit applications through evaluation of business and personal credit reports, financial statements and other credit information. More
Collections Representative
This position will function as the primary contact for customer concerns regarding loan collection issues. The candidate will act as a liaison between the customer, Channel Partners Capital and 3rd Party Collection Agencies. More
Please email cover letter and resume to:

For information on placing a help wanted ad, please click here:

Please see our Job Wanted section for possible new employees.


Leasing News Reaches Your Audience!

My Answer to Why a “Help Wanted” Ad in 
Leasing News
 Attract Those with a Job

by Christopher Menkin

Our competitors still use a "classified ad" section, which basically is the company's full job description. It often is "hidden," meaning you have to search for the section.

This does not attract attention because you must go to the classified ad site to find the jobs listed. The advertiser is basically missing those who are employed, not actively looking for a job. This is the group the advertiser should be looking for as a primary target.

There are at least one hundred websites that offer the same approach, and work great for general jobs, but not the leasing and finance niche, especially for those already employed who may want to improve their position.

Leasing News puts a "help wanted" on top of the "masthead" so it is the first thing that a reader sees when they open the news edition or go to the website. The ad is changed in each news edition. It is designed to be a "display ad," not a "classified ad."

In addition to the masthead position, the "help wanted" ad also appears in the "news briefs" section, the second most-read section, and it is rotated in each news edition. It is not hidden. It is clearly visible.

The full section of "help wanted ads” also appears in each news edition, in each edition, as well as appears on the web site. It also is not “hidden.”

The idea of the ad is to draw attention, and have the reader interested in what the company offers from the advertisement rather than a "job description."

Most ads then direct the reader to their website for a full job description, if interested, or to a separate flyer. The main idea is to get the reader to make an inquiry.

Oh, yes, Alexa states Leasing News is read eight times more than our competitors, and they stay on our website longer to read industry news stories. The “help wanted” ad does not hide.


Logo on top is free, as well as the web address and information about the address at the bottom. Lines are $595 for the first four and $40 for each additional line or space. The ad will appear for 21 days. For returning advertisers during the year, Leasing News offers 30 days and a reduced rate.


Leasing News reserve the right to refuse advertising,
particularly to a company that has appeared in the complaint bulletin board or evergreen abuse list.


Credit/Collections #102 by Ben Carlile

Managing Risk amid High Competition

Help! It’s Quarter 4!  Competition in our lending space is getting tough. Other lenders are approving transactions that we won’t approve and they are pushing down rates and easing approval terms. We have a mandate to grow our new bookings this year by 20%, but through September we’ve only grown by 16%. We’re struggling to book enough volume to achieve our 20% goal. What considerations should guide us as we make the final push to meet our target of 20% and earn our year-end bonuses?

The best answer to that question−from a credit point of view−is found in a company’s Risk Appetite Statement, a far-sighted practice recommended by the Financial Stability Board. A RAS is essentially a formal written description of the amount and types of risks an organization is willing to incur to achieve its business goals. It is an essential part of a lender’s strategic plan because it keeps the firm from unintentionally veering into higher risk areas when encountering the temptation to do so…as when we’re not meeting our year-end volume goals!

Ask yourself: Does my firm have a RAS? Do I know what it says? Do I understand it? Does it adequately measure the risks I see in our business? Does it serve to guide the decisions I make and those of my superiors?

A RAS is typically broad in scope, encompassing many aspects of enterprise risk.  But let’s focus on what it means to us on the ground in the credit department, making credit decisions in our lending segment. Here are a few examples of credit characteristics that should be governed and measured by our RAS:

  • Scoring thresholds
  • Minimum financial ratios
  • Maximum exposure amounts
  • Maximum portfolio concentrations
  • Approval terms & rates
  • Residual assumptions
  • Documentation requirements
  • Origination sources
  • Portfolio acquisition & sale criteria
  • Credit decision signing authorities
  • Underwriting, verification, auditing & funding practices
  • Fraud detection processes
  • Compliance protocols

The idea here is that the criteria established for these attributes should not be tampered with unless the changes conform to the RAS parameters.

Management’s tweaks to any of these and similar credit rules should remain set within the defined parameters of the RAS, unless specific exceptions or RAS revisions are justified, properly authorized and documented.

Thus, the RAS serves as a structural tool to keep our well-thought-out credit rules on track throughout the economic cycle and especially during times of fierce competition, when the pressure mounts to loosen our approval criteria. Long term, a RAS is an integral part of establishing an appropriate and sustainable risk culture that should help enable the company to survive and thrive during a severe financial crisis.

To be effective, senior management must appropriately communicate a clear RAS to all applicable employees and stakeholders. In fact, stakeholders and management levels that deal with risk should provide formal input into developing and refining the RAS. After the RAS is approved by a well-informed board of directors, management will implement the RAS across the enterprise, and actively monitor and enforce our compliance with it.

Thereafter, working with the board, senior management will revise the RAS periodically according to established guidelines. Management compensation and performance incentives should be aligned with RAS targets.

As Equipment Leasing and Finance Association members meet next week to discuss the state of our industry, the importance of having a well-executed RAS in a highly competitive environment will be an important topic of discussion. Let’s promote the wide-spread adoption of this commonsense practice to strengthen our industry’s performance and reputation. Additional information regarding implementing an effective RAS can be obtained from various sources, including the Financial Stability Board (FSB):

Ben Carlile

Credit and Collections 102 Previous Articles


Leasing Conference –Updates
ELFA Board Retires at the Conferences Natural End
and New Chairman takes over/Sutton to leave End of Year



2015 54th Annual Convention
10/25/2015 - 10/27/2015
JW Marriott Hill Country
San Antonio, TX

“The current Convention count is 978 registered. Online registrations are now closed. However, those who wish to register may fill out the printable registration form (available at and fax it to 202.478.0980. Otherwise they may register on-site in San Antonio.”

The New ELFA Board of Directors begins immediately after the Convention. 
As well as Robert J. Rinaldi, Commercial Industrial Finance, Inc. will become
Past Chairman and William F. Stephenson, DLL, will become Chairman.

It will be the last conference for President and CEO William G. Sutton, CAE, Ret. Rear Admiral. April 27, 2010, Sutton was announced to the position. He retires on December 31, 2015.

Ralph Petta, now COO, takes over as President and CEO on January 1, 2015. He has been with ELFA since 1987. He was named Chief Operating Officer in 2010 and previously served as Vice President of Research & Industry Services. Before joining ELFA, he worked for nine years in the office of U.S. Senator Sam Nunn.


Bruce Kropschot

Bruce will be reporting on the conference for Leasing News as well as presenting on Sunday the Leasing News 2015 Person of the Year Award to Valerie Jester, Past President of ELFA and its first female president.  He  will also serve as moderator for a session on Tuesday, Oct. 27, on Valuing a Business in an Acquisition. Other session presenters will include Eric Hanson of Macquarie Capital (USA), Hernan Hernandez of City National Bank, Lawrence A. Marsiello of Pine Brook Road Partners, and Paul Menzel of Financial Pacific Leasing. 


Brochure with Schedule of Events

Keynote Speakers

ELFA President and CEO Woody Sutton invites you 
to connect, engage and grow in San Antonio! (1:43)


The 2015 Fall Conference will be held at the Loews Don CeSar Hotel in St. Pete Beach, FL on November 4 through November 6, 2015. 


Conference Information
Co-Chairs Message
Schedule at a Glance
Keynote Bio: Michael Robinson
Keynote Bio: Adam M. Montella
Keynote Bio: William Sutton 

Register Online Now!
Print Registration Form 
Sponsorship Opportunities 
Thursday Night Event
Livin’ in the Moment! Beach Event
Print Purchase Form
Purchase Form Online
(separate payment required) 
Hotel & Travel
Hotel Information
(Please scroll to the bottom of hotel site 
and click on "Book Now")

Travel Information
Things to do in St. Pete Beach



2015 Western Regional Meeting
November 13-14, 2015
Doubletree by Hilton Anaheim - Orange County
Anaheim, CA

To reserve your room, visit

Registration Now Open:

Exhibitors to Date
(Note: Hall is “Sold Out”)
360 Equipment Finance
Amerisource Funding
Ascentium Capital LLC
Banc of California, N.A.
Bryn Mawr Funding
BSB Leasing Inc.
Channel Partners LLC
Dakota Financial, LLC
Financial Pacific Leasing, Inc.
Fora Financial
Funding Circle
Go Capital
Huntington Technology Finance
Marlin Business Services Corp.
Maxim Commercial Capital
NCMIC Finance Corporation
North Mill Equipment Financing LLC
Orange Commercial Credit
RapidAdvance, LLC
Pacific Western Equipment Finance
Paradigm Equipment Finance
Pawnee Leasing Corporation
Preferred Business Solutions
TEAM Funding Solutions
VFI Corporate Finance



71st Annual Convention
November 11 - 13, 2015
JW Marriott Austin
Austin, TX

More Information



EXPO NJ Super Regional
11/15/2015 to 11/16/2015

Register: Early Bird Price $199.00

Teaneck Marriott at Glenpointe
100 Frank Burr Blvd
Teaneck, New Jersey  07666
United States

Event Schedule

Registration List

 Kim King, NEFA Sr. Association Coordinator 
 Phone: (847) 380-5053

(Leasing News provides this ad as a trade for appraisals
and equipment valuations provided by Ed Castagna)


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

CIT Group Announces Senior Management Succession Plan
Four Major Changes

  • CEO John Thain to Retire on March 31, 2016; Will Continue as Chairman of the Board of Directors

  • CIT Board Member Ellen R. Alemany to Become Vice Chairman Effective November 1, 2015 and Chief Executive Officer Effective April 1, 2016

  • Vice Chairman Steven Mnuchin to Step Down from Management Effective March 31, 2016; Will Remain a member of the Board of Directors

  • CIT Corporate Controller Carol Hayles to Become Chief Financial Officer Effective November 1, 2015

NEW YORK—The Board of Directors of CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services, today announced that Chief Executive Officer John A. Thain will retire effective March 31, 2016, and will continue to serve as Chairman of the Board of Directors, and that CIT Board Member Ellen R. Alemany will become a member of the management team as Vice Chairman effective November 1, 2015, and upon Mr. Thain’s retirement become Chief Executive Officer. The Board also announced that Vice Chairman Steven Mnuchin will step down from Management effective March 31, 2016, and will remain as a member of the Board of Directors. The Company announced the appointment of CIT Corporate Controller Carol Hayles as Chief Financial Officer effective November 1, 2015.

John R. Ryan
Ret. Vice Admiral, US Navy
Former Superintendent, US Naval Academy
CIT Lead Director

Vice Admiral John Ryan, CIT Lead Director, speaking on behalf of the Board of Directors, said, “John has been a pivotal leader during one of the most challenging times in CIT’s more than 100 year history. Under his leadership he has overseen the successful corporate and financial restructuring of CIT. Since taking the helm in 2010, he returned CIT to profitability; rebuilt its management team; eliminated or refinanced approximately $31 billion of high-cost debt; oversaw the termination of the Company’s Written Agreement with the Federal Reserve; returned more than $1.7 billion to shareholders; established a premier Internet Bank, and completed the acquisition of Direct Capital and OneWest Bank. On behalf of the Board, employees and shareholders we extend our gratitude to John for his success and commitment to CIT.”

Mr. Ryan continued, “As part of our succession planning efforts, we are pleased to announce the appointment of Ellen Alemany as Vice Chairman of CIT as she transitions to her new role as CEO, a position she will assume on April 1, 2016. As an experienced and well respected leader in the commercial banking sector, she is well suited to assume these responsibilities and lead CIT forward. On behalf of the Board we congratulate Ellen on her new position and look forward to working with her in the future.”

Mr. Thain commented, “It’s been a pleasure to lead an outstanding group of employees over the past five years and oversee CIT’s successful restructuring. Their hard work and commitment were critical to our efforts to rebuild and grow CIT and has helped ensure that CIT continues to play an important role in supporting small and middle market businesses, two sectors that remain the backbone of the U.S. economy.”


Ellen R. Alemany has been a CIT Director since January 2014 and is a member of the Audit and Regulatory Compliance Committees. She is also a member of the CIT Bank, N.A. Board of Directors.

She is the former Head of The Royal Bank of Scotland (RBS) Americas, the management structure that oversees RBS’ businesses in the Americas. She also served as Chairman and Chief Executive Officer for RBS Citizens Financial Group, Inc. Prior to RBS, Alemany served as Chief Executive Officer for Global Transaction Services of Citigroup. She held a number of senior positions during her tenure at Citigroup including Executive Vice President for the Commercial Business group, President and CEO of CitiCapital. She also held a number of executive positions in Citigroup’s Global Corporate Bank, including Customer Group Executive of North American markets, Global Industry Head of Media and Communications, U.S. industry Head of Consumer Products, and Executive Vice President of Citibank and Customer Group Executive for the Global Relationship Bank in Europe, based in London.

Alemany received her MBA in finance from Fordham University. She serves on the Boards of Fidelity National Information Services, Inc. (FIS), Automatic Data Processing, Inc. and the Center for Discovery.


As CFO, Hayles will serve as the Company’s Principal Financial Officer and oversee all financial operations including the Accounting, Planning, Tax, Treasury and Investor Relations departments.

Previously she served as Executive Vice President and Corporate Controller where she was the Company's Principal Accounting Officer responsible for the Company's accounting functions, SEC and regulatory reporting and the associated controls activities.

Prior to CIT, Hayles spent 24 years at Citigroup Inc. where she served as Deputy Controller, leading the SEC and regulatory reporting functions. Before this, she held various leadership positions in Finance, including Senior Analyst in Investor Relations, Chief Financial Officer of Citibank's e-Business, CFO of Citigroup's Global Relationship Bank and CFO of Citibank Canada. During her tenure in Canada, she also worked in internal audit, real estate lending and other finance positions.

She began her career at Price Waterhouse in Toronto, Canada. She received her BBA from York University.

About CIT

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.



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

CIT Announces Strategic Initiatives Designed to Further
Its Transition to a U.S. Commercial Bank

• Exploring Strategic Alternatives for $10 Billion
Commercial Air Business
• Exploring Sale of CIT Canada and CIT China Businesses

NEW YORK-- CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services, today announced a series of strategic initiatives that are designed to advance the Company’s transition to a U.S. Commercial Bank. The Company announced that it would explore strategic alternatives for its $10 billion Commercial Air business, and sell its CIT Canada and CIT China businesses.

John A. Thain
CIT Group

Over the past five years we have made significant progress in transforming CIT, said John A. Thain, Chairman and Chief Executive Officer. Following the completion of our OneWest Bank acquisition, we have decided to explore the strategic alternatives for our Commercial Air business and to sell our non-transportation-related businesses in Canada and China. These strategic initiatives will position CIT for long-term success by further simplifying our bank-centric business model as we focus on meeting the financing needs of our U.S. small business and middle market customers. We believe these decisions will increase shareholder value.

CIT maintains one of the leading commercial air franchises in the world with one of the youngest and most technologically advanced fleets. It owns, finances and manages a fleet of more than 350 commercial aircraft serving approximately 100 customers in 50 countries. It provides leasing and financing packages, including operating leases and structuring and advisory services, for commercial airlines worldwide.

These announcements will further advance CITs efforts to simplify and realign its business model and will substantially complete its exit from its international businesses.

About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across more than 30 industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.

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


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

OnDeck Expands Product Set To Meet
Full Range of Small Business Financing Needs

NEW YORK, -- OnDeck® (NYSE: ONDK), the leader in online lending for small business, today announced a major expansion of its product suite. The company now offers the online lending industry's widest range of term loans and lines of credit, designed to meet the vast and varied financing needs of small businesses.

Small business owners need financing at every stage of their business' lifecycle, whether to take advantage of short-term growth opportunities like buying inventory, make longer-term investments like major equipment purchases, or manage working capital. OnDeck's expanded credit solutions are designed to scale with a business as it matures as well as provide rapid access to capital at competitive rates and with outstanding service.

Key features of the new product set include:

  • Expanded term loan range: $5,000 - $500,000 with 3-36 month terms (up from $5,000 - $250,000 with 3-24 month terms)
  • Increased line of credit range: Up to $100,000 (up from $20,000) with a low $20 monthly fee and no draw fees
  • Lower rates for select customers: Annual interest rates as low as 5.99% and loyalty pricing benefits for repeat customers


Noah Breslow
CEO, OnDeck

"Small businesses are the lifeblood of our economy and at OnDeck we are constantly striving to better serve the full spectrum of their varying capital needs," said Noah Breslow, chief executive officer, OnDeck. "This natural expansion lets businesses seek longer terms and larger loans from OnDeck, and provides our existing and prospective customers with more options to finance their growth. Through the power of our fifth-generation OnDeck Score, our economies of scale, and our unmatched customer service, OnDeck now offers credit solutions for virtually any small business financing need."

Since 2007, OnDeck has harnessed its proprietary technology, including the OnDeck Score®, to assess the health and outlook of a business in real-time and deliver streamlined capital access to the largely underserved small business community. As a result, the company has delivered more than $3 billion to small businesses to date. This latest product expansion will provide business owners with ongoing resources and support to grow their businesses with confidence and allows OnDeck to serve an even greater customer base, including larger and more established businesses.

"I received $250,000 from OnDeck to help with the associated construction expenses of my new veterinary practice," said Deborah Perzak, DVM, owner of Woodruff Road Animal Hospital in Simpsonville, South Carolina and recent OnDeck customer. "The two year term and weekly repayment drafts have allowed me to better control cash flow and ease stress. I greatly appreciate all that OnDeck has offered and the fact that the entire process was handled professionally and went very smoothly."

Beyond the enhanced product suite, all OnDeck customers are given access to OnDeck Advantage, the company's benefit program which includes pricing benefits for repeat customers, business credit reporting and credit education tools, dedicated loan advisors, comprehensive small business resources from OnDeck and special access to SCORE, the nation's largest network of free expert business mentors.

"Small business owners need a lender they can trust and grow with, so they can focus on what's most important to them – their own customers. We're delighted to lead the market in helping such an important community thrive," said Breslow.

For more information about OnDeck's expanded products and lower rates, visit

About OnDeck

OnDeck (NYSE: ONDK), the leader in online lending for small business, is committed to powering Main Street's growth through lending and technology innovation. Using advanced technology, analytics and the OnDeck Score® – the company's proprietary small business credit scoring system – OnDeck makes real-time lending decisions based on thousands of data points and a business' individual needs. By combining its proven credit platform with outstanding customer service, OnDeck offers small businesses a complete financing solution, including a range of term loans and lines of credit as well as a streamlined process that respects a small business owner's time.

OnDeck also partners with small business service providers, enabling them to seamlessly connect their customers to OnDeck financing. OnDeck's diversified loan funding strategy enables the company to fund small business loans from various credit facilities, securitization and the OnDeck Marketplace®, a platform that enables institutional investors to purchase small business loans originated by OnDeck.

Since 2007, OnDeck has deployed more than $3 billion to more than 700 different industries in all 50 U.S. states and Canada. The company has an A+ rating with the Better Business Bureau and operates the website which provides credit education and information about small business financing. OnDeck is a publicly traded company on the New York Stock Exchange.

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

Receivables Management LLC
John Kenny

• End of Lease Negotiations & Enforcement 
• Third-Party Commercial Collections | ph 315-866-1167

(Leasing News provides this ad as a trade for investigative
reporting provided by John Kenny)


Leasing News: Labor Day Special
By Fernando Croce

With Halloween just around the corner, we’ve put together a two-part catalog of classic frightfests to go with your pumpkin treats. Check back next week for even more indelible horror tales.

Frankenstein (James Whale, 1931): Mary Shelley’s timeless cautionary fable gets its definitive screen treatment in this unforgettable version, which turned Boris Karloff into a horror icon. The title of course refers to the driven young scientist (played by Colin Clive) whose obsession with re-animating lifeless tissue culminates with experiments to bring the dead back to life. From his laboratory emerges a lumbering creature (Karloff), who stumbles around the tiny village exuding a sort of monstrous innocence. An inventive and sensitive filmmaker with a marked fondness for outsiders, James Whale brings the story to vivid life, with certain scenes (such as the creation of Frankenstein’s Monster) becoming essential part of cinema’s horror legacy. At the center of it all is Karloff, striking a magnificent balance between horror and pathos.

Mad Love (Karl Freund, 1935): Though not as famous as 1930s horror classics like “Dracula” or “The Mummy,” this atmospheric gem offers several indelibly creepy moments. In his Hollywood debut, the inimitable Peter Lorre stars as Doctor Gogol, a man fixated on a young theater actress named Yvonne (Frances Drake). When he learns that she plans to give up acting to settle down with her pianist husband Stephen (Colin Clive), Gogol takes dramatic action by replacing the husband’s hands with those of a murderer. As Stephen seems to become uncontrollably drawn to knives, the psychotic doctor moves in on his beloved object of obsession. Baroquely directed by the great cinematographer Karl Freund (“Metropolis”), this chilling movie is suffused with an atmosphere that mixes gothic dread and twisted desire.

It's the Great Pumpkin, Charlie Brown (Bill Menendez, 1966): No holiday celebration is quite complete without a special episode of the Peanuts Gang, and this Halloween-themed special ranks high among fans of Charles M. Schulz's beloved animated characters. While Charlie Brown, Lucy and the other kids are busy choosing costumes for their trick-or-treating party night, Linus is more interested in being visited by the Great Pumpkin, the magical creature that he believes brings candy to children on Halloween. As he waits on the pumpkin patch, however, will his belief be enough to make the fantastical real? One of the funniest Peanuts specials, this delightful short is, like their episodes on Christmas and Easter, a humorous and thoughtful rumination on the true meaning behind a holiday.

Deep Red (Dario Argento, 1975): Known for his almost operatically stylized use of violence and color, Italian frightmaster Dario Argento is in top form in this terrifying whodunit. As a slew of murders take place around Turin, a musician named Marcus (David Hemmings) kicks off a risky investigation of his own. Himself a witness to one of the gruesome killings, Marcus is joined by a brassy reporter (Daria Nicolodi) in interviewing suspects and collecting clues. The closer they get to the black-gloved culprit, however, the more they uncover a web of trauma reaching back decades. Inspired by Michelangelo Antonioni’s Swinging London mystery “Blow-Up,” Argento breaks his story into sharp shards and challenges viewers to piece it back together. The dizzying results would make Hitchcock proud.

The Howling (Joe Dante, 1981): The werewolf mythos gets some welcome new blood in this terrific horror-comedy from director Joe Dante (“Gremlins”). Beginning in Los Angeles, the plot follows reporter Karen (Dee Wallace) as she seeks some therapy at a secluded psychiatric retreat after a traumatizing brush with a murderous criminal. Instead of relaxation, however, she finds a colony of supernatural creatures run by the suspicious Dr. Waggner (Patrick Macnee). Can she find a way to bring the truth to the world before it’s too late? A movie-buff turned moviemaker, Dante injects elements of New Age satire into the story without resorting to derision, instead treating the horror and mystery of his lupine beasties with true fondness. Keep an eye out for inspired in-jokes and tongue-in-cheek cameos.


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Office: (404)815-6680

Adopt a Pet


News Briefs---

GATX 3rd Quarter Reports Results - 23% Decline

High times ahead for Canadian rails, No Keystone Pipe Line
halt to expansion of Alberta’s northern tar sands

Caterpillar Slashes Outlook on Weak Demand
 sees sales falling for fourth straight year in 2016

Farm machinery taps into sharing economy trend
things have been quieter at equipment dealerships

U.S. existing home sales surge in September
sales grow to the second-highest pace in eight years

Amazon’s Jeff Bezos is the third-richest man in the nation

How to Comply with 2015 FASB Lease Accounting Changes
Michael Keeler and Bruce Conway, LeaseAccelerator (32 pages)




--You May Have Missed It

Get used to Amazon being a profitable company


SparkPeople--Live Healthier and Longer

Debunking 4 of the Top Obesity Myths


   by Tim Peeler

A Faulkner sentence is an extra inning game, Simply and finally playing through its Will and exhaustion.
Third Base Coach signals are ee cummings poems-
Gimmicky, sure, but meaningful in their color
When you break the code. 
The prisons play contests of Bukowski prose,
Where a stolen base may be a literal image
And everybody gambles nothing. 
Weird killers load the bases at a
Stephen King Little League field, the sequel,
A grand slam promise at the bank. 
Although Poe would never sit through nine,
His words are a dark season in the cellar,
A team leaving town and the death of a Beautiful groupie. 
Finally, Wolfe who wrote slugfest
Double-headers played to million-footed
Throngs, then flickered like so many other
Stars never meant for extra innings.
---  with the permission of the author, from his
book of baseball poetry:
“Waiting for Godot's First Pitch”
    More Poems from Baseball 
Available from Amazon or direct from the publisher at:




Sports Briefs----

Another rivalry dead: Seahawks-49ers just isn't nearly as fun anymore

Don Mattingly out as Dodgers manager

Super Bowl: Santa Clara restaurant stuck in Levi's Stadium
   security zone, shut out of Super Sunday week 




California Nuts Briefs---

CalPERS orders former Loomis fire chief to pay back $450,000


“Gimme that Wine”

Why this Coors descendant is getting into Napa wine

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Leasing News Wine & Spirits Page


This Day in American History

     1694 – British and American colonial forces failed to seize Quebec from the French.    
    1761 - A hurricane struck southeastern New England. It was the most violent in thirty years. Thousands of trees blocked roads in Massachusetts and Rhode Island.
    1775 - Continental Congress approved a resolution barring blacks from army.
    1783 - Virginia emancipated slaves who fought for independence during the Revolutionary War.
    1813 - The Americans operating the Pacific Fur Company trading post in Astoria, Oregon, turn the post over to their rivals in the British North West Company, and for the next three decades, Britons dominate the fur trade of the Pacific Northwest. By the 1840s, the beaver population had dwindled, while American settlement in the area was on the rise. Unwilling to protect the Hudson Bay Company's claim to the region, the British agreed to accept American control of the territory below the 49th parallel in 1846 and ceded to the U.S. the territory encompassing the future states of Washington, Oregon, and Idaho. (See Real Facts/Snapple)
    1824 - John Stevens, age 76, designed and this day finished construction of the first steam locomotive to pull a train on a track. The locomotive could pull a 1,000 pound load at 12 miles per hour. It was operating on a circular track 220 feet in circumference on Steven's estate at Hoboken, New Jersey. It moved by means of a large gear wheel engaging a toothed rack placed on the ties between the rails. The wheels had no flanges, so to keep the train from running off the track, Stevens affixed little horizontal friction rollers on the underside chassis that pressed and rolled along the inner vertical face of the wooden beams used for rails. The 1830's saw the invention of the locomotive grow. The Baltimore and Ohio bid out for the building of the first engine, which was won by Phineas Davis of York, PA, who built the “York”.  In 1831, he built the first locomotive to burn coal. It was the first locomotive that had coupled wheels and a double instead of a single pair of drivers. It weighed 3.5 tons and attained velocity by gearing, using a spur wheel and pinion on one of the axles of the wheels. The only accident in which it was involved occurred on September 27, 1835, as the result of a defective track. The accident killed Phineas Davis, who was riding on the locomotive.
    1828 - Birthday of Turner Ashby at Fauquier County, VA.  Confederate Brigadier General and Stonewall Jackson's cavalry commander during Valley Campaign of 1862. Ashby was killed in the Battle of Good's Farm at New Market, VA while fighting rear guard action during Jackson's withdrawal from the Valley. His brother is buried with him and was murdered by a Union patrol in 1861.
    1843 - "Indian Summer" was routed by cold and snow that brought sleighing from the Poconos to Vermont. A foot of snow blanketed Haverhill, NH and Newberry, VT and 18 to 24 inches were reported in some of the higher elevations. Snow stayed on the ground until the next spring. (22nd-23rd)
    1844 - A group who followed William Miller, whose day of reckoning did not happen the day before, began a new order and thus began the Seventh Day Adventist.
    1850 - The first National Women’s Rights convention began in Worcester, MA.  Combined both male and female leadership, and attracted a wide base of support including temperance advocates and abolitionists. Chief among the concerns discussed at the convention was the passage of laws that would give suffrage to women. Some 900 people showed up for the first session, men forming the majority, with several newspapers reporting over a thousand attendees by the afternoon of the first day, and more turned away outside.  Delegates came from eleven states, including one delegate from California – a state only a few weeks old.
    1861 – President Lincoln suspended the writ of habeas corpus in Washington, DC for all military cases for the remainder of the Civil War.
    1869 - The New York Stock Exchange put memberships up for sale for the first time in its seventy-seven-year history.
    1871 - Birth of Edgar J. Goodspeed (d. 1962) at Quincy, IL.  American theologian and Greek N.T. scholar. He taught at the University of Chicago 1898-1937. In 1931, he co-authored with JMP Smith "The Bible: An American Translation," better known today as "Smith and Goodspeed."
    1869 - Birthday of John William Heisman (d. 1936), football player, coach and administrator, at Cleveland, OH. Heisman played football at Brown and Pennsylvania and began coaching at Oberlin. He moved to Akron, Oberlin again, Auburn, Clemson, Georgia Tech, Pennsylvania, Washington and Jefferson, and Rice. After his retirement, he became athletic director at the Downtown Athletic Club in New York. The club's annual award to the best college football player in the country was named in his honor posthumously.
    1885 - Formal opening of Bryn Mawr College, outside Philadelphia, the first college in the US to offer advanced degrees to women and one of the “Seven Sisters”.
    1891 - Birthday of blues pianist “Speckled Red” Rufus Perryman (d. 1973), Hampton, GA.
    1906 - Jonathan Latimer’s birthday in Chicago (d. 1983). American hard-boiled mystery writer, noted for his Bill Crane series, described as an "alcoholic private detective", but who represents more accurately the "screwball-comedy" school of the 1930s mystery fiction. Latimer wrote also screenplays, notably Dashiell Hammett's “The Glass Key”.
    1915 - 25,000 women march in NYC, demanding right to vote
    1918 - DUNN, PARKER F., MEDAL of HONOR
Rank and organization: Private First Class, U.S. Army, Company A, 312th Infantry, 78th Division. Place and date: Near Grand-Pre, France, 23 October 1918. Entered service at: Albany, N.Y. Birth: Albany, N.Y. G.O. No.: 49, W.D., 1922. Citation: When his battalion commander found it necessary to send a message to a company in the attacking line and hesitated to order a runner to make the trip because of the extreme danger involved, Pfc. Dunn, a member of the intelligence section, volunteered for the mission. After advancing but a short distance across a field swept by artillery and machinegun fire, he was wounded, but continued on and fell wounded a second time. Still undaunted, he persistently attempted to carry out his mission until he was killed by a machinegun bullet before reaching the advance line.
    1920 – A Chicago grand jury indictment added former featherweight boxing champ Abe Atell and baseball players Hal Chase and Bill Burns as go-betweens in the 1919 World Series scandal. Black Sox Ed Cicotte, Joe Jackson, Lefty Williams and Happy Felsch signed confessions, which they will later recant.
    1921 – In their first game in the NFL, the Green Bay Packers beat Minneapolis, 7-6.
    1925 - Here's Johnnnnnny—Johnny Carson's (d. 2005) birthday, Corning, Iowa. Succeeding the second “Tonight” Show host, Jack Paar, in 1962, Carson became the king of late-night and hosted “The Tonight Show with Johnny Carson” for 30 years.  During that time he became an icon, successfully defending threats from wannabe shows with Merv Griffin, Dick Cavett, Joey Bishop, John Davidson, Joan Rivers, and others.  The show was also the launching pad for the likes of Jerry Seinfeld, Jay Leno, David Letterman, Drew Carey, Roseanne, Jeff Foxworthy and others.
4531 Episodes
    1927 - Surrealist poet Philip Lamantia (d. 2005) was born in San Francisco.  Lamantia discovered Surrealism as a teenager. Immediately drawn to this movement, he began to write poetry and left California for New York to meet Andre Breton, who recognized his talent and began publishing his poems. Lamantia's work appeared in Breton's “VVV”, as well as Charles Henri Ford's “View” and other experimental journals. He married Nancy Peters, a surrealist poet and co-owner, with Lawrence Ferlinghetti, of City Lights Books publishers, which is still in business in North Beach, the original haven for “Beatniks.”
    1927 - Alto sax player Sonny Criss (d. 1977) birthday, Memphis.
    1931 – Former senator and Baseball Hall of Famer Jim Bunning was born in Southgate, KY.  He pitched a no-hitter in each league, including a perfect game against the Mets for the Phillies in 1964.  When he retired, he had the second-most strikeouts in MLB history behind Walter Johnson.   He was the Republican senator from Kentucky (1999-2011) and the Representative from the 4th district from 1987-99.
    1934 - Birthday of golfer Juan “Chi-Chi” Rodriquez, born Rio Piedras, Puerto Rico.
    1935 – Mobster Dutch Schultz and several others were fatally shot at a saloon in Newark, NJ in what will become known as The Chophouse Massacre.
    1939 - North of Murmansk, a German prize crew steers the US ship City of Flint into Kola Bay. The steamer was seized as contraband by a German cruiser. SS City of Flint, a freighter of the United States Merchant Marine, was the first American ship captured by the Germans…and this was more than two years prior to the US entry into World War II. Under the command of Captain Joseph H. Gainard, City of Flint first became involved in the war when she rescued 200 survivors of the torpedoed British passenger liner SS Athenia in early September, 1939. On October 9, City of Flint was carrying 4000 tons of lubricating oil from New York to Great Britain. Panzerschiff Deutschland seized her some 1200 miles out from New York, declaring her cargo to be contraband and the ship a prize of war. A German prize crew painted out all US insignia and hoisted the German ensign. To avoid the Royal Navy, the prize crew headed for Tromsø. The Norwegians, neutral at the time and disturbed by the sinking of the merchant SS Lotent W. Hassen, refused entry to the Germans. The prize crew then sailed for Murmansk, claiming havarie (the privilege of sanctuary for damage caused at sea), but the Russians also refused entry, stating that if the Germans claimed havarie, the American crew could not be prisoners of war. In the several weeks that elapsed, the United States ordered many US merchant ships to register with other countries, so as to continue supporting the Allies without violating the US's nominal neutrality. The Royal Navy began closing on the captured ship. The prize crew then tried Norway again at the port of Haugesund. The Norwegian government again refused entry, describing the German crew as kidnappers. The approaching Royal Navy left the prize crew no choice, though; on November 3 they entered the harbor. The Norwegian Admiralty interned the German crew and, on November 6 returned City of Flint to Captain Gainard's command.
    1940 - Birthday of Pele, born Edson Arantes do Nascimento, famous soccer player, Tres Coracoes, Brazil. 3 winning teams [1958, 1962, 1970].
    1941 - The Lend Lease Act was passed by the US Senate, giving the president authority to send materiel to Europe and continue neutrality in the war.
    1941 - Walt Disney's classic animated film, “Dumbo” was released to theaters. It was one of the shortest Disney full-length animations produced, at a running length of 64 minutes. Critics considered it the best of Disney's animations to date because of its heart, compassion, and skill. It was also one of the least expensive to make, costing about $950,000.
    1944 - In response to the Allied invasion of the Philippines at Leyte, the Japanese initiated "Sho-Go" (Operation Victory), an attempt to counter the Allies' next invasion by heavy air attacks. Four carriers were sent south from Japanese waters to lure the US aircraft carriers away from Leyte Gulf. At the same time, Japanese naval forces from Singapore were sent to Brunei Bay, spilt up into two groups and converged on Leyte Gulf from the north and southwest. The group in the north, under Vice Admiral Kurita Takeo, was to enter the Pacific through the San Bernardino Strait between the Philippine islands of Samar and Luzon. On Oct 23, in the largest naval battle in history, Kurita lost two of his heavy cruisers to US submarine attack, and one of Japan's greatest battleships, the Musashi, was sunk in an aerial attack the next day.  The southern group commanded by Vice Admiral Nishimura Teiji was detected on its way to the Surigao Strait and was practically annihilated by the US 7th Fleet, resulting in serious losses for the Japanese. 
    1944 - The 1st Battalion, 141st Infantry, 36th Infantry Division (TX), soon known as the "Lost Battalion" was cut off on top of a hill by German infantry and armored forces. After six days of stemming repeated enemy attacks and suffering extremely high losses and with ammunition, food and water running out, the battalion was relieved by the other two battalions of the 141st along with the famed 442nd Regimental Combat Team made up of Japanese-Americans.
    1945 - Dodgers President Branch Rickey announced that Jackie Robinson has signed to play with Brooklyn's Triple A team in Montreal. The 26-year old Negro League star will be the first black player to play in organized baseball since 1884.
    1946 – The UN General Assembly met for the first time, in an auditorium in Flushing, Queens, NY.
    1947 - The NAACP petitions the United Nations about racial injustices, titled "An Appeal to the World", drafted by civil rights leader W.E.B. Du Bois, accusing the U.S. of human rights violations because of discrimination against African-Americans.    Eleanor Roosevelt, an active NAACP board member from 1945 to 1958, initiated the U.N.'s human rights protocol.  Four years later, the noted African-American singer and civil rights activist Paul Robeson, on behalf of the Civil Rights Congress, submitted a petition to the UN, “We Charge Genocide,” accusing the U.S. of genocide regarding African-Americans.
    1947 - The first Nobel Prize shared by an American husband and wife was the Nobel Prize for physiology or medicine, awarded to Dr. Carl Ferdinand Cori and Dr. Gerty Theresa Cori of the Washington University School of Medicine, St. Louis, MO, who discovered how sugar in the human system is converted into glycogen through an enzyme or biological catalyst called phosphorylase.
    1950 - Communist troops massacred 68 American POWs in the Sunchon tunnel. A 1st Cavalry Division force under the command of Brigadier General Frank A. Allen rescued 21 survivors.
    1951 - The NAACP pickets the New York Stork Club in support of Josephine Baker, who was refused admission a week ago. After a city- convened special committee calls Baker's charges unfounded, Thurgood Marshall calls the findings a "complete and shameless whitewash of the long-established and well-known discriminatory policies of the Stork Club."  Josephine Baker rummaged for coal behind Union Station and for food behind Soulard Market in St. Louis. At age 13, she was a waitress at the Chauffeurs' Club on Pine Street and danced with a minstrel band. In 1925, she went to Paris with the Revue Negre. Baker starred in the Folies-Bergere the next season and became one of France's best-loved entertainers. During World War II, she was a heroine of the Resistance, earning the Legion d'Honneur. A French citizen, she remained an activist for civil rights in the US. On her death in 1975, Baker was given an unprecedented state funeral in Paris.
    1954 - Elvis Presley reaches a Billboard chart outside of Memphis for the first time when "Blue Moon of Kentucky" hits #6 in Nashville and #3 in New Orleans.
    1955 - Top Hits
“Love is a Many-Splendored Thing” - The Four Aces
“Autumn Leaves” - Roger Williams
“The Shifting, Whispering Sands” - Rusty Draper
“Love, Love, Love” - Webb Pierce
    1956 – “The Jonathan Winters Show” was televised in New York on WRCA-TV, taped with a RCA machine and then played back for the West Coast at a later time. It was the first telecast shown in full compatible color. It also was the first video recording on magnetic tape televised coast-to-coast.
    1959 - Birthday of singer, satirist Alfred Matthew “Weird Al” Yankovic, Lynwood, CA.
    1959 - Charles Van Doren recants his testimony. The son of author/teacher Mark Van Doren (Allen Ginsberg, et al) originally denied to a grand jury that the TV quiz show "21" had supplied him with questions and answers in advance. His confession was front page news and a shock to the American public that had made the television show the most popular on the air at that time. It also made suspect all television games and the medium itself.
    1961 - The first jazz composition to appear on the Top 40 charts was pianist Dave Brubeck's instrumental “Take Five”, which entered the Top 40 popular music charge published by the trade newspaper. It eventually reached 25.
    1961 - Dion's "Runaround Sue" was the #1 U.S. single. It remained at the top for two weeks until being knocked off by Jimmy Dean's "Big Bad John".
    1962 – US Ambassador to the UN, Adlai Stevenson, addressed the UN Security Council regarding the Cuban missile crisis.  In his presentation, which attracted national television coverage, he forcefully asked Soviet UN representative Zorin if his country was installing nuclear missiles in Cuba, and when Zorin appeared reluctant to reply, Stevenson punctuated with the demand "Don't wait for the translation, answer 'yes' or 'no'!"  When Zorin replied that "I am not in an American court of law, and therefore do not answer a question put to me in the manner of a prosecuting will have your answer in due course", Stevenson retorted, "I am prepared to wait for my answer until Hell freezes over."  Stevenson then showed photographs taken by a spy plane which proved the existence of nuclear missiles in Cuba, just after Zorin had implied they did not exist.   
    1962 - Birthday of my cousin Douglas Richard (Doug) Flutie, Manchester, MD. Heisman Trophy winner as QB for Boston College [1984], Flutie is still remembered for the most famous Hail Mary in college football.  Against powerhouse University of Miami who staged a dramatic drive to take the lead, 45-41, in the closing minute of the game, Boston College then took possession at its own 22-yard line with 28 seconds to go. After two passes moved the ball another 30 yards, only 6 seconds remained. On the last play of the game, Flutie scrambled away from the defense and threw a deep pass into the end zone that was caught by Gerard Phelan as time expired, giving BC a 47-45 win.  He played for several teams in the NFL who always thought him too small to play QB in the NFL.  All he did was win, going 37-28 as a starter, coming off the bench to win several more games, and holding a 22-8 won-loss record at his home field.  Today, he is a sportscaster.
    1962 - Twelve-year old Steveland Morris Judkins, renamed Little Stevie Wonder, records his first single, "Thank You for Loving Me All the Way," for Motown Records. The record doesn't do anything but he is billed as the twelve year old genius.
    1963 - Top Hits
“Sugar Shack” - Jimmy Gilmer and The Fireballs
“Be My Baby” - The Ronettes
“Busted” - Ray Charles
“Love's Gonna Live Here” - Buck Owens
    1965 - The Byrds' "Turn! Turn! Turn!" is released.
    1965 - The Temptations enter the Hot 100 for the seventh time with "My Baby," which will reach #13 in eight weeks on the chart.
    1966 - The Yardbirds and Country Joe and the Fish at the S.F. Fillmore.
    1970 – “Lady Soul”, Aretha Franklin, won a gold record for "Don't Play that Song".
    1971 - Walt Disney World opens in Orlando, Florida, 16 years after Disneyland opened in Anaheim, California. Disney World, featuring rides and characters from Disney's beloved movies, would later include EPCOT Center (which opened in 1982), based on Walt Disney's vision of a Utopian planned community. (EPCOT stands for Experimental Prototype Community of Tomorrow.) The Walt Disney Company launched a real planned community, Celebration, Florida, in 1996.
    1973 - Eight impeachment resolutions were introduced in the House, even as President Nixon announced he would turn over the subpoenaed Watergate tapes.
    1973 - A UN-sanctioned cease-fire officially ended the Yom Kippur War between Israel and Syria.
    1975 - Elton John's Los Angeles concert was sold out at Dodger Stadium. It was the finale to his concert tour of the western U.S.
    1975 - In a fitting finish to one of the most classic World Series ever played, the Reds beat the Red Sox in a thrilling Game 7 victory, 4-3. Joe Morgan's ninth inning looping single scoring Ken Griffey proves to be the decisive hit.
    1976 - Led Zeppelin make their US television debut on Don Kirshner's “Rock Concert”, where they perform "Black Dog" and "Dazed And Confused".
    1976 - Chicago's hit single, “If You Leave Me Now” also made it to the record charts top spot on this date, and remained Number 1 for 2 weeks.
    1978 - CBS Records becomes the first US label to announce a price hike to $8.98 for albums. Other labels soon followed suit.
    1979 - Top Hits
“Rise” - Herb Alpert
“Pop Muzik” - M
“I'll Never Love This Way Again” - Dionne Warwick
“All the Gold in California” - Larry Gatlin and The Gatlin Brothers
    1979 - Billy Martin got into a fight with marshmallow salesman Joseph Cooper at a hotel in Minneapolis. According to Cooper, the fight started over a dispute on who should be "Manager of the Year". Martin reportedly egged Cooper on, offering a $500 bet and later sucker punching Cooper.  Cooper required 15 stitches.  Yankees owner George Steinbrenner fired Martin shortly thereafter, for the second of five times.
    1983 - A truck filled with explosives, driven by a suicide terrorist, crashed into the U.S. Marine barracks near the Beirut International Airport in Lebanon. The bomb killed 241 Marines and sailors and injured 80. Almost simultaneously, a similar incident occurred at French military headquarters, where 58 died and 15 were injured. An obscure group calling itself “Islamic Jihad” claimed responsibility for the bombings.  This incident was the deadliest single-day death toll for the United States Marine Corps since the Battle of Iwo Jima during World War II, the deadliest single-day death toll for the US military since the first day of the Tet Offensive in Vietnam, and the deadliest single attack on Americans overseas since World War II.  Some analysts believe the newly formed Islamic Republic of Iran was heavily involved in the bomb attacks and that a major factor leading it to orchestrate the attacks on the barracks was America's support for Iraq in the Iran-Iraq War and its extending of $2.5 billion in trade credit to Iraq while halting the shipments of arms to Iran. A few weeks before the bombing, Iran warned that providing armaments to Iran's enemies would provoke retaliatory punishment. Four months after the Marine barracks bombing, U.S. Marines were ordered to start pulling out of Lebanon.
    1987 - Thirteen cities in the southeastern U.S. reported record low temperatures for the date. It marked the sixth record low of the month for Greer, SC and Columbia, SC, and the ninth of the month for Montgomery, AL. Showers and thunderstorms deluged Corpus Christi, TX with five inches of rain. Winnemucca, NV reported their first measurable rain in ninety-two days, while Yakima, WA reported a record 96 days in a row without measurable rainfall.
    1987 - Top Hits
“Lost in Emotion” - Lisa Lisa and Cult Jam
“U Got the Look” - Prince
“I Think We're Alone Now” - Tiffany
“Fishin' in the Dark” - Nitty Gritty Dirt Band
    1988 - Denver, CO, reported their first freeze of the autumn, and Chicago, IL, reported their first snow. In Texas, afternoon highs of 93 degrees at Austin and San Antonio were records for the date.
    1989 - Up to 3 feet of snow fell in the mountains around Lake Tahoe with 21 inches at Donner Summit. Locally heavy rains in the San Francisco area caused numerous mudslides, adding insult to injury for earthquake victims. Thunderstorms in northern California produced 3.36 inches of rain at Redding to set a 24 hour record for October. A storm moving out of the Gulf of Alaska brought rain and high winds to the Central Pacific Coast Region. High winds in Nevada gusted to 67 mph at Reno, and thunderstorms around Redding, CA produced wind gusts to 66 mph.
    1990 - Michael Jackson donates one of his stage outfits, including a hat and a rhinestone covered glove, to the Motown Museum in Detroit. In his address, Jackson thanks Berry Gordy, calling him "the man that made it all possible for me."
    1990 - Motorola announced it had developed technology to send data at high speeds within office buildings using digital radio transmission. The technology, powerful enough to transmit anywhere in a large building, would allow companies to move computers from one office to another without laying new wiring. While wireless communication for all kinds of computer devices became common in the late 1990s, most companies continued to rely on cable to connect in-office, desktop computers. The wireless telephone and communicator business is now bringing wireless capabilities further with longer distances of source available.
    1991 – After sensational confirmation hearings, Clarence Thomas was sworn in as Supreme Court Associate Justice.
    1993 - After his winning home run gave the Blue Jays the win, Joe Carter stepped on home plate and touched off a SkyDome celebration. The Toronto Blue Jays beat the Philadelphia Phillies 4 games to 2 in the World Series to win the title for the second year in a row.
    1994 - Mel Gray passes Ron Smith to become the all-time NFL leader in kickoff return yards. Gray finishes his career with 10,250 yards.
    1998 - An American-brokered peace deal was reached at the Wye Mills Plantation in Maryland between Yasser Arafat and Benjamin Netanyahu. Israeli and Palestinian extremists denounced the deal. Land for the Palestinians was exchanged for security guarantees to the Israelis backed by the American CIA. Pres. Clinton agreed to release Jonathan Pollard, who was jailed 11 years ago, on charges of spying for Israel.
    1999 - Thirty years after making his initial US chart appearance with a song called "Jingo", Carlos Santana had his first number one hit with "Smooth". The track, which features the vocals of Rob Thomas of Matchbox Twenty, would stay at the top for twelve weeks and remained in the top ten for a record setting 30 weeks.
    2002 - In Game 4 of the World Series, Barry Bonds is walked intentionally three times setting a new record for a Fall Classic game. Angels starting pitcher John Lackey, who issues all the free passes to the Giants left fielder, does not factor in the decision in San Francisco's 4-3 victory at Pac Bell, which deadlocks the Series at two.
    2002 - Lou Gehrig's consecutive games streak being broken by Cal Ripken Jr. in 1995 is voted as baseball's most memorable moment by the fans participating in the Major League baseball and MasterCard promotion. Hank Aaron breaking Babe Ruth's all-time home run record, Jackie Robinson becoming the first black to play in major league baseball, Mark McGwire breaking Roger Maris' single-season home run record and Lou Gehrig's farewell speech were also in the top five events selected by the fans.
    2005 - For 14th time in World Series history, a walk off home run ends Game 2 as Scott Podsednik's ninth inning blast at Chicago's U.S. Cellular Field beats the Astros, 7-6. In 1960, Hall of Famer Bill Mazeroski was the first player to accomplish the feat as his game-winning homer makes the Pirates World Champions.
    2005 - On the verge of the first World Series game in Texas, much to the chagrin of the Astros, MLB rules Houston must play Game 3 of the Fall Classic with its Minute Maid Park roof open. During the regular season, the team had a much better record (38-17) when ballpark was enclosed than in games started in open air (15-11).

World Series Champions

    1910 - Philadelphia Athletics
    1993 - Toronto Blue Jays




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