Add me to mailing list | Change email  Search
Advertising | All Lists | Archives | Classified Ads | This Day In American History

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

Monday, September 16, 2013

Today's Equipment Leasing Headlines

     Archives--September 15, 2005
  List of 43 Funders who purchased NorVergence Leases
Today: Exclusive Comment on Conviction of Salzano
 Classified Ads---Operations
  400+ Letters to FASB
   Let's Clear Up Some Misconceptions
    by Christopher Menkin
Texas Bank Takes FDIC for $637.5 million DIF
 (The Biggest Bank Failure in 3 years)
  Why Did Connecticut’s Only Minority Owned Bank Fail?
   Bank Beat
Undercapitalized banks fall to lowest level since 2008
 By Nathan Stovall and Robert Clark, SNL Financial
  Canadian Financial & Leasing Assoc. Conference
   September 18-20, Registration Still Open
    How to Answer ‘What you don’t like about your job?’
     Career Crossroad---By Emily Fitzpatrick/RII
      Classified Ads---Help Wanted
 Leasing 102 by Mr. Terry Winders, CLP
  How to Protect the Lessor
   Leasing News #1
    Alexa Top Leasing Web Sites
     Top Stories September 10--September 12
       (You May Have Missed One)
        Classified Ads---Employment Web Sites
      Bridgeport, Connecticut Adopt-a-Dog
News Briefs---
 Fort Collins, Colorado (home of Pawnee Leasing) Larimer County Seat

  Summers Pulls Name From Consideration for Fed Chief
   Midland to buy Heartland Bank (Heartland Business Credit)
    Mortgages listlessly await Fed decision

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

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

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


Please send to a colleague. Spread the news.
Also ask them to join our mailing list or bookmark our site.
We are free!


Archives--September 15, 2005

List of 43 Funders who purchased NorVergence Leases
Today: Exclusive Comment on Conviction of Salzano

(Last Week Leasing News reported the head of NorVergence, Thomas N. Salzano, finally was found guilty. Not on the $300 million, but $100,000 in Calcasieu Parish, Louisiana, for defrauding five local businesses of a total of nearly $100,000.; his only conviction. He was sentenced to three years’ supervised probation. He also is to reimburse the District Attorney's Office for the cost of prosecution.)

This List was Published September 15, 2005 of banks and leasing companies with NorVergence leases:

ABB Equipment Leasing CT
Bank One IL
CCL – Commerce Commercial Leasing PA
Celtic Bank UT
Cincinnati Financial Corp. OH
CIT Technology Financing NJ
CitiCapital NY
Court Square Leasing PA
Credential Leasing PA
Crown Bank Leasing FL
De Lage Landen PA
Dolphin Capital FL
Financial Pacific WA
First Corporation
First Lease
FirstCorp OR
GE Capital CT
IFC Credit Corp. IL
ILC – Information Leasing Corp. OH
Insight Financial Corp IL
Interchange Capital NJ
Irwin Business IN
Lakeland Bank NJ
Liberty Bank CT
Madison Capital IL
National Penn Bank PA
NorVergence PA
OFC Capital/ALFA Financial GA
Patriot Leasing PA
Penn Bank Leasing
PFG Commercial Finance
Popular Leasing MO
Preferred Capital, Inc. OH
Primary Financial Corp. PA
Source One Capital
Sterling National Bank NY
Studebaker – Worthington NY
TFC Express Leasing RI
Toshiba America Info Systems CA
US Express Leasing NJ
US Bancorp MN
Wells Fargo Financial Leasing


The conviction case, again, the only one, was filed in 2009, involving David Caldwell with the Louisiana State Attorney General's Office and John DeRosier, Calcasieu Parish District Attorney.

Here is an exclusive inside comment regarding the trial from
one of the business victims:

"I was participating with the state of Louisiana. I was to be one of their witnesses. During the preparations, I was informed that the attorneys Mr. Salzano had hired were not cheap. I asked how he was able to afford his attorneys and was told by the state investigator that they weren't allowed to ask that question. It seemed, however, that Mr. Salzano had access to the money he needed to pay them.

"Whether it is true or not, there have always been rumors that Thomas Salzano hid a good amount of the money that he was able to rake in from his days of NorVergence. I don't know if that is a hypothesis that will ever get proven. However, you have to wonder."

(Name With Held)




Classified Ads---Operations

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

Want To Work From Home
Have 10+ years in readying Lease Origination Documentation, Litigation case mgmt., Collection, Repossession, Remarketing, complete Discovery and Interrogatories, attend Trials and Mediation, prepare and submit SAR’s, translate for Spanish speaking customers, clients and employees, monitor high risk accounts for monetary penalties, bankruptcy management. Email: BRFR@ATT.NET


Free Posting for those seeking employment in Leasing:

All “free” categories “job wanted” ads:




400+ Letters to FASB
Let's Clear Up Some Misconceptions
by Christopher Menkin

Reportedly at press time over 400 comment letters were submitted to the Financial Accounting Standards Board (FASB) before their deadline last week of Friday; regarding revised changes being brought forward regarding lease accounting rules. It was reported FASB was only expecting 150 letters. It definitely shows the influence of the Equipment Leasing and Finance Association as well as the four large international accounting firms.

There are some misconceptions for Leasing News readers
that need to be cleared up:

The proposed changes bring zero impact on the US tax environment, including depreciation, from any of the current leasing proposals. Some countries, such as those in Latin America, may have to adjust their tax regulations as the tax characterization of the lease currently is based on whether it is a finance or operating lease for financial reporting purposes. This, of course, is not the case in the US.

The IRS is not changing the definition of a true lease in the US, so our tax situation for leases remains because we don't rely on the accounting definition for tax purposes. FASB involves accounting reporting and disclosure, not tax law, which is the domain of Congress. In some countries, however, the tax law references the financial accounting treatment. For instance, if it is an operating lease, the lessor is entitled to depreciation and the lessee deducts the rent. With the proposed changes to the accounting definitions, countries that reference the accounting standard will have to make adjustments to their tax laws to reflect those changes.

The quest for on balance sheet recognition of leases and greater transparency has come from both the US and international standard setters. The big push back from constituents right now appears to be coming from the users of financial statements (rating agencies, investors) who are saying that the current system works for them and changing it will increase cost and complexity without increasing the value of the information. For instance, the recent American Accounting Association released an independent academic study that indicates that increased disclosure, or more information in the footnotes of financial statements, not a drastic overhaul of the lease accounting standard, is what is needed to address the SEC concerns that prompted the Leases Project in the first place. Furthermore, FASB’s Investor Advisory Committee has declined to support the changes, stating that the proposal is not an improvement to current accounting.

Comments from Board members at the recently concluded ELFA Lease Accountants’ Conference reportedly pointed out that the FASB is more willing to consider the impact of different economic models on the lease accounting rules than the International Accounting Standards Board (IASB), which is pretty hardened in its position and has been leading the charge for changes. This in spite of the fact the UK responses that came from the Institute of Chartered Accountants(ICAEW) in England and Wales . The (ICAEW) announced just last week that it no longer supports the lease accounting standard as proposed.

As Hans Hoogervorst, Chairman of the International Accounting Standards Board, located in the Netherlands, stated, "By making this hidden debt clearly visible, companies might be able to make more rational decisions on capital allocation. Leasing will certainly not disappear. But companies will be able to make better-reasoned decisions between purchasing and leasing.”

It appears the most thrust for changes appears to come from overseas accountants regarding the issue of transparency of what the “real” debt and asset value as well as how “cash flow” is presented on a financial statement.



Texas Bank Takes FDIC for $637.5 million DIF
(The Biggest Bank Failure in 3 Years)
Why Did Connecticut’s Only Minority Owned Bank Fail?
Bank Beat

The 51 branches of First National Bank, Edinburg, Texas, were closed with PlainsCapital Bank, Dallas, Texas, to assume all of the deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $637.5 million.

Despite the trend of less bank failures, the Deposit Insurance Fund (DIF) balance has continued to increase. This bank failure may be one of the main reasons that banks had their participation raised. The DIF balance - the net worth of the fund - rose to $37.9 billion as of June 30 from $35.7 billion as of March 31. 2013. DIF total $241.6 million, 2011; $767 million; 2010 $2.01 billion.

Founded in January 1, 1934 the bank had 716 full time employees at their 51 offices, 62 in Hidalgo County, 8 Cameron County, 5 Harris County, 4 in Bexar and Nueces County, 3 in Webb Count, 2 in El Paso and Travis Counties, and one in Dallas, Maverick, Montgomery, Starr, and Williamson Counties.

June 30, 2013: Tier 1 risk-based capital ratio: 2.88%

"Besides its financial troubles, the bank has had to deal with major litigation. A Houston jury last summer socked the bank with a $118 million verdict after finding it defrauded an investor group by taking possession of three hospitals purchased by the group. A judge in November reduced the verdict, entering a $66 million judgment against the bank.

"Ortega said the bank will report the judgment in its fourth-quarter results, which haven't been filed with regulators yet.

"In San Antonio, investors in the Tundra Village project near the Toyota plant are suing the bank for at least $25 million. The failed project exposed a pattern of loose and reckless lending practices by bank officials, the investors allege."

The above comes from a September 14, 2013 report written by Patrick Danner, which appears to have the complete story on the demise of the bank; cronyism, mismanagement, very poor loan judgment:

The charge offs and non-current loan statistics reflect the article:

(in millions, unless otherwise)

Charge Offs

2006 $6.9 ($2.6 commercial/ind.,$1.7 individuals, $1.2 ag. products,$1.2 other loans, $748,000 nonfarm/nonres.,$329,000 farmland, $219, construction,-$230,000 commercial/industrial to non-US addresses)
2007 $7.4 ($2.5 nonfarm/nonres.,$2.3 commercial/ind.,$1.8 individual, $944,00 multi-family, $$623,000 other loans, -$135, 1-4 family, -$34,000 farmland)
2008 $10.1 ($3.3 1-4 family, $3.1 commercial/ind., $1.7 construction/land,$1.5 individuals, -$1,141 other loans, -$111,000 foreign inst.)
2009 $9.7 ($4.4 commercial/industrial,$1.9 individuals, $1.7 construction/land, $621,000 1-4 family, $581,000 nonfarm/nonres., $374,000 farmland, $98,000 multi-family)
2010 $12.1 ($4.1 commercial/industrial,$2.1 construction/land, $2.1 individuals, $1.5 other loans, $1.4 nonfarm/nonres., $380,000 multifamily, $364,000 1-4 family)
2011 $39.7 ( $15.8 nonfarm/nonres., $11.2 construction/land, $7.9 commercial/industrial, $2.7 individuals, $1.2 1-4 family, $715,000 multi-family, $22,000 other loans)
2012 $59.8 ($22.5 nonfarm/nonres.,$17.3 construction/land, $6.3 commercial/industrial, $5.8 multifamily, $4.6 1-4 family, $1.0 individuals)
6/12 $16.8 ($9.4 nonfarm/nonres., $3.1 1-4 family, $2.3 construction/land, $1.0 commercial/industrial, $560,000 multifamily, $277,000 individuals)

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

Non-Current Loans
2006 $6.5
2007 $16.2
2008 $86.3
2009 $101.4
2010 $108.6
2011 $385.2
2012 $369.2
6/20 $270.2

2006 $37.0
2007 $41.0
2008 -$71.3
2009 $23.0
2010 $14,5
2011 -$26.0
2012 -$136.5
6/30 -$14.5

Net Equity
2006 $243.8
2007 $321.1
2008 $262.3
2009 $322.9
2010 $340.3
2011 $327.7
2012 $190.9
6/30 $171.4

Full-time employees:
2006 921
2007 1,116
2008 940
2009 801
2010 806
2011 802
2012 777
6/39 716

As of June 30, 2013, First National Bank had approximately $3.1 billion in total assets and $2.3 billion in total deposits. In addition to assuming all of the deposits of First National Bank, Plains Capital Bank agreed to purchase approximately $2.7 billion of First National Bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC and PlainsCapital Bank entered into a loss-share transaction on $1.8 billion of First National Bank's assets. PlainsCapital Bank will share in the losses on the asset pools covered under the loss-share agreement.


“The Community Bank,” Bridgeport, Connecticut was closed by the Connecticut Department of Banking, which appointed the FDIC as receiver. The FDIC reports, they were unable to find another financial institution to take over the banking operations. Depositors with account balances in excess of $250,000 may therefore face losses. The FDIC did not disclose the amount of uninsured deposits, if any, held by The Community’s Bank.

It becomes the first bank to fail in Connecticut since Circle Trust, Darien, September 30, 2005.There have been 43 bank failures in Connecticut since 1989. Thirty-one (31) were state-chartered institutions.

Founded February 23, 2001, the bank had 12 full time employees as of June 30, 2013 at its two offices in Bridgeport. It reportedly was the state’s only minority-owned bank.

Bridgeport Mayor Bill Finch said in a statement that he was "shocked and saddened" by the bank's failure.

"The closing of this bank means our minority community, which oftentimes does not have the same access to credit as others do, is now bereft without this bank's focus on providing access to credit or capital," Finch said. "It is not clear how the state could allow this to happen."

A regarding year end December 31, 2011 has income and expenses (dollars in figures in thousands) shows the loss that matches the FDIC of $610,000 but also brings out numbers not in the FDIC:

Total Non-interest Expence
Salaries and employee benefits
Premises and equipment expense
Additional non-interest expense

Year-end FDIC records report 13 full-time employees and perhaps the salaries are too high, and what is the "additional noninterest expense?"

Peter F. Hurst, Jr.

Founder. chairman of the board, and chief executive office of the bank is Bridgeport attorney Peter Frederick Hurst, Jr. He had a very good background in banking, according to his biography: "From 1984 to 1986, Hurst served in the General Counsel’s Office of the Federal Reserve Bank. Moving to New York City, Hurst worked as an investment banker with E.F. Hutton, and in 1987, became senior vice president with Dean Witter. Going into business for himself in 1990, Hurst worked with smaller clients through Bahia Partners and Hurst Capital Partners. In 2001 Hurst created the Community’s Bank, opening branches in the Connecticut cities of Hartford, Bridgeport, and Bloomfield. As founder, chairman of the board, chief executive officer, and president of the Urban Financial Group, the company which controls Community’s Bank, Hurst runs the only independent, minority owned bank in Connecticut."

Interesting in his biography that Hurst was general counsel to Federal Reserve Bank, but the FDIC reports the bank was a "non-member" of the Federal Reserve.

There was no listing of directors found. It is not often that the chairman also serves as chief executive officer. It appears the failure resides on the board of directors.

June 30, 2013: Tier 1 risk-based capital ratio:1.89%

(in millions, unless otherwise)

Non-Current Loans
2006 0
2007 $757,000
2008 $507,000
2009 $1.7
2010 $2.3
2011 $1.5
2012 $827,000
6/30 $627,000

Note: the charge offs are small:

Charge Offs
2006 $8,000 ( $7,000 other loans, $1,000 individuals)
2007 $30,000 ( $30,000 individuals
2008 -$6,000 ( -$6,000 individuals)
2009 $60,000 ( $38,000 commercial/industrial, $22,000 Individuals)
2010 $72,000 ($45,000 nonfarm/nonres, $24,000 individuals, $22,000 construction/land, -$38,000 commercial/industrial)
2011 $29,000 ($44,000 nonfarm/nonres., -$8,000 auto, -$4,000 1-4 family, -$1,000 commercial/industrial
2012 $12,000 ($35,000 commercial/ind.,-$20,000 construct/land, -$3,000 1-4 family)
6/30 $25,000 ($18,000 nonfarm/nonres., $9,000 multifamily, -$2,000 1-4 family).

Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

Net Equity
2006 $5.5
2007 $5.0
2008 $4.6
2009 $4.4
2010 $3.9
2011 $3.5
2012 $1.7
6/30 -$31,000

2006 -$339,000
2007 -$610,000
2008 -$488,000
2009 $138,000
2010 -$475,000
2011 -$610,000
2012 -$1.8
6/30 -$1.3

As of June 30, 2013, The Community's Bank had approximately $26.3 million in total assets and $25.7 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.

The FDIC as receiver will retain all the assets from The Community's Bank for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.8 million.

List of Bank Failures:

Bank Beat:

Working Capital Loans $10,000-$250,000


Undercapitalized banks fall to lowest level since 2008
By Nathan Stovall and Robert Clark. SNL Financial

(Statistically slightly over 4 banks failed per month in 2012; eight per month in 2011, and thirteen per month in 2010.

(The peak of bank failures was 157 in 2010, followed by 140 in 2009, 92 in 2011, and 51 in 2012. The highest and all time record for bank closures was in 1989 in the savings and loans debacle when 534 banks closed, followed by 181 bank failures in 1992.)

A SNL Financial Report

The number of undercapitalized banks fell to the lowest level in nearly five years at the end of the second quarter, with more banks escaping undercapitalized territory through positive means in 2013 than in years past.

The FDIC defines undercapitalized banks as those with a total risk-based capital ratio below 8.0%, a Tier 1 risk-based capital ratio below 4.0% or a Tier 1 leverage capital ratio below 4.0%, unless the bank is a CAMELS one-rated institution. In that case, a bank would be undercapitalized if its leverage ratio was less than 3.0%.

Twenty-six banks and thrifts were undercapitalized, based on the criteria of having Tier 1 ratios below 4%, at June 30, compared to 38 institutions at the end of the first quarter and 56 institutions a year ago, according to SNL data. This represents linked-quarter and year-over-year decreases of 31.6% and 53.6%, respectively.

With the decline in the second quarter, the number of undercapitalized institutions has fallen to the lowest level since the third quarter of 2008, when 14 banks were considered undercapitalized. The number of undercapitalized banks in the industry has steadily declined for the last 11 quarters, with failures — rather than banks finding their way out of trouble through other means — accounting for the bulk of the decline. The trend was consistent through 2012, when the number of undercapitalized banks decreased by 26 to 44 institutions. During that period, a number of banks joined the ranks of the undercapitalized and 51 banks failed, while just 15 banks found their way out of trouble through recapitalizations, mergers or balance sheet shrinkage and de-risking, coupled with modest earnings in some cases.

The trend has been more positive this year, with eight banks, including three in the second quarter, finding their way out of undercapitalized territory without failing. Just 20 banks have failed so far in 2013 — 12 of them during the second quarter.

Over the past few years, the number of undercapitalized institutions has declined at a faster rate than the decrease seen in the number of banks on the FDIC's "problem list" on a fairly consistent basis. The number of institutions on the problem list fell to 553 at the end of the second quarter, compared to 612 institutions in the first quarter and 732 a year ago, a 9.6% drop from the linked quarter and down 24.5% from a year ago. The number of problem institutions stood at 865 two years ago but totaled 702 at the end of 2009 and just 252 at end of 2008.

Most problem and undercapitalized institutions continue to be in areas that suffered from stress during the cycle. Florida, where 69 banks have failed this cycle, had four operating banks falling below the 4% Tier 1 risk-based capital threshold at June 30. Georgia also had four operating, undercapitalized institutions as of June 30. Eighty-eight banks have failed in Georgia this cycle.

One institution that has long remained in troubled territory has distorted the amount of undercapitalized institutions in the banking industry for some time. Capitol Bancorp Ltd. had eight of its banking subsidiaries among the list of undercapitalized banks for more than two years. Two Capitol Bancorp subsidiaries previously deemed undercapitalized found their way out of those ranks in the first quarter. However, four other Capitol Bancorp subsidiaries previously deemed undercapitalized failed in the second quarter, and a fifth failed on Aug. 23. Just one Capitol Bancorp subsidiary remains in undercapitalized territory.

In total, seven banks previously deemed undercapitalized have failed since SNL last published the list of undercapitalized banks in the industry. When excluding the banks that have failed or recapitalized since the end of the first quarter, SNL data shows that 22 banks were undercapitalized based on June 30 data, compared to 27 banks at the last publication of the list of undercapitalized banks. The 22 undercapitalized banks reported a median Tier 1 ratio of 3.30% at the end of the second quarter and the group reported median linked-quarter declines in their capital ratio of 14.5 basis points.

Five banks, all of which had less than $300 million in assets, joined the ranks of the undercapitalized during the second quarter. A total of 10 banks escaped undercapitalized territory during the second quarter, compared to 18 institutions that escaped those ranks in the first quarter. Failures were responsible for the bulk of the decline as raising defensive capital has continued to prove difficult for banks.

A handful of banks have enjoyed greater success raising funds this year and generally the transactions have represented full-scale recapitalizations. For instance, First Security Group Inc. unit of FSGBank NA, was deemed undercapitalized at the end of the first quarter. In April, however, the company recapitalized and down streamed $65 million in capital to FSBBank, boosting the bank's capital ratios significantly. In May, New Dominion Bank raised in excess of $10 million after spending close to a year on the transaction, while Patterson Bankshares Inc.'s Patterson Bank was recapitalized by investors injecting capital directly into the bank subsidiary. Patterson Bank was renamed First Southern Bank. And in June, an investor group completed the recapitalization and purchase of Metrobank's holding company, Chicago-based Metropolitan Bank Group Inc.

One institution that remains on the list of undercapitalized institutions, Independence Federal Savings Bank, recently reached an agreement to merge with Colombo Bancshares Inc. The two parties tried to merge more than three years ago but mutually agreed to terminate the transaction. It is a condition to the completion of the merger that Morton Bender, the sole holder of Independence FSB and Colombo Bank preferred shares, makes an additional common equity investment in Independence FSB prior to closing.

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

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

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


Canadian Financial & Leasing Association Conference
September 18-20, Registration Still Open

Registration is available until September 18 by email or fax, although registration will be accepted at the location of the Marriott Halifax, Harbourfront, Halifax (a beautiful location-902-421-1700). Rooms are also available across the street at the Delta Barrington 902-429-7410.

Citadel Hill



Leasing News Advisory Board member Hugh Swandel, Immediate past President, National Equipment Finance Association, Director, CFLA, and Managing Director – Canada, The Alta Group, will be covering the conference with a report for Leasing News readers.


How to Answer ‘What you don’t like about your job?’
Career Crossroad---By Emily Fitzpatrick/RII

Question: How would I respond to an interviewer asking the question “What do you dislike about your current job?”

Answer: NEVER criticize a previous or current employer !

You want to be positive in answering this typical interview question. Make sure you listen carefully as the interviewer may bring it up more than once in one way or another

Most likely the start of the interview will be an overview of the department/organization/position – this can be used to your advantage. 

In responding point out what your current role has taught you and/or opportunities your employer has given you to achieve certain goals/targets.

Be positive, never negative.

For Example

Let us say, you are currently with a large corporation with many layers of management, and you are interviewing with a company that is the polar opposite. 

I am interested in leaving my current employer, so I have the ability to contribute more in different areas within an organization, which I can do in a smaller environment as you do here at XYZ Company.


I am exploring opportunities with smaller organizations, such as XYZ Company, so I can make impactful contributions to the growth of the company and increase in repeat business.



  • NEVER criticize a previous or current employer


  • Keep your answers short and positive

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

Career Crossroads Previous Columns





Leasing 102
by Mr. Terry Winders, CLP

How to Protect the Lessor

What if I borrowed your car, got drunk and ran into a bus of students. I claimed a malfunction in the car caused the accident. The injured parties and their legal counsel believe you knew I had a problem with alcohol will sue you and an expensive legal action will be necessary. While this sounds like over kill, it represents the problem lessors have when they hold title during a lease and the lessee gets involved in an altercation that causes injury to people or property. The problem may also be injury to employees from a malfunction of the equipment. Believe me, everyone gets sued, including the lessor and maybe the third party who referred the lease to the lessor.

Article 2A has a protection for the lessor if the transaction is a legal finance lease. The lessor is not held responsible for the accident “if” the “supply contract” is passed to the lessee. The supply contract is the performance guarantees provided to the purchaser by the vendor or the manufacturer. Inasmuch as the lessor is the purchaser, we must get the manufacturer/vendor to accept the transfer of the supply contract to the lessee. Usually this is accomplished by including language in the purchase order that requires the vendor to accept the assignment of the supply contract to the lessee as a purchase requirement.

To get the protection of Article 2A the lease must meet the requirements of a legal lease. Leases that fail Article 2A are covered by Article 9, secured transactions. All bargain purchase option leases are covered by Article 9 and lessors need to protect themselves by requiring both property insurance, to cover the leased equipment, and liability insurance to cover damage to people or property. The insurance is the best protector for the lessor providing it is high enough to cover all potential claims.

If a lessor has an additional insured endorsement to cover liability then any claim made against the lessor will be covered by the insurance provider. In many cases it is very hard to make the lessor responsible for damage done by the lessee. However, the cost of winning an action can be just as expensive as losing it. The legal cost is usually expensive if the lessor fails to get the lessee to provide additional insured endorsements for liability claims.

In certain states, the lessor and/or third party originator also needs to be licensed to provide financing. There are not only usury laws that may play here, but responsibility of not being licensed by the state.

Many lessors think that because bargain option leases are just fancy loans, they only need a loss payable clause on the leased property like loans. However, you must remember that you are the owner until you pass title at termination--- therefore you will become a party to the litigation. This is regardless of the equipment cost because anything can cause injury.

Following for insurance is a necessary evil to our business. Some types of equipment require additional insurance endorsements tied to use, operators, and location of use.

In addition, do you get involved in selecting the equipment? Perhaps you have a favorite vendor and when the occasion occurs that the lessee asks you where to go to get the equipment, you recommend the vendor. Be aware some experienced attorney can bring you into the action because you could be held liable for the equipment performance. The lessee must select the vendor and the equipment and sometimes it is wise to say this in the vendor purchase order. Yes, you can make a recommendation, but make sure the purchase order spells out the choice of choosing the vendor is the lessees.

A Lessor is the owner of the equipment, and as such, he must make sure that the property under lease is safe and secure. However, the Lessee is in control of the asset so the Lessor is considered an absentee owner. Protection of the investment in the leased asset, as well as minimization of user risk, can best be accomplished through the use of insurance as well as spelling out the choice of equipment is solely by the lessee.

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

He invites your questions and queries.

Previous #102 Columns:


Leasing News #1
Alexa Top Leasing Web Sites

Positions on the web with the lower the number, the more the site is visited. The rankings are #1 Google , #2 Facebook, #3 YouTube.

These ratings that follow are basically “on line trade publications,” hitting a more narrow audience than a general audience.

On the ranking below, it should be noted numbers 2-5 & 9 publish a news edition five days a week. The other web sites publish to their members or mailing lists notices and announcements which often link to their web sites and are counted as well as direct visits to their web site.

U.S. World Wide Links Web Site
Equipment Finance Advisor
Commercial Finance Association
No Data
No Data
No Data
Equipment Leasing Finance Assoc.
No Data
Canadian Finance & Leasing Association
No Data
No Data
Assoc. Gov. Leasing/Finance



Top Stories September 10--September 12
(You May Have Missed One)

Here are the top stories opened by readers:

(1) NorVergence Head Finally Tagged a Felon
But Sentence is a Joke
by Christopher Menkin

(2) Today- Sept. 10- Free Webcast
Expertise in Leasing Success
The Alta Group "All-Stars"

(3) Leasing 102 by Mr. Terry Winders, CLP
What is a Net Lease?

(4) New Hires—Promotions

(5) GE Capital Takes $26MM Loss in Trucking Company Fraud

(6) Record Number Pass CLP Test
15 New Certified Lease Professionals

(7) Please Vote!
Ted Nugget Video Finalist Wine Spectator Contest

(8) NAELB Announces 31 New Members in August
Brian Huey to Report on September Conference

(9) ELFA Submits Comment Letter to FASB/IASB
by Christopher Menkin

(10) Umpqua Said in Talks to Acquire Sterling for About $1.8B





Classified Ads---Employment Web Sites

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


Bridgeport, Connecticut Adopt-a-Dog

4 years old

Winston is a gorgeous 4 year old neutered Rottweiler. His family unfortunately decided to surrender him due to a new baby coming along. They report that Winston has some food aggression and they did not want to take any chances. While photographing Winston yesterday, we got to know him better. He is a quiet, reserved boy. He is a bit timid in the kennel and even outside. He basically is a big baby himself! Even the birds chirping outside were worrisome to him. Winston needs to feel loved again. He seems unaffected by the other dogs in the shelter. He's a tall boy and is already full grown (must weigh 100lbs easily)! Winston is strong and will need a good handler, but we are sure he will become your best friend! Come meet Winston at Bridgeport Animal Control. He is only $5.00 to adopt since he's neutered.

Looking for a warm and loving home.
(203)576-7727 •

Bridgeport Animal Control
236 Evergreen Street, Bridgeport CT
203-576-7727 Leave a message
Hours of operation:
Tues - Fri 10:00 - 12:00, 1:00-3:30
Every 1st and 3rd Saturday, same hours
Every 2nd and 4th Monday, same hours

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

Adopt a Pet



News Briefs----

Fort Collins, Colorado (home of Pawnee Leasing) Larimer County Seat

Summers Pulls Name From Consideration for Fed Chief

Midland to buy Heartland Bank (Heartland Business Credit)

Mortgages listlessly await Fed decision



--You May Have Missed It

‘PBS NewsHour’ Begins Its Overhaul




SparkPeople--Live Healthier and Longer

13 Yoga Poses for Runners
A Runner's Guide to Yoga


Baseball Poem


by Tim Peeler

Before video parlors, PCs and
Nintendo, on our ragged bicycles
We scrambled to one house or the other-
Hefners, Peelers, then the Swansons who moved
In the neighborhood, sometimes the Coffeys
From church, or the Swansons' friends from their church -
For the really big affairs with full teams,
Baseball games with football scores. Out in the heat
Most of the day, just breaking for lunchtime-
Easy pitches and little guys taking
Big cuts, ghost runners and no catcher, weird
Rules like ground rule doubles for balls driven
Into the short cow pasture fence in left
Or how to play a pop fly that rolled off
The eight-sided parsonage roof or smacked
The huge oak trees in center field or the
Maple in right-center.
Barefoot sometimes, always in shorts only,
Crew cuts and popsicle stains on our mouths-
Before Play Station and VCRs there
Was a baseball game somewhere in dust and
Sweltering heat, a game to be played by
Our rules only.

--- with the permission of the author, from his
book of baseball poetry:



Sports Briefs----

Chiefs start 2-0 after beating Cowboys 17-16 version:

Bears rally past Vikings 31-30,0,1450817.story

Royal-led Chargers beat Eagles

Falcons rebound with gutsy 31-24 win over Rams

All NFL Scores:

Oracle Wins Two in America's Cup, but 7-1 underdogs

Obstruction Conviction Against Barry Bonds Upheld by 9th Circuit

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


California Nuts Briefs---

Oakland residents hire private security guards

More than 70 percent of Sacramento-area boomers are overweight or obese

Sonoma County's fastest-growing companies

Mark Zuckerberg manse undergoes extreme makeover



“Gimme that Wine”

What Becomes of the Lost Estates?

Bordeaux Grape Crop Seen Two Weeks Late in Worst Year Since 1991

Iowa Wine Industry Just Beginning to Blossom

Free Mobile Wine Program

Wine Prices by vintage

US/International Wine Events

Winery Atlas\

Leasing News Wine & Spirits Page


This Day in History

  1620- the Mayflower departs from Plymouth, England with 102 passengers and a small crew. On board were 48 crew members and 101 colonists (including 35 Separatists from Leiden, Holland, known afterward as the Pilgrims). During the three-month voyage, two passengers died and two babies were born. Vicious storms were encountered en route which caused serious doubt about the wisdom of continuing, but she reached Provincetown, MA, Nov21, and discharged the Pilgrims at Plymouth, MA, Dec 26.1620.
    1672-While her actual birthday is not known, this is the official date proclaimed by the governor of the Commonwealth of Massachusetts to honor Anne Bradstreet, America's first poet who is also recognized as the first published woman poet in the English language. Anne Bradstreet was born in 1612 in England and came to America in 1630. Unbeknownst to Anne, her brother-in-law took some of her poetry back to England where it was published in 1630 as Te Tenth Muse Lately Sprung Up in America. Subsequent editions were also published in Boston. She died at Andover, MA.
    1782- Continental Congress President John Hanson along with Secretary Charles Thomson made the first impression of the Great Seal of the United States on a document authorizing General George Washington to negotiate and sign an agreement with the British for the exchange, subsistence, and better treatment of prisoners of war.
    1810-Mexican Independence Day. Father Miguel Hidalgo y Costilla summoned the largely Indian and mestizo congregation of his small Dolores parish church and urged them to take up arms and fight for Mexico's independence from Spain.
( lower half of: )
    1881-an early snowfall across northwestern Iowa and southern Minnesota dropped up to 6 inches (at Stuart, Iowa)
    1887---Birthday of Louise Arner Boyd, American geographer who led eight arctic expeditions. A part of Greenland was named after her. In 1960 became the first woman councilor in the 108-year history of the American Geographical Society. During World War II she became a valued, and irreplaceable technical expert with the War Department by utilizing her encyclopedic scientific knowledge, her experiences, and her thousands of maps, and photographs of the entire Arctic region from Greenland to Scandinavia. She was indispensable in locating little-known fjords which had became safe havens for German U-boats. LAB was the first woman to fly over the North Pole. LAB wrote several authoritative books on the arctic. 
    1889-Birthday of Claude A. Barnett, founder of the Associated Negro Press. ranked by Ebony magazine as among the one hundred most influential black Americans, founded the Associated Negro Press (ANP) in 1919 and remained its director through nearly half a century of social change. By providing its member newspapers with coverage of activities within black communities across the country and current national trends and events, the ANP helped create a national black culture and increased black awareness of national news. Died, 1967

    1893 - The largest land run in history begins with more than 100,000 people pouring into the Cherokee Strip of Oklahoma to claim valuable land that had once belonged to Native Americans. No more eager than the whites to leave their green and well-watered lands for the arid plains, some Indians resisted and had to be removed by force-most tragically, the 4,000 Cherokee who died during the brutal overland march known appropriately as the "Trail of Tears." Pressure steadily increased to open the Indian lands to settlement, and in 1889, President Benjamin Harrison succumbed and threw open large areas of unoccupied Indian lands to white settlement. The giant Cherokee Strip rush was only the largest of a series of massive "land runs" that began in the 1890s, with thousands of immigrants stampeding into Oklahoma Territory and establishing towns like Norman and Oklahoma City almost overnight.
    1903-Birthday of Buck McFarland (Barrelhouse Buck),Alton, IL
    1903-Birthday of violinist Joe Venuti, Philadelphia, PA
    1908-the giant automobile manufacturing company called General Motors was founded by William Crapo “Billy” Durant, a Flint, Ml, entrepreneur.
    1921-Birthday of singer/composer Jon Hendricks, Newark,OH
    1924—Birthday of Lauren Bacall, model, film and stage actress, and writer - and national icon. LB won the 1970 Tony Award for her work in the musical Applause. She wrote several autobiographies beginning with the best-selling Lauren Bacall by Myself (1978). An ingénue, she shot into film stardom opposite the much older Humphrey Bogart whom she married. She developed into a fine actor and her personal dignity through the years has made her a much respected and loved figure.
    1925 Singer/guitarist Riley “BB” King birthday
    1925-Birthday of jazz guitarist Charlie Byrd.
    1928 -the San Felipe hurricane struck Palm Beach, FL with enormous damage, Peak winds were near 150 mph. the high winds and storm waves broke the eastern dike on Lake Okeechobee, inundating flat farmland. 1836 people drowned and damage exceeded $25 million
    1933 -- Emperor Jones, starring Paul Robeson as Brutus Jones, is released by United Artists. It is Robeson's first starring movie role and the first major Hollywood production starring an African-American with whites in supporting roles.
    1933--"Are You Makin' Any Money?" by Chick Bullock & His Levee Loungers. This pervasive question of the era was first sung in the film, Moonlight & Pretzels. The clever Herman Hupfeld wrote the tune two years after 1931's "As Time Goes By." Vocalist Chick Bullock was featured on over 500 titles in the 1930s, often accompanied by New York's finest jazzmen. Worthy of note in this performance are trumpeter Manny Weinstock and Jimmy Dorsey on clarinet.
    1933-the Carolina-Virginia hurricane hit Cape Hatteras with winds to 76 mph. Great winds damage was done in Virginia and Maryland. 21 died.
    1938- Dorsey Band records “Boogie Woogie”
    1940- The Burke-Wadsworth Act is passed by Congress, by wide margins in both houses, and the first peacetime draft in the history of the United States is imposed. Selective Service was born. The registration of men between the ages of 21 and 36 began exactly one month later, as Secretary of War Henry L. Stimson, who had been a key player in moving the Roosevelt administration away from a foreign policy of strict neutrality, began drawing draft numbers out of a glass bowl. The numbers were handed to the president, who read them aloud for public announcement. There were some 20 million eligible young men-50 percent were rejected the very first year, either for health reasons or illiteracy (20 percent of those who registered were illiterate). In November 1942, with the United States now a participant in the war, and not merely a neutral bystander, the draft ages expanded; men 18 to 37 were now eligible. Blacks were passed over for the draft because of racist assumptions about their abilities and the viability of a mixed-race military. But this changed in 1943, when a "quota" was imposed, meant to limit the numbers of blacks drafted to reflect their numbers in the overall population, roughly 10.6 percent of the whole. 
    1944--PRESTON, ARTHUR MURRAY Medal of Honor
Rank and organization: Lieutenant, U.S. Navy Reserve, Torpedo Boat Squadron 33. Place and date. Wasile Bay, Halmahera Island, 16 September 1944. Entered service at: Maryland. Born: 1 November 1913, Washington, D.C. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty as commander, Motor Torpedo Boat Squadron 33, while effecting the rescue of a Navy pilot shot down in Wasile Bay, Halmahera Island, less than 200 yards from a strongly defended Japanese dock and supply area, 16 September 1944. Volunteering for a perilous mission unsuccessfully attempted by the pilot's squadron mates and a PBY plane, Lt. Comdr. (then Lieutenant) Preston led PT-489 and PT-363 through 60 miles of restricted, heavily mined waters. Twice turned back while running the gauntlet of fire from powerful coastal defense guns guarding the 11-mile strait at the entrance to the bay, he was again turned back by furious fire in the immediate area of the downed airman. Aided by an aircraft smokescreen, he finally succeeded in reaching his objective and, under vicious fire delivered at 150-yard range, took the pilot aboard and cleared the area, sinking a small hostile cargo vessel with 40-mm. fire during retirement. Increasingly vulnerable when covering aircraft were forced to leave because of insufficient fuel, Lt. Comdr. Preston raced PT boats 489 and 363 at high speed for 20 minutes through shell-splashed water and across minefields to safety. Under continuous fire for 2l/2 hours, Lt. Comdr. Preston successfully achieved a mission considered suicidal in its tremendous hazards, and brought his boats through without personnel casualties and with but superficial damage from shrapnel. His exceptional daring and great personal valor enhance the finest traditions of the U.S. Naval Service. 
    1946-Les Brown cuts “ I've Got My Love to Keep Me Warm.”
    1946-Banjoist Earl Scruggs first recorded with Bill Monroe and his Blue Grass Boys. His three-fingered picking style became one of the trademarks of bluegrass music. Scruggs and guitarist Lester Flatt left Monroe in 1948 to form their own group, the Foggy Mountain Boys. Flatt and Scruggs's partnership lasted for more than 20 years.
    1948- Joe DiMaggio hits his 300th career home run joining Babe Ruth, Lou Gehrig, Mel Ott, Jimmie Foxx, Rogers Hornsby, Chuck Klein and Hank Greenberg as the only major leaguers to reach this milestone.
    1950—Birthday of Author/Outstanding Critic Henry Louis Gates Jr.

    1950---Top Hits
Mona Lisa - Nat King Cole
Goodnight Irene - The Weavers
Tzena, Tzena, Tzena - The Weavers
Goodnight Irene - Red Foley-Ernest Tubb
    1951--VITTORI, JOSEPH Medal of Honor
Rank and organization: Corporal, U.S. Marine Corps Reserve, Company F, 2d Battalion, 1st Marines, 1st Marine Division (Rein.). Place and date: Hill 749, Korea, 15 and 16 September 1951. Entered service at: Beverly, Mass. Born: 1 August 1929, Beverly, Mass. Citation: For conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty while serving as an automatic-rifleman in Company F, in action against enemy aggressor forces. With a forward platoon suffering heavy casualties and forced to withdraw under a vicious enemy counterattack as his company assaulted strong hostile forces entrenched on Hill 749, Cpl. Vittori boldly rushed through the withdrawing troops with 2 other volunteers from his reserve platoon and plunged directly into the midst of the enemy. Overwhelming them in a fierce hand-to-hand struggle, he enabled his company to consolidate its positions to meet further imminent onslaughts. Quick to respond to an urgent call for a rifleman to defend a heavy machine gun positioned on the extreme point of the northern flank and virtually isolated from the remainder of the unit when the enemy again struck in force during the night, he assumed position under the devastating barrage and, fighting a single-handed battle, leaped from 1 flank to the other, covering each foxhole in turn as casualties continued to mount manning a machine gun when the gunner was struck down and making repeated trips through the heaviest shellfire to replenish ammunition. With the situation becoming extremely critical, reinforcing units to the rear pinned down under the blistering attack and foxholes left practically void by dead and wounded for a distance of 100 yards, Cpl. Vittori continued his valiant stand, refusing to give ground as the enemy penetrated to within feet of his position, simulating strength in the line and denying the foe physical occupation of the ground. Mortally wounded by the enemy machine gun and rifle bullets while persisting in his magnificent defense of the sector where approximately 200 enemy dead were found the following morning, Cpl. Vittori, by his fortitude, stouthearted courage, and great personal valor, had kept the point position intact despite the tremendous odds and undoubtedly prevented the entire battalion position from collapsing. His extraordinary heroism throughout the furious nightlong battle reflects the highest credit upon himself and the U.S. Naval Service. He gallantly gave his life for his country. 
    1951-”Sky King” TV premiere. This half-hour children's adventure series began on radio in 1947. Kirby Grant starred as Schuyler J. (Sky) King, owner of the Flying Crown.
    1954-Birthday of guitarist Earl Klugh, Detroit, MI
    1955-The United States Auto Club (USAC) was formed to supervise four major categories of auto racing.
    1958---Top Hits
Nel Blu Dipinto Di Blu (Volare) - Domenico Modugno
It's All in the Game - Tommy Edwards
Rock-in Robin - Bobby Day
Bird Dog - The Everly Brothers
    1959-- Dick Clark's first "Caravan of Stars" tour opens in New York, featuring The Coasters, The Drifters, Lloyd Price, LaVern Baker, Duane Eddy, Paul Anka and Annette Funicello.
    1960-Johnny Burnette records the original version of "You're 16", which will rise to #8 in the US. Fourteen years later, Ringo Starr would take the same song to #1. 
    1960-College football coach Amos Alonzo Stagg age 95 (1864-1965) announced his retirement after seventy-one years on the field. Stagg's career coincided with the evolution of the game from an amalgam of soccer and rugby into American football as we know it. 
    1963 - "She Loves You" was recorded by The Beatles on the Swan label. It was the first record recorded by The Beatles; but the second single by the ‘Fab Four' to hit #1. "I Want to Hold Your Hand", was the group's first #1 song and million seller (on Capitol). It beat "She Loves You" to the top spot by just a few weeks. Other Beatles hits were also recorded on Capitol (Capitol had rejected "She Loves You") and Swan labels; but the Beatles liked variety -- so add these record companies to the Beatles list of recording labels: Vee-Jay, MGM, Tollie, United Artists, Atco, E.M.I., Parlaphone and Apple.
    1964-Concord, NH drops to 27 degrees ending the shortest growing season on record (100 days.)
    1964- the rock 'n' roll TV show "Shindig" premiered on ABC. Guests on the first show were Sam Cooke, Bobby Sherman, the Everly Brothers and the Righteous Brothers. The house band, the Shindogs, included such musicians as Leon Russell and Delaney Bramlett. And among the Shindig Dancers was future actress Teri Garr. Such was the drawing power of the show that the Beatles were paid only $1,400 to appear during the first season - at the height of Beatlemania. "Shindig" began its second season with a bang, snagging the Rolling Stones for the first show and expanding to two nights a week. But it was downhill after that, with such guest hosts as Zsa Zsa Gabor, Hedy Lamarr and Boris Karloff. "Shindig" was cancelled in January 1966.
    1965-- The Beatles' "Eight Days a Week" is certified gold 
    1965- Duke Ellington gives sacred concert in San Francisco.
    1965 - San Francisco's Grace Cathedral became the site of the first concert of sacred music presented by Duke Ellington.
    1965 - "The Dean Martin Show" debuted on NBC-TV. It was a weekly variety show that continued on the network for nine years. Regulars over the years were The Goldiggers, Ken Lane, The Ding-a-Ling Sisters, Tom Bosley, Dom DeLuise, Nipsey Russell, Rodney Dangerfield and Les Brown and His Band. The theme song? "Everybody Loves Somebody".
    1966-Grateful Dead and Oxford Circle play @ The Avalon Ballroom
 Poster Artists: Stanley Mouse, and Alton Kelley
    1966--Grateful Dead at the Avalon Ballroom in S.F.
    1966---Top Hits
You Can't Hurry Love - The Supremes
Yellow Submarine - The Beatles
Land of 1000 Dances - Wilson Pickett
Almost Persuaded - David Houston
    967-Jimi Hendrix's debut LP, "Are You Experienced?" enters the Billboard Hot 200 album chart, where it will stay for 106 weeks, including 77 weeks in the Top 40. 
    1967- “Mannix “premiers on TV. Mike Connors starred as Joe Mannix - a Los Angeles private investigator working for the computer organization Intertect, in this long-running CBS crime series. Joseph Campanella played his boss, Lou Wickersham, during the first season. The show then changed format with Mannix setting up his own agency. The new cast members were Gail Fisher as Peggy Fair, his secretary, Robert Reed as Lieutenant Adam Tobias and Ward Wood as Lieutenant Art Malcolm.
    1968- Richard Nixon appears on "Laugh-in". In “Who Wants to be a Millionaire?” television show, this was a $1 million question. The contestant got it right, by the way.
    1970-- Jimi Hendrix makes his final public appearance, jamming with Eric Burdon & War at Ronnie Scott's club in London.
    1971-The first Technical school for Native Americans was the Southwestern Indian Polytechnic Institute, Albuquerque, NM, a coeducational school that opened with 700 Native American students from 64 tribes. It comprised 12 buildings on a 164-acre campus and cost $13 million. John L. Peterson was the first superintendent.
    1971- “Owen Marshall” premieres an hour-long ABC drama with Arthur Hill as the title character, a widowed attorney in Santa Barbara. Lee Majors, Reni Santoni and David Soul played his associates. Also featured were Joan Darling as Marshall's secretary and Christine Matchett as his daughter.
    1972--"Black & White" by Three Dog Night topped the charts and stayed there for a week.
    1974 - President Ford announced a conditional amnesty program for Vietnam War deserters and draft-evaders. Limited amnesty was offered to Vietnam-era draft resisters who would now swear allegiance to the United States and perform two years of public service.
    1974---Top Hits
I Shot the Sheriff - Eric Clapton
Rock Me Gently - Andy Kim
I'm Leavin It (All) Up to You - Donny & Marie Osmond
Please Don't Tell Me How the Story Ends - Ronnie Milsap
    1974-- BART begins regular transbay service. In 1962, Marin and San Mateo County withdrew from the plan to raise funds with taxes. Santa Clara County was not included as the Bay Area master plan not only included Marin, but Napa County, where the population growth was to grow. When the cities and county of Napa read the plan, they started enacting laws and prohibitions for growth. Construction began in 1965. The 3.2-mile bore through the hard rock of the Berkeley Hills was completed in February, 1967, after 466 work days, to become the fourth longest vehicular tunnel in the U.S. 1969 the state legislature authorized another tax to finish the project. In subsequent years, the line moved from Daly City (in San Mateo County without a tax initiative) to the San Francisco International Airport, located in Millbrae (San Mateo County). Recently monies were granted for a line to continued from Fremont to San Jose and Santa Clara in the near future. The original idea was to circle the entire San Francisco Bay. One of the key opponents in San Mateo who changed the course of history is Les Kelting, still alive in San Bruno, California. He was against raising any taxes to pay for rapid transit, which he claimed would help the San Francisco Airport more than the residents of San Mateo County.
    1976-In Minneapolis, the 65th Triennial General Convention of the Episcopal Church officially approved ordination of women to the priesthood
    1978--After years of condemnation, the Episcopal Church officially recognized the ordination of the 15 women priests who had previously been ordained by consecrated bishops without the hierarchy's official approval.
    1978-The Grateful Dead played a concert in front of the Egyptian Pyramids. The show was recorded but has never been released.
    1978- Boston's LP Don't Look Back hits #1 
    1979- At Yankee Stadium, the Bronx Bombers hold Catfish Hunter Day to honor their future Hall of Fame pitcher who will be retiring at the end of the season at the age of 33. A 20-year-old left-hander named Dave Righetti makes his major league debut for the home town team. 
    1979-What is generally considered to be the first rap record, "Rapper's Delight" by the Sugar Hill Gang, was released. Rap developed in the black ghettos of New York City, and consists of rhymed and rhythmical verses chanted over pre-recorded instrumental dance tracks. "Rapper's Delight" confounded the prevailing industry view that rap was an amateur fad with no commercial appeal. The record sold two-million copies.
    1980-Louise M. Davies Symphony Hall officially opened in S.F.
    1981 - Boxer ‘Sugar' Ray Leonard, at age 25, knocked out Thomas ‘The Hit Man' Hearns. Leonard won the welterweight boxing championship -- and the richest payday in boxing history.
    1982---Top Hits
Hard to Say I'm Sorry - Chicago
Jack & Diane - John Cougar
You Should Hear How She Talks About You - Melissa Manchester
She Got the Goldmine (I Got the Shaft) - Jerry Reed 1984 -"Miami Vice" premiers on TV.
    1983- Arnold Schwarzenegger becomes a US citizen.
    1987- Stealing his 30th base, a career-high, Indian Joe Carter becomes the ninth major leaguer to hit 30 home runs and to swipe 30 bases in the same season.
    1988- Reds' Tom Browning pitches a perfect game against the Dodgers striking out eight and allowing only eight balls to be hit out of the infield in his 1-0 victory. Over three starts including the perfect game he retires 40 consecutive batters - one shy of a major league record.
    1988-(12 th -16 th ) Hurricane Gilbert tore through the Caribbean. On the 12th, it cut through Jamaica with Kingston recording 116 mph sustained winds and gust to 140. 45 people were killed and damage topped $2 billion. Despite 7000 foot mountains, Gilbert didn't weaken at all and after exiting Jamaica, underwent incredible deepening - 72 Mb in 24 hours to 888 Mb (26.22 inches). Sustained winds were recorded at 185 mph with gusts over 200 mph in the Caribbean west of Jamaica. On the 16th the storm came ashore near Las Pesca, Mexico about 125 miles south of Brownsville. Mexico was hard hit with 202 killed and 60,000 homes destroyed. Total damage reached 2 billion dollars. In the U.S. the damage of $50 million was mostly from tornadoes spun off by Gilbert, two in San Antonio and one at Kelly AFB which did $28 million dollars in damage.
    1989-- "Don't Wanna Lose You" by Gloria Estefan topped the charts and stayed there for a week.
    1990---Top Hits
Release Me - Wilson Phillips
Do Me! - Bell Biv DeVoe
Have You Seen Her - M.C. Hammer
Jukebox in My Mind – Alabama
    1993- The TV premiere of “Frasier.” In this spin-off of “Cheers,” psychiatrist Dr. Frasier Crane (Kelsey Grammer) has moved to Seattle where he dispenses advice on the radio. He lives with his father Martin (John Mahoney) and Martin's physical therapist Daphne Moon (Jane Leeves). His brother, Dr. Niles Crane (David Hyde Pierce), frequently asks for Frasier's advice about his love life. Roz Doyle, the producer of Frasier's show, is played by Pen Gilpin.
    1993—Top Hits
Dreamlover, Mariah Carey
Whoomp! (There It Is)- Tag Team
cant Help Falling In Love (From "Sliver")- UB40
If- Janet Jackson
    1995--- Lynn Hill climbs the "nose" of Yosemite's El Capitan with her bare hands. She carries a rope to catch her in case she falls. The world champion rock climber commented: "Society's contrived image of what a woman should be is something I've never agreed with." 
    1996- Paul Molitor of the Minnesota Twins got the 3,000 th hit of his career, a triple against Jose Rosado of the Kansas City Royals. the Twins lost, 6-5, Molitor became either the 20 th or 21 st player to reach the 3,000-hit plateau ( depending on whether the list includes Adrian “Cap” Anson, who statistics are in dispute. He was the first to triple for No. 3000.
    1998- In front of 49,891 patrons at San Diego's Jack Murphy Stadium, Sammy Sosa ties Mark McGwire by hitting his record-setting 63rd home run. The 434-foot eighth inning two-out blast off Brian Boehringer is a tie-breaking grand slam as 'Slammin' Sammy collects all six RBIs as the Cubs beat the Padres, 6-3.
    1998-Top Hits
I Don't Want To Miss A Thing- Aerosmith
The First Night- Monica
Crush- Jennifer Paige
My Way- Usher
    1999 - Hurricane Floyd stormed ashore, pounding North Carolina with 110 mph winds, dumping more than a foot of rain, damaging 12,000 homes and claiming more than 50 lives. Floyd also caused the largest peacetime evacuation in U.S. history, with 2.6 million people ordered away from the shores in the hurricane's path.
    2000- Cub outfielder Sammy Sosa joins Mark McGwire (1997-99) as the only major leaguer to hit 50HRs three consecutive seasons.
    2002- Giant left fielder Barry Bonds walks three times breaking his own record for base on balls in a season with 178. Approximately one-third of the free passes given to the San Francisco slugger have been intentional (60 out of 178) 
    2006-Sixty-Five year old Bob Dylan held the #1 spot on the US album chart with "Modern Times", making him the oldest living musician to ever top the Billboard album chart.




The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?



Daily Puzzle

How to play:

Refresh for current date:






See USA map, click to specific area, no commercials



Traffic Live---

Real Time Traffic Information

You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live




Adopt a Pet
Bank Beat
Career Crossroads-Emily Fitzpatrick/RII
Charlie Chan sayings
Computer Tips
Employment Web Sites
Fernando's Review
From the Desk of Michael Witt, Esq.
Leasing 102
Leasing Cases by Tom McCurnin
Online Newspapers
Sales Make it Happen
Spark PeopleŚLive Healthier and Longer
The Secret of Our Success
To Tell the Truth
View from the Top
Why I Became a CLP

Ten Top Stories each week chosen by readers (click here)

“Complaints” Bulletin Board (click here)

Connect with Leasing News

Top Stories

(chronological order)

- Old Cowboy On His Horse
- Leasing Brokers: When May You Collect a Commission?
- Is Long Term Leasing Dead?
- Brican America Case Moves Ahead
- Depping and Team hit $1 Billion Credit Applications
- TimePayment On-Line Credit Decisions in Five Seconds!
- Congress Considering Eliminating "Interest" Write-Off
    ---What You Can Do!
- ACH Becoming More Popular with Businesses
   More and More Leases are being paid by ACH
- Top 10 ACH Providers
- 5 Ways Women Are Better Bosses Than Men
- Inside Marlin's 2nd Quarter 10Q
   (What was not in detail in the Press Release)
- Pepperdine Private Capital Survey
 "Alarming Low" Application-to-Loan Ratio
- Top 50 Quick-Service/Fast-Casual Restaurants
- Hey, Let's Hire Ritz Carlton!!!
- Umpqua CEO on Financial Pacific Leasing Purchase
   What to Look Forward to
- PacWest-CapitalSource Merger No Surprise;
    Leasing Community Saw it Coming
- Leasing News is Not the National Enquirer
- Balboa Capital, Irvine, California
   $20,543.22 Bulletin Board Complaint
   Alleged “Bait and Switch”
- MB Financial Taylor Cole Merger Good for Leasing Industry
- "Lovely Ladies of Leasing" Visit Temecula Wineries
- Top Five Leasing Web Sites
- BBB Leasing Company Ratings
- Dallin Hawkins Second Arrest within 25 days
    Well-known Super Broker
- Integrity Financial Groups, Murray, Utah
   $50,000 Bulletin Board Complaint
- History of Leasing - Abridged
   by Tom McCurnin and Christopher Menkin
- GoBank Goes Live
- "Just What is an "Alternative Dispute Resolution?"
- One Out, Another Getting Out, Not the Third
- Banks and Leasing Regulations
- Luckiest Man in California- Our Tom McCurnin
- Sheldon Player is a Player at the Tables
- Operation Lease Fleece--Sentencing
- Update IFC Credit--Rudy Trebels
- HL Leasing, Fresno, Palm Desert, California

- Element Financial Sued by De Lage Landen
- Abbott and Costello Prediction- An Update
- Sterling Financial Purchases Commerce National
- Twitterverse--Are you a "Tweep" or "Twitterati"?
- Female Lease Finance Association Presidents
- Terry Winders, CLP, Custom Built Poker Tables
   ---Order One for Father’s Day
- Broker’s Responsibility to Obtain
    California Lender’s License
- CLP 2012 Accomplishment Report
    Many "fresh faces" Become CLP's
- Most Popular Dog Breeds in America 2012
- Pacific Western Joins “Extra Lease Payment” Group
- The Matrix-Utah Connection
- Current License Regulations and Advice
- The House that Jerry Built
- Loan/Lease Statute Up-Date
- The Day that Albert Einstein Feared May Have Finally Arrived
- Equipment Finance Agreements Explained/Barry S. Marks
- Sheldon Player's E.A.R. Ropes 18 Equipment Lessors
- Chat Acronymns and Keyboard Smilies
- Royal Links "True Lease" Court Ruling
- "The Memory Shock" –New Book by Barry Reitman
- Third-IFC Credit Trustee, Northfield, Illinois
Bulletin Board Complaint
- Four Software Solutions
    re: Digital device/Laptop Lost or Stolen!
- Excellent Tips by Warren Buffet
- Take Your Banker to Lunch
- Meridian Finance Group Looking Brokers for Europe Biz
- Is Leasing Securitization Dead or Alive?
- Why Leasing News is Different
- Mazuma and Republic Bank Get Snared on PRR Provision
   by Tom McCurnin, Esq.
- Companies who utilize Evergreen Clauses for Extra Lease Payments
- Jeff Taylor's Leasing Predictions, Spring, 2006
- Radiance Capital, Tacoma, Washington
   Bulletin Board Complaint
   Purchase Option on EFA, Won’t Return $5,000 S.D.
- New Case against Mazuma Capital and Republic Bank
  ---Automatic Evergreen Payment---PPR
- Eleven Lawyers Against Evergreen Clause Abuse
- Republic Bank out of leasing?
Ladco Leasing/Elavon Fined $418,601
- Future of Mobile Devices
- Charles Schwartz and Allied Health
- Why I became a CLP
- Copier Wars---It's more than the lease payment
    by Christopher Menkin
- Results Are In---
   "Application Only" versus Financial Statements?
- A California Leasing Gypsy Arrested by Costa Mesa Police
- Survey of Evergreen Clauses
- Responses to Working with a Smaller Bank Question
- Leasing Gypsies
- OneSource Develops Business License Software
- Talk About Chutzpa, Fanghella has more than Trump
- Three Class Action Suits re: Brican America
- Verifying Tax Returns
- Starting a Leasing Company-Four Parts
   by Mr. Terry Winders, CLP
- Free Mobile Wine Program
- Special Report: Part I
   Could Church Kiosks, Royal Link Carts, NorVergence results been avoided?

   The use of “Equipment Finance Agreements”
- Special Report: Part II
    Bank of the West

   Equipment Lease Agreement (EFA)
- California License Web Addresses
- Settlement Costs Vs. Litigation Costs