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entertainment for the commercial bank, finance and leasing industry

kitmenkin@leasingnews.org
   



Monday, October 20, 2014



Today's Equipment Leasing Headlines

Archives--October 20, 2000
   Emails about Copelco Not Funding Deals
141-Year-Old Bank Fails in Maryland
Relatively High Non-Current Loans/Charges Offs
    Classified Ads---Job Wanted “Legal”
Why Leasing News “Job Wanted” Ads Are Sparse
    By Christopher Menkin
Enverto Investment Group LLC
  Joins "Funder List 'A'"
    & "Funders Looking for Brokers List"
It’s Official —As Reported by Leasing News Last Week
 Ascentium Capital Opens New England Office
   Leasing Industry Ads---Help Wanted
Top Stories:  October 14 - October 16
  Opened Most by Readers of Leasing News
Leasing 102 by Mr. Terry Winders, CLP
  Week Four: True Lease and TRAC Lease
Captive Leasing Company Given a Big Break
      by New York District Court
By Tom McCurnin, Leasing News Legal Editor
  Thank You for All of Us at Channel Partners
Banks Announce Sales of More than 400 Branches
  in 2014, Nearing Multi-year High
Nations Equipment Finance Completes $173M
   Term Debt Securitization
IDS Announces Partnership with Capgemini
to Support Upgrades and New Implementation Demand
  Yorkshire Terrier Mix
   Dover, New Hampshire  Adopt-a-Dog
Career Crossroad---By Emily Fitzpatrick/RII
  “The Fine Line between Accepting an Offer & Resigning”
News Brief ---
Leasing predicted to make gains in Class 8 segment
 VC investment reaches levels not seen since dot-com crash
  General Electric's CEO Jeffrey Immelt on Q3 2014 Results
   - Earnings Call Transcript
 FASB and the IASB back away from the goal
  of a single global accounting language
Citing U.S. values, Yellen says greatly concerned by rise in economic inequality
  Small Business Health Care Tax Credit
   25 or Less Full-Time Employees

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Top Ten Stories Chosen by Readers | Top Stories last six months

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[headlines]

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Archives--October 10, 2000
Emails about Copelco Not Funding Deals

Copelco just exited the broker business. Several brokers told me they cut existing approvals and leases off without notice. I am trying to confirm that. Copelco does a lot of medical business. This is obviously the result of the poor stock rating they received this week.

We have been receiving from brokers e-mail like:

"Copelco just told us they would be closing and to take all our submissions somewhere else, just five minutes ago, no notice."

Name with held

"I hope they lose their medical business, as Copelco gave us no notice. Please put them on your list."

Name with held

"I've been calling them for days. Can't get them to return my calls. We were waiting for three deals ($175k) to fund (two of which we partially funded) only to have all three sets of docs returned by Airborne today (afternoon delivery no less). No letter of explanation, no note, no nothing. I'm seething. Will send you an email for publication over the weekend or Monday."

Name with held

Copelco Litigation Settlement
Excerpt from C 10-Q

“In 2000, Citigroup purchased Copelco Capital, Inc., a leasing business, from Itochu International Inc. and III Holding Inc. (formerly known as Copelco Financial Services Group, Inc., collectively referred to herein as “Itochu”) for $666 million. During 2001, Citigroup filed a lawsuit asserting breach of representations and warranties, among other causes of action, under the Stock Purchase Agreement entered into between Citigroup and Itochu in March 2000. During the third quarter of 2005, Citigroup and Itochu signed a settlement agreement that mutually released all claims, and under which Itochu paid Citigroup $185 million, which was recorded in pretax income. The settlement proceeds were received in August.”
 

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

 

[headlines]
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141-Year-Old Bank Fails in Maryland
Relatively High Non-Current Loans/Charges Offs

The five branches of NBRS Financial, Rising Sun, Maryland, were closed with Howard Bank, Ellicott City, Maryland, to assume all of the deposits.


(Historic Bank Building, Rising Sun, Maryland)

 Founded in 1873 as The Evans and Wood Bank, it was chartered as a national bank in July 1, 1880 under the name The National Bank of Rising Sun. It became a state chartered bank in 2002, again changing its name to NBRS Financial (abbreviation of the bank's name), opening branches: :  Aberdeen (12/28/2004), Elkton (6/3/2005), Havre De Grace (1/18/2000), Peach Bottom (10/3/1973), Rising Sun 7/1/1880), Street (7/18/2003).As of June 30, 2014, they had 54 full time employees at their six offices. During the bank's height, the FDIC reports they had 75 full time employees.

According to cecildaily.com, "On Jan. 28, 2010, the Bancorp entered into a written agreement with federal and state regulators to develop a plan to “strengthen board oversight of the management and operation of the bank,” including actions the board would take to better control the bank’s credit risk management. The agreement also ordered an assessment of bank management, especially senior executive officers.
   www.leasingnews.org/PDF/Jan2010FedReserveAgreement.pdf

"The 2010 agreement also froze extensions, renewals or restructuring or any borrower’s credit for a period and directed the bank to review all large loans.

"On Feb. 22, 2012, Greider, who had then served as executive vice president and chief financial officer for five years, replaced Jack Goldstein as bank president, after 10 years of his leadership.

"On April 2, 2013, the stock for Rising Sun Bancorp, the corporate holding company for NBRS, was deleted from the OTC Bulletin Board, a stock quotation medium available to subscribers that lists over-the-
counter equity securities not available on the NASDAQ or national stock exchange, due to its inactivity, according to Bloomberg. It has since apparently been re-listed."

2010 census shows population 2,781   Zillow shows 108 houses for sale, many built within the last ten years, in pre-foreclosure and foreclosure:
       http://www.zillow.com/rising-sun-md/

The high non-current loans and charge offs doomed this bank:

(in millions, unless otherwise)

Non-Current Loans

2006 $2.0
2007 $2.6
2008 $3.2
2009 $4.6
2010 $10.3
2011 $17.5
2012 $9.9
2013 $5.5
6/30 $12.7

Charge Offs

2006 $609,000 ($444,000 commercial/industrial, $148,000   
   individuals loans, $17,000 1-4 family)
2007 $142,000 ($64,000 individual loans, $63,000 1-4 family,  
   $15,000 commercial/industrial)
2008 $502,000 ($432,000 nonfarm/nonresidential, $72,000 consumer, -$2,000 commercial/industrial)
2009  $3.1 ($1.3 construction/land, $942,000 commercial/industrial,
  $439,000 1-4 family, $377,000   nonfarm/nonresidential, $45,000
   individual)
2010  $3.9 ($1.4 commercial/industrial, $1.2 nonfarm/nonresidential,
  $672,000 construction/land, $645,000 1-4 family, -$10,000 individual loans)
2011  $2.0 ($964,000 commercial/industrial, $607,000 1-4 family,
  $564,000 construction/land, -$186,000 nonfarm/nonresidential, -
  $26,000 individual)
2012  $4.0  ($1.2 nonfarm/nonresidential, $1.2 1-4 family, $985,000
   commercial/industrial, $44,000 individuals)
2013  $2.9  ($1.1 1-4 family, $709,000 commercial/industrial,
  $743,000 construction/land, $373,000 nonfarm/nonresidential,
  $11,000 individual)
6/30  $465,000 ($327,000 1-4 family, $63,000 commercial/industrial, $90,000 farmland, -$14,000 nonfarm/nonresidential)

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

Profit

2006 $1.2
2007 $1.5
2008 $639,000
2009 -$3.8
2010 -$6.8
2011 -$3.8
2012 -$2.8
2013 -$3.6
3/31 -$1.6

Net Equity

2006 $16.7
2007 $18.8
2008 $20.6
2009 $21.9
2010 $14.8
2011 $13.4
2012 $10.9
2013 $6.2
6/30 $5.1

Tier 1 risk-based capital ratio 4.36%      

As of June 30, 2014, NBRS Financial had approximately $188.2 million in total assets and $183.1 million in total deposits. Howard Bank will pay the FDIC a premium of 1.19 percent to assume all of the deposits
of NBRS Financial. In addition to assuming all of the deposits of the failed bank, Howard Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $24.3 million.

NBRS Financial is the 15th FDIC-insured institution to fail in the nation this year, and the second in Maryland. The last FDIC-insured institution closed in the state was Slavie Federal Savings Bank, Bel Air,
on May 30, 2014.

List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html

Leasing News Bank Beat:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm

 


[headlines]
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Classified Ads---Job Wanted “Legal”

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

San Diego , CA 
Experienced in-house corporate, equipment leasing and financial services attorney seeks position as managing or transactional counsel. Willing to relocate.
Cell Phone: 760-533-4058;
Email:marshallrosenberg@gmail.com | Resume


Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

 


[headlines]
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Why Leasing News “Job Wanted” Ads Are Sparse
by Christopher Menkin

Five years ago we would have 20 to 25 listings for job seekers, and today it is quite small and hasn't changed much.  This means to me there are not that many in the leasing industry that are looking for work.  Many have left or retired, as well as there are new leasing companies, growing, working to find employees, generally taking young people who have not had experience in leasing. The trend in the small ticket marketplace has also been to business loans and equipment lease agreements, where the knowledge of leasing apparently is not that important.

In the small ticket market today, the application of scoring and artificial intelligence, automated contract prep and e-signature, in order to virtually eliminate manual effort, the need for leasing experience is severely diminished.

Contrast this to the detailed financial, cash flow, residual value and credit history analyses that accompany the six-, seven-, eight-figure transactions that must be presented to investment or executive committees where such experience is a requisite. There is tremendous demand here for educated, experienced, and technology up to date individuals.

 

[headlines]
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Joins "Funder List 'A'"
& "Funders Looking for Brokers List"
 

Enverto Investment Group LLC
West Los Angeles, California
2013
Valerie Swaner, VP-Indirect Sales
801.541.0733
Valerie@enverto.com
www.enverto.com
   ELFA
50
National
$10K - $500K
Y
N
N
N
Y


A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program | D -"Private label Program" | E - Also "in house" salesmen

Funder List "A"
http://www.leasingnews.org/Funders_Only/Funders.htm

Funders Looking for Brokers
http://www.leasingnews.org/Funders_Only/New_Broker.htm

 

 

[headlines]
--------------------------------------------------------------

It’s Official
—As Reported by Leasing News Last Week

Three Executives named:  David Lyder, CPA, CMA, former SVP of Finance and Operations, Direct Capital Corporation (originally joined company July, 2008); Brian Varney, Director of Sales, Direct Capital Corporation (joined company, 2000;) Stan Dumont , Credit, Direct Capital. Leasing News source was accurate.  More in Wednesday’s edition.

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

Ascentium Capital Opens New England Office

KINGWOOD, TX,  – Ascentium Capital, a leading commercial lender, announced that it will be opening a sales office in Dover, New Hampshire in November 2014.
 
The company continues efforts to strategically grow its business and expand its national presence. The newly built office will have space for more than 20 sales professionals. This sales office will specialize in delivering Ascentium Capital’s flexible lease and working capital loan products directly to small and medium sized businesses across the United States.

Dave Lyder, Brian Varney, and Stan Dumont will manage this location. Their collective expertise in sales, marketing, operations, and credit will drive growth and assist in implementing an effective and efficient sales model.

Executive VP of Sales and Marketing, Richard Baccaro comments, “Our continued success in meeting the needs of our vendors and clients is driving our growth. The new office means we will continue to recruit loan and lease sales professionals that are able to generate and close transactions while facilitating our consultative approach to financing.”   

Ascentium Capital, as a national lender, specializes in providing equipment financing, leasing, and working capital solutions in key markets including healthcare, technology, energy, franchise and other major industries. The custom finance programs benefit equipment manufacturers and distributors as well as direct to businesses nationwide. For more information, please visit AscentiumCapital.com.

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


[headlines]
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Leasing Industry Help Wanted
 

 

 



STRADA Capital recently moved into its new facility and is hiring Top Sales Producers to work in our Equipment Financing and Working Capital Divisions.

High Level Performance, Collaborative Creativity, Integrity and Transparency define our Culture. The Company offers generous commission plans, industry leading support and benefits.

Email your resume to: SalesCareers@STRADAcapital.com

www.STRADAcapital.com
The Place where Professionals Prosper


 

For information on placing a help wanted ad, please click here:
http://www.leasingnews.org/Classified/Hwanted/Hwanted-post.htm 

[headlines]
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Top Stories:  October 14 - October 16
Opened Most by Readers of Leasing News

(1) CIT Bank to Merge with OneWest Bank?
       Will Direct Capital Acquisition Hurt Merger?
                  by Christopher Menkin
http://leasingnews.org/archives/Oct2014/10_14.htm#cit

(2) Ascentium Capital to Open Office in Portsmouth, NH
      Near Hometown of Direct Capital
http://leasingnews.org/archives/Oct2014/10_16.htm#office

(3) “How Not to Raise Red Flags on LinkedIn”
Career Crossroad---By Emily Fitzpatrick/RII
http://leasingnews.org/archives/Oct2014/10_14.htm#crossroad

(4) Leasing 102 by Mr. Terry Winders, CLP
          Internet Lease Proposals
Week Three:  Purchase Upon Termination (PUT)
http://leasingnews.org/archives/Oct2014/10_14.htm#put

(5) Archives--October 14, 2002
CapitalStream-WiredCapital Layoffs
http://leasingnews.org/archives/Oct2014/10_14.htm#archives

(6) Vote “Yes” on CIT Bank and OneWest Bank Merger
      Marriage Similar to that of CIT and Direct Capital
           by Christopher Menkin, Editor
http://leasingnews.org/archives/Oct2014/10_16.htm#vote

(7) Archives---October 16, 2000
 Bob Cragin Brought In Agilent Program to CIT
http://leasingnews.org/archives/Oct2014/10_16.htm#archives

(8) New Hires---Promotions in the Leasing Industry
http://leasingnews.org/archives/Oct2014/10_16.htm#hires

(9) San Francisco Bay Area Best Professional Headshot
 Before and After
http://leasingnews.org/archives/Oct2014/10_14.htm#headshot

(10) The Columbus Day Video
     Most Banks Don’t Want You to See
http://leasingnews.org/archives/Oct2014/10_14.htm#columbus

 

 

 

[headlines]
--------------------------------------------------------------

 Internet Lease Proposals

Week Four: True Lease and TRAC Lease

This concludes the series where my original suggestion was to attach to your proposal a letter to explain the type of lease you are offering.  These are my suggestions and you may want to talk to your lease attorney regarding any letter to assure it is does not conflict with the actual leasing contract.

True Lease:

If the transaction is a true lease and has a residual that is no greater than 80% of the option, if it is fixed and can be defended as a FMV option, we need to explain to the lessee the nature of a true lease. Note: For accounting purposes, including federal tax accounting, the lessor must provide full recourse on the transaction funded, otherwise it is considered a loan and the lessor is not entitled to the depreciation, according to Deloitte, Touche Tohmatsu Ltd. To qualify for a “True Lease” and “TRAC Lease,” there is more than the “definition” of the purchase option.  The CPA Handbook is a very good reference (1)

Dear Lessee,
This lease is a non-cancelable transaction. We will retain ownership of the equipment and you will be considered the user of the equipment.

The lease requires you to pay all assessed taxes on time and send proof to lessor of payment. If the sales tax is not handled at the time of purchase and must be collected over the term, we will add the sales tax to your payment and remit it to the State.

We will request an invoice from the vendor, upon acceptance of properly signed contract, requesting that they deliver the equipment to you. You will need to confirm the equipment was delivered and you have put it into use. If it does not meet your expectations, please contact us immediately.
You are required to provide insurance on the equipment and provide the lessor with a loss payable clause and an additional insured endorsement.

You have several options that you must communicate to us regarding the ultimate disposition of the equipment. No sooner than 180 days prior to termination, but no later than 90 days prior to termination, you need to formally notify us on whether you will purchase the equipment, renew the lease, or return the equipment. If you fail to do so, payments will continue. 

Yours Truly,
---

TRAC Lease:
A tax special lease that allows the lessor to take MACRS depreciation even though the lessee is guarantying the residual. However, it is an Article 9 lease for legal purposes because of the guarantee. 

Dear Lessee,
This lease is a Terminal rental adjustment clause (TRAC) that means that you are responsible for the residual at lease termination. If the sale of the vehicle brings more than the residual (plus selling costs), you will receive a reduction in the rent you paid equal to the difference. However, if the sale is lower than the residual, you will get a bill for the additional rent required on the difference.    

This non-cancelable transaction on a lease document requires you to pay all assessed taxes on time and send proof to lessor of payment. If the sales tax is not handled at the time of purchase and must be collected over the term, we will add the sales tax to your payment and remit it to the State. You are required to provide insurance on the equipment and provide the lessor with a loss payable clause and an additional insured endorsement.

We will request an invoice from the vendor, upon acceptance of properly signed contract, requesting that they deliver the equipment to you. You will need to confirm the equipment was delivered and you have put it into use. If it does not meet your expectations, please contact us immediately.

You have several options that you must communicate to us regarding the ultimate disposition of the equipment. No sooner than 180 days prior to termination, but no later than 90 days prior to termination, you need to formally notify us on whether you will purchase the equipment, renew the lease, or return the equipment. If you fail to do so, payments will continue. 

Yours Truly,

 

(1) The History, Classification and Tax and Accounting chapters have been updated to reflect the pending changes in the FASB and IASB Exposure Draft. Whether you’re an entry level leasing associate, or an old pro, this book is an invaluable resource.

(To learn more about the CLP Handbook)
http://www.clpfoundation.org/toolbox/clp_handbook.php

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at terrywinders11@yahoo.com  or 502-649-0448
He invites your questions and queries.
Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

 

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

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

502.649.0448/terrywinders11@yahoo.com

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

 

[headlines]
--------------------------------------------------------------

Captive Leasing Company Given a Big Break
by New York District Court

By Tom McCurnin
Leasing News Legal Editor

 

Normally, a “Finance Lease” Under 2A Is An Objective Term.  Here the
Court Allowed A Captive Lessor to Achieve “Finance Lease”
Status by Contractual Agreement

 

Xerox Corporation v Graphic Management Services.  2013 WL 3777148 (USDC Western Dist. NY 2013).

When Article 2A was enacted, the definition of a finance lease was clearly set forth in the statute, and generally referred to a lessor which merely finances the lease.  If the lease was construed as a finance lease, then certain protections came into play, the most important of which was the “Hell or High Water” provisions of Article 2A.  Lessors immediately began inserting a clause in their lease to have the lease construed as a finance lease whether it fit the definition or not.  In today’s case a captive leasing company successfully argued that an equipment finance agreement was in fact a finance lease.  The facts follow. 

Xerox Corporation leased printing equipment to lessee MHW.  When MHW defaulted, allegedly because of defective equipment, Xerox brought suit and MHW counter-claimed for various torts, including the allegedly defective equipment. 

The Court specifically held that the lease was not a finance lease, but, under New York law, parties may agree to have a lease governed under Article 2A, and since the parties did so in this lease, the court applied the provisions relative to finance leases and the “hell or high water” provisions.  Although the lessee argued strenuously that a captive finance company may not be a finance lessor, the court disagreed.  Consequently, the court granted the lessor’s motion for summary judgment. 

For Lessors, while this case is generally unremarkable, it does provide some significant legal authority that a captive leasing company can enjoy the provisions of the “hell or high water” provision by simply incorporating the applicable language in the lease.  I’m not sure it completely saves the day, because your parent corporation can be sued for breach of warranties, but typically, the lessee hates the “hell or high water” clause and may want to use the non-performing equipment as a shield against collection. 

For Lessees, the moral of this story is read the lease and understand your rights. 

Parenthetically, I want to point out some terms and definitions used in leasing circles such as “finance lease,” “operating lease,” “article 9 lease,” “article 2A lease,” “tax lease,” “true lease,” “equipment finance agreement,” and “loans.”  These labels are often used without much distinction. 

From a legal standpoint there are only two kinds of leases, a “true lease” and a “lease intended as security.”  The other terms are descriptive but legally irrelevant, except for tax treatment.  It is important to understand that a “true lease” under the Uniform Commercial Code gives the lessor special treatment in bankruptcy, while a “lease intended as security” is merely a loan by another name. 

I was asked today whether there can be a purchase option in an equipment finance agreement.  The answer is no—because the lessor does not own the equipment—it merely has a lien.  One can still have a balloon payment or a significant final payment obligation, but to call it a purchase option is really a misunderstanding of the two types of leases from a legal stand point. 

Others will undoubtedly chime in that the terms “article 2A lease” and “finance lease” have independent significance, but as this case demonstrates—the terms are meaningless, as the lessor can contract to have an otherwise non-conforming lease to be an article 2A lease. 

Xerox Case:
http://www.leasingnews.org/PDF/XeroxCase_10202014.pdf

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

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Email: tmccurnin@bkolaw.com
Visit our web site at www.bkolaw.com
Previous Tom McCurnin Articles:
http://www.leasingnews.org

Previous Tom McCurnin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

 

 

[headlines]
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[headlines]
--------------------------------------------------------------

Banks Announce Sales of More than 400 Branches
in 2014, Nearing Multi-year High
by Daniel M. Burkard and Tahir Ali

SNL Financial Feature

Banks and thrifts have announced 70 branch acquisitions involving a total of 410 branches in the year through Oct. 15, according to an SNL Financial analysis. The number of branches changing hands is up significantly from the 73 deals for 288 branches announced in all of 2013. Meanwhile, the overall number of branch deal announcements has remained relatively steady since 2010, when 80 deals involving 197 branches were announced.

The number of branches involved in these deals has risen significantly in recent years. Since the beginning of 2012, banks and thrifts have announced 13 deals involving 20 or more branches — including four deals in 2014 through mid-October. By comparison, from 2002 through 2011 SNL found only 11 deals involving 20 or more branches.

So far in 2014, banks have announced sales involving 119 branches located in Illinois — the most of any state this year, thanks in large part to Royal Bank of Scotland Group Plc's sale of 103 branches to U.S. Bancorp in the Chicago area. Texas is second with deals involving 49 branches — mostly due to Citigroup Inc.'s planned sale of 41 branches in Texas to BB&T Corp. This followed BB&T's December 2013 agreement to purchase another 22 of Citi's Texas branches.

Michigan and North Carolina are tied for third, with deals involving 24 branches announced in 2014 to date, and California rounds off the top five with deals involving 22 branches.

In 2013, Texas was the state with the most branches being sold — 32. New York was second with 26 branches, Washington was third at 23, followed by Michigan with 21 and Iowa at 19.

Bank of America Corp. is the leading branch seller so far this year. Since the start of 2014, the bank has completed the sale of 84 branches, 64 of which were in deals announced this year. The company has announced deals for 43 additional branches in 2014 that are still pending.

Since the beginning of 2012, BofA has sold 285 branches in 21 states, including 44 branches in Michigan, 32 in New York, 25 in Missouri and 19 in Washington. The bank has sold double-digit branches in nine other states.

In 2011, Bank of America introduced its Project New BAC initiative designed to reduce the company's expenses. During an Oct. 15 conference call to discuss third-quarter results, CFO Bruce Thompson announced that the company has reached its New BAC savings initiatives target of $2 billion per quarter, or $8 billion on an annualized basis. "So as we move forward, we believe that expenses, apart from litigation as well as the continued reductions in legacy assets and servicing expenses, should move more directionally with the revenue streams that we see in the businesses," Thompson said. 

Unlike Bank of America and Citi, JPMorgan Chase & Co. and Wells Fargo & Co. have not participated in the recent branch divestiture wave. According to SNL's most recent analysis of Summary of Deposits data, Bank of America trimmed its branch network by 305 branches between July 1, 2013 and June 30, 2014 and Citi cut 81 branches. Meanwhile, JPMorgan cut only 15 branches and Wells Fargo actually added 16 to its tally.  

Popular Inc. is the only seller aside from BofA to have more than one transaction in the top 10 branch deals of 2014. Popular's three branch sales announced in the year through Oct. 15 include 20 California branches, 12 Illinois branches and 9 Central Florida branches. The bank has decided to focus its mainland strategy on the New York Metro and South Florida regions.

 

John Kenny 
Receivables Management

• End of Lease Negotiations & Enforcement
• Fraud Investigations
• Credit Investigations • Asset Searches 
• Skip-tracing • Third-party Commercial Collections

john@jkrmdirect.com | ph 315-866-1167| www.jkrmdirect.com

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

 

[headlines]
--------------------------------------------------------------

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

Nations Equipment Finance Completes $173M
Term Debt Securitization

NORWALK, Conn.----Nations Equipment Finance, a commercial equipment finance company, announced today that it has completed a $173 million term securitization of equipment lease and loan backed notes.

    “Financing transactions like this one provide us with the flexibility to offer our customers unique products that satisfy needs we believe are not being met by our competitors.”

The debt includes a senior tranche rated A2/A- by Moody’s and DBRS and two subordinate tranches rated Baa2 and Ba2 by Moody’s. Guggenheim Securities served as lead initial purchaser and BB&T Capital Markets served as co-manager in the Rule 144A private placement.


Rebecca Chandler
CFO
Nations Equipment Finance

“Once again, Matthew Perkins and his team at Guggenheim did a terrific job structuring and marketing what is now our second term securitization,” said Nations’ Chief Financial Officer Rebecca Chandler. “This transaction, like last year’s, significantly improves the composition of our balance sheet. We couldn’t be happier with the outcome and the assistance provided by Guggenheim.”


Phil Carlson
President/CEO
Nations Equipment Finance

“2014 is now our fourth year in business and we continue to see significant demand for our lease and loan products,” said Phil Carlson, President and CEO of Nations. “Financing transactions like this one provide us with the flexibility to offer our customers unique products that satisfy needs we believe are not being met by our competitors.”

Nations Equipment Finance is an equipment leasing and finance business that provides middle market companies with $1 million to $50 million equipment leases and term loans. Nations was founded and is managed by a seasoned team of professionals with collectively over 100 years of experience in the equipment finance and leasing industry. For additional information about Nations, please visit www.nationsequipmentfinance.com

 

[headlines]
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### Press Release ############################

IDS Announces Partnership with Capgemini
to Support Upgrades and New Implementation Demand

MINNEAPOLIS, MN   — International Decision Systems (IDS), the leading provider of equipment finance software, has announced a market partnership with Capgemini to help meet growing demand for its full lifecycle equipment finance solution.  

The partnership brings two market leaders together on a global basis to further support IDS customers as they upgrade to InfoLease® 10, as well as to assist with implementations of the IDS Rapport® origination solution.


Michael Campbell, CEO
IDS

“Both Capgemini and IDS have deep skills, industry knowledge, and real-world experience to lend to this business union,” said Michael Campbell, CEO of IDS. “IDS is excited about the opportunity to work with Capgemini to extend our customers’ global market reach, enhance our implementation services, and continue to provide best-in-class solutions which deliver results to our customers around the world.”

“We are extremely pleased to be developing a market-leading partnership with IDS,” said Michael Leyva, Global Practice Head, Capgemini Banking & Diversified Financial Services.  “We are proud to partner with a company that produces high quality software rich in business functionality.  Capgemini is excited to be a core provider of professional end-to-end services to help IDS customers achieve speed, predictability, reduced risk, and quality of delivery in their implementations.”

“Capgemini believes the asset finance industry is at a point of inflection and in the process of reinventing the asset leasing business model with enabling technology,” continued Leyva. “We consider IDS to be an innovator in this market shift, leading the way with their unmatched product, technology, and industry knowledge.”

About International Decision Systems
IDS is the leading global provider of software and solutions for the equipment and asset finance industry. As the most trusted software provider, IDS has a proven track record of serving more than 250 customers in over 30 countries around the world. IDS solutions are powerful and functionally-rich, yet flexible to meet each organization’s business needs. Customers appreciate being part of a large, global user community supported by the strongest platform and the most experienced software provider in equipment finance. Headquartered in Minneapolis, MN, the company also has offices in the United Kingdom, Australia, Singapore and India. For additional information, visit www.idsgrp.com.
About Capgemini

With almost 140,000 people in over 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. Capgemini has more than 500+ resources that are focused on the global Asset Finance market – that also have experience with 200+ projects globally covering multiple industry segments and business models. Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business ExperienceTM, and draws on Rightshore®, its worldwide delivery model.

[headlines]
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Yorkshire Terrier Mix
Dover, New Hampshire  Adopt-a-Dog

Tucker
Age: 4
Male
Neutered

"Tucker came to the shelter because his family was moving and could not take him with them. This sweet boy is looking for a low to medium energy home with kids of any age. He has lived with another dog in his previous home and has done well with the cats he has met at the shelter. He would do best with a family that will work with him on basic obedience and will help him lose weight."

Cocheco Valley Humane Society
Phone: (603) 749-5322
Fax: (603) 749-3484
Email: cvhs@cvhsonline.org

Address: 262 County Farm Road
Dover, NH 03820

Hours

Monday: Closed
Tuesday: 11:00 AM to 5:00 PM
Wednesday: Closed
Thursday: 11:00 AM to 6:00 PM
Friday:  11:00 AM to 5:00 PM
Saturday: 11:00 AM to 5:00 PM
Sunday: 11:00 AM to 4:00 PM

CVHS office hours are Monday - Friday
from 8:00 AM to 5:00 PM

http://www.cvhsonline.org/adoptadog.cfm


Adopt a Pet
http://www.adoptapet.com/



[headlines]

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The Fine Line between Accepting an Offer & Resigning
Career Crossroad---By Emily Fitzpatrick/RII

 Congratulations, you have accepted an offer and are preparing to resign. This is never an easy or comfortable task. However, handling your resignation professionally can help make your resignation smooth and amicable.

Remember once accepting an offer verbally, electronically or in writing NEVER renege, or accept a counter offer for many reasons. Due diligence should have been completed way before any offer comes to pass - back out of the process as soon as you realize the opportunity is not a fit for you.

Sample Offer Process
(1) You have completed interviewing, filled out formal applications, and given permission for the potential employer to conduct background checks and reference checks
(2) Both parties have agreed that your employment with the organization would be a good long-term fit
(3) Background checks usually begin
(4)  A verbal offer is presented, and you have accepted - contingent upon passing background checks, drug tests and reference checks
(5) The reference check process begins, and a formal offer letter is submitted; 24-hour turnaround is the norm as any questions or concerns should have been addressed prior to any offer being made
(6) Notice will be given that you are cleared - or not - and can move forward
(7) You may now give your notice

Keep it Short, Simple, & Positive       
When you resign, keep your conversations simple and concise; avoid a lengthy discussion about your new opportunity with your old employer.

  • DO NOT discuss the name of your new employer
  • Do NOT justify your personal goals or your decision to leave
  • If you feel you may be faced with a hostile environment, resign at the end of the day

Oral Resignation
Resigning orally may place you in the position of having to explain your decision on the spot. Choose your words carefully. Your boss may want to probe for factors, which led to your decision. You may be asked who or what is the reason for your leaving, or to offer suggestions to help make the organization better - Do not fall for this trap! 

Written Resignation (suggested)
A written resignation gives you the time to effectively prepare what you wish to communicate, and gives you greater control over your delivery of the message. 

Leave on Good Terms
If practical, clear up any unfinished business. Furthermore, keep in mind that it is professional courtesy to give your employer notice to prepare for your departure; typically, two weeks. However, you should try to get out as soon as possible to avoid dealing with the pressures of the company adjusting to your departure.

For sample resignation letters, contact us at info@riirecruit.com

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone:  954-885-9241
Cell:  954-612-0567
emily@riirecruit.com
Invite me to Connect on LinkedIn
www.linkedin.com/pub/emily-fitzpatrick/4/671/76
Also follow us on Twitter #RIIINFO

Career Crossroads Previous Columns
http://www.leasingnews.org/Conscious-Top%20Stories/crossroad.html

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News Briefs----

Leasing predicted to make gains in Class 8 segment
http://fleetowner.com/fleet-management/leasing-predicted-make-gains-class-8-segment

VC investment reaches levels not seen since dot-com crash
http://www.sfgate.com/business/article/VC-investment-reaches-levels-not-seen-since-5827767.php

General Electric's CEO Jeffrey Immelt on Q3 2014 Results
 - Earnings Call Transcript
http://seekingalpha.com/article/2571245-general-electrics-ge-ceo-jeffrey-immelt-on-q3-2014-results-earnings-call-transcript?find=2015

FASB and the IASB back away from the goal
  of a single global accounting language.
http://ww2.cfo.com/gaap-ifrs/2014/10/split-convergence/

Citing U.S. values, Yellen says greatly concerned by rise in economic inequality
http://www.reuters.com/article/2014/10/17/usa-fed-yellen-idUSL2N0SC0Q20141017

Small Business Health Care Tax Credit
 25 or Less Full-Time Employees
http://www.irs.gov/uac/Small-Business-Health-Care-Tax-Credit-for-Small-Employers 



[headlines]

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--You May Have Missed It

Trump Served a Double-Whammy in New York
http://www.courthousenews.com/2014/10/17/72568.htm



[headlines]
--------------------------------------------------------------

SparkPeople--Live Healthier and Longer



Veggies to Plant and Harvest in the Fall
Fall Gardening: It's Not Too Late!
http://www.sparkpeople.com/resource/nutrition_articles.asp?id=1674


[headlines]
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Baseball Poem

What is it
About ticket stubs
That prevents me
From throwing them away

Not just the precious few

From a World Series
But lately
I can't throw any away

They do not bring to mind

Vivid memories
Of good times
Or remembrances
Of hits and runs past

Yet they stand for something For times I traveled
Outside of time
Like stamped passports
They are all the proof remaining
Of my trips

Written by Gene Carney, published in
“Romancing the Horsehide: Baseball Poems
on Players the Game”
Published by McFarland and Company


[headlines]

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Sports Briefs----

Humbled and honored Manning sets TD record
http://www.usatoday.com/story/sports/nfl/broncos/2014/10/19/peyton-manning-touchdown-record-brett-favre/17585601/

How Peyton Manning is different
http://espn.go.com/nfl/story/_/id/11662092/how-peyton-manning-different-better-according-coaches-john-elway

Rams pull a fast one on Seattle
http://www.stltoday.com/sports/football/professional/rams-pull-a-fast-one-on-seattle/article_81371595-aa89-5ed8-ab5c-98a1ac8e1672.html

Ravens trounce Falcons
http://www.ajc.com/news/sports/ravens-trounce-falcons/nhm7X/ 

Cowboys once again display most impressive ability in win over Giants
http://cowboysblog.dallasnews.com/2014/10/5-thoughts-dallas-cowboys-should-run-demarco-murray-right-to-a-division-title.html/

Tony Romo nearly runs over A-Rod coming out of tunnel at halftime
http://cowboysblog.dallasnews.com/2014/10/whats-he-doing-there-cowboys-quarterback-tony-romo-nearly-runs-over-alex-rodriguez-coming-out-of-tunnel-at-halftime.html/

Raiders last winless team in NFL after 24-13 loss to Cardinals
http://www.contracostatimes.com/raiders/ci_26759154/raiders-last-winless-team-nfl-after-24-13

Brandon Marshall calls out Cutler after loss
http://www.theredzone.org/BlogDescription/tabid/61/EntryId/45620/Source--Brandon-Marshall-calls-out-Cutler-after-loss/Default.aspx

Giants: Fan who caught Ishikawa's homer enjoys his
   '15 minutes of fame'
http://www.mercurynews.com/giants/ci_26748808/giants-ishikawa-ball-catcher-enjoys-his-15-minutes

Killion: Ishikawa went from nearly quitting to hitting it big
http://www.sfgate.com/sports/article/Killion-Ishikawa-went-from-nearly-quitting-to-5828726.php

Sabean validates crying in baseball, and he’s not alone
http://www.sfgate.com/giants/article/Sabean-validates-crying-in-baseball-and-he-s-5830704.php


 

[headlines]
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California Nuts Briefs---

The million-job economy returns to the SF Bay Area's
     three major urban centers
http://www.mercurynews.com/business/ci_26747064/million-job-economy-returns-bay-areas-three-majo

Could desalination solve California’s water problem?
http://www.sacbee.com/news/state/california/water-and-drought/article3017597.html

California aquifers contaminated with billions of gallons of fracking wastewater
http://rt.com/usa/194620-california-aquifers-fracking-contamination/

Navy issues draft environmental review for
planned Concord Naval Weapons Station development for 12,272 housing and 6.1 million commercial square feet project
http://www.contracostatimes.com/contra-costa-times/ci_26750315/navy-issues-draft-environmental-review-planned-concord-naval

Why does Silicon Valley exist?
http://www.sfgate.com/business/article/Why-does-Silicon-Valley-exist-5832513.php


[headlines]
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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

How Much Will Napa's Earthquake Cost?
http://www.winespectator.com/webfeature/show/id/50701

California Wine Harvest Pegged Under 4 Million Tons
http://www.winesandvines.com/template.cfm?section=news&content=140436

Napa Valley Vintners Answers FAQs About the 2014 Wine Grape Harvest
http://napavintners.com/press/press_release_detail.asp?ID_News=600313

‘American Wine Story’ captures the dedication and spirit of modern vintners
http://www.washingtonpost.com/lifestyle/food/american-wine-story-captures-the-dedication-and-spirit-of-modern-vintners/2014/10/16/ba21c11e-5306-11e4-ba4b-f6333e2c0453_story.html

Visiting the 'Napa of the North,' Nova Scotia wine country
http://napavalleyregister.com/lifestyles/food-and-cooking/wine/visiting-the-napa-of-the-north-nova-scotia-wine-country/article_6025ae2e-47d9-5068-829c-f171c093a55e.html


Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm


[headlines]
----------------------------------------------------------------

This Day in American History

     1774 - Continental Congress orders discouragement of entertainment
     1786 – The first astronomical expedition in U.S. is organized by Harvard University.
     1803 - The Senate ratified the Louisiana Purchase Treaty by a vote of twenty-four to seven. Originally concerned that France would develop this territory, by the time the American delegation reached France, Napoleon was more concerned about England and to both stop England from gaining this territory, and to raise money, had offered the property for $15 million. The delegation accepted it without any authority as it was too good an opportunity to turn down. The ratification was more a legal formality, given that the Congress has sole appropriations authority.  Could this have been the first incident of federal government expenditure without authorization?
http://memory.loc.gov/ammem/today/oct20.html
    1817 – The first paddle-wheel steamboat, "Showboat," leaves Nashville on the maiden voyage on the Mississippi River.
     1818 - A diplomatic convention signed between Britain and the U.S. gave fishing rights to American seamen off parts of Newfoundland and the coast of Labrador. The U.S. renounced such activity within three miles of any other British Territory. The boundary between Canada and the U.S. between Lake of the Woods and the crest of the Rocky Mountains was fixed at the 49th parallel. No boundary was decided upon farther west, and Oregon was declared open territory for ten years.
    1820 – Spain sells part of Florida to the US for $5 million.
    1827 - Emily Howland received an honorary doctorate by the University of the State of New York at age 99 for her services to educating black students which included helping establish or aiding more than 30 institutions of learning in the youth and schools in New York and Virginia.
http://www.amazon.com/exec/obidos/tg/detail/-/1881539202/
102-3335791-6093721?v=glance

    1847 - Elizabeth Blackwell's application to medical school is accepted. Though she was refused admittance to 29 medical schools and publicly ridiculed for her attempts, Elizabeth Blackwell persisted. She studied privately for three years before being admitted to the Medical Institute of Geneva, NY, after the director had passed her application on to the students for approval. Thinking it to be a joke, they agreed on October 20, 1847, that "...the application of Elizabeth Blackwell to become a member of our class meets our entire approval." Her arrival at the school was greeted with shock and hostility, however. She was cursed, spat upon, refused lodging at first, and barred from some classroom demonstrations.    
    1853--The Children's Aid Society was founded in 1853 by Charles Loring Brace and a group of social reformers at a time when orphan asylums and almshouses were the only "social services" available for poor and homeless children. Between 1853 and 1929, more than 150,000 abandoned, abused and orphaned children were rescued from the streets and slums of New York City and taken by train to start new lives with families on farms across the country. The emphasis was on giving these needy children a family life.
    1856 - Birthday of James Robert Mann, American lawyer and legislator, near Bloomington, IL.  He was a Republican member of Congress from Illinois from 1896 until his death, Nov 30, 1922, at Washington, DC. Mann was the author and sponsor of the "White Slave Traffic Act," also known as the "Mann Act," passed by Congress on June 25, 1910. The act prohibited, under heavy penalties, the interstate transportation of women for immoral purposes.
    1859 - Birthday of John Dewey, American psychologist, philosopher and educational reformer, at Burlington, VT. His philosophical views of education have been termed pragmatism, instrumentalism and experimentalism. Died at New York, NY, June 1, 1952
    1873 - Showman P.T. Barnum opened the Hippodrome in New York City to accommodate his "Greatest Show on Earth".
    1873 – Yale, Princeton, Columbia, and Rutgers draft the first code of American football rules.
    1874 - Modernist composer Charles Ives lives, Danbury, Ct.
http://www.charlesives.org/02bio.htm
    1882 – Actor Bela Lugosi was born in Lugos, Hungary.  He left the country after the Hungarian Revolution. He had roles in several films in Germany before arriving in America as a seaman on a merchant ship.  In 1927, he appeared as Count Dracula in a Broadway adaptation of Bram Stoker’s novel, where he was talent-spotted as a character actor for the new Hollywood talkies. He would appear in the classic 1931 “Dracula” and “The Black Cat” (1934), “The Raven” (1935), and “Son of Frankenstein” (1939).  Lugosi died in 1956.
     1891 – The First International Six Day Bike Race begins at New York’s Madison Square Garden.
     1898 - John Merrick organizes North Carolina Mutual Life Insurance Company, the nation’s oldest and largest black insurance company.
http://docsouth.unc.edu/nc/andrews/menu.html
    1901 - Birthday of singer Adelaide Hall, Brooklyn, NY.
http://www.xtrememusician.com/info/artists/profiles/1753.html
    1903 – The US wins the border dispute over Alaska’s boundary with Canada.
    1906 - Dr. Lee DeForest demonstrated his electrical vacuum tube (radio tube)
     1910 - A cork centered baseball was used in a World Series game for the first time. The Philadelphia Athletics, managed by Connie Mack, and the Chicago Cubs, managed by P.K. Wrigley, were in competition for the championship.
    1910 – “The Voice of God”…and the Yankees, Bob Sheppard, was born in Queens.  Sheppard announced more than 4,500 Yankees baseball games over a period of 56 years, including 22 pennant-winning seasons and 13 World Series championships; he called 121 consecutive postseason contests, 62 games in 22 World Series, and six no-hitters, including three perfect games. He was also the in-house voice for a half-century of New York Football Giants, encompassing nine conference championships, three NFL championships (1956, 1986, 1990), and the game often called "the greatest ever played", the classic 1958 championship loss to BaltimoreCarl Yastrzemski once said, "You're not in the big leagues until Bob Sheppard announces your name”.  Coincidentally, Sheppard’s first game was April 17, 1951, which was the Major League debut of Mickey Mantle, born this day in 1931.  Sheppard died in 2010, a mere few days prior to the passing of longtime Yankees owner George Steinbrenner.  After Sheppard’s death and until his last game at Yankee Stadium on September 25, 2014, at the request of Yankee great Derek Jeter, a tape of Sheppard announcing Jeter at the plate played as his introduction at Yankees home games, now retired permanently.
      1913 - Trumpeter Johnny Best born Shelby, NC. He played with The Glenn Miller Orchestra 1939-42.
    1920 - Trumpeter Ray Linn born Chicago, Ill. He played with Woody Herman, Artie Shaw, Boyd Raeburn.
    1923 - Beat poet Philip Whalen born Portland, Oregon.
http://jacketmagazine.com/11/whalen-writing.html
    1924 - The first Negro League World Series is played between the Kansas City Monarchs (Negro National League Champions) and the Hilldale Club (Eastern Colored League Champions).  Kansas City wins the series championship 5 games to 4.
http://www.negroleaguebaseball.com/history101.html
    1925 – Satirist Art Buchwald was born in NYC.
    1930 – “The Adventures of Sherlock Holmes” debuts on NBC radio.
    1931 - Mickey Mantle’s birthday, at Spavinaw, OK. In 1951, Mantle replaced the newly-retired Joe DiMaggio in center field for the New York Yankees and grew to become the most beloved player of his era, retiring after the 1968 season because “I can’t hit anymore.”  Over his Hall of Fame (elected with buddy Whitey Ford in 1974) career, all with the Yankees, he was on seven World Series champions in 12 appearances.  He still holds the Major League record for World Series HRs (18), RBIs (40), runs (42), walks (43), extra-base hits (26), and total bases (123). He is also the career leader (tied with Jim Thome) in walk-off HRs with a combined thirteen, twelve in the regular season and one in the World Series.  During Mantle’s time, the postseason was only the World Series as playoffs did not begin until after he retired.  He won the Triple Crown in 1956 leading the Majors in HRs (52), RBIs (130) and batting average (.353).  When he retired, he was third (536) on the all-time HR list behind Ruth and Mays, and until Derek Jeter passed him recently, appeared in the most games as a Yankee. His battle with liver cancer raised awareness for organ donation and alcoholism. Died Aug 13, 1995, at Dallas, TX.
    1932 - Michael McClure born Marysville, Kansas.
http://www.thing.net/~grist/l&d/mcclure/mcclure.htm
http://www.mcclure-manzarek.com/mcclurebio.html
http://www.metroactive.com/papers/sonoma/12.14.00/mcclure-0050.html
    1934 - Birthday of tenor sax player Eddie Harris, Chicago, Il. Died November 8, 1966.
http://www.eddieharris.com/bio/bio_images/bio_r1_c3.jpg
http://www.cyberstars.com/jazz/les-mccann/eddie.html
http://centerstage.net/chicago/music/whoswho/EddieHarris.html
    1934 – A Major League All-Star team led by Babe Ruth and Connie Mack, sails to Hawaii then to Japan.
    1935 – Actor Jerry Orbach was born in The Bronx.  A stage professional both on and off-Broadway, Orbach broke into films and achieved a measure of recognition as Baby’s Dad in “Dirty Dancing”.  He landed a recurring role in”Murder, She Wrote” but achieved stardom as wise-cracking NYPD Det. Lennie Briscoe, in “Law and Order”, a role he played from 1992 to
his death of prostate cancer in 2004.
    1936 – “King” Carl Hubbell of the New York Giants, with a 26-6 record, edges the St’ Louis Cardinals’ Dizzy Dean, 24-13, for National League MVP honors.
    1937 – “The Dominican Dandy”, Juan Marichal, was born in Laguna Verde, DR.  The San Francisco Giants’ Hall of Fame right-hander was known for his high leg kick, pinpoint control and intimidation. Marichal was the second native pitcher to come from the Dominican Republic and he made an immediate impression in his debut on July 19, 1960. Against the Phillies, he took a no-hitter into the 8th inning only to surrender a two-out single to Clay Dalrymple.  He ended up with a one-hit shutout, walking one and striking out 12.  On August 22, 1965 against the Dodgers, twice in the first three innings, Marichal had thrown near the head of Dodger leadoff batter Maury Wills. As Marichal was batting against Sandy Koufax in the third inning, Dodger catcher Johnny Roseboro's return throws to the mound flew too close to his head and one grazed his ear. Words were exchanged, and Roseboro, throwing off his catcher's helmet and mask, rose to continue the argument. Marichal responded by twice hitting Roseboro's unprotected head with his bat.  The benches cleared into a 14-minute brawl, while Giants captain Willie Mays escorted the bleeding Roseboro (who would require 14 stitches) back to the clubhouse.  Marichal was suspended and fined and many believe it was this incident that delayed his Hall of Fame induction.  His career stats:  243-142, 2.89 ERA, 2303 Ks.  In 1963, he went 25–8 with 248 strikeouts and a 2.41 ERA, and won more than 20 victories in every season through 1969 except 1967, never posting an ERA higher than 2.76. He led the league in victories in 1963 and 1968 when he won 26 games.   He and Koufax were the only two Major League pitchers in the post-war era (1946–present) to have more than one season of 25 or more wins. Each pitcher had three such seasons in their careers.
     1937 – The First Lady of Rockabilly, Wanda Jackson, was born in Mead, OK.  In the 1950s and 1960s, she blended country into rockabilly with huge success, “Let’s Have a Party” (1960) and “Right or Wrong” (1961).  She was elected into the Rock and Roll Hall of Fame in 2009.
    1942 – “Durham Manifesto” calls for fundamental changes in US race relations.  A group of southern black leaders convened in Durham, NC to address the increasing racial tension in the South. The convention, called the Southern Conference on Race Relations, was organized at the suggestion of Jessie Ames, a white moderate and an active member of the Commission on Interracial Cooperation (CIC). Ames, fearing that the voices of white and black southern moderates were being drowned out by more radical blacks and white supremacists, urged Gordon Blaine Hancock, a black sociologist and a moderate on racial issues, to convene the meeting. Ames expressed her hope that the black leaders would propose a "New Charter of Race Relations" for the South that would win the approval and support of white moderates, thereby restoring the role of the increasingly weak CIC and salvaging the possibility of interracial cooperation.
     1944 - Top Hits
“I'll Walk Alone” - Dinah Shore
“Is You is or is You Ain't” - Bing Crosby & The Andrews Sisters
“It Had to Be You” - Helen Forrest & Dick Haymes
“Smoke on the Water” - Red Foley
    1944 - More than 100,000 American soldiers land on Leyte Island, in the Philippines, as preparation for the major invasion by Gen. Douglas MacArthur. The ensuing battles of Leyte Island proved among the bloodiest of the war in the Pacific and signaled the beginning of the end for the Japanese. The Japanese had held the Philippines since May 1942, when the awful defeat of American forces led to General MacArthur's departure and General Jonathan Wainwright's capture, at which time the retreating MacArthur stated, “I shall return!” MacArthur was back, as he promised, but his invasion of Luzon required a softening up of the enemy. Thus, the amphibious landing of the American forces at Leyte and the concomitant goal of destroying the Japanese fleet in the gulf was undertaken. All told, the Japanese lost more than 55,000 soldiers during the two months of battle and approximately another 25,000 in mopping up operations in early 1945. The U.S. forces lost about 3,500 compared with the total Japanese loss of 80,000. The sea battle of Leyte Gulf was the same story. The loss of ships and sailors was horrendous for both sides. The sinking of the American carrier Princeton resulted in the drowning deaths of 500 men. When the Japanese battleship Musashi was destroyed by a massive American aerial attack, more than 1,000 sailors died, including the captain who stood on his bridge and literally went down with his ship. Three days of sea battle saw the destruction of 36 Japanese warships-compared with America's three. It also saw the introduction of the Japanese kamikaze "divine wind" suicide bombers. The St. Lo, an American aircraft carrier, was one of the first casualties, when one kamikaze pilot drove his plane straight into its flight deck. More than 5,000 kamikaze pilots died in this gulf battle, taking down 34 ships. But when all was said and done, the Japanese had not been able to prevent the loss of their biggest and best warships, signaling the virtual end of the Japanese Imperial Fleet. The American victory on land and sea opened the door for General MacArthur's invasion and the recapture of the Philippines. The television series “Victory at Sea” captured much of this major battle.
    1944 - *WAI, FRANCIS B., Medal of Honor.
Captain Francis B. Wai distinguished himself by extraordinary heroism in action, on 20 October 1944, in Leyte, Philippine Islands. Captain Wai landed at Red Beach, Leyte, in the face of accurate, concentrated enemy fire from gun positions advantageously located in a palm grove bounded by submerged rice paddies. Finding the first four waves of American soldiers leaderless, disorganized, and pinned down on the open beach, he immediately assumed command. Issuing clear and concise orders, and disregarding heavy enemy machine gun and rifle fire, he began to move inland through the rice paddies without cover. The men, inspired by his cool demeanor and heroic example, rose from their positions and followed him. During the advance, Captain Wai repeatedly determined the locations of enemy strong points by deliberately exposing himself to draw their fire. In leading an assault upon the last remaining Japanese pillbox in the area, he was killed by its occupants. Captain Wai's courageous, aggressive leadership inspired the men, even after his death, to advance and destroy the enemy. His intrepid and determined efforts were largely responsible for the rapidity with which the initial beachhead was secured. Captain Wai's extraordinary heroism and devotion to duty are in keeping with the highest traditions of military service and reflect great credit on him, his unit, and the United States Army.
    1944 - Liquid natural gas leaks from storage tanks in Cleveland, then explodes, leveling 30 blocks and killing 130.
    1947 – Radio broadcast rights to the World Series sell for $475,000 for 3 years
    1947 – The House Un-American Activities Committee opens hearings into Communist influence in Hollywood, resulting in a blacklist that prevents some from working in the industry for years.
    1950 – Birthday of Tom Petty, Gainesville, FL.
    1951 - The Johnny Bright Incident was a violent on-field assault against African American player Johnny Bright by a White player, Wilbanks Smith, during the Drake-Oklahoma A&M college football game in Stillwater, Oklahoma. The game was significant, marking the first time that an African-American athlete with a national profile and of critical importance to the success of his Drake University team had played against Oklahoma A&M College (now Oklahoma State University) at Oklahoma A&M's Lewis Field. During the first seven minutes of the game, Bright was knocked unconscious three times by blows from Smith. While Smith's final elbow blow broke Bright's jaw, he was still able to complete a 61-yard touchdown pass to Drake halfback Jim Pilkington a few plays later.   Soon afterward, the injury finally forced him to leave the game. Bright finished the game with less than 100 yards, the first time in his three-year collegiate career at Drake. Oklahoma A&M eventually won 27–14.  Oklahoma A&M's president, Oliver Willham, denied anything happened even after evidence of the incident was published nationwide. This began a cover-up that would last over half a century.  The determination to gloss over the affair was so strong that when Robert B. Kamm succeeded Willham in 1966, he knew that he could not even discuss the matter even though he had been Drake's dean of men at the time of the incident.
When it became apparent that neither Oklahoma A&M nor the Missouri Valley Conference, to which both Drake and Oklahoma A&M belonged, would take any disciplinary action against Smith, Drake withdrew from the MVC in protest. The incident eventually provoked changes in NCAA football rules regarding illegal blocking, and mandated the use of more protective helmets with face guards.  On September 28, 2005, Oklahoma State University President David J. Schmidly wrote a letter to Drake President David Maxwell formally apologizing for the incident. The apology came 22 years after Bright's death.   Schmidly, reiterating a conversation earlier in the month over the phone, called the team's behavior that day "an ugly mark on Oklahoma State University and college football.
   1951---KEEBLE, WOODROW W.  Medal of Honor
Rank: Master Sergeant, Organization: U.S. Army, Company: , Division: , Born: , Departed: Yes, Entered Service At: , G.O. Number: , Date of Issue: 03/03/2008, Accredited To: , Place / Date: Korea, 20 October 1951. Citation: Master Sergeant Woodrow W. Keeble distinguished himself by acts of gallantry and intrepidity above and beyond the call of duty in action with an armed enemy near Sangsan-ni, Korea, on October 20, 1951. On that day, Master Sergeant Keeble was an acting platoon leader for the support platoon in Company G, 19th Infantry, in the attack on Hill 765, a steep and rugged position that was well defended by the enemy. Leading the support platoon, Master Sergeant Keeble saw that the attacking elements had become pinned down on the slope by heavy enemy fire from three well-fortified and strategically placed enemy positions. With complete disregard for his personal safety, Master Sergeant Keeble dashed forward and joined the pinned-down platoon. Then, hugging the ground, Master Sergeant Keeble crawled forward alone until he was in close proximity to one of the hostile machine-gun emplacements. Ignoring the heavy fire that the crew trained on him, Master Sergeant Keeble activated a grenade and threw it with great accuracy, successfully destroying the position. Continuing his one-man assault, he moved to the second enemy position and destroyed it with another grenade. Despite the fact that the enemy troops were now directing their firepower against him and unleashing a shower of grenades in a frantic attempt to stop his advance, he moved forward against the third hostile emplacement, and skillfully neutralized the remaining enemy position. As his comrades moved forward to join him, Master Sergeant Keeble continued to direct accurate fire against nearby trenches, inflicting heavy casualties on the enemy. Inspired by his courage, Company G successfully moved forward and seized its important objective. The extraordinary courage, selfless service, and devotion to duty displayed that day by Master Sergeant Keeble was an inspiration to all around him and reflected great credit upon himself, his unit, and the United States Army. "   
    1952 - Top Hits
“You Belong to Me” - Jo Stafford
“Wish You Were Here” - Eddie Fisher
“I Went to Your Wedding” - Patti Page
“Jambalaya (On the Bayou)” - Hank Williams
    1953 - Science fiction writer Ray Bradbury's chilling futuristic anti-book novel, “Fahrenheit 451,” was published on this date.
    1953---Birthday of singer, songwriter Tom Petty, born Gainesville, Florida.
    1954 – “Peter Pan” opens at Winter Garden Theater New York City for 149 performances.  The original Broadway production, starring Mary Martin as Peter and Cyril Ritchard as Captain Hook, earned Tony Awards for both stars. It was followed by NBC telecasts of it in 1955, 1956, and 1960 with the same stars, plus several rebroadcasts of the 1960 telecast. The show has enjoyed several revivals onstage.
     1955 - On Broadway, "No Time for Sergeants" opened, starring Andy Griffith.
    1955 - One of Harry Belafonte's hits was recorded for RCA Victor. It took "Day-O" over a year to hit the pop charts in January of 1957, after its name was changed to "The Banana Boat Song (Day-O)".
    1955 - Elvis Presley, Bill Haley, The Four Lads and Pat Boone appear together in concert at the Brooklyn High School auditorium in Cleveland, Ohio.
    1955 - Brooklyn High School in Cleveland, OH, is host to a rock and roll concert featuring Bill Haley, LaVern Baker, Roy Hamilton, Johnnie Ray, the up-and-coming artist Elvis Presley, and also, improbably, Pat Boone and The Four Lads. The concert is filmed for a documentary of local DJ Bill Randle, entitled
The Pied Piper of Cleveland: A Day in the Life of a Famous Disc Jockey, but the film, which includes the very first known footage of Elvis, has never been released.
    1956 - Elvis Presley's "Love Me Tender," is now the first song to the pop chart at #2. It also makes it to the Country & Western chart, the R&B chart and the top One Hundred.
    1957 - Walter Cronkite began hosting a weekly documentary called "The 20th Century".  The show reported on major events that shaped modern history. In 1967, the show switched its focus and its title to "The 21st Century".  Through its last show on January 4, 1970, Cronkite was the only narrator of the program.
    1957 – Secretary of Labor Hilda Solis was born in LA.
    1960 - Top Hits
“Save the Last Dance for Me” - The Drifters
“My Heart Has a Mind of Its Own” - Connie Francis
“I Want to Be Wanted” - Brenda Lee
“Alabam” - Cowboy Copas
    1960 – Ralph Houk replaced Casey Stengel as manager of the New York Yankees.  Houk would lead the Yanks to the World Series from 1961-63, winning in 1961 and ‘62, largely on the bats of Maris, Mantle, and Berra, and Whitey Ford’s pitching.
    1961 - The Supreme Court upholds a Florida law which exempts women from jury duty, unless they volunteer.  In all, 18 states allow the jury duty exemption while three states, Alabama, Mississippi, and South Carolina outright barred women from jury duty. However, on 02-07-1966, a federal court rules that such laws should end on June 1, 1967 because such laws "deny to women the equal protection of the laws in violation of the 14th amendment." In January of 1975, the Supreme Court says a Louisiana law forbidding women serving on juries is unconstitutional. The first woman juror served in the State of New York in 1936.
    1962 - The Four Seasons' "Big Girls Don't Cry" is released.
    1962 - Bobby "Boris" Pickett and the Crypt Kickers' "Monster Mash" hits #1
    1962 - Peter Paul and Mary's LP Peter, Paul and Mary hits #1
    1964 - "The Monster Mash" by Bobby "Boris" Pickett, reached the top of Billboard's Hot 100 singles chart. This novelty song, which was recorded in less than two hours, has become an annual favorite.  It was first released in August, 1962 and rose to #1 on the Hot 100 just before Halloween.
    1968 - Top Hits
“Hey Jude” - The Beatles
“Fire” - The Crazy World of Arthur Brown
“Little Green Apples” - O.C. Smith
“Then You Can Tell Me Goodbye” - Eddy Arnold
    1968 – Former First Lady Jaqueline Kennedy is married to ga-gilionaire Greek shipping magnate Aristotle Onassis.
    1973 – “The Saturday Night Massacre”:  President Richard Nixon fires Attorney General Elliot Richardson and Deputy AG William Ruckelshaus after they refuse to fire Watergate prosecutor Archibald Cox, who is finally fired by Robert Bork. Immediate and widespread demands for impeachment of the president ensued and were not settled until President Nixon resigned August 9, 1974.
    1973 - The Rolling Stones have their first Number One ballad, "Angie," a song that sparks rumor that it's a love song from Jagger to David Bowie's wife, Angela.
    1973 - “The Six Million Dollar Man” first pilot appeared, “Wine, Women and War.”  This action-adventure series based on the novel “Cyborg” was a monthly feature on “The ABC Suspense Movie” before becoming a regular series in 1974. Lee Majors starred as astronaut Steve Austin, who after an accident, was “rebuilt” with bionic legs, arms and an eye. He worked for the Office of Strategic Information (OSI), carrying out sensitive missions. Also in the cast were Richard Anderson, Alan Oppenheimer and Martin E. Brooks. “The Bionic Woman”, starring Lindsay Wagner, was a spin-off from his show and the two main characters were paired for several made-for-TV sequels.
http://www.pazsaz.com/million.html
http://www.tvtome.com/tvtome/servlet/ShowMainServlet/showid-591/
The_Six_Million_Dollar_Man/

    1973 – The OPEC embargo of oil to the US begins in response to the US involvement in the Yom Kippur War. Six days after Egypt and Syria launched a surprise military campaign against Israel to regain territories lost in the Six Day War, the United States supplied Israel with arms. In response to this, OPEC announced an oil embargo against Canada, Japan, the Netherlands, The UK and the US.
    1975 – The US Supreme Court rules that teachers may spank their pupils after a warning.   
    1976 - Top Hits
“Disco Duck (Part 1)” - Rick Dees & His Cast of Idiots
“Lowdown” - Boz Scaggs
“If You Leave Me Now” - Chicago
“You and Me” - Tammy Wynette
    1976 – The New York Nets sold superstar forward Julius “Dr. J” Erving to the Philadelphia 76ers.
    1977 – The plane carrying rock band Lynyrd Skynyrd crashed in Mississippi after running out of fuel, killing three band members and ending the band's most popular incarnation.
    1977 - Guitarist Steve Gaines, lead singer Ronnie Van Zandt, and backup singer Cassie Gaines of Lynyrd Skynyrd are all killed when the band's small Convair plane runs out of fuel and does down en route from Greenville, SC, to their next gig in Baton Rouge, LA. Crash landing in a forest near Gillsburg, MS, the accident also takes the lives of the band's assistant road manager as well as the two pilots, not to mention severely injuring the rest of the band and most of the other two dozen passengers. The remaining members would not reunite for another decade. 1979: Herb Alpert's "Rise" hits #1
      1979 - The John F. Kennedy Library in Boston was dedicated.
    1979 - Herb Alpert's "Rise" hits #1
    1979 - The Eagles' LP The Long Run hits #1
    1984 - Top Hits
“I Just Called to Say I Love You” - Stevie Wonder
“Caribbean Queen (No More Love on the Run)” - Billy Ocean
“Hard Habit to Break” - Chicago
“I Don't Know a Thing About Love (The Moon Song)” - Conway Twitty
    1988 - Top Hits
“Groovy Kind Of Love” - Phil Collins
“Kokomo” (From The "Cocktail" Soundtrack) - The Beach Boys
“Wild, Wild West” - The Escape Club
“Red Red Wine” - UB40
    1988 – In a big year for the City of Angels, the Dodgers win the World Series,  beating the Oakland A’s 4 games to 1 in the 85th World Series.  LA becomes the first city to have both NBA and World Series champs in the same year.
    1989 - Forty-nine cities reported record low temperatures for the date as readings dipped into the 20s and 30s across much of the south central and southeastern U.S. Lows of 32 degrees at Lake Charles, LA and 42 degrees at Lakeland, FL were records for October, and Little Rock, AR reported their earliest freeze of record. Snow blanketed the higher elevations of Georgia and the Carolinas. Melbourne, FL dipped to 47 degrees shortly before midnight to surpass the record low established that morning. Showers and thunderstorms brought heavy rain to parts of the northeastern U.S. Autumn leaves on the ground clogged drains and ditches causing flooding. Up to 4.10 inches of rain soaked southern Vermont in three days. Flood waters washed 600 feet of railroad track, resulting in a train derailment.
    1989 - U.S. Senate impeaches U.S. District Judge Alcee L Hastings
     1990 - Antiwar protest marches begin in 20 U.S. cities against U.S. involvement in Iraq war.
    1991 – The Oakland Hills Firestorm kills 25 and destroys 3,469 homes and apartments, causing more than $2 billion in damage.  The fire started on Saturday, October 19, from an incompletely extinguished grass fire in the Berkeley Hills northeast of the Caldecott Tunnel.  Firefighters fought the 5-acre fire on a steep hillside and by Saturday night they thought everything was under control.  The fire re-ignited shortly before 11:00 am on Sunday, October 20. It restarted as a brush fire and rapidly spread southwest driven by wind gusts up to 65 mph. It quickly overwhelmed local and eventually regional firefighting resources.   The firestorm was not declared under control until October 23.  http://geo.arc.nasa.gov/sge/jskiles/fliers/all_flier_prose/oaklandfires_brass/
oaklandfires_brass.html

    1992 – In the first World Series game held outside the US, the Toronto Blue Jays defeated the Atlanta Braves.
    1993 - Top Hits
“Dreamlover” - Mariah Carey
“Just Kickin It” - Xscape
“I’d Do Anything For Love (But I Won’t Do That)” - Meat Loaf
“All That She Wants” - Ace Of Base
    1995 - The clever black comedy, “Get Shorty”, starring John Travolta, Rene Russo, Gene Hackman, Danny DeVito, and Dennis Farina, opened across the country. The film did well at the box office, and once again affirmed Travolta's "come back" to films.
    1997 – The US accuses Microsoft of violating an agreement against forcing its Internet Explorer browser on PCs.
     2000 - Toronto signs Carlos Delgado to a record four-year $68 million contract. The Blue Jay first baseman's average salary of $17 million is the most in major league history.
    2001 - Top Hits
“Look of Love” - Diana Krall
“Silver Side Up” - Nickeback
“Pain is Love” - Ja Rule
“Songs in a Minor” - Alicia Keys
    2001 - An all-star lineup including David Bowie, Mick Jagger, Eric Clapton, Billy Joel, Elton John and The Who appear at The Concert For New York City at Madison Square Garden in a five hour show to benefit the victims of the 9/11 attack.
    2002 - Twenty-year old Venezuelan right-hander Francisco Rodriguez becomes the youngest pitcher ever to win a World Series game. With just 15 days of major league experience, K- Rod throws 37 pitches retiring 9 consecutive batters in three innings to pick up the victory as the Angels out slug the Giants in Game 2, 11-10.
    2004 - After losing the first three games of the ALCS, the Red Sox become the first team in baseball history to win a best-of-seven series by beating the Yankees at Yankee Stadium, 10-3. Johnny Damon's two home runs, including a grand slam in the fourth, and Derek Lowe's solid pitching performance helps Boston to join the 1942 Toronto Maple Leafs and the 1975 New York Islanders as the only teams in the history professional sports to overcome a 3-0 series deficit to win a seven-game series.
    2010 - Astronomers discover the new galaxy UDFy-38135539, the most distant object observed from earth

World Series Champion This Date

    1982 - St. Louis Cardinals
    1988 - Los Angeles Dodgers
    1990 - Cincinnati Reds



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