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 MARKETING INDIRECT ORIGINATION: New York. One of the largest ind. equip.lessors needs motivated, self-starter to purchase single investor leases from institutional investors; min.transaction $1 million; portfolio of primarily investment grade lessees/good "story credits". Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge of credit and pricing. E-mail: jobposting1@leasingnews.org |
Friday,
August 13,2004
Headlines---
New
York Times News Story Stirs Up Leasing Industry
"Leasing
in the News (Again and Again)"
Leasing
Companies involved with NorVergence
New Classified Ad---Free—
Clients Looking for an Equipment Leasing Attorney
Penske
Truck Leasing to Acquire AMI Leasing
First
Business Financial Services Milestones
TCF National Bank has joined NACHA
LEAF
Announces Customer Finance Program
Willis
Lease Reports First 1/2 Profits $1.9 Million
7
Indicted in Connection to $20M Lease Scheme
De
Lage Landen appoints Rod Versteegh
De
Lage Landen appoints Bill Hall
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
|
Your
One stop solution for training and reference material for the
Leasing Professional
www.theleasinglibrary.com |
Classified
ads---Attorneys
Listed are Attorneys and law firms who specialize
in the leasing industry, belong
to a leasing association, and are looking for clients to represent---free ad
California - statewide:
CA "ELA"
5-attorney creditors rights law firm, in biz 25 yrs +, specialize all aspects of creditor representation. Primarily represent equipment lessors & funders, plus collection and creditor rep. in bankruptcy.
Email: phemar@hemar.com
Website: www.hemar.com
California - statewide:
Encino, CA. "ELA"
24 Attorney AV-rated Law firm representing the Leasing Industry for over 25 Years. We specialize in Lease-enforcement, collection and representation in Bankruptcy Court.
Email: sjenkins@hemar-rousso.com
Website: www.hemar-rousso.com
Connecticut, Southern New England: EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates.
Email: rcfeldman@snet.net
EAEL
Law Firm - Service,
Dallas, TX. ELA
Mayer regularly practices
in leasing, secured financing, project development and finance and corporate
finance.
Email: dmayer@pattonboggs.com
Website: www.pattonboggs.com
Los Angeles, Statewide: CA. "ELA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly basis.
Email: RGarwacki@prodigy.net
Los Angeles -statewide:
CA "ELA "
Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591- 2121 or email.
Email: rrcohn@aol.com
National:
Full staff of attorneys and legal assistants work with Group Leader Barry S. Marks to ensure prompt, cost-effective responses to client needs:
Email: poetbarry@aol.com
Website: www.leaselawyer.com
National:
Coston & Lichtman: Business
attorneys serving
the lease-finance industry since 1980. Transactional, documentation,
corporate; workouts, litigation, bankruptcy. Chicago & Florida offices.
Jim Coston, CLP (Members: ELA/UAEL/MAEL)
Email: Jcoston@costonlaw.com
Website: www.leaselawyer.com
Northern California
- Statewide: CA "EAEL" "ELA" San Francisco expertise
at Marin County prices; practice limited to equipment leasing and finance
with 22 years experience, testimonials. Ken Greene, Esq.
Vox: 415 461 3777
Email: keng@kengreenelaw.com
Website: www.kengreenelaw.com
-------------------------------------------------------------------------------
New
York Times News Story Stirs Up Leasing Industry
(This was sent out
yesterday to all on the Leasing News
Let the Renter of Equipment Beware
http://www.nytimes.com/2004/08/12/business/12sbiz.html?pagewanted=all
---
from Michael Fleming,
President of
the Equipment Leasing Association:
Letter to the Editor:
“In Equipment Leasing Deals, Let the Renter Beware” (August 12,
2004).
Dear Mr. Feyer,
I would like to clarify a few points in the article “In Equipment
Leasing Deals, Let the Renter Beware” (August 12, 2004). The article
is misleading as it implies that so called “access fees” -- more commonly
referred to as application or commitment fees -- are unusual. The article
also suggests that such fees should always be fully refundable. Whether
a home mortgage, line of credit or an equipment lease, the application
or commitment fee document should clearly spell out the responsibilities
of the parties, including conditions such as refundability.
In most financial businesses it is common for credit application
fees or commitment fees to be part of the financing transaction. Similar
to loan application fees when applying for a mortgage, lessees pay a
commitment fee to a lessor. These fees pay for the research and due
diligence before credit is extended. As standard practice, commitment
fees aren’t refunded if the lease deal does not go through because the
organization needs to defray costs for work already conducted.
Every day 30,000 to 40,000 leases are written for hundreds of
thousands of companies from small bakeries to multi-national companies
in the U.S. The overwhelming number of these transactions proceed routinely
as reflected by an industry-wide delinquency rate of less than 2 percent.*
The industry, as a whole, produced between $100 billion and $300
billion additional real GDP, produced between $227 billion and $229
billion additional real equipment investment, and created between three
million and five million additional jobs between 1997-2002.**
But, the most important contribution of the equipment leasing
industry lies in providing access to capital. If leasing were unavailable
many entities, from non-profit to private organizations, from tax-exempt
entities to public companies, would not be able to acquire the equipment
they need.
Michael Fleming
President
Equipment Leasing
Association
*The Equipment Leasing
Association’s (ELA) 2002 Survey of Industry Activity (SIA) report.
**The Economic Contribution
of the Equipment Leasing Industry to the U.S. Economy, a study conducted
by Global Insight, a global economic and financial forecasting company,
August 2003.
---
A spokesperson for
CapitalWerks stated that Jim Raeder was on a flight to New York City
to meet with the New York Times about the article. One wag said he was
going there to “punch the editor in
the nose.”
Allegedly the story
was inaccurate, the information supplied to the writer was different
than reported, and he wanted to confront the writers and editors regarding
the story, which was “false,” according to the spokesperson for CapitalWerks.
He has taken the first plane
to New York to confront
them in person. Mark McQuitty
was not available for a comment.
The president of
Alliance Funding Group stated the information was
incorrect and their
attorney was “handling the matter.” The company
processes 1200 leases
a month. All monies are returned
that
are not earned. He did not want to be mentioned, including his
name. A statement was requested,
but not received a press time.
Leasing News has
received complaints about both companies, but all have been resolved,
meaning money returned or leases funded.
It is
not uncommon to get
into a dispute, and the point here, all complaints
to Leasing News were
resolved by both parties to both parties
satisfication.
It was also brought
to our attention that neither of the companies mentioned in the article
are members of the Equipment Leasing Association.
In the article, it may be inferred that they are.
Leasing News has
settled over 500 “disputes” in the last four years regarding advance
rentals, plus has published “legitimate” complaints on its Complaint
Bulletin Board, plus has sponsored an agreement regarding keeping fees,
such as advance rentals.
Please go here for
the agreement:
http://www.leasingnews.org/Conscious-Top%20Stories/Greene_Lease_agreement.htm
To learn more about
advance rentals, please read attorney
Ken Greene’s most
recent newsletter on the subject:
"Leasing
in the News (Again and Again)"
ELTnews
A primary focus of
the Equipment Leasing Association is to manage what is being said of
leasing and lessors. What people say about the industry creates the
industry’s image and reputation. In order to ensure the right messages
are being sent (and repeated), ELA conducts proactive media relations,
utilizing the press’ reach to a wide audience.
The first half of
2004 found ELA on the defense, as stories about tax shelters and accounting
mysteries made the headlines. However, by late Spring the sensationalism
died down and ELA was able to get reporters and editors to focus on
leasing’s benefits and advantages to businesses once again.
Already this year,
more than 40 articles written with ELA President Mike Fleming’s byline
have been published or are part of a future editorial line-up in publications
as diverse as Construction Executive, Medical Dealer American Executive,
Office Solutions, and a dozen city-focused Business Journals. Add earned
media coverage (editors writing their own stories from news items offered
to them by ELA or other sources) and media impressions have totaled
more than 2.6 million. (Media impressions are the number of readers
thought to have read the article.) Advertising equivalency for media
coverage to date is $1.3 million.
ELA’s myriad of research
projects help feed the interest in leasing, such as the Global Insight’s
Economic Contribution of the Equipment Leasing Industry to the U.S.
Economy; the recent ELA-Carmichael study, Construction and Agricultural
Equipment Leasing, 2004: U.S. Market Dynamics and Outlook; and a survey
of the Small Business Administration’s State Contest winners. Press
like statistics to back up messages, and ELA makes sure to comply as
often as possible.
------------------------------------------------------------------------------
Classified
Ads---Help Wanted
Account
Executive / Small ticket leasing account reps
|
|
Credit-Funding-Operations
|
Credit Analyst: Seeking an energetic and organized Credit Analyst. At least one to two years of experience as a Credit Analyst in financial services (banking, insurance, leasing, or mortgage) is required. Funding Manager: Seeking a very organized, detail oriented Funding Manager. Minimum two years experience in brokering and discounting commercial equipment transactions is required. Operations Manager: Seeking an experienced Operations Manager with knowledge of all sides of operations. Must have a minimum of five years related experience. Send
email or fax to Ryan Johnson, Corporate Recruiter. |
|
|
Equipment Finance Sales Executive
|
|
Marketing Indirect Origination
|
MARKETING INDIRECT ORIGINATION: New York. One of the largest ind. equip.lessors needs motivated, self-starter to purchase single investor leases from institutional investors; min.transaction $1 million; portfolio of primarily investment grade lessees/good "story credits". Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge of credit and pricing. E-mail: jobposting1@leasingnews.org |
Senior Contract Specialist
|
|
---------------------------------------------------------------------------
Leasing
Companies involved with NorVergence
This list is from
the customers who are lodging complaints regarding
their leases with
NorVergence. The list contains
dates, monthly
payments, action
they have taken, but here are the leasing
companies named to
date:
Celtic Bank
CIT
CIT Technology Finance
Commerce Commercial Leasing
Commerce Credit
Leasing
Dolphin Capital
Financial Pacific
First Leasing
GE Capital
IFC Credit
Information Leasing Crop.
Interchange Capital
Lakeland Bank
Liberty Bank
Norv Capital de Lage Landen
OFC Capital ( a division of ALFA Finance)
Popular Leasing
Preferred Capital (recently $2M assets reportedly bought
by
Preferred Leasing from Bank of the West )
Source Capital
Sterling Bank, New York
TCF Express Leasing
US Bancorp
Wells Fargo
In this list, the
companies listed with the most leases were in this
order: NorvCapital-De
Lage Laden, Popular Leasing, Preferred Capital,
Sterling National
Bank, CIT.
The three companies
who originated the first
preceding, Chapter
11, in an effort to halt Qwest filing a $15
million claim, were:
Popular Leasing USA, Inc
OFC Capital, a Division
of ALFA Financial Corporation
Partners Equity Capital
Company, LLC
They had claims totaling
$1.4 million against NorVergence.
The first meeting
of the Chapter 7 creditors will be
Friday, August 27,2004
in Newark, New Jersey. The deadline for all creditors to make claims
is November 29,2004. It is most
likely that the total of
all claims will not
be made public until the first of next year.
Here is further legal
information
http://two.leasingnews.org/loose_files/NorVengence_court_docs.pdf
New
Classified Ad---Free—Clients Looking for an Equipment Leasing Attorney
Due to all the inquiries
regarding representation, particularly from NorVergence customers, and
perhaps to be of assistance with those who have complaints about leasing
companies, Leasing News will now print in our classified section ads
up to fifty words from those seeking legal advice and/or representation
from an attorney specializing in equipment leasing law and transactions.
This is a “free ad.”
Please go here to
post your requirements:
http://64.125.68.90/LeasingNews/PostingFormLegal.htm
--------------------------------------------------------------------------
for more information about “Dan’s Cartoons:”
http://www.leasingnews.org/archives/July%202004/07-07-04.htm#dan
### Press Release
#############################
Penske
Truck Leasing to Acquire AMI Leasing
READING, Pa., -- Penske Truck Leasing Co., L.P. has entered
into an agreement with Ford Motor Credit Company to acquire the full-
service truck leasing, rental, maintenance and logistics operations
of Auto Rental Corporation (ARC), known as AMI Leasing. AMI is a wholly owned subsidiary of Ford Credit.
Headquartered in
Worcester, Mass., AMI Leasing serves more than 1,500 customers at 26
locations throughout the northeastern United States.
AMI's truck product lines include full-service leasing, rental,
finance leasing, contract maintenance and dedicated contract carriage.
The acquisition of
AMI's truck and equipment businesses will add approximately 14,000 tractors,
trucks and trailers to Penske Truck Leasing's fleet.
"Both AMI and
Penske customers will benefit from products and services available through
a combined network of facilities across the United States," said
Brian Hard, president, Penske Truck Leasing.
"Penske has a strong commitment to its customers and will
continue providing the high-quality service AMI customers have come
to expect."
Penske and AMI expect
to complete the transaction, which is subject to customary closing conditions,
by the end of August.
Ford Motor Credit Company is an indirect, wholly owned subsidiary of Ford Motor Company. Now in its 45th year, Ford Credit provides vehicle financing in 36 countries to more than 10 million customers and 12,500 automotive dealers. More information can be found at
at Ford Credit's
investor center, http://www.fordcredit.com/investorcenter.
Penske Truck Leasing,
headquartered in Reading, Pa., is a joint venture of Penske Corporation
and General Electric. A leading
global transportation services provider, the company operates approximately
200,000 vehicles and serves customers from nearly 1,000 locations in
the United States, Canada, Mexico, South America and Europe.
Product lines include full-service leasing, contract maintenance,
commercial and consumer rental, transportation and warehousing management,
and supply chain management solutions.
Penske Truck Leasing's annual revenue is approximately US $3.5
billion. The company can be
reached at http://www.pensketruckleasing.com.
SOURCE Penske Truck Leasing Co., L.P.
CO: Penske Truck Leasing Co., L.P.; Ford Motor
Credit Company; Auto Rental Corporation;
AMI Leasing; Ford Motor Company; Penske Corporation; General
Electric
### Press Release
###############################
First Business Financial Services, Inc. Announces 2004 Milestones
and Plans for Future Growth
MADISON, Wis., --
First Business Financial Services, Inc. announced plans to file as a
public company with the Securities and Exchange Commission.
In addition, the
company reported net income of $1.9 Million for the first half of 2004.
This was an increase of $67 Thousand over earnings reported as of June
30, 2003. Fully diluted earnings per share for the first half of 2004
was $0.78. The comparable period for 2003 showed earnings per share
of $0.86. Total assets for the company on June 30, 2004 were $541.3
Million, an increase of 7% or $34.7 Million from June 30, 2003. ROA
for this period was .72%. ROE was 13.2%.
As released in June,
the Board of Directors of First Business Financial Services, Inc. declared
a semiannual dividend of $.10 per share to shareholders of record on
July 1, 2004, payable on July 15, 2004. First Business Financial Services,
Inc. shareholders received a total of $.20 per share in 2004, a 33%
increase over prior years' annual dividends.
These milestones
and plans for future growth were discussed at the company's annual shareholder
meeting, which was held Monday, August 9th at Bishops Bay Country Club.
About First Business
Financial Services, Inc.
First Business Financial
Services, Inc., a $500 million company headquartered in Madison, Wisconsin,
specializes in commercial banking, asset-based lending, commercial finance,
leasing, retirement plans, investment management services, and trustee
services.
First Business Financial
Services together with its subsidiaries and affiliates serves businesses
and business owners with all of their financial needs. These subsidiaries
and affiliates include: First Business Bank, First Business Bank - Milwaukee,
First Business Capital Corp., First Business Trust & Investment
Services, and m2 Lease Funds, LLC.
For additional information,
visit http://www.fbfinancial.net or
call 608-238-8008.
### Press Release
##############################
HERNDON, Va., / -- TCF National Bank has joined NACHA -
The
Electronic Payments Association as its 20th financial institution member.
"As
electronic payments replace checks, it is important for TCF to be involved
where the payments systems' innovations are taking place," said
William A. Cooper, Chairman and CEO of TCF Financial Corporation. "Membership in NACHA provides TCF with
influence and opportunity as the payments systems of the future are
being developed. We look forward
to participating in the many initiatives underway at NACHA."
"As
new Automated Clearing House products are adopted in the marketplace,
membership in NACHA becomes more important for banks that want to be
leaders in the payments business," said Elliott C. McEntee, President
and Chief Executive Officer of NACHA.
"On behalf of everyone at NACHA, we are pleased to welcome
TCF National Bank as a member."
NACHA
now has 39 direct members consisting of 19 payments associations and
20 financial institutions. The
other financial institution members of NACHA are ABN AMRO, American
Express Centurion Bank, Bank of America, Bank One, BB&T Corporation,
Capital One, Citibank, Commerce Bank, Discover Bank, FleetBoston Financial,
Fort Knox National Bank, J.P. Morgan Chase, KeyBank, Mellon, National
City, PNC Bank, U.S. Bank, Wachovia, and Wells Fargo.
About
NACHA - The Electronic Payments Association
NACHA is the leading organization in developing electronic solutions to improve the payments system. NACHA represents more than 11,500 financial institutions through direct memberships and a network of regional payments associations, and 650 organizations through its industry councils. NACHA develops operating rules and business practices for the Automated Clearing House (ACH) Network and for electronic payments in the areas of Internet commerce, electronic bill and invoice presentment and payment (EBPP, EIPP), e- checks, financial electronic data interchange (EDI), international payments, and electronic benefits transfer (EBT).
Visit
NACHA on the Internet at http://www.nacha.org.
About
TCF National Bank
TCF
National Bank is a subsidiary of TCF Financial Corporation, a Wayzata,
Minnesota-based national financial holding company with $11.9 billion
in assets. TCF has 411 banking offices in Minnesota, Illinois, Michigan,
Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing
and equipment finance, mortgage banking, brokerage, and investments
and insurance sales.
SOURCE NACHA - The Electronic Payments Association
###
Press Release #############################
LEAF
Financial Corporation Announces Customer Finance Program
PHILADELPHIA,
PA. – LEAF Financial Corporation announces that they have formed a strategic
alliance with Prime Clinical Systems, Inc. to provide leasing and financing
solutions to their customers.
Prime
Clinical Systems, Inc. is a 20 year old developer of practice management
and medical records software applications for all types of medical practices.
OnSTAFF, the practice management component, is already in use by over
6,000 physicians in over 75 specialties. It was one of the first practice
management systems capable of helping practices become HIPAA compliant.
Patient Chart Manager, the medical records software, is the most comprehensive
and flexible tool available for developing and delivering mission critical
information to the right provider at the right time. Its comprehensive
capabilities include appointment scheduling, electronic prescription
management, voice recognition, dictation, digital document, imaging
management and much more.
Through
this new program with LEAF, Prime Clinical Systems will now be able
to offer a full array of financing options to satisfy the sales of their
systems. Simon Lee, vice president of sales and marketing at Prime Clinical
remarked, “LEAF Financial has a clear understanding of our business
and the value that our software brings to the healthcare provider and
their patients. Their ability to develop strategic programs with us
translates into more closed sales, and helps improve our bottom line.”
LEAF
is a commercial leasing company headquartered in Philadelphia, PA. LEAF’s
business model is to reach the small to mid sized business market by
forming strategic marketing alliances and other program relationships
with equipment vendors, commercial banks and other financial institutions.
Through LEAF’s Healthcare division, it specializes in working with manufacturers
and distributors of equipment to the healthcare market, whose customers
include physicians, hospitals, surgery centers, dentists, veterinarians
and other healthcare professionals. LEAF Financial Corporation is a
wholly owned subsidiary of Resource America Inc. (NASDAQ:REXI).
Additional information about the entities mentioned in this news release can be obtained by
visiting
these web sites:
###
Press Release #############################
Willis
Lease Finance Reports First Half Profits of $1.9 Million
SAUSALITO,
Calif.-- --Willis Lease Finance Corporation (Nasdaq:WLFC), a leading
lessor of commercial jet engines, today reported solid profitability
during the first half of 2004 with net income of $1.9 million, or $0.20
per diluted share, compared to $2.0 million, or $0.22 per diluted share,
for the same period last year. In the quarter ended June 30, 2004, the
company generated net income of $915,000, or $0.10 per diluted share,
compared to $1,152,000, or $0.13 per diluted share, in the second quarter
of 2003. Year-over-year comparisons were affected by $670,000 of security
deposits taken into lease revenue in the second quarter of 2003 from
a customer that went out of business in 2001.
Current Market
"We made good progress in the second
quarter, and I am pleased with the results so far this year," said
Charles F. Willis, President and CEO. "Lease rates in the portfolio
are up, and so is utilization. Demand for leased engines is strong,
particularly from maintenance, repair and overhaul shops, and we continue
to see incremental improvements, industry-wide. The higher demand is
across the board, not limited to just a few engine types. For the past
two and a half years, our major focus has been on remarketing engines
-- our efforts have paid off. Our utilization is nearly back to normal.
We've made it through a difficult period, and now it's time to give
a higher priority to growing the portfolio."
"Adequate capital to support growth is
key. As I mentioned in our 2003 Annual Report, capital growth is our
highest priority for this year. We are involved in several initiatives
to attract additional capital. We have just renewed one of our major
revolving credit facilities, and we are actively pursuing the renewal
of our warehouse facility that expires in September. Significant resources
are being devoted to structuring an asset-backed securitization of a
sizable portion of our portfolio, which would be the first of its kind
ever completed. At the same time, we are also pursuing other options
to increase both debt and equity capital. While there can be no guarantee
we will be successful in these efforts, we believe conditions in the
debt and equity markets are the best they have been in three years for
aviation-related businesses -- especially those with a global rather
than domestic focus, and we hope to use that to our advantage."
The portfolio utilization rate at June 30,
2004, was 89.5% up from 88.0% at March 31, 2004, and substantially higher
than 84.6% at June 30, 2003. "From a portfolio management standpoint,
our immediate goal is to get the utilization rate back above 90% and
keep it there," said Donald A. Nunemaker, Chief Operating Officer.
"In order to achieve the best possible utilization rate, we not
only have to be good at placing engines on lease, we also need to pay
close attention to managing off-lease engines. If engines are undergoing
maintenance or repair, we must keep the shop visits as short as possible.
In addition, we are continuously reviewing our off-lease engines to
see if it would be more attractive to sell an engine rather than keep
it in the portfolio. For example, this review resulted in the sale of
five off-lease engines during the second quarter."
Results from Operations
Lease revenue in the second quarter decreased
2% to $14.4 million from $14.6 million in the second quarter of 2003.
In the first half of 2004, lease revenue increased 2% to $29.1 million
from $28.6 million in the first half of 2003. However, excluding the
effect of the $670,000 of security deposits taken into lease revenue
in the second quarter of 2003, second quarter 2004 lease revenue was
up 3% and year-to-date lease revenue was up 4% over the comparable periods
in 2003. Sales of equipment generated a net gain of $542,000 in the
second quarter and $690,000 in the first half of 2004, compared to $1.0
million and $1.1 million in the respective periods of 2003. Other income
totaled $155,000 in the second quarter and $329,000 in the first half
of 2004. This revenue was generated primarily from a new service introduced
in the second half of 2003, which produces fees for placing third-party
engines on lease. Total revenue in the second quarter was $15.1 million
compared to $15.6 million in the second quarter of 2003. Year-to-date
total revenue was $30.1 million compared to $29.7 million in the first
half a year ago.
Second quarter 2004 total expenses decreased
1%, to $13.8 million from $13.9 million in the second quarter a year
ago. In the first half of this year, total expenses increased 3% to
$27.5 million from $26.7 million in the first half of 2003. The largest
single component of total expenses is depreciation expense which increased
6% in the second quarter and 7% in the first half compared to the respective
prior periods, reflecting changes in estimates of useful lives and residual
values on certain older engine types implemented at the end of 2003.
The company also wrote-down assets to their estimated fair values by
$577,000 in both the second quarter and year-to-date 2004, compared
to $645,000 in comparable periods last year. G&A expense dropped
3% in the second quarter to $3.4 million from $3.5 million in the year
ago period but rose 3% to $7.1 million in the first half of the year
from $6.9 million in the first half of 2003. Net interest and finance
costs dropped 6% in the second quarter to $4.2 million and 2% in the
first half to $8.5 million compared to $4.4 million and $8.6 million
in the like period the previous year.
Balance Sheet & Liquidity
At June 30, 2004, the company had 113 commercial
jet engines, 4 aircraft parts packages and 7 aircraft in its lease portfolio
with a net book value of $498.1 million compared to 117 commercial jet
engines, 4 aircraft parts packages and 6 aircraft in its lease portfolio
with a net book value of $501.7 million at June 30, 2003. The company
added $11.5 million of equipment and capitalized costs to its lease
portfolio which was partially offset by the sale of five engines and
other related equipment in the second quarter of 2004. In the first
half of the year, $16.2 million of equipment and capitalized costs was
added to the lease portfolio and six engines and other related equipment
were sold.
Assets totaled to $563.7 million at June 30,
2004, compared to $545.1 million a year ago. Shareholders' equity increased
8% to $114.4 million, or $12.78 per common share, compared to $106.4
million or $12.04 per common share at June 30, 2003.
As recently reported, the company has renewed
one of its primary revolving credit facilities with a bank group led
by Fortis Bank (Nederland) N.V. as structuring agent and National City
Bank as administrative agent. This credit facility makes immediately
available to Willis Lease up to $126.0 million on a revolving basis
through May 31, 2006, with final maturity on May 31, 2007.
The company had approximately $28.5 million
availability under its credit facilities at June 30, 2004 compared to
approximately $18.5 million a year ago. The company's funded debt to
equity ratio was 3.1 to 1 at June 30, 2004, compared to 3.4 to 1 at
the end of the second quarter last year. Restricted and unrestricted
cash and cash equivalents was $46.4 million at June 30, 2004, compared
to $32.2 million at June 30, 2003.
About Willis Lease Finance
Willis Lease Finance Corporation leases spare
commercial aircraft engines, rotable parts and aircraft to commercial
airlines, aircraft engine manufacturers and overhaul/repair facilities
worldwide. These leasing activities are integrated with the purchase
and resale of used and refurbished commercial aircraft engines.
CONTACT:Willis
Lease Finance Corporation Monica J. Burke, 415-331-5281
SOURCE:
Willis Lease Finance Corporation
####
Press Release ###########################
Seven
Indicted in Connection to $20 Million Lease Scheme, Reports U.S. Attorney
BOSTON, Mass., -- Seven men were indicted
by a
federal
Grand Jury today on charges stemming from a scheme to defraud commercial
lenders of more than $20 million in connection with the purchase and
lease of construction equipment.
United States Attorney Michael J. Sullivan
and Kenneth W. Kaiser, Special Agent in Charge of the Federal Bureau
of Investigation in New England, announced
that the following men were charged with conspiracy and related
offenses:
PETER V. MAGGIO, III, age 38, 8 Onion River
Road, Wenham, MA;
JEFFREY A. DEVEAU, age 42, of 8072 Indian
Hill Road, Manlius, NY;
MICHAEL R. O'NEILL, age 48, of 807 Cobblestone
Court, West Chester, PA;
WILLIAM HOWE, age 63, of 53 Garfield Road,
Melrose, MA;
MATT A. HAVEY, age 33, of 130 Russell Street,
Malden, MA;
LOUIS A. PARADISO, age 31, of 1739 Revere
Beach Parkway, Everett, MA; and
SEAN SACCO, age 30, of 21 Frost Avenue,
Dorchester, MA.
The Indictment alleges that from July 1998
to May 2000, the defendants participated in a scheme using "straw"
borrowers and fraudulent financial information to obtain commercial
loans for the purchase and lease of heavy duty equipment for MAGGIO's
companies operating in Medford, Massachusetts under the names Earth
Site and Utility Corporation and Earth Management and Equipment Co.,
Inc. The Indictment charges
HAVEY, PARADISO and SACCO as
"straw"
borrowers who were paid by MAGGIO to sign fraudulent loan documents
in their names when they had neither the ability nor the capacity to
repay the loans. The Indictment charges DEVEAU, who operated
a construction equipment dealership in Syracuse, New York with helping
MAGGIO to obtain fraudulent loans and sharing the proceeds with MAGGIO.
The Indictment further alleges that HOWE
prepared fictitious financial records for submission to the lenders,
and that O'NEILL took kickbacks to help obtain approval for fraudulent
loans from a lending company he worked for as a district sales manager. MAGGIO is further charged with obtaining fraudulent
duplicate titles to illegally sell vehicles which were leased by him
and were under liens from commercial lenders.
If convicted on the conspiracy charge, each
defendant faces up to 5 years' imprisonment, to be followed by 3 years of supervised release, and a $250,000
fine. In addition to the conspiracy count, each defendant
is charged with substantive counts of mail fraud and wire fraud for
which each count of conviction carries punishment of 5 years in prison,
to be followed by 3 years of supervised release, and a fine of $250,000. MAGGIO is further charged with three counts
of interstate transportation of stolen property which is punishable
by 10 years in prison and a $250,000 fine on each count.
The case was investigated by the Federal
Bureau of Investigation. It
is being prosecuted by Assistant U.S. Attorney Victor A. Wild in Sullivan's
Economic Crimes Unit.
###
Press Release ###########################
De Lage Landen appoints Rod Versteegh as Vice President &
General
Manager of its Materials Handling & Construction Strategic Business
Unit
WAYNE,
Pa., -- De Lage Landen Financial Services, a leading international provider
of high quality asset-based finance products to manufacturers and distributors
of capital goods, today announced that Rod Versteegh has been promoted
from Vice President of Sales – Construction to Vice President &
General Manager of its Materials Handling & Construction Strategic
Business Unit.
In this position, he will report directly
to Bill Hall, Executive Vice President & Chief Commercial Officer
for the company.
In his new capacity, Versteegh, will be responsible
for overall general management of the Materials Handling & Construction
business unit, including operations, originations, marketing and new
business development.
Prior to joining De Lage Landen in 2002,
Versteegh served as Vice President, Citicorp Dealer Finance Group. Earlier,
he was Regional Credit & Operations Manger for the former AT&T
Capital Group.
He earned a Bachelor of Science degree from
Cal State University.
De Lage Landen Financial Services is a subsidiary
of De Lage Landen International B.V., a Netherlands-based international
provider of high-quality asset financing products. With a presence in
more than 20 countries across the globe, the company focuses on the
following industries: Food & Agriculture, Healthcare, Office Equipment,
Telecommunications, Technology Finance, Materials Handling & Construction
and Financial Institutions. In its domestic market the company offers
Equipment Leasing, Consumer Finance, Car & Commercial Vehicle Leasing,
ICT Leasing and Trade Finance through local Rabobanks and direct to
market.
De Lage Landen is a wholly owned subsidiary
of the Dutch Rabobank Group that is AAA-rated by Moody’s and Standard
& Poor’s. In 2003 De Lage Landen grew its profits to $129.7 million
(€114.8 million) and its balance sheet total to $17.8 billion (€14.1
billion).
For more information, please visit our Website:
www.delagelanden.com
Sites
of Reference:
CONTACT:
Ronald
Slaats
De
Lage Landen Financial Services
Phone
Number: 610 386 5023
Fax
Number: 610 386 5840
E-mail:
rslaats@leasedirect.com
###
Press Release ##############################
De
Lage Landen Financial Services appoints Bill Hall as Executive Vice
President & Chief Commercial Officer
WAYNE, Pa-- De Lage Landen Financial Services, a leading international provider of high quality asset-based finance products to manufacturers and distributors of capital goods, today announced that Bill Hall has been appointed Executive Vice President & Chief Commercial Officer for the company.
He will report directly to Ronald Slaats,
chairman of De Lage Landen's Americas Division, headquartered in Wayne,
PA.
Most recently, Hall, of West Chester, PA,
served as Vice President & General Manager of De Lage Landen's Materials
Handling & Construction Strategic Business Unit.
In his new capacity, he will be responsible
for strategic planning and general management of the company's Food
& Agriculture, Healthcare, Technology Finance, Materials Handling
& Construction and Financial Institutions business units, as well
as Commercial Finance, Marketing and E-Commerce.
De Lage Landen's Office Equipment business
unit will continue to report to Bill Stephenson, President of the company's
Global Office Equipment Group.
Hall has more than 25 years of experience
in the leasing industry. He joined De Lage Landen in 2001 and led the
company's successful entry into the materials handling and construction
industry segments. Previously, he served as Vice President & General
Manager of the CIT Group's materials handling business (Hyster Credit)
in Portland, OR.
Succeeding Hall is Rod Versteegh, who has
been serving as Vice President of Sales – Construction for the Materials
Handling & Construction SBU. Prior to joining De Lage Landen in
2002, Versteegh was Vice President, Citicorp Dealer Finance Group. Earlier,
he served as Regional Credit & Operations Manager for the former
AT&T Capital Group.
###
Press Release ###########################
-----------------------------------------------------------------------------
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News
Briefs----
Hurricane
Charley
http://www.nhc.noaa.gov/text/refresh/MIATCPAT3+shtml/130235.shtml?
Retail
sales rebound in July
http://www.signonsandiego.com/news/business/20040812-1523-economy.html
Rates
on 30-year mortgages fall to lowest level in nearly four months
http://www.signonsandiego.com/news/business/20040812-0927-mortgagerates.html
Price
of Oil Passes the $45 Mark
http://www.washingtonpost.com/wp-dyn/articles/A61161-2004Aug12.html
Dell
Posts Another Quarter of Earnings
http://www.washingtonpost.com/wp-dyn/articles/A61712-2004Aug13.html?nav=headlines
H-P
fires 3 executives after lower-than-expected earnings
http://www.usatoday.com/money/companies/earnings/2004-08-13-hp-dell_x.htm
Report
Finds Tax Cuts Heavily Favor the Wealthy
http://www.nytimes.com/2004/08/13/politics/campaign/13tax.html?pagewanted=all
Tech
firms caught in a lull
Weak
forecasts suggest recovery may be stalling out
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/
archive/2004/08/12/BUG5C86C0K1.DTL&type=business
Japanese
companies to create world's biggest bank (another Orix?)
http://www.usatoday.com/money/world/2004-08-12-japan-bank_x.htm
U.S.
roads safer as more people use their seat belts (by state)
http://www.usatoday.com/money/2004-08-11-trafficdeaths.htm
Sports
Briefs----
Clarke
takes first-round lead at PGA Championship
http://www.usatoday.com/sports/golf/pga/2004-08-12-pga-championship_x.htm
A
messy way to start for Mora (he wasn’t liked by SF fans )
http://www.ajc.com/falcons/content/sports/falcons/0804/13falcons.html
Garcia
refutes Owens' comment about his sexuality (arrested
with
two young ladies at SF State for drunk driving )
http://www.theredzone.org/news/showarticle.asp?ArticleID=1420
Brown
changes tune, rips the Raiders (The Tampa Bay-Oakland
Raider
Game should be the game to watch this year )
http://www.contracostatimes.com/mld/cctimes/sports/football/nfl/
oakland_raiders/9379999.htm?1c
The
World Holds Its Breath re: Olympics
-------------------------------------------------------------------------------
“Gimme
that Wine”
Grape
growers estimate harvest down slightly from 2003 in Napa
http://seattlepi.nwsource.com/local/aplocal_story.asp?
category=6420&slug=WA%20Wine%20Grape%20Harvest
Founder
of Napa's Pride Mountain Vineyards Dies
http://www.winespectator.com/Wine/Daily/News/0,1145,2564,00.html
Napa
Valley Grape Growers Association Forms Registry of Historic Napa Valley
Vineyards
http://www.winebusiness.com/news/sitearticle.cfm?AId=90533&issueId=90462
Napa
power brokers make nice in look toward history
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/08/12/WIG3885RLE1.DTL
Welcome
to Chateau Margo
Van
Staaveren finally calls the shots at St. Jean -- starting with a new
line
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/08/12/WIGJ9848KJ1.DTL
Despite
vocal opposition, supervisors OK inn with $600-a-night rooms
in
Kenwood, Sonoma County
http://www1.pressdemocrat.com/apps/pbcs.dll/article?AID=
/20040811/NEWS/408110318/1033/NEWS01
Wine
doggie bag measure signed into law in New York
http://www.midhudsonnews.com/News/wine_doggie-12Aug04.htm
What
Would Darwin Say About Drinking? Some Scientists Believe Humans Evolved
to Enjoy Alcohol
http://www.winespectator.com/Wine/Daily/News/0,1145,2563,00.html
Indian
vineyards multiply
http://www.decanter.com/news/57313.html
This
Day in American History
1521
- After a three-month siege, the Aztec capital of Tenochtitlan (today
Mexico City) was conquered by Hernando Cortes and Spanish troops. With
a population between 150,000 and 300,000, Tenochtitlan was set up so
it would sustain its inhabitants while still protecting the local ecosystem.
The Spanish conquest caused a human and ecological disaster of epic
proportions.
1587-
Manteo, chief of the Hatteras, was baptized into the Christian faith
as a member of the Church of England, becoming the first Native American
to become a Protestant. He was invested by Sir Walter Raleigh with
the power of Lord of Roanoke and of Dasamonguepeuk. There were earlier
baptisms of Native Americans by Roman Catholic priests in Florida.
1650-Of
all the Indians the English colonists encountered in the colonies, none
were more powerful or better organized than the Iroquois. The five tribes—Mohawk,
Oneida, Onodaga, Cayuga, and Seneca---were concentrated in New York
in that order between the Hudson River and the Genesse River to the
west. Their league, possibly
organized as early as 1570, numbered no more than 25,000 persons by
about 1650, but it dominated others in all directions. Their particular
enemies were the Hurons to the north, who with their French allies dominated
the fur trade. In 1649 the Iroquois
won a resounding victory over the Hurons; in 1651 they nearly wiped
out the Neutral National along the northern shore of Lake Erie; and
in 1656 they defeated and dispersed the Eries. They continued to increase
their power and became allies of the English after the Dutch lost New
Netherland. As a result, the Iroquois were a serious problem
for the patriot forces during the American Revolution. The estimated
colonial population was 51,700.
1689-The
legend of the naming of Nix Mate’s Island in Massachusetts Bay originated.
Captain Nix anchored his boat off the nameless island one night. Screams
were heard by the inhabitants of Boston, and investigators found the
captain murdered. His mate was
accused, tried, and sentenced to hang. As a final statement the mate said that the
island would wash away as proof of his innocence. by the beginning of
the nineteenth century, a good portion of Nix Mate’s Island had disappeared.
1722-Governor
Alexander Spotswood of Virginia signs
a treaty with the League of Six Nations, an Iroquois confederation
that included the Tuscarora tribe. The Indians agreed not to cross the Potomic
River or Blue Ridge Mountains.
1744—A
new Indian treaty signed with the Iroquois League of Lancaster PA, ceded
to England the territory of the Ohio River Valley north of the Ohio
River
1784
- The United States Legislature met for the final time in Annapolis,
Maryland. It moved a few more times, from Philadelphia, PA to New York
City and, finally, to its permanent seat of government in Washington,
DC.
1818-Birthday
of Lucy Stone, American women’s rights pioneer, born near West Brookfield,
MA. Lucy Stone dedicated her life to the abolition
of slavery and the emancipation of women. Although she graduated from
Oberlin College, she had to finance her education by teaching for nine
years because her father did not favor college education for women.
An eloquent speaker for her cause, she headed the list of 89 men and
women who signed the call to the first national Women’s Rights Convention,
held at Worcester, MA. October,
1850. On May 1, 1855, she married Henry Blackwell.
She and her husband aided in the founding of the American Suffrage Association,
taking part in numerous referendum campaigns to win suffrage amendments
to state constitutions. She died Oct 18, 1893 at Dorchester, MA..
http://www.oberlin.edu/~EOG/OYTT-images/LucyStone.html
1831
- A blue sun was widely observed in the southern states. The phenomena
was believed to have pre-staged Nat Turner's slave uprising.
1860-
Annie Oakley was born at Darke County, OH. She developed an eye as a
markswoman
early as a child, becoming so proficient that she was able to pay off
the mortgage on her family farm by selling the game she killed. A few
years after defeating vaudeville marksman Frank Butler in a shooting
match, she married him and they toured as a team until joining Buffalo
Bill’s Wild West Show in 1885. She was one of the star attractions for
17 years She died Nov 3, 1926, at Greenville, OH.
http://www2.lhric.org/pocantico/womenenc/oakley.html
http://www.ormiston.com/annieoakley/index.shtml
1889-
William Gray of Hartford, CT, received a patent on a “coin-controlled
apparatus for telephones” The first pay telephone was installed in the
lobby of the Hartford Bank in 1889 under the supervision of Ellis Benjamin
Baker, superintendent of the Southern New England Telephone Company.
In 1891, Gray, with Amos Whitney and Francis Pratt, incorporated
the Gray Telephone Pay Station Company and installed the telephone in
stores on a leasing basis. The company rented out the pay phones for 25
percent of the take. Ten percent
of the take went to the place of business, and 65 percent went to the
telephone company.
1892-
First issue of the Baltimore Afro-American Newspaper.
http://www.pbs.org/blackpress/news_bios/afroamerican.html
1899-
Alfred Hitchcock birthday, English film director and master of suspense
born at London. Hitchcock’s career as a filmmaker dates back to the
silent film era when he made The Lodger in 1926, based on the tale of Jack
the Ripper. American audiences were introduced to the Hitchcock style
in 1935 with The Thirty-Nine Steps
and The Lady Vanishes
in 1938, after which he went to Hollywood. There he produced a string
of classics including Rebecca, Suspicion, Notorious, Rear Window,
To Catch a Thief, The Birds,
Psycho and Frenzy, in
addition to his TV series “Alfred Hitchcock Presents.” He died Apr 29,
1980, at Beverly Hills, CA.
http://nextdch.mty.itesm.mx/~plopezg/Kaplan/Hitchcock.html
1912-Birthday
of Golfer Ben Hogan, born at Dublin, TX.
Hogan was won of only four players to win all four major professional
championships, and his 63-career victories rank him third after Sam
Snead and Jack Nicklaus. Died at Ft. Worth, TX, July 25, 1997.
1919-pianist
George Shearing birthday
http://www.telarc.com/biography/bios.asp?aid=98&gsku=3561
1919- Birthday of Rex Humbard, pioneer radio and television evangelist.
In 1958 Humbard established the Cathedral of Tomorrow in Akron, Ohio,
from which he afterward based his television ministry.
http://www.bible.ca/tongues-encyclopedia-pentecostal-preachers.htm
1919
- At Saratoga, New York, the previously undefeated racehorse, Man o’
War, was defeated by Upset. Legend had it this turn of events so upset
Man o’ War, he never lost a race again. After wining 1,300 races he
went on to sire 379 foals, for a $5,000 stud fee.
1921-Birthday
of pianist/songwriter Jimmy McCracklin, Helena,AR
1912-Birthday
of trombonist Big Chief Moore, Komatke, AZ
1913-Birthday
of singer Don Ho, Kakaako,HI.
http://www.allmusic.com/cg/amg.dll?p=amg&sql=Bqau36j4h71q0
1922—African-American
Frederick Douglass' home in Washington DC is declared a national shrine.
http://newdeal.feri.org/library/ae40.htm
1924
- "The Prisoner’s Song" by Vernon Dalhart became the first
country record to sell one million copies. The album included the songs
"The Prisoner’s Song", "Molly Darling", "Death
of Floyd Collins" and "New River Train" which helped
Dalhart outsell all others of his era by about 75 million records. In
1981, He became a Country Music Hall of Famer.
1925-Birthday
of trumpet player Benny Baily, born Cleveland, Ohio.
http://www.esdonk.nl/jazz/benny_baily.htm
1927-Birthday
of guitarist Joe Puma, New York City, died June 4, 2000.
http://www.anyswinggoes.com/news/newsdesk.cgi?a=78&t=template.html
http://www.classicjazzguitar.com/artists/artists_page.jsp?artist=24
1934 - Cartoonist Al Capp began his famous comic strip, "Li’l Abner". In those early days, the cartoon strip was carried in eight newspapers. Eventually, it would be in more than 500, and would be the basis for a Broadway play and a Hollywood movie, too
http://www.lil-abner.com/cappbio.html
1935-
The first roller derby competition took place in Chicago, staged by
promoter Leo Seltzer.
1942—Soviet
Premier Joseph Stalin wrote both to England’s Prime Minister
Winston
Churchill and American President F.D.Roosevelt, appealing for
them
to help in the war in Europe against Germany. Not trusting the dictator,
and
wanting to protect the oil in Northern Africa, they invaded there first,
and
whatever relationship they had began to unravel even before it started.
http://memory.loc.gov/ammem/today/aug13.html
1948
- Rookie pitcher Satchel Paige of the Cleveland Indians tossed his first
full game in the major leagues. During the game he allowed the Chicago
White Sox only five hits, winning the game 5-0. The rookie pitcher was
42 years old.
1951-
Every one who shows up with a musical instrument is admitted free to
Ebbets Field. Two thousand fans take advantage of the Musical Depreciation
Night promotion including a man who brings a piano.
1952
- The original version of "Hound Dog" was recorded by Willie
Mae (Big Mama) Thornton. It was the first hit for the song-writing team
of Jerry Leiber and Mike Stoller. Musician-composer Johnny Otis ("Willie
and the Hand Jive") said he helped Leiber and Stoller with the
writing of "Hound Dog". All was fine as long as Big Mama Thornton
was doin’ the singing (Otis was her producer); but as soon as the Elvis
version started bringing in the bucks, Otis was cut out of the picture.
Otis went to court but lost the suit. He was a popular Los Angeles disc
jockey as well as band leader, playing at the San Jose Fairmont, while
painting, which got to be so popular, he moved to Santa Rose where he
devotes his full energy toward painting.
1956---Top
Hits
My
Prayer - The Platters ( one
of my old time favorites )
Hound
Dog/Don’t Be Cruel - Elvis Presley
Whatever
Will Be Will Be (Que Sera Sera) - Doris Day
I
Walk the Line - Johnny Cash
1964---Top
Hits
A
Hard Day’s Night - The Beatles
Everybody
Loves Somebody - Dean Martin
Where
Did Our Love Go - The Supremes
Dang
Me - Roger Miller
1965-
The Jefferson Airplane makes it stage debut at the Matrix Club in San
Francisco. Before the year's out, they'll become the first San Francisco
rock group to sign a major recording contract.
1965-
The Beatles "Help!" single is released.
1966-
The Supremes' "You Can't Hurry Love" is released.
1969-
In a 6-4 defeat to the Reds, Bobby Bonds becomes the fourth player in
major league history steal at least 30 bases and hit at least thirty
home runs in the same season. The other members of the 30/30 club include
Ken Williams (1922-Browns) , Willie Mays (1956 & 1957-Giants) and
Hank Aaron (1963-Braves).
1972---Top
Hits
Alone
Again (Naturally) - Gilbert O’Sullivan
Brandy
(You’re a Fine Girl) - Looking Glass
(If
Loving You is Wrong) I Don’t Want to Be Right - Luther Ingram
Bless
Your Heart - Freddie Hart & The Heartbeats
1979-
Outfielder Lou Brock of the St. Louis Cardinals got the 3,000th
hit of his career, an infield single against Dennis Lamp and the Chicago
Cubs. Brock finished his career
that season with 3,023 hits.
1979-
Cheap Trick has the biggest hit of their career, "I Want You to
Want Me." The tune was originally on their second L.P., "In
Color," which came out in 1977. However the song took off when
it was included on the "Live at Budokan" album. The record
goes gold on this date.
1980
- The afternoon high at New York City was just 89 degrees. But there
were fifteen days of 90 degree heat during the month, their hottest
August of record
1980---Top
Hits
Magic
- Olivia Newton-John
Take
Your Time (Do It Right) - The S.O.S. Band
Sailing
- Christopher Cross
Stand
by Me - Mickey Gilley
1986
- United States Football League standout Herschel Walker signed to play
with the Dallas Cowboys of the National Football League. Walker’s contract
paid an estimated $5 million over five years. He had been playing for
the New Jersey Generals before the USFL went out of business.
1987
The Cubs retire Hall of Famer Billy Williams' uniform number (26)—
if
you didn’t know it, I am a big fan of the Chicago Cubs—the Dodgers
number
one when they were in Brooklyn, but today, it is only the Cubs!!!
1988- Boston Red Sox win AL record 24 straight home games.
1988---Top
Hits
Roll
with It - Steve Winwood
Hands
to Heaven - Breathe
Make
Me Lose Control - Eric Carmen
Don’t
Close Your Eyes - Keith Whitley
1988 - A dozen cities in the northeastern U.S. reported record high
temperatures for the date. Lansing MI reported a record 35 days of 90
degree weather for the year, Detroit MI reported a record 37 days of
90 degree heat for the year, and Williamsport PA reported a record 38
days of 90 degree weather for the year
2003-
After missing nearly three months with a groin injury, Mike Piazza makes
a dramatic return to the New York lineup as he homers and drives in
five runs on Italian Night at Shea Stadium. The backstop's 3-for-5 performance,
including a home run in the third inning, RBI single in the fourth and
a two-run single in the seventh, contributes to the Mets 9-2 victory
over the Giants.
Baseball
Poem
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