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Headlines---
Nationwide
Funding Seeks Leasing Processor
MicroFinancial/Leasecomm
$2.7 Million Loss 2nd Q
Greater
Bay Bank/Matsco at 8am California time
Eastern
Association Equipment Leasing Luncheon
Fitch
Formal Launch New Ratings for Banks
Sacramento,
CA Area Broker's Meeting Tomorrow
Three
NAELB Conferences, include April 29 in Las Vegas
Van
Etten Leasing---"Vel,vhat da you tink?"
Siemens
Names Veteran Gregg Simpson VP/Senior Officer
Free
Equipment Leasing Events From The Lessors Network?
This
Border ##### Denotes Press Release (Not Written By Leasing News)
------------------------------------------------------------------------------------------
Nationwide
Funding Seeks Leasing Processor
|
Nationwide Funding is committed to customer service, innovation and leadership. We are a leading provider of equipment financing solutions for businesses nationwide, and the vendors who serve them. |
--------------------------------------------------------------------------------------
####
Press Release ##########################################
MicroFinancial/Leasecomm
$2.7 Million Loss 2nd Q
WOBURN,
Mass.----MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket
leasing and finance, announced today its financial results for the second
quarter and the six months ended June 30, 2003.
Second
quarter revenue for the period ended June 30, 2003, was $24.0 million
compared to $33.0 million for the same period last year. The reduction
in revenues is directly related to the Company's decision in October
2002 to cease funding new originations as a result of its Lenders' decision
not to renew the revolving credit facility on September 30, 2002.
The
net loss for the quarter was $3.7 million, or ($0.29) per diluted share
as compared with net income of $2.0 million or $0.15 per diluted share
in the prior year's second quarter. The decline in net income for the
quarter is primarily the result of a 39.2% decline in lease and loan
revenues to $8.4 million, a 46.3% decline in service fee and other revenues
to $3.2 million, and a 40.9% increase in the provision for credit losses
to $15.2 million as compared with the second quarter ended June 30,
2002. The additional provision for credit losses was required to maintain
the Company's reserve policy requirement, which the Company continues
to believe is appropriate.
Total
operating expenses for the quarter, before the provision for credit
losses, declined approximately 21% to $14.9 million as compared to the
same period in 2002. Interest expense declined 18.1% to $2.1 million
as a result of lower debt balances of approximately $71.5 million offset
by an increase in the Company's average interest rates of 139 basis
points. Selling, general and administrative expenses decreased 23.7%
to $8.7 million for the second quarter ended June 30, 2003, versus $11.4
million for the same period last year. The decrease was attributable
to reductions in personnel related expenses of approximately $1.2 million,
a $1 million reduction in cost of goods sold, and a $0.4 million reduction
in collection related expenses. The provision for credit losses increased
to $15.2 million for the quarter ended June 30, 2003 from $10.8 million
for the same period last year, while net charge offs increased to $22.4
million. Past due balances greater than 31 days delinquent at June 30,
2003 decreased to 23.0% from 24.3% last quarter. Exclusive of a federal
tax refund in excess of $11 million, net cash provided by operating
activities for the quarter decreased 20.1% to $20.5 million compared
to $25.7 million for the previous quarter. The Company repaid debt of
$35.0 million on its senior credit facility and securitizations during
the quarter.
Richard
Latour, President and Chief Executive Officer stated, "I am pleased
that the collections from our existing portfolio remained strong in
the second quarter. The Company's ongoing strategy of driving down expenses
while maximizing collections continued."
The
Company remains in full compliance with the terms and conditions of
its securitizations and senior credit facility. The Company operates
within all delinquency and charge-off covenants and has made or exceeded
all scheduled payments on these debt instruments in a timely manner.
During the quarter, MicroFinancial's successful collections efforts
allowed the Company to reduce its bank debt by $26.1 million to $88.9
million.
Year
to date revenues for the period ended June 30, 2003 decreased 27.4%
to $49.5 million compared to $68.2 million during the same period in
2002. The reduction in revenues is directly related to the Company's
decision to cease funding new originations since October 2002 as a result
of its Lenders' decision not to renew the revolving credit facility
on September 30, 2002.
The
net loss year to date ending June 30, 2003 was $4.5 million versus net
income of $5.2 million for the same period last year. Earnings per share
year to date were ($0.35) on 12,917,752 shares.
Total
operating expenses for the six months ended June 30, 2003 were $57.0
million compared to $59.6 million in 2002. Interest expense declined
11.0% to $4.8 million as a result of lower average debt balances of
approximately $58.2 million. Selling, general and administrative expenses
decreased 25.6% to $17.8 million for the six months ended June 30, 2003
versus $24.0 million for the same period last year. The decrease was
driven by a reduction in personnel related expenses of approximately
$2.9 million, a $1.6 million reduction in cost of goods sold, and a
reduction in collection related expenses of $1.3 million. The Company's
headcount at June 30, 2003 was 159, down from 356 from the same period
last year while depreciation and amortization decreased 1.6% to $8.4
million compared to $8.5 million in 2002. The provision for credit losses
increased 19.6% to $26.0 million for the six months ended June 30, 2003
from $21.8 million for the same period last year. Year to date net charge-offs
increased to $36.2 million and the Company repaid debt balances on its
senior credit facility and securitizations of $58.7 million for the
six months ended June 30, 2003.
MicroFinancial
Incorporated continues to operate without the use of gain on sale accounting
treatment and a balance sheet with total liabilities less subordinated
debt to total equity plus subordinated debt of 1.7 to 1.
Mr.
Latour concluded, "MicroFinancial's capital structure and cash
flow remain strong. We continue to seek various financing, restructuring
and strategic alternatives that will enable the Company to reenter the
financing market."
MicroFinancial
Incorporated
Richard F. Latour, 781-994-4800
###
Press Release #############################################
-----------------------------------------------------------------------------------------------
The
List---Up-Dated
Capital
Stream, (6/03) Raises money for acquisitions, first move is to buy
Decision Systems International American operation. (1/2003)John Kruse
has left the building. (10/2002) Corporate take-over by Wired Capital,
complete new management team and officers, John Kruse now "salesman."
For a full story click here (3/2002) Steve Campbell Resigns as CEO, (8/2001) John Kruse, VP, Account Development,
announces another reduction of staff as "... precautionary measures because we don't see an immediate
resolution to the economic downturn.
We still remain financially healthy, and believe that reducing our capacity
is a prudent business decision." Hal Hayden, Jim Buckles, Randy
Anderson, many sales people gone.
Microfinancial/Leasecomm
(5/03) Record Fine/Judgment Under the terms of the settlement with the
Federal Trade Commission, Leasecomm will stop collection efforts on
all outstanding judgments, totaling $24 million, involving the financing
of the software and equipment for processing credit-card transactions.
The company also agreed to stop financing those kinds of business opportunities
in the future. Leasecomm will also pay a $1 million fine to be split
by the states of Massachusetts, Florida, Illinois, Kansas, North Carolina,
North Dakota and Texas. The district attorney for Ventura County, Calif.
will also receive a portion of that fine. The company was looking for
a financial partner, and there is the question regarding the selling
of $500,000 stock by an executive officer before the stock took a nose
dive. The company was also recently "re-listed" on the exchange.
http://www.leasingnews.org/archives/June%202003/06_02_2003.htm#24
(5/03) New York Stock Exchange has accepted the Company's proposed compliance
plan for continued listing on the Exchange (5/2003) Files $0.8 million
quarter loss http://www.leasingnews.org/archives/May%202003/05_08_2003.htm#micro
(4/2003) delays filing for 15 days with SEC (3/2003) to be de-listed
(3/2003) Net loss for year-end was $7.7 million. http://www.leasingnews.org/archives/March%202003/03-11-03.htm#micro
(2/2003) Stocks Falls to .73 cents on Friday, 12/2002-----The Board
of Directors of MicroFinancial Inc. (NYSE:MFI) has suspended its dividend
to comply with the Company's banking agreements. (11/2002) Leasecomm
closes, shuts off all brokers, won't fund deals approved "Goes
Down---CEO Sells $500,000 Stock Before the News." ( Microfinancial
Stories )Waltham, MA (8/2001) Leasecomm, Attorney General investigating,
many complaints on line.
Matsco
Financial (5/2003) Reliable sources report commercial and broker
division shut down, people let go, company to work solely on captive
vendor, dentistry, veterinarian, CPA marketplace. President Matt Shieman
was to give a statement on this at the beginning of this week, but has
apparently changed his mind. (12/2000 purchased by Greater Bay Bank)
Fisher-Anderson/Firerock
Capital (4/2003) Bob Fisher becomes sales manager for Douglas-Guardian,
leasing service company. He remains a partner in Firerock Capital. Scott
Anderson is president. http://www.leasingnews.org/archives/April%202003/4_29_03.htm#bob
(2/2002) Bob Fisher resigns to form Firerock Capital; Scott Anderson
stays behind to wind down portfolio; company was sold to MarCap, Fisher
reveals; MarCap reportedly having problems with many of its leasing
portfolio's and wants to get out of small ticket marketplace (8/2001)
Many sales people let go the last few months, company cuts back, Don
Shadel, former Commercial Vehicle Division Manager of Fisher Anderson
L C, and several CVD staff members, have started a new company named
Mark III Credit Corp. The focus will continue to be new and used work
oriented vehicles in the small ticket range from $15,000 to $150,000.
Our prior company, Atlas Funding Group, Inc. was acquired by Fisher
Anderson L C in September of 1998 to market a national titled vehicle
program for brokers and lessors." Our affiliation with Fisher Anderson
L C the last three years has been a pleasant experience, however recent
changes in the transportation industry dictated that we both move in
different directions. " dshadel@markiiicredit.com
The
full list is available in chronological and alphabetical form at:
http://www.leasingnews.org/list.htm
--------------------------------------------------------------------------------------------
Greater
Bay Bank Financial Announcement at 8am Today California time
Replay
of announcement along with questions and answers will be available
on
the website and audio. Please go here for full story and directions:
http://www.leasingnews.org/archives/July%202003/7-16-03.htm#matsco
Eastern
Association of Equipment Leasing Luncheon
EAEL's
New York Chapter Networking Luncheon was held July 22, 2003 at
the
Garden City Country Club in Garden City, NY hosted by Robert
Goeller,
Sierra Credit Corp. Along with yours truly ( Steve Geller, filling in
for the
intrepid
reporter who is twelve minutes past of the Red Apple Rest and
preoccupied
with serious computer problems), the following companies and
individuals
were represented: All Points Capital Corporation: Anthony
Perettine,
Walter Rabin, Kathy Flaherty, W. Kerry Mach; Bank of the
West:
Omar Diaz; CDS Leasing Solutions: Leonard Leff; DLC Commercial
Corporation:
Diane Schueller, Karen Malamud; Gateway Funding, Inc:
Charles
Salit; ICON Capital: Mark Hilton, Sean Hoel; John Stockwell
Finance
Corporation: David Morse; M&T Credit Corporation: Jamie Kurisko,
Keith
Kiendle, Tiffany Clark; Macrolease International Corporation:
Daniel
West, Jerry Ennella; Nassau Asset Management, Robert Malichio;
Parimist
Funding Corporation: Paul Eidelkind, Howard Lebowitz; RER
Leasing
Corp: Raymond Cole; SCG Capital Corp: Sam Goichman; Sierra
Credit
Corp: Robert Goeller; U S Bancorp: Ed Piszko; U.S. Bancorp
Manifest
Funding Services: Kennedy Gilbertson, GE Capital: Tom Creal;
Sterling
National Bank: Bob Ingram, as well as Marc Hamroff, Esq., legal
counsel
to the stars. I apologize for
those names that I may have
missed.
A
short presentation was made by five of the lenders, whose
common
theme was one of the need for a partnership between brokers and
funders
and a good understanding of the funders credit requirements and
its
credit box. Little deviation
is occurring from that box, unless
there
is a very sound reason to do so.
We concluded with a short presentation of the
new EAEL Message Board, and those interested EAEL members should contact
Alison Pryor at the EAEL office, myself or Barry Reitman (Leasing News
cub reporter—He asked me for a press
pass
for his dog. editor )
Steven
B. Geller, CLP
Leasing
Solutions LLC
20
Dike Drive, Wesley Hills, New York 10952
(845)
362-6106 fax (845) 354-2803
cell
(914) 552-0842
sgeller@leasingsolutionsllc.com
Looking
for a “correspondent” to cover the Mid-America Association of
Equipment
Leasing Golf Tournament. Must understand handicaps and be
a
good listener.
-----------------------------------------------------------------------------------------
###
Press Release ###########################################
Fitch
Formal Launch New Ratings for Banks
Fitch
Ratings-London/New York- Fitch Ratings, the international rating agency,
has formally launched its new
Support ratings for all 1,264 banks to which it ascribes such ratings.
The new ratings have been assigned in accordance with April's announcement
of the new bank Support rating methodology. Fitch remains the global
market leader in bank ratings, and its Support ratings are unique to
the industry. They are the agency's assessment of the probability of
external support being provided - by either a sovereign state or an
institutional owner - should a bank be in imminent danger of defaulting.
Essentially,
there are two components to this assessment. First, the potential supporter's
ability to provide support is measured in terms of its own Fitch Long-
term debt rating. Second, its willingness to provide support is assessed
on the basis of a number of criteria, including systemic importance,
and, in the case of institutional support, strategic significance and
potential reputation risk. An important feature of the new Support ratings
is that they are explicitly linked to the familiar Long-term debt ratings
by means of rating "floors", e.g. the Long-term debt rating
of a bank, whose Support rating is '1', should not fall below 'A-' (A
minus). As before, the assessment of the intrinsic stand-alone credit
quality of a bank is indicated by Fitch's Individual ratings, first
introduced to the market in 1980.
Fitch
has today posted to its website a list of banks, showing their Support
ratings under both the new and the previous methodologies. This is available
free of charge on www.fitchratings.com by selecting 'Sectors'/'Banks
and Securities Firms'/'New Support Ratings List'.
In
making today's announcement, Gerry Rawcliffe, a managing director within
the Financial Institutions group, commented that "Fitch's track
record in analyzing bank support is very strong. The new methodology
builds on that. It enhances transparency, and, by means of explicit
Long-term rating floors, adds value, in particular to the capital markets,
which will now have a clear opinion on the scale of the down-side risk
they face." It should be stressed that, although the old and the
new ratings are designated in terms of the same numeric scale (1-5),
the new Support ratings are based on a revised methodology and new rating
definitions. It is, therefore, incorrect to refer to Support ratings
having been raised or lowered as a result of this process, and a movement
from one category to another does not imply a shift in Fitch's fundamental
view of the likelihood of support for any given bank nor of its actual
creditworthiness. Thus, the introduction of the new methodology has
not resulted in changes to our Long- and Short-term debt ratings of
banks.
A
criteria report backing today's announcement, which includes the new
rating definitions, is also available on www.fitchratings.com by selecting
'Sectors'/'Banks and Securities Firms'/'Criteria Reports'. The report
also includes an analysis of the migration from the old ratings to the
new.
Fitch
Ratings' Individual and Support ratings are assigned to banks that are
legal entities. The agency notes that the term "banks" includes
bank holding companies and bancassurance holding companies, bancassurance
companies operating as single legal entities, investment banks and private
banks. These ratings are not assigned to insurance companies even if
these form part of a bancassurance group. Individuals and families who
own banks are not taken into account in Fitch's Support ratings criteria.
It is the agency's opinion that their motivation is likely to be ruled
by sentiment and the instinct of self-preservation and therefore their
propensity to provide support is impossible to predict. Further, their
ability to support cannot usually be assessed. Thus, unless there is
a possibility of support from the state, banks with such ownership are
assigned the lowest Support rating.
Contact:
David Andrews, London, Tel: +44(0)20 7417 4302 Gerry Rawcliffe, London,
Tel: +44(0)20 7862 4019 Fred Puorro, New York, Tel: +1 212 908 0356
###
Press Release ##############################################
***
announcement*********************************************
Sacramento, California Area Broker's
Meeting Tomorrow
Several lease brokers have expressed a desire
to meet with other
local
brokers from time to time. We have planned a meeting for the
Sacramento
Area Lease Brokers for Thursday July 24. The purpose of this
meeting
is to give you and other brokers an opportunity to meet and talk
about
our industry, funding sources, and other topics of interest.
It will be held at the Sheepherder Inn located
at 11275 Folsom
Boulevard
in Rancho Cordova (near the intersection of Highway 50 and Sunrise
Boulevard).
The meeting will begin with no host cocktails around 6:30.
Dinner
will be served around 7:00. The cost is $35.00 per person. Documentation/Operations-Irvine,CA.
Nationwide Funding, LLC, an estab. Chicago based lessor looking for
experienced processors to help staff our new Irvine office. Duties include
generation of lease documentation, acquiring credit
Cary Boyden, of the law firm Boyden, Cooluris,
Livingston & Saxe is
the
featured speaker. His specialty is leasing law and he will talk about
the
California Finance Lenders License. This topic has generated a lot of
discussion
among brokers. Several articles relating to this topic have
appeared
in LeasingNews mostly as a result of CMC's demise.
http://www.leasingnews.org/Conscious-Top%20Stories/CMC_notlicensed.htm
Three NAELB Conferences , including April 29,2004
Las Vegas
“I
thought I would give you a heads up on the up coming NAELB Summer
Board
of Directors meeting. Every year
we meet for a weekend in the summer at the facility where we will be
holding our next Annual
Conference. The 2004 conference will be at the Alexis Park
Hotel in Las
Vegas
April 29-May 1. This is an all
suite hotel and we have negotiated
very
reasonable rates. The decision
to have it in Las Vegas reflects
how
universal our membership has become, as we now have as many West
Coast
members as we do in the Southeast (see survey information below).
“This
year we've added an extra day to allow
Cal Clemons, owner of our
management
company, to give us the benefit of his three decades of
Association
Management expertise by conducting a strategic planning
session. This was the idea of our former President Gerry
Egan and was
scheduled
last fall. What a concept, planning
in advance for a
strategic
planning session! Earlier this
month Cal conducted an
extensive
online survey of our membership and almost 40% responded.
After
Cal's intensive 8 hour interactive session, the Board will examine
in
detail the 56 pages gleaned from the survey and make long range plans
based
on our member's responses.
“Kit,
the reason I'm sending this information to you is that your
readership
is much greater than our membership, and I want the hundreds
of
Brokers, Lessors, Discounters, Funding Sources, and other leasing
professionals
to understand how much the membership of the NAELB has
matured
and diversified over the past several years.
“Here are a few examples based on the survey:
. 69% of our member companies have been in
business over 5 years. The geographic breakdown goes like this:
Northeast
18%,
Southeast
26%,
Midwest
20%,
Southwest
12%,
West Coast 24%.
86%
use the internet daily.
59%
responded that they were highly or moderately involved in financial
package transactions.
“This
is certainly not the ‘old NAELB’.
“We
will be announcing shortly our Fall Regional Meetings. After the
incredible
success last year with our meeting in Marina del Rey with
over
120 attendees, we have decided to have two this year. The West
Coast
Regional will be in Irvine on September 19-20 and Atlanta on
November
7-8.
“A
detailed agenda will be available in the next few weeks
and
I will forward it to you. I hope
you will be able to attend at
least
one of them.”
Best
personal regards,
Bob
Bell, CLP
President,
NAELB
(I’ll be in Las Vegas, you can bet on it. Can’t make September 19th –20th as going to a wedding of a very close friend (his fifth) in Hawaii (Mauna Kea)http://www.maunakeabeachhotel.com/page_server/Mauna%20Kea%20Beach/
56897DB62F9F88D7E3E7E476D5.html
---
and November 9th the Jets come to the Coliseum to play the
Raiders—I’ve got tickets... but count on me for Las Vegas. It is in
the calendar April 29-May 1.
Kit
Menkin.)
September
19,2003
Irvine,
California
Regional
Conference
November
7-8, 2003
College
Park, Georgia
Regional
Conference
Agenda
and more information available at:
Van
Etten Leasing
(“Vel,
vhat da you tink?” asked the
Dutchman.)
Leasing
News has confirmed a good portion of this, but do not know if Sterling
Bank is involved and whether “Salesstream” is the marketing concept,
or
“broker
business.” Fred Van Etten good naturedly just laughed and asked us to
wait.
Is
Sierra Cities rising from the ashes, without Thomas J. Depping. One
thing for sure, Jim Raeder and Mark McQuitty are expanding their current
business across the country, most of the other officers have retired,
even Charlie Lester now only does medical/dental working capital loans,
not leases.
There
definitely are not that many national players in the broker funding
marketplace
compared to several years ago. Come
to think of it, there
are
less leasing brokers around, too.
Leasing
News is told a formal announcement will be made to the leasing community
within 30 days.
In
case you missed it in our “odds and ends” on Monday, July 21st:
“I
heard that Hernan Traversone,
VP Credit and Ric Anderson have left AMEX
BF
as of this week. If that s the case, they would certainly represent
more than
just
. . . another shoe dropping.”
(name
with held)
(I
am trying to confirm ( or get denial) on this. I do know that Michael
Galan
Collections
Team Leader of American Express Business Finance is leaving
to
move back to Florida, but believe it was voluntary. Maybe he knows
something,
too, as if Sandy Weill, the CEO of Citigroup, is stepping down at the
end of the year, as the New York Post reported, will he try and close
out his career with the acquisition of American Express to top his deal
with Sears
As
to Traverson and Andersson, I have heard from the grapevine they have
joined
Fred
Van Etten, who they worked with at Sierra Cities. A well-informed source
also
tells me he thinks Roger Gephardt is with Van Etten. He was VP of First
Sierra handling the securitizations. He came to First Sierra from First
Union Bank in 1995 or 96. Brilliant man that knows everything about
securitization, Leasing News is told. He also left American Express
to join Van Etten, maybe as long ago as 18 months ago...
http://www.leasingnews.org/pictures_past/past_06-05-03.htm
--------------------------------------------------------------------------------------------
###
Press Release #####################################
Siemens
Names Veteran Gregg Simpson VP/Senior Officer
Siemens
Financial Services, Inc. (SFS) announces that Gregg Simpson joins as
a vice president and senior business development officer in its Asset-Based
Lending (ABL) division. With Simpson's arrival, SFS is opening an office
in Charlotte, North Carolina to expand the region's access to the company's
comprehensive suite of corporate financial services.
From
the new office, Simpson will be serving the Carolinas, Eastern Tennessee,
Georgia and Florida. He will be leading SFS' origination efforts in
the Carolinas while supporting the ABL group's initiative to provide
working capital financing to the middle market. This office will enhance
SFS' presence in the Southeast, which has been served through offices
in Atlanta.
"As
an industry veteran with more than 28 years of successful corporate
lending experience in the Southeast, Gregg is very well suited to manage
SFS' Charlotte office," said Mike Coiley, senior vice president
and managing director of the Asset-Based Lending division at SFS. "The
Southeastern US is a strategically important market for SFS. With Gregg
as the newest member of the team, we expect to quickly expand our efforts
in the Carolinas and beyond."
Simpson
was most recently with Sunrock Capital, where he managed the company's
Charlotte office. Prior to that, he was with National Canada Business
as vice president, Fremont Capital and Dana Business Credit. He is a
graduate of University of North Carolina and Wingate College.
This
expansion is evidence of Siemens Financial Services' commitment to see
its clients grow and prosper. By offering a variety of financing options,
SFS can present clients with a solutions-based approach that best meets
each company's individual financing requirements.
For
more information: www.usa.siemens.com.
####
Press Release ##########################################
Free
Equipment Leasing Events From The Lessors Network?
(Lessors Network) Atlanta, GA - After five years
of successfully producing high profile networking events for the commercial
and municipal equipment leasing industries, the Lessors Network confirms
it is exploring a creative new sponsorship program designed to subsidize
the total cost of attendee registration.
"The
problem with traditional sponsorship programs", says John Semon,
CEO of the Lessors Network, is that they provide little, if any, value
to the sponsor. Generally, they get their name on a sign at the event,
but no assurances the event will deliver an audience for their products
and services. While attendees are being asked to pay high registration
fees for events that seldom deliver content directly enhancing their
equipment lease origination, administrative and/or funding networks.
We think we can improve on this."
Ideally,
a Lessors Network event might line up 10 to 12 sponsoring companies,
agreeing to subsidize the full attendee registration cost for a set
number of attendees. The Lessors Network probably has the largest database
of email addresses for equipment leasing personnel in the industry.
This database will be used to advertise sponsored events and the Lessors
Network web site will accommodate attendee registration pursuant to
the sponsor's guidelines.
The
result is a smaller, more focused, event delivering an audience with
a predetermined interest in the sponsor's products and services.
Semon
advised a beta version of this new strategy has just been launched for
their upcoming annual conference in August. Attendees can request a
$500 sponsor subsidy reducing their attendee registration cost from
$675 to $175.
About
The Lessors Network
The
Lessors Network facilitates new business development opportunities within
the corporate and municipal equipment leasing markets. John Semon may
be contacted via email at semon@lessors.com. Additional information
can be viewed from their web site at - www.lessors.com
###
Press Release #############################################
--------------------------------------------------------------------------------------------
News
Briefs---
Summer
Rentals As Economic Indicator
http://www.washingtonpost.com/wp-dyn/articles/A31984-2003Jul22.html
Weill's
Departure Shows Good Timing
http://www.washingtonpost.com/wp-dyn/articles/A26032-2003Jul21.html
Sun's
fourth-quarter revenue falls 13 percent
http://www.signonsandiego.com/news/business/20030722-1325-earns-sunmicrosystems.html
UPS'
domestic volume rises; international profit soars/Leasing Sucks
http://www.ajc.com/business/content/business/0703/22upsearn.html
Army
to Keep 145, 000 GIs on Duty in Iraq
http://www.nytimes.com/aponline/international/AP-Iraq-US-Military.html
Sports
Briefs---
QB
Garcia enters 49ers camp with back pain
http://www.bayarea.com/mld/mercurynews/sports/football/nfl/san_francisco_49ers/6356516.htm
Crouch
Quits Again
http://www.theredzone.org/news/showarticle.asp?ArticleID=175
Billick to Boller: Be there or forget chance to start
http://www.sunspot.net/sports/football/bal-sp.ravens22jul22,0,3757623.story?coll=bal-sports-football
Texans sign first-round pick WR Andre Johnson
http://www.theredzone.org/news/showarticle.asp?ArticleID=174
------------------------------------------------------------------------------------------
This
Day in American History
1829-William
Austin Burt of Mount Vernon, Michigan, patented the first typewriter
on July 23, 1829. The design
of the keyboard was changed several
times
without much thought, but the most common was the one designed basically
so you could use the keys on one line to type out “typewriter.”
http://www.michmarkers.com/Pages/S0570.htm
1827-The first swimming
school in the US opened at Boston, MA. Its pupils included John Quincy
Adams and James Audubon.
1885- Ulysses S. Grant died at 63 and was buried
this day in a mausoleum on Riverside Drive, New York City, overlooking
the Hudson River. The funeral
of Gen. Grant was designated a day of national
mourning. The body was taken
to New York City on a special train shrouded in black curtains The former president lay in state at City Hall,
where citizens who wished to pay their last respects gathered in a line
a mile long Day and night for
two days the mourners filed past. The
funeral procession to the tomb was enormous and people packed the sidewalks
and rooftops along its route.
http://starship.python.net/crew/manus/Presidents/usg/usgobit.html
http://gi.grolier.com/presidents/nbk/bios/18pgran.html
1886- a 23 year-old
unemployed Irish immigrant Stephen Brodie was pulled from the East River,
claiming that he had just jumped off the Brooklyn Bridge.
The newspapers of
the
day headlined his survival. Although
Brodie was unable to produce any objective witnesses to say he had performed
the feat---he was accused of having his friends drop a dummy from the
bridge while he slipped unnoticed into the water from the riverbank---the
newspapers made him famous. In
1894, he starred in a play called “On the Bowery,” during which he rescued
the heroine by jumping off a bridge built onstage.
1904-Charles E. Menches
of Akron, Ohio, Missouri “discovers” the ice cream
cone.
The City of Akron gives him credit for hamburgers and corn snacks. While
many
give him credit, there are others who also have claim.
http://www.zingersicecream.com/history.htm
http://www.idfa.org/facts/icmonth/page8.htm
http://www.icescreamers.com/NewsletterArticle.html
The
Official Day in History gives the credit to Menches:
http://memory.loc.gov/ammem/today/jul23.html
As
does the official website for the City of Akron, Ohio
http://www.ohwy.com/oh/a/akron.htm
It
also may be that he invented the hamburger as we know it, too:
http://ph.infoplease.com/askeds/11-28-00askeds.htmlhttp://www.iabeef.org/fun/trivia.htm
1908-Birthday of Charles
Melvin “Cootie” Williams, Mobile, AL
http://www.artistdirect.com/music/artist/bio/0,,510077,00.html?artist=Cootie+Williams
http://www.savoystyle.com/cootie_williams.html
1915-birthday of trumpet
player Emmett Berry, Macon, GA http://www.harlem.org/people/berry.html
http://www.harlem.org/oldsite/greatday.html
1918- birthday of Harold
Henry “Pee Wee” Reese, famous short stop player for the
Brooklyn
Dodgers, who I saw play often. Died August 14,1999
http://www.baseballhalloffame.org/hofers_and_honorees/hofer_bios/reese_pee_wee.htm ( perhaps my favorite personal baseball player,
captain of the team, short stop. Readers probably get sick of me saying
how baseball players would stay after games to autographs balls or pictures
for free, thank you for coming to the game. )
1924-Birthday of African
American physician Louis Tompkins Wright. Louis Tompkins Wright, a young
African American physician interning at Freedmen’s Hospital in Washington,
DC, created a way to observe the Schick test on darkly pigmented skin.
His discovery opened the way for the immunization of people of color
against diphtheria and contributed to saving countless lives.
1925-Lou Gehrig of the
New York Yankees hit the first grand slam of his career as the Yankees
defeated the Washington Senators, 11-7.
Gehrig hit 22 other grand slams and still holds the major league
record.
1930-Tenor saxophone
player Richie Kamuca Birthday
http://shopping.yahoo.com/shop?d=product&id=1927005865&clink=dmmu.artist&a=b
1934-Birthday of Roman
Catholic Cardinal James Gibbons, champion of labor and advocate of the
separation of church and state, was born to Irish immigrants in Baltimore,
Maryland.
(
lower part of: http://memory.loc.gov/ammem/today/jul23.html
)
1934-Birthday of soprano
sax player Steve Lacy, New York, NY.
http://www.furious.com/perfect/stevelacy.html
http://www.northwestern.edu/jazz/artists/lacy.steve/discog.html#lacy_discography
1935-Birthday of Cleveland Duncan, lead singer of the 1950's rhythm-and-blues group,
the Penguins, was born. The Los Angeles-based Penguins were responsible
for one of the great r-and-b songs of the decade, 1954's "Earth
Angel," which by 1966 had sold four-million copies. The record
went to number eight on the Billboard pop chart, but a white Canadian
group, the Crew Cuts, had an even bigger pop hit when they covered "Earth
Angel" in 1955. "Earth Angel" hit the Billboard Hot 100
again in 1986 in a revival by the New Edition.
http://www.interstatecd.com/bio/biopage.P+++++5125.html
http://www.alldoowop.com/ps.html
http://members.tripod.com/~arty85/penguins.html
1936- birthday of Don
Drysdale, elected to the Baseball Hall of Fame in 1984. He was a pitcher
for the Brooklyn and Los Angeles Dodgers from 1956 to 1969, compiling
a Won-lost record of 209—166 with a career ERA of 2.95. Following his
Playing career he became successful and popular broadcast announcer
for the Chicago White Sox and then the Dodgers. He was born at Van Nuys,
CA, and died at Montreal, Canada, July 3, 1993.
1941-Sonny Dunham records
big band version of “Memories of You.” http://64.33.34.112/.WWW/d3.html#SDunham
1943-birthday of guitarist/song
writer Tony Joe White, Oak Grove, LA
http://talkshows.about.com/cs/donimus/tp/fangifts.htm
1948—Top Hits
You
Can’t Be True, Dear - The Ken Griffin Orchestra (vocal: Jerry Wayne)
Woody
Woodpecker Song - The Kay Kaiser Orchestra (vocal: Gloria Wood &
The Campus Kids)
It’s
Magic - Doris Day
Bouqeut
of Roses - Eddy Arnold
1950- the “Gene Autry
Show” premiered on television. The
popular CBS western ran for six years starring movie actor Gene Autry.
Along with sidekick Pat Buttram. His horse’s name was Champion. Autry
helped bring criminals to justice. He later founded the California Angel’s
baseball team ( a statue of him is at the Anaheim stadium ). He has
a museum of Western History http://www.autry-museum.org
1956—Top Hits
The
Wayward Wind - Gogi Grant
Hound
Dog/Don’t Be Cruel - Elvis Presley
Whatever
Will Be Will Be (Que Sera Sera) - Doris Day
I
Walk the Line - Johnny Cash
1960-Betsy Rawls became
the first golfer to win the US Women’s Open four times, adding the 1960
title to those won in 1951, 1953 and 1957. http://www.reedsweb.com/drtbird/golf/html/brawls.htm
1962 - The "Telstar"
communications satellite sent the first live TV broadcast to Europe. It was used to send TV programs between the
United States and Europe
1964—Top Hits
Rag
Doll - The 4 Seasons
Can’t
You See that She’s Mine - The Dave Clark Five
The
Girl from Ipanema - Stan Getz/Astrud Gilberto
Dang
Me - Roger Miller
1965-In a 5-1 win over
the Mets, Phillies' first baseman Dick Stuart homers at Shea Stadium
becoming the first player to have gone deep in 23 major league ballparks
1966 - Frank Sinatra
hit the top of the pop album chart with his "Strangers in the Night".
It was the first #1 Sinatra LP since 1960. The album’s title song had
made it to number one on the pop singles chart on July 2nd.
1966-Napoleon XIV releases "They're Coming to Take Me Away,
Ha! Ha!"
http://www.drdemento.com/catalog/napoleon.html
1967- Forty-three killed in racial rebellion in Detroit (2,000
injured, 442 fires).
http://www.geneseo.edu/~jle5/
http://detnews.com/specialreports/2002/segregation/b06-390063.htm
http://www.icpsr.umich.edu:8080/ABSTRACTS/07312.xml
1969- James Brown walked
out of Los Angeles Mayor Sam Yorty's office when the mayor failed to
show up on time to present him with a proclamation for James Brown Day http://www.funky-stuff.com/jamesbrown/
1972—Top Hits
Lean
on Me - Bill Withers
Too
Late to Turn Back Now - Cornelius Brothers & Sister Rose
Alone
Again (Naturally) - Gilber O’Sullivan
It’s
Gonna Take a Little Bit Longer - Charley Pride
1980—Top Hits
It’s
Still Rock & Roll to Me - Billy Joel
Little
Jeannie - Elton John
Cupid/I’ve
Loved You for a Long Time - Spinners
True
Love Ways - Mickey Gilley
1984 - Miss America,
Vanessa Williams, turned in her crown. It had been discovered that she
had posed nude for "Penthouse" magazine. Williams, the first
black Miss America, relinquished her title to Suzette Charles, the pageant’s
runner-up. http://www.celebritycd.com/vanessawilliams/
http://www.vanessawilliams.de/
1988- Saskatchewan's Dave Ridgway kicks record 8 field goals vs.
Edmonton
1988—Top Hits
Hold
on to the Nights - Richard Marx
Pour
Some Sugar on Me - Def Lappard
New
Sensation - INXS
Set
’Em Up Joe - Vern Gosdin
1989-
FOX-TV tops ABC, NBC & CBS for 1st time (America's Most Wanted)
1996-
the first television station to regularly broadcast high-definition
television was WRAL, a CBS affiliate in Raleigh, NC.
There are many prime time television shows now broadcast in HD,
but not many sets sold that will receive the broadcasts.
1997- Netware International
Bank was shut down by the FBI.
The bank had been accused of improperly making loans and collecting
deposits over the Internet.
http://www.fraud.org/news/old/120897.htm
http://www.fdic.gov/news/news/financial/1999/FIL9907a.html
http://www.cbintel.com/fraudbanking.htm
2000- Joining his grandfather
Gus and father Buddy, Reds' third baseman Mike Bell becomes part of
the first three-generation family to play for the same team.
2000 -The Astros hit
four homers off Cardinal hurler Andy Benes to tie the major league record
for homers allowed by one pitcher in an inning. The second inning uprising
help Houston set a team record for homers in one inning and tie a team
record with six home runs for the game.
2000- After rejecting
a trade to the Mets, Reds' All-Star shortstop Barry Larkin agrees three-year,
$27 million contract extension that will keep him Cincinnati until 2003.
2000 - Tiger Woods won
the British Open at St. Andrews, Scotland to become the youngest player
(24 years of age) to win the career ‘Grand Slam’ of golf (The Masters,
PGA Championship, U.S. Open and British Open) and the first to win all
four majors since Jack Nicklaus’ victory in the 1966. Woods not only
was the youngest player to win the career Grand Slam, he completed it
faster than any of the four greats who did it before him. The other
players to win the Grand Slam were Gene Sarazen in 1935, Ben Hogan in
1953, Gary Player in 1965 and Jack Nicklaus in 1966 (age 26) at Muirfield.
(Nicklaus went on to win the Grand Slam two more times.) Woods finished
the British Open at 19-under-par 269, the best score ever at St. Andrews
(Nick Faldo shot an 18- under in his 1990 win), and the lowest score
ever at a major championship.
2002- Celebrating his
29th birthday by hitting three homers Boston's 22-4 rout of the Devil
Rays, Nomar Garciaparra ties the major league record becoming the 26th
player to hit five home runs in two games. It was Red Sox shortstops
second three-homer game, who also accomplished the feat against the
Mariners on May 10, 1999.
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