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Business Development Officer,leasing exp.,min 3 yrs business & direct sales exp. Banking procedure knowledge helpful. Gilroy, CA location, serving four surrounding counties. E-mail valdezd@1stnational.com or see Career Opportunities www.pcbancorp.com About the Company: Pacific Capital Bancorp is a $5+ billion, multi-bank holding company dedicated to providing an enduring network of community banks on the Central Coast of California. This unique partnership of independent banks provides customers in six California counties with the financial strength and product diversity of a big bank, delivered with the responsiveness and personalized attention of a local community bank. |
Thursday,
July 8,2004
Headlines---
Classified
Ads---Contract Administrator
Archives—
Bob Rodi—Dot Com Honeymoon Over
NorVergence
files for Chapter 11
86%
SBA State Contest Winners Currently Lease Equipment
EFG
signs new Credit Agreement/Q-1 Release
Satisfies
NYSE Continued Listing Compliance Plan
Capital
Crossing Bank Added to Russell 3000
######## surrounding the article denotes it is a “press
release”
--------------------------------------------------------------
Classified
Ads---Contract Administrator
Contract Administrator: Los Angeles, CA Documentation
Manager; 25+ years experience; strong documentation skills; solid reputation
for submitting complete funding packages consistently resulting in same
day fundings; will consider reasonable commute.
Email: sgrigs@netzero.net
Contract Administrator:
New York, NY.
10+ years in equipment
leasing/secured lending. Skilled in management & training, documentation,
policy and procedure development & implementation, portfolio reporting.
Strong work ethic.
Email: dln1031@nyc.rr.com
Contract Administrator:
Portland, OR.
6+ years small ticket
leasing/financing. Documentation/funding
Policy development
&implementation, management &training, process mapping, customer
service, broker, vendor, portfolio experience.
Email: susanc777@hotmail.com
Contract Administrator:
Ridgewood, NJ.
Organized person
with two years leasing experience to document and book deals. Work with
customers, vendors and funding sources to process, fund and track leases.
Email: twslevin@ffcsi.com
Contract Administrator:
Schaumburg, IL
10 yrs. small/mid-ticket leasing. Proficient in documentation, funding and legal. Worked with brokers, portfolio purchases, vendor programs, municipal transactions. Prefer to stay in Suburban Illinois.
Email: sophie1900@msn.com
Full list of all jobs wanted at: http://64.125.68.90/LeasingNews/JobPostings.htm
-----------------------------------------------------------------
From
Our Archives—July 8, 2000 Bob
Rodi—Dot Com Honeymoon Over
http://two.leasingnews.org/archives/July/7-08-00.htm
( While this is long,
there are many profound and excellent observations from a leader in
the leasing field with perhaps more internet experience than anyone
in the leasing business, and also the internet business itself. His
comments and observations should be taken very seriously and may help
brokers,lessors and funders survive, plus make more money---editor ).
A response to Travis
Foxx whose points are all well taken. Travis states that customers are
"getting used to accepting less customer service". In 1989
when we were putting our original Prodigy site together this concept
was being described as "The Customer as Co-Producer". This
a highly desirable but elusive concept. We have been trying to engineer
this for over 10 years and while we have had some good success it is
only recently that customers (vendors) are taking a real interest in
this. In the early days, when there were only front end systems, the
customers responded but quickly learned that service was no faster than
faxing an application to the lender. Now that many of us are wired "front
to back" and can deliver "rapid response" service (often
a couple of minutes or less in some cases) the "personal"
service is becoming the value added that people respond to. Travis's
statistics are right on the money and I am very familiar with them.
I would like to offer up one of my own that, I believe, supports the
"high tech/high touch" methodology endorsed by John Nesbitt
in his book of the same name. Charles Schwab, arguably the most successful
of the "on line" brokerages took to opening local offices
to support their internet based clients. In the areas where these offices
opened, business increased an incredible 500% in the first year the
"local" presence was established. Having been involved in
the first initiatives that involved automation in the leasing industry
I understand why Schwab has had this kind of success employing old fashioned
customer service methods. If a business model offers the "high
touch" aspect, along with the automation, even if the price is
slightly higher, the customer will reward the company with their business.
I can almost guarantee that the more desirable customer, who is used
to personal service, will respond even more. The simple fact also remains
that when we are talking about a $15-20K transaction,(the transaction
size that is most likely to experience the most initial success on the
internet)we are only talking about a few dollars difference between
what most people would call a "great rate" as opposed to a
competitive rate. I repeat what I said many times. There just isn't
enough of a proprietary price or service advantage to have people flocking
to these web sites. Do we even know what price or service advantage
it would take? Travis is right in that everyone is "struggling
with the customer service issue". I often question the amount of
resources that go into proving that these models can work. Is it for
the customer who will ultimately be served, or is it an ego trip for
the whiz kids who write these plans, or is it for the poor injured VC
people who might have to pick up their chips and go home losers after
they thought they had discovered the secret of invulnerability in the
internet business plans they fund.
With respect to fraud
I believe that it will be rampant and uncontrolled on these sights.
The cost of controlling that alone may price them out of the market
and the first major internet commercial lending fraud will scare the
ever timid banks right out of the market. How will the VC funded dotcoms
respond if and when they are called on their reps and warranties by
one of the banks or lenders that bought these deals? If they make it
the responsibility of the lender to check and verify everything how
will those costs effect the pricing to the customer? I'm still haven't
heard one of these company representatives say how they will mitigate
risk for their funding sources which has always been one of the primary
jobs of the good broker/lessor.
Most of what Travis
stated was very true and correct. The one exception I take is this.
It is the technology and the Internet itself that is the force to be
reckoned with. The dotcoms pose almost no threat. Failure to take our
current business processes, which are designed to mitigate risk and
ensure profitability, and automate them is the real danger to the broker/lessor.
Many of the "inefficiencies" that Mr. Ross refers to, have
been built into our business process so that we don't become the victims
of fraud, delinquency and losses. Anyone who automates the process,
writes the business and does not address this issue is doomed to abject
failure. If anyone doubts me just look at Kit's now famous "list"...And
that's just the most recent history. I believe that the "honeymoon"
period for the dotcoms is just about over. Everyone will be looking
to see which of the dotcoms report profitable results or even generate
a significant enough revenue stream to warrant additional investment.
In closing please
remember that all of you have spent your careers "differentiating"
your companies from your competitors. Embrace automation and use it
to enhance the differentiation and reputation you have already established.
Don't fall prey to the hype that your read in press releases. Remember
that the dotcoms pay people large sums of money to pepper the airwaves
with those releases. That is how they sell more stock and generate interest
in their IPO. It isn't about success in the leasing business. It's about
a successful IPO that will make the founders millions. It's the gold
rush and these guys are just the modern version of the "Forty-niners".
Some of them will make a fortune which will create a bunch of great
stories to tell at our leasing conferences. A few, who actually have
major backing and management teams may have an impact on certain market
segments but Travis, Kit, Hal and I will hopefully be comfortably retired
before they "dominate" our industry.
Bob Rodi
----------------------------------------------------------------
---------------------------------------------------------------------------------------------
NorVergence
files for Chapter 11
by Christopher Menkin
The
June 30 involuntary bankruptcy petition record. The three creditors
in the petition have claims totaling $1.4 million against the company.
Assigned to: Chief
Judge Rosemary Gambardella
Chapter 11 Involuntary
Date Filed: 06/30/2004
NorVergence, Inc.
550 Broad Street
12th Floor
Newark, NJ 07102
Tax id: 75-3068888
Debtor
Popular Leasing USA,
Inc.
c/o R. Daniel Kinealy
15933 Clayton Road
Ste. 200
Ballwin, MO 63011
Petitioning Creditor
represented by
Peter J. Deeb
Frey, Petrakis, Deeb,
Blum, Briggs etal.
10 Melrose Avenue
Suite 430
Cherry Hill, NJ 08003
(856) 216-2322
OFC Capital, a Division
of ALFA Financial Corporation
c/o Robert Leas
576 Colonial Park
Drive
Suite 200
Roswell, GA 30075
Petitioning Creditor
represented by
Peter J. Deeb
(See above for address)
Partners Equity Capital
Company, LLC
c/o Martin F. Babicki
655 Business Center
Drive
Suite 250
Horsham, PA 19044
Petitioning Creditor
represented by
Peter J. Deeb
(See above for address)
Filing Date # Docket
Text
06/30/2004
1
Chapter 11 Involuntary Petition. Receipt Number 279051, Fee Amount
$839. Filed IN RE: NorVergence, Inc. (ld) Modified on 7/2/2004 TO REFLECT
RECEIPT WRITTEN 7/2/04 (ld). (Entered: 07/01/2004)
07/01/2004
Petitioning Creditors, Popular Leasing USA, Inc.; OFC Capital, a
Division of ALFA Financial Corporation; and Partners Equity Capital
Company, LLC, all represented by Peter J. Deeb added to case. (ld) (Entered:
07/01/2004)
07/02/2004
2
Involuntary Summons Issued Counsel for Petitioning Creditors, Popular
Leasing USA, Inc., OFC Capital, and Partners Equity Capital Company,
LLC, for service on NorVergence, Inc. Answer to Involuntary Petition
due by 8/2/2004. (ld) (Entered: 07/02/2004)
07/02/2004
3
Notice of Hearing for Status Conference: (related document:1 Involuntary
Petition (Chapter 11) filed by Debtor NorVergence, Inc.). Hearing scheduled
for 8/30/2004 at 10:00 AM at RG - Courtroom 3E, Newark. (rf, ) (Entered:
07/02/2004)
07/06/2004
4
Motion for Relief from Stay. Fee Amount $ 150. Filed by Boris I.
Mankovetskiy on behalf of Qwest Communications Corporation. (Attachments:
# 1 Application Application in Support of Emergency Motion# 2 Affidavit
Affidavit of Andrew Sherman# (3) Affidavit Affidavit of Pamela McCoy)
(Mankovetskiy, Boris) (Entered: 07/06/2004)
07/06/2004
Receipt of filing fee for Motion for Relief From Stay(04-32079-RG)
[motion,mrlfsty] ( 150.00). Receipt number 0312B3953749, amount $ 150.00.
(U.S. Treasury) (Entered: 07/06/2004)
07/06/2004
5
Application to Shorten Time (related document:4 Motion for Relief
from Stay. Fee Amount $ 150. filed by Creditor Qwest Communications
Corporation) Filed by Boris I. Mankovetskiy on behalf of Qwest Communications
Corporation. (Attachments: # 1 Proposed Order proposed Order Shortening
Time of Notice of Hearing on Emergency Motion) (Mankovetskiy, Boris)
(Entered: 07/06/2004)
07/06/2004
6
Notice of Appearance and Request for Service of Notice filed by James
S. Carr on behalf of Access Integrated Technologies, Inc.. (Carr, James)
(Entered: 07/06/2004)
07/06/2004
7
Order Granting Application to Shorten Time (related document:4 Motion
for Relief from Stay . Fee Amount $ 150. filed by Creditor Qwest Communications
Corporation). The following parties were served: debtor, UST, movant.
Signed on 7/6/2004. Hearing scheduled for 7/8/2004 at 10:00 AM at RG
- Courtroom 3E, Newark. (mg, ) (Entered: 07/06/2004)
About a month ago,
Norvergence became very clever and manipulated the Google and other
search engines by putting their web sites and sub websites before the
others, which include complaints. They even changed one to Norvergencefraud.com ,
which is really their own,
obviously to hide
the other that has fraud in and complaints
from users.
The people who were
communicating on the web site got pushed way back, including stories
Leasing News was writing---so at first, unless you hunt, you won't find
the meat.
The New Jersey Star-Leger
says $15 million is owed to Qwest and
the reason for Chapter
11. The employees tell another story, plus there are state and
federal sales tax and federal communication tax, that Norvergence may
be responsible ( if you look at your telephone bill you will find a
lot of misc. taxes, and most likely Norvergence has not paid them.)
The great majority
of the Norvergence “systems” were leased by third parties that Norvergence
organized. Robert Fine was in charge of this. Leasing News could
not reach him. Perhaps he is no longer employed
by the company. Yes, he is also the president of the Eastern
Association of Equipment
Lessors.
Newspaper reporters
are contacting us trying to determine what the
actual sales may
have been, and primarily the dollar amount involved.
Evidently $15 million
is small today. They want it
to be larger.
In reality, we all
need to see their actual sales, which the bankruptcy papers may list,
and it also depends if the house of cards fall apart. My guess
is around $25 million. It could go as high as $75 to $100 million over
a five year period, but a good guess is $25 million will
be the debt eventually
claimed..
If the lessee stop
paying the lease payments, I doubt that there is any "recourse"
to Norvergence, although there could be what is known in the trade is
"representation and warrants" by Norvergence that could be
utilized to bring responsibility for lack of the lease payments to Norvergence.
Then it would be $50 million over five years, and with all the other
factors, yes, this could be $100 million. If there is a class action
suit, the attorney fees could be anywhere from $3 to $5 million,
so add these figures
into the pot. This figure most
likely will not be
known for about a year...and it is a good notion that this will move
from a Chapter 11 to a Chapter 7 and that is why I say about a year
to find out the actual numbers.
The Telecom Agent’s
Association EDITORIAL OPINION is as follows: “When the banks take a
good look at what they have inherited, they will quickly determine that
they are in their full rights to require that the Matrix lease holders
pay in full for a box that is providing little or no value. The banks
will also determine that all the money the Matrix lease holders are
required by their lease to pay leave no money left over to actually
pay for network usage.
“TAA's prediction
is that the chapter 11 will move to chapter 7 when it becomes obvious
to the banks that no tangible assets exist, no workable business model
exists, no "goodwill" for the company exists, no extra money
exists to purchase the needed network usage required to provide service
through the Matrix boxes and that the Matrix box lease holders will
be forced by the banks to honor their leases. It is further predicted
by TAA that the current network service providers (Qwest & the cell
phone companies) for Norvergence will discontinue providing service
as soon as the courts allow.
“PLEASE NOTE THAT
TAA IS NOT PRIVY TO INSIDE INFORMATION REGARDING NORVERGENCE AND IS
NOT CONNECTED TO NORVERGENCE IN ANY WAY. THE ABOVE EDITORIAL OPINION
AND PREDICTION MAY BE WRONG. PLEASE DO NOT BASE YOUR DECISIONS ON INFORMATION
PROVIDED SOLELY BY TAA. PLEASE CONSULT NORVERGENCE, THE APPLICABLE BANKRUPTCY
COURTS AND YOUR OWN ATTORNEY BEFORE MAKING ANY DECISIONS REGARDING YOUR
PHONE SERVICE. TAA WILL UPDATE THE ABOVE OPINION AND PREDICTION AS EVENTS
WARRANT. “
To learn more, you
must register, which is free, by going to:
http://www.telecomagent.org/Member.htm
Here is the New Jersey
Star-Ledger latest article:
NorVergence in debt
to tune of $15 million
BY HENRY C. JACKSON
New Jersey Star-Ledger
Staff
NorVergence, a once-hot
telecommunications provider, was forced into bankruptcy court by three
creditors who say the Newark company was not paying its bills.
The involuntary petition
for Chapter 11 bankruptcy protection, filed late last week but posted
online over the weekend, portrayed a company sinking under millions
of dollars of debt.
The move leaves approximately
10,000 customers, mostly small and mid-sized businesses who use NorVergence
for telephone and Internet service, in limbo. And the news was no better
for many of NorVergence's employees. They were sent home for good last
week.
When closely held
NorVergence came to town in 2001, the company was touted as an important
source of new jobs in Newark's troubled downtown area. NorVergence,
at its most basic, bought whole telecommunications service and resold
it.
But layoffs and allegations
of bounced checks and poor service have dogged the company.
NorVergence executives
have declined to comment on the company's status. But the filing confirmed
speculation that circulated for weeks about the company's precarious
financial status.
The three companies
named as creditors -- Popular Leasing USA, of Ballwin, Mo.; OFC Capital,
a division of ALFA Financial, of Roswell, Ga.; and Partners Equity Capital,
of Horsham, Pa. -- have accumulated a debt of at least $11,625, the
threshold needed to file an involuntary petition for bankruptcy.
But court documents
show NorVergence owes $15 million to another creditor, Denver-based
telephone giant Qwest Communications. A hearing on that claim is scheduled
for tomorrow in Newark.
"We have a wholesale
relationship with NorVergence in which we provide them with services,
and we will continue to provide the company service until the bankruptcy
court allows us to discontinue service," said Claire Mylott, a
spokeswoman for Qwest.
"We believe
that NorVergence has an obligation to pay all of its outstanding obligations,
including those to Qwest."
Under an involuntary
bankruptcy petition, the targeted company has 30 days to respond. If
the company disputes the allegations by the creditors, a trial will
be scheduled.
NorVergence's problems
apparently came to a head Thursday when, according to several former
employees, company Chief Executive Peter Salzano announced the company
had filed for bankruptcy. When Salzano delivered the news to NorVergence's
employees, he told many it would be their last day of work at the company.
The company declined to say how many workers were let go.
Salzano was distressed
as he moved through NorVergence's offices on 550 Broad St. announcing
the news, said Ernest Slyman, an employee of the company since September.
As he made the announcement, people grew upset, Slyman said, and "there
were a lot of demands, lots of shouting."
A man in a NorVergence
polo shirt blocked the door to the company's third-floor office on Thursday
afternoon, refusing to comment. Former employees poured out of the office,
though some carried boxes filled with sundry items from the office such
as staplers and CD racks. These former employees said they'd been told
the company had filed for some form of bankruptcy.
After working at
NorVergence for three months, Quadriyyah Griffin, 25, was fired Thursday.
She had not been paid in two weeks.
"In a way, we
saw it coming," she said. "But you didn't want to believe
it."
Dan Baldwin also
saw signs that NorVergence was floundering. The founder of telecomagent.org,
a membership Web site that provides industry news for telecom users,
distributors and providers, Baldwin said he long questioned NorVergence's
business plan.
Under that plan,
companies signed long-term leases for phone and Internet services at
locked-in rates, much like a fixed-rate mortgage on a house. But this
arrangement would have required a "miracle" to be profitable,
Baldwin said. NorVergence was betting that once a company was locked
in at a certain price, the going wholesale rate for phone and Internet
service would drop, giving NorVergence a profit, he said. That did not
happen, he said.
Still, creditors
who provided NorVergence with services were not in a position turn down
new business, because the telecommunications industry has been battered
in recent years, he said.
"When the Golden
Goose is knocking out golden eggs, and the ancillary venders and the
leasing companies are having a hard time making money, the companies
are going to put out their hands and turn a blind eye to the fact that
the golden eggs are somewhat stinky," Baldwin said.
Henry C. Jackson
can be reached at hjackson@starledger.com or (973) 392-5720.
-------------------------------------------------------------------------------
86 Percent of SBA State Contest Winners Currently Lease Equipment,
Says New Survey
ELT News
The Equipment Leasing
Association (ELA) today released survey results from the Small Business
Administration’s 50 state contest winners’ on their habits and reasons
for leasing equipment. Of the 23 respondents, 86 percent currently lease
equipment with 62 percent saying they have leased in the past. More
than 80 percent agree that leasing equipment is a good business strategy
for meeting the demands of small businesses. ELA has surveyed the SBA
winners for the last three years and results show that the percentage
of survey participants who agreed that equipment leasing is a good business
strategy increased from 74 percent in 2002, to 77 percent in 2003 to
81 percent in 2004. (Note: Survey respondents differ each year.)
Office equipment,
computers and trucks/vehicles are the top equipment types leased, with
38 percent, 33 percent and 29 percent of respondents, respectively,
leasing in those categories. More than 40 percent of respondents reported
their need for technology equipment increased disproportionately to
other equipment needs.
Other key findings:
- Consistent expenses
in budget plans is the top reported perceived benefit of equipment leasing
with 48 percent of the respondents selecting this attribute. Increased
cash flow followed as the second highest perceived benefit with 43 percent
of respondents noting this attribute. Ability to have the latest equipment
was the third most recognized benefit with 38 percent of respondents
selecting this option.
- When evaluating
financing options for equipment procurement, cash is number one competitor
with 95 percent of survey participants considering this vehicle. Nearly
half consider a bank loan, followed by 38 percent evaluating leasing
for equipment acquisition.
- 62 percent of the
respondents stated that the economic climate affects their equipment
acquisition decisions, with interest rates most often cited as the determining
factor whether or not to finance equipment (by 24 percent of respondents).
- Compared to previous
years, the percentage of respondents who currently lease (86 percent)
increased over the two previous years’ percentages of respondents who
were leasing (65 percent in 2003, 67 percent in 2002).
Office equipment
has been the top equipment type leased for the last three years.
-------------------------------------------------------------------
Classified
Ads---Help Wanted
Account
Executive
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About
the Company: Bank
of Blue Valley is a locally owned community bank with $600 million
in assets. We are one of the leaders in the Kansas City financial
community. Our bank offers true community banking with services, |
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Business
Development Office
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Business Development Officer,leasing exp.,min 3 yrs business & direct sales exp. Banking procedure knowledge helpful. Gilroy, CA location, serving four surrounding counties. E-mail valdezd@1stnational.com or see Career Opportunities www.pcbancorp.com About the Company: Pacific Capital Bancorp is a $5+ billion, multi-bank holding company dedicated to providing an enduring network of community banks on the Central Coast of California. This unique partnership of independent banks provides customers in six California counties with the financial strength and product diversity of a big bank, delivered with the responsiveness and personalized attention of a local community bank. |
Marketing
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Sales
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About
the Company: |
Sales: Established 20-year
full service lessor seeks sales professional in small or mid ticket
markets. Earn high commissions, with benefits.
Specialist
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Port Leasing Sales Officer - Port of Long Beach:
conducts/oversees negotiations for leases, permits, property acquisition;
prepares lease proposals; negotiates prop. acquisition; neg. lease
agreements with new/existing tenants; develops financial info.
to analyze lease proposals. College degree expected. Contact:
Stuart Satow, CPS Executive Search 916-263-1401, ssatow@cps.ca.gov
Recruitment brochure |
#### Press Release
######################
|
The only annually-updated international reference book for the asset financing and leasing industry available. The new 25th edition includes the latest market trends, over 100 authoritative articles and reports on the leasing software and IT market, an exclusive ranking of the top 50 leasing markets by size worldwide with feature profiles from Africa to Venezuela PLUS a directory of over 4,400 contacts.
Alternatively visit https://www.euromoneyplc.com/ to order online |
Equipment
Financing Group, Inc. signs new Credit Agreement/Q-1 Release
Equipment Financing
Group, Inc. has entered into a new 12 month license agreement with the
Fair Isaac Company. EFG will be rolling out the new version of Liquid
Credit scoring engine on July 12. EFG have also signed a 12 month agreement
with AgFirst Farm Credit to support the platform for the new system.
For additional information on this program please feel free to contact
our office.
Steven Davis reported
Q-1 financial lease revenue of $12,400,000 and an average lease amount
of $68,520.00. This is an increase over same period 2003 of 19.85%.
This increase was attributed to lower cost of funds and new deferred
payment programs being offered to our sources.
EQUIPMENT FINANCING
GROUP, INC.
Equipment Financing
Group, Inc. (www.efglease.com) is a leading small ticket funding source
located in Fresno California. The company operates additional offices
in Los Angeles, Michigan, and Pennsylvania. Started in 1992 the company
has shown tremendous growth in the last 18 months. Equipment Financing
Group, Inc. also plans to release its limited franchise offices in April
of this year.
All trademarks, service
marks and company names are the property of Equipment Financing Group,
Inc.
For Additional information:
Contact:
Steven Davis, Equipment
Financing Group, Inc.
1617 W. Shaw Ave
Suite #F & #H
Fresno, CA. 93711
E-mail: Sdavis@efginc.net
Phone: 888-808-3065
ext #27
Fax: 888-808-5005
### Press Release
#####################
MICROFINANCIAL INCORPORATED
- Company Satisfies NYSE Continued Listing Compliance Plan
WOBURN, Mass.----MicroFinancial
Incorporated (NYSE:MFI) announced today that the Company has been notified
by the New York Stock Exchange {NYSE} that the Company has been removed
from the NYSE's "Watch List" and is now considered a "Company
in Good Standing" in accordance with the NYSE's continued listing
standards currently in effect. The NYSE's decision comes as a result
of MicroFinancial Incorporated's consistent positive performance with
respect to the achievement of the goals and objectives outlined in its
continued listing plan, the previous cure of its share price non compliance,
and the achievement of a minimum of $15 million of market capitalization
based upon a 30 day trading average over the NYSE's past four quarterly
monitoring periods.
The Company has been preliminarily notified by the NYSE of a pending
rule change on eligibility for continued listing. The Company will continue
to monitor the status of this proposed change and any effect it might
have on the Company's compliance with continued listing standards going
forward.
In accordance with the NYSE's guidelines, the Company will be subject
to a 12-month follow-up period to ensure that it remains in compliance
with the NYSE's continued listing standards and will continue to be
subject to its routine continued listing monitoring process.
About MicroFinancial
MicroFinancial Inc. (NYSE:MFI), headquartered in Woburn, MA, is
a financial intermediary specializing in leasing and financing for products
in the $500 to $10,000 range. The company has been in operation since
1986.
CONTACT: MicroFinancial
Incorporated Richard F. Latour, 781-994-4800
### Press Release
######################
Capital
Crossing Bank Added to Russell 3000 and Russell 2000 Indexes
BOSTON----Capital
Crossing Bank (NASDAQ:CAPX) (the "Bank") announced today that
it has been added to the newly-reconstituted Russell 3000(R) and Russell
2000(R) Indexes maintained by Russell Investment Group. The annual reconstitution
captures the 3,000 largest U.S. stocks as of the end of May, ranking
them by total market capitalization to create the Russell 3000. The
largest 1,000 companies in the ranking comprise the Russell 1000 while
the remaining 2,000 companies become the widely used Russell 2000.
"We are delighted to have been added to the Russell 3000 and
Russell 2000," commented Nicholas W. Lazares, the Bank's Chairman
and Co-Chief Executive Officer. "The inclusion of Capital Crossing
Bank in these indexes will enhance our visibility among investors as
well as provide the opportunity to broaden our shareholder base."
Capital Crossing Bank is a Massachusetts-chartered, FDIC-insured
trust company with $959 million in assets as of March 31, 2004. The
Bank operates as a commercial bank, providing financial products and
services to customers through its executive and main offices in Boston,
its website at www.capitalcrossing.com, and through its leasing subsidiary
Dolphin Capital Corp. located in Moberly, Missouri. The Bank specializes
in purchasing loans, primarily secured by commercial, multi-family and
one-to-four family residential real estate and other business assets.
CONTACT: Capital Crossing Bank Nicholas W. Lazares, 617-880-1000
Chairman and Co-Chief Executive Officer or
Capital Crossing Bank Richard Wayne, 617-880-1000
President and Co-Chief
Executive Officer
###
Press Release ######################
|
2004
ANNUAL CONFERENCE & EXPOSITION (ACE) If you are a former UAEL member and would like to attend the 30th anniversary party, please call Joe Woodley or email to: jwoodley@uael.org |
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United
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News
Briefs----
Tyco 'Bonus' Was
a Cover-Up, Larceny Trial Jurors Are Told
http://www.nytimes.com/2004/07/08/business/08tyco.html?pagewanted=all
Group warns users
away from Internet Explorer
http://www.stltoday.com/stltoday/business/stories.nsf/Business/797365918C8
BCAC486256ECB000C5EC7?OpenDocument&Headline=Group+warns+users+
Yahoo Battered On
Revenue Miss
http://www.internetnews.com/bus-news/article.php/3378091
Spam can hurt in
more ways than one
http://www.usatoday.com/money/industries/technology/2004-07-07-spam_x.htm
Shell's plan to close
Calif. refinery draws FTC scrutiny
http://www.usatoday.com/money/industries/energy/2004-07-07-shell_x.htm
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“Gimme
that Wine”
Anthony Terlato Wins
Wine Spectator Award
http://www.winespectator.com/Wine/Daily/News/0,1145,2529,00.html
Macari Vineyards
on the block for $9.5M
http://www.newsday.com/business/local/longisland/ny-bzwine0707,0,4016412
.story?coll=ny-libusiness-headlines
A new generation
takes reins at Gallo
http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/
Article_Type1&c=Article&cid=1089109947400&call_pageid=991479973472&co
At Belle Pente winery, it's all about flavor
http://www.boston.com/ae/food/articles/2004/07/07/at_belle_
pente_winery_its_all_about_flavor/
Savor the adaptable
wines of the Rhone Valley
http://www.centredaily.com/mld/centredaily/living/9097040.htm
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This
Day in American History
July 8, 1908-Louis Jordan Birthday
http://www.louisjordan.com/index.asp
http://www.blueflamecafe.com/index.html
1584-In
a letter dated this date from Giovanni da Verrazano, the Florentine
explorer, to Francis I, king of France “...took a Native American) childe
from...(an) olde woman to bring into France, and going about to take...(a)
young woman which was very beautiful and of tall stature, they could
not possibly, for the great outcries that she made, bring her to the
sea; and especially having great woods to pass through and being farre
from the ship, we purposed to leave her behinde, beareing away the childe
only.” The diaries and letters
of the day describe encounters with Indians, capturing them for slaves,
describing Native
American life.
http://www.lihistory.com/vault/hs215a1v.htm
1775-
Representatives of New Hampshire, Massachusetts Bay, Rhode Island, Providence,
Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland,
Virginia, North Carolina and South Carolina signed a petition from the
Congress to the King (George III), a final attempt by moderates in the
Second Continental Congress to avoid a complete break with England.
After the American Revolutionary War over 300,000 loyalist citizens
to King George returned to England ( more than a third of the population
was “loyal” to the king.) Many
also
elected to remain in the United Colonies, as it was then called.
1776-
the first public reading of the Declaration was given by Colonel John
Nixon to the assembled residents
at Philadelphia’s Independence Square. He had been chosen
by
the sheriff of Philadelphia ( in those days, the highest ranking citizen
of
a
town as per English tradition ). The next day the Declaration was read
before George Washington’s troops in New York City.
1844-
Mary Johnson Bailey Lincoln birthday - teacher at the Boston Cooking
School who authored the great Boston Cook Book which contained the daringly
innovative recipe measurement methods as well as explaining the how’s
of cooking, hygiene, and nutrition.
Most publishers frowned on such books because women were thought
to be born with the innate knowledge of cooking. Publishers thought
such directions were unnecessary and women would refuse to buy the "insulting"
books. The Boston Cook Book became an instant best seller.
http://www.foodhistory.com/ur/lincolnmj/
http://members.aol.com/acalendar/May/cia.html
1846-U.S.
Annexes California. San Francisco had a town of 96 votes
with
fifty dwellings.
http://www.sfmuseum.org/hist10/cowan.html
1850-The
overland gold rush to California through Fort Laramie, Wyo., involved
42,300
emigrants and 9720 wagons between January 1 and July 8. Over 90% of the population of California was
male. Nine years later men still
outnumbered women six to one.
1853-Admiral
Perry and US Navy “visit” Japan
http://www.grifworld.com/first.html
http://www.grifworld.com/planning.html
http://www.brunias.com/perry.htmlJapan
http://www.baxleystamps.com/litho/ry_litho_narrative.shtml
1856-Charles
E. Barnes of Lowell, MA, obtained a patent on an “improved automatic
cannon.” It was operated by a crank, the speed of firing depending upon the
speed with which the crank was turned. It was primitive and before
the
“metal gun cartridge.” Richard
J. Gatling of Indianapolis, Indiana obtained
a
patent on November 4, 1862, on “ an improvement in revolving battery
guns.”
The
first gun, which fired 250 shots a minute, was made in Indianapolis.
Dr. Richard Jordan Gatling, a medical doctor with numerous patents in
farm equipment to his credit, devised the famous Model 1862 “Revolving
Battery Gun” now simply referred to as the Gatling gun.
Although not first to manufacture a multi-fire weapon, he was
the first to produce a reliable, rapid fire, “machine gun.” The rest, as they say, is history. The Gatling gun was a hand-crank-operated
weapon, comprised of six barrels revolving around a central shaft. The
original gun was actually designed to fire the standard military issue
paper cartridge of the day, .58 caliber.
The paper cartridge was placed inside a steel or brass chamber
with percussion nipple on the back end just like muzzle loading rifles
and pistols of the time. The
cartridges were gravity-fed through a hopper mounted on the top of the
gun. Six cam-operated bolts alternately wedged, fired, and dropped the
bullets, which were contained in steel chambers. Gatling used the six
barrels to partially cool the gun during firing. Since the gun was capable
of firing 600 rounds a minute, each barrel fired 100 rounds per minute.
Major General Benjamin F. Butler purchased 12 Model 1862 Gatling
guns for $1,000 each, in 1863 and employed them
at the battle of Petersburg.
(We wrote about the seven day battle last week .
http://7-12educators.about.com/blcwphmilfed18.htm
http://library.uml.edu/clh/Butler/Bencart.Html
Butler
is the same fellow hated in New Orleans for his actions while he occupied
the city. I could find no information
about the first use of the Gatling gun,
except
: “His failure to act decisively with the Army of the Potomac against
Petersburg, and following his ability to grasp defeat from the jaws
of victory during the first expedition against Fort Fisher, North Carolina
in December 1864, led to General Butler's forced resignation from the
Army.” As an interesting side note, what we see in movies today and
usually displayed or shot is not the original model 1862.
Most probably, it is a model 1873 or later version.
All
in all, the 1862 Gatling gun is one of the greatest design achievements
in military armament ever created ranking up with breech loading weapons
and metallic cartridges in significance to modern warfare.
In
January of 1865, Gatling proposed is his improved model 1865 gun to
the U.S. Government, which was subsequently tested by the Ordnance Department.
This model was adopted officially in 1866.
It served the frontier, enabling the Union
Calvary to be of small number in domineering the West. After receiving government approval, Gatling began to sell his guns throughout the world, where they achieved world-wide fame. Twenty five countries, twenty nine calibers, and 55 years later, the hand-crank Gatling gun was finally retired from U.S. military service just months prior to the U.S. entered World War 1. Even then, it remained deployed into the middle 1920’s stateside. Tucked away in storage for over 30 years, an original model 1883 in 45-70 caliber, was able to successfully fire 5,600 rounds per minute by hooking it up to an electric motor. This ultimately became the forerunner of today’s Vulcan system capable of firing 6000 rounds per minute of 20 mm cannon shells.
hthtm
http://www-acala1.ria.army.mil/LC/cs/csa/gat1865.jpg
http://www-acala1.ria.army.mil/LC/cs/csa/aagatlin.htm#1862
1861-Winfield
Scott, general in chief of the Union army, announced that the Washington
telegraph office would not longer carry “dispatches concerning the operations
of the army not permitted by the commanding general.” All stories
had
to be cleared first with the Army as “press accounts of the activities
in Washington, DC, might prove helpful to the enemy.
1863-
JEB Stuart At The Battle of Gettysburg
Taken
From” The Life and Campaigns of Major-General JEB Stuart"
By
H. B. Mcclellan, A.M. Late Major, Assistant Adjutant-General And Ctp://www.users.dircon.co.uk/~warden/colonial/misc1101.hief
Of Staff Of The Cavalry Corps, Army Of Northern Virginia
From the 8th to the 12th of July Stuart covered
the front of Lee's army, which had now taken a strong position, and
was securely entrenched while waiting for the waters of the Potomac
to fall. These days were occupied by severe fighting between Stuart's
command and the divisions of Buford and Kilpatrick, at Boons-boro',
Beaver Creek, Funkstown, and on the Sharpsburg front. The cavalry fought
mostly dismounted, and was aided on either side by small bodies of infantry.
It would be tedious to enter into all the details of these battles,
in which both parties claim the victory, and with apparent sincerity.
Stuart reports an aggregate loss of 216 in these engagements, while
Generals Buford and Kilpatrick and Colonel Huey report a loss of 158.
Stuart accomplished the object he had in view, which was to delay the
advance of the enemy until General Lee was secure in his chosen position.
On the 12th of July Stuart uncovered Lee's front, against which the
Federal army advanced, but found it so strong that it declined to make
an attack.
These days will be remembered by the members
of General Stuart's staff as days of peculiar hardship. Scanty rations
had been issued to the men, but nothing was provided for the officers.
The country had been swept bare of provisions, and we could purchase
nothing. For four or five days in succession we received our only food,
after nightfall, at the hands of a young lady in Hagerstown, whose father,
a Southerner, sympathized with the Confederacy. But for the charity
of this lady, whose name we shall always gratefully remember, we would
have suffered the pangs of severe hunger. The attention of students
of psychology is called to an incident which occurred at this time.
After a day of incessant fighting Stuart and his officers reached the
house of this friend about nine o'clock in the night. While food was
being prepared Stuart fell asleep on the sofa in the parlor. When supper
was announced he refused to rise. Knowing that he had eaten nothing
within twenty-four hours, and that food was even more necessary for
him than sleep, I took him by the arm and compelled him to his place
at the table. His eyes were open, but he ate sparingly and without relish.
Thinking that the supper did not suit him, our kind hostess inquired:--
"General,
perhaps you would relish a hard-boiled egg?"
"Yes," he replied, "I'll
take four or five."
This singular reply caused a good deal
of astonishment on the part of all who heard it, but nothing was said
at the time. The eggs were produced; Stuart broke one and ate it, and
then rose from the table. When we returned to the parlor I sat down
at the piano, and commenced singing, "If you want to have a good
time, join the cavalry." The circumstances hardly made the song
appropriate, but the chorus roused the general, and he joined in it
with a hearty good will. During all this time he had
1863-Confederate
General Lee decided to take the war to the enemy, specifically Washington,DC,
which he hope to capture and thus have the war ended.. On June 13, he
defeated Union forces at Winchester, Virginia, and continued north to
Pennsylvania. General Hooker, who had been planning to attack Richmond,
was instead forced to follow Lee. Hooker, never comfortable with his
commander, General Halleck, resigned on June 28, and General George
Meade replaced him as commander of the Army of the Potomac. On July 1, a chance encounter between Union
and Confederate forces began the Battle of Gettysburg. In the fighting
that followed, Meade had greater numbers and better defensive positions.
He won the battle, but failed to follow Lee as he retreated back to
Virginia. Militarily, the Battle of Gettysburg was the high-water mark
of the Confederacy; it is also significant because it ended Confederate
hopes of formal recognition by foreign governments. The days following
Lee’s retreat saw major battles won by the Union Army is General Grant’s
long time plan to cut off supplies to Confederate troops. On November
19, President Lincoln dedicated a portion of the Gettysburg battlefield
as a national cemetery, and delivered his memorable "Gettysburg
Address."
Photographs
of the battleground began immediately after the battle of July 1-3.
This group of photographs also includes a scene of Hooker's troops in
Virginia on route to Gettysburg.
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