 |
 |
 |
 |
 |
 |
 |
 |
|
|
|
|
Wednesday,
July 28,2004
Headlines---
Classified
Ads---Collector/Controller
Archives,
July 28, 2003—$34,950 To Get Into Leasing
Oh,
No, Mr. Bill!!! Gary Saulter
Goes to Court
Lessors
Network free Attendance Unemployed Industry Pro's
Repossessors
Seized More Trucks in Q2
ORIX
Excited Andrew A. Beclay VP Sales
Marlin
Record Quarterly Profits; Total Assets Exceed $500M
Consumer
Auto Demand Bullish, Forecasts New US Study
Venture
Capital Hits Two-Year High/$5.6 Billion Invested
NVCA
Full Report Q2 04 Venture Capital Investment
Humberto
D. Olavarria Joins Alta Team
Tomorrow The
List---Up-dated
######## surrounding the article denotes it is a “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 |
Classified
Ads---Collector/Controller
Collector:
Boston, MA. Challenging position where my skills, professional experience,
organization, leadership, strategic thinking, creativity, energy, passion,
competitive nature will enable me to define opportunities and personal
development.
Email: bernd.janet@verizon.net
Collector:
Jacksonville, East Brunswick, FL.
13 years experience with collection, recovery, re-marketing and legal on commercial loans and leases. Expertise with distressed portfolios, Six Sigma trained. Willing to relocate.
Email: RichardB12364@aol.com
Collector: Joplin, Mo. Will do car repossessions, willing to go about anywhere. Have three years exp. thanks.
Email: derekrgreen@yahoo.com
Collector: West Hartford, CT. Credit/ Collections /Rental Management in leasing & construction fields. Looking for stable company that will appreciate my 20+ years of experience.
Email: losterastringban@aol.com
Controller:
Seattle, WA
CPA w/ 15 years management exp. as CFO/ Controller/5 yrs w/ PriceWaterhouse Coopers. Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate.
Email: bltushin@hotmail.com
Controller:
Southeastern, MI.
Controller &
Management experience w/ equip lessors &broker. MBA, CPA w/ extensive
accounting, management, securitization experience with public and private
companies. Willing to relocate.
Email: Leasebusiness@aol.com
full list of all classified ads at: http://64.125.68.90/LeasingNews/JobPostings.htm
-------------------------------------------------------------------------------
from
our Archives, July 28, 2003—
Pictures
from the Past---1997---Bob Baker, CLP
Wildwood Financial---$34,950
To Get Into Leasing
Recently Leasing
News has received many inquiries on becoming a leasing broker, or
starting a leasing
company. Viewers to our website realize that they
can contact “Kit
Menkin Live” or ask questions.
There are companies and individuals who provide such services to
start a leasing company or become a “lease salesman.” One that we recommend
appears to be the most expensive: $34,950 for training.* ( As a side
note, we recommend to all to join a leasing association, and if they
want to be serious about their new occupation, to become a Certified
Leasing Professional.)
There are three professional
sales trainers who serve on the Leasing News
Advisory Board. In
addition to Bob Baker, CLP, the other two are Phil Dushay, Global Leasing,
who is a “super broker,” plus offers a sales program for $14,995** training
session, and Bob Teichman, CLP, Teichman Financial Training, who not
only conducts workshops, gives training sessions, but acts as a consultant
in the formation of leasing companies.. We have several readers who
are also engaged in similar services such as Jeffrey Taylor, who is
not only a sales trainer, conductor of workshops, USA and international,
but is a published author.
One of the reasons
we often recommend Bob is that he is active in leasing associations,
and for a number of years, has been the “winner” of many leasing association
membership contests as he has students join leasing associations.
### Press Release###############################
In 1995, after being
in the finance and leasing industry for over 30 years, he formed the
Wildwood Financial Group, Ltd. The concept of Wildwood was created by
accident. Bob was a frequent speaker conducting seminars and workshops
at various leasing association conferences. After a Bob’s sessions at
these workshops, several companies approached him to do in-house training.
It quickly became apparent that a decision needed to be made to run
his leasing company or concentrate on training, so he made the decision
to form Wildwood and concentrate 100% of his efforts in the training
industry. Bob has done training for the majority of the major leasing
companies in the country, as well as conducted training for hundreds
of leasing professionals through his continuing workshops and seminars
at conferences. Bob was the 33rd person to receive the prestigious CLP
(Certified Lease Professional) certification and shortly after, he began
Wildwood, and he expanded training to include preparation for the CLP
examination.
Bob had a very close
relationship with Bill Granieri, who was considered by many, to be the
foremost trainer in the leasing industry. Bob sought Bills advice in
the expansion of his business.
Bob then made the
decision to create a “Business Opportunity” for individuals who wished
to enter the equipment leasing industry. He began monthly training in
the form of a three-day school in St. Louis where Wildwood is based.
The Wildwood business opportunity consists of three days of intensive
training, which includes the cost of the hotel rooms and meals, etc.
as well as all of the essential tools i.e. books, calculators, software,
training manuals etc. Another key to Wildwoods success is that graduates
of his program were able to have immediate access to several of the
primary funding sources that agreed to waive their time in business
requirements. This allowed them to avoid the normal issue of super brokers
that a new person entering the leasing industry would encounter. The
last component, which Bob considers the most important, is the support
that he and his staff supply to his graduates. For 6 months, the support
is very pro-active, and Bob or a member of his staff contacts each graduate
at least once a week. Support after the 6 months continues at no additional
charge whenever a graduate needs guidance or assistance. Wildwood also
conducts training for banks, and insurance companies, as well as giving
“expert” testimony in litigation related to equipment leasing.
Even though Bob will
not disclose the exact number of individuals he has trained, he did
state that several hundred have completed the Wildwood training. Bob,
without question, has brought more new members to the leasing associations
than any other individual or company in the industry. Wildwood wins
their membership contest virtually every year.
During his career,
Bob Baker has served as a Regional Chair several times for UAEL, has
served four years on the Board of Directors for United Association of
Equipment Leasing, and is currently serving on the 2002 Board. Bob was
also Director of Education for the National Association of Equipment
Leaisng Brokers for several years. He has produced a full series of
training tapes and a workbook for NAELB, and has served on the Advisory
Boards for Colonial Pacific Leasing, Business Credit Leasing (BCL),
Denrich Leasing, and The Manifest Group. Bob shared with me, that out
of all the awards he has received, the one that he considers the most
precious, was being the first recipient awarded the “Bill Granieri Top
Gun Memorial Award” in 1998, which was established by the NAELB shortly
after Bills death from cancer.
Many of the individuals
that Bob has trained at Wildwood have formed extremely successful leasing
companies, some have volunteered to be Regional Chairs for the Leasing
Associations, and several have earned their CLP certification. Many
consider the Wildwood Financial Group, Ltd., to be considered the premier
lease training company in the United States today.
If you are interested
in learning more about Wildwood, you can visit their website at www.wildwoodfinancial.com,
or you can certainly call Bob at Wildwood Financial Group, Ltd. in St.
Louis, Missouri at (800)-373-3581 or contact him at baker@wildwoodfinancial.com.
### Press Release
#############################
-------------------------------------------------------------------------------------
Oh,
No, Mr. Bill!!! Gary Saulter Goes to Court
Chase
Industries “leasing exec.” Gary Saulter sent out this
### Press Release
##############################
Ohio
Lawyer Clogging Court System With Frivolous Lawsuits Using “Do Not Call”
Act
(Cuyahoga County,
OH)- Joseph Compoli, Jr., L.P.A.,
of Cuyahoga County, Ohio has filed complaints against multiple businesses
using the do not fax portion of the TCPA Act of 1991- also known as
the “Do Not Call” Act. The act
sets a $500 fine for each unsolicited fax and allows for tripling of
the fine for “willful violation”. This
portion of the act was intended to protect consumers from “Blast Fax”
marketing companies that use “War Dialers” to send millions of faxes
per day…as many as 800 to a single fax number, thus wasting resources.
Some lawyers have
used this legislation to file suit against businesses who have sent
as few as 1 or 2 faxes. In some
cases, this even includes faxes sent to another individual and mistakenly
received by the fax machine named in the suit.
One contact at the F.C.C., the government entity which oversees
and enforces the T.C.P.A., said that though they had heard of Attorneys
“ambulance chasing” by searching for unsolicited faxes, the act was
intended to protect consumers from real damage in the form of lost time
and resources. And also that
a simple telephone call, rather than a court case, is often the place
to start.
Mr. Compoli Jr. sends
small businesses a very threatening letter which quotes select portions
of the T.C.P.A. and cites huge fines (in the Millions of Dollars) levied
by the F.C.C. against Mega-Corporate violators.
He then offers to settle for the maximum damage amount allowed. His next step is sending 30 or so pages of
intimidating questions to be answered for the class action suit he is
filing against the business. A
small business is forced to settle or hire a lawyer to defend itself. In one recent case, Mr. Compoli sought $70,000
in attorneys’ fees, a request that the court did not find him entitled
to.
Mr. Gary Saulter,
President of Chase Industries, Inc., one of the small businesses being
taken to court by Mr. Compoli, said “I am amazed that this kind of thing
is allowed to happen in our justice system.
We make every attempt to conform to the law in all aspects of
our business, and face the possibility of severe financial penalties
for unintentionally causing miniscule damage—about $0.03 in resources.
I’m sure the people of
Cuyahoga County want
their courts to have time to concentrate on important problems….not
to have them used to line lawyer’s pockets”.
Chase Industries
is a leasing company headquartered in Grand Rapids, MI, which specializes
in medical equipment leasing.
Chase Industries
109 Ottawa Ave
Grand Rapids, MI 49503
Phone: 616-459-6800
Gary Saulter, President
### Press Release
##############################
June
21, 2004
“Well, I finally had my day in court on Monday, June 21, the longest
day of the year. This is along
story and it goes much faster and much better in person but I wanted
to get it out while I still remember it.
It was truly an experience I will never forget.
My case was based on Chase Industries faxing some marketing materials
to doctors in Ohio in the fall of 2002.
We market to doctors. Sometimes
we call, sometimes we fax. But
their was a new law that said you had to have a relationship with a
company before you fax them marketing materials.
He were obviously not aware of this new law.
The plaintiffs attorney, we’ll call him "Mr. X" finds
these doctors and other business to save all their junk faxes and he
stops by on occasion and scoops up any fax that looks like a solicitation. Then he sends out mass letters that cite the
TCP law, million dollar class action suits, huge penalties and fines
and offers to 'settle' for $1500 per fax (the maximum allowed by law)
- all in the same letter. He
had us for 5 faxes with 3 doctors. This would represent $7500 if he
won everything, the maximum penalty the law could enforce.
I was not going to give in to what I considered legal extortion
of a bad law. This law was written for the blast faxes that
advertise travel trips, stocks, etc.
“Got up very early and drove to sunny Cleveland and met with my attorney
at 9 am to start the trial. This guy is a real boy scout. Clean cut - good looking, in his late 30's
and very polished - not that greased back lawyer look. A very nice guy and well prepared for the trial.
Naturally the first thing they do is to determine whether we can settle.
"Mr. X" was there and pretty mad that he hadn’t gotten
his money before this. This morning he was willing to settle for $2,000.
My number was $250. We
went back and forth and I ended up at $750, he was at $1,000 and at
a deadlock. At this point, I was mad it had come this far and wanted
my 'day in court', so that's what we did. Start the Trial.
“We were soon picking out a jury!!!
All very interesting. It
became apparent very soon that Mr. X had NEVER tried a case!!! He was appalling! To go into detail it would take pages but here are a few of his
antics. First he resembled Colombo, rumpled suit with odd things bulging
in his pockets, visibly sweating and nervously shifting and tapping
his feet. Picking the jury requires talking to each juror individually. He just asked them to raise their hands if they didn't like soliciting
phone calls, etc. My attorney
was flawless, speaking to every juror by name and asking each one a
series of questions. Eventually
we had a jury.
“Instead of an opening statement, Mr. X started TRYING THE CASE to the
jury! Showing big 3 foot posters
of my fax, and explaining what we did and how many faxes the doctor
receives...............blah, blah, blah……
The judge had to intervene and tell him this was going to be 'later
in the trial' and this was the part where the states what the evidence
will show.........Everyone was now very interested in this guy. Just
after opening statements finished.....his phone rang in open court!! The judge was not happy. Then he brings me up to the witness stand and
shows me these 3 foot blow ups of my faxes and asks whether they are
mine. I answered yes twice. That my rep had called this doctor in the summer
of 2002 and obviously got her fax numbers. My lawyer objected to a few things and that was it. Mr X looked
pretty angry and I was done.
“The doctor & plaintiff was a Philippine doctor that barely spoke
English and has been practicing in the states since 1974. All she really knew was Mr. X stops by and
picks up the faxes that she’s collected.
They have a 5 year relationship where he 'helps' her clients
sue other doctors and insurance companies.
She has received over 1500 faxes in the past 3 years and never
called one to request it be stopped.
It looks like she also put her name in a national database with
her fax number (she has two fax machines) but she does not even an own
an EKG in her office. Naturally to receive more faxes, to sue more
people, to 'settle' on more money.
The jury was starting to see the big picture.
“Every time my attorney asked the doctor a question, Mr. X would stand
up and object! And every time
the judge would say overruled - sometime before he finished his objection. And conversely when my attorney objected he
ruled sustained. The doctor
is up on the stand and very confused at best.
You could barely understand her and she rarely answered a question
but went on and on how her patients were suffering greatly because she
didn’t have any paper in the fax – it had all run out.
Quite distressing indeed.
Then the doctor's phone rang while she was on the stand and started
playing a long melody! Mr. X
couldn't turn it off so he had to bring it up to her on the stand to
turn it off, which she couldn’t so we all had to wait till it played
out! Now it’s getting downright comical! I’m thinking of a Lucy episode.
“Later when Mr. X would get agitated he would forget to voice an objection,
but would stand up and walk up to the bench where the judge would look
at him incredulously saying 'what ARE you doing?’
“When the judge asked him where his other plaintiff was (the other doctor)
he responded that 'he was a doctor and doing very important doctor things'.
The judge didn't buy it and asked him to Call his witness!
And then, and I'm not making this up, he started calling his
doctor on his cell phone in open court!!
Everybody lost it at this point.
Open laughter from the jury, the gallery, and the even court
stenographer. I could hear from the jury “He’s calling him on his PHONE”!!
By this time the jury and gallery are openingly laughing at him and
the judge is beside himself. He
had brought both attorneys to side bar about 6 times throughout the
trial and was now rolling his eyes and saying, "I have never seen
anything like this"
“All I could think of is having a hidden camera. I could have sold the
tape to every law school in the land!!
“The doctor is still on the stand and the judge again intervened to
tell Mr. X that this was HIS witness and he didn’t have to lead the
witness. HELLO?? Then, while he is addressing the court and
his doctor witness on the stand he actually walked out of the court
room to talk to someone in the hall!!
The judge now has to yell across the courtroom
"WHERE ARE YOU GOING” and then within everyone's hearing
"This is UNBELIEVABLE”
“The judge realized that the best thing was to end this as soon as possible
so we dragged on till 1:00 and he had to call for lunch. We went to lunch and went over some notes and
strategy. You never know how
to read juries because the instructions that the judge gives them can
change this very quickly, so despite the ‘show’ we were still cautious.
“When we returned from lunch their was Mr. X but no doctor. We asked and he said he sent her home. He didn’t think we needed her anymore!! HE WHAT??
The jury came in and when the judge found this out he lost it!
He sent the jury back to their room and asked where she was and why
did she leave. Then Mr. X began telling the court that she
had a ‘medical emergency’, yeah, big emergency and she had to go back
to her office. Nobody, and I
mean nobody believed him. Least
of all the judge. He was not
a happy camper. This was a doctor that didn’t have any
equipment in her office. Maybe
she was going to save someone with her stethoscope!
She was now 45 minutes away from the courthouse.
“Again, Mr. X picks up his trusty cell phone and calls her to come back.
At this point, my attorney who by the way is Michael Polito of
Polito and Russo of Cleveland told the judge that we did want to ask
her a few key questions but were going to rest afterwards.
He suggested we go outside to discuss whether we wanted her back.
We did and again you never know what a jury will see, so we asked
her back. In the mean time, the judge brought both attorneys
to his chambers. Michael came
out in a few minutes and said they wanted to settle for the $750. I politely told him that that was good this
morning but the amount now is $500.
He did look at me like I had three heads, but hey, I’ve been
paying for an attorney all day! He
went back in and got the $500 with them paying all court costs for ALL
cases and the libel suit Mr. X was threatening to start.
He screamed like a stuck pig about the court costs which might
be $700-$800 so I said I would pay $100 of it.
“That was it. All 3 cases and
the potential libel suit dismissed with prejudice. My first trial and I’m guessing the best one I will ever have the
pleasure of being a defendant in.”
Gary Saulter
Chase Industries, Inc.
800-968-5000
Fax: 616-459-6822
-----------------------------------------------------------------------------------------
|
Your
One stop solution for training and reference material for the
Leasing Professional
www.theleasinglibrary.com |
*******announcement ************************************
ATLANTA,
GA - - At a time of unprecedented
consolidation of bank, independent and captive equipment lessors, many
industry professionals unfortunately find themselves unemployed. The
Lessors Network challenges all equipment leasing event sponsors to help,
setting aside a small number of free attendee registrations for unemployed
leasing professionals.
John
O. Semon, Lessors Network CEO, explains, "Since we began hosting
equipment leasing events six years ago, we have provided unadvertised
complimentary attendee registration to our unemployed colleagues. With
so many of our friends now looking for employment, it seems timely for
all event sponsors to take a more aggressive stance."
The
Lessors Network has therefore added a limited number of (complimentary)
Attendee Registrations to the upcoming National Lease Funding Source
Showcase, for confirmed unemployed leasing professionals, available
on a first come basis. Click Here For Details
ABOUT
THE LESSORS NETWORK:
The
Lessors Network is a sales & marketing network facilitating new
business development opportunities within the corporate and municipal
equipment leasing markets. Networking showcases are traditionally held
from the Ritz-Carlton in Atlanta each spring and fall. Website programs
and services provide free access to news, events and important resources
facilitating funding/syndication, technology and outsourcing services
exclusive to the equipment leasing & finance markets.
Additional
information can be viewed at www.lessors.com
Contact:
John
O. Semon
****announcement
***********************************
###
Press Release #################################
Repossessors Seized More Trucks in Q2
ROSLYN HEIGHTS, NY.,
—Nassau Asset Management’s NasTrac Quarterly Index (NQI) has identified
a dramatic increase in truck repossessions since first quarter.
Ed Castagna, senior executive vice president of Nassau,
said the figures reflect recent turbulence within the industry despite an overall
drop in truck repossessions over the past two years. When viewed on
an annual basis only, for example, there were actually 47 percent fewer
trucks repossessed in the second quarter (Q2) of 2004 than in Q2 2003.
However, when comparing Q2 2004 to the first quarter of this year, truck
repossessions climbed 33
percent.
Castagna says his company’s NQI also is detecting changes in the volume of repossessions involving other equipment. As a result, Nassau plans to supplement its quarterly index with faster reports called Emerging Trends Alerts. Charts and press releases summarizing both types of reports are available free of charge to the public at
http://www.nasset.com/newsroom/newsroom_nqi.htm.
“Finance companies and industry analysts
can also contract with Nassau to dig deeper into the numbers, determining
the root causes for trends and researching specific equipment types,”
Castagna adds. “Companies can use their private reports created by Nassau
to help mitigate risk in portfolios and/or provide useful economic indicators
to their own clients.”
Nassau
has tracked equipment trends for several decades as a function of its
nationwide remarketing operation, which recaptures and resells all types
of assets. Recognizing the value its data holds for the equipment leasing
and finance industry and economic analysts, the company in 2003 launched
NQI, which reports on equipment types generating the greatest volume
of repossessions.
Top Repossessions in Q2 2004 vs. Q2 2003
The current NQI reports
on trucks/trailers, printing presses, information technology, medical
devices and construction equipment.
These were the top five repossessed capital assets in Q2 2004,
according to Nassau’s internal records on liquidations.
Castagna says the Q2 data,
when compared with the same quarter
a year ago, shows there was a 47 percent decrease in repossessions of
trucks, 46 percent drop in repossessions of medical devices and 30 percent
slide in repossessions of construction equipment. At the same time,
repossessions of printing presses jumped by 117 percent and those of
information technology rose by 22 percent.
Castagna says Nassau plans to monitor both of these sectors closely
to determine whether there are economic reasons for the increase, or
whether they simply reflect Nassau’s expanding base of clients that
finance these types of equipment.
Machine tools did not make
NQI’s Top 5 as they did in Q1, another indicator that this sector is
brightening. The American Machine Tool Distributors'
Association recently reported that year-to-date U.S. machine tool consumption
through May 2004 was $1,041.4 million, up 46.1% compared to 2003.
Readers should keep in mind that the assets NQI covers
may change from quarter to quarter since Nassau plans to feature only
the largest asset groups in its multimillion dollar portfolio. Additionally,
results must be viewed over several quarters to establish long-term
trends since all industries experience cyclical changes.
Nassau Asset Management of Roslyn Heights, NY, has
been providing full-service asset management, including asset recovery,
collections, remarketing, full plant liquidations, and appraisals for
more than 25 years to the equipment leasing and finance industry. For
more information, please visit www.nasset.com or call 1-800-4.NASSAU.
------------------------------------------------------------------
### Press Release ##########################
ORIX Announces The Addition of Andrew A. Beclay As Vice President
of Sales For General Equipment Segment
Atlanta --Equipment Finance Group (EFG) at ORIX Financial
Services, Inc. starts their 2005 fiscal year out on the right foot by
hiring Andrew Beclay as Vice President - Sales Representative for their
General Equipment Segment (GES). Andrew joins ORIX after nine successful
years with General Electric Capital Corporation. Prior to GE, Andrew
was with Society Equipment Leasing Company.
Under the leadership of Jay Cannon, Senior Vice President
and National Sales Manager, Andrew’s skills will contribute to the development
and expansion of GES in the Ohio, Pennsylvania, Kentucky and West Virginia
territory. The GES is a premier provider of lease and loan products
to middle market companies in the U.S. general manufacturing and production
industries that have revenues up to $200 million. From food processing
to packaging, from printing to manufacturing, Andrew has joined GES’s
"A team" of professionals, able to serve the exacting tax,
financial accounting and cash flow needs of our customers.
EFG Group President Bill Fite states, “Andy brings a wealth
of balanced talent and proven experience to our GES sales team and we
are honored to have him join our ranks”.
“His years of business, calling directly into our core GES markets
will serve him well in becoming a material contributor to our team”,
adds Fite.
Andrew has his MBA in Finance from the University of Cincinnati.
He received his BS in Economics and Finance from Miami University.
About OFS
ORIX Financial Services is an indirect wholly owned operating
subsidiary of ORIX Corporation, a leading diversified financial services
organization with assets in excess of $49 billion. ORIX Corporation
is based in Tokyo, Japan with operations in 23 global markets. ORIX
is a publicly traded company listed on the Tokyo, Osaka, Nagoya and
New York Stock Exchanges (Ticker: IX).
www.orixfin.com
CONTACT:
Kim Marie Gray
ORIX Financial Services, Inc.
Phone Number: 770-970-6161
Fax Number: 770-970-6661
E-mail: kgray@orixfin.com
### Press Release ###########################
|
|
Marlin Business Services Corp. Reports Record Quarterly Profits;
Total Assets Exceed $500 Million
MOUNT LAUREL, N.J.--(BUSINESS WIRE)--07/27/2004--Marlin Business
Services Corp. (NASDAQ:MRLN) today reported net income of $3.5 million,
or $0.30 per diluted share, for the quarter ended June 30, 2004 compared
with a net loss attributable to common shareholders of $(36,000) or
$(0.02) per diluted share in the same quarter of 2003. For the six months
ended June 30, 2004 net income was $6.7 million, or $0.58 per diluted
share compared with a net loss attributable to common shareholders of
$(235,000) or $(0.14) per diluted share for the six months ended June
30, 2003. Total assets were $502 million at June 30, 2004.
"We continue
to experience strong operating performance across all aspects of our
business," said Dan Dyer, Chairman and CEO of the company. "We
delivered solid revenue and earnings results on record new lease origination
volume for the quarter. With the closing of our 2004 securitization
transaction on July 22, we gained access to 'AAA' funding and our borrowing
efficiency improved significantly. This transaction is a testament to
our strong balance sheet and solid asset quality results."
Marlin completed
its initial public offering of common stock (IPO) on November 12, 2003.
Certain non-recurring expenses and preferred dividends were recorded
in 2003 and in prior periods which reduced net income attributable to
common shareholders. A reconciliation between net income attributable
to common shareholders on a GAAP basis and pro forma net income for
2003 is provided in a table immediately following the 2003 Supplemental
Quarterly Data included with this release. These charges ended in conjunction
with the November IPO and associated corporate reorganization and therefore
will not affect future reporting periods beginning in 2004. As a result,
we believe the pro forma numbers for 2003 present a clearer and more
comparable basis to review the company's fundamental financial performance.
On a pro forma basis, net income for the three and six-month periods
ended June 30, 2003 was $2.3 million and $4.3 million, respectively.
Highlights for
the quarter ended June 30, 2004 include:
-- For the quarter ended June 30, 2004, net income
was $3.5
million, a 52%
increase over the pro forma net income of $2.3
million for the quarter ended June 30, 2003.
-- Diluted earnings per share were $0.30 per diluted
share in the second quarter of 2004, compared to $0.29 per diluted share
for pro forma earnings in the quarter ended June 30, 2003.
Growth in EPS was achieved despite significant growth in
outstanding shares following our November 2003 IPO.
-- Annualized Returns on average equity and assets
were 17.43% and 2.89%, respectively,
for the second quarter ended June 30, 2004. For the first six months of 2004, annualized returns on average
equity and assets were 16.87% and 2.75%, respectively.
Asset Origination
-- Based on initial equipment cost, lease production
was $70.5
million in
the second quarter of 2004 compared with $66.1
million in the first quarter of 2004 and $59.3 million in
the
second quarter of
2003. Net investment in leases grew to
$462.0 million at June 30, 2004, an increase of 23.8% from
$372.9 million at June 30, 2003.
-- Our end user customer base grew to more than
72,000 at June 30, 2004 compared with 66,000 as of year-end 2003.
Credit Quality
-- Net charge-offs totaled $2.1 million for both
the first and
second
quarters of 2004. The provision for credit losses was
$2.4 million for the second quarter of 2004 and $2.3 million
for the first quarter of 2004.
-- On an annualized basis, net charge-offs were
1.93% of average net investment in leases during the second quarter
of 2004 compared to 1.98% for
the first quarter of 2004.
-- As of June 30, 2004, 0.66% of our total lease
portfolio was 60 or more days
delinquent, unchanged from 0.66% as of March 31, 2004.
-- Allowance for credit losses was $5.6 million
as of June 30,
2004,
an approximate $308,000 increase over the prior quarter. Allowance for credit losses as a percentage of average net nvestment in leases was 1.23% at June 30, 2004
and 1.22% at March 31, 2004.
-- In conjunction with this release, static pool
loss statistics
have
been updated as supplemental information on the investor relations section
of our website at www.marlincorp.com. Our last three years of production
have been trending favorablyyear over year and are tracking below our
expected loss curve.
Net Interest and
Fee Margin and Cost of Funds
-- Based on average net investment in leases,
the net interest and fee margin was a record 12.59% for the quarter
ended June 0, 2004, an improvement of 72 basis points compared to 11.87% for the first quarter ended March 31, 2004.
The increase is attributed primarily to stronger fee income and lower
borrowing costs.
-- The weighted average implicit yield on new
business was 14.07% for the quarter ended June 30, 2004 compared to
13.75% for the first quarter ended March 31, 2004.
-- Fee income as a percentage of average net investment
in leases was 3.57% for the quarter ended June 30, 2004 compared to
3.32% for the quarter ended March 31, 2004. All of the major fee categories
trended higher in the quarter consistent with the growth in the lease
portfolio.
-- The average cost of funds as a percentage of
average net
investment
in leases was 3.28% for the quarter ended June 30,
2004. This was a 46 basis point reduction from the 3.74%
for
the quarter ended
March 31, 2004. The average cost of funds
blended lower in the quarter principally due to increased
utilization of warehouse credit facilities
as a percentage of
total
borrowings.
-- Interest expense as a percentage of weighted
average
borrowings was
3.63% for the second quarter ended June 30,
2004 compared to 3.98% for the first quarter of 2004. The
average balance for our warehouse facilities
was $144.6
million for
the quarter ended June 30, 2004 compared to $93.3
million for the first quarter ended March 31, 2004. The
average coupon cost for our warehouse facilities was 2.13% for
the quarter ended June 30, 2004 compared to 2.09% for the first quarter
ended March 31, 2004.
Operating Expenses
-- Salaries and benefits expense was $3.4 million
in the second quarter of 2004
compared to $3.2 million in the first quarter of 2004. Employee headcount
increased by 16 to 264 at June 30,
2004 from 248 at March 31, 2004. The number of sales reps increased to 98 at June 30, 2004 from 90 at March 31, 2004.
Salaries and benefits expense was 3.1% as
an annualized percentage of
average net investment in leases for both theirst and second quarter
of 2004.
-- Other general and administrative expenses were
$2.7 million for the second quarter of 2004, an increase of $400,000
from $2.3 million for the first quarter of 2004. Other general and administrative expenses as an annualized percentage
of average net investment in
leases were 2.48% for the second quarter of
2004, an increase of 30 basis points from 2.18% in the first quarter of 2004. The principal increases in
general and administrative expenses related to increased franchise tax accruals of $141,000, increased marketing
related investments of
$107,000 and increased audit expense accruals of $54,000 related principally to Sarbanes-Oxley
compliance.
Insurance and other
Income
-- Insurance and other income was $1.0 million
for the second quarter of 2004 compared to $1.1 million for the first
quarter of 2004.
Funding and Liquidity
-- On July 22, 2004, we completed our sixth term
asset-backed securitization transaction; the first rated P-1/A-1+, Aaa/AAA,
A2/A-, Baa2/BBB by Moody's and Standard & Poors. Proceeds from the
transaction will be used to repay the company's warehouse credit facilities.
-- We have a total of $265 million in warehouse
capacity from our bank group and two commercial paper conduits.
-- We have elected to exercise our call option
to payoff our 2001 term securitization transaction on August 16, 2004.
At that me the note balance
will approximate $16 million at a weighted average coupon of approximately 6.0%.
-- We raised $289,000 in additional capital from
the sale of 21,688 common
shares through the Employee Stock Purchase Plan.
-- Our debt to equity ratio was 4.66:1 at June
30, 2004 compared o 4.76:1 at March 31, 2004.
Conference Call
and Webcast
We will host a
conference call today (Wednesday) at
9:00 a.m. EDT to discuss our second quarter 2004 results. If you wish
to participate, please call (877) 407-8031 (International participants
please use (201)-689-8031) approximately 10 minutes in advance of the
call time. The meeting number is 110678. The call will also be webcast
on the Investor Relations page of the Marlin Business Services Corp.
website, www.marlincorp.com. An audio replay will also be available
on the Investor Relations section of Marlin's website for approximately
90 days.
About Marlin Business
Services Corp.
Marlin Business
Services Corp. is a nationwide provider of equipment leasing solutions
primarily to small businesses. The company's principal operating subsidiary,
Marlin Leasing Corporation, finances over 60 equipment categories in
a segment of the market generally referred to as "small-ticket"
leasing (i.e. leasing transactions less than $250,000). The company
was founded in 1997 and completed its initial public offering of common
stock on November 12, 2003. In addition to Mount Laurel, NJ, Marlin
has regional offices in or near Atlanta, Chicago, Denver and Philadelphia.
For more information, visit www.marlincorp.com or call toll free at
(888) 479-9111.
CONTACT:Marlin Business Services Corp. Bruce Sickel, 888-479-9111
X4108
### Press Release ###########################
Consumer Auto Demand Bullish, Forecasts New US Study
ORADELL, N.J., --
High gas prices haven't satiated Americans' love of driving, said TechnoMetrica
Market Intelligence today, with one out of five saying that they will
likely purchase or lease a vehicle within the next 6 months, according
to the inaugural wave of its Consumer Auto Demand Tracker(SM) series
of reports.
Ford, American mainstay and industry powerhouse, leads the
way among brands, followed by Chevrolet. Asia's auto-juggernauts Toyota
and Honda are next, while Dodge rounds out the list of Top Five Most
Preferred Brands in America.
The study found that younger Americans aged 18-24 exert significant
pull on the fortunes of the auto industry, and a whopping 37% of consumers
in this age bracket plan to purchase either a new or pre-owned vehicle
within the next 6 months.
"Younger buyers are a key demographic to watch,"
said Susheel Philip, auto analyst at TechnoMetrica. "Most auto
makers today realize the long term potential benefit that this demographic
holds and are altering their product offerings to get a foot in the
door of this lucrative market."
Certified Pre-Owned Vehicles Make a Dent
The study found that certified pre-owned vehicles have gained
popularity among likely auto-buyers, taking sales away from both new
and used vehicles, with 22% of them considering buying such a vehicle.
These vehicles are typically off-lease and/or reconditioned,
meet manufacturers' standards for certification and carry warranties.
"CPOs offer consumers the best of both worlds. They
get to leave the dealership with a less expensive vehicle, and drive
home with more piece of mind than they would have with a run-of-the-mill
used car," said Philip.
The Study
TechnoMetrica's Consumer Auto Demand Tracker(SM), with a
sample size of over 2,000 American households, provides market information
to auto manufacturers and market watchers who want to identify trends
in US consumer demand. Conducted monthly, the study tracks consumer
demand, changes in brand preferences and body styles, as well as purchase
plans vis a vis the buying or leasing of new and pre-owned vehicles.
TechnoMetrica Market Intelligence
TechnoMetrica Market Intelligence is a leading provider of
timely intelligence for national and international clientele. Among
the company's main areas of focus are the high-tech and auto industries,
as well as the small business segments of the economy. TechnoMetrica
is the research partner of Investor's Business Daily and The Christian
Science Monitor.
### Press Release ###########################
Venture Capital Hits Two-Year High in Q2 2004 With $5.6 Billion
Invested
- Early Stage and First-Time Financings Begin to Rise -
WASHINGTON, July 27 /PRNewswire/ -- The steady upward trend
in venture capital continued in the second quarter of the year with
investments of $5.6 billion going into 761 companies according to the
MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics
and the National Venture Capital Association.
This figure compares to $5.0 billion invested in the first quarter
of 2004 and $5.4 billion in the fourth quarter of 2003. Over the past
two years, quarterly investing has drifted upward at a deliberate pace,
ranging from $4.3 billion to this quarter's high of $5.6 billion.
Tracy Lefteroff, global managing partner of the venture capital
practice at PricewaterhouseCoopers, said: "We see 'refined optimism' in the market. Investment levels
are realistic, not exuberant. There is a more balanced mix of investing
between earlier and later stage companies. And, the IPO window is open,
though temperate. The pieces are in place for solid years ahead."
Mark Heesen, president of the National Venture Capital Association,
observed: "Venture capitalists are responding to the recent spate
of positive indicators in a very measured and calculated manner. And,
their continued discipline is critical to the performance of the asset
class going forward. After months of anecdotal evidence that VCs are
investing in more early stage and first-time deals, it is encouraging
to see the statistics indicating that we are moving back to our roots:
funding exciting, cutting edge companies early on and over the long
term."
Stage of Development and 12-Month Average Valuations
A total of 229 companies in the Early stage of development
were funded in Q2 2004, the highest number since Q2 2002. Proportionately,
they accounted 30% of all companies, the highest percentage since Q1
2001. And, Early stage companies captured $1.17 billion or 21% of all
venture capital in the period, well above recent quarters. Average funding
per company of $5.1 million exceeded the $4.6 million average over the
prior four quarters. Further, the average valuation of Early stage companies
inched upward after three years of decline. The average post-money valuation
for the 12 months ending Q1 2004 was $13.1 million, compared to $12.6
million for the period ending Q4 2003. (Note that valuation data lags
investment data by one quarter.)
Expansion stage companies, which typically account for the
largest total dollars and number of deals increased slightly, as well.
Expansion stage funding was $2.8 billion in Q2 2004 or 50% of all investing,
compared to $2.6 billion and 51% in Q1 2004. Average funding per company
at $8.1 million exceeded the $7.5 million average over the prior four
quarters. Valuations rose more significantly. The average post-money
valuation for the 12 months ending Q1 2004 was $50.3 million, compared
to $41.9 million for the period ending Q4 2003.
Later stage funding was flat. Investments in Q2 2004 were
$1.6 billion or 28% of all investing versus $1.6 billion and 31% of
all investing last quarter. Average funding per company was $11.3 million,
up from the $9.6 million average of the last four quarters. Valuations
also increased. The average post-money valuation for the 12 months ending
Q1 2004 was $71.8 million, compared to $61.3 million for the period
ending Q4 2003.
According to Jesse Reyes, vice president at Thomson Venture
Economics, "The increase in early stage fundings is a promising
sign that older companies already in portfolios are now healthier and
may be self-sustaining. And, new investment can be focused on emerging
companies and technologies. Increased valuations across the board are
probably linked to better equity markets in the first half of the year,
and robust companies in the investment pipeline."
First-Time Financings
After languishing at historically low levels, companies receiving
their first round of venture capital rebounded in Q2 2004 to their highest
level in two years. A total of $1.2 billion or 21% of all venture capital
went to these companies, compared to $981 million and 19% of fundings
in Q1 2004. In terms of number of companies, 208 first-timers accounted
for 27% of all companies receiving financings in the second quarter,
up from 172 and 25% of all companies in the previous quarter. Average
funding per company was essentially flat at $5.6 million reflecting
continued emphasis on capital efficiency.
First-time fundings in the Life Sciences sector jumped significantly
in dollars invested with $232 million this quarter compared $142 million
in Q1 2004. But, the number of new Life Sciences companies was flat
at 39. The number of Software companies increased from 42 in the first
quarter to 51 in Q2 2004. At the same time, the dollar amount of funding
fell from $290 million to $250 million in Q2 2004.
No other industries demonstrated a marked change from recent
trends with the exception of an unusually large first-sequence deal
in the Media & Entertainment industry and drop in the Semiconductor
industry attributable to relatively smaller first round dollar amounts.
Sector And Industry Analysis
The Life Sciences sector (Biotechnology and Medical Devices,
together) continued to dominate other industries as it has for the past
eight consecutive quarters. Investments in the sector totaled $1.41
billion or 25% of all venture capital. Proportionately, Life Sciences
investing remained near historical highs.
Compared to the prior quarter, Biotechnology decreased slightly
to $923 million or 17% of all investing. Medical Devices jumped 40%
to $485 million or 9% of all dollars. A total of 85 Biotechnology and
70 Medical Device companies were funded during Q2 2004.
The Software Industry held on to the top slot in the second
quarter of 2004 as the single largest industry category. Software companies garnered $1.2 billion going
into 212 companies; both figures were comfortably above the prior quarter.
The decline abated in the Networking industry with 44 companies
getting $459 million in mostly follow-on rounds. The Telecommunications
industry did not fair as well with a decline from Q1 2004 to $518 million
going to 59 companies in Q2 2004, again mostly in follow-on rounds.
Increased levels of investing were scattered across a variety
of other industry segments, accounting for the overall rise in total
investing. The Media & Entertainment industry more than doubled
to $346 million on the strength of two very large deals. Semiconductors
increased 17% to $437 million. Other changes from the prior quarter
were less dramatic.
About the PricewaterhouseCoopers/Thomson Venture Economics/National
Venture Capital Association Money Tree Survey
The MoneyTree(TM) Survey measures cash-for-equity investments
by the professional venture capital community in private emerging companies
in the U.S. The survey includes
the investment activity of professional venture capital firms with or
without a US office, SBICs, venture arms of corporations, institutions,
investment banks and similar entities whose primary activity is financial
investing. Where there are other participants such as angels, corporations,
and governments in a qualified and verified financing round the entire
amount of the round is included. Qualifying transactions include cash
investments by these entities either directly or by participation in
various forms of private placement. All recipient companies are private,
and may have been newly-created or spun-out of existing companies.
The survey excludes debt, buyouts, recapitalizations, secondary
purchases, IPOs, investments in public companies such as PIPES (private
investments in public entities), investments for which the proceeds
are primarily intended for acquisition such as roll-ups, change of ownership,
and other forms of private equity that do not involve cash such as services-in-kind
and venture leasing.
Investee companies must be domiciled in one of the 50 US
states or DC even if substantial portions of their activities are outside
the United States.
Data is primarily obtained from a quarterly survey of venture
capital practitioners. Information is augmented by other research techniques
including other public and private sources. All data is subject to verification
with the venture capital firms and/or the investee companies. Only professional independent venture capital
firms, institutional venture capital groups, and recognized corporate
venture capital groups are included in venture capital industry rankings.
MoneyTree Survey results are available online at
http://www.ventureeconomics.com, and
The National Venture Capital Association (NVCA) represents
approximately 450 venture capital and private equity firms. NVCA's mission
is to foster greater understanding of the importance of venture capital
to the U.S. economy, and support entrepreneurial activity and innovation. The NVCA represents the public policy interests
of the venture capital community, strives to maintain high professional
standards, provide reliable industry data, sponsor professional development,
and facilitate interaction among its members. For more information about
the NVCA, please visit http://www.nvca.org.
The PricewaterhouseCoopers Private Equity & Venture Capital
Practice is part of the Global Technology Industry Group, http://www.pwcglobaltech.com.
The group is comprised of industry professionals who deliver a broad
spectrum of services to meet the needs of fast-growth technology start-ups
and agile, global giants in key industry segments: Networking &
Computers, Software & Internet, Semiconductors, Life Sciences and
Private Equity & Venture Capital. PricewaterhouseCoopers is a recognized
leader in each industry segment with services for technology clients
in all stages of growth.
PricewaterhouseCoopers (http://www.pwc.com)
provides industry-focused assurance, tax and advisory services for public
and private clients. More than 120,000 people in 139 countries connect
their thinking, experience and solutions to build public trust and enhance
value for clients and their stakeholders.
Unless otherwise indicated, "PricewaterhouseCoopers"
refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership.
PricewaterhouseCoopers LLP is a member firm of PricewaterhouseCoopers
International Limited.
Thomson Venture Economics, a Thomson Financial company, is the foremost information provider for equity professionals worldwide. Venture Economics offers an unparalleled range of products from directories to conferences, journals, newsletters, research reports, and the Venture Expert(TM) database. For over 40 years, Venture Economics has been tracking the venture capital and buyouts industry. Since 1961, it has been a recognized source for comprehensive analysis of investment activity and performance of the private equity industry. Venture Economics maintains long-standing relationships within the private equity investment community, in-depth industry knowledge, and proprietary research techniques. Private equity managers and institutional investors alike consider Venture Economics information to be the industry standard. For more information about Venture Economics, please visit
http://www.ventureeconomics.com.
### Press Release ############################
Nationan Venture Capital Assocaiton Full Report
Q2 04 Venture Capital Investment
http://www.nvca.org/pdf/Moneytree%20Release%20Q2%2004.pdf
### Press Release ##########################
Humberto D. Olavarria Joins
Alta Team
FORT LAUDERDALE, FL, -- The
Alta Group, an international consulting firm serving the equipment
leasing and finance industry, has appointed Humberto D. Olavarria
as a principal for its Latin American Region (LAR) division. Olavarria,
who recently served as regional asset-based finance head for Citibank’s
Asia Pacific activities, will also help Alta customers operating in
Asian countries.
“Humberto has extraordinary
experience in Asia Pacific as well as Latin America,” says Rafael
Castillo-Triana, principal of The Alta Group LAR, “He will be based
in The Alta Group LAR but available to meet the needs of the equipment
leasing industry and equipment vendors in both of these emerging markets.”
Strategies for managing risks
and seizing opportunities in emerging markets will be among topics
explored at The Alta Group’s annual Customer Finance Conference for
manufacturers on Sept. 20-21 at the downtown Chicago Marriott. For
more information, visit http://www.thealtagroup.com/conference/
.
The Alta Group’s newest associate,
Olavarria, brings to the company global expertise in customer finance.
He began his five-year career at Citibank as regional asset-based
finance head for Latin American operations, then moved to Hong Kong
to manage asset-based finance for its Asia Pacific division.
Prior to joining Citibank, Olavarria
had distinguished himself in the leasing and equipment finance industry
in Guatemala and Latin America in the 1990s. Among his accomplishments,
he helped reorganize a start-up leasing company in Guatemala, Facto-
Rent, to become the regional leader in three years. He was chairman
and founder of the Guatemalan Leasing Association and also vice chairman
of Felalease, the Latin American Leasing Association.
During the 1990s Olavarria held
various management positions in the financial and strategic planning
groups in Ryder Systems, then the largest truck leasing company worldwide.
Olavarria has been a frequent
speaker at Latin American Leasing Conventions and World Leasing Conventions.
A former officer in the Chilean Navy, he holds a masters in business
administration degree and masters in industrial engineering degree
from Louisiana State University.
About The Alta Group
The Alta Group (www.thealtagroup.com),
is a leading source of international consulting and advisory services,
education and training for the equipment leasing and finance industry.
It is composed of more than 20 professionals-including former CEOs,
company founders and industry organization leaders--who collectively
have nearly 600 years of experience. It has an active practice in
North America, Latin America and Europe.
### Press Release #########################
Classified Ads---Help Wanted
Account Executive / Small ticket leasing account reps
|
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, |
.jpg)
|
|
Business Development Office
|
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. |
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. |
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
|
|
Specialist
|
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 |
News Briefs----
Consumer confidence hits two-year high
http://www.nytimes.com/2004/07/28/business/28econ.html?pagewanted=all
Home Sales Still Sizzle
http://www.washingtonpost.com/wp-dyn/articles/A19472-2004Jul27.html
''Presumably, we're at the tail end of a strong housing market
brought about by historically low mortgage rates,"
http://www.boston.com/business/articles/2004/07/27/housing_sales_set_white_hot_pace/
Consumer Bankruptcies Slowing in 2004
http://www.washingtonpost.com/wp-dyn/articles/A20040-2004Jul28.html?nav=headlines
White House to project record deficit this year
http://www.signonsandiego.com/news/business/20040727-1445-budgetdeficit.html
Battle Brews Over Rules for Phones on Internet
http://www.nytimes.com/2004/07/28/technology/28voip.html
http://graphics7.nytimes.com/images/2004/07/27/technology/28voip.chart.jpg
Verizon's earnings jump five times higher on wireless sales
increase
http://www.signonsandiego.com/news/business/20040727-1336-earns-verizon.html
http://www.internetnews.com/bus-news/article.php/3386841
Safeway's Earnings Fall 4% in Quarter After California Strike
http://www.nytimes.com/2004/07/28/business/28safeway.html?pagewanted=all
Survey: CEO Pay Rises in 2003
http://www.washingtonpost.com/wp-dyn/articles/A20010-2004Jul28.html
------------------------------------------------------------------------
California Nuts Briefs---
Schwarzenegger, Lawmakers Agree on Budget
Spending cuts, loans and one-time gimmicks characterize proposed
state budget
http://www.signonsandiego.com/news/state/20040727-1627-ca-statebudget.html
---------------------------------------------------------------------
“Gimme That Wine
“
Sake Takes Its Place by the Reds---Erick Asimov
http://www.nytimes.com/2004/07/28/dining/28POUR.html
Wine Grape Harvest Begins at Mumm Napa
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news
_view&newsId=20040726005938&newsLang=en
-------------------------------------------------------------------------------
This
Day in American History
1746-Thomas
Heyward birthday, American Revolutionary soldier, signer of the Declaration
of Independence. Died Mar 6, 1809.
http://virtualology.com/thomasheyward.com/
http://www.colonialhall.com/heyward/heyward.asp
http://www.charlestonmuseum.org/heyward.asp
1841-
forces from the national bank movement received a glimmer of hope as
the Senate narrowly passed the Fiscal Bank Bill. An initiative of the
embattled Whig party, this bill called for the creation of the Fiscal
Bank of the United States, a federal financial institution to be located
in the District of Columbia. The bank's starchy name barely disguised
the ideological intent of its inventors: the Whigs sought nothing less
than the revival of the Second Bank of the United States, the ill-fated
institution that Andrew Jackson had putatively killed in the name of
states' rights earlier in the 1830s. The bill to establish a Fiscal Bank of the
U.S. was introduced in the Senate, an approved this day by the Senate
and the House, August 6. For a brief spell during the summer of 1841,
it looked as though the Whigs would have their day; however, despite
the Fiscal Bank Bill passing through the House in early August, the
legislation--and its Whig advocates--was doomed to failure. On August
16, President John Tyler, a staunch state supporter, announced that
he was vetoing the bill. The legislation bounced back to the Senate,
but the Whigs failed to marshal sufficient support to override Tyler's
veto.
The Whig leadership
was enraged by Tyler’s veto. They believed Tyler had agreed
to sign the bill
and that he had reneged on a promise
1858-Four
British and American ships spliced a telegraph cable together on this
day in 1858, then set sail for home the following day. The cable was
laid out until the ships reached Ireland and Newfoundland. The cable,
which stretched more than 1,950 miles and was laid as deep as two miles
under the ocean in some places, established transatlantic telegraph
communication, and an initial message was exchanged by President James
Buchanan and Queen Victoria in August. However, the cable's weak signal
was insufficient for regular communication and service ended on September
1.
1864-Confederates
under General John Bell Hood make a third attempt to break General William
T. Sherman's hold on Atlanta. Like the first two, this attack failed,
destroying the Confederate Army of Tennessee's offensive capabilities.
Hood had replaced
Joseph Johnston as commander of the Army of Tennessee on July 18, 1864,
because Johnston had failed to keep Sherman away from Atlanta. Upon
assuming command of the army, Hood quickly scrapped Johnston's defensive
strategy and attacked Sherman, first on July 20 at Peachtree Creek,
and then on July 22 at the Battle of Atlanta. Both failed, but that
did not deter Hood from making another attempt to break the Union hold
on the important Southern city. When Sherman sent General Oliver O.
Howard southeast of Atlanta to cut the Macon and Western Railroad, one
of the remaining supply lines, Hood sent Stephen D. Lee's corps to block
the move. Lee attacked at Ezra Church, but the battle did not go as
planned for the Confederates. Instead of striking the Union flank, Lee's
corps hit the Union center, where the Yankee troops were positioned
behind barricades made from logs and pews taken from the church. Throughout
the afternoon, Lee made several attacks on the Union lines. Each was
turned back, and Lee was not able to get around the Union flank. The
battle was costly for an army that was already outnumbered. Lee lost
3,000 men to the Union's 630. More important, Hood lost his offensive
capability. For the next month, he could do no more than sit in trenches
around Atlanta and wait for Sherman to deal him the knockout blow.
http://www2.cr.nps.gov/abpp/battles/ga018.htm
http://www.civilwarlandscapes.org/cwla/states/ga/ez/ez.htm
http://www.southernartcreations.com/cwbf6g.html
1868-14th
amendment ratified, former slaves become United States citizens.
http://memory.loc.gov/ammem/today/jul28.html
1900
-- Louis Lassen of Louis' Lunch in New Haven, Conn.,
reportedly created the hamburger sandwich
when he tossed a grilled beef patty between two slices of white
bread for a customer in a hurry
.
http://www.npr.org/programs/morning/features/patc/hamburger/
http://whatscookingamerica.net/History/HamburgerHistory.htm
1901-Birthday
of Rudy Valle. American singer, saxophone player and radio idol of millions
during the 1930s. Born Hubert Prior Vallee, at Island Pond, VT, the
crooner used a megaphone to amplify his voice and introduced his performances
with the salutation, "Heigh-ho-everybody!" Vallee appeared
in a number of movies, including How to Succeed in Business Without
Really Trying. Among his best-remembered songs are "I'm Just a
Vagabond Lover," "Cheerful Little Earful," "Say
It Isn't So" and his signature song, "My Time Is Your Time."
Vallee died at age 84 at North Hollywood, CA, July 3, 1986. 1891-Birthday
of blues singer Mary McBride,
Algiers, LA
1903-The
Saint Luke Penny Savings Bank, Richmond, VA, was founded by the first
bank president who was a woman, Maggie Lena Walker, the daughter of
an African-American salve. It
had a paid-in capital of $25,000. The first day’s deposits exceeded
$8,000. the bank later became the Consolidated Bank and Trust Company.
She died December 15, 1934.
http://www.distinguishedwomen.com/biographies/walker-ml.html
http://www.search.eb.com/women/articles/Walker_Maggie_Lena.html
http://www.nps.gov/malw/details.htm
1904-brithday
of Ikey Banjo” Robinson, Dublin
VA. Died Oct 25, 1990
http://www.jazzbanjo.com/jbartist/artists/bikey.htm
http://www.redhotjazz.com/ikeywc5.html
http://www.rainerjazz.com/Interpreten/Robinson_I_003.htm
1914-World
War I beings. Archduke Francis Ferdinand of Austria-Hungary and his
wife were assassinated at Sarajevo, Bosnia, by a Serbian nationalist
June 28, 1914, touching off
the conflict that became WWI. Austria-Hungary declared war on Serbia
July 28, the formal beginning of the war. Within weeks, Germany entered
the war on the side of Austria-Hungary and Russia, France and Great
Britain on the side of Serbia.
1907-
birthday of Leon Prima trumpet
New Orleans LA, died 1985.
older brother of Louis Prima was also a trumpeter & band leader; Leon ran several Bourbon Street night spots, including the Shim Sham Club (229 Bourbon) and the 500 Club (whose house band was led by Sam Butera - before Sam headed to Las Vegas to join Louis Prima's band in 1954)
http://www.lib.umd.edu/LAB/JERRYLEE/bands/fi/00000032.html
1924-Birthday
of tenor sax player Corky Corcoran, Tacoma, WA Died October 3, 1979.
http://shopping.yahoo.com/shop?d=product&id=1927148788
http://www.thejukejoint.com/corkycorcoran.html
http://www.classicjazzguitar.com/albums/artist_album.jsp?album=897
http://icg.harvard.edu/~lab80/handouts/themole.html
1929-birthday
of Jacqueline Bouvier Kennedy
Onassis. She studied at Vassar, the Sorbonne, and George Washington
University before marrying John Kennedy.
She was basically a shy and retiring person who was hounded by
the paparazzi. She was particularly admired for her dignified elegance
and cool composure after the assassination (Nov. 22, 1963) of her husband
President John F. Kennedy.
She is buried next to JFK and her first son at Arlington cemetery.
She became a working editor for a major publishing company and raised
her two Kennedy children away from the public eye and away from scandal.
(lower half of: http://memory.loc.gov/ammem/today/jul28.html
)
1930
-114ø F (46ø C), Greensburg, Kentucky (state record)
1931-Congress
makes "The Star-Spangled Banner" our 2nd national anthem
http://lcweb.loc.gov/exhibits/treasures/trm065.html
1932-
Some 15,000 unemployed veterans of World War I marched on Washington,
DC, in the summer of 1932, demanding payment of a war bonus. After two
months' encampment in Washington's Anacostia Flats, eviction of the
bonus marchers by the US Army was ordered by President Herbert Hoover.
Under the leadership of General Douglas MacArthur, Major Dwight D. Eisenhower
and Major George S. Patton, Jr (among others), cavalry, tanks and infantry
attacked. Fixed bayonets, tear gas and the burning of the veterans'
tents hastened the end of the confrontation. One death was reported.
1933-
The first singing telegram, said to have been delivered to singer Rudy
Vallee on his 32nd birthday. Early singing telegrams often were delivered
in person by uniformed messengers on bicycle. Later they were usually
sung over the telephone.
1934-
118ø F (48ø C), Orofino, Idaho (state record)
1936-Birthday
of bassist Jim Hughart
Minneapolis MN
http://www.jazzography.com/gallery/Jimmy_Hughart.html
http://rewards.artistdirect.com/music/artist/card/0,,446232,00.html
1938
-For the second consecutive day, Hank Greenberg hits two homers in one
day. The Tiger first baseman will hit two home runs in the same game
a record setting eleven times during the season.
1939
- Accompanied by the Victor Young Orchestra, Judy Garland sang one of
the most famous songs of the 20th century. The song "Over the Rainbow,"
recorded for Decca Records, became Garland's signature tune and will
forever be linked with the singing actress. For those who don't know,
"Rainbow" was featured as the musical highlight of the hit
movie, "The Wizard of Oz".
1941
- Judy Garland, 19, married composer David Rose, 31, in Las Vegas on
this date. It was Garland's first marriage.
1943-Birthday
of William Warren “Bill” Bradley, former US senator , presidential candidate,
and Basketball Hall of Fame forward, born Crystal City, MO.
1945---Top
Hits
The More I See You
- Dick Haymes
Dream - The Pied
Pipers
Sentimental Journey
- The Les Brown Orchestra (vocal: Doris Day)
Oklahoma Hills -
Jack Guthrie
1949-Birthday
of Vida Rochell Blue, former baseball player, born Mansfield, LA.
1951-“Sammy
Kaye” television show premiers. CBS's musical program hosted by bandleader
Sammy Kaye swayed audiences to swinging tunes on Saturday nights.
1953---Top
Hits
Song from Moulin
Rouge - The Percy Faith Orchestra
April in Portugal
- The Les Baxter Orchestra
I’m Walking Behind
You - Eddie Fisher
It’s Been So Long
- Webb Pierce
1954
- "Billboard's" top spot on the pop singles chart went to
The Crew Cuts with "Sh-Boom." The song was a cover of a rhythm
and blues recording by The Chords, it would stay at the #1 spot for
seven weeks. Many people consider this song to be the first rock ’n’
roll record. It wasn’t the first ... rock and roll had made it to the
music scene long before this. In fact, The Boswell Sisters recorded
a song titled, "Rock and Roll" in 1934. However, "Sh-Boom"
was the first rock ’n’ roll record to make it to the top of the pop
charts. (The Chords’ version became the first rock-related hit in Great
Britain.) Purists consider "Rock Around the Clock" to be the
first, true #1 rock ’n’ roll hit. However, it didn’t hit the top of
the charts until one year after "Sh-Boom".
1954
- Walt Disney's Alice in Wonderland was released in theaters. The animated
film took five years to complete at an estimated cost of $3 million
(1951). Elia Kazan's powerful film, On the Waterfront, starring Marlon
Brando, premiered in New York. It later won Oscars for Best Picture,
Best Director, and Best Actor.
1957-
Jerry Lee Lewis makes his television debut on "The Steve Allen
Show." Lewis is booked for two more appearances.
1958
- Three years after "Cherry Pink and Apple Blossom White"
reached #1, Cuban- born bandleader Perez Prado was again at #1 with
"Patricia". Because of his Latin inspired instrumentals, Prado
was known as the Mambo King.
1961---Top
Hits
Tossin’ and Turnin’
- Bobby Lewis
The Boll Weevil Song
- Brook Benton
Yellow Bird - Arthur
Lyman Group
Heartbreak U.S.A.
- Kitty Wells
1962-
Tommy Roe's "Sheila" enters the Hot 100 at #93. It will top
the charts by September 1.
1964-Spacestone Ranger photo’s from the moon. Unmanned moon probe transmitted back to Earth 4,308 close-up
photographs of moon.
1969---Top
Hits
In the Year 2525
- Zager & Evans
Crystal Blue Persuasion
- Tommy James & The Shondells
My Cherie Amour -
Stevie Wonder
Johnny B. Goode -
Buck Owens
1972-Spacelab
3. Alan L. Bean, Owen K. Garriott and Jack R. Lousma started 59-day
mission in the space station to test man's space flight endurance. Pacific
splashdown Sept 25.
1973
- Exactly one year after their first date, television’s "Six Million
Dollar Man", Lee Majors, married "Charlie’s Angels",
Farrah Fawcett. On the campus of the University of Texas, newly Farrah
Fawcett-Majors was deemed one of the 10 most beautiful. Farrah and Majors
are no longer married.
1973-One
of the largest rock festivals of all time is held at the Watkins Glen
raceway. More than 600,000 show up for one day of music with the Grateful
Dead, the Band and the Allman Brothers.
1976-
Steve Miller Band's "Fly Like an Eagle" goes gold, on its
way to platinum. The album features huge hits as the title track (which
makes it to number two), "Rock'n Me" (goes number one later
in the year), "Jet Airliner" (#8 in 1977) and "Take the
Money and Run" (#11 this month).
1977---Top
Hits
Looks like We Made
It - Barry Manilow
I Just Want to Be
Your Everything - Andy Gibb
I’m in You - Peter
Frampton
It was Almost like
a Song - Ronnie Milsap
1979-
Cubs' slugger Dave Kingman becomes the sixth player in major league
history to hit three home runs in one game twice in one season. The
Mets win the game, 6-4.
1984
- In Southern California, the 23rd Summer Olympic Games opened at the
Los Angeles Coliseum. The head of the United States Olympic Committee,
Peter V. Uberroth, welcomed 7,800 athletes from 140 nations in 3-1/2
hour long opening ceremonies.
1984-
Pete Rose passes Ty Cobb as the all-time single leader as he collects
his 3,053rd off Steve Carlton in a 6-1 Expo victory over the Phillies.
1985---Top
Hits
Everytime You Go
Away - Paul Young
Shout - Tears For
Fears
You Give Good Love
- Whitney Houston
Love Don’t Care (Whose
Heart It Breaks) - Earl Thomas Conley
1988
- Thunderstorms drenched Wilmington, NC, with 3.33 inches of rain, bringing
their monthly total 14.46 inches. Seven cities in Michigan and Minnesota
reported record high temperatures for the date. Marquette, MI, hit 99
degrees, and the record high of 94 degrees at Flint MI was their tenth
of the month
1991-Dennis
Martinez of the Montreal Expos pitched a perfect game, defeating the
Los Angeles Dodgers,2-0, in Dodgers Stadium.
1994
- Coincidences abounded in major league baseball. Kenny Rogers tossed
major league's 14th perfect game in history on what was three years
to the day since the previous time this same event happened. This time
it was in an American League game where Texas beat California, 4-0.
Ten years before on September 30, 1984, the same two teams played when
the 11th perfect game was pitched. Mike Witt was the pitcher and the
winning team was reversed.
1996
- A pipe bomb hidden in a backpack exploded during evening festivities
at the Centennial Olympic Park in Atlanta, Georgia, killing 2 people
and injuring more than 100. The explosion occurred around 1:00 a.m.,
which doubtlessly prevented more Olympic visitors from being killed
or injured. The F.B.I. was investigating leads.
1998-
Sammy Sosa hits his first career grand slam establishing the mark for
most career homers before hitting a grand slam (246).
1998
- Monument Records released the Dixie Chicks' country single "Wide
Open Spaces".
1999-
Pete Townshend plays at the Supper Club in New York to showcase his
upcoming album, Pete Townshend Live: A Benefit For Maryville Academy.
Pearl Jam's Eddie Vedder joins Townshend on stage to perform a number
of songs including "Magic Bus," "Heart To Hang Onto"
and the Pearl Jam classic, "Better Man."
2000-
Toronto skipper Jim Fregosi wins his 1,000th game as a big league manager
as the Blue Jays beat the
Mariners, 7-2.
2002--
During his induction speech at the Hall of Fame ceremonies in Cooperstown,
with the song Somewhere Over the Rainbow playing in the background and
a copy of 'The Wizard of Oz' in his hands, Ozzie Smith compares his
baseball career to Dorothy's away trip from Kansas. Citing the recipe
for his success during his 19-year career with Cardinals and Padres,
the 47-year-old tells the crowd he had the mind to dream, which the
Scarecrow cherished, a heart to believe, which the Tin Man wanted, and
courage, which the Lion lacked, in order to persevere.
Baseball
Poem
* * * * * * * * *
* * * * * * * * * * * * * * *
Polo Grounds
Rolfe Humphries
Time is of the essence. This is a highly skilled
And beautiful mystery.
Three or four seconds only
From the time that
Riggs connects till he reaches first,
And in those seconds
Jurges goes to his right,
Comes up with the
ball, tosses to Witek at second,
For the force on
Reese, Witek to Mize at first,
In time for the out—a
double play.
(Red Barber crescendo.
Crowd noises, obbligatio;
Scattered staccatos
from the peanut boys,
Loud in the lull,
as the teams are changing sides) . . .
Hubbell takes the
sign, nods, pumps, delivers—
A foul into the stands.
Dunn takes a new ball out,
Hands it to Danning,
who throws it down to Werber;
Werber takes off
his glove, rubs the ball briefly,
Tosses it over to
Hub, who goes to the rosin bag,
Takes the sign from
Danning, pumps, delivers—
Low, outside, ball
three. Danning goes to the mound,
Says something to
Hub, Dunn brushes off the plate,
Adams starts throwing
in the Giant bullpen,
Hub takes the sign
from Danning, pumps, delivers,
Camilli gets hold
of it, a long fly to the outfield,
Ott goes back, back,
back, against the wall, gets under it,
Pounds his glove,
and takes it for the out.
That’s all for the
Dodgers. . . .
Time is of the essence.
The rhythms break,
More varied and subtle
than any kind of dance;
Movement speeds up
or lags. The ball goes out
In sharp and angular
drives, or long slow arcs,
Comes in again controlled
and under aim;
The players wheel
or spurt, race, stoop, slide, halt,
Shift imperceptibly
to new positions,
Watching the signs
according to the batter,
The score, the inning.
Time is of the essence.
Time is of the essence.
Remember Terry?
Remember Stonewall
Jackson, Lindstrom, Frisch,
When they were good? Remember Long George Kelly?
Remember John McGraw
and Benny Kauff?
Remember Bridwell,
Tenney, Merkle, Youngs,
Chief Meyers, Big
Jeff Tesreau, Shufflin' Phil?
Remember Mathewson,
Ames, and Donlin,
Buck Ewing, Rusie,
Smiling Mickey Welch?
Remember a left-handed
catcher named Jack Humphries,
Who sometimes played
the outfield, in '83?
Time is of the essence.
The shadow moves
From the plate to
the box, from the box to second base,
From second to the
outfield, to the bleachers.
Time is of the essence.
The crowd and players
Are the same age
always, but the man in the crowd
Is older every season.
Come on, play ball!
 |
www.leasingnews.org |
 |
