LOS ANGELES — Two men convicted in a deadly stabbing attack on a woman in a Century City parking garage are expected to be sentenced today to life in prison without the possibility of parole.
Gabriel Jay Marquez, 50, and Jose Luis Moya, 54, were convicted Feb. 20 of first-degree murder and conspiracy to commit murder in a crime masterminded by Pamela Fayed’s estranged husband. A third man, 26-year-old Steven Vicente Simmons, was convicted along with Marquez and Moya, and sentenced in April to life in prison without parole.
Jurors also found true the special circumstance allegation of murder while lying in wait against the three defendants, along with the special circumstance allegation of murder for financial gain against Moya, who had worked as a ranch hand for the woman’s estranged husband, James Fayed, at his Ventura County ranch.
James Fayed — who was tried separately — was convicted in May 2011 of murder and conspiracy for masterminding the attack on the 44-year-old victim, who was stabbed 13 times as she approached her SUV in a parking garage at Watt Tower.
He was sentenced to death in November 2011 by Los Angeles Superior Court Judge Kathleen Kennedy, who noted that Fayed was nearby as his wife was being “brutally and brazenly” murdered, and that others reacted to the victim’s “blood-curdling screams.”
The Fayeds were in the midst of a bitter divorce, and the killing occurred just after the two met with their criminal attorneys as a result of a federal investigation into the couple’s gold-trading business.
2 years+ small ticket ($150k and under) experience
ILS is a direct lender specializing in
Monday, August 31, 2009
| Singer-Songwriter Deborah Ann "Debbie" Gibson born August 31, 1970 Brooklyn, New York. Four singles from her album Out Of The Blue reached the Top 5 of the Billboard Top 100: "Only in My Dreams," "Shake Your Love," "Out Of The Blue," and the # 1 hit "Foolish Beat," followed by "Staying Together." |
LeasePolice.Com/Vision Commerce Alliance
Triad Leasing & Financial, Boise, files BK
Oh, No! 3rd Complaint---First Sound vs. Secords
Classified Ads---Help Wanted
Bank Beat---3 More/84 Total YTD
Leasing News Top Stories-August 24-28
Where Pres. Reagan Placard can be purchased
Leasing 102 by Mr. Terry Winders, CLP
Residual Value in Poor Economic Times
2 firefighters die battling blaze in LA County
Asian markets fall/China shares sink over 5%
Big Banks Repay Bailout Money/US gets Profit
Owner Orange County Register May File BK
After Century of Growth, Tide Turns in Florida
You May have Missed---
As Internet turns 40, growth threatened
"Gimme that Wine"
Today's Top Event in History
This Day in American History
Weather, USA or specific area
######## surrounding the article denotes it is a “press release”
Lease Police.Com Strategic Alliance with Vision Commerce
December, 2006 Bernie Boettigheimer, CLP, a pioneer in the leasing industry, had finished his new software program and decided to come out of retirement with Lease Police. As he explained then:
"The LeasePolice.com online system provides users the unique ability to check the performance history of not just lessees and debtors, but also for vendors. For the first time, users can identify vendors/suppliers that have a higher incidence of producing leases and loans that default (due to non-payment). Another primary use of LeasePolice.com system is to provide early warning data that can help users avoid fraudulent activity."
Once he reached a database of 36,000, and also expanding and tweaking the system, his instantaneous record of vendor fraud, many moving from state to state, was readily available, as well as history of vendors who have a high record of defaults, although the lessee had very good to excellent credit, he was ready for one of his main goals: not just direct access to subscribers, but through leasing software providers. His first testing was with Jim Buckles of Preferred Business Solutions, Edmonds, Washington, which was successful.
Today he announces a strategic alliance with Vision Commerce, St. Charles, Missouri, a major leader in providing Microsoft .NET front-end automation solutions for finance and leasing companies. Vision Commerce will incorporate www.leasepolice.com web functions within the Vision Commerce product suite.
Under the agreement, Vision Commerce has integrated LeasePolice.Com services into the Vision platform through a secure web service. Mutual clients of Vision Commerce and Lease Police will have direct access to order vendor and lessee reports thereby eliminating the need to reenter inquiry information that already exists within the Vision system.
"We are continually looking for ways to enhance our services through collaboration with other industry leading products. Vision certainly fits these criteria, and as such we are looking forward to building on this relationship," said Lease Police President, Bernie Boettigheimer CLP.
Steve Lundergan, President of Vision Commerce noted, "Integrating this method of preventing potential fraud or conducting business with undesirable business partners will greatly benefit the long term financial health of our clients. We look forward to working with Bernie and his team for many years."
The LeasePolice.Com online system identifies vendors and lessees who are associated with a high incidence of defaults. In addition, users have the ability to report incidences of unusual or high risk behavior by vendors. Any confirmed unusual activity warnings are then posted in the database for future reference by users. By using the LeasePolice.com database, users can drastically reduce their exposure to fraudulent transactions, vendors using high risk sales strategies, and lessees with risky histories. To subscribe, go to www.leasepolice.com.
Vision Commerce, Inc. was created to serve the leasing and finance industries. Vision's goal is to provide its clients access to e-commerce solutions at an affordable price. The company's philosophy is that technology should automate routine processes and provide real-time information, but it can never replace industry experience and product knowledge. The leadership team offers finance industry experience, technology expertise and a commitment to listen to the customer. Vision Commerce is a closely held, employee-owned company.
For more information about Vision Commerce, call (866)707-9929 or visit www.visioncommerce.com
Triad Leasing & Financial, Boise, Idaho files BK
Triad Leasing & Financial, Inc., Boise, Idaho has filed a Chapter 11 Bankruptcy Voluntary Petition in the United States Bankruptcy Court, District of Idaho, to have a plan "Plan due by 12/2/2009. Disclosure Statement due by 12/2/2009. "
Started in 1996 as a basic local company the web site states "The Company now offers direct leasing, broker, and vendor services to all the lower 48 states, coast to coast. Triad attributes its success to superior service, a core staff of highly trained and experienced leasing professionals, and its ability to form beneficial strategic alliances with its funding sources, broker network, and customers."
The company has its main office in Boise and a branch located in Henderson, Nevada, according to its web site.
The filing indicates that "funds will be available for distribution to unsecured creditors."
Creditors holding the 20 largest unsecured claims, according to the BK document, are:
Ameca First Commerce, Lake Oswego, Oregon
First Lease, Fort Washington, Pennsylvania
Idaho Banking Company
LEAF Financial, Philadelphia, Pennsylvania
Sovereign Bank, Melville, NY
Washington Trust Bank, Spokane, Washington
Western Capital Bank, Boise, Idaho
"Meeting of Creditors 341(a) meeting to be held on 9/4/2009 at 09:00 AM at 720 Park Blvd, Suite 210, Washington Group Central Plaza. Last day to oppose discharge or dischargeability is 11/3/2009.Proofs of Claim due by 12/3/2009.Government Proof of Claim Date 2/10/2010 (aw)"
An August 27, 2009 document asks for a notice of disposition of equipment:
It also appears there is a resolution regarding Cash Collateral: "The Parties have reached an interim resolution for use of Cash Collateral. The resolution is stated on the record. The Court schedules a Final Hearing on the Motion to Use Cash Collateral for 9/10/09 at 9:30 a.m. An interim order GRANTING Use of Cash Collateral will forthcoming for the Courts approval. By 9/4/09 the Parties shall submit their briefs, disclose their witnesses and exhibits. The Debtor shall identify exhibits by consecutive numbers starting with 100; Larry Prince - Counsel for Western Capital Bank shall identify exhibits by consecutive numbers starting with 200; Jed Manwaring - Counsel for Idaho Banking Co. shall identify exhibits by consecutive numbers starting with 300; John Kurtz - Counsel for First Lease Inc. shall identify exhibits by consecutive numbers starting with 400; John Ward - Counsel for Washington Trust Bank shall identify exhibits by consecutive numbers starting with 500, Jennifer Simpson - Counsel for Leaf Funding Inc. shall identify exhibits by consecutive numbers starting with 600; Gary McClendon - Counsel for the U.S. Trustee shall identify exhibits by consecutive numbers starting with 700. All other parties in interest shall contact the Court to obtain an exhibit series."
US Bankruptcy Chapter 11 Filing:
Cash Collateral Request:
Oh, No! Third Amended Complaint-First Sound vs. Secords
The latest amended complaint, " C09-0056-TSZ" filed by First Sound Bank (FSB), Seattle, Washington, vs. Larasco and the Secords includes new parties and new information. The original complaint outlined the alleged deception in the sale of Puget Sound Leasing (PSL), the second brought it further (1), and the third comes from the hiring of a leasing expert who found what the first two overlooked, as well as a continuation of the first two, plus new evidence that the Secords started moving assets soon after the original complaint was made.
Leasing News was the first news media to report that Richard Secord, founder of Pugent Sound Leasing, Issaquah, Washington, was escorted out from a board of directors meeting late last year, and shortly thereafter a law suit was filed against he, his brother Richard, and their company Larasco resulting from the banks purchase of Pugent Sound Leasing.
Richard Secord was one of FSB's largest shareholders and had been an FSB director since the bank's founding. A current FSB board member, James H. Jackson, had in the past provided accounting services to PSL CO, but ceased doing so upon the formation of FSB.
While the first complaint contained testimony of 12 employees about alleged instructions regarding report delinquencies, extending lease payments, "forfeiting" security deposits with "Evergreen Clause" as well as changing residuals from a $1 to "ten percent" as well as "fair market value," and legal expert opinion from the eminent John Dean, founder-managing partner the renown The Alta Group, the third comes from a very well-known leasing person with "street experience" as well as impeccable credentials, which produced more information, as well as supported the first complaint. The third also brings forward originals motions regarding allegedly efforts by the Secords to protect their personal assets from the suit.
Leasing News original information, and the new information, comes from a very highly reliable source, and has been verified later by public documents. None of the principals nor those engaged by either party has disclosed any information. There is much more to the story to be told, coming from our original source, as well as ex-employees, including perhaps the plan all along was to sell PSL to FSB as one of the reasons for the formation of the bank.
FSB was founded in 2004. On March 1, 2008, FSB acquired certain assets of Puget Sound Leasing Co., Inc. from defendants Richard Secord and Louis Secord. On March 1, 2008, PSL CO sold certain assets, including the name "Puget Sound Leasing," to FSB. The assets not sold to FSB remained in PSL CO, which was renamed Larasco.
The case now has 235 separate dockets with often several sets of documents in each, some sealed, some unsealed, some sealed and now unsealed, and First Sound Bank, in their discovery actions of cross complaints has now filed a " C09-0056-TSZ THIRD AMENDED COMPLAINT" (2)
There are new revelations, among them:
"...when PSL CO originated many of its leases, it entered into agreements ("Broker Side Agreements") with the brokers who had referred the customer to PSL CO. The Broker Side Agreements provided that, in addition to paying the broker a commission when the lease was originated, PSL CO would pay the broker a commission when the customer paid the residual payment at the conclusion of the THIRD AMENDED COMPLAINT NO. C09-0056-TSZ - Page 10>"
"... Defendants did not disclose the existence of the Broker Side Agreements to FSB and the liabilities resulting from the Broker Side Agreements were not reflected on PSL CO's financial statements. Defendant Louis Secord maintained the Broker Side Agreements in separate files in his office and did not make the files available to FSB.
b. Inflation of Income. PSL CO manipulated its financial statements to create the impression that the business's income was substantially higher than its actual income. For example, PSL CO's lease agreements provided that, in cases where a customer failed to make a lease payment on time, PSL CO could "boost" the value of the optional residual payment that the lessee could make to purchase the leased property at the end of the lease term. Under generally accepted accounting principles, PSL CO could only treat the boosted residual payment as income if and when the lessee actually made the residual payment. PSL CO, however, treated the "boosted" residual as income at the time PSL CO "boosted" the residual payment. Because, in many cases, customers never actually made the "boosted" residual payment, this accounting process reflected income that PSL CO never earned.
c. Overstatement of Assets. Defendants misrepresented the value of the assets to be transferred to PSL CO in connection with the Asset Purchase Agreement. For example, defendants represented on PSL CO's financial statements that PSL CO's warehouse contained over $450,000 worth of repossessed equipment that was the property of PSL CO. In fact, almost all of the equipment belonged not to PSL CO, but to the Investor Banks who owned the payment streams associated with the repossessed property."
(Note: Investor Banks refer to many banks, some mentioned in the suit, others not to date that were sold in portfolios by syndication brokers, named in the court records. PSL acted as a "packager," retaining title plus guaranteeing delinquency and replacement of failed transactions in various agreements. editor)
"38. After the Closing of the Asset Purchase Agreement, Louis Secord, who was then a director of FSB and president of its new Puget Sound Leasing Division, took steps to conceal and perpetuate the misrepresentations and omissions identified above, and to improperly benefit defendants Larasco, himself and Richard Secord at the expense of FSB.
39. For example, in March, 2008 (just after the transaction had closed), Louis Secord caused FSB's Puget Sound Leasing Division to make payments to Investor Banks and take write offs in the amount of $949,487.43. These payments and write offs were the responsibility of PSL CO-not FSB-because they were associated with payments made (or in the case of write offs, payments not made) to PSL CO before the transaction closed. Defendants failed to fully reimburse FSB for the $949,487.43-paying FSB only $460,332.3 1-and did not disclose and/or attempted to conceal from FSB the fact that FSB had not fully been reimbursed.
40. When confronted with this misconduct, Louis Secord admitted defendants' responsibility for failing to reimburse FSB for the full $949,487.43. Defendants and FSB then entered into a contract entitled Agreement to Clarify Operating Procedures (the "Clarification Agreement"), which was intended to address this issue along with other problems that had arisen after the asset sale. As part of the Clarification Agreement, defendants promised to reimburse FSB for the portion of the $949,487.43 for which they had not yet made reimbursement."
(There are other findings, two numerous in the 32 page third complaint. editor)
These are new claims amended to the original, in addition in the original complaint, the plaintiff asked for freezing of personal assets, including the court hold the passports of the Secords. During these motions that went back and forth, the amended complaint states:
"47. On December 16, 2008, the Secord Defendants and Larasco caused assets to be transferred from Larasco to LASCOR and RASCOR. The assets transferred to LASCOR include real property in Chelan County, Washington with an assessed value of THIRD AMENDED COMPLAINT NO. C09-0056-TSZ - Page 13 approximately $1.8 million. The assets transferred to RASCOR include real property in Chelan County with an assessed value of approximately $2.7 million. On information and belief, Larasco also transferred additional property to LASCOR and RASCOR, including shares of FSB stock. Neither LASCOR nor RASCOR provided reasonably equivalent value in exchange for the assets transferred to them."
"50. The Transfers to Louis Secord and Richard Secord: Larasco transferred valuable assets to Louis Secord and Richard Secord during the period when litigation between Larasco and FSB was ongoing or anticipated. Specifically, in early 2009, Larasco forgave over $1 million in loans to Louis Secord and Richard Secord. Larasco also paid off over $400,000 worth of additional loan obligations of Louis Secord and Richard Secord. In addition, Larasco transferred 2,500 shares of Microsoft stock each to Louis Secord and Richard Secord. Beginning in about October 2008 and continuing to the present, Larasco has made regular monthly cash transfers of approximately $12,000 to Louis Secord and $12,000 to Richard Secord.
51. Neither Louis Secord nor Richard Secord provided any value (much less reasonably equivalent value) to Larasco in return for the previously-described transfers from Larasco to Louis Secord and Richard Secord. 52. The Transfer to Roberts Properties: On or about March 15, 2008, Larasco transferred $425,000 to Roberts Properties in exchange for a promissory note due March."
(1) 8. RASCOR, LLC ("RASCOR") is a Washington limited liability company. RASCOR is owned and controlled by Larasco and Richard Secord.9. Nonparties Edward Roberts, Mark Roberts and Elliott Severson are Washington residents and are long-time business associates and close personal friends of Louis Secord and Richard Secord. In deposition testimony, Louis Secord described Edward Roberts and Mark Roberts and Elliott Severson as "partners" of Louis Secord and Richard Secord.
10. Defendant Roberts Properties, Inc. ("Roberts Properties") is a Washington corporation. Roberts Properties is owned and controlled by Edward Roberts and Mark Roberts.
11. Defendant SR Development LLC ("SR Development") is a Washington limited liability company. SR Development is owned and controlled by Edward Roberts, Mark Roberts and Elliott Severson.
12. Defendant SEVRO II, LLC ("SEVRO II") is a Washington limited liability company. SEVRO II is owned and controlled by Edward Roberts, Mark Roberts and Elliott Severson.
13. Defendant Del Norte, LLC ("Del Norte") is a Washington limited liability company. Del Norte is owned and controlled by Edward Roberts, Mark Roberts and Elliott Severson.
14. Defendant Bay House at Chelan, LLC ("Bay House at Chelan") is a Washington limited liability company. Bay House at Chelan is owned and controlled by Louis and Richard Secord or Larasco, and by Bay House LLC, a Washington limited liability company. Bay House LLC is owned and controlled by Edward Roberts, Mark Roberts and Elliott Severson.
(2) "LARASCO, INC., a Washington
corporation; LOUIS A. SECORD, JR., an individual; RICHARD A. SECORD, an individual; LASCOR, LLC, a Washington limited liability company; RASCOR LLC, a Washington limited liability company; ROBERTS PROPERTIES, INC., a Washington corporation; SR DEVELOPMENT, LLC, a Washington limited liability company; DEL NORTE, LLC, a Washington limited liability company; BAY HOUSE AT CHELAN, LLC, a Washington limited liability company; and SEVRO II, a Washington limited liability company,
WELLS FARGO EQUIPMENT FINANCE, INC., a Minnesota corporation; PLAZA BANK, a Washington corporation; REGAL FINANCIAL BANK, a Washington corporation; COWLITZ BANK, a
Washington corporation; WASHINGTON FEDERAL, INC., a Washington
Corporation; BANNER BANK, a Washington corporation.
Here is a copy of the amended complaint, 34 pages, as well as the plaintiff's response, denying most of the new accusations, 10 pages:
Third Amended Complaint:
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to help support the growth of Lease Police)
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Bank Beat---3 More/84 Total YTD
Affinity Bank, Ventura, California, became the 84th bank to fail this year, the ninth in California. The ten branches located in San Francisco and San Mateo are now part of Pacific Western Bank, San Diego, California.
Affinity Bank was originally named San Francisco Thrift & Loan and was incorporated in 1982. In 1995, the Bank was sold to Affinity Group Inc. (AGI). In 1997, the Bank was renamed to Affinity Bank, headquartered in Ventura, California. There web site said, "We currently have eleven branches throughout California. We also offer commercial real estate, construction loan, and health care financing loan with offices throughout 11 states."
As of July 10, 2009, Affinity Bank had total assets of $1 billion and total deposits of approximately $922 million. In addition to assuming all of the deposits of the failed bank, Pacific Western Bank agreed to purchase essentially all of the assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $254 million.
Note, the FDIC has the press release and other information also available in Chinese.
Bradford Bank, Baltimore, Maryland, with nine branches, is now part of Manufacturers and Traders Trust Company (M&T), Buffalo, New York. As of June 30, 2009, Bradford Bank had total assets of $452 million and total deposits of approximately $383 million. In addition to assuming all of the deposits of the failed bank, M&T agreed to purchase essentially all of the failed bank's assets.
Bradford had been one of Baltimore's fastest-growing banks, buying up three smaller Baltimore-area banks. In 2007, the bank bought Senator Bank, of Cockeysville, and Golden Prague Federal Savings and Loan Association, of Baltimore. In 2006, it bought Valley Bancorp, of Hunt Valley. It had received several cease and desist notices for being "undercapitalized."
The FDIC and M&T entered into a loss-share transaction on approximately $338 million of Bradford Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $97 million.
Mainstreet Bank, Forest Lake, Minnesota, eight branches opened last Saturday as part of Central Bank, Stillwater, Minnesota. The bank had been notified by various agencies as being "undercapitalized," primarily due to losses in real estate loans. It had not been profitable since 2007.
As of June 30, 2009, Mainstreet Bank had total assets of $459 million and total deposits of approximately $434 million. Central Bank will pay the FDIC a premium of 0.10 percent to assume all of the deposits of Mainstreet Bank. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets. Central Bank now is one of the largest community banks in the Twin Cities, with $900 million in assets.
The FDIC and Central Bank entered into a loss-share transaction on approximately $268 million of Mainstreet Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $95 million.
Cease & Desist Order in July by state
(not other months, just July:)
Mesa Bank, Mesa, AZ,
Community Bank of Arizona, Phoenix, AZ
Desert Hills Bank, Phoenix, AZ
Commerce Bank of Southwest Florida, Fort Myers, FL
Northside Bank, Adairsville, GA
Ravenswood Bank, Chicago, IL
ShoreBank, Chicago, IL
Mt. Washington Co-Operative Bank, South Boston, MA
State Bank of Delano, Delano, MN
Northern Star Bank, Mankato, MN
St. Stephen State Bank, Saint Stephen, MN
LibertyPointe Bank, New York, NY
Advantage Bank, Cambridge, OH
MBank, Gresham, OR
Royal Bank America, Narberth, PA
First Midwest Bank, Centerville, SD
Commercial State Bank of El Campo, El Campo, TX
CIT Bank, Salt Lake City, UT
Utah Community Bank, Sandy, UT
Citizens State Bank, Hudson, WI
Security Bank, New Auburn, WI
Bank of Ontario, Ontario, WI
July Enforcement Filings (includes PDF's on "Cease & Desist"):
List of Bank Failures
Leasing News Top Stories-August 24-28
Here are the top ten stories opened by readers:
(1) IFC's Rudy Trebels, CLP, is Served
(2) Sales make it Happen---by Christopher Menkin
Changes in the Leasing Marketplace
(3) Gallo's Form Blue Bridge Financial, LLC.
(4) Leasing Software Icon John McCue in SF Hospital
(An error was corrected on line, otherwise this may have had more readers. Editor)
(5) Senator Edward Kennedy Passes Away *
(6) Annie Leibovitz, photographer of stars, faces ruin
(7) $6MM Leasing Ponzi scheme mobile home parks
(8) Ken Bentsen's Farewell Leasing Numbers
by Christopher Menkin
(9) Small Players' Losses In CIT Crisis
(10) McCue Grateful for Notes received in Hospital
" This was sent out 3:30am, EDT, so readers on the East Coast, Europe, India, Middle-East, perhaps parts of Asia, most likely may have heard the news here first, as well as early risers on the West Coast. Leasing News is usually sent out around 3:00am to 3:30am Monday-Wednesday-Friday as a new process is utilized. Leasing News has access to all the printed newspaper editions on line to be physically delivered in the morning. Also available, late developing news up to midnight, California time, which was the time of the announcement of Senator Kennedy's passing. editor)
by Mr. Terry Winders, CLP
Residual Value in Poor Economic Times
It is tough to get funding sources or management to accept residuals in good times and in this economic slowdown I hear it is almost impossible. While I agree with this assessment, a true lease offers too much incentive to not try. So let's discuss some procedures to help everyone to consider a proper residual. The first requirement is to ask what the lease policy says at your leasing company or funding institution. Most lease policies in banks restrict the booked residual to 50% of the equipments estimated wholesale value at lease termination. These policies can be over ruled but they require some excellent reasons and proof. If you know the funding sources policy regarding residuals you will know where to start.
The type of equipment and its relative use has a lot to do with the residual so even thought the top residual may not exceed that 50% ceiling some equipment warrants very little residual risk. So do not try to assume residuals on equipment that gets heavy use or is easily replaced.
Please remember that the IRS and the legal requirements are that the term of your lease does not exceed 80% of the useful life of the equipment "and" the burden of proof is on you. You must have information in your folders that explains how the equipment is used and why you have not exceeded the 80% test based on that use! How do you argue that your term does not exceed 80% when you assume a "0" residual? Well there are ways, but it begins with the completion of an "equipment use and description form". (If you do not have a good one let me know and I will email you one). The purpose of this form is to give you information on the correct description of the equipment and simple answers as to its use and other issues that affect its value. This information will help you to assume the correct residual.
Check out the equipment like you check out credit! Investigating the equipment takes the same skills as required for a competent credit reviewer. You do not extend credit without checking all aspects of the lessee's credit performance and financial condition, so you need the same skills to check with the manufacturer, distributor, secondary remarketers and guide books alone with the equipment use information to determine the best possible residual value. Once in a while this information may make you question the term of the lease the lessee requested or you may discover it is not equipment you want to lease.
If you ignore the collateral value of your lease you are asking for all kinds of problems and you cannot rely on hearsay and assumptions to take residual positions. Most important, place the anticipated use and maintenance requirements in the lease, with additional rent requirements if the use or maintenance is abused. You must protect your residual position with this kind of due diligence.
Residual assumptions require periodic inspections. First to make sure the equipment is still there and being used as programmed. However, it is a special way to stay in contact with your customer for more business. One word of caution, always, always inspect the equipment do not take someone's word that it is OK but just not here! Always check serial numbers and do a "complete" inspection. Sloppy inspections or no inspections have caused more losses for the leasing industry than poor credit.
If the above procedures are in place, informed residuals are more comfortable to assume and make it easier to understand. Without checking the equipment the credit decision is only half done! With an equipment review it provides additional information to determine the lease term, the lease rate, and the residual, so you make a solid transaction. The residual is only a part of the lease when done correctly but it frightens credit people that have not done their homework. If you are relying on a funding source you may have to perform these tasks yourself and present them in a package with all phone numbers, emails, and locations of your equipment vendors with copies of the equipment brochures and maintenance suggestions. Sometimes it is smart to provide the maintenance language for the funder to insert in their documents. The more you can do to make the funding source comfortable with your equipment the better chance to get them to accept residuals.
Residual assumptions are a time consuming exercise but the more you do it the better your portfolio will perform. Leasing is not lending and it requires more work but it is very satisfying when done correctly.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at firstname.lastname@example.org or 502-327-8666. He invites your questions and queries.
Previous #102 Columns:
(This ad is a "trade" for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)
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The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
Today's Top Event in History
1864 - General William T. Sherman launches the attack that finally secures Atlanta, Georgia, for the Union, and seals the fate of Confederate General John Bell Hood's army, which is forced to evacuate the area. The Battle of Jonesboro was the culmination of a four-month campaign by Sherman to capture Atlanta. Confederate General William Hardee's corps moved to block Sherman at Jonesboro, and attacked the Union troops on August 31, but the Rebels were thrown back with staggering losses. The entrenched Yankees lost just 178 men, while the Confederates lost nearly 2,000. On September 1, Sherman attacked Hardee. Though the Confederates held, Sherman successfully cut the rail line and effectively trapped the Rebels. Hardee had to abandon his position, and Hood had no choice but to withdraw from Atlanta. The fall of Atlanta was instrumental in securing the reelection of Abraham Lincoln in the fall.
This Day in American History
1685-Caves used for dwellings were ordered evacuated and filled in by the Governor’s Council of Pennsylvania. Early settlers in Pennsylvania, New York and Massachusetts lacked sawmills, even saws, as well as facilities for cutting and using stone. Many poor and rich lived in caves dug into the sides of hills.
1728-Catholic nuns pioneered education in Louisiana. Only nine years after the founding of New Orleans, Ursuline nuns arrived in Louisiana to serve the sick and to teach and train the “casket girls”. These orphaned girls, who carried their belongings in caskets or small trunks, arrived from France as prospective wives of settlers. They received a dress in a casket as a gift for their immigration, introducing a new element into Louisiana society. Since these girls were not inmates of penal institutions, as were many of the predecessors, mostly arrested for prostitution as women had little ways of making money. It became and has remained an nor to be descended from a casket girl. The Ursuline Convent in New Orleans provided the best female education obtainable in the colony. Through the years, the nuns not only instructed young ladies from well-to-do families, but also housed, fed, and taught orphan girls. Sisters of the Sacred Heart founded schools such as St Michael’s Convent in Convent, Louisiana, where the small cypress desk displayed in this gallery was used. Views about female education varied with time and circumstances. Girls were often taught at home by mothers or tutors. Some were taught by French governess or in small private schools. Others attended Common Schools in neighboring towns and boarded with family or friends.
Although fathers in isolated areas might consider female education dangerous, wealthy parents sometimes sent their daughters to France. Young ladies also enrolled in southern or eastern boarding schools, particularly as female seminaries proliferated in the nineteenth century. Regardless of circumstances, most parents viewed female education only as a preparation for marriage, motherhood, and home management.
1827-Birthday of Anna Bartlett, author of numerous books and novels and author of the hymn "Jesus Loves Me, This I Know." Collaborated on several books with her sister Susan Bogert Warner,
Died July 11, 1819.
1842-Birthday of Mary Corinna Putnam Jacobi: deciding to continue her medical training in France, became the first woman to enter "Ecole de Medecine." Graduating with honors, she returned to New York City to become a lecturer in Dr. Elizabeth Blackwell's Medical College and open a private practice. Because of her European training, she felt American women were not getting the quality of medical training they should and she became an exacting instructor as well as the organizer of the Association for the Advancement of the Medical Education of Women to improve the standards of women's medical training. She published more than 100 titles.
1851- Clipper "Flying Cloud" set new record by sailing from New York to San Francisco in 89 days.
1864 - General William T. Sherman launches the attack that finally secures Atlanta, Georgia, for the Union, and seals the fate of Confederate General John Bell Hood's army, which is forced to evacuate the area. The Battle of Jonesboro was the culmination of a four-month campaign by Sherman to capture Atlanta.
Confederate General William Hardee's corps moved to block Sherman at Jonesboro, and attacked the Union troops on August 31, but the Rebels were thrown back with staggering losses. The entrenched Yankees lost just 178 men, while the Confederates lost nearly 2,000. On September 1, Sherman attacked Hardee. Though the Confederates held, Sherman successfully cut the rail line and effectively trapped the Rebels. Hardee had to abandon his position, and Hood had no choice but to withdraw from Atlanta. The fall of Atlanta was instrumental in securing the reelection of Abraham Lincoln in the fall.
1865 - The US Federal government estimated the American Civil War had cost about eight-billion dollars. Human costs have been estimated at more than one-million killed or wounded.
1875- birthday of Edward Stewart ( Eddie) Plank, Baseball Hall of Fame pitcher born at Gettysburg, PA. Plank won more games than any other left-handed pitcher in American League history during a 17-year career.
1881-The first National tennis championship matches were held at Newport Casino, Newport, RI, by the United States Lawn Tennis Association, which introduced the first national uniform conditions. The single match was won by Richard Dudley Sears, who defeated W.E. Glyn 6-0, 6-3 and 6-2. The doubles were won by Clarence Monroe Clark and Frederick W. Taylor
1886- Charleston, SC. The first major earthquake in the recorded history of the eastern US occurred on this date.. Though a number of smaller eastern US quakes had been described and recorded since 1638, this affected persons living in an area of some 2 million square miles. The epicenter was 15 miles northwest of Charleston, where 41 people died, 90 percent of the city’s 6,965 brick buildings were damaged, and nearly all of its 14,000 chimneys were broken off at the roof. Altogether, the earthquake claimed some 100 lives. A series of earthquakes beginning on December 16, 1811, were the most severe in the U.S. history---they changed the course of the Mississippi River and created many new lakes---but the epicenter was in a sparsely populated region and caused no known damage.
1887 - Thomas Edison patented the kinetoscope, the first device for producing motion pictures.
1895- A football team from Latrobe, PA defeated a squad from Jeanette PA, 12-0, which history has regarded as the first professional football game. Latrobe quarterback John Brallier was paid $10 expense money.
1896-Klondike Eldorado Gold Discovery: Two weeks after the Rabbit/Bonanza Creek claim was filed, gold was discovered on Eldorado Creek, a tributary of Bonanza. More than $30 million worth of gold (worth some $600-$700 million in today's dollars) was mined from the Eldorado Claim in 1896.
1900- Mrs. Adolph Ladenburg rides a horse astride in the society spa of Saratoga, NY, and causes a scandal which fortunately doesn't last long because one writer said of the incident, "Farm women have been riding astride as long as there have been horses."
1903 - A Packard made the first completed automobile trip from San Francisco to New York City. The trip took 52 days.
1904- The first African-American Olympic medallist was George C. Poage of the Milwaukee Athletic Club, Milwaukee, WI, who participated in the Third Olympiad at St. Louis, MO. He placed third in the
400-meter hurdles on August 31 and third in the 200-meter hurdles on September 1.
1907--- Writer William Saroyan birthday. (The Human Comedy) born, Fresno, California. In the preface to The Time of Your Life, which won the 1940 Pulitzer Prize for Drama, (which he refused) he urges:
"In the time of your life, live so that in that good time there shall be no ugliness or death for yourself or for any life your life touches. Seek goodness everywhere, andwhere it is found, bring it out of its hiding place & let it be free and unashamed." Saroyan left school at the age of 15 but continued his education by reading & writing on his own, living on his writing from 1920. His stories of the Great Depression celebrated the joy of living in spite of poverty and insecurity. I worked with his brother who was controller at KGO-TV, who was a very generous man.
1907- birthday of Edgar Sampson, born New York City, great jazz arranger and also composer of “Blue Lou,” “ Stompin’ at the Savoy,” “Don’t Be that Way,” much other swing literature.
1910- Glenn Hammond Curtiss flew his biplane over Lake Erie from Euclid Beach Park, Cleveland, OH, to Cedar Point, Sandusky, OH. He flew at an altitude between 400 and 500 feet. The trip took 78 minutes nonstop over a distance of 70 miles to make the first flight over water.
1918- Birthday of Kenneth S. (Kenny) Washington, football player born at Los Angeles, CA. After gaining American honors at UCLA where he was a teammate of Jackie Robinson, Washington and Woody Strode became the first blacks to play in the NFL after World War II, breaking the league’s color barrier with the Los Angeles Rams. He played three seasons and then retired to a career in business. Died at Los Angeles, June 24, 1971. 1920 - The first ever news program was broadcast by the radio station 8MK in Detroit, Michigan. The station had opened its service on August 20.
1928 - Bertolt Brecht's The "Three penny Opera" ("Die Dreigoschenoper") with music by Kurt Weill was premiered in Berlin with Lotte Lenya.
1929-Birthday of Academy Award-winning actor James Coburn, born at Laurel, NE. He rose to fame as the knife thrower in “The Magnificent Seven” and became known for his tough-guy roles in films such as “The Great Escape” and “ Our Man Flint. “ He received an Oscar for his supporting role in 1999’s “Affliction.” He died at Los Angeles, CA, Nov 18, 2002.
1934-The first College All-Star Football Game, matching the defending NFL champion against team of college seniors from the previous season, was played at Chicago’s Soldier Field. Organized by sportswriter Arch Ward, the game was an annual charity affair played through 1976. IN the first game, the Chicago Bears and the All-Stars played to a 0-0 tie before a crowd of 79,432.
1936- Birthday of Marva Collins, founded Chicago's Westside Preparatory School in 1975 in Garfield Park, Illinois, that transforms so-called "unteachable" ghetto children into scholars.
She continues spreading the word.
1938-Frank Sinatra, 23, cuts “All or Nothing at All” with James Band, Columbia records.
1939 - At noon, despite threats of British and French intervention, Nazi leader Adolf Hitler signs an order to attack Poland, and German forces move to the frontier. That evening, Nazi S.S. troops wearing Polish uniforms staged a phony invasion of Germany, damaging several minor installations on the German side of the border. They also left behind a handful of dead German prisoners in Polish uniforms to serve as further evidence of the alleged Polish attack, which Nazi propagandists publicized as an unforgivable act of aggression. At dawn the next morning, 58 German army divisions invaded Poland all across the 1,750-mile frontier. Hitler expected appeasement from Britain and France--the same nations that had given Czechoslovakia away to German conquest in 1938 with their signing of the Munich Pact. However, neither country would allow Hitler's new violation of Europe's borders, and Germany was presented with an ultimatum: Withdraw by September 3 or face war with the Western democracies. At 11:15 a.m. on September 3, a few minutes after the expiration of the British ultimatum, Prime Minister Neville Chamberlain appeared on national radio to announce solemnly that Britain was at war with Germany. Australia, New Zealand, and India immediately followed suit. Later that afternoon, the French ultimatum expired, and at 5:00 p.m. France declared war on Germany. The European phase of World War II began.
1945 - Van Morrison is born in Belfast, Ireland. His biggest hit is the top 10 song ``Domino,'' released in 1970.
1950-KOUMA, ERNEST R. Medal of Honor
Rank and organization: Master Sergeant (then Sfc.) U.S. Army, Company A, 72d Tank Battalion. Place and date: Vicinity of Agok, Korea, 31 August and 1 September 1950. Entered service at: Dwight, Nebr. Born: 23 November 1919, Dwight, Nebr. G.O. No.: 38, 4 June 1951. Citation: M/Sgt. Kouma, a tank commander in Company A, distinguished himself by conspicuous gallantry and intrepidity at the risk of his life above and beyond the call of duty in action against the enemy. His unit was engaged in supporting infantry elements on the Naktong River front. Near midnight on 31 August, a hostile force estimated at 500 crossed the river and launched a fierce attack against the infantry positions, inflicting heavy casualties. A withdrawal was ordered and his armored unit was given the mission of covering the movement until a secondary position could be established. The enemy assault overran 2 tanks, destroyed 1 and forced another to withdraw. Suddenly M/Sgt. Kouma discovered that his tank was the only obstacle in the path of the hostile onslaught. Holding his ground, he gave fire orders to his crew and remained in position throughout the night, fighting off repeated enemy attacks. During 1 fierce assault, the enemy surrounded his tank and he leaped from the armored turret, exposing himself to a hail of hostile fire, manned the .50 caliber machine gun mounted on the rear deck, and delivered pointblank fire into the fanatical foe. His machine gun emptied, he fired his pistol and threw grenades to keep the enemy from his tank. After more than 9 hours of constant combat and close-in fighting, he withdrew his vehicle to friendly lines. During the withdrawal through 8 miles of hostile territory, M/Sgt. Kouma continued to inflict casualties upon the enemy and exhausted his ammunition in destroying 3 hostile machine gun positions. During this action, M/Sgt. Kouma killed an estimated 250 enemy soldiers. His magnificent stand allowed the infantry sufficient time to reestablish defensive positions. Rejoining his company, although suffering intensely from his wounds, he attempted to resupply his tank and return to the battle area. While being evacuated for medical treatment, his courage was again displayed when he requested to return to the front. M/Sgt. Kouma's superb leadership, heroism, and intense devotion to duty reflect the highest credit on himself and uphold the esteemed traditions of the U.S. Army.
Mona Lisa - Nat King Cole
Play a Simple Melody - Bing Crosby
Sam’s Song - Bing & Gary Crosby
Goodnight Irene - Red Foley-Ernest Tubb
1950-First baseman Gil Hodges of the Brooklyn Dodgers become the sixth player in major league history to hit four home runs in one game. He was one of my favorite baseball players, and I got his autograph, too. He added a single as the Dodgers beat the Boston Braves , 19-3.
1951--*LYELL, WILLIAM F. Medal of Honor
Rank and organization: Corporal, U.S. Army, Company F, 17th Infantry Regiment, 7th Infantry Division. Place and date: Near Chup'a-ri, Korea, 31 August 1951. Entered service at: Old Hickory, Tenn. Birth: Hickman County, Tenn. G.O. No.: 4, 9 January 1953. Citation: Cpl. Lyell, a member of Company F, distinguished himself by conspicuous gallantry and outstanding courage above and beyond the call of duty in action against the enemy. When his platoon leader was killed, Cpl. Lyell assumed command and led his unit in an assault on strongly fortified enemy positions located on commanding terrain. When his platoon came under vicious, raking fire which halted the forward movement, Cpl. Lyell seized a 57mm. recoilless rifle and unhesitatingly moved ahead to a suitable firing position from which he delivered deadly accurate fire completely destroying an enemy bunker, killing its occupants. He then returned to his platoon and was resuming the assault when the unit was again subjected to intense hostile fire from 2 other bunkers. Disregarding his personal safety, armed with grenades he charged forward hurling grenades into 1 of the enemy emplacements, and although painfully wounded in this action he pressed on destroying the bunker and killing 6 of the foe. He then continued his attack against a third enemy position, throwing grenades as he ran forward, annihilating 4 enemy soldiers. He then led his platoon to the north slope of the hill where positions were occupied from which effective fire was delivered against the enemy in support of friendly troops moving up. Fearlessly exposing himself to enemy fire, he continuously moved about directing and encouraging his men until he was mortally wounded by enemy mortar fire. Cpl. Lyell's extraordinary heroism, indomitable courage, and aggressive leadership reflect great credit on himself and are in keeping with the highest traditions of the military service.
1953---Birthday of American composer Peter Scott Lewis, born San Rafael, CA.
1954 - Hurricane Carol swept across eastern New England killing sixty persons and causing 450 million dollars damage. It was the first of three hurricanes to affect New England that year
1955- William G. Cobb of the General Motors Corporation gave a publicly demonstration of a solar- powered car. It had 12 photoelectric cells made of selenium which converted light into electric current.
The current powered a tiny electric motor with a drive shaft connected to the rear axle by a pulley. It
was to be the car of the future, with full production before 1960.
Nel Blu Dipinto Di Blu (Volare) - Domenico Modugno
Little Star - The Elegants
My True Love - Jack Scott
Blue Blue Day - Don Gibson
1958 -- Fidel Castro, Che Guevara and their rag-tag rebel army begin their destruction of the US-supported and Mafia-controlled dictatorship. Juan Batista said he could control the “minor rebellion” and the US believed him, as well as decades of other dictators in Central and South American countries, who were supported because they were “anti-Communist.”
1963-The Ronettes single, "Be My Baby" enters the chart.
1963- "My Boyfriend's Back" by the Angels topped the charts and stayed there for 3 weeks.
Summer in the City - The Lovin’ Spoonful
Sunny - Bobby Hebb
See You in September - The Happenings
Almost Persuaded - David Houston
1968-Cream's "Fresh Cream" enters the LP chart. It contains the hit single, "Sunshine Of Your Love."
1968-Decca Records releases what has been called The Rolling Stones most political song, "Street Fighting Man". The number was written after Mick Jagger attended a March 1968 anti-war rally at London's US embassy, during which mounted police attempted to control a crowd of 25,000. The single proved to be very popular, but was kept out of the US Top 40 (reaching #48) because many radio stations refused to play it based on what were perceived as subversive lyrics.
1970 - Debbie Gibson is born on Long Island, N.Y.
1971 - The low of 84 degrees and high of 108 degrees at Death Valley, CA, were the coolest of the month. The average daily high was 115.7 degrees that August, and the average daily low was 93.4 degrees
1973--Paul McCartney receives a Gold record for "Live and Let Die".
(You’re) Having My Baby - Paul Anka
I Shot the Sheriff - Eric Clapton
Tell Me Something Good - Rufus
The Grand Tour - George Jones
1974 - ``The Partridge Family'' television show ends, leaving David Cassidy free to pursue a solo music career.
1974-- Carole King's 'Jazzman' released in US.
1976- “Alice” premiers on TV. Linda Lavin played the title role in this CBS comedy that was based on the 1975 film “Alice Doesn’t Live Here Anymore.” Alice Hyatt was the new girl in town---a widow raising her son while trying to make ends meet by waitressing at a diner. She had dreams of making it big as a singer. Nine years later, Alice was able to leave her “temp” job for a gig. Lavin’s co-stars were: Vic Tayback as diner owner Mel Sharples. Philip McKeon as Alice’s son Tommy. Beth Howland as the waitress Vera Gorman. Polly Holiday as sassy waitress Flo Castleberry. Diane Ladd as Flor’s replacement Belle Dupree, Celia Weston as waitress Jolene Hunnicutt., Martha Raye as Mel’s mother Carrie and Marvin Kaplan as customer Henry Bessmyer. The last telecast aired on July 2, 1985.
1976-George Harrison is found guilty of "subconscious plagiarism" of the Chiffons hit "He's So Fine" in his "My Sweet Lord.
1980-Pat Benatar's "Crimes Of Passion" LP enters the chart. The album features her signature song "Hit Me With Your Best Shot."
Eye of the Tiger - Survivor
Hurts So Good - John Cougar
Abracadabra - The Steve Miller Band
Fool Hearted Memory - George Strait
1984 - Lightning ignited several forest fires in Montana, one of which burned through 100,000 acres of timber and grassland.
1985-Bryan Adams' "Summer of '69" peaks at #5 on the pop singles chart while Billy Joel's "You're Only Human (Second Wind)" peaks at #9
1987 - The largest preorder of albums in the CBS Records history occurred when 2.25 million copies of Michael Jackson’s "Bad" album were shipped to record stores. The LP was the follow up to "Thriller", the biggest Jackson-seller of all time which sold 35 million copies. The "Bad" album was successful by normal standards, but flopped compared to "Thriller," selling only 13 million copies.
1987 - Eight cities in Washington and Oregon reported record high temperatures for the date, including Eugene OR and Portland OR with afternoon highs of 102 degrees. The high of 102 degrees at Portland smashed their previous record for the date by twelve degrees. Frost was reported in South Dakota. Aberdeen SD established a record for the month of August with a morning low of 32 degrees, and Britton SD dipped to 31 degrees.
1988- Five-day power blackout of downtown Seattle begins.
1988- Baseball owners were found guilty of collusion against free agents was the finding of an arbitrator against the owners of the major league baseball clubs. These owners, the ruling said, violated baseball’s collective bargaining agreement in relation to 79 players who became free agents at the end of the 1986 season. Almost none of the clubs attempted to sign such players from other clubs. It was a “freeze out.” A week later the owners put in a new baseball commissioner and the argument
continued over “monetary damages” the owners lost again in 1987, when the same ruling was made for free agents from the prior year, 1985.
1989 - Thunderstorms developing along a stationary front spread severe weather from Minnesota to Indiana through the course of the day and night. Thunderstorms in Minnesota produced baseball size hail near Saint Michael and Hutchinson, and drenched Moose Lake with nine inches of rain in six hours. Tucson AZ hit 100 degrees for a record 79th time in the year, surpassing a record established the previous year.
1990-- Ken Griffey, Jr, 20, and Ken Griffey, Sr, 40 , made major league history by becoming the first father and son to play together in the same game. They played for the Seattle Mariners in a game against the Kansas City Royals.
Vision of Love - Mariah Carey
Come Back to Me - Janet Jackson
If Wishes Came True - Sweet Sensation
1991 - Metallica's self-titled album debuts at No. 1 on Billboard's pop album chart.
1995 - The Rock and Roll Hall of Fame and Museum opens in Cleveland. The city is argued to be the birthplace of rock beginning in the rooms of radio station WMMS, where disc jockey Alan Freed coined the term ``rock 'n' roll'' in the early 1950s.
1996-Oklahoma State University defeated Southwest Missouri State University, 23-20, in the first Division I-A college football game to be decided in overtime. The game was tied, 17-17, at the end of regulation time. Under new rules effective that year, Southwest Missouri State go the ball first in overtime and kicked a 47-yard field goal. Oklahoma State then got the ball and answered with a 13-yard touchdown run.
1997 - Lady Diana Spencer, former wife of Charles, Prince of Wales, was killed along with her companion Dodi Fayed in a car accident in Paris. Tests conducted by French police indicated that the driver, who also perished in the crash, was intoxicated and likely caused the accident while trying to escape the paparazzi photographers who were following them.
2001-- Due to the fact Little League World Series star pitcher Danny Almonte is 14 years old, not 12 as required by the organization's rules, the Raulindo Paulino All-Stars are stripped of all its wins. The team, which had captured the heart of the community, finished third in Williamsport and were given a parade in New York and honored before a game at Yankee Stadium.
2002-Losing their 13th consecutive game at Shea Stadium to Randy Wolf and the Phillies, 1-0, the Mets complete the worst month at home in National League history. The Amazins' join the Seattle Pilots (August-1969 ) and the Tigers (September-1996) as teams that have not won a home game in a calendar month with at least ten games.
At the Convention
of a pen
Written by Dan Zamudio, "Catcher in the Wry,"
baseball poems, published by McFarland 7 Company
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
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