Newark telecom files for Chap by jianghongl


									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 or
see Career Opportunities
About the Company: Pacific Capital Bancorp is a $5+ billion, multi-
bank holding company dedicated to providing an enduring network of
community banks on the Central Coast of California. This unique
partnership of independent banks provides customers in six California
counties with the financial strength and product diversity of a big
bank, delivered with the responsiveness and personalized attention of
a local community bank.

              Thursday, July 8,2004


  Classified Ads---Contract Administrator
            Archives— Bob Rodi—Dot Com Honeymoon Over
      NorVergence files for Chapter 11
86% SBA State Contest Winners Currently Lease Equipment
  Classified Ads---Help Wanted
     EFG signs new Credit Agreement/Q-1 Release
           Satisfies NYSE Continued Listing Compliance Plan
             Capital Crossing Bank Added to Russell 3000
             News Briefs---
             “Gimme that Wine”
                 This Day in American History
                   Baseball Poem

######## surrounding the article denotes it is a “press release”

        Classified Ads---Contract Administrator

Contract Administrator: Los Angeles, CA Documentation Manager; 25+ years
experience; strong documentation skills; solid reputation for submitting complete funding
packages consistently resulting in same day fundings; will consider reasonable commute.
Contract Administrator: New York, NY.
10+ years in equipment leasing/secured lending. Skilled in management & training,
documentation, policy and procedure development & implementation, portfolio
reporting. Strong work ethic.

Contract Administrator: Portland, OR.
6+ years small ticket leasing/financing. Documentation/funding
Policy development &implementation, management &training, process mapping,
customer service, broker, vendor, portfolio experience.

Contract Administrator: Ridgewood, NJ.
Organized person with two years leasing experience to document and book deals. Work
with customers, vendors and funding sources to process, fund and track leases.

Contract Administrator: San Diego, CA.
16 years experience with Capital Equipment and Semiconductor Manufacturing
equipment leasing for Asia/Europe/US. Strong communication, documentation,
management, negotiation, and training skills.

Contract Administrator: Schaumburg, IL
10 yrs. small/mid-ticket leasing. Proficient in documentation, funding and legal. Worked
with brokers, portfolio purchases, vendor programs, municipal transactions. Prefer to stay
in Suburban Illinois.

 Full list of all jobs wanted at:


From Our Archives—July 8, 2000 Bob Rodi—Dot Com Honeymoon Over

( While this is long, there are many profound and excellent observations from a leader in
the leasing field with perhaps more internet experience than anyone in the leasing
business, and also the internet business itself. His comments and observations should be
taken very seriously and may help brokers,lessors and funders survive, plus make more
money---editor ).

A response to Travis Foxx whose points are all well taken. Travis states that customers
are "getting used to accepting less customer service". In 1989 when we were putting our
original Prodigy site together this concept was being described as "The Customer as Co-
Producer". This a highly desirable but elusive concept. We have been trying to engineer
this for over 10 years and while we have had some good success it is only recently that
customers (vendors) are taking a real interest in this. In the early days, when there were
only front end systems, the customers responded but quickly learned that service was no
faster than faxing an application to the lender. Now that many of us are wired "front to
back" and can deliver "rapid response" service (often a couple of minutes or less in some
cases) the "personal" service is becoming the value added that people respond to. Travis's
statistics are right on the money and I am very familiar with them. I would like to offer
up one of my own that, I believe, supports the "high tech/high touch" methodology
endorsed by John Nesbitt in his book of the same name. Charles Schwab, arguably the
most successful of the "on line" brokerages took to opening local offices to support their
internet based clients. In the areas where these offices opened, business increased an
incredible 500% in the first year the "local" presence was established. Having been
involved in the first initiatives that involved automation in the leasing industry I
understand why Schwab has had this kind of success employing old fashioned customer
service methods. If a business model offers the "high touch" aspect, along with the
automation, even if the price is slightly higher, the customer will reward the company
with their business. I can almost guarantee that the more desirable customer, who is used
to personal service, will respond even more. The simple fact also remains that when we
are talking about a $15-20K transaction,(the transaction size that is most likely to
experience the most initial success on the internet)we are only talking about a few dollars
difference between what most people would call a "great rate" as opposed to a
competitive rate. I repeat what I said many times. There just isn't enough of a proprietary
price or service advantage to have people flocking to these web sites. Do we even know
what price or service advantage it would take? Travis is right in that everyone is
"struggling with the customer service issue". I often question the amount of resources that
go into proving that these models can work. Is it for the customer who will ultimately be
served, or is it an ego trip for the whiz kids who write these plans, or is it for the poor
injured VC people who might have to pick up their chips and go home losers after they
thought they had discovered the secret of invulnerability in the internet business plans
they fund.

With respect to fraud I believe that it will be rampant and uncontrolled on these sights.
The cost of controlling that alone may price them out of the market and the first major
internet commercial lending fraud will scare the ever timid banks right out of the market.
How will the VC funded dotcoms respond if and when they are called on their reps and
warranties by one of the banks or lenders that bought these deals? If they make it the
responsibility of the lender to check and verify everything how will those costs effect the
pricing to the customer? I'm still haven't heard one of these company representatives say
how they will mitigate risk for their funding sources which has always been one of the
primary jobs of the good broker/lessor.

Most of what Travis stated was very true and correct. The one exception I take is this. It
is the technology and the Internet itself that is the force to be reckoned with. The dotcoms
pose almost no threat. Failure to take our current business processes, which are designed
to mitigate risk and ensure profitability, and automate them is the real danger to the
broker/lessor. Many of the "inefficiencies" that Mr. Ross refers to, have been built into
our business process so that we don't become the victims of fraud, delinquency and
losses. Anyone who automates the process, writes the business and does not address this
issue is doomed to abject failure. If anyone doubts me just look at Kit's now famous
"list"...And that's just the most recent history. I believe that the "honeymoon" period for
the dotcoms is just about over. Everyone will be looking to see which of the dotcoms
report profitable results or even generate a significant enough revenue stream to warrant
additional investment.

In closing please remember that all of you have spent your careers "differentiating" your
companies from your competitors. Embrace automation and use it to enhance the
differentiation and reputation you have already established. Don't fall prey to the hype
that your read in press releases. Remember that the dotcoms pay people large sums of
money to pepper the airwaves with those releases. That is how they sell more stock and
generate interest in their IPO. It isn't about success in the leasing business. It's about a
successful IPO that will make the founders millions. It's the gold rush and these guys are
just the modern version of the "Forty-niners". Some of them will make a fortune which
will create a bunch of great stories to tell at our leasing conferences. A few, who actually
have major backing and management teams may have an impact on certain market
segments but Travis, Kit, Hal and I will hopefully be comfortably retired before they
"dominate" our industry.

Bob Rodi



NorVergence files for Chapter 11

 by Christopher Menkin

The June 30 involuntary bankruptcy petition record. The three
creditors in the petition have claims totaling $1.4 million against the

Assigned to: Chief Judge Rosemary Gambardella
Chapter 11 Involuntary
Date Filed: 06/30/2004

 NorVergence, Inc.
550 Broad Street
12th Floor
Newark, NJ 07102
Tax id: 75-3068888

Popular Leasing USA, Inc.
c/o R. Daniel Kinealy
15933 Clayton Road
Ste. 200
Ballwin, MO 63011
Petitioning Creditor
 represented by
 Peter J. Deeb
Frey, Petrakis, Deeb, Blum, Briggs etal.
10 Melrose Avenue
Suite 430
Cherry Hill, NJ 08003
(856) 216-2322

OFC Capital, a Division of ALFA Financial Corporation
c/o Robert Leas
576 Colonial Park Drive
Suite 200
Roswell, GA 30075
Petitioning Creditor
 represented by
 Peter J. Deeb
(See above for address)

Partners Equity Capital Company, LLC
c/o Martin F. Babicki
655 Business Center Drive
Suite 250
Horsham, PA 19044
Petitioning Creditor
 represented by
 Peter J. Deeb
(See above for address)
Filing Date # Docket Text
 Chapter 11 Involuntary Petition. Receipt Number 279051, Fee Amount $839. Filed IN
RE: NorVergence, Inc. (ld) Modified on 7/2/2004 TO REFLECT RECEIPT WRITTEN
7/2/04 (ld). (Entered: 07/01/2004)


Petitioning Creditors, Popular Leasing USA, Inc.; OFC Capital, a Division of ALFA
Financial Corporation; and Partners Equity Capital Company, LLC, all represented by
Peter J. Deeb added to case. (ld) (Entered: 07/01/2004)

 Involuntary Summons Issued Counsel for Petitioning Creditors, Popular Leasing USA,
Inc., OFC Capital, and Partners Equity Capital Company, LLC, for service on
NorVergence, Inc. Answer to Involuntary Petition due by 8/2/2004. (ld) (Entered:

 Notice of Hearing for Status Conference: (related document:1 Involuntary Petition
(Chapter 11) filed by Debtor NorVergence, Inc.). Hearing scheduled for 8/30/2004 at
10:00 AM at RG - Courtroom 3E, Newark. (rf, ) (Entered: 07/02/2004)

 Motion for Relief from Stay. Fee Amount $ 150. Filed by Boris I. Mankovetskiy on
behalf of Qwest Communications Corporation. (Attachments: # 1 Application
Application in Support of Emergency Motion# 2 Affidavit Affidavit of Andrew
Sherman# (3) Affidavit Affidavit of Pamela McCoy) (Mankovetskiy, Boris) (Entered:


 Receipt of filing fee for Motion for Relief From Stay(04-32079-RG) [motion,mrlfsty] (
150.00). Receipt number 0312B3953749, amount $ 150.00. (U.S. Treasury) (Entered:

 Application to Shorten Time (related document:4 Motion for Relief from Stay. Fee
Amount $ 150. filed by Creditor Qwest Communications Corporation) Filed by Boris I.
Mankovetskiy on behalf of Qwest Communications Corporation. (Attachments: # 1
Proposed Order proposed Order Shortening Time of Notice of Hearing on Emergency
Motion) (Mankovetskiy, Boris) (Entered: 07/06/2004)

 Notice of Appearance and Request for Service of Notice filed by James S. Carr on behalf
of Access Integrated Technologies, Inc.. (Carr, James) (Entered: 07/06/2004)

 Order Granting Application to Shorten Time (related document:4 Motion for Relief from
Stay . Fee Amount $ 150. filed by Creditor Qwest Communications Corporation). The
following parties were served: debtor, UST, movant. Signed on 7/6/2004. Hearing
scheduled for 7/8/2004 at 10:00 AM at RG - Courtroom 3E, Newark. (mg, ) (Entered:

About a month ago, Norvergence became very clever and manipulated
the Google and other search engines by putting their web sites and
sub websites before the others, which include complaints. They even
changed one to , which is really their own,
obviously to hide the other that has fraud in and complaints
from users.

The people who were communicating on the web site got pushed way
back, including stories Leasing News was writing---so at first, unless
you hunt, you won't find the meat.

The New Jersey Star-Leger says $15 million is owed to Qwest and
the reason for Chapter 11. The employees tell another story, plus
there are state and federal sales tax and federal communication tax,
that Norvergence may be responsible ( if you look at your telephone
bill you will find a lot of misc. taxes, and most likely Norvergence has
not paid them.)
The great majority of the Norvergence “systems” were leased by third
parties that Norvergence organized. Robert Fine was in charge of this.
Leasing News could not reach him. Perhaps he is no longer employed
by the company. Yes, he is also the president of the Eastern
Association of Equipment Lessors.

Newspaper reporters are contacting us trying to determine what the
actual sales may have been, and primarily the dollar amount involved.
Evidently $15 million is small today. They want it to be larger.

In reality, we all need to see their actual sales, which the bankruptcy
papers may list, and it also depends if the house of cards fall apart.
My guess is around $25 million. It could go as high as $75 to $100
million over a five year period, but a good guess is $25 million will
be the debt eventually claimed..

If the lessee stop paying the lease payments, I doubt that there is any
"recourse" to Norvergence, although there could be what is known in
the trade is "representation and warrants" by Norvergence that could
be utilized to bring responsibility for lack of the lease payments to
Norvergence. Then it would be $50 million over five years, and with
all the other factors, yes, this could be $100 million. If there is a class
action suit, the attorney fees could be anywhere from $3 to $5 million,
so add these figures into the pot. This figure most
likely will not be known for about a year...and it is a good notion that
this will move from a Chapter 11 to a Chapter 7 and that is why I say
about a year to find out the actual numbers.

The Telecom Agent’s Association EDITORIAL OPINION is as follows:
“When the banks take a good look at what they have inherited, they
will quickly determine that they are in their full rights to require that
the Matrix lease holders pay in full for a box that is providing little or
no value. The banks will also determine that all the money the Matrix
lease holders are required by their lease to pay leave no money left
over to actually pay for network usage.

“TAA's prediction is that the chapter 11 will move to chapter 7 when it
becomes obvious to the banks that no tangible assets exist, no
workable business model exists, no "goodwill" for the company exists,
no extra money exists to purchase the needed network usage required
to provide service through the Matrix boxes and that the Matrix box
lease holders will be forced by the banks to honor their leases. It is
further predicted by TAA that the current network service providers
(Qwest & the cell phone companies) for Norvergence will discontinue
providing service as soon as the courts allow.


To learn more, you must register, which is free, by going to:

Here is the New Jersey Star-Ledger latest article:

NorVergence in debt to tune of $15 million

New Jersey Star-Ledger Staff

NorVergence, a once-hot telecommunications provider, was forced into
bankruptcy court by three creditors who say the Newark company was
not paying its bills.

The involuntary petition for Chapter 11 bankruptcy protection, filed
late last week but posted online over the weekend, portrayed a
company sinking under millions of dollars of debt.

The move leaves approximately 10,000 customers, mostly small and
mid-sized businesses who use NorVergence for telephone and Internet
service, in limbo. And the news was no better for many of
NorVergence's employees. They were sent home for good last week.

When closely held NorVergence came to town in 2001, the company
was touted as an important source of new jobs in Newark's troubled
downtown area. NorVergence, at its most basic, bought whole
telecommunications service and resold it.
But layoffs and allegations of bounced checks and poor service have
dogged the company.

NorVergence executives have declined to comment on the company's
status. But the filing confirmed speculation that circulated for weeks
about the company's precarious financial status.

The three companies named as creditors -- Popular Leasing USA, of
Ballwin, Mo.; OFC Capital, a division of ALFA Financial, of Roswell, Ga.;
and Partners Equity Capital, of Horsham, Pa. -- have accumulated a
debt of at least $11,625, the threshold needed to file an involuntary
petition for bankruptcy.

But court documents show NorVergence owes $15 million to another
creditor, Denver-based telephone giant Qwest Communications. A
hearing on that claim is scheduled for tomorrow in Newark.

"We have a wholesale relationship with NorVergence in which we
provide them with services, and we will continue to provide the
company service until the bankruptcy court allows us to discontinue
service," said Claire Mylott, a spokeswoman for Qwest.

"We believe that NorVergence has an obligation to pay all of its
outstanding obligations, including those to Qwest."

Under an involuntary bankruptcy petition, the targeted company has
30 days to respond. If the company disputes the allegations by the
creditors, a trial will be scheduled.

NorVergence's problems apparently came to a head Thursday when,
according to several former employees, company Chief Executive Peter
Salzano announced the company had filed for bankruptcy. When
Salzano delivered the news to NorVergence's employees, he told many
it would be their last day of work at the company. The company
declined to say how many workers were let go.

Salzano was distressed as he moved through NorVergence's offices on
550 Broad St. announcing the news, said Ernest Slyman, an employee
of the company since September. As he made the announcement,
people grew upset, Slyman said, and "there were a lot of demands,
lots of shouting."
A man in a NorVergence polo shirt blocked the door to the company's
third-floor office on Thursday afternoon, refusing to comment. Former
employees poured out of the office, though some carried boxes filled
with sundry items from the office such as staplers and CD racks. These
former employees said they'd been told the company had filed for
some form of bankruptcy.

After working at NorVergence for three months, Quadriyyah Griffin,
25, was fired Thursday. She had not been paid in two weeks.

"In a way, we saw it coming," she said. "But you didn't want to believe

Dan Baldwin also saw signs that NorVergence was floundering. The
founder of, a membership Web site that provides
industry news for telecom users, distributors and providers, Baldwin
said he long questioned NorVergence's business plan.

Under that plan, companies signed long-term leases for phone and
Internet services at locked-in rates, much like a fixed-rate mortgage
on a house. But this arrangement would have required a "miracle" to
be profitable, Baldwin said. NorVergence was betting that once a
company was locked in at a certain price, the going wholesale rate for
phone and Internet service would drop, giving NorVergence a profit,
he said. That did not happen, he said.

Still, creditors who provided NorVergence with services were not in a
position turn down new business, because the telecommunications
industry has been battered in recent years, he said.

"When the Golden Goose is knocking out golden eggs, and the
ancillary venders and the leasing companies are having a hard time
making money, the companies are going to put out their hands and
turn a blind eye to the fact that the golden eggs are somewhat stinky,"
Baldwin said.

Henry C. Jackson can be reached at or (973)


86 Percent of SBA State Contest Winners Currently Lease Equipment,
Says New Survey
 ELT News

The Equipment Leasing Association (ELA) today released survey
results from the Small Business Administration’s 50 state contest
winners’ on their habits and reasons for leasing equipment. Of the 23
respondents, 86 percent currently lease equipment with 62 percent
saying they have leased in the past. More than 80 percent agree that
leasing equipment is a good business strategy for meeting the
demands of small businesses. ELA has surveyed the SBA winners for
the last three years and results show that the percentage of survey
participants who agreed that equipment leasing is a good business
strategy increased from 74 percent in 2002, to 77 percent in 2003 to
81 percent in 2004. (Note: Survey respondents differ each year.)

Office equipment, computers and trucks/vehicles are the top
equipment types leased, with 38 percent, 33 percent and 29 percent of
respondents, respectively, leasing in those categories. More than 40
percent of respondents reported their need for technology equipment
increased disproportionately to other equipment needs.

Other key findings:

- Consistent expenses in budget plans is the top reported perceived
benefit of equipment leasing with 48 percent of the respondents
selecting this attribute. Increased cash flow followed as the second
highest perceived benefit with 43 percent of respondents noting this
attribute. Ability to have the latest equipment was the third most
recognized benefit with 38 percent of respondents selecting this

- When evaluating financing options for equipment procurement, cash
is number one competitor with 95 percent of survey participants
considering this vehicle. Nearly half consider a bank loan, followed by
38 percent evaluating leasing for equipment acquisition.

- 62 percent of the respondents stated that the economic climate
affects their equipment acquisition decisions, with interest rates most
often cited as the determining factor whether or not to finance
equipment (by 24 percent of respondents).

- Compared to previous years, the percentage of respondents who
currently lease (86 percent) increased over the two previous years’
percentages of respondents who were leasing (65 percent in 2003, 67
percent in 2002).

Office equipment has been the top equipment type leased for the last
three years.

               Classified Ads---Help Wanted

            Account Executive

Account Executive: Leasing professional in the small to middle market
with at least 3 years business development and direct sales
experience. Dallas, Denver or Chicago location. Strong
commission plan plus benefits. E-Mail
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, products and convenience for
businesses, families and individuals seeking a complete banking
relationship. Check out our website @

    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 or
see Career Opportunities
About the Company: Pacific Capital Bancorp is a $5+ billion, multi-
bank holding company dedicated to providing an enduring network of
community banks on the Central Coast of California. This unique
partnership of independent banks provides customers in six California
counties with the financial strength and product diversity of a big
bank, delivered with the responsiveness and personalized attention of
a local community bank.

       Marketing 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 credit and pricing.


Sales: Long Established West Coast Co., lessor/broker looking to
expand. Top commission/salary/bonus. Organized with sales
experience in small/mid size leases a necessity. Home
office OK. Experienced back office support.Contact
About the Company:

Sales: Established 20-year full service lessor seeks sales professional
in small or mid ticket markets. Earn high commissions, with benefits.
Russ@pacifica-capital.comAbout the Company:


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, Recruitment brochure

#### Press Release #############################

Equipment Financing Group, Inc. signs new Credit Agreement/Q-1
Equipment Financing Group, Inc. has entered into a new 12 month
license agreement with the Fair Isaac Company. EFG will be rolling out
the new version of Liquid Credit scoring engine on July 12. EFG have
also signed a 12 month agreement with AgFirst Farm Credit to support
the platform for the new system. For additional information on this
program please feel free to contact our office.

Steven Davis reported Q-1 financial lease revenue of $12,400,000 and
an average lease amount of $68,520.00. This is an increase over same
period 2003 of 19.85%. This increase was attributed to lower cost of
funds and new deferred payment programs being offered to our

Equipment Financing Group, Inc. ( is a leading
small ticket funding source located in Fresno California. The company
operates additional offices in Los Angeles, Michigan, and Pennsylvania.
Started in 1992 the company has shown tremendous growth in the last
18 months. Equipment Financing Group, Inc. also plans to release its
limited franchise offices in April of this year.

All trademarks, service marks and company names are the property of
Equipment Financing Group, Inc.

For Additional information:

Steven Davis, Equipment Financing Group, Inc.
1617 W. Shaw Ave Suite #F & #H
Fresno, CA. 93711
Phone: 888-808-3065 ext #27
Fax: 888-808-5005

### Press Release

Continued Listing Compliance Plan

WOBURN, Mass.----MicroFinancial Incorporated (NYSE:MFI) announced
today that the Company has been notified by the New York Stock
Exchange {NYSE} that the Company has been removed from the
NYSE's "Watch List" and is now considered a "Company in Good
Standing" in accordance with the NYSE's continued listing standards
currently in effect. The NYSE's decision comes as a result of
MicroFinancial Incorporated's consistent positive performance with
respect to the achievement of the goals and objectives outlined in its
continued listing plan, the previous cure of its share price non
compliance, and the achievement of a minimum of $15 million of
market capitalization based upon a 30 day trading average over the
NYSE's past four quarterly monitoring periods.

   The Company has been preliminarily notified by the NYSE of a
pending rule change on eligibility for continued listing. The Company
will continue to monitor the status of this proposed change and any
effect it might have on the Company's compliance with continued
listing standards going forward.

  In accordance with the NYSE's guidelines, the Company will be
subject to a 12-month follow-up period to ensure that it remains in
compliance with the NYSE's continued listing standards and will
continue to be subject to its routine continued listing monitoring

  About MicroFinancial

   MicroFinancial Inc. (NYSE:MFI), headquartered in Woburn, MA, is a
financial intermediary specializing in leasing and financing for products
in the $500 to $10,000 range. The company has been in operation
since 1986.

CONTACT: MicroFinancial Incorporated Richard F. Latour, 781-994-

### Press Release ##############################

Capital Crossing Bank Added to Russell 3000 and Russell 2000 Indexes

BOSTON----Capital Crossing Bank (NASDAQ:CAPX) (the "Bank")
announced today that it has been added to the newly-reconstituted
Russell 3000(R) and Russell 2000(R) Indexes maintained by Russell
Investment Group. The annual reconstitution captures the 3,000
largest U.S. stocks as of the end of May, ranking them by total market
capitalization to create the Russell 3000. The largest 1,000 companies
in the ranking comprise the Russell 1000 while the remaining 2,000
companies become the widely used Russell 2000.

  "We are delighted to have been added to the Russell 3000 and
Russell 2000," commented Nicholas W. Lazares, the Bank's Chairman
and Co-Chief Executive Officer. "The inclusion of Capital Crossing Bank
in these indexes will enhance our visibility among investors as well as
provide the opportunity to broaden our shareholder base."

   Capital Crossing Bank is a Massachusetts-chartered, FDIC-insured
trust company with $959 million in assets as of March 31, 2004. The
Bank operates as a commercial bank, providing financial products and
services to customers through its executive and main offices in Boston,
its website at, and through its leasing
subsidiary Dolphin Capital Corp. located in Moberly, Missouri. The Bank
specializes in purchasing loans, primarily secured by commercial,
multi-family and one-to-four family residential real estate and other
business assets.

CONTACT: Capital Crossing Bank Nicholas W. Lazares, 617-880-1000
Chairman and Co-Chief Executive Officer    or Capital Crossing Bank
Richard Wayne, 617-880-1000          President and Co-Chief
Executive Officer

### Press Release ##############################

  News Briefs----

Tyco 'Bonus' Was a Cover-Up, Larceny Trial Jurors Are Told

Group warns users away from Internet Explorer

Yahoo Battered On Revenue Miss

Spam can hurt in more ways than one

Shell's plan to close Calif. refinery draws FTC scrutiny


   “Gimme that Wine”

Anthony Terlato Wins Wine Spectator Award,1145,2529,00.html

Macari Vineyards on the block for $9.5M

A new generation takes reins at Gallo

At Belle Pente winery, it's all about flavor

Savor the adaptable wines of the Rhone Valley


            This Day in American History

  July 8, 1908-Louis Jordan Birthday
  1584-In a letter dated this date from Giovanni da Verrazano, the Florentine
explorer, to Francis I, king of France “...took a Native American) childe
from...(an) olde woman to bring into France, and going about to take...(a) young
woman which was very beautiful and of tall stature, they could not possibly, for
the great outcries that she made, bring her to the sea; and especially having great
woods to pass through and being farre from the ship, we purposed to leave her
behinde, beareing away the childe only.” The diaries and letters of the day
describe encounters with Indians, capturing them for slaves, describing Native
American life.
   1775- Representatives of New Hampshire, Massachusetts Bay, Rhode Island,
Providence, Connecticut, New York, New Jersey, Pennsylvania, Delaware,
Maryland, Virginia, North Carolina and South Carolina signed a petition from the
Congress to the King (George III), a final attempt by moderates in the Second
Continental Congress to avoid a complete break with England. After the American
Revolutionary War over 300,000 loyalist citizens to King George returned to
England ( more than a third of the population was “loyal” to the king.) Many
also elected to remain in the United Colonies, as it was then called.
  1776- the first public reading of the Declaration was given by Colonel John
Nixon to the assembled residents at Philadelphia’s Independence Square. He had
been chosen
by the sheriff of Philadelphia ( in those days, the highest ranking citizen of
a town as per English tradition ). The next day the Declaration was read before
George Washington’s troops in New York City.
1844- Mary Johnson Bailey Lincoln birthday - teacher at the Boston Cooking
School who authored the great Boston Cook Book which contained the daringly
innovative recipe measurement methods as well as explaining the how’s of
cooking, hygiene, and nutrition. Most publishers frowned on such books because
women were thought to be born with the innate knowledge of cooking. Publishers
thought such directions were unnecessary and women would refuse to buy the
"insulting" books. The Boston Cook Book became an instant best seller.
  1846-U.S. Annexes California. San Francisco had a town of 96 votes
with fifty dwellings.
 1850-The overland gold rush to California through Fort Laramie, Wyo., involved
42,300 emigrants and 9720 wagons between January 1 and July 8. Over 90% of
the population of California was male. Nine years later men still outnumbered
women six to one.
     1853-Admiral Perry and US Navy “visit” Japan
    1856-Charles E. Barnes of Lowell, MA, obtained a patent on an “improved
automatic cannon.” It was operated by a crank, the speed of firing depending
upon the speed with which the crank was turned. It was primitive and before
the “metal gun cartridge.” Richard J. Gatling of Indianapolis, Indiana obtained
a patent on November 4, 1862, on “ an improvement in revolving battery guns.”
The first gun, which fired 250 shots a minute, was made in Indianapolis. Dr.
Richard Jordan Gatling, a medical doctor with numerous patents in farm
equipment to his credit, devised the famous Model 1862 “Revolving Battery Gun”
now simply referred to as the Gatling gun. Although not first to manufacture a
multi-fire weapon, he was the first to produce a reliable, rapid fire, “machine gun.”
The rest, as they say, is history. The Gatling gun was a hand-crank-operated
weapon, comprised of six barrels revolving around a central shaft. The original
gun was actually designed to fire the standard military issue paper cartridge of the
day, .58 caliber. The paper cartridge was placed inside a steel or brass chamber
with percussion nipple on the back end just like muzzle loading rifles and pistols
of the time. The cartridges were gravity-fed through a hopper mounted on the top
of the gun. Six cam-operated bolts alternately wedged, fired, and dropped the
bullets, which were contained in steel chambers. Gatling used the six barrels to
partially cool the gun during firing. Since the gun was capable of firing 600 rounds
a minute, each barrel fired 100 rounds per minute. Major General Benjamin F.
Butler purchased 12 Model 1862 Gatling guns for $1,000 each, in 1863 and
employed them at the battle of Petersburg.
(We wrote about the seven day battle last week . http://7-
Butler is the same fellow hated in New Orleans for his actions while he occupied
the city. I could find no information about the first use of the Gatling gun,
except : “His failure to act decisively with the Army of the Potomac against
Petersburg, and following his ability to grasp defeat from the jaws of victory
during the first expedition against Fort Fisher, North Carolina in December 1864,
led to General Butler's forced resignation from the Army.” As an interesting side
note, what we see in movies today and usually displayed or shot is not the original
model 1862. Most probably, it is a model 1873 or later version.
All in all, the 1862 Gatling gun is one of the greatest design achievements in
military armament ever created ranking up with breech loading weapons and
metallic cartridges in significance to modern warfare.
In January of 1865, Gatling proposed is his improved model 1865 gun to the U.S.
Government, which was subsequently tested by the Ordnance Department. This
model was adopted officially in 1866. It served the frontier, enabling the Union
Calvary to be of small number in domineering the West. After receiving
government approval, Gatling began to sell his guns throughout the world, where
they achieved world-wide fame. Twenty five countries, twenty nine calibers, and
55 years later, the hand-crank Gatling gun was finally retired from U.S. military
service just months prior to the U.S. entered World War 1. Even then, it remained
deployed into the middle 1920’s stateside. Tucked away in storage for over 30
years, an original model 1883 in 45-70 caliber, was able to successfully fire 5,600
rounds per minute by hooking it up to an electric motor. This ultimately became
the forerunner of today’s Vulcan system capable of firing 6000 rounds per minute
of 20 mm cannon shells.
  1861-Winfield Scott, general in chief of the Union army, announced that the
Washington telegraph office would not longer carry “dispatches concerning the
operations of the army not permitted by the commanding general.” All stories
had to be cleared first with the Army as “press accounts of the activities in
Washington, DC, might prove helpful to the enemy.
1863- JEB Stuart At The Battle of Gettysburg
Taken From” The Life and Campaigns of Major-General JEB Stuart"
By H. B. Mcclellan, A.M. Late Major, Assistant Adjutant-General And Chief Of
Staff Of The Cavalry Corps, Army Of Northern Virginia
   From the 8th to the 12th of July Stuart covered the front of Lee's army, which
had now taken a strong position, and was securely entrenched while waiting for
the waters of the Potomac to fall. These days were occupied by severe fighting
between Stuart's command and the divisions of Buford and Kilpatrick, at Boons-
boro', Beaver Creek, Funkstown, and on the Sharpsburg front. The cavalry fought
mostly dismounted, and was aided on either side by small bodies of infantry. It
would be tedious to enter into all the details of these battles, in which both parties
claim the victory, and with apparent sincerity. Stuart reports an aggregate loss of
216 in these engagements, while Generals Buford and Kilpatrick and Colonel
Huey report a loss of 158. Stuart accomplished the object he had in view, which
was to delay the advance of the enemy until General Lee was secure in his chosen
position. On the 12th of July Stuart uncovered Lee's front, against which the
Federal army advanced, but found it so strong that it declined to make an attack.
     These days will be remembered by the members of General Stuart's staff as
days of peculiar hardship. Scanty rations had been issued to the men, but nothing
was provided for the officers. The country had been swept bare of provisions, and
we could purchase nothing. For four or five days in succession we received our
only food, after nightfall, at the hands of a young lady in Hagerstown, whose
father, a Southerner, sympathized with the Confederacy. But for the charity of this
lady, whose name we shall always gratefully remember, we would have suffered
the pangs of severe hunger. The attention of students of psychology is called to an
incident which occurred at this time. After a day of incessant fighting Stuart and
his officers reached the house of this friend about nine o'clock in the night. While
food was being prepared Stuart fell asleep on the sofa in the parlor. When supper
was announced he refused to rise. Knowing that he had eaten nothing within
twenty-four hours, and that food was even more necessary for him than sleep, I
took him by the arm and compelled him to his place at the table. His eyes were
open, but he ate sparingly and without relish. Thinking that the supper did not suit
him, our kind hostess inquired:--

"General, perhaps you would relish a hard-boiled egg?"
   "Yes," he replied, "I'll take four or five."

     This singular reply caused a good deal of astonishment on the part of all who
heard it, but nothing was said at the time. The eggs were produced; Stuart broke
one and ate it, and then rose from the table. When we returned to the parlor I sat
down at the piano, and commenced singing, "If you want to have a good time, join
the cavalry." The circumstances hardly made the song appropriate, but the chorus
roused the general, and he joined in it with a hearty good will. During all this time
he had
    1863-Confederate General Lee decided to take the war to the enemy,
specifically Washington,DC, which he hope to capture and thus have the war
ended.. On June 13, he defeated Union forces at Winchester, Virginia, and
continued north to Pennsylvania. General Hooker, who had been planning to
attack Richmond, was instead forced to follow Lee. Hooker, never comfortable
with his commander, General Halleck, resigned on June 28, and General George
Meade replaced him as commander of the Army of the Potomac. On July 1, a
chance encounter between Union and Confederate forces began the Battle of
Gettysburg. In the fighting that followed, Meade had greater numbers and better
defensive positions. He won the battle, but failed to follow Lee as he retreated
back to Virginia. Militarily, the Battle of Gettysburg was the high-water mark of
the Confederacy; it is also significant because it ended Confederate hopes of
formal recognition by foreign governments. The days following Lee’s retreat saw
major battles won by the Union Army is General Grant’s long time plan to cut off
supplies to Confederate troops. On November 19, President Lincoln dedicated a
portion of the Gettysburg battlefield as a national cemetery, and delivered his
memorable "Gettysburg Address."
Photographs of the battleground began immediately after the battle of July 1-3.
This group of photographs also includes a scene of Hooker's troops in Virginia on
route to Gettysburg.

  1889-John L. Sullivan, heavyweight champion of the world, defeated Jake
Kilrain in the 75th round of a fight in Richburg, MS. This was the last bare-
knuckles title fight after which boxing was governed by the Marquess of
Queensbury rules.
  1908- jazz alto saxophonist and singer Louis Jordan, whose records in the
1940's with his Tympany Five helped shape the R'n'B of the following decade,
was born in Brinkley, Arkansas. After playing with several big bands, Jordan
formed his combo in 1938. For the next decade, they produced blues and novelty
records such as "Caldonia," "Let the Good Times Roll" and "Choo Choo
Ch'Boogie," a million-seller in 1946. Jordan's 1943 hit "Five Guys Named Moe"
became the title of a 1990's Broadway musical based on his songs. Many blues
and R'n'B artists grew up listening to Jordan's music, and among those
acknowledging his influence are Chuck Berry and Ray Charles. Louis Jordan died
on February 4th, 1975.
    1911- Nan Jane Aspinwall rode into New York City carrying a letter to Mayor
William Jay Gaynor from San Francisco Mayor Patrick Henry McCarthy,
becoming the first woman to cross the US on horseback. She began her trip in San
Francisco on Sept 1,1910, and covered 4,500 miles in 301 days.
     1914- birthday of Billy Eckstine, bandleader and bass-baritone
singer. After performing with the Earl Hines band for almost 20 years,
Eckstine formed his own band in 1944. At one time or another in the band’s
ranks included Charlie Parker, Dizzy Gillespie, Miles Davis, Fats Navarro,
Dexter Gordon, Gene Ammons, Art Blakey and vocalist Sarah Vaughn---some
of the greatest bebop musicians of all time. Among Eckstine’s hits were
“Fools Rush In,” “ Everything I Have Is Yours,” “ Blue Moon,” and
“Body and Soul.” Billy Eckstine died March 8, 1993 in Pittsburgh, Pennsylvania
the city where he also was born.
 1932-The stock market fell to its lowest point in the Great Depression. The
Great Crash had begun in 1929, and this was the darkest day. Dow Jones Industrial
Average, 41.22
    1933—Birthday of author James Giblin.
    1935-Birthday of Steve Lawrence ( Sidney Liebowitz) pop singer born in
Brooklyn, New York. His "Go Away Little Girl" was a number-one hit in 1962.
Lawrence, who got his start as a singer on the "Tonight" show in 1954, had more
than 20 chart records. He and his wife, Eydie Gorme, often recorded and
performed together.
1949—Top Hits
Some Enchanted Evening - Perry Como
Again - Gordon Jenkins
Bali Ha’i - Perry Como
One Kiss Too Many - Eddy Arnold
1957—Top Hits
Teddy Bear - Elvis Presley
Love Letters in the Sand - Pat Boone
Over the Mountain; Across the Sea - Johnnie & Joe
Four Walls - Jim Reeves
   1958 - The first gold record album presented by the Recording Industry
Association of America (RIAA) was awarded. It went to the soundtrack LP,
"Oklahoma!". The honor signified that the album had reached one million dollars
in sales. The first gold single issued by the RIAA was "Catch a Falling Star", by
Perry Como, in March of 1958. A gold single also represents sales of one million
   1960 - Storer Broadcasting Company purchased WINS radio in New York City
for $10 million. It was the highest price paid for a radio station (to that time).
Many great radio personalities including Murray the K, Bruce Morrow and Alan
Freed were stars on WINS Radio. WINS, under Storer ownership, also aired some
very clever promotions, including the time they drove the New York media crazy.
It was a discovery (thought to be a rare find) in the back seat of a New York
taxicab: a clay tablet that looked to be Egyptian and had carvings on it. Upon
closer examination, it read, “Everybody’s mummy listens to 10-10 WINS!”
   1965—Top Hits
I Can’t Help Myself - Four Tops
(I Can’t Get No) Satisfaction - The Rolling Stones
For Your Love - The Yardbirds
Before You Go - Buck Owens
   1965-Roy Wilkins becomes executive director of the National Association for
the Advancement of Colored People.
   1967—Tennis player Billie Jean King of the United Sates won three titles at
Wimbledon. She beat Anny Haydon Jones for the singles title, teamed with Rosie
Casals for the women’s doubles title and joined with Owen Davidson to capture
the mixed doubles title.
    1968-the first movie directed by an African-American director to be released
in the United States was “Story of a Three Day Pass,” directed by Melvin Van
Peeble, His story of an African-American serviceman on leave in France, based
on his book of the same name, led to his being signed by Columbia Pictures to
make more files for African-
American audiences.
   1970 - The San Francisco Giant’s Jim Ray Hart hit for the cycle (a single,
double, triple and home run in one game). Hart became the first National League
player in 59 seasons to collect six runs batted in (RBI) during a single inning. The
Giants walloped the Atlanta Braves 13-0.
   1973—Top Hits
Will It Go Round in Circles - Billy Preston
Kodachrome - Paul Simon
Bad, Bad Leroy Brown - Jim Croce
Why Me - Kris Kristofferson
   1978-Following in the disco footsteps of his older Bee Gee brothers, Andy Gibb
gets into the act with "Shadow Dancing." The album peaks at #18, while the title
track reaches number one
  1978- Bjorn Borg of Sweden won 3rd consecutive title at Wimbledon
   1981—Top Hits
Bette Davis Eyes - Kim Carnes
All Those Years Ago - George Harrison
The One that You Love - Air Supply
I was Country When Country Wasn’t Cool - Barbara Mandrell
   1984 - John McEnroe made short work of Jimmy Connors at Wimbledon.
Connors managed to win only four games and tied for the second lowest number
of games won by a Wimbledon men’s singles finalist since 1922. McEnroe won
the event in just 1 hour 20 minutes.
    1985 - Pro Football Hall of Famer Jack Lambert of the Pittsburgh Steelers
announced his retirement on this, his 33rd birthday. A 1974 second-round draft
choice from Kent State University in Ohio, Lambert played 11 seasons with the
Steelers. He racked up several awards including the NFL’s Rookie of the Year
[1974], Defensive Player of the Year [1976]; and nine consecutive Pro Bowls
[1975-1983]. Jack Lambert was a major chunk of the Steel Curtain and owns four
Super Bowl rings to prove it.
  1985--Both "Playboy" and "Penthouse" magazines went on sale with nude
pictures of Madonna
   1987 –The Iran-Contra hearings began, covered live on television. While Lt.
Col. Oliver North was being interviewed, contrary to internet mailings, Senator Al
Gore was not on the committee, nor did Osa Bin Laden name come up, as this was
over fifteen years ago.
   1987 -Kitty Dukakis, wife of Massachusetts Governor Michael Dukakis, who
was the following year to become the Democratic candidate, revealed addiction to
amphetamines for 26 years
   1988 - Thirty cities in the north central and northeastern U.S. reported record
high temperatures for the date. Beckley, WV, equaled their all-time record with a
high of 93 degrees. Afternoon and evening thunderstorms spawned seven
tornadoes in Adams and Logan counties of eastern Colorado, and hail caused 2.3
million dollars damage in Adams, Logan and Washington counties
  1988-singer/composer Stevie Wonder announces he will run for mayor of
Detroit in 1992
   1989-—Top Hits
Satisfied - Richard Marx
Buffalo Stance - Neneh Cherry
Baby Don’t Forget My Number - Milli Vanilli
I Don’t Want to Spoil the Party - Roseanne Cash
   1989 - Sixteen cities in the central and western U.S. reported record high
temperatures for the date. The high of 103 degrees at Denver, CO, equaled their
record for July, and a 110 degree reading at Rapid City, SD, equaled their all-time
record high. Denver reported a record five straight days of 100 degree heat, and
Scottsbluff, NE, reported a record eight days in a row of 100 degree weather.
   1990- Germany beats Argentina 1-0 for soccer's 14th World Cup at Rome
   1990- Stefan Edberg beats Boris Becker for Wimbledon title
   1994- Elton John and Billy Joel kicked off a 14 city tour in Philadelphia. They
shared vocals on each other's hits, including John's "Don't Let the Sun Go Down
on Me" and Joel's "Piano Man" and "New York State of Mind."
   2000 --The Yankees sweep their cross-town rivals in the first double-ballpark
doubleheader since 1903 with identical scores, 4-2 in an afternoon tilt at Shea and
4-2 in an evening contest at Yankee Stadium. It proves to be quite an interesting
day in New York as Mike Piazza is hospitalized after being beaned by Roger
Clemens, Dwight Gooden gets first Shea win since 1994 and a bizarre obstruction
call on Mets' first baseman Todd Zielle causes the first game to be played under
   2000 ---After Jose Cruz Jr. hits #20 in a 6-3 win over the Expos, the Blue Jays
become the first team in major league history to have four batters to hit 20 or more
homers before the All-Star break.

            Baseball Poem

Listening to Baseball

This morning I argued with a friend
about angels. I didn't believe
in his belief in them-- I cannot
believe they're not a metaphor.
Our argument, affectionate,
lacking an animus, went nowhere.
We promised to talk again soon.
Now, when I'm driving away
from Boston and the Red Sox
are losing, I hear the announcer
say, 'No angels in the sky today' -
baseball-ese for a cloudless afternoon,
no shadows to help a man
who waits in the outfield
staring into the August sun.
Although I know the announcer's
not a rabbi or a sage (no,
he's a sort of sage, disconsolate
philosopher of batting slumps
and injuries), still, I scan
the pale blue sky through my
polarized windshield, fervently
hopeful for my fading team
and I feel something a little
foolish, a prayerful throbbing
in my throat, and remember
being told years ago that men
are only little lower
than the angels. Floating ahead of me
at the Vermont border, I see
a few wispy, horse mane clouds
which I quietly pray will drift
down to Fenway Park, where
a demonic opponent has just
slammed another Red Sox pitch,
and the centerfielder - call him 'Jim' -
runs back, back, back,
looking heavenward,
and is shielded and doesn't lose
the white ball in the glare.


To top