Puget Leasing, Bellevue, WA (04/10) set for a jury trial on May 17th before Judge Thomas S. Zilly. With all the attorneys and depositions involved, it has been expensive for all sides. (08/09) Files Third complaint (08/09) Second complaint filed. 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.
http://leasingnews.org/archives/August%202009/08-31-09.htm#Third_Amended
(05/09) First Sound Bank restated its year-end to a $20.1 million loss. The bank claims $18.3 is related to the acquisition of Pugent Sound Leasing. The bank also reported a $37,000 first quarter loss for 2009, and an $11 million decrease in assets to $247 million. (04/09) New charges, new banks enter court proceedings (03/09) Filings show 12 employees confess all at instruction of the Secords. http://leasingnews.org/PDF/First_Sound_Bank_Secord.pdf http://leasingnews.org/PDF/secord_declaration1.pdf (01/09) First Sound Bank separate suit against sellers of Puget Sound Leasing: Larasco, Richard Secord and Louis Secord, citing not revealing true nature of portfolio and delinquencies, among other charges, confirms Louis Secord no longer a member of the board of directors. (01/09) Bank owner takes Larasco, two Secords, and 11 banks, seeking judgment of what Larasco, Secords, First Sound Bank, and the 11 banks are responsible for in default and problem leases. Meanwhile, “Puget Sound Leasing” won't consider any deal less than five years in business, they send to brokers, as well as make other restrictions, but still active in the marketplace. http://www.leasingnews.org/list_alpha_new.htm#puget (12/08) Original owner no longer on bank board, questions being asked. (09/07) Sold to First Sound Bank. Bank president Don Hirtzel Puget Sound Leasing generates roughly $8 million a month in new leases and has an average delinquency rate of less than 1 percent, it is reported.

Pinnfund/PinnLeasing (04/10) PinnFund Michael Fanghella Out of Jail, Seeks $150,000 Job http://www.sandiegoreader.com/weblogs/financial-crime-politics/2010/apr/18/michael-fanghella-seeking-150000-job/(08/05) James Hillman, 65, a lawyer now living in Nevada, was the chief money raiser for Carlsbad-based PinnFund, a defunct sub-prime mortgage lender that bilked investors out of millions of dollars. He entered the guilty plea Monday on one count of the 29-count indictment handed up two years ago. (5/05) Tommy A. Larsen, the feisty president of PinnLease, San Diego, who was recently convicted and sent to jail, died suddenly in prison of liver cancer. (8/04) Larsen gets prison term, told to repay investors http://www.leasingnews.org/archives/August_2004/8-03-2004.htm#larsen (12/03) Tommy A. Larsen, president of PinnLease, admitted to scheming to funnel money from bogus equipment leases to himself, among other charges. He pleaded guilty to scheming to obtain funds for PinnFund U.S.A. through fraudulent equipment leases, and laundering kickbacks of those funds to the mortgage lender and himself through sham transactions and false invoices, prosecutors said. Larsen also pleaded guilty to obstruction of justice in connection with his previous attempt to provide false testimony in federal court. The defendant also pleaded guilty to evading taxes with respect to his 1999 and 2000 federal income taxes by charging personal expenditures to PinnFund, by structuring his compensation to avoid payroll taxes, and by hiding the proceeds of illicit activity in offshore financial institutions. Sentencing is set for April 5 before U.S. District Judge Marilyn Huff. (11/03) Jury trial set for 9:00 3/16/04 for Tommy A Larsen, for Kim A. Larsen before Judge Marilyn Huff (2/2003) PinnLeasing President denied bail (2/2003) Four indicted on charges of fraud in the PinnFund case ) (2/2003)Former Pinnfund CEO plea bargain- 10 years in prison  12/2002--A former employee of defunct PinnFund USA, a Carlsbad mortgage lender that imploded in March 2001 when regulators uncovered a $300-million pyramid scheme, pleaded guilty to lying to a federal grand jury. U.S. Attorney Carol Lam said Kimberly Hulihee admitted that she provided false testimony on Nov. 14 to a federal grand jury investigating the removal of files and other materials from a PinnFund subsidiary - PinnLease USA Inc. Hulihee, 38, was the former office manager of PinnLease, and later a company linked to former PinnLease President Tommy Larsen called Aloha Pacific Leasing. Hulihee is the second person to plead guilty to criminal charges in the PinnFund fraud. Former PinnFund chief executive Michael Fanghella also has admitted to myriad federal charges. He is cooperating with authorities and remains behind bars in the Metropolitan Correctional Center in San Diego awaiting sentencing. Larsen faces a pending civil suit related to the PinnFund fraud but no criminal charges, according to court documents. (8/2002) Federal authorities plan to auction expensive wine, jewelry and coins seized from the Ramona house of John D. Garitta, the former PinnFund USA chief financial officer who pleaded guilty last week to securities fraud charges.  Merchandise to be sold at the auction includes more than 400 bottles of wine worth an estimated $163,000,  $480,000 in jewelry and gems and $19,000 in collectible coins.  The auction will be held in Rancho Dominguez in the Los Angeles area.  (7/2002) investors in Carlsbad's defunct PinnFund USA sue the PricewaterhouseCoopers Accounting Firm for failing to detect fraud at the Company.  (4/2002) the Receiver in the case filed a lawsuit against Tommy Larsen,  related companies and a law firm, in bankruptcy court. It's a preference that may climb to $6.7 million. Larsen denies it all, and says, "prove it!"  (12/2001 ) a top Executive Officer  to turn over $47 deal/judge makes okay as it favors return of investor money. http://www.leasingnews.org/archives/December%202001/12-07-01.htm.  (11/2001) Girlfriend to return millions. http://www.leasingnews.org/archives/November%202001/11-01-01.htm.  (8/2001) Fanghella pleads not guilty to all charges, remains in jail. (8/2001)  A federal grand jury indicted PinnFund USA founder Michael J.Fanghella 20-count indictment; 19 counts in the indictment carry a maximum penalty of 10 years in prison and a $250,000 fine. One count -- filing false financial information with the U.S. Dept of housing and Urban Development -- carries a maximum penalty of 30 years in prison and a $1 million fine. (8/2001) In San Diego Feds file charges for filing false financial statements plus criminal charges for bilking at least 166 investors out of $330 million after Fanghella turns self in.  (7/2001 )  Barbados Court Freezes PinnFund Exec's Assets (6/2001) Leasing News considers it a “not guilty” judgment against Tommy Larsen, but Larsen's lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund.  Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened.  The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal.  Bounty Hunters Get the Nod to Go Get 'Em  (4/2001) Judge continues freeze of assets.  Founder of PinnFund skips bail, judge issues arrest warrant ( 3/2001)  PinnFund out of money, closes all offices, including leasing.  Newspaper stories say “Millions of  dollars are gone.” (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid story, perhaps largest  fraud in West Coast history. 

International Lease Finance Corp. (part of AIG) (04/10) ILFC founder Udvar-Hazy forming new leasing co. (11/08) Founder trying to sell unit off of AIG (09/08) Gets stung as a unit of insurance conglomerate AIG, which was effectively taken over Tuesday by the federal government, the jet-leasing company owns 1,000 jets built by Boeing and Airbus and has more than 100 Boeing jets still on order.

Key Equipment Finance/American Express/Sierra Cities/Rockford (04/10)KeyCorp is looking to expand businesses that have synergy with its community bank, such as its equipment leasing business and some products offered through the capital markets business, executives said in a conference call after the company's quarterly earnings report. (07/09 Key says "no" to copiers. Other changes being made. (07/09) Many cutbacks, changes, no one talking about it. Exits trucking leasing business. (03/09) Paul A. Larkins resigns. (01/07) Leasing News salutes Paul A. Larkins, President/CEO, as the person who has done the most for the entire equipment leasing industry in 2006. Leasing Person of the year for 2006 http://www.leasingnews.org/archives/January%202007/01-03-07.htm#year (09/05) closes the former American Express Business Finance business operation in Parsippany. (7/05) Key Equipment Finance, the nation's third-largest bank-held equipment leasing plans to hire an additional 145 Colorado-based employees over the next two years, bringing the headcount to 400 by the year 2007. (12/04) "AMEX turned over control to Key Bank last night and on the way out the door AMEX funded EVERYTHING in the system,.....verbals were not completed on many transactions, nor had delivery of the equipment occurred for many deals as well.....random attempts were made to complete verbals however after a message was left the deal was BOOKED.... "Nice to see Integrity rises to the upper levels of management in this industry!!" (10/04) American Express Business Finance Sold to Key Equipment Finance. (10/04)Former Sierra Cities President Thomas J. Depping reportedly raises $21 million from investors and buys bank in Texas to go back into the equipment leasing business. (9/04) The Gazelle is Back! Registered for the October 27th Equipment Leasing Association Conference in Palm Desert, California: Mr. Thomas J. Depping MAIN STREET INVESTMENT PARTNERS Mr. Robert H. Quinn, Jr. MAIN STREET INVESTMENT PARTNERS (3/2004) 40 Amex Leasing Employees let go in Santa Ana, closing down the office imaging-copier processing center in Santa Ana, CA.---- where the old Rockford use to be in the Xerox building on Third Street. Much of the health operation went back to Parsippany (NJ), and some moved to the old Sierra Cities location in Houston, Texas. The main reason for the closing of the operation here--the building lease was originally to Rockford and it expired. Some HR and marketing amployees will remain in Santa Ana., about ten. All employees were offered jobs in other American Express locations. (11/2002) Lays off salesmen, rumors float they are about to get out of leasing business; Richard Anderson does not return telephone calls to confirm or deny. (09/2001) American Express Business Finance has closed down their broker division. We can submit deals until 10/12/01. All deals must be funded by 12/31/01. Unconfirmed rumors that salesmen are now going after the broker vendor accounts. We are seeking to confirm or deny this. (8/2001) Discovers up to $20 million write-off with RW Leasing portfolio, other portfolio's, alleged stock fraud, Amex declares they are investigating (7/2001) pretax write-down of $826 million that will pummel, second-quarter profits. The company also unveiled plans to cut as many as 5,000 more jobs because of the weak economy. Rumors abound about portfolio performance and major problems in the woodpile/going the way Rockford Industries went. (5/2001) New Name: "American Express Business Finance" (4/2001) Merger complete, Depping resigns as "gazelle" (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001) VerticalNet Merger falls apart. (1/16/01) Sells Off UK Assets. (7/2000) 2nd quarter loss, see report http://www.leasingnews.org/articles.doc/newsletter3.htm.

Evans National Bank (04/10) Evans Bancorp, Hamburg, New York, reported “first quarter net income increased to $1.45 million from a net loss of ($1.25) million in last year's first quarter, which included a $2.9 million provision for lease losses and $2.0 million goodwill impairment charge associated with the Company's discontinued small-ticket commercial equipment leasing business. (02/10)-Evans Bank Ceases effort to sell lease portfolio http://leasingnews.org/archives/Feb2010/2_15.htm#bank_beat (08/09) "The direct financing lease portfolio declined $14.5 million to $40.9 million at the end of the 2009 second quarter as the Company ceased lease originations in the second quarter of 2009. As it was the Company's intent as of June 30, 2009, to sell the portfolio, the lease portfolio was classified as held-for-sale and marked to its market value of $40.9 million. The market value is based on preliminary bids from marketing efforts." (04/09) A divison of Evans Bank, exits leasing business. (08/07) net loss of $(139) thousand, may affect leasing operation.

Alliance Financial, Syracuse, New York (04/10) Leases (net of unearned income) decreased $6.8 million or 10% in the first quarter as a result of the Company's previously announced decision to cease new lease originations. The remaining balance of the lease portfolio of $61.4 million is expected to continue to run-off at the rate of approximately $6 million per quarter over the next year.

IFC Credit, Morton Grove, Illinois (04/10) Rudolph “Rudy” Trebles, CLP, former founder of IFC Credit Corporation is back in business as Equipment Leasing Group of America. (12/09) Pioneer Capital/FP Holding Stock Sale with portfolio (09/09) Trustee to run company until November 6,
Creditors have until November 9, 2009. (07/09) IFC Credit files Chapter 7, estimated $150 million owing (07/09) More defaults on loans, more suits filed against IFC Credit (07/09) CoActiv Capital Partners of Horsham, Pennsylvania files suit for over $2 million naming Trebels and Langs as individuals, cites fraud, not paying off leases, servicing deception, 180 page complaint. (07/09) Many lawsuits become public such as $1 million from California investor, $170,000 owed to Askounis & Darcy for legal fees in NorVergence matter. (07/09) Audit continues as Ludwig tries to keep First Corp. together as well as IFC, Trebels-Langs gone.
(06/09) Major suit surfaces from Len Ludwig, CEOof Vencore, regarding stock lien held from sale of First Portland Corporation dba First Corp.; appears payments stopped in January; looks like IFC closing down. (05/09) Another Bulletin Board Complaint: vendor claims un-funded $25,731.43 lease that was to have been funded in January. IFC reportedly down to 25 employees. http://www.leasingnews.org/archives/May%202009/05-08-09.htm#bbc</a>
(03/09) Second Bulletin Board Complaint, removed from Story Credit list. (01/09) After Bulletin Board Complaint appeared in Leasing News, IFC decided to call up the vendor, release the UCC and return the money back to the customer, confirmed by customer. (01/09) Makes the Complaint Bulletin Board. Says can't fund lease for six months, but Chief Ligation Attorney threatens Lessee they must make the lease payments, regardless than vendor not paid. http://www.leasingnews.org/list_alpha_new.htm#ifc (12/08) admits to letting 15 employees go, readers say it is 26 to 35 (11/08) Reaches Settlement with FTC and Attorneys General and agrees to refund 86% of payments made since NorVergence filed bankruptcy to those who have not settled or paid off to date. Law fees and costs said to be over $50 million. (08/07) FTC files preliminary against IFC, four counts, involving NorVergence leases. (06/07) Missouri AG files against IFC (06/07) FTC files against IFC/Texas AG first to follow (01/07) Chicago boutique law firm of Adamski &amp; Conti again knocked out IFC Credit Corporation in “its attempts to enforce equipment leases fraudulently induced by the now-defunct telecommunications giant, NorVergence,” as described by Managing Partner Gregory Adamski. (09/06) Collection and other problems. http://www.leasingnews.org/archives/September%202006/09-27-06.htm#ifc</a> (05/06) on withholding information, Judge rules: &quot;ORDERED that IFC Credit Corp. (“IFC”) shall send letters to all lessees against which it has made claims under leases or rental agreements acquired form NorVergence and explain to each lessee the precise amount of money that was delivered to NorVergence for the lease, as well as what amount was held back, the basis for such holdback, and the manner in which the holdback was applied in the accounting records of IFC.&quot;(05/06) Texas Judge Sally L. Montgomery Rules against IFC in case http://www.leasingnews.org/archives/May%202006/05-18-06.htm#judge (04/06) Texas Judge Sally L. Montgomery Rules against IFC Credit IFC to sue Leasing News for “Slander” (12/05) announces that its wholly-owned subsidiary, FPC Funding II, LLC, has completed the renewal of its $75 million revolving credit facility with Autobahn Funding Company, LLC, an asset-backed commercial paper conduit sponsored by DZ Bank AG Deutsche Zentral-Genossenschaftsbank. (12/05) Rudy Trebels, President IFC Credit, issues statement to Leasing News:“...While we would like to provide our views to your commentary in The Leasing News, we feel that it's neither fair nor appropriate to discuss pending litigation or requests for more information in this forum. As you are aware, there are significant issues to be decided that could not only impact our company, but could have serious ramifications within the leasing industry. As such, we feel it is necessary to debate issues solely within the confines of the court system and not through the media. Hopefully in the not too distant future, we will be able to discuss these issues with you in greater detail.&quot; (11/05) (11/05) IFC Credit writes &quot;Letter to the Editor&quot; of Equipment Leasing Association ELTnews, basically stating: they have complied with material requested, but then also states at the end, “That information and other materials requested by the FTC are expected to be delivered to the FTC very soon which should resolve the requests of the FTC's Civil Investigative Demand.” (11/05) The Federal Trade Commission asks a federal judge Thursday to aid its efforts in investigating debt collection regarding NorVergence &quot;Equipment Rental Contracts.

LEAF, New Jersey (04/10) Questions regarding renewing lines of credit.(03/09) Resource America withdraws $250MM IPO (12/08) announces loan to cover NetBank portfolio purchase and more lines, but numbers don't add up. Doesn't respond to questions as parent stock goes into the toilet (10/08) Cuts bank on broker business, letting discounters and even franchise discounters go elsewhere. (08/08) LEAF Third Party Funding in Southern California (formerly Pacific Capital Bank Leasing, Santa Barbara Leasing (03/08) closes old Jim Harris' Alco Leasing Company, Portland, Oregon(02/08) Parent of LEAF reports $6.4MM 1st Q Loss

OneWorld Leasing (04/10) Co-Op combines, moves HQ to OneSource Financial, Austin, Texas. (08/09) OneWorld Business Finance, members report business off. (01/09) Ira Romoff, seasoned veteran who took over August 25, 2006 with 17 members and now 26 members retires, says press release. In LinkedIn and elsewhere, Romoff says, "I've recently retired and am looking for a Board Seat at a bank or large leasing company, consulting in banking, leasing or risk management, or a temporary CEO position.” Earlier talk that co-op was merging with one source falls flat, and its no secret that business also off at most of the members operation." It should be noted there were, and are many “partnerships” where the partners put in money and utilize the services of a main partner for servicing or maintaining lines of credit. The co-op is different that a partnership or corporation (LLC or LLP) as it is a legal “co-operative.” http://www.leasingnews.org/list_alpha_new.htm#one (08/08) Ira Z. Romoff, President, confirms: “Not a merger per se, but a combination. Still under negotiation." (07/08) The leasing co-operative looking for one source, rather than many; could be a merger. (06/06) Sharon Foglesong resigns as President of 17 member-owners representing in excess of $250,000,000 in equipment financing annually. She is moving on in her career; co-op looks to grow from 17 to 75 by 2010, predicts Chairman John Winchester, elected in April, 2006 to the position. (7/05) Sharon Foglesong appointed president, now 16 members, reports co-op going strong and successful. (8/04) Co-op adds six new members, new exec. dir. gets company going. http://www.leasingnews.org/archives/August_2004/8-06-2004.htm#one (11/03) Down to five members, but seeks new president (2/2003) Loses three members, obtains new CEO.

Main Street National Bank, Texas(04/10) Bob Fisher, Exec. VP, Leasing Division was one of 42 let go. Mike Hoffman retires, says Tom Depping. (04/10) Ex-employees convey 42 let go and explain where. (03/10) Ex-employees say it is 42 employees let go. (03/10) Chairman/CEO Thomas Depping says rumors not true, only a few salesmen let go.(06/06) Bob Fisher Promoted to Exec. VP of Leasing Division. (12/05) Bob Quinn is no longer with Main Street Bank. He was not terminated for cause and he did not quit. That was all Quinn could say, according to our source. Leasing News asked Tom Depping if he would confirm or deny this? “No public comment on this.” Reportedly the man who originated the First Sierra concept was Bob Quinn, not Tom Depping. Bob Quinn approached Tom Depping in 1993 after Denrich was purchased by ATT Capital in December, 1992.Quinn did not feel ATT was dedicated to their Private Label Program so he approached Tom Depping as an old friend and business acquaintance about forming a new company to do nothing but Private Label. http://www.leasingnews.org/archives/December%202005/12-07-05.htm#bob (12/04) Thomas J. Depping, former president of Sierra Cities/First Cities, makes it official, that he has raised $21 million to become chairman of bank to specialize in equipment leasing; hires Douglas Guardian, the ex-US Marine sales director Bob Fisher, who leaves on good terms to establish national broker program. Fisher is very well respected in the equipment leasing industry.

Equipment Acquisition Resources, Palatine, IL. (04/10) Joining Minnwest Bank and Highland Bank, The National Bank (TNB), Bettendorf, Iowa, has also filed suit against First Premier Capital, Edina, Minnesota, all accusing that First Premier Capital had knowledge of its referral of Equipment Acquisition Resource, specifically stating derogatory information that was not discussed although reportedly known to First Premier Capital. (02/10) E.A.R BK Trustee sues I.R.S for $4.7 Million (01/2010) Sheldon Player side of the story regarding Greyhound conviction. (01/2010) FBI Investigating Equipment Acquisition Resources. Timothy Nieder, TMN Financial, Park Ridge, Illinois, who was a broker of many of these leases reportedly takes his own life. (12/09) Separate law suits now up to $50 million Comerica the latest. (11/09) more join separate lawsuits seeking "Default Judgments" on guarantors (11/09) Sheldon Player Caught w/$900,000 Cash in Duffle Bag (11/09) Bank of Dixon, Ponca, NE latest to file, lawsuits now over $30 million, re: EAR leases.

March

Equipment Acquisition Resources, Palatine, IL (03/10) Report equipment crated and being sold to German company. (02/10) E.A.R BK Trustee sues I.R.S for $4.7 Million (12/09) Separate law suits now up to $50 million Comerica the latest. (11/09) more join separate lawsuits seeking "Default Judgments" on guarantors (11/09) Sheldon Player Caught w/$900,000 Cash in Duffle Bag (11/09) Bank of Dixon, Ponca, NE latest to file, lawsuits now over $30 million, re: EAR leases. (01/2010) Sheldon Player side of the story regarding Greyhound conviction. (01/2010)FBI Investigating Equipment Acquisition Resources. Timothy Nieder, TMN Financial, Park Ridge, Illinois, who was a broker of many of these leases reportedly takes his own life.

Main Street National Bank, Texas (03/10) Ex-employees say it is 42 employees let go. (03/10) Chairman/CEO Thomas Depping says rumors not true, only a few salesmen let go.(06/06) Bob Fisher Promoted to Exec. VP of Leasing Division. (12/05) Bob Quinn is no longer with Main Street Bank. He was not terminated for cause and he did not quit. That was all Quinn could say, according to our source. Leasing News asked Tom Depping if he would confirm or deny this? “No public comment on this.” Reportedly the man who originated the First Sierra concept was Bob Quinn, not Tom Depping. Bob Quinn approached Tom Depping in 1993 after Denrich was purchased by ATT Capital in December, 1992.Quinn did not feel ATT was dedicated to their Private Label Program so he approached Tom Depping as an old friend and business acquaintance about forming a new company to do nothing but Private Label. http://www.leasingnews.org/archives/December%202005/12-07-05.htm#bob (12/04) Thomas J. Depping, former president of Sierra Cities/First Cities, makes it official, that he has raised $21 million to become chairman of bank to specialize in equipment leasing; hires Douglas Guardian, the ex-US Marine sales director Bob Fisher, who leaves on good terms to establish national broker program. Fisher is very well respected in the equipment leasing industry.

Heritage Pacific Leasing , Fresno, CA (03/10) Main company continues to collect residuals, work on collection. HL Leasing under investigation. FBI says will be a long time with the suicide of the main party, the investigation centers on the culpability of others. Fresno office working on Home Security issues and other cases primarily in priority order. (06/09) FBI seize Otto jet, Aston Martin, other material from Palm Desert and Fresno, California offices (06/09) Ben Millerbis, CEO, Pentech, says error of selling back leases was to Heritage Pacific, not HL Leasing (06/09) Letter to HL Leasing investors by Otto very catches him in many lies. (05/09) HL Leasing owned by John Otto misses interest payments, investors call FBI, Otto commits suicide, and it appears a major Ponzi scam involving over 1,000 and perhaps $132 million on leases that allegedly never exiting, FBI investigates, Department of Corporation starts collecting complaints for Receiver, FBI starts seizing assets. (02/08) Owner John Otto lets entire sales staff including Rick Gatelli, CLP, the president, and Charlie Litt, Senior Vice-President. Ron Mitchell, too. John Otto, the owner, CEO, confirmed that he has rejected an offer to sell the company to Rick Gatelli, CLP, Charlie Litt, and John Estok, CLP, formerly of IFC Credit Corporation and First Portland Corporation (please see archives above.) Otto says he has another suitor and is considering it, but does not need to sell the company. He divested himself of his investment in Pentech Financial, Campbell , California , last year, he confirmed, and as readers know closed down Centerpoint Leasing after Gordon Roberts was convicted of theft. Otto was the major investor in the company. (05/09) HL Leasing owned by John Otto misses interest payments, investors call FBI, Otto commits suicide, and it appears a major Ponzi scam involving over 1,000 and perhaps $132 million on leases that allegedly never exiting, FBI investigates, Department of Corporation starts collecting complaints for Receiver, FBI starts seizing assets.

Commercial Money Center (CMC) (03/10) Southern CA. Sterling Wayne Pirtle being sentenced to serve 57 months in custody and Ronald Allen Fisher being sentenced to serve 63 months in custody. Each was sentenced to serve three years of supervised release for his role in a $70 million scheme involving fraudulent equipment leases and tax evasion. Often with good behavior, it is half or less than the time granted. (12/09) Nancy Fisher gets four years, plus. Sentencing continues for: Ronald Allen Fisher continued to 2/1/2010, Sterling Wayne Pirtle continued to 2/1/2010, Mark Edward Fisher continued to 2/8/2010. (07/09) Sterling Wayne Pirtle and Ronald Allen Fisher pled guilty to evading $1M each in taxes, Fisher to remain in jail, Pirtle to be sentenced Nov. 23, 2009. http://leasingnews.org/archives/July%202009/07-01-09.htm#CMCmaster (06/09) Two principals plead guilty to tax invasion: http://leasingnews.org/Pages/70_bank_fraud.htm (06/0)7 Kelly Fisher-Buh takes a plea agreement in $300 million dollar tax evasion claimed by United States Attorney Carol C. Lam, who brought a twelve-count indictment charging Sterling Wayne Pirtle, Ronald Allen Fisher, Mark Edward Fisher and Kelly Michelle Fisher-Buh with income tax evasion, arising from their receipt of unreported and untaxed income from their operation of a now-bankrupt CMC. She admitted to not reporting perhaps as much as over $600,000 in income. (08/06) CMC Officers Indicted for $300 Million Tax Evasion (6/05) Ameriana Bancorp to Recover Approximately $1,000,000 from Commercial Money Center Bankruptcy (03/05) CMC Portfolio Turned Over to US Bancorp . “Should you or your readers have any questions regarding this matter feel free to contact me direct at 605 361 7781.”Troy Lang 3400 w 49th St #200, Sioux Falls, SD 57106 Phone: 605 361 7781 Email: tlang@stuartallan.com (12/04) Reportedly the settlements over unpaid leases continue two years after the bankruptcy of Commercial Money Center (CMC). Officers have been back in business since then, but under different names. The latest agreement involves Lakeland Bank and Royal Indemnity. Allegedly both firms filed claims against each other over the pools of commercial leases Lakeland purchased from CMC and surety bonds Royal issued that guaranteed lease income. Under terms of a recent agreements. Royal will pay $1.85 million to Lakeland, which in turn gets to retain $531,000 Royal already paid. The deal must still be approved by the U.S. Bankruptcy Court (5/2004) CMC Cases Like Timex—Keeps Going and Going. (11/03)The officers of this company are back in business while the "disputes" continue among insurance companies, banks, vendors, lessees, and perhaps only the attorneys are being remunerated (10/03) Ameriana said it will write off two lease pools in the third quarter, an action that will reduce the quarter's net income by approximately $2,784,000 or $0.88 per diluted share. Heretofore, Ameriana had established reserves against these lease pools equal to approximately 58% of the approximately $10,900,000 that currently remains outstanding. Note: NetBank and others have taken over certain aspects of the defaulted portfolio, as reported earlier, and suits with the insurance agency surely continue, while the class action suit continues taking depositions, while the former officers have started new leasing and finance ventures. (3/2002) Court filing agreements http://www.leasingnews.org/archives/March%202003/03-13-03.htm#cmc (3/2003) NetBank Lakeland settle BK for portfolio http://www.leasingnews.org/archives/March%202003/03-12-03.htm#new (3/2003) CMC attorney withdraws, not getting paid http://www.leasingnews.org/archives/March%2020 03/03-06-03.htm#cmc (3/2003) Class action lawsuit regards not being licensed in California for lease financing http://www.leasingnews.org/archives/March%202003/03-05-03.htm#believe 12/2002---Commercial Money Center Bankruptcy Docket for case 02-09721 http://two.leasingnews.org/temporary/bankruptcy.htm (12/2002) Ameriana Bancorp to Boost Reserves 4Q re: Commercial Money Center (Nasdaq: ASBI) announces that it will set aside additional reserves of up to $5.6 million in the Company's fourth quarter ending December 31, 2002. This action will reduce fourth quarter after-tax net income approximately $3.4 million or $1.08 per share, resulting in a net loss for both the quarter and full year. In 2001, Ameriana reported net income of $1,216,000 or $0.39 per diluted share for the fourth quarter and full-year net income of $3,800,000 or $1.21 per diluted share. Approximately $4.7 million of the additional reserves to be set aside pertain to Ameriana's investment in a pool of leases acquired from the Commercial Money Center ("CMC"), a now- bankrupt equipment leasing company. Ameriana originally purchased two separate pools of equipment lease receivables totaling $12,000,000 from CMC in June and September 2001, of which approximately $10,900,000 currently remains unpaid. Each lease in the pools was backed by a surety bond issued by one of two insurance companies rated at least "A" by Moody's Investors Services. The bonds guaranteed payment of all amounts due under the leases in the event of default by the lessee. Each pool was sold under a Sales and Service Agreement by which the insurers serviced the leases. In each case, the insurers assigned their servicing rights and responsibilities to Commercial Servicing Corporation, an affiliate of CMC, which also has filed bankruptcy. When the lease pools went into default earlier this year, one insurer made payments for several months under a reservation of rights while the other refused to make any payments. Both insurers now claim they were defrauded by CMC and are denying responsibility for payment. Ameriana is one of a number of financial institutions around the country that purchased interests in lease pools from CMC. All of the CMC lease pools are in default and in litigation. The Federal Panel on Multi-District Litigation has taken control over most of the federal actions involving the insurers of the lease pools and has assigned them to the U.S. District Court for the Northern District of Ohio, Eastern Division, for consolidated pre-trial purposes. (NetBank has $80 million as part of the suit, among others.) (10/2002) Deadline for filing for claims for Commercial Money Center has been extended since the proceedings were converted to a Chapter 7. The CURRENT attorney is Bradley Shraiberg and his phone number is 561.395.0500. He is the contact until a further motion is filed to have him removed (he said for geographical reasons, as it is now moving to the Southern District of California Bankruptcy court in San Diego .) ( Read about CMC ) (6/2002) files voluntary bankruptcy, #11, in Florida, all hell breaks loose (5/2002) Gets worse, officers may go to jail (4/2002) Many, many complaints; reports of leases where equipment never existed, paying for leases that do not exist, much behind the scenes on the reputation of the founders, lawyers having a field day, San Diego FBI investigating all.(3/2002) Throws in the towel, 128 employees out of work, Dir. of Marketing Bill Hanson not paid, goes back to work for himself, bringing Gil Evans and his son Ty with him. closes door, leaving many unpaid bills and questions, especially about Kiosk leasing. (2/2002) Returns $1.2 Million to Date admit many complaints by applicants, vendors, and brokers. Fails to secure insurance line of credit after September 11th.

LEAF Specialty Group, formerly NetBank/ Republic Leasing of South Carolina (03/10) Stops funding news leases, to cut back on employees, with reliable source saying division to be sold or closed down.(02/10)1st Quarter Down 69%; Down to 271 employees to 377 year before: http://leasingnews.org/archives/Feb2010/2_17.htm#leaf (12/09) For sale or will be closed down by parent, it is reported. (11/09) Cuts Employees, parent not happy with operation. (11/07) Name is now LEAF Specialty Finance. Georgia (10/07) FDIC closes bank, approves assumption of by ING Bank, Wilmington , Delaware ; CMC Leases and NetBank Business Finance not included. (4/07) It is official, EverBank acknowledged as making the offer.(3/07) Leasing News reports from insiders that the bank is sold. (11/06) posts $73.3 million loss for the third quarter(10/06) Douglas K. Freeman Steps Down as Chairman and CEO (08/06) NetBank posts loss, halts dividend (07/06) Bank may be for sales, confirmation that not only is mortgage unit up for sale, but four suitors review terms and conditions of NetBank Business Finance. The CMC insurance as part of portfolio is a major problem in the sale, it is said. (12/05) announces an affiliation between NetBank and Wall Financial Services, LLC (WFS), for WFS to provide secured lines of credit to NetBank's small business customers.Typical candidates for this product include established manufacturers, wholesalers, or other B2B business owners with a need for working capital. (11/05) NetBank reports $3.5MM Loss. The $3.5 million provision is based on a review of the underlying property values in a foreclosure and liquidation scenario. (11/05) NetBank Inc., the leader on the internet banking circuit with $5 billion in assets, considered one of the largest internet banks, said it had found "irregularities" associated with $13 million in mortgage loans; delays 3/4 report. (02/05) NetBank Loss $17.7 Million 4 th Q; Current period results include a provision expense against the company's Commercial Money Center, Inc. (CMC) lease receivables totaling $29.0 million, pre-tax (10/04) "Production within our business finance division (formerly known as Republic Leasing) increased by $4.4 million or 10% for a record of $46.9 million." (7/2004) New name :NetBank Business Finance (6/2004) July 1, 2004, Republic Leasing, a subsidiary of NetBank, will become a division of NetBank. (4/2004) ” The commercial equipment leasing business had production of $39 million, a decrease of $5.2 million or 12% “ (3/2004) Republic Leasing of South Carolina to Become Division NetBank April 1,2004. (7/2003) Jim Merrilees, CLP leaves to join Santa Barbara Bank & Trust Leasing Division as Vice President. Laura Poore also joins the Leasing Division as Marketing Representative. The division specializes in small-ticket leasing transactions originated through equipment leasing companies and brokers nationwide (2/2003) Forms a new division with Jim Merrilees heading it up in Portland-Merrilees left First Corp after Textron, Nations Credit, Greybank, Colonial Pacific Leasing. To concentrate on vendor/captive lessor marketplace. (1/2003) NetBank reported a net loss of $15.9 million (or $.36 per share) for the full year 2002 (12/2002)"The aim is to package the loans and sell them to investors for fatter, "banklike" profits; armed with new management and a coterie of experienced bankers plucked from rivals. .. languished since the Internet bubble burst. At their peak, the shares were trading at more than six times what they are fetching now. NetBank, with total assets of $3.76 billion, operates the nation's largest independent retail Internet bank. It also is a wholesale and retail mortgage lender. No one doubts that Internet banking is here to stay. Most banks -- large and small -- offer online banking in some form." Atlanta-Journal. $80 million loan Commercial Money Center insurance question. http://two.leasingnews.org/archives/December%202002/12-30-02.htm#NetBank (7/2002) cuts over 100 brokers, wants to become more efficient with remaining 150 brokers. (11/2001) parent and company now owned by NetBank; Dwight Galloway gets early Xmas present, broker community cheers the good news too. http://www.leasingnews.org/Conscious- Top%20Stories/dwight.htm 9/27/2000 "The expected result will be a sale of Republic Leasing" --- Dwight Galloway. He adds, "We have always been for sale for the right price, but in 13 years we have not sold off any leases or gone direct after broker's business, ever".

Marlin Leasing, Mount Laurel, NJ (03/10) Contacted 20 brokers, says now accepting broker business from them. (02/10) Shows $179,000 profit 3 months end December 31, 2009, with major cuts, insurance fees, Evergreen leases http://leasingnews.org/archives/Feb2010/2_17.htm#marlin (08/09) Second quarter net income of $555,000 compared to $1.7 million for the previous year. For the six month ending, it is $467,000 compared to the previous year of $3,059,000 (05/09) reports a first quarter revenue loss of $879,000 compared to a profit of $1,359,000 the first quarter of 2008. The company also announced it has closed its Denver office, plus has let additional 53 employees go; many of them have been with the company ten to eleven years. (05/09) Officers and directors received salary/stock issues despite 100 employees being let go, 2008 loss of $7.3 million, year ending loss of $5.2 million compared to a year-end profit of 2007 of $18.2 million http://www.leasingnews.org/archives/May%202009/05-29-09.htm#bulletin_board (03/09)Closes Two Office/28 let go. (02/09) Informs vendors slowing down on funding, FDIC matter, plus changing requirements. (01/09) Perhaps the most profitable division, Marlin announces closing down its broker division.” Our decision was based on the credit quality deterioration that we have been seeing in broker application flow. The risk vs. price relationship simply did not match the attractiveness of our other origination channels. Therefore we are applying former broker sales resources and capital to our direct channels. We sincerely wish the best for the broker community as we all manage through this economic climate.” Ed Siciliano, SVP & Chief Sales Officer. http://www.leasingnews.org/list_alpha_new.htm#marlea (11/08) $941,000 loss Third Quarter 10/08) Let's broker service representatives go, cuts back on brokers. (05/08) Confirms layoffs of 51 employees. (11/07) Exits factoring business. 08/07) Marlin stocks falls (12/01) Marlin Industrial Bank, Salt Lake City, Utah, files to be commercial bank, bank president tells press board approved move to apply for TARP money (11/08) $941,000 loss Third Quarter 10/08) Let's broker service representatives go, cuts back on brokers. (05/08) Confirms layoffs of 51 employees. (12/06) Shivers Resigns as president (07/06) Scuttlebutt is the company is for sale: http://www.leasingnews.org/archives/July%202006/07-31-06.htm#marlin (3/06) Three officers exercise option, purchase 6,612 shares (3/06) Officers sell some stock (3/06) YE 16.2MM/Plans to open Industrial bank in Salt Lake City, Utah http://www.leasingnews.org/archives/March%202006/03-03-06.htm#marlin (2/06) reports $4.4MM 4th Q, corporate officers sell some stock (12/05) CFO Bruce E. Sickel to resign employment with the Company effective March 3, 2006, says press release filed with SEC. Not mentioned was the $50,000 “stay” until March 3, 2006, employment to this date, followed by six month severance, plus some other “odds and ends.” George Pelose, General Counsel of Marlin Business Services, who was the contact for the press release, never returned any Leasing News telephone calls. It is suggested that readers go to Willis Lease, the last story in November, and learn about perhaps what may be a similar situation, but at Marlin: clouded and seemingly paid-off? There is certainly more to the story, especially if handled by an attorney and telephone calls to the media not returned. A highly reliable source tells Leasing News Mr. Pelose has not only been reading the stories printed here, but also has seen the following cartoons: http://www.leasingnews.org/archives/December%202005/12-19-05.htm#toon http://www.leasingnews.org/archives/December%202005/12-21-05.htm#toon http://www.leasingnews.org/archives/December%202005/12-28-05.htm#toon (11/05) announces the completion of its second term securitization. Marlin recently sold $96.9 million in asset-backed securities (08/05) Completes seventh securitization since 1999, this one $340.6 million term asset backed securitization. (05/09) Bulletin Board Complaint regarding "Evergreen Clause" on $1.00 buy-out; not notified 180 in advance, two years extra payments to date. (05/09) reports a first quarter revenue loss of $879,000 compared to a profit of $1,359,000 the first quarter of 2008. The company also announced it has closed its Denver office, plus has let additional 53 employees go, many of them have been with the company ten to eleven years. (05/09) Officers and directors received salary/stock issues despite 100 employees being let go, 2008 loss of $7.3 million, year ending loss of $5.2 million compared to a year-end profit of 2007 of $18.2 million http://www.leasingnews.org/archives/May%202009/05-29-09.htm#bulletin_board (05/09) Bulletin Board Complaint regarding "Evergreen Clause" on $1.00 buy-out; not notified 180 in advance, two years extra payments to date. (01/2010) Stock hits $10.75

NorVergence, New Jersey (03/10) The NorVergence Bankruptcy was filed June 30, 2004 and there are apparently settlements from discovery and other issues, but it continues with recent attorney fees over $4 million, and other costs over $500,000. (04/09) Louisiana AG arrests Thomas J. Salzano and he spends night in jail before posting bail for charges of fraud. (09/06) FTC files injunction against two key officers: Peter Salzano (in addition Thomas N. Salzano (08/06) Under New President Fred Van Etten-- Popular Reaches $15.3MM Settlement (08/06 AG Spitzer now at $20 MM settlements (08/06)NY AG Spitzer gets Nine more (07/06) NorVergence Bankruptcy Trustee Sues 26 Banks/Officers FTC Brook explains what they are looking for http://www.leasingnews.org/archives/March%202006/03-29-06.htm#trade (3/06) NY settlement 67% http://www.leasingnews.org/archives/March%202006/03-24-06.htm#norv (3/06) NorVergence BK charges Salzano wife charged $135,628 to corporate Amex Card (3/6) NorVergence BK charges Salzano son stealing $1/2 MM (2/06) more lessees accept settlements (1/06) Various cases, FTC serves CID on some leasing companies to learn about accounting, insurance, personal property tax. (11/05) Popular Leasing receives ruling requested as the St. Louis court found "that NorVergence has no interest relating to the subject of the action [in Missouri] and is not, therefore, a necessary and indispensable party." (11/05) 10,629 NorVergence Leases in Contention.Allegedly 1,371 NorVergence lessees to date have been offered settlements, out of an original estimated 12,000. This does not include the FTC win of $47 million dollars of “uncommitted” signed leases. Leasing News for 30 days has been trying to obtain the statistics in number and dollars of how many lessees accepted the settlements,as they were to do so in 30 days and then the leasing companies to report to the AG's office within 30 days in a specific time frame. (11/05) Hon. James Ryan of the Circuit Court of Cook County, IL, 3rd Municipal District, issues his third decision and order dismissing suits by IFC Credit Corp. against consumers who had NorVergence Rental Agreements ("NRA") assigned to IFC. Judge Ryan held that the forum selection clause in the NRAs was "unenforceable because it offends the public policy of fundamental fairness" and, therefore, the Illinois courts have no personal jurisdiction over the out-of-state defendant. ( 9/05) Lessee Gets Stay pending other court actions, sets precedent? (9/05) NorVergence 1450 member Class Action Certified in New Jersey (9/05) Texas win and others regarding venue provision creates lessee war cry: “ We are coming for the rest of the LC's now! ” (7/05)--Randy Brook of FTC wins 47 million dollars of “uncommitted” signed leases, with claims against the receivables, assets. (6/05) FTC Asks for $181 Million NorVergence default judgment plus to negate other AG settlements for full amount; hearing set for July 18, 2005. We were criticized for calling this a “soap opera,” but it truly is, except no love interest. http://www.leasingnews.org/archives/June%202005/6-28-05.htm#norv (6/05) Attorney Green to file Appeal on NorVergence Class Action Denial (6/05) Add Massachusetts to Illinois and Texas dismissing all NorVergence leases because BK receiver failed to appear in court (6/05) Florida AG case thrown out of court, next day, he appeals it. (5/05) $23 million more in settlements (5/05) GE and CIT make settlements in other states. (4/05) Reportedly defaulted leases push Preferred Capital into receivership. Several other leasing companies hit with large portfolio losses. (03/05) Thirteen state AG's jump on Preferred Capital venue issue, little realizing that the company is closed to receivership (02/05) “ERA” contract a joke http://leasingnews.org/PDF/NorVergence_Rental_aggreement.pdf (02/05) Ohio Banks Affected by NorVergence Bankruptcy (2/04) Venue Losses by Lessors local and federal courts (2/04) NorVergence Mess Not Going Away, Perhaps Criminal Action (1/05 NY AG Eliot Spitzer settles two more, now at $13MM (1/05) Peter J. Salzano, CEO file BK 11 (1/05) No disagreements about “leasing companies caving in,” as more state AGs (six now) join in litigating leasing companies for settlements with NorVergence Leasing customers. (01/05) Irwin Financial $4 million NorVergence Charge off. (12/04) More Leasing Companies "Caving In" (12/04) Leasing News Editorial: Amicable, Generous Settlement for NorVergence Lessees (12/04) NY Atty. Gen. Gets Another $11 Million Settlement (12/04) Penn. AG Sues NorVergence/Salzano Brother (12/04) Other leasing companies follow GE's lead. (12/04) GE becomes hero, sets pace for other leasing companies. In a surprise move, GE Capital made a settlement with New York Attorney General Eliot Spitzer and his staff regarding 100 approximate leases for the so-called "matrix box" and long distance telephone service from NorVergence, who filed Chapter 7 bankruptcy in July (11/04) 41 Leasing Companies in NorVergence Dilemma (10/04) ELA meets NY Attorney General's staff (10/04) Leasing companies file on lessees, Weir Group has almost 1300 plaintiffs in class action suit, newspapers print poor picture of leasing companies (9/04) Florida attorney general requests leasing companies cease collecting lease payments; three other state AG's follow (8/04) First class action is filed, two others to follow. (7/2004) Campaign to Stop Leasing Company Payments (7/2004) Robert J. Fine Resigns as EAEL President, ran Finance Division, discounting paper to banks and others (7/2004) Telecom Agent Association starts “Legal Co-Op” to breaking third party leasing contracts sold by NorVergence or involved with NorVergence equipment and service. (7/2004) NorVergence files Chapter 7(7/2004) NorVergence files Chapter 11.(7/2004) NorVergence investigated for failing to pay its employees NorVergence (4/2004) "Mr. Arnold comes to NorVergence Capital from HP Financial Services, where he was the Finance Director for North America. At HP Financial Services, he was responsible for all financial functions and was instrumental in integrating the HP and Compaq Financial services portfolios. Mr. Arnold was part of management team that launched Compaq Financial Services in 1997."

CIT / Group CIT Group, New York CIT / Group CIT Group, New York (03/10) Reports net loss of $4 million for 2009. December 31, 2009 Common Equity of $8.4 billion or $41.99 per share Tier 1 and Total Capital Ratios of 14.2%. Reorganization-related items had a $10.3 billion pre-tax benefit to fourth quarter results. This benefit consisted of an $11.2 billion gain on debt extinguishment and related items, partially offset by an $855 million loss on the termination of certain transportation lease agreements (primarily related to the purchase of railcars previously subject to sale-leaseback arrangements) and $43 million of expenses and other net costs attributable to the plan of reorganization. (12/09) Exits BK (12/09) Court okays BK plan. CIT Group, New York (11/09) Q3 Net Loss Tops $1 billion (07/09) Needs loan to stave off BK (11/08) CIT becomes commercial bank to seek TARP funds.(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM (4/07) CIT hit with $64 Million Insurance Class Action Suit (3/07) First Quarter: Top-line revenue grew 14% as a result of our 24% increase in new business volume. (10/06) to buy a Barclays Plc unit that provides financing to customers on behalf of manufacturers and construction firms in the U.K. and Germany. (12/05) Chief executive Jeff Peek told The Business he plans to double its European assets to $ 20bn (B£11.6bn, E17bn) in the next three years. (11/05) agrees to sell its micro-ticket leasing business unit (Lease Finance Group), to affiliates of Cerberus Capital Management, L.P. and Goldman Sachs. The sale is consistent with CIT's continued focus on freeing capital for redeployment into targeted strategic growth opportunities. (10/05)In campaign to optimize our portfolio of businesses, CIT to divest approximately $290 Million of Non-Core Assets: approximately $190 million older vintage, out-of-production aircraft as part of its strategy to maintain a modern fleet capable of contributing positively to the company's risk-adjusted returns, accelerate the liquidation of approximately $100 million in manufactured housing receivables, other real estate interests (7/05) will cut its work force by about 200 employees in North America, consolidating its units and technology, expecting a second-quarter charge of about $25 million for expenses related to the job cuts. (7/05) announced the sale of the majority of its corporate aircraft portfolio to GE Commercial Finance. (7/03) CIT Elects Jeffrey M. Peek President & COO, Reorganizes Senior Management Structure (8/2002) CIT Execs/Directors take stock Bonuses (7/2002) The 200 Million share offering, led by Goldman Sachs and Lehman Brothers went out at $23 each. Tyco Intl in a bid to ease its heavy debt load, raised $4.6 billion from the sale of its CIT Group, accepting half of what it paid for the finance Company a year ago. (6/2002) Tyco loses 30% of stock value, insider loans and shenanigans by directors embarrassing to all, maybe illegal, too, says SEC, IRS, State Attorney General. (6/2002) CEO Dennis Kozlowski---Delusions of Grandeur: Tyco gets a lot worse, like a dark Opera, CEO resigns, directors taking private loans, and talk is they should all resign (5/2002) Tyco to spin off CIT within 45 days (5/2002) Tyco to pay off $10 billion debt by selling CIT(4/2002)CEO Al Gamper says this is the "quiet period" to employees on line.(3/2002)board member borrows millions, loans to insiders made. (2/2002) Tyco International pledged to accelerate its breakup plan, starting with a spin-off or sale of its Tyco Capital finance arm within 8 to 12 weeks. (2/2002) Participants at the Equipment Leasing Association Annual CEO Forum, Feb. 4-5, expressed doubt that Tyco can successfully spin off it financial unit, CIT, through an IPO. Prez. Kozlowski says $10 billion- paid too much for CIT, analysts say will sell for $7.7 billion to $12 billion. Stockholder suit against company. Says Kozlowski made too much money-finder fee to director Walsh too much. Trouble in River City, however Kozlowski holding it together, But the shares remain 49% below where they started the year. (1/2002) Tyco to Separate Into Four Independent, Publicly Traded Companies. (10/2001 ) Tyco Makes it Official: CIT Tyco Capital (8/2001) Many opt to move to Tempe, AZ, stay with CIT, become bold, challenge GE and others in the marketplace, morale up, company on the move. ( 5/2001) CIT Shareholders Approve Proposed Tyco-CIT Acquisition (3/2001) Tyco International Ltd. makes offer for about $9.2 billion in cash and stock in a deal that would allow the manufacturer to finance purchases of its wide array of products. Bermuda Hq, N.H.. operation office. ( 2/2001) Closing Atlanta office and others, "freeze" on new broker business from this office (5/2001) Bruce Nelson, Tempe, Arizona seeking broker business. "We are an asset based lender and provide equipment financing in the following industries: Construction, Transportation, Logging, Material Handling, Corporate Aircraft, Mining, Energy, & Marine."

Direct Capital Corporation, Portsmouth, N.H. Direct Capital Corporation, Portsmouth, N.H.(03/10)Seven year veteran Bob Sweeney, Executive Vice President and CFO is no longer with the company, Direct Capital Chairman Chris Broom told Leasing News. "It was a mutual decision. Bob Sweeney played a key role here and I would be glad to be a reference for him." (10/09) Exits the broker business marketplace. (10/09) let's people go, now down to 200. (12/08) many cutbacks reported by readers as well] as nearby leasing company receiving applications from employees fired, but CEO Chris Broom says business is up 23%, $10 million put into the company and approaching banks to increase their lines of credit.(11/08) Readers report cutbacks, Broom says “normal.” (11/07) Mike Murray, co-founder with Dave Murray of company retires. (03/07) Allied Capital commits to $75 million to acquire a majority interest in Direct Capital.

Brican America, Miami, Florida (03/10) New York Dental Association asks New York AG to investigage. (03/10) Blames Leasing News articles and Brican Viso Blog for misinformation (03/10) Brican America President Chuck Brazier makes offers to some 40 lessees to purchase lease contract back. No takers. (03/10) Brican America Finance starts putting lessees into collection for not making payments. Chuck Brazier signs documents as president of Brican Financial. (02/10) Lawsuit between Brican America and PSFS Dismissed (02/10) Dentists and optometrist on various blogs state not receiving advertising payments which make the lease payments. (12/09) Depositions state advertising part of lease arrangement, case goes into mediation. (10/09) Sued over its leasing portfolio sold to a bank regarding "marketing agreement" not disclosed as part of lease documents. Reportedly Chuck Brazier trying to sell another one of Brican's portfolio. His email address: brazier@bricanfinancial.com
http://leasingnews.org/archives/October%202009/10-05-09.htm#Alert_Brican (01/2010) Brochure explains how advertising plan works.

February

Brican America, Miami, Florida (02/10) Lawsuit between Brican America and PSFS Dismissed (02/10) Dentists and optometrist on various blogs state not receiving advertising payments which make the lease payments.

Axis Capital, Grand Island, Nebraska (02/10) Receiver eyes Triton investment in Axis Capital (02/10) Triton Financial- Hayman $600MM Investment
http://leasingnews.org/archives/Feb2010/2_19.htm#axis

Evans National Bank (02/10)-Evans Bank Ceases effort to sell lease portfolio
http://leasingnews.org/archives/Feb2010/2_15.htm#bank_beat

Lakeland Bank, Oak Ridge, NJ (02/10) Cuts down leasing business.

Marlin Leasing, Mount Laurel, NJ (02/02) Shows $179,000 profit 3 months end December 31, 2009, with major cuts, insurance fees, Evergreen
leases:http://leasingnews.org/archives/Feb2010/2_17.htm#marlin

LEAF, New Jersey (02/10)1st Quarter Down 69%; Down to 271 employees to 377 year before http://leasingnews.org/archives/Feb2010/2_17.htm#leaf

Tygris Commercial Finance Group Chicago, Illinois (02/10) Tygris to operate as division of EverBank; Chicago office downsized to handle MarCap portfolio, operation to run from Parsippany, basically the USXL operation with the top executives and experience.

Manifest Group (US Bancorp) (02/02) To require all brokers and discounters in the US who do business in California to have a CA. Finance Lender's License

Equipment Acquisition Resources, Palatine, IL. (02/10)E.A.R BK Trustee sues I.R.S for $4.7 Million

January

GMD International, Inc. dba Nolatek of Houma, La.(01/2010) Operation closed after Texas bank foreclosed on the $3.9 Million loan and has repossessed its collateral. Various leasing companies and banks are involved and may exceed $50 million. The founder, a French citizen, has returned to France. The company is closed and there is no corporate officer to file a bankruptcy and it appears the lenders involved do not see any such purpose in doing so as much of the collateral does not exist, and it appears others have claimed (taken) what was left.

Mar Vista Financial, Villa Park, California (01/2010)Jamie Chisick, founder and president of Mar Vista Financial, Villa Park, California, is a co-founder along with his brother Brad Chisick of Nationscapital Mortgage, found guilty in 2005 in Olympia, Washington and ordered to pay $712,527.19 in restitution to 120 Washington state consumers."Jamie Chisick is banned from the industry in Washington State for 20 years and must pay fines totaling $292,800.00."Another firm involving Jamie Chisick, First Alliance Mortgage went bankrupt. The California Department of Corporations has Jamie P. Chisick named as president of Mar Vista Financial with an expired license as of 5/17/2008
http://www2.dre.ca.gov/PublicASP/pplinfo.asp?License_id=01280771

Equipment Acquisition Resources, Palatine, IL. (01/2010) Sheldon Player side of the story regarding Greyhound conviction. (01/2010)FBI Investigating Equipment Acquisition Resources. Timothy Nieder, TMN Financial, Park Ridge, Illinois, who was a broker of many of these leases reportedly takes his own life.

Axis Capital, Grand Island, Nebraska (01/2010) States Triton Holdings Securities and Exchange Commission and the Texas State Securities Board not affecting them, investment in Axis by Triton:"The Triton Financial receivership has no effect on the operations of Axis Capital Inc., and the receiver's only position is as trustee for the shares securing the equity infused into Axis Capital Inc."

Lakeland Bank , Oak Ridge, NJ. (01/2010)reports a Net Loss for the year ended December 31, 2009 of $5.4 million, compared to Net Income of $15.2 million reported for 2008.

Brican America, Miami, Florida Brican America, Miami, Florida (01/2010) Brochure explains how advertising plan works.

Financial Pacific, Federal Way, WA. (01/2010) Completes the renewal of its $100 Million Term Credit Facility with WestLB AG. The lending relationship between the two financial institutions was originally established in 2001.
http://leasingnews.org/archives/Jan2010/1_15.htm#finpac

Marlin Leasing, Mount Laurel, NJ (01/2010) Stock hits $10.75.

Back to list index