John Estok

Executive Vice President

IFC Credit Corporation

“Estok insulted your paper in court. He mocked its professional standing.

“Those statements where made by a man who signed an affidavit that claimed they paid $9100.00 for a lease, but the check reflects a payment of $7000.00 in one of my cases.

“In the case I saw in trial last week IFC had an affidavit claiming to have paid about 24k but failed to disclose that with the multiple layers of holdbacks, they really only paid out about 11K (that is a big time holdback).

“Did you know that IFC has a 1 million dollar hold-back account?

“They held back big parts of Norv sales and never credited them back.

“They filed 550 lawsuits claiming certain amounts when in fact they paid sometimes as little as 30% of the face value.

“They filed fraudulent affidavits in a number of Texas cases and in their home state.

“Ask them about holdbacks.”

(Name with Held)

(Leasing News asked Mr. Estok for a comment. His boss Rudy Trebels did not want to make any comment about cases in litigation, but evidently that does not apply to Executive Vice-President John Estok. “Hey, Rudy! Your dog can bark, but can he hunt?”

We understand the Federal Trade Commission has many questions to ask him, and also have brought up the names Brad Wheatley, who is now living in California (his brother put 1.mm in equity into the deal) and Doug Metz, who lives in Dana Point, the site of the next UAEL Conference in California. Leasing News also received the tip, New York Attorney General Eliot Spitzer, who is running for governor, in about two weeks is also going to enjoin FTC for violations of New York State law. What they see is not only the return of the money to the lessees, $13 million, but penalties, fines, and as they say on the Wheel of Fortune, now we are into some “Big Money." Also remember, while the FTC doesn't get into criminal action, the New York State Attorney General has the ability to do so, as does the New Jersey State Attorney General's office, who is also following the FTC investigation. This isn't Illinois, Rudy, barking is not going to scare them off. Kit Menkin.)