Kit Menkin Leasing News
supplies businesses and consumers with information about the leasing industry. We have independent, unbiased, accurate, and fair news about leasing. Feel free to browse our site and learn everything you need to about leasing.
April 3, 2003
+++ Our Ace Reporter Barry Reitman is covering
the Eastern Association of Equipment Leasing Conference
in Washington, DC which starts today.++++
This Border ##### Denotes Press Release (Not Written By Leasing News)
Pictures from the Past----1994—Christopher “Kit” Menkin
“Western Association of Equipment Leasing” Membership Committee King Christopher “Kit” Menkin, partner, American Leasing, Santa Clara, California, wants to give you $50 WAEL bucks. He explains, “This year, every member is part of the WAEL Membership Committee. All you need to do is bring in one new member, and we’ll thank you with $50 WAEL bucks, which can be used for only 1994 conferences, regional meetings, or you 1995 membership dues. Our goal is for every member to bring in a new member.”
April, 1994, WAEL Regional Reporter
There are forty-five “free” adds here. They are provided to in the service
industry, providing assistance to the listing industry.
They range from back-off, collectors, sales training, resellers, repossessions,
Software: Edmonds, WA
Preferred Broker Solutions offers software support (also custom templates & reports) for the System 1 and CapitalStream Advantage products. Ask about our Web Application interface. Email:firstname.lastname@example.org
Lease Portfolio: Stilwell, KS
Looking to buy or sell lease portfolio? 20+ year lease consultant specializing in portfolio placement. Free initial consultation. References available on request. Contact today Email:MLOST@aol.com
Collector: Saint Louis, Mo.
Complete commercial collection agency. Licensed bonded in all states and will out performed any other agency! Call 1-800-659- 7199 ext.315
Back Office: Portland, OR
Tired of paying and training a documentation person? Cut your expense and try outsourcing. Ideal for any part of the USA Call for information 503-492-3183. Email:Trina.Drury@verizon.net
Backroom: All Locations
Are you a broker or a rep for a major lessor? Want to just market and leave the backroom an packaging functions to us? Call us.
Back Office: Northbrook, IL
Our staff of CPA's and lease professionals can handle any or all portfolio responsibilities incl. portfolio mgmt, invoicing, sales/property/income tax, accounting, etc. Email:email@example.com
Back Office: San Rafael, CA
We can run your back office from origination to final payoff. 30 years experience in commercial equipment lease and loan portfolio management. Email:firstname.lastname@example.org
Backoffice: Atlanta , GA. GlobalTech Portfolio Services provides world class lease, loan administration and asset management for equipment and vehicles. Current portfolios $1 billion. Contact Alan Zeppenfeld 678-816-2216 email:email@example.com
Back Office: Atlanta, GA. Let Tax Partners handle your sales and use tax compliance duties w/less risk and cost than in-house. Largest tax compliance firm in U.S. email:firstname.lastname@example.org
and many more. If you have a service to the industry, the ad is "free."
Good News at Santa Barbara Bank & Trust
Here is some good news about the strength of SBBT. We expect to be a consistent and growing participant in the indirect leasing marketplace..
Paul J. Menzel, CLP
Senior Vice President / General Manager
SANTA BARBARA BANK & TRUST
P.O. Box 60607
Santa Barbara, CA 93160-0607
1 South Los Carneros Road
Goleta, CA 93117
Dir Ph# (805)560-1650
###### Press Release ##############################
Pacific Capital Bancorp Increases Quarterly Dividend
Santa Barbara, California,– Pacific Capital Bancorp (Nasdaq:PCBC) announced an 11-percent increase in its quarterly dividend, from $0.18 to $0.20 per share. The dividend is payable May 15, 2003, to shareholders of record as of April 22, 2003.
The new dividend rate represents 37% of 2002 earnings. According to David W. Spainhour, Chairman of the Board, it has long been the policy of the Company to distribute 35%-40% of earnings to its shareholders. Pacific Capital Bancorp reported record net income of $74.9 million for the full year 2002, an increase of 35% over net income reported for 2001.
“We are pleased to be able to increase the return to our shareholders,” said Spainhour. “Our historic dividend policy enables us to deliver a growing income stream for shareholders, while also retaining sufficient capital to reinvest in our community bank network and consistently generate profitable growth.”
Pacific Capital Bancorp is the parent company of Pacific Capital Bank, N.A., a nationally chartered bank that operates under the local brand names of Santa Barbara Bank & Trust, First National Bank of Central California, South Valley National Bank and San Benito Bank. Pacific Capital Bank, N.A. is a 41-branch community bank network serving customers in six Central Coast counties, from Morgan Hill in the north to Westlake Village/Thousand Oaks in the south.
Contact: Deborah Lewis Whiteley
Senior Vice President
Director, Investor Relations
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Equilease Acquires Bank Lease Portfolio
Equilease Financial Services (“Equilease”) has recently acquired a portfolio of equipment leases consisting of 14 schedules with obligations from lessees of $8,700,000 and an original equipment cost in excess of $12,400,000. This portfolio consisting primarily of manufacturing and transportation industry equipment was funded out of Equilease’s recently completed $100mm acquisition facility.
Equilease, located in Norwalk, Connecticut is a specialty finance company that provides lease and loan financing through the acquisition of seasoned portfolios from institutions, captive leasing companies and managed debt facilities.
### Press Release #############################################
Equilease Acquires Vendor Lease Portfolio
Equilease Financial Services (“Equilease”) has recently acquired from a vendor-distributor a portfolio consisting of 136 lease schedules covering equipment with an original cost in excess of $6,600,000 with remaining obligations from lessees in excess of $5,400,000. The portfolio consists of specialty manufacturing and assembling equipment.
“This transaction, amongst other completed transactions, is a large part of our strategy of building our organization thru selective acquisitions of seasoned lease portfolios, which also includes a portion of sub performing obligations”, said Michael Zwick, Executive Vice President.
Equilease, located in Norwalk, Connecticut is a specialty finance company that provides lease and loan financing thru acquiring such seasoned portfolios from institutions, captive leasing companies and managed debt facilities.
For more information please contact Michael Zwick at 800-998-7852 x210.
### Press Release ############################################
De Lage Landen Financial History-- Robert C. Storey
I read your newsletter everyday and I must confess you do something that I always wanted to do but in the 60's I only had paper & pen. Let me say you do it magnificently.
Your item on De Lage Landen Financial Services made me fell like writing you to let you know that even the giants like De Lage were once very small. I started in the leasing business in 1960 with Exchange Leasing out of New York.
I was their Detroit contact. A year later I did a stint with U S Leasing and then in 1963 went to Equilease as a regional VP in Detroit. In 1969 I took my last paycheck (a $9000.00 commission) and started a company called Master Lease Corp. I was a broker at first but after a few years I had lines at several banks and 5 offices in the east and one in Denver.
When I started in 1969 my first thought was to join with other lessors, so I went to Puerto Rico for the EAL annual meeting and joined at that time. I later became the EAL Regional VP as well as expanding Master Lease. I sold Master Lease in 1981 and retired in 1982 and moved to sunny South Carolina. This lasted only 3 years and I was back and put together and ran a program for EAL the did over $500,000,000.00 in 3 years in small ticked leases.
But that's another story.
The point I'm trying to make is that from a very, very small beginning in Detroit, that company, Master Lease was purchased by AAMCO Transmissions, then sold to Toki Bank who later sold it to De Lage Landen. So from a small beginning I can look now and see what I started, a world class leasing giant. So now at 72, I get to retire again and look back at a job well done.
Just thought you would like to know a little history of one of the companies you write about. (PS I know that both Toki and De Lage were big before they got Master Lease but it makes a good story)
Robert C. Storey
(You are too young to retire. You came out of retirement before, as you noted. My advice, keep your hand in business a few days a week and you will live longer. When I was forced to put my father into a nursing home at 82, where he lived for over five years, I noticed young men and women entering the nursing home. Many of them did not live more than six months. They got few visitors ( there were weeks where my name would be on the same single page three times of who signed in for visits). They were bored, confined to wheel chairs, and despite activities, began sleeping all the time. They had little to keep their mind of interest. So my practical advice, keep productive and you will not only live longer,
but want to live longer. editor)
Membership Association Dramatically Down Reaction:
“Regarding your article today, actually UAEL membership is not down. Each
year we renew membership in the spring. Because we're a calendar year
organization, the final count with which to compare numbers each year is the
number our auditors put in the annual report. As a matter of fact, our
renewals are coming in at a pace which both Bill Grohe, Membership Director
and Joe Woodley, CLP Executive Director characterize as a normal pace
compared to history and quite encouraging based on this economic
“With regard to UAEL Spring Education Conference, again, registrations are
not much different than history would suggest this far out from the meeting
date. Traditionally, we hold the 'early bird' member registration open quite
a while (this year until April 20) and our membership usually will register
later rather than earlier, as you might imagine. Actually because of the
location and the weather, we expect quite a good turn-out.
“If I can be of any more help to you, please let me know.”
Jim McCommon CLP
UAEL Board Media Liaison
425 827-6386 (F)
(The numbers came from the UAEL office. I presented the actual e-mail
received by us. I presented the facts. The downsizing are all from announcements from UAEL, including past presidents. The actual count for the Spring conference came from the UAEL office and the actual e-mail was also presented in the article
so there would be no misunderstanding as to the actual count..
The end of June comparison, and then the year-end will be the next comparisons
for membership figures. The numbers are received from UAEL, plus are given to all members, as it is “public information.”
The early bird cut-off April 10th date came from e-mail from UAEL, and the
website. At press time, I checked the UAEL website again: http://www.uael.org/indexlow.asp The date is April 10th for the early bird cut-off. If it has been changed, the e-mail from the UAEL office has been incorrect, as well at the UAEL website.
Here is the e-mail from your staff:
“As of March 31, 2003 we have 222 members and approximately 100 carry over
memberships, but we will have a final to date number well prior to our
Spring Educational Conference. It is still to be determined whether we
print a hard copy membership directory or do as ELA does and provide
printing of our membership directory online.”
(The total then is 222 members, 100 are basically new members carried
over from when they joined last year.)
78120 Calle Estado, Suite #201
La Quinta, CA 92253
(760) 564-2227 x21
(760) 564-2206 fax
$695 Before April 10—early bird
Next member $595
First Time: $495
$1,195/$1,395 after April 10
(As a side note, why have an Early Bird until April 20th with ten days before
the conference and not extend it another ten days? And while I am at it,
thanks for complimenting on us for all the free publicity, announcements,
and the frequent times Leasing News published the conference and other
events. No other independent industry news does that expect for us, but
all you do is give us a hard time. Thanks for the support---not!!! editor)
from a former president of the United Association of Equipment Leasing,
Bob Rodi, CLP.
. It is obvious that the current association movement has not adjusted to the changing times. During the 90s, when times were great, capital was abundant, and the entire industry had the latitude to "experiment" with its future because mistakes were easy to cover with more volume, the associations rose with the tide and lived in the moment
As you know I have been a loyal, long time member of United Association of Equipment Leasing( UAEL). For a couple of years, when I first moved back to the east coast, I also joined Eastern Association of Equipment Leasing but I also found it more like a micro regional association, primarily benefiting, at the time, a group of lessors in North Jersey, Manhattan, Long Island and the lower portion of the New England states.
The UAEL and its ambitions to become a national leasing association were driven primarily by the ambitions of Ray Williams (former executive director of UAEL,)who somehow had fashioned a vision of himself in the specter of Mike Fleming (long time president of the Equipment Leasing Association)..
Ray wanted to be Mike Fleming when he grew up. In retrospect, his leadership was misdirected and ineffective at best. A long succession of Western Association of Equipment Leasing /United Association of Equipment Leasing executive committees renewed Ray's contract and his concept for “growth.”
I have considered joining the NAELB because, as you opine, there is a group of "old time" leasing people that have been around for a while with whom I have common interests. Some of them are old UAEL members. My problem with NAELB is that it remains focused on the "broker", even though many of its members are discounters or lessors in their own right. I also took a look at the "funding" sources that attend NAELB meetings. Other than the few main stream sources that participate, their cadre of "funding sources" is little more than a collection of super brokers, many of which don't have anywhere near the level of technological sophistication, warehouse lines, let alone the funding capability that we have at LeaseNOW.
In addition, other than the core of experienced people in that association, I find that I have little in common with the bulk of the membership. I have also noticed that, what I would refer to as a "dangerous" group of people, are exerting a major influence over the educational programs at the NAELB. In an effort to be more diplomatic than I normally am, I will not mention any names, but when I was president of the UAEL I made it a personal mission to run these people off. I fear that they see the largely inexperienced group and the NAELB as "fresh meat". I do however, have every confidence that some of the new board members of the NAELB, people who I know and respect in this business, will either control them or run them out of that group also.
With respect to the ELA, had they not changed their dues structure, I would have probably joined that association this year. No one should fault them for raising their dues. I respect Mike Fleming for his leadership in attempting to define what the ELA is and which membership constituency it should service. There may still be benefits to being a member of that association, if for nothing else, to have access to the reports and information that the ELA has the resources to develop. Anyone in this industry should understand that the problems of the "big guys" are our problems too. I would almost be willing to bet that when Wells Fargo "catches a cold" several smaller lenders may "catch pneumonia" and possibly die from it.
So what is the answer to this dilemma.
There were many days during those years that I felt like a lonesome voice in the wilderness when I talked about merging associations. After all, I will repeat what I have said many times. What made the association leadership think that they could escape the consolidation that was affecting the rest of the industry? There are no more funding sources to throw huge parties and pony up with thousands of dollars in sponsorships.
At the UAEL, for a well attended fall conference, we used to collect $50-$70K in sponsorships alone. This subsidized the membership dues but, more importantly, the funding sources generally provided a ready cadre of volunteers that would serve on committees, act as regional chairs, and put on regional road shows because these events gave them contact with their customers. This supplemented the normal cadre of dedicated broker/lessor volunteers.
The fact is that those days are long gone and I doubt that they will ever return. In light of this fact, the associations have come to realize that membership dues and the common needs of third party, independent brokers and lessors, are the glue that will bind the associations together. That, after all, is why any association is formed in the first place. The problems arise when someone decides that an association, founded for the right reasons, has to be run like a "business".
Bob Rodi, CLP
1-800-321-LEASE (5327) x101
In response to that person who gave 10 reasons why not to join...here's one
reason: to support your industry.
We belong to 4 organizations. Yes some are cliquey..I actually told the EAEL
board that very thing when I was on the board..and no I was not part of the
clique, didn't want to be and still am not but I was still involved and was
still asked to be on the board. I have belonged to WAEL/UAEL for 15 years
and we are east coast. We have belonged to the ELA for over 15 years. The
ELA has helped keep the leasing industry free from regulation and has fought
for legislation and other legalities that would affect our industry
negatively. I think this is a great reason to support them.
Deborah J. Monosson
BOSTON FINANCIAL & EQUITY CORPORATION
20 Overland Street
Boston MA 02215
We get other letters, too:
April Fool’s Stories
Here are some of the reactions we got from the
April Fool's edition:
I find it interesting that a new lease company, with Middle East investors,
would use "First Bishop" in their name. With all the connotations in First
Bishop it should prove interesting to any customer who happens to be Muslim!
In regards to " Thomas J. Depping Announces Formation of
First Bishop/Hawk Leasing", will they take the tough
credits????? We need a source like that.
Isn't that just like Depping to name his new company with a
Hawk in it. He should have called it Hawk Leasing!!!!!
wouldn't that be nice to have a Hawk Leasing out there!!!!!
I skipped directly to the Gates/GE article, read it, paused a minute in
confusion, then thought "Dang it, he got me."
You crack me up!!! I even believed the U.S. Post Office story.
When I got to the article on Gates buying GE Capital
that's when I went, WHAT??? and realized it was your
April 1st issue.
Today's News...this is APRIL 1ST.......does that have anything to do with
today's incredible news?
I read the headline that Sudhir Amembal was knighted and I thought it
was true, so I went to that story first, as I thought he deserved it, and
it was not until I was half-way through that I realized this was an
April Fool’s joke. You got me good!!!
As I said earlier, the readers who contacted me had positive reactions,
and there was no criticism regarding Bank of France or the war, and there are
many who wrote they found it funny.
Last year's was better, when we were all in a better mood.
I thought the pictures really added this year to the joke.
I thought you'd be interested to hear that I forwarded your son's photo of the side of his ship to my husband's work email, and he and
some of his colleagues now use it as a screensaver at the office.
Four Leaf Public Relations for the Equipment Leasing Association
I am no longer in the leasing business and would like the leasing news to stop being sent to me by email. thank you so much, I did enjoy it while I was in leasing.
I left leasing because of conflict of ownership. I loved the leasing business and really wanted to stay but the owners parted and I needed to have a secure job as I am a single mom. I really miss leasing, although it's a tough business right now it is very exciting and rewarding. I now work for one of the owners as he also owns a lumber mill and trucking company. I am now an Administrative assistant here as well as safety compliance and human resources. It's not as exciting as leasing and I will never have the chance to make as much money as you can make leasing.
My advise to others is to make certain you work for an established leasing company that has been around for awhile, know your funding sources, and get experienced sales people. If you had the funds to back up your business you would do okay in a new leasing company, I think eventually the economy will improve and leasing will again be a lot more fun!
Formerly West Coast Leasing, LLC.
Thanks for the very informative news each day. Have been reading this for a
while and look forward to your updates.
Keep up the good work.
Andon Leasing Ltd.
Boeing Memo (Humor)
from: John Semon
### Press Release ##############################################
Comdisco Completes Optional Partial Redemption of $75 Million of its 11% Subordinated Secured Notes
ROSEMONT, Ill.----Comdisco Holding Company, Inc. (OTC:CDCO) said today that, as previously announced on March 14, 2003, it has completed a partial redemption of its 11% Subordinated Secured Notes (due 2005) in the principal amount of $75 million. The outstanding principal amount of the Subordinated Secured Notes after this redemption is $85 million.
The Subordinated Secured Notes were redeemed at a price equal to 100% of their principal amount ($75 million) plus accrued and unpaid interest to the redemption date. Comdisco previously partially redeemed its 11% Subordinated Secured Notes in the principal amounts of $65 million, $200 million, $100 million, $50 million and $75 million on November 14, 2002, December 23, 2002, January 9, 2003, February 10, 2003, and March 3, 2003, respectively.
The purpose of reorganized Comdisco is to sell, collect or otherwise reduce to money the remaining assets of the corporation in an orderly manner. Rosemont, IL-based Comdisco (www.comdisco.com) provided equipment leasing and technology services to help its customers maximize technology functionality and predictability, while freeing them from the complexity of managing their technology. Through its former Ventures division, Comdisco provided equipment leasing and other financing and services to venture capital backed companies.
Mary Moster, 847/518-5147
Wells Fargo Bank Minnesota, N.A., 800/344-5128
###### Press Release ##########################################
San Diego Union-Tribune Business section wins national honor
(They break a lot of leasing news stories such as commercial money
center, pinnfund,pinnleasing, plus have excellent business coverage
consistently; two of their reporters read leasing news and communicate
with us. Our congratulations!!!!)
Consumer confidence rises in latest week, despite war
Poll Ranks NBC's Brokaw Most Trusted News Anchor
General Electric Affirms Guidance
HP shareholders try to send management a message
Tyco Sues Its Former Finance Officer
SBC fights rivals with 5¢-a-minute long- distance plan
Air Canada files for bankruptcy protection
First Data Corp. to buy Concord EFS for nearly $7 billion in stock
S.F. commercial rents fall Vacancy rate rises to record high 20.3% with no relief in sight
On the job at 100 years old Clerk a fixture at S.F. Andronico's
Howland hired as UCLA coach
NFLPA: Jets Improperly Matched Redskins' Offer Sheet to Morton
Texas leaves no doubt it belongs in Final Four
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