 |
At Dell Financial Services, we fuel your potential with the kind of challenging opportunities and hands-on support you need to grow. We're the exclusive provider of leasing and finance services for Dell technology systems worldwide. If you're ready for your chance to take the field, join our team as a:
Account Executive
Responsible for working remote out of a home office in the states of MI, GA, WA, CO, CA and MN. We're looking for seasoned candidates with 8+ years of Equipment Leasing Sales experience with a successful track record of increasing market/account penetration by assigned segment and/or geographic region, improving customer satisfaction and growing the business for long term results. You will be working in a relationship sales environment directly with CFOs, CIOs, CEOs and other high-level executives. If this type of opportunity sounds appealing, please send a copy of your resume to US_DFS_STAFFING@dell.com
|
|
Wednesday, April 5, 2006
Headlines---
Not for a Thousand Years---
Classified Ads---Asset Management
Short Term T-Bills Rise Again
O'Romoff to Retire, Again?
Marlin Officers Exercise Stock Options
$13 Million Telecom Leasing Scandal
NACM's CMI for March Posts Positive News
Classified Ads---Help Wanted
Wal-Mart Loses Distinction as Number one
Cartoon---Return Match
Sales Makes it Happen---by R.Teichman, CLP
Moving Up-Selling into the Middle Market
IT Solutions Conference
by Shawn Halladay
LEAF Financial Acquires Unicyn Financial
Interpool Completes Majority of Sale
News Briefs--
You May have Missed---
Sports Briefs---
California Nuts Briefs--
"Gimme that Wine"
Calendar Events
Today's Top Event in History
This Day in American History
Spring Poem
######## surrounding the article denotes it is a "press release"
[headlines]
--------------------------------------------------------------
Not for a Thousand Years---
One of the "events" working on Leasing News early in the morning is to experience:
01:02:03 04/05/06
They say this will not happen again for another thousand years.
I can tell you my feelings, as this was over in a second. Wait, I am not making a joke out of this. As I get older, I do wonder where the time has gone, and what "time" I have left.
I think it is all relative. A child wanting to go out and play from a nap. A man waiting to become president of his company.
The formation of a mountain is millions of years. We were not around, so to us the mountain is there and we don't realize the value of a million years. It is like the second I "just" experienced.
So how then can I miss this one occurrence? First, I turned on Microsoft "Date and Time" to view the full sequence. Second, I ran "Atom Time" to adjust the time with Greenwich. Third, I made sure I didn't blink my eyes.
It was exciting. I mean my heart was even beating fast as I anticipated this 1,000 year event.
It was over so quickly. I also realized I only saw the clock go 01:02:03 as it didn't show the month, day, or year. So I guess I can see this every early morning as I write Leasing News--- but today, I knew it also was 04/05/06.
Perhaps every time I experience the 01:02: 03, I will remember this early morning. Time will tell.
Kit Menkin
[headlines]
--------------------------------------------------------------
Classified Ads---Asset Management
Austin, TX.
20+ years exper. lease/finance. P & L responsibility, strong credit & collection management, re-marketing& accounting. Computers, construction, auto & transportation. Both commercial/ consumer portfolios.
Email: kmalone@austin.rr.com
Bloomfield Township, MI
15+ yrs experience asset management and credit analyst.
Leadership and training skills. Audited returns, max residual, lease end and resale negotiator.
E-mail: cmcozzolino@msn.com
Boston, MA
10yrs exp structuring/modeling sophisticated lease/ loan products. Expert programmer: customized portfolio mgmt, securitization, economic capital & pricing applications. Available for contract work.
E-mail: lease_structuring@yahoo.com
Chicago, IL.
MBA, 15+ years exp. Long history of success in maximizing residual position through outstanding negotiation skills & lease contract management. Third party re-marketing, forecasting etc...
email: jgambla@aol.com
Chicago, IL
2+ Years Exp. Asset Remarketing Transportation/ Medical/Cosmetic Equipment; Superior End Of Lease Negotiation Skills; Comprehensive Buyer Contacts; Available Immediately For Assignment
Email: Lonnie0168@comcast.net
Princeton, NJ
Asset management/credit/collection
20+ years experience in equipment financing. Last five years in Asset Management including remarketing, end of lease negotiations, equipment and market evaluations
E-mail: bgaffrey@earthlink.net
Sausalito, Ca
Sr. Corp. officer, presently serving as consultant, fin. service background, M&A, fund raising, great workout expertise, references
Email: nywb@aol.com
Sonoma, CA
20+ years managing/ maximizing residual values, exp. computers/ hi-tech mfg. Excellent negotiation skills. Outstanding 3rd party contacts/buyers. Created deal winning structures-established residual values.
Email: dfeltman@yahoo.com
Wilton, CT
18 years exp. in IT and High Tech leasing industry. Residual forecasting, workouts, off-lease sales, mid-term restructures, auctions, all aspects of remarketing and equipment management.
Email: charrer@hotmail.com
For a full listing of all "job wanted" ads, please go to:
http://216.66.242.252/AL/LeasingNews/JobPostings.htm
To place a free "job wanted" ad, please go to:
http://216.66.242.252/AL/LeasingNews/PostingForm.asp
* Nick Vivian | all galleries >> Hanging out with a bunch of Crabs in Kenya
http://www.pbase.com/
[headlines]
--------------------------------------------------------------
Short Term T-Bills Rise Again
The latest auction of on short-term Treasury bills rose again, with six-month bills climbing to the highest level in more than five years.
Debt obligations of the US Treasury that have maturities of one year or less. Maturities for T-bills are usually 91 days, 182 days, or 52 weeks.
The Treasury Department auctioned $15 billion in three-month bills at a discount rate of 4.535 percent, up from 4.495 percent last week. Another $14 billion in six-month bills was auctioned at a discount rate of 4.670 percent, up from 4.600 percent last week.
The three-month rate was the highest since three-month bills averaged 4.545 percent on March 20.
The six-month rate was the highest since these bills averaged 4.770 percent the week of Feb. 20, 2001.
As Leasing News has been noting on previous graphs, the discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,885.37 while a six-month bill sold for $9,763.91.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, rose to 4.82 percent last week from 4.77 percent the previous week
[headlines]
--------------------------------------------------------------
O'Romoff to Retire, Again?
Ira Z. Romoff report:
"ICB Leasing/Sovereign Merger Update - We continue to make progress with the merger of our two Banks. Our goal is to create a larger, stronger and more diverse leasing company by consolidating the ICB Leasing business into Sovereign Bank's Commercial Equipment and Vehicle Finance platform. The combined entity can offer a wide range of Leasing and Equipment Finance products and will have a combined portfolio of over $1.2 billion. Our intent is to continue to provide you with the outstanding level of service that you expect and deserve. We are doing our best to make this a smooth process and will keep you updated as this transition continues.
"There will, of course, be some changes. I plan to stay as long as needed, but will not be involved in the long run with the ongoing entity. Please continue to communicate with your current contacts from ICB Leasing. We are continuing to approve your transactions as always and will honor all past approvals.
"Rates trended up in March with the five-year T-Bill 20bp higher at the end of the month. We have increased our buy rate 15 basis points starting today. Each month we set rates for the approvals during the month. We then hold our credit approvals for 90 days and also lock the rate for 60 days."
IRA Z. ROMOFF
DIRECTOR OF LEASING
ICB LEASING CORP.
551 FIFTH AVENUE
4TH FLOOR
NYC, N.Y. 10176
212 209-9177
212 209-9179 (FAX)
201 776 7040 (CELL)
IRomoff@ICBNY.com
[headlines]
--------------------------------------------------------------
Marlin Leasing Officers Exercise Stock Options
President Gary R. Shivers exercises option, buys stock
(3/28) 1,906 shares
Chief Executive Office Daniel P. Dyer exercises option, buys stock
(3/38) 2,495 shares
Senior Vice-President/Attorney/PR Man George Pelose exercises option, buys stock
(3/28) 1,211 shares
Stock Price, end of Monday:
Most current stock report:
http://www.snl.com/Interactive/IR/fndg.asp?IID=4089372
Trend Analysis:
http://www.leasingnews.org/Pages/Marlin_Trend_Analysis.htm
[headlines]
--------------------------------------------------------------
$13 Million Telecom Leasing Scandal
Bankruptcy Trustee Joseph M. Hill in Houston, Texas is seeking $13 million in "recovery of fund and refunds" from a convoluted group who allegedly bilked leasing companies and their clients as much as $7 million a year under various entities controlled by them between 1998 and present. Named are Michael Day, Max Day, Jared Day, Pamela Day, Medicus Marketing, Inc., IBD Marketing, Inc. Teamwork Investments, LLC, who are also intermixed with TNG Systems, and Dental Affliates, among others, all reportedly in bankruptcy.
The various companies for an up-front fee or a third party equipment lease from $35,000 to $50,000 set up their hardware, software, multiple telephone lines, auto dialers for the purpose of contacting potential patients with a canned script, along with mass mailers, training by professional marketing coaches, plus TV and radio commercials, at an additional fee, also often a fee for each new patient.
Leasing News readers may be able to guess some of the Lessors who bought this paper.
As the Better Business Bureau, even the American Dental Association, among others caught up with the complaints, the various individuals started new companies, sold the old ones to other individuals, and as court documents state, "...used the same attorneys, common letterheads, share the same offices, and continue to rely upon the director of Max and Mike Day."
"Debtor, Today's Destiny, Inc. held itself out to the public as a company which performed various marketing services on behalf of its clients. In particular, Debtor sold to its customer base "predictive dialing equipment" to be used in chiropractic and dentistry fields."
Bankruptcy Trustee Hill in his "Original Complaint Against Third-Parties,"15. The moving target formerly known as Todays Destiny, or TNG, was and is incorporated, merged, sold, and bankrupted for the sole purpose of defrauding its creditors and diverting or hiding assets produced from that fraud.
"16. The product sold by Debtor was fairly simple. The largest part of Debtors sales, the computers, or "dialers," was made up of inferior technology which was likely built or purchased at a minimal cost to the Debtor. The dialers were sold to Debtor's customers at a price between $28,000 and $80,000. The strategy appears to have been very profitable, given's debtor's statement in the bankruptcy schedules that during fiscal year 2004 it realized gross revenues in excess of $7 million.
"17 Debtor and the other Defendants scheme to defraud its customers included the following actions:
- Guarantee the customer results (usually a fixed number of clients per month.) In exchange, offer a refund for each month the benchmark is missed.
- Arrange for financial of the goods and services. This way, TNG gets all their money up front, and has no risk on loans (leases) in the event TNG breaches their agreement.
- When the program fails, invoke one of many immaterial clauses in the c customers contract, claiming that the guaranty is void.
- When a sufficient number of claims have been made, declare
Bankruptcy.
• All the time, continue to transfer TNG's assets to other related individuals and entities on order to avoid liability to creditors.
The crux of the filing names individuals for allegedly engaging in fraud in hiding assets and in the manner in which the various entities were used to hide assets from creditors.
From the American Dental Association:
"Today's Destiny, Inc. of Houston, Texas, a company doing business as TNG Systems selling marketing programs for dentists and other health care professionals, filed notice of Chapter 7 Bankruptcy Oct. 13 in the United States Bankruptcy Court, Southern District of Texas.
TNG Systems was among several companies mentioned in an ADA News article last spring about dentists who felt they had been the victims of scams
"ADA News March 7, Dental offices believe they were victims of scam artists.
"' I got suckered in,' said Dr. Sandler. 'Now, I think that's how this company's advertising approach is designed - to sucker dentists in.'
"'An amazing boost in revenues,' 'guaranteed or you don't pay,' are among claims made by a TNG Systems' marketing system advertisement. Dentists' happy testimonials include, 'TNG over-delivers on its guarantee. It's like having an ATM in the office, just turn it on and watch the new patients come into your office.'
"Such assertions piqued Dr. Sandler's interest. After learning about one of TNG Systems' marketing programs from TNG representatives, he received good referrals from two TNG-recommended dentists.
"Dr. Sandler purchased a five-year leasing agreement for some $28,500. The agreement included coaching by TNG representatives, hardware, software and the installation of multiple phone lines for the purpose of cold-calling potential patients with TNG-prepared scripts.
"'It all seemed very straightforward,' said Dr. Sandler, who signed the agreement without consulting an attorney.
"What he says really sold him on the deal was TNG Systems' assurance that it would pay $1,000 for any month the system failed to produce 100 positive patient inquiries to his office.
"A Feb. 11, 2004, letter from TNG Systems to Dr. Sandler states, 'If you or TNG decides this is not beneficial for any reason, TNG will buy you out of our marketing and coaching program, which includes buying you out of your leasing agreement, providing you have followed the standard usage requirements below. Failure to comply with any of the standard usage requirements voids the response agreement.'
"Four months later, Dr. Sandler learned he fell out of compliance with two of the eight requirements and that his compliance with two others were unverifiable. That was TNG's response to Dr. Sandler's request to exercise what he considered a buy-out option.
"'The system generated few leads for me, wasn't working," explained Dr. Sandler.' It wasn't until after the system was installed that I realized it's as easy as pie for TNG to say someone violated the warranty. My sense of it is that being out of compliance with the standard usage requirements is TNG's knee-jerk reaction when someone asks for a refund.'"
[headlines]
--------------------------------------------------------------
NACM's CMI for March Posts Positive News
New sales recorded higher levels in both the manufacturing and service sector, compared to one year ago. Within the manufacturing sector, credit managers indicated fewer rejected credit applications and saw slightly lower levels of bankruptcy filings.
This trend was repeated in the service sector; which also showed lower levels of disputes.
"Lower levels of disputes likely indicates solid cash flow and companies rendering prompt payment of invoices," said
Dan North, Chief Economist with credit insurer Euler Hermes ACI.
For full report, please go here:
http://leasingnews.org/PDF/CMI_Mar2006.pdf
[headlines]
--------------------------------------------------------------
Classified Ads-Help Wanted
Account Executive
|
At Dell Financial Services, we fuel your potential with the kind of challenging opportunities and hands-on support you need to grow. We're the exclusive provider of leasing and finance services for Dell technology systems worldwide. If you're ready for your chance to take the field, join our team as a:
Account Executive
Responsible for working remote out of a home office in the states of MI, GA, WA, CO, CA and MN. We're looking for seasoned candidates with 8+ years of Equipment Leasing Sales experience with a successful track record of increasing market/account penetration by assigned segment and/or geographic region, improving customer satisfaction and growing the business for long term results. You will be working in a relationship sales environment directly with CFOs, CIOs, CEOs and other high-level executives. If this type of opportunity sounds appealing, please send a copy of your resume to US_DFS_STAFFING@dell.com
|
|
|
Account Executive
Seeking an assertive, goal-oriented, profit-motivated Account Executive with sales experience in the equipment finance industry for Irvine , California headquarters. Unlimited earning potential - competitive salary with bonus and commission. Send resumes to llewis@calfirstlease.com or log on to www.calfirstjobs.com/apply_now.htm to apply for position.
|
|
Business Development Officer
|
Business Development Officer-
Golf Industry
Located in SE region of U.S.
This opportunity with VGM Financial Services (affiliate of TCF Financial Corp.) offers rewards for selling vendors & leasing programs to golf car & turf equipment manufacturers, dealers/distributors & golf clubs. You'll work with VGM Club, largest buying group in golf industry, to facilitate eqpm't financing needs of member courses. BS & 5 yrs vendor/leasing sales exp. req'd, including golf industry eqm't financing. Send resume & letter to: jclark@vgmfs.com
|
|
|
Chief Credit Officer
|
Chief Credit Officer
Costa Mesa, CA
Report to president. Min.10 years commercial lending/lease exp. Equip./Vehicles/RE loans. Fax Resume to: 714-241-1582 or email to sltidland@goldenwestfinance.com
|
|
|
Lease Coordinator
|
 |
Lease Coordinator, Accurate preparation of equipment lease documentation and funding. Knowledge of leasing industry preferred. email kgoo@celticleasing.com
|
|
Portfolio Collection & Customer Service
|
Portfolio Collection & Customer Service Specialist, Irvine, CA
Small ticket lessor seeks candidates with related work experience in the equipment leasing industry. Candidates must possess strong verbal/written communication and negotiating skills. Competitive comp package and outstanding work environment! Please e-mail resumes: recruiter@gen-cap.com.
|
|
Sales Manager
|
Sales Manager - Irvine, CA
We're looking for a detail oriented, profit driven Sales Manager with 10 years experience in sales and/or management in the middle ticket equipment finance/leasing industry. Great opportunity for huge earnings potential as we offer a competitive salary with bonus and commission. Send resumes to llewis@calfirstlease.com .
|
|
[headlines]
--------------------------------------------------------------
Wal-Mart Loses Distinction as Number one
1. ExxonMobil (XOM)
2. Wal-Mart (WMT)
3. General Motors (GM)
4. Chevron (CVX)
5. Ford Motor (F)
6. ConocoPhillips (COP)
7. General Electric (GE)
8. Citigroup (C)
9. American Intl. Group (AIG)
10. IBM (IBM)
For the full list, please go here:
http://www.leasingnews.org/Pages/Fortune500.htm
[headlines]
---------------------------------------------------------------
[headlines]
---------------------------------------------------------------
Sales Make it Happen
Moving Up-Selling into the Middle Market
by Robert Teichman, CLP
Small-ticket and middle market are two different businesses. The Leasing salesperson who understands the differences will be successful in both.
The small-ticket business, generally defined as leases for equipment costing less than $75,000, focuses primarily on the credit of the guarantor of the lessee company. Generally, the lessee completes a credit application calling for a minimum amount of information. The application is forwarded to a funder, which reviews the credit, concentrating on the guarantor's credit score and the lessee's time in business. The funder may also consider bank and trade information. Approval, if granted, occurs shortly after the funder receives the application, and the approval and rate is transmitted to the originator.
Generally, the originator has not received a signed proposal letter from the lessee prior to sending the application to the funder. As a result, many approvals do not convert to bookings because the applicant signs up with another lessor or decides on another type of financing.
Therefore, the characteristics of the small-ticket business include an application with little information, heavy reliance on credit scores, a fast turnaround of the credit process, and credit review before getting the lessee's commitment.
On the other hand, middle market leases, generally defined as leases between $75,000 and $5,000,000, require a more structured approach. The funder requires a full financial package, which includes several years of financial statements, lessee and guarantor tax returns, complete equipment details and a narrative which should include a thorough financial analysis as well as a discussion of the company and its history.
Because of the depth of analysis which goes into a middle-market transaction, most funders demand that the lessee agree to the terms of the lease before starting the credit process. It is because of this requirement that more middle-market lease approvals convert to bookings than do small-ticket (application-only) transactions.
All leasing salespeople should understand how to place a middle-market transaction. Even those who specialize in application-only deals will improve their volume by learning packaging and financial analysis techniques.
Often, the lessee who started with a small transaction grows beyond the small-ticket limit. In order to maintain the relationship, the originator will have to help the lessee obtain the financing, or risk losing the account.
One technique I have often used is the Master Lease. Instead of simply responding to the lessee's stated need for a small transaction, I would ask what other equipment the lessee planned to acquire that year. Not surprisingly, there almost always were other items on the capital expense budget. I would then offer a written proposal based on the total equipment needed, since I knew by then that I was working with a larger transaction. All the equipment the lessee planned to get over a six to twelve month period could be easily accommodated under a single Master Lease, instead of many individual leases.
If the lessee did not need additional equipment, the lease could still have been handled as an application-only transaction.
Not all lessees would qualify for a larger Master Lease, but the originator who pre-qualifies the lessee and is confident of obtaining an approval will win not only the original small lease, but all follow-on leases as well. Originators who understand how to read and analyze financial statements and how to properly prepare a full financial package will significantly increase their bookings.
Robert Teichman, CLP
Teichman Financial Training
415-331-6445
BoTei@aol.com
|
|
|
[headlines]
----------------------------------------------------------------
IT Solutions Conference
by Shawn Halladay
www.leasingnotes.com
I have been getting a lot of email traffic and calls regarding our upcoming IT Solutions conference later this month, so I thought I would try to address some of them here with a more broad-based answer. First, to clarify what is probably the most common question, this conference primarily focuses on the back-end accounting systems - no, we are not exploring front-end applications (maybe another time).
As many of you are aware, there has been a big push to asset-based accounting over the past several years, especially in the aftermath of Sarbanes-Oxley and Basel II. Several new accounting systems also have been developed and put on the market by companies such as CHP, Enable Us, Odessa, Oracle, and SAP, to name but a few. The established legacy systems, such as APAK, IDS, LeaseTeam, McCue, all have kept pace with these changes and introduced comparable functionality or have, in some cases, had it all along. The new players and the shift to asset-based programs, however, have resulted in a reconsideration of accounting applications in general, as CIOs and CFOs have begun thinking about whether to remain with the legacy systems or convert to something new. I think it is safe to say that there is a great deal of uncertainty in the market surrounding these concerns.
This issue is at the core of what we are trying to do with our conference - that is, answer the questions of "What functionality do I need to remain competitive and compliant?", "What applications are available out there, and do they provide this functionality?", and "Should I convert to a new system, or am I better off with my legacy application?" Of course, everyone claims to have the end all, beat all answer, so Oracle, McCue, IDS, and CHP are going to prove at our conference that they can provide this functionality. BearingPoint, CapGemini, and others with deep experience will help analyze the conversion issue and factors to consider.
During the conference Oracle, McCue, IDS, and CHP will provide General Ledger entries of a contract with 10 assets that have, in various combinations, some assets securitized, some assets impaired, an early buyout, some assets sold, some renewed, and some refinanced. Quite a task, but these are things that go on in your business every day, and we want to see who has the chops to actually meet these real-life situations.
Sound interesting? I think so, and hope this post helps answer some of your questions. If you have more, email me, call Bonnie Johnson in our office at 801-322-4499, or review the IT Solutions conference brochure.
www.leasingnotes.com
[headlines]
---------------------------------------------------------------
### Press Release ###########################
Resource America's LEAF Financial Corporation Acquires
the Business of Unicyn Financial Companies
PHILADELPHIA----Resource America, Inc.'s (NASDAQ:REXI) equipment leasing and finance subsidiary, LEAF Financial Corporation announces that it has expanded its lease and loan origination capability and assets under management with the acquisition of the business of Unicyn Financial Companies of Closter, NJ for an undisclosed amount. Unicyn provides equipment and practice acquisition financing as well as debt consolidation loans to the healthcare market. The acquisition includes both a portfolio of small ticket leases and loans bought on behalf of LEAF's investment partners and numerous vendor finance relationships as well as a team of experienced origination personnel. After this acquisition, LEAF will manage approximately $475 million of finance assets for its own account, institutions and third party investors. As a result of this transaction LEAF is able to expand its coverage of the healthcare space by providing unique and competitive funding solutions in the medical, dental and veterinary segments of the market.
Unicyn Financial Companies is an independent lessor that has been in the business for 26 years. The company's focus has been the healthcare market in the small to middle ticket areas. Unicyn maintains an extensive field sales force with offices in Cloister, NJ, Chicago, Dallas, Detroit, Atlanta, and Los Angeles. The company's strength has been their ability to perform for vendors and end users by creating unique solutions to financing needs.
Crit DeMent, LEAF CEO, said, "We are very excited by the additional capability this new relationship will allow LEAF to deliver to healthcare providers and equipment vendors. We are convinced that the experience and professionalism of the Unicyn sales team combined with our financial strength will solidify LEAF's position as one of the premier providers of financial services to this industry. Unicyn's robust origination volume, when combined with LEAF's already strong presence in this market, will significantly expand LEAF's investor's access to this increasingly important segment of the US economy."
LEAF Financial Corporation is a commercial finance company headquartered in Philadelphia, PA. LEAF's business model is to originate equipment leases by reaching the small to mid sized business market by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions. After origination, LEAF manages the leases for its own account, institutions, and individual investors through investment partnerships and other investment vehicles.
LEAF concentrates on the origination of small ticket equipment leases by reaching out to the small to mid-sized business market through the formation of strategic marketing alliances. After origination, LEAF manages the leases for its own account and for outside investors, thereby providing investors with direct investment opportunities in financial services products for small businesses. As of March, 2005 LEAF has renewed and extended its agreement whereby it will originate as well as service leases relating to a diversified portfolio of business essential equipment on behalf of Merrill Lynch. At December 31, 2005 equipment leasing assets under management increased to approximately $414.0 million.
For more information please visit our website at www.leaf-financial.com.
Resource America Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the financial fund management, equipment leasing and finance and real estate industries. For more information please visit our website at www.resourceamerica.com or contact Investor Relations at pschreiber@resourceamerica.com.
CONTACT: Resource America, Inc.
Pamela Schreiber, 215-546-5005
Facsimile: 215-546-5388
or
LEAF Financial Corporation
Michelle Falcone, 215-569-1844
Facsimile: 215-761-0430
[headlines]
### Press Release ###########################
Interpool Completes the Sale of a Majority of Its Container Operating Lease
Assets to an Investor Group; Interpool Will Manage the Portfolio and Continue Active Container Leasing Business
Interpool, Inc. (NYSE: IPX) announced that its wholly-owned subsidiary, Interpool Containers Limited, has completed the previously announced sale of a substantial majority of its operating lease portfolio of standard dry marine cargo containers to a newly formed subsidiary of an investor group based in Switzerland. The selling price was approximately $515 million and the Company expects to report an after tax gain on the sale of these containers during the quarter ended March 31, 2006, of approximately $61 million, subject to closing adjustments and final accounting review. Following the sale, Interpool and its 50%-owned subsidiary, Container Applications International, Inc., will perform management services on behalf of the purchaser for the containers being sold, and Interpool will continue its active businesses of leasing cargo containers and container chassis to shipping lines and other customers.
Martin Tuchman, Interpool's Chairman of the Board and Chief Executive Officer said, "This transaction represents a significant step in our plan to position our company to further enhance shareholder value. It provides an additional source of capital and an opportunity to reduce debt, improve our capital structure and reduce the cost of future financings. Following this transaction and the cash distribution made by our foreign subsidiary to the parent company in December, we will be extremely well positioned to take advantage of strategic opportunities at the parent company level and to increase our investment in chassis for the expanding maritime, rail and domestic trucking markets. And, with our excellent relationships with customers in the container leasing markets, we intend to continue to invest in the container finance and operating lease sectors as we have in the past."
Interpool is one of the world's leading suppliers of equipment and services to the transportation industry. The company is the world's largest lessor of intermodal container chassis and a world-leading lessor of cargo containers used in international trade.
www.interpool.com .
[headlines]
### Press Release ###########################
--------------------------------------------------------------
News Briefs----
Venture-backed IPOs plummet in the 1st quarter
http://www.boston.com/business/globe/articles/2006/04/04/
venture_backed_ipos_plummet_in_the_1st_quarter/
Is Reliance on Real Estate a Crack in the Foundation?
http://www.washingtonpost.com/wp-dyn/content/article/2006/04/04/AR2006040401629.html
Second homes 40% of market
http://www.usatoday.com/money/economy/housing/2006-04-04-real-estate-usat_x.htm
N.Y. Fed lifts year-long ban on Citigroup expansion
http://www.usatoday.com/money/companies/regulation/2006-04-04-citi-ban_x.htm
Wal-Mart Offers Aid to Rivals
http://www.nytimes.com/2006/04/05/business/05walmart.html?_r=1&oref=slogin
Delta pilots overwhelmingly authorize strike
http://www.signonsandiego.com/news/business/20060404-1349-delta-pilots.html
Merrill Lynch: 1Q charge now $1.2B
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B66B3A188%2DA887%
2D4D26%2D9536%2D4A7473A55994%7D&siteid=mktw&dist =
Computer Sciences seeking a suitor
Tech firm could collect more than $10.6 billion if acquisition talks succeed this time; will cut about 5,000 jobs.
http://money.cnn.com/2006/04/04/technology/computer_sciences.reut/?cnn=yes
Katie Couric expected to announce she's leaving 'Today Show' Wednesday
http://www.mercurynews.com/mld/mercurynews/entertainment/television/14261688.htm
http://www.hollywoodreporter.com/thr/article_display.jsp?vnu_content_id=1002277148
Bet is Bucky is out on American Idol
http://www.accessatlanta.com/blogs/content/shared-blogs/accessatlanta
/idol/entries/2006/04/04
[headlines]
---------------------------------------------------------------
You May have Missed---
Prosper: S.F. Online Venture based on idea from Vietnam Connects Borrowers, Lenders
http://www.siliconvalley.com/mld/siliconvalley/14252405.htm
[headlines]
---------------------------------------------------------------
Sports Briefs----
Terps Rally From 13 Down to Capture First National Title: Maryland 78, Duke 75
http://www.washingtonpost.com/wp-dyn/content/article/2006/04/04/AR2006040402258.html
Titans shut the door on McNair; release statement
http://www.tennessean.com/apps/pbcs.dll/article?AID=/20060404/SPORTS01/604040349/1027
[headlines]
----------------------------------------------------------------
California News Briefs---
Jesse Jackson: Baseball and SDPD failed to protect Bonds
http://www.signonsandiego.com/sports/baseball/20060404-1851-bbn-bonds-jackson.html
[headlines]
----------------------------------------------------------------
"Gimme that Wine"
Cabernet Sauvignon in Napa County, California
http://www.nytimes.com/2006/04/05/dining/05wine.html
2005 California Wine enters Mainstream U.S. Lifestyle
http://www.wineinstitute.org/communications/statistics/sales2005.htm
Winemaker Vincor endorses $1.5-billion takeover offer from Constellation Brands
http://www.680news.com/news/business/article.jsp?content=b0403101A
Vintage Wine Trust buys vineyards and a winery for $13.4M
http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2006/04/03/daily12.html
Putting Lodi on the wine map
http://www.lodinews.com/articles/2006/04/03/update/1_lwwc.txt
www.winezap.com
http://www.wine-searcher.com/
If you want to know if you got a value for your wine, or what the wine price is today, go to www.winezap.com Type in the vintage (year) and name of the producer with wine type or geographic area, such as 1995 Chateau Lynch Bages Pauillac. Even 1995 Lynch Bages will work, or 1999 Viader
[headlines]
----------------------------------------------------------------
Accelerate ACL Awareness Among Young Women Day
This National AAAYW day will launch an annual campaign targeting parents, young athletes, coaches and all educators with national workshops to educate young women on how to prevent and treat
ACL injuries with proper sports training and conditioning programs Recent studies indicate that the risk of female ACL injuries is five to six times greater than it is for males, and can begin as early as puberty for those who participate in non-contact sports such as soccer, basketball and volleyball. www.knewhippain.com
Azalea Festival (North Carolina)
Bell Bottoms Day
Calendar Events This Day
Lady Luck Day
Shad Festival (North Carolina)
Stories Day
A day to share stories with young children and to celebrate the benefits storytelling and reading provide for children and families. www.childcarecoalition.org
Thank Your School Librarian Day
Recognizes the unique contribution made by school librarians who are resource people extraordinaire, supporting the myriad educational needs of faculty, staff, students and parents all year long. Three cheers to all the public, private and parochial school infomaniacs whose true loveof reading and lifelong learning make them great role models for kids of all ages. To helpcelebrate, take your school librarian to lunch, donate a book in his/her honor to the library, tell your librarian what a difference he/she has made in your life. Sponsor: "Carpe Libris."(Seize the Book)
Tomb Sweeping Day
[headlines]
----------------------------------------------------------------
Today's Top Event in History
1916-National Park Service founded.
http://memory.loc.gov/ammem/today/apr05.html
Theodore Roosevelt and John Muir, Glacier Point, Yosemite Valley, California,
[headlines]
----------------------------------------------------------------
This Day in American History
1850-Legislature passed act for the incorporation of San Francisco.
1854-Thousands of people gathered at the Plaza for dedication of the new City Hall bell. Fire Chief Engineer Duane broke a bottle of champagne over the bell that was also to be used for alarms of fire. The tower was to be used by fire spotters.
1856- The birthday of Booker Taliaferro Washington, black educator and leader born at Franklin County, VA. "No race can prosper," he wrote in "Up from Slavery, "till it learns that there is as much dignity in tilling a field as in writing a poem."
http://www.historycooperative.org/btw/
1868-The first Chamber of Commerce was established by 20 merchants at a meeting at Fraunces Tavern, New York City, " for promoting and encouraging commerce, supporting industry, adjusting disputes relative to trade and navigation, and procuring such laws and regulations as may be found necessary for the benefit of trade in general." John Cruger was the first president.
1871-Glenn Scobey "Pop" Warner, football player and coach, born at Springville, NY.
After playing several sports at Cornell, Warner began coaching football, most notably at the Carlisle Indian School where he coached Him Thorpe. He coached three undefeated teams oat the University of Pittsburgh and went to the Rose Bowl three times with Stanford. he ended a 44-year career at Temple. Died at Palo Alto, CA. September 7, 1954.
1906 -- Hipster, flipster, musician Lord Buckley born Tuolumne, California.
http://www.lordbuckley.com/LBC/The_Printheads/TheLordWhoBecame.html
http://www.lordbuckley.com/LBC/LBC_Misc_Pages/LBC.html
http://singersong.homestead.com/LordBuckley.html
http://dir.salon.com/story/people/feature/2002/06/26/buckley/print.html
1911 -- 80,000 march in 5th Avenue funeral for Triangle Shirtwaist victims, NY.
http://www.ilr.cornell.edu/trianglefire/
1915-Towering Jess Willard beat Jack Johnson in the 26th round to win the heavyweight championship of the world in Havana, Cuba. Johnson, a black American who had held the title since defeating Tommy Burns in 1908, had been widely criticized for his flamboyant lifestyle. Willard from Kansas was touted as the "Great White Hope," whose goal it was to recapture the title for the "Caucasian race." The decision was controversial as Willard was on the floor several times with many "slow counts." It was also said that he thought he could escape Mann Act charges against him if he lost to a "white man." A movie was made about his life starring James Earl Jones.
http://www.famoustexans.com/jackjohnson.htm
1916-National Park Service founded.
http://memory.loc.gov/ammem/today/apr05.html
1917 -- Birthday of writer Robert Bloch, born Chicago, Il, perhaps best known as "Collier Young. American crime and suspense writer, who famous for stories about psychopaths. Best known is Psycho, a stunning film by Alfred Hitchcock (1960). Also wrote humorous fantasy, science fiction, short stories, screenplays & radio plays.
http://www.kirjasto.sci.fi/rbloch.htm
http://web.tiscali.it/andrebalza/
1918-Goerge " Joe" Sobek, inventor of racquetball born at Greenwich, CT, in 1950. Sobek decided he needed more exercise. Such a good squash player that he was unable to find opponents and not interested in either handball or paddle ball. Sobek invented racquetball. For the racquet, he added strings to a platform-tennis paddle. For the ball, he used the core of a tennis ball. By his death, his sport was being played by 8.5 million people in 91 nations. Died at Greenwich, March 27,1998.
1923 - Firestone Tire and Rubber Company of Akron, OH began the first regular production of balloon tires.
1926-birthday of guitarist Lou Millet, Baton Rouge, LA
http://rcs.law.emory.edu/rcs/artists/m/mill6700.htm
1926 -- H.L. Mencken arrested in front of hundreds of cheering spectators in Boston, for selling a banned issue of the American Mercury. magazine
http://www.io.com/~gibbonsb/mencken.html
1926 -- First issue of Hugo Gernsback's magazine "Amazing Stories" is published.
http://en.wikipedia.org/wiki/Amazing_Stories
http://paizo.com/amazing
1927--Drummer Stan Levey birthday
http://www.rhythmweb.com/people/stan.htm
1928-birthday of singer Tony Williams, Elizabeth,NJ
http://www.hotshotdigital.com/OldRock/PlattersBio.html
1934-birthday of tenor sax player Stanley Turrentine, Pittsburgh, PA
http://www.sonicnet.com/allmusic/ai_bio.jhtml?ai_id=507685
1942 - The Ski Union of America was formed in New York City to become the governing body for amateur skiing in the Western hemisphere.
http://www.billboard.com/bbcom/thisday/index.jsp
1945 - The temperature at Eagles Nest, NM, plunged to 45 degrees below zero to establish an April record for the United States.
1949-"Fireside Theater" premiered on TV.Gene Raymond and later Jane Wyman hosted this NBC anthology program consisting of 15- and 30-minute dramas. One of its most acclaimed presentations was "The Reign of Amelika Jo" on Oct 12, 1954. It was set in the South Pacific during World War II and had a mostly black and Asian cast.
1951---Top Hits
If - Perry Como
Mockingbird Hill -Patti Page
Aba Daba Honeymoon - Debbie Reynolds and Carleton Carpenter
The Rhumba Boogie - Hank Snow
1953 ---In Washington, D.C., President Dwight Eisenhower inaugurated the Presidential Prayer Breakfast. (Its name was later changed to the Annual National Prayer Breakfast.)
1953-Buddy Rich joins Harry James band Easter Sunday, Hollywood Palladium.
1955 - Richard J. Daley was elected mayor of Chicago, IL, starting one of the most colorful political careers in the twentieth century. A man who lived in the house he was born until he died. Never a "rich" man in money, but perhaps the most single political powerful man in American history.
1958 - Johnny Mathis' album, "Johnny's Greatest Hits", on Columbia Records, made it to the pop music charts for the first time. The LP remained on the charts for a record 490 weeks (nearly 9-1/2 years!) The record began its stay at number one (three weeks) on June 9, 1958. Mathis studied opera from age 13 and earned a track and field scholarship at San Francisco State College. He was invited to Olympic try-outs and chose a singing career instead. He was originally a jazz-style singer when Mitch Miller of Columbia switched Mathis to singing pop ballads. He would chart over 60 albums in 30 years. When he declared himself "gay," his popularity waned.
1958-Irvin Feld's Greatest Show of Stars opens its 80-day North American tour in Norfolk, Virginia. Headlining are Sam Cooke, the Silhouettes, Royal Teens, Everly Brothers, Jimmy Reed and Clyde McPhatter. The bill is expanded with the addition of Paul Anka, Roy Hamilton, LaVern Baker, Frankie Avalon and others.
1958 -- Castro declares war on dictatorial and corrupt Batista regime. As the US turns against him he moves into the Communist fold & sets up his own dictatorship.
1959---Top Hits
Venus - Frankie Avalon
Come Softly to Me - The Fleetwoods
It's Just a Matter of Time - Brook Benton
When It's Springtime in Alaska (It's Forty Below) - Johnny Horton
1961-"Secret Agent" premiered on TV. Before Patrick McGoohan became "The Prisoner," he played the role of intelligence agent John Drake on this CBS adventure series. Produced in England by ATV, it also aired there as "Danger Man."
1961- Barbra Streisand appears on "The Jack Paar Show."
1962 -- Billie Sol Estes indicted for selling millions of dollars' worth of chattel mortgages on nonexistent fertilizer tanks.
http://www.spartacus.schoolnet.co.uk/JFKestes.htm
http://www.tigertales.com/local97/estes120897.html
http://home.earthlink.net/~sixthfloor/
1963-Martha and the Vandellas make their chart debut with "Come and Get These Memories."
1965 - Bob Hope hosted the 37th Annual Academy Awards at the Santa Monica Civic Auditorium, Los Angeles. "My Fair Lady" and "Mary Poppins" vied for Best Picture as did "Alexis Zorbas"; "Becket"; and "Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb". And the winner was ... "My Fair Lady" (Jack L. Warner, producer). "My Fair Lady" was the name in the winner's envelope seven more times: Best Director (George Cukor); Best Actor (Rex Harrison); Best Cinematography/Color (Harry Stradling); Best Art Direction-Set Decoration/Color (Gene Allen, Cecil Beaton, George James Hopkins); Best Costume Design/Color (Cecil Beaton); Best Sound (George Groves-Warner Bros. Studio Sound Dept.); and Best Music/Scoring of Music, Adaptation or Treatment (André Previn). "Mary Poppins" was not about to let Eliza Doolittle steal all her thunder. Julie Andrews was awarded an Oscar for Best Actress for her title role; Cotton Warburton won for Best Film Editing; Peter Ellenshaw, Hamilton Luske, Eustace Lycett for Best Effects, Special Visual Effects and Richard M. Sherman and Robert B. Sherman won for Best Music/Song ("Chim Chim Cher-ee" from "Mary Poppins") and for Best Music/Score-Substantially Original. The two remaining crowd-pleaser awards went to Peter Ustinov in "Topkapi" for Best Supporting Actor and to Lila Kedrova in "Alexis Zorbas" for Best Supporting Actress.
http://www.infoplease.com/ipa/A0148977.html
1966-San Francisco Grayline starts hippie tours of Haight/Ashbury.
1967---Top Hits
Happy Together - The Turtles
Dedicated to the One I Love - The Mamas & The Papas
Somethin' Stupid - Nancy Sinatra & Frank Sinatra
Walk Through This World with Me - George Jones
1968 -- San Francisco Mayor Joseph Alioto issues a proclamation condemning the assassination of the Rev. Martin Luther King, Jr. Thousands of people gathered at Civic Center in memory of the civil rights leader. City flags lowered to half staff.
1971-The second incarnation of the Washington Senators opened their last season in the nation's capital, defeating the Oakland Athletics, 8-0. After the season, they moved to Arlington, TX, and became the Texas Rangers. the original Washington Senators became the Minnesota Twins in 1962.
1972 - A tornado, 500 yards wide at times, touched down at a marina on the Oregon side of the Columbia River, and then tore through Vancouver WA killing six persons, injuring 300 others, and causing more than five million dollars damage. It was the deadliest tornado of the year, and the worst of record for Washington.
1975---Top Hits
Lovin' You - Minnie Riperton
Philadelphia Freedom - The Elton John Band
No No Song/Snookeroo - Ringo Starr
I Just Can't Get Her Out of My Mind - Johnny Rodriguez
1982 - An unprecedented April blizzard began in the northeastern U.S. One to two feet of snow fell across Massachusetts and Connecticut, and up to 26 inches was reported in Maine. New York City received a foot of snow. Winds reached 70 to 80 mph during the storm, and the storm also produced numerous thunderstorms, which contributed to the heavy snow.
1983---Top Hits
Billy Jean - Michael Jackson
Do You Really Want to Hurt Me - Culture Club
Hungry like the Wolf - Duran Duran
When I'm Away from You - The Bellamy Brothers
1984-The second annual MTV Video Music Awards are broadcast. Winners include Michael Jackson for "Beat It," the Police for "Every Breath You Take" and Cyndi Lauper for "Girls Just Wanna Have Fun."
1985 - Broadcasters banded together to play the single, We Are the World, at 10:50 a.m. E.S.T. Stations in the United States were joined by hundreds of others around the world in a sign of unification for the African relief cause. Even Muzak made the song only the second vocal selection it has ever played in elevators and offices since its inception.|
1987 - Calling it the first launching of a television network in almost 40 years, the FOX Broadcasting Company, under the direction of media and publishing baron, Rupert Murdoch, started with two Sunday night offerings. "Married......With Children" and "The Tracey Ullman Show" were the beginnings of the FOX lineup.
1987-"Married...With Children" premiered on TV. This raunchy Fox TV show premiered as the antidote to Cosby-style family shows. Ed O'Neill starred as boorish, luckless shoe salesman Al Bundy, Katey Sagal portrayed Al's big-haired, spandex-clad, sex-starved wife Peggy, Christina Applegate played air headed bombshell daughter Kelly and David Faustino played hormone-driven son Bud. The Bundys' neighbors were portrayed by Amanda Bearse as Marcy Rhoades, David Garrison as husband #1, Steve Rhoades and Ted McGinley as husband #2, Jefferson D'Arcy. The last episode aired Apr 20, 1997.
1987-"The Tracey Ullman Show" premiered on TV.This Emmy award-winning comedy-variety show was one of the Fox network's early critical hits. Tracey Ullman starred with Julie Kavner, Dan Castellaneta, Joe Malone and Sam McMurray. The show, produced by James L. Brooks, contained sketches, songs and satire. Animated snippets in between segments introduced us to the Simpsons, executed by Matt Groening, creator of the "Life in Hell" comic strip. "The Simpsons" spun off from the show in 1990 with Castellaneta and Kavner speaking the voices of Homer and Marge Simpson.
1987 - A storm produced unprecedented April snows in the central Appalachians. Mount Mitchell NC received 35 inches of snow, and up to 60 inches (six feet) of snow was reported in the mountains along the border of North Carolina and Tennessee. The total of 25 inches at Charleston WV easily surpassed their previous record for the entire month of April of 5.9 inches. The 20.6 inch total at Akron OH established an all-time record for that location.
1988 - Thirty-nine cities across the eastern half of the country reported record high temperatures for the date, including Saint Louis MO with a reading of 91 degrees. Laredo TX was the hot spot in the nation with an afternoon high of 100 degrees
1989 - Unseasonably hot weather prevailed in the southwestern U.S. Afternoon highs of 100 degrees at Santa Maria CA and 105 degrees in Downtown Los Angeles established records for the month of April.
1989-- David Letterman becomes 1st network TV series to use Dolby stereo.
1991---Top Hits
Coming Out of the Dark - Gloria Estafan
This House - Tracie Spencer
Hold You Tight - Tara Kemp
Two of a Kind, Workin' on a Full House - Garth Brooks
1998-Ray Piecuch, a cowboy poet from New Hampshire, completed his yearlong 3,500 mile ride across country on his horse, Bo, with a champagne celebration at Baker Beach.
1990-- Paul Newman wins a court victory over Julius Gold, to keep giving all profits from Newman foods to charity.
2063 --Earth's 1st contact by extra-terrestrials as the Borg's go back to prevent the testing of time warp.
http://www.movie-gazette.com/cinereviews/164
http://www.imdb.com/title/tt0117731/quotes
NCAA Basketball Champions This Date
1983-North Carolina
[headlines]
--------------------------------------------------------------
Spring Poem
I am forever walking upon these shores,
Betwixt the sand the foam.
The high tide will erase my foot-prints,
And the wind will blow away the foam.
But the sea and the shore will remain
Forever.
Kahlil Gibran
[headlines]
| 
