Wednesday, April 18, 2007
Headlines---
######## surrounding the article denotes it is a “press release”
----------------------------------------------------------------- CIT Reports Record "Solid Start" First Quarter Results Strong Revenue and Origination Growth, Moderating Expense Trends Financial Highlights Financial Highlights:
Jeffrey M. Peek, Chairman and Chief Executive Officer of CIT, said, “CIT is off to a solid start in 2007 with our operating EPS increasing 15% from a year ago. The key drivers of our success have been broad-based and are rooted in the growth strategies and initiatives that are building CIT's future. Our sales force investment continues to pay dividends. Top-line revenue grew 14% as a result of our 24% increase in new business volume. Our decision to acquire Citigroup's U.S. Business Technology Finance unit was a milestone for CIT and adds $2 billion in assets. This acquisition will increase our economies of scale and increase our global market share in the vendor finance sector. Looking ahead, we will continue to leverage our asset origination, risk management and client servicing capabilities to increase future shareholder returns." Full press release with financial statements: http://cit.mediaroom.com/index.php?s=press_releases&item=654 ### Press Release ########################### CIT Declares Dividends for First Quarter 2007
NEW YORK, -- CIT Group Inc. (NYSE: CIT), a leading global provider of consumer and commercial finance solutions, yesterday announced that its Board of Directors has declared a regular quarterly cash dividend of $0.25 per share on its outstanding common stock. The common stock dividend is payable on May 30, 2007 to shareholders of record on May 15, 2007. CIT also announced that its Board of Directors has declared quarterly cash dividends of $0.3968750 per share on the Company's Series A preferred stock and $1.2972500 per share on the Company's Series B preferred stock. The preferred stock dividends are payable on June 15, 2007 to holders of record on May 31, 2007. About CIT
### Press Release ########################### Yesterday was an anniversary
April 17, 2000---the first Leasing News story is archived. This e-mail series started many years ago to leasing industry colleagues of Kit Menkin, managing partner of American Leasing. He founded the company in 1971 in what was to become the heart Later, we grew into a website to read in html instead of text, and when completed, the idea of having an archive section. Prior to this date on April 17, the emails were never saved, but deleted. The original advisory board wanted the name changed to Kit Menkin’s Leasing News. It was that way for a short time, although I always disliked it, as I viewed this as for everyone, not just me. The idea Classified ads and other features were added to the website. Originally all the ads were free, but when we had over 150 brokers looking for commissioned salesmen, we decided instead of paid subscribers, ask for advertising. Wouldn’t you know it, not one of the 150 brokers took out an ad. We did get one hundred paid subscribers, but after a year ended it (subscribers got the html edition and the non-subscribers, text.) This is not a money making proposition, more a non-profit approach. What has made us successful is the fact our readers supply much of the “inside news”. Originally an afternoon edition, it was changed to early morning (actually being sent out around 1:30am, PDT), after most newspapers have sent to the streets their early morning edition, too. This gives a final review of major newspapers throughout the United States. From being a West Coast planned edition, it now times the news for the East Coast as well. We also have a following in other countries, although that was never our intention. Christopher Menkin, publisher http://www.leasingnews.org/editorial_staff.htm --------------------------------------------------------------
Leasing News still Number #1—Alexa Report
Alexa Ranks Leasing Media Web Sites
David G. Mayer's Business Leasing and Finance News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law. The rating is not valid as it includes all those who visit and communicate with the law firm. When Business Leasing and Finance News has its own individual web site, it will be included in the Alexa survey. *It should also be noted that two web sites have their "list serve" posted via their site, meaning their e-mails are counted as a visit to the site, whereas they are "list serve" communication. These are technically visits to the web site, but primarily to use "list serve." These comparisons are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than an actual count from the website itself. Other than as noted above, we believe the ratings are reflective as most have stayed in the same position, basically, for over a year. The Alexa tool bar works on most browsers. You may download their free tool bar A graph and analysis of the last three months are available. ( Note: the lower the number, the higher you are on the list. It is based on all web sites. Leasing is only a very small part of the various sites such as Yahoo, MSN, Google, etc. ) -------------------------------------------------------------- Classified Ads---Sales Managers
Note: All classified ad “job wanted” advertisers have been contacted to review their ad, to make any changes or additions. Those that do not respond, the ad will be removed from the classified. Atlanta, GA Chicago, IL Geneva, IL Marlton, NJ Pennsauken, NJ To place a free “job wanted” ad here, please go to: For a full listing of all “job wanted” ads, please go to: -------------------------------------------------------------- EAEL Spring Conference Up-Date
Other Leasing Association Dates:
-------------------------------------------------------------- KeyCorp Net $289M compared to 2006 1st Q $146M McDonald Investments branch network sale completed
KeyCorp, Cleveland, Ohio continued its growth with net income totaling $350 million, or $0.87 per diluted common share, for the first quarter of 2007, compared to net income of $289 million, or $0.70 per share, for the first quarter of 2006 and $146 million, or $0.36 per share, for the fourth quarter of 2006. "The first quarter sales of the McDonald Investments branch network and the Champion Mortgage loan origination platform improve our risk profile and focus on the company's core relationship businesses," said Chairman and Chief Executive Officer Henry L. Meyer III. "During the quarter, we also repositioned the securities portfolio to respond to changing market conditions. We expect this change to enhance the company's future performance, particularly in the event of a decline in interest rates.
"The current rate environment has continued to pressure Key's net interest margin and, although asset quality has declined slightly from a year ago, it is still very good compared to historical measures. We also are pleased to have resolved the automobile residual value insurance litigation during the first quarter."
Here is what appears to be Key Finance Group:
Other Highlights: Excluding the $171 million gain associated with the sale of the McDonald Investments branch network, the $49 million loss recorded in connection with the repositioning of the securities portfolio and the $26 million gain from the settlement of the automobile residual value insurance litigation, Key's noninterest income was $506 million for the first quarter of 2007, compared to $481 million for the year-ago quarter. A $32 million improvement in principal investing results accounted for the increase. Income from investment banking and capital markets activities was down due to a $25 million gain recorded in the first quarter of 2006 from the initial public offering completed by the New York Stock Exchange. Key's capital ratios continued to exceed all "well-capitalized" regulatory benchmarks at March 31, 2007. Key's tangible equity to tangible assets ratio was 6.97% at quarter end, compared to 7.01% at December 31, 2006, and 6.71% at March 31, 2006. Key repurchased 8.0 million of its common shares and reissued 3.3 million shares under employee benefit and dividend reinvestment plans during the first quarter of 2007. At March 31, 2007, Key had 22.0 million common shares remaining for repurchase under the current authorization. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through 950 branches and additional offices; a network of 1,447 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, https://www.Key.com/,(R) that provides account access and financial products 24 hours a day. Full press release with all financial information available at: Key Conference call:
-------------------------------------------------------------- (Main Street now originates $10 million of leases per month
ELFA eNews Daily (04/17/07) ; Fajt, Marissa Texas-based Main Street Bank has seen explosive growth in assets by focusing heavily on leasing equipment to both local and national small businesses, including health clubs, medical clinics, and restaurants. Main Street had been struggling until late 2004, with flat asset growth and significant problems with credit quality. To turn the bank's performance around, a group of its investors, many of whom had previously worked at a leasing company, decided to make the bank stand out by putting most of its business into leasing. Main Street now originates $10 million of leases per month and has much better access to capital. CEO Tom Depping, formerly of leasing company First Sierra Financial Inc., says that leasing from a banking platform provides for more consistent funding, allowing the bank to both charge and pay steadier rates. In addition to the growth from leasing, Main Street has added $16 million in core deposits and is considering opening another traditional branch and possibly acquiring a smaller bank. Information from: http://www.fdic.gov/ find bank feature: Main Street National Bank, Kingswood, Texas
Leases at the end of 12/31/06 $6,743,000 http://www.leasingnews.org/Pages/MSB_Income.htm Balance Sheet— Main Street now originates $10 million of leases per month and has much better access to capital?
--------------------------------------------------------------- (Northern Leasing Systems another NorVergence?) Missouri AG says Firm that leases credit card machines defrauded small businesses in Missouri of thousands of dollars
St. Louis, Mo.— Attorney General Jay Nixon on Monday took legal action against a New York City company Nixon says defrauded dozens of Missouri small businesses that leased its credit card swiping machines. The allegations in Nixon’s lawsuit against Northern Leasing Systems Inc. include charges that the company altered contracts signed by Missouri businesses in order to obligate them to Nixon filed suit on Monday in St. Louis City Circuit Court, asking the court to stop the fraud and order the company to pay restitution to the businesses and penalties to the state of Missouri. The Attorney General’s Office has received 23 complaints about Northern Leasing’s practice, but Nixon says there may be more victims that have not filed complaints.
“These businesses do a smaller volume in credit and debit card sales, and leasing from this New York company at first appeared to be a viable option,” Nixon says. “Through a web of misrepresentation and fraud, however, Northern Leasing entangled them in contracts where the businesses were obliged to pay much more than the machines were worth. We will continue to be aggressive in stopping schemes that defraud Missouri’s small businesses.” Northern Leasing advertises itself as a leasing company specializing in financing credit card swiping machines and other business equipment. Nixon alleges the company’s sales staff duped small businesses into entering into four-year leases to pay for the machines, which are typically worth $200-$300, resulting in total payments of $2,500-$4,000. Many of the small-business owners were misled by third-party vendors into signing contracts they thought would provide them with a wide range of services at $59.99 a month for four months; they later found out that amount only financed the swiping machine itself. To make matters worse, Nixon said, several of the businesses later received copies of their leases with the terms changed from four months to 48 months, and the terms of the leases would not allow the consumers to cancel them during that period. Northern Leasing also included provisions that any disputes under the contracts would be resolved in court in New York City, where Northern Leasing regularly files its collection suits – making it very difficult and costly for Missouri consumers to challenge the leasing contracts. Missouri consumers who disputed the contracts and didn’t pay the company complained they have been subject to harassing collection phone calls from Northern Leasing both at work and at home, even if those consumers have been defrauded or received nothing of value for their payments. Nixon is asking the court to issue a temporary restraining order and preliminary and permanent injunctions preventing Northern Leasing from continuing to advertise or sell any business equipment, including credit card swiping machines, within the state of Missouri. The lawsuit also calls for the defendants to pay restitution to all consumers or small businesses who they defrauded, as well as appropriate penalties to the state. http://www.northernleasing.com/ ### Press Release ########################### A True Test of the new Code of Ethics for ELFA by Christopher Menkin
Companies that renew their membership with the Equipment Leasing and Finance Association (ELFA) must agree “on line” to the new Code of Ethics. The indictment against Northern Leasing Systems of While a company is not guilty until proven in a court of law, the outcome of charges against Northern Leasing Systems of New York may become a test of the new standards of the Code of Fair Business Practice that ELFA members must uphold. Leasing News is attempting to obtain an interview with the parties involved, plus obtain copies of the lease contracts used in the indictment (eventually they will become public property as part of the court case.) These may be “Evergreen Leases,” legal in every state but Illinois and Massachusetts. These leases may be similar to Leasecomm transactions that the Federal Trade Commission found being illegally enforced and fined the company. Northern Leasing Systems is one of the major players, purchasing their competition to control the marketplace. The Federal Trade Commission is not making a comment at this time. Golden Eagle Leasing Inc., a Ridgefield company that leases credit card transaction equipment, was purchased in October, 2003, by Northern Leasing Systems Inc., for $30 million, according to statements released by both companies. Founded in 1991, Northern Leasing Systems, Inc. (NLS) is a New York-based micro-ticket lease finance company. Northern Leasing Systems is focused on providing micro-ticket leasing through a system of nation-wide equipment vendors for defined niche markets not served by traditional lessors. Credit card authorized equipment is the primary market served by Northern Leasing Systems. The company was a wholly owned subsidiary of Hypercom Corp., a Phoenix-based producer of electronic transaction terminals. Hypercom bought Golden Eagle in December 1999 for an initial payment of $18.5 million in cash, $4 million in stock and some other objective based payments. The defunct Linc Capital originally provided a $40 million lease purchase facility for leases originated by Northern, as arranged by Linc Capital CEO Martin E. Zimmerman, and Jay Cohen, president and chief executive officer of Northern Leasing. Today, many of the lines of credit are allegedly with CIT Financial and others, according to users who are sending in monthly payments. Leasing News is attempting to verify this information. Complaints about the process of Northern Leasing Systems have appeared on the internet the last few years, such as: http://www.ripoffreport.com/reports/ripoff56992.htm Here are the two main principals: Jay Cohen, John W. Snead, This indictment will certainly be a true test of the new Equipment Leasing and Finance Association Code of Fair Business Practice as Northern Leasing System is a member. “Standard 2: Members shall conduct their activities in the spirit of full disclosure. All relevant information as to the terms and conditions of a transaction, relationship or service that may affect either (i) the customer's decision to consummate the transaction or, (ii) the customer's ongoing obligations under the contract, shall be disclosed clearly to the customer prior to closing. Notice, return and end of term provisions of a lease shall be reasonable in light of the structure of the transaction, the type and use of equipment leased and the secondary market therefore. The terms and conditions of use and application of deposits and other funds received from a customer shall be fair, reasonable and disclosed to the customer in writing.” “Article VII(2) of the Bylaws provides that a Member may be censured, suspended or expelled from the Association for violating the Code of Fair Business Practices of the Association. Accordingly, the disciplinary actions that the Association may take in the event of a violation of the Code include: --------------------------------------------------------------
The story of NorVergence as per Wikipedia This is a very interesting viewpoint. The leasing companies “master lease” or “due diligence” is not discussed, nor many of the issues brought to court. What is covered perhaps applies to other situations, such as the alleged Northern Leasing System charges. It is the method of selling and presenting the product by the vendor sales that is the culprit. http://leasingnews.org/PDF/Norvergence-Wikipedia.PDF (Note: this story appeared in Monday’s edition, but without a headline, so repeated here for those who may have missed it. editor)
-------------------------------------------------------------- Leasing Industry Help Wanted
Account Executive
Finance Consultant
Regional Sales Managers
Sales Director
--------------------------------------------------------------
-------------------------------------------------------------- Oregon Truck Dealer Named Dealer of the Year www.truckinginfo.com David A. Thompson, president of TEC Equipment Inc., Portland, Ore., received the Truck Dealer of the Year Award, sponsored jointly by Heavy Duty Trucking magazine and the American Truck Dealers (ATD) division of the National Automobile Dealers Association. The Truck Dealer of the Year Award winner was announced at the opening general session of the 44th Annual ATD Convention and Exposition in San Diego last weekend. Candidates were selected for business excellence, industry participation and outstanding civil accomplishments. Thompson began his career in the U.S. Army as a provost marshal/criminal investigator. During college, he worked as a truck driver, and launched his dealership career by opening a used-truck center in Portland, Ore. In 1983, he founded TEC Equipment Inc., and in 1990 he acquired his first new-truck franchise, Mack Truck. This was followed by two Volvo franchises, also in Oregon, and then he expanded to California in 1997. Today, TEC owns and operates nine full-service sales and parts facilities and two used-truck centers throughout Oregon, California and Nevada. In addition to Mack and Volvo, TEC also represents GMC medium- and light-duty trucks and Sun Valley and Boydstun Car Carriers, Transco Leasing for truck and trailer financing and leasing, three full-service body shops, fuel sales, four TEC Financial Services locations and three TEC Insurance locations. Thompson attributes much of the company's success to its 500-plus employees, TEC's "most valuable asset." He is also proud of the strong partnerships they have built with their customers through special services they offer, including full-service insurance agencies in-house in Oregon, a customer-only retail fuel sales program, with sales exceeding 90,000 gallons per month, and Spanish- and Russian-speaking sales, parts, service and reception employees to serve the Spanish- and Russian-speaking populations in the Pacific Northwest and California. In addition, TEC lounges offer many services to their customers, including free laundry and showers. Among many other awards, in 2006 Oregon Business named TEC Equipment Number 46 in its "Oregon Top 100 Companies," and as a finalist in its "Best Company to Work For." TEC has also been named Volvo Trucks Dealer of the Year: Used Truck Operations (2006), Volvo Truck's Dealer of the Year - North America, and Mack's Class 8 Distributor of the Year (2002), and Volvo Truck's Symbol of Excellence (2005-2006). Thompson has served as chairman of the Volvo Truck Finance Advisory Board since 2002, as a member of the Supplier, Safety, and Truck Rodeo Committees of the Oregon Trucking Association since 2001, and is a member of ATD, the California Trucking Association, and the California and Oregon Dump Truck Associations. He has served in several different positions on the Volvo Dealer Council. Thompson and his wife, Ann, live in Tualatin, Ore. He serves on the Legacy Hospital System's Board of Trustees and is the 2007 chairman, Endowment and Presenting Sponsor for Legacy Hospital's ER pediatrics primary fundraising event. In 2006, he was the chairman, Endowment and Presenting Sponsor of the Pediatric Gala, and in 2005 for the Heart Gala. He is a political and financial supporter of the Portland Education Foundation and a 2006 Founders Circle Sponsor of the Raytheon Co. Math Counts Program. Founded in 1970, the ATD division of the National Automobile Dealers Association is the only national organization representing dealers selling new medium- and heavy-duty trucks.
--------------------------------------------------------------- Columbiasoft delivers Enterprise Document Management Software Full Capabilities for Every Size Organization
Portland, Ore. – ColumbiaSoft, a document management software solutions provider, will disclose its Enterprise Document Management (EDM) strategy with enhanced technology in Document Locator® at the AIIM Conference, April 17 through19. The AIIM Conference & Expo is North America’s largest enterprise content and information management event, showcasing the technologies that help IT and business executives create business value from their information assets. It’s located at the Boston Convention & Exhibition Center, Boston, MA Until now, smaller and mid-sized organizations and departments have had few options for meeting their full document management needs. To date, those needing broad capabilities have been restricted to implementing expensive legacy enterprise content management (ECM) systems or using a patchwork of smaller tools. Both approaches require significant implementation time and expense, and both have historically met with poor user acceptance. Carl Azar, vice president of marketing and product development at ColumbiaSoft said: “To maximize customer results, EDM must be highly intuitive and able to go beyond basic image capture, document versioning, and search in order to deliver capabilities such as records management that ensures compliance, and automated document workflow to increase business efficiency.” Drivers of Enterprise Document Management Regulatory requirements like the recent changes in the Federal Rules of Civil Procedures continue to impact firms of all sizes at the same time that business efficiency has become critical to competing and surviving. Legacy ECM vendors are failing to deliver effective solutions when they are needed. According to Jupiter Research, 27% of ECM users are highly disappointed in their ECM implementations, while DocuLabs conservatively estimates a 50% failure rate for ECM technologies in large organizations. The emerging EDM market addresses these two conflicting issues: the requirement to comply with regulations, while also enhancing efficiency, and the high cost of legacy ECM systems. The need to solve these two issues has created a new class of document management software able to power solutions that are comprehensive and intuitive, require little IT support, and are cost-effective for organizations of all sizes. These solutions significantly change the landscape, focus, and possibilities for deployment of document and records management systems, allowing companies to comply with regulations and simultaneously enhance operational efficiency. ColumbiaSoft’s EDM solution, Document Locator, is deeply embedded in Microsoft architecture to leverage users’ existing experience by functioning in the desktop or Web browser where every user works. This approach makes document management powerfully simple and intuitive. Document Locator replaces unmanaged shared file servers with a secure repository, automates versioning of documents, scans paper into searchable digital images, captures emails and attachments, instantly finds documents, manages formal business records, and automates document workflows. About ColumbiaSoft Corporation A private Portland, Ore.-based company, ColumbiaSoft is the creator of Document Locator® – a next-generation Enterprise Document Management solution. Hundreds of companies use Document Locator to capture, manage, and share unstructured paper, electronic, and email documents allowing any size organization to comply with legal and regulatory requirements, automate business processes, and compete more effectively by lowering the cost of doing business. Document Locator is available directly from ColumbiaSoft and its reseller partners. Visit www.documentlocator.com . A Microsoft Gold Certified Partner Microsoft technology is the most widely used desktop platform for knowledge workers, ColumbiaSoft focused its Enterprise Document Management solution on Microsoft technology. As a Microsoft Gold Certified Partner with the Independent Software Vendor competency, ColumbiaSoft products have undergone independent testing to ensure Microsoft system compatibility. Media and Analyst Contact: Carl Azar Leslie Cumming V.P. of Marketing and Product Development (503) 892-3975 cazar@columbiasoft.com ### Press Release ########################### NetSol Technologies' LeasePak 6.0 Enterprise Edition Selected by Rapid System Deployment and System Flexibility Are Reasons Cited for Licensing the Lease Accounting and Portfolio Management System
CALABASAS, CA-- -- NetSol Technologies, Inc. ("NetSol") (NasdaqCM:NTWK - News), a multinational provider of enterprise software and IT services to the financial services industry, today announced that its North American division has signed a contract with a Fortune 100 information technology company to license LeasePak 6.0 Enterprise Edition. The system, which will be used by the customer's equipment lease syndication team, is scheduled to go live in the third quarter of calendar year 2007, following implementation and user training. The customer cited the ability for rapid system deployment and the flexibility of the system to handle its current US business requirements as well as those of its evolving global portfolio management operations as the primary reasons for selecting the LeasePak 6.0 Enterprise Edition. LeasePak is an end-to-end, asset finance accounting and portfolio management system that offers lessors the flexibility they need to streamline their operations across the full asset finance lifecycle. The product accurately tracks leases, loans and equipment from origination through end-of-term and disposition. LeasePak is used by banks, leasing companies and manufacturers. The latest version, LeasePak 6.0 Enterprise Edition, offers significantly improved usability and modernization of the user interface and state-of-the-art tools to streamline contract originations and collections. "We are very pleased that a customer of this caliber has selected LeasePak 6.0 for its equipment lease syndication needs," said Najeeb Ghauri, chairman and CEO. "As a leading technology provider to the US financial services industry, particularly for the equipment leasing sector, NetSol North America is committed to developing innovative products that meet the complex demands and needs of its customer base. We believe this contract represents an initial step to a long-term global partnership with this leading IT company. "In addition, we believe this contract demonstrates that blue-chip customers in various finance market verticals recognize the superior solutions, industry-specific expertise and technical support that NetSol Technologies provides. It also substantiates our belief that NetSol is well positioned to be a key player in the global asset finance market," concluded Mr. Ghauri. Todd Brinkmeier, Vice President of Sales, North America, added, "Many IT companies claim to have a partnering approach, but few have NetSol's diverse capabilities and expertise. Our asset finance experts not only can develop a system with the necessary functional depth, but also possess the ability and commitment to provide ongoing support to meet our clients' specific business processes and workflows. I believe NetSol's readiness to embrace this customer's technology infrastructure preferences and willingness to provide a scalable solution sized to their current needs were the key reasons for our selection." About NetSol Technologies NetSol Technologies is a multinational provider of enterprise software and IT services to the financial services industry. NetSol helps clients to identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective equipment and vehicle finance portfolio management solutions. The Company also delivers managed IT services ranging from consulting and application development to systems integration and development outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMi (Capability Maturity Model) Level 5 assessment, a distinction shared by only 94 companies worldwide. The Company's clients include global automakers, financial institutions, technology companies and governmental agencies. NetSol's largest customer, DaimlerChrysler Services, ranks the Company as a preferred vendor in 40+ countries. Headquartered in Calabasas, CA, NetSol Technologies also has operations and/or offices in London, San Francisco, Adelaide, Beijing, Toronto, and Lahore and Karachi, Pakistan. To learn more about NetSol Technologies, visit the Company's web site at www.netsoltek.com. ### Press Release ########################### Jerilyn Nicholsen VP sales: Alter Moneta
BUFFALO, NEW YORK, —Alter Moneta has hired a former CIT Group business leader with a successful track record of developing sales teams and expanding sales channels. Jerilyn M. Nicholsen joins this growing independent financial services company as vice president of sales for Midwestern United States. The new Alter Moneta leader, who will be based in Novi, Mich., says her first objective will be to increase the sales book for the Midwest–from the Dakotas to Texas and from Colorado to Ohio. While happy at CIT, Nicholsen says she was attracted to Alter Moneta’s workplace culture and the expanded potential of her new role. “I have built teams before but have never had the opportunity to help build a company,” she says. “Alter Moneta is poised to do great things. At CIT, Nicholsen was recognized for her team building and mentoring of sales professionals—along with increasing sales referrals, exceeding sales volume, and going well above plan. “In the past, my biggest challenge was working with a young group. I orchestrated a lot of unofficial mentoring to create a team atmosphere where everyone felt like they were contributing to the end game,” she said. Her accomplishments led to her induction into CIT’s Women’s Leadership Group, an elite group of the company’s top female executives. Nicholsen’s career with CIT began in Tempe, Ariz., as vice president of sales. From there, she served for two years as vice president of credit and then another two years as senior vice president of sales, based in Novi, Mich. Along with her sales successes, a key accomplishment was implementing a customer relationship management system that tracked, monitored, and analyzed business opportunities for the entire construction sales team. Before CIT, Nicholsen worked at Associates Commercial Corporation/CitiCapital, based in Denver, Colo. She began in 1988 as a management trainee and rose to district sales manager by 2000, growing market share by 200 percent. She was also nominated to the Colorado Contractors Board of Directors, where she served as a board member. The Michigan-state native received a BA from Hope College in Holland, Mich, with a double major in Business Administration and Communications. About Alter Moneta Alter Moneta, headquartered in Montreal, was established in 1998. Today it is one of North America’s fastest-growing independent financial services companies with significant market presence in both the United States and Canada. The company provides funds to purchase or lease a wide variety of new and used revenue-producing equipment for middle-market businesses in the trucking and warehousing, construction, passenger transport, manufacturing, and waste management sectors. Through its Vendor Finance Group, Alter Moneta also provides financing programs for manufacturers and dealers. Its Lutex subsidiary in Quebec provides auto-leasing services. For more information, visit www.altermoneta.com. ### Press Release ########################### eOriginal and DocuSign Partnership Drives Adoption of eContracting Technology eOriginal and DocuSign have launched a web-based solution that integrates eContracts into existing business processes. This solution addresses many issues presented in the April 12th Equipment Leasing and Finance Association's (ELFA) webinar, "The Impact of Going Paperless," which detailed the requirements, legal issues, benefits and hurdles to full eContracting implementation in leasing, and anticipates full adoption by the leasing industry. The on-demand solution offered by the two companies can be deployed within days, is cost-efficient, requires no IT involvement, and provides a legally compliant, secure eContracting solution. Baltimore, MD, and Seattle, WA -- To meet the growing demand for fully electronic solutions in equipment leasing and financing, eOriginal (www.eoriginal.com) and DocuSign (www.docusign.com) have launched a web-based solution that integrates eContracts into existing business processes. eOriginal, Inc., the leading supplier of electronic vaulting software for financial services organizations, and DocuSign, the leading electronic signature service, have addressed the legal requirements and investor market concerns with their offering, while delivering real benefits such as reduced operating costs and faster processing time. The on demand delivery model eliminates the hurdles to implementation, and has been deployed and is in production today. DocuSign provides eSignature and electronic workflow technology which lets users quickly and easily create and apply legally binding electronic signatures to documents online. eOriginal provides the electronic routing, management and vaulting capabilities for those documents. The combined solution provides legal compliance with UETA, E-SIGN and UCC Article 9, as well as maintains admissibility and negotiability of the financial instruments as transferable records. These applications enable any customer to immediately add the benefits of eContracting to their business without disrupting existing processes. Because the technology is web-based, there is no need for any system integration or project time from internal IT staff. Capital investments are eliminated, as well as ongoing maintenance and overhead normally required with traditional, more expensive software and hardware installations, are eliminated. With the DocuSign and eOriginal solution, customers can execute electronically signed, electronically vaulted and managed financial documents with minimal investment, risk and training. Benefits The eOriginal/DocuSign solution is an affordable competitive advantage savvy business owners can offer over their competition. In contrast to expensive, technology-centered solutions which can take years to deploy and generate positive ROI, the combined solution from eOriginal and DocuSign can cost less than $10,000 to deploy and can be usable within days. The issues of legal compliance have been satisfied, Wall Street ratings agencies and investors have approved of electronically signed chattel paper, as witnessed in the auto finance industry's increased adoption of eContracts. Business workflow and process efficiencies, significant reductions in errors, loss of paper, and eliminating physical storage requirements bring immediate ROI to those who have implemented the eOriginal/DocuSign solution. How It Works Using an intuitive, wizard-driven process, the sender simply drags and drops yellow "sign here" signature tabs everywhere on the document where the Lessee is to sign. The DocuSign application then notifies all parties to the transaction via e-mail and invites the signatories to securely log on and sign their documents (or, if the signer is present, he or she can immediately sign online from within a Lessor's system). The signers are presented with their PDF lease documents containing instructions for applying an electronic signature using a name image created solely for this purpose. Once the final signatures are placed in the document, the financial instrument is deposited as the original, "Authoritative Copy", in the eOriginal eCore® On Demand electronic vault and the remaining documents are either vaulted or moved to their downstream destinations. To the signing parties, the documents look identical to what they would see in a paper transaction. The documents cannot be changed, but can be viewed and signed. The signing parties can also print a watermarked signed copy for their own records. The benefit to all parties to the lease transaction is a simplified presentation and a faster, more convenient method of signing documents by multiple parties in multiple locations, with far fewer errors. Users do not have to worry about cumbersome or lengthy software installations since the solution is web based. Transaction turnaround time is reduced, and the highly secure environment minimizes risk while automatically ensuring compliance with state and federal regulations. The eOriginal eCore® On Demand Vault and the DocuSign signing service provide a complete audit trail and document history of the document. The eOriginal eCore® vault provides transfer of ownership capabilities for lease portfolio management, transfer of location (vault-to-vault), Certified Print® (for legally admissible evidence) and Paper Out® (permanent transfer from vault to paper) processes to manage these documents. Contract administrators now needn't worry about long turnaround times from gathering contract signatures, lost documents or pages, missing signatures and other errors, as the DocuSign/eOriginal solution has built-in error checking and verification, and is accessible online with virtually no waiting time. Leasing companies have immediate access to signed contracts, allowing for more deals to be processed in less time, with a higher degree of accuracy. ### Press Release ########################### Catherine Estrampes Named GM of GE Healthcare Financial Services' CHICAGO – GE Healthcare Financial Services recently named Catherine Estrampes as General Manager for its Vendor & Practice Solutions segment – a division of GE Healthcare Financial Services dedicated to serving the needs of healthcare manufacturers, distributors, dealers, and practices. "Catherine is a customer-focused, inclusive and team-oriented leader who has proven her industry expertise time and time again," said Jeff Malehorn, president and CEO of GE Healthcare Financial Services. “We are pleased to welcome this long-time GE veteran to her new role.” Estrampes is an experienced global leader who has spent her entire career in the healthcare industry, most recently serving as General Manager of GE Healthcare Financial Services’ Global Vendor business. A 20-year GE veteran, Estrampes began her career at GE Healthcare Europe in 1988 where she held leadership roles in sales and marketing. She then joined GE Healthcare Financial Services in 1999 as the Equipment Finance Marketing Leader before moving into the role of U.S Sales Manager for Equipment Finance’s North American business. She earned her bachelor’s degree in Economics and Marketing from Institut d’Etudes Politiques and her DESS (Master’s in Business Administration) from IAE. Estrampes also holds bachelor’s degrees in English and Spanish from Toulouse University, France. She is located in Boston. About GE Healthcare Financial Services GE Healthcare Financial Services is a provider of capital, financial solutions, and related services for the global healthcare market. With over $16 billion of capital committed to the healthcare industry, GE Healthcare Financial Services offers a full range of capabilities from equipment financing and real estate financing to working capital lending, vendor programs, and practice acquisition financing. With its knowledge of all aspects of healthcare from hospitals and long-term care facilities to physicians’ practices and life sciences, GE Healthcare Financial Services works with customers to create tailored financial solutions that help them improve their productivity and profitability. For more information, ### Press Release ########################### Relational Technology Solutions Names Rick Newman as Leasing industry veteran Rick Newman was recently named vice president of Portfolio Management at Relational Technology Solutions. He will reporting to Senior Vice President Mike Ross. Rolling Meadows, Illinois,– Relational Technology Solutions (RTS), one of the largest independent technology leasing and converged technology solutions providers in North America, announced the appointment of Rick Newman as vice president of Portfolio Management. In this position, Newman will be responsible for pricing and managing Relational’s portfolio of Sun, IBM & HP UNIX servers, and all related leasing and remarketing opportunities. Newman will play a key role in directing the company’s nearly $1 billion in assets and will report to Mike Ross, senior vice president of Portfolio Management at Relational Technology Solutions. "Rick's wealth of experience in creating extraordinary new opportunities for the purchase, lease and resale of technology across the IT spectrum will be an asset to our organization," said Ross. "With his more than 15 years in government and corporate sales, Rick is a proven leader who has demonstrated an extensive knowledge of established technologies, as well as a superior grasp of the related pricing, structuring and supply issues inherent in the leasing industry. We look forward to benefiting from his insights into emerging trends within the remarketing segment of lease technology." Previously, Newman was vice president of Remarketing and a partner at R3 Systems Group, where he focused on asset recovery of IT equipment from leasing companies, government and corporations. He was instrumental in launching R3’s asset recovery business, which focused on providing asset disposition and data eradication services to Fortune 500 companies. Along with enhancing the company’s remarketing efforts by expanding into consumer electronics, Newman simultaneously reduced the company’s remarketing budget by 36 percent within his first year of managing the asset recovery business unit. Prior to joining R3, Newman was senior portfolio manager at Comdisco, Inc., where he successfully managed a $900 million UNIX portfolio and was responsible for maximizing the value of the portfolio's profitability. He also consulted regularly with Fortune 500 clients on procurement strategies that saved millions of dollars on technology acquisitions. Newman holds a bachelor's degree in finance from Northern Illinois University. About Relational Technology Solutions - Relational Technology Solutions (RTS) is a premier independent technology and financial solutions provider dedicated to helping its clients solve business challenges with an integrated suite of solutions for technology acquisition, finance and disposition. Founded in 1990, the company now manages nearly $1 billion in assets for Fortune 2000 and midmarket companies across all industries.
### Press Release ###########################
News Briefs---- Dollar's Weakness Hits New Benchmarks
Willis Lease niche in the leasing marketplace TurboTax trouble: Last-minute filers clog servers A Compelling Case for Citigroup Washington Mutual earnings fall 20% on home-loan slump Ruling Limits State Control of Big Banks Sonoma County, California, mortgage defaults highest in a decade Wolfowitz’s Bank Misjudgments Seagate 3Q profit falls Intel to unveil 20 new products Insurance Insight: Raedel report finds 'astonishing' P&C statutory profits in 2006 American Idol goes country Clyde no longer 'Dancing with the Stars' ---------------------------------------------------------------
You May have Missed--- Indian-Americans book years of success---The Patels ----------------------------------------------------------------
“Gimme that Wine” Florida Legislature Mulls Direct Wine Shipments … Again April in Carneros set for next weekend Wine Documentaries Debut in Sonoma With Bocks, It’s All About the Malt---Eric Asimov Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day International Juggler's Day Look-Alike Day Paul Revere Day Pet Owners Independence Day Zimbabwe: Independence Day Saint Feast Days
http://www.catholic.org/saints/f_day/apr.php ----------------------------------------------------------------
Long Island is the largest island in the Continental U.S. correct:
----------------------------------------------------------------
Today's Top Event in History 1906-- Over 3,000 lives were lost in the San Francisco earthquake, primarily due to the fire that practically destroyed San Francisco after a series of major earthquakes; some 10,000 acres were affected, as far as Mendocino, where farms near the coast actually fell into the ocean. While much damage was caused by the earthquake, it was the seventh Great Fire that burned for four days that contributed to the deaths. Hundreds, perhaps thousands of trapped persons died when South-of-Market tenements collapsed as the ground liquefied beneath them. The earthquake shock was felt from Coos Bay, Oregon, to Los Angeles, and as far east as central Nevada, an area of about 375,000 square miles, approximately half of which was in the Pacific Ocean. There were 135 aftershocks on April 18, and 22 on April 19. [headlines]
This Day in American History 1631 - English colony of Massachusetts Bay granted Puritans voting rights and John Winthrop was elected 1st governor of Massachusetts. NBA Finals Champions This Date 1962 Boston Celtics Stanley Cup Champions This Date 1942 Toronto Maple Leafs -------------------------------------------------------------- Baseball Poem
-------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: -------------------------------- |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Independent, unbiased and fair news about the Leasing Industry. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Editorials (click here) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten Top Stories each week chosen by readers (click here) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cartoons |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 
