Leasing News

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Paul A. Larkins New Head of GE Capital

Paul A. Larkins, 2006 Leasing News Person of the Year, who resigned as head of Key Equipment Finance and Key Finance last month, was named the new CEO of GE capital.

"The first thing I am going to do is get the Healthcare Division up and running," he said. " Ten percent commission to dealers, including GE subsidiaries. Nothing gets a salesman going than receiving a big commission."

His family is expected to join him in Hartford, Connecticut this month, as his wife sells their home. Reportedly she is tired of the snow and skiing, and looking forward to moving to an exciting place to live.

[headlines]

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Bentsen resigns ELFA, to run for Senate

Kenneth Bentsen, Jr., has resigned as president of the Equipment Leasing and Finance Association to start his campaign to run for US Senator from Texas.

"I was persuaded by Presidents Bush 40 and 42 plus the late Lyndon Baines Johnson to run against Senior Senator Kay Hutchinson,” he said. "It’s time for a Bentsen to return to Texas to take
back a seat that rightfully belongs in our family.”

Bentsen considered a conservative Democrat reportedly has also the support of conservative Republicans as well. Rush Limbaugh has already endorsed his run and Senator Robert Dole has come out of retirement to become his campaign manager. Newton "Newt" Leroy Gingrich is his finance chairman.

“I promise to bring back the investment tax credit, “he declared.
“This time 15%!~!”

[headlines]

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Bernie Boettigheimer Buys Back Pioneer plus!!!

Bernie Boettigheimer, founder of Lease Police, has purchaed back his old company Pioneer Capital, Addison, Texas, from Rudy Trebels, IFC Credit Corporation. To sweeten the deal, reportedly Trebels
has thrown in the ownership of IFC Credit and First Corp.

“I’m throwing in the towel, “Trebels said. “I’m moving to Florida where the weather is better and I can play golf whenever I want to. Who needs this ##*#* leasing business?!?!!”

Bernie Boettigheimer is relinquishing his operational control of Lease Police as both he and his son John plan to spend every spare minute of time getting the IFC companies running strong again. He also is going to get his daughter involved, a former Dallas Cowboy Cheerleader, and have her not only perform to bring in new business, but put together a group to tour the United States with her; “that’ll get
everyone’s attention,” he added.

It appears Boettigheimer has the backing of US Bancorp Manifest and is bringing back Ron Wagner, CLP, to get the successful small ticket rejection program going again. Kurt Kovash, GM of US Bancorp Manifest was heard celebrating throughout the building.

"I am turning the reigns of Lease Police over to my good friend Pat Bryne of Balboa, “Boettigheimer continued with all the good news.”Let me be the first to give you this scoop, too, as Shawn Giffin, Bryne's former partner, is coming back and Pat will devote all his time to Lease Police and Shawn will be running what’s left of Balboa."

[headlines]

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[headlines]

Reportedly arriving early to work at Marlin Business Services, New Jersey, President and CEO Dan Dyer tripped over a pile of money lying on the floor of his office.

"I didn't see it," he said. "Supposedly it was to be picked up by an armored truck and taken to our bank, but they must have missed their stop last night. I was in such a hurry to get to my desk
and fire someone that I just tripped over it."

Leasing News has been following this story for several years.
Former Santa Barbara top salesman and broker representative Steve Reid was caught red handed on the front page of the National Inquirer. Many think it was a joke, but Reid's wife knew better. All the time he was supposedly "gold prospecting," he was with Jennifer Aniston.

Reportedly in the "Friends Reunion," special television presentation, Aniston and Reid will be married with Oprah Winfrey as Maid of Honor and Paul Menzel as Best Man.
You heard it here at Leasing News first!!

Resource America, Philadelphia, Pennsylvania, part of LEAF Financial Corporation, has purchased Hersey’s Chocolate, Hersey, Pennsylvania.

“I have been a fan of Hersey’s since I was a child, “ Edward E. Cohen, Chairman of the Board said. “When I heard they may be moving part of their operation, I knew we had to keep it here in Pennsylvania.

“We will be able to promote our company with advertising in the products. Every time you open a ‘kiss,’ the string will say “Resource America.” And to honor our star performer at LEAF Financial, we will be coming out with a new after dinner refreshing product called “Dinner DeMent.”

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End of Special April Fool’s Day Edition
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It is also smart to go to www.microsoft.com and up-date the latest security programs.

"Our offering period began on August 12, 2008. We received our minimum subscription proceeds of $2.0 million (20,000 units) required to begin operations and we broke escrow on September 16, 2008. The period from September 16, 2008 (Commencement of Operations) through December 31, 2008 is referred to as the period ended December 31, 2008. As of December 31, 2008, we had subscriptions for 390,925 limited partner units ($39.1 million). We acquire a diversified portfolio of new, used or reconditioned equipment that we lease to third parties. We also acquire portfolios of equipment subject to existing leases from other equipment lessors. Our financings are typically acquired from LEAF Financial Corporation ("LEAF Financial"), an affiliate of our General Partner and an indirect subsidiary of RAI. In addition, we may make secured loans to end users to finance their purchase of equipment. We attempt to structure our secured loans so that, in an economic sense, there is no difference to us between a secured loan and a full payout equipment lease. We also invest in equipment, leases and secured loans through joint venture arrangements with our General Partner's affiliated investment programs. We finance business-essential equipment including, but not limited to, computers, copiers, office furniture, water filtration systems, machinery used in manufacturing and construction, medical equipment and telecommunications equipment. We focus on the small to mid-size business market, which generally includes businesses with: 500 or fewer employees

"We expect our revenues to increase as we continue to acquire equipment finance assets from our General Partner. Our investments in commercial finance assets increased to $14.9 million as of December 31, 2008. We expect to acquire additional commercial finance assets as we raise more capital through the sale of partner units and through use of credit facilities. Our General Partner expects revenue derived from these additional leases and loans to exceed the interest expense incurred by the debt incurred to obtain these financings.”

“Increased provision for credit losses as we increase our portfolio.
increased interest expense as we entered into a loan and security agreement with Wells Fargo Foothill, LLC in February 2009 and expect to fully utilize the facility to acquire leases and loans, increased management fees to affiliate based on payments of commercial finance assets processed by our General Partner.”

"Partner's distributions paid for the period ended December 31, 2008 were $366,000. Distributions to limited partners were 8.5% of invested capital. However, there can be no assurance we will continue to make distributions at this rate."

“In the second half of the twentieth century, financing became one of the most popular methods by which domestic and many global businesses satisfied their capital equipment needs. We believe that domestic and, as global finance markets continue to develop, global equipment leasing and financing volume is correlated to overall business investments in equipment. According to the 2007 - 2008 U.S. Equipment Finance Market Study, which was prepared by Global Insight, Inc., a global forecasting company, and the Equipment Leasing and Finance Foundation, a non-profit foundation dedicated to providing research regarding the equipment leasing and finance industry, total domestic business investment in equipment and software has increased annually from approximately $868 billion in 2002 to approximately $1,088 billion in 2006, with total investments of approximately $1,106 billion estimated for 2007. Similarly, during the same period, total domestic equipment leasing and financing volume increased from approximately $483 billion in 2002 to approximately $598 billion in 2006, with financing volume of approximately $625 billion estimated for 2007. In 2008, domestic business investment in equipment and software is forecasted to reach an estimated $1,159 billion with a corresponding increase in equipment leasing and finance volume to an estimated $657 billion.”

“We operate as an equipment leasing and finance program in which the capital our members invested is pooled together to make investments, pay fees and establish a small reserve. We primarily engage in the business of purchasing equipment and leasing it to third-party end users, equipment financing, acquiring equipment subject to lease and, to a lesser degree, acquiring ownership rights to items of leased equipment at lease expiration. Some of our equipment leases will be acquired for cash and are expected to provide current cash flow, which we refer to as "income" leases. For our other equipment leases, we finance the majority of the purchase price through borrowings from third parties. We refer to these leases as "growth" leases. These growth leases will generate little or no current cash flow because substantially all of the rental payments received from the lessee are used to service the indebtedness associated with acquiring or financing the lease. For these leases, we anticipate that the future value of the leased equipment will exceed the cash portion of the purchase price.”

“Our Manager manages and controls our business affairs, including, but not limited to, our equipment leases and other financing transactions, under the terms of our LLC Agreement. We are currently in our offering period. The minimum offering of $1,200,000 was achieved on May 25, 2007, the Commencement of Operations. From the Commencement of Operations through December 31, 2008, we have raised total equity of $273,127,131. Investors from the Commonwealth of Pennsylvania could not be admitted until we raised total equity of $20,000,000. The $20,000,000 minimum offering for Pennsylvania was achieved on July 13, 2007. We expect to invest most of the net proceeds from our offering in equipment leases and other financing transactions. After the close of our offering period, we will enter our operating period, during which we will make additional investments from the cash generated from our initial investments to the extent that the cash is not needed for expenses, reserves and distributions to members.”

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