Archive: August 2, 2001-$330 million securities fraud
Archive: August 2, 2001-$330 million securities frau
(2/2003) Former PinnFund CEO Plea bargain- 10 years in prison
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LEAF: 158 Laid Off/Specialty Finance goes Dark
A highly reliable source told Leasing News that LEAF Financial, Philadelphia, Pennsylvania:
“…158 people were laid off this past week ….The CEO is telling long timers to get your resume out there and start looking for a new job.”
Dwight Galloway, CLP, turned off the lights at LEAF Specialty Finance, Columbia, South Carolina on Saturday. He remains under contract with LEAF.
Make those three well-informed and highly reliable sources about the “Trillion/Phoenix start-up.” Reportedly it will be starting with a $60 million, 1000 lease portfolio purchased from LEAF. Nothing is “official” at this time.
In the meantime, several readers asked Leasing News if there was any comment regarding the Resource Capital announcement about the raise of capital going to a Real Estate Investment Trust: “….the Company expanded its equipment leasing and loan portfolio by the acquisition, through its taxable REIT subsidiary, of a $118 million pool of equipment leases and loans from an affiliate of its manager at a cost of $14 million plus the assumption of $104 million of non-recourse, term notes secured by the leases and loans. Guggenheim Securities, Inc. was the arranger and initial purchaser of the notes. The Company believes it will realize in excess of a 17% GAAP return on equity after all credit provisions. The portfolio is predominantly comprised of small ticket business equipment loans.”
The press release was printed in Leasing News last week, made the top ten of most stories read. LEAF nor Resource Capital nor Resource America returns emails or telephone calls, so there is no comment--- but certainly questions.
Looks like LEAF may not be around for very long. CEO Crit DeMent knows the drill. Perhaps after reading this, he may make a comment for readers of Leasing News.
Ex-Con Sheldon Player still a gambler
In the latest saga of ex-convict and big money gambler Sheldon Player, the trustee for the bankruptcy regarding Equipment Acquisition Resources, Palatine, Illinois filed a motion which will be heard on Wednesday, August 4, 2010 in the United States District Court for the Northern District of Illinois regarding $4,737,261.36 paid to the IRS.
Named are Mark W. Anstett, former president, now in bankruptcy, Martha J. Anstett, his wife, Sheldon G. Player, and Donna L. Malone (Player's alleged wife, who was secretary of the corporation.)
"Plaintiff, Equipment Acquisition Resources, Inc by its attorneys, Arnstein & Lehr, LLP, hereby files this Adversary Complaint for Avoidance and Recovery of Fraudulent Transfers against the United States of America, Internal Revenue Service (the "IRS").
Filed July 30, 2007:
9. On October 8, 2009, after it became apparent that the Debtor engaged in fraudulent activity, the members of the Debtor's board of directors and its officers, including Donna Malone ("Malone") and Mark Anstett ("Anstett"), resigned. The shareholders elected William A. Brandt, Jr. as the sole member of the board of directors and as the Chief Restructuring Officer (the "CRO"). The CRO filed the bankruptcy petition to manage the Debtor's assets for the benefit of all creditors.
10. The CRO's investigation has determined that on nine occasions from October 15, 2007 until December 3, 2008, the Debtor made transfers to the United States Treasury to pay taxes of individual owners and officers of the Debtor, including but not limited to Sheldon Player, Malone, and Anstett, along with Anstett's wife. The aggregate amount of the payments was $4,737,261.36. Exhibit A to this Complaint sets forth the $2,412,973.36 of payments made within the two year period prior to the bankruptcy filing."
Leasing News sent out an alert on Mark Anstett's new company (1). It is interesting to note the only inquiries Leasing News has received about Sheldon Player have been from several gambling casinos.
It is interesting to note the information from a banker on the credit committee for the bankruptcy the story:
"Sheldon Player, while traveling from Chicago to Jackson Hole via Denver on 9/15/09 was found to have a duffle bag containing $700,000 in CASH. He claimed, when greeted by the federal authorities in Denver, that the cash was gambling winnings. The money was confiscated, but go figure, returned to Sheldon when he "supposedly" produced gambling receipts (which I'd assume he fabricated too)." Maybe he didn't fabricate them, but then again, maybe he owes money to the casinos, too.
(1) Alert---Mark Anstett, InSpec Global Technologies, LLC
E.A.R. vrs. I.R.S. July 30, 2010 filing:
Bank Beat---Commercial Equipment Lease, Eugene, Oregon
The 15 branches of LibertyBank, Eugene, Oregon were closed with Home Federal Bank, Nampa, Idaho, to assume all of the deposits. It was the third bank to fail in Oregon.
The bank also acquired the operations of Commercial Equipment Lease Corporation, a commercial leasing subsidiary of LibertyBank located in Eugene. The leases of the subsidiary are included as covered assets under the loss share agreement. Most of the equipment listed on the web site as repossessed or "Off Lease for Sale" are trucks and flatbed trailers. http://www.commlease.com/offlease_listing.phtml
Whether the leasing company will operate under the FDIC or will be closed is not known at press time.
In addition to expanding its presence in Oregon, Home Federal is planning on a branch and commercial loan production office in Portland.
As of March 31, 2010, LibertyBank had approximately $768.2 million in total assets and $718.5 million in total deposits.
Home Federal Bank paid the FDIC a premium of 1.0 percent for the deposits of LibertyBank. In addition to assuming all of the deposits of the failed bank, Home Federal Bank agreed to purchase approximately $419.7 million of the failed bank's assets.
The FDIC and Home Federal Bank entered into a loss-share transaction on $300.0 million of LibertyBank's assets.
There were 213 full-time employees. Net equity went from $70.8 million March 31, 2009 to $40.5 million with $44.3 million in non-current loans. The bank had lost $5.5 million the previous period and lost $6.6 million March 31, 2010 following a charge off of $2.9 million in commercial and industrial loans, $463,000 in construction and land
development and $250,000 in non-residential property. Tier 1 risk-based capital ratio 4.18%
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $115.3 million.
Coastal Community Bank, Panama City Beach, Florida with Centennial Bank, Conway, Arkansas to assume all the deposits. It was the 20th bank to fail in Florida this year (more than any other state.)
Coastal Community Bank had total assets of $372.9 million and total deposits of $363.2 million. The FDIC and Centennial Bank entered into loss-share transactions on $302.8 million of Coastal Community Bank’s assets.
The bank had 107 full time employees. Equity had fallen from $31.1 million March 31, 2009 to $13.5 million March 31, 2010 with $66.5 million in non-current loans. The bank had a $974,000 loss with $260,000 charge off in real estate loans. Tier 1 risk-based capital ratio 3.43%
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $94.5 million.
Bayside Savings Bank, Port St. Joe, Florida with Centennial Bank, Conway, Arkansas, to assume all the deposits and essentially all the assets. As of March 31, 2010, Bayside Savings Bank had total assets of $66.1 million and total deposits of $52.4 million. The FDIC and Centennial Bank entered into loss-share transactions on $48.3 million of Bayside Savings Bank's assets; cost to the Deposit Insurance Fund (DIF) will be $16.2 million for Bayside Savings Bank There were 16 full time employees. Equity of the bank had dropped from $14.79 million March 31, 2009 to $2.5 million with $3.7 million in non-current loans. The bank had a $1 million loss following $436,000 in real estate and land development; $189,000 in loans secured by 1-4 multifamily properties. Tier 1 risk-based capital ratio 5.40%
The two branches of NorthWest Bank and Trust, Acworth, Georgia, were closed with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits. It was the eleventh bank in Georgia to fail this year. Founded March 11, 2004 its branches serviced Atlanta-Sandy Springs-Marietta with 24 full time employees.
Veteran banker Joe Evans and his group have now acquired nine of the 41 Georgia banks that have collapsed since August 2008, the most in any state.
As of March 31, 2010, NorthWest Bank and Trust had approximately $167.7 million in total assets and $159.4 million in total deposits. The FDIC and State Bank and Trust Company entered into a loss-share transaction on $107.6 million of NorthWest Bank and Trust's assets.
Net equity of the bank had gone from $13.4 million March 31, 2009 to $3.7 million March 31, 2010 with $21.6 million in non-current loans and loss of $1.9 million following a charge off of $304,000 in real estate construction and land development and $276,000 in non-farm non-residential properties. Tier 1 risk-based capital ratio 3.26%
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.8 million
The nine branches of The Cowlitz Bank, Longview, Washington were closed with Heritage Bank, Olympia, Washington, to assume all of the deposits. There were 110 full time employees with a branch in Wilsonville and Portland, Oregon, one in Vancouver, Washington, and four in Cowlitz County ((Castle Rock, Kalama (1937), Kelso, Longview)) and a branch each in Bellevue and Seattle.
Real estate overdevelopment continues to plague banks in the state.
As of March 31, 2010, The Cowlitz Bank had approximately $529.3 million in total assets and $513.9 million in total deposits. Heritage Bank paid the FDIC a premium of 1.0 percent for the deposits of The Cowlitz Bank. In addition to assuming all of the deposits of the failed bank, Heritage Bank agreed to purchase approximately $280.0 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
Net equity of the bank had collapsed from $56.9 million March 31, 2009 to $19.8 million with $45 million in non-current loans. The bank had lost $1.6 million the previous time period and March 31,2010 a loss of $4 million following a charge off of $2.5 million in real estate construction and land development and $1.1 million in 1-4 multifamily residential properties. Tier 1 risk-based capital ratio 5.42%
The FDIC and Heritage Bank entered into a loss-share transaction on $160.9 million of The Cowlitz Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $68.9 million.
List of Bank Failures
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
Top Stories---July 26-July 30
Here are the top ten stories opened by readers:
(1) Richard Anderson passes away
(2) LEAF Specialty to Vacate Premise by July 31st
(3) Dwight Galloway: Last man to turn the lights out
(4) Alert---Mark Anstett, InSpec Global Technologies
(5) Financial Pacific up-dated "Funder List ‘A’"
(6) LEAF Financial Announces expansion of capital
(7) Sales makes it Happen---by S. Anthony Iannarino
(tie) (8) Pawnee Acknowledge Losses--But Remains Eager
(tie) (8) US Capital Corp. Joins “Broker-Lessor” List
(9) The Famous Leasing News “The List” ---June
(10) Sun National Bank “Conservative Loan” to Allied Health
“Are Your Sales People Happy?”
A strong leasing company usually happens because they have a well trained and happy sales staff. Let me qualify this by saying I know the emotions of sales personnel are almost never happy enough. There is someone with a lower rate so therefore rates should be lower meaning rates are never low enough… or the credit people are often too tight… or the turn-around time could be faster…they need more time. So what do I mean about happy? Happy means they cannot get it better anywhere else even though they are constantly on the lookout for a better position.
Sales personnel need these two things to be happy. Recognition for success, and more money because they closed more sales. Yes, sometimes recognition is as important, or more important than money. Often the recognition helps them in a down time or gets them to work harder, smarter.
You would think that money was the most important incentive but in reality it is the acceptance from peers and management that stimulates them quite a bit. The first method to begin this process is to establish individual goals. They are best served by short time periods so at year end the goal has been reached. By having short time periods when a sales person is ahead of the goals a pat on the back is necessary. If a transaction is closed and results in a higher than normal return, then a notice in writing to the whole company should be prepared to feed the ego of the sales person. The same goes for reaching their goals and those who failed to do so.
I once worked for a banker that told me the reason banks have so many titles is that happy personnel come from the ability to show their peers that they were progressing in their job and receiving a promotion. I sometimes think it was in lieu of proper compensation. However it points out that sales personnel have a need to be able to show friends and family their successes. There are some sales personnel that love what they do and would prefer to continue as sales forever but they are rare and most look to progress and need stepping stones along the way. It would be best to create some titles in your company such as assistant sales, sales, senior sales, assist vice president, regional manager, national manager, technology senior sales manager…I think you get the idea.
On occasion with a good size sales force you need a presidents club or a top performer or Top Ten (company) Performer, a group that can be reached with outstanding performance. It should bet set at a standard that only 15% to 25% can reach and then the payoff would be something special. Or set a standard that is unlimited to the number that can achieve it so a sales person would be conspicuous by their absence.
Recognition from our peer group is a very strong motivator.
You need to not worry about sales personnel that do not reach their goals. They may be nice people but they are usually unhappy themselves and if they cannot cut the mustard it is time for them to leave and seek other positions. You need to question sales people that talk a good line but have multiple leasing companies in their resume. Some people are attracted to the sales position because of the freedom and compensation, but are not right for the job. I have always found that credit people and sales people are opposite ends of the spectrum. Both very good at what they do, but not good at the others job even if they both think they could do the others job because it is so easy. They come from different sides of the desk.
There is no easy way to maintain a sales force because they are by nature always looking over the next horizon but the more you work at it to keep them happy and give them that recognition for good performance and a good kick for a bad performance the better off you will be. The worst thing you can do is to ignore them when times seem to be acceptable. The best sales people are the steady performers that are always reaching their goals without a large one time deal.
Recognition is as important as money, sometimes more.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at email@example.com or 502-327-8666.
He invites your questions and queries.
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Grace is up-to-date with routine shots, house trained and spayed/neutered
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