Clarification: Oliver-Allen Group Closing Larkspur, CA
Clarification: Oliver-Allen Group Closing Larkspur, California
US Bank, a publically held company, should be more forthright
Christopher Menkin, Publisher
Leasing News was previously told by an insider that U.S. Bank Equipment Finance--Technology Finance Group, previously known as the Oliver-Allen Group, located in Larkspur, California, was closing down. Another insider told Leasing News verified that it is closing, but most of the operations and processing are relocating to Portland, Oregon, under the direction of Sal Maglietta.
Located in Larkspur, California, the county above San Francisco, Oliver-Allen started in 1973, when Marin County was the location for over a dozen leasing companies and funders from Interlease, SHW Capital, Triple C Leasing and many others. Oliver-Allen was one of the first companies to specialize in IT: leasing equipment for computer systems, networking, communications, PC connectivity, primarily to middle market clients. They were sold in March, 2000 to US Bancorp.
If the information in the original story was not accurate, it is the fault of the two US Bancorp public relations that after two days did not return telephone calls nor Sal Maglietta or his office.
The latest clarification is the closing the operations and processing from Larkspur to Portland is reportedly in coordination with an internal realignment to house all operations and processing personnel for the direct finance group in one location in Portland.
There are approximately 75-85 personnel currently at Larkspur, Leasing News was told by several reliable sources, including one who is being laid off. Whether some or all were offered positions in Portland is not known as no official word has come from US Bank. One person who notified Leasing News is looking for a job in the San Francisco Bay Area and will be advertising in the Classified Directory.
The Technology Finance Group will reportedly maintain a very minimum presence in the Larkspur area, perhaps down to one or two credit personnel, but most likely to relocate the remaining employees to a US Bank property once the existing office lease expires, Leasing News is told, which will be next August.
According to a highly reliable source, over the recent years the Technology Finance Group has hired sales reps to work out of home based offices in their respective territories, thereby reducing the headcount at their sales office in Newport Beach. Leasing News is told there are 14 sales reps with half working out of home based or satellite offices. The group continues to add to its sales staff and has several spots open to add additional sales personnel. Reportedly the changes at the Larkspur location did not result in any sales staff reductions.
The indirect effort will remain in Marshall, Minnesota, known as "Manifest." Sal Maglietta is also in charge of this division. The emphasis has been to cut back the number of brokers being serviced to those with a higher record of both approvals to signed leases and volume, and thus an employee "cutback" and/or move to other divisions, such as small ticket vendor direct. This information was derived from emails sent to brokers who were being cut off.
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$37 million plus claims Against Allied Health
There appears to be four municipal and other cases against Allied Health Care Services, Orange, New Jersey, picked up in a current Dun and Bradstreet report, such as a May 26, 2010 case brought by Eastern FUNDING for $53,591.59. They all involve leases of Lifecare Products PLV 102 Home Care Ventilators. There is an unsatisfied judgment and refusal of payment. (1)
Two new Federal cases:
August 2, Franklin National Bank of Minneapolis, 525 Washington Avenue North, Minneapolis, Minnesota (First Premier Capital lease) for $216,000
July 30, AEL Financial et. al. for $661,000 ( AEL Financial, 600 North Buffalo Grove Road, Buffalo Grove, Illinois; M2Lease Funds, 175 N. Patrick Boulevard, Brookfield, Wisconsin; Cedar Rapids Bank, 500 1st Avenue NE, Cedar Rapids, Iowa.
Previous Federal Filings:
National Bank, Bettendorf, Iowa as the holder of three leases by First Premier Capital, Edina, Minnesota for 50 LifeCare Respirators costing $250,000 each. The demand is for $800,000, bringing the total in the suits over $20 million to date.
July 13th ABCO Leasing, Bothell, Washington filed against Allied Health Care Services, Orange, New Jersey as well as the guarantor Charles K. Schwartz. It regards two leases for a total of $400,000.
July 12th Onset Financial, South Jordan, Utah and CW Onset, a Utah limited company, on July 12, 2010 filed a $9,798,000. Crossroad Bank, Wabash, Indiana, formerly known as First Federal Savings Bank of Wabash filed a suit on July 9th, 2010 for $144,788.20 plus attorney and court costs regarding respirators. Commonwealth Capital Corporation filed on June 18 for $4,224,543.02 against the corporation and $1,792,893.82 against the personal guarantee of Charles K. Schwartz, "plus attorneys fees, costs, and interest, as well as all other relieve which this court deems just;" Kingsbridge Holding, LLC, Lake Forrest, Illinois, was first with a suit against Allied Health Care Services for $1,051,207.74 plus attorney and court fees; MinnWest Capital Corporation, Minnetonka, Minnesota, (subsidiary of MinnWest Bank Metro) $2,070,690 suit against Allied as well as the Charles Schwartz, president of the company, as personal guarantor to the corporation.
This brings the total complaints over $22 million at this time, not including the "workout" of $15 million, perhaps plus other amounts, at Sun National Bank, Vineland, New Jersey.
It appears many of the bank complaints may be just to satisfy auditors or perhaps seek damages via “reps and warrants” from those who referred the leases to them. There are other banks who have not filed at this time, who state to Leasing News Allied is past due in payments to them. Several have told Leasing News they will be or have written the leases off; one said it was $300,000, another $400,000, and one $700,000.
Here are some other comments:
"I have made a call into their lawyer to discuss the situation. We have about ****** out to them and will file against them shortly if we do not get some resolution or answers to our questions."
(name with held)
"If I do file a suit I really don't want to end up in the Leasing News :) Why do you feel they haven't filed bankruptcy?"
(name with held)
"I'm surprised they haven't filed already and wonder what they feel are their options. What else are you hearing?"
(name with held)
"We’re still current, if you can believe it! I don’t think we’ll get anymore payments, however. My collector found Charles’ neighbor and called the neighbor to get a note through and low and behold, we got a payment for June. I think he’s now open for July."
(name with held)
A major bank officer said they had leases from several discounters and the leases were in serious default, some from a portfolio purchase. He added, if there was fraud involved, theses discounters would be held responsible for the financial payments. Their legal department would be taking care of this.
The various complaints filed name where the leases originated, including the original contracts that were discounted, such as with Kingsbridge Holding, LLC, Lake Forrest, Illinois, it was ACC Capital, who told Leasing News they were “non-recourse” on the transaction as well as eight others. Most likely they did sign “reps and warrants” in the discount. They may be “recourse.”
It appears that at one time Allied was continuing to seek leases until around May or June. They still may have active applications at small banks.
These were among the latest filings:
LACHANCE FINANCIAL SERVICES, INC., 203 SOUTHWEST CUTOFF,NORTHBOROUGH, MA 01532 as well as two small banks: PUBLIC SAVINGS BANK, 2755 PHILMONT AVE. SUITE 140, HUNTINGDON VALLEY, PA 19006 and TEAM CAPITAL BANK, 210 PENNS TRAIL, SUITE 104, NEWTOWN, PA 18940.
There has been no Replevin action filed to date, which may have its difficulties, although that would require a ruling by a court in the process, so to assume that HIPPA laws would trump the call is really up to the court(s).
The fact is Sun National reportedly has liens on all Allied’s personal property, real estate and its owner's real estate. As holder of these liens, they could force the mortgages, and since they have these liens a year before a bankruptcy, should one occur, other creditors would have great difficulty getting the proceeds thrown into the other secured lenders, who have the security to the equipment and would have to recover it and sell it to determine what is owed.
It appears with the infusion of capital to meet FDIC requirements, this would be a serious loss to management, who may also have similar loans on the books. They did have $86 million in noncurrent loans and leases on their March 31, 2010 FDIC filing.
Leasing News also received this email from a very well respected source:
“Assuming we're talking about Allied Healthcare Services out of Orange, NJ, we're done with them. They paid as agreed and then paid us a 30% residual.
“I think these banks would do well to call me in to work out these issues....”
American Bank FSB, Bethesda, MD
Commercial Equipment Leasing, Eugene, Oregon
Len E. Williams, President and CEO, Home Federal Bancorp, Inc., Home Federal Bank, Nampa, Idaho, whose bank purchased the 15 branches of LibertyBank, Eugene, Oregon, also became the owner of Commercial Equipment Lease, Eugene, Oregon, which was a wholly owned subsidiary of Liberty Bank.
Williams was very complimentary about the management of the leasing company by Jim Johnson, which has been in business for 35 years. The company is a specialist in the small ticket market place with a very successful and proven origination process.
Williams said part of the success of Home Federal has been how well capitalized they are, plus their approach to banking. In addition to deepening its presence in Central Oregon, Home Federal Bank will now operate in Lane, Josephine, Jackson, and Multnomah counties in Oregon, including the communities of Eugene, Grants Pass and Medford, Oregon. It has a branch in Portland, two in Bend, one in Madras, La Pine, Prineville, Terrebone, and Redmond.
Lease Return Change at CIT
CIT has laid off their internal staff in Livingston, New Jersey that dealt with the lease returns and asset management for Avaya Financial Services. The have also decided to stop the equipment auctions that have been a fixture for about 15-20 years in the business. Evidently the cost of carrying the end of term remarketing function no longer made sense.
In 2001 to 2006 there were about 15 management/support people in AFS who managed this process. The terminations are effective next week.
"A spokesman for CIT told Leasing News:
In an effort to improve operating efficiencies, Avaya Financial Services has transitioned certain asset disposition activities to its support center in Jacksonville, Florida and shifted to a consignment sale model.
"As a matter of policy, CIT does not comment on personnel matters."
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Maxim Commercial Capital joins “Funder List”
A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program |
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Age: 9 Weeks
"Lindy is a sweet little pup that was found all alone on a busy highway and ended up at Town Lake Shelter. Because she was only about 7 weeks old and had some hair loss on her tail at the time she was found she was in need of rescue. Thankfully one of our volunteers was able to take her and now she's happy and having a great time playing with the resident dogs and loves being cuddled!
"She also loves playing with her toys and is doing very well on her house and crate training! Lindy will be spayed on July 30 and be ready to find her forever home a few days after she's recovered from her surgery. Besides being spayed, Lindy is age appropriately vaccinated and micro chipped and comes with 30 days of free insurance!"
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This Day in American History
1693 - It is believed that a monk named Dom Perignon invented champagne at the Benedictine Abbey of Hautvillers in the region of Champagne, northern France. He made the first champagne by re-fermenting a certain wine in the spring and then placing it in strong, sealed bottles so that the wine would become sparkling. Dom Perignon was the Cellar master for 47 years until his death in 1715. The sparkling wine was crude and perhaps the first one to produce what we drink today was Mme. Nicole-Barbe Clicquot, who developed the sur pointe process that clarified the sediment out of sparkling wines. She was also an astute business person, especially in a day that women did not run business. Nicole Barbe Clinquot was the daughter of the mayor of Reims who at 20 was widowed with a daughter after three years of marriage to a vintner. She vowed to carry on her husband's business. She developed the process of remuage (moving) in which the bottles of wine are stored upside down (on their corks or sur pointe) and then the bottles are shaken periodically and then rotated to force the sediments in the wine to settle down on the cork. After a certain period, the cork is quickly removed, the sediment is expelled by the wine gases and then the bottle is quickly re-corked. The widow Clinquot also invented pink champagne. My favorite in Louis Roederer, but a Grand Madame Clinquot, now that is a fine sparkling wine! Here is a secret. You can serve “Champagne” with everything. If you cannot match a wine to a food, serve “Champagne.” Next, a very good beer. Don’t laugh, some fine beer goes with everything ( especially if it is “fresh.”) Now what does this have to do with American History? Nothing, but thought you would like to know more about sparkling beverages.
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