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Ready, Willing, Able: Dwight Galloway, CLP
FirstTrillion.com original web site first page is no longer up announcing the formation of a Columbia, South Carolina leasing company exclusively for broker business. The following message has taken its place:
"Thank you for your inquiry. At present this company does not exist. The website was a brief, unauthorized design test and was taken down on August 2. All that remain are remnants in web crawling robot caches. If the company does start up, an announcement will be made.
"Emails to this address will not be returned.
Several readers noted that Barry Reitman, Keystone Financial email was originally returned to them when they used the email on the site: email@example.com. It was speculated the firstname.lastname@example.org” designed the web site. He was not available for a comment. Leasing News was told he was on a poker tour.
Dwight Galloway, CLP, Columbia, South Carolina states “With Leaf's knowledge, I am still trying to help the former Republic\Net bank employees establish a broker funding source with a new owner but without success thus far. As I told you before, if and when that team finds a home, I will let you know.”
A well informed source told Leasing News this "Columbia, South Carolina group of professionals to do business exclusively with brokers" was actually cancelled by Leaf in favor of another option.
While there were several service providers notified, as well as ex-LEAF Specialty employees were looking forward, Leasing News was told that "No portfolio was purchased because the deal was not consummated. The prospective company name(s), one of several possibles, was a shell, the test site closed when the deal fell through. There is no deal in the works involving Leaf."
In the recent article about Resource America, Philadelphia, Pennsylvania, parent of LEAF Specialty, Columbia, South Carolina, now closed, there was mentioned the possibilities about selling business units, such as LEAF Financial, as well as going private or selling the entire company. Here is a list of the Resource America companies
What seems to be left at LEAF are the portfolio's, including their delinquencies and defaults, all used as security for the portfolio’s with management fees made. As far a staff, it appears the only going concern is Leaf Dealer Solutions (formally Dolphin Capital). “There are about 80 people at the Missouri location. They reportedly have full operations at this facility, including sales, credit and collections. Most of this groups business is in office tech (copiers) which Dolphin did a lot of.
The former Dolphin Capital operations (use to be part of a bank that was taken over by Goldman Sachs then sold to Leaf – now call Leaf Dealer Solutions) could be sold as a stand alone entity. Dolphin had a good name at one time and there are some good people still there. They say they’re out of the loop with what goes on in Philadelphia.
What is left at corporate headquarters: most of the Operations staff down; Chris Casey is still vice-president, but Leasing News is told her staff is gone; Collections and Litigation are still staffed heavily under Jim Grant. But there is no more asset recovery business, nor inside sales, with only Business Development Vice-President Bryan Spence left, as well as Crit DeMent, Dave English, Bob Hunter, Earle Compton, Miles Herman.
Leasing News is told the "VPs" are maintaining the shop while their staff gets laid off. No one at headquarters will confirm nor deny this, but Leasing News receives emails from other leasing companies who have been interviewing those who have left:
"I have gotten several calls from LEAF guys (past and present) who are peddling the LEAF deal ’engine’ - the message being that there are a significant number of vendors that will following these guys wherever they land.
“Having followed your reporting on LEAF over the past few years – and the recently published RA (Resource America) quarterly numbers - the question I keep asking myself is what is left at LEAF in terms of new business potential? My assumption being that any good guys with any relationships have already moved down the street and joined DLL (De Lage Landen US).
“I would be curious as to what you think seeing you are tied in to what is going on there."
(name with held)
A lot of very good people with a lot of experience and talent are available, not just sales, but in all aspects in leasing. Employers won’t find bargains like this in 2011.
Kit Menkin, editor
LEAF Buys Dolphin:
Google Finds Dwight Galloway's New Company
LEAF for Sale?
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
"Evergreen" calendar makes Marlin Leasing Profitable
An "Evergreen Clause," legal in 47 states, requires a mandatory 90 day notice to return the equipment or the evergreen clause goes into effect. Often it can be an automatic twelve month payments. This is standard on large operating leases that have a true "fair market value," but has been abused by many in the small ticket marketplace, even on $1.00 purchase options or 10%. If the lessee does not notify the lessor of their intention at the end of the original term of lease payments, the security deposit is forfeited (applied to the lease legally) and payments continue for twelve months. Many lessees in the small ticket marketplace are not aware as they often don't count payments or realize the original term is up. The “Evergreen Clause” is abused by many in the small ticket marketplace, perhaps more than anyone, Marlin is the leader in this “ruse:”
Marlin Business Services, Mount Laurel, New Jersey (NASDQ-MRLN) reported a $1.6 million net profit second quarter, 2010.
Marlin 10-Q Second Quarter Filing, page 43:
"Our leases generally include automatic renewal provisions and many leases continue beyond their initial contractual term. We consider renewal income a component of residual performance. Renewal income net of depreciation totaled approximately $2.0 million and $1.7 million for the three-month periods ended June 30, 2010 and June 30, 2009, respectively. Renewal income net of depreciation totaled approximately $3.9 million and $3.5 million for the six-month periods ended June 30, 2010 and June 30, 2009, respectively."
Mostly from copiers:
"As of June 30, 2010, there were $40.2 million of residual assets retained on our Consolidated Balance Sheet, of which $32.4 million, or 80.5%, were related to copiers. No other group of equipment represented more than 10% of equipment residuals as of June 30, 2010 and December 31, 2009, respectively."
(Marlin 10-Q Second Quarter Filing, page 43)
Also from complaints received by Leasing News, most of these automatic renewals involve copiers, where it is also reported dealers and vendor may participate in the extension, a practice not "uncommon" in the industry.
A dealer told Leasing News:
"They (Marlin) also offer their vendors the option to share the evergreen - sales explains to vendor that it helps to lock their client and service of vendor. They also offer the same share with the IR (interim rent) charges."
There are also other complaints that get settled, including those by the by Ralph Petta, COO, Equipment Finance and Leasing Association:
"Mr. Petta was instrumental in moving my file up the chain of command at Marlin such that I ended up working with Mr. Ray Schilling, Vice President, Office Equipment Division, Mount Laurel, New Jersey. I first contacted Mr. Petta at ELFA on or about March 13, 2010. Once I made contact with Ray Schilling, things moved fairly quickly. I received my "ownership letter" from Marlin dated April 26, 2010. I feel that I have managed to effectively end my business relationship with Marlin Leasing and, of course, have learned a great deal about equipment leases!
“I want to thank you for your advice and for your newsletter which provided me with very useful information about the equipment leasing industry. I thank you also for taking a personal interest in my case."
Better Business Bureau Rating: "F"
Marlin 10-Q Second Quarter Filing:
Bulletin Board Complaints:
Marlin Profit is from “Evergreen” clause:
OnePlace Capital Joins Funder List
Direct sales team dedicated to small ticket programs and one-off transactions exclusively in the Healthcare markets. Private Label Programs available for Vendors.
“We specialize in equipment leasing for medical, dental and veterinary practitioners in the U.S.
“Take advantage of leasing with One Place Capital:
•No prepayment penalties
Texas Capital in for $608,602 plus Allied Status Report
Texas Capital Bank, Dallas, Texas, filed in the District of New Jersey, Newark, a complaint for $608,602 with defendants Allied Health Care Services, Inc., and Charles K. Schwartz. This is the third lease of the nine ACC Capital, Utah, said they put together "non-recourse."
It also asks to obtain its equipment back (or prove that it exists at all:)
(Against Allied For Replevin)
"55. Texas Capital repeats and re-alleges each and every allegation contained in Paragraphs 1 through 54 above, as if set forth fully herein.
Various credits have found the equipment not costing $5,000 but $825 to $1250, site inspections were always at Allied's office, as they were to be "sub-leased" to medical patients. It should be noted that several creditors, including Leasing News, called the manufacturer who said the serial numbers from the Donner Medical invoices were not the manufacturers' serial numbers.
It has taken other creditors 30 to 60 days to serve Charles K. Schwartz, who's attorney has responded in several of the cases with denial of most of the charges set forth.
John Kenny, Receivables Management, Mohawk, New York, who has resolved off-lease residuals with Allied stated he had been trading emails and voice messages with Charles Schwartz who expressed willingness in trying to come with a resolution to these complaints.
At this time, he has talked to several creditors, each of who have expressed an interest in having him work on their behalf with Allied and Mr. Schwartz to resolve their individual deficiencies:
“I plan to handle these on a first come-first serve basis. Whichever creditors step up first will be put at the top of my list to address their particular issue, regardless of the amount of the deficiency or the creditor name or perceived 'prestige'. This seems like the fairest way to proceed."
Several bankers are holding off, waiting, but they don’t say for what. Others don’t want to appear in Leasing News, but if Allied goes into bankruptcy their name and debt will become public, as well as moving from “noncurrent loan” status to “charge off.” Certainly the FDIC will become aware of the many banks in the same predicament with Allied, especially if the equipment is unrecoverable.
List with latest actions, ranked by date of complaint:
American Bank FSB, Bethesda, MD
August 4-- Texas Capital Bank, Dallas, Texas, filed in the District of New Jersey, Newark, a complaint for $608,602. Not served. Asks for Replevin.
August 2-- Franklin National Bank of Minneapolis, 525 Washington Avenue North, Minneapolis, Minnesota (First Premier Capital lease) for $216,000---Not served
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---not served
July 19th-- 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. Attorney Dennis Lenard responded August 10th, denying charges.
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. Attorney Dennis Lenard responded August 4th, denying charges.
July 12th-- Onset Financial, South Jordan, Utah and CW Onset, a Utah limited company, on July 12, 2010 filed a $9,798,000. Not Served.
July 9th-- Crossroad Bank, Wabash, Indiana, formerly known as First Federal Savings Bank of Wabash filed for $144,788.20 plus attorney and court costs regarding respirators. Charles K. Schwartz served July 27, 2010. No response to date from attorney.
June 18th-- Commonwealth Capital Corporation filed 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;" July 27, Scheduling Conference for 8/31/2010
May 18-- 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. August 5: CLERK'S QUALITY CONTROL MESSAGE - Please disregard Doc. #'s 13 & 14 [ANSWER TO CMP.] fld. by D. LENARD on 8/4/10. They were inadvertently fld. in wrong case. [SEE CIV. 10-3558] (DD, ) (Entered: 08/05/2010) ORDER ON ORAL MOTION: indicating a schedule for filing dispositive motions shall be addressed at the initial scheduling conference on 10/26/10 at 12:00 p.m. Signed by Magistrate Judge Claire C. Cecchi on 7/30/10. (sr, ) (Entered: 07/30/2010)
May 3-- 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--joint discovery plan prior to joint conference September 8th, Newark.
(Information from PACER.)
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Rancho Palos Verdes, California--Adopt-a-Dog
Breed: Labrador Retriever
“Trixie is a perfectly lovely senior girl; she must have been an absolute knockout when she was younger.
“She was fortunate to come into rescue, as she was a sad girl-- an absolute basket case, unlikely to be adopted from the shelter. Not only was she underfed, but she had an arthritic elbow made her almost unable to walk. She also had an undiagnosed and untreated condition that caused overproductive adrenal glands. Lacking treatment, the latter could have led to some very serious health problems.
“After a few weeks of good nutrition, joint supplements and medication for the adrenal glands, she's bright as can be and full of vim and vigor. “Her elbow still bothers her some, but she can now go on walks of a mile, and loves to do it.
We're terribly pleased with how far she's come and grateful that her love of life has been restored.
“If you'd like to bring a little more sunshine into your life by taking in Trixie, please submit an online adoption application and send us a note at email@example.com.”
Rescue Group: Fetching Companions
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1760-The first Methodist preacher, Philip Embury, arrived in New York City on the Perry, which carried 70 passengers, half of whom were Methodists. With the assistance of Barbara Heck, he organized the first Methodist Society in America in 1776.
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