Alert--AMC Funding Group, Charlotte, NC
Alert--AMC Funding Group, Charlotte, NC
Any information on AMC Funding please send to firstname.lastname@example.org.
The telephone number listed on the company website does not work and the contact form on their web site also does not work. A source gave us another telephone number, with an extension to the owner of the company Brendan Messenheimer, 877-668-4564 ext 203. A telephone call was not returned. Reportedly Messenheimer also owns Advanced Med Corp, Greensboro, North Carolina. He told one broker “…he opened a leasing company to bring added value to his customers.” http://advancedmedcorp.com/
It does not appear the company is a member of any leasing association and there is no Better Business Bureau report.
Leasing News is receiving inquiries that leases have not been funded, even with a positive QuikTrak, from several brokers/leasing companies, as well as commissions not paid.
“I submitted a deal to AMC Funding Group on behalf of a repeat customer of mine. The transaction was approved for $16,150, doc'd, PO issued. Vendor delivered equipment and even QuikTrac completed the onsite inspection and reported back to the lessor. They never sent the check to the vendor and the lessee lost the initial 2 advance and the $250 processing fee. We have sent a letter to the AMC Funding Group offices to the Attention of Brendan Messenheimer, principle of the company, and have had no response or communication.”
One email said the vendor and broker commission checks bounced, and they have not been able to reach AMC Funding, although they do have the correct telephone number.
“We have recently had some vendor and commission checks bounce and we are trying to find out if this lender who states he has had some problems with his lines that has created this problem is being truthful, or if he has no lending lines and is just playing us. This has gone on for several weeks now with no fundings and our vendors are starting to push back.
“Please let us know if you have heard anything about this company previously or recently or if we are the only ones caught up in this mess. As a small organization we can’t afford to lose clients, venders etc. “
This just in on Tuesday:
“The hammer fell this morning. He admitted in an email to me that he can’t wire my vendor the money for the check he bounced and he can’t replace my commission check that bounced. Even though all last week and yesterday, he told them he had access to his funds again and would. He can’t even wire the $8K refund to my customer who had the $160K sweeper deal that never funded last month.
“My Vendor placed that deal elsewhere and customer needs his $8K down payment check back in order to give the new funder the down payment. He admitted to me in an email this morning that he used those funds already and can’t pay him. But yesterday he told me he would wire the poor guy his refund this morning. A Big fat lie. “
Here is another:
“85K deal that ‘was in funding’ -
1. First issue at funding from AMC - 3 + weeks ago
a. ‘The server went down and the info never went thru to ACH funds to vendor.’
There are other brokers who have informed Leasing News that their commission check has bounced, and another who is being told the deal will be funded, but has not.
Leasing News attempted to contact the company. The purpose of this alert to learn if there are others with this experience.
North Carolina Requires a License
North Carolina: A broker of “loans of money or property…whether such agreement is styled as a loan, a lease or otherwise” must obtain a surety bond or establish a trust account in the amount of $25,000 and obtain a license.
If AMC Funding Group, Charlotte, North Carolina is not licensed ---legal action may be taken against the owner of the company for non-compliance as an individual and officer of the corporation. Legal action may be taken, if licensed, but only against the bond (of course, anyone can sue anyone, but the outcome may not be as defined against going against the bond.)
Broker/Discounters not licensed may be held liable for payment to the vendor as well as the up-front money from the lessee. Whether licensed or not, if the lessee check was cash by the broker/discounter, it is their responsibility in most states to return the money to the lessee.
In several states, especially if not licensed, the broker/lessee may find an agency agreement or relationship due to the acceptance of the check and choice of funder.
Definitely, a leasing attorney with experience in the state where the vendor and lessee is located should be consulted, especially if the other party files a legal complaint.
Current List of License Requirements United States:
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Five More with De Lage Landen Claiming Vendor/Lessee Fraud
Total now is over $40 million in defaults. There still are more banks who have not filed, who have spoken with Leasing News, and confirmed that Allied Health Care Services, Orange, New Jersey is past due. This could be $60 million soon, and may reach much higher. It is not known why others who also have past due payments have not filed legal action. Perhaps they are too embarrassed.
Cases filed in Federal Court have been up-dated.
August 14---De Lage Landen Financial Services, Wayne, Pennsylvania, sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz $1,425,000 plus interest, late fees, attorney fees, court costs and applicable taxes in Pennsylvania. This is the first thorough complaint, in my opinion, as it brings up the serial numbers of the equipment.
Attorney Matthew Faranda-Diedrich , in the addition to Allied and Schwartz, Donner Medical, specifically adds to the the complaint the vendor, and the owner as an individual, Bruce Donner, as outlined in previous Leasing News articles:
"18. At or around the time Allied signed Lease No. 1, it also signed a "Delivery and Acceptance Certificate" wherein Allied represented and warranted, among other things, that the Ventilators described in Lease No. 1 had "been delivered to and been received by" Allied. A true and correct copy of this Delivery and Acceptance Certificate is attached hereto as Exhibit
Not all the exhibits were copied as it was a long and quite through complaint.
Leasing News takes off its hat to:
August 13--M&L Marshal & Isley Bank, Milwaukee, Wisconsin sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz for $642,969.42 plus all expenses including interest, late fees, attorney fees, court costs. Contract discounted by First Premier, Edina, Minnesota, one of many in these cases.
August 12---First Security Bank, Canby Minnesota sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz for $241,240 plus interest, late fees, attorney fees, court costs and applicable taxes. Contract discounted by First Premier, Edina, Minnesota, one of many in these cases.
August 12--Drake Bank, St. Paul, Minnesota sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz $270,053.79 plus interest, late fees, attorney fees, court costs and applicable taxes. Contract discounted by First Premier, Edina, Minnesota, one of many in these cases.
August 10---United Western Bank, Denver, Colorado sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz for $167,146. Contract discounted by Global Vantage, Newport Beach, California.
August 4-- Texas Capital Bank, Dallas, Texas, filed in the District of New Jersey, Newark, a complaint for $608,602. Asks for Replevin. Not served.
August 2-- Franklin National Bank of Minneapolis, 525 Washington Avenue North, Minneapolis, Minnesota (First Premier Capital lease) for $216,000. First Premier discounted lease. ---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, First Premier Bank discount. 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. Allied & Schwartz served, filed August 16, restricted.
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. Asks for a Replevin. First Federal discount lease. 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;" ACC Capital discount. 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. ACC Capital discounted lease.--joint discovery plan prior to joint conference September 8th, Newark.
(Information from PACER.)
$15 million line plus reportedly in “work out” at Sun National Bank, Vineland, New Jersey
(Municipal actions, four to date):
American Bank FSB, Bethesda, MD
First Security Complaint. Complaint
Drake Bank Complaint
United Western Bank Complaint
M&I Marshall & Isley Bank Complaint
M&I Assignment 1-5
M&I Civil Complaint
Previous Stories (also contain the complaints and exhibits):
(This ad is a “trade” for the writing of this column. Opinions
July Housing Market a Mixed Bag
The July housing numbers were a mixed bag with total starts up 1.7% to 546,000 (SAAR), driven by the 32% increase in multi family activity. The bad news is single family was down 4.2% to 432,000 (SAAR) and permits, both single family and total, were down 4.2% and 3.1% respectively.
Regionally, the Northeast was the only region with growth, up 30.5%, the West was flat, while the Midwest and South were down 1.1% and 6.3% respectively.
Problems remain for the economy as more analysts revise down their GDP estimates for the remainder of the year. People are saving more as they pay down debts - i.e., they are deleveraging. This decreases demand for goods and services. Employment is further impacted by financial problems at the state level - they are cutting back on programs and employment. And, the federal government will eventually have to put its house in order - i.e., spend less and tax more to balance the budget.
There is a demographic drag on consumption as baby boomers retire. So, it is no small surprise that we are seeing more comments in the media leaning toward deflation as opposed to inflation. Deflation is the result of too much supply, or put another way not enough demand, whereas inflation is too just the opposite - not enough supply or too much demand. The simple solutions are also mirror images deflation is defeated by creating demand (ex., lower interest rates) while inflation is defeated by reducing demand ( ex., raising interest rates). Of course, its not that simple, or yours truly would be running the Fed.
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IASB and US FASB Publish Proposals to Improve the Financial Reporting of Leases
NORWALK, Conn.---The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today published for public comment joint proposals to improve the financial reporting of lease contracts. The proposals are one of the main projects included in the boards’ Memorandum of Understanding. The proposals, if adopted, will greatly improve the financial reporting information available to investors about the financial effects of lease contracts.
The accounting under existing requirements depends on the classification of a lease. Classification as an operating lease results in the lessee not recording any assets or liabilities in the statement of financial position (balance sheet) under either International Financial Reporting Standards or US standards (generally accepted accounting principles). This results in many investors having to adjust the financial statements (using disclosures and other available information) to estimate the effects of lessees’ operating leases for the purpose of investment analysis.
The proposals would result in a consistent approach to lease accounting for both lessees and lessors—a ‘right-of-use’ approach. Among other changes, this approach would result in the liability for payments arising under the lease contract and the right to use the underlying asset being included in the lessee’s statement of financial position, thus providing more complete and useful information to investors and other users of financial statements.
The boards developed the proposals after considering responses to their discussion paper, Leases: Preliminary Views, published in March 2009. In developing the proposals, the boards also considered extensive input from constituents, including more than 300 comment letters. The proposals are set out in the exposure draft Leases, which is open for comment until 15 December 2010 and can be accessed via the ‘Comment on a Proposal’ section of www.ifrs.org or on www.fasb.org. During the exposure draft’s comment period the boards will undertake further outreach activities, including public round-table meetings, to ensure that the views of all interested parties are taken into consideration before the new standard is completed.
Commenting on the exposure draft, Sir David Tweedie, chairman of the IASB, said:
The leasing industry plays an important role in many economies by helping companies manage cash flow and working capital. However, much of the estimated annual $640 billion of lease commitments fails to appear on the balance sheet of lessees, thereby giving a false impression of companies’ liabilities and gearing.
Our proposals would result in better and more complete financial reporting information about lease contracts being available to investors and others.
Bob Herz, chairman of the FASB, said:
“This proposal continues the progress both boards are making to improve and converge our standards in significant areas of accounting. The proposal is intended to improve the transparency of lease accounting and also decrease its current complexity. I encourage all constituents that engage in leasing transactions to provide us with your views on this important proposal.”
As part of their additional outreach, the boards are seeking entities that would be willing to take part, on a confidential basis, in field work to discuss and test the provisions of their proposals for lease accounting. The purpose of the field work is to assess the operationality and the costs and benefits of the proposed new standard. This exercise will be conducted during the exposure draft’s comment period. Entities interested in volunteering should contact Aida Vatrenjak at email@example.com or Danielle Helmus at firstname.lastname@example.org by 15 September 2010.
To find out more, visit the Leases section of the IASB website via http://go.ifrs.org/leases. and the FASB website via www.fasb.org. Materials available on the website include a podcast introduction to the proposals as well as a high level summary of the proposals.
The IASB will hold an interactive webcast introducing the proposed standard at 10:30am London time (6:30pm EDT) on 18 August, and repeated at 3:30pm London time (11:30pm EDT) on the same day for the benefit of interested parties in different time zones.
To register, please go here:
About the IASB
About the FASB
Western Capital Bank Awards Orion First Financial Portfolios
-Gig Harbor WA, Orion First Financial confirmed today that it was the successful bidder on a contract with Western Capital Bank for servicing a portfolio of equipment lease and loan contracts with a variety of small businesses located across the country.
Orion First Financial, located in Gig Harbor WA, is an independent servicer for the equipment finance industry.
“We were pleased with the vote of confidence from Western Capital Bank, considering the Bank’s standards for service quality, their rigorous competitive review of Orion and other prospective servicers in the industry, and the complexities of this particular portfolio of contracts.” said David T. Schaefer, founder and President of Orion First Financial.
Servicing was transferred to Orion effective April 9, 2010, after the Bank concluded that Orion offered the most comprehensive servicing program at the optimum cost. “Orion First Financial offered the best overall value compared to their competitors, and tackled our challenge with a genuinely collaborative attitude. The initial transfer was handled smoothly and professionally, against a relatively tight time frame. To date, the ongoing servicing has been excellent and has exceeded our expectations. Considering the stress on all credit markets created by recent economic conditions, and Orion’s performance results, we clearly made the right choice with Orion” said Jack Nowatzki, Senior Vice President and Chief Credit Officer with Western Capital Bank.
Orion differentiates itself from other lease servicing companies through its experience and expertise in small business credit, using proven management processes to minimize portfolio delinquencies and reduce losses for maximum profitability. Orion combines staffing strength with state of the art technology, to deliver their clients optimum portfolio profitability while ensuring their clients’ finance customers receive respectful, professional service at every stage of the relationship. More information about Orion First Financial can be found at www.orionfirst.com.
Western Capital Bank (WCB) is an Idaho state chartered community bank founded in 2008, located in Boise, Idaho. The Bank was founded on the belief that their regional market needed bankers who believed in the power of the business community to create prosperity and recognized the limitless business potential that results from a first-class client/banker relationship. Western Capital Bank is dedicated to serving businesses of all sizes in their region with a commitment to service that transcends banking. More information about Western Capital Bank can be found at www. westerncapitalbank.com.
Madison Capital Sees Growth In Its Portfolio Services Division
Owings Mills, MD- Earlier this year, Madison Capital, a 35 year old vehicle and equipment leasing company, enhanced and enlarged its portfolio servicing division to accommodate clients on a nationwide basis. As the level of awareness about this division continues to grow, Madison has seen an increase in customer interest and activity. For new and existing clients, Madison Capital handles the details of portfolio administration in a cost efficient manner allowing lessors to focus on growth and other business opportunities.
“Over many years of effectively managing our own equipment and vehicle portfolio and those of others, Madison Capital has streamlined and fine-tuned its portfolio administration capabilities with the most up to date systems and experienced personnel. We utilize one of the industry’s premier lease/and loan portfolio management software platforms, Lease Plus, from LeaseTeam, Inc.” states Nancy Pistorio, Executive Vice President of Madison Capital.
“Historically, we had provided portfolio servicing primarily to regional banks and select clients in the mid-Atlantic region. This year we decided to expand it nationally due to the need in the market.”
Madison Capital’s portfolio services include any or all of the following:
In today’s challenging business climate there are multiple benefits of outsourcing an equipment, vehicle, or receivable program. Some benefits include customer retention, revenue enhancement, and operating efficiencies. Madison Capital’s extensive lease/loan management expertise can create an effective portfolio management plan that improves your bottom line and allows you to focus on your core competency.
For more information please visit http://www.madisoncapital.com/portfolio_services.php?expandable=0&subexpandable=3
About Madison Capital, LLC.
PHILADELPHIA, PA-- - LEAF Financial Corporation ("LEAF"), the commercial finance subsidiary of Resource America, Inc. (NASDAQ: REXI), announced today the closing of a new securitization transaction: LEAF 2010-3, which was completed on August 17, 2010.
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Freson, California---Adopt a Dog
"My family gave me way because they don't want responsibility of having pets so now I’m ready to go to new family so if you are looking for dog come and check me out. All I need caring family who will love me back I sure have lots of love to share."
Shelter (559) 233-SPCA
Hours: The shelter is open 7 days a week, 365 days a year. Adoption hours are from 8:00 a.m. to 4:00 p.m. every day, and for customers' convenience we offer extended hours on Wednesdays from 8:00 a.m. to 7:00 p.m.
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Layoff fears still grip one in four U.S. workers
Geithner says Fannie Mae, Freddie Mac need overhaul
Bad-Debt Prices Soar As Supply Slows
After 10 years, hopefuls still flock to 'Idol'
Hurd, Ellison, and Executive Pay’s Mile High Club
Museum Acquires Storied Trove of Performances by Jazz Greats
Brett Favre arrives in Minnesota; return to Vikings imminent
Gore approves of Westbrook acquisition
Wine Sales Up for Seventh Month in 2010
Judge rules that same-variety blends can be Meritage
Big Basin Vineyards to Open Tasting Room in Saratoga, CA
Colorado Mountain Winefest Boasts 56 Wineries to Attend
Winery dispute focuses on future of Knights Valley
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1587-The first child born of European parents was Virginia Dare, born at Roanoke Island, in the future state of North Carolina. She was the daughter of Ananias Dare and Eleanor(Whie) Dare. Only the first nine days of her life are known to history. Her parents were part of a group of 150 settlers, including 25 women and children, who left England on May 8,1487, in three vessels. They landed at Cape Hatteras on July 222 and cruised up what is now Pamilco Sound to the “iland called Roanoac.” Two vessels returned to England immediately. The third, with John White aboard, sailed of England on August 27, nine days after Virginia Dare's birth, to acquire more supplies. When White returned in 1590, the colonists had vanished and their fort was in ruins. Some guess it was a hurricane, but historians believe it was a dispute with local Indians that lead to the disappearance of the settlers. Another source states: The first European child born in North America is probably Snorri who was born in Vinland (the wooded land in North America that was visited and named by Leif Eriksson about the year AD 1000. Its exact location is not known, but it was probably somewhere along the Atlantic coastline of what is now eastern or northeastern Canada) around the year 1000.
God Protects Fools with Curveballs
Going after her
from “ Touching the Bases”
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