Leasing News is a web site that posts information, news, and entertainment for the commercial leasing and finance industry. The News Edition is updated Monday, Wednesday and Friday.
Wednesday, August 3, 2011
######## surrounding the article denotes it is a “press release”
and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
Free Webair Today on Increasing Sales
"How to Increase Your Approvals and Bookings
The National Equipment Financial Association (NFA) presents the second part of the series by Gerry Egan, Executive Director, also a well-known sales trainer and lessor, at 10:00am Pacific Time--1:00pm Eastern Time
Free, Open to All; you first need to register:
For questions, please contact: Kim King at firstname.lastname@example.org or (847) 380-5053.
August 3, 2009 Pictures from the Past
Not a surprise move in this economy the Equipment Finance and Leasing Association (ELFA) membership is down to 600, and attendance to leasing conferences, once money makers for the association is also down. Bentsen brought much Washington legislative representation to the industry plus both radio and television publicity, as well as seeing the association to date through a very tough financial economy.
Next Day it is Official:
A Message to ELFA Members
Bentsen to leave ELFA for SIFMA, Petta to serve as Interim President
Washington, DC - August 4, 2009-The Equipment Leasing and Finance Association (ELFA) announced today that ELFA President Ken Bentsen was stepping down to take a new position as Executive Vice President of the Securities Industry and Financial Markets Association (SIFMA). Ralph Petta, ELFA Vice President for Research and Industry Services, was named to serve as interim President upon Bentsen's departure.
"Ken Bentsen brought the ELFA to a new level of awareness in Washington among policy makers, crafted a sustainable strategy for our great association, navigated our association through an unprecedented financial crisis and drove a multi-faceted advocacy effort that continues to benefit many of our members," said ELFA Chairman James J. Ambrose, president of Equipment Finance, GE Health Care Financial Services. "We are well positioned as the "the" source of equipment finance industry information largely due to Ken's leadership and vision."
"We are fortunate to have thought through such an event in advance and are prepared for a smooth transition into our next chapter of ELFA leadership. "Accordingly, we are pleased to announce Ralph Petta as interim President for the ELFA. Ralph has been an integral thought leader across many of our initiatives and possesses a keen operational focus, which will greatly benefit the association," said Ambrose.
(These ads are “free” to those seeking employment
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Ed Castagna's InPlaceAuction joins
Edward Castagna, former president of Nassau Asset Management, new company InPlace Auction joins the On Line Equipment Auction List.
"Using our copyrighted "Rapid FMV Service" to mitigate risk within minutes, we're also experts in national repossession, bankruptcy, and turn around management,” he said. "We're a service company and an auction house."
InPlaceAuction.com - Licensed, Bonded, & National! Ed's new company caters to lessors, lenders, and bankruptcy trustees, conducting both virtual and live auctions of all types of assets including: Agricultural, Medical, Industrial, Transportation, Trucks, Construction, Real Estate, etc. Appraisals - on site and desktop.
While under construction, the web site is available at www.inplaceauction.com
Ed can be reached at:
On Line Equipment Auction List
This is not a list of companies who hold auctions primarily, but those who conduct on line auctions.
List of many auction sites for consumer and vehicle:
Online Auction Site Review (15 sites)
Barry Reitman Offers Ready-to-Go “Leasing WebSite”
Long time leasing guru and founder of www.memoryshock.com, Barry Reitman has posted on eBay a five page “ready to go” leasing website: http://businessequipmentfunding.com/Lessees.html
“I’m selling one of my extra websites, complete with 800 vanity phone number -- 800-LEASE-03, " Barry announces.
"This one is already top-ranked in a Google search of Business Equipment Funding. And No, I am NOT selling my principal record-setting leasing website!”
Please go to EBay, and search on "Leasing Domain." It's the auction for "BusinessEquipmentLeasing. The link is also below to go direct:
Other e-Mail Posting Sites was started several years ago to help both those seeking employment as well as employers. The list grew just from companies who specialized in financial employment to a broader spectrum.
Job-Applications.com is a good example. It is a resource that provides hundreds of printable and online applications for retail stores, department stores, pharmacies, grocery stores, restaurants, shops, etc. Its a great way for people to find part time and full time work quickly.
There are hundred of online applications and printable job forms.
Most of these sites are free:
For information on placing a help wanted ad, please click here:
Please see our Job Wanted section for possible new employees.
Leasing News Help Wanted Ad Pricing
Leasing News Complaint Bulletin Board
This is the second complaint for Newport Financial Group, Newport Beach, California; the first was posted, then removed as the advance rental was returned. This is the second complaint, and thus the policy changes as it is now being posted.
While there may be two sides to this new complaint, this complaint appears legitimate because it involves "training" as the collateral. "Training" is not personal property. There also is the issue of the two Exhibit A, with one for”Equipment Line of Credit costs not to exceed $75,000.00 USD;” a more recent one “Equipment Costs not to exceed $20,000.00 USD.” And again, this is from a non-licensed broker/lender in California reportedly doing business with Financial Pacific, Federal Way, Washington, who is a California licensed broker/lender. Leasing News received no response from Financial Pacific on this company.
James Case, James Case Enterprises, Inc., dba Specialty Medical Supply, Wyckoff, New Jersey, describes the complaint:
“It was back in February that I got a call from Nathan Brandt at Newport Financial who asked if my company needed any financing. I told him about the training at ABSLLC to become a licensee in medical billing costing $25,000. Also, my company rents durable medical equipment, and I told Nathan about my plan to purchase some cold therapy pumps. He started to structure a $75,000 lease funding agreement. The deal took so long to develop that I took advantage of a discount rate of $20,000 for the training with ABSLLC. While I was in Texas the first week in April for the training Nathan called me. I told him that I was no longer interested in purchasing the medical equipment and that I had already paid for the training in the new business of medical billing. Nathan indicated that he would structure a new deal for $20,000 to reimburse my company for the training with ABSLLC without the purchase of equipment. A month later in early May he sent the lease agreement for $20,000 that asked for the deposit of $1,610.72. I sent the signed lease agreement with the payment on May 11th. I never heard again from Nathan Brandt despite leaving numerous voicemail messages.
“I finally got a call from George Bojorkuez in June, and he said that Nathan Brandt was no longer with Newport Financial. I asked him to return my deposit; however, he said the deal might still be funded if I supplied proof of payment to ABSLLC, which I did. Since that time in the middle of June I have not been able to speak with anyone at Newport Financial.”
George Bojorkuez, Director of Business Development, stated:
“Thank you for your involvement on this transaction but I do not know if the lessee made you aware that at the time of him signing our closing docs he did NOT disclose to us that this transaction had been paid for a month a half prior. Under any circumstance, this borderlines fraud. I had spoken to him that trying to find a lender for this will prove extremely difficult and the fact that he attempted to sneak this past us will immediately deem his deposit as non-refundable and a breach of contract on his behalf. As per our documents, he jeopardized our ability to secure him funds for the purchase of capital equipment by failing to disclose the nature of his transaction. We were of the understanding that his transaction was for a new purchase, however, we came to find out that it was for a sale leaseback. When we discovered this transaction was indeed a sale leaseback, the time from Mr. Case paying for the equipment to us discovering it was a sale leaseback had already exceeded the length of time requirements needed to fund a sale leaseback transaction.
“I will concede that our communication with him was not as expedient as it should have been, but Mr. Case’s calling us a fraudulent company is entirely baseless. He’s the type of lessee that should be recommended to the lease police for other lenders or brokers to be aware of. We have documentation that he did NOT disclose to you of his payment to his vendor in March when we closed on him in May. We received this documentation proving he paid for the equipment on June 17, 2011. The documentation shows he paid for the equipment on March 23rd, 24th, and 25th. This guy knows what he was trying to do, but came to you for help to avoid being held accountable for his breach of contract and for his attempt at fraud. It appears in Mr. Case’s complaint he failed to disclose to you the very important details I mention in this response. I hope my response to your email satisfactorily explains this situation.”
When the subject about the collateral being “training” was brought to his intention, he responded along with a copy of the Exhibit "A” (not dated) stating “Equipment Costs not to exceed $20,000.00 USD)”
“As mentioned before I understand where you are coming from but this customer knowingly decided not to disclose the fact that the software/eqp was paid. When asking to provide proof of him informing us or disclosing to us he fails. In addition, our exhibit A had him down for software and eqp, which is very frequently financed. Our documents also specify:
“No oral agreement, guarantee, promise, condition, representation or warranty shall be binding on Lessor. All prior conversations, agreements or representations related hereto and/or to the Equipment are integrated herein. No modification hereof shall be binding unless in writing and signed by Lessor.”
“We stand by our decision in this particular instance and the customer is not eligible for a refund though we will honor and apply his good-faith deposit to any future financing needs. In the past we had a situation such as this where a deal funded only to have the payment rejected by the vendor because they already received payment months prior to us funding the deal. This put a lot of stress and pressure on our relationships with our respective funding sources and we cannot allow this without people being held accountable.”
Copy of Lease Agreement and fax dated June 17, 2011 to George Bojorkuez
Exhibit "A" sent by George Bojorkuez (states Equipment Costs not to exceed $20,000.00 USD)
BBB Rating shows Coastland Capital at this address with an "A" rating:
There is a “B-“ BBB Rating for Newport Financial Partners at 2549-B Eastbluff Drive #105, Newport Beach, Ca. with George Bojorkuez as managing partner and Richard Nicholson as Managing Partner and the address matches the original complaint of November 15, 2010 as a UPS Store Location:
Leasing News has confirmed the 4500 Campus Drive, suite 119, Newport Beach, California is a physical office suite with Newport Financial Partners as the tenant.
November 15, 2010 Bulletin Board Complaint:
(Leasing News provides this ad as a trade for investigations
Madison, Wisconsin-- Adopt-a-Dog
Timmy - 13476737
"I'm a pointer pup, about 9 months old, looking for a special home. See, I was running loose in the country for a while, and I was pretty scared. Now that I'm safe in a foster home, I'm learning to trust people and live in a secure home where I belong. My foster mom says I look a lot like the Poky Little Puppy, and I'm just the sweetest. I'm looking for a mature family that understands how to patiently and kindly provide me with structure and guidance. I gain confidence when I'm with other dogs, so if you have a pooch that would show me the ropes, that'd be ideal! I'm still working on housetraining and am learning to love my crate. If you have lots of patience, can provide gentle leadership, and would enjoy watching me blossom, contact my foster mom at (608) 338-8156. I'm a softie who's learning how to respect the four cats in my foster home. If you're a softie too, call to meet me at my foster home on the near East side of Madison."
Sponsored By: Aaron & Sarah
Dane County Humane Society
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Cost cutting planned by Integra Bank's new owner
Bank buyouts hassle customers
1,100 Illinois workers to lose jobs by year's end
Hooters' Vegas resort files for Chapter 11
Condo Buyers Can Sue Trump for Misrepresenting Ties to Project
Failed Banks: Class of 2011
Apple's iCloud.com is already online in sneak peek
Unique Malware Continues its Rise
Tony Bennett Turns 85 today, Wednesday, August 3
Media Malpractice on Debt Ceiling
Aubrayo Franklin picks Saints over 49ers
Budget cuts leave California with fewer hands to fight wildfires
Gov. Brown says debt-ceiling crisis shows nation is becoming ungovernable
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