Archives August 20, 2002
Mike Cingari Back in the Leasing Business???

(Note, many readers think these are current stories, but as
the first word notes, they are from the Leasing News archives,
which go back to when they were originally saved, and all
previous editions and articles are free and available at:
http://www.leasingnews.org/archives.htm

(Note: The current month is on top by date and story and below are the stories per year and month, as well as subjects can be found by using the "search" feature. Each week there are 500 plus searches, and some weeks much more than that. Editor)

Mike Cingari Back in the Leasing Business???

It appears on July 25th the former president of MSM Capital, and Colonial Pacific Leasing, Michael Cingari, with agent Grant Holstrom, formed “Crosswater Capital” in Southern California. 15615 Alton Parkway, Ste 175, Irvine, CA 92618 DNS shows: 4 Marquette Way Coto De Caza, CA 92679 (949)459-2129

Mr.Cingari was not available for a comment.

PETITIONER: MSM CAPITAL CORPORATION
93-1255998
15420 LAGUNA CANYON RD #210
IRVINE, CA 92618
dba NASBA CAPITAL
dba MSM

NUMBER: 0215918
FILED: 08/01/2002
TYPE: Chapter 7
FIRST MEETING DATE: 09/05/2002
HEARING TIME: 10:00 A.M.
HEARING LOCATION: RONALD REAGAN FEDERAL\
BLDG 411 W

ATTORNEY: MICHAEL G SPECTOR
2677 N MAIN ST #870
SANTA ANA, CA 92705
PHONE NO: 714-835-3130
FIRM: MICHAEL G SPECTOR ATT AT LAW

TRUSTEE: JOHN M WOLFE
2603 MAIN ST #600
IRVINE, CA 92614
PHONE NO: 800-436-4646

MSM Capital Bulletin Board Complaint:
http://www.leasingnews.org/Conscious-Top%20Stories/MSM_stories.htm

Former employees now have reportedly over $200,000 in judgments against the company, who they are reportedly appealing to the California Franchise Tax Board for relief and preference among creditors, who include banks, funders, dealers not paid, and applicants who’s advance rentals were not returned.

(2012 Note: Crosswater Capital Website:
http://www.crosswatercapital.com/index-5.html)

(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

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Classified Ads---Senior Management

(These ads are “free” to those seeking employment or looking
to improve their position)

Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

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Nullmeyer is back! Who he?!

"Mr. Nullmeyer is President and Chief Executive Officer of OTEC Research (a private research firm). Prior to that, he was President and Chief Executive Officer of A&A Capital (a private investment company). From 1999 to 2001 he was Chief Executive Officer, Vendor Finance of CIT Group (a finance company) and, prior to 1999, President of Newcourt Financial (a finance company). Mr. Nullmeyer is a chartered accountant."
    Davis & Henderson Annual Report (Full biography at end of article)

The Canadian "Globe and Mail" headlined "Hudson's Element eyes manufacturing finance market."

The story on Element "Financier Steve Hudson is adding to his new venture a key member of the team that fuelled the fast growth of his first multi-billion company, Newcourt Credit Group, announcing that Bradley Nullmeyer is joining "as a senior executive who will lead the company’s expansion into vendor finance.”

"It was vendor finance that really drove the growth at Newcourt, bringing in most of the company’s assets by the mid-1990s as Newcourt set up programs for huge manufacturers such as Dell Computer, Western Star Trucks, Avaya (formerly Lucent Technologies) and Snap-on Corporation,“ the story goes.

"If Element can pull off something similar, the addition of Mr. Nullmeyer could mark a new shift to faster growth at Mr. Hudson’s newest company.

"Mr. Nullmeyer, who has been working on other ventures in recent years, buys into Mr. Hudson’s thesis that there’s a void in the market left by the retreat of other financial firms in the wake of the credit crisis. At the same time, the manufacturing sector is seeing signs of a rebound, creating an opportunity to do financing for firms that want their clients to be able to buy products on credit.

"Mr. Hudson said that Mr. Nullmeyer, who built a $30-billion vendor finance operation at Newcourt, should be able to get Element to the “$5-billion to $10-range easily. Easily.”

"That will require increased funding, but Mr. Hudson said that Element’s backers at life insurance companies and banks are ready to step up. For example, the company is increasing its credit line to $750-million from $500-million.

"In addition, Element is trying to add pension plans to its roster of funding sources, he said."

"As North American businesses retool for the next growth cycle, I believe that Element is exceptionally well-positioned to deliver annuity-like originations by building customized vendor financing programs for leading North American equipment manufacturers," Mr. Nullmeyer noted in the company press release out of Toronto, Canada.

The story brought three comments from
“Globe and Mail readers:

"it's just like the Blues Brothers ‘putting the band back together’".....just wait for the car wreck!"

"Not long ago, Hudson was reminded of his all-too-quick expansion at Newcourt, and how that ended badly. 'Not this time. I've learned from past mistakes' was his response. Apparently he hasn't. This is a carbon copy of Newcourt so far. There's no market he doesn't want to be in. Investors eventually got burnt at Newcourt as the company went from stock market darling to pariah.”

"When Steve Hudson left the industry after selling Newcourt his pockets were lined in gold. He lived the high life while his baby endured trauma and shock. CIT's acquisition was followed by a sale to Tyco at an indisputably inflated price. Later, when Tyco spun off CIT they took a hit of roughly $4 Billion USD - a direct hit to shareholders. Both Hudson and Nullmeyer think they can employ the tactics of the 80's and 90's to recreate what they built at Newcourt. What they don't know is that the market has changed substantially and Vendors no longer hand over the keys to the kingdom to their favorite leasing company. I suspect that their ignorance will catch up with them as their reputation for treachery prevents them from recreating their former success. Dell, Snap-On, Microsoft and others have all unwound their former JV's with CIT. Today the vendor is in the driver's seat and the lessors - especially newly created wobbly-legged lessors. They will struggle to compete using the methods of the past. Good Luck, guys! You're going to need it."

Biography from Bloomberg Businessweek:
Mr. Bradley D. Nullmeyer, age 52, Brad, serves as President and Chief Executive Officer of A & A Capital. Mr. Nullmeyer served as the President of Newcourt Financial, a subsidiary of Newcourt Credit Group Inc. and was a founding principal of Newcourt Credit Group Inc. Mr. Nullmeyer joined Newcourt Credit Group Inc., in 1986 and was responsible for the overall management and direction of its commercial finance business, known as Newcourt Financial. Prior to joining Newcourt Credit Group Inc., Mr. Nullmeyer was a financial officer with a major transportation company and a chartered accountant with Ernst & Young. From 1999 to 2001, he was the Chief Executive Officer, Vendor Finance of CIT Group. Mr. Nullmeyer has been a Director of Davis Henderson Income Fund (also known as Davis + Henderson Corporation) since November 6, 2001 and Davis Henderson G.P. Inc., the General Partner of Davis Henderson Income Fund since December 20, 2001. He serves as a Director at RealMed Corporation. Mr. Nullmeyer served as a Director of Newcourt Credit Group Inc., since February 1991. Mr. Nullmeyer is a Chartered Accountant.

Link

Full Story:
http://www.theglobeandmail.com/globe-investor/investment-ideas/streetwise/hudsons-element-eyes-manufacturing-finance-market/article4478382/comments/

Element Financial Press Release:
http://www.newswire.ca/en/story/1019761/element-strengthens-leadership-team-to-drive-growth-strategy

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Career Crossroad—“They want references.”

Question: I am currently interviewing for various positions. On the applications, it requests references; I do not feel comfortable supplying this information. How should I handle?

Answer: All (99%) applications include a section requesting references; either:

    Indicate “Available upon verbal offer”

OR, I strongly suggest

    Including references from previous employers AND indicate
     “Current employer references available upon verbal offer”

Make sure your references are career/employer-oriented; not “personal”. I see this on references of all ages, not just new to the marketplace. The norm is to include three work related references – I strongly suggest you supply five! Often one or two may not be available and that might make the difference in deciding which applicant to hire.

Make sure you include previous hiring managers / direct supervisors. Even better, include C-Level Executives (e.g. CEO, CCO, President, Owner, etc…). A nice touch to your resume submittal would be to include Reference Letters from the same individuals.

• Note, resumes do not replace formal applications
  
• Never leave any area of your application blank
  
• Never, never, reply “see resume”

· If you have to fill out manually (most are online), make sure your handwriting is legible and professional (take your time)

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567
emily@riirecruit.com
Twitter: @RIIInfo
Invite me to Connect on LinkedIn
& Follow RII on LinkedIn

Career Crossroads Previous Columns
http://www.leasingnews.org/Conscious-Top%20Stories/crossroad.html

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Sent in by:
Mark Van Nest, CVLE OCLC
MidWestern Leasing
Dayton, Ohio  

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Lowest Vehicle loan rates across US
by David Hayes and Harish Mali
SNL Financial

Rates have never been lower for both new and used vehicles. The national average interest rate on a used car loan is only 4 basis points higher than the national average rate of 4.36% for a new car loan.

Credit unions still have the lowest rates. Suitland, Md.-based Andrews Federal Credit Union led the nation with its 1.59% rate on both used and new auto loans. The credit union's seven U.S. branches are in Maryland, New Jersey and Washington, D.C. The credit union also made an appearance on SNL's recent analysis of the nation's lowest credit card rates. New and used car loans accounted for 28.10% and 13.07%, respectively, of Andrews' total loan portfolio at June 30.

Ironically Montross, Va.-based Peoples Community Bank took the crown on the bank and thrift side for the lowest rates on both used car and new car loans. The company's five branches are all in eastern Virginia. Despite its market-beating rates, auto loans accounted for only 1.22% of the bank's total loans at June 30.

The No. 2 spot among banks and thrifts for both new and used auto loans went to Citizens State Bank of New Castle Indiana. Its branches are all in Indiana, east of Indianapolis.

Sparta, Mich.-based ChoiceOne Bank took third in both categories with both its used and new auto loan rates coming in at 2.49%. The bank's 13 branches are all in western Michigan north of Grand Rapids.

Two Bank of America Corp. subsidiaries, Bank of America California NA and Bank of America Oregon NA, made both lists, and Bank of America NA's 2.80% rate qualified it for the new-car-loan chart.

Houston-based J S C Federal Credit Union ranked No. 4 among credit unions for both used and new car loans at 1.74%. The credit union's 15 branches are all in the Houston area.

Both the new and used lists were dominated by credit unions with less than $500 million in assets.

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Leasing 102
by Mr. Terry Winders, CLP

“Lease Company Policy”

Any leasing company of 5 employees or greater needs to have a lease policy and it needs to be provided to everyone to read and understand. You want everyone to understand the direction of the company that comes from the business plan but how to respond and handle the day to day activities comes from the company policy. In addition, it may be valuable in several legal matters regarding not only employee, but also in other court matters, as Tom McCurnin has explained in several of his columns.

The lease policy will vary from one type of leasing company to another type of leasing company such as a brokerage operation, to a discounter, to an independent leasing company doing both recourse and non-recourse business, to a bank leasing company. I have audited many such companies and have found a lot of similarities.

The opening statement sets the tone and qualifies its purpose:

This equipment lease policy is in addition to the company loan policy or the business plan. This lease policy is intended to supplement the bank's loan policy in areas where leasing may differ or require special treatment. In all respects leasing will follow the standard credit policy for events not covered in this leasing section.

Next it should start with:

A Statement of duties and authorities: Who can approve credit and residual assumptions and at what level. What type of leases is authorized and what territory restrictions apply.

Credit Guidelines: Standard credit requirements or limits of exposure and any other requirements for qualification.

Concentrations and Limits: Discussion on transaction size and financial information required based on type of lease and transaction size.

Laws and regulations: A recognition and statement of tax requirements, accounting requirements and legal documentation.

Limits on type and value of equipment: This section presents restrictions on equipment that should not be leased or transactions that are out of the financial capabilities of the lease company.

Lease Proposals: What are the restrictions on the limits presented in a lease proposal and what commitments may be presented within limits.

Lease documentation: A presentation of the required documentation and a list of documents required by type of lease and the requirement for the timing of document preparation and procedure for acceptance.

Residual assumptions and equipment value: Requirements for equipment investigation including price, use, and description. Limits on types of equipment that had limited or short use.

Insurance requirements: Endorsement and policy limits required. Limits on insurance companies with low ratings.

UCC filings: Procedures and requirements for filing UCC’s and confirming proper filing.

Equipment inspections: Procedures to check up on equipment use, location, and current value. Includes reasons for the inspection and requirements on how to proceed.

Early terminations: Procedures to handle requests to early terminate a lease with a non-termination requirement.

Late charges and collection fees and other fees: What fees and the amount to be placed in the lease based on rate requirements and legal limits.

Vendor relationships: Procedures for dealing with vendors including agreements and funding requirements

Assumption of a lease: Requirements to handle a lease assumption and requirements for documentations and refilling.

Extensions: When are extensions allowed and what documents are required and what is its impact on residuals and yield requirements?

Return and disposition of equipment: Requirements for transportation, insurance, location for storage, limits on get ready expenses, and limits on releasing.

The above is only a suggestion of information that should be included in a policy to direct the proper direction of a well managed leasing company.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at leaseconsulting@msn.com or 502-649-0448

He invites your questions and queries.

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

Top Stories August 13-16

Here are the top ten stories opened by readers

(1) Integrity Financial Groups, Murray, Utah
Bulletin Board Complaint
http://leasingnews.org/archives/Aug2012/8_16.htm#bbc

(2) Sheldon Player/Equipment Acquisition Resources
Typo in Lease Spawns Major Litigation by Tom McCurnin, Esq.
http://leasingnews.org/archives/Aug2012/8_16.htm#player

(3) New Case against Mazuma Capital and Republic Bank
---Automatic Evergreen Payment---PPR
http://leasingnews.org/archives/Aug2012/8_13.htm#new_mazuma

(4) Radiance Capital, Tacoma, Washington
Bulletin Board Complaint
Purchase Option on EFA, Won’t Return $5,000 S.D.
http://leasingnews.org/archives/Aug2012/8_13.htm#bbc

(5) Leasing 102 by Mr. Terry Winders, CLP
“Terminating a lease”
http://leasingnews.org/archives/Aug2012/8_13.htm#terminating

(6) Bank Beat---Lee Price on Loose, FBI Releases 2 Videos
U.S. Coast Guard Report Did Not Jump Overboard
http://leasingnews.org/archives/Aug2012/8_13.htm#bank_beat

(7) New Hires---Promotions
http://leasingnews.org/archives/Aug2012/8_16.htm#hires

(8) Debt Collector sends Collection Letter to
Debtor’s Employment, Creates Class Action Suit by Tom McCurnin, Esq.
http://leasingnews.org/archives/Aug2012/8_16.htm#debt

(9) Are You Unknowingly Financing Inventory? by Tom McCurnin, Esq.
http://leasingnews.org/archives/Aug2012/8_13.htm#inventory

(10) WHY I BECAME A CLP
Larry LaChance, CLP
President-Bankers Capital-Northborough, MA
http://leasingnews.org/archives/Aug2012/8_16.hm#clp

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Lessor Prevails Against Chutzpa Defense
of Bank Approval of False Financial Statement

by Tom McCurnin, Esq.
Barton, Klugman & Oetting
Los Angeles, California

Lessee’s Claim of Negligent Lending Falls Upon Unsympathetic
Ninth Circuit Court of Appeals Panel

Occasionally, a Debtor gets so brazen at his attempt at securing credit that there isn’t much to say after the Debtor gets caught with his hands in the cookie jar. Sometimes all the Debtor can say is, well, “you shouldn’t have put the cookie jar so close to the countertop.” That strategy didn’t work out for one lessee.

In the case In re Kempf, 2012 WL 603805 (9th Cir. BAP 2012), the Debtor was so anxious for credit to lease a mobile CT scanning machine from Hitachi Capital that he issued a financial statement showing a $4mm net worth, centered mostly in off shore trust assets to which he was a beneficiary. The deal was approved, and Mr. Kempf drove off in his brand new mobile CT scanning machine. There was one little problem—Kempf wasn’t a beneficiary to the trust, his wife was, and he lied on his financial statements to the lessor.

The venture wasn’t successful, and a mere nine months later Kempf defaulted. Hitachi instituted a State court collection action, discovering that Kempf had no interest in his wife’s trust. A State Court judge agreed, and a judgment was obtained in favor of the lessor and against Kempf. Kempf then filed a Chapter 7 Bankruptcy.

In the Bankruptcy, Kempf claimed that Hitachi could not have reasonably relied upon his financial statement because it was obvious he was lying. Indeed, Hitachi obtained a copy of the trust and it clearly reflected that Kempf’s wife, not Kempf, was the sole beneficiary. Thus it was argued that the loan officer did minimal due diligence, had never done a deal in a community property State, was unfamiliar with trusts, and did not seek the advice of in house counsel. Kempf even went so far as retaining an expert witness, Thomas Tarter, a well-known banking expert, who routinely opines that banks never do anything right.

The trial court rejected that argument and found Mr. Kempf liable to Hitachi for the guaranty of the lease, and a non-dischargeable judgment was entered for $750,000 plus $120,000 in attorney fees.

On appeal, the same arguments were raised. However, the Court of Appeals had no problem in rejecting the “negligent lending” theories advanced by Kempf. The court stated:

The Bankruptcy Court got it right on this one, avoiding the hyper-technical arguments that somehow the creditor can’t take the borrower’s statements at face value.

The lessons for the equipment lessor are two-fold.

First, obtain financials and tax returns on the guarantor. The financial statement is the primary document that should be reviewed. The creditor does not have to have a tax degree and dissect the nuances of the tax return, if it is used for verification of income.

Second, as stated in the opinion, the company should have policies in place that guide the underwriter in the credit approval process. Those policies should be enforced with training sessions. Here, the policies of Hitachi were that the financial statement was the primary underwriting document, and the tax return and the trust instrument were not reviewed in their totality and were only glanced at to verify family income. Those policies carried the day.

Tom McCurnin
Barton, Klugman & Oetting
Los Angeles, California
email: tmccurnin@bkolaw.com
Voice: (213) 621-4000
Fax (213) 625-1832

Visit our Web Site at www.bkolaw.com

Court Case:
http://leasingnews.org/PDF/FalseFinancialStatement.pdf

Previous Tom McCurnin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

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Banks Continue Benefit from Improving Credit Quality
by Kevin Dobbs, Andrew Wolcott, Ken McCarthy
SNL Financial

Banks continued to benefit from improving credit quality in the second quarter, lowering provision levels and drawing down reserves.

Each of the nation's five biggest banks — JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and U.S. Bancorp — reported lower net charge-offs in the latest completed quarter, allowing them to bring down provisions and reserves, an SNL Financial analysis found. Sixteen of the nation's 20 largest banks reported lower net charge-offs. Of those 20 companies, 15 released reserves, and 11 of them lowered provisions.

"We're still seeing positives from working through past credit problems, and as nonperformers decrease, allowances for losses need to come down, too," Matthew Schultheis, an analyst at Boenning & Scattergood Inc., told SNL.

At SunTrust Banks Inc., for example, second-quarter earnings were up 4 cents per share from the previous quarter, in large part because of a $17 million provision decline on lower net charge-offs and continued broad improvement in credit, CFO Aleem Gillani said during a call to discuss the company's latest results.

Year over year, Gillani said, nonperforming loans were down $1.2 billion, or more than 30%.

Gillani echoed many of his colleagues, who provided similar results on the credit front during earnings season.

Economic conditions, while hardly robust, have hovered in positive territory long enough for the banking industry as a whole to see its credit quality picture improve steadily over the past several quarters. The second quarter was no exception.

But many bankers say they are nearing an inflection point. They say the pace of reserve releases likely will slow as 2012 wears on, because the bulk of credit improvements have now been realized. Gillani hinted at just that. While expecting SunTrust's asset quality trends to continue to improve, driven by the residential loan portfolio, Gillani said most of the commercial and consumer portfolios "are currently nearing more normal credit metric levels."

At Comerica Inc., for another example, the provision for credit losses decreased $3 million in the second quarter to $19 million, as asset quality improved, and the company released about $26 million in reserves, roughly on par with the release in the first quarter.

Looking out to the remainder of this year, Comerica CFO Karen Parkhill, during a call with analysts to discuss earnings, said to expect credit trends to "remain positive" but credit expenses likely will decline "at a slower pace" as "we approach normal" levels.

Chief Credit Officer John Killian said Comerica's charge-offs and provisions "would be very close in the third and fourth quarter to what they were in the second quarter." And he expects the company's reserve release "to be very much" in the range of the past two quarters "as we go forward for the next couple of quarters."

Moreover, assuming the economy does not dip back into recession and banks can produce some loan growth in coming quarters, provisions might need to be padded some as the industry moves into 2013.

Bankers are pushing hard for growth. Many have widely bemoaned intensifying pricing pressure, as lenders compete aggressively in a relatively shallow pool of creditworthy customers.

"We have seen a significant amount of pricing pressure in the Nashville market, particularly on owner-occupied real estate transactions and C&I opportunities," G. Kent Cleaver, president and COO of Avenue Financial Holdings Inc.'s Nashville, Tenn.-based Avenue Bank, told SNL.

"The pressure is being driven by a material increase in our competitors' appetite for loan growth and market share without a corresponding increase in new loan opportunities," Cleaver continued. "Fortunately, most banks in our market have held to prudent quality and structure standards; however, the disproportionate demand [versus] supply in the market has led to some very aggressive pricing decisions on both rate and term."

Among those that are most aggressive, analysts say, there is of course the possibility that they are setting themselves up for future credit headaches and, by extension, higher charge-offs, reserves and provisions.

"But I still think we're a little early to get worried about that in general," Schultheis said. "Even though pricing is a little skewed right now, loan growth is pretty modest, single digits, and that's just not strong enough to get worked up, yet, about provisions expanding."

SNL found, for instance, that among banks and thrifts with less than $10 billion in assets, median loan growth in the second quarter advanced 1.12% over the previous quarter and a mere 0.58% from a year earlier.

"So probably we're going to see a continued move toward normalized credit," Schultheis said, "and then we'll have to see if and when we get more meaningful loan growth."

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5-year CD Dips Below 1% for the First Time in History

The national average interest rate on the 5-year Certificate of Deposit dropped to 0.99 percent last week, marking the first time in recorded history that the hallmark of the long-term CDs dips below 1 percent, Dan Geller, Ph.D., Executive Vice Presidents at Market Rates Insight, San Anselmo, California.

Dan Geller

The 5-year CD, which has always been the hallmark of high returns and stable annuities, has never dipped below 1 percent for as long as interest rate records are available, he reported. In the last decade, the 5-year CD reached its peak in August of 2000, when the national average rate for the 5-year CD stood at 6.25 percent. The highest the 5-year CD rate has ever been was in June of 1981, when rates for this CD were over 20 percent.

Other long-term CD rates are also declining, Geller noted. The 4-year CD also reached a record low of 0.78 percent this week, and the 3-year CD rate now stands at 0.63 percent. In the last decade, both the 4-year CD and the 3-year CD reached their interest rate peak in August of 2000, with an interest rate of 6.13 percent. The national average rate for all CD terms, from 3 months to 5 years, also reached a record low this week, and now stands at 0.46 percent.

“Interest rates are making history, but clearly not in a favorable way,” he said. "Unfortunately, the continuing decline in interest on deposits indicates that banks are forced to reduce their interest expense due to the soft lending market. As long as lending remains soft, and loan rates low, we will not see a change of course in deposit rates.”

Dan Geller Ph.D.
Executive Vice President
Market Rates Insight, Inc.
415-448-8813 (phone) | 415-259-0701 (fax)
Dan.Geller@MarketRatesInsight.com

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

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Franchise to Watch: Bullritos
QSR Magazine

Texas-based brand offers its own take
on the Mexican fast-casual category.

Bullritos is a quick-serve Tex-Mex concept created by Russell Ybarra, owner of two Houston-based full-service chains, Gringo’s Mexican Kitchen and Jimmy Changas.

The name was inspired by Ybarra’s experience running with the bulls through the streets of Pamplona, Spain. While dining at Bullritos is considerably safer than that annual event, the interactive ordering system and plethora of possible ingredient combinations when creating a burrito make it an adventure in its own right.

When customers walk through the doors at a Bullritos, they grab a red marker and a white bag with menu choices printed on it. They mark their choices, put a name on the bag, and hand it to a Bullritos employee. In less than three minutes, the bag containing the order is handed back to the customer.

When marking the bag, a customer’s first decision is burrito, bowl, or tacos. Next comes a meat choice: chicken fajita, beef steak, carne guisada (a beef stew), pulled pork, or ground beef. Rice is available in cilantro lime or traditional Spanish varieties, and bean choices include charro (made with pinto beans), black, or fat-free refried. All bean choices are vegetarian.

Chile con queso or cheddar and Jack are the cheese selections, and the salsa list includes “Arriba!” red salsa, cilantro ranch, fresh pico de gallo, tomatoes, or habanero-tomatillo. Other possible add-ons include guacamole, roasted corn, jalapeños, peppers and onions, sour cream, and lettuce.

“Ordering is a very quick process with the bag,” says Mark Collins, Bullritos’ senior vice president. “People are not holding up the line trying to decide what they want.”

Collins says what sets Bullritos apart from its competition is that “everything is fresh.”

“Our taco meat, queso, beans, rice, pico … you name it, we make it fresh,” he says. “All of our veggies are fresh daily. We never use guacamole or pico made the day before.”

To make the most of the bull theme, the concept’s customer loyalty program is called “The Herd,” and diners are encouraged to take their order and “run with it.”

Bullritos units are located mainly in Texas, with single stores in Georgia, Louisiana, and Arkansas. The company hopes to have around 100 locations in three to five years.

“We started growing in the Houston area, but some of our other growth has simply been in places where franchisees wanted to go,” Collins explains. “One franchisee’s wife was from Georgia, so they decided to move back there and take Bullritos with them, opening a location there.”

For the immediate future, Collins says, Texas and nearby states will continue to be the main target for expansion.

Part of Bullritos’ growth has included expanding the menu beyond burritos, tacos, and bowls. The chain recently introduced dinner plates, which are ordered at the counter and not on a bag. Dinner plates include options like Fajitas, Carne Guisada, Quesadillas, Crispy Tacos, Pulled Pork, and Tamales. Plates are served with rice and beans and are available at both lunch and dinner at all locations.

In addition to plates, some Bullritos locations have also rolled out breakfast. The morning menu includes breakfast tacos, burritos, and quesadillas featuring bacon, sausage, eggs, potatoes, and chorizo.

“Breakfast is up to the franchisee,” Collins says. “Not all locations are conducive to breakfast, and the franchisee has to want to do it.”

Collins says Bullritos partnered with top brands like Tabasco, Coca-Cola, and Seattle’s Best Coffee, and will continue to do so. “People are time-conscious, but they still want high quality,” he says. “With this economy, fast casual works for families on a budget. You’re not tipping a waiter or buying expensive desserts, but you can still get fresh, quality ingredients and top brands.”

An average per-person ticket at Bullritos is $9–$11, with dinner being on the higher end of that range because most locations serve beer and margaritas. As for nonalcoholic beverages, Bullritos restaurants all have Coca-Cola Freestyle machines.

From burritos to beverages, it seems to be all about choices and combinations at Bullritos, and that attracts a wide range of customers.

“We serve an eclectic group of people,” Collins says. “We cater to families, blue-collar workers, white-collar workers … everyone. The burrito concept as a whole is geared toward the younger generation, but if you come to a Bullritos at lunch, you’ll see high school kids who can leave campus, construction workers, and stay-at-home moms. At dinner we see a lot of families.”

He says that while some burrito concepts have been criticized for having a cold, industrial environment, Bullritos has a warm atmosphere.

“You can be in and out of Bullritos in a hurry or you can take your time, have a beer, and watch sports or business news on TV,” Collins says. “Some locations even offer complimentary soft-serve ice cream to be even more welcoming.”

Founder/President: Russell Ybarra
HQ: La Port, Texas
Year Started: 2008
Annual Sales: Undisclosed
Total Units: 18
Franchise Units: 17
www.bullritos.com

Basset Hound/German Shephard
Toronto, Canada Adopt-a-Dog

PANDA - ID#A628539

"My name is PANDA.
I am a neutered male, black and white Basset Hound and German Shepherd Dog.
"The shelter staff thinks I am about 1 year old.
"I have been at the shelter since Aug 09, 2012.

For more information about this animal, call:
City of Toronto Animal Services East Region at (416) 338-7539
Ask for information about animal ID number A628539

Pet Adoption
http://www.toronto.ca/animal_services/pet_adoption.htm

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

Adopt a Pet
http://www.adoptapet.com/

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Classified ads—Asset Management

Leasing Industry Outsourcing
(Providing Services and Products)

Asset Management: Atlanta, GA premier provide accounts receivable management functions from 3rd Party contingency collections to Portfolio Purchasing. Contact George Elliott, National Account Manager. 678-694-9063, www.westassetmanagement.com	Asset Management: Boston, MA Nationwide appraisals, remarketing, audits, inspections and more! Over 15-years industry experience and dedicated to deliver personal, prompt, professional services.  Call Chris @ 508-785-1277. Email:chris@dovermanagementgroup.com
Asset Management: Minneapolis, MN NetSentric provides services to leasing companies: Inspection, Appraisals, Auditing, Warehousing, Repossession, Asset Management, Repairs, Remarketing and Field Service for Electronics and Computing Technology. Email: jcahill@netsentricinc.com	Asset Management: Monroe, NC Recover a greater return on your investment.  We specialize in the woodworking, pallet, sawmill and forestry industries.  Carolinamachinerysales.com/ Melinda Meier (704)288-1904 x103
Asset Management: Nationwide  BUYER/LENDER BEWARE. Don't sign anything until Collateral Verifications Inc. goes onsite, knocks on the door and gets the facts. http://www.i-collateral.com Email: mark@i-collateral.com	Nationwide  Seasoned and fair priced workforce is at your service for all lease collections, repossessions, and asset liquidations, appraisals.  Call Nassau Asset Management 800-462-7728  dcastagna@nasset.com
Asset Management: NorthWest Sequent provides collateral recovery, remarketing, and storage services to lenders with assets located in the greater Pacific Northwest. Professional services at reasonable pricing. Contact rossr@sequentam.com	Asset Management: Orange City, FL We help Lessors Liquidate un-wanted Assets valued at $750,000+. It's an effective method of Liquidating Assets such as Jets, Planes, Helicopters, Freighters, etc.  Eric R. Sanders  Tel  386-789-9441  www.ValuedAssetSales.com  www.The-RandolphCapital.com  EQPMNTLEASING@aol.com
Asset Storage/Re-Marketing: Ohio & surrounding states. Providing no cost warehousing, condition reports, digital photos and remarketing of off-lease forklifts & industrial equipment. NAFTA wide dealer network. Email to GCochran@OhioLift.com	Asset Management Melville, New York Auctions, Appraisals, National Repossessions.  ALL asset classes. 20+ year team works for you. Spend less, Net More… Fast! Ed Castagna 516-229-1968ecastagna@inplaceauction.com
Asset Management: South East US- AllState Asset Management  Recovery, remarketing, inspections. 25 years experience, dedicated to deliver, prompt, professional services.  Call Brian @ 704-671-2376. brian.buchanan@allstateassetmgmt.com	Asset Management: Global Specializing in Semiconductor and Electronic Test Equipment collateral. Lender services include Consignment Sales, Remarketing, Portfolio Purchases, Inspections, De-installation, Repairs and Warehousing.  www.testequipmentconnection.com mnovello@testequipmentconnection.com
Bulldog Asset Management provides recovery and remarketing services with a difference. Contingent repos, free storage and industry experts to remarket. Email:Jamie@bulldogasset.com  www.bulldogasset.com	Asset Management: Portsmouth, NH Unique approach improves results, keeps costs down. Repossession, Storage, Inspection, Legal, Appraisal, Transport, Remarketing. Free advice and resources.Call 855.EENGINE http://lendersolutions.equipmentengine.com

All "Outsourcing" Classified ads (advertisers are both requested
and responsible to keep their free ads up to date:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm

How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm

 

News Briefs----

 

Euro/Asia Global Slowdown in hiring Equipment Leasing
Q3 2012 Global Equipment Leasing & Finance Hiring Index

Bank scandals: Somebody must go to jail
http://www.sfgate.com/opinion/article/Bank-scandals-Somebody-must-go-to-jail-3798273.php

With Bank of America cutting branches, who’s left behind?
http://www.wcnc.com/news/consumer/With-Bank-of-America-cutting-branches-whos-left-behind-166698286.html

Banks, Thrifts lop off 750+ branches in a year
By Tahir Ali and David Hayes, SNL Financial
http://leasingnews.org/archives/Jul2012/7_27.htm#snl

Orix Corp. to Invest $680 Million in Solar Power Projects
http://www.bloomberg.com/news/2012-08-17/orix-corp-to-invest-680-million-in-solar-power-projects.html

Northern California fire forces evacuation of some 2,000 homes
http://news.yahoo.com/firefighters-keep-flames-bay-evacuated-idaho-town-002920233.html
http://www.sfgate.com/bayarea/article/Northern-California-fires-rout-thousands-3799789.php

Drought-shrunken crops fuel ethanol debate
http://www.upi.com/Business_News/2012/08/19/Auto-Outlook-Drought-shrunken-crops-fuel-ethanol-debate/UPI-94891345368600/

Popeyes Reports Double-Digit Sales Increase in Q2
http://www.qsrmagazine.com/news/popeyes-reports-double-digit-sales-increase-q2?utm_campaign=20120817&utm_source=jolt&utm_medium=email

 

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You May Have Missed---

Michigan woman, 102, still drives her 1930 Packard
http://content.usatoday.com/communities/driveon/post/2012/08/michigan-woman-102-still-drives-her-1930-packard/1

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SparkPeople--Live Healthier and Longer

SparkPeople--Live Healthier and Longer

Best Iced-Coffee Drinks for Your Waistline
http://www.dailyspark.com/blog.asp?post=best_fast_food_icedcoffee_drinks_for_your_waistline

[headlines]
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Sports Briefs----

Bizarre plot by San Francisco Giants' Melky Cabrera to use fake website and duck drug suspension
http://www.nydailynews.com/sports/baseball/exclusive-daily-news-uncovers-bizarre-plot-melky-cabrera-fake-website-duck-drug-suspension-article-1.1139623

Luck, Colts lead before Steelers rally
http://msn.foxsports.com/nfl/story/pittsburgh-steelers-beat-indianapolis-colts-andrew-luck-sharp-despite-two-interceptions-081912

Manning throws two picks in loss
http://msn.foxsports.com/nfl/story/seattle-seahawks-beat-denver-broncos-preseason-peyton-manning-throws-two-interceptions-081812

Tim Tebow visibly frustrated with Jets offensive line
http://msn.foxsports.com/nfl/story/tim-tebow-mark-sanchez-new-york-jets-qb-controversy-a-catastrophe-081812

Brown has surgery; expected back in 2012
http://www.utsandiego.com/news/2012/aug/19/brown-has-surgery-expected-play-2012/

The Huddle
http://content.usatoday.com/communities/thehuddle/index

 

 

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Baseball Poem

The Batter
From the book
That Sweet Diamond
by Paul B. Janeczko, Carole Katchen (Illustrator)

He approaches the plate,
ponderous,
swinging smoothly
in slow motion
knowing his choice is simple:
swing or not.

As he paws
the back line of the batter's box,
matching concentration and stare
with the pitcher,
he knows
indecision
or
hesitation
makes failure likely.

Pitcher rocks.

Batter waits.

Then, in the time it takes
a happy heart to beat,
decides.

 

[headlines]
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California Nuts Briefs---

Details/Photos of Northern California Fire
http://www.sfgate.com/bayarea/article/Northern-California-fires-rout-thousands-3799789.php

San Jose Sharks owners say they'll stay committed to winning, despite financial losses
http://www.contracostatimes.com/breaking-news/ci_21350928/san-jose-sharks-owners-say-theyll-stay-committed

[headlines]
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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Bargains From American Vines
http://www.nytimes.com/2012/08/22/dining/12-values-in-american-wines-the-pour.html?ref=dining

Livermore area wineries worth exploring
http://www.sfgate.com/wine/article/Livermore-area-wineries-worth-exploring-3797211.php

Six Top Winery Concerts
http://www.winemag.com/Wine-Enthusiast-Magazine/Web-2012/Six-Top-Winery-Concerts/

California grape industry ready for great harvest
http://westernfarmpress.com/grapes/california-grape-industry-ready-great-harvest

Monsanto Gives $4.2 Million to Kill California GMO Labeling
http://www.carighttoknow.org/monsanto_gives_4_2_million_to_kill_california_gmo_labeling_initiative

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Winery Atlas
http://www.carterhouse.com/atlas/\

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm

[headlines]
----------------------------------------------------------------

This Day in History

[headlines]

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SuDoku

The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?

http://leasingnews.org/Soduku/soduko-main.htm

[headlines]

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Daily Puzzle

How to play:
http://www.setgame.com/set/puzzle_frame.htm

Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm

[headlines]

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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx

[headlines]

--------------------------------------------------------------

Weather

See USA map, click to specific area, no commercials

http://www.weather.gov/

[headlines]

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Traffic Live---

Real Time Traffic Information

You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live

--------------------------------

[headlines]