######## surrounding the article denotes it is a “press release”
Note: No new two week ”Help Wanted” Classified ads will be posted after Next Monday until September 8th due to no publication “Labor Day” week. Kit Menkin will be on vacation. If you want to post
a “help wanted ad,” please do before the end of this week.
Classified Sales----Sales Manager
30 years in transportation Finance with strong management/ sales background. Represented company on national & region markets. Started two successful operations- produce profits and growth.
Twenty plus years. Senior sales and marketing management most recently Building "businesses" from scratch. Leveraging leadership, administrative, operations, financial, auditing background. WANTED: challenging new opportunity.
Dallas/Fort Worth, TX.
Domestic-int'l exp. Small to middle ticket. 24 yrs with Fortune 500 firms(2). Consistently achieves margin/ volume goals.
New York, NY
I have over 25 years owning an independent leasing company that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors, etc..
17 Years Leasing in all capacities from CSR and Collections to National Sales Management and Vice President Vendor Development. Exceptional People Skills. Many industry references.
18+ yrs w/bank leasing company. Supervised 14- 20 sales people. Willing to relocate for the proper position.
Senior level sales professional w/ (20) plus experience in mid market financing & leasing. The last (8) plus years being self employed in middle market brokerage.
Full Listing: http://184.108.40.206/LeasingNews/JobPosting.htm
If you are seeking a job, you may post a “free” ad at:
Archives—August 11,2000--Metrolease Ceasing Operations
John Blazek, former vice-president, Metrolease
“This story has been floating around the internet for several months with both UAEL (United Association of Equipment
Leasing) and NAELB (National Association of Equipment
Leasing Brokers ) Standard Committees looking into alleged charges of "double funding" allegedly between Lasalle Bank and Textron; alleged leases not being funded and brokers not receiving commissions. No one has wanted to go on the record about what is going on, and Metrolease has never returned e-mail, telephone calls, or faxes regarding this. The rumor was the company would be going out of business.
“This is from a highly regarded funding source:
"’ I spoke to John Blazek last week and confirmed that they are closing down operations and are running under a skeleton crew. The owner has already begun the operations of another company operating as a funding source....name has not been disclosed. John will help close operation.’
“John Blazek is the vice-president of the company. He formerly was president of Stratford Leasing, which he also closed down.”
Washington Mutual Exits Equipment Leasing
As reported by Leasing News last December in the Washington Mutual
Financial Corporation purchase by Citigroup there would not only be cuts in branches but products, such as leasing. It was competing in the
$250,000 to $15,000,000 market place.
A news “sales manager” was hired along with salesmen in
key states, but it was not long that they ran into a wall.
Leasing News was not able to obtain a comment at the
time, or recently, as it was reported they were in trouble
The Citigroup press release December 2nd, 2003 on the purchase
of the Financial Corporation:
“Operational synergies include some branch consolidation (about 30% of branch closures), funding cost benefits and enhancements to centralized processing systems. Processing enhancements will result from a combination of both WAMU Finance and CitiFinancial practices.
“Citigroup expects future revenue growth from the acquisition by targeting an attractive group within nonprime markets and stronger pricing. Integration risk is low given the expertise previously demonstrated by Citigroup. “
The release of salesmen, several who have advertised
in Leasing News classified ads, was an indication that
the leasing department was also going to go “bye-bye.”
They were reportedly not competitive in speed, credit comfort,
and pricing in the marketplace they chose, according to reliable sources.
Washington Mutual states the closure of the 53 commercial locations will occur between August 20th and October 29th
with from 850 to 1,000 employees let go. The following
14 states are affected: Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Nevada, New Jersey, New York, Oregon, Texas, Utah and Washington
NorVergence Customers Unite Against Leasing Companies
by Christopher Menkin
“... the sales scheme we were given; they sell systems and services... Now all we need to do is tie them both together in the lease agreement which is what I was told by the salesman. The two payments; one to NorVergence was for the cell phones; and the other to the leasing company which was for the Matrix and the T1 services with data, etc. it may not be what the leasing companies were told; but it surely was what my company was told...
.... I know the numbers are growing here in North Carolina and I do believe this is a nation-wide scandal of which we have never seen. Sure the leasing companies are at a loss also; but so are the small businesses we not only are paying for something that is useless; but all the lost revenue and time for scrambling to get our services back...”
( “name with held” )
... I am sure there will be some type of settlement; maybe when we find the true value of the equipment; we may have to settle for that as well as the leasing companies; as I feel it will be hard for any court/judge to make a decision on a equipment rental that does not have but 1/4th the value of said equipment; so maybe it will turn out that the companies (us) may have to eat the actual cost of the equipment and the leasing companies eat the rest as they too should have done their homework on the true cost of said equipment???”
(name with held )
“My first payment is due today. No service, of course. We are Seniors, about to retire :( and want to do the "right" thing, legally and ethically and the thing that will be in our favor when the courts rule against this. If we start the payments, we are in for the full $15,000. They offered a buy out of $8,440. If we sign those papers, we are locked in for good.”
( name with held )
“I was contacted by US Bancorp. Our outstanding lease payments are $41,000. Their first offer to me was to settle for $12,000. I am hoping to do better if I settle.”
(name with held )
“US Bancorp contacted me today to offer a buyout on our lease agreement. Our balance of outstanding payments is $67,536. They offered to settle for $38,000. I countered with $25,000, and they countered with $30,000. I told them I would have to discuss with my attorney. My impression is they will take the $25,000 if I stick with it.
“I think this amount sucks, but I am expecting my attorney to tell me that this is probably the least damage I can expect. The cost of a lawsuit would easily exceed $25,000 if not the whole $67,000.”
( name with held )
Robert J. Fine
Robert J. Fine
“Why don't you do a little investigative reporting and find out
what the leasing companies knew as they partnered with Norvergence in this scam. Find out about Robert Fine and his role at working both
sides. Certainly he was an insider at Norvergence and knew the magic
Matrix had nothing to do with telecommunications. Certainly, he knew
that the leasing companies were paying crazy amounts for equipment
worth only a fraction of what they were paying. Certainly the
leasing companies knew that the lessees were paying for service, and
not some piece of worthless equipment. Why don't you do your job and find out exactly why the leasing companies performed no due diligence on the equipment they bought.
“We all know about how powerful the leasing companies can be. But the contracts were all based on fraud and deception and I certainly hope that will mean something to the courts. I suspect the leasing
companies, in spite of their legal brass, are sincerely worried. Why
don't you report on that subject????”
The list serves and internet are burning up with emotional
feelings about being “robbed.” They report contacting
all the local and state law enforcement offices, their
congressmen, as they believe this is “re-election”
time and their voice will be heard louder than
any other time.
In the meantime, the Telecom
Agents Association has formed a “legal co-op” with over
50 members at this printing, all putting in a minimum of
$995 or the sum of their first two lease payments.
This is a one-two-three step operation where they most likely will choose their "battles," such as all the contracts on NorVergence documents that were assigned or sold to leasing companies.
They are considered the most vulnerable.
Then there is the second set, those "sold" by NorVergence salesmen, who may be recognized as independent agents, or maybe not, and their verbal promises, in certain states, may be considered part of the contract, or the reason the contract was signed.
Then contracts where everything was "not" delivered and the contract was not fulfilled.
The Telecom Agents Association is a bona fide organization and will have much talent in their effort. They have support from their industry, and former NorVergence customers.
While Leasing News has been writing about NorVergence, so did
the Telecom Agent Association, and they had to walk a "legal line,'
even though a closed and association format.
There are some other groups trying to start, but the first one,
established, organized, and to the benefit of its profession,
has undertaken a move that other associations should take:
find ways to help their members and their members customers
and their industry.
Business Papers Pick Up the Story
Meanwhile local business newspapers such as the Houston Business
Journal are picking up the local angle to the story:
Bankruptcy disconnects telecom customers
by Mary Ann Azevedo
Houston Business Journal
Nearly 1,000 small businesses in the Houston area have been stuck with hefty bills following a bankruptcy filing by a Newark, N.J.-based telecommunications company.
NorVergence Inc., which had operated a Houston office, sold phone and Internet service to an estimated 947 companies in the Houston area over the past year.
NorVergence filed bankruptcy on June 30 after three of its creditors brought involuntary Chapter 11 proceedings against the company. NorVergence went on to file Chapter 7 bankruptcy on July 14, according to a filing with the U.S. Bankruptcy Court in New Jersey.
Now, 11,000 small businesses in more than 20 states owe thousands of dollars to third-party creditors for services that they say were not delivered and for equipment that is now inoperable.
NorVergence targeted small business owners with good credit records. The company's salespeople, called screening managers, not only sold telephone and wireless service which the company bought wholesale from large carriers such as Qwest and Sprint -- they also pitched the company's "solution," a box which allocated bandwidth over a T1 line.
What many customers apparently didn't know was that the service was unrelated to the box. And some customers claim the box, which they paid to lease from the company, had no function.
Many customers purchased the box without knowing it could not be used by other phone providers and got locked into five-year leases with a bank, which had purchased the leases from NorVergence.
NorVergence's attorney, Bruce D. Buechler of Lowenstein Sandler PC, did not return telephone calls. A recorded message at NorVergence's Houston office refers callers to Qwest. A recording on the New Jersey phone number for NorVergence alerts callers that the company is in bankruptcy.
Meanwhile, the Houston Chapter of the Associated General Contractors is one organization that says it got burned.
Ada Lam, the chapter's executive director of finance and administration, says AGC was impressed with the idea that it would save $600 a month in telecom bills by switching to NorVergence. But the group quickly realized something wasn't right.
## Press Release ##############################
FCC Line Charge Should Be Removed from All Phone Bills, Teletruth Charges
Teletruth Files First Complaint Under the Data Quality Act at FCC — The FCC Line Charge Increases Had Inadequate Cost Support — Quintuple Taxed as Well.
Teletruth Files Second Petition with the FCC Over 'Truth-In-Billing".— FCC Line Charge Doesn't Go To Fund the FCC.
New York --- Teletruth, a nationwide customer alliance, today petitions the FCC, under the Data Quality Act, to remove and cost justify the FCC Line Charge located on every residential and business telecommunications phone bill per line.
This appears to be the first "Data Quality Act" challenge at the FCC, which was established in 2002 for parties to question the data provided by a regulatory agency and request corrections.
"Since 2000, residential and small business customers have had an 86% increase in this one charge, from $3.50 to $6.50 a line. That comes to adding $14.3 billion to household charges --- about $125 a line, counting numerous taxes and surcharges," states Bruce Kushnick, Chairman of Teletruth.
"Our challenge to the FCC under the Data Quality Act is based on our conclusion that flawed, selective, statistical analysis has maintained then increased this charge over the last two decades without adequate cost support. We are calling for an investigation into the data and analysis used for the increases," adds Tom Allibone, Teletruth, Director of Auditing. "In fact, there are studies done in 1998 that seem to indicate that the original starting price to customers was inflated."
This challenge should not come as a surprise to the FCC. Commissioner Copps, in 2002 wrote:
"I am troubled that consumers will face an increase in the line charge on their local bill without the Commission undertaking a thorough analysis of forward-looking cost data. In 2000, when the Commission adopted access charge reform for price cap carriers, the Commission pledged that it would initiate and complete before July 1, 2002 a cost review proceeding to ensure that consumers are not overpaying for telecommunications services. This has not been done. Carriers were required to provide, and the Commission stated that it would examine forward-looking cost data. A significant number of carriers, however, submitted summary data without disclosing the inputs used, cost models that were not transparent, or in some cases, models that have been rejected by the state commissions….The Commission then failed to conduct its own independent analysis of the cost data. By failing to undertake the thorough analysis of cost data that was promised in the access reform order, we are neglecting our obligation to consumers."
More importantly, the data used for this change was totally without any merit. The phone companies only submitted "summary" data with no back up cost support. Meanwhile, NASUCA, (the National Association of State Utility Consumer Advocates) found that literally 76% of the population would be paying excess charges when this fee was raised above $5.00.
Mislabeling the Slush Fund: Truth-in-Billing.
In a second claim, Teletruth has filed a petition under the "Truth-in-Billing" guidelines, claiming that the labeling of this charge leads most consumers to believe this charge is funding the FCC, but in fact, it is unmarked revenue to the local phone companies.
"Besides the lack of cost support, everything about this charge is misleading. For example, it is not included in the advertised cost of packages. It is stuck in the "Surcharges and Taxes" section on the Verizon New York phone bill, though it is not a tax or a surcharge, and in New Jersey it is in "Basic Service", which is also wrong," stated Tom Allibone of LTC Consulting and Director of Audits for Teletruth. And when the phone companies talk about rate increases, they never include it, even though it went up 86%."
"To top it off, in our survey, we found that it was quintuple taxed in New York City and other states. In New York City, it adds an additional 27% to the cost. In fact, it is taxed a "Universal Service Fund" charge, among other taxes and surcharges, even though it is in the "Surcharges and Taxes" section of the Verizon, New York City phone bill," adds Kushnick.
Summary of Problems with the FCC Line Charge? This charge is on every wireline residential and business phone bill in America.
It has at least 10 names across the US, from FCC Line Charge to "SLC". The advertised price for a bundled "package" does not include this charge. It does not go to fund the FCC as is the common belief.
It has continually increased over the last three years - 86% since 2000. it is quintuple taxed in New York City adding 27% to the cost.
It is unmarked revenue of billions of dollars back to the phone companies. The FCC never conducted a full cost analysis as to why it should be on the bill. It is not "mandated" or "ordered" by the FCC.
It is not part of "Basic" service, even though it’s on many state phone bills. It's not a tax, even though it's in the "Surcharges and Taxes" section of the NY Verizon bill, and some other states.
It is not controlled by the state commission even though Verizon NJ says it is. Verizon stated publicly that local phone service hasn't increased in 11 years in New York and 20 years in New Jersey. — They didn’t include the charge. A study done in 1998 indicates that this charge could be inflated 550%. The FCC is now entertaining plans to raise the charge per month in 2004.
Teletruth's recent new report "Phone Bill Independence" and the new fact-based expose/ novel "The Dirty, Little, Secret Lives of Phone Bills", explains the FCC Line Charge in detail.
For more information see
Teletruth is an independent, nationwide, customer alliance and is not funded by any telephone company, lobbying or astroturf group or association. Teletruth is a member of the FCC Consumer Advisory Committee.
#### Press Release ##############################
"What Lessors Are Saying About…The Construction Leasing Marketplace"
ELT News ( Equipment Leasing Association )
ELA and R.S. Carmichael & Co., Inc., a marketing research and management consulting firm, released a report the other week, Construction and Agricultural Equipment Leasing, 2004: U.S. Market Dynamics and Outlook. The construction market, in particular, resumed its growth in 2003 and is forecast to grow eight to 10 percent in 2004 and 2005. Construction equipment lease financing is projected to reach $12.5 billion in 2004 and reach $13.5 billion in 2005. This compares to $11.4 billion in 2003, and $10.5 billion in 2002. E-news asked a few lessors what they were experiencing in the market.
Ed Hetherington, president of Ingersoll-Rand Company also said “We are seeing very positive signs of increased sales. It is attributable to the economic rebound and the pent up demand for new equipment. The rental market is also starting to rebound.”
Rob Stowers of Altec Capital Services LLC said they have experienced increases in general construction equipment (yellow iron), utility infrastructure and other specialty equipment manufactured by Altec. “"Our business has improved significantly during the first seven months of 2004. Our funded volume is up 25 – 30 percent, credit applications have more than doubled in both dollar volume and in number of applications compared to the same period in 2003. In addition, credit losses are substantially lower than in 2003. We anticipate our annual funded volume and profitability to be 30 percent greater in 2004 versus 2003."
“Pent up demand is one of the largest contributors to the rebound,” said Troy Price, Vice President of CE Financial Services, CNH Capital, but he also cited that this market is becoming more astute in how they manage their balance sheet. “We see this market beginning to use leasing more as a financing mechanism. Customers are beginning to take advantage of leasing products. Leasing gives them better use of their cash, and customers are getting better at managing risk.”
Mark Manning, Customer Business Center Manager, Caterpillar Financial, added, “There is growing demand from contractors who have delayed purchasing equipment, keeping machinery longer than they normally would. As the economy improves, then the opportunity for work associated with infrastructure projects returns. As contractors' backlogs deepen, the future looks brighter and they are more inclined to make those replacement purchases. They feel more comfortable committing to debt or long-term lease agreements to replace their tired iron. All of those things are working in combination to create a fairly robust marketplace right now in the construction sector."
He also added, "The general economic rebound, combined with renewed fiscal budgets of the states, which contribute a lot to construction and large infrastructure projects, is improving the marketplace. Before 2003, many projects were on hold because state budgets were reduced and federal match-funding requirements could not be met. States had to prioritize projects based on the limited resources available, but an improving economy and tax revenues are allowing states to open these projects again, which positively impacts the construction sector.”
Said Jim Gavaghan, Region Manager, GE Commercial Equipment Financing, “A good deal of the construction companies that we speak to and do business with have been attributing a lot of the rebounding to demand, most of it coming from public projects (e.g., roads, schools, bridges and downtown projects). In some regions we serve, companies are also seeing a large amount of work on residential development projects.
“Of course, different regions across the country are experiencing different levels of rebounding,” Gavaghan added. “And, each region has a different take on factors that contribute to the rebound. For example, in the Southwest, EPA / FERC emission credits are incenting operators to retire older units. They get a credit or grant from the government toward a new purchase if the old unit is put out of service.
He continued, “In the Ohio/Western Pennsylvania region, construction companies acknowledge an overall pick-up in demand, but still see the commercial sector as being weak. The commercial side does seem to be improving somewhat (as compared to the past few years) – backlogs are fairly strong, partially due to good volumes this year. In addition, heavy rains last year meant that many projects were pushed into this year because work could not be completed.
“In the Eastern Pennsylvania, New Jersey and Delaware region, housing continues to do well. Most of the construction firms we are doing business with are tied to this part of the sector. It is certainly being driven by longer-term interest rates staying low for such a long period of time,” said GE’s Gavaghan. “Also, Pennsylvania has had many large road projects out over the past two years, and activity appears good for 2005.”
Overall, however, he did not believe that things were strengthening quite yet. “At best, some of the associates felt that things had leveled off somewhat said Gavaghan.”
"Agriculture Lease Financing Marketplace Strong, Says New Study"
The use of lease financing will reach $10 billion in terms of annual volume this year, representing a 55 percent penetration rate of equipment acquisitions, according to new study by the Equipment Leasing Association, the non-profit association representing companies involved in the $218 billion equipment leasing and finance industry, and R.S. Carmichael & Co., Inc., a marketing research and management consulting firm, White Plains, New York. The report, Construction and Agricultural Equipment Leasing, 2004: U.S. Market Dynamics and Outlook, says in 2005 the annual volume of agricultural equipment lease financing is forecast to increase to $10.5 billion.
Other highlights from the report include:
• The agricultural business in the U.S. has been undergoing consolidation at all levels, from the number of farm operators to the number of equipment vendors.
• The principal agricultural equipment categories for lease financing include tractors, harvesting equipment, irrigation systems and treatment/application equipment.
• Ticket sizes for lease financing of agricultural equipment range widely from $25,000 to more than $250,000 with the vast majority of agricultural equipment being small ticket (under $250,000).
• Average lease terms are three years with some leases being written for as long as seven years.
Richard S. Carmichael, Managing Director of R.S. Carmichael & Co., Inc., which conducted the study, observes, “Lease financing is ingrained in the agricultural equipment industry as evidenced by major manufacturers either having captive finance companies or formal leasing relationships with third-party commercial finance companies. They find lease financing a vital sales-aid tool.”
“Lease payments are not always on a monthly basis in the agricultural market,” added Michael Fleming, the association’s president. “Farmers may make payments on a quarterly or semi-annual or even annual basis. Leasing’s flexible nature, fast turnaround, strong customer service, competitive rates are clearly key to the agricultural market.”
Among the market studies’ key objectives, the report measures and characterizes the U.S. construction and agricultural equipment leasing market; identifies the trends affecting lease financing penetration in each market; evaluates the leasing practices and needs of customers and equipment vendors; and projects the U.S. construction and agricultural equipment leasing markets through 2005.
Organizations may purchase a copy of the study from
call ELA at 703-527-8655.
For more information on the leasing industry, visit ELA online at http://www.ELAOnline.com or check out ELA’s informational portal for financial decision-makers, which includes the questions to ask before signing a lease and to access a directory of leasing companies, at http://www.ChooseLeasing.org.
Organized in 1961, the Equipment Leasing Association (ELA) is the premier non-profit association representing companies involved in the dynamic equipment leasing and finance industry to the business community, government and media. As the voice of the leasing industry, ELA promotes the estimated $218 billion industry as a major source of funds for capital investment in the United States and abroad. Headquartered in Arlington, VA, ELA has more than 800 member companies and a staff of 25 professionals. For more information on ELA, please visit http://www.ELAOnline.com.
About R.S. Carmichael & Co., Inc.
Founded in 1976, R.S. Carmichael & Co. is a leading marketing research and management consulting firm serving the equipment leasing field and other financial services industries. Based in White Plains, NY, the firm has a 28-year record of success in helping clients identify opportunities and develop actionable plans that are market-driven and factually based. Visit R.S. Carmichael & Co. at http://www.rscarmichael.com.
"DVI Recoveries Show Promise:
Triple-A's Seen as 'Cheap' if Servicer Is Successful"
RadNet Management, the primary operating subsidiary of Primedex and one of DVI's most prominent lease obligors, has agreed to repay the $60 million it owes--good news for investors holding DVI medical equipment lease ABS.
According to replacement servicer US Bank, $334 million of the current $500 million in defaulted loans is being sought as collectable via restructuring, and another $100 million is considered collectable through legal means. Some $2.6 million has been charged off, and $145 million of the $334 million has been either restructured or resolved in a cash payment. One source says that while US Bank is working on other accounts, the bank is not sure it will receive par value for all remaining collectable accounts, but if US Bank gets all the money, it is thought that senior ABS holders will get most or all of the principal owed them.
There is no guarantee that DVI ABS will not default, but investors are pleased with RadNet's news since RadNet represented almost 20 percent of the most important defaulted receivables.
"Future performance of the pools will largely depend on [US Bank's] ability to reduce the flow of future delinquencies as well as on the magnitude and the timing of recoveries on defaulted receivables," said Moody's Investors Service. "The latter will depend on [US Bank's] ability to either work out the already defaulted contracts or liquidate the underlying equipment.”
August Business Leasing News
David G. Mayer, a business transactions partner of the law firm of Patton Boggs LLP and author of the book, Business Leasing for Dummies ® (BLFD).
“ Unfortunately, the book is out of print and only a few copies remain
available; so if you want to find a copy, please search the web today!,”
he says. “ Thanks for buying my book for two and one-half years. “
“This e-newsletter offers timely, concise information and analysis backed by supporting research. “
In this issue:
1. Major U.S. Airlines Struggle as Discounters Carve Up Their Markets
2. Cape Town Convention Gains Approvals in U.S. Senate
3. Is a TRAC Lease a True Lease?
4. BLN Case & Comment: Lenders Affected When Purchaser Cuts Corners On Environmental Diligence – XDP, Inc. v. Watumull Properties Corp.
5. Leasing 101: What is a “TRAC Lease”?
6. BLN Briefs: Venture Capital Impact; New Maritime Security Code; Business Jet Deliveries and Orders Increase
7. Training Offered; Upcoming Speeches; New Publications
8. About Patton Boggs LLP and My Law Practice
Streamlined Sales Report
Dennis Brown, Equipment Leasing Association
Streamlined Sales Tax Report
Amnesty for Registration
Implementation and Administration Procedures
Working draft – For Discussion Purposes Only
### Press Release ############################
1st Source Corporation Announces Intention to Issue $30 Million of Trust Preferred Securities;
Plans to Redeem $27.5 Million of Outstanding Trust Preferred Securities
SOUTH BEND, Ind.----1st Source Corporation (Nasdaq:SRCE) today announced that it has entered into arrangements for the private placement of $30.0 million of 7.66 percent trust preferred securities. It intends to use the proceeds of the sale to redeem all $27.5 million of the outstanding 9.00 percent trust preferred securities (Nasdaq:SRCEP) issued by 1st Source Capital Trust I in 1997. Subject to final documentation, the securities will be issued by a newly formed Delaware business trust subsidiary of 1st Source Corporation (1st Source). These fixed rate trust preferred securities will be issued at $25.00 per share at the rate of 7.66 percent per annum, payable quarterly. The securities are redeemable after five years and are due in 2034.
1st Source today provided notice to the trustee for the 9.00 percent trust preferred securities of its plans to redeem these securities prior to September 30, 2004. The redemption price will be $25.00 per preferred security plus accrued dividends to the date of redemption. 1st Source expects that holders of the 9.00 percent trust preferred securities will receive formal notice of redemption from the trustee.
The completion of both the new issuance and the redemption will have an on-going quarterly earnings benefit; however, 2004 third quarter earnings will be reduced by an estimated $460,000 due to the net impact of the write-off of capitalized debt issuance costs related to the trust preferred securities currently being redeemed.
The new trust preferred securities have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an exemption from registration requirements. This announcement does not constitute an offer to sell or the solicitation of an offer to buy the securities.
1st Source is the largest locally controlled financial institution headquartered in the northern Indiana-southwestern Michigan area. While delivering a comprehensive range of consumer and commercial banking services, 1st Source Bank has distinguished itself with highly personalized services. 1st Source Bank also competes for business nationally by offering specialized financing services for private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, construction and environmental equipment. The Corporation includes 61 banking centers in 15 counties, 6 Trustcorp Mortgage offices in Indiana, Ohio and Michigan, and 22 locations nationwide for the 1st Source Bank Specialty Finance Group. With a history dating back to 1863, 1st Source Bank has a tradition of providing superior service to customers while playing a leadership role in the continued development of the communities in which it serves.
CONTACT:1st Source Corporation Larry Lentych, 574-235-2702 Andrea Short, 574-235-2348
LeaseCompare.com & MarketWise Remarketing Partnership Helps Reduce Off-Lease Residual Losses
CINCINNATI----Automobile Consumer Services, Inc. (ACS), the leader in online direct-to-consumer auto leasing, announced a new partnership with MarketWise, a specialist in automotive remarketing. A key component of the relationship will be that MarketWise will use ACS's popular www.LeaseCompare.com quoting engine as a remarketing tool.
MarketWise currently provides end-of-term leasing management to financial institutions such as banks, credit unions, residual value insurance providers, captive and non-captive finance companies to minimize risk and increase profitability. The LeaseCompare.com quoting engine now makes it easy for Marketwise representatives to compare lease/finance payments while talking with consumers coming off of a lease. The quotes are offered to customers on behalf of the lender who originally wrote the lease.
Offering a re-lease to an off-lease vehicle customer will give them a lower payment than a conventional loan. This will result in a cap cost that is closer to the actual residual value which helps mitigate residual losses by the original lessor.
David Walsh, MarketWise vice president, stated, "Our relationship with ACS is critical to our success. Using the LeaseCompare.com quoting engine will allow us to close more sales on behalf of our clients." Walsh continued, "I'm extremely pleased to have a used car leasing product available for our lease customers who want to continue leasing their current vehicle."
An added benefit of using the LeaseCompare.com quoting engine is that ACS will handle the entire re-lease process once the credit application is submitted. This frees up Marketwise and their financial customers to pursue other business.
Tarry Shebesta, president of ACS, added, "We are excited about our partnership with MarketWise. MarketWise achieves great results for their clients and we're delighted that our LeaseCompare.com instant quoting tool will help drive superior results for MarketWise clients."
About Automobile Consumer Services, Inc. (www.acscorp.com)
Based in Cincinnati, Automobile Consumer Services, Inc. (ACS) is a leading provider of consumer automotive services, including car buying and leasing, fleet resources, vehicle remarketing, and used vehicle sales. Founded in 1989, ACS's mission is to provide services that enhance the experience of buying or leasing a car. ACS achieves this by leading the industry with innovative proprietary technology, superior customer service, and years of industry experience.
About MarketWise (www.Market-Wise.com)
MarketWise is an automotive remarketing services company dedicated to providing "best-in-class" End of Term Management, Recovery and Remarketing Management as well as Sales and Leadership Training. Strategic relationships with companies such as Auto Trade Center (www.autotradecenter.com) uniquely position MarketWise to utilize multiple sales channels to maximize client proceeds and, ultimately, return on remarketing investment. Founded on people, technology and experience, MarketWise has been reducing risk and increasing profitability since 1997.
-Tarry Shebesta, President
Automobile Consumer Services, Inc. (www.acscorp.com)
Vice President, National Vehicle Leasing Association (NVLA)
email@example.com / 513.527.7700 ext. 11
### Press Release ##############################
Cornerstone Software Helps Bay4 Capital Complete Conversion of Comdisco Inc.'s Lease Assets
EaglePro Lease Accounting Software Provides Adaptive Solution for
Integration of Lease Management Systems
NASHUA, N.H., / -- Cornerstone Software, a leading provider of lease accounting and asset management software, and Bay4 Capital, an independent information technology lessor, announced the successful completion of a major lease portfolio conversion. The project included the conversion of Comdisco, Inc.'s North American information technology equipment assets into Bay4's lease portfolio over an aggressive two-month timeframe. Utilizing Cornerstone's professional services and flagship EaglePro lease accounting software, Bay4 was able to significantly increase its lease portfolio assets and realize considerable improvements in its lease management operations.
Bay4 recently acquired the lease assets from Rosemont, IL-based Comdisco, a public company and formerly one of the world's largest equipment lessors. Per the terms of the acquisition, Bay4 had two months to transfer the assets from Comdisco's proprietary, mainframe-based leasing systems in Rosemont to its existing EaglePro system in Tampa Bay, Florida. By completing the project on time, the Cornerstone/Bay4 team saved Bay4 a significant amount in potential fees, had it been required to maintain the lease assets on Comdisco's systems past the contract deadline.
"This project demonstrated a great team effort between Cornerstone and Bay4. Everyone focused on the same goals, making the transition of Comdisco's assets into Bay4's system a seamless process. In fact, our systems capability helped to differentiate Bay4 in a very competitive bidding process for this quality portfolio," said Clay Biddinger, Chairman of Bay4 Capital. "Cornerstone's EaglePro system handled the conversion smoothly, incorporating large volumes of new assets, and giving us the ability to compete with larger leasing firms, while also providing our customers with higher levels of service," he added.
EaglePro is a true asset-based lease management solution that helps lessors streamline the creation of and management of lease contracts, reduce their operating costs, and collaborate more effectively with their leasing customers. Featuring a robust feature set, EaglePro proved to be an ideal solution for Bay4's fast growing lease portfolio.
According to John Rindone, chief executive officer, Cornerstone Software, "The Bay4 project gave us the opportunity to combine EaglePro's proven technology and Cornerstone's lease expertise to implement a system that accommodated Bay4's dynamic business processes." He adds, "EaglePro's highly- scalable technology and true asset-based functionality provide an enterprise- wide lease accounting solution that will fully support Bay4's growing operations now and in the future."
"Working closely with the Bay4 executives, Cornerstone configured EaglePro to accommodate many of Bay4's business processes," said Mike Friedman, vice president, product management/leasing of Cornerstone Software. "Cornerstone's approach to software development has always been based on several factors, including soliciting and listening to customer input, and closely watching trends in the leasing industry -- all of which have shaped EaglePro by influencing the direction and capabilities of the software," he said.
The results of Cornerstone's development efforts satisfied the business and operational needs of Bay4 and expanded EaglePro's capabilities, which have become permanent features of the software:
* Enhanced invoice and report formats - allows users to customize a larger number of standard invoice and report formats - utilizing Crystal Reports - requiring no additional technical support or additional customization.
* Improved search capabilities - powerful search module and query
enhancements allow users to instantly locate customer, asset, and lease information.
* Faster processing - increased throughput to streamline billing and
reporting functions, in some cases reducing processing times from hours to minutes. Bay4's system was also modified to accommodate a larger number of simultaneous users in multiple administrative and sales offices.
Bay4 plans to grow its portfolio aggressively over the next several years with existing customers as well as through continued acquisitions of high- quality leasing operations in North America. As a result of the successful conversion of the Comdisco portfolio, Bay4 and Cornerstone have demonstrated the value that can be created through cooperative solution development based on solid underlying technology.
Bay4 Capital (http://www.bay4.com) is an independent provider of technology and related equipment leasing, delivering innovative, vendor- independent leasing products, services, and customer care solutions. The company's suite of services maximizes customer asset values by providing a single source solution for planning, financing, managing and remarketing of equipment.
About Cornerstone Software
Launched in 1986, Cornerstone Software is a privately held company headquartered in Nashua, NH. Cornerstone develops, markets, and sells EaglePro, a true asset-based lease accounting software solution, as well as application development tools for the HP NonStop(TM) computing platform. While both product lines are distinct, Cornerstone combines its extensive application development experience and leasing expertise to create next generation lease accounting products that deliver the highest level of value, performance, and functionality to its customers. Cornerstone's products are distributed through International distributors, value-added resellers and direct marketing efforts. For more information, please visit
Cornerstone Contacts: Editorial Contacts:
John Rindone, CEO Ron Desjardins, Brainium
(603) 595-7480 Ext. 214 (603) 624-2800 Ext. 205
Mike Friedman, VP, Product Management/Leasing
SOURCE Cornerstone Software
CO: Cornerstone Software; Bay4 Capital; Comdisco, Inc.
ST: New Hampshire
Web site: http://www.cornerstonesoftware.com
Feds Raise Prime Rate as Predicted /Hints More Raises to Follow
( Leasing News sent news out to all readers as an extra when rate increase
was announced. All on mailing list get “extra’s” and breaking
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This Day in American History
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.
1807-Birthday of David R. Atchison, Missouri legislator who was president of the US for one day. Born at Frogtown, KY, Atchison's strong pro-slavery opinions made his name prominent in legislative debates. He served as president pro tempore of the Senate a number of times, and he became president of the US for one day--Sunday, Mar 4, 1849--pending the swearing in of President-elect Zachary Taylor Monday, Mar 5, 1849. The city of Atchison, KS, and the county of Atchison, MO, are named for him. He died at Gower, MO, Jan 26, 1886.
1841-Having escaped from slavery only three years earlier, Frederick Douglass was legally a fugitive when he first spoke before an audience this day in 1841. At an antislavery convention on Nantucket Island, Douglass spoke simply but eloquently about his life as a slave. His words were so moving that he was asked to become a full-time lecturer for the Massachusetts Anti-Slavery Society. Douglass became a brilliant orator, writer and abolitionist who championed the rights of blacks as well as the rights of all humankind.
1860—Nevada is known as the “Silver State” as the first silver mill to treat sliver ore successfully, as well as the first reducing mill to treat ore-bearing quartz, was established by the Washoe Gold and Silver Mining Company, No. 1, near Virginia City, Nevada. The mill operated by waterpower, was built by Almarin B. Paul, who began construction work on May 25, 1860, and completed it on August 9, 1860. It consisted of 24 stamps that began to crush on August 11, 1860.
1862-Birthday of Carrie Jacobs Bond, American composer of well-known songs, including "I Love You Truly" and "A Perfect Day," and of scores for motion pictures, Carrie Jacobs Bond was born at Janesville, WI. She died at Hollywood, CA, at age 84, Dec 28, 1946.
1861-The first US Senator to address the Senate in military uniform was Edward Dickinson Baker, Republican of Oregon. He was drilling his regiment at Meridian Hill when he was summoned to refute Senator John Breckinridge, Democrat of Kentucky, who was speaking against a proposal to send troops against the South. Baker did not have time to change into civilian attire, but removed his sword prior to delivering his speech. Baker City and County were named for London-born Edward Dickinson Baker, a Disciple minister. E.D. Baker had been converted to Christ at the Carrolton Church in Greene County, Illinois. Baker held many roles. He defeated Abraham Lincoln in a primary election in 1842. Baker and Lincoln were friends and the Lincolns named their second son Edward Baker Lincoln in honor of E. D. Baker. He came to Oregon in 1860 and campaigned for Lincoln. Later, becoming United States senator from Oregon, Baker introduced Lincoln at his first inaugural.
He was killed at the battle of Balls Fluff, VA, on October 21, 1861.
1862-Birthday of song writer Carrie Jacobs Bond She had been left a penniless widow with a baby son and earning her living running a boarding house and painting china. She was able to supplement her income by giving recitals in private homes. Her growing popularity gave her courage to start her own publishing company. Using borrowed money, the Carrie Jacobs-Bond and Son Publishing Company became highly successful printed the sheet music to her songs. Wildly popular in her day, the perennial favorite "I Love You Truly" made her a wealthy woman but it was "When You Come to the End of a Perfect Day" that was the most popular of all, selling more than 5 million copies of the sheet music. She wrote about 400 songs and published slightly less than half. Her autobiography is The Roads of Melody (1927).
1897-Birthday of poet Louise Bogan; chairman of poetry at the Library of Congress, poetry critic for New Yorker magazine for 37 years (1931-1969), and a distinguished poet in her own right. Her final collection The Blue Estuaries: Poems, 1923-1968 (1968) presents her finest work.
1874 - Harry S. Parmelee of New Haven, Connecticut got a patent for the sprinkler head.
1896 - The pull-chain electric-light socket was patented by Harvey Hubbell of Bridgeport, Connecticut.
1904 pianist Jess Stacy birthday, “Sing,Sing,Sing” soloist, born Bird's Point, Mo
(see alphabetically on this list: http://220.127.116.11/.WWW/s3.html
1909 - The first United States ship to use the "SOS" radio distress call was the liner "Arapahoe".
The first distress signal used was the “CQ” for “stop sending and listen.” The first SOS was
made by Theodore D. Hauber, operator of the Clyde liner Arapahoe, a single-screw freight and passenger steamer of som3 3,000 tons, bound for Charleston, SC, and Jacksonville, Fl, from New York
City. Its engines were disabled 21 miles southeast of Diamond Shoals, off Cape Hatteras at 3:45pm. Both the SOS and the CQD signals were sent. The SOS was first heard and acknowledged by R.J. Vosburg, wireless operator at station HA in Cape Hatteras, NC.
1908—Birthday of clarinetist Russell Procope, NYC. He was Duke Ellington’s alto clarinetist for
1911-Duke Kahanamoku breaks the world record in the 100-yard free-style swim by 4.6 seconds in Honolulu Harbor, Hawaii.
1921-Birthday of author Alex Haley , Ithaca, New York. He was raised by his grandmother at Henning, Tennessee, and entered the US Coast Guard in 1939 serving as a cook, but eventually he became a writer and college professor. His interview with Malcolm X for Playboy magazine led to his first book, " The Autobiography of Malcolm X," which sold six million copies and was translated into eight languages (it was an excellent, moving biography of a man I interviewed several times as a newsman; he was quite an "electric" interview ). His Pulitzer Prize-winning novel published in 1976, Roots, sold millions and was translated into 37 languages and was made into an eight-part TV miniseries in 1977, holding the first top ratings of any such series, generating interest in all human ancestry. Haley died at Seattle, WA, Feb 13,1992
http://www.kintehaley.org/1922-Birthday of Mavis Gallant - Canadian short story writer and novelist. Although she settled in France, she considered herself primarily a Canadian. She traveled widely. Most of her short stories were published in The New Yorker magazine.. "Green Water, Green Sky," "A Fairly Good Time," and "Home Truths" are considered her best stories by man
1929-Babe Ruth of the New York Yankees became the first player to hit 500 career home runs when he connected off Willis Hudlin as the Cleveland Indians defeated the Yankees, 6-5. The home was also the 30th of the year for the Bambino.
1934-The first prisoners arrive at Alcatraz, San Francisco, a prison for the “most dangerous.”
( lower half of: http://memory.loc.gov/ammem/today/aug11.html
1941 - With his orchestra, Glenn Miller recorded "Elmer’s Tune" for Bluebird Records.
1942-Moview star Hedy Lamarr, born Hedwig Eva Maria Kiesler in Vienna about 1914, received a patent while under contract with the MGM studio in Hollywood for the development of the concept of “frequency hopping” as a means of controlling torpedoes by radio.
They Say It’s Wonderful - Frank Sinatra
The Gypsy - The Ink Spots
Surrender - Perry Como
New Spanish Two Step - Bob Wills
1946-Birthday of writer Marilyn Vos Savant, holder of the world's highest IQ according to the Guinness book of records.
1951 -The Braves beat the Dodgers 8-1 in the first major league game to be televised in color.
Sh-Boom - The Crewcuts
The Little Shoemaker - The Gaylords
In the Chapel in the Moonlight - Kitty Kallen
One by One - Kitty Wells & Red Foley
1956-Elvis Presley's "Don't Be Cruel" is released
1958 - "Hard Headed Woman," the feature song of the movie "King Cole," earned Elvis Presley a gold record.
Breaking Up is Hard to Do - Neil Sedaka
The Loco-Motion - Little Eva
Ahab, the Arab - Ray Stevens
Wolverton Mountain - Claude King
1965-Watts Riot: A minor clash between the California Highway Patrol and two young blacks set off six days of riots in the Watts area of Los Angeles. Thirty-four deaths were reported and more than 3,000 people were arrested. Damage to property was listed at $40 million. The less-immediate cause of the disturbance and the others that followed was racial tension between whites and blacks in American society.
1969-Diana Ross invites 350 guests to a Beverly Hills club to see the newest Motown act, The Jackson 5.
(They Long to Be) Close to You - Carpenters
Make It with You - Bread
Signed, Sealed, Delivered I’m Yours - Stevie Wonder
Don’t Keep Me Hangin’ On - Sonny James
1970-Jim Bunning of the Philadelphia Phillies defeated the Houston Astros,6-5, to become the first pitcher to win 100 games in each major league. Bunning, who started his career with the Detroit Tigers became a Congressman from Kentucky after retiring from baseball and was inducted into the Baseball Hall of Fame in 1996.
1975-Aerosmith's "Toys In The Attic" LP goes gold.
Miss You - The Rolling Stones
Three Times a Lady - Commodores
Grease - Frankie Valli
Love or Something Like It - Kenny Rogers
1982-The debut of Anglo-American pop-rock band, the Pretenders is certified platinum about three years after it's released. The L.P. contained two hits, "Brass in Pocket" and "Kid."
1984- President Ronald Reagan's voice-test joke: in preparation for a radio broadcast, during a thought-to-be-off-the-record voice level test, instead of counting "one, two, three . . ." the president said: "My fellow Americans, I am pleased to tell you I just signed legislation which outlaws Russia forever. The bombing begins in five minutes." The statement was picked up by live television cameras and was heard by millions worldwide. The incident provoked national and international reactions, including a news network proposal of new ground rules concerning the use of "off-the-record" remarks.
1984 - Ray Parker, Jr.'s single, Ghostbusters, hit the Number 1 spot on the Billboard's record charts on this date, and stayed there for 3 weeks. Parker also wrote and produced the song, which was the title theme song for one of the highest-grossing comedy films in movie history. He later received an Academy Award nomination for it.
Glory of Love - Peter Cetera
Papa Don’t Preach - Madonna
Mad About You - Belinda Carlisle
Rockin’ with the Rhythm of the Rain - The Judds
1987 - Music magazine "Rolling Stone" said "Sgt. Pepper’s Lonely Hearts Club Band" was "the best album made during the last 20 years".
1988 - Moisture from what remained of Tropical Storm Beryl resulted in torrential rains across eastern Texas. Twelve and a half inches of rain deluged Enterprise TX, which was more than the amount received there during the previous eight months. Philadelphia PA reported a record forty-four days of 90 degree weather for the year. Baltimore MD and Newark NJ reported a record fourteen straight days of 90 degree heat
1989 - One of the most severe convective outbreaks of record came to a climax in southern California after four days. Thunderstorms deluged Benton CA with six inches of rain two days in a row, and the flooding which resulted caused more than a million dollars damage to homes and highways. Thunderstorms around Yellowstone Park WY produced four inches of rain in twenty minutes resulting in fifteen mudslides. Thunderstorms over Long Island NY drenched Suffolk County with 8 to 10 inches of rain. Twenty-three cities in the southeastern U.S. reported record low temperatures for the date. It was, for some cities, the fourth straight morning of record cold temperatures.
1991- In only his second big league start, 21-year old White Sox southpaw Wilson Alvarez no-hits the Orioles, 7-0. Only Browns' hurler Bobo Holloman, who threw a no-hitter in his first major league start in 1953 accomplished the feat in fewer starts.
1993-First foreign-born officer appointed chair of joint chiefs: President Bill Clinton appointed Army General John Shalikashvili to succeed Colin Powell as Chairman of the Joint Chiefs of Staff. Shalikashvili was born at Poland, but his family fled to Germany in 1944 to escape advancing Soviet troops. After moving to the US, his family lived at Peoria, IL. "General Shali" has a distinguished military record and is a Vietnam war veteran.
Stay (I Missed You) (From "Reality Bites"), Lisa Loeb
I Swear- All-4-One
Fantastic Voyage- Coolio
Wild Night- John Mellencamp With Me Shell Ndegeocello
Can You Feel The Love Tonight (From "The Lion King")- Elton John
1997—Congress passed the line-item veto for the President in 1996, but this day in 1997
William Jefferson Clinton was the first to use it, eliminating three provisions from legislation that had been passed by Congress. The line-item veto, a power sought by presidents since Ulysses S. Grant, enables presidents to strike particular items from newly enacted federal laws without having to veto the entire bill.
Genie In A Bottle- Christina Aguilera
Tell Me It s Real- K-Ci
Bills, Bills, Bills- Destiny s Child
All Star- Smash Mouth
2001- Using fewest number of games anyone has ever needed to hit 50 homers in a season, Giant outfielder Barry Bonds reaches the milestone in 117 contests. In 1999, Sammy Sosa reached the mark in 121 contests.
2002- Sammy Sosa's grand slam and run-scoring double against the Rockies gives the Cubs' slugger 14 RBIs over two games establishing a new a National League record. The previous mark was 13 shared by Nate Colbert (Padres-1972) and Mark Whiten (Cardinals -1993).
2003- By fanning Jeff Kent in the seventh inning at Wrigley Field, Kerry Wood became the
fastest major leaguer to record his 1,000th career strikeout needing only 134 games to reach the milestone. It took 143 games for Roger Clemens to accomplish the feat.
Crazy In Love- Beyonce Featuring Jay-Z
Right Thurr- Chingy
Never Leave You - Uh Ooh-- Uh Oooh!, Lumidee
P.I.M.P-, 50 Cent
This poem by Robert L. Harrison depicts one of the best teams of all times. The 1927 Yankees or "Murderer's Row" were legendary and this poem pays tribute to those magnificent Yanks. In 1929, Babe was the first to hit 500 home runs.
by Robert L. Harrison ©
Published: New York Baseball Poems (1999)
Gather 'round you fans of baseball
you lovers of season past,
let me take you back to the greatest team
that ever played on grass.
Guided by Miller Huggins
known as "murderer's row,"
never was such a string of pearls
so feared this side of Hell.
Greedy was this awesome bunch
with Ruth and Gehrig leading the punch,
and Hoyt and Moore on the mound
shooting all the batters down.
Gasping crowds assemble
like sinners in a tent,
watching all the other teams
trying to repent.
God blessed those boys of summer
those pin-striped renegades,
with a winning passion
while others saw only the haze.
Gathering in the rosebuds
by playing excellent ball,
called the "five o'clock lightning"
taking the pennant in the fall.
Gone were any pretenders to the throne
no on stood wherever these Yankees roamed,
twenty-five men made up this team
and all had a year better than their dreams.
1927 Yankees by Robert L. Harrison ©
Murderer's Row was anchored by Babe Ruth, who hit sixty home runs and batted .356; and Lou Gehrig, who had forty-seven home runs and batted .373.
The team won one-hundred ten games and the other members included: Earle Combs, who hit .356 and led the league in hits, singles and triples; Tony Lazzeri, who hit eighteen home runs and batted .309; and Bob Meusel who hit .337.
This poem is a Baseball Almanac exclusive and appears here with expression written permission from the author