Wednesday, August 18,2004
######## surrounding the article denotes it is a “press release”
Classified Ads—Controller/Contract Administrator
Controller: Seattle, WA
CPA w/ 15 years management exp. as CFO/ Controller/5 yrs w/ PriceWaterhouse Coopers. Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate.
Controller: Southeastern, MI.
Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate.
Los Angeles, CA
Documentation Manager; 25+ years experience; strong documentation skills; solid reputation for submitting complete funding packages consistently resulting in same day fundings; will consider reasonable commute.
New York, NY.
10+ years in equipment leasing/secured lending. Skilled in management & training, documentation, policy and procedure development & implementation, portfolio reporting. Strong work ethic.
6+ years small ticket leasing/financing. Documentation/funding Policy development &implementation, management &training, process mapping, customer service, broker, vendor, portfolio experience.
full listing of jobs wanted at: http://188.8.131.52/LeasingNews/JobPostings.htm
post your free ad at: http://184.108.40.206/LeasingNews/PostingForm.asp
NEW FEATURE--- Looking for a Leasing Attorney
(As a point of information, I tried to explain that warranty was his responsibility,
and not the lessor. He still would like an attorney’s help. Editor)
Other postings at:
Zaqunis Brings Back the Gold ! ! !
Beaverton, Oregon's Mariel Zagunis won the first Olympic women's saber competition Tuesday night, beating former world champion Tan Xue of China 15-9 in the final. After she won the last point, Zagunis ripped off her mask, raised her arms, immediately mobbed by members of the U.S. team who rushed onto the strip and tossed her into the air.
"There's no better feeling than being thrown up there after becoming champion of anything," she said. "I'm glad they could get on stage and celebrate with me like that."
Zagunis, of Beaverton, Ore., controlled the final, charging in on the opening point to score the first touch of the match. Throughout the bout she took the initiative, scoring repeatedly on direct attacks. She also displayed the versatility to parry Tan's advances and score on the counterattack.
"She practically showed everything we coaches wish to see in a bout," her coach, Ed Korfanty said.
Zagunis did not earn a spot on the U.S. team until June, when the Nigerian Olympic Committee declined to have its fencer — Jacqueline Esimaje — participate in the competition. That opened up a spot in the field, which Zagunis filled as the highest-ranked fencer in the world who had not already qualified.
"I'm just happy in the first place that I was able to come here and compete," Zagunis said.
Women's saber is one of the newest of fencing's six disciplines and is making its first appearance in the Olympics. The first world championship in women's saber was held in 1999.
Saber is known as the fastest of fencing's three weapons.
Zagunis broke the streak, winning the first U.S. gold since Albertson Van Zo Post won in the long-forgotten single sticks event in 1904.
First NorVergence Class Action Filed
This is not the Telecom Agent Association Legal Co-Op that
has over 50 members who have joined their effort. This is from
the New Jersery firm of Kantrowitz Goldhamer & Graifman against
fifteen leasing companies, naming them “assignees.”
Leasing News has requested a copy of the filing as well as the
names of the leasing companies on this action.
Garry S. Graifman says this is a “ A class action lawsuit against various telecommunications leasing companies who were assignees of leases and equipment rental agreements entered into between individuals and business and the telecommunications company, Norvergence, Inc. (“Norvergence”).
“The suit seeks to certify a nationwide class of those persons and entities who leased telecommunication and/or network computer equipment from Norvergence, which leases were then assigned to various leasing companies.”
The company is also actively seeking others to join in this action.
The lawsuit, entitled Exquisite Caterers, on behalf of themselves and all others similarly situated v. Popular Leasing Corp., et al, was filed on August 16, 2004, in Monmouth County, New Jersey Superior Court.
The lawsuit alleges that the leases violated various state and federal statutes including the Consumer Fraud Act, the FTC Holder Rule, the Truth-in-Consumer Contracts, Warranty & Notice Act, and that the leases constitute breaches of contract, and breaches of implied and express warranty.
The suit seeks cancellation of the leases, disgorgement of lease payments and a declaratory judgment concerning the unenforceability of the leases.
The suit names approximately fifteen (15) lease financing companies and 40 Doe corporations as defendants.
The plaintiff, and putative class representative, is represented by the law firm of Kantrowitz Goldhamer & Graifman, which can be reached at 210 Summit Avenue, Montvale, New Jersey 07645, 1-800-660-7843, Attention Gary S. Graifman, or by email: firstname.lastname@example.org and by the Law Offices of Michael Scott Green, 14 Easton Avenue, No. 340, New Brunswick, New Jersey 08901, Telephone 732-390-0480 or email: email@example.com or njclassaction.com.
The various list serves on the internet have given NorVergence
customers not only a place to place their bitterness and unhappiness
with their situation, but an ability to join together, at worst, to
pool their knowledge, and at best, to file legal action as a group
against leasing companies who they claim are at fault for not
doing their homework, or at worst, being in bed with NorVergence.
There is more to come as telephone customers note the financing division of NorVergence was created by Robert J. Fine, elected president of the Eastern Association of Equipment Lessors, therefore
they conclude all leasing companies are in “cahoots.”
Previous stories at:
Leasing Institute of America Enters Fray
With the faculty of Sudhir Amembal, Loni L. Lowder, Charles E. Brazier, CLP, Jason Smith, General Manger, and Joe Bonanno, Esq., with $30,000 you can take part in the “Five Day Leasing School” to participate in “Stage One...The Executive Lease Broker Program...the most in-depth curriculum and training program available on the market for business professionals interest in entering the commercial equipment lease brokerage business.”
Stage 2: “Six Month Coaching Program-as participant in the Executive Leasing Broker Training Poirgram they will complete a bi-weekly prescheduled 30-minutes sales training session to discuss the prior weeks activities and progress...”
Stage 3: “A lifetime of Support—Upon completion of the six month coaching Hotline at no additional charge for the life of their business.
The Coaching Hotline will provide the trainee to have access to the necessary information to grow their business for years to come.
---including “Access to the underwriter’s database that will help the lease brokers pair their deals to a funding source.”
In an introductory letter from Sudhir P. Amembal, Senior Faculty:
“In order to encourage you to refer candidates to our program, we are offering a $10,000 referral fee to you for each student that
completes our course through December 2004.”
“Why an Equipment Lease Brokerage Is a Great Business
“ No major equipment needs!
“ No inventory!
“ Few or no employees!
“ Virtually every business is a prospective client!
“ Suppliers competing for your business!
“ Perfect economic conditions! US Businesses have been putting off equipment purchases for the past three years during the economic downturn. Companies are desperately in need of equipment upgrades, additions and replacements. Most economic indicators show the economy is beginning its rebound; be ready because we are about to enter what will be historically known as "the good old days of equipment leasing"!
“ Residual income! As you are learning the business you are building a business. Lessees, borrowers, vendors, and bankers are all in need of a good finance professional they can trust! And with on going support, you will learn to structure transactions with renewable income.”
There also is a money back guarantee, according to Loni Lowder.
Ira Romoff Back in Business—More About it!
“I'M VERY PROUD TO TELL YOU OF MY NEW LEASING ORGANIZATION! WE WILL BE PART OF INDEPENDENCE COMMUNITY BANK, (NASDAQ SYMBOL - ICBC, WEBSITE - WWW.ICBNY.COM) A GREATER NYC/NJ COMMERCIAL BANK WITH OVER 120 BRANCHES THAT DATES BACK TO 1850! HOW'S THAT FOR STABILITY? THE BANK IS OVER $18 BILLION IN ASSETS, EXTREMELY PROFITABLE AND ENJOYS A MARKET CAPITALIZATION OF $3.1 BILLION.
“WE WILL BE STARTING A BRAND NEW LEASING COMPANY, SIMILAR IN MANY WAYS TO THE ONE I BEGAN IN 1991 FOR EUROPEAN AMERICAN BANK. OF COURSE WE WILL BE A FUNDING SOURCE FOR SMALL AND MID SIZED LESSORS LOOKING FOR TRANSACTIONS UP TO A FEW $MILLION. SIMULTANEOUSLY, ALTHOUGH SEPARATELY, A DIRECT SALES STAFF WILL BE HIRED FOR THE SAME SIZED TRANSACTIONS.
“WE WILL BE DRIVEN BY COMMON SENSE, NOT SILLY RULES. CREDIT AND COLLATERAL WILL COUNT, BUT SO WILL THE INTEGRITY OF THE LESSEE, LESSOR AND VENDOR.
“WE WILL SUPPORT OUR LESSORS WITH DIRECT CREDIT LINES WHEN NEEDED, PARTIAL AND FULL RECOURSE STRATEGIES AND NON RECOURSE FUNDING.
“WHILE OUR PRIMARY GOAL WILL BE TO BUILD A SOLID BANK LEASING OPERATION AS I HAVE DONE IN THE PAST, OUR METHOD WILL INCLUDE STRENGTHENING OUR LESSORS SO THAT THEIR FRANCHISE VALUES WILL GROW OVER TIME. THIS VALUE ADDED FOR OUR LESSORS WILL DIFFERENTIATE US FROM THE PACK.”
DIRECTOR OF LEASING
INDEPENDENCE COMMUNITY BANK
Alexa Ranks Leasing Association Web Sites
Business Leasing News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law. The rating is not valid as it includes all those who visit and communicate with the law firm. When Business Leasing News has its own individual web site, it will be included in the Alexa survey.
It should also be noted that several of the web sites have their "list serve" posted via their site, meaning their e-mails are counted as a visit to the site, whereas they are "list serve" communication. These are technically visits to the web site, but primarily to use "list serve."
These comparisons are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than an actual count from the website itself. Other than as noted above, we believe the ratings are reflective as most have stayed in the same position, basically, for over a year.
The Alexa tool bar works on most browsers.
They are partnered with Google.
You may download their free tool bar A graph and analysis of the last three months are available.
( Note: the lower the number, the higher you are on the list. It is based on all web sites. Leasing is only a very small part of the various sites such as Yahoo, MSN, Google, etc. )
Anonymous---“You are just as filthy...”
“I cannot allow my name to be printed....I cant afford to fend off the wrath of Reader and McQuitty.....I am just a one man shop funding 500K a month in equipment costs with NO prelim docs, NO commitment fees, NO kept checks. Declaring war against them is not high on my list of things to do.
“You do a good job being fair but endorsing that commitment letter fiasco was a mistake.....I don’t care "what is legal"....what matters in our industry is "what is ethical". Taking commitment fees from people and never funding deals or changing the terms dramatically is wrong.
“name and address withheld!!”
“Maybe now you and your website will stop Promoting/Defending your cronies in SO-CAL and also STOP PROMOTING that B$%^ S^&* commitment letter (the one with the NON-REFUNDABLE commitment fee language) that you had a lawyer draw up for other luminaries in our industry.
“That letter is no different than what Alliance and Capitalwerks does on a daily basis.....the only difference is they paid their own lawyer to draw up a letter you guys pooled your money to draw up the sheet...
“We either police ourselves or we WILL BE POLICED!! “
( name with held )
“You claim to be a "journalist and a reporter" who has been in the leasing industry over 25-30+ years (33 years. editor ) and it took a REAL journalist from the NY Times to uncover the truth about companies like Alliance Funding and Capitalwerks? How do I know it's the truth? Lets just say that I sat next to Brij Patel, president of Alliance and that we both were employed by Raeder and McQuitty at the Republic Group in Anaheim. What is even more despicable is how you've managed to sit there and pose as an ethical leasing professional and accept advertising money from Alliance Funding....
“You are just as filthy because you've known about this behavior for years and have done absolutely nothing. It's no wonder why people in leasing despise you. You know that the NY Times reported the truth regarding the business tactics at both Capitalwerks LLC and Alliance Funding Group and you've done NOTHING but sit as a spectator while a REAL reporter researched and uncovered the story. I love how McQuitty blames the numerous complaints to "acquisitions" of MSM, Preferred, and Saddleback even though all three companies have been out of business more than a year and a half during the time when all of the complaints were filed that Ms. Olson refers to in her investigation.
“I'm sure your "buddies" like McQuitty and Raeder are proud of how you have hailed both of them as "innovators" at a past UAEL (United Association of Equipment Leasing ) conference in San Diego in your "Meet the Producers" segment.... which by the way appeared to be a pathetic cry for attention on your part. Also, I really enjoyed how you had McQuitty pose as a reporter for LeasingNews and had him write a "brilliant, insightful" synopsis of what occurred at UAEL Rancho Mirage last year. You are truly the worst because by your silence, you condone such behavior like keeping advance rentals and bait 'n' switching by these companies. Why don't you ask Brij, Jim, and Mark what "pre-doc'ing or dummy doc'ing" means? If they can't!
“ I'll tell you. It's a way of getting a check on a lessee without even securing an approval. You see genius, they request a check and then later change the figures. I can't tell you how many times I've witnessed from my own experience how employees at both companies are encouraged to quote a payment far below their competitors at rates like 6-7% when their buy rates at lenders like Manifest, SBB&T, etc. are far higher. Why do they quote so low? So that they can get the lessee's check in and wait because pro forma invoices always change or you can change the term on the lease from 5 years to 3 and explain that the "collateral" was poor and that the lender approved a shorter term. They then add points into the shorter term and if the lessee doesn't agree, they threaten to keep the check! You can add companies like ( names deleted, all in Southern California. editor ) and I'm sure you know of plenty more!
“ Every time I see an inquiry on a credit report by one of these scum bag companies, I immediately visit the Southland BBB site, print a report, and warn the lessee of various games played by these companies.
“ I believe in bad "karma" Kit, and you will get your fair share.... God knows you deserve it. I will contact Ms. Olson and continue to assist her anonymously as much as I can and also add a little about you.”
( As stated in previous stories, all complaints to Leasing
News against Alliance Funding Group or CapitalWerks/PreferredLease have been resolved to the satisfaction of the complainant. One of our
roles is to act as an “ombudsman” and resolve issues.
Sales tricks and gimmicks have been presented at leasing conferences
for years, such as not telling the lessee the “APR” but “Add On”
rate as interest ( cost of leasing,) quoting a low 60 month rate,
but switching the lease to a 36 month higher rate, and the list
goes on. These were acceptable sales techniques as evidenced
to the presentation at leasing conferences. Leasing News
has written about them in the past. Many of us who have
been in the leasing business for a while can attest to
what was taught in the past, and perhaps still is in vogue,
and is still being taught today as a “sales technique.”
Perhaps the story was originally suggested to the
New York Times by “anonymous,” who appears to be a competitor.
Nothing wrong with that except perhaps for the
motivation part. Unfortunately the truth is the Better
Business Bureau has many leasing company complaints,
most of them centered around keeping “advance rentals.”
Leasing News has reported on this for over four years, plus the
fact all those who responded to our survey the first of
the year said they would return the money if the lease
did not fund, despite any reason or the time and costs
they have invested. There are those, including a leasing
association, who obviously does not agree and promotes
keeping funds for various reasons, specifically if they
believe the lessee lied on an application, therefore
all the money can be kept.
As to advertising, you can’t buy us for one ad or more. We
have taken to tasks companies who have advertised here, plus
cut those off who make the Leasing News Complaint Bulletin
Board. Certainly we have made enemies along the way
as no broker likes to give back $1,000 or $10,000 or
more of an advance rental they believe they have “earned.”
Yes, we along with ten sponsors helped create the Greene Agreement:
As to Brij Patel, Jim Raeder, Mark McQuitty, they are
leaders in the leasing industry, writing many leases;
very smart individuals. Every issue, every complaint,
everything brought to them by Leasing News, they have handled themselves, looked into themselves, not sloughed it off or did not care, but took action. There are other presidents of leasing companies
who get personally involved, too, as they want to get to
the bottom of the complaint. All leasing companies get complaints,
including American Express to Wells Fargo. Often the “customer
service” makes he difference. Then there are attorneys,
negotiators, and third parties, such as Leasing News that
often serve in our capacity to “read” the dispute
and help bring the parties together for an amicable
solution. We do this for free. There is no financial remuneration.
Often we do not make friends as one person is happy
and the other not; sometimes both, as a compromise
is made. We don’t even get a story to publish.
The point I would like to make is simply:
While we did not write the New York Times story, we
brought readers attention to it, did several follow-up stories
to it, and will continue to post “independent, fair, and unbiased news about the leasing industry.” Kit Menkin, editor/publisher.
From our Web Site Mission Statement:
The Mission of “The World” newspaper
“An institution which should always fight for progress and reform; never tolerate injustice or corruption; always fight demagogues of all parties; never belong to any party; always oppose privileged classes and public plunder; never lack sympathy with the poor; always remain devoted to the public welfare; never be satisfied with merely printing the news; always be drastically independent; never be afraid to attack wrong, whether by predatory plutocracy or predatory poverty.”
October 30,1911 Frank J. Cobb, editor, “The World”
His statement is a quote from the publisher Joseph Pulitizer's retirement speech on April 10,1907.
### Press Release ##########################
Marlin Business Services Corp. Reports Payoff of Year 2001 Asset Backed Securitization Transaction
MOUNT LAUREL, N.J--Marlin Business Services Corp. (NASDAQ:MRLN) today reported Marlin Leasing Receivables V LLC, a wholly-owned subsidiary, exercised its call option on the Series 2001-1 Equipment Contract Backed Notes and retired the remaining outstanding debt.
The Series 2001-1 Notes were originally issued in June 2001 for a total of $115.8 million at a weighted average coupon to investors of 5.84%. There were approximately $16.3 million of notes outstanding at the time the call option was exercised.
The call successfully completes the company's third asset-backed securitization transaction. Marlin has three remaining asset-backed securitization transactions outstanding approximating $500 million. On July 22, 2004, Marlin issued its Series 2004-1 term securitization for $304.6 million.
About Marlin Business Services Corp.
Marlin Business Services Corp. is a nationwide provider of equipment leasing solutions primarily to small businesses. The company's principal operating subsidiary, Marlin Leasing Corporation, finances over 60 equipment categories in a segment of the market generally referred to as "small-ticket " leasing (i.e. leasing transactions less than $250,000). The company was founded in 1997 and completed its initial public offering of common stock on November 12, 2003. In addition to Mount Laurel, NJ, Marlin has regional offices in or near Atlanta, Chicago, Denver and Philadelphia. For more information, visit www.marlincorp.com or call toll free at 888-479-9111.
CONTACT:Marlin Business Services Corp. Bruce E. Sickel, 888-479-9111 x4108
Classified Ads---Help Wanted
Executive / Small ticket leasing account reps
Controller / Vendor Sales Specialist/ Entry Level Accountant
Equipment Finance Sales Executive
Senior Contract Specialist
### Press Release #########################
CIT Names Frederick E. Wolfert Vice Chairman, Commercial Finance
NEW YORK, -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, announced today that it has appointed Frederick (Rick) Wolfert, as Vice Chairman, Commercial Finance, effective September 13, 2004.
In the newly-created position, Mr. Wolfert joins the Office of the Chairman and will report to President and CEO Jeffrey M. Peek with responsibility for the management of CIT's Capital Finance, Equipment Finance, Business Credit and Commercial Services business units, which provide lending, leasing, and advisory services for the transportation, construction, retail, manufacturing, energy, media and communications, and healthcare industries.
Mr. Wolfert will oversee new and existing business opportunities across each of these units in an effort to expand customer relationships and grow business more efficiently.
Mr. Wolfert's appointment underscores the company's strategy of targeting high-growth economic sectors and increasing operating efficiencies through synergistic industry alignments that provide enterprise wide financing solutions for customers. Mr. Wolfert and Thomas B. Hallman, Vice Chairman, Specialty Finance, will be responsible for all CIT's day-to-day business operations.
Mr. Peek commented, "Rick is an outstanding addition to our highly-talented management team; he brings a wealth of complementary experience in the field of commercial finance as well as a dynamic leadership style and unparalleled expertise in the healthcare industry -- one of CIT's key target sectors going forward. I expect Rick's strategic and operational skills will be invaluable to the organization and central to our success going forward."
"This is an exciting time at CIT, with tremendous opportunities for growth and development," Mr. Wolfert said. "CIT has an excellent reputation in the marketplace and is well positioned to capture significant market share in strategically-important vertical markets such as healthcare. Given the rapid consolidation taking place in financial services, there are a growing number of underserved sectors where customers are eager for a partner that understands their industry and can deliver a broad range of financial solutions. I believe CIT is uniquely positioned to capitalize on these opportunities."
Mr. Wolfert, 50, has 25 years of diverse financial services experience. Since 2001, he has served as President and CEO of GE Healthcare Finance. Prior to joining GE, he was President and Chief Operating Officer of Heller Financial Corporation and was Chairman, President and CEO of KeyBank USA and of KeyCorp Leasing Ltd. Prior to joining KeyCorp in 1988; he was employed by U.S. Leasing Corporation as Vice President, Business Development.
Following GE's acquisition of Heller in 2001, Mr. Wolfert integrated the Heller Financial Healthcare business with several healthcare finance businesses within GE Capital and established one of the largest financial services providers to companies in the healthcare industry.
Mr. Wolfert was formerly Chairman of the Membership Committee of the Equipment Leasing Association and also served as the Association's Chairman in 2001.
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City has approximately 5,800 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com.
### Press Release ##########################
Bill Forster Joins Wells Fargo Equipment Finance, Inc.
San Diego, CA, -Bill Forster, an 11-year industry veteran, has joined Wells Fargo Equipment Finance, Inc. (WFEFI) as Vice President and Territory Manager of the western region. Forster will specialize in developing vendor leasing programs within his territory and will work out of WFEFI's San Diego office.
In his prior positions, Forster served as Vice President of Business Development at Bank of America Leasing and Capital. Bill's experience includes an extensive emphasis in the development, implementation and management of vendor leasing programs.
Additionally, Forster earned a BS from Rutgers University in 1988. Bill is an active ELA member and also volunteers with Meals on Wheels in San Diego.
Wells Fargo Equipment Finance, Inc. is one of the largest bank-owned equipment leasing and finance companies in the United States, with over $6.6 billion in assets. Their customer base includes a broad spectrum of middle-market companies and industries throughout the United States and Canada.
Wells Fargo & Company is a diversified financial services company with $420 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 6,000 stores, the internet (wellsfargo.com), and other distribution channels across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only "Aaa"- rated bank in the United States.
### Press Release ##########################
Cornerstone Software Partners with Vision Commerce to Develop New Lease Management System
Companies Combine Flagship Products to Offer Lessors A Best-of-Breed, End-to-End Lease Management Solution
Nashua, NH –– Cornerstone Software, a leading provider of lease accounting and asset management software, and Vision Commerce, Inc., a front-end automation solution provider for the finance industry, have entered into a strategic alliance to create an end-to-end lease management system comprised of each company’s flagship product. The new system integrates Vision Commerce’s Web-based, front-end lease origination system, Vision; and Cornerstone’s EaglePro, a back-end lease accounting application, to provide mid- to large-sized lessors with a complete, enterprise-wide lease management solution.
“Cornerstone’s alliance with Vision Commerce brings together two of the industry’s premier solution providers to create a powerful new solution for the leasing industry,” stated John Rindone, chief executive officer, Cornerstone Software. “Our shared vision is to deliver a tightly integrated solution that helps lessors streamline their entire lease management process, saving them considerable time and expense by not having to configure different systems to work within their established business processes.”
Developed using the Microsoft® .NET framework, the Vision system allows lessors to collaboratively originate, score, price, and document leases in one integrated platform, utilizing a browser based interface over the Internet. The system is capable of supporting thousands of users simultaneously, to process quotes and applications online, and allows lessors to quickly establish a unique identity on the Web while optimizing workflow processes associated with lease origination activities.
Cornerstone’s EaglePro system is the industry-leading, asset-based lease accounting system designed to help lessors maximize the long-term value of their assets while adhering to core accounting principles. EaglePro will perform all of the back-end accounting functions associated with managing each asset within the system, including asset and contract management, funding, general accounting, purchasing, and customer service. Customized interfaces can also be developed, allowing EaglePro to interface with most enterprise financial applications.
Through the integration of Vision and EaglePro, lessors will now have a highly scalable and dynamic, enterprise-class lease management solution capable of managing every aspect of a lease from inception through termination. Under terms of the agreement, Vision Commerce and Cornerstone will share consulting, customer support and training responsibilities for new customers, and continue to market and sell their respective products independent from one another. The two companies are collaborating on product development efforts and identifying opportunities to grow the market for their combined offering.
“We are excited to work with Cornerstone to develop a true Best-of-Breed, end-to-end solution that leverages each company’s strengths and expertise," said Steve Lundergan, president of Vision Commerce. “Our alliance with Cornerstone expands lessors’ choices for an enterprise-wide leasing system and adds tremendous value to everyone involved. We look forward to working together to better serve our mutual customers.”
About Cornerstone Software
Launched in 1986, Cornerstone Software (www.cornerstonesoftware.com) 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™ 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.
About Vision Commerce
Vision Commerce, Inc. (www.visioncommerce.com) was created to serve the leasing and finance industries. Vision’s goal is to provide its clients access to E-commerce solutions at an affordable price. The company’s philosophy is that technology should automate routine processes and provide real-time information, but can never replace industry experience and product knowledge. The leadership team offers finance industry experience, technology expertise and a commitment to listen to our customers. Vision Commerce is a closely-held, employee-owned company.
EaglePro is a registered trademark of Cornerstone Software. All other company, brand and product names are the property and/or trademarks of their respective companies. Vision is a registered trademark of Vision Commerce, Inc.
Sites of Reference:
Phone Number: (603) 595-7480
#### Press Release #######################
Consumer prices decline as factory output, housing construction rebound
Deere's Profit Rises 62%
Price Index Dipped a Bit Last Month
SEC delays Google IPO decision
Economists give Bush slight edge
'American Idol' Hopefuls Descend on D.C.
U.S. Swimmers Claim Relay Gold
Arlington council approves Cowboys stadium vote
Arizona group looks at buying Vikings
Manning Gets Early Go-Ahead to Start
California Nuts Briefs---
Schwarzenegger, tribe cut deal to build nation's 3rd-largest gambling palace
Governor balks at Bay Bridge overruns
He says Bay Area alone should pay the extra $2.3 billion
Popular governor seems to lack coattails for GOP
“Gimme that Wine”
Rieslings, Ready for Their Laurels---Eric Asimov
The Summer Olympics brings Greek wine to America
New Zealand's Largest Wine Company Changes its Name
Hess files million dollar lawsuit
Wine Spectator's Second Annual Long Island Wine Classic Will Feature Expanded Grand Tasting
This Day in American History
1587-The first child born of European parents was Virginia Dare, born at Roanoke Island, in the future state of North Carolina. She was the daughter of Ananias Dare and Eleanor(Whie) Dare. Only the first nine days of her life are known to history. Her parents were part of a group of 150 settlers, including 25 women and children, who left England on May 8,1487, in three vessels. They landed at Cape Hatteras on July 222 and cruised up what is now Pamilco Sound to the “iland called Roanoac.” Two vessels returned to England immediately. The third, with John White aboard, sailed of England on August 27, nine days after Virginia Dare’s birth, to acquire more supplies. When White returned in 1590, the colonists had vanished and their fort was in ruins. Some guess it was a hurricane, but historians believe it was a dispute with local Indians that lead to the disappearance of the settlers. Another source states: The first European child born in North America is probably Snorri who was born in Vinland (the wooded land in North America that was visited and named by Leif Eriksson about the year AD 1000. Its exact location is not known, but it was probably somewhere along the Atlantic coastline of what is now eastern or northeastern Canada) around the year 1000.
1688 -Puritan clergyman John Bunyan, 69, preached his last sermon, before dying 13 days later. In 1678 he had authored Pilgrim's Progress, an allegory describing the difficulties encountered in the Christian life, while journeying through this world.
1774-Birthday of Explorer Merriweather Lewis (Lewis & Clark) http://memory.loc.gov/ammem/today/aug18.html
1862 - The Sioux Indians began an uprising, eventually crushed, in Minnesota.
1872- the first mail-order catalogue was published by Montgomery Ward. It was only a single
sheet of paper. By 1904, the Montgomery Ward catalog weighed four pounds. Web site
catalogues weigh a lot less, plus are cheaper to put together, print and distribute, but this was revolutionary in its day.
1915- The Boston Braves open Braves Field defeating the Cardinals, 3-1.
1918-Sax player Eddie Shu birthday, born Brooklyn, NY.
1920—Drummer Don Lamond born Oklahoma City, OKla.
1920- the Nineteenth amendment was added to the US Constitution extending the right to vote to women. The historians say it was handsome Warren G. Harding who wanted women to vote for him ( he also had quite a taste for the ladies, and died here in San Francisco .
1922-Birthday of actress, Shelley Winters. She won Academy Awards for her work in The Diary of Anne Frank (1959) and A Patch of Blue (1965) and she was nominated twice more. Her autobiographies Shelley, also known as Shirley (1980) was a runaway best seller, one of the first woman's kiss and tell insider revelation of Hollywood. A noted actor, she conducted acting classes for some of the screens best actors.
1925 - During the late morning hours a severe hailstorm struck southeastern Iowa completely destroying crops along a path six to ten miles wide and 75 miles long. The hail also injured and killed poultry and livestock, and caused a total of 2.5 million dollars damage. The hailstorm flattened fields of corn to such an extent that many had to leave their farms in search of other work. It was one of the worst hailstorms of record for the nation.
1937—Actor Robert Redford is 67 today, born in Santa Monica, California.
1932-Mildren Bailey first records “Rockin’ Chair,” NYC (VI 24117
1943 - Betty Smith's novel, A Tree Grows in Brooklyn, concerning life in the Brooklyn slums, was published and became a best-seller. It was made into a film a few years later starring juvenile actress Peggy Ann Garner, and earned an Oscar for Best Supporting Actor for James Dunn.
If I Loved You - Perry Como
I Wish I Knew - Dick Haymes
Till the End of Time - Perry Como
Oklahoma Hills - Jack Guthrie
1949 - Ralph Flanagan and his orchestra recorded their first tune on wax, "You’re Breaking My Heart".
No Other Love - Perry Como
I’m Walking Behind You - Eddie Fisher
Vaya Con Dios - Les Paul & Mary Ford
Rub-A-Dub-Dub - Hank Thompson
1954 - James E. Wilkins became the first Africa-American to attend a United States Cabinet meeting. He was Assistant Secretary of Labor and attended because the Secretary and Under-Secretary were away.
1956-Elvis Presley's "Hound Dog" enters the R&B chart at #11. Peacock records releases Big Mama Thornton's original version the same day. It was an R&B Number One for Thornton in 1953
1956-Little Willie John's original version of "Fever" enters the pop charts at #24. The song will be a big hit for both the McCoys and Peggy Lee
1958 - The "Mambo King," Perez Prado, received one of the first gold records to be awarded by the Record Industry Association of America (RIAA) when his single, "Patricia", was certified as having sold more than one million copies.
1960 - The first commercially-produced oral contraceptive, Enovid 10, was introduced in Skokie, Illinois.
Tossin’ and Turnin’ - Bobby Lewis
I Like It Like That - Chris Kenner
Last Night - Mar-Keys
I Fall to Pieces - Patsy Cline
1962-Peter, Paul & Mary's "If I Had A Hammer" is released.
1963-James Meredith, the first Black person admitted to the University of Mississippi, graduates from University of Mississippi.
In the Year 2525 - Zager & Evans
Honky Tonk Women - The Rolling Stones
Sweet Caroline - Neil Diamond
Workin’ Man Blues - Merle Haggard
1977-Funeral services for Elvis Presley are held at Graceland. Inside are 150 mourners, outside are 75,000. Presley was entombed in a white marble mausoleum at Forest Hill Cemetery in Memphis near the grave of his mother, Gladys.
I Just Want to Be Your Everything - Andy Gibb
I’m in You - Peter Frampton
Best of My Love - Emotions
Rollin’ with the Flow - Charlie Rich
1982 - At Wrigley Field in Chicago, Illinois, the longest baseball game, to that date, was played. It lasted 22 innings before the Los Angeles Dodgers beat the Cubs 2-1. Having started the previous day, the game had been postponed, after 17 innings, because of darkness.
Shout - Tears For Fears
The Power of Love - Huey Lewis & The News
Freeway of Love - Aretha Franklin
Highwayman - Waylon Jennings/Willie Nelson/Johnny Cash/Kris Kristofferson
1986 - Jim Kelly signed with the National Football League's Buffalo Bills for an estimated $7.5 million, over five years. Formerly of the Houston USFL, the contract made Kelly the highest paid in the NFL .
1986-Bon Jovi releases its "Slippery When Wet" album.
1987 - Thirteen cities in the eastern U.S. reported record high temperatures for the date, including Orlando FL with a reading of 98 degrees, and Portland ME with a high of 94 degrees. Newark NJ reached 90 degrees for the thirty-sixth time of the year, their second highest total of record
1987 - Pro-football player Earl Campbell, the "Tyler Rose", announced his retirement. The 1977 Heisman Trophy winner, Campbell, played eight seasons with the National Football League and was a star for the Houston Oilers. 1988 - Twenty-two cities, from the Carolinas to the Upper Ohio Valley, reported record high temperatures for the date, pushing the total number of daily record highs since the first of June above the 1100 mark. Afternoon highs of 102 degrees at Greensboro NC and 105 degrees at Raleigh NC equaled all-time records. Evening thunderstorms in Montana produced wind gusts to 75 mph at Scobey.
1988 -Republican Convention in New Orleans select Bush-Quayle ticket
1992 - Basketball star Larry Bird, after 13 years with the Boston Celtics, announced his retirement.
Stay (I Missed You) (From "Reality Bites")- Lisa Loeb
I 'll Make Love To You- Boyz II Men
Fantastic Voyage- Coolio
Wild Night- John Mellencamp With Me Shell Ndegeocello
1997-The Rolling Stones announce the plans for their upcoming "Bridges To Babylon" tour in grand style. The band rolls up to the Brooklyn Bridge in New York in a red '55 Cadillac with Mick at the wheel.
Genie In A Bottle- Christina Aguilera
Bills, Bills, Bills,-Destiny s Child
Tell Me It s Real- K-Ci
Summer Girls- LFO
He approaches the plate,
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,
makes failure likely.
Then, in the time it takes
a happy heart to beat,