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Wednesday,
August 18,2004
Headlines---
Classified
Ads—Controller/Contract Administrator
Looking
for a Leasing Attorney
Zaqunis
Brings Back the Gold ! ! !
First
NorVergence Class Action Filed
Leasing
Institute of America Enters Fray
Ira
Romoff Back in Business—More About it!
Alexa
Ranks Leasing Association Web Sites
Anonymous---“You
are just as filthy...”
Marlin
Reports Payoff of Year 2001
CIT
Names Frederick E. Wolfert Vice Chairman, Commercial Finance
Bill
Forster Joins Wells Fargo Equipment Finance
Cornerstone
Software Partners with Vision Commerce
######## 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.
Email: bltushin@hotmail.com
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.
Email: Leasebusiness@aol.com
Contract
Administrator
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.
Email: sgrigs@netzero.net
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.
Email: dln1031@nyc.rr.com
Portland, OR.
6+ years small ticket
leasing/financing. Documentation/funding
Email: susanc777@hotmail.com
full listing of jobs
wanted at: http://64.125.68.90/LeasingNews/JobPostings.htm
post your free ad
at: http://64.125.68.90/LeasingNews/PostingForm.asp
-----------------------------------------------------------------------------
NEW
FEATURE--- Looking for a Leasing Attorney
email: hottree8@aol.com
city: Parsippany
state: NJ
description: I HAVE A LEASE ON A CHIPPER FOR 3 MONTHS. I HAVE
USED IT FOR 7 DAYS. THE CHIPPER HAD TO GO BACK TO COMPANY. IT
WAS A DEFECTIVE. THE LEASE CO. INTEK DOES NOT WANT TO TAKE THE
MONEY BACK FOR THE CHIPPER. THE OWNER WANTS ME TO KEEP PAYING
ON SOMETHING I DO NOT HAVE FOR THE PAST 2 MONTHS. THE OWNER
GOT MAD AND NOW WANTS MY 3 LEASES PAYED OFF, THEN HE WILL
THEN GIVE CLEAR TITLE ON THE CHIPPER. CAN HE DO THIS?????
(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:
ggraifman@kgglaw.com 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: msgreen@lawmsg.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:
http://www.leasingnews.org/Conscious-Top%20Stories/Novergence_main.htm
----------------------------------------------------------------------------
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.”
IRA ROMOFF
DIRECTOR OF LEASING
INDEPENDENCE COMMUNITY
BANK
-------------------------------------------------------------------------------
Alexa Ranks Leasing Association Web Sites
|
Rank
|
8/17/2004
|
7/16/2004
|
WEBSITE
NAME
|
|
| 1. |
81,087
|
87,401
|
www.aba.com American Bankers Association | |
|
2.
|
104,531
|
123,226
|
www.leasingnews.org Kit Menkin's Leasing News | |
| 3. |
236,189
|
218,743
|
www.nacha.org The Electronic Payments Association | |
| 4. |
270,393
|
196,195
|
www.elaonline.com Equipment Leasing Association | |
|
5.
|
303,038
|
268,819
|
www.monitordaily.com Monitor Daily | |
|
6.
|
401,014
|
429,739
|
www.ibaa.org Ind Community Bankers of America | |
| 7. |
433,773
|
388,877
|
www.Leasingpress.com Leasing Press | |
|
8.
|
644,250
|
564,387
|
www.cfa.com Commercial Finance Association | |
|
9.
|
777,440
|
631,934
|
www.uael.org United Association of Equipment Leasing | |
|
10.
|
832,273
|
919,954
|
www.iicl.org Institute of International Container Lessors | |
|
11.
|
1,225,213
|
1,007,314
|
www.executivecaliber.ws Exec Caliber-Jeffrey Taylor | |
| 12. |
1,227,842
|
930,468
|
www.us-banker.com U.S.Banker | |
|
13.
|
1,368,860
|
1,742,277
|
www.leaseassistant.org Lease Assistant | |
| 14. |
1,613,666
|
953,419
|
www.nvla.org National Vehicle Leasing Association | |
|
15.
|
2,310,907
|
1,309,119
|
www.leasefoundation.org Equip. Leasing & Fin Fndn | |
|
16.
|
2,541,521
|
2,488,365
|
www.nationalfunding.org The National Funding Assoc | |
|
17.
|
2,576,306
|
908,220
|
www.naelb.org National Assoc. of Equip Leasing Brokers
|
|
|
18.
|
3,295,544
|
2,405,309
|
www.eael.org Eastern Association of Equipment Leasing | |
|
19.
|
3,927,665
|
2,444,072
|
www.lessors.com eLessors Networking Association | |
|
20.
|
4,372,272
|
3,412,468
|
www.efj.com Equipment Financial Journal | |
|
21.
|
5,031,802
|
3,061,419
|
www.aglf.org Assoc of Government Leasing Financing | |
| 22. |
5,300,624
|
5,309,193
|
www.mael.org Mid-America Association of Equip Lessors | |
|
23.
|
No Data
|
3,665,493
|
www.clpfoundation.org CLP Foundation | |
|
24.
|
No Data
|
No Data
|
www.leasecollect.org Lean -Lease Enforcement Att Net |
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.
“sorry....
“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!
“Answer,
“ 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.”
( anonymous)
( 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:
http://www.leasingnews.org/Conscious-Top%20Stories/Greene_Lease_agreement.htm
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
###
Press Release ###########################
Classified
Ads---Help Wanted
Account
Executive / Small ticket leasing account reps
|
|
Controller / Vendor Sales Specialist/ Entry Level Accountant
|
Credit-Funding-Operations
|
Credit Analyst: Seeking an energetic and organized Credit Analyst. At least one to two years of experience as a Credit Analyst in financial services (banking, insurance, leasing, or mortgage) is required. Funding Manager: Seeking a very organized, detail oriented Funding Manager. Minimum two years experience in brokering and discounting commercial equipment transactions is required. Operations Manager: Seeking an experienced Operations Manager with knowledge of all sides of operations. Must have a minimum of five years related experience. Send
email or fax to Ryan Johnson, Corporate Recruiter. |
|
|
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.
About CIT:
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
##########################
by:
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:
http://www.cornerstonesoftware.com
CONTACT:
John Rindone
Cornerstone Software
Phone Number: (603)
595-7480
E-mail: johnrindone@cornerstonesoftware.com
#### Press Release
#######################
--------------------------------------------------------------------------
|
Your
One stop solution for training and reference material for the
Leasing Professional
www.theleasinglibrary.com |
News
Briefs----
Consumer prices decline
as factory output, housing construction rebound
http://www.signonsandiego.com/news/business/20040817-1449-economy.html
Deere's Profit Rises
62%
http://www.nytimes.com/2004/08/18/business/18deere.html?pagewanted=all
Price Index Dipped
a Bit Last Month
http://www.nytimes.com/2004/08/18/business/18econ.html
SEC delays Google
IPO decision
http://www.usatoday.com/money/industries/technology/
2004-08-17-google-sec-delay_x.htm
Economists give Bush
slight edge
http://www.usatoday.com/money/2004-08-17-econ-politics_x.htm
'American Idol' Hopefuls
Descend on D.C.
http://news.yahoo.com/news?tmpl=story&cid=495&u=/ap/20040818/
ap_en_mu/american_idol_auditions_1&printer=1
--------------------------------------------------------------------------
Sports
Briefs
U.S. Swimmers Claim
Relay Gold
http://www.washingtonpost.com/wp-dyn/articles/A9733-2004Aug17.html
Arlington council
approves Cowboys stadium vote
http://www.theredzone.org/news/showarticle.asp?ArticleID=1450
Arizona group looks
at buying Vikings
http://www.startribune.com/stories/503/4931710.html
Manning Gets Early
Go-Ahead to Start
http://www.nytimes.com/2004/08/18/sports/football/18giants.html
----------------------------------------------------------------------
California
Nuts Briefs---
Schwarzenegger, tribe
cut deal to build nation's 3rd-largest gambling palace
http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/08/18/GAMING.TMP
Governor balks at
Bay Bridge overruns
He says Bay Area
alone should pay the extra $2.3 billion
http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2004/08/17/MNGPB89CQ01.DTL
Popular governor
seems to lack coattails for GOP
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/08/17/MNGLC89C1G1.DTL
--------------------------------------------------------------------
“Gimme
that Wine”
Rieslings, Ready
for Their Laurels---Eric Asimov
http://www.nytimes.com/2004/08/18/dining/18WINE.html
The Summer Olympics
brings Greek wine to America
http://www.winespectator.com/Wine/Main/Feature_Basic_Template/0,1197,2283,00.html
New Zealand's Largest
Wine Company Changes its Name
http://www.winespectator.com/Wine/Daily/News/0,1145,2567,00.html
Hess files million
dollar lawsuit
http://www.napanews.com/templates/index.cfm?template=
story_full&id=2F8ABF23-5B64-477A-B098-06563BFE1F06
Wine Spectator's
Second Annual Long Island Wine Classic Will Feature Expanded Grand Tasting
http://home.businesswire.com/portal/site/google/index.jsp
?ndmViewId=news_view&newsId=20040816005958&newsLang=en
-------------------------------------------------------------------------------
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
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
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
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.
1945—Top
Hits
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".
1953—Top
Hits
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.
1961—Top
Hits
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.
1969—Top
Hits
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.
1977—Top
Hits
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.
1985—Top
Hits
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.
1994—Top
Hits
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.
1999-Top
Hits
Genie In A Bottle-
Christina Aguilera
Bills, Bills, Bills,-Destiny
s Child
Tell Me It s Real-
K-Ci
Summer Girls- LFO
Baseball
Poem
|
|
The Batter
|
From
the book
|
|
That
Sweet Diamond
|
|
by
Paul B. Janeczko, Carole Katchen (Illustrator)
|
He approaches
the plate,
ponderous,
swinging
smoothly
in slow
motion
knowing
his choice is simple:
swing
or not.
As he
paws
the back
line of the batter's box,
matching
concentration and stare
with
the pitcher,
he knows
indecision
or
hesitation
makes
failure likely.
Pitcher
rocks.
Batter
waits.
Then,
in the time it takes
a happy
heart to beat,
decides.
 |
www.leasingnews.org |
 |
