#####Extra##### Regular edtion follows #############
Donna Mount'a Son Found
"Quinten has been found alive by Detective Black in Denver.
"I would just like everyone to know that the reason I love leasing is because of the people. When you posted this, the reaction and outpouring of concern was so touching, makes me know why I’ve always considered leasing people to be my family. "THANK YOU so much!!!"
Donna J. Mount
We Support FASB Recommendations
Ben Franklinís Nation---by David Brooks
######## surrounding the article denotes it is a “press release”
and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
Gerry Egan New NEFA Executive Director
Raleigh, NC — The National Equipment Finance Association (NEFA) is pleased to announce the appointment of Gerry Egan as Executive Director beginning in 2011. Mr. Egan has over thirty years experience in the equipment leasing and financing industry and has a history of active participation in industry associations. He is past president of the National Association of Equipment Leasing Brokers who has contributed many education programs, specializing in video presentations and webair. He also has been a writer for several leasing media publications including Leasing News, Monitor Magazine and Monitor Online, as well as the World Leasing News. He is a favorite lecturer and teacher at leasing conferences and is very well known, especially in the broker community.
Incoming NEFA President Chris Enbom of Allegiant Partners
"We're very pleased to have a well known industry veteran join us as Executive Director,” Enbom said." Our strategy has always been to make our membership, our conferences, and all our educational and networking offerings as timely and helpful as possible and, with all the changes our industry is going through, Gerry's experience will help us stay focused on and maintain leadership in doing that."
Gerry responded, "Some of the most profitable things I accomplished in my own small leasing business came to me as a direct result of listening to and sharing ideas with other professionals at various industry events. I'm excited by the opportunity to help NEFA continue and to expand on that tradition."
Leasing News Article February 27, 2003
"Jamie, my wife, knows your son is in the Navy, and since you asked me to send you a picture, she suggested I send you this one. Guess which one is the current president of NAELB (National Association of Equipment Leasing, so here it is. (The guy in the middle, that’s why you got the job, you listen to all sides. Editor ) It was taken in 1970 in San Diego. I was a land-based sailor, trained as a hospital corpsman.
More about Gerry Egan:
We Support FASB Recommendations
Leasing News’ Comment Letter to IFRS Foundation
(On 17 August 2010 the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) published for public comment joint proposals to improve the reporting of lease contracts. The proposals are one of the main projects included in the boards’ Memorandum of Understanding. The proposals, if adopted, will greatly improve the financial reporting information available to investors about the financial effects of lease contracts.)
Leasing News, Inc.
December 14, 2010
To Whom It May Concern:
I am writing to you as the editor and publisher of www.leasingnews.org, according to Alexa and Web Trend, the most read finance and leasing industry trade publication and web site in the United States and perhaps the world (1).
The major banks and financial institutions through their associations have mounted a major campaign against reform, especially what appears in the latest FASB regulation regarding personal property and its disclosure on financial statements. The latest is to postpone it until it is "perfect."
The fact is the overwhelming majority of Leasing News readers are in favor of the new regulation as it brings transparency and full disclosure to all parties concerned, including investors, creditors, lessors, as well as governmental agencies who regulate full disclosure. More importantly, it gives instruction to accountants to include all debt on a financial statement, not just in a footnote or no mention at all.
Financial statements should be accurate, not have hidden items.
The new regulation will be not only good for the industry by giving full disclosure, but more than likely, the proposed rules will increase "operating" or "true leases" by making them shorter term, perhaps generating more sales of new equipment and software, and overall not only insure "truth in lending" but also create more business through the use of more modern equipment and software.
The majority of leasing news readers believe the new regulations will have a positive affect on creating both capital and operating leases.
It is time for change, not to go back to the past with tricks and games, but full disclosure.
(1) USA and Worldwide Alexa Report
Classified Ads---Asset Management/Collections
(These ads are “free” to those seeking employment
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
Leasing Companies Out of Broker/Discounting Business
These are companies who are either out of business who worked
with independent equipment leasing brokers or no longer are
doing business with independent equipment brokers within
the last year. This is not a list of companies who do not do
business with independent equipment brokers.
To find the stories about this company, please go to our archives, perhaps do a search “sort by
Sudhir’s Revolutionary Web Resource Launches January 11th
Sudhir Amembal's Global Leasing Resource (GLR) is set to launch January 11th, 2011 with what will be a revolutionary, comprehensive database of over 375 finance and leasing companies; almost equally divided between the United States and the rest of the world. Many consider the launch a milestone in the leasing industry as it combines the global database (which comes with a comprehensive, user-friendly search engine) with market intelligence gathered from emerging and mature leasing economies. Once active, the collection is expected to have over 600 finance and leasing listings by the end of 2011.
GLR plans to keep the database of listings as current as possible by submitting a quarterly request to all listed companies to update the information submitted. It also can be up-dated on line by companies submitting new information.
How far this on line resource will grow is not known as the world leasing expert, Sudhir, himself does not know how many leasing companies there are in the United States, let alone the world. In the United States, one can arrive at a count of the members that belong to various associations (see below), but then there are many non members as well as commercial banks, community banks and even credit unions that may offer lease finance. He states certain leasing economies like China are regulated, where one can precisely arrive at the number of companies under the regulator’s umbrella. By last count this number was 170. However, even in countries like China where he travels often to lecture, it is impossible to know the number of companies such as dealers, distributors and rental companies who may offer lease finance, that operate outside the scope of regulation.
While there are finance and leasing associations all over the world with directories, their lists contain basically the members of the association, mostly a telephone and email directory, and are also restricted to member's access only. For instance, the 2009 count for the Equipment Leasing and Finance Association membership (ELFA) has 92 banks and 142 “independents.” The National Association of Equipment Leasing Brokers had 66 “funders,” with many of them members of ELFA, too. In both associations, the list is only available to members.
Subscription is free through 2011 at Global Leasing Resource, and an opportunity for all to test the database and its information. It will require a subscription in 2012.
To learn more or to subscribe, please go to here:
Letters?---We get eMail!
(Mostly in chronological order)
Collection Fees and Late Charges
"Terry Winders, CLP, article about late fees and collection fees was spot on."
LEAF Financial Press Release Misleading
"Crit DeMent may be trying to build up creditability for his next job someplace. The business model for Leaf Financial was patterned from his previously company called Fidelity Financial, also in Philly. I heard they started having the same troubles there but were able to get out by selling the portfolios to a large bank. The parent company wanted to dump Fidelity. The same people that managed Fidelity are at Leaf today....There are stories on all these guys that will be interesting reading later.
“My thought is there's another story coming - the one where the investors sue Leaf because of how they purchased and managed the portfolio funds. Obviously the losses in the funds are/were higher than the norm for the leasing business, even in the down market. Leaf was buying chunks of junk deals other would not to build up the portfolios fast to get acquisition and management fees. Leaf was getting upwards of a 2% fee when they put a deal in the portfolio funds plus the management fee. The investors got ....."
(Name With Held)
(Mr. DeMent was contacted for a comment or statement. Editor)
"I enjoy reading your newsletters, they are very informative. It's been a while since I've seen anything about Lease Police and I was wondering if they are still operating. We have a couple of vendors we would like to make other leasing companies aware of and thought Lease Police may be the best venue to do so. Any information you could provide would be very much appreciated."
(Bernie Boettingheimer, CLP, has not written any articles recently, but I can assure you he is very active. He recently moved to 1400 Preston Road, Plano, Texas 95093 214-549-3426 email@example.com- Editor)
"Greetings to my many valued contacts and colleagues in the World Leasing News arena. I’ll be moving on from WLN as of Jan. 1, and to introduce you Abigail Sutton (firstname.lastname@example.org), who will be taking over as WLN editor. I've passed on contacts and correspondence to her, so you can expect to hear from her soon.
I'll still be working with her and you for the next few weeks - and if we have something in the pipeline, you'll still hear from me, in tandem with Abigail.
"Thanks so much for your help and contributions since I've been working on this project (Aug. 2008 - time sure does fly).
“If I can be of any other help to you, my freelance contact is email@example.com.
"Again - many thanks, and wishing you a healthy and well financed 2011!"
Automatic Garage Door Opener for your Motorcycle
"Actually there is a feature sold for motorcycles that works with the headlights. When you flash them the doors will open."
Flash2Pass Powersports Garage Door Opener System
"I had contacted you about one year ago praising you for your Adopt-a-Dog section within Leasing News, and I would like to thank you once again for making people aware of the thousands and thousands of animals around the country that are in dire need of a safe home and loving care. I have been a volunteer for an animal rescue service over the past 7 years and I have a strong appreciation and respect for the people who both help the animals and for those who make others aware of the adoption services. I hope that you might point out that cats are available for adoption as well as dogs. There is no reason to publish my message to you but I simply wanted to thank you once again for what you are doing."
Sending files on the Internet
"Here's another program that I've used for years (strange name, but it works perfectly). It integrates directly into MS Office (Word, Excel, PowerPoint) and other programs; appears just like a printer when you click to print a document.
"It converts a document that you're in (Word, Excel, PowerPoint) to a PDF file. But it works by appearing in the list of printers.
"So to make a Word doc into a PDF, just click Print, then select Bullzip from the dropdown (instead of the printer), click OK and it makes a PDF from Word. Very nice.
"And it's free"
Bullzip PDF Printer
Paul Bent, Principal
"Thanks Kit, glad to hear that we’re trying to break some ground here. I did notice on the list two other Canadian based companies, namely; Lease Quest and Can-World Finance, so we thought there might be some interest.
"We are a relatively young organization and one of our main challenges is exposure so we’re always looking for avenues to increase our brand recognition. In terms of immediate business to be gained, it will probably be limited, but over time as we expand across Canada, I’m sure our foray’s into the US market will become more so.
"Thanks again for your time, and for what it’s worth I read the Leasing news daily, and I know others in the Canadian market does as well, as there is nothing like your site in Canada, and it is a valuable resource to gain information on trends in the industry."
First Portland Portfolio
"The play in this instance is to restart a company with the four legs of the stool in place at the beginning---(1) substantial senior debt, revolving, bank lines, (2) considerable deal flow from loyal vendors, (3) good and talented people at all levels, and, (4) a platform of software and processes conducive to growth under control. I think we have the plan to make that happen, while we successfully repair some of the damage to some of the victims. But, as I said before, it takes many small steps to get there. We are, however, well on the way.
"We have a lot of the bases covered and are now talking to potential investors about raising $10 million to accomplish our goals. The six-year IRR is very attractive for them and a liquidity event to get there seems very realistic. If you think of anyone interested in something like this, all or a significant piece of the total, please let me know or have them use your name as an introduction. One of my mottos is “Givers get.” Enough said.
"We are still pushing forward and I remain optimistic."
"Perhaps if you highlighted social service agencies from across the country every so often in your newsletter, it may create the awareness for others to step forward if they have been thinking about providing foster care for a family and child in need. You may never know how many individual's lives you may touch by providing such an additional segment to your newsletter. The equipment leasing and finance industry has provided excellent careers for many people across the country, and you have the platform through your newsletter to be a difference maker in many families and children's lives by adding such a segment regarding foster care.
“Although I felt a little uncomfortable approaching you regarding this, I felt I had to take the risk to reach out to you. You know, if you didn't start the adopt a dog segment of your newsletter, then I wouldn't even have had the awareness in my mind to consider getting a pet from a shelter or rescue organization. Just imagine the good that can be done if you highlighted foster care as well.”
State Foster Care Information Websites
Includes website links to foster care information provided on State child welfare agency websites in all 50 States and the District of Columbia. Links to State foster care information in Spanish are provided when available.
((Please Click on Bulletin Board to learn more information))
Classified Ads---Help Wanted
Western Finance & Lease, a bank-owned finance company founded in 1990, provides financing for small to lower middle market vendor originations. An expert in this market segment, Western solicits Vendor originations throughout the United States and provides financing solutions for a wide range of industries. With history dating back to 1901, Western State Bank maintains a well performing portfolio with a solid deposit base to support its finance and lease originations. We are seeking an experienced National Business Development Manager to generate profitable sales volume in various segments including, but not limited to Healthcare, Survey / Mapping, Franchise or Rental. This position is responsible for developing finance programs with manufacturers, distributors and vendors with the expectation of providing annual sales volume of $10MM +. Qualified candidates should possess a minimum of 10 years sales experience in the leasing/finance industry with a proven track record of success in sales and an existing book of business. A college degree is preferred. Western offers a competitive compensation plan that includes a base salary along with an uncapped commission structure and incentives for new program activations. Also offered are a full benefit package that includes 401K, Employee Stock Ownership Plan, health, dental, vision, life and disability insurance. Western provides a great work environment, unsurpassed service levels and a dedicated support staff. Please apply by emailing cover letter and resume to firstname.lastname@example.org or by mailing to Western Finance and Lease, Attn. Chad Palmer or Laurie Bakke, P.O. Box 640, 503 Highway 2 West, Devils Lake, ND 58301.
Territory Manager-Enterprise Accts-
Salary: 135,000.00 - 160,000.00 Location: San Francisco, California
Oracle Financing, a subsidiary of Oracle Corporation, is chartered to provide customers with financing and leasing solutions for their acquisition of Oracle’s and other third party’s IT products and services.
We have a position open in the San Francisco Bay area.
Oracle Financing is in search of an experienced and successful leasing and financing sales professional to be added to our sales team. Only those with proven sales experience in the leasing and financial services industry should apply. Experience in IT financing, MBA and/or Commercial Banking a plus.
The essential functions the North American Strategic Accounts (NASA) Territory Sales Manager include the following: - Solicit end-user leasing and loan transactions - Build Relationships with Oracle’s Sales Management and Field Sales personnel. - Train Oracle Sales personnel on the benefits of leasing and loan structures - Lead generating and marketing activities - Complete transaction coverage from lead generation through documentation signing
Last Call---2010 Help Wanted Special
Now $297.50 includes logo, four lines,
$25 per extra lines.
30 days plus one week run
Call 408-354-7967 or email: email@example.com
Orders Placed after Today: New Help Wanted Ad Price
Should "venting" online lead to people being sued?
LinkedIn Group: Online reporters and editors
Comment by Maude Campbell
This is where the people who want to call themselves "citizen journalists" are going to eventually land themselves in pecks of trouble. They want the glamour of the title just because they can write and distribute something but they generally have no notion of the laws and media ethics that can pop up to haunt them.
The case I read about recently, and I believe it was a YELP post but I'm not certain, was a libel suit and it wasn't that the reviewer posted their opinion. YELP is an opinion site, and as long as one posts something that is opinion, I doubt anyone would successfully sue, unless for some reason a judge looked at the whole site and decided that it was not at all clear that it was an opinion site. Doubt that would happen.
Anyway, a person had a bad restaurant experience and posted on the site, but the trouble was, there was a statement in the post that could be an act of libel. Instead of just complaining about the service and saying how long it took, or whatever, the poster made a statement like, "Meanwhile, I saw the owner leaving with a prostitute," to try and explain the poor service and inattention to customers. It was something like that.
The owner, in fact, was seen with a female business associate or client of his who was not a prostitute.
Even in an opinion post, or op-ed piece in print, if you make what sounds like a statement of fact and it is untrue, it is libel. The poster could have instead written, "the owner was leaving with a woman who looked like a prostitute," or "the owner left with a woman who I thought dressed like a prostitute," and THOSE statements would have been opinion and I doubt a lawsuit would fly. But, the statement written was worded as a fact, it was untrue, so it sent up the libel flag. The poster wasn't being sued because of what he said in the rest of the post about his bad experience. So no one was being sued just for "venting."
Kit mentioned the public figure issue and in general, business owners are not public figures but considered under the law to be private citizens, for whom, privacy laws apply. So, in this case, suppose the owner was in the back room of the place with a prostitute, and the poster had to go peer through the keyhole to discover this, and then posted his statement of fact. The poster could still be sued for invasion of privacy. If the owner paraded the prostitute through the restaurant to all the customers and the post said so, then the owner would likely not have a very good leg to stand on in court.
If the restaurant owner had achieved celebrity status in the community, say he was Wolfgang Puck or something, then a court might consider him a public figure and things are different for public figures and celebrities. In general, they are not protected by privacy laws because they have deliberately put themselves in the public spotlight. So, if the poster looked through the keyhole and saw the city council president with a prostitute, it is fair game and there wasn't an invasion of privacy. It would be just the same as if the public figure paraded the prostitute around openly.
In the US, real journalists, defined so far by the courts as those employed by a professional news organization (of which YELP is not one, as far as I know), have a little bit more protection. They actually could write "the council president left with a prostitute," the statement can be untrue because the person wasn't a prostitute, and the council president could not successfully sue unless he could show that the journalist intended malice when he/she wrote the inaccurate statement. So journalists have the malice protection, but it only applies to public figures. If a professional journalist, let's say the restaurant critic for a newspaper or online news site, wrote the statement about the restaurant owner who is not a public figure, they would be in the same boat as the YELP poster.
(This ad is a “trade” for the writing of this column. Opinions
### Press Release ############################
FDIC "…turned the corner on financial institution failures"
The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) today approved a $4.0 billion Corporate Operating Budget for 2011, down slightly from the 2010 budget the Board approved last December.
"I am happy that we are able to see a slight drop in next year's budget while devoting new resources to implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act," said FDIC Chairman Sheila Bair. "We appear to have turned the corner on financial institution failures, but significant post-resolution work remains. Staff met the challenge to find savings to offset a portion of the additional resources needed to carry out our new responsibilities under the Dodd-Frank Act. This budget provides sufficient funding to resolve additional failures as they occur and to position the FDIC for the new challenges that lie ahead."
In conjunction with its approval of the 2011 operating budget, the Board also approved an authorized 2011 staffing level of 9,252 employees, up about 2.5 percent from the current 2010 authorization of 9,029. On a net basis, all of the new positions are temporary as are 40 percent of the total 9,252 authorized positions for 2011. Temporary employees have been hired by the FDIC to assist with bank closings, management and sale of failed bank assets, and other activities that are expected to diminish substantially as the industry returns to more stable conditions. There were 140 bank failures in 2009 and 151 so far in 2010.
"It is important for the public to understand that the FDIC's operating budget does not in any way involve the use of taxpayer funds," said Chairman Bair. "All of the FDIC's operating expenses are paid from the Deposit Insurance Fund—the DIF—which is fully funded by the industry through deposit insurance premiums."
#### Press Release #############################
Thomas Bunn Joins SquareTwo Financial's Board of Directors
DENVER, Colorado -- SquareTwo Financial, a leader in the $40 billion asset recovery and management industry, announced that Thomas W. Bunn, former vice chairman at KeyCorp, has joined the SquareTwo Financial board of directors.
Bunn served as vice chairman at KeyCorp and president of Key National Banking from 2005 until 2008. In this role he was responsible for multiple lines of business, including corporate and investment banking; real estate banking; equipment finance; global treasury management; bank capital markets; and Victory Capital Management. Bunn joined KeyCorp in 2002 as president of Key Corporate and Investment Banking. During his tenure at Key, Bunn served as a member of the management committee and executive council, as well as a director of both KeyBank, N.A., and Victory Capital Management. Prior to joining Key, Bunn was the managing director and head of global debt capital markets at Bank of America, where he served for 24 years.
"Tom has extensive experience in the financial services industry and is universally respected by banking and finance professionals," said Paul A. Larkins, president and CEO of SquareTwo Financial. "He is our eighth board member, and we are fortunate to add yet another highly accomplished strategically-minded professional to our board."
"SquareTwo Financial is uniquely positioned for growth and excellence in the debt purchasing and asset management industry," said Bunn. "Paul Larkins has put together a solid executive leadership team, as well as an impressive core of directors, and I'm excited to be elected to help guide this innovative, growing company."
Bunn earned his bachelor's of science degree in business administration from Wake Forest University and his MBA in finance from the University of North Carolina at Chapel Hill. He is a member of the Wake Forest University board of trustees and the Babcock School of Business board of visitors. He also serves on the board of Southern Weaving Company and is on the board of advisors for Sound Harbor Partners.
About SquareTwo Financial:
#### Press Release ##############################
"Roscoe is a 2 year old Lhasa-Poodle mix. He is a sweet little guy just waiting for us to find him his own home. In the meantime our volunteers will be giving him lots of TLC while he enjoys our remodeled kennels. Stop by and visit Roscoe at the Seattle Humane Society, we'll keep the tails wagging.
"As with all of our dogs, Roscoe has been neutered, micro-chipped, vaccinated and behavior tested. He will go home with a certificate for an examination by a King County veterinarian and an identification tag. PLUS, most dog adoptions include six weeks of training in one of our on-campus dog behavior courses - a great way to start off on the right paw!"
This pet comes with an implanted 24PetWatch microchip and free registration into the 24PetWatch pet recovery service. For more information call 1-866-597-2424.
This pet also is eligible for 30 days of pre-paid pet health insurance. For more information please visit www.sheltercare.com or call 1-866-375-PETS.
Donate to Save Animals' Lives
VISIT Our Pets In Person
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
(Leasing News provides this ad as a trade for investigations
Federal Reserve to stay the course
More Than 400 Lawsuits against Agencies
Senate spending bill contains thousands of earmarks
Computer prices reverse course, start to rise
Ben Franklin’s Nation---by David Brooks
Spurning Rangers, Yankees, Lee tosses curveball to market
Brown tells educators budget woes worse than he thought
America's Cup in SF bid gets unanimous backing
Washington Vineyards Hit by Early Freeze
The Top 10 Wine Stories of 2010
Fine-tuning Champagne - without a dose of sweetness
Mouton 08 nearly doubles in value
Rombauer Family One Million Dollar Challenge for Napa Valley Hospice & Adult Day Service
Wine Prices by vintage
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1791-The first 10 amendments to the US Constitution, known as the Bill of Rights, became effective following ratification by Virginia. The anniversary of ratification and of effect is observed as Bill of Rights Day. The constitutional amendments were drawn up by James Madison and were declared in force this day, having been passed by both houses of Congress and ratified by their required number of states. The first of them established religious freedom, freedom of speech and press, the right to assemble, and the right to petition the government. The amendments were submitted to the states by the First Congress on September 25,1789. The first state to ratify was New Jersey, which acted on November 20,1789. Originally both houses passed 12 amendments, but two of them---on the proportion of representatives and on compensation—failed to secure the requisite number of states and ratifications.
American Football Poem
A champion is one who gets up when he can't.
Take pride in how far you have come; have faith in how far you can go.
Tough times don't last, tough people do.
If you think you are beaten, you are.
If you think you'll lose, you've lost.
If you think you're outclassed, you are
Life's battles don't always go,
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