Friday, December 16, 2011
The Exaggerated Impact of Bank Transfer Day
######## 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.
Tom McCurnin Joins Leasing News Advisory Board
Dan Pulcrano, Metro Newspaper Publisher, President, Boulevards, Inc., resigned due to taking on new business duties. Tom McCurnin has been appointed to the Leasing News Advisory Board.
The Leasing News Advisory Board does not participate in editorial decisions, meaning reviewing or choosing stories or subjects. Their role is to participate with policy and business advice as well as contribute in discussions on matters brought up by the publisher in a private internal blog.
Tom has written many articles for Leasing News regarding legal cases of interest to the banking, finance, and leasing industry. He has been very instrumental for many years regarding the licensing requirements in leasing, as well as leasing law regulations (it is a misnomer to believe the industry is not "regulated." He has served also as a good friend and advisor on many subjects.
Barton, Klugman & Oetting
Recent Trial Experience:
He is a well published author in many professional publications. He is an accomplished musician, world traveler, as well as active in active in animal rescue, particularly Labrador Retrievers.
Law School: Drake University (J.D., 1975)
He is a member of the State Bar of California; Federal Bar Association; The Association of Trial Lawyers of America; Financial Lawyers Conference-Los Angeles; Independent Bankers Association; California Bankers Association; Los Angeles Commercial Law Committee.
Class V White Water River Rafting, Wilderness Canoeing and Camping, Woodworking and Home Building, Historic Home Renovation, Muscle Car Restoration, Labrador Retriever Rescue Foundation, Collecting and Recording Music Concerts.
Classified Ads---Sales Manager
(These ads are “free” to those seeking employment or looking
Free Posting for those seeking employment in Leasing:
Operation Lease Fleece Kirk A. McMahan Sentencing
This concerns the sentencing of one of the 30 plus involved in a fraud scheme named "Operation Lease Fleece" by the FBI that involved forging sale/leasebacks and sometimes no equipment in leases to funders. A group of alleged victims who did not like the lenient sentences being given out, as well as contended that several of those who pled guilty are still active in the same schemes they had plead guilty to--- made a recent appeal in court to Judge Cormac J. Carney and Assistant U.S. Attorney Jennifer L. Waier regarding handing out lenient sentencing as well as further investigation into new charges. Their petition was denied.
Kirk A. McMahan sentencing hearing is set for January 6, 2012 before Judge Carney, who denied the alleged victims reconsideration of new charges or sentencing and states the reason here:
Judge Carney's Ruling:
Resource America "deconsolidates" LEAF Financial
Despite the December 6, 2011 press releases of Resource America (NASDAQ: Rexi), the filing of its annual report with the SEC on December 13th tells quite a different story than the success implied in the press release, as the net income from Resource America was a $8.2 million loss. There are other facts that should be brought to readers attention.
Here are the year-end key numbers from the SEC filings
(In thousands, except per share data):
- from page 18
From page 30:
"...as a result of the November 2011 LCC Transaction, we determined that we no longer control LEAF and, accordingly, it will be deconsolidated from our financial statements for fiscal 2012 and subsequent fiscal years, with our retained interest being accounted for on the equity method of accounting.
New equipment originations for fiscal 2011 were $105.8 million as compared to $115.7 million for fiscal 2010.
Our goal as the asset managers for our investment partnerships is to preserve partnership capital and to achieve the best possible results for those investors. In fiscal 2011, we took the following actions on behalf of our investment partnerships:
* ceased raising new funds when it became apparent that the debt markets were not improving rapidly enough;
* deferred expense reimbursement to us;
* for fiscal 2011 and 2010, we waived $8.1 million and $3.8 million, respectively, of our asset management fees for our sponsored leasing partnerships, and anticipate that we will continue to waive our fees in the future which, accordingly, will reduce our revenues. We believe that, as a result, cash flows in these partnerships may improve, which will help pay down loans and generate liquidity for investments in new leases; and
* negotiated with the partnerships’ lenders to keep them from foreclosing on partnership collateral. “
LEAF Financial continues under new arrangements:
“In January 2011, we contributed the leasing origination and servicing business platform of LEAF Financial into LEAF to facilitate outside investment into the leasing business platform. LEAF will continue its focus on underwriting and originating small ticket and middle ticket equipment leases and commercial loan contracts. LEAF Financial will continue the asset management business by managing our commercial finance leasing partnerships. In the formation of LEAF, Resource Capital Corp. (NYSE: RSO), or RCC, invested $36.2 million of capital in the form of preferred stock. A portion of RCC’s investment consisted of the contribution of the leases and loans it had previously acquired from LEAF Financial. In addition, Guggenheim Securities, LLC, or Guggenheim, arranged a new financing facility for LEAF of up to $200.0 million in revolving senior debt to fund new originations. In conjunction with the contribution of the RCC portfolio, LEAF Financial reversed the servicing and repurchase liabilities it recorded in fiscal 2010 on certain lease and loan sales to RCC, and recognized a gain of $4.4 million.
“Subsequent to our fiscal year end, on November 16, 2011, we obtained an additional outside investment in LEAF by a third-party private equity firm. As a result of that investment, our equity interest in LEAF is 15.7% on a fully diluted basis. Accordingly, we determined that we no longer control LEAF and, effective with that investment, we have deconsolidated it for financial reporting purposes. On a go-forward basis, we will reflect our investment in LEAF on the equity method basis of accounting.
“Since fiscal 2010, we have waived our management fees from our four sponsored and managed commercial finance investment funds due to their reduced equity distributions to their partners caused by the impact of the recession on the cash flow of these entities. For fiscal 2011 and 2010, we have waived $8.1 million and $3.8 million, respectively, in fees. We have waived all future management fees, which will reduce our revenues and adversely affect our profitability. In addition, we recognized a $7.2 million and $1.9 million provision for credit losses on the receivables due from these entities for fiscal 2011 and 2010, respectively.
“The commercial finance assets we managed for our own account at September 30, 2011 increased by $64.6 million to $192.0 million as compared to $127.4 million at September 30, 2010. The assets we managed for others, at September 30, 2011 decreased by $357.3 million to $393.4 million as compared to $750.7 million at September 30, 2010 (excluding assets managed for RCC) primarily due to the natural runoff of the lease portfolios owned by the respective investment partnerships.
“As of September 30, 2011, we managed approximately 62,000 leases and loans that had an average original finance value of $26,000 with an average term of 58 months as compared to approximately 82,000 leases and loans with an average original finance value of $25,000 and an average term of 56 months as of September 30, 2010.
“At September 30, 2011, we employed 199 employees (191 excluding part-time workers) as compared to 198 employees (195 excluding part-time workers) at September 30, 2010, representing a 1% overall increase (for this time period, editor). Our origination staff increased by 16 employees as of September 30, 2011 as compared to September 30, 2010 (all divisions, editor), despite the closure of our Columbia, South Carolina office, which accounted for a reduction of 15 employees in the origination area (at the time closed, not original full staff number. Editor). The net headcount increase in the origination functions reflected our efforts to increase our origination volume. LEAF currently maintains its corporate headquarters and operation center in Philadelphia, Pennsylvania, a sales and servicing center in Moberly, Missouri, a call center located in Orange County, California, and regional sales offices located throughout the U.S.”
from page 30
from page 66
Resource America Year-End 10K PDF:
Leasing Industry Help Wanted
For information on placing a help wanted ad, please click here:
Please see our Job Wanted section for possible new employees.
Tim Duerr was appointed senior vice president of business development for the manufacturer and vendor alliances team, Key Equipment Finance, Superior Colorado. Previously he was with Microsoft, Business Development-Turn 10 Studios (March, 2001-December, 2011), WW Business Development Director, Microsoft Financing, Microsoft (January, 2005-February, 2011), Principal, Whyte Dearing Associations (April, 1997-February, 2005), Business Development Director, Hambros Ban (1995-1997) Product Development Manager Barclays Mercantile (1989-1997), Product Development Manager, Barclays Asset Finance (1988-1995). The University of Birmingham BS, Banking & Finance (1986 – 1989).
Chris Fielding promoted to Vice-President and Group Sales Leader, Healthcare at Sun Trust Bank, greater Chicago area. Previously he was vice-president, Health Equipment Finance, Fifth third Bancorp. (March, 2011-July, 2011), Vice-President Global Accounts, GE Capita, Healthcare Finance, March, 2004-March, 2009, Strategic Accounts Manager, GE Commercial Finance (January, 2001-Marhc, 2004), Tax Exempt Finance Specialist, GE Capital (August, 1993-Marhc, 2001)Babson College - Franklin W. Olin Graduate School of Business MBA, Finance (1984 – 1985), Western Michigan University.
Joshua Feinberg named Regional Manager at Balboa Capital, Greater Boston Area. He previously was Finance Manager, Direct Capital Corporation (July, 2010-September, 2011), Customer Sales Associate, JC Penny (March, 2010-July, 2010).Great Bay Community College in Progress, Liberal Arts (2011 – 2013) (expected).
Vincent Faino named senior vice president of sales, LEAF Commercial Credit, Philadelphia, Pennsylvania. Previously he was Senior Vice President Global Business Development, CIT Vendor Finance (October, 2010-December, 2011), President Vendor Finance, Textron Financial (December, 2007-February, 2010), Executive Vice President, CIT (2007-2008), Executive Vice President, Citigroup (2001-2007), EVP, Director, Citigroup (2001-2007), EVP, Director Citigroup, CitiCapital, President, American Equipment Leasing (1997-2001). Saint Joseph's University MBA, Business (1992 – 1993).
Richard (Rich) Green (45) was named President of CIT Europe. Previously he was CEO, Commercial Distribution Finance Europe, GE Capital (July, 2009-September, 2011), Managing Director, GE Capital Solutions UK (December, 2006-June, 2009), Manager GE Fleet Services UK(June, 2004-December, 2006), European Chief Operating Officer Equipment Finance, GE Capital (2001-2004), COO-GE Commercial Finance UK, GE Capital (2000-2001), COO-GE Consumer Finance, GE Money (1998-2000), Director Collections& Recoveries, GE Money (1996-1998), Head of Telemarketing & Sales Operations, GE Money (1984-1996).
Ryan Linsky named vice-president, sales, Ascentium Capital, Kingwood, Texas Previously he was Marketing Vice President, Franchise Finance, First Franchise Capital/IRWIN Franchise Capital (2001-2011), Account Executive, Franchise Capital Services (1998-2001), Sales Executive, Franchise Finance, M.M.A.C. (1997-1998).West Virginia University Bachelor of Arts, Psychology; Spanish, 1995.
Susan C. Moore was named regional leasing manager for Key Equipment Finance, Superior, Colorado, to "drive account growth and sales processes with municipal government customers in the Southeast, Texas and Oklahoma region. Prior to Key Equipment Finance, Moore was Southeast territory account manager for CIT Communications Finance. Before that, she held positions of increasing responsibility with General Electric Capital, most recently as Southeast region sales manager, which followed a position as state and local government marketing manager to develop and implement a strategic plan for selling GE financial services to government entities. Previously, she was an account manager at AT&T Capital/Lucent Product Finance."
Daniel G. Morse has joined The Alta group to lead the firm's new health care practice. Previously he was Vice-President, FairView Advisors, LLC (July, 2009-December, 2001), Sales manager-outpatient Finance and New Business Development, GE Commercial Finance Healthcare Financial Services (2008-2008), Sales Manager Intermediary Funding, GE Capital (2006-2008), Global Risk Manager GE Commercial Finance Healthcare Financial Services (August, 2002-January, 2006), Sales Manager-Healthcare, Technology, and Energy Equipment Finance, CitiCapital (May, 2000-August, 2002),Vice President-Sales North America, Copelco Capital (June, 1999-June, 2000), Vice President Sales & Marketing Construction and Material Handling, AT&T Capital (January, 1991-December, 1994), Credit and Operations Manager, PacifiCorp Financial Services (September, 1986-Januayr, 1990), Credit Manager, US Leasing (1980-1986).Southern Illinois University, Carbondale BS, Marketing. Southern Illinois University, Carbondale MBA, Finance. Carlinville High School
Stephen Young appointed to the position of Vice President, Sales, Aircraft Leasing Companies, Bombardier Commercial Aircraft, Toronto, Ontario. He "...joined Bombardier over 23 years ago and has progressed through a variety of positions in marketing, customer support and sales. As Director, Sales, the Americas, he was instrumental in selling and placing aircraft with some of the top airlines in Canada and the United States including US Airways, American Eagle Airlines, and Toronto-based, Porter Airlines.
Prior to joining Bombardier, Mr. Young worked as an Aerospace Engineer with two major aerospace firms. He holds a Bachelor of Technology in Mechanical Engineering from Ryerson University in Toronto and holds a commercial pilot's license. Mr. Young is based in Toronto."
USA Green Jobs Now joins “Site Inspection List”
Full List “Site Inspection” List:
At press time, $975
John Caulfield, President, Forum Financial Services, has extended the challenge until December 23rd. He says, "There have to be some leasing companies out there that had a decent year and just need to step up and help out.”
John originally challenged readers to donate $50 or more, and when it reached $1,525 in new contributions, the spot where he made the challenge, he would double the donations from that date by donating $1,000.
(Please click on kettle)
You can have the donation to your community or
At press time, $150
(Please click on kettle)
Note: URL that follows allows you to choose your Country of
NVLA Conference April 23-25
National Vehicle Leasing Association
2012 Leasing Association Conferences:
### Press Release ###############################
United Capital Commits $40 Million to Denny's® Franchisees in 2012
HUNT VALLEY, MD — United Capital Business Lending, a national business lender specializing in franchised restaurant finance, announced today that it will allocate $40 million to qualified multi-unit Denny's® franchisees in 2012.
Qualified Denny's® operators may borrow from United Capital to refinance debt, acquire existing Denny's® restaurants, develop new locations, remodel stores or convert closed restaurants in other concepts to Denny's®. Financing for these needs is typically structured as fixed rate loans ranging from $500,000 to $5 million or more, with terms of up to 10 years.
The decision to increase the available funding was based on Denny's® franchisee loan demand and the health of United Capital's existing Denny's® franchisee portfolio.
"The United Capital team has financed Denny's® restaurant owners over the years and, even in today's economy, Denny's@franchisees have demonstrated consistent operating performance trends," says Lex Lane, Vice President and Business Development Officer at United Capital.
United Capital Business Lending is a subsidiary of BankUnited (NYSE: BKU), the largest bank headquartered in Florida with over $12 billion in assets.
In addition to Denny's®, the United Capital team has financed franchisees for SUBWAY®, Burger King®, Dunkin' Donuts®, Wendy's®, Five Guys® Burgers and Fries and Buffalo Wild Wings® among others.
For information about financing for franchise acquisition, new restaurant development, remodeling or debt refinancing, call United Capital at 866-218-4793 or visit the company's website at www.unitedcapitalbusinesslending.com.
Economy, Politics Among Credit Professionals’ Top 2012 Concerns
Columbia, MD:—Credit professionals still consider the economy to be their biggest concern for the coming year, according to an annual survey conducted by the National Association of Credit Management (NACM). For the third straight year, when asked “Looking forward to 2012, as a credit professional, what are your biggest concerns?” the largest percentage (26.7%) of the nearly 1,000 participants chose “lingering uncertainties about the still-sluggish economic recovery.” The result was expected, as credit professionals continue to face stagnant business conditions along with an increase in bankruptcy filings, preference actions and customer difficulties.
The top concerns garnering the majority of survey responses included:
New to this edition of NACM’s annual survey of credit professionals was a deep sense of pessimism tied to the fact that 2012 will be an election year. Just over 11% of respondents listed “election-year politics, and the elections themselves, and their effect on economic growth” as one of their chief concerns for the coming year, and many participants took the opportunity to lament the current state, and future, of American politics in the survey’s comment section.
“The total gridlock of the federal government has the potential to take our, and the world's, economies down. We are on the brink of that happening now and I don't think it would take much to push us over the edge,” said one respondent. “Politics as usual must come to a halt. Somehow, a spirit of compromise must happen so we can fix the economy and put people back to work. It is my perception that even if people have jobs and can afford to buy, they aren't spending because of the pervasive negativity and uncertainty around the world.”
As bad as things currently appear on Capitol Hill, many survey participants noted that they only expected things to deteriorate further as the 2012 campaign season ramps up. “I think there will be way too much concern and feelings of uncertainty over the presidential race next November,” they said. “Instead of political parties working together on solutions for economic recovery, I'm afraid too much [attention] will be paid to whose party will win.”
“Our leaders aren’t focusing on fixing the problems,” one respondent summarized.
While some participants suggested that political gridlock is causing the nation’s economic turmoil, others noted that it’s merely exacerbating what’s already a bad situation. “I’m concerned that the customers who have struggled to hold on won’t be able to last much longer,” said one respondent. “This, coupled with the nonsense we deal with from the feds and the pending election…is making things that much more unpredictable.”
Ultimately, this translates to what credit professionals believe will be a protracted economic slump. “I don’t see things improving until possibly the beginning of 2013, if at all,” said one participant. “This could be a long downturn.”
About the National Association of Credit Management
##### Press Release ############################
Scottsdale, Arizona-- Adopt-a-Dog
Mailing address only: 4400 N. Scottsdale Rd Ste. 9-319 | Scottsdale, AZ 85251
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Special Christmas Musical Edition
Meet Me in St. Louis (Vincente Minnelli, 1944): Arguably classical Hollywood's greatest director of musicals, Vincente Minnelli delivered one of his most beloved films with this exquisite evocation of turn-of-the-century Americana, in which he also met his future wife Judy Garland. Taking place over the course of the year 1904 in St. Louis, it chronicles the experiences of members of the Smith family. There's smitten middle daughter Esther (Garland), parents Anna (Mary Astor) and Alonzo (Leon Ames), and precocious youngest daughter Tootie (Margaret O'Brien, who won a Special Childer's Oscar for her performance). Affectionate, stylish, and filled with such unforgettable tunes as "The Trolley Song," "The Boy Next Door" and "Have Yourself a Merry Little Christmas," this is a holiday treasure that even after several decades still leaves audiences with a glowing feeling.
How the Grinch Stole Christmas (Chuck Jones & Ben Washam, 1966): An enduring Yuletide staple, this animated version of Dr. Seuss's storybook favorite remains a timeless delight. As narrated by the great Boris Karloff, the film focuses on Christmastime in the cheery, mythical land of Whoville, where happiness is in the air for every citizen... except for the infamous Grinch, a grouchy green loner who watches the festivities from his cave and decides to ruin this year's Christmas. Disguising himself as Santa Claus, the Grinch sets out to ruin the fun, not counting on the adorable innocence of little Cindy Lou Who to stand in his way. Directed by brilliant Warner Bros. cartoon veteran Chuck Jones and featuring the marvelous song "You're a Mean One, Mr. Grinch," this is a short but sweet classic.
Santa Claus is Comin’ to Town (Jules Bass, Arthur Rankin Jr., 1970): Have you ever wondered how Kris Kringle became Santa Claus? Jules Bass and Arthur Rankin Jr., the acclaimed stop-motion animators responsible for "Rudolph the Red-Nosed Reindeer," did wonder, and the result was this endearing holiday special, which has become a Christmastime family must-see. In it, we witness Kris Kringle's (delightfully voiced by Mickey Rooney) trajectory from toymaker to jolly St. Nick as he delivers gifts to the children of Sombertown, clashes with the grouchy Burgermeister (Paul Frees), and falls in love with the future Mrs. Claus (Joan Gardner). Featuring lovable characters and a tip-top score (including a terrific rendition of the title tune by none other than Fred Astaire), this is rich entertainment for this and every season.
Tim Burton’s The Nightmare Before Christmas (Henry Selick, 1993): A rare treat that can be enjoyed on both Halloween and Christmas, this stop-animation classic would make for a great double-bill with the Bass-Rankin specials of the 1970s. The marvelously twisted plot follows fearsome but good-hearted ghoul Jack Skellington, who, despite being crowned Pumpkin King at Halloween Town, dreams of something besides macabre costumes and haunted houses. After a dose of Christmas spirit following a visit to the North Pole, Jack decides to spread holiday cheer the only way he can—kidnapping Santa Claus and delivering the presents himself. Directed by Henry Selick (“Coraline”) yet in every frame carrying the stamp of Tim Burton, this is a beautiful blend of the prankish and the poignant.
Eastern Funding "Operation Santa"
Mortgage rates fall to record lows
Fitch Downgrades a Bunch of Banks, Including Bank of America and Goldman.
CFO's New Outlook for the New Year?
Don Shula's 347 Grill closed today in St. Louis
The Exaggerated Impact of Bank Transfer Day
SparkPeople--Live Healthier and Longer
The Single Best Exercise for Weight Loss
Holmgren defends Browns' handling of treatment for injured quarterback
Man in the Glass
(The poem Bill Parcells reads to his players on Monday)
Pacific Steel in Berkeley firing 200 workers as a result of an immigration raid
Gallo, Boisset buy Mondavi home
S.F. Leadership High on state's list of 10 for closure
“Gimme that Wine”
Fort Ross-Seaview Viticultural Area Approved
Coombsville becomes Napa’s 16th appellation
Robert Lawrence Balzer, Wine Writer, Dies at 99--Frank J. Prail
Free Mobile Wine Program
Wine Prices by vintage
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in History
1773-In the celebrated Boston Tea Party, a group of Boston patriots dressed as Indians boarded three British ships in Boston harbor and threw their cargoes of tea,3 42 chests worth 18,000 British pounds into the water. The action was the climax of growing colonial opposition to the growing set of import taxes, including the Tea Act. The British were trying to help finance their wars in Europe..
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
How to play:
Refresh for current date:
See USA map, click to specific area, no commercials
Real Time Traffic Information
You can save up to 20 different routes and check them out with one click,
Independent, unbiased and fair news about the Leasing Industry.