Wednesday, December 7, 2005
Headlines--- Classified Ads---Senior Management ######## surrounding the article denotes it is a "press release"
Classified Ads---Senior Management Atlanta, GA Baltimore, MD Denver, CO . Hope, NJ. Irvine, CA. Jacksonville, FL. Lawton, OK. Long Island, NY New York, NY, NJ, Ct Tri-State Orange County, CA Philadelphia, PA. Portfolio Management Consultant ; Salt Lake City, UT San Francisco, CA. , Sausalito, Ca Syracuse, N.Y. Wilmington, DE. For a full listing of all "job wanted" ads, please go to: http://216.66.242.252/AL/LeasingNews/JobPostings.htm To place a free "job wanted" ad, please go to: http://216.66.242.252/AL/LeasingNews/PostingForm.asp s -------------------------------------------------------------- Patrick Sponsel... Sonia v.M. Stoddard "Broker/Lessor" List (for "Funder," please click here There are an estimated 5000 companies who process applications to present to a third party, who often make the final approval and "fund" the transaction with a standard "representation and warranty" provision. These companies are similar to an insurance agency or mortgage firm. Size may very from a single person to a national multi-office operation. Some in this category may select transactions for a private portfolio from their own cash or bank lines, which they fund direct. 50% or more of their business is as a "Broker/Lessor." Often their clients are primarily in a specific industry, service or geographic area. Many also market directly to potential lessees, rather than be referred by a seller of equipment. There is no advertising fee or charge for a listing. They are "free." Leasing News makes no endorsement of any of the companies listed, except they have a satisfactory Better Business Bureau report, and no unresolved complaint at Leasing News from an applicant or company involved in the equipment leasing industry. Leasing News reserves the right not to list any company who requests to be listed. Companies, who act as a funder in over 50% of their business, servicing their own portfolio, are listed in the "Funder" list. "Story Credit" are funders who have a niche market, often requiring the "story" of the company to make a credit decision. Often their rates are higher as the credits are consider a "higher risk" than standard for the dollar amount involved. A "Super Broker/Lessor" rarely considers business direct, but work on referrals from a "Broker/Lessor," funders, and, financial groups, manufacturers, and others who cannot fit the transaction into their criteria. ( To apply to be listed, please fill in this form and fax to 408.374.3843) Third Column: YES - Year Company Started | YELB - Years in equipment Leasing Business A - City Business License | B- State License | C - Certified Leasing Professional |
(A) Stoddard & Associates - No Employees. We currently have Independent Affiliate Brokers with offices in the states of Alabama, Florida, Georgia, Iowa, Massachusetts, Missouri, Nevada, New York, Texas and Washington.
-------------------------------------------------------------- Forum Financial joins the "Story Credit" List
For full list, please go here: http://www.leasingnews.org/Story_Credit/Story_Credit.htm -------------------------------------------------------------- Bob Quinn Gone-Again! by Kit Menkin
"Every morning in Africa, a gazelle wakes up. It knows it must run faster than the fastest lion or it will be killed...every morning a lion wakes up. It knows it must outrun the slowest gazelle or it will starve to death. It doesn't matter whether you are a lion or a gazelle...when the sun comes up, you'd better be running." Gazelle---that is the word Leasing guru Thomas J. Depping used to describe himself in his letter of resignation to employees of the company he founded, Sierra Cities/First Sierra, when it was sold to American Express Business Finance: that he was going out like a gazelle. He told the parable, which is on several motivational posters, about the lion and the gazelle both co-existing in the same jungle, and how each start each morning running, either to eat or avoid being eaten. It is our guess it came from the motivational poster at the beginning of this article. His inner theme: he had to move fast to stay alive. Readers requested we contact the famous fast "Gazelle to confirm if he is actively seeking acquisitions. Leasing News had reported: "Former Sierra Cities/First Sierra founder Thomas J. Depping and now chief funder raiser for Main Street Bank in Texas, is reportedly actively seeking acquisitions. From my sources he is offering a little cash upfront and the right to buy stock at the 'founders' price with the statement that the real payoff will be in 4-6 years when Main Street goes public, somewhat following the same "game plan" at his former company." Leasing News reached him on his private telephone, where he acted quite surprised that we had his private line. It was about several things, we responded. First, was he actively seeking acquisitions? "No public comment on this."
Thomas J. Depping at his Sierra Cities office in Houston November 4, 2004 official press release from Mr. Depping, with his direct telephone number: http://www.leasingnews.org/archives/November%202004/11-04-04.htm#deep
(Reportedly Depping attended all the Houston Spurs basketball games and was one of six investors trying to raise the capital to buy them.) What about the rumor that you are part of a group purchasing the Houston Spurs Basketball team? "No public comment on this?" Now down to serious business: Bob Quinn is no longer with Main Street Bank. He was not terminated for cause and he did not quit. That was all Quinn could say, according to our source. Leasing News asked Tom Depping if he would confirm or deny this? "No public comment on this." Reportedly the man who originated the First Sierra concept was Bob Quinn, not Tom Depping. Bob Quinn approached Tom Depping in 1993 after Denrich was purchased by ATT Capital in December, 1992.Quinn did not feel ATT was dedicated to their Private Label Program so he approached Tom Depping as an old friend and business acquaintance about forming a new company to do nothing but Private Label. From that meeting in 1993 to April 1994, Tom Depping sold some movers and shakers in Houston to raise the capital to start First Sierra. When Bob Quinn left ATT in May, 1994 along with Pete Smith; he and Depping along with Fred Van Etten, Pete Smith and Sandy Ho actually began the operations at First Sierra. "SierraCities.com (NASDAQ:BTOB) has harnessed the power of the Internet to create a totally new way for small business owners to get the funding they need. The leader in online banking and financing, we've automated the funding process to offer quick and convenient access to loans, leases, and a full range of comprehensive banking services. Since 1994, SierraCities.com has funded over $2.5 billion in small business loans." The above is http://www.sierracities.com/about_us.asp Off the record, at the time, Leasing News asked Quinn why he went back to work with Tom Depping, particularly after the articles we had written about what had happened between he and Tom Depping at First Sierra. He laughed, and said he felt Main Street would be an excellent opportunity, but beyond that he had nothing he could say. In the article that was printed in Leasing News September 27, 2000, it was noted Depping did not terminate him, but let him spin in 1999 when Quinn would not move to Houston, Texas. Leasing News confirmed that Depping had told the people who helped get the started company he would not make them move out of Florida. One day he came out and announced to everyone that the company was moving to Houston, Texas on a specific date. Employees who would not move, he said, would be terminated. Those who wanted to move with the company were welcome to do so. Among those surprised was Quinn, who helped found the company, and could not move due to family commitments. Depping was aware of the family situation. His response was to make Quinn drive 80 miles each way from Jupiter to Eric Barash's office in Ft. Lauderdale to sit in a bare office with no computer or company phone each day. Bob Quinn was only allowed to use his laptop and read newspapers with minimal contact with First Sierra employees, he was instructed, and would then get his pay check. In previous communication in the year 2000 with Quinn, he would not confirm nor deny the story. Leasing News could not reach Quinn for a comment today, but did learn from a source in Florida that he had left Main Street Bank and returned to operating Treasure Coast Capital in Jupiter, Florida. Leasing News asked Tom Depping for a more convenient time for an interview. He answered, "Not this year." So we wished him a "Merry Christmas, and he responded, "You too." Then quickly he hung up the telephone. The gazelle is known for being a fast animal. ----The full story of Sierra Cities/First Sierra: http://www.leasingnews.org/articles.doc/newsletter3.htm --------------------------------------------------------------
Rudy Trebels, President IFC Credit, Issues Statement by Kit Menkin It may very well be that IFC Credit, Morton Grove, Illinois, is the largest third party lessor to hold NorVergence "Equipment Rental Agreements." Thus the delays in responding to the Federal Trade Commission and other actions, which may include information on the total dollar amount or actual processing of the leases. It is estimated that IFC Credit holds as much as $15 million in these NorVergence contracts. CIT Technology Services in offering settlements via the New York and New Jersey Attorneys General office said it involved $8.56 million. In New Jersey, Wells Fargo had $4.4 million and GE $3.5 million. Later GE Capital agreed to pardon approximately $9 million in payments from 660 small businesses and nonprofits in a dozen states. If these numbers are the top held by third party lessors, then IFC Credit may have purchased the most from NorVergence. Two very reliable sources informed Leasing News that PFF Bank, a funder for several Leasing News listed "story credits," issued IFC Credit a $12 million line, reportedly now consisting of 550 NorVergence leases on an average of 30,000 each. It was also reported an additional $2 to $3 million was also invested, and that 90% of the leases are not paying IFC. Lessees on list serve report they are not making payments (although Leasing News has advised them to do so, and all those with Equipment Rental Agreements, as not to affect their credit or put them in an adverse position in court; plus a list of other benefits by continuing to make their lease payments.) The Federal Trade Commission has issued a full investigation, naming IFC Credit, along with several other "unnamed" leasing companies for not cooperating, in essence, not providing information requested. The attorney for IFC Credit denied this, as evidence as corresponding with a "Letter to the Editor" of the Equipment Leasing Association's ELTnews. It should be noted at the end of the communication denying it had not compiled, the "Letter to the Editor" of ELTnews concluded," That information and other materials requested by the FTC are expected to be delivered to the FTC very soon which should resolve the requests of the FTC's Civil Investigative Demand." The last communication from IFC Credit to Leasing News came from John Estok, executive vice-president, who wanted to fire editor Christopher Menkin for his story on the FTC victory in the NorVergence Corporation bankruptcy decision regarding alleged existing leasing with NorVergence itself. He particularly took umbrage to the work, "Wallop" in the headline. In December, 2004, Estok was named President of IFC's Small-Ticket Division. "In his new position, Estok will direct all activities for the company's small-ticket group including its indirect business unit, Pioneer Capital Corporation," the press release said." President of IFC's Small-Ticket Division. In his new position, Estok will direct all activities for the company's small-ticket group including its indirect business unit, Pioneer Capital Corporation. Prior to assuming his new position, Mr. Estok was Chief Operations Officer for IFC Credit Corporation. Mr. Estok has been involved in the equipment leasing industry since 1972. He joined IFC Credit Corporation in 2003 with IFC's acquisition of First Portland Corporation (dba FirstCorp) where he served as President. Previously, Mr. Estok was Executive Vice President and COO of Hitachi Credit Canada Inc.; President and CEO of Industrial Leasing Corporation of Portland, Oregon; and Executive Vice President of Norex Leasing, Burlington, Canada. He is also past President of the Equipment Lessors Association of Canada." Since that communication, Leasing News has been seeking a comment or statement from IFC Credit. It is our mission to be "fair and unbiased, independent," and present all sides to articles that are printed here. We certainly appreciate Mr. Trebels taking the time to respond: "Kit-Enclosed is IFC's response to your request for comment. "Have a Merry Christmas. "Regards, "Rudy *************** "Rudy Trebels, CLP President & CEO "Dear Kit: "You have contacted us on several occasions asking for our comments about matters concerning NorVergence, and I regret not being able to provide you with more information. "While we would like to provide our views to your commentary in The Leasing News, we feel that it's neither fair nor appropriate to discuss pending litigation or requests for more information in this forum. "As you are aware, there are significant issues to be decided that could not only impact our company, but could have serious ramifications within the leasing industry. As such, we feel it is necessary to debate issues solely within the confines of the court system and not through "Hopefully in the not too distant future, we will be able to discuss these issues with you in greater detail. "Thanks for understanding. "Regards -------------------------------------------------------------- Sales Makes It Happen--- Perception and Reality
-------------------------------------------------------------- Time to Push "Capital" Lease Time to remind your lessee customers, and your vendors, it may not be too late for possible income tax savings under IRS section 179. The full cost of newly acquired equipment may be expensed (deducted from taxable income) if placed in use by December 31st. It is important to note that finance leases will qualify for this deduction in the year of inception. With the recent economic stimulus and tax-reduction package signed into law, the section 179 deduction has been increased to $100,000.00. Equipment acquisitions exceeding the $100,000.00 cap may be depreciated over three to seven years based on the equipment type. Here is more information about section 179. http://leasingnews.org/PDF/IRS_Sect_179_2005.pdf -------------------------------------------------------------- Classified Ads---Help Wanted Documentation Manager
Equipment Finance & Leasing Representative
Senior Funding Manager
-------------------------------------------------------------- Cartoon
-------------------------------------------------------------- Holiday Parties Open to "Non-Members" Leasing Association Meetings Open to Non-Members
'Tis the Season ... Date: Thursday, December 8th 20 City Blvd West Details: Menu: Hors d'oeuvres, Dessert, No-Host Bar
Cost: $23.50 UAEL Member Price Reserve your ticket today by emailing Gina Iacono at giacono@westoverfinancial.com A special Thank You to our Event Sponsors: Event hosted by the UAEL Southern California Regional Committee ---------------------------------------------------------------------------
December 12, 2005 Eastern Association of Equipment Lessors Holiday Party 6:00 PM - 9:00PM Members $95, Nonmembers $125. To register call the EAEL office 212 809 1602. ---------------------------------------------------------------------------
3rd Annual Midwest Regional Holiday Party Cost: $62.00 (spouses and non-members welcome) Location: Reserve your ticket today by emailing Bill Griffith at Bgriffith@PadcoLease.com. All checks should be made payable to UAEL and remitted to Bill Griffith, Padco Lease Corp., 100 W. Monroe Street, Suite 706, Chicago, IL 60603-1901 to insure received no later than November 30, 2005. Menu: Hors d"oeuvres - Fruit & Cheese Platter, Mini Quiche, Poached Salmon with Cucumber Dill Sauce Roasted Roma Tomato with Basil Soup and Grilled Salad w/Vinaigrette Desert - Assorted Brownies and Cookies A special "Thank You" to this year's event sponsors: Law Offices of Swanson, Martin & Bell, LLP This year's event should be a truly memorable one. Ditka's is located on Chestnut just 1 block west of "The Magnificent Mile" shopping district (Michigan Avenue) and 1 block east of Chicago's famous "Rush Street" nightclubs, restaurants and shopping. This year we are also having a United States Marine Corp "Toys for Tots" drive. All attendees (1 per couple) are asked to bring a toy (unwrapped). I look forward to seeing everyone at Ditka's on December 15th. Sincerely, -------------------------------------------------------------- Bankruptcy Wave Smacks Card Bonds ABSnet The average loss rate among securitized credit-card accounts recently jumped to its highest level in two years, as some of the market's biggest issuers started taking hits from a recent spike in Chapter 7 bankruptcy filings. According to a monthly survey by S&P, 7.1% of the accounts backing $386.6 billion of outstanding card bonds were deemed uncollectible during the month ended Nov. 15, up 157 basis points from a month earlier. Average annual excess spreads slid 127 basis points as a result, to 5.7%. Much of the deterioration occurred because Capital One charged off accounts that were caught up in the recent blast of bankruptcies, which came as consumers sought to head off new creditor-friendly laws that took effect on Oct. 17. Capital One chose to book those losses immediately, even though bank regulators allow credit-card lenders to wait 60 days after receiving bankruptcy notices to take such actions. Citibank and Chase Manhattan also posted some of their losses right away. -------------------------------------------------------------- T-Bill Rises Interest rates on short-term Treasury bills rose in Monday's auction, with the six-month bill climbing to the highest level in three weeks. The US Treasury Department auctioned $18 billion in three-month bills at a discount rate of 3.930 percent, up from 3.900 percent last week. Another $16 billion in six-month bills was auctioned at a discount rate of 4.185 percent, up from 4.155 percent last week. The three-month rate was the highest since three-month bills averaged 3.940 percent on Nov. 21. The six-month rate was the highest since 4.195 percent on Nov. 14. The discount rates reflect that the bill sells for less than face value. For a $10,000 bill, the three-month purchase price was $9,900.66, while a six-month bill sold for $9,788.43. The Federal Reserve also announced that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, rose to 4.34 percent last week from 4.30 percent the previous week.
--------------------------------------------------------------- Former Commercial Federal Sites Now Open as Bank of the West
Bank of the West introduced its distinctive bear brand in dozens of markets in Arizona, Colorado, Iowa, and Nebraska today, and began serving communities in Kansas, Oklahoma and Missouri for the first time as the San Francisco-based bank completed its integration of $10.2 billion-asset Commercial Federal Bank. Former Commercial Federal locations in seven states reopened today as Bank of the West locations - including 50 in Colorado, 43 in Nebraska, 44 in Iowa and 6 in Arizona, where the bank is already active. Bank of the West also converted former Commercial Federal locations in Kansas (28 locations), Oklahoma (20), and Missouri (13). Adding 204 new locations in all, Bank of the West now operates 681 banking locations in 19 Western and Midwestern states. "This is an exciting day as we introduce our bear brand and the personalized service that has been the hallmark of Bank of the West for over 130 years," said Don J. McGrath, Chairman and Chief Executive Officer. "Bank of the West is serving deposit customers in Kansas, Oklahoma and Missouri for the first time today, but branch customers will find the same familiar folks that have been serving their financial needs all along. Our new customers will also have some additional choices of consumer and business banking products and services to fit their specific situations." Bank of the West acquired Commercial Federal Corporation in a $1.36 billion transaction that closed December 2. As a result of the acquisition, Bank of the West becomes one of the three largest Western-based commercial banks in the United States. Along with the expanded branch system, Bank of the West adds a regional administrative facility in Omaha, Nebraska and a recently-opened commercial banking center in Denver. "Our strategy is to add more locations to our network, both by acquisition and by locating new branches in high growth communities," McGrath added. In 2004 and 2005, Bank of the West integrated two other banking companies, Community First Bankshares of Fargo, North Dakota, and Union Safe Deposit Corporation, through acquisitions that added more than 180 locations. Bank of the West has completed 15 acquisitions since 1987. Bank of the West offers a full range of products and services, among them: Consumer banking - full retail and small-business deposit, credit and investment services emphasizing personalized customer service and decentralized decision-making Consumer finance - loans and leases for automobiles, recreational vehicles and pleasure boats and home equity loans and lines of credit Mortgage banking - purchase and refinancing loans for individuals and businesses Commercial banking - lending and deposit services for middle-market companies Specialized expertise includes Agribusiness, Real Estate & Construction, Church Lending, Government Banking, Title, Escrow & Property Management, Financial Institutions and Health Care Cash Management, Capital Markets, Foreign Exchange, International Trade & Trade Finance, Corporate Deposits, Loan Syndications and Equipment Leasing services Small business lending - including SBA-guaranteed loans Wealth management - full range of trust and investment services and investment management Insurance - through its subsidiary, BW Insurance, Inc., the bank offers auto, homeowners, worker's compensation and general liability insurance Part of a Global Enterprise At September 30, 2005, Bank of the West had total assets of $43.7 billion and Commercial Federal had assets of $10.2 billion. Bank of the West (www.bankofthewest.com), together with First Hawaiian Bank, comprise BancWest Corporation, at 9/30/05 a $54 billion-asset holding company wholly owned by BNP Paribas. BancWest Corporation (www.bancwest.com) now serves nearly 4 million accounts through 743 banking locations in 20 states, Guam and Saipan. BNP Paribas is a global financial services group, with its heritage in Europe, leading positions in Asia and a long-term active presence in the United States. ### Press Release ########################### Willis Lease Finance Promotes Robert M. Warwick to Chief Financial Officer SAUSALITO, Calif.-----Willis Lease Finance Corporation (NASDAQ:WLFC), a leading lessor of commercial jet engines, today announced that Monica J. Burke will be leaving the company's full-time employment in mid-January and has promoted Robert M. Warwick to Chief Financial Officer from Director of Finance effective January 1, 2006. "In the three and half years I've worked with Willis Lease, I've greatly enjoyed working with the outstanding people here," said Burke. "I am very proud of the accomplishments we have achieved during my tenure, particularly the placement of the asset backed securitization transaction." The ABS transaction, completed in August, was the first of its kind to securitize a diversified portfolio of leased aircraft engines, and the first aviation-related securitization transaction since September 11, 2001 to be issued without an insurer guaranty. "I have decided to take an extended break and spend more time with my family." "We understand Monica's decision to leave for personal reasons, and believe the transition will be simple and orderly. We greatly appreciate Monica's dedication and hard work, and wish her well in the future," said Charles F. Willis, President and CEO. "Bob Warwick has excellent financial skills, and I am confident in his ability to assume the role of Chief Financial Officer," Burke commented. "He is one of the most professional and skilled finance and accounting professionals with whom I have had the pleasure to work." Warwick graduated from Indiana University with a major in accounting and passed the California CPA exam in 1981. Prior to joining Willis Lease, Warwick served as the Chief Financial Officer for The Bar Association of San Francisco, was the Controller for Catholic Healthcare West, the eighth largest hospital system in the nation, and has more than 28 years of experience in the accounting profession. A dedicated community volunteer, Warwick has been a basketball coach, a little league umpire, a classroom parent and the Athletic Director for St. Raphael Parish CYO program. He moved to Northern California more than 20 years ago to be the Controller for the San Mateo Times Newspaper Group and subsequently the Marin Independent Journal. He resides in San Rafael, California, with his wife, son and daughter. About Willis Lease Finance Willis Lease Finance Corporation leases spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities worldwide. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines. Willis Lease Finance Corporation Monica J. Burke, 415-275-5100 ### Press Release ########################### Econocom USA Announces Sale of Lease Portfolio to Meridian Leasing Corporation Econocom USA, Inc., a Memphis, Tennessee-based provider of solutions for the finance and management of technology assets, announced that it has agreed to sell its lease portfolio to Meridian Leasing Corporation, a Chicago-based provider of IT asset and financial management solutions. The sale will allow Econocom to focus its resources on its newest offering: a2z, a comprehensive IT infrastructure services solution for small to medium businesses. For Meridian, the purchase will expand their presence in the Southeastern market. As part of the agreement, Meridian will assume service of Econocom lease contracts for clients in 48 states. According to J. Michael Drake, President and CEO of Econocom USA, "Our primary concern was that our clients and lenders continue to receive the exceptional service they have come to expect from Econocom. Because we believe that Meridian Leasing shares our service-oriented approach, we anticipate our clients and lenders will experience a smooth transition and will have a rewarding relationship with Meridian." Brad Ihlenfeld, Meridian Leasing President, stated "We will focus on continuing the longstanding business relationships established by Econocom, providing the high level of service Meridian Leasing's customers have come to expect. Meanwhile, lessees will enjoy significantly expanded financing opportunities and access to the broad range of technology solutions available within the Meridian Group." The transaction is effective as of December 1, 2005. Other terms of the deal were not disclosed. About Econocom USA Founded in 1971, Econocom USA, Inc. specializes in solutions that help businesses more effectively manage their IT resources. a2z, a division of Econocom USA, offers overall management of voice and data systems for small to medium businesses. The a2z service is focused on lowering total technology costs while providing high-availability services. Econocom USA, Inc. is a wholly owned subsidiary of the Econocom Group, an international publicly traded (Brussels and Paris Bourse: ECONB) company providing IT infrastructure management services that maximize the business value of IT. Through its three business activities-Financial Services, Managed Services and Products and Solutions-Econocom offers outsourced solutions that help companies master their IT resources, giving businesses increased control over IT assets and reduced IT operating costs. With 1,700 employees in 10 countries, Econocom Group serves over 10,000 clients in Europe and the United States. About Meridian Leasing Founded in 1979, Meridian Leasing, part of the Meridian Group, is a comprehensive single source for lease financing and used equipment solutions for IT equipment of all sizes, as well as a wide variety of other products. As one of the largest technology leasing companies in the U.S., Meridian Leasing is able to structure leases ideally suited to each customer's situation. Sharon Loughnane Marketing Manager Meridian Group 847.964.2704 ### Press Release ########################### Financial Federal Corporation Reports Record First Quarter Results NEW YORK-----Financial Federal Corporation (NYSE:FIF): -- Record Net Income - $10.2 million (20% increase) Financial Federal Corporation (NYSE:FIF) announced results for its first quarter ended October 31, 2005. Net income for the quarter was $10.2 million, a 20% increase from the $8.6 million earned in the first quarter of fiscal 2005. Diluted earnings per share increased by 18% to $0.59 from $0.50. Finance receivables originated during the quarter were $323 million compared to $218 million in the first quarter of fiscal 2005. Finance receivables outstanding grew at an annualized rate of 20% to $1.74 billion at October 31, 2005 compared to $1.67 billion at July 31, 2005. Recording compensation expense for stock options under SFAS 123R in the first quarter of fiscal 2006 reduced net income by $0.2 million and reduced diluted earnings per share by $0.01. Paul R. Sinsheimer, CEO, commented: "The first quarter of fiscal 2006 was another outstanding quarter with record operating results, the best asset quality in the Company's history and a 20% annualized increase in receivables. Strong receivables growth in every geographic region and industry resulted in record quarterly new business volume. Rising short-term market interest rates and energy costs remain concerns. We continue to be cautiously optimistic about the Company's prospects." Steven F. Groth, CFO, remarked: "Our conservative leverage and ample liquidity provide continued support for strong asset growth. The required expensing of stock options commencing in this quarter did not have a significant effect on our operating results. Our returns on average equity and assets continue to increase." Full Press Release at: ### Press Release ########################### CIT Announces Purchase of Ten New Boeing 737s NEW YORK, -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, today announced it will purchase ten new Boeing 737-800 aircraft from Delta Air Lines upon the delivery of the aircraft by The Boeing Company to Delta. The total dollar value of the aircraft is approximately US $600 million, based on Boeing's current list prices. The ten aircraft are currently part of Delta's existing order backlog with Boeing. Nine of the aircraft will be delivered in 2007 and one in 2008. The sale of the aircraft was approved by U.S. Bankruptcy Court for the Southern District of New York presiding over Delta's Chapter 11 bankruptcy proceedings. About CIT Aerospace: CIT Aerospace, a unit of CIT Group Inc., offers leasing and finance packages including operating leases and structuring and advisory services for commercial and regional airlines in addition to providing financial solutions to manufacturers and suppliers in the Aerospace & Defense Industry. CIT Aerospace manages a fleet of over 300 commercial and regional aircraft leased and financed to over 100 airlines around the world. 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 over $60 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 and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its Global Headquarters in New York City, CIT has approximately 6,000 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 ###########################
News Briefs---- Finance Chief Is Out at G.M. Bleidt gets 11-year jail sentence for $30m fraud Q3 productivity revised up, pushing labor costs down Fitch: Cautiously Stable Outlook Expected for U.S. For-Profit Hospitals in 2006 Seattle area; No cooling in November for King County housing prices Sun Opens Design to New T1 Chip Sears Holdings profit down Bitter Cold Continues in Rockies, Midwest Wintry mix still in the forecast for Dallas Ex-Delta exec fights to keep free flights NBC to Sell TV Shows for Viewing on Apple Software Elian Celebrates Birthday with Castro ---------------------------------------------------------------
You May Have Missed Silicon Valley, California didn't die, it just moved to India http://www.mercurynews.com/mld/mercurynews/business/13339173.htm http://www.mercurynews.com/mld/mercurynews/business/13339195.htm ---------------------------------------------------------------
Sports Briefs---- Marte on block in three-way trade talk Arbitrator Bloch won't hear second T.O. grievance Eagles lost RB Westbrook for remainder of season No. 14 Mich. State overpowers No. 6 B.C. 77-70 The 49ers' newest challenge? Tackling. Though he's winning, Orton may be running out of time to remain a starter Dodgers name Grady Little as manager ----------------------------------------------------------------
"Gimme that Wine" San Francisco Chronicle Top 200 Wine List http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/12/04/CMWINE04INTRO.DTL&hw= A Trader Joe's Wine-Buying Experience California vintners sign on to sell New Yorkers wine over the Net http://msnbc.msn.com/id/10331883/ Wineries focus on damage control after an Oct. 12 fire wiped out their inventory http://www.napavalleyregister.com/articles/2005/12/04/news/local/iq_3195429.txt Investigation continues for $150 million blaze http://www.napavalleyregister.com/articles/2005/12/04/news/local/iq_3195602.txt Washington State Reaps Record-Breaking Wine Grape Harvest; Seasonal Weather, Mature Vines Deliver Outstanding 2005 Vintage Larsson wins Sommelier Challenge 2005 http://www.wineint.com/story.asp?sectioncode=1&storyCode=2058 Gallo Lifts Its Glass to Wal-Mart http://www.nwaonline.net/articles/2005/12/05/business/01gallovendormart.txt Fund tipped to take control of champagne house http://business.timesonline.co.uk/article/0,,13130-1905406,00.html If you want to know if you got a value for your wine, or what the wine price is today, go to www.winezap.com Type in the vintage (year) and name of the producer with wine type or geographic area, such as 1995 Chateau Lynch Bages Pauillac. Even 1995 Lynch Bages will work, or 1999 Viader ----------------------------------------------------------------
Restaurant Review Tru 676 North Clair Street TRU Meaning Tramonto Unlimited, being true to one's art or craft, keeping the flavor of an ingredient true, unlimited creativity using unlimited resources from around the world. (map and much information) I wrote in August about my trip to Chicago and the 14 course dinner at Tru, with perhaps the best service we have ever had. We had a table of eight, and the courses were exquisite, great presentations, several bites each, and the desserts kept coming too, along with great wine. I would say the price is "expensive." But if you are in Chicago, and want a restaurant that is equal, and perhaps better, than you can find in New York, New Orleans, or San Francisco---it is Tru. Perhaps a special event, such as a cruise on the Silver Whisper, great service, food, and a smaller ship, so you get to know everyone, particularly from June 26 to July 3, from Venice to Rome with: Relais & Chateaux Culinary Series: Hosted by Rick Tramonto Rick Tramonto is owner and Executive Chef of "Tru," Chicago. Thanks to his unbridled creativity, Tru has garnered international attention and a host of prestigious awards. The four-star Mobil restaurant Tru was named a Relais-Gourmands property by Relais & Châteaux in fall 2002, Tramonto being one of the youngest chefs ever inducted to the coveted list. Join Chef Tramonto for special menu selections and enriching culinary demonstrations. As a member of the Venetian Society, I can personally attest to the fantastic Silver Whisper and the outstanding food, wine, and service. Kit Menkin (for other reviews: please go here: http://two.leasingnews.org/Recommendations/rstrnt.htm 0 ----------------------------------------------------------------
Today's Top Event in History 1865-The Stetson hat is introduced as John Stetson opens one-man hat factory in Philadelphia, Pa. Stetson, the son of a hat maker, had previously attempted to establish himself in the business, but ill health had forced him to travel to Illinois, Missouri, and Colorado. During his travels he had noticed the style of hat favored by westerners and, after a slow start in Philadelphia, he began to design new hats based on the western styles. His business began to expand rapidly. By 1906, he employed 3500 workers and was selling 2,000,000 hats a year. The Stetson hat had a broad brim and its crown was tall, enough to sport ten ornamental braids, known as galloons. It was the mispronunciation of the word galloon, which gave the world the term ten-gallon hat. ----------------------------------------------------------------
This Day in American History 1661--Under pressure from the British Parliament, the American Colony of Massachusetts suspended its Corporal Punishment Act of 1656, which had imposed harsh penalties on Quakers and other religious Nonconformists. http://www.heelstone.com/meridian/word2.html ------------------------------------------------------------- American Football Poem
Silver Lining to the Clouds of Doubt When things go wrong, as they sometimes will, Life is queer with its twists and turns Often the goal is nearer than Success is failure turned inside out. |
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