Friday, December 16, 2005
Headlines--- Classified Ads----Operations ######## surrounding the article denotes it is a “press release”
Classified Ads----Operations Orange County, CA. East Windsor, NJ. New York, NY. Wayne, NJ For a full listing of all “job wanted” ads, please go to: http://64.125.68.91/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://64.125.68.91/AL/LeasingNews/PostingForm.asp -------------------------------------------------------------- Archives-December 16,2003—Louis Funkenstein --Warren Capital acquires Western States Leasing Warren Capital announces it has acquired the business of Western States Leasing, a thirty-year-old leasing company serving the food processing and packaging industries. Based in Marin County, right above San Francisco, California, Western States Leasing served over 800 equipment vendors and clients nationwide. The company was founded by Lou Funston of Belvedere, California, who passed away in August. According to Kathy Funston, “Western States had a close relationship with Warren Capital for over 15 years. This acquisition was the best way to honor Lou and continue to provide his clients with access to capital.” Warren Capital Corporation is a 20-year old specialty finance company that has completed over $1 Billion of financing transactions for over 2,000 businesses throughout the United States. This is the letter from Kathy Funston to Western States accounts: “As you may have hard, Lou Funston passed away recently from pancreatic cancer. He remained active in his business virtually until the end and did all he could to provide service to his vendors and clients. “As we cope with this tremendous loss we are committed to ensure that Lou's business continues. He spent 30 years building Western States Leasing and he would have wanted to see it continue to flourish. To honor his work and as a source of income for our family, I have arranged with Warren Capital Corporation to assume responsibility for Lou's accounts. “Many of you may already familiar with warren Capital since Lou occasionally referred his clients to them. He maintained a 15-yar relationship with Warren Capital and they often cooperated on financing. “I chose to have Western Sates Leasing join venture with Warren Capital because I know that they are best suited to deliver the level of service, professionalism and integrity that initially attracted you to Lou's company. “Clay Stephens, President of Warren Capital, has been a trusted business colleague and friend of Lou's for many years. After working with Clay these past difficult weeks, I can understand why Lou as fond of him. He has made the transition pleasurable.” (Many of us miss Louis Funkenstein (before he changed his name at the request of his new wife.) He had the soft South Carolina Jewish accent and when lowered his voice, you listened. I think he could talk you into anything as he was quite persuasive with a great sense of humor. He had worked for IBM Computer, then joined U.S Leasing, and went out on his own. He was also a very good friend whom we spent many lunches and dinners together. He is certainly missed. Kit Menkin) http://www.leasingnews.org/Conscious-Top%20Stories/Louis_B_Funston.htm -------------------------------------------------------------- Can-World Financial Services joins “Broker/Lessor” list “Broker/Lessor” List Third Column: YES - Year Company Started | YELB - Years in equipment Leasing Business A - City Business License | B- State License | C - Certified Leasing Professional |
The full list is located here: http://leasingnews.org/Brokers/broker_Lessor.htm -------------------------------------------------------------- What's Behind Marlin's Sr. VP/CFO Resignation? by Christopher Menkin There is more to the story, but we don't have it. Maybe readers can tell us more. This is what we know: Securities Exchange Commission (SEC) December 13, 2005 for the event date of 3/31/05. “Since our founding in 1997, we have grown to $580.6 million in total assets at March 31, 2005. Our assets are substantially comprised of our net investment in leases which totaled $510.7 million at March 31, 2005. Our lease portfolio grew approximately 16.6% in the past twelve months. Personnel costs represent our most significant overhead expense and we have added to our staffing levels to both support and grow our lease portfolio. Since inception, we have also added three regional sales offices to help us penetrate certain targeted markets, with our most recent office opening in Chicago, Illinois in the first quarter of 2004. Growing the lease portfolio while maintaining asset quality remains the primary focus of management. We expect our on-going investment in our sales teams and regional offices to drive continued growth in our lease portfolio. “We generally reach our lessees through a network of independent equipment dealers and lease brokers. The number of dealers and brokers we conduct business with depends primarily on the number of sales account executives we have. Accordingly, key growth indicators management evaluates regularly are sales account executive staffing levels and the activity of our origination sources, which are shown below. (charge off ratio was 1.98%) “Table of Contents Three Months Ended As of or For the Years Ended December 31, March 31, Number of sales account executives Number of originating sources (1) (1) Monthly average of origination sources generating lease volume. “..For the quarter March 31, 2005, our net credit losses were 1.98% of our average net investment in leases. We establish reserves for credit losses which requires us to estimate expected losses. “..Approximately 68% of our lease portfolio amortizes over the term to a $1 residual value. “..Since our founding, we have funded our business through a combination of variable rate borrowings and fix rate asset securitization transactions...as of March 31,2005, $369.6 million or 83% of our borrowings were fixed rate term not securitizations.” 12/13/05 10-Q/A (SEC's EDGAR System) for event date:3/31/2005” Full report with all financial information is here, 56 pages: http://leasingnews.org/PDF/Marlin_10-Q_A.PDF December 14, 2005 SEC filing finds the number three man on the senior management of "Marlin Leasing," a subsidiary of Marlin Business Services Corp. behind Chairman Daniel P. Dyer and President Gary R. Shivers, Bruce E. Sickel notification of his “resignation,” effective March 3, 2006. A press release was issued, and is part of the filings with the Security Exchange Commission. Not mentioned was the $50,000 “stay” until March 3, 2006, employment to this date, followed by six month severance, plus some other “odds and ends.” Most revealing, the bottom of the press release about the “resignation”: SOURCE Marlin Business Services Corp. -0- 12/14/2005 /CONTACT: George Pelose, General Counsel of Marlin Business Services Corp. , +1-888-479-9111 X4142/ In receiving many press releases over the years, rarely are they from the corporate attorney, or the party to contact, the corporate attorney. Mr. Pelose, nor his assistant, nor any executive or other contacts at Marlin Business Services returned any of the telephone made by Leasing News. Here is the Public Relations story: ### Press Release ####### Marlin Business Services Corp. CFO to Resign MOUNT LAUREL, N.J., Dec. 14 /PRNewswire-FirstCall/ -- Marlin Business Services Corp. (Nasdaq: MRLN), a nationwide provider of equipment leasing solutions, announced today that Bruce E. Sickel is resigning his employment with the Company effective March 3, 2006 to pursue other interests. Mr. Sickel will continue to serve as the Company's Chief Financial Officer until the earlier of March 3, 2006 or the date his successor is named. The Company has commenced a search for Mr. Sickel's replacement. "Bruce has made valuable contributions to Marlin since joining us in 2003," said Daniel P. Dyer, Chairman and CEO of Marlin Business Services Corp. "We wish him well in his future endeavors." About Marlin Business Services Corp. Marlin Business Services Corp. is a nationwide provider of equipment leasing solutions primarily to small businesses. The Company's principal operating subsidiary, Marlin Leasing Corporation, finances over 60 equipment categories in a segment of the market generally referred to as "small-ticket” leasing (i.e. transactions less than $250,000). The Company was founded in 1997 and completed its initial public offering of common stock November 12, 2003. In addition to Mount Laurel, NJ, Marlin also has regional offices in or near Atlanta, Chicago, Denver and Philadelphia. For more information, visit http://www.marlincorp.com or call toll free at (888) 479-9111. SOURCE Marlin Business Services Corp. -0- 12/14/2005 /CONTACT: George Pelose, General Counsel of Marlin Business Services Corp. , +1-888-479-9111 X4142/ /Web site: http://www.marlincorp.com / ### Press Release ##### The web site ( www.marlincorp.com ) notes: “Bruce E. Sickel joined us in September 2003 as Senior Vice President and Chief Financial Officer. Prior to that, from 1990 to 2003, Mr. Sickel was a founder of Premier Bancorp, a Pennsylvania financial holding company of Premier Bank, where he served as Chief Financial Officer and Director from its inception through the sale of the company in August 2003. From 1987 to 1990, Mr. Sickel was Senior Vice President and Controller of Horizon Financial F.A., a $2.5 billion diversified thrift institution. From 1982 to 1987, Mr. Sickel worked in the audit department of Peat, Marwick, Mitchell & Co. (now KPMG LLP), rising to the level of audit manager. Mr. Sickel received his undergraduate degree in finance and accounting from Juniata College and is a Certified Public Accountant and Chartered Financial Analyst.” Here is the filing with the SEC on the matter, with more details than presented in this article: http://leasingnews.org/PDF/Marlin_8-K2.pdf The same date, December 14, 2005, there is a filing for the sale of 31,500 shares held by Daniel P. Dyer, Chief Executive Officer of Marlin Business Services Corporation (MRLN), from reportedly an “... adopted a pre-arranged stock trading plan to exercise a portion of his company stock options and sell the related shares over time as part of his individual long-term strategy for asset diversification and liquidity.” http://leasingnews.org/PDF/Marlin_8-K.pdf The shares being sold by Dyer under the plan represent approximately 8% of the MRLN shares he beneficially owns as of December 14, 2005. The end of year report showed there were 11,505,000 shares. Dyer on April 21,2005 sold 3,075 shares at $17.885 or $54,996. He controls 248,253 shares, the form stated. The 31,500 shares at December 15 prices of $21.87 would result in $688,905. Whether he needed the money to buy Christmas presents or any coincidence to the resignation of Sickel is not known, as no party at Marlin Leasing returned any telephone calls. Stock information here: http://leasingnews.org/PDF/Marlin_corp_profile.PDF Any new information, corrections or additions are welcome. Our telephone number is 408-374-3848,
--------------------------------------------------------------- (Bob Rodi New "Franchise Qualifier") Franchise Qualifier provides powerful online tools that help franchisors streamline the process of franchisee recruitment. By analyzing owner, business, and industry factors, Franchise Qualifier accurately assesses whether a new franchisee is likely to be successful. -- Information Logic, a first mover in developing Risk Management strategies for the Franchise Industry, announces the release of Franchise Qualifier (http://www.FranchiseQualifier.com). Franchise Qualifier combines the latest in behavioral and demographic scoring models to pre-screen and pre-qualify franchise applicants for the investment needed to successfully open and operate a franchise location. Franchise Qualifier goes far beyond the common “credit score” that is available at most credit bureaus. That score number, known as the FICO Score, has been both popularized and politicized in recent years on TV ads and by consumer groups. It is often used to evaluate risk for both consumer and commercial credit grantors. Franchise Qualifier uses the traditional FICO score as only one component of its overall risk analysis process. Franchise Qualifier also employs in-depth analytical tools that evaluate demographic characteristics of the applicant, such as management experience in other businesses, education levels, and relevant industry experience that may be related to the type of franchise being acquired. Franchise Qualifier has been designed to predict the likelihood of a business surviving the critical start-up period, which most experts agree is the first 4 years in the life of any business. Dave Sergovic, President of Information Logic and the chief architect of the Franchise Qualifier application states, “By deploying Franchise Qualifier as part of the franchisee qualification process, we can provide a clearer assessment of risk, enabling franchisors to better glimpse their likelihood of success as compared to traditional franchisee recruitment.” The Franchise Qualifier score is based on the statistical analysis of thousands of pieces of sample data. The analytical process identifies trends from the past that are literally capable of predicting the future. Bob Rodi, CEO of Franchise Qualifier, states, “Credit grantors have been using behavioral scores to predict the likelihood of debt repayment based on past history for nearly 40 years. A franchise start-up, however, involves many other variables. Research shows that most franchise applicants have excellent credit scores that demonstrate above average repayment history. So, we wondered why some of these people failed. We found many other demographic characteristics that behavioral scores don't take into account.” Using Franchise Qualifier, franchisor personnel will be able to “rank order” the prospects that demonstrate the best characteristics for success. Franchise Qualifier also offers a “second level” financial qualification report that analyzes the applicant's financial data to determine whether or not they can be pre-qualified to obtain the loan needed to successfully open and operate the franchise. Rodi states, “Just because an applicant makes it past the initial screening doesn't mean they are qualified to put a deal together. It simply means that they demonstrate the characteristics they need to succeed. They also need to have the capital to open the location. If a particular franchisor requires a $250K investment and the potential franchisee can only qualify for $150K then that applicant is not going to fit that particular system. It doesn't mean they are a bad applicant. It simply means they need to lower their sights and look for an opportunity that fits their financial qualifications.” Franchisors interested in a demonstration of Franchise Qualifier should stop by the company's website at http://www.FranchiseQualifier.com, or contact Dave Sergovic at 1-800-495-6989. About Information Logic: Information Logic is a premier provider of technology, risk management, and business consulting services. We specialize in creating innovative solutions that are easy to use, highly scalable, and secure. Our flagship product, Franchise Qualifier, enables franchisors to better assess risk when selecting franchisees. For more information, visit us on the web at ### Press Release ########################### CLP Down to 173
Despite the news from Certified Leasing Foundation outgoing President Steve Crane, CLP, Bank of the West Leasing Vice-President, plus an advisor on the Leasing News Advisory Board, that f ifteen leasing professionals successfully passed the CLP Exam and received their CLP designations, the total count on line is 173, according to Cynthia W. Spurdle, Executive Director of the foundation. http://leasingnews.org/PDF/CLP_List.pdf At the beginning of the year, there were 223, with 221 active in the equipment leasing industry. “We currently have 173 CLP's who are in ‘Good Standing', whose names appear on the web site,” she explained. “ There are more leasing professionals who have obtained their CLP designation and are still active in the industry, but are not in good standing.” The CLP Foundation is the official governing body for the Certified Lease Professional ("CLP") Program. The CLP designation sets the standard for professionalism in the leasing industry. This designation identifies and recognizes individuals within the leasing industry who have demonstrated their competency through continued education, testing and conduct. All the major equipment leasing associations support the program except for the Equipment Leasing Association. They include: Eastern Association of Equipment Lessors (“EAEL”), National Association of Equipment Leasing Brokers (“NAELB”), United Association of Equipment Leasing (“UAEL”) The foundation has a “mentor program,” plus an anonymous test taker program. As noted by Mr. Crane, “the Exam Rewrite Committee completed a new CLP Exam. The first group of leasing professionals sat for the exam in June. There has been an ongoing review process set up to take under consideration comments made by those sitting for the exam and those grading the exam. Necessary improvements are made on an ongoing basis.” The 2nd, updated edition of The Certified Lease Professionals' Handbook was published and is available for purchase from the Foundation for only $59.95, plus shipping and handling. While it is designed to help pass the CLP test, many purchase it primarily for the educational value. Outgoing President Steve Crane, CLP, said"... now is an excellent opportunity to sit for the exam. For the first time since the inception of the program, The Certified Lease Professionals' Handbook, the Body of Knowledge, and the CLP Exam have all been rewritten to mesh together for a smoother transition from studying to sitting for the exam. " In March, 2005, Leasing News asked it readers about an idea, originally suggested by John Winchester, CLP, for a “junior” program, perhaps with a different name. We made a working title and called it “CLP lite.” The response was low with 60% who were not CLP's in favor of a program, but those who were CLP',s, 78% said, “Never.” http://www.leasingnews.org/archives/March%202005/03_25_05.htm#clp
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Equipment Finance & Leasing Representative
Senior Funding Manager
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Let me help you with your last minute holiday wine needs. To order wine simply log in to our web site http://www.avvwine.com/wines/the_wines.asp My family and staff appreciate your patronage. Thank you. Enjoy the holiday season. Sincerely, Hank Wetzel Proprietor -------------------------------------------------------------- Leasing Schools/Franchisors (does not include those specifically employed in training or education, but who have a similar program as the following entities:) “...we advertised this opportunity on Ebay and offered a protected territory of their home state. They would pay $500 for a security deposit on the training materials and when they booked $50,000 in business, they would get a refund of their security deposit plus a bonus of $200. They get a 60 page manual, four CDs and samples of marketing pieces. They would sign a 10 page Agency Agreement which clearly spelled out what they could or could not do and how their commissions would be paid including splitting commissions between territories in case of an overlap. “ The first month we had 4000 hits on the Ebay listing and over 90 people who were interested enough to ask for more information.” http://www.leasingnews.org/Conscious-Top%20Stories/Corp_cap_grows.htm Program cost: $24,950 In 2003, broker/lessor Global Leasing founder Phil Dushey created a new division to train independent salesmen in all the aspects of finance, including leasing ,accounts receivable financing, business acquisitions, debt restructuring, working and venture capital. His students have found great success and he spends most of his time now developing entrepreneurs, who also utilize his knowledge and sources of funds.“ " We are not superbrokers and have never been one. Occasionally we will co-broker a transaction ,but generally we function as a lessor for our own accounts. 2. Our website address for our training is www.globalbrokersystems.com 3 When we train our students we do not have them send transactions through Global. We set them up to deal directly with the lenders. We also require that all lenders who work with our students will automatically approve them to do business with them. Also our current price for the program is $24,950 We also model our training program from the experience we have from being in the business for about 25 years that a broker needs to serve all of the financial needs of their clients ,whether it be equipment leasing ,factoring,acquisitions,SBA Loans or debt restructuring, we do it all." Philip Dushey Global Financial Services17 State Street New York NY 10004 Email phil@globaleasing.com Phone 212-480-4900 Mr. Dushay is also on the Leasing News Advisory Board http://www.leasingnews.org/Advisory%20Board/Dushay_Phil.htm Lease One, Lynnfield, Massachusetts “Our program has been operating for 14 years, we charge $19,900 for a three day training, & offerlifetime support , ongoing marketingasst. plus complete underwriting which allows the associate more time to market there company& we provide everything from materials, airfare, hotel , food, equipment etc...” http://www.leaseone.com/equipment-leasing-opportunities.html Sudhir Amembal, Chairman and CEO of Amembal & Associates, a pioneer of lease education and author or coauthor of 14 books specific to the leasing industry including the industry bestseller The Handbook of Equipment Leasing , announce the reduction in cost to their hugely successful Executive Lease Broker Training Program. Due to the unprecedented successes of the first 14 months of the program and significant streamlining to the program, The Leasing Institute of America has lowered the cost of the program from $30,000 to $12,500. Mr. Amembal explained: “The significantly lower cost enables us to serve a larger number of those aspiring to become successful lease brokers”. The program is more that just a “how-to” in leasing. LIA offers individuals state-of-the-art lease specific tools, funding source access, a weeks worth of intensive training, an additional three-month coaching program and a life time of mentoring. Mr. Lowder explained: “The main aim of this program is to inevitably trim several years off the start up time for a new brokerage”. Mr. Amembal's pioneered techniques in lease education is the best foundation for anyone wishing to enter leasing. Designed for today's entrepreneur, the Executive Lease Broker Training Program fast tracks education and practical principles into a cutting edge comprehensive five-day intensive in class training. For more information contact: Jason Smith, General Manager at 1-800-429-3335 or via email Fort Lauderdale, Florida Formed December 1, 1969, this is a sole proprietorship, according to the Better Business Bureau, who many consider quite controversial. Mr. Parker has advertised in USA Today perhaps since the paper started in 1982, offering to train those in his office for $5,000. Former students have said today it is a one person office with an answering service and the manual was a mimeograph. Today most of his business appears to be of international nature where he also raises investor money, it is claimed. There are no claims against his company in the Better Business Bureau. He is not a member of any equipment leasing association. http://www.bbbsoutheastflorida.org/nis/newsearch2.asp?ID= Leasing News has one Bulletin Board Complaint and has not been able to reach him regarding a situation in Indonesia. Wildwood Financial---$34,950 To Get Into Leasing The oldest, most experienced school-program run by (If we have left out your company and its “franchise” or “like” program, please contact us: kitmenkin@leasingnews.org ) Equipment Leasing License Most banks in California require those who send leases to them have a license, and if they are discounters, also have a State Board of Equalization license. * The above is from our archives, and needs to be up-dated. If any one can help us up-date it, please send to : kitmenkin@leasingnews.org
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The Potential of Web Services to Transform Equipment Leasing By Andrew Lea Now available for “free” at the Equipment Leasing and Finance Foundation. written by Andrew Lea, marketing and corporate communications for McCue Systems, Inc, Burlingame, California. A published writer on this subject, Mr. Lea also serves on the Leasing News Advisory Board and is responsible for many of the innovations to its web site.
As noted in ELTnews, “Technology offers lessors powerful tools. Some would argue that the World Wide Web tops the list. A new model of application integration-Web services could change the ways that equipment leases are initiated, ‘decisioned,' funded, tracked, and terminated. New technologies are making possible a new, nonlinear, many-to-many model of equipment leasing business generation. Read more about this in the Journal of Equipment Lease Financing's recent published article, “The Potential of Web Services to Transform Equipment Leasing, authored by Andrew Lea. The Journal of Equipment Lease Financing is published three times a year by the Equipment Leasing and Finance Foundation. Visit the Foundation Library to download this article at http://www.leasefoundation.org/store/index.cfm?fuseaction=product.display&Product_ID=336 add to cart----then view cart—then complete order—then download You will be required to create an account, which is recommended, and follow the “cart” procedure to download the report in PDF format. For those who don't want to go through the procedure, which we recommend, you may go directly to: http://leasingnews.org/PDF/ELFF.pdf The Equipment Leasing and Finance Foundation is a 501c3 non-profit organization that provides vision for the equipment leasing and finance industry through future-focused information and research. Solely funded through donations, the Foundation is the only organization dedicated to future-oriented, in-depth, independent research for the leasing industry. Foundation products include the Industry Future Council Report, the State of the Industry Report, and the Journal of Equipment Lease Financing and numerous research reports. The Foundation was established in 1989. Visit the Foundation online at -------------------------------------------------------------- Leasing Portals bizwiz.com #1 There are two tiers to the site, one is free, and the other is a subscription for "leads" or "sources". http://www.cfol.com/index.html?content=loginpage The success of Internet portals such as My Yahoo! have inspired companies to develop Enterprise Information Portals (EIPs) as a way to allow business users to access corporate information. -------------------------------------------------------------- Ukraine Leasing Market Set to Take Off ELTnews Consultants Wanted Looking for an overseas growth market? Consider the Ukraine: According to Richard F. Caproni, senior advisor with the USAID-funded Ukraine Access to Credit Initiative, the Ukrainian leasing market is enjoying significant growth (from a miniscule base), but more importantly, equity investors and European financial institutions are demonstrating serious interest. For example, both Bank Austria – Creditanstalt Leasing (HVB Group) and Raiffeisen Leasing will be starting operations in Ukraine in the next 6-12 months. Caproni says those that get in first should have a healthy advantage relative to the existing domestic lessors and be able to develop a sizeable portfolio rather quickly while maintaining high credit-quality. The Ukraine Access to Credit Initiative is working with the Citizens Network of Foreign Affairs (CNFA), which runs the “Farmer-to-Farmer," Project in Ukraine. The project brings volunteers from the U.S. to do 2-4 week consulting assignments in Ukraine with Ukrainian enterprises. It is currently seeking volunteers that have experience either in lending or leasing to agricultural and ag-related businesses. The assignments are non-fee paying but all expenses relative to travel and lodging are covered. The project has designed three consulting engagements focused on providing equipment leases to agriculture and agriculture-related businesses, each of which is three weeks in length. Each assignment includes delivering a 2-day training session for senior managers of Ukrainian leasing companies along with 2-3 day follow-up consulting engagements with three specific lessors. Each assignment will have a different subject focus (Sales and Risk Assessment, Marketing and Product Development, and Strategic Planning), and are planned for January, February, and April of 2006, respectively. About two weeks preparatory time and a week's worth of follow-up recommendations will also be required. Each consultant will receive significant support, information and expertise from both the Project and CNFA. The Ukraine Access to Credit Initiative is also currently planning for conferences to be held in February (titled “The Role of Banks in the Development of Ukraine's Leasing Industry”) and April (The First Annual International Conference, “Leasing in Ukraine”), and is seeking speakers for both conferences. Lessors interested in either consulting or speaking should contact Richard F. Caproni at rcaproni@pragmacorp.kiev.ua --------------------------------------------------------------- Fitch Completes Review of U.S. Corporate CP Backup Credit Facilities Fitch Ratings-New York- Fitch Ratings recently completed a review of committed bank credit agreements for 80 U.S. investment grade-rated industrial companies with commercial paper (CP) programs of more than $1 billion in size. The review, conducted as part of Fitch's routine analysis of CP backup liquidity, also produced data on the structure of CP support facilities and the providers of this backup source of liquidity to U.S. industrial companies. The review findings are presented in Fitch's new report and include a look at facility availability relative to CP balances, the composition of the bank groups, the use of financial covenants and the presence of material adverse change (MAC) language. The results of Fitch's survey may be of particular interest as 2005 comes to a close since the volume of U.S. non-financial CP appears to be on its way to ending the year at a four year high. According to Federal Reserve data, U.S. non-financial CP outstanding totaled $158 billion at the end of November, up 20% year-over-year. Among key findings discussed in the report: --Issuers in the Fitch sample carrying CP balances had backup availability in excess of 100%, including credit facility support and unrestricted cash balances; For more the new report, entitled, 'U.S. Corporate Commercial Paper Backup Credit Facility Review', is available on the Fitch Ratings web site at 'www.fitchratings.com' under 'Credit Market Research'. Contact: Charlotte Needham +1-212-908-0794, Mariarosa Verde +1-212-908-0791 or Philip Walker +1-212-908-0624, New York. ### Press Release ########################### Fitch U.S. ABS Outlook Weakens in 2006 NEW YORK------While performance for most of the U.S. term asset-backed securities sector was stable in 2005, certain sectors bear close watch in 2006 due to rising energy costs, increasing interest rates, pronounced household debt levels, decelerating home appreciation and corporate concerns, according to Fitch Ratings analysts during a recent conference call. Asset performance is expected to be either Stable or Improving in five of 10 ABS asset classes in 2006, Managing Director Chris Mrazek said during the call. Noting the weaker outlook, Mrazek said that Fitch remains guarded about subprime consumer and auto manufacturer health. While the economy overall has been resilient in 2005, Director Kevin D'Albert said that Fitch is concerned over what may happen with household leverage and consumer credit quality once these and other trends moderate and asked if this is as good as it gets? The health of the subprime consumer remains a particular area of concern in the credit card ABS arena according to Managing Director Mike Dean. For student loan ABS, Dean said 2005 was a hallmark year both in issuance and rating performance, with 2006 auguring for more of the same even with an intensified competitive environment. Senior Director John Bella, Jr. said that dealer floorplan and rental fleet ABS may be the auto ABS sectors most adversely affected by broader auto sector trends and the mounting troubles with auto manufacturers, particularly GM. Commercial ABS sectors such as aircraft finance remain negative in spite of some improvements and equipment leasing ABS remains Positive with rating volatility near all time lows according to Bella. A replay of the Fitch conference is available on the Fitch Ratings web site until Dec. 28 by going to the 'Resource Library' in the 'Teleconferences & Online Events' page under 'U.S. ABS Outlook'. Domestic participants can also dial 800-642-1687, and international listeners can dial 706-645-9291 and also use the conference ID, '3232366'. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 'www.fitchratings.com'. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. Fitch Ratings Chris Mrazek, 212-908-0667 (New York) Media Relations: Sandro Scenga, 212-908-0278 (New York) ### Press Release ########################### Fitch Rates GE Equipment Small Ticket LLC, Series 2005-2 (Despite rumors that GE is getting out of the small ticket business in the United States to concentrate on Europe, India, and perhaps even China, the portfolio is performing extremely well by all equipment leasing standards. Whether you read the full press release, this paragraph is most revealing: “The largest equipment concentrations (as a percentage of the final cut-off date pool balance) include office (43.79%), medical and dental (21.73%), technology and telecommunications (9.77%), industrial equipment (9.73%), and printing presses (6.45%). Noteworthy obligor industry exposures are services (39.34%), healthcare (24.74%), and printing and publishing (9.03%). The overall pool is diversified geographically, with the top five states as follows: California (15.27%); Florida (8.16%); Texas (8.10%); New York (6.45%); and Illinois (5.39%). The highest single obligor concentration is 0.50% of the initial pool balance, with the five largest obligors constituting 1.96%.” Editor) CHICAGO------Fitch rates the GE Equipment Small Ticket LLC series 2005-2 (GE EST 2005-2) notes as follows: -- $139,000,000 class A-1 'F1+'; The $714 million in notes are backed by a pool of receivables originated or acquired by the North America Leasing (NAL) and Healthcare Financial Services (HFS) operating segments of General Electric Capital Corporation (GECC). GE EST 2005-2 is General Electric Company's (GE) third securitization of primarily small ticket vendor-based originations. The prior transactions closed in December 2004 and September 2005 and were rated by Fitch. The GE EST 2005-2 ratings are based on the following: -- Historical delinquency and loss performance of the selected portfolios; The 'AAA' rating on the senior notes reflects the credit enhancement provided by the subordination of the class B notes (9.00%), the initial reserve account (1.00%), available excess spread, overcollateralization (OC) created by a partial turbo, and available residual realizations related to the leases in the pool. The 'A' rating on the class B notes reflects the credit enhancement provided by the reserve account, available excess spread, OC created by a partial turbo, and available residual realizations. The ratings address the likelihood that noteholders will receive full payments of interest and principal in accordance with the terms of the transaction documents. The collateral in this transaction was originated under the NAL (78.27%) and HPSC (21.73%) units of GE's commercial finance division. NAL's portfolio includes loans and/or leases originated through GE's vendor relationships with various equipment manufacturers and distributors. HPSC's focus is small ticket financing for physician practices, including dental, medical, eye care, veterinary, and chiropractic groups. Within the GE EST 2005-2 transaction, HPSC will also serve as subservicer for the portion of the receivables it originated. The largest equipment concentrations (as a percentage of the final cut-off date pool balance) include office (43.79%), medical and dental (21.73%), technology and telecommunications (9.77%), industrial equipment (9.73%), and printing presses (6.45%). Noteworthy obligor industry exposures are services (39.34%), healthcare (24.74%), and printing and publishing (9.03%). The overall pool is diversified geographically, with the top five states as follows: California (15.27%); Florida (8.16%); Texas (8.10%); New York (6.45%); and Illinois (5.39%). The highest single obligor concentration is 0.50% of the initial pool balance, with the five largest obligors constituting 1.96%. Fitch considered both quantitative and qualitative factors in evaluating the credit-enhancement structure of the GE EST 2005-2 transaction. Fitch reviewed the business segments' annual and static loss histories, projecting cumulative losses on pools that have not fully paid down using segment-specific loss curves. Fitch expects the performance of the GE EST 2005-2 pool to remain within ranges established by historical performance data as reviewed on a segment-specific basis. In determining the expected net-loss proxy of 3.30% for the GE EST 2005-2 portfolio, Fitch weighted the individual segment's expected losses by its portfolio proportions. Stresses were applied to Fitch's expected loss rate within the cash flow model to simulate deteriorating asset performance. To replicate a reduced amount of excess spread available to cover losses and turbo principal to the notes, Fitch also implemented a higher servicing fee within cash flow models. Supplementary stress on the classes A and B notes was initiated by reducing credit to residual realizations, limiting 'AAA' and 'A' access to 50% and 55% of the booked amount, respectively. Surveying the performance of the structure under different loss timing scenarios, the cash flow model was analyzed under front-end, back-end, and a more even distribution of losses. The break-even losses sustained by the enhancement structure were then compared with Fitch's cumulative net-loss proxy stressed by a multiplier consistent with the rating being sought. Under stress scenarios consistent with 'AAA' and 'A' ratings, respectively, the credit-enhancement structure was sufficient to ensure payment of the classes A and B notes by the legal maturity date. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. Fitch Ratings Brigid E. Fitzgerald, 312-606-2361 (Chicago) John Bella, Jr., 212-908-0243 (New York) Sandro Scenga, 212-908-0278 (Media Relations, New York) ### Press Release ########################### CIT Announces Exchange Offer of Private Debt Securities NEW YORK, -- CIT Group Inc. ("CIT") and CIT Funding Company of Canada ("CITGF"), a wholly owned subsidiary of CIT (NYSE: CIT) announced the commencement of a registered exchange offer to exchange up to (a) $1.0 billion aggregate principal amount of newly issued 4.65% Senior Notes due 2010 and (b) $700 million aggregate principal amount of newly issued 5.20% Senior Notes due 2015, which have been registered under the Securities Act of 1933, as amended (the "Exchange Notes"), for any and all existing 4.65% Senior Notes due 2010 and 5.20% Senior Notes due 2015 (the "Existing Notes"). The exchange offer is being made pursuant to a registration rights agreement entered into by CIT and CITGF in connection with the sale of the Existing Notes. CIT and CITGF agreed to file with the Securities and Exchange Commission a registration statement relating to the exchange offer pursuant to which the Exchange Notes, containing substantially identical terms to the Existing Notes, would be offered in exchange for Existing Notes. Any Existing Notes not tendered for exchange in the exchange offer will remain outstanding and continue to accrue interest, but will not retain any rights under the registration rights agreement except in limited circumstances. A description of the Exchange Notes and other information relating to the exchange offer are set forth in the registration statement and prospectus included therein filed with the Securities and Exchange Commission on December 15, 2005. The exchange offer will expire at 5 p.m., New York City time, on January 13, 2006, unless extended. Existing Notes tendered pursuant to the exchange offer may be withdrawn at any time prior to the expiration date by following the procedures set forth in the prospectus and the related letter of transmittal. Holders must tender their Existing Notes prior to the expiration date if they wish to participate in the exchange offer. Requests for assistance or for copies of the prospectus or the related letter of transmittal should be directed to JPMorgan Chase Bank, N.A., the exchange agent, at 1-800-275-2048. 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 worldwide. 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 ### Press Release ########################### Financial Federal Corporation Increases Quarterly Dividend 50% NEW YORK------Financial Federal Corporation (NYSE:FIF) announced its Board of Directors declared a $0.15 per share quarterly dividend on its common stock payable January 31, 2006 on a pre-split basis to stockholders of record on January 5, 2006. The Board of Directors also declared a 3-for-2 stock split to be effected in the form of a stock dividend payable January 31, 2006 to stockholders of record on January 5, 2006. The quarterly dividend is $0.05 per share (50%) higher than the previous quarter's dividend of $0.10 per share on a pre-split basis. As a result of the stock dividend, stockholders will receive one additional share of common stock for every two shares owned on the record date. Fractional shares will be paid in cash. After the stock dividend, the Company will have approximately 26.4 million shares of common stock outstanding. Financial Federal Corporation is an independent financial services company specializing in financing industrial and commercial equipment through installment sales and leasing programs for dealers, manufacturers and end users nationwide. For more information, please visit the Company's website at www.financialfederal.com. Financial Federal Corporation Steven F. Groth, 212-599-8000 ### Press Release ########################### WL Ross Completes Purchase of VTG NEW YORK / -- WL Ross & Co. LLC ("WL Ross") has completed the acquisition of rail logistics company VTG from TUI AG, the major European tourism company. The purchase price was not disclosed. Wilbur L. Ross, Jr., Chairman & CEO of WL Ross stated, "This is our first investment in Germany and the largest we have made in Europe. We and our lender, HypoVereinsbank, are very impressed with management's plans to grow the business and to improve its profitability." VTG Chief Executive Officer Dr. Heiko Fischer said, "This transaction is a good signal for our company and all of our partners. Along with WL Ross, we can not only expand our traditional business but also provide solutions for other sectors." VTG VTG is the largest specialized railcar and tank container leasing company in Europe with approximately 45,000 tank and freight wagons servicing mainly the transport of oil, gas, chemical and bulk products. Based in Hamburg, VTG has approximately 900 employees and operates throughout Europe with a commercial presence in 17 countries. In addition to railcar leasing, VTG also provides freight forwarding and railcar maintenance and repair services. For 2005, VTG expects to have revenues of approximately euro500 million. WL Ross & Co. LLC Since its founding in April, 2000, WL Ross & Co. LLC, has sponsored $4.5 billion of alternative investments in the steel, textiles, coal, automotive and financial services industries in the U.S., UK, France, China, Japan and Korea. ### Press Release ###########################
News Briefs---- Icy Storm Cuts Power to 450,000 in South Price Index Shows Big November Drop Consumer Price Index Down by 0.6 Percent Trade deficit hits record $68.9b S.F. Bay Area boom easing San Diego Prices up, but seasonal activity down for 17th straight month—“the Waddle” Arizona job growth soaring, state says Adobe posts higher profit and announces job cuts Oracle's profit dips but meets analyst expectations 8 steroid companies indicted Morgan Freeman Criticizes Black History Month ---------------------------------------------------------------
You May Have Missed Mardi Gras—the 150th anniversary celebration--is scheduled for February 18-28. Most of the French Quarter and Garden District sustained minimal damage and are said to be in pretty good shape. http://www.californiawineandfood.com/news/more-new-orleans.htm ---------------------------------------------------------------
Sports Briefs---- Tuiasosopo: I deserved better Rich Hofmann | McNabb suddenly alone in a crowd NAACP Head Stands by McNabb Criticism NAACP Steers Clear Of Criticism of McNabb Eagles Notes | Players: T.O. bash was no big deal Culpepper, three others face indecent, disorderly, lewd conduct charges. Ex-Raider killed in crash ----------------------------------------------------------------
California News Briefs--- Schwarzenegger Appointment Rankles GOP http://www.lasvegassun.com/sunbin/stories/nat-gen/2005/dec/15/121508252.html ----------------------------------------------------------------
“Gimme that Wine” Champagne: How Low Can You Go?—Eric Asimov http://www.nytimes.com/2005/12/14/dining/14wine.html Mondavi: One Year Later http://www.sthelenastar.com/articles/2005/12/15/features/food_and_wine/iq_3209456.txt Top Ten Winery Web Sites of 2005 http://www.prweb.com/releases/2005/12/prweb322241.htm A wine for the ages Vintage Ports may be the longest-lived wines, and the just-released 2003s may set a new benchmark http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/12/15/WIGC5G512J1.DTL Bordeaux property prices plummet http://www.decanter.com/news/72216.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 ----------------------------------------------------------------
Two Top Events in History Today 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.. http://www.picturehistory.com/find/p/6734/mcms.html 1901- Margaret Mead birthday - U.S. anthropologist who revolutionized thinking about primitive life and female adolescent sexuality by raising questions about the assumptions of rigid social mores in all cultures. In1949 she published Male and Female: A Study of the Sexes in a Changing World which contrasted gender roles in various societies, the importance of the mother in the development of the children's adult lives, and the different opinions on women's roles in . It examined traditional male- female relationships, using observations from the Pacific and the East Indies for reference in discussing such topics as the mother's influence in perpetuating male and female roles and the different concepts of women's roles in marriage. http://mead2001.org/index.html ----------------------------------------------------------------
This Day in American 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.. ------------------------------------------------------------- American Football Poem
A Coach's Poem Author Unknown There are little eyes upon you You're the little person's idol There's a wide eyed little person |
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