Friday, February 4, 2011
Today's Equipment Leasing Headlines
Lease Police Alert---Tiger Capital Management
Taxes Help Pay for Super Bow XLV
######## 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.
Lease Police Alert---Tiger Capital Management
“We are presently investigating the following company. If you have had in the past any applications or have one currently please inform me ASAP. We have good reason to believe that the computer server he is selling is really an internet sweepstakes kiosk. This firm was previously located in Mokena, Illinois 60448”
Tiger Capital Management Inc
“I’ve had calls from at least 6 firms who have sent their files to me and I know of a seventh firm did one or two leases with them. Tiger started out from Illinois at the owner’s residence and I believe that they were doing fake sale/leasebacks as I viewed various different types of invoices (a tell-tale sign). Lately however he changed his address and started selling a computer server (?) It has turned out to be a unit sold by Internet Global Sweepstakes: www.globalinternetsweeps.com .The main problem is the deception of the product being sold.
“By the way, the address in Delaware is the address of Harvard Business Services, Inc which is the Service Agent for my Delaware corporations.”
Bernie Boettigheimer CLP
Tiger Capital Vendor Invoice:
((Please Click on Bulletin Board to learn more information))
Classified Ads--- Syndicator
(These ads are “free” to those seeking employment
Orange County, CA
Overland Park, KS
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:
Latitude Equipment Leasing Closed?
For quite some time there have been ex-salesmen telling Leasing News of Latitude Leasing, and conversations with owners confirmed inabilities to find funders of leases. A report of the web site down was followed with a telephone call last week. It was not returned. A follow-up this week, the telephone is out of service at their Marlton, New Jersey headquarters. Previous contacts at Latitude were unable to be reached.
One of the key principals, Bill Waddell, also formerly from Marlin Leasing, shows up on LinkedIn as vice-resident of sales at Horizon Keystone Financial since June, 2010.
August 27, 2007 Gary Kester and Mike Bennie formed a commercial equipment leasing company, Latitude Equipment Leasing, LLC. Mr. Kester was the former Senior Vice President and Chief Credit Officer at Marlin Leasing Corp., as well as one of the founders of the company, former husband of Leasing Trainer and writer Linda Kester. Mr. Bennie was the former Vice President in charge of Marlin’s Broker Services division. Joining them were other ex-Marlin personnel, such as Marcel Gilbert, Fran Miles, Bill Waddell.
May 6, 2009 they merged with Leasing Partners Capital, adding 22 independent representatives, including:
Albany, NY, Gerald G. Oestreich
Other “satellite offices” were announced, including a third in Texas by Daniel Trevino; Milwaukee, Wisconsin by Doug McCarthy. At one time, the leasing representatives were close t0 50, it was reported by management and their web site. These may have been “independent contractors,” but they were working under the name Latitude and noted on their web site.
U.S. Senate votes repeal “1099” Law for 2012
Looks like the amendment to the US Health Bill will be repealed as the removal of this was approved 81-17 in the U.S. Senate after Republicans pointed out it had originally been their idea. President Obama said in his State of the Union speech he would accept the change.
The law had expanded the goods and service reporting of $600 or more per year to all companies, including corporations. Prior it only applied to proprietorship and partnerships. It was reportedly put in the National Health bill: Patient Protection and Affordable Care Act. One of the goals was to track payments to terrorists and other such groups, plus find who was not paying out of state use or sales tax. Proponents also said it would also catch an estimated $2 billion worth of revenue on income that currently is not reported, and would help offset the cost of the health bill.
In the past, all companies reported only non-corporate payments, meaning to proprietorships and partnerships the amount of money expended in the preceding year.
Technically also many states require reporting the sales tax not paid on internet transactions, as they require that you pay them, although this is generally not followed as to the many exceptions such as the first three sales of a consumer not being recorded, some states 12, some states exempt garage sales, and for the last several years the Streamline Sales Tax Group has been working on making these state laws more uniform.
New computer programs by the IRS would have been be able to pick up these from the 1099 filings.
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The facts behind the $96 Million LEAF Securitization
“LEAF Financial Corporation Announces Securitization of $96 Million of Leasing Assets”
It never ceases to amaze me how many publish a press release as if it is accurate, true, the truth, because the company said so. Many of them are misleading, and worse, after being printed, they are like the stories that have been making the internet rounds for years that receivers start to believe are true history or a true fact.
Case in point comes from a press release from LEAF Financial Corporation, where Crit DeMent is Chairman, CEO, LEAF Financial Corporation, LEAF Commercial Capital, plus Chairman-elect of the Equipment Leasing and Finance Association.
"With the completion of LEAF 2011-1, LEAF has securitized approximately $96 Million of leases, term funded by the issuance of Contract Backed Notes on behalf of LEAF Commercial Finance Fund, LLC, a consolidated subsidiary of LEAF Equipment Finance Fund 4, L.P. ("LEAF 4"), one of the investment partnerships it administers. Guggenheim Securities, LLC, was the arranger of the notes and LEAF will continue to be the servicer for the assets."
This new securitization deal was to pay off Morgan Stanley for a line that was due August 4, 2010, according to the SEC filings. It appears Leaf was in breach on the line. Please note in the footnotes that LEAF 4 fund has high charge-offs and was under performing, like the others.
From the SEC filing:
A LEAF Financial Corporation press release stated, "As the securitization marketplace continues to show increased strength, a number of equipment leasing and finance companies are accessing this channel as a means to diversify their capital strategy. This transaction brings LEAF's total securitizations to $700 Million since May 2010. With this securitization, all of the short term debt of LEAF 4, which at one point totaled approximately $450 million, has now been match funded with long term debt. LEAF 4 now joins LEAF Equipment Leasing Income Fund III, L.P. in having greater stability by no longer relying strictly on short term credit warehouse facilities."
Page 12, confirms the Morgan Stanley dates, and actually tells part of the other half of the press release, which can been seen as the opposite of the securitization story as quoted in the press release(2):
(1) Form 8-K filed by LEAF:
(2) Morgan Stanley Loan Matured on August 4, 2010:
February 17, Thursday Arizona Lunch Meeting
Co-Sponsored with National Association of Equipment Leasing Brokers (NAELB)
“How Not To Sell, How Others May See You”
“Keeping sales people and ourselves motivated isn’t always about “what to do”. Mike ushers in a new angle of selling by poking fun at those who don’t know any better, and don't do it well. This humorous list presented in "Top-Ten Format" pokes fun at how stereo-typical sales people approach sales - and what not to do.
“In addition to a few laughs, we will walk away with usable tips on how to positively position finance professionals with prospects/customers and how to separate ourselves from the pack.“
Starfire Golf Club
Reservations and checks should be in by February 10, 2011
RSVP/Registration form to:
(This ad is a “trade” for the writing of this column. Opinions
Saluting Leasing News Advisor Ginny Young
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.
Ginny is one of the original founders of the Leasing News Advisory Board. She had been in the finance industry for 35 years, including being very active for over 20 years in equipment leasing. She retired from the commercial finance industry in 2005.
Since closing Brava Capital, Ginny has become CFO of the family’s construction business which builds municipal playgrounds for schools and parks. She still keeps in touch with her friend in the leasing business and participates in Leasing News Advisory Board discussions and meetings.
Her prior company Brava Capital specialized in franchise financing. She was a very active member of the United Association of Equipment Leasing having chaired several committees, worked on regional committees and was a speaker/panelist at annual conferences. She wrote articles for "Newsline." She chaired the very successful 1999 Annual Conference and Exhibition and served on the Board of Directors for four years.
Audiences this weekend can catch up with a leading Oscar candidate (“The King’s Speech”) or discover an international gem (“The Housemaid”), while comedy (“It’s Kind of a Funny Story”), horror (“My Soul to Take”) and action (“Unstoppable”) await DVD viewers.
The King’s Speech (Weinstein Co.): Leading the Oscar race with 12 nominations, this acclaimed period piece is being reissued in theaters to cement its status as an audience favorite. Based on a true story, Tom Hooper’s film follows the unusual yet affecting bond that develops between two wildly different men during one of England’s most decisive periods. Having always suffered from a chronic stutter, the Duke of York (Colin Firth) watches in horror as he’s suddenly crowned King George VI just as World War II looms ahead. In order to get rid of a speech impediment that could cost him the throne, he turns to an eccentric Australian speech therapist (Geoffrey Rush) for help. Full of award-caliber performances and warm vignettes, it’s prestige filmmaking that reworks British history for crowd-pleasing purposes.
The Housemaid (IFC Films): Following in the footsteps of “Thirst” and “Mother,” director Im Sang-soo’s domestic thriller is another in a series of tantalizing gems from Korea. Remaking a 1960 classic, it’s centered on Eun-yi (Jeon Do-yeon), a young servant who, hired to work at the large, forbidding mansion owned by businessman Hoon (Lee Jung-jae) and his family, finds herself being drawn into the house’s often unsavory relationships. It’s only a matter of time for her presence to bring out the worst in Hoon’s wife and mother-in-law, neither of whom would balk at the idea of using murder to get rid of the comely young intruder. As the psychological traps multiply, will Eun-yi be able to hang on to her sanity? Make sure to catch this provocative, impeccably crafted mix of suspense and malice.
It’s Kind of a Funny Story (Focus Pictures): Anna Boden and Ryan Fleck, the talented filmmakers better known for dramas like “Half Nelson” and “Sugar,” try their hand at comedy with their latest movie, which often plays like a whimsical version of “One Flew Over the Cuckoo’s Nest.” Craig (Keir Gilchrist) is a depressed 16-year-old who checks himself into a psychiatric hospital in hopes of finding his bearings. He meets several odd characters during his wanderings through the ward, though none quite like Bobby (Zach Galifianakis), a patient whose droll exterior masks emotional trouble and who becomes Craig’s mentor as well as his friend in need. Making use of animation and unexpected musical numbers, the movie is a gentle portrait of emotional healing which gives “The Hangover’s” Galifianakis a chance to show off different sides of his persona.
My Soul to Take (Paramount): An experienced hand at scary flicks, director Wes Craven (“Nightmare on Elm Street,” “Scream”) returns to the thriller genre with his first horror movie in years. Taking place in the kind of sleepy yet creepy small town favored by Stephen King, the plot follows a local legend that predicts that a killer will return to slain the seven children who were born the night he was killed. It’s been nearly 20 years since the legend started, and teenagers all of a sudden start to disappear left and right. Adam (Max Thieriot) begins his own investigation. Can he uncover the culprit before he falls prey himself? Both a nerve-jangler and a metaphor for the fears of growing up, this is a treat for viewers looking for an early Halloween fright.
Unstoppable (20th-Century Fox): For pure thrills, action fans can't go wrong with this exhilarating tale directed by old-hand specialist Tony Scott ("Top Gun," "True Romance"). Based on a true story, the movie charts the trajectory of a freight train full of explosives that, left accidentally unmanned, hurls furiously toward a residential area. The city's only hope rests in the hands of an unlikely pair of heroes, aging engineer Frank (Denzel Washington) and young conductor Will (Chris Pine), who find themselves riding the same railway as the dangerous runaway locomotive. Mixing breathtaking stunts with a solid homage to the working-class men who get things done in the world, Scott's latest cinematic rollercoaster is a cut above the standard Hollywood thrill-machine.
### Press Release ############################
JDR Solutions Launches iVirtuaLease™ 3.0
Indianapolis, Indiana – JDR Solutions, originators of iVirtuaLease™ software and a leader in financial portfolio servicing, announced the launch of iVirtuaLease™ version 3.0.
iVirtuaLease™ allows its users to gain access to their financial portfolio by simply connecting to the Internet. Once in the web-based system, users anywhere in the world can manage reports, customer invoices, and transaction data without having to connect to a back office system. Version 3.0 brings a more robust database back engine, security enhancements and user self-management of passwords and profiles.
“We are excited to release version 3.0 to the community,” says JDR Vice President/CIO, Doug Williams.
“iVirtualease™ was originally designed for internal distribution and a GUI interface to text reports generated by Infolease, the back office software provided by International Decision Systems (IDS). The enhanced features and improved capabilities of Version 3.0 bring the ultimate in functionality, convenience, and security to a wide range of users and systems.”
About JDR Solutions JDR Solutions is based in Indianapolis and specializes in delivering customized front-end and back-office lease portfolio administration, consulting and Application Service Provider (ASP) services to lessors, banks, manufacturer captives and other financial institutions. The company provides services to clients in North America, Europe and Asia, including Fortune 500 companies, and is approaching $8 billion in assets under management.
#### Press Release #############################
Albany, New York -- Adopt-a-Dog
CHARLTON - Terrier Mix, male, 2-3 years. Charlton was turned into a high-kill shelter after his owner died. At the time he was suffering from terrible food allergies. The volunteers saw what a wonderful boy he is and reached out to rescue to save him. Charlton is a sweet boy, but has that independence and stubbornness of a free-thinking terrier.
“A dog savvy owner with previous experience will really enjoy this boy. Charlton is good with other dogs – actually he really is indifferent to them. He loves to cuddle up and is very good on the leash. Charlton can be fearful of strangers but with a proper introduction and an appropriate treat (no corn or wheat), he is won over. He is quiet and house broken. Charlton is Mr. Personality. Cats are unknown. Charlton will require special food (no corn or wheat) which can be purchased at your vet's office or at a local pet store.
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Super Bowl host committee reimbursing NFL nearly $10 million for ticket tax
State fund to help pay for Super Bowl expenses
Super Bowl committee budgets more than $100,000 for NFL owner perks
Why Cowboys owner Jerry Jones is smiling
10 Super Bowl commercials to watch
'Boomer' the Lab makes comeback
Warning: Alcohol may increase your life expectancy and reduce dementia
Ready for the Next Argentine Invasion?
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The Most Important Word in Wine Today
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US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1746- Birthday of Thaddeus Kosciusko, Polish patriot and American Revolutionary War figure. Born at Lithuania , he died at Solothurn , Switzerland , Oct 15, 1817.
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