Monday, February 7, 2011
Today's Equipment Leasing Headlines
Archive February 7, 2000
######## 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.
Archive February 7, 2000
The List: 70 Companies
PLM International (2/2000) MILPI Acquisition Corp completes cash offer for outstanding stock
Colonial Pacific (2/2001) Colonial Closes former "Tilden Operation" in New York and Anaheim, rumors floating to surface: GE/CPL will leave small ticket broker marketplace ( 5/2000) no more re-brokered applications, except from one or two sources, such as Steve Dunham's
Linc Capital (2/2000 creditors file for Chapter 7 (9/2000 out of vendor and broker business, NASDAQ halts stock sales, $13.4 loss last quarter, 10/2000 assets for sale)
Finova (2/2001) downgraded to "C" rating by Fitch "With significant debt maturities due in May 2001 and Leucadia National Corp's $350 million investment withdrawn, Finova's ability to operate as a going concern faces serious challenges."(1/2001) Deal of Leucadia National to Invest $350 Million in Finova falls apart 1/2001 laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs. The company continues to employ about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough) (11/2000 Announces they will discontinue business, sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350 Million in Finova 11/2000 reports $274 million loss) (10/2000 Dow Jones notes stock falling and problems at Finova) (10/2000 Dow Jones headlines "Finova Stock Falls as Buyout Hopes Wane.”
Orix (2/2001) Closes re-discount center, Steve Geller says "goodbye." 11/10 First Six Month Profits up 14% at Orix! ) 11/8 New President at Orix appointed 11/10 First Six Month Profits up 14% at Orix! No negative reports, company appears to be doing very well. 10/2000 "long-term Outlook has been revised from Stable to Negative" Credit Allianchat it has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President Commits Suicide (Orix is a 14.7% shareholder in bank having problems), (8/2000 closes small ticket vendor division in\ Portland, Oregon, "Business as usual (in New Jersey and with brokers)," says Steve Geller)
Affiliated Leasing, Lewistown, Texas (1/2001) Merges with First Commerce Leasing January 26.
Advanta Leasing (1/2001 Advanta ceases leasing business announcement 1/2001 Chris Ciarrocchi says "goodbye" Mortgage Division sold, re-affirms Leasing Division still for sale, former prez now at eOriginals, others let go like Kaye Lee.) (9/2000) for sale.
LeaseExchange.com (2/1 reported on "auto-pilot" ( 1/2001) Closes Irving office, cuts staff Union Bank, San Francisco ( 1/2001 Leasing curtailment/cutback 1/2001 Union Bank, Los Angeles, no more lease purchasing, not confirmed about S.F. yet )
El Camino Leasing, Woodland Hills, California (1/2001) ( 1/2001 reportedly winding down, sold portfolio, selling partner relationships, selling off all assets (10/2000 No longer taking broker business 11/2000 struggling to stay in leasing business, according to insider reports
NationsCredit, Business Leasing Group (1/2001) complaints from brokers regarding getting information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from Textron who is servicing the portfolio )(1/29/99) sold to Textron *** Textron does "broker business."
eLease (12/2000) purchase by Primestreet (June/July/2000) senior management changes)
Saddleback Financial (1/2001) Prez. Warren Emard announces "... still in business... We are still originating business through vendors and directly to lessees. Does not accept broker business."
First Commercial Capital Corp (/2001 to be acquired by TCF Leasing)
First International Bancorp (1/2001) to be acquired by UPS Capital First State Bancorp, Albuquerque, N.M (3/2000 sold leasing division-$64 million---)
BSB Leasing (1/2001 Don Myerson bought back the company and they are back in business at 303-329-09227. Official announcement to be made soon. They are notifying brokers to start sending them business again. 12/2000 Don Myerson says to be "re-born"11/2000 closed to accepting new business.)
SierraCities (1/2001 VerticalNet Merger falls apart 1/16/01 Sells Off UK Assets, 7/2000 2nd quarter loss, see report)
United Capital, Austin Texas ( 1/2001 ½ employees let go, portion of portfolio sold, discounters not paid, vendors not paid, it is alleged.1/2001, selling off portfolio, problems ahead with vendors not paid, brokers not paid, sinking in quicksand 12/2000 no new deals until after the 1st of year, Steve Dallas trying to hold it together. Dallas says, "We will survive."
Preferred Capital (01/2000 Mark Seif confirms 12/2000 On the block. David Murray left 11/7 "didn't like letting his friends go.”)
Affinity Leasing, Washington (12/2000 to close and concentrate on Financial Pacific biz)
Bayview Capital (12/2000 announces $17 million loss/later does not issue dividend)
Bombardier ( 12/2000 reported having leasing problems, not confirmed, company strong in other divisions, but appears backing out of leasing division )
Capital Associates, Denver, Colorado (12/2000 no longer doing business, filing BK?)
Conseco Finance Vendor Service (12/2000 purchased by Wells Fargo Leasing).
DVI Capital (12/2000 out of broker)
Finantra (11/2000 will eliminate its commercial finance operations in order to focus on its two core finance platforms, consumer finance and services and consumer mortgage lending.)
Metwest Leasing, Spokane WA. (11/2000 is pulling the plug, confirmed by five sources. 9/2000 advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding.)
Newcourt (8/2000 sold off) Old Kent Financial, Grand Rapids, Michigan (11/2000 Fifth Third Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001. Gateway Leasing sold to Old Kent in 1997, small ticket leasing specialists)
Resource Leasing, Herndon, Virginia (11/2000) MicroFinancial/Leasecomm acquires major portion of the assets.)
Signature Leasing, Dublin, California (11/2000 no longer in small ticket marketplace; appears to have closed down).
Transamerica (11/2000 for sale, but no buyers, so taken off marketplace, no longer for sale)
Varilease (11/2000 closed down)
Copelco (10/2000 ceases broker business, many complaints in manner turning off faucet 5/2000 sold to Citibank 10/2000 stock down rated/)
Matsco Financial (10/2000 purchased by Greater Bay Bank)
T&W, Washington (10/2000 filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00-10868 US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca 206-623-7580)
Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use it" Reported he is no longer "in control" or working "full time" at Balboa, the company he started with partner Giffin).
Liberty Leasing, Des Moines, Iowa (10/2000 closed, selling portfolio, owned by Commercial Federal Bank, Omaha, Nebraska)
Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and lease production
Charter Financial (purchased by Wells Fargo 9/5/2000)
Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. 11/2000 DONALD POLFLIET leaves and no one knows where he went. If you know, please tell us. (Today, 2011 at Falcon Leasing).
Onset Capital (9/2000 Irwin buys 87% equity)
Republic Leasing, South Carolina 9/27/2000 (“The expected result will be a sale of Republic Leasing"---Dwight Galloway. He adds, "We have always been for sale for the right price, but in thirteen years we have not sold off any leases or gone direct after broker's business, ever.")
SFC Capital (9/15/2000 purchased by Trinity Capital)
Dana (7/2000 sold off portfolio, active as captive lessor)
Lease Acceptance Corp--- (7/26/2000 ceases broker business)
New England Capital (6/2000 sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales office in CT, doing basically the same deals with the same people as before. Little will change in that aspect.
Prime Capital, Chicago (6/2000 closed)
Scripp Financial (6/29/2000 (purchased by US Bancorp)
Metrolease--( 5/2000 reports closing operation, John Blazek at Evergreen Leasing, Hathcock losing assets, will not confirm nor deny; many serious rumors of serious fraud floating around the marketplace, including debt to Textron Financial, reported to file bk.)
Phoenix (5/2000 both divisions closed)
FMA Financial, California (4/2000 reportedly closed to brokers)
USA Capital Leasing (5, 2000) creditors force Chapter 7 (4, 2000) file chapter 11 BK
Fidelity (4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds)
Comstock Leasing (2/2000) purchased by Linc Capital.
NIA National Leasing (3/2000 purchased by Lakeland Bancorp)
Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing lease ( limited by regulations and leases are for sale ).
BankVest (1/2000) bankrupt, voluntary (11/99) Orix, smaller banks, creditors file for involuntary bankruptcy against BankVest (10/99) ceases new business (8/99) Fleet pulls their lines.
Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings/ 12/2000 Leasing News gives credit to Ron Wagner as the first to see the quality and margins of leasing changing, decides to avoid what was to happen in the year 2000 ).
Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased
Heller Financial's Commercial Services Unit (10/99 purchased by CIT)
Lyon Credit Corporation (9/99 purchased by Hudson United Bancorp)
Japan Leasing Credit claims (JLC --6/99 purchased by Orix)
Liberty Leasing (6/1999 closed, California company)
Golden Gate Funding (2/99) purchased by Westover Financial
Rockford Industries (2/99) sold to American Express
No dates on these changes:
American Business Leasing (gone)
The Bancorp Group, Inc. (Southfield, MI) (Not accepting news business. The BOD of the parent bank is assessing what to do with the leasing subsidiary.....currently servicing portfolio but not originating. No longer in business)
Imperial Credit Industries (ICII) (sold portfolio)
Leasing Solutions, San Jose (bankrupt)
Merit Leasing (gone)
Prime Leasing, Minnesota (no longer doing business)
***Original Purchases by Date by UniCapital
American Capital Resources 2/98
Classified Ads--- Asset Management
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Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:
$87 Million & Criminal Case continued against Charles K. Schwartz
Of the 31 cases filed in 2010, only five remain including De Lage Landen Financial which involves the dealer of the equipment who appears to have turned states evidence in the US Attorney case against. The bankruptcy proceedings filed by Commonwealth Capital, Key Equipment Finance and Kingsbridge Holdings on September 17, 2010 against Charles K. Schwartz continues with creditors filing their claims regarding his personal guarantee on the many leases and assets of Allied Health Care Services continued to be auctioned off.
There are seventeen pages of creditors to be notified regarding auction of Allied Health Care Services, Inc. building located 89 Main Street, New Jersey (6,170 square feet with un-finished basement on 26,068 square foot lot).
Also to be sold: he following motor vehicles: 2003 GMC Savanna cargo van; 2008 GMC Savanna cargo van; 2009 GMC Savanna cargo van; 2007 GMC Savanna cargo van; 2008 Buick Enclave 4 door SUV; 2006 GMC Savanna cargo van; 2004 GMC Yukon 4 door SUV; 2001 GMC Yukon Denali 4 door SUV; 2007 Pontiac Torrent 4 door SUV; 2007 GMC Savanna cargo van; 2008 Pontiac Torrent 4 door SUV as well as miscellaneous office furniture and equipment, inventory consisting of life care/Respironics ventilators, wheelchairs, and other healthcare equipment supplies (actual list of equipment not noted.
The September 1, 2010 filing against Charles K. Schwartz shows several appeals regarding bail showing he was denied a change in the original order and has the right to apply again following the oral hearing on January 28, 2011 as it appears he does not have the ability to put up the collateral. There have been rumors that money was deposited out the United States, but that has never been proven nor does it appear available to get Schwartz out of Essex County Jail as the case and two bankruptcies proceed.
List of Creditors:
Schwartz Denied Change in Bail:
Allied Health Care Services stories:
I have been opposed to vendors that need to be paid prior to a lessee’s placing in the hand of a lessor a signed acceptance after delivery and inspection. In this economy and with many lessors approving transactions before having a take out resulting in the delay of payments, the trend toward pre-payment, and especially a lessor “down payment” is becoming a more common demand.
Many funders have put in place “interim rent” programs, but have not fully covered all the legal problems from testing and acceptance of the equipment in satisfactory working condition to other documentation that is also necessary. So I asked Mr. Barry Marks Esq. of Birmingham, Alabama to create a Prefunding Acceptance Certificate that attempts to solve some of the problems.
Caution should be taken that this is an attempt to document the event and is not a fool proof solution. Here is the language:
As you can see by the language it is a precarious situation for the lessee but if the vendor and the lessor can get the lessee to sign it, at least there is some hope that everything will go smoothly. I would not use this approach unless the equipment does not require assembly and is intact and ready to use upon delivery. Also the equipment should not have a history of any problems of performance at delivery. However, anytime you allow the lessee opportunities to reject the lease under the condition if it did not function properly upon possession, you will have an expensive legal bill.
One additional problem is that if the papers are signed in advance of the lessee taking possession then the Filing of a lien for UCC purposes could be in question. If it’s a vehicle the title work will solve the problem. If it is personal property, the usual delivery certificate has been signed early so the clock for the 20 days may apply to have preference over a blanket lien holder. This would require that you obtain a bill of laden to prove possession date or file a UCC- 1 with the best description available, when the papers are signed. Often overlooked, there should be a follow up with a UCC-3 to Correct, or add to, the description when the complete information becomes available, which also strengthens your security position.
I highly recommend the delivery and acceptance certificate be signed and dated upon actual delivery to give the lessee to inspect and agree that the equipment is in working order. Prefunding documents work in some legal courts and not in others. I also recommend only do prefunding when forced to do so and with an exceptional credit.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty-five years and can be reached at firstname.lastname@example.org or 502-649-0448
He invites your questions and queries.
Previous #102 Columns:
(This ad is a “trade” for the writing of this column. Opinions
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Bank Beat---Two More Georgia, One Chicago Bank Failure
The two branches of North Georgia Bank, Watkinsville, Georgia were closed with BankSouth, Greensboro, Georgia, to assume all of the deposits of North Georgia Bank, except certain brokered and Internet deposits.
44 banks have failed in Georgia over the past two years
Watkinsville, a town of 2,097 is less than ten miles south of Athens with a population of over 100,000, known perhaps as the home of the University of Georgia and one of the 28 governments where it is both city-county government combined, such as San Francisco, California.
Most of the bank failures have dealt with the land and construction loan defaults, many by small community banks who wanted to get in on a the expansion bubble and did not have the capital o survive the downturn.
As of December 31, 2010, North Georgia Bank had approximately $153.2 million in total assets and $139.7 million in total deposits. BankSouth agreed to purchase approximately $123.9 million of the failed bank's assets, including all of the loans. The FDIC will retain the remaining assets for later disposition.
Formed April 17, 2000, the bank had 27 full time employees with a branch in Athens and one in Watkinsville. 008 the net equity was $13.3 million, 2009 $8.2 million, and September 30, 2010, $3.8 million. Non-current loans in the same periods were $14.7 million, $25.7 million and $33.2 million. The bank lost $1.8 million year-end 2008 and $5 million year-end 2009 with charge offs of $2.5 million in construction and land development, $382,000 in nonfarm nonresidential properties, and $431 1-4 family residential properties, $122,000 in farmland. September 30, 2009 the loss was $4.8 million after charge offs of $2.7 million n construction and land development, $972,000 in 1-4 family residential properties, $79, --- secured by nonfarm nonresidential properties, and $380,000 in commercial and industrial loans. Tier 1 risk-based capital ratio 3.23%.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $35.2 million.
The three branches of American Trust Bank, Roswell, Georgia were closed with Renasant Bank, Tupelo, Mississippi, to assume all of the deposits. Formed August 11, 2002 to service Atlanta, Sandy Springs, and Marietta there were branches in Alpharetta, Cumming, and Roswell.
Renasant Bank has been expanding its branch network to 14 full-service locations in North Georgia providing entry into the Roswell market while at the same time adding additional branches in the Alpharetta and Cumming markets.
"We are pleased to announce our second FDIC-assisted acquisition in the past eight months. The chance to acquire American Trust was a tremendous opportunity to expand Renasant Bank's presence in North Georgia," said Renasant Chairman and CEO, E. Robinson McGraw. "Our entrance into North Georgia in July, 2010 following our acquisition of Crescent Bank & Trust in July, 2010 has been a great addition for Renasant as it provides access to new markets with attractive, long-term growth opportunities. Going forward, our excess liquidity and strong capital ratios have us well positioned to consider opportunities to expand our footprint in desirable markets and continue to enhance long term shareholder value in Renasant."
The FDIC and Renasant Bank entered into a loss-share transaction on $94.3 million of American Trust Bank's assets.
The bank had 43 full time employees December 31, 2008 but was down to 29 full time employees in September 30, 2010. Net equity year-end 2008 was $24.3 million, $10.2 million year-end 2009 and $5.8 million, September 30, 2010. Non-current loans in the same period were $8.1 million. $34.9 million and $41.1 million.
The bank had lost $2 million year-end 2008 and $14.1 million year-end 2009 following $$4.9 million n charge offs for construction and land development, $1.4 million in nonfarm nonresidential properties, $483,000 in commercial and industrial loans, and $206,000 1-4 family residential properties.
Year-end 2010 numbers were not available, but September 30, 2010 showed a $4.8 million loss to the bank fatter charge offs of $2.3 million in construction and land development, $392,000 nonfarm nonresidential properties, $175,0000 in commercial and industrial loans. Tier 1 risk-based capital ratio: 2.93%.
As of December 31, 2010, American Trust Bank had approximately $238.2 million in total assets and $222.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Renasant Bank agreed to purchase approximately $147.4 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $71.5 million.
Community First Bank – Chicago, Chicago, Illinois, was closed with Northbrook Bank and Trust Company, Northbrook, Illinois, to assume all of the deposits. Formed November 1, 2005, the bank had 13 full time employees.
January 30 and August 3 of last year the FDIC issued corrective action notices about the operation of the small bank.
Net Equity had gone from $7.2 million year-end 2008 to $3 million year-end 2009, it a $1.3 million loss 2008 and $4.2 million loss 2009 with charge offs of $902,000 in construction and land development loans, $148,000 in "other loans" as well as $4.7 million in non-current loans.
September 30, 2010 net equity had dropped to $1.6 million with a loss of $1.3 million. Non-current loans were $2 million and charge offs $336,000, but net operating income was $1.49 million. Tier 1 risk-based capital ratio: 3.49%.
As of December 31, 2010, Community First Bank – Chicago had approximately $51.1 million in total assets and $49.5 million in total deposits. Northbrook Bank and Trust Company will pay the FDIC a premium of 0.50 percent to assume all of the deposits of Community First Bank – Chicago. In addition to assuming all of the deposits of the failed bank, Northbrook Bank and Trust Company agreed to purchase essentially all of the assets.
The FDIC and Northbrook Bank and Trust Company entered into a loss-share transaction on $42.8 million of Community First Bank – Chicago's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.7 million.
Tracking Bank Failures Map:
List of Bank Failures:
Saluting Leasing News Advisor Bruce Lurie
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.
Bruce Lurie joined the Leasing News Advisory board September 12, 2007 and has been an active participant.
Bruce Lurie, President, Douglas-Guardian Services Corporation, Houston, Texas, an equipment inspection and collateral management firm established in 1932.
Douglas-Guardian Services Corporation
Since July 1995, Bruce Lurie has been president of Douglas-Guardian Services Corporation, the original equipment inspection and collateral management firm established in 1932.
When not chasing down collateral to inspect throughout the US or Canada, Bruce enjoys spending time with his wife Martha and learning new and exciting things from his ten year old daughter Danielle. Bruce is an avid jogger and former triathlon fanatic.
Prior to Douglas Guardian, his experience includes fifteen years with Brown and Root, Inc., a multi-billion dollar engineering and construction company. Primary areas of responsibility have included project development, project finance, sales, marketing, strategic planning and executive management. Extensive training in quality deployment and team building techniques. BS, Civil Engineering, BS Engineering Management, and MBA from Tulane University, New Orleans, LA.
Top Stories January 31--February 4
Here are the top ten stories opened by readers:
(1) Brad Peterson on "Real U.S. Bank Equipment Finance" letter
(2) "The real U.S. Bank Equipment Finance story"
(3) Lease Police Alert---Tiger Capital Management
(4) Latitude Equipment Leasing Closed?
(Tie) (5) Do you want to become extinct?
(Tie)(5) Equipment Not Repossessed, Lessee use as they Sue Lessor
(Tie)(6) Snow and Ice Bring Leasing to a Stand Still
(6) U.S. Senate votes repeal “1099” Law for 2012
(7) Bank Beat---US Bank Acquires 38 Branches in New Mexico
(8) The facts behind the $96 Million LEAF Securization
(9) Tiger's $1B Dubai golf resort was a mirage
(10) Leasing 102 by Mr. Terry Winders, CLP
(Leasing News provides this ad as a trade for investigations
February CLP: Three New Directors plus Chris Walker/Lia Wax
Three new directors for the Certified Leasing Professional Foundation:
2011 CLP Foundation Board or Directors:
• Joseph G Bonanno, Esq., CLP - Law Office of Joseph Bonanno
Spotlight Two CLP Members
An Interview with Chris Walker, CLP
Chris Walker, CLP
What do you enjoy most about the leasing industry?
My Favorite aspect of the equipment finance industry is that no day is the same. My focus has always been on the vendor originated side of our business and I enjoy calling on vendors, uncovering new opportunities and helping vendors use equipment financing effectively.
Can you tell us about your background in the industry?
I got my start in this business in 1979 with a company in Cedar Rapids called LeaseAmerica. We were a general equipment lessor originating business direct from lessees along with a few vendor referrals. We had six field offices scattered around the Midwest supported by 34 home office employees. My training included being a collector, credit analyst, accounting clerk and later filling in for field sales reps that might be away from their office for a week or two. I loved being sent off to an office, answering the phone and doing whatever I could to help the customers. Our training program was more baptism by fire than formal training but it seemed to work well for me.
My first opportunity in sales came when our sales rep in Milwaukee decided to pursue a new opportunity. It started with a temporary assignment and ended with me being able to assume responsibility for the office. I worked hard and Milwaukee was good to me. While I was in Milwaukee I landed a large national program that consumed the majority of my time and while it was successful I had all my eggs in one basket and I needed to diversify.
I wrote a business plan to create a national accounts support team in our Cedar Rapids home office that could service national and regional programs thereby freeing up our sales team to originate more business. Management liked my idea and they asked me to return to Cedar Rapids and implement the program. While I have always traveled, Cedar Rapids has been my home for the past 25 years.
If you could transport yourself instantly, where would you go?
If I could be transported somewhere in history instantly it would be to the Beatles recording sessions for their Sergeant Pepper's Lonely Hearts Club Band album. It would be 1966 and I would be watching creative genius unfold in the collaboration of musicians and technicians directed by George Martin. This album was voted Rolling Stone magazines number one selection in their top 500 rock albums of all time for its musical composition and the innovative methods that were required to record and produce this masterpiece. I remember hearing it for the first time on my parent's hi-fi and I still enjoy listening to it on my iPod at 35,000 feet (that's in an airplane but with a nod to the psychedelic era that produced Sgt. Peppers).
If you won 50 million dollars in the lottery what would you do with the money?
What would I do if I won $50,000,000? After taking care of my family and local charities, we would embark on an extended tour of concert venues where my friends and I would enjoy our favorite live musical experiences. I can imagine seeing The Rolling Stones in Paris, Boz Skaggs at a small club in San Francisco, Steely Dan at the Hollywood Bowl and Eric Clapton in London. The seats would be front and center, accommodations first class, and travel by private jet. I can dream can't I?
An Interview with Lia Wax, CLP
Lia Wax, CLP
How did you get your start in the business of leasing?
I moved to the Pacific Northwest in 1999, shortly after completing graduate school in Tennessee. I knew I needed a job as quickly as possible and answered an ad for a collections position at a local leasing company. I had no previous leasing experience, but it sounded like an interesting position with a good company. Within a couple days, I got a call from Financial Pacific Leasing letting me know that the collection position had been filled, but that they had another position available that they thought would be a good fit. I was hired in August of that year as a File Coordinator responsible for preparing files for the company's commercial paper conduit. By early 2000, I was a Customer Service Representative, and by the middle of 2001, I was promoted to Supervisor. A position I have retained since that time, while adding the Titling department in 2006. I have been with Financial Pacific for over 11 years now.
In 2004, shortly after reaching the required five years of experience, I asked to have the opportunity to study for the CLP. Being in Customer Service at Financial Pacific, you are required to know a little about all the areas, from Credit through to Collections, to do your job effectively. Being a firm believer that knowledge is power, I felt that if I was going to make leasing my career, I owed it to myself and my employer to learn more than just what was required of me to fulfill my basic job description. I needed to learn everything I could about the industry and our place in it.
I will not sugar coat it, it was a grueling experience, but the sense of pride and accomplishment I have for achieving the designation is tremendous - not to mention the benefits of the knowledge gained through the study and preparation process. I particularly enjoy the camaraderie I experience when meeting other CLPs, or when talking to people preparing to take the exam. I just say, "I've been there, I know how you feel. Yes it's hard, but it's worth it!"
What do you enjoy most about your day?
There are two things I enjoy most about my day. Firstly, it's the people I work with. There's a lot of longevity at Fin Pac and I've built some great relationships. It makes for a very comfortable work environment — it's like a family. I've had the same Manager for 11 years and we work amazingly well together. I understand what a rarity that is in the modern workplace and appreciate it on a daily basis. Secondly, it's that I get to learn something new every day. I have a thirst for knowledge and love problem solving. I enjoy resolving complicated situations and scenarios successfully, to everyone's benefit, while learning something new in the process.
Interesting hobby or accomplishment?
I have a Bachelor of Music degree from the University of North Texas, and a Master of Music degree from the University of Tennessee, Knoxville — both in Flute Performance. I've been a flutist since the age of ten. Although I tried my hand at piano as well as bassoon, flute is the one that stuck. I also enjoy singing on occasion. My preferred performance genres are opera, symphonic works, and classical solo works. That being said, my listening preferences are quite eclectic, with alternative rock being my favorite, though I will listen to just about everything in between. My job feeds my brain, music feeds my soul.
If you could be a super hero, what would be your super power and why?
I'm not sure if it would constitute a super hero trait, but if I could have a "super" power, it would be the ability to cure any disease. I've seen so many lives, both within my family and without, touched and even devastated by disease. To be able to save a child with leukemia, cure a mother with breast cancer, turn back the clock for a brother, sister, friend with a terminal illness - to me, that would be the ultimate super power.
February CLP Circular:
Santa Monica, California -- Adopt-a-Dog
Color: Tricolor (Tan/Brown & Black & White)
"Pony Boy Curtis was found roaming the streets of Downey and was picked up by Animal Control and brought to the shelter. He was emaciated and sick and had given up on life. When our volunteers met him, he leaned into them and wanted nothing more than to get out of the shelter. We were so happy to save him!
Pony Boy is gentle and kind. He gets so happy when he sees other dogs. We aren’t sure yet how he is with cats. He loves people of all ages and sizes and walks so nicely on leash. He is so mellow and polite and does not jump on people when he greets them. We think Pony Boy is about four years old. He is a stunning Boxer with the most beautiful red coat and big German Boxer head. He is a big boy, weighing in at about 60 pounds. We know sweet Pony Boy will make a great addition into any family big or small."
Contact this rescue group to adopt Pony Boy Curtis...
Rescue Group: Take Me Home Rescue
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
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Chico, Hometown of Green Bay Packers Quarterback celebrates
Lion Nathan USA Acquires Macrostie Winery and Vineyards
Tennessee: Allowing Wine in Grocery stores could bring 3,000 jobs
Champagne brings back bling
Domaine de la Romanée-Conti’s production down 40%
Wine Prices by vintage
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1820- the first American to set foot on Antarctica was John Davis, a seal hunter, who went ashore at Hughes Bay. Antarctica had already been seen from a distance by the English explorer James Cook and the crew of his ship, the Endeavor, which circumnavigated the continent between 1773 and 1775.
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