Friday, February 7, 2014
Today's Equipment Leasing Headlines
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Marlin Leasing 4th Quarter Drop/Up Year-end
Marlin Business Services, Mount Laurel, New Jersey (Nasdaq: MRLN) doing business as a bank, insurance company, and leasing company, reported fourth quarter net income of $3.4 million compared to the same period in 2013 of $2.5 million. For the year ended December, 31, 2013, net income is $16.2 million compared to $11.7 million for the year ending December 31, 2012. Net income on an adjust basis Marlin report $17.5 million.
The company press release reported: “Fourth quarter 2013 lease production is $90.9 million based on initial equipment cost, compared to $86.1 million in the third quarter of 2013 and $87.8 million in fourth quarter of 2012. Full year lease origination volume is $349.5 million, an 8% increase year-over-year.”
The SEC filings have not been made yet which historically have shown the fees as well as the alleged abuse of the Evergreen Clause, particularly in the leasing of copiers. Leasing News has written about this from the SEC report for several years and the company is on the www.leasingcomplaints.com list (Be Careful of Doing Business) as well as the www.evergreenleasingnews.org list.
While the abuse of the Evergreen Clause, which is the practice of not notifying the lessee regarding termination of the original contract, and often continuing lease payments, even on a $1.00 purchase option (see Leasing News Bulletin Board) is acceptable to many companies as a “common practice,” and is usually the result of the failure of the lessee to timely notify the lessor of its end-of-lease intention, it is frowned upon by many in the industry. Additionally four states require notice to the lessee.
Full Fourth Quarter/Year-end Press Release:
Companies who notify lessee in advance of lease expiration
These companies do not use language to confuse, perhaps to deceive, with the result an automatic continuation for an additional twelve months of payments. They do not invoke the twelve months on a $1.00 purchase option or an Equipment Finance Agreement.
In its editorial of June 30, 2011, Leasing News recommends that the equipment lessor send a certified letter with return receipt; however, at this time, the acceptance of the word of the president of the company will be accepted until proven otherwise.http://leasingnews.org/archives/Jun2011/6_30.htm#editorial
Twelve Attorneys Against Evergreen Abuse
The original intention of the Evergreen clause in an equipment leasing contract was to have an alternative to when the lessee did not exercise the residual at the end of the contract. Often the clause calls for an automatic additional twelve months when the residual is not resolved.
In most cases, the lessor notifies the lessee that the residual will be due, often ninety days in advance. However, often there is nothing in the contract that requires the lessor to notify the lessee regarding the expiration of the contract.
Contrarily, many small ticket lessors do not notify the lessee, and automatically continue the lease, often via an ACH or continued billing, which often goes unnoticed until many payments have already been made.
Leasing News would like to see an industry standard that lessees are notified in advance of the expiration of their contract regarding its termination. We support the clause, and the notification requirement is wide open, meaning 90, 60, even 30 days and by telephone or mail.
This list of attorneys agrees with this and will be available to lessees, sometimes able to help them without a fee, or at a reduced rate, in an effort to end the abuse of Evergreen clause leases.
Ronald J. Eisenberg
Ronald P. Gossett
Peter S. Hemar, Esq.
Brandon J. Mark
Barry S. Marks
Kevin E. Trabaris, Principal
Michael J. Witt, Esq.
Sharon Barrett hired as Leasing Consultant for the new LPO First South Leasing, Charlotte, North Carolina, a subsidiary of First South Bank (wholly owned subsidiary of First South Bancorp, Inc., NASDAQ: FSBK). Presently she is also Operations Manager/Credit Officer Springs Leasing Corporation (July 1988–Present).
Mike Burkman named Business Development Manager - Equipment Leasing Industry, Everbank Commercial Finance, Parsippany, New Jersey; working out of the Parsippany office. Business Development Manager, Univest Capital (November 2011–Present); Regional Manager, National City Commercial Capital (September 2002–March 2010); Regional Manager, Susquehanna Commercial Leasing (2000–2001); Regional Manager, American Equipment Leasing (1996–2001); Senior Sales Rep., Pitney Bowes (September, 1988–September, 1996). Education: Fairmont State University, BS, Business Administration (1980–1984), All American, Eston K Feater Award Winner. Activities and Societies: Competitive Water Sports www.linkedin.com/in/mpburkman
Harold Jacobs named vice-president, credit portfolio manager, Suntrust Equipment Finance & Leasing Corp., Towson, Maryland. Previously he was AVP/Credit Officer, CIT (August 2011–January, 2014); VP/Director of Operations, 3 Step IT (July 2010–July 2011 ); Director of Credit, CoActiv Capital Partners Inc. (2008–2009); Senior Credit Officer, DeLage Landen Financial Services (January 1999–January 2008); Assistant VP/Credit Manager, Copelco Capital, Inc. (January 1992-January 1998); Commercial Loan Officer/AVP, Bank of America (formerly National Westminster Bank) (January 1987–January 1992); Credit Analyst, Orix Credit Alliance Corp (January 1985–January 1986); Senior Credit Analyst, CIT Corp. (formerly Manufacturers Hanover Leasing Corp (1983–1985) Credit Analyst, Wachovia Bank (formerly First Fidelity Bank) (January 1981–January 1983). Education: Rider University, BS in Commerce, Finance (1976 – 19800; Have completed various credit courses through RMA, D&B, The ELFA, and Moody's throughout my career.
Bill Loots named Originations Leader - Golf Platform at Everbank Commercial Finance, Parsippany, New Jersey; based out of Coppell, Texas. Previously he was Relationship Manager -Golf, De Lage Landen (September 2009–April 2013); Finance Manager, GE Capital Corporation (July 2008–February 2009); Vice President, CitiCapital (2000–2008 );:Vice President, CitiCapital (2000–2008); Regional Sales Manager, The Associates (1992–2000); Vice President, Associates First Capital Corporation (1992–2000). Education: University of Minnesota-Twin Cities, BSB, Finance / Accounting (1976–1980), Activities and Societies: Member of Delta Tau Delta Fraternity. www.linkedin.com/pub/bill-loots/b/a52/423
JD Magness promoted to Regional VP at People's United Equipment Finance Corp f/k/a Financial Federal Credit Inc., Urbanna, Virginia. He joined the firm in April, 1995. Education: University of Richmond - Robins School of Business, Bachelor's degree, Accounting and Finance (1970–1974). www.linkedin.com/pub/jd-magness/6/4b3/543
Robert Mercogliano named Managing Director and Head of Asset Management at SunTrust Equipment Finance & Leasing Corp., Atlanta, Georgia; working out of Atlanta, Georgia. Previously he was Vice President - Global Head of Asset Management PSF-IC&I ,Siemens Financial Services, (1996–January 2014); Asset Manager, CIT (1995–1996); Director Asset Management, Bell Atlantic Tricon (1985-1995). Education: Fairleigh Dickinson University, BS, International Business Management (2002-2006); Activities and Societies: Magna Cum Laude, Beta Gamma Sigma; Keyport High School; 1983-1983; Paramus Catholic High School (1979–1982). Organizations: ELFA Asset Management Committee 2000-Present, Chairman ELFA Asset Management Committee 2007
James Perry promoted to Executive Vice President, Continental Bank, Salt Lake City, Utah. He joined the firm August, 2013. Previously he was Finance Executive, Summit Leasing, Inc. (2003–2010):Business Development and Credit Analyst, Dolsen Leasing (2002–2003);Senior Vice President, D. A Davidson (1999–2002 ) Vice-president, KeyBanc Capital Markets (1995–1999 ); Vice President and Manager, Security Pacific Bank/West One Bank (Merger) (1989–1995). President, The Church of Jesus Christ of Latter-day Saints (2010–2013)Virginia, Richmond Mission.
Hadley Robbins promoted to Executive Vice President And Chief Operating Officer, Columbia Bank, Tacoma, Washington. He joined Columbia on April 1, 2013, with the merger of West Coast Bancorp, where he had served as Executive Vice President & Chief Credit Officer since 2007. His experience spans over 25 years and includes a variety of executive positions with Wells Fargo Bank, Pacific Northwest Bank, Bank of the Northwest and First Interstate Bank. He holds an MBA from the University of Oregon and a BS in Business Administration from Lewis and Clark College.
Louis Sombat named director of operations, SunTrust Equipment Finance & Leasing Corp., Atlanta, Georgia. He previously served as SVP Legal & Operations Century Tokyo Leasing (USA) Inc., (January 2006–February, 2013); Vice President, Fifth Third Leasing (October 2004 – December 2005): Manager Portfolio Investments, Key Equipment Finance (November 1998 – October 2004). Education: Cleveland State University - Cleveland-Marshall College of Law, JD, Corporate and Commercial Law (1994); Cleveland State University. BA, Accounting & Finance (1984).
Del Snode joins Maxim Commercial Credit, Los Angeles, California as asset manager. Previously he was asset director/general manager of CCTS, Tucker Capital (2008-2013); service director, Dick Hannah Lincoln-Mercury/Subaru (2006-2008); service manager, Dick Hannah Ford (formerly Town & Country/Coliseum Ford (1992-2006), service manager, Northside Ford Trucks (1990-1991), service manager, Woodpecker Truck and Equipment (1980-1990), night shift foreman (1980-1984); assistant service manager, Diesel Service Unit Co. Peterbilt (1974-1980). EDUCATION AND TRAINING: Ford Service and Parts Seminar. Completed Ford, Class 8 Trucks Warranty and Policy School. Attended all Cummins, Cat, Detroit, and OEM. Update seminars for the all Applicable Product lines. Previous President of the Portland Region Parts & Service Manager Club. The longest consecutive running club in the USA. Former chair of the Ford ASSET Committee @ Mount Hood Community College.
Anthony Stein named Vice President - Sales at Ascentium Capital, Kingwood, Texas; working out of Phoenix, Arizona. Previously he was Sales Manager | Senior Account Executive Balboa Capital (2003–January 2014) , account executive (April, 2000-2003). Sales Representative Smart Practice (1996–1999), Customer Service (1994–1996). Wedding Officiant (September 2010–Present-Officiate weddings throughout the US along with pre-wedding counseling/coaching); Parter | Board Member, Destination Media, LLC (August 2005–Present). Education: Arizona State University, Bachelors of Interdisciplinary Studies, Economics and Business (1997–1999). Batesville High School.
Jonathan Tillery named Finance Officer at Fleet Financial Resources, LLC, Riverside, California. He joined Fleet in 2008, serving in various capacities in both operations and business development. He earned a bachelor’s degree in intercultural studies from California Baptist University.
Lawrence Watts has been named head of capital markets, SunTrust Equipment Finance & Leasing Corp., Atlanta, Georgia; based in Charlotte, North Carolina. “Watts joins the Equipment Finance Group with more than 30 years’ experience in the financial services industry, focused primarily on originating, structuring, and syndicating structured debt and tax products. He most recently served as managing director of Wells Fargo Securities' Commercial Asset Leasing & Finance -- Equipment Finance Group. Prior to that, he was in leadership positions with Wachovia Securities, Bank of America's leasing and securities units, and Fleet Global Lease Finance.”
Leasing News Advisor
Bruce Kropschot is one of the first asked to join the advisory board and he has been active since September 6, 2000.
Bruce Kropschot has been active in the equipment leasing industry since 1972 and has been a senior executive of three large leasing companies. In 1986 he founded Kropschot Financial Services, a firm he developed into the leading provider of merger and acquisition advisory services for equipment leasing companies. In 2008 Kropschot Financial Services became a part of The Alta Group, the leading worldwide consulting firm for the leasing industry. Bruce heads Alta’s M&A advisory practice, which also arranges debt and equity capital and provides valuation services for leasing companies. He has played a major role representing sellers or buyers in the sale of about 200 equipment leasing and financing companies.
After 41 years in the equipment leasing industry, Bruce shows no signs of slowing down. He says that his business is his favorite hobby. When asked what have been the keys to his success, he stated, “Obviously a thorough knowledge of many types of leasing companies is essential in the M&A advisory business. However, of utmost importance is maintaining the highest level of integrity. The Alta Group’s reputation depends upon always treating as confidential any information we receive in confidence from potential buyers and sellers of leasing companies.”
Bruce has served on the Board of Directors of the Equipment Leasing and Finance Association, the Equipment Leasing and Finance Foundation, Eastern Association of Equipment Lessors, United Association of Equipment Leasing and International Network of Merger & Acquisition Partners. He has served on the Leasing News Advisory Board since 2000, and he also served on the alumni advisory board of the Ross School of Business at the University of Michigan. He has BBA and MBA degrees (with honors) in Accounting and Finance from the University of Michigan and is a CPA.
Bruce’s favorite recreational activity has long been skiing. Now that knee problems have curtailed his ski trips, Bruce and his wife Barbara spend their vacations with international travel.
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Leasing Industry Help Wanted
Top 10 Equipment Acquisition Trends 2014
William G. Sutton, CAE, ELFA President/CEO
UCC Article 9 Survey Complete
CSC Corporation Service Company announces their survey regarding the 2010 amendments to UCC Article 9, best practices and trends, is complete. More than 2,100 professionals contributed to the survey, CSC reports, with more than 1,200 submitting complete responses.
To obtain a print-quality version of the Infographic,
Check Out Twitter's Usage Relative To Facebook
Twitter said it has 241 million monthly active users, which is only up 9 million from the previous quarter. This has the stock plunging. It was down 24% yesterday (Thursday).
This won't make Twitter happy, but we charted out its user growth in comparison to Facebook. Not only is Facebook significantly larger, it's also adding more users on a quarterly basis. Despite the fact that Facebook is nearly ubiquitous, it added 39 million more users last quarter. Twitter user base grew only by 1 million.
Twitter remains a niche service relative to Facebook. And it doesn't look like that's going to change any time soon.
(Leasing News provides this ad as a trade for investigations
Marketing to Millennials:
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Key questions to be answered in this whitepaper include:
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##### Press Release ############################
ZRG Partners Life Sciences Hiring Index
WEST ORANGE, N.J. – ZRG Partners, Inc. announces the results of its fourth quarter Global Life Sciences Hiring Index. Q4 reflects an overall gain in hiring, with Pharma activity over the long term reaching an all-time index high. Meanwhile R&D hiring took a hit dropping 15% from the previous quarter.
The Asia Pacific Region saw significant hiring in Q4, up more than 25%, with most being attributed to the Sales and Marketing functions.
“The results of this latest index correlate with the broader economy," said ZRG Managing Director David Fortier. “There were inconsistencies across regions, sectors, and functions along with the continuation of a longer term trend of slow, steady, but uneven growth.
“The positive to take from these numbers is some robust hiring in selected functions within pharmaceuticals and a return of hiring in the commercial function indicating expectations of growth for some companies.”
About ZRG Partners
The Global Life Sciences Hiring Index analysis utilizes a proprietary algorithm that looks at confidential hiring within selected benchmark companies in three distinct segments. The companies in the Index generate over $634 billion in revenues and employ over 1,300,000 people globally. ZRG Partners conducts extensive direct market research in developing the data that drives the Index.
### Press Release ############################
2014 Major Leasing/Finance Conference
2013 Conference Report by Bruce Kropschot
March 31-April 2
April 23 - 25
May 1 - 3
NAELB has negotiated a special group rate of $139/night for single/double or $159/night for king deluxe, from Wednesday, April 30 - Saturday, May 3.
May 7 - 9
November 6 - 8
November 12 - 14
CFA Related Conferences
CFA Network Calendar
ELFA ---2014 Schedule of Conferences, Workshops
((Please click on ad to learn more))
German Shorthaired Pointer (short coat)
“Phoebe is a doll!
“Phoebe is the sweetest little GSP! Her foster home calls her glue, because that’s what she is to them. She wants to be near her humans at all times. It helps her feel safe after her time in the shelter, but her foster family is also working on helping her be comfortable on her own. She is fine when left on her own, but whenever her people are around, she’s there, too! This is likely the first time she’s lived in a home, so she’s starting at square one with learning all of the basics. She is picking them up quickly, however, and is eager to please. She gets along great with the three male dogs in her home, and has even started to play with them. All in all, Phoebe is a gorgeous GSP gal who will make someone a very devoted and loyal companion. She’s on the hunt for them!”
Adoption $: 2 Special Needs: No
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
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Free Mobile Wine Program
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Leasing News Wine & Spirits Page
This Day in 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.
1827- Ballet was introduced to the United States by renowned French danseuse Mme Francisquy Hutin with a performance of The Deserter, staged at the Bowery Theater, New York, NY. A minor scandal erupted when the ladies in the lower boxes left the theater upon viewing the light and scanty attire of Mme Hutin and her troupe.
1861- A dramatic drop in temperature took place. The temperature at Gouverneur, New York plunged 70 degrees in one day, from 30 degrees above zero to 40 degrees below zero. Hanover, New Hampshire plummeted 69 degrees in 18 hours, from 37 degrees at 1 PM on the 7th to 32 degrees below zero at 7 am on the 8th. West Cummingham, Massachusetts dropped 80 degrees, from 48 degrees to 32 degrees below zero, and Boston, Massachusetts plunged 60 degrees, from 46 degrees to 14 degrees below zero.
1867- birthday of author Laura Elizabeth Ingalls, Dakota Territory, now Wisconsin. http://memory.loc.gov/ammem/today/feb07.html
1882-John L. Sullivan won the bare-knuckle heavyweight championship of the world by defeating Paddy Ryan in a nine-round fight in Mississippi City, MS. Sullivan was the last bare-knuckles champion. He held the title until 1892 when he lost to James J. Corbett in a fight conducted under the Marquees of Queensbury Rules.
1883--- Song writer/composer/pianist/organist Eubie Blake birthday
1885-Birthday of Sinclair Lewis, American novelist and social critic. Recipient of Nobel Prize for Literature (1930). Among his novels: Main Street, Babbitt and It Can't Happen Here. Born Harry Sinclair Lewis at Sauk Center, MN. Died at Rome, Italy, Jan 10, 1951.
1893 - Elisha Gray, of Highland Park, Illinois, patented the telautograph which automatically signed autographs on documents, freeing up the autographer to do other things.
1904 - The biggest fire in the United States since the great Chicago blaze of 1871 broke out in Baltimore, destroying more than 2,600 buildings.
1914—Charlie Chaplin, vaudeville star-turned comedic actor, debuted a new character in Kid Auto Races at Venice, a Keystone Studios short released on this date. The mischievous but romantic “Tramp” sporting a tiny mustache, twirling a cane and wearing a little derby, a tight fitting jacket, baggy trousers and floppy shows, was an immediate success with audiences and soon mass produced Tramp dolls were selling all over the US and the world.
1959 - Buddy Holly's funeral is held at the Tabernacle Baptist Church in Lubbock, TX, drawing over a thousand mourners. Holly's widow did not attend. On the same day, Ritchie Valens is buried in San Fernando Mission Cemetery.
1960-Barrett Strong's "Money" enters the pop chart where it tops out at #23. On the R&B chart it climbs to #2. The song will be covered by the likes of the Beatles, Kingsmen, Flying Lizards and Jr. Walker and the All Stars.
1966—Birthday of Chris Rock, actor, comedian, born Brooklyn, New York.
1988—One of the longest running shows in television history, “America’s Most Wanted” premiers, asking viewers for help, find fugitives from the law by airing dramatic reenactments of crimes and interviewing law enforcement officials for insight. It also highlight cases of missing children. The show hassled to more than 1,100 arrests. Popular host John Walsh closes by addressing viewers “ And remember, you can make a difference.” The 1,000th episode aired March 6, 2010. In summer 2011, FOX canceled the show and moved to a quarterly specials format.
Super Bowl winners
New Orlean Saint 31
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