| 
 |
If you are located in the Mid-Atlantic region with a book of customers and limited funding, we should talk. Email resume to: resume@libertyfg.com About the Company: Liberty is a regional self-funded finance company specializing in hard assets at good rates. |
Tuesday, February 17, 2009
| Basketball superstar Michael Jeffrey Jordan born February 17, 1963 Brooklyn, NY: five MVP awards, ten All-NBA First Team designations, nine All-Defensive First Team honors, fourteen NBA All-Star Game appearances and three All-Star MVP, ten scoring titles, three steals titles, six NBA Finals MVP awards, and the 1988 NBA Defensive Player of the Year Award. He holds the NBA record for highest career regular season scoring average with 30.12 points per game, as well as averaging a record 33.4 points per game in the playoffs. http://www.nba.com/history/players/jordan_summary.html http://www.23jordan.com/ |
Headlines---
Alert: Sterling Financial, Prairie Village, Kansas
Removed from Leasing News Story Credit List
Classified Ads---Senior Management
Stimulus Bill extends 50% Bonus Depreciation
OneWorld Members post $400 million in 2008
Ex-Leaf Employees Still Available
SunBridge Capital, Mission, Kansas-up-date
Tygris/USXL Vendor Finance exits another division
Classified Ads---Help Wanted
Leasing 102 by Mr. Terry Winders, CLP
Asking the Correct Questions
Leasing News Top Stories---February 9-13
Ginny Young: Stimulus Bill hopefully will help
Bank Beat---Four Banks Fail/Mortgage payment halt
Classified ads— Signing Service / Site Inspection
Leasing Association Conferences
New Hires---Promotions
TimePayment increases bank syndication
Optimus Group grants $8.7 MM equipment lease
More companies/pay cuts to avoid more layoffs
5 reasons why bank failures occur in Georgia
Biggest fall in Japan's GDP in 35 years
Major decline in Canadian manufacturing
Kan. suspends income tax refunds, may miss payroll
News Briefs---
You May have Missed---
California Nuts Brief---
Sports Briefs---
"Gimme that Wine"
Today's Top Event in History
This Day in American History
SuDoku
Daily Puzzle
GasBuddy
Weather, USA or specific area
Traffic Live----
######## surrounding the article denotes it is a “press release”
 |
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Alert: Sterling Financial, Prairie Village, Kansas
Removed from Leasing News Story Credit List
Sterling Financial
4200 Somerset Drive
Prairie Village, KS
started: June 1993
Mr. Jody Dick, Exec, Vice President
jody@everestkc.net
913-648-2322
12 employees
Business: Nationwide
Dollar Amount: $5,000 to $30,000
Footnote: Does Subprime Leases
Story Credit List:
http://www.leasingnews.org/Story_Credit/Story_Credit.htm
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Classified Ads---Senior Management
| Atlanta, GA Strong sales and leadership skills; demonstrated with sales training and sales performance. Lead team in both regional and national operations and developed marking programs. Email: mll1946@comcast.net |
Europe |
Gig Harbor, WA |
| Philadelphia, PA 27 yrs. exp. sales, ops., credit, strategy, P&L mngmet. Most recently created & executed the biz plans for 2 highly successful Bank-owned small ticket leasing subsidiaries. email: mccarthy2020@comcast.net |
Salt Lake City, UT |
| Seattle,WA--Pacific Northwest Results oriented CLP with 27 year background in all phases of Portfolio Management and underwriting. Contact for resume and references. dcjohnr@comcast.net |
For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm
ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm
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Stimulus Bill extends 50% Bonus Depreciation
The Stimulus bill extends the 50 percent bonus depreciation allowance for another year to property placed into service in 2009. The special bonus is available on top of the regular first-year allowance tied to the purchase of most types of tangible property placed into service in 2009. The regular deduction is a complete write-off in the year the equipment goes into service, while the bonus depreciation provision accelerates the recovery period.
While no Investment Tax Credit made the list, although promoted by the leasing industry, the bonus depreciation may be a good stimulation to the leasing industry.
There are other tax provisions that also promote spending on equipment, whether with cash or finance.
In addition, projects to go out to bid by both state and federal government will favor companies who lease and use their cash flow to their advantage.
Leasing News will high light the advantages to finance and leasing in the coming editions.
 |
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OneWorld Members post $400 million in 2008
Perhaps meeting for the first time since Ira Romoff "retired” on January 5, 2009, the 25 members of OneWorld Leasing, announced at their Friday San Diego, California meeting that its membership had originated over $400 million in capital equipment for fiscal year 2008, an average of $16 million per member. Of that number, President Lou Manitzas told Leasing News $50 million was completed through the co-op.
"Currently we only fund 10-15% of our members’ volume," he said. "That will change in years to come as we add systems, staff and processes. Thus the $50 million out of $400 million."
One World is the first recognized co-operative, although the concept is not new to leasing, such as Steve Chriest’s former operation Signature Leasing, as well as many other groups who have formed a relationship with others leasing companies to pool resources or fund recourse and non-recourse for securitization or other lines of credit, such as Dave Schafer at Orion.
Ira Romoff no longer at OneWorld Leasing
http://www.leasingnews.org/archives/January%202009/01-05-09.htm#owl
Member-Owners: OneWorld Leasing:
http://oneworldleasing.com/index.php?option=com_content&task=view&id=3&Itemid=13
 |
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Ex-Leaf Employees Still Available
LEAF Corporation announced on August 19, 2008 that they were closing LEAF Third Party Funding in Southern California (formerly Pacific Capital Bank Leasing, Santa Barbara Leasing) for an expansion in Columbia, South Carolina. Leasing News started out with a list of employees who were available. Paul Menzel, CLP, is now the president of Financial Pacific, Washington. Most of the employees found jobs not in the leasing industry, mostly in banking. In contacting those on the list, here is a similar contact received from someone who did find employment:
"Thank you, I have found work. All though I wish it was in leasing."
Former LEAF Third Party Funding, Southern California,
Santa Barbara Leasing Employees available from Paul Menzel’s former operation:
Allen Moehle, Credit Director
805/686-2880 allen.moehle@msn.com
(Long time credit director from thrift days to bank days, much experience. Originally did not want to relocate, now has his house up for sale as he is willing to move.)
Lori Staggs, Documentation Manager/Funding
805-968-5793 loriastaggs@yahoo.com
Oscar Castro III, Marketing Coordinator
805-200-7827 ocastro245@gmail.com
Sherrill Nickerson, Operations Manager/Credit Analyst
805-705-3567 sherrill46@aol.com
Much experience, willing to relocate.
Steve Mixsell, Senior Systems Analyst
805-692-9358 smxl@netzero.net
Will consider relocating
Steve Reid, Marketing/Broker Relationships
714-788-6407 oc49ersteve@sbcglobal.net
(Doesn't want to relocate, will travel, work from his house, took December off to start seriously looking today; very well-respected and well-known; turned down offers of companies he did not want to work for in Southern California.)
LEAF Financial Corporation announced last week that it has entered into a new, three-year revolving $75 million credit facility with Wells Fargo Foothill, part of Wells Fargo & Company (NYSE:WFC - News). This facility will support the activities of its public limited partnership, LEAF Equipment Finance Fund 4, L.P. (LEAF 4)
Nov. 24, 2008:
“LEAF Financial Corporation, the commercial finance subsidiary of Resource America, Inc. (NASDAQ:REXI), announced today that it has entered into a new, five-year revolving $150 million credit facility with a major international bank. This facility will support the activities of its public limited partnership, LEAF Equipment Leasing Income Fund III, L.P. Approximately $100 million of the facility will be used to refinance a maturing credit facility with Merrill Lynch, and the remainder will be used to fund the ongoing originations of LEAF III.”
Earlier:
“In November 2008, the Company, through LEAF Equipment Leasing Income Fund III, L.P. ("Fund III"), an unconsolidated leasing partnership managed by LEAF, entered into two financing facilities totaling $355.0 million including: (i) a $205.0 million credit facility led by Morgan Stanley Bank that was used to acquire the assets of NetBank Business Finance in November 2007 and (ii) a five- year revolving $150.0 million credit facility that refinanced a maturing credit facility and will also fund future originations.”
http://phx.corporate-ir.net/phoenix.zhtml?c=73519&p=irol-newsArticle&ID=1252345&highlight=
The company web site states “375 employees at LEAF Corporation,
Fastest Growing Finance Company in Excess of 1 Billion Dollars,
had the largest percentage increase in Net Assets among the Top 50 leasing companies in the country,
and LEAF had the highest year over year increase percentage in new business volume in the leasing industry.
http://leaf-financial.com/
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SunBridge Capital, Mission, Kansas-up-date
Early January, SunBridge announced it had sold "a portfolio of leases and leased assets to Philadelphia’s LEAF Financial Corporation, a subsidiary of Resource America Corporation."
The financial terms of the transaction were not made public.
Readers report the "Trucks at Home" division is no longer in business.
December, 2008, Leasing News reported that the trucks at their division "Trucks on Hand," has been repossessed. It was known at the time that New World Equipment Funding, LLC, Lake Success, New York had given them a line and were not happy with the sale of repossessed equipment. Leasing News was told at the time that all employees were let go except for four employees.
In November, SunBridge announced no more funding until first of year to concentrate on "Trucks on Hand." In June, 2008, many brokers and vendors reported leases not being funded. Problems with the repossessed truck were not only the trucking industry itself, but the collateral was not in very good condition. By the time the vehicles were repossessed, they had many problems as the debtors obviously did not have the money to maintain them in good working condition. Some had not been on the road for six months.
It is reported there are several law suits from funders, previous employees, as well as lessors and brokers in line, too.
SunBridge Capital does not respond to inquiries from Leasing News.
Problems at SunBridge Capital: No Money
http://www.leasingnews.org/archives/June%202008/06-27-08.htm#prob
 |
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Tygris/USXL Vendor Finance exits another division
Tygris Commercial Finance Group Inc.
500 W. Monroe, 28th Floor
Chicago, Illinois
Leasing News has been seeking an interview to find out what is happening with Tygris/USXL Vendor Finance. It seems as soon as they changed their name, adding "Vendor Finance," they exited
the C&I platform in December, the Technology platform in January, and now in February, reportedly their largest division, the copier unit.
There definitely is a change in direction which makes this a newsworthy story.
“Dear----
“With the dramatic changes in the financial market over the last year we continue to evaluate our business objectives and existing relationships. We regret to inform you that as of February 6, 2009 we will no longer be accepting new lessee credit applications from ####################.
“We will honor any open approvals for 90 days submitted prior to February 6, 2009 and will continue to support your portfolio of customers until they reach the end of their primary term. We will not however process applications after the above stated date.
“I want to thank you for the partnership that we have enjoyed and apologize for any disruption this may cause to your business. In the event that you have any questions please contact me directly at 973-576-0607.
“Michael Jones
Chief Originations Officer
Tygris Vendor Finance
Formerly US Express Leasing
973-576-0607 (Direct Line)
mjones@tvgriscf.com”
Letter:
http://leasingnews.org/PDF/Tygris%20Vendor%20Finance2.pdf
 |
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Leasing Industry Help Wanted
 |
Looking for Sales Associate with a following. Your area of expertise should be with any titled rolling stock; New or Used Ambulances, Trucks, Street Sweepers,Tow Trucks, Buses, any commercial vehicle. National Scope. Hi Commission with benefits. Curt Webster, CVLE 516 922-7447 We are an independent automobile, truck, and commercial equipment leasing company with over 36 years serving the best customers in the United States. |
sales
|
If you are located in the Mid-Atlantic region with a book of customers and limited funding, we should talk. Email resume to: resume@libertyfg.com About the Company: Liberty is a regional self-funded finance company specializing in hard assets at good rates. |
 |
The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions . We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223 or email: tclark@ifinancialgroup.com Ten years providing financing nationwide |
 |
Like selling vendor programs and large transactions? CLICK HERE to find out how to have fun again. |
Please see our Job Wanted section for possible new employees.
-------------------------------------------------------------
Leasing 102
by Mr. Terry Winders, CLP
Asking the Correct Questions
The more I speak with leasing salespersons the more I am convinced that they need training on how to solicit customers. I have mentioned many times that when contacting a customer that has equipment needs, even if the lead came from a vendor, you should open the discussion by asking questions about the equipment that is being replaced. ‘How long did you use it?” “Do you intend to use the new one the same period of time?” This will give you some indication of term and what type of lease to offer.
If the term is short perhaps a true lease is in order and if the term is long perhaps a bargain option lease should be offered. In addition, instead of offering a term of 36, 48, or 60 months ask the customer if they have a budget amount they would like to have, and if they do, put it in the payment section of your calculator with your yield requirement and the equipment cost and search for the number of months it will take at their budget amount.
If they do not care about the payment size and they are looking for a bargain option lease or a $1 out then ask if they want to end the lease at the end of their fiscal year. This may create an irregular term of months however it establishes how a lease is different than a loan. If they have a seasonal cash flow or do they want to place the payments next to revenue for a cost analysis or margin control. Operating lease classification for the lessee offers many cost control factors not found in lending.
The other major concern a salesperson should have is the issue of lessee GAAP classification and its impact on the lease term or how the cost of the lease is going to be handled on the books of the lessee. A Capital lease requires the lessee to discount the lease payment at their incremental borrowing rate to determine the net present value of the lease payments. If the lease contains a bargain purchase option, then the term of the amortization (depreciation), of the net present value, will be spread over the actual useful life of the equipment to the lessee. This term of amortization may be different than the term of the lease which means even thought the lease may terminate the expense for depreciation may continue and the lessee will not want to wait to replace the equipment until the expense is off the books to avoid double charges or taking a loss to replace it.
If the purchase option is not a bargain and it is a capital lease because the net present value is above 90% of the equipments fair market value at least the amortization is limited to the term of the lease. Provided you established a proper lease term according to their true term of use you should know exactly when to offer replacement leasing and retain a good customer.
If you are one of those rate card carrying salespeople who think customers only think in terms of rate it is going to be hard times for the next few years. Even though it appears as a heavy expense in tough times you should always consider getting some training to improve your skills. Learn to sell, not just present, your lease or finance programs.
Always remember that a good salesperson asks leading questions and learns to listen for the first fifteen minutes of every meeting and never offers anything to the customer until you discover what they need and what they are willing to accept.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.
He invites your questions and queries.
Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm
 |
(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)
-------------------------------------------------------------
Leasing News Top Stories---February 9-13
Here are the top ten stories opened by readers:
(1) Brokers looking for a funder
http://www.leasingnews.org/archives/February%202009/02-11-09.htm#broker
(2) Who lets leasing brokers in?
http://www.leasingnews.org/archives/February%202009/02-09-09.htm#who
(3) Clarification---Evans National Leasing
http://www.leasingnews.org/archives/February%202009/02-09-09.htm#clarify
(4) Bank Beat---Three more banks close
http://www.leasingnews.org/archives/February%202009/02-09-09.htm#beat
(5) First Financial Corporate Services joins “Funder List”
http://www.leasingnews.org/archives/February%202009/02-13-09.htm#ffc
(6) Classified Ads--- Ex-Balboa Broker Liaison
http://www.leasingnews.org/archives/February%202009/02-09-09.htm#ads
(7) Dakota Financial New Credit Guidelines
http://www.leasingnews.org/archives/February%202009/02-13-09.htm#dakota
(8) Mitch Larkin leaves Madison Capital
http://www.leasingnews.org/archives/February%202009/02-11-09.htm#mad
(9) GE Added $9.5 Billion to GE Capital Explained
http://www.stamfordadvocate.com/business/ci_11674914?source=rss
(10) Bob Robichaud, CLP, Steve Tidland Bank Memo
http://www.leasingnews.org/archives/February%202009/02-13-09.htm#cnb
 |
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Ginny Young: Stimulus Bill hopefully will help
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.
"We are a construction company and like most companies of all types, our gross sales have been affected quite a bit. We saw a 20% decrease in business in the last quarter of 2008.
"The first quarter of 2009 seems a bit worse. The vast majority of our customers are municipalities and for the first time in 24 years of business we are experiencing order cancellations.
"About 7% of our customer's are general contractors and we are experiencing high delinquency in this area. If I was asked the same question prior to the last quarter of 2008, I would have told you we are posed to have the best year ever, oh well. The year 2007 was our best year, just ask the IRS."
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.
Ginny Young
Ortco, Inc.
2163 N. Glassell Street
Orange, CA 92865-3307
714-998-3998
ginny@ortcoplays.com
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Bank Beat---Four Banks Fail/Mortgage payment halt
On Friday, Fannie Mae, Freddie Mac and major banks JPMorgan Chase & Co., Morgan Stanley, Citigroup Inc. and Bank of America Corp. said they were halting foreclosures for at least a month. Coral Gables-based BankUnited and Fort Lauderdale-based BankAtlantic followed suit, all saying they hoped to learn more soon about President Barack Obama's $50 billion plan to keep more people from losing their homes. President Obama is expected to provide more details in an Arizona speech Wednesday.
Columbia River Bank, The Dalles, Oregon entered into an agreement with the FDIC and the Oregon Division of Finance and Corporate Securities that requires the bank to take steps to improve its safety and soundness. The Bank’s Chief Executive Officer, Terry L. Cochran, said, “Although we are disappointed about the issuance of a regulatory order, we believe this arrangement represents a positive step in our long-term direction. We are working closely with the FDIC and the Oregon Division of Finance and Corporate Securities to address a variety of issues that are affecting the Bank in light of the current regional and national economic downturn.”
http://www.columbiariverbank.com/uploadedFiles/Investor_Relations/CBBO%20FINAL%20
Press%20Release%202-12-09.pdf
12th bank to fail this year: Corn Belt Bank and Trust Company, Pittsfield, Illinois, was closed Friday the 13th by the Division of Banking, Illinois Department of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Carlinville National Bank, Carlinville, Illinois, to assume all of the deposits of Corn Belt Bank and Trust Company.
As of December 31, 2008, Corn Belt Bank and Trust Company had total assets of approximately $271.8 million and total deposits of $234.4 million. The Carlinville National Bank will pay the FDIC a premium of 1.75 percent.
The Carlinville National Bank will not assume $92 million in brokered deposits held by Corn Belt Bank and Trust Company. The FDIC estimates that the cost to the Deposit Insurance Fund will be $100 million. The Carlinville National Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives.
http://www.fdic.gov/news/news/press/2009/pr09022.html
13th bank to fail is Pinnacle Bank, Beaverton, Oregon, closed Friday the 13th by the Oregon Division of Finance and Corporate Securities. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Washington Trust Bank, Spokane, Washington, to assume all of the deposits of Pinnacle Bank. As of December 31, 2008, Pinnacle Bank had total assets of approximately $73 million and total deposits of $64 million. In addition to assuming all of the deposits of the failed bank, including those from brokers, Washington Trust Bank agreed to purchase approximately $72 million in assets at a discount of $7.6 million. The FDIC will retain the remaining assets for later disposition.
The FDIC and Washington Trust Bank entered into a loss-share transaction. Washington Trust Bank will share in the losses on approximately $66 million in assets covered under the agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $12.1 million.
http://www.fdic.gov/news/news/press/2009/pr09023.html
Tenth Bank to fail: Sherman County Bank, Loup City, Nebraska, was closed Friday the 13th by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank, Wood River, Nebraska, to assume all of the deposits of Sherman County Bank.
As of February 12, 2009, Sherman County Bank had total assets of approximately $129.8 million and total deposits of $85.1 million. Heritage Bank will pay the FDIC a premium of six percent. In addition to assuming all of the deposits of Sherman County Bank, Heritage Bank agreed to purchase approximately $21.8 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $28.0 million. Heritage Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Sherman County Bank is the tenth bank to fail in the nation this year. The last institution to fail in Nebraska was Equitable Savings and Loan, Columbus, on February 16, 1990.
http://www.fdic.gov/news/news/press/2009/pr09020.html
11th bank to fail this year: Riverside Bank of the Gulf Coast, Cape Coral, Florida, was closed Friday the 13th by the Florida Office of Financial Regulation with TIB Bank, Naples, Florida, to assume all of the deposits of Riverside Bank. Due to the observance of Presidents' Day on Monday, Riverside's nine offices will reopen on Tuesday as branches of TIB Bank.
As of December 31, 2008, Riverside Bank had total assets of approximately $539 million and total deposits of $424 million. TIB Bank agreed to pay the FDIC a premium of 1.3 percent.
TIB Bank will not assume $142.6 million in brokered deposits held by Riverside Bank. In addition to assuming all of the deposits of Riverside Bank, TIB Bank agreed to purchase approximately $125 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund will be $201.5 million.
http://www.fdic.gov/news/news/press/2009/pr09021.html
Current List of Failed Banks:
http://www.fdic.gov/bank/individual/failed/banklist.html
-------------------------------------------------------------
Classified ads— Signing Service / Site Inspection
Leasing Industry Outsourcing
(Providing Services and Products)
|
Signing Service: New Jersey Mobile NJ Lease Signing Service We are New Jersey mobile lease signers and Notaries.We bring lease to clients, expedite signing and return docs. Same day. Jim Lissemore, Pres www.Flexo-Notaries.com |
Site Inspection: Placentia, CA On site verifications, document signing or collections. Quick, accurate and professional. Reports with photographs e-mailed direct. Agents throughout US. Contact for coverage and rates. E-mail:pwright@yk2bizsolutions.com |
Site Inspection: US & Canada Quiktrak performs equipment inspections within 24 hours of your job placement anywhere in the US. Order, check status & receive reports & photos online. E-mail:sdresser@quiktrak.com |
Site Inspection: National Property Tax Compliance Services to the leasing industry. Over 60-years experience and fifty Lessors as clients. References and free quotes available, (216) 658-5618, |
| Inspection: Tampa /St. Pete, FL Contact Dick Mitchell @ Randolph Lynn Associates for prompt professional pre-funding equipment inspections, collateral "visits", and related lessee/vendor contacts. (Florida locations) 727-302-9144 E-mail:dmrla@gte.net |
All "Outsourcing" Classified ads
(advertisers are both requested and responsible to keep their free ads up to date):
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm
How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm
--------------------------------------------------------------
Leasing Association Conference 2009
April 4-7
National Equipment Finance Association
2009 Spring Education Conference
Hilton Inn
Orlando , Florida
www.nefassociation.com
-----------------------------------------------------
April 16-17
Equipment Leasing and Finance Association
National Funding Exhibition
Fairmont Hotel, Chicago, Illinois
www.elfaonline.org
------------------------------------------------------
April 30-May 2, 2009
NAELB Annual Conference
Red Rock Casino, Resort and Spa
Las Vegas, NV
www.NAELB.org
September 24-27, 2009
National Equipment Finance Association
2009 Fall Conference and Exposition
Monterey , California
www.nefassociation.com
--------------------------------------------------------------
October 18th-20th
Equipment Leasing and Finance Association
48th Annual Convention
Manchester Grand Hyatt
San Diego, CA
www.elfaonline.org
-------------------------------------------------------------
November 9, 2009
National Equipment Finance Association
2009 Super Regional Conference
Newark, New Jersey
www.nefassociation.com
-------------------------------------------------------------------
To view Leasing Association Events-Meetings Open to All, please click here.
 |
(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Scott Wheeler.)
--------------------------------------------------------------
New Hires---Promotions
Tanya Boliba joins Vision Financial, Pittsburgh, Pennsylvania, as Sr. Account Manager in the new Denver, Colorado metro office to focus on healthcare vendor development.
Robert Burbeck joins Vision Financial Pittsburgh, Pennsylvania, to be based in the Southeastern US. He brings over 16 years experience as Director of Sales and is domiciled in Georgia.
Nancy Eggan has been promoted to executive vice president of operations and documentation at Mazuma Capital, Draper, Utah. “Nancy is the architect and guardian of Mazuma’s entire documentation process. Every aspect of her role in the company directly impacts our P&L,” said Jared Belnap, Mazuma’s president and CEO. Eggan has more than thirty years of experience in the leasing industry. Prior to her role at Mazuma she served as vice president of operations and documentation at Applied Financial, LLC and has worked in similar roles for other finance companies including Matrix Funding Corporation, Cottonwood Thrift and Loan, and FMA Leasing Company.
Michael Boden Gay was named director of major markets for Key National Finances lease advisory and distribution business. Previously, Gay was senior managing director for Firstlight Financial Corp., which was preceded by six years at GE Commercial Finance, first as managing director, GE Commercial & Industrial Finance, and second as managing director, GE Corporate Lending. Before that, he was director, portfolio acquisitions, at the Commercial Equipment Finance Group, which followed a position there as director, business development. Prior to that, he was vice president/investment manager for Finova Mezzanine Capital, which followed finance positions at Tokai Financial Services and Telogy Corp. Gay has a bachelor’s degree in political science from the University of California, Berkeley.
Bill Gmaz joins Vision Financial, Pittsburgh, Pennsylvania as the Chief Risk Officer, bringing over 30 years experience to the team.
Lisa Namdar was named Senior Sales Manager for the Commercial Equipment Leasing Group, Premier Lease & Loan Services, a division of Great American Insurance Group, Cincinnati, Ohio. Prior she spent 11 years with U.S. Bank Equipment Finance, Inc. Ms. Namdar has been a licensed property/casualty agent since 1999, and is based out of Beaverton, Oregon.
Debi Schmidt joins Vision Financial, Pittsburgh, Pennsylvania, as Director of Sales in the new Denver, Colorado metro office to focus on healthcare vendor development.
Donald A. Synborski has joined Key National Finance as director of major market syndications. He was key founder and president of Greystone Equipment Finance, Burlington, Massachusetts, who "left" in November, 2008. Greystone had a “Preferred Funder Status” with OneWorld Leasing, Inc.(“OWL”),
 |
#### Press Release ##############################
TimePayment increases bank syndication
WOBURN, Mass.---MicroFinancial Incorporated (NASDAQ: MFI - News) a financial intermediary specializing in vendor-based leasing and finance programs for microticket transactions, announced that its operating subsidiary, TimePayment Corp., has increased its line of credit with a five member bank syndicate led by Sovereign Bank, a subsidiary of Banco Santander (STD), from $60 to $85 million.
The loan agreement allows the Company to borrow up to $85 million against eligible lease receivables subject to a borrowing base calculation. The interest rate under the amended agreement will be the Prime Rate plus 1.75% or, at the Company's option, LIBOR plus 3.75%, in each case with a minimum rate of five percent.
Richard Latour, President and Chief Executive Officer said, “Our ability to increase our line of credit in this challenging economic environment demonstrates a continued confidence in our Company. We are pleased to have increased our credit facility which, when combined with our strong cash flow from operations, will allow us to continue to provide our customers with the financial services they need to grow their business.”
About MicroFinancial
MicroFinancial Inc. (NASDAQ: MFI - News), is a financial intermediary specializing in microticket leasing and financing. MicroFinancial has been operating since 1986, and is headquartered in Woburn, Massachusetts.
About Sovereign
Sovereign Bank is a financial institution with principal markets in the Northeastern United States and is a subsidiary of Banco Santander, S.A. Sovereign Bank has 754 community banking offices, over 2,300 ATMs and approximately 11,000 team members. Sovereign Bank offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets and wealth management. Banco Santander, S.A. is an international financial services company based in Madrid, Spain. For more information on Sovereign Bank, call 1-877-SOV-BANK.
#### Press Release ##############################
The Optimus Group grants $8.7 MM equipment lease
Equipment Lease Facility for $3 Billion International Mining Concern
Advisor to corporate lessees still sees opportunities for firms with strong balance sheets and good credit.
Mission Viejo, CA -- The Optimus Group is pleased to announce the successful funding of a $8.7 million equipment lease for a $3 billion international mining concern. The leased equipment was comprised of a variety of new construction equipment.
"We are extremely satisfied that we were able to complete this transaction at a fixed rate of 3.87% for a 72 month term given the challenges in the credit market," said Jay Zeinfeld, President of The Optimus Group. "This transaction further demonstrates our commitment to source for our clients the best possible financing and leasing structures available in a tight credit environment. Despite all the doom and gloom on the economy, we still see significant financing opportunities for corporations with strong financials, steady operations and a history of sensibly managing credit lines."
About The Optimus Group
The Optimus Group provides financial advice on equipment lease and loan transactions, potential contract conflicts, optimal lease or loan structures, early termination, upgrade/replacement rights, default provisions, FMV and other end of term disputes, casualty loss, and forced renewals and extensions. Working closely with Chief Financial Officers, Vice Presidents of Finance, Corporate Treasurers and Corporate Purchasing executives from a variety of industries, The Optimus Group reduces expenses by eliminating unnecessary financing costs. Clients include publicly traded and privately held businesses with revenues that range from $100 Million to over $10 Billion.
#### Press Release ##############################
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News Briefs----
More companies turning to pay cuts to avoid more layoffs
http://www.chicagotribune.com/business/chi-tues_pay_cuts0217feb17,0,3374713.story
Five reasons why bank failures occur more frequently in Georgia
http://www.ajc.com/business/content/business/stories/2009/02/15/
georgia_fail_banks_five.html
Biggest fall in Japan's GDP in 35 years
http://timesofindia.indiatimes.com/Business/Biggest-fall-in-Japans-GDP-in-35-years/
articleshow/4139407.cms
Major decline in Canadian manufacturing
http://www.upi.com/Business_News/2009/02/16/Major_decline_in_Canadian_manufacturing
/UPI-66241234795329/
Kan. suspends income tax refunds, may miss payroll
http://www.kansas.com/735/story/701750.html
Apple Takes Biggest Bite of U.S. Wi-Fi Usage
http://www.internetnews.com/mobility/article.php/3803046/Apple+Takes+Biggest
+Bite+of+US+WiFi+Usage.htm
Retailers' loss of revenue hammers city and state budgets
http://www.usatoday.com/money/industries/retail/2009-02-15-retail-trouble-ripple-effect_N.htm
Conan O'Brien reflects upon exiting 'Late Night' for 'Tonight'
http://www.usatoday.com/life/television/news/2009-02-16-conan-obrien-main_N.htm
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You May have Missed---
Miami banker gives $60 million of his own to employees
http://www.miamiherald.com/457/story/904842.html
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Sports Briefs----
Johnson's Mulligan at Pebble Beach
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/16/SP2R15V09V.DTL
Tampa Bay Buccaneers tell Jeff Garcia to move on
http://blogs.tampabay.com/bucs/2009/02/bucs-tell-garci.html
Coach Mike Singletary State of the 49ers Report
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/16/SP2R15V09L.DTL
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California Nuts Briefs---
Schwarzenegger to send layoff notices Today
http://www.sacbee.com/topstories/story/1629467.html
California lawmakers use campaign contributions for lavish lifestyles
http://www.contracostatimes.com/top-stories/ci_11706796?nclick_check=1
Rain not enough to ease conservation worries
http://www.pressdemocrat.com/article/20090216/ARTICLES/902160232/1349?
Title=Storms_help__but_not_enough
----------------------------------------------------------------
“Gimme that Wine”
Almost Three in Five Americans Are Wine Buyers
http://finance.yahoo.com/news/Almost-Three-in-Five-bw-14333668.html
Three-liter wine sales on the rise
http://www.napavalleyregister.com/articles/2009/02/13/wine/
doc4995106284c13046319197.txt
Usibelli worker Gallegos wins pruning contest
http://www.napavalleyregister.com/articles/2009/02/13/news/local/
doc49951d0e452d5720481249.txt
Ranks of California's farmworkers swell in faltering economy
http://www.pressdemocrat.com/article/20090211/BUSINESS/902110379/1036/NEWS07?
Title=Ranks_of_California_s_farmworkers_swell_in_faltering_economy
Southwest Wines wins top prize
http://www.bizjournals.com/albuquerque/stories/2009/02/09/daily40.html
Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/
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Today's Top Event in History
1972-President Richard Nixon left the White House to visit Red China. He was the first president to visit a nation not recognized by the federal government. This was also the first trip to China, the world's most populous nation, by any American president. Accompanied by a small army of journalist, he arrived in Beijing on Fe4brtuary 21 for talks with Chairman Mao Zedong and Premier Zhou Enlai. Later that year, Nixon became the first president to visit the Soviet Union when he arrive in Moscow on May 22 for a summit with Soviet leaders. Among the agreements that were reached during the visit was the Strategic Arms Limitations Treaty, singed by President Nixon and the Soviet leader Leonid I. Brezhnev on May 26, which limited both nations to 200 antiballistic missiles each, divided between two defensive systems.
[headlines]
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This Day in American History
1621 - Miles Standish was appointed 1st commander of Plymouth colony. |
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SuDoku
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
http://leasingnews.org/Soduku/soduko-main.htm
--------------------------------------------------------------
Daily Puzzle
How to play:
http://www.setgame.com/set/puzzle_frame.htm
Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm
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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx
--------------------------------------------------------------
Weather
See USA map, click to specific area, no commercials
--------------------------------------------------------------
Traffic Live---
Real Time Traffic Information
 |
You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live.
--------------------------------
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