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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 Ten years providing financing nationwide |
Wednesday, February 25, 2009
| Actress Elizabeth Téa Pantaleoni, better known as Tea Leoni, born February 25, 1966, New York City, New York. Jurassic Park III, The Family Man, Deep Impact, Fun with Dick and Jane and Spanglish. http://www.imdb.com/name/nm0000495/ |
Headlines---
Seeking Information-Marlin Leasing
Classified Ads---Controller
Pioneer Not Funding Again
AEL Financial going strong in marketplace
Interview with Al Levine, Madison Capital
Letters---We get eMail
Cartoon---Didn’t you get the memo?
Sales makes it Happen—by Tom Martin
Effectively Qualifying Lessees
Obama's stimulus package
by Shawn Halladay, The Alta Group
Classified ads—Outsourcing/Asset Management
ELFA Index to show 50.2% Drop from Dec. to Jan.
Stanford’s Antigua Bank Seized, Shares Redistributed
AIG in talks with U.S. government, sees $60B loss
AIG Said to Get Bids from MetLife, Axa
Ritz Camera files for bankruptcy
Target profit falls 41% as consumers cut back
Madoff judge affirms July 2 deadline for claims
Hearst says it will close or sell S.F. Chronicle
News Briefs---
You May have Missed---
The secret In-Out Burger Menu
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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Seeking Information—Marlin Leasing
Marlin Business Services---Getting unverified reports from readers. Looking for more information; looking for confirmation: kitmenkin@leasingnews.org
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Classified Ads---Controller
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Boca Raton, FL CPA w/ Sarbanes Oxley/ 15 years management exp. as CFO/ Controller/5 yrs w/ PWC Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate. Email: bltushin@hotmail.com |
| Chicago, IL experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating. Email: leasecontroller@comcast.net |
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Southeastern, MI Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate. Email: Leasebusiness@aol.com |
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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Pioneer Not Funding Again
Pioneer Capital Corporation, of Addison, Texas reported not funding, starting around the second week of January, then to start by January 26th, as their parent IFC Credit Corporation, Morton Grove, Illinois
was in the process of selling off two portfolio’s, but was having technical difficulties during the process. It was also reported at the time IFC Credit was not funding transactions.
On January 30th, an IFC Credit portfolio was sold, Leasing News was informed:
“I am pleased to inform you that IFC just signed off on a bulk sale that should be fully completed today.
"This sale of receivables should allow us to clear enough room under our currently facility to resume partial funding and we expect to restart these operations on Monday.
"We are expecting a second and much larger portfolio sale to be completed later next week which should allow us to resume normal funding operations for the foreseeable future.
"During this interruption, many of you called with words of encouragement, and everyone at Pioneer wishes to thank all of you for your heart felt support.”
http://www.leasingnews.org/archives/January%202009/01-30-09a.htm
It appears the leases in arrears still need funding, according to readers who were informed this from Pioneer, and they await the completion of the second “and much larger portfolio,” which several told was to take place today (Tuesday), with past fundings to take place by Friday, there were told.
During this time, according to readers, Pioneer was slowing down credit approvals, and several said “stalling six, seven days” on transactions that were generally approved in a few hours. Several
readers said they were generally turning down most transactions, but Leasing News was unable to verify this.
No one at Pioneer Capital Corporation of IFC Credit Corporation was available for a comment.
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AEL Financial going strong in marketplace
Contrary to rumors, Jim Bailey of AEL Financial, Buffalo Grove, Illinois, just out of Chicago, is not getting out of the equipment leasing broker business. "We are just not taking on any new brokers, trying to service our current brokers, keeping our credit lines open and service to our current brokers."
AEL Financial is a member of the Forsythe Group of Companies, a diversified, billion dollar group of companies with leadership positions in energy, power generation, motor-sport racing, high performance electronics, engine technology and engineering, banking, real estate development, agribusiness, insurance, and financial services.
At one time they were part of American Enterprise Bank, located in the same building at 600 North Buffalo Grove Rd. Buffalo Grove, IL 60089.
Companies Not taking Broker Business:
http://www.leasingnews.org/Pages/Out-of-broker-bus.htm
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Interview with Al Levine, Madison Capital
Allan Levine is the Chief Operating Officer and of Madison Capital, LLC,
Owings Mills, Maryland. He has been in the vehicle and equipment leasing business for 34 years.
“We have cut back our broker business, but not out. Historically, it was 20%-30% of our business. We want to be at that level. We are previewing more transactions and not wasting either ours or our broker’s time on weak full submissions that do not fit our footprint. Our borrowing is in tack, with fractionally higher rates. We have made our credit criteria a bit more defined and we are even more conscious of who are customers are, what they do, their history, etc. It is the same we did before, just more of it.”
Did you have a credit you ranked as “stellar” go “supernova” by late 08?
“Excellent credits that went south were industry related. A perfect example was a major national wood supplier with 75 years in business that simply ran out of clients. This was not logging related, but finished wood related for the housing industry. The customer never had an historic credit blip. The other thing that one could not predict was strong asset resale losses. For example, we the right brand concrete pump truck that cost about $300K that should have sold, at auction, for $200k, which brought $125k. And, we even had $50k down. The total down turn was the culprit and impossible to predict. There are just too many similar units for sale.”
Are your days longer or shorter than before?
“My days are about the same, but my work focus is different. However, long days have always been the norm. When business is good, one works hard and when bad, one works hard. In bad times, there has been a bit more stress on the collection side, but that is manageable and failing transactions or those needing restructuring is slowing. In good times, we work harder to process transactions. As an FYI, more good direct business is coming in and good margins are attainable. The vehicle portfolio, which performed ahead of budget last year and has normal defaults, is providing wonderful opportunities as the larger fleet lenders are focused elsewhere rather than on the small to midsized fleets.”
What advice would you give to a graduating finance major looking for a job in May or June of 2009?
“I would tell a graduating finance majors to move in with three friends, keep the overhead down, go to graduate school in some other field. I do not think there will be an abundance of jobs in finance. There are many unemployed good experienced people that can be hired that will help upgrade one's staff now. Madison is finding new good people that have lost their jobs. We are hiring as we simultaneously look to acquire another company that perhaps is a bit distressed. We feel 2009 will be flat, but this is a good time to work on your infrastructure, do your business plan, honker down, and wait for the turnaround.”
Allan is a member of the Leasing News Advisory Board. He began in leasing in 1971 when he went to work for a firm focused on vehicle and small-ticket equipment leasing. In 1974, Allan started Fox Auto & Truck Discount Leasing Company, which evolved, in the early 1980's, into Fox Discount Leasing, Inc. In 1987, he formed Fox Valley Leasing, which merged with Harbor Leasing to become Madison Capital in August of 1997.
He has served on many boards and committees throughout the leasing industry, including: the local chapter of the NVLA (National Vehicle Leasing Association), the Equipment Leasing and Finance Association's committee for independent leasing companies (ILC) and its Future Council group, former director of the Eastern Association of Equipment Lessors, is past chair of The Gordon Center (a 550-seat boutique venue for the performing arts), and as past Chairman of the Board of an international not-for-profit serving over 5500 individuals with development disabilities and has 2300 employees. He was VP of The Jewish Community Center and on its board of directors for years. Recently Allan became a member of the Baltimore Zoo’s Board of Directors. It is the fourth largest Zoo in the US. He has also served on the board of many additional local philanthropic and community organizations.
Allan is a graduate of the University of Maryland where he played lacrosse.
Allan Levine, Chief Operating Officer
MADI$ON CAPITAL
9D Gwynns Mill Court
Owings Mills, MD 21117
alevine@madisoncapital.com
Direct Line: 443.796.7337
Office: 443.796.7333
fax: 443.796.7200
Equipment and Vehicle Leasing Solutions
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Leasing Industry Help Wanted
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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
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Position available for experienced salesperson to solicit direct business for equipment & vehicle leasing company located in Maryland. Madison Capital provides lease financing nationwide, in Canada and Puerto Rico Call either Nancy Pistorio (800.733.5529 ext 7325) or Allan Levine (800.733.5529 ext 7337) About the Company: We are a direct funding source for most types of equipment and all makes of vehicles. We have brokerage capability and experience for equipment transactions up to $10,000,000. |
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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 Ten years providing financing nationwide |
 |
Like selling vendor programs and large transactions? CLICK HERE to find out how to have fun again. |
 |
Hands-on, professional and personable senior management team member to work with small ticket leases from the third party broker marketplace. Click here for more information. About the company: Founded in 1982, we originate all of our leases through an independent network of lease brokers |
Please see our Job Wanted section for possible new employees.
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Letters---We get eMail
(Mostly in chronological order)
---
To Terry Winders:
"Thanks for today’s Leasing News “Leasing 102” on Selling Transactions. It was right on point. I hope the leasing community makes copies of this and forces all sales people to memorize it. I can’t tell you how many deals we see that have very little introductory information, let alone financial and collateral information. I firmly believe the broker community operates on ”fear” that if they ask to many questions the customer will walk. This economy is a wake-up call."
Sincerely,
Bob Robichaud, CLP
Vice President Leasing Relations
Commerce National Bank
279 E. Orangethorpe Ave.
Fullerton, CA 82832
Tel: 714-882-7648
Leasing 102 by Mr. Terry Winders, CLP
Selling Transactions in Today’s Marketplace
http://www.leasingnews.org/#102
---
“It’s been a while since we’ve spoken. Although I’m also in the camp that does not support the bill, I applaud your article and appreciate the quick rundown of the key items that do affect our industry, and how. There is certainly some opportunity there and that is where the focus should be for now.
“Nice work.
“Thank you,”
(name with held)
----
“Your article on the Stimulus package was terrific. I found it informative, succinct, focused and to the point containing virtually all the information pertinent to your audience. “
J.P. (Jake) Kemps
jak3@imonmail.com
P.S. I thought you might enjoy this:
--
“Thanks for the great newsletter, I read every edition.
“Thanks for the heads up on the 50% bonus depreciation being extended as part of the new stimulus bill. “
“Thanks,”
Bill
William Tice
President
Integrity Medical Capital
WJTice@Hotmail.com
(Readers should note that celebrated author, lease accounting expert, Shawn Halladay in today’s issue expands last weeks article on the new stimulus bill how it affect the leasing and finance industry. editor)
----
“Kerri O'Connor, SVP Chief Risk Officer at Marlin should be commended for promoting Ron Queen to Vice President of Credit and Ed Siciliano, SVP and Chief Sales Officer should be commended for appointing Ray Shilling to Vice President of Sales (Marlin Business Services, Mount Laurel, NJ.)
“These promotions are very good news for Marlin. I have known both of these individuals for over 10 years. Ray was my first boss at Advanta Leasing. Both of these guys worked their way up the ladder and did not rely on office politics. I would like to congratulate them. I see good things for Marlin going forward.”
Brian Cornell
Bear Mountain Leasing
----
“My name is David Bailey from Sister & Sister's Trucking Company. SunBridge Capital financed a flatbed trailer for our company on December 10, 2008. Ten days after we had the trailer the wiring on the tires began showing. There was no DOT inspection sticker on the trailer, and when our representative inquired, he was told that all of the paperwork and information were sent via FedEx by the bank and I should receive it the next day. Needless to say, I never received the paperwork from SunBridge Capital until a month later and several telephone calls to the company. On December 22, 2008, our representative spoke with Chris Tolmes of Trucks at Hand about the tires and the driver's side pigtail (lights connector), and he agreed to replace the tires and lights. One tire was replaced with another recap with the promise to replace the rest and the recap after the Christmas holidays. I tried calling after the New Year only to receive a disconnected recording from the operator. Our representative contacted the agent in which we processed the deal and he gave her the number to Chris Gregory at SunBridge Capital. Chris gave her a number to Hendrick the lead mechanic from Trucks at Hand. Hendrick informed her that the man named Chris Tolmes lied to her on December 22nd about replacing the other tires, because he knew at that time everyone had been laid off and the company was in financial trouble. He said that all credit cards and accounts were closed and SunBridge Capital is responsible for replacing the tires. Our representative then called Chris Gregory at SunBridge Capital's office back and he told her that the lease states we acquired the trailer AS IS. She informed him that the lease also states that the trailer was supposed to be in satisfactory condition, which the DOT inspection that we acquired on our own revealed that it was not. All of the tires were recaps with wire showing or close to it, which is unacceptable to DOT standards. Recapped tires are not easily detected by the necked eye, unless one is proficient or expert in tires. SunBridge Capital financed this deal knowingly that Trucks at Hands was folding, and we have not heard from them to replace the tires or lights. After thorough research, SunBridge Capital knew the situation of Trucks at Hand as far back as July 2008, but financed us with faulty equipment from Trucks at Hands anyway. This was very deceptive, and I am not only working with Better Business Bureau, Federal Trade Commission and Attorney General's office, but also a private attorney to bring charges against SunBridge Capital.”
V/r,
David Bailey
sistersllc06@aol.com
(Leasing News has been writing about SunBridge Capital since June. This complaint is "common." There are many others, including those who have told Leasing News that they are also suing SunBridge. You may also want to have your attorney look into enjoining LEAF Corporation who recently purchased a portfolio from them. The timing may be a legal factor that makes them liable, especially if certain future events occur.
(I also suggest you contact the Sandi Soendker, Managing Editor of OOIDA, Owner-Operator Independent Drivers Association
"Landline Magazine," on line also: OOIDA@aol.com . Editor)
SunBridge Capital, Mission, Kansas-up-date
http://www.leasingnews.org/archives/February%202009/02-17-09.htm#sun
Problems at SunBridge Capital: No Money
http://www.leasingnews.org/archives/June%202008/06-27-08.htm#prob
(Note: SunBridge Capital did not response to the email sent.)
----
“You certainly have been right about GE Capital. In August 2008 GE capital acquired CitiCapital. I came over from Citi with the Healthcare & Energy Group. 120 came over and 40 were let go the first day, to include the hospital direct group. This left the vendor markets group. The Henry Schein program fell into GE's, not so well performing dental group to include the Patterson program and Practice Acquisition group. GE sold the dental portfolio to Wells/Matsco for 730MM and had to hold back $65MM (approx) (8+%, that’s not so good) and, twisted off about 40 folks right away and another 10 after the runoff. 20 more whittled over two months leaving 10 of us. We were the cross sell group that services the Citibank bankers and Smith Barney financial advisors in the healthcare space and represented a net, new and clean healthcare pipeline of $100MM business with a .18% delinquency ratio. Still Imelt said 30%ROE out of this channel, which was not going to fly, so even though it was profitable and clean, they let us go. “
(Name With Held)
-----
“Tygris is not interested at this time in providing an interview. The comment provided to you yesterday should have addressed your query; there is no major change of direction – simply making adjustments like everyone else in this economy. Tygris Vendor Finance is and intends to continue to be a significant player in their served markets of healthcare, office products and technology. The statement they provided yesterday should be published to set this straight. As always, when there is news from our client, you will be included in the media distribution.
“From my email yesterday…
“’Your statement that Tygris Vendor Finance has exited our copier and technology divisions is entirely incorrect. The letter you referenced is simply a reflection of what Tygris does as a matter of practice, that is, we work with vendor partners to achieve established desired results and when objectives cannot be met, certain arrangements are ended or suspended. Tygris Vendor Finance remains well capitalized and is active in its served markets of healthcare, office equipment and technology. Given the current economic environment, Tygris will continue to apply rigorous portfolio management and exercise caution as it evaluates existing client relationships and in its selection of new customers.’
“Your readers can obtain accurate and current information at www.tygriscf.com. “
Regards,
Susan Carol, APR
scapr@cox.net
On behalf of Tygris Vendor Finance
(Leasing News did publish the statement and will repeat as well noted your comments above. By the way, never talked about capitalization, just the exiting of certain market places. Interesting that your viewpoint is the articles centered on a capitalization decision. editor)
"It is a sad day for us whenever we have to let someone go, but as a rule we will always make refinements to our businesses - including selectively adjusting staffing levels up and down - that are in the long term best interest of our employees, our customers and our shareholders. Particularly in this environment, we're all dealing with challenging decisions."
Tygris spokesman statement (Susan Carol, APR )
----
“I happened to see your son's story in your publication. My son came back from a year's tour in '07 in Iraq.
“I wish your son well and a safe tour.
“My best friend's son just came back from his 9th tour and was most recently in Afghanistan. He's a helicopter pilot.”
Mr. Vincent Barauskas, managing member
Merrimac Capital Services, LLC
11 Liana Street
Woburn, MA 01801
ph: 781-933-1381 * fax: 1-866-583-6340
email: merrimacap@yahoo.com
---
“Recently my brother- in- law sent me a link to this newsletter which featured a "Snapple Real Fact” about the organist who got ejected from the baseball game in 1985 with the Clearwater Phillies.
“I just wanted to let you know that the umpire's name was Kevin O'Connor, not Keith. He is my husband - who very much liked Wilbur Snapp (the organist) and I liked visiting and seeing the "3 blind mice" made out of clay that he would display on his organ after this game.
“Just thought I'd let you know.”
Sincerely,
Joanne O'Connor
koconnor2@charter.net <koconnor2@charter.net>
(At Jack Russell Stadium in Clearwater, Florida, on June 26, 1985, organist Wilbur Snapp played "Three Blind Mice" following a call by umpire Kevin O'Connor. The umpire was not amused, and saw to it that Mr. Snapp was ejected from the game. )
http://www.leasingnews.org/archives/August%202008/08-06-08.htm#snap
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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----
“I have been going to your site for years now. It is really a good resource. My only comment is that I think the “fluff” you put in, detracts away from the important “stuff”. Maybe there are others out there who care more about a celebs birthday, but if I really want to know, I will catch “Entertainment Tonight”. Ditto the SuDoKu puzzle. Otherwise, thanks for the industry insight.”
Bill
William M. Engel, ASA
Strategic Asset Management
875 Hopkins Road, Williamsville NY 14221
Phone: 716-689-9350 (Ext. 13) / 800-686-8885 (Ext. 13)
Fax: 716/689-9351 / 888-250-7553
Cell: 716/830-8022
Email: wmengel@strategic-asset.com
www.strategic-asset.com
(Leasing News has readers who enjoy the puzzles, etc. I did drop “Snapple” and “Calendar Events” as I found the work to put them together too long for the number of people reading them. I like the birthdays, and the requirement is the person has to be "alive," as birthdays celebrate life. I prefer musicians, and really like older people who people don't realize are still alive such as Les Paul of Les Paul and Mary fame (he still plays jazz every Sunday at a club in New York.) I try to include younger people, too, like Tea Leoni, especially when they are as good looking as she is. Brightens my day~!
(The others don’t take any time, and there are readers who open them. We consider ourselves an on line newspaper, offering what printed newspapers offer...many don't read our cartoons, or even many of our stories or news briefs or sports briefs, but I think the reason we have more readers than any of our competitors is the variety we offer. You don't have to read “This day in American History” that I started 15 years ago and up-date each edition ((put together by me, not someone else.)) Or even who's birthday it is. It is a rare person who reads a printed newspaper from beginning to end.
(What is someone’s “fluff,” is another person’s “pleasure.” Editor)
----
“An important correction on your article concerning Pinnacle Business Finance Transparency. You reference the National Equipment Leasing Association, I am not familiar with the NELA but the person you reference is the President of the National Equipment Finance Association; aka NEFA.
“I am a bit confused on your opinions of transparency and responsibility in regards to Pinnacle or any privately held independent leasing company. As business owners our responsibilities are numerous and at the top of the list is properly managing the business to promote sustained profitability. It is common that remote offices or sales offices are established by independent broker/lessors and often times they are closed for a myriad of reasons. The responsibility or concern should be directed at the employees and customers affected by the change, there is no responsibility to disclose a private matter to the world or Leasing News. Prompting changes to the web site is certainly needed, but not a priority, as outdated information on web sites is all too common.
“I recently was forced to close down an office in New Jersey. My reasons for doing so are not for public record, and I would feel no obligation to report to Leasing News on the matter. My focus was on the employees, customers and doing what is best for our company. So, since I did not inform or want to discuss with Leasing News; does that imply that I am dishonest, unethical, or not responsible? You can investigate and report the news as you see it, but there is no obligation for a private company to demonstrate transparency to Leasing News in regards to company restructuring, consolidation, or downsizing.“
Regards,
Brian Bjella
Brian Bjella
President
Grandview Financial, Inc
408 E. Main Street, Ste 6
Marshall, MN 56258
(DID) 507-929-5101
(Toll Free) 866-288-9957 (Fax) 507-929-1510
brian@gvfin.com
For more information regarding the Grandview Financial companies:
Quest Resources - www.questrs.com
HLC Capital - www.hlccapital.com
Dakota Capital - www.dakotacap.com
(Sorry for the mix-up in names of NEFA. The typo was corrected on line.
(You missed the point of the story: transparency. Perhaps your friendship “blinded” you or that you are vice-president of NEFA influenced your opinion.
(The word comes from "A transparent object, especially a photographic slide that is viewed by light shining through it from behind or by projection." In the current use, it means "the full, accurate, and timely disclosure of information."
http://dictionary.reference.com/browse/transparency
(The public complains about subprime mortgages, banks, and others not being transparent. The same applies to Pinnacle, as well as NEFA, and your company as you have employees, work with vendors, brokers, banks, funders: the public. You have responsibilities to them as well as following the laws of the land in regard to your treatment of good business, employees, customers, vendors and the rules
and regulations by city, county, state, and federal government. That you are vice-president of NEFA, also makes you legally a “public person” in addition to being a president of one or more companies.
(When you assume leadership, it means being a leader and being even more transparent. This applies especially to a public figure, such as a president of a leasing association or an officer or board member. You become not only a role model, but a “responsible leader.”
(All the people contacted, including Tom Cetto and Chuck Brazier, said to speak with Brent Hall, but he did not return telephone calls or email. All Leasing News was seeking was “the full, accurate, and timely disclosure of information.” Kit Menkin)
---
Brent Hall, CLP
(photo: NEFA)
“I have served on the UAEL and NEFA board with Brent Hall for a while now and have observed a person of character and contribution to our industry. I found your comments about Brent Hall offensive and unwarranted. It is hard to find people committed to both their companies and their industry and Brent is an excellent example of someone who is both. Sometimes your “unbiased and fair news” feels biased and a little mean spirited. Brent Hall deserves more respect than you are giving him. I am sure there is a better and more constructive way to make your points than the way you did today.
“Not every company that closes offices is evil. Sometimes it is just what it takes to stay strong and stable in a down market.”
Regards,
Hugh Swandel
President
Swandel and Associates
www.swandelandassociates.com
Ph. 204.477.0703
Fax 204.453.5044
Cell 204.996.4844
(“Evil” was never used or implied in the story. Leasing News also never said or implied closing an office is “evil.”
(Regarding being biased, you have already stated you are on the NEFA Board as Brian Bjella is, too. The question then is the story “biased,” too. You bet!!! It called the president to task for being misleading and not being forthright, especially for also having the responsibilities as president of a leasing association to demonstrate leadership and responsibility to the industry.
(I have cleared up this “unbiased and fair news” business many times as it applies to unsigned articles and stories. When a writer signs his or her name to a column or story, it is his or her opinion. It is
then “biased.” They state their own personal opinion. In this specific case, it was not signed just as a writer or even editor, but the publisher. It then has more weight than a columnist, meaning it is the position of the publisher; may even be classified as an “editorial.” Christopher Menkin)
Pinnacle Business Finance Transparency
by Christopher Menkin, Publisher
http://www.leasingnews.org/archives/January%202009/01-22-09.htm#correction
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Sales Make it Happen --- by Tom Martin
Effectively Qualifying Lessees for More Efficiency, More Profitability What do you as a salesperson or broker gain by being able to quickly qualify a lease prospect? It's pretty simple. You can decide either to pursue the prospect right away or move on to a more promising opportunity. Four marketing steps will help you to get a signature on a lease contract: 1. Finding – Getting the name of the proper contact to finance a specific piece of equipment Why It's Hard Inexperienced lease brokers struggle the most with qualifying because they are not sure of what specific funding is (or is not) available for the transaction. After a while, the lease broker will have talked to many funding sources, which bolsters its database by showing the “sweet spot” of each funding source. The successful broker knows how to phrase both sales and credit questions and—just as importantly—when to ask them. Sales questions address such concerns as a detailed description and cost of the asset, delivery date, term, structure and competition. Credit questions are about the principals, financials, guarantees and additional collateral. The funding sources look for the broker to qualify the financing opportunity. There are many qualifying questions in the areas of asset, credit, term, structure, competition and so on. It is important for a broker or salesperson to ask the right questions up front before securing any quotes or commitments on the broker's part. The Vital Questions The questions presented here should lead to a form that you as the broker or salesperson can use in phone interviews or meetings with prospects to size up the potential lessee and find it the best fit in regard to funding sources.
When the Competition Isn't Obvious Your competition may not be obvious. The successful lease broker finds out what the prospect's options are and what the prospect thinks about each of them. Through skillful questioning, the broker finds out what the prospect has already ruled out. Moreover, the broker finds out who has turned the deal down—and more importantly, why. The broker always asks, “Have you considered doing the financing with your local bank?” Often the answer is that the local bank has said no. The broker should find out why. Don't be afraid that the question will make the prospect think of a source of competition that he did not already come up with. The prospect thought of the local bank before you ever found him. If the prospect says he is talking to the local bank, be prepared to offer an advantage that is not based on price. The lease broker needs to understand what type of transaction is difficult to fund. Here is a partial list of yellow flags: • Start-ups—especially restaurants Strategies for Larger Transactions For larger transactions, try to get a commitment fee based on agreed-upon criteria (e.g., good credit, reasonable cash flow, collateral). This discussion of the criteria will usually bring out the inherent problems that need to be overcome quickly. Also, it will get the deal off the market until the broker has had a chance to obtain an approval from a funding source. This conversation will also ensure the prospective lessee's commitment to providing all the needed information, such as the principal's personal statements, tax returns and credit information. The successful lease broker knows the criteria of its funding sources. The wider the variety of transactions the broker finds, the broader its needs for sources of funding. (For a more detailed discussion, see “How Many Funding Sources Do You Need?” in Leasing Logic , Vol. 15, No. 3, September 2007.) Initially, it may seem that the route of least resistance is to just place the application. However, it is more efficient for the broker, the funder and the customer to answer all the pertinent questions in advance. Credit people lose patience with the back-and-forth of filling in the gaps to see whether the deal makes sense. To sum up, it's always easier to continue down the path with the prospect that wants to have the broker place its deal than it is to know when to move on to a more promising prospect. But, this discernment it vital. Successful brokers have one common trait: they quickly recognize whether the transaction can be placed with one of their funding sources.
In 1969, Tom founded CFI Financial Services, where he has raised capital for privately held lessors, marketed tax advantaged structures to tax and treasury groups within the Fortune 1000, and been successful in many lease transactions. He served on the Equipment Finance and Leasing Association Board of Directors, plus is a m ember of Editorial Review Committee of Journal of Equipment Finance (1996-Present). He currently serves on the Membership Committee of ELFA, NAEL, NEFA. He has extensive speaking, moderating, and industry panelist engagements at industry conferences; topics included: leasing, residual value forecasting, taxation, sales compensation, and legislation. He also has been an Expert witness in court cases on behalf of IRS and Fortune 100 companies. He graduated from the University of Texas – Bachelor of Business Administration, 1964 and served in the U S Army Special Forces (Green Beret) Sales Makes it Happen articles:
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Obama's stimulus package
by Shawn Halladay, The Alta Group
Brief overview of the business tax provisions:
There has been a great deal of hype and hoopla over the recently enacted stimulus package (the American Recovery and Reinvestment Act of 2009, or Recovery Act), along with a good dose of doubt as to its effectiveness. But what does it mean for the equipment leasing industry? The following represents a brief description of the key business tax provisions of the new law.
Additional 50% first-year depreciation
For property placed in service after December 31, 2008, in tax years ending after that date, the new law provides an additional depreciation deduction in the placed-in-service year equal to 50% of the adjusted basis of qualified property. This bonus depreciation is generally available on property acquired and placed in service before January 1, 2010, or January 2011 for certain longer-lived assets).
Just like under the prior bonus depreciation rules, the adjusted basis of qualified property is reduced by the additional 50% depreciation deduction before computing the amounts otherwise allowable as depreciation deductions for the applicable tax year. Additionally, no AMT depreciation adjustment is required for property recovered under the bonus depreciation rules, which will help pull lessors currently subject to AMT out of their AMT positions.
The effect of the bonus depreciation rules is to create a 60% depreciation deduction in the first year for 5-year MACRS property. Applying the half-year depreciation convention to an asset purchase of $100,000, the depreciation deduction for the first year will be $60,000 [($100,000 × .50 = $50,000) + (($100,000 − $50,000) × .20 = $10,000)].
Under preexisting regulations, any §179 expensing comes off the top before the additional 50% first-year depreciation allowance is computed. The taxpayer then computes its regular depreciation based on the adjusted basis remaining after the §179 expensing and after the additional 50% first-year bonus amount.
The bonus depreciation can be claimed for an asset that is qualified property, the original use of which begins with the taxpayer after December 31, 2007, and is property acquired and placed in service before January 1, 2010. Qualified property is (1) property to which MACRS applies with a recovery period of 20 years or less, (2) water utility property, (3) certain computer software, or (4) qualified leasehold improvement property. There are binding contract rules that apply to certain types of property.
Property ineligible for bonus depreciation includes property that must be depreciated under the alternative depreciation system, listed property (such as a passenger auto) that is not used more than 50% for business, and qualified New York Liberty Zone leasehold improvement property.
First-year depreciation dollar cap for new passenger autos
The Recovery Act retroactively increases by $8,000 (for vehicles bought and placed in service after 2008 and before 2010) the first-year depreciation dollar limit for a passenger auto that is qualified property. The property also must meet the original use and acquisition and placed-in-service requirements previously discussed in the bonus depreciation section.
The increased depreciation limit is reduced to the extent of non-business use and does not apply if you choose to elect out of bonus depreciation. This additional first-year deduction allowed on property that is listed property, such as passenger autos, is taken into account when computing the recapture amount for property in which the business use of listed property declines to 50% or less of total use after the placed-in-service year.
One-year optional extension of election to trade bonus and accelerated depreciation
Prior to the Recovery Act, a taxpayer could elect to forego bonus and accelerated depreciation for eligible qualified property in exchange for the present allowance, as refundable tax credits, of otherwise-deferred pre-2006 credits. These pre-2006 credits include research credits and credits for AMT paid that are attributable to tax years beginning before 2006.
The new law expands the definition of eligible qualified property for property placed in service after December 31, 2008, in tax years ending after that date, as it relates to this election. The effect of these changes is to extend the election to cover property placed in service by December 31, 2009, or December 31, 2010 for aircraft and long-production-period property. Taxpayers can, however, decline this extension.
Post-2008 election to trade bonus and accelerated depreciation
As discussed above, a corporation can elect to forego bonus and accelerated depreciation for eligible qualified property in exchange for otherwise-deferred pre-2006 credits. The Recovery Act allows a taxpayer to make this election for its first tax year ending after December 31, 2008 and each later year, for property placed in service after December 31, 2008, even if it did not make the election for its first tax year ending after March 31, 2008.
§179 expensing for 2009
For tax years beginning in 2009, the §179 expensing limit has increased to $250,000 and the investment ceiling limit to $800,000, although these amounts are not indexed for inflation. Like the bonus depreciation provisions, the new law does not require an alternative minimum tax adjustment for property expensed under §179. The increases in the §179 limitations are retroactive for property placed in service in tax years beginning after December 31, 2008, so they apply regardless of whether the property was placed in service before, on, or after the date the Recovery Act was signed into law.
This means that, for 2009, a business’ §179 expensing is phased out completely under the investment ceiling limit only when its investment in qualified expensing-eligible property reaches $1,050,000. The increase in these limits to $250,000 and $800,000 only applies to 2009, however, so, unless there is further legislation, these limits will fall to $125,000 and $500,000 for 2010, and then to $25,000 and $200,000 for 2011 and afterwards.
Small business NOL carryback period.
Small businesses can now elect, for NOLs arising in tax years ending after December 31, 2007, to increase the NOL carryback period for an 2008 NOL from 2 years to up to five years. A small business for this purpose is defined as a corporation or partnership that has average gross receipts, for the three-tax-year period ending with the tax year in which the loss arose, of $15 million or less.
An applicable 2008 NOL is the taxpayer's NOL for any tax year ending in 2008, or, at the taxpayer's election, any tax year beginning in 2008. Additionally, an alternative tax net operating loss deduction is allowed for AMT purposes instead of the regular NOL deduction.
Reduced estimated tax burden for individuals with small businesses
For those readers who must make estimated tax payments, effective February 17, 2009, the new law provides that, for any tax year beginning in 2009, in computing the amount of the required annual installments of estimated income tax of any qualified individual, the term “required annual payment” means the lesser of (1) 90% of the tax shown on the return for the tax year, or (2) 90% of the tax shown on the return of the individual for the preceding tax year.
A qualified individual means any individual if the AGI on the tax return for the preceding tax year is less than $500,000 ($250,000 if married filing separately) and the individual certifies that at least 50% of the gross income shown on the return for the preceding tax year was income from a small trade or business. A small trade or business is one that employed no more than 500 persons, on average, during the calendar year ending in or with the preceding tax year.
Shawn D. Halladay
Managing Principal
124 South 400 East Suite 310
Salt Lake City, UT 84111-2135
Phone: (801) 322-4499
Fax: (801) 322-5454
E-mail: shalladay@thealtagroup.com
Mr. Halladay is a member of the Leasing News Advisory Board.
His biography:
http://www.thealtagroup.com/bios-halladay.php
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Classified ads—Outsourcing/Asset Management
Leasing Industry Outsourcing
(Providing Services and Products)
Asset Management: Atlanta, GA |
Asset Management: Boston, MA Nationwide appraisals, remarketing, audits, inspections and more! Over 15-years industry experience and dedicated to deliver personal, prompt, professional services. Call Chris @ 508-785-1277. Email:chris@dovermanagementgroup.com |
|
Asset Management: Minneapolis, MN |
Asset Management: Monroe, NC Recover a greater return on your investment. We specialize in the woodworking, pallet, sawmill and forestry industries. Carolinamachinerysales.com/ Melinda Meier (704)288-1904 x103 |
| Asset Management: Nationwide BUYER/LENDER BEWARE. Don't sign anything until Collateral Verifications Inc. goes onsite, knocks on the door and gets the facts. http://www.i-collateral.com Email: mark@i-collateral.com |
Nationwide |
Asset Management: Orange City, FL |
Asset Management: Oxnard-Hollywood Beach, CA 20 Years Exp. w/Equity Analysis/Placement- Residual Forecasting Methodologies Computer Equipment Assets. Portfolio Mgr. Two Major Leasing Companies/Strong Analyst Background w/Leading Info Services Firm. E-mail: GregoryMLorenz@aol.com |
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News Briefs----
ELFA Index to show 50.2% Drop from Dec. to Jan.
http://www.guardian.co.uk/business/feedarticle/8373482
Stanford’s Antigua Bank Seized, Shares Redistributed
http://www.bloomberg.com/apps/news?pid=20601087&sid=a.Af9UbCGdtg&refer=home
AIG in talks with U.S. government, sees $60 billion loss: source
http://www.reuters.com/article/newsOne/idUSTRE51M6LT20090224
AIG Said to Get Bids From MetLife, Axa for Life Unit
http://www.bloomberg.com/apps/news?pid=20601203&sid=alveedjc0Swo
Ritz Camera files for bankruptcy
http://www.ajc.com/business/content/business/stories/2009/02/24/ritz_wolf
_camera_bankruptcy.html
Target profit falls 41% as consumers cut back
http://www.usatoday.com/money/companies/earnings/2009-02-24-target_N.htm
Madoff judge affirms July 2 deadline for claims
http://www.usatoday.com/money/markets/2009-02-24-madoff-claims-deadline_N.htm
Hearst says it will close or sell S.F. Chronicle without significant staff reductions
http://www.mercurynews.com/business/ci_11775950?nclick_check=1
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You May have Missed---
The secret In-Out Burger Menu
http://leasingnews.org/PDF/The_Secret_In_n_out_menu.pdf
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(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)
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Sports Briefs----
Oakland A's owner says opposition convinced him to pull out of Fremont\
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/24/BAF7164BRL.DTL\
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California Nuts Briefs---
Effort seeks to scrap state constitution's two-thirds vote rule
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/02/24/MN2G164CBA.DTL
&type=politics&tsp=1
In Silicon Valley, Recruiters Are Sending Out Their Own Résumés
http://www.nytimes.com/2009/02/25/technology/companies/25recruiter.html?
_r=1&ref=business
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“Gimme that Wine”
Scots drink the equivalent of 125 bottles of wine each per year, study reveals
http://www.telegraph.co.uk/news/newstopics/politics/scotland/4781288/Scots-drink
-the-equivalent-of-125-bottles-of-wine-each-per-year-study-reveals.html
Calif.Balance of quality, quantity in 2008 grapes pleases vintners
http://www.gjsentinel.com/hp/content/business/stories/2009/02/21/022209_1B_SUN
_BIZ_wine_prospec.html
Strong Corporate and Trade Support Aid in Success of 2009 Food Network South Beach Wine & Food Festival
http://www.winebusiness.com/news/?go=getArticle&dataid=62370
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
1913 – Federal Income Tax: The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several states, and without regard to any census or enumeration. The 16th Amendment to the United States constitution was ratified on February 3 by Rhode Island (interesting it was a Republican bluff that brought the bill forward in the Rhode Island legislature, as they thought the Democrats would be crazy passing it), permitting the levying on income tax on individuals and businesses without apportionment on the basis of the population of states. It did not go into effect until February 12th . Officially the Secretary of State Philander Knox on February 25, 1913 declared it to be "in effect", but never stating it was lawfully ratified. There were many legal issues from the various states that were never resolved. The change did not come at once, however, for the first income tax law specified graduated rates of 1 to 6% of income. It was a flat tax. There is controversy that not all the states ratified this amendment, although amendments to it were made Congress.
http://www.freerepublic.com/forum/a3920a3ba708e.htm
http://www.scrapthecode.com/educating/history.html http://caselaw.lp.findlaw.com/data/constitution/amendment16/01.html#1
http://www.16thamendment.com/intro.asp
[headlines]
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This Day in American History
1643 -- Dutch massacre of friendly Indians at Pavonia, near present-day Hackensack, New Jersey, is ordered by William Kieft, Governor of New Netherlands. 120 Wecquaesgeek men, women and children asleep in their wigwams die. Eyewitness David P. deVries noted: "...about midnight I heard a great shrieking, and I ran to the ramparts of the fort... Saw nothing but firing, and heard the shrieks of the savages murdered in their sleep. When it was day the soldiers returned to the fort, having massacred or murdered 80 Indians, and considering they had done a deed of Roman valor, in murdering so many in their sleep; where infants were torn from mother's breasts, and hacked to pieces in the presence of the parents, and the pieces thrown into the fire and in the water, and other sucklings, being bound top small boards, were cut, stuck, pierced, & miserably massacred in a manner to move a heart of stone...“ |
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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
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Daily Puzzle
How to play:
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Refresh for current date:
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Weather
See USA map, click to specific area, no commercials
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Real Time Traffic Information
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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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