Friday, January 31, 2014
Today's Equipment Leasing Headlines
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You May have Missed---
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Finally, HL Leasing Scandal Coming to an End
Christmas may come a little late for the HL Leasing investors. It all comes from a Citation II jet seized by the FBI June, 2009 (1). This appears to be the only sizeable asset left by John Otto. His wife and estate wound up with very little, which will not be enough to distribute to the investors and will only pay attorney fees for the Class Action. But Otto’s plane may be the saving grace.
In re Kathleen Otto, 6:12-bk-21607-MJ (USBC Central District of California 2013)
The bad news is that the Class Action is probably dead in the water vis-à-vis collecting any money. The entire bankruptcy estate of Kathleen Otto was valued by the bankruptcy Court at $139,000, which won’t even pay the attorney fees. The good news is that the Federal Government has seized, and will sell, Otto’s private jet and the proceeds might be available to all victims of HL Leasing, not just the victims that opted into the class action suit. How that might occur is set forth below.
John Otto and HL Leasing’s Ponzi Scheme
By way of background, John Otto ran several leasing companies and participated in others, but HL Leasing was his baby, which he ran out of his house in Palm Desert. A class action case in Fresno, California (the legal address of Otto’s three leasing companies) found it was a long running Ponzi Scheme whereby investors would deposit money with Mr. Otto and would receive fractional interests in certain fake leases he either generated or purchased. The leases were non-existent; Otto used new investment monies to pay off old investors. It is believed that this scam netted Otto $114 million dollars. Otto committed suicide on May 13, 2009.
The Investors’ Blog
After the suicide of Otto, the “John Otto HL Leasing Blog” started and the posts noted both the class action suit and possible suit using Barton, Klugman & Oetting. I told anyone who would listen that only immediate action against the assets of Kathleen Otto would yield any money, and quite frankly tried to discourage people from hiring me, because I didn’t feel that they would ever collect anything. One of the investors stated, in a May 15, 2009 post, that: "John Otto owns Air Fred (sole managing member) and Air Fred owns a Citation worth $2.5 million. Gross income for this business is approximately $750k per year. If John Otto paid for that aircraft with funds obtained from the investors, I would think that asset could be liquidated to pay back investors. It's a small amount but it's a start." (1)
The Class Action
The Fresno firm of Dowling, Aaron & Keeler took on a class action against HL Leasing salesman, Dan Ramirez, and Otto’s widow, Kathleen Otto. That firm was joined by Ara Jabagchourian, principal, Cotchett, Pitre & McCarthy, LLP, Burlingame, California.
A judgment was entered against Kathleen, Ramirez and Fernandez for $114.5 million, plus $46.5 million against both Dan Ramirez and Andy Fernandez; $720,000 on top of that against Dan Ramirez. That Judgment was affirmed by the California Court of Appeal on October 29, 2013. Kathleen Otto was held personally liable because she did not open an estate for her husband.
Attorney Ara Jabagchourian said the victims received some measure of justice. But he expressed disappointment in the FBI, whose agents raided John Otto's businesses and Palm Desert home in 2009--- but the FBI never filed criminal charges against the perpetrators. He told Leasing News, "'I didn't do the case for the money. Fresno is my hometown. I didn't want these outsiders to get away with it."
Mr. Jabagchourian also filed a fraudulent transfer case against Dan Ramirez and his ex-wife, Pamela, alleging he gave her many of the properties in a divorce that occurred last year. But the likelihood of recovering a sizable portion of the $114 million from Ramirez is unlikely.
While Mr. Jabagchourian‘s representation is certainly admirable, it must be recognized that Class actions are notoriously slow, plodding affairs, and are simply not set up to quickly trace and seize a debtor’s assets. That is a job for an aggressive, skilled collections lawyer acting with velocity using writs of attachment.
Kathleen Otto stopped the Class Action dead in the water when she filed for Chapter 11 protection long before that Judgment was entered. On February 4, 2013, the Class Judgment was designated as Class 3 to her bankruptcy and the victims were designated to share in a pro rata distribution of her assets, which consisted of some nominal equity in her residence and an Aston Martin automobile for a total of $139,000. On January 9, 2013, the Bankruptcy Court closed the estate. This appears to be sole recovery by the Class Action lawyers.
The Seizure and Forfeiture of Otto’s Jet
All is not lost for the HL Victims. As noted Otto’s jet was the only asset seized by the FBI, within weeks of Otto’s suicide. On May 30, 2013, the United States commenced a forfeiture action and Kathleen Otto’s interest, if any, was forfeited by default on December 30, 2014. Depending on condition and log books, the plane may be worth $800,000 at liquidation value. According to government policy, there is no requirement that the funds received from a sale of the plane will be made available to the class action plaintiffs. (2)
If the Department of Justice determines that the proceeds are suitable for distribution, the monies will be distributed either through a Petition for Remission or by a Trustee. For details of the forfeiture process, see the link below. (3) The first way is the Petition for Remission. Under this procedure, the DOJ will notify all potential victims of the opportunity to file a Petition for Remission. That Petition must contain the necessary facts and documents, and set forth the actual loss (with proof) by the victim. A claims administrator for the DOJ will make the determination of the victim’s loss and the net monies are distributed pro rata. The DOJ will deduct for the costs of seizure, storage and resale of the forfeited assets.
The second way, usually present in larger cases like the Madoff case, is the appointment of a Trustee. The Trustee takes custody of the monies, notifies the victims, and reviews their claims. Again, the net proceeds are distributed pro rata.
What are the lessons from these two cases?
First, I certainly don’t fault the class action lawyers for trying to collect monies from Mrs. Otto, Ramirez, and others involved. Indeed, I’m quite confident that they’ve incurred several hundred thousand of dollars in fees without compensation. I admire their ambition. But the Class Action as a vehicle for speedy collections is simply not the appropriate procedure.
Second, the only real asset was Otto’s plane, and since it was seized within a month of Otto’s suicide, there was little any of the lawyers could have done to realize obtaining that asset. Perhaps a quick acting lawyer could have gotten a writ of attachment, but that’s asking a lot.
Third, what surprised me was how quickly the FBI moved in to seize the airplane, within a few weeks of Otto’s suicide. Yet, their prosecution of the remaining perpetrators, Ramirez and Andy Fernandez, appears to be permanently stalled.
Fourth, I doubt a criminal case could be made against Kathleen Otto. The books, checks, and records of HL Leasing, to the extent that Otto actually retained them, were kept in the Otto’s residence. Their whereabouts remain a mystery. Her bankruptcy has discharged any liability she has to the victims of HL Leasing.
Fifth, although forfeiture proceeds may not end up in the hands of victims, the victims to the HL Leasing scam need to determine whether the DOJ will make a decision as to the disposition of the plane’s proceeds. We can hope that the DOJ will distribute the net proceeds to the investors. If they are distributed to the investors, I suspect that the DOJ will not use private class action counsel to distribute the monies (because it won’t go to all the victims), and would instead use a Trustee or the remission procedures.
The bottom line to these two cases is that the anger, excitement and fanfare of May, 2009 should have been tempered. I will be surprised if the victims of this fraud ever receive compensation, and after expenses, I imagine it will be pennies on the dollar.
(1) John Otto Blog---posted by unfortunate investor
(2) No requirement to class action plaintiffs, but to all
(3) Details of Forfeiture Procedure
Kathleen Otto Motion for Final Order
Kathleen Otto Forfeiture Complaint
Kathleen Otto Confirmed Plan Order
Kathleen Otto Plan
Kathleen Otto Declaration
Kathleen Otto Schedules
Previous Tom McCurnin Articles:
(Leasing News provides this ad as a trade for investigations
Largest 100 Banks in the World
Banks in China, the United Kingdom, France and Japan comprise the five largest banks in the world, based on assets, but U.S. banks would be included in the mix if adjusted for the netting of derivatives that is not permitted under IFRS, SNL Financial data shows.
Next is the United States, which has 10 of the top 100, followed by Japan with nine banks. The countries in Europe, including Russia, have 47 of the top 100. Africa currently has no banks in the top 100.
Beijing-based Industrial & Commercial Bank of China Ltd. ranked as the largest bank in the world as of Sept. 30, followed by London-based HSBC Holdings Plc and Montrouge, France-based Crédit Agricole Group. The fourth largest bank is Paris-based BNP Paribas SA and the fifth largest is Tokyo-based Mitsubishi UFJ Financial Group Inc.
SNL ranked the banks based on the assets they report under their respective accounting regimes. Industrial & Commercial Bank of China had $3.062 trillion in assets under IFRS, converted into U.S. dollars, as of Sept. 30. New York-based JPMorgan Chase & Co., which reports under U.S. GAAP, had $2.463 trillion in assets as of Sept. 30, making it the sixth largest bank in the world. However, if JPMorgan followed IFRS accounting principles, it would most likely rank as the largest bank in the world, SNL finds. A major difference between IFRS and U.S. GAAP accounting treatments is that IFRS filers must include the gross amount of derivative assets on their balance sheets, while U.S. GAAP filers report the net amount of derivative assets on their balance sheets. SNL calculates that JPMorgan's third-quarter assets would increase by 49% to $3.677 trillion if the offsetting of derivative assets were removed. Charlotte, N.C.-based Bank of America Corp., currently ranked 12th in the world, would likewise move up to No. 2, and New York-based Citigroup Inc., currently ranked 14th in the world, would move up to No. 5. In all, the 10 U.S. banks that rank in the top 100 would add a combined $4.336 trillion in assets if they reported gross derivatives. Additionally, Zurich, Switzerland-based Credit Suisse Group AG and Tokyo-based Nomura Holdings Inc. also report in U.S. GAAP. They would add a combined $896.28 billion to their balance sheets if derivative netting were removed. SNL only made adjustments for banks that primarily report under U.S. GAAP.
The IASB and FASB had proposed in 2011 to remove the differences in offsetting requirements between IFRS and U.S. GAAP, but after receiving comments from the industry, decided to maintain the differing standards and instead require increased disclosures of gross and net positions.
To compile the rankings, SNL ranked the most recently reported consolidated assets of companies classified by SNL as "banks" or "savings banks/thrifts/mutuals," companies regulated in the United States as bank holding companies, or any financial holding company with significant banking subsidiaries. These rankings are not adjusted for subsequent pending or completed acquisitions or divestitures after period-end. Some companies classified by SNL as "banks" were not included in the rankings due to the nature of their business models. The excluded companies were: Frankfurt am Main, Germany-based KfW Bankengruppe, Beijing-based Agricultural Development Bank of China, Washington, D.C.-based International Bank for Reconstruction and Development, Basel, Switzerland-based Bank for International Settlements, Munich, Germany-based FMS Wertmanagement AöR, Chiyoda, Japan-based Japan Finance Organization for Municipalities, Beijing-based Export-Import Bank of China and Seoul, South Korea-based Korea Finance Corp.
Largest US bank Holding Companies’ 2013 Profits Soar
The six largest bank holding companies in the U.S. by asset size reported the highest annual profits on an aggregate basis since 2006, during a year highlighted by high legal costs, reserve cuts and improving credit quality.
Net income for the group was $77.46 billion in 2013, up 27.43% from 2012 and 6.65% shy of the $82.98 billion all-time high reported in 2006. The aggregate return on average assets, or ROAA, also improved on a year-over-year basis to 0.81% in 2013, while still short of 1.25% ROAA reported in 2006.
Bank of America Corp., currently the U.S.'s second-largest bank by asset size after acquiring Merrill Lynch & Co. Inc. in 2008, reported net income of $11.43 billion in 2013, up $7.24 billion from 2012. Its ROAA in 2013 was 0.53%, compared to 1.44% in 2006. The bank has not cracked the 1% ROAA barrier ever since.
During BofA's recent fourth-quarter earnings call, CFO Bruce Thompson said the bank is "looking to get to the point where we're returning 1% on assets" over the next three years, according to the transcript.
All six institutions, with the exception of JPMorgan Chase & Co., saw an increase in their return on average assets in 2013 compared to the prior year. JPMorgan has paid more than $9 billion in credit and mortgage-related settlements since 2010, according to SNL data.
Bolstering income at JPMorgan was the release of loan loss reserves. According to the transcripts of the third- and fourth-quarter earnings calls, the consumer segment saw a reserve release of $1.6 billion, and the real estate portfolio contributed $950 million to reserve releases.
Excluding Goldman Sachs Group Inc. and Morgan Stanley, with their investment banking focus, the other banks relied on the release of loan-loss reserves and noninterest income to boost their revenues, as loan growth was sluggish in 2013.
Wells Fargo & Co., which became a national presence after its acquisition of Wachovia Corp. in 2008, reported the highest profit for the year among all six. The quarter ending Dec. 31, 2013, was the bank’s 16th consecutive quarter of EPS growth. The bank is expecting further future loan loss reserve releases as credit quality improves, according to the fourth-quarter call transcript.
Morgan Stanley reported an almost $3 billion increase in its profits in 2013. CFO Ruth Porat said in the latest earnings call, according to the transcript: "The focus is an ROE-focus as opposed to a revenue-focus. … [W]e have a number of areas that are driving the overall ROE higher. First and foremost, we talked about commodities and the steps that we're taking in commodities. We are selling two physical oil businesses there."
Although the largest banks increased profitability in 2013, regulators are still wary of the steps being taken by these institutions to boost their bottom lines. During a banking conference, while making a comment about reserve releases in the industry, Comptroller of the Currency Thomas Curry noted that "for some banks, the ease with which the allowance could be repurposed as earnings has proved habit-forming."
Leasing Industry Help Wanted
John Buckley promoted to credit analyst at De Lage Landen, Wayne, Pennsylvania. He joined the firm May, 2006 as customer service representative and was promoted to sales support officer, March, 2007. Then he rose to senior support officer in August, 2011 and became a sales support supervisor, September, 2012, and in March, 2013, business support training lead. Education: Penn State University, Bachelor of Science (BS), Economics; Saint Joseph's University, Master of Business Administration (MBA), Business Administration and Management, General.
Brian Cascarano hired as business development manager, Marlin Business Services, Greater Chicago area. Previously he was sales, originations representative, Canon Financial Services (March, 2012-November, 2013), independent consultant, self-employed (October, 2009-March, 2012); vice president, vendor sales, IFC Credit Corporation, August, 1997, vice president, marketing, December, 1999; vice-president, business development (January, 2008-August, 2009); lease broker, consultant, Sirius Capital (January, 1996-August, 1997), v.p. of sales and marketing, Trans Leasing International (January, 1984-September, 1996).Education: Southern Illinois University, Carbondale, Marketing (1975–1978); Kendall College (1974–1975).
Jon Gerson promoted to president of Executive Solutions for Leasing and Finance, Inc. He also announces the retirement of Teri Gerson, who founded the company in 1990. Mr. Gerson joined the company May, 2004. He actually first worked at Executive Solutions while filing resumes after school as a teenager. Education: Rutgers, The State University of New Jersey-New Brunswick, BA Magna Cum Laude, Political Science (2002–2007).
William Griesmyer named v.p. of national accounts, Crest Capital. Charlotte, North Carolina. Previously he was senior account executive, Premier Funding Services (November, 2009-January, 2014); president, Link Financial Solutions (2008-November, 2009); engineering project manager, Flextronics (2006-2008); product change manager, Cummins Engine Company (2003-2005); senior product engineer, Corning (2001-2002);product engineer, Solectron (1998-2001); advisory product engineer, product manager, Siemens (1989-1998); product manager, product engineer, IBM (ROLM) (1982-1989), senior engineer, Westinghouse (1991-1982); electronics engineer, EXXON/Reliance electric (1980-1981); member technical staff, Princeton University Plasma Physics Laboratory (1975-1980); member technical staff, Princeton Plasma Physics Lab (1975-1980). Courses: Southern Methodist University, Telecom Network Design, Data Communications, Digital Switching, Engineering Finance, Telecommunications Management and Regulation, Digital Telephony, Applications Programming, Intro to Telecommunications, Engineering Management, Economic Decision Analysis. Education: Southern Methodist University, MS, Telecommunications Management (1986–989)(Open)1 course; Clarkson University, Bachelor of Science, Master of Engineering, Electrical Engineering (1970–975); Research Assistant. Operated Clarkson University high voltage laboratory. Activities and Societies: Tau Beta Pi engineering honor society, Eta Kappa Nu electrical engineering honor society, Tau Delta Kappa fraternity; Oneida Senior High, Regents, Science, Math, English, Latin (1967–1970),Activities and Societies: Football, Wrestling, Track, National Honor Society, Band.
R.J. Grimshaw promoted to President and CEO of Ervin Equipment Finance, Ann Arbor, Michigan. He joined the firm August, 2013 as EVP, chief sales officer. Previously he was vice president, technology finance, EverBank (July, 2008-July, 2013); vice president, director of sales, technology finance business , Key Equipment Finance (January, 2001-May, 2008), district sales manager, technology finance group, Conseco Vendor Services (July 1999-January, 2001); district sales manager, Tammac Corporation (M&T Bank) (July, 1997-June, 1999); founder, principle, Scriba Town Inn (November, 1992-July, 1997) (Established and operated this high-volume bar and restaurant operation from inception.) Honors & Awards: EverBank - Sales Achievement Award 2012; Key Bank - Top TSL - Small Business Banking - 2005; Key Equipment Finance Million Dollar Club 2002, 2003, 2004; Key Equipment Golden Key recipient - 2003. Education: State University of New York Empire State College. Main Interest: Coaching Young Ice Hockey & Baseball.
Sean Habermas promoted to account executive at CSI Leasing, New York, New Jersey, Pennsylvania. He joined the firm December, 2012 as associate account executive. Previously he was senior sales executive, United Business Systems (February, 2011-December, 2011); major account executive, Ricoh Business Solutions (August, 2008-January, 2011); account executive, Citi Group (2006-2008); manager, Safilo USA (1996-2005). He has been a trainer for Montville Soccer (1999-2012). Education: County College of Morris, Business Administration (1995–1997); Montville; PTHS.
Debbie Haeringer promoted to v.p. of content marketing, CIT. She joined the firm November, 2000 and rose to v.p., director of advertising. Promoted April, 2008 to v.p., director of marketing and communications, vendor finance. Previously she was account supervisor, Draftcb (1997-2000), account supervisor, Draft Worldwide (September, 1997-November, 2000); account executive, Farago Advertising (1991-1996). Education: Wagner College (1986–1991).
Gabriele (Gaby) Kamelak promoted to business development manager at CHG-Meridian USA, Baltimore, Maryland. She joined the firm October, 2009. Previously she was finance area manager, Sun Microsystems (November, 2005-Februay, 2008); financial area manager, Compaq Capital/HP Finance Services (August, 1997-November, 2005); financial area manager, AT&T Capital/NCR Credit (March, 1993-August, 1997); consultant, Learning International (June, 1990-February, 1993); financial sales representative, US Leasing (December, 1983-May, 1990). Member advisory board, Kodiak Finance (June, 2009-Present); board director, Greyhound Rescue (February, 2008-Present). Education: University of Maryland, College Park BS, Business Administration (1971–1976), Activities and Societies: Delta Gamma Sorority.
Louis (Lou) Manitzas now president, OneWorld Business Finance, Austin, Texas. He joined the leasing co-op, June, 2009. He also is vice-president, OneSource Financial Corp. (January, 1995-Present). Previously he was sales manager, Celtic Leasing (1991-1994); account executive, California First Leasing (June, 1988-August, 1991). Education: Texas A&M University - Mays Business School, Bachelor of Business Administration (BBA), Finance, General (1983–1988); LV Berkner High School (1980–1983).
Bryan Murphy, CLP, promoted to vice president, project manager, First American Equipment Finance, a City National Bank Company. He joined the firm June, 2008. Prior he was vice translations technician, One Communications (August, 2007-June,2008), human resource support specialist, Paychex (September, 2004-August, 2007). Education: State University of New York College at Oswego, BS, Business Administration (2000–2004). Activities and Societies: Student Advisory Council to the Dean of the School of Business, Phi Beta Lamda. www.linkedin.com/pub/bryan-murphy-clp/23/152/9a7
Robert “Bob” Rinaldi named chief executive, King Commercial Finance. Previously he was senior vice president, CSI Leasing (March, 2010-December, 2013); executive vice president, National City Commercial Capital (now part of PNC) (May, 2004-December, 2009); president, National City Commercial Capital Canada (October, 2004-July, 2009), svp, Provident Bank (1966-2004); evp and principal, Information Leasing Corp (1986-1986); equipment leasing sales, Finalco, Inc. (1985-1986); sales, Xerox. Education: Michigan State University, BS, Ag Biochem and Animal Science (1977–1981). He is chairman-elect, ELFA.
Larry Roegner, CFA, promoted to senior credit officer, the CIT Group, Jacksonville, Florida. He joined the firm June, 2013. Education: University of Illinois at Chicago; University of South Carolina-Columbia, MBA, Finance,
Michelle Singh promoted to director, leasing at Bank of America, Providence, Rhode Island. She joined the firm in 1987 as principal, pricing and portfolio analyst.
MicroFinancial Year-end Net Income $9.8 Million
MicroFinancial with their subsidiary TimePayment, announced fourth quarter and year-end 2013 results, increasing net income from the previous year to $9.8 million, total revenues up 5.4% to $62.5 million compared to $95.3 million, charge offs reduced 2.4% to $18.2 million.
The publically traded company specializes in small ticket leases ranging from $500 to $15,000, based in Burlington, Massachusetts with an office in Westgate Village, California.
According to the company press release "Headcount at December 31, 2013 was 155, which increased from 152 at the end of 2012. Cash received from customers was $130.8 million during 2013 as compared to $121.8 million for the prior year. The number of new contracts originated in 2013 increased by 7.6% to 19,051, however, due to our continued focus on micro-ticket transactions, the average funded amount declined from approximately $5,200 in 2012 to $4,800 in 2013. As a result of this decline, new contract originations for the year ended December 31, 2013 declined slightly to $90.6 million as compared to $91.7 million in the prior year."
"We are very pleased with our operating results for 2013,"Richard Latour, President and Chief Executive Officer said.
" We successfully launched our new E-Commerce initiative in the fourth quarter of 2013 which provides our dealer base with an additional method to increase their on-line sales efforts and allows lessees a quick and efficient method to finance their on-line shopping carts from our approved vendor base.
"Our continued investments in sales and marketing initiatives resulted in an 8% growth in dollars of applications over last year to $446 million and a 4% increase in approved applications to $237 million in 2013.
"In addition, we repurchased over 97,000 shares during 2013 at an average cost of approximately $7.28 per share and were able to increase the dividend payout rate to $0.25 per share for 2013 as compared to $0.24 in 2012."
MicroFinancial Year-end Fourth Quarter Press Release:
MicroFinancial: Every Investor Should Love
Leasing News Advisor
Ken was involved in the formation of Leasing News and represented it (pro bono) in the early days. Ken is currently based in Southern California. His equipment finance and litigation practice has been broadened to include entertainment law, based on his love for music as well his past life as a professional musician. He has also moved into production and is working with filmmakers, writers and other artists.
Ken is president of Apollo SoundKitchen (a music management company,
Ken began his leasing career with BankAmerilease. He has been a partner in several law firms (including Ross & Ivanjack, one of the first law firms in the country devoted exclusively to the equipment finance industry). He served as corporate counsel to a leasing company before joining Hamrick & Evans, LLC, a full service law firm specializing in construction defect litigation, insurance coverage litigation, equipment finance law, and entertainment law, throughout California and Nevada. He has been associated with the American Bankruptcy Institute, California Bankruptcy Forum, Eastern Association of Equipment Lessors ("EAEL"), Equipment Leasing and Finance Association ("ELFA"--formerly the Equipment Leasing Association), and National Equipment Finance Association (NEFA) (formerly NAEL, UAEL, and, once upon a time, WAEL). He has served on the Board of Directors of that association and has been its Legal Committee Chairman, Legal Line Editor, Regional Committee Chair, and Conference Chairman.
Ken has also been involved in charitable organizations such as Big Brothers Big Sisters of Ventura County, The Mountain Play Association (Marin County), and worked last year with the United Nations to produce a concert to save the rainforests. He has also been active in musical theater at the school and community levels.
He received his B. A, at Brandeis University, located in Waltham, Massachusetts, graduating cum laude. He received his J.D. at Santa Clara University in 1980, also graduating cum laude.
Mr. Greene has been a frequent writer and lecturer on matters of leasing law and other related legal issues. He is an acknowledged contributor on bankruptcy issues to Miller & Starr, California Real Estate 2d (Bancroft Whitney). He has lectured on leasing law and documentation, litigation and collection matters, and has produced and presented seminars to leasing companies on enhancing the attorney-client relationship. He has also taught nationally for Euromoney Lease Training. Ken’s passions, besides music, include travel, yoga, cooking, hiking, camping, boxing, surfing, golf, the Yankees, and good books. He lives in Westlake Village with his wife Barbara, their son Alex, who graduated Cal Lutheran last year, and, on occasion, their beautiful daughter Gigi, who attends UC Irvine. Both Alex and Gigi are aspiring actors. Their two neurotic dogs Bailey and Roxie provide hours of amusement.
Amembal in Singapore and London
Amembal's Winning with Leasing
Sudhir Amembal, CEO of Amembal & Associates, will be teaching his flagship seminar, offered through three decades and attended by over 30,000 leasing professionals worldwide. Its objectives are as follows:
Operating Leases-Maximizing Profits, Minimizing Risks
The operating lease is here to stay! It is increasingly being offered in emerging markets. It is evolving to “managed services” in mature markets. All of this dispels the myth that the forthcoming accounting changes will adversely impact the product – this and much more will be covered in the seminar.
Why Amembal & Associates?
Amembal & Associates is the world’s foremost authority in lease training, consultancy and publications. Mr. Sudhir Amembal, its CEO, has been at the helm of the company since he co-founded it in 1978. With regards to training, over 75,000 leasing professionals have attended varied seminars/conferences held throughout the world; and, with regards to publications, the firm has authored and published 16 industry best-sellers.
In particular, having to do with operating leases, Mr. Amembal authored “A Complete Guide to Operating Leases”, the only publication of its kind. Mr. Amembal recently organized the first-ever conference solely dedicated to operating leases. This was held in November, 2012 – it was a sell-out! Based on feedback received, it was one of the best leasing conferences ever held. The conference was successfully repeated in November 2013.
For detailed brochure and registration form:
Janet L. Yellen elected Chair Federal Reserve
The Federal Open Market Committee, at its annual organizational meeting this week, unanimously selected Janet L. Yellen to serve as its Chair, effective February 1, 2014. She is scheduled to be sworn in as Chair of the Board of Governors of the Federal Reserve System at 9 a.m. EST February 3. She will remain as Board Vice Chair over the weekend, with the authority to exercise all the duties of the Chair.
#### Press Release #############################
Lease Corporation of America Expands Third Party
TROY, Mich. – Lease Corporation of America (LCA) announces that the company intends to make significant efforts to expand its third party origination platform through its subsidiary, LCA Financial, LLC (LCAF). Headed by its president John Martella, LCAF manages the indirect and wholesale origination platform for the company.
LCA recently announced a $16MM capital raise and has recruited Mike Coon, a 25-year veteran of indirect equipment lending, to support the growth initiative.
“We are positioned for strong growth in 2014 and have plans to expand our reach. " John Martella, President, LCA Financial, said. " We feel we have the resources, personnel and pricing to compete actively and increase LCA’s presence in the third party space. Of great competitive advantage is LCA Bank Corporation (LCAB), another LCA wholly owned subsidiary, that provides creative and very competitively priced funding.
As we continue to develop our relationships with quality origination sources, Mike Coon and I will be able to identify specialty finance companies, banks and intermediaries that will make good partners for the long haul. Our practical approach and extensive experience makes us solid team members and a preferred source of funding for a wide variety of originators nationwide.”
About LCA and LCAB
LCAB, member FDIC, was founded in 2005 and is located in Park City, Utah. The Bauer Financial Inc.’s 2013 publication “Top 100 Banks,” as of December 31, 2012, places LCAB in the upper 1% of all federally insured institutions in the United States based upon the income measurement of Return on Average Assets.
##### Press Release #############################
((Please Click on Bulletin Board to learn more information))
“Allie is a two year old female German Shepherd mix, weighing 80 lbs. The German Shepherd side of her brings out wonderful traits such as loyalty and protectiveness, as well as being easy to train. She knows sit, does well on a leash and loves taking walks. She loves affection and belly rubs. She is respectful of indoor life, and has never chewed up anything or destroyed items in the house! She is fully housetrained, and sleeps in her kennel at night. The perfect home for Allie would be one where her German Shepherd traits, such as loyalty and independence, would be appreciated and nurtured. The ideal home would be adults or a family who would spend time with Allie giving her the love she needs and not tempting her with cats, or making her greet new dogs at dog parks or crowded areas. She, in turn, would be your protector, guard, and faithful loving companion. She would love to live where there is some property to roam, but always a warm space for her to be inside at night. She is definitely a family pet and not an outdoor dog.
“Allie would love to go on long walks and does well on the leash, but doesn’t enjoy socializing with new dogs, and wouldn’t be a good dog park dog. She is rarely friendly with new dogs – it is stressful for her to meet strange dogs, as she tends to see new dogs as a danger, since it is her job to protect you. That being said, she does get along with dogs once she has been introduced slowly, over a period of time. In fact, she currently lives with four other dogs and gets along great with them… including a 6 week old Chihuahua foster puppy who has turned Allie into his new mom. She sleeps with the puppy, licks him, and lets him run and jump all over her!
“Like most dogs, Allie would benefit from additional obedience training, and will need a home with room to run. A six foot fence is required to adopt Allie.”
No Boundaries Animal Rescue Adoption Form:
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Mortgages dip on mixed economic news
Exchange Bank earnings jump 28 percent in 2013
U.S. seeks $2.1B from Bank of America in fraud case
Bank of the Ozarks Announces Agreement to Acquire Summit Bancorp
Umpqua Bank's Connect Volunteer Network Marks 10 Years of Community Engagement
Family urges flu shots after virus claims News 10 advertising executive
Facebook soars to all-time high, launches Paper newsreader app
SparkPeople--Live Healthier and Longer
Dining Out Guide from Members
Superbowl Sunday Holiday
We are already habitiuals
While eating our chips
Manning agrees with Sherman: 'I throw ducks'
Kaepernick fires back at Seahawks' Sherman
The Super Bowl of Sports Gambling
Travel website ranks Healdsburg hotel most romantic in U.S.
California: Gov. Jerry Brown's approval rating hits new high in election year
Wine Economy Improves in California
U.S. wine sales up only 2.7 percent in 2013 as competition increases
Thousands flock downtown for wine symposium
Free Mobile Wine Program
Wine Prices by vintage
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