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About the Company: Santa Barbara Bant & Trust is a $5+ billion, multi-bank holding company dedicated to providing an enduring network of community banks on the Central Coast of California. This unique partnership of independent banks provides customers in six California counties with the financial strength and product diversity of a big bank, delivered with the responsiveness |
Tuesday, January 18, 2005
Headlines---
Economic Events This Week
Classified ads---Operations
Six Leave Capitalwerks
DVI BK Trustee Seeking “Vendor Payments” 90 Days
Cartoon----
Classified--Help Wanted
NorVergence Class Action Group Fight Back
Business Leasing News--3rd Anniversary Issue
Leasing News Editorial--Congratulations to the AG's
News Briefs---
Sports Briefs---
"Gimme that Wine"
This Day in American History
######## surrounding the article denotes it is a “press release”
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Economic Events This Week
January 19
Wednesday
Federal Reserve Beige Book
Consumer Price Index: December
Housing Construction: December
January 20
Thursday
Leading Indicators: December
Weekly Jobless Claims
[headlines]
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Classified ads---Operations
Orange County, CA.
Operations/ Credit Manager with 15 Years Experience, Middle & Large Ticket,
initiated policies for Patriot Act and Sarbanes Oxley, Team Motivator.
E-mail: equiplender@aol.com
Experienced Credit, Collections, lease and Finance operations. Manager w/
expertise in improving bottom line performance, excellent trainer, manager,
motivator. Get result/keep the customer coming back.
Email: rgmorrill@comcast.net
New York, NY.
10+ years in equipment leasing/secured lending. Skilled in management &
training, documentation, policy and procedure development & implementation,
portfolio reporting. Strong work ethic.
Email: dln1031@nyc.rr.com
New York/New Jersey
5+ years experience in leasing. Knowledge of positions: SMB Credit and Contract Administrator. Relocating to the NY/NJ area.
Email: LeaseOps2004@AOL.com
Wayne, NJ
20+ heavily experienced collection/recovery VP looking to improve someone's
bottom line. Proven, verifiable track record. Knowledge of all types of portfolio.
Will relocate
Email: cmate@nac.net
full listing of all ads at:
http://64.125.68.90/LeasingNews/JobPostings.htm
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Six Leave Capitalwerks, Located in Southern California
Six showed up on yesterday, Dr. Martin Luther King, Jr. holiday, to tell Jim Raeder and Mark McQuitty they quit. They had received their last paycheck on Friday.
Four were reportedly key personnel, including Quentin Berry, operations, and Arthur Monte, credit, plus Richard Wheeling and another involved in sales, plus two described from a reliable source as " top rookie” sale people."
Accordingly they want to start their own leasing company.
They thought the "split" should be "quick and clean."
Berry and Monte has worked for Raeder-McQuitty since the old Republic days, then at Sierra Cities, and back with them when they started up, and also purchased Preferred Capital.
Raeder is left with 55 sales people, looking immediately to fulfill these department head positions.
In a telephone conversation he was both optimistic and positive.
“If they think this is the time to start up in business, the best of luck to them, “ he said. “ I encouraged them to do well. They were friends.”
“We are looking for a grade "A" credit analyst and a book keeper/controller, “ McQuitty said. “ And of course we are still aggressively hiring and training new reps to exploit the business opportunities the new year will bring.”
If you are interested in applying for a management position,
please contact direct: jimraeder@capitalwerks.com
Their web site contact information is:
Employment Opportunities:
Email: ashleyverb@capitalwerks.com
CapitalWerks, LLC
5 Hutton Centre, Suite 1200 South Coast Metro, CA 92707
Phone: (714) 210-7400 Fax: 714-210-7600
http://www.mapquest.com/maps/map.adp?searchtype=address&country=
US&addtohistory=&location=YX9rLaDdTuXJU%2ffceUYI5t09Loul6HHUfRTp
wKMgZGk2O7hVa2vSiySUUPBzeYrEAv5evqPpm284343693W7f2kS9mIPWeM
keskO7fHRxyJC%2fVaEI44gPoMSnq%2bGKmuqBL7etKH4A2VVUVaWk1osP
%2fFFtV5sYzRM
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|
DVI BK Trustee Seeking “Vendor Payments” 90 Days
“Attached, is a copy of a letter that 1 of my vendors received this week from the Trustee handling the DVI bankruptcy.
Even though DVI is collateralized by a security interest in the leased equipment and by the lease and its stream of lease payments, and is getting paid on the lease, the trustee is looking for $$ wherever he can & is "double-dipping" by dunning the vendor for money that it is already receiving payment on, is patently unfair.
Further, while the vendor was indeed paid within 90 days of the Petition Date, DVI's PO and the vendor's invoice for payment are beyond the 90-day period, a fact that the Trustee clearly knows (it was confirmed to me in conversation I had with them) but chooses to ignore in pursuing this matter.
I spoke to the Trustee's office but to no avail. Thus, my vendor needs to hire the services of an attorney to resolve an issue which the Trustee is aware that has no merit.
“It used to be "let the buyer beware" - now, it is also "let the seller beware"!”
( name with held )
Copy of DVI's Bankruptcy Trustee Vendor Demand:
http://leasingnews.org/PDF/DVI.pdf
[headlines]
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2005 World Leasing Book 10% Extended for Leasing News Readers
To order call +44 (0) 20 7779 8999 or toll free in the US +1 800 437 9997 to receive your 10% discount. You can also order on line at |
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Classified----Help Wanted
Account Representative & Inside Sales Manager
About the Company: At Dell Financial Services, we aspire to fuel your potential with the kind of challenging opportunities and hands-on support you need to grow. We're the exclusive provider of leasing and finance services for Dell technology systems worldwide. |
Accounting
|
Business Development Officer
|
About the Company: Santa Barbara Bant & Trust is a $5+ billion, multi-bank holding company dedicated to providing an enduring network of community banks on the Central Coast of California. This unique partnership of independent banks provides customers in six California counties with the financial strength and product diversity of a big bank, delivered with the responsiveness |
Funding Manager
|
About the Company: Advantage Funding is the leader in automotive and equipment lease financing, Long Island City, NY. |
Middle Market Sales Representative
|
About the Company: A rapidly expanding Middle Market Leasing / Finance Company located in CT. Equilease Financial Services, Inc |
Business Channel Manager / National Sales Manager/ Small Ticket Leasing Sales People
MSI International is a global recruiting firm that has been supporting the grown and success of companies and enhancing the careers of professionals since 1968. |
National Accounts Manager
Trinity Capital, a subsidiary of Bank of the West, is a national leader in the equipment financing industry with a consistent presence and superior reputation. |
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NorVergence Class Action Group Fight Back
(This was sent to leasing news several times, plus appeared
on the Yahoo listserve, and thus has become a “public document:”
http://www.leasingnews.org/items/Norvergence_settlements.htm
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David G. Mayer's Business Leasing News--3rd Anniversary Issue
THIRD ANNIVERSARY ISSUE
Welcome to the January 2005 edition of Business Leasing News.
From: David G. Mayer, a business transactions partner of the law firm of Patton Boggs LLP and author of the book, Business Leasing for Dummies ® (BLFD). The book is out of print, but a few copies may still be available; so if you want to find a copy, please search the web today! Thanks for buying my book for over three years.
This e-newsletter offers timely, concise information and analysis backed by supporting research.
In this issue:
1.Business Investment in Capital Assets Expected to Grow in 2005
2.FAA Issues Final Rules to Implement the Cape Town Convention
3.Intercreditor Agreements: How Lenders Share and Negotiate Rights in Collateral
4.Fitch Ratings Issues a Stable Outlook for U.S. Commercial Finance and Leasing
5.Leasing 101: What Is a “Wire Transfer”?
6.Reader Feedback
7.About Patton Boggs LLP and My Law Practice; Recent Publications
http://www.pattonboggs.com/Newsletters/Bln/Release/bln_2005_01.htm
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Editorial
|
Lawrence C. Menkin, Publisher Advisory Board Members
|
Instead of criticizing, or both sides saying they “want a better deal” or asking “did we win?--- the words should be one of congratulations to the state attorney generals and their staffs for the settlements they reached in behalf of the complaints they received regarding
NorVergence lease contracts.
Congratulations to Arizona Attorney General Terry Goddard, Florida Attorney General Charlie Crist, New Jersey Attorney General Peter C. Harvey, Illinois Attorney General Lisa Madigan, Massachusetts Attorney General Tom Reilly, New York Attorney General Eliot Spitzer, Texas Attorney General Greg Abbott, and their staffs.
Their accomplishment in a relatively short period of time should be applauded. Remember they went against some very expensive and talented leasing company attorneys who believed they had "hell and high-water" contracts. They believe the facts that the leasing company did not choose the equipment, nor made any warranties or fitness to what was covered in the leasing contract.
In reality, all involved should be commended to ending this mess. It is said in a settlement, neither party is really happy, as neither really wins---but that is what it is about. It is better than going to court and losing. The best business decision is an amicable settlement.
Questions regarding the value of the settlement, meaning just because an agreement was made between the AG and the ones collecting the payment, does not mean the lessee has to accept it. While some lessees want the AG will go back and re-negotiate. That is not done. A deal is made by both parties and does not get changed between the two. Those of us who watch Law & Order should have an idea of how "deals are made" between the parties.
To all the parties involved in the state attorney general's settlements, congratulations for a job very well done in a relatively short period of time!!!
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News Briefs---
Dollar Hits 2-Month High Vs Euro
http://www.washingtonpost.com/wp-dyn/articles/
A17067-2005Jan18.html?nav=headlines
Crude Prices Surge to Almost $50 a Barrel
http://www.washingtonpost.com/wp-dyn/articles/A17101-2005Jan18.html
WorldCom's Audacious Failure and Its Toll on an Industry
http://www.nytimes.com/2005/01/18/business/
18ebbers.html?oref=login&pagewanted=all
New Tyco trial expected to be leaner, shorter
http://www.usatoday.com/money/industries/manufacturing/
2005-01-17-tyco-ap_x.htm
Airlines' losses expected to top $5B
http://www.usatoday.com/money/biztravel/2005-01-17-air-loss_x.htm
One-time mutual fund goliaths shrink
http://www.usatoday.com/money/perfi/funds/2005-01-17-fund-falls_x.htm
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Sports Briefs---
49ers find their man Nolan has respect in league, ties to San Francisco
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/01/18/49ERS.TMP
Colts insist cold weather not to blame for loss
http://www.indystar.com/articles/8/210175-3908-165.html
Parcells fires kicking coach
http://www.cowboysplus.com/topstorync/stories/
011805cpcowlede.66b89.html
Patriots are 3-point favorites in Las Vegas Against Steelers
http://www.boston.com/sports/football/patriots/articles/
2005/01/18/sequel_billing/
T.O. 'warns' Falcons He's Coming Back
http://www.ajc.com/sports/content/sports/falcons/0105/18notes.html
Former Raider Robbins remains in critical condition
http://www.usatoday.com/sports/football/nfl/2005-01-17-robbins_x.htm
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“Gimme that Wine”
Gallo buys Barefoot Cellars
http://www1.pressdemocrat.com/apps/pbcs.dll/article?AID=/
20050115/NEWS/501150367/1036/BUSINESS
Southcorp urges shareholders to reject $2.4 billion takeover bid by Foster's, would create 4 th largest wine company in world
http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/
2005/01/17/financial0832EST0005.DTL
Constellation lays off 320 wine workers, largely in Napa area
http://www.sacbee.com/content/business/story/12041684p-12911772c.html
Wine Spectator magazine owner plans to restore century-old Noyes Mansion in Napa
http://www.napanews.com/templates/index.cfm?template=story_full&
id=8E69E1EC-D28D-41B6-86C0-61649FA1BDB6
Ramondin in Napa wraps corks in style
http://www.napanews.com/templates/index.cfm?template=story_full&
id=D0190488-E140-4E14-8A34-3A1B3AAE6F28
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This Day in American History
1770- the Sons of Liberty in New York City attacked British soldiers. They were called this because the group of American civilians attached 40 to 50 armed soldiers because they had cut down the liberty poles that the Americans had erected. The soldiers used their bayonets and dispersed them. No one was killed, but several persons on both sides were seriously injured. What was really a mob fight was termed the Battle of Golden Hill.
1778 - Captain James Cook of the British Navy thought he was the first to find a group of islands in the Pacific. He named them the Sandwich Islands in honor of England's Earl of Sandwich, the first lord of the British Admiralty. Little did he know that the islands already had a name. The people who lived on them called the islands, Hawaii (known to us now as the 50th of the United States). Actually, these islands had been discovered long before this day by the Polynesians. Other explorers before Cook probably stopped at the Hawaiian Islands as early as the 1500s. However, it was Cook who spread the word of the existence of this group of tropical isles to the rest of the world. He was killed in Waimea, Kauai, after a dispute with the natives. A plaque marks his discovery of the island, in a rather remote area, actually on the ocean near the river inlet, and the when I visited, it was defaced with many words written over it. The city fathers put up a statute in the “downtown” area. While it says it is in the actual spot, it is not, as evidenced by not only the original plaque but a book about the errors of historic markers in the United States.
http://www.kauai-hawaii.com/destinations.php?54
1782- Daniel Webster, American statesman and orator who said, on Apr 6, 1830, "The people's government, made for the people, made by the people, and answerable to the people." Born at Salisbury, NH; died at Marshfield, MA, Oct 24, 1852.
1803—Seeking information on what lay west of the young United Sates, President Thomas Jefferson sent a confidential letter to Congress requesting funds for an exploratory expedition to be led by Captain Meriwether Lewis and Lieutenant William Clark. After the Louisiana Purchase was signed on April 30,1803, the expedition's mission change: it became a survey of new American land. The “Corps of discovery” set off May 14 form St; Louis and returned with much information about the land, the peoples there and the flora and fauna.1840- the ElectroMagnetic and Mechanics Intelligencer appeared this day. It was printed in New York City on a press “propelled by electro-magnetism.” The editor of the magazine and the inventor of the electrical printing press was Thomas Davenport.
1866- as Congress convened, first on the agenda was reconstruction, the process of dealing with the former Confederate states and the millions of freed Black slaves, was to occupy the government and the nation for the next decade. President Andrew Johnson proposed fairly lenient treatment of the secessionists but show no interest in securing civil rights for Blacks. He has made a deal to win the electoral votes of Southern Democrats. Opposing him was a group of radical Republicans, who wanted the South severely punished. The deal created hostility on both sides, also giving the congressional election in the fall an overwhelming victory that paved the way for harsh treatment of the South. Thus was born the "Dixie Democrats," which until this modern day elected and supported only Democrats and while the Civil War was officially over, there was no end in Washington, D.C.\
1896—First college basketball game.
http://memory.loc.gov/ammem/today/jan18.html
1913--Birthday of entertainer and movie star Danny Kay, born David Daniel Kaminski at Brooklyn, NY. He died March 3,1987 at Los Angeles, California
1891- The first Armenian Church in the U.S. was consecrated in Worcester, MA. New churches were later consecrated in Fresno, CA (1900); West Hoboken, NJ (1907); and Fowler, CA (1910).
1918- legendary blues guitarist Elmore James was born in Durant, Mississippi. He is cited by Eric Clapton, George Harrison and countless other rock guitarists as a major influence. James's early 1950's recording of "Dust My Broom" is his most famous. He died in 1963.
1932-Irene Kral birthday
http://www.irenekral.com/html/discography.html
1936-- In Washington, DC, Catholic biblical scholars met to discuss two proposals: the preparation of a new Bible translation and the formation of a society of Catholic biblical scholars. In result, the Catholic Biblical Association (CBA) was formed in 1937, and the New American Bible (NAB) was published in 1970.
1938- Curtis Charles ( Curt) Flood baseball player born at Houston, TX. Flood was one of baseball's best centerfielders in the 1960's, batting .923 over 15 seasons and playing spectacular defense. After the 1`969 season, he refused to accept a trade from the St. Louis Cardinals to the Philadelphia Phillies. “ I am not a piece of property to be bought and sold irrespective of my wishes, “ he said in a letter to Commissioner Bowie Kuhn. The resulting lawsuit went o the Supreme Court where Flood lost. But his stand, taken because he did not want to switch teams, paved the way for the end of baseball's reserve clause and the advent of free agency. Died at Los Angeles, CA. Jan 20, 1992.
1939 - On Decca Records, Louis Armstrong and his orchestra recorded "Jeepers Creepers". Vocals were provided by Satchmo.
1940- Canadian jazz pianist and bassist Don Thompson, in Powell River, BC.
1941- David Ruffin, co-lead singer of the Temptations until 1968, was born in Meridian, Mississippi. The Temptations emerged during the mid-1960's as one of the leading vocal groups in soul music, and their sound, as well as their elaborate stage show, became the model for countless groups that followed. The Temptations major breakthrough came in 1965, when they took Smokey Robinson's composition, "My Girl," to the top of the charts. David Ruffin left the Temptations in 1968, beginning a successful solo career with his 1969 hit "My Whole World Ended." He died of a cocaine overdose in Philadelphia on June 1st, 1991.
1941- singer Bobby Goldsboro was born in Marianna, Florida. His sentimental pop songs, such as "See the Funny Little Clown," "Honey" and "Watching Scotty Grow" were big hits from the mid-1960's to the early '70s.
1944 - The first jazz music concert ever held at the New York City Metropolitan Opera House was performed. Performing were: Louis Armstrong, Artie Shaw, Benny Goodman and Lionel Hampton.
1946- Ella Fitzgerald has another hit with “You Won't Be Satisfied.” Decca
1954---Top Hits
Oh! My Pa-Pa - Eddie Fisher
Changing Partners - Patti Page
Secret Love - Doris Day
Bimbo - Jim Reeves
1956-Little Richard enters the pop chart at #26 with "Tutti Frutti." His original beats out covers by Elvis Presley and Pat Boone. Also the Top Fifty pop album chart which is dominated by records like "Jackie Gleason Plays Music for Lovers Only" and "Jackie Gleason Plays Romantic Jazz," lists its first rock and roll entry. Billy Haley & the Comets' "Rock around the Clock" is #12.
1958- Willie O'Ree became the first black player in the national Hockey League when he played for the Boston Bruins in a game against the Montreal Canadians. Boston won, 3-0.
1962---Top Hits
The Twist - Chubby Checker
Peppermint Twist - Joey Dee & The Starliters
Can't Help Falling in Love - Elvis Presley
Walk on By - Leroy Van Dyke
1964-The Beatles' "I Want to Hold Your Hand" enters the Hot 100 at #45, just ten days after its release, making it the fastest-breaking and the fastest selling single in Capitol Records history
1966- Robert Clifton Weaver was sworn in as Secretary of Housing and Urban Development, becoming the first black cabinet member in U.S. history. He was nominated by President Lyndon Johnson.
1969-Albums released this week include the Beatles' "Yellow Submarine" on Apple Records; Tommy James & the Shondells' "Crimson and Clover" on Roulette; Creedance Clearwater Revival's "Bayou Country" on Fantasy and the self-titled LP by Blood, Sweat and Tears on Columbia.
1970---Top Hits
Raindrop Keep Fallin' on My Head - B.J. Thomas
Venus - The Shocking Blue
I Want You Back - The Jackson 5
Baby, Baby (I Know You're a Lady) - David Houston
1975- “The Jeffersons” premiered on TV; CBS sitcom about an African American family (formerly neighbors of the Bunkers on "All in the Family") who moved to Manhattan's East Side, thanks to the success of George Jefferson's chain of dry cleaning stores. Having a format similar to "All in the Family," the show featured a black bigot, George Jefferson. Particularly memorable were the racial slurs Jefferson used against the mixed-marriage neighbors, Tom and Helen Willis. The show was able to humorously introduce subjects such as mixed marriage on a prime-time series. Cast included Sherman Hemsley as George Jefferson, Isabel Sanford as Louise Jefferson, Mike Evans and Damon Evans as Lionel, Franklin Cover and Roxie Roker as the mixed couple and Berlinda Tolbert as their daughter, Jenny and Paul Benedict as the British bachelor neighbor Bentley. The last episode aired July 23, 1985.
1976- the Pittsburgh Steelers won their second consecutive Super Bowl, defeating the Dallas Cowboys, 21-17, in Super Bow X. Pittsburgh wide receiver Lynn Swann was name the game's most valuable player by setting a Super Bowl record by gaining 161 yards on four receptions.
http://images.nfl.com/history/images/0118.jpg
1978---Top Hits
Baby Come Back - Player
Here You Come Again - Dolly Parton
You're in My Heart (The Final Acclaim) - Rod Stewart
Take This Job and Shove It - Johnny Paycheck
1985-Newspaper USA Today took a poll of its readers as to where the Rock & Roll Hall Of Fame should be built. The winner was Cleveland
1986 - Dionne Warwick's single for AID's research, "That's What Friends are For", became her second #1 song on the music charts. Although Dionne had many hits in the 1960s, singing Burt Bacharach tunes like, "I Say a Little Prayer" and "Do You Know the Way to San Jose"; she first hit the top spot when she added an ‘e' to Warwick and joined the Spinners in the 1974 hit, "Then Came You". She changed her name back to Warwick (without the ‘e') after making a couple of hits produced by Barry Manilow in the early '80s. That'll do it. Remember, "I'll Never Love This Way Again"?
1986---Top Hits
That's What Friends are For - Dionne & Friends
Talk to Me - Stevie Nicks
Burning Heart – Survivor
Bop - Dan Seals
1987 - For the first time in history, the Public Broadcasting System, PBS, was watched by more than 100 million viewers. The record audience was measured during the week of January 12-18.
1993-- Martin Luther King Jr. holiday observed in all 50 states for 1st time.
1988 - A storm in the southwestern U.S. produced a 15 to 20 foot surf along the southern coast of California resulting in more than fifty million dollars damage. A small tornado in Orange County CA lifted a baseball dugout fifteen feet into the air and deposited it in the street, 150 yards away. The same storm also produced 26 inches of snow at Duck Creek UT.
1990 - A winter storm produced heavy snow and high winds across the southwestern U.S. Snowfall totals ranged up to 18 inches at Lake Arrowhead CA and Ashford AZ. High winds in New Mexico gusted to 100 mph east of Albuquerque. Unseasonably warm weather continued from Texas to the Atlantic coast. Twenty cities reported record high temperatures for the date including Roanoke VA with a reading of 71 degrees.
1996- the first computer software application on Digital Video Disc was the PhoneDisc PowerFinder USA ONE, an electronic phone directory for the entire United States. It contained on a single digital video disc, or DVD, information that previously required the storage capacity of six CD-Rom discs.
Super Bowl Champions This Date
1976 Pittsburgh Steelers
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