Wednesday, January 19, 2005
Classified Ads---Sr. Credit Officer/Sr. Management
######## surrounding the article denotes it is a “press release”
Senior Credit Officer/Senior Management
Senior Management: Baltimore, MD
Senior Management: Denver, CO.
Senior management: Hope, NJ.
Senior Management: Irvine, CA.
Senior Management: Jacksonville, FL.
Senior Management: Long Island, NY
Senior Management: New York, NY, NJ, Ct Tri-State
Senior Management: San Francisco, CA.,
Senior Management: Syracuse, N.Y.
Full listing of all 97 “Job Wanted ads at:
Archives, January 19, 2001 ----John Kruse
January 19,2001 saw news that EAB would be sold, United Capital closing down, El Camino Leasing with serious cutbacks, Saddleback saying it wasn't true, and John Kruse announcing the good news that CapitalStream had raised additional venture capital:
“Capital Stream Streamlines Their Operation for New Round of Financing
" ‘Wanted to let you know that CapitalStream will be announcing in February that we have successfully raised our third round of venture financing. In addition, we have reduced our head count somewhat, but are adding new positions in customer services and sales. Were very excited about the great attraction CapitalStream is getting in the market. Please see the latest news release about our most recent customer.
As we have seen in Silicon Valley, often the venture capital bring in their own representative, who often not only changes direction but cleans house.
“As of January 1, 2003, I resigned my position at CapitalStream (fka System 1 Software). I wanted to take this opportunity to say goodbye to some of the wonderful folks that have made the last 8 years very memorable for me.
“Many within the industry may or may not know that System 1 was started in March of 1995, the same month my wife, Janet, of 5 years passed away. That was a very challenging time for me personally.
“Ironically, I am ending my stint at CapitalStream with the recent birth of Elizabeth and my first child, Lucca William, which seems to bring everything full circle. My work in starting System 1 in those early days helped me through that tough period and, as we progressed, helped create some of the most lasting business and personal relationships imaginable.
“I want to thank all of you who had a part in making System 1 and CapitalStream successful. I have enjoyed every minute of it. I would also like to personally thank those of you who have made a tremendous impact on me personally as well being a strong advocate of our company's direction.
“For the System 1 staff in those early days which consisted of Cliff Monlux, Jim Buckles, Randy Anderson, and Kevin Considine. I have never been involved with a group of individuals that placed more emphasis on the customer's satisfaction than this group.
“ Guys, thanks for showing me how to build a great foundation for a business.
“For our early 'pioneer' customers of Jim McCommon, Brent Hall, Hal and Kathy Hayden, Jim Brady, Bob Baker and Al Vionnet (to name only a few). You made us aware of an opportunity and helped create a great platform to build on while becoming close, personal, friends along the way.
“For some of our key alliance partners who were also instrumental in our early success which include Jeff 'Danger' Werlwas, Russ Hallberg, Randy Haug, Cameron Krueger, Latimer Asch and all the folks at Fair,Isaac.
“Not only has this group been wonderful to work with but they are living proof that all work and no play makes Jack (in this case John), a very dull boy.
“Thanks for all the good times and good luck to you all.
“For Bette Kerhoulas, Bob Fisher, Chuck Brazier, George Davis and Pete/Suzan Stommel. It has been a pleasure sharing experiences on the golf course, the ski mountain, and the UAEL Board. Thanks for the great lessons and good times.
“And last but not least, for Peter Mellon, Steve LeBarron, Mike Donnary, Hans Zahrback, Brian Bjella and Bob Rodi. This group could only be defined as having the 'X' factor, which is a very good thing.
“I would also like to wish all of the folks at CapitalStream good luck.
It has been a great place to hang my hat for the last 8 years and I thank all of you who made it a wonderful place to work.
“Kit, thank you for giving me the opportunity to utilize your publication for this message. Keep up the good work.
“For me, I have no plans for now so I am going to unplug for a brief bit and see what opportunities lay ahead.”
Regards to all,
On August 20,2003 John Kruse he helped form Main Street Finance
Alabama Company Wins $9 Million Award against CapitalWerks
by Kit Menkin
In yesterday's Leasing News, it was reported that six employees showed up on Monday, Dr. Martin Luther King, Jr. holiday, and gave their notice to CapitalWerks, located in Orange County, California. Among them was the credit manager and operations manager, confirmed by the two principals Jim Raeder and Mark McQuitty.
Readers told Leasing News there was more to the story, although we could not substantiate or verify what were told, and the final advice was “to dig deeper.”
Ariton company wins $9 million jury award
By Evelyn S. Pelfrey / Eagle Correspondent
January 18, 2005
ARITON - Construction contractor Carl Sutton went to work as usual on Martin Luther King Jr. day.
Even though Sutton Construction, based in Ariton, had just won a $9 million jury award against California equipment lease/brokerage firm CapitalWerks, LLC, Sutton said he had a lot of work to do Monday.
"It took me two and a half years to get them to court," Sutton said.
In the summer of 2002, Sutton said he was contacted by CapitalWerks via facsimile offering what he thought were good financial terms for the lease purchase of a high-lift fork lift.
"I thought if I could get one Lull lift and move it from job to job, I could save money," Sutton said.
Sutton is a specialty general contractor in the drywall, paint and floor covering market for multi-family apartment complexes.
Sutton testified before a Barbour County jury that he entered into an equipment agreement with CapitalWerks, bid five jobs in South Carolina and one in Auburn based on the terms of that agreement and then could not get the company to return his phone calls.
"The guy I was dealing with... he just became vacant," Sutton said. "We couldn't get up with him."
When contact was finally resumed, Sutton said the company refused to honor the original terms of the agreement, requiring a larger down payment and higher interest rate.
"It was a classic bait and switch," said Sutton's attorney Jock Smith, managing attorney of the Tuskegee office of Cochran, Cherry, Givens & Smith and national law partner of Johnnie Cochran.
"Sutton Construction factored having that equipment into multiple bids and construction contracts making the acquisition of the equipment absolutely necessary," Smith said. "Then, to capitalize on (Sutton's) vulnerability, CapitalWerks refused to honor the agreement unless Sutton Construction agreed to much less favorable terms."
Smith called the case "a perfect example of unlawful predatory lending practices."
On Jan. 6, the jury found CapitalWerks guilty of fraud involving leases on construction equipment and awarded Sutton Construction $4 million in compensatory damages and $5 million in punitive damages.
Sutton made claims for lost profits, increased labor costs, equipment rental, damage to the business reputation and emotional distress.
"They scared me," Sutton said. "I thought they'd drive me into bankruptcy."
Sutton said he feels vindicated by the verdict whether or not he collects on the award and has not yet heard if CapitalWerks plans to appeal.
Evelyn S. Pelfrey can be reached at email@example.com
CapitalWerks states the issue is not about “Advance Rentals” or a deposit, as they state no contract or money exchanged hands. The award was due to a broadcast fax with “pre-approval language.” Even if they win on appeal, Jim Raeder states by Alabama law, the maximum fine would be $160,000, not $9 million dollars.
He also was aware this group, plus perhaps a few others, were planning a new company and the news of the loss of the law suit may have been the impetuous to move forward their time table.
“I think it's important to make your readers aware of the potential pitfalls involved with any and all direct marketing,” Jim Raeder said in an e-mail. “ I would also like to make it clear that we worked very hard to secure an approval for this tough credit customer all without a signed commitment letter or a deposit check. This situation arose in October, 2002 regarding a D & B profiled marketing flyer pre-qualifying the customer for an equipment lease up to $150,000.00. The marketing flyer was sent without specifying any payment, term or structure to a customer in Barbour County, Alabama.
“The client responded to the marketing piece requesting information to lease a used forklift for $35,000 and filled out an application. After several discussions regarding his equipment needs, the client increased his request to include a work truck for an additional $34,000. Knowing this amount was a reach for a 570 FICO with paid tax liens, we sought out a specialty lender that would understand this type of challenged credit with good collateral. Additional information was provided, and an approval requiring a security deposit equal to 20% of the equipment cost was given. The client was notified of the approval and the requirement of a 20% down payment, and requested we prepare documents for his review. After several calls went unanswered to get the signed agreements back to complete the transaction, we closed the file.
“Less then 30 days later we received a law suit from the Johnny Cochran law firm in Alabama asking for unspecified damages caused by the client's reliance on this marketing piece, as he claimed to have entered into contracts he couldn't complete without the use of this leased forklift, “ Raeder explained. “ Although he was unable to provide documented proof of any monetary damages, the jury still found in his favor for the ridiculous amount of $9,000,000.
“We have notified our insurance carrier, The Hartford, to assist in the appeal and settlement process and intend on fighting this injustice to the Supreme Court if needed. I would also like to seek the help of Equipment Leasing Association and United Association of Equipment Leasing to assist in this case to help brokers and lenders avoid similar traps in the future.”
There have been other cases where attorneys have taken to
Grand Rapids, Michigan:
Survey: 4 out of 5 Major Financial Firms Now Have a Chief Risk Officer
U.S. Bankers Weekly
Global financial services institutions are facing growing exposure to risk from a variety of factors, including mega-mergers, off shoring, outsourcing, increasing regulation, and higher volumes of lending. These factors are prompting 81 percent of these institutions to create a new job: chief risk officer, according to Deloitte's biannual Global Risk Management Survey.
The number of large institutions with chief risk officers has increased from 65 percent of the total since the last survey was conducted in 2002. The survey also shows that three quarters of CROs in financial services firms report to the firm's chief executive or Board of Directors. There has also been a 25 percent increase in board-level oversight of risk management over the last two years.
Despite the increasing emphasis on containing risk, the survey shows, however, that enterprise risk management continues to be an elusive goal for many institutions.
In fact, less than one-quarter of survey participants say they are able to integrate risk across any of the major dimensions of risk type, business unit or geography.
Their focus in ERM is on measuring credit, market, operational and liquidity risks. While 38 per cent of respondents say they have integrated the organizational structure required to deal with these risks, only 15 percent to 16 per cent reported progress in integrating methodology, data and systems.
Account Representative & Inside Sales Manager
Business Development Officer
Middle Market Sales Representative
Business Channel Manager / National Sales Manager/ Small Ticket Leasing Sales People
National Accounts Manager
Weekly Bulletin Board Complaint
1) The vendor called saying he had not been paid for a piece of equipment, and should have followed the Better Business Bureau report on this company located in Southern California. The lessee located in Tennessee signed the contract on November 22, and stated to the Leasing Company in Orange County that they check in amount of $10,406.86 “...cleared my bank on December 2nd. I do not understand why your company would ask for more information after accepting a deposit.”
“ *********finally came back to the customer with an approval that required an additional $6,000.00 upfront This was in addition to the $10,400 he had already sent them with his lease for a $105,000 machine. Needless to say the customer was completely frustrated and trapped. He didn't have the additional $6,000 and knew he could not cancel and get his $10,400 back so he has ordered a panel saw for around $25,000 to clear his account with ********* and get what money he could back from them. It was a very unfortunate experience and his plans for the CNC machine have been postponed indefinitely.
“I wish he would have sent me the lease agreement to read before he sent it in. He was to trusting and as we all know - if it is too good to be true it probably is. “
2) “Because of your news letter and because it would be unthinkable for us to send $50,000 to a man in Florida without a contract, and escrow account, etc., we did not send the money. Since then, several "customers" of the ******s have contacted us with similar stories. They are such smooth talkers. They play against each other. When I had a problem with old man *******, I called ******* and asked why would ****** wanted to know if I had talked to my attorney and why did I not trust them. "Good ole *****" smoothes things over and attributes any misunderstandings to old age and the generation gap!”
“. Either way, both wanted me to wire them money. Then they
There are two other complaints, but too early to comment upon them at this time, as they involve companies already on the Leasing News Complaint Bulletin Board.
"ELA Equipment Management Conference - Feb. 13-15"
There are only a few exhibit spaces left for this premier event--they are going quickly! Don't be left out...become an exhibitor today!
For nearly 20 years, the Equipment Leasing Association Equipment Management Conference & Exhibition has been the #1 event for asset managers, remarketers and providers of asset management services in the equipment leasing and finance industry. The conference draws more than 375 equipment managers representing leasing companies from throughout the U.S., and those attendees tell us they consider the exhibit one of the major reasons for attending the conference year after year. This year's Conference, scheduled for February 13-15 at the Westin La Paloma in Tucson, promises to be no different.
For more information on exhibiting opportunities and to view the current exhibitors list, please go to:
For further information about becoming an Exhibitor, contact
Orion First Financial Selects Vision Commerce Front-End Solution
Orion First Financial, LLC of Gig Harbor Washington has selected Vision Commerce, Inc. of St. Charles, Missouri to provide its Front-End Solution, VISION to its joint venture partners. Vision will deliver automated application and transaction processing on a single platform for Orion's multiple Joint Venture Partners. Vision will allow each of Orion's JV partners to operate independently or in tandem with Orion on a transaction by transaction basis. .
According to Steve Lundergan, President of Vision Commerce, "Vision is the perfect solution for Orion's business model. Orion supports a myriad of different Lessors with different ways of doing business. Our patent pending architecture allows each of the Orion JV partners to do business in their unique fashion through as many different business channels as they require. At the same time, they will be able to use Orion's best practice rules to fully accommodate the transactions that belong in the Joint venture portfolios. There is no cookie cutter version of our solution. Vision's scalability can accommodate any number different JV business models in a single platform on Orion's server".
Ted Brownrigg, Vice President of Orion had this to say about the selection.
"One of the commitments we have made to our JV Partners is the use of the best technology available in the market to manage their business. After a comprehensive search, we found that Vision Commerce had not only the most current technology, but also an architecture that would accommodate that commitment. Using Vision Commerce's state of the art technology Orion is able to effectively deliver our lease management programs to our partners. At the same time, the system will provide our Partners the autonomy to manage their business any way they deem is best for them. We are pleased to be working with Steve Lundergan and the people at Vision Commerce. They understand the small ticket leasing marketplace and we look forward to long and successful relationship."
About Orion First Financial, LLC
Orion First Financial, LLC located in Gig Harbor WA, provides a complete and comprehensive suite of services to assist lending institutions and lessors successfully compete in the commercial equipment leasing industry. With a concentration in small-ticket leasing, Orion provides consulting and advisory services, lease servicing and complete portfolio management.
Orion First has developed a funding mechanism by creating joint ventures with lease originators and arranging warehouse and permanent financing. The joint venture program is unique in that it provides a level of control and flexibility needed in today's leasing marketplace. This program allows participants to expand funding resources, improve transaction flow and build lasting value. The company employs state-of-the-art technology combined with years of management experience to insure lease portfolios are managed in a sound and cost-effective manner. For more information about Orion First Financial visit their website at www.orionfirst.com.
About Vision Commerce, Inc.
Vision Commerce, Inc. (www.visioncommerce.com) was created to serve the leasing and finance industries. Vision's goal is to provide its clients access to e-commerce solutions at an affordable price. The company's philosophy is that technology should automate routine processes and provide real-time information, but can never replace industry experience and product knowledge. The leadership team offers finance industry experience, technology expertise and a commitment to listen to the custom
MBA Holdings Commences Motorcycle Leasing Operations
SCOTTSDALE, Ariz.-----MBA Holdings, Inc. (OTCBB:MBAH) has signed an agreement with D & M Leasing, Inc., a subsidiary of VT, Inc., for MBA's subsidiary, the National Motorcycle Association (NMDA), to provide retail motorcycle leasing to NMDA dealerships in the United States and Canada. D&M Leasing is under the guidance of Owner Cecil Van Tuyl and co-CEO Larry Van Tuyl, VT, Inc. has grown to become the #1 privately held auto dealer group in the U.S. and a Fortune 500 company. D&M Leasing is one of the largest leasing companies in the country in both the consumer and fleet leasing markets.
The market for motorcycle leasing remains both under-served and largely untapped. By comparison, auto leasing is a fully matured sector with limited future expansion and profit margin potential. Used motorcycles retain a significantly higher portion of original cost in resale values than automobiles which maximizes net proceeds when a lease expires. This economic viability is increasing alongside the overall growth of the motorcycle industry which to date has lacked the participation of a major corporation with the financial capacity to back a national motorcycle leasing program. The CycLease(TM) program provided by D&M Leasing and the Van Tuyl organization is a major step towards creating a well organized leasing marketplace for motorcycle dealers.
The NMDA will be responsible for marketing this valuable program to its membership and will receive an up front commission for every lease signed. In addition, D&M Leasing will make available to NMDA dealers consumer financing on motorcycle sales for which the NMDA will receive a separate up front commission for every bike financed. The Van Tuyl organization is a widely recognized industry leader in auto finance and insurance sales.
The NMDA has already initiated the marketing of the CycLease(TM) program. In the first week alone, newly signed NMDA marketing agents have received verbal participation commitments from the first eight dealers approached in Florida with many more slated to be contacted in the immediate future. The intent of the NMDA is to aggressively market the CycLease(TM) program to grow and capture market share and drive additional membership growth while building a significant primary revenue stream from leasing in the southernmost U.S. regions in early 2005.
D & M Leasing
CIT Announces Quarterly Dividend for Fourth Quarter 2004
NEW YORK, / -- CIT Group Inc. (NYSE: CIT) announced that its Board of Directors has declared a regular quarterly cash dividend of $.13 per share, payable on February 28, 2005 to shareholders of record on February 15, 2005.
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 5,800 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com
SOURCE CIT Group Inc.
SIEMENS FINANCIAL SERVICES ANNOUNCES NEW HIRES
Appointments Strengthen Commercial Finance Capabilities
ISELIN, NJ, - Siemens Financial Services, Inc. (SFS), the U.S. financial services arm of Siemens AG, today announced that Jay Gonzalez, Thomas Creal, Michael Ollio, and Rod Kelm have joined as Vice Presidents respectively.
The move follows the firm's recent expansion of its existing mid- to large-ticket equipment financing offerings, as well as an increased focus on international financing and long-term forfaiting capabilities for customers across the European Union.
"These new team members bring an abundance of experience and expertise in commercial finance and will be extremely valuable to the firm," said Ed Wojtowicz, Senior Vice President at SFS. "As our market presence and capabilities continue to increase these individuals will play important roles in aiding our growth while providing a superior customer experience."
Gonzalez brings over 15 years of experience in equipment finance sales and management to SFS. He will be based in California and be responsible for developing new relationships throughout the western U.S. He joins SFS from J.P. Morgan Leasing.
Creal has over nine years experience in both national and international commercial finance. He will be based in Connecticut and be responsible for growing the SFS business throughout the northeast region of the U.S. He previously worked with GE Commercial Finance.
Ollio has worked in financial services for over 15 years, and joins SFS after nine years within commercial leasing and indirect originations at PNC Leasing, LLC. He will be seeking large syndicated lease transactions in the eastern U.S. Kelm has been in the leasing business for 24 years, focusing on tax leases and structuring debt for a variety of customers. He will be based in Dallas and will have responsibility for Texas, Oklahoma, Arkansas, Louisiana and New Mexico. Kelm was previously employed by Bank of America.
Bill Haefliger and Allan Gulliver were hired as Regional Managers for its captive Siemens Equipment Financing unit.
"We're very pleased to have Bill and Allan on our team," said Jeff Teucke, Senior Vice President of the Equipment Financing unit. "Both bring a wealth of experience and track records of success that will benefit our Siemens operating company clients and continue the growth of SFS." Haefliger will be located in southern California and will focus on developing business in the western U.S. He joins SFS from the vendor finance group of LaSalle National Leasing. He has over 20 years of leasing and finance experience, including 12 years with Fleet Capital Leasing (previously known as Sanwa Business Credit). Bill is a graduate of the University of California, Santa Barbara.
Gulliver has joined us to support growth in New England for Siemens
Equipment Finance. He is also a long-time leasing industry veteran, most recently with Pitney Bowes Credit and previously with Citicorp Bankers Leasing. He will be located in the Boston area and will work with several Siemens operating companies and their customers to generate new finance and leasing business. Allan is a graduate of Tufts University with an MBA from Babson College.
About Siemens Financial Services
With about 1,500 employees and an international network of financing companies coordinated by Siemens Financial Services GmbH, Munich, Siemens Financial Services offers a broad range of financial solutions. This covers services from sales and investment financing to treasury services, fund management and insurance brokerage. Key customers of our companies are internationally active industrial and services companies as well as public-sector operators. For further information about SFS see
Siemens Financial Services, Inc. is one of Siemens' operating companies in the United States. The people of Siemens Financial Services, Inc. build relationships to deliver customized commercial financing solutions. SFS is led by industry veterans who work to ensure quick, quality financing. With expertise in Asset-Based Lending, Equipment Financing, Commercial Trade Finance and Vendor Financing, each transaction is tailored to fit the specific borrowing needs of the client.
Siemens AG (NYSE:SI) is one of the largest global electronics and engineering companies with reported worldwide sales of $91.3 billion in fiscal 2004. Founded more than 150 years ago, the company is a leader in the areas of Automation and Control, Information and Communications, Lighting, Medical, Power and Transportation. With its U.S. corporate headquarters in New York City, Siemens in the USA has sales of $16.6 billion and employs 70,000 people throughout all 50 states and Puerto Rico. Eleven of Siemens' worldwide businesses are based in the United States. With its global headquarters in Munich, Siemens AG and its subsidiaries employ 430,000 people in 192 countries. For more information on Siemens in the United
### Press Release #####################
California Storm Damages Agriculture Crops $38 Million
Yahoo's Profit Soars in Quarter on Ad Spending and Investments
Federal Reserve approves Canadian bank's purchase of New England bank
IBM's Q4 Profit Jumps 12%
San Francisco Bay Area picks up jobs in 2004
Silicon Valley sees fewer positions -- and fewer people
Workers' comp premium rates show big drop
Electronic tax filing now free for all at IRS Web site
American Idol Back with Older Contestants
“Gimme that Wine”
In Kentucky, Fruit of the vine might supplant tobacco
Beer's popularity dwindles as wine, spirits take over
Santa Barbra businesses seeing "Sideways" boost
Push-Button Wine Tasting
This Day in American History
1770--- Battle of Golden Hill (Lower Manhattan). Although no one was killed, the Battle of Golden Hill was the first significant clash between citizens and British troops as the colonies moved toward revolution. Several New Yorkers had been wounded in a similar confrontation three years earlier, but Golden Hill was a more direct challenge to the British and the wounds suffered by the patriots were more severe.