Tuesday, January 3, 2006
Headlines--- Classified Ads---Operations ######## surrounding the article denotes it is a "press release"
-------------------------------------------------------------- Classified Ads: Operations Orange County , CA . East Windsor , NJ . New York , NY . Wayne , NJ For a full listing of all "job wanted" ads, please go to: http://216.66.242.252/AL/LeasingNews/JobPostings.htm To place a free "job wanted" ad, please go to: http://216.66.242.252/AL/LeasingNews/PostingForm.asp -------------------------------------------------------------- Leasing News Person
Paul is not only active in several leasing associations, not just one, but speaks out, sets by example and has great leadership capabilities. For over thirty years he has been involved in the education, growth, and professional improvement of the equipment leasing industry, as well as being very active in his local community. He is not afraid to be a minority in his opinion or to speak out when the time comes. He gets involved. He gets things done. He sets an example for others by his day to day concern about his community, his staff, and his profession. Leasing News is proud to recognize his achievements.
Paul J. Menzel, CLP, is the Senior Vice President of Pacific Capital Bancorp's Community Lending Group. Pacific Capital Bank, N.A., is a $7 billion network of preferred community banks on the coast of central California . In his capacity, Paul oversees the commercial equipment leasing, small business and auto dealer finance units. Paul has been in the commercial equipment leasing industry, managing the same portfolio, for over 30 years and arranged the acquisition of the Leasing Division by Santa Barbara Bank & Trust in 1996. Paul is board member of the Equipment Leasing Association (ELA,) formerly chaired its Small-Ticket Business Council, the Fair Business Practices Committee and serves on the 2005 Industry Future Council Members, plus other committees such as the Funding Exhibition Committee. He has also served as a board member of the United Association of Equipment Leasing (UAEL), where he was active in several committees, and has written for "Newsline." He recently served as President of the United Boys and Girls Club of Santa Barbara County and has served on a variety of non-profit boards in the community. He graduated form UC Berkeley and holds an MBA in Management. Paul resides with his family in Santa Barbara , CA . -------------------------------------------------------------- Leasing Companies Duped for $83 Million In an exclusive story, the New York Post reports "swindlers used scissors and glue to forge documents that made them millions while wiping out jobs on three continents in the collapse of New Jersey computer company Allserve Systems Corp." The North Brunswick firm went belly-up November (ironically the same judge as NorVergence*) owing $83 million to equipment leasing companies from San Francisco to Boston, but guess what, the collateral and cash are missing. * 05-60401-RG Allserve Systems Corp. Case type: bk Chapter: 11 Asset: Yes Vol: v Judge: Rosemary Gambardella Date filed: 11/18/2005 Date of last filing: 12/29/2005 Among the creditors are Bank of America, Bank of Lodi, Bank of the West, Central Valley Community Bank, CIT, Citi Capital, Commonwealth Capital, Continental Bank, Excel Bank, Fifth Third Leasing, First Financial, GATX Technology, Irwin Business Finance, Key Equipment Finance, MB Financial Bank North Fork Equipment Leasing, Overland Leasing Group, Pullman Bank & Trust, Republic Bank, Sovereign Bank, CIT Group, US Bancorp Technology Leasing, Bankruptcy Court list of money claimed by creditors: http://leasingnews.org/PDF/Financial%20Debt.pdf Documents obtained by The New York Post "...show that poorly forged invoices and a fake financial statement could account for much of the missing money." The New York Post reported that "Major US companies are in a federal bankruptcy court, demanding they get back $83 million they loaned" to Dinesh Dalmia's New Jersey-based outfit. The Post has openly linked Dal-mia to Allserve Systems Corporation, which filed for bankruptcy on November 18 in a New Jersey court. The North Brunswick firm went belly-up in mid-November owing $83 million to equipment leasing companies from San Francisco to Boston , but leaving only a small portion of that in collateral to be divvied up among creditors. Christopher Byron reports that Allserve has claimed in court that "its business was, in effect, swallowed by a sink-hole that opened under its offices" in Chennai last March. Reportedly lawyers on both sides have been trying to track down the missing computer equipment and cash. Perhaps sent to India or to an offshore bank account, both US, Great Britain and India law enforcement are seeking answers. "Dalmia himself has reportedly moved on to the BPO business and is known to be running major call centers at Gurgaon, Bangalore and Chennai!," reports Sucheta Dalal, in "financialexpress.com." His whereabouts and assets are reportedly unknown by the authorities. Allegedly long linked to the Allserve network in the Indian press, Dinesh Dalmia insists he has nothing to do with the now bankrupt company. "The Chennai correspondent of The Indian Express, Jaya Menon, checked out the addresses listed under the Allserve name," Chennai reported. "As in India , the American creditors allege there is no explanation for $35 million of cash that vanished from the Allserve books between July and October last year." According to their web site, the Allserve network boasted of operations in New Jersey , Texas and four other states, as well as overseas. The web site states the company had a work force of 3,000, and in the company claimed revenues of $97 million, and spoke of plans to double its worldwide payroll to 6,000 by the start of this year. http://prweb.com/releases/2004/1/prweb97656.htm A typical internet "ad" for outsourcing: " Allserve Systems India Lt Allserve Systems - an international IT services company providing comprehensive IT and IT enabled solutions to global Fortune 500 companies. Our 3000-strong core team of professionals with multiple platform skills and rich domain experience in various industry segments meets your diverse requirements in IT services, IT-enabled services, business process outsourcing and enterprise services management. " The FBI, Interpol, and India authorities would like to talk to him. Reports printed by the New York Post from India newspapers have drawn the attention of E. Lawrence Barcella, a Washington , D.C. attorney, who states he represent the Mr. Dalmia and demanded a retraction of the reproduced stories. Some of the questions involve last minute invoices, looking as if they were pasted together, totaling $2.5 million, for equipment delivered, but no trace can be found. A check for $11 million was written to one company three months before the Allserve bankruptcy, fitting in right before the window of being returned. The invoice is from the same address as Allserve. The New York Posts reports a separate document, purports to be an audited financial statement for an obscure Allserve affiliate called B2B Solutions Inc. The company's audited financials, on file with the U.S. Securities and Exchange Commission, show B2B Solutions Inc. to have had declining revenues of barely $17 million in 2003, along with less than $2.5 million of assets and virtually no book value. Financials were "pasted together," now in retrospect, many red flags should have been discovered, such as no address or telephone number on any of the documents or correspondence submitted, yet IBM Credit and CIT Business Finance extended $20 million to the Allserve affliate, which on the documents show which induced the leasing companies But the New York Post reports the bogus financials instead show B2B Solutions Inc to have been brimming in 2003 with twice as much in revenues, six times more in assets, ten times more in profits, and twenty times as much in book value. "B2B Solutions Inc., which now goes by the name Vanguard Info- Solutions Corp., is not part of the Allserve bankruptcy proceeding, " the New York Post observes." But the two entities are so closely intertwined that even investigators for Allserve's creditors say they've had trouble telling them apart...Over the last two years, all three companies have shared each other's New Jersey office space and phone numbers. And top officials for each have routinely signed documents as officers for other firms in the group." -------------------------------------------------------------- Top Stories--December 26-30
These are the top ten stories most "opened" by readers last week. (1) Cartoon---Marlin Leasing Sorting (2) Don't Lease, Purchase Now (3) IRS sets '06 Mileage Rates (4) Lease/Finance Calculators On Line (5) Postal Rate goes UP (6) American Leasing Joins "Broker/Lessor" list (7) Message from the Publisher (8) World Book-Full Listing of Leasing Companies (9) Cartoon---Year-end Budget (10) Chuck Lietz/Richard Brown join US Bancorp Finance If you missed the Top Stories for the year 2005, please go here: http://www.leasingnews.org/archives/December%202005/12-30-05.htm#top2005 -------------------------------------------------------------- Classified Ads---Help Wanted Equipment Finance & Leasing Representative
Senior Funding Manager
--------------------------------------------------------------- "Funder" List up-dated---Now 76 Funder List ( for funders specializing in "Story Credits," please click here There is no advertising fee or charge for a listing. They are “free.”Leasing News makes no endorsement of any of the companies listed, except they have qualified to be on this specific list. There are an estimated 15,000 "funders" of leases in the the United States, including 7,640 FDIC insured banks, 1,226 FDIC insured Savings & Loans, and related companies such as corporations such in the business of insurance, investments, financial groups, and manufacturing. Many establish a minimum dollar amount, creating a line of credit ( portfolio) and specific requirements, accepting business both from a "broker/lessor" or "super broker/lessor" with "representations and warranties" or other "recourse" arrangements. To qualify for this list, the company must be a "funder" and not a "Broker/Lessor" or "Super Broker/Lessor", along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News. The company may sell off its portfolio from time to time, but the definition is for a company or financial institution where 50% or more of its business is from actually "funding" transactions themselves. Leasing News reserves the right to not list a company who does not meet these qualifications. We encourage companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers are very much encouraged. ( To apply to be listed, please fill in this form and fax to 408.374.3843) A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
COMMENTS: (A) Pioneer Capital originates all it's paper from brokers - 100%. Pioneer is a full service funding company that holds 100% of its transactions internally. We have over $150 million in small ticket leasing lines. We offer "A", "B" and in some circumstances "C+" credit coverage. We also offer franchise, medical, and new business leasing programs. Accepts Broker Business - to apply for to http://www.pioneerfunding.com/becomebroker.html. Private Label Program - Pioneer offers private label documents and discounting programs to eligible brokers. (B) BWC Equipment Leasing only funds deals in Northern California. Sub-broker accepted only is disclosed up-front. Broker must sign "Representation and Warranty" broker agreement. (C) Dolsen Leasing, see our Broker Application at www.dolsenleasing.com . While we do not require brokers to be licensed, we do a background check on all prospective brokers. While we have both inside and outside sales people, we are always open to expanding our broker network. (D) TFC Equipment Finance is a wholly owned subsidiary of TCF National Bank (TCF). TCF is a subsidiary of TCF Financial Corporation. (E) NetBank Business Finance accepts sub-brokered transactions only from a select, pre-approved group of broker/lessors. NBF is a wholly owned subsidiary of NetBank, Inc. and will occasionally accept lease and loan referrals from other NetBank companies. (F) Madison Capital - Broker should be in business at least 2 years. Private Label program requires six months positive experience working with them; and only after the 6 month term we offer the brokers or discounter a contract that allows them to put their name on it, primarily for marketing purposes. We originate business through both direct sales and indirect sales. However, we offer broker protection and are extremely vigilant about it. One clarification. We do offer financing to restaurants, but not for their exhaust hoods, an item we are frequently asked about. (G) ICB Leasing - Business is conducted only with approved brokers. In addition, Brokers must not only be approved by ICB but licensed where appropriate. We will permit use of ICB Leasing Corp. lease docs in approved originators name and purchase/take assignment of lease. (H) Balboa Capital:
(I) BUTLER CAPITAL - For nearly three decades, Butler has purchased loans and leases - individually or in portfolios - from lessors and brokers nationally. Butler 's inclusion in the 2005 edition of the "Monitor 100" underscores the firm's commitment to funding deals quickly, structuring deals professionally, and avoiding the limitations of app-only credit scoring. As a direct lender with wholesale lines of credit ready to be tapped for our broker/lessor clients, we pride ourselves on common-sense, individualized credit decisions on a wide variety of equipment. We invite no-obligation calls! Butler does not require brokers be licensed except those in states that require such licensing. We welcome both opportunities to fund brokers' transactions under our name or create private-label programs to enable brokers to market their own services more broadly. Although Butler has in-house sales personnel, we do not solicit the customers of our broker/lessor clients; rather, we work to preserve and enhance a broker's relationship with his/her customer. (J) American Bank Leasing provides fast responses and high touch service for small ticket transactions. Our online system provides "almost instant" approvals up to $100,000 and the ability for you and your vendor to view transaction status. Our experienced staff is empowered to use a common sense approach to lending. Private label program reserved for our top producing partners. (K) Allco Leasing was purchased in April 2005 by LEAF Financial Corporation, a wholly-owned subsidiary of Resource America Corporation (NASDAQ: REXI). Allco Leasing provides a middle market leasing product for LEAF. We are not collateral oriented and are industry generalists. Allco specializes in rapid responses to difficult to understand credits operating within the "A- to B+" arena. Startups are considered with experienced management and strong guarantors. (L) SunBridge Capital is a direct funding source. We specialize in commercial equipment such as construction equipment, work trucks, titled vehicles and more. Because we understand the value of the assets we fund, we are able to approve a wider range of customers than most other lenders, and deliver approvals in one business day or less. We are committed to providing unprecedented sales tools to the Broker community. We give you the flexibility and control that you need to best serve your customers and to realize your business goals. This includes our on-line broker financing application at www.sunbridgecapital.com/apply . Approvals are delivered as parameters, which allows our brokers to structure the most appropriate deal for their customers and increases their likelihood of closing. *We are in the process of developing our private label program. Some documents can be customized for our regular brokers. **We work direct with vendors who prefer to do business with a direct funding source; and those with whom we have a long standing relationship. We will never attempt to develop a vendor relationship as a result of information obtained from one of our brokers. (M) Centennial Bank - Prompt service, quick review, new & use equipment. No outside sales force - "Brokers Preferred." Brokers must be approved. (N) Commonwealth Capital Corporation does not directly originate, we do not compete with Lessors. We only buy deals from Lessors. (O) Enterprise Funding equipment restrictions: We require 3 years in business, 5 years industry experience. Company must have 3 satisfactory funding references verifying at least $5MM in annual fundings. Prinicpals of closely held companies must have satisfactory credit and a Fair Issac Score of at least 680. Trinity Capital is subsidiary of company which does operations and also has "in house" sales personnel, primarily vendor accounts --------------------------------------------------------------- Lessors.com to move Funders Forum to New Orleans ?
New Orleans , Louisiana "For the past eight years we have held all Lessors Network events at the Ritz-Carlton, Buckhead hotel in Atlanta . This year I am considering a departure from tradition and would appreciate your thoughts. "Like many of you I am disturbed by the devastation caused to the Gulf Coast area by Hurricane Katerina and Rita. I am also disappointed by the decision of event promoters to move their events out of the New Orleans area. Frankly, I think our industry stand to profit from the rebuilding of this area and wonder why we aren't making ourselves better known to local business leaders there. So here is my idea. "I am thinking about asking those of you who would normally attend our March 2006 showcase in Atlanta to join me in New Orleans for a day or two of volunteer work. (We are currently contacting the Habitat for Humanity office in New Orleans and other organizations to see where volunteers from the equipment leasing & finance industry might be of service.) "There will be no formal meeting agenda and no scheduled speakers. We'll fly into New Orleans one evening and spend the first day volunteering. "That evening, depending on the number of participants, we'll likely plan an informal evening in the French Quarter to ensure all lessors have the opportunity for one-on-one networking. It might be fun to go to a club owned and operated by Harry Anderson called Oswald's - www.harryanderson.net. "The next morning we'll host a Funding Source Reception & Exhibit (Brunch) where funding sources representatives can gather to exchange buy/sell investment strategies for 2006. We'll also invite local business leaders to stop by and meet prospective funding sources, necessary for the rebuilding of their businesses. We'll conclude by noon so everyone has plenty of time to catch a flight home. "Would you and your company view this investment of time and financial resources viable? Would your company be interested in sponsorship? "Thank you for your comments." John O. Semon ### Press Release ########################### NACM's CMI: A Still-Expanding Economy Takes a Hit from the Manufacturing Sector Columbia , MD :-December's Credit Manager's Index fell 2.5 percent to 54.9, a level still associated with economic expansion. But the manufacturing sector took a sharp plunge of 4.8 percent, while the services sector slipped only 0.2. The only positive component in the manufacturing report was the improvement in bankruptcy activity. Dan North, Chief Economist with EulerHermes ACI, notes that otherwise, manufacturing was weak all around, particularly in the Index of favorable factors where all four components fell at least 7.6 percent, amounts that were not entirely attributable to seasonality. The total Manufacturing Index is down 2.1 percent from last year, three of the manufacturing components are now below the 50 percent level, which indicates a slowdown, and the sales component for the manufacturing sector is down 21.1 percent since September. By contrast, five of the ten components in the Service Index rose, pushing it up 0.2 percent from last month and up 2.0 percent from last year, while only one component is below 50 percent. "However," North says, "in both sectors, dollar collections and dollar amount beyond terms fell the most, easily wiping out last month's gain, suggesting that customers might be short on cash flow. Higher energy costs, interest rates, and labor rates are likely culprits. November's drop in fuel price may help ease the situation next month." With the onset of the holiday season, the manufacturing sector dropped to 53 percent, a 480 points drop over November, credit managers reported decreases in nine of ten factors. All four of the favorable factors had substantial decreases, with the largest decline coming from Dollar Collections, which dropped 1,020 points. Unfavorable factors also showed decline, with erosion in five of the six factors: the largest of which were in Dollars Beyond Terms and Disputes, down 820 and 710 points, respectively. One positive note was the decline credit managers reported in the number of bankruptcies. The service sector faired slightly better than the manufacturing sector, reporting only a 20-point drop in the overall CMI. Despite minor improvement in three of the four factors, a 590-point drop in Dollar Collections caused an overall decline. Looking at unfavorable factors, we see a pattern very similar to the one seen in the manufacturing sector: erosion in both Dollars Beyond Terms and Disputes, with a much lower level of bankruptcy filings. NACM's December 2005 CMI remained fairly consistent with the level credit managers reported just one year ago. The CMI ended 2005 at 54.9 percent compared to 55 percent at year-end 2004. Of the ten factors, eight were at or above the 50 percent neutral mark, indicating economic expansion. The two remaining factors-Dollars Beyond Terms and Disputes-were just slightly below the 50 percent mark, at 49.3 and 48.3 percent, respectively. The CMI, a monthly survey of the business economy from the standpoint of commercial credit and collections, was launched in January 2003 to provide financial analysts with another strong economic indicator. The CMI survey asks credit managers to rate favorable and unfavorable factors in their monthly business cycle. Favorable factors include sales, new credit applications, dollar collections and amount of credit extended. Unfavorable factors include rejections of credit applications, accounts placed for collections, dollar amounts of receivables beyond terms and filings for bankruptcies. A complete index including results from the manufacturing and service sectors, along with the methodology, is attached. A complete view of the index can be viewed online at http://www.nacm.org/resource/press_release/pressDec05.html. The National Association of Credit Management (NACM), headquartered in Columbia , Maryland supports more than 25,000 business credit and financial professionals worldwide with premier industry services, tools and information. NACM and its network of Affiliated Associations are the leading resource for credit and financial management information and education, delivering products and services which improve the management of business credit and accounts receivable. NACM's collective voice has influenced legislative results concerning commercial business and trade credit to our nation's policy makers for more than 100 years, and continues to play an active part in legislative issues pertaining to business credit and corporate bankruptcy. www.nacm.org. ### Press Release ###########################
News Briefs---- Emergencies Declared After Calif. Storms Economists see continuing growth for the next year - though enthusiasm is muted as more of the same is expected Roberts, Alito regarded as allies to business on high court ---------------------------------------------------------------
You May Have Missed Owners' Web Gives Realtors Run for Money http://www.nytimes.com/2006/01/03/realestate/03madison.html ---------------------------------------------------------------
Sports Briefs---- N.F.L. Coaching Carousel Drops Off 4 Coaches Texans let Capers go Haslett fired Martz fired by Rams Packers fire Sherman, players stunned Won and done: News of Tice dismissal surprises players A good sendoff for Vermeil, even with little to celebrate With season over, Turner can forgo silver-and-black pretenses ----------------------------------------------------------------
"Gimme that Wine" French government pledges new wine strategy CHAMPAGNE How the World's Most Glamorous Wine Triumphed Over War and Hard Times. Portion Distortion A study shows that tall glasses usually have less alcohol than short ones. http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/12/29/WIG99GE2G71.DTL If you want to know if you got a value for your wine, or what the wine price is today, go to www.winezap.com Type in the vintage (year) and name of the producer with wine type or geographic area, such as 1995 Chateau Lynch Bages Pauillac. Even 1995 Lynch Bages will work, or 1999 Viader ----------------------------------------------------------------
Calendar Events This Day Drinking Straw Day Start Your New Year's Resolution Day Festival Of Sleep Day ----------------------------------------------------------------
Today's Top Event in History 1959- Alaska , which had been purchased from Russia in 1867, became the 49 th state . The area of Alaska is nearly one-fifth the size of the rest of the United States . ----------------------------------------------------------------
This Day in American History 1793- political and social reformer Lucretia Coffin Mott born in Nantucket, Massachusetts ------------------------------------------------------------- American Football Poem
Shakespeare's play King Lear: "Nor tripped neither, you base football player" (Act I Scene 4). Am I so round with you as you with me, That like a football you do spurn me thus? You spurn me hence, and he will spurn me hither: If I last in this service, you must case me in leather. |
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