Wednesday, January 4, 2006
Headlines--- Robert C. Heeney, Jr. passes away ######## surrounding the article denotes it is a "press release"
Robert C. Heeney, Jr. passes away "It is with much sadness that I am passing on the following news. The Leasing Community lost a valiant leasing member last week. "On December 27th 2005 Robert C. Heeney Jr , 50, Vice President for FSG Leasing in Laurel Maryland died of melanoma cancer at Johns Hopkins Hospital. Bob was diagnosed with this horrible disease on January 2, 2003, and fought for three years even though he was originally told at the time of his diagnosis that he would have less than 9 months to live. "Bob is survived by his wife Kathleen Heeney and two daughters, Adeline (6) and Nora (3). "Bob spent his entire career in the leasing industry since 1981. He worked for: "FSG Leasing, Inc. 2001- 2005 "Bob was an inspiration to every one that he touched in his life with his 'Keep Smiling' Attitude. I personally recall this past fall speaking to Bob about hiring several new account managers and Bob explaining to me (with great excitement!) that I needed to advise each one of them to be persistent with those all important cold calls and they should realize that we are living in the best of times and working in one of the greatest industries. "Bob continued to work up to 13 days before his death, and it has been reported that 2005 was his best year in the business. Bob continued to prospect and close deals even while fighting his "monster" disease. He was truly an inspiration and a class act. "His leasing associates, personal friends, and family said goodbye to Bob last Friday December 30, 2005. Bob will not be forgotten as he has touched us all and we are better people because of Bob Heeney. "Several in the Leasing Community are working together to establish a Scholarship Trust for Bob's two daughters. Once information is available I will pass it along to your readers." Scott A Wheeler -------------------------------------------------------------- Classified Ads---Sales Sales
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 -------------------------------------------------------------- ELA requests Media "hold Leasing Index"
By Kit Menkin After the Equipment Leasing Association (ELA) Monthly Leasing Index (MLI) was released on Friday, December 30 th , the media was requested to hold the story until the numbers were checked. There was a sizeable "anomaly." The same occurred in February that brought the month down to $3.2 billion from $4 billion.
Late yesterday, ELA up-dated the news release : In November, respondents reported $3.9 billion in new business volume for equipment leases and loans originated during the period. This total was down from the prior month's $6.59 billion.
The February anomalies that brought the month down to $3.2 billion were attributed to two occurrences: one, a sizeable portfolio acquisition by one of the responding leasing companies, and two, end-of year business closing for another respondent, both of which may have inflated the business volume numbers that month. It is the comparison to February that shows the bump up. The October month-end Leasing Index (MLI) of 19 major equipment leasing companies was the highest report since ELA started: the MLI index with new business volume increasing from September's $5.06 billion to $6.59 billion, representing a 30.2 percent increase. The November figure was $3.9 billion, down $2.69 billion, a 40% drop.
ELA reported in the "new" news release: "the spike in October's originations data reflected an extraordinary increase in new business on the part of at least one reporting company... one responding company experienced some deterioration in its portfolio quality that resulted from a write down of commercial aircraft assets leased to bankrupt airlines, ." The companies who participated: ADP Credit Corporation These ups and downs should be considered normal in polls, particularly in trying to compare a $30 million transaction with 3000 $10,000 transactions, mix them all together... and it is the quarter results and six month results that give a more accurate picture. In fact, most credit decision makers look for year-end figures over all---and do not give much credence to "current figures," unless they are poor. If they are good, the experienced credit officer prefers the year-end numbers are being more "accurate." While many in the news media went ahead with the first ELA release, it should be noted the revised edition brings reassurance that "The November total appears in line when compared to new business volume originated by MLI respondents in prior months', the new press release announced. "In addition, portfolio performance remained stable, with delinquencies and charge-offs fairly constant when compared to the prior month's data." -Industry Services . November's credit approval ratio mirrors the October number, at 82.7 percent. The total number of employees decreased slightly to 8,953 compared to 8,962 the prior month. "This is all the more noteworthy, given the fact that at least one responding company experienced some deterioration in its portfolio quality that resulted from a write down of commercial aircraft assets leased to bankrupt airlines," observed Ralph Petta, ELA Vice President "We look for a typically strong December to end the year," he added. We look for a good year-end, and a more prosperous 2006. The Equipment Leasing Association should be congratulated to take on this task of compiling the statistics and reporting them to the industry. What we have learned from 2005: Look for more anomalies. After all, that explains the leasing industry very well. --------------------------------------------------------------
Paul J. Menzel, CLP responds: "Person of the Year 2005"
"What a surprise. I'm truly honored. I'm not sure I'm the most deserving candidate for this recognition, but it does validate the advice for success that one of my business school professors pronounced ... 'Just outlast the bastards!' "I've enjoyed my 30+ years in the leasing industry because of the intellectual challenge of dealing with change, the fast pace, and the great people. I look forward to much of the same for several more years. "I believe very strongly in Community, whether it is the leasing industry or the Central Coast of California. It seems that I've always gotten back more than I've given. It is a sort of "psychic income" that motivates me to be involved. It is Community that keeps us doing the right things together and makes it all worthwhile. "Thanks to the Leasing News for being an integral part of the leasing community." Best regards, Paul ************************************************* Paul J. Menzel, CLP Senior Vice President Leasing News Person -------------------------------------------------------------- Sales make it Happen---"What is Listening?"
-------------------------------------------------------------- Classified Ads---Help Wanted Equipment Finance & Leasing Representative
Senior Funding Manager
--------------------------------------------------------------- Covered Bonds Flourish in Europe ABSnet The European covered bond market for residential mortgage-backed securities expanded rapidly in 2005. Already one of the most dynamic sectors of the European structured finance market, covered bond issuance totaled some E215 billion ($255 million) in 2004, and reached E130 billion by mid-October. Covered bonds are securitized by payments expected from mortgages or public sector loans, and the list of nations across the continent joining this burgeoning market swelled notably in 2005. Indeed, the Netherlands saw its first covered bond transaction in September, with ABN AMRO's E25 billion securitization of residential mortgages (SN 23/9). Sampo, a financial services company, completed Finland's first structured covered bonds deal, a E1billion AAA-rated transaction that was underwritten by Barclays Capital, JP Morgan and Dresdner Kleinwort Wasserstein. The taste for covered bonds spread further still, as the Italian treasury introduced legislation in May allowing for the execution of transactions there. The first covered bond transactions are expected early next year as follow-up legislation is finalized, with Banca Intesa leading the charge (SN 30/9). ---------------------------------------------------------------4th Quarter 2005 added to "The List" "The List" 4th Quarter 2005 added to: Chronological List http://www.leasingnews.org/list_chron_new.htm
### Press Release ########################### Curtis Stoddard joins LeaseInspection.com LeaseInspection.com has announced the hiring of Curtis Stoddard as Vice President of Operations. Mr. Stoddard has an extensive background working in customer-facing service roles. His most recent experience includes four-and-a-half years at QuikTrak, where he collaborated with customers and inspectors on a daily basis. "That hands-on interaction with clients is crucial to providing a high level of customer service and satisfaction," says Sudhir Amembal, advisor to LeaseInspection.com. "Curtis understands the real-world problems associated with getting an inspection done correctly and on-time, all the while keeping the lessor in the loop." When asked why he chose to come to LeaseInspection.com, Curtis replied, "I know how frustrating it is to lessors when their inspections encounter snags. And the very best thing we can do for them is to keep them informed until the problems are resolved. What they need in a service provider is a problem-solver who will partner with them in the truest sense of the word. Problem-solving and communication--I guess that's the answer to your question." Please visit them at www.leaseinspection.com or call (503)653-3472. ### Press Release ########################### Western Alliance Bancorporation and Intermountain LAS VEGAS-----Western Alliance Bancorporation (NYSE:WAL) and Intermountain First Bancorp announced that they have signed a definitive agreement under which Intermountain First Bancorp will merge with and into Western Alliance Bancorporation. The transaction provides an excellent opportunity for Western Alliance to substantially expand its presence in the vibrant Las Vegas and Henderson markets, and extend its operations into Reno. Privately held Intermountain First Bancorp owns Nevada First Bank, which had deposits of $401 million, loans of $368 million, and total capital of $45 million at September 30, 2005. BankWest of Nevada, the flagship subsidiary of Western Alliance, reported deposits of approximately $1.6 billion, loans of $1.0 billion, and total capital of $140 million at the same date. Under the terms of the agreement, Intermountain shareholders may elect to receive either 2.44 shares of Western Alliance common stock or $71.30 in cash for each Intermountain share, subject to proration and allocation procedures to ensure a tax-free merger. Based upon the closing price of Western Alliance stock on December 30, 2005, the transaction is valued at approximately $108 million. The transaction is expected to be immediately accretive to Western Alliance's earnings per share, without regard to potential cost savings. Robert Sarver, chairman and chief executive officer of Western Alliance, said, "We're delighted to bring in the new year with this merger that will leverage our strong franchises in the fastest-growing market in the nation. Nevada First's operation in Reno enables us to expand our financial services offerings to this important region." Mr. Sarver continued, "Directors of Nevada First Bank and BankWest of Nevada have played integral roles in the dramatic growth and economic expansion of the state. Merging the boards of these two great companies will create an exceptional leadership team to drive continued strong performance." "I have long admired Nevada First's reputation and performance in the market," said Larry Woodrum, president and chief executive officer of BankWest of Nevada. "By merging our resources, we'll be able to deliver the best banking services in the state." Arvind Menon, president and chief executive officer of Nevada First Bank, commented, "This merger is an exciting time for our employees and customers. By combining with BankWest of Nevada, our staff will have more career opportunities and our customers will have access to a more robust product array, larger credit capacity, and more banking offices." The merger is subject to customary closing conditions, including approval from shareholders of Intermountain First Bancorp and banking regulators. The transaction is expected to be completed in the second quarter 2006. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements set forth in this presentation to reflect new information, future events or otherwise. About Western Alliance Bancorporation Western Alliance Bancorporation is the parent company of BankWest of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Miller/Russell & Associates, and Premier Trust. These dynamic companies provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers' needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company's website, www.westernalliancebancorp.com. Western Alliance Bancorporation Robert Sarver, 858-523-4600 (Media) Arvind Menon, 702-310-4000 (Media) Dale Gibbons, 702-248-4200 (Investors) ### Press Release ########################### Alfa Corporation Completes Sale of Consumer Leasing Division MONTGOMERY, Ala)----Alfa Corporation (Nasdaq/NM:ALFA) announced that it has completed the previously announced sale of its commercial leasing division, OFC Capital (OFC), to a subsidiary of MidCountry Financial Corp. Terms of the sale were not disclosed. Headquartered in Roswell, Georgia, OFC was founded in 1984 as a general equipment lessor and equipment finance company, providing leasing services throughout all 50 states. OFC was acquired by Alfa in 2000 and operated as a wholly owned subsidiary of Alfa Financial Corporation. MidCountry Financial, headquartered in Macon, Georgia, offers community banking services through 23 offices of MidCountry Bank located throughout the Midwest and consumer finance services through offices of Heights Finance Corporation located in five states. Alfa's Chairman, President and Chief Executive Officer, Jerry A. Newby, commented, "Alfa decided to divest of OFC because it did not enhance our core insurance business. We will continue to operate our consumer finance company, Alfa Financial Corporation, which has been a very consistent performer over many years and affords us the opportunity to further strengthen customer relationships by offering additional services to our policyholders. "Alfa Financial Corporation is a 42% shareholder of MidCountry Financial. We have great confidence in their management team," Newby added, "and believe they will be able to provide OFC with focused underwriting and operating expertise." Alfa Corporation is engaged in insurance and financial activities through its subsidiaries. The common stock of Alfa Corporation is traded on the Nasdaq Stock Market's National Market under the symbol ALFA. Investors are cautioned that statements in this press release which relate to the future are, by their nature, uncertain and dependent upon numerous contingencies - including political, economic, regulatory, climatic, competitive, legal, and technological - any of which could cause actual results and events to differ materially from those indicated in such forward-looking statements. Additional information regarding these and other risk factors and uncertainties may be found in Alfa Corporation's filings with the Securities and Exchange Commission. ### Press Release ########################### GATX Announces GATX Rail Europe Management Succession CHICAGO---GATX Corporation (NYSE:GMT) announced that Johannes Mansbart has been named the chief executive officer of GATX Rail Europe, effective January 1, 2006, with responsibility for GATX's 20,000 car European tank wagon leasing business, comprised of the KVG Kesselwagon (KVG) companies and DEC Sp. z o.o. (DEC). Mr. Mansbart, previously chief financial officer for GATX Rail Europe, has led the effort to integrate the commercial, technical and financial operations of GATX's European tank wagon businesses. Mr. Mansbart reports to James F. Earl, executive vice president - rail at GATX Corporation. Mr. Mansbart succeeds Gernot Schwayer, who announced his retirement from KVG and GATX effective December 31, 2005. Mr. Schwayer was one of the founders of KVG, and he served as chief executive officer of GATX Rail Europe. Brian A. Kenney, president and chief executive officer of GATX Corporation, said, "We are grateful to Mr. Schwayer for his many contributions to KVG and for his leadership of GATX Rail's European tank wagon leasing activities. We are very confident in Johannes' ability to lead this business to continued success as an increasingly important part of GATX." The 20,000 cars in KVG and DEC tank wagon fleets are leased to major shippers throughout Europe. The KVG companies were established in 1991, and are headquartered in Hamburg, Germany and Vienna, Austria. GATX's made its initial investment in KVG in 1997 and acquired 100% in December 2003. DEC, formerly Poland's national tank wagon fleet, was acquired by GATX in 2001 and is headquartered in Warsaw. GATX also owns an interest in AAE Cargo, a growing European rail operating lessor with a fleet of over 20,000 freight wagons. COMPANY DESCRIPTION GATX Corporation (NYSE:GMT) provides lease financing and related services to customers operating rail, air, marine and other targeted assets. GATX is a leader in leasing transportation assets and controls one of the largest railcar fleets in the world. Applying over a century of operating experience and strong market and asset expertise, GATX provides quality assets and services to customers worldwide. GATX has been headquartered in Chicago, IL since its founding in 1898 and has traded on the New York Stock Exchange since 1916. For more information, visit the Company's website at www.gatx.com. Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com. CONTACT: GATX Corporation ### Press Release ########################### Merrill Corporation Acquires WordWave, Inc. ST. PAUL, Minn., -- Merrill Corporation, a leading global provider of technology-enabled services for the legal, financial, real estate and other corporate markets, announced that it has completed the acquisition of WordWave, Inc., a leading provider of litigation support, court reporting, captioning and transcription services for law firms, courts, governmental agencies and corporations worldwide. The company also announced the integration of WordWave with its Document Management Services business unit to form Merrill Legal Solutions, extending Merrill's position as a leading global provider of technology-enabled on- demand and on-site business solutions to the world's largest law firms. "We are very optimistic about the potential for the integrated business unit and believe it will have a significant impact on Merrill's continuing strategic diversification and international expansion efforts," said John Castro, Chairman and CEO, Merrill Corporation. "The acquisition expands Merrill's services, its geographic reach, and further solidifies its position as a premier solutions provider." The legal profession is experiencing change driven by technology, client demands and the regulatory environment. Merrill is expanding their solution set to meet the needs of the profession, and support the critical transition to streamlined business processes. Merrill has historically provided a wide range of solutions to help litigators increase productivity and effectiveness and help law firms improve their efficiency and grow their practice. The purchase of WordWave provides additional legal products and services to Merrill's product offering. "We're excited about joining forces with Merrill, a company with a long, successful record of providing end-to-end, industry-specific business solutions." stated Perry Solomon, former CEO of WordWave and new President of Merrill Legal Solutions. "With our combined global resources, we are well positioned to deliver ever greater value to our clients, with an extensive suite of solutions for every phase of the litigation process - from discovery to case resolution." This acquisition is Merrill's single largest strategic business transaction to date. For this transaction, Sagent Advisors, Inc. acted as financial advisor to Merrill. Specific details of the agreement have not been disclosed. About Merrill Corporation Founded in 1968, Merrill Corporation ( http://www.merrillcorp.com ) is a leading global provider of technology-enabled service solutions for the financial, legal, real estate and other corporate markets. Merrill combines deep industry expertise with superior service and infrastructure to deliver world-class document, brand marketing, print, fulfillment, language and e-business solutions. With more than 4,400 people in 60 locations, Merrill empowers the communications of the world's leading companies. Merrill Corporation's Document Management Services business ( http://www.merrillcorp.com/law ) is a leading provider of single-source document and information management solutions for legal and other professional services firms. Merrill's litigation support services, including electronic discovery and Web-based data repositories, delivers sophisticated technology solutions to enhance speed, efficiency and accuracy of the litigation process. Large-scale litigation copying and document imaging and coding are provided on a transactional basis. Professionally staffed and equipped Document Service Centers provide clients with comprehensive, on-site services tailored to their specifications, from basic copying, mailroom management and equipment leasing to complex, technology-based document services such as desktop publishing and electronic scanning. About WordWave, Inc. WordWave ( http://www.wordwave.com ) is a privately-held, international provider of litigation support, captioning and subtitling, and court reporting and transcription services. Services include simplifying and expediting information capture and creating an effective asset for law firms, media and entertainment companies, businesses, and public sector organizations around the world. WordWave is comprised of three business units, LegaLink, VITAC, and WordWave International, that leverage similar technologies, resources, and skill sets to capture, transcribe, and disseminate the spoken word across a range of industries. WordWave's litigation support division, LegaLink, ( http://www.legalink.com ) is the global leader in court reporting, legal videography, and trial services. LegaLink is the number one choice for clients involved in complex, high-stakes litigation, providing one-stop convenience, the best reporters in the business, and cutting-edge technology. With 30 offices and over 400 affiliates worldwide, LegaLink supports law firms and corporations wherever litigation takes them -- all with the convenience of one call scheduling with their local office. SOURCE Merrill Corporation ### Press Release ###########################
News Briefs----
12 trapped West Virginia miners found alive Views on Rates Differ Within Fed Top forecaster sees U.S. recession Atlanta's airport busier than Chicago's in takeoffs and landings Tough times ahead for middle-class worker For Hollywood, not enough good cheer ---------------------------------------------------------------
You May Have Missed L.A. buys bottled water while promoting tap supply http://www.signonsandiego.com/news/state/20060103-0059-ca-bottledwater.html ---------------------------------------------------------------
Sports Briefs---- No surprise: Raiders fire head coach Paterno Gets Final Roar in Battle of Old Lions Hype takes back seat as UT, USC face off Super Bowl host polishing image ----------------------------------------------------------------
California News Briefs--- Governor in the jet-lease business Despite claims by Schwarzenegger's top advisers during a 2003 campaign briefing that the actor's investments included "no tax shelters" and were "absolutely not tax-driven," a Bee examination of his company's 747 deal shows his company took advantage of what experts say is one of the most attractive tax sheltering devices available to the super wealthy. http://www.sacbee.com/content/politics/ca/story/14035118p-14867100c.html Schwarzenegger's after-school program finally becomes reality Governor proposes $4.3 billion increase in education funding ----------------------------------------------------------------
"Gimme that Wine" Most farmers come through storm unscathed Wine country grapes expected to survive nature's wrath 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 Flower Basket Day Seton Feast Day. First American-born saint (beatified Mar 17,1963; canonized Sept 14,1975). Born at New York, NY, Aug 28, 1774, Seton was the founder of the American Sisters of Charity, the first American order of Roman Catholic nuns. She died at Baltimore, MD, Jan 4, 1821. Spaghetti Day Trivia Day ----------------------------------------------------------------
Today's Top Event in History 1954 - Young truck driver Elvis Presley recorded a ten-inch acetate demo at the Memphis Recording Service, an open-to-the-public business run by Sun Records owner Sam Phillips. The two songs Presley recorded were Casual Love Affair and I'll Never Stand in Your Way. It was Presley's second visit, and the first time he met Phillips, his future producer. The previous summer he had recorded another demo, My Happiness and That's When Your Heartaches Begin, only one copy of which now exists. According to reports, Presley recorded it for his mother. The two songs so impressed Phillips that he had Elvis record his first professional sides for Sun Records the following August. ----------------------------------------------------------------
This Day in American History 1790 - United States President George Washington delivered the first State of the Union address. ------------------------------------------------------------- American Football Poem
To an Athlete Dying Young By: A.E. Houseman The time you won your town the race To-day, the road all runners come, Smart lad, to slip betimes away Eyes the shady night has shut Now you will not swell the rout So set, before the echoes fade, And round that early-laurelled head |
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