Friday, January 27, 2006
Headlines--- Classified Ads—Sales ######## surrounding the article denotes it is a “press release”
Classified Ads—Sales Sales
For a full listing of all “job wanted” ads, please go to: http://64.125.68.91/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://64.125.68.91/AL/LeasingNews/PostingForm.asp ---------------------------------------------------------------Greenspan Opposes Wal-Mart Bank Loophole ELTnews Wall Street Journal (01/26/06) P. A3 ; Wysocki Jr., Bernard (Utah is one of the few states that allow industrial loan corporations. It was created in 1987 by congress that allows stockbrokers and retailers to own a federally insured, deposit-taking financial institution. In California, many banks are located in large grocery stores and drug stores. Many retailers have also gone direct to forming their own banks out of state to be able to issue credit cards direct, plus use their cash flow, cutting out the "middle-man.") Federal Reserve Chairman Alan Greenspan is speaking out against a regulatory loophole that makes it possible for corporations to establish industrial banks (Wal-Mart is the latest to apply). In a 12-page letter to Congress that answered questions lawmakers posed in regard to industrial loan corporations (ILCs), Greenspan noted that assets for companies that own ILCs, such as General Electric, Pitney Bowes, General Motors, and Merrill Lynch & Co., have increased exponentially since 1987, the year ILCs became legal, rising from $3.8 billion that year to $140 billion in 2004. Greenspan wrote that the ILC exemption "is now the primary means by which commercial firms may control an FDIC-insured bank engaged in broad lending and deposit-taking activities and thereby breach the general separation of banking and commerce." Unlike bank holding companies, which are subject to the supervisory authority of the Fed, Greenspan wrote that the parent companies of industrial banks are not subject to regulatory scrutiny from the Fed. He implored Congress to close the loophole, which he said "provides the corporate owners of exempt ILCs a significant competitive advantage over other types of banking institutions, and creates an unlevel competitive playing field among banking organizations." Greenspan's comments come in the wake of Wal-Mart Stores' effort to employ the exemption to obtain a state banking charter in Utah. (There are currently 31 industrial banks operating in Utah. For a recent article, please go here: http://www.leasingnews.org/archives/September%202005/9-06-05.htm#utah
-------------------------------------------------------------- Puget Sound Leasing added to “Funder List” A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
(U) Puget Sound Leasing - We are a "Common Sense" funder. We like credits who pay most of their bills on time and live within their means. However, what make us different is that we don't credit score at all. This allows us to approve people that in our opinion have good credit but just might have a poor score. We don't care what the score is, only that the credit is good.
Full list here: http://www.leasingnews.org/Funders_Only/Funders.htm -------------------------------------------------------------- Service not Mentioned in NorVergence Lease Contracts "There is no service spelled out in the portion of the contracts that the leasing companies have attached to all of the complaints, asserting that the two pages constituted the contract between NorVergence and the customer. But that is a deliberate misleading position. " First of all, there were many pages of documents signed by the same time. The NorVergence employees have described these documents as the DEAL PACKAGE. Those documents incorporate by reference several contract documents posted only at the NorVergence web site: the equipment warranty, general terms and conditions, and the ATM service level agreement. "All of these documents form the contract, including the MATRIX T1 Non-Binding Hardware Application and the MATRIX T1 Non-Binding Service Application. Case law in New Jersey, Pennsylvania (PECC) and Florida (and I have not done the legal research for other states), state that when several documents are executed all relating to the same transaction, they are considered all a part of one contract. "The service application, and other documents relating to service, signed at the same time as the hardware application and the ERA (NorVergence leasing contract), form a part of the NorVergence contracts. These contracts are service contracts which have as an incidental feature the installation of hardware to deliver the service. As such, they are not equipment leases, but service contracts, and are not covered by the UCC. "Each Master Program Agreement which I have reviewed has a description of the contract documents being assigned to the Leasing Company. Those document descriptions are all inclusive, and include all of the documents in the DEAL PACKAGE. Thus, service contracts, which are able to be canceled without penalty to the customer when NorVergence stops delivering telephone service, have all been canceled by the failure of NorVergence to deliver telephone services. "This was well known to the Leasing Companies---that is why they were scrambling to raise millions by loaning NorVergence money at the 11th hour. Peter Deeb described that knowledge to a lawyer for Qwest, who said so in his deposition filed in the NorVergence Bankruptcy. PECC had even greater knowledge. Ronald P. Gossett (Circling the World Wide Web blogs are copies of depositions. One is interpreted to include "...an admission that Dolphin Capital had knowledge of the fraudulent nature of NorVergence paper. They called it 'financing air'. They (Dolphin) even knew that other leasing companies with integrity were staying away from NorVergence because they saw the 'financing air' and fraudulent nature of the NorVergence paper." The controversy continues on with most cases regarding venue, choice of location for the dispute, being the location of the lessee, and not the holder of the NorVergence leasing contract. Actual court decisions whether the lessee is responsible for the remaining payments are on docket in many local courts, but Leasing News has not seen decisions. If readers have cases where decisions have been rendered, please let us know. (Leasing News has contacted the leasing companies mentioned many times, asking for a comment, but most have responded they will not comment on cases pending litigation. Editor) -------------------------------------------------------------- Cartoon—Marlin Credit Department
-------------------------------------------------------------- Classified Ads---Help Wanted Equipment Finance & Leasing Representative
Funding Manager
Independent Regional Sales Manager
Sales Person
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Weekly Bulletin Board Report • “Master-Lease Agreement” for $70,000: “My name is ***** from ****** and I am sending you this e-mail in hopes that you would print a warning to all potential leasing customers to avoid doing business with ************ on your website www.leasingnews.org. They are refusing to return my deposit on a potential lease. My situation is that I have a silent partner who does not sign personally on leases for this business. There are other partners who total over 52% of the stock that would sign. I specifically told ********** that they need to be more creative to help me finance a piece of mfg. equipment. There contention is they have only leasing avenues that all partners need to sign personally. I was approached from (another leasing company) ... and they are funding this deal and ********* refused to return any phone calls from either myself or the company who is funding the lease. ******* stands to gain more by keeping my entire deposit of over 5K than to receive their commission. “I have attached documents that I have sent to the BBB for your review. I believe *********** is only a broker. I feel it is people like ******** and ********** who tarnish and give the leasing industry a bad name.” One of the documents the person with the complaint sent was a “Master Lease Agreement. In the second sentence of the second paragraph, it states “Additional documentation includes, but is not limited to personal guarantees from all major stockholders.” Many companies consider that to be 10%, some 20%. In addition, it spells out terms, such as “Non-Performance by Lessee” quite well. Whether the wording is legal or not, the intention is expressed to us was most important. The document spelled out the terms and conditions of the commitment, such as not taking the lease elsewhere. The consumer argued that he was misled. He told Leasing News he had told them not all the corporate owners would guarantee the lease. Whether this is true or not, there is no written Substantiation to this statement. As a matter of fact, the lessee signed the Master Lease with the condition that all major stockholders were required to guarantee the lease. While the lessee may say he was “talked into it,” the exchange took part by overnight mail, giving time to the lessee to read the document, perhaps delete the sentence regarding personal guarantees. The Better Business Bureau gives the Leasing Company a BBB, “A very high rating. A company with this rating would not have a significant number of complaints or other considerations that could pose a problem to consumers.” Addition to the rating, is the explanation: BBB had two responses, one," Agreeing to perform according to their contract" and the other, "Refuse to adjust, relying on terms of agreement." In discussing the complaint with the Leasing Company, they said what was left out was the guarantor in question, on the tax returns and D&B report, owned 49% of the company. He was not a minority stock holder. He said he would try other sources, also asked for other alternatives to the original terms and conditions, but the lessee was impatient and took the lease to another company. The lessee then started telling the original source and the new leasing company “half truths,” and also brought in an attorney. After considerable conflict on this, the said he wished he had never seen the deal. Whether at one time he would have returned the money, or even part of it, it moot at this time, as it has gone past that point. Leasing News informed both the lessee and leasing company this did not appear to be a legitimate complaint for the Bulletin Board. We are not in the position to give a legal opinion, but only to post a complaint that follows our policy. ---------------------------------------------------------------### Press Release ########################### GATX Corporation Reports 2005 Fourth Quarter and Full Year Results ( GATX Net Los $112.3MM 4Q/$15.1MM year-end Loss) (This is their press release) CHICAGO-- 2006--GATX Corporation (NYSE:GMT): -- Rail 2005 net income up 35%, fundamentals remain strong GATX Corporation (NYSE:GMT) announced 2005 fourth quarter and full year results. For the 2005 fourth quarter, GATX reported a net loss from continuing operations of $112.3 million or $2.22 per diluted share. Results reflect an after-tax charge of $119.9 million or $2.37 per diluted share related to a previously announced write-down of air assets targeted for sale and $9.9 million or $.19 per diluted share of expenses associated with the repatriation of foreign earnings. Net income from continuing operations for the 2004 fourth quarter was $70.9 million or $1.23 per diluted share, which included an after-tax gain of $37.8 million or $.63 per diluted share from the sale of GATX's Staten Island property and after-tax benefits of $14.5 million or $.24 per diluted share from a tax refund. For the full year ending December 31, 2005, GATX reported a net loss from continuing operations of $15.1 million or $.30 per diluted share, which included the aforementioned air charges ($119.9 million or $2.39 per diluted share) and foreign earnings repatriation ($9.9 million or $.20 per diluted share). Income from continuing operations for the full year 2004 was $158.5 million or $2.86 per diluted share and included after-tax gains of $37.8 million or $.63 per diluted share from the aforementioned property sale, $31.5 million or $.52 per diluted share from insurance recoveries and $16.9 million or $.28 per diluted share of tax benefits including the abovementioned refund and other favorable tax adjustments. Brian A. Kenney, president and CEO of GATX, stated, "Our fourth quarter and full year financial results reflect the charge resulting from our recent decision to sell approximately $450 million of older aircraft in our portfolio. This decision will focus our Air business on our newer aircraft, enable us to allocate more resources to pursue aircraft management initiatives, and should provide a less volatile, higher risk-adjusted return in our Air business. While it is disappointing that this charge causes a net loss for 2005, the operating performance of our Rail and Specialty businesses continued to improve. In addition, we invested over $520 million in new assets while maintaining a disciplined approach in a competitive investment market. "We enter 2006 building on the solid operational momentum of the past year. Rail's 2005 net income increased 35% from 2004 due to increasing lease rates, high utilization, effective management of fleet turnover and maintenance costs, the expansion of the locomotive fleet, and improved contribution from our European operations. We also selectively extended lease terms in our rail portfolio, which should help temper the volatility from lease rate changes in the future. Although new railcar prices remain high and the competition for railcars in the secondary market is intense, we were able to invest $403 million in 2005. Looking ahead, we expect average lease rates to continue to increase versus expiring rates in 2006. Based on this revenue momentum, complemented by a growing contribution from railcar investments in recent years, we expect a significant increase in Rail's 2006 net income over 2005. "The results in Air were down from the prior year, reflecting the charge related to the air assets targeted for sale. The air market continues to improve and we are positioning our fleet to take advantage of these conditions. Additionally, we expanded our aircraft management initiatives as evidenced by the increase in fee income in 2005. In 2006, we expect Air's net income to increase substantially as we renew aircraft at higher lease rates and further expand fee income. "Specialty's income improved from the prior year, due in part to significant remarketing income from both our owned and managed portfolios. Income from our marine joint ventures outpaced our expectations during the year as vessel utilization and charter rates remained high. We maintained our investment discipline in growing our marine and industrial equipment assets, investing $93 million in 2005. In 2006, we expect Specialty's net income to decline as we do not foresee the same level of remarketing gains we experienced in 2005." Mr. Kenney concluded, "On a consolidated basis, we expect GAAP net income from continuing operations to be in the range of $2.60-$2.70 per diluted share in 2006. This outlook includes benefits of $.20 per diluted share from discontinuing depreciation expense on certain air assets classified as 'held for sale' in accordance with GAAP, and other non-operating items. The major risks to this forecast include the effects of continued high fuel prices on our customer base and volatility in the air market." Pull press release here: http://phx.corporate-ir.net/phoenix.zhtml?c=70051&p=irol-newsArticle&ID=808939&highlight= ### Press Release ########################### IFC Vendor Division Announces Program with Hoshizaki America Inc. MORTON GROVE, Illinois, - The FirstCorp Division of IFC Credit Corporation has announced the formation of the Hoshizaki Leasing Program, which allows Hoshizaki foodservice customers to lease its refrigeration equipment instead of purchasing it upfront. The program, offered through Hoshizaki distributors and administered by FirstCorp, lets dealers offer simple and convenient leasing terms, with payments as low as $99 per month. Dealers benefit because after they enroll a customer, FirstCorp handles the rest. FirstCorp administers the lease, collects the payments, and assumes all responsibilities. The program also offers the dealers a bonus on the total of each lease. "FirstCorp's leasing program is a powerful enabler for companies seeking to provide solutions that combine products and financial services," said Carl Bretzman, Vice President of Sales for the FirstCorp's vendor services area. "Our innovative leasing and financing options provide companies with a quick and cost-effective way to acquire the latest foodservice equipment." Carter Davis, Hoshizaki's Vice President of Sales added,”Hoshizaki is committed to providing its customers and dealers with the financing solutions they need to grow their businesses. Our arrangement with FirstCorp offers a wide range of flexible financing options, faster response on funding, and additional service value for our dealers and end-user customers." About Hoshizaki America, Inc. Hoshizaki America, Inc. is headquartered in Peachtree City, Georgia with manufacturing operations in both Peachtree City and Griffin, Georgia. Hoshizaki's automated facilities manufacture complete lines of ice makers, ice dispensers, refrigerators/freezers and related accessories. Hoshizaki is one of the world's largest manufacturers of commercial ice equipment with sales of nearly $1.4 billion and employing 8,000 people. About FirstCorp FirstCorp, a division of IFC Credit Corporation is a Morton Grove, Illinois-based capital equipment leasing firm dedicated to providing superior, innovative financial services to small and medium size businesses throughout the United States. IFC's services are offered on a direct basis to middle market businesses, and indirectly through its FirstCorp vendor services group and its third-party funding services unit, Pioneer Capital Corporation. Contact: Brian Cascarano ### Press Release ########################### 1st Source Corporation Announces Year End Results, Dividend Increase SOUTH BEND, Ind----1st Source Corporation (Nasdaq:SRCE), parent company of 1st Source Bank, reported net income of $33.75 million for the year 2005, an increase of 35.19 percent over the $24.97 million reported for the year 2004. Diluted net income per common share for 2005 amounted to $1.61, up 35.29 percent compared to $1.19 diluted net income per common share for 2004. Net income was $9.10 million for the fourth quarter of 2005, up 15.76 percent compared to the $7.86 million of net income reported for the fourth quarter of 2004. Diluted net income per common share for the fourth quarter of 2005 amounted to $0.43, compared to $0.37 per common share reported in the fourth quarter of 2004. The Board of Directors approved an increase in the fourth quarter cash dividend to $0.14 per share. The cash dividend is payable on February 15, 2006 to shareholders of record on February 6, 2006, and is an increase of 16.67 percent over the $0.12 cash dividend announced one year ago. Christopher J. Murphy III, Chairman of 1st Source Corporation, commented, "We ended 2005 on a good note. We're up over 35.0 percent in net income for the year with a substantial portion coming from net recoveries in our loan and lease reserves. Total loan growth was up over 8.0 percent for the year. Additionally, we opened four banking centers in new locations throughout 2005, with two more scheduled to open early in 2006. Our investment managers continue to perform well, our specialty asset financing businesses have improved and are carefully growing their portfolios, our insurance agency had a banner year, and we are investing in a project to upgrade our core computer systems for improved client service, increased competitiveness, and improved effectiveness and efficiency in the long term." Mr. Murphy continued, "All of this was accomplished in spite of a very challenging margin as well as very competitive markets for all of our businesses. We will continue our focus in 2006 on excellent client service, maintaining a sharp eye on credit quality, and keeping costs under control." Full Press Release here: ### Press Release ########################### Pacific Capital Bancorp Reports $0.24 Earnings Per Share for Fourth Quarter of 2005 SANTA BARBARA, Calif.--(BUSINESS WIRE)----Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company with $6.9 billion in assets, today announced financial results for the fourth quarter ended December 31, 2005. Net income for the fourth quarter was $11.1 million, or $0.24 per fully diluted share, compared with $14.2 million, or $0.31 per fully diluted share, in the same period of the prior year. For the full year 2005, net income increased 12.9% to $99.3 million, or $2.14 per fully diluted share, from net income of $87.9 million, or $1.92 per fully diluted share, for the full year 2004. Pacific Capital Bancorp's return on average equity (ROE) and return on average assets (ROA) for the fourth quarter of 2005 were 8.27% and 0.65%, respectively, compared to 12.48% and 0.96%, respectively, for the fourth quarter of 2004. "We were extremely successful in our loan production efforts in the fourth quarter, as annualized growth in our core portfolio, excluding short-term holiday loans, was more than 17%," said William S. Thomas, Jr., President and Chief Executive Officer of Pacific Capital Bancorp. "However the strong loan growth presented near-term challenges to our bottom line results, as we had to increase our use of wholesale funding and increase our provision expense to support the loan growth. "We had particular strength in our residential real estate, commercial real estate and consumer segments, which all increased at double digit annualized rates. Importantly, while we continue to increase in asset size, our credit quality remains healthy, as our non-performing assets to total assets continued to decline," said Thomas. Commenting on the outlook for 2006, Thomas said, "The strong loan growth we experienced in the fourth quarter gives us an excellent foundation to continue driving solid revenue growth in 2006. In addition to our core banking operations, we expect another strong performance from our RAL/RT programs to contribute to our top-line growth. Finally, following a year of heavy investment in systems and personnel to support continued growth in asset size, we believe our level of expense growth will moderate, and more of our revenue will drop through to our bottom line." Full Press Release: ### Press Release ########################### CIT Group Inc. Announces Completion of Registered Exchange Offer NEW YORK, -- CIT Group Inc. (NYSE: CIT), a leading provider of consumer and commercial finance solutions, and CIT Funding Company of Canada ("CITGF"), a wholly owned subsidiary of CIT, announced the completion of its offer to exchange $1,000,000,000 aggregate principal amount of newly issued 4.65% Senior Notes due 2010 and $700,000,000 aggregate principal amount of newly issued 5.20% Senior Notes due 2015, which have been registered under the Securities Act of 1933, as amended, for any and all outstanding 4.65% Senior Notes due 2010 (the "existing 4.65% Senior Notes") and 5.20% Senior Notes due 2015 (the "existing 5.20% Senior Notes"). Prior to the expiration of the exchange offer at 5:00 p.m., New York City time, on January 20, 2006 (the extended expiration date of the exchange offer), $990,490,000 aggregate principal amount of the existing 4.65% Senior Notes and $700,000,000 aggregate principal amount of the existing 5.20% Senior Notes were tendered and received for exchange. This announcement is not an offer to exchange, or a solicitation of an offer to exchange, with respect to any securities. The exchange offer was made solely by the prospectus dated December 15, 2005. About CIT: 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 over $60 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 worldwide. 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. With its Global Headquarters in New York City, CIT has approximately 6,000 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. ### Press Release ###########################
The List—Up-dated “The List” --Mergers, Acquisitions, Changes, “The Good, the Bad and the Ugly”--- full Alphabetical List http://www.leasingnews.org/list_alpha_new.htm full Chronological List http://www.leasingnews.org/list_chron_new.htm Fourth Quarter, 2005 (abbreviated—the alphabetical and full chronological are on line as noted above) December IFC Credit, Morton Grove, Illinois (12/05) announces that its wholly-owned subsidiary, FPC Funding II, LLC, has completed the renewal of its $75 million revolving credit facility with Autobahn Funding Company, LLC, an asset-backed commercial paper conduit sponsored by DZ Bank AG Deutsche Zentral-Genossenschaftsbank. (12/05) Rudy Trebels, President IFC Credit, issues statement to Leasing News:“...While we would like to provide our views to your commentary in The Leasing News, we feel that it's neither fair nor appropriate to discuss pending litigation or requests for more information in this forum. As you are aware, there are significant issues to be decided that could not only impact our company, but could have serious ramifications within the leasing industry. As such, we feel it is necessary to debate issues solely within the confines of the court system and not through the media. Hopefully in the not too distant future, we will be able to discuss these issues with you in greater detail." (11/05) (11/05) IFC Credit writes "Letter to the Editor" of Equipment Leasing Association ELTnews, basically stating: they have complied with material requested, but then also states at the end, “That information and other materials requested by the FTC are expected to be delivered to the FTC very soon which should resolve the requests of the FTC's Civil Investigative Demand.” (11/05) The Federal Trade Commission asks a federal judge Thursday to aid its efforts in investigating debt collection regarding NorVergence "Equipment Rental Contracts." Conrad & Associates, Carlsbad Ca—Bill Hanson ( former CMC exec.) (12/05) United States Bankruptcy Judge Dale L. Somers issues the following: "After reviewing the file and being duly advised, the Court finds the case should be dismissed for the following reasons: FAILURE TO FILE MISSSING/DEFECTIVE DOCUMENTS The case is therefore ordered DISMISSED." (11/05) CMC Bill Hanson files Chapter 7 Bankruptcy in Kansas .No real estate was claimed among his assets, and only listed were two accounts, less than $100 in one, and less than $500 in another, a television, bed, couch worth less than $500, and clothes less than $500, plus “Sole Stockholder WGTD Inc with a value of minus $200,000. He stated on schedule “I” his current income consists of $1,494 in monthly Social Security “government assistance.” http://www.leasingnews.org/archives/December%202005/12-09-05.htm#cmc Marlin Leasing, Mount Laurel, NJ (12/05) (12/05) CFO Bruce E. Sickel to resign employment with the Company effective March 3, 2006, says press release filed with SEC. Not mentioned was the $50,000 “stay” until March 3, 2006, employment to this date, followed by six month severance, plus some other “odds and ends.” George Pelose, General Counsel of Marlin Business Services, who was the contact for the press release, never returned any Leasing News telephone calls. It is suggested that readers go to Willis Lease, the last story in November, and learn about perhaps what may be a similar situation, but at Marlin: clouded and seemingly paid-off? There is certainly more to the story, especially if handled by an attorney and telephone calls to the media not returned. A highly reliable source tells Leasing News Mr. Pelose has not only been reading the stories printed here, but also has seen the following cartoons: http://www.leasingnews.org/archives/December%202005/12-19-05.htm#toon http://www.leasingnews.org/archives/December%202005/12-21-05.htm#toon http://www.leasingnews.org/archives/December%202005/12-28-05.htm#toon (11/05) announces the completion of its second term securitization. Marlin recently sold $96.9 million in asset-backed securities Certified Leasing Foundation (12/05) the total count on line is 173, according to Cynthia W. Spurdle, Executive Director of the foundation. At the beginning of the year, there were 223, with 221 active in the equipment leasing industry; a loss of 50, over 22%, despite the fact in 2005 that “15 leasing professionals that successfully passed the CLP Exam and received their CLP designations.” The actual loss, before new CLP's, would then be 65. Mount Pleasant Capital Corp. Warrendale, PA (12/05) introduces Franchise Qualifier, an online tools that help franchisors streamline the process of franchisee recruitment. By analyzing owner, business, and industry factors, Franchise Qualifier accurately assesses whether a new franchisee is likely to be successful. http://www.leasingnews.org/archives/December%202005/12-16-05.htm#bob Partners Equity Capital Corp (PECC) Horsham, Pennsylvania (12/05) announces that David Gerrard has been promoted to the position of Vice President and General Manager of their Technology Finance Business Unit. In his new role, Gerrard will have overall responsibility for the Technology Financing Group, including the development of new program partnerships and growth of existing manufacturer private label programs through PECC's revenue-generating lease programs and private label support. NetBank/formerly Republic Leasing of South Carolina (12/05) announces an affiliation between NetBank and Wall Financial Services, LLC (WFS), for WFS to provide secured lines of credit to NetBank's small business customers.Typical candidates for this product include established manufacturers, wholesalers, or other B2B business owners with a need for working capital. (11/05) NetBank reports $3.5MM Loss. The $3.5 million provision is based on a review of the underlying property values in a foreclosure and liquidation scenario. (11/05) NetBank Inc., the leader on the internet banking circuit with $5 billion in assets, considered one of the largest internet banks, said it had found "irregularities" associated with $13 million in mortgage loans; delays 3/4 report. CIT / Group (12/05) Chief executive Jeff Peek told The Business he plans to double its European assets to $ 20bn (B£11.6bn, E17bn) in the next three years. (11/05) agrees to sell its micro-ticket leasing business unit (Lease Finance Group), to affiliates of Cerberus Capital Management, L.P. and Goldman Sachs. The sale is consistent with CIT's continued focus on freeing capital for redeployment into targeted strategic growth opportunities. (10/05)In campaign to optimize our portfolio of businesses, CIT to divest approximately $290 Million of Non-Core Assets: approximately $190 million older vintage, out-of-production aircraft as part of its strategy to maintain a modern fleet capable of contributing positively to the company's risk-adjusted returns, accelerate the liquidation of approximately $100 million in manufactured housing receivables, other real estate interests Econocom USA, Inc., Memphis, Tennessee (12/05) provider of solutions for the finance and management of technology assets, announced that it has agreed to sell its lease portfolio to Meridian Leasing Corporation, a Chicago-based provider of IT asset and financial management solutions. Founded in 1979, Meridian Leasing, part of the Meridian Group, is a comprehensive single source for lease financing and used equipment solutions for IT equipment of all sizes, as well as a wide variety of other products. Main Street National Bank, Texas (12/05) Bob Quinn is no longer with Main Street Bank. He was not terminated for cause and he did not quit. That was all Quinn could say, according to our source. Leasing News asked Tom Depping if he would confirm or deny this? “No public comment on this.” Reportedly the man who originated the First Sierra concept was Bob Quinn, not Tom Depping. Bob Quinn approached Tom Depping in 1993 after Denrich was purchased by ATT Capital in December, 1992.Quinn did not feel ATT was dedicated to their Private Label Program so he approached Tom Depping as an old friend and business acquaintance about forming a new company to do nothing but Private Label. http://www.leasingnews.org/archives/December%202005/12-07-05.htm#bob November Willis Lease Finance, Sausalito, CA . (11/05) files its amended Form 10-K for the year ended December 31, 2004. Also noted in the filing "Monica J. Burke tendered her resignation as the Executive Vice President and Chief Financial Office of Willis Leasing Finance Corporation on November 30,2005 to be affected as of January 1, 2005. It is anticipated that Ms. Burke will remain employed by the Company through January 15,2006." The next paragraph notes that Robert Warwick has been appointed the position of Exec. VP and CFO as of January 1. He had worked for the Company as CAO since September 27,2005, and his accounting background is noted, including being the controller for San Mateo Times Newspaper Group and subsequently the Marin Independent Journal. Willis Lease issued a press release on December 6, "Willis Lease today announced that Monica J. Burke will be leaving the company's full-time employment in mid-January and has promoted Robert M. Warwick to Chief Financial Officer from Director of Finance effective January 1,2006." Of interest to readers this may be very similar to the Marlin Leasing announcement, except the Marlin CFO was rewarded with money, more time, and other benefits. The press release had the corporate attorney as the contact as the issue certainly appears poorly handled, although legally correct, perhaps? There is certainly more to the Marlin Story, particularly in comparison to how Willis Lease handled this apparently similar situation. (11/05) to delay third quarter 10-Q filing; As previously announced, the company will restate its financial statements for 2004 and the first and second quarters of 2005. Until the restatements are completed, the company will not be in a position to finalize its financial statements for the third quarter of 2005. Merrill Lynch Financial (11/05) Parent to Acquire WordWave, Inc., a leading provider of litigation support, court reporting, captioning and transcription services for law firms, courts, governmental agencies and corporations worldwide.This acquisition is Merrill's single largest strategic business transaction to date. WordWave is currently owned by Berkshire Partners LLC and Highland Capital Partners, both Massachusetts-based private equity firms. Specific details of the agreement have not been disclosed. The deal is expected to complete by December 31, 2005 and is subject to submission and approval of the governing regulatory agencies. Equipment Finance Group, Fresno, Ca. (11/05) Wheeler tells Leasing News the Fresno Bee story is “erroneous.” He did confirm he was interviewed by the Fresno Police, but explained the three examples were not correct. He expects no legal action. Vendors , seeking payment, who recently visited the office wrote Leasing News: “They are down to one inside sales person, and do not answer the phone. I am told Ken Wheeler comes in around 9:30 to 10:00am, stays to 11:00am, and then goes to his favorite restaurant-bar, returning at 2:00pm and then leaves around 3:00pm to 3:30pm every day. I am also told he has health problems.” http://www.leasingnews.org/archives/November%202005/11-22-05.htm#wheel http://www.leasingnews.org/archives/November%202005/11-21-05.htm#efg (10/05) Leasing News received many e-mails that brokers and vendors could not reach the Equipment Leasing Group in Fresno, California, that the telephone was disconnected. Wheeler says changing telephone systems, down for ten days? (10/05) named to the Inc. 500 a list of the fastest growing companies in the nation for 2005. With the three year revenue increase of 1,450% EFG Leasing Inc. was the #48 fasting growing company. Summit National, Illinois (11/05) concessions and compromises regarding the original leasing software company Summit National, Chicago, Illinois, dispute with Daimler Chrysler, which Summit President Ken Duffy, Sr., said forced the company to fill bankruptcy earlier this year. Willis Lease Finance, Sausalito, CA . (11/05) files its amended Form 10-K for the year ended December 31, 2004. Also noted in the filing "Monica J. Burke tendered her resignation as the Executive Vice President and Chief Financial Office of willis Leasing Fiance Corporaiont on November 30,2005 to be affected as of January 1, 2005. It is anticipated that Ms. Burke will remain employed by the Company through January 15, 2006." The next paragraph notes that Robert Warwick has been appointed the position of Exec.VP and CFO as of January 1. He had worked for the Company as CAO since September 27,2005, and his accounting background is noted, including being the controller for San Mateo Times Newspaper Group and subsequently the Marin INdependent Journal. Willis Lease issued a press release on December 6, "Willis Lease today announced that Monica J. Burke will be leaving the company's full-time employemnt in mid-January and has promoted Robert M. Warwick to Chief Fianncial Officer from Director of Fiancé effective January 1,2006." Of interest to readers this may be very similar to the Marlin Leasing announcement, except Bruce Sickel was rewarded with money, more time, and other benefits. The press release had the corporate attorney as the contact as the issue certainly appears poorly handled, although legally correct, perhaps? There is certainly more to the Marlin Story, particularly in comparison to how Willis Lease handled this apparently similar situation. (11/05) to delay third quarter 10-Q filing; As previously announced, the company will restate its financial statements for 2004 and the first and second quarters of 2005. Until the restatements are completed, the company will not be in a position to finalize its financial statements for the third quarter of 2005. Tech Com (Universal Equipment), Southern California (11/05)United States Attorney for the District of Maryland Rod J. Rosenstein announced that today United States District Chief Judge Benson E. Legg sentenced Ernest Robert Reinhardt, age 35, to 70 months in prison followed by 3 years of supervised release and Byron Allen, age 35, both of Orange County, California, to 37 months in prison followed by 3 years of supervised release in connection with their conviction. Chief Judge Legg also ordered that Reinhardt pay restitution in the amount of $862,044 and that defendant Allen pay restitution in the amount of $712,865. http://www.leasingnews.org/archives/December%202005/12-09-05.htm#ernie TCF Financial Corporation (11/05) to apply for bank in Arizona. TCF is a Wayzata, Minnesota-based national financial holding company with $12.7 billion in assets. TCF has 442 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, securities brokerage, and investments and insurance sales. RW Professional, Long Island, NY (11/05) (11/05) The former branch manager, Myrna Katz of Long Beach, pleaded guilty to making false statements and will be sentenced in January. Four R.W. principals - Rochelle Besser, her brothers Adam and Roger Drayer, all also of Long Beach, and Susan Cottrell, of Mansfield, Mass. - also have pleaded guilty. Another principal, Barry Drayer of Wellesley, Mass., is scheduled to be tried in January before U.S. District Judge Arthur Spatt, along with Stephen Barker of Lake Forest, Calif., the owner of Carefree. Katz's attorney, John Wallenstein, didn't immediately respond to a request for comment. Steve Zissou, one of Barry Drayer's attorneys, said his client is "innocent, and we're going to show that at the trial ... Barry was a salesman." (10/05) Trial postponed for the sixth time. Readers tell Leasing News the key officers will not see any jail time, but will walk. The stall, postponement and deal making have been reportedly the modus operendi as happened at Old Kent, CIT, Sierra Cities, among others. Lease Corporation of American, Troy, Michigan (11/05) Receives approval from the State of Utah for an industrial bank.Lease Corporation of America, founded in 1988, is a private multi-million dollar full service commercial leasing company providing financial solutions for distributors and manufacturers of equipment, funding for a select group of equipment lease brokers and delivering quality assets to financial institutions and other investors throughout the United States. Since its inception, Lease Corporation of America has funded in excess of $405 million of equipment leases involving more than 45,000 transactions. NorVergence, New Jersey (11/05) Popular Leasing receives ruling requested as the St. Louis court found "that NorVergence has no interest relating to the subject of the action [in Missouri] and is not, therefore, a necessary and indispensable party." (11/05) 10,629 NorVergence Leases in Contention.Allegedly 1,371 NorVergence lessees to date have been offered settlements, out of an original estimated 12,000. This does not include the FTC win of $47 million dollars of “uncommitted” signed leases. Leasing News for 30 days has been trying to obtain the statistics in number and dollars of how many lessees accepted the settlements,as they were to do so in 30 days and then the leasing companies to report to the AG's office within 30 days in a specific time frame. (11/05) Hon. James Ryan of the Circuit Court of Cook County, IL, 3rd Municipal District, issues his third decision and order dismissing suits by IFC Credit Corp. against consumers who had NorVergence Rental Agreements ("NRA") assigned to IFC. Judge Ryan held that the forum selection clause in the NRAs was "unenforceable because it offends the public policy of fundamental fairness" and, therefore, the Illinois courts have no personal jurisdiction over the out-of-state defendant QuickTrak, Beaverton, Oregon (11/05) QuikTrak Board of Directors unanimously voted to place Matt Hennessee on indefinite administrative leave status from his position as president, CEO and director. No one has heard the full story or from Mr. Hennessee about the newspaper story. (11/05) Matt Hennessee, President and CEO, also an active pastor, civic leader, is accused of sex abuse in the “Oregonian” newspaper. Pawnee Leasing Corp., Fort Collins, CO (11/05) cars4U Ltd, Toronto, Canada (company traded on the Toronto Stock Exchange) signs agreement to acquire company. For more that 20 years, Pawnee has been a leader on the start-up and near prim finance market throughout the United States." For the year ended June 30, 2005, Pawnee had income before taxes of US$8.9 million." Pawnee's senior management team to continue in their roles with Pawnee. In addition, Rob Day and Sam Leeper, Pawnee's Chairman and founder, and CEO respectively, will be among the trustees for the income fund. Gary H. Souverein to remain as president/COO. Leasing News has exclusive interview: Independence Community Bank Corp (11/05)signs agreement for Sovereign Bancorp signs agreement to acquire 100% of the Brooklyn, New York, for $42 per share in cash, representing an aggregate transaction value of $3.6 billion.Ira Romoff head of leasing company, says he is excited about the merger. October Orix Financial (10/05) Los Angeles, CA., firm Houlihan Lokey Howard & Zukin, an international investment bank, announced that it has agreed to join forces with ORIX (02/05) Microfinancial/Leasecomm (10/05 a net loss for year-to-date for September 2005 at $2.5 million, compared to a lost of $14.8 million for the same period last year. Year to date revenues for the nine months ended September 30, decreased 36.7% to $30.4 million compared to $48.0 million for the period in 2004. (10/05) verified that Microfinancial has sold Transaction Enabling Systems, most likely in September. --------------------------------------------------------------
News Briefs--- GM Reports $8.6 Billion Loss in 'Difficult' Year Orders for big-ticket factory goods post solid gain in December Rates on 30-year mortgages turn slightly higher US home sales begin to mirror the slowdown in Massachusetts China's economy expands by 9.9%--4 th in World Now Oil Rebounds as Political Fears Outweigh Stocks Women-Owned Businesses Growing in U.S. Santa Clara theme park being sold as part of group Greenspan Available February 1 at $500,000 an hour ---------------------------------------------------------------
You May Have Missed My Week as a Waiter http://www.nytimes.com/2006/01/25/dining/25note.html?_r=1
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Sports Briefs---- Raiders interview ex-Rams coach Martz for coaching vacancy http://www.contracostatimes.com/mld/cctimes/13720918.htm ----------------------------------------------------------------
California News Briefs--- Schwarzenegger approval rating recovering http://www.sacbee.com/24hour/politics/story/3108159p-11811298c.html ----------------------------------------------------------------
“Gimme that Wine” U.S. forecast to become world's No. 1 wine market World awash in glut of wine Reality TV show seeks wanna-be winemakers Robert Parker, mFoundry Deliver Advice to Wine Lovers on the Go; World-Renowned Wine Critic's Notes Now Available on Mobile Devices 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 Chocolate Cake Day Fun At Work Day Thomas Crapper Day Mozart Day Snow Goose Festival (California) Polar Bear Festival (Nebraska) Winter Carnival (Minnesota) ----------------------------------------------------------------
Today's Top Event in History 1943-The first air attack on Germany by the Army Air Force in World War II was made by the 8 th Air force led by Brigadier General Haywood Shepherd Hansell III from bases in England. The targets were naval bases and docks at Wilhelmshaven and factories in Emden in northwest Germany. The Americans lost three planes on the mission, two Liberators and one Flying Fortress. Of 64 planes participating in the raid, 53 reached their target The German loss was 22 fighter airplanes and 3 bombers. The 8 th Air Force's Its B-17 Flying Fortresses, capable of sustaining heavy damage while continuing to fly, and its B-24 Liberators, long-range bombers, became famous for precision bombing raids, the premier example being the raid on Wilhelmshaven. Commanded at the time by Brig. Gen. Newton Longfellow, the 8th Air Force was amazingly effective and accurate in bombing warehouses and factories in this first air attack against the Axis power. B-17 Flying Fortresses, capable of sustaining heavy damage while continuing to fly, and its B-24 Liberators, long-range bombers, became famous for precision bombing raids, the premier example being the raid on Wilhelmshaven. Commanded at the time by Brig. Gen. Newton Longfellow, the 8th Air Force was amazingly effective and accurate in bombing warehouses and factories in this first air attack against the Axis power. ----------------------------------------------------------------
This Day in American History 1772 - The "Washington and Jefferson Snowstorm" occurred. George Washington reported three feet of snow at Mount Vernon, and Thomas Jefferson recorded about three feet at Monticello. Super Bowl Champions This Date 1991 New York Giants -------------------------------------------------------------
American Football Poem If IF you can keep your head when all about you If you can dream -- and not make dreams your master; If you can make one heap of all your winnings If you can talk with crowds and keep your virtue, Rudyard Kipling
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