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Tuesday, January 20, 2009
Hope
Headlines---
Welcome Readers/Three Extra's
Classified Ads--- Sales
Pinnacle Business Finance Consolidation
Fred St. Laurent closes Lease Recruiting Business
Buying a Portfolio, see Lease Police first
by Kit Menkin
New Hires---Promotions
Inaugural Luncheon Menu with recipes
Leasing News Top Stories---January 12-16
Cartoon---Bygone Era
Free Classified Site Trucks/Trailers/Const. Equip
Classified Ads---Help Wanted
Bank Beat--What's Happening across America
The best priced leasing conference in 2009
Leasing 102 by Mr. Terry Winders, CLP
"Correct Lease Documents"
Court Record: First Sound Bank vs. Larasco, Secords
Classified ads— Web Sites
Over 8 in 10 corporations have tax havens
Carlyle, TPG, KKR Bid for AIG Aircraft-Leasing Unit
RBS expects full-year loss up to $41.3 billion
Not everyone can refinance to cut mortgage payments
Banks Foreclose on Builders With Perfect Records
'N.Y. Times' parent gets $250M from Mexican billionaire
News Briefs---
You May have Missed---
Top Stories---
Sports Briefs---
"Gimme that Wine"
Today's Top Event in History
This Day in American History
SuDoku
Daily Puzzle
GasBuddy
Weather, USA or specific area
Traffic Live----
Inauguration
January 20th: Musical Selections, 10:00am, EST. President Elect Barack Obama and Vice-President Elect Joe Biden will be sworn in shortly before noon, EST Time, on the West Front of the Capitol Hill, followed by a luncheon with all lawmakers in the Capitol's Saturday Hall and an inaugural parade along Pennsylvania Avenue to the White House.
January 21st: Prayer service: President Barack Obama and Vice-President Joe Biden will participate in a National Prayer Service at the Washington National Cathedral in the morning and begin their administration.
Full Inauguration Agenda:
http://www.lcps.k12.nm.us/News/News_Releases/090116obama.pdf
######## surrounding the article denotes it is a “press release”
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Readers not on the mailing list missed three “extras” on Friday, a first for Leasing News.
Over three-quarters reach Leasing News direct by going to the web site. The “extras” are added, but usually do not appear until the next day on the web site.
Changing topics, if you change your email, please notify us when renewing on line or letting us know the old email no longer works.
If you missed the three “extras,” here they are:
GE Capital Cutting Employees
http://www.leasingnews.org/archives/January%202009/01-16-09c.htm
Pinnacle Closes Florida Office
http://www.leasingnews.org/archives/January%202009/01-16-09a.htm
First Sound Bank vs. Secords
http://www.leasingnews.org/archives/January%202009/01-16-09b.htm
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Classified Ads--- Sales
| Cherry Hill, NJ College grad seeking entry level sales position for equipment leasing and financing in small to mid-size ticket markets. Have 6 months experience in the industry and self-motivated. Contact Matt at 609-280-2178 or email at mkuzan@gmail.com |
| Chicago, IL Sales Executive or Senior Manager, with responsibility for leasing capital equipment in support of transactions based on current market values, market potential and economic trends. tomvolk53@hotmail.com |
Fort Myers, Florida |
Fresno, CA |
| Montgomery, AL Individual with 10 years advertising sales exp. & 7 years insurance sales exp. Wants independent contractor situation in Alabama. Work with leasing company or broker.334-590-5133 E-mail: billmcneal2003@yahoo.com |
Open |
Orange County, CA |
Oklahoma |
| Pittsburgh , PA Aggressive self starter looking for leasing position w/10 plus yrs sales exp., plus banking experience 814-227-4592 mwiser500@hotmail.com |
| Texas/Oklahoma 15 year lease vet looking for plact to take business.great references. all major equipment types. open to compensation. please contact if interested. E-mail: bankingdallas@yahoo.com |
For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
To place a free “job wanted” Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm
ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm
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Pinnacle Business Finance
Pinnacle Business Finance has relocated their operations to their main Tacoma office. Friday Leasing News confirmed the company closed their office in Stuart, Florida, letting ten employees go, but was unable to confirm that the Rancho Cordova office was also closed. It appears in an announcement to brokers who refer them business that both offices are closed.
The Florida office was operated by Chuck Brazier, CLP, Senior Vice-President. The Rancho Cordova office is under Pinnacle President Tim Cetto.
Pinnacle Chairman/CEO Brent M. Hall, CLP, also president of the National Equipment Finance Association, operates the Tacoma, Washington office.
A Leasing News reader provided the following email sent
by Chuck Brazier, CLP:
"To our Valued Business Partners:
"Pinnacle Business Finance Inc. looks forward to a prosperous 2009 and we wish you the same. To properly align all of our operations in the most efficient and cost effective manner, Pinnacle has decided to consolidate all administrative functions into our Headquarters office in Tacoma, WA. Therefore, effective today, all credit applications and funding packages will be processed by our Tacoma office. This change should be relatively transparent to you as we are committed to dedicating the resources necessary to serve you today and in the future.
Please note the following changes effective immediately:
"Send all Credit Applications to: credit@pinnaclecap.com
or
Fax: (800) 821-5903
"Send all Funding packages to:
Pinnacle Business Finance, Inc.
Attn: Tawny Hutchison, Funding Coordinator
5407 12th St. E, Suite A
Tacoma, WA 98401
"In order to continue to offer consistent service and communication, please contact the following individuals to assist you in your business:
"Chuck Brazier, SVP (772) 285-6966 Claude Elmore, (541) 207-3595 Helen Darrington, (772) 403-7203
“Finally, we are confident this change strategically aligns Pinnacle Business Finance with the current economic climate and enables Pinnacle to become an even stronger, more secure funding partner for you today and in the future.
"Sincerely,
"Chuck Brazier
Chuck Brazier, CLP, SVP"
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Fred St. Laurent closes Lease Recruiting Business
Long time leasing recruiting executive, Fred St. Laurent, has closed SFBI Recruiters, Inc. DBA MRI Big Creek, as well as basically gotten out of the leasing business, not rejoining the four leasing associations he belonged, as well as being past membership chairman for the National Association of Equipment Leasing. He remains a member of the Leasing News Advisory Board.
Fred has joined SVP The Primary Group, Longwood, Florida.
"My primary focus right now is going to be in the wealth manager sector supporting TPG in its efforts to recruit for their clients,” he told Leasing News. "That being said they want me to continue to build my desk in Leasing as the economy turns around."
"I am taking calls every day from leasing people who are seeking help, having been cut in the recent layoffs and closures. I will do whatever I can to help anyone I can.
"Of course when the economy does turn around I intend to be here for the leasing industry. I am not going to renew my memberships to any of the leasing associations right now but fully intend to join again as the economy warrants.
"Below is my new contact information. TPG recruited me starting back in December and it is a wonderful group of professionals that I am proud to be working for."
Fred St Laurent
SVP
The Primary Group
2180 W State Road 434, Suite 4160
Longwood, FL 32779
407-869-4111 x151
407-682-3321 Fax
Email:
fredstlaurent@pgsearch.com
Web: www.theprimarygroup.com
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Buying a Portfolio, see Lease Police first
by Kit Menkin
The relatively inexpensive services of Lease Police, Inc. can not only protect you from fraudulent transactions as well as from a vendor with a high problem record. In purchasing a portfolio it is more than the average FICO score, years in business, type of equipment, geographic location and financials that you review, but the vendor.
The great majority of frauds are caused by sellers of the equipment who promote sale/leasebacks as being “common” or “legal” or bury other costs or are out and out frauds, like Operation Fleece, where they even outsmarted site inspections.
A bank which recently purchased another bank portfolio discovered over $500,000 in fraudulent deals from one vendor that also lead to over a $1,000,000 at another leasing company of suspected undisclosed sale/lease backs. While a great number of these leases are still making payments and not in default, the experience with these type of transactions start to fail 12 to 18 months after origin. Both could have been “saved” if they had gone to Lease Police first who had the vendor/seller in their systems (under several names, too.)
For the record, Leasing News does not have access to Lease Police files and specifically does not receive “inside information” from the founder Bernie Boettigheimer, CLP. Leasing News provides information, but to avoid any conflicts of interests, specifically does not see files. Questions are asked, and often we are told to talk to a company direct, where they most often confirm or add to information that Leasing News has obtained. Bernie will also often recommend the company involved to contact us so we can warn others, but all information he receives is kept confidential, including to us.
Bernie Boettigheimer, CLP
President
Lease Police, Inc.
972-361-8111
972-692-8091-fax
214-549-3426-cell
bernieb@leasepolice.com
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New Hires---Promotions
(Photograph by Al Levine)
Don Blody, formerly of Butler Capital, has joined Madison Capital, Baltimore, Maryland, as Credit and Collection Manager. He will be missed at Butler Capital, where CEO and founder Larry Butler told
Leasing News: "Don is a class guy and a real contributor."
Blody outspoken and helpful in alerts to Leasing News as well as constructive criticism, much appreciated, says he was very lucky to join Madison Capital, where Al Levine, long time Leasing News Advisor, is Chief Operating Officer (also a great joke teller and photographer.)
Blody like many in the industry has been through several phases. He was laid off by Barclays Bank of New York in late 1992 when they sold their operation to The Bank of New York. He landed at Tilden which was owned by NatWest Bank at the time. He also survived their acquisition by GE Capital. Eventually GE Capital shut the unit down, as they have a long history in doing, and he wound up at Sovereign Bank (Network Capital.) He had several opportunities as colleagues started other leasing ventures, but decided to go with Butler Capital as he liked the family atmosphere of the company. He had to move from Long Island to Baltimore, Maryland, where his family at first was reluctant but shortly found they really loved the area. He considers himself very lucky to be with Madison Capital so quickly in the area where his family wants to continue to live, too.
dblody@madisoncapital.com
alevine@madisoncapital.com
MADI$ON CAPITAL
Equipment and Vehicle Lease Financing Solutions
9D Gwynns Mill Court
Owings Mills, MD 21117
Direct Line: 443.796.7337
Office: 800.733.5529 x 7337
fax: 443.796.7203
www.madisoncapital.com
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Duckhorn Vineyards & Goldeneye Selected for Inaugural Luncheon We are honored to announce that the 2007 Duckhorn Vineyards Napa Valley Sauvignon Blanc and the 2005 Goldeneye Anderson Valley Pinot Noir were selected by the Joint Congressional Committee on Inaugural Ceremonies to be served at the 2009 Inaugural Luncheon on January 20th. Approximately 200 guests including the new President, Vice President, members of their families, the Supreme Court, Cabinet designees, and members of the Congressional leadership will attend the event in Statuary Hall. 2009 Inauguration Luncheon Menu First Course Second Course Third Course Accolades 2005 Goldeneye Anderson Valley Pinot Noir |
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Leasing News Top Stories---January 12-16
Here are the top ten stories opened by readers:
(1) IFC Credit, Morton Grove, Illinois
Bulletin Board Complaint
http://www.leasingnews.org/archives/January%202009/01-14-09.htm#bbc
(2) Popular Business Finance sold to TFC?
http://www.leasingnews.org/archives/January%202009/01-12-09.htm#pop
(3) GM Plans to Eliminate Saturn, Saab, Hummer, Shrink Pontiac
http://usnews.rankingsandreviews.com/cars-trucks/daily-news/090112-GM-Plans-to-
Eliminate-Saturn-Saab-Hummer-Shrink-Pontiac/
(4) Arnold Olson Passes Away
http://www.leasingnews.org/archives/January%202009/01-12-09.htm#pass
(5) Goodman joins Providence Capital
http://www.leasingnews.org/archives/January%202009/01-16-09.htm#join
(6) Georgia banks’ problems alarming
http://www.ajc.com/business/content/business/stories/2009/01/11/
georgia_bank_problems.html
(7) Leasing 102 by Mr. Terry Winders, CLP
“Lease Format” Chart
http://www.leasingnews.org/archives/January%202009/01-12-09.htm#102
(8) Foreclosure filings soared 81% last year
http://www.chicagotribune.com/business/sns-ap-foreclosure-rates,0,6229726.story
(9) Stopping “Trigger Leads”
http://www.leasingnews.org/archives/January%202009/01-16-09.htm#trigger
(10) BofA getting extra $20B in bailout funds
http://www.usatoday.com/money/industries/banking/2009-01-16-bank-of-
america-20-billion_N.htm
Extra's, not counted for technical reasons:
GE Capital Cutting Employees
http://www.leasingnews.org/archives/January%202009/01-16-09c.htm
Pinnacle Closes Florida Office
http://www.leasingnews.org/archives/January%202009/01-16-09a.htm
First Sound Bank vs. Secords
http://www.leasingnews.org/archives/January%202009/01-16-09b.htm
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(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Scott Wheeler.)
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Free Classified Site Trucks/Trailers/Const. Equip.
www.equipmentready.com is a free classified site for commercial trucks, trailers and construction equipment. Recently Equipment Ready has been targeting private sellers and dealers only. They are in the process of offering to Banks, Funding Sources to post repossessed asset in the above category for free.
In 2008, Equipment Ready receives in average 34k monthly traffic, over 200k monthly page hits, and 25k avg unique visitors. Dealers are able to upload inventory through XML ftp to our server.
The site is also submitted to Oodle.com, Vast.com Gosasa.com and google base not to mentioned 30 search engines.
Contact Jules Dalsey for more information, and how to can upload inventory automatically Via Excel & XML.
Jules Dalsey
www.equipmentready.com
Marketing Director
Direct: 619-847-2723
Fax: 619-819-9974
jules@equipmentready.com
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Leasing Industry Help Wanted
sales
 |
Like selling vendor programs and large transactions? CLICK HERE to find out how to have fun again. |
Please see our Job Wanted section for possible new employees.
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Bank Beat
Apple Valley Bank & Trust Co., Cheshire, Conn ($84.6 million) acquired by Enfield, Conn.-based New England Bancshares Inc. ($541.5 million)in a cash-and-stock deal. Apple Valley Bank will be merged into New England Bancshares unit Valley Bank.
http://www.earthtimes.org/articles/show/new-england-bancshares-inc-announces,680894.shtml
Bank of Clark County, Vancouver, WA was closed by the Washington Department of Financial Institutions with the FDIC becoming the receiver. All insured non-brokered deposits were transferred Umpqua Bank, Roseburg, Oregon. As of January 13, 2009, Bank of Clark County had total assets of $446.5 million and total deposits of $366.5 million. At the time of closing, there were approximately $39.3 million in uninsured deposits held in approximately 138 accounts that potentially exceeded the insurance limits. Umpqua will not assume the approximately $117.8 million in brokered deposits. The FDIC will pay the brokers directly for the amount of their insured funds.
http://www.fdic.gov/news/news/press/2009/pr09006.html
First Bank and Trust Co. of Indiantown, Florida, sold majority shares $84.5 million to investor Wilbur Ross. Linda Post, widow of the former chairman of the bank in 1959, named chair emeritus, retaining a 22.75% interest in the bank.
http://ofccolo.snl.com/Cache/F989CBC07B7221814.PDF?O=PDF&CachePath=%5c%5cd
mzdoc2%5cwebcache%24%5c&Y=&T=&D=
National Bank of Commerce, Berkeley, Illinois, has the distinction to be the first bank to fail in 2009. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Republic Bank of Chicago, Oak Brook, Illinois, to assume all of the deposits of National Bank of Commerce. As of January 7, 2009, National Commerce Bank had total assets of $430.9 million and total deposits of $402.1 million. In addition to assuming all of the failed bank's deposits, Republic Bank agreed to purchase approximately $366.6 million in assets at a discount of $44.9 million. The FDIC estimates that the cost to the Deposit Insurance Fund will be $97.1 million. Republic Bank's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. The last bank to be closed in the state was Meridian Bank, Eldred, on October 10, 2008.
http://www.fdic.gov/news/news/press/2009/pr09005.html
Current List of Failed Banks:
http://www.fdic.gov/bank/individual/failed/banklist.html
Previous Bank Beat articles:
http://www.leasingnews.org/Conscious-Top%20Stories/Bank_Beat.htm
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(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)
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The best priced leasing conference in 2009
Featuring: Gerry Egan, Linda P. Kester, Jim Buckles, Joe Bonanno, CLP, Burke Fosse, Barry Marks, CLP, Sonia Stoddard, Spencer Richman, CLP, Mohammed Ashan, Richard Walker, CLP, Jaime Kaneshina, CLP, David Normadin, and many more, including Paul Menzel, CLP, presenting Bob Teichman, CLP, with the Leasing News Person of the Year Award 2008.
Brochure: http://leasingnews.org/PDF/NAELB_Vegas09.pdf
To Register: http://www.naelb.org/cde.cfm?event=242260
What's going on in Vegas:
Shows:
http://www.lasvegasshows.com/shows/availability.aspx
April 29
http://las.vegas.eventguide.com/days/90429.htm
April 30
http://las.vegas.eventguide.com/days/90430.htm
May 1
http://las.vegas.eventguide.com/days/90501.htm
May 2
http://las.vegas.eventguide.com/days/90502.htm
Sorry, Barry Manilow has the May 1st weekend off.
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Leasing 102
by Mr. Terry Winders, CLP
Correct Lease Documents
I have been asked to present my feelings on generic lease documents. What I mean by that is can you use the same equipment lease agreement for all types of equipment and vehicles. Some do and so long as the lessee pays off correctly no one is hurt, however when problems crop up your lease documents are your salvation. I have seen some lousy lease agreements and can tell you many legal attempts to enforce lease provisions are hampered by poor language and improper provisions.
If you want to use a standard boiler plate document for all leases then put it in modular form so different schedules can be added depending on what type of lease, type of equipment and in what State or States the equipment will be used in. There are big differences between States like Texas, Florida, Louisiana, and Arkansas on how the presentation of responsibilities needs to be laid out in the lease agreement. We also have usury problems on non-true leases beginning to take effect in other States. Also return conditions and maintenance requirements should be on separate schedules according to the industry or equipment leased.
I constantly here complaints about “my documents are too long and the lessee does not want to sign them”. I view that as a sign of a poor sales person. If the Lessee plans to use the equipment correctly and pay for that use all you need is a hand shake, on the other hand the purpose for proper lease documentation is to be prepared to state your claim in court. Poor documents are not the way to go if you have problems. I have said it many times …please visit a good “lease” attorney and have your documents review in light of all the recent changes.
You can create good short documents if it is done on a modular basis so that you only need those provisions necessary to the market you are serving. Also different funding sources prefer that you use their forms and will allow you to put your name in as Lessor, providing you sign an assignment form.
Many think because it is a small ticket transaction the documents need not be so lengthily but in fact it is the fast nature of the transaction and the nature of the risk that actually requires a longer form. You have taken a short approach to the credit and equipment selection with usually a short equipment description so the risk is higher requiring a tighter and longer lease agreement. I know it sounds counter intuitive but there is no excuse for short documents. The court house hallways are littered with the bodies of lessor’s that did not heed the call to proper forms.
If you need to have a recommendation for a good lease lawyer in your state, send an email to Leasing News or one to me, and we will direct you to one.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666.
He invites your questions and queries.
Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm
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(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)
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Court Record: First Sound Bank vs. Larasco, Secords
January 14, 2009
United States District Court for the Western District of Washington (Seattle)
Larasco Inca Washington Corporation, Defendant Louis A. Secord, Ran individual, Defendant, Richard A Secord, an individual
Highlights:
“This case arises out of a series of misrepresentations and omissions by defendants in the sale of their equipment leasing business, Puget Sound Leasing Co., Inc. ("PSL CO"). Defendants made these misrepresentations to induce plaintiff First Sound Bank ("FSB") to purchase a portion of the assets of PSL CO for FSB stock, cash, and other valuable consideration. In purchasing PSL CO's assets, FSB reasonably believed, based on defendants' representations, that it was acquiring rights to leases of high quality (i.e., with low delinquency and charge-off rates), and other assets necessary to operate a profitable leasing business.
However, during the period since the transaction was completed, FSB has learned that PSL CO manipulated its financial records to dramatically overstate the quality of its leases and the profitability of its business. Had FSB known the truth about PSL CO—that its leases had high delinquency rates and that it employed improper business and accounting tactics to inflate its income, disguise delinquencies and hide costs associated with its business—FSB would not have entered into the transaction. By this action, FSB seeks redress for defendants' fraud through rescission of the transaction or an award of damages sufficient to compensate FSB for defendants' fraud.
“25. In fact, the delinquency rates of the loans originated by defendants were higher than represented to FSB. Defendants' financial records were maintained in a manner that significantly understated and failed to properly disclose the number of leases in default. For example, in cases where PSL CO had repossessed property on delinquent loans, PSL CO had applied the proceeds of the repossession to future payments due on the loan. In these cases, the financial records PSL CO provided to FSB reflected that the loans were fully performing even though, in reality, the leases had defaulted and were no longer secured by the leased property (which had been repossessed).
26. In addition to disguising the level of delinquency in the loans PSL CO had
sold to FSB, defendants made additional misrepresentations and omissions that overstated PSL CO's profitability and the value of its assets. These misrepresentations and omissions included:
a. Concealed Liabilities. Defendants failed to disclose to FSB certain liabilities of PSL CO to brokers, including the business practices that resulted in these liabilities. Defendants' omission of information about these secret costs of PSL CO's business caused FSB to overvalue the profitability of PSL CO and to overestimate the viability of its business model. For example, when PSL CO originated many of its leases, it entered into agreements ("Broker Side Agreements") with the brokers who had referred the customer to PSL CO. The Broker Side Agreements provided that, in addition to paying the broker a commission when the lease was originated, PSL CO would pay the broker a commission when the customer paid the residual payment at the conclusion of the lease. Defendants did not disclose the existence of the Broker Side Agreements to FSB and the liabilities resulting from the Broker Side Agreements were not reflected on PSL CO's financial statements. Defendant Louis Secord maintained the Broker Side Agreements in separate files in his office and did not make the files available to FSB.
b. Inflation of Income. PSL CO manipulated its financial statements to create the impression that the business's income was substantially higher than its actual income. For example, PSL CO's lease agreements provided that, in cases where a customer failed to make a lease payment on time, PSL CO could "boost" the value of the optional residual payment that the lessee could make to purchase the leased property at the end of the lease term. Under generally accepted accounting principles, PSL CO could only treat the boosted residual payment as income if and when the lessee actually made the residual payment. PSL CO, however, treated the "boosted" residual as income at the time PSL CO "boosted" the residual payment. Because, in many cases, customers never actually made the "boosted" residual
payment, this accounting process reflected income that PSL CO never earned.
c. Overstatement of Assets. Defendants misrepresented the value of the assets to be transferred to PSL CO in connection with the Asset Purchase Agreement. For example, defendants represented on PSL CO's financial statements that PSL CO's warehouse contained over $450,000 worth of repossessed equipment that was the property of PSL CO. In fact, almost all of the equipment belonged not to PSL CO, but to the Investor Banks who owned the payment streams associated with the repossessed property.
29. For example, in March, 2008 (just after the transaction had closed), Louis Secord caused FSB's Puget Sound Leasing Division to make payments to Investor Banks and take write offs in the amount of $949,487.43. These payments and write offs were the responsibility of PSL CO—not FSB—because they were associated with payments made (or in the case of write offs, payments not made) to PSL CO before the transaction closed. Defendants failed to fully reimburse FSB for the $949,487.43—paying FSB only $460,332.31—and did not disclose and/or attempted to conceal from FSB the fact that FSB had not fully been reimbursed.
30. When confronted with this misconduct, Louis Secord admitted defendants' responsibility for failing to reimburse FSB for the full $949,487.43. Defendants and FSB then entered into a contract entitled Agreement to Clarify Operating Procedures (the "Clarification Agreement"), which was intended to address this issue along with other problems that had arisen after the asset sale. As part of the Clarification Agreement, defendants promised to reimburse FSB for the portion of the $949,487.43 for which they had not yet made reimbursement.
31. However, soon after entering into the Clarification Agreement, defendants disclaimed any obligation to comply with its terms, contending that the Agreement was not enforceable for want of consideration. In fact, the Clarification Agreement was supported by ample consideration, including, among others, FSB's (1) issuance of a $2,000,000 line of credit to Larasco, and (2) agreement to increase the value assigned to goodwill under the Asset Purchase Agreement, which was a benefit that defendants had requested.
32. On November 19, 2008, FSB relieved defendants Louis Secord and Richard Secord of all responsibilities for operating FSB's Puget Sound Leasing Division. On January 12, 2009, Louis Secord resigned from the FSB Board of Directors.”
Leasing News is attempting to obtain a statement from the defendants, Louis, Jr. and Richard Secord.
There is another case pending filed in King County Superior Court regarding Larasco and claims against leases and residuals at 12 other banks that also relates to this complaint.
Full copy of January 14, 2009 complaint:
http://leasingnews.org/PDF/First_Sound_v_Larasco.pdf
January 7, 2009 “inside story:”
Will Puget Sound Leasing Survive?
by Christopher Menkin
http://www.leasingnews.org/archives/January%202009/01-07-09.htm#puget
|
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)
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Classified ads— Web Sites
Leasing Industry Outsourcing
(Providing Services and Products)
Web Design & Marketing
Why spend your time and money teaching some marketing firm how the leasing industry works? Leasing websites, secure applications & marketing. DFCO, LLC
www.dfco.com/leasing
Dana Freeman
dana@dfco.com
All "Outsourcing" Classified ads
(advertisers are both requested and responsible to keep their free ads up to date):
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm
How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm
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News Briefs----
Over 8 in 10 corporations have tax havens
http://apnews.myway.com/article/20090116/D95OHIB80.html
Carlyle, TPG, KKR Bid for AIG Aircraft-Leasing Unit
http://www.bloomberg.com/apps/news?pid=20601087&sid=ar41fQ0H2Ktw&refer=home
RBS expects full-year loss up to $41.3 billion
http://www.usatoday.com/money/industries/banking/2009-01-19-royalbank-
scotland-losses_N.htm
Not everyone can refinance to cut mortgage payments
http://www.usatoday.com/money/economy/housing/2009-01-15-refinance-
mortgage-payments_N.htm
Banks Foreclose on Builders with Perfect Records
http://www.nytimes.com/2009/01/20/business/economy/20builders.html?ref=business
'N.Y. Times' parent gets $250M from Mexican billionaire
http://www.usatoday.com/money/media/2009-01-19-new-york-times-slim_N.htm
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You May have Missed---
About to become extinct
http://leasingnews.org/PDF/extinct_list.pdf
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Top Stories
These are the ten top stories chosen by readers as being the most read from the previous week:
http://www.leasingnews.org/archives/January%202009/01-12-09.htm#top10
Top Stories Archive:
http://www.leasingnews.org/Conscious-Top%20Stories/Ten_top_stories.htm
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Sports Briefs----
McGahee after hit: 'I'm all right'
http://www.baltimoresun.com/sports/football/bal-ravensstatement119,0,992649.story
Sources: Dallas Cowboys often tardy, undisciplined in '08
http://www.dallasnews.com/sharedcontent/dws/spt/stories/012009dnspocowlede
.3f77524.html
Wake Forest jumps Duke for No. 1 spot in coaches' Top 25
http://www.usatoday.com/sports/college/mensbasketball/2009-01-19-coaches-poll
_N.htm?loc=interstitialskip
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“Gimme that Wine”
Wine industry excited by Obama
http://www.decanter.com/news/275116.html
US could be world's No. 1 wine drinker
http://abclocal.go.com/kfsn/story?section=news/national_world&id=6603038
Silver Oak celebrates Oakville winery opening
http://www.napavalleyregister.com/articles/2009/01/16/wine/doc49702d176
e329558096385.txt
Women & Wine Surveys Wine Lovers on Buying Wine in Restaurants Provides Details to Industry Already Impacted By the Economy
http://www.prweb.com/releases/2009/01/prweb1877074.htm
Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/
US/International Wine Events
http://www.localwineevents.com/
Winery Atlas
http://www.carterhouse.com/atlas
Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.
http://www.liv-ex.com/
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Today's Top Event in History
1870-Hiram Rhodes Revels elected U.S. Senator from Mississippi, becoming the first Black US Senator in US history. Ancestry was Black. American Indian. Lumbee Indian . Republican. Member of Mississippi state senate , 1870; U.S. Senator from Mississippi , 1870-71; secretary of state of Mississippi , 1873 Died while attending a church conference , in Aberdeen, Monroe County , Miss., January 16 , 190 1. Polite and unassuming, Revels was a national sensation and honored guest at lavish Washington receptions. When he presented his credentials on Feb. 23, Senate galleries were packed. To Republicans, he was living proof the war had advanced civil rights. The portly Revels was seated by a convincing 48-8 vote. On Feb. 25 at 4:40 p.m., he officially became the first black man to serve in either the Senate or the House of Representatives. Sen. Revels' dignified congressional service ended in March 1871. Returning to Mississippi, he co-founded "Revels University" for African-American students, became its first president and then crusaded to change the school name to "Alcorn University" to honor the white governor who supported his efforts. He also taught at Shaw University and was elected Mississippi secretary of state. To obtain election, politics would change and a deal was made with southern Democrats, and reconstruction would end. It would not be until November 8, 1966 that another black would be elected to the US Senate; Edward W. Brooke of Massachusetts.
http://bioguide.congress.gov/scripts/biodisplay.pl?index=R000166
http://freepages.folklore.rootsweb.com/~docbratt/hiram_rhodes.htm
[headlines]
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This Day in American History
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1778 - Captain James Cook discovered Hawaii when he landed first at Waimea on Kauai Island. A graffiti marked plaque honors the spot, although the town has a statute of the famed explored, evidently not liked to this day by the islanders. Super Bowl Champions This Date 1980 Pittsburgh Steelers |
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SuDoku
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
http://leasingnews.org/Soduku/soduko-main.htm
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Daily Puzzle
How to play:
http://www.setgame.com/set/puzzle_frame.htm
Refresh for current date:
http://www.setgame.com/set/puzzle_frame.htm
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http://www.gasbuddy.com/
http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx
http://www.gasbuddy.com/GB_Mobile_Instructions.aspx
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Weather
See USA map, click to specific area, no commercials
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Traffic Live---
Real Time Traffic Information
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You can save up to 20 different routes and check them out with one click,
or type in a new route to learn the traffic live.
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