Friday, July 6, 2012
Warning: July 9th is the Virus Day
You May have Missed---
######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
Warning: July 9th is the Virus Day
Leasing News wrote about this in April. It sounds like one of those annoying chain emails that show up from technically challenged acquaintances: "The FBI Will Take Your Computer Offline July 9 if it has A Virus! Visit This Site Immediately To Check!! Forward This to Everyone You Know!!!"
It is not a hoax---see Snopes (1)
The Federal Bureau of Investigation really has posted a warning on its site about the risk of "DNSChanger" malware, which really will result in your computer getting disconnected from the Web on July 9 if you don't clean it up. You won't be able to go online, and you'll need to contact your service provider for help getting the malware deleted before you can reconnect to the Internet.
Check your computer as hackers have already infected more than 570,000 computers worldwide, according to the FBI. The scam netted the hackers at least $14 million.
A few mouse clicks could mean the difference between staying online and losing your Internet connection.
The problem began when international hackers ran an online advertising scam to take control of infected computers around the world. In a highly unusual response, the FBI set up a safety net months ago using government computers to prevent Internet disruptions for those infected users. But that system is to be shut down.
Visit http://www.dns-ok.us/ to find out whether your computer is infected. It is quick and easy.
If you think your computer is infected, visit http://www.dcwg.org/fix/ to learn how to fix the problem.
(1) Snopes: True
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Marlin Amends Wells Fargo Capital Line
Marlin Receivables Corp. amended its $75 million three-year committed loan facility with Wells Fargo Capital Finance LLC pursuant to the first amendment to the loan and security agreement, dated as of Oct. 9, 2009. Changed is the "Applicable Marin" to mean 2.75% per annum and redefining "Base LIBOR Rate."
There are other changes in the contract including "an unused line fee...on the first day of each calendar quarter..." as well as "...(b) Lender shall have received (i) payment of the $200,000 closing fee set forth in the Fee Letter as being due and payable on the effective date of this Amendment, and (ii) payment for all of Lender’s reimbursable costs and expenses incurred in connection herewith (to the extent invoiced);"
It is interesting that the copier division, which has produced the extra month income (and the actual net profit for Marlin) that (ee) that portion of the Net Investment in each Lease that has an original term greater than 63 months, but not greater than 72 months, which, when added to the Net Investment in all other such Leases that are not excluded by other items of this definition and not excluded by this item (ee), exceeds three percent (3%) of the Preliminary Total Eligible Leases;
"(ll) (i) that portion of the aggregate Net Investment in all Leases covering property that is included in an Equipment Type other than copiers, not excluded by other items of this definition, which exceeds ten percent (10%) of the Preliminary Total Eligible Leases, and (ii) that portion of the aggregate Net Investment in all Leases covering property that is included in the Equipment Type of copiers, not excluded by other items of this definition, which exceeds forty percent (40%) of the Preliminary Total Eligible Leases;"
Copiers make up 35.26% of the December 21, 2011 Marlin Equipment category, up from 2010 at 33.12%.
"Our leases generally include renewal provisions and many leases continue beyond their initial contractual term. Based on the Company’s experience, the amount of ultimate realization of the residual value tends to relate more to the customer’s election at the end of the lease term to enter into a renewal period, purchase the leased equipment or return the leased equipment than it does to the equipment type. We consider renewal income a component of residual performance. Renewal income, net of depreciation, totaled approximately $7.5 million, $7.7 million and $7.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. "
"As of December 31, 2011, there were $32.7 million of residual assets retained on our Consolidated Balance Sheet, of which $26.5 million, or 80.9%, were related to copiers. As of December 31, 2010, there were $37.3 million of residual assets retained on our Consolidated Balance Sheet, of which $30.6 million, or 82.0%, were related to copiers... Improvements in technology and other market changes, particularly in copiers, could adversely impact our ability to realize the recorded residual values of this equipment."
Note: no mention of any possible change in states that require notification at the end of the initial lease agreement.
New Wells Fargo Agreement:
Hudson Juggles Original Investment to $1 Billion in Assets
Steve Hudson has manipulated his original raising of capital to merge Element Financial Corporation, Toronto, Canada into a management company with total assets of $1 billion, he estimates, with the completion of the acquisition of 100% of TLSI Holdings Inc. ("TLS"), the holding company of TLS Fleet Management ("Transportation"), from Scotiabank and the company's other shareholders for aggregate consideration of $146.7 million plus debt (the "Acquisition"). The Acquisition provides Element with more than $460 million of lease assets.
(Scotiabank needs is looking for money, particularly with the class action lawsuit being approved regarding five thousand current and former Scotiabank employees who worked at Canadian branches from Jan. 1, 2000, to the present, who are seeking $350 million for unpaid overtime.)
Hudson also announced Element has increased its warehouse funding facilities to $75 million. With the new facility, he states Element has increased its available third party funding capacity from $355 million to $805 million.
"In 27 months, we have grown our finance asset portfolio from $6 million to approximately $1 billion while preserving credit quality and minimizing credit losses," he said in a company press release. "Our new funding facilities, together with the $87 million from our recent equity financing, provide Element with a strong balance sheet and position the Company for continued growth."
Element Financial stated "The approximately $522 million funding required to complete the Acquisition was satisfied through a combination of $122 million in cash and approximately $400 million advanced under a new securitization arrangement for the Transportation vehicles and lease assets. As part of the closing of the Acquisition, Element and TLS entered into arrangements with an affiliate of a Canadian Schedule I bank providing for the securitization of substantially all of TLS' vehicles and related lease assets (the "Securitization Arrangements"). Pursuant to the Securitization Arrangements, Element has sold to a newly formed limited partnership (the "Partnership") the eligible vehicles and lease assets owned by TLS, and the Partnership issued notes to the bank's securitization conduit to finance the purchase. The Partnership and related Securitization Arrangements have been established as a permanent funding structure to finance the securitization of future Element and TLS lease assets."
"Element Financial Corporation operates in three specific segments of the equipment finance market through Element Capital, a business unit operating in large ticket equipment leasing, Element Finance that currently originates equipment finance assets within specific segments of the mid-ticket equipment finance market through its four specialized groups: manufacturing and industrial, transportation and construction, healthcare and golf equipment, and Element Fleet which provides fleet leasing for vehicles, trucks and equipment together with value-added services. Each business vertical has national scope and coverage. Please see www.elementfinancial.ca for Element's latest corporate presentation."
Six Month BBB Leasing Company Ratings
Changes since April 10, 2012
Chase Industries, Grand Rapids, Michigan, company "dissolved” in 2011, founder filed personal BK: BBB rates company A+ with many claims from vendors not paid as well as leasing companies and other creditors (removed from Leasing News list)
LCA is now an A from A+
US Bank Manifest is now an A from A+
Marlin moves from an A- to an A
Navitas moves from an A- to an A
Balboa moves from a B- to a B+
Varilease moves from a B- to a B
Business Leasing Northwest moves from an F to a "not rated"
Time Payment is rated C+ from “not rated”
---Bulletin Board Complaints and their BBB Ratings---
Ability Capital Solutions, Long Beach, California: A
Liberty Capital, Aliso Viejo, California C
Marlin Leasing, Mount Laurel, New Jersey A
Alliance Funding Group, Orange, California
Bankers Capital, Northborough, Massachusetts
BSB Leasing, Englewood, Colorado
Chase Industries, Grand Rapids, Michigan
CSI Leasing, St. Louis, Missouri
De Lage Landen Financial Services, Incorporated, Wayne, Pennsylvania
Direct Capital, Portsmouth, New Hampshire
Innovative Leasing Services, Inc Carlsbad, California
Accredited since 08/01/1997
Orion First Financial, Gig Harbor, Washington
Accredited since 09/02/1999
Pawnee Leasing, Fort Collins, Colorado
---Accredited since 08/21/2007
Radiance Capital, Tacoma, Washington
Southern California Leasing Inc., Tustin, California
Studebaker-Worthington Leasing Corp., Jericho, New York
TCF Equipment Finance, Minnetonka, Minnesota
United Leasing, Evansville, Indiana
--Accredited since 12/13/2007
Mazuma Capital Corp., Salt Lake City, Utah
Accredited since 04/01/1970
Celtic Leasing, Irvine, California
Tristar Capital, Santa Ana, California
Newport Financial Partners, Newport Beach, California
LEAF Financial Corporation, Philadelphia, PA
Varilease Finance, Inc., Salt Lake City, Utah
Balboa Capital, Irvine, California
Main Street Bank, Kingwood, Texas
Liberty Capital LLC, Aliso Viejo, California
Barklay Capital, Inc., Costa Mesa, CA
Benchmark Financial Group, Aliso Viejo, California
Equilease Financial Service, Norwalk, Connecticut
Susquehanna Commercial Finance, Pottstown, Pennsylvania
NOT Rated Any More:
ACC Capital, Midvale, Utah
Business Leasing NorthWest, Seattle, California
Enterprise Capital Partners dba Enterprise Leasing, Spokane, Washington
Icon Capital Group, Harrison, New York
Somerset Capital Group, Milford, Connecticut
Many banks and financial Institutions with leasing entities evidently do not have their leasing divisions separated from bank and financial institutions ratings. No rating was found on the leasing divisions.
Find your company's BBB listing by going to www.bbb.org and using your zip code first for the right division.
Tom Bazies was appointed regional sales manager at Ascentium Capital, Kingwood, Texas, working out of the greater Philadelphia, Pennsylvania area. Previously he was business development manager Marline Business Services (May, 2011-June, 2012), sales manager, hot courses USA (March, 2010-May, 2011), business development manager, Education Dynamics, LLC (June, 2007- March, 2010), loan officer, First NLC Bank (January, 2007-June, 2007), territory manager, Canon Financial services (August, 2005-January, 2008)Salesianum School, Wilmington, DE (2001), Community College of Philadelphia Associates, Business Management, (2003), University of Phoenix Business Management (2004).
Steve DiJohn named account manager Ascentium Capital, Kingwood, Texas, working out of the Philadelphia area. Previously he was an account associate at CoActiv Capital Partners (2010-Present), clinical account manager, Yoh (October, 2008-December, 2009) business development associate, Octagon Research Solutions (May, 2007-October, 2008). Bloomsburg University of Pennsylvania B.A., Organizational Communication, Economics (2003 – 2007). Activities and Societies: BU Inline Hockey Team TKE
Katie Emmel was appointed Vice President, Product Management, International Decision Systems, Minneapolis, Minnesota. She joined the company in 1987 working in product management and support, with her previous position as senior director of product management. "She brings to the position extensive expertise on asset lease and loan software products, product strategy and client management. In her new position, Ms. Emmel will oversee the company’s current product portfolio and new product strategy.
“'Katie Emmel brings an impressive level of professionalism, leadership and client service to this role, as well as a tremendous knowledge of the industry,' said Michael Campbell, Chief Executive Officer of IDS.’Based on her past outstanding contributions, I’m confident in her ability to help us continue to drive success...
I’m proud to be part of a team focused on delivering industry-leading knowledge and solutions,' he continued. 'This is an exciting opportunity and I look forward to helping IDS continue to grow as a global market leader'.”
Tim Miller was appointed a business development professional for Ascentium Capital, Kingwood, Texas.
Brian Minjares named Commercial Equipment Lease Manager at TAB Bank, Ogden, Utah. Previously he was Sr. Credit Analyst, Pacific Western Equipment Finance (December, 2010-June, 2012), commercial lease analyst, Zions Credit Corporation (December, 2003-December, 2010), Portfolio manager, Irwin Union Bank (2001-2003). Westminster College MBA, Accounting (1999 – 2001), Brigham Young University Bachelor of Arts (B.A.), (1989 –1992) Fluent in Spanish
Jason Norton named Vice President, Product Development at TransUnion, Greater San Diego area, California. Previously he was president, safetyNET marketing (March, 2012-July, 2012), director of marketing, Five Point Capital (2010-2012), vice president, head of Online Expertise Optimization (HSBC North America (2010-2010), vice president, marketing (2008-2010), Associate vice president, strategic internet initiatives, HSBC Auto Finance (2007-2009), director and head of Marketing, Forwardline Financial (2006-2007), associate vice president, direct marketing, Countrywide Financial Corp (2005-2005), Marketing manager, Vision-X, Inc (2002-2004), consultant, Accenture (1998-2001). Creighton University MBA, Marketing, IT Management (1996 – 1998), Graceland University BA, Accounting, Business Administration, Economics (1992 – 1996), Chula Vista High School, diploma.
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2012's Best Franchise Deals
Bojangles’ Famous Chicken ‘n Biscuits
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Freddy’s Frozen Custard & Steakburgers
Total U.S. Unit Count: 58 / 49 franchised
Moe’s Southwest Grill
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#### Press Release ##############################
Signature Bank President and Chief Executive Officer Earns Gold Stevie® Award
Joseph J. DePaolo Named Executive of the Year in Accounting,
President and CEO Joseph DePaolo
NEW YORK—-- Signature Bank (Nasdaq: SBNY), a New York-based full-service commercial bank, announced today that its President and Chief Executive Officer Joseph J. DePaolo was named executive of the year in the accounting, banking and financial services category of the 10th Annual American Business AwardsSM. This resulted in DePaolo earning the gold Stevie ®Award for that category.
DePaolo received an honorary nomination to the best executive category. Each year, the Stevie Awards, sponsor of the world's premier business awards programs, automatically nominates a very few of America's best executives into The American Business Awards competition, and DePaolo was selected for the submission.
The American Business Awards are the nation’s premier business awards program. All organizations operating in the U.S. are eligible to submit entries including public and private, for-profit and non-profit, large and small. This year, more than 3,000 entries from companies of all sizes and in virtually every industry were submitted for consideration across 100+ categories.
“We are delighted that Joe was among the select handful of executives from across the country to be chosen as an honorary nominee, and subsequently, that the judges deemed him the gold winner in the banking category. He is truly a distinguished colleague, partner and leader. Joe he has made a significant contribution to the growth of relationship banking via Signature Bank,” noted Scott A. Shay, Chairman of the Board.
“Signature Bank has grown to more than $15 billion in assets, purely organically in just 11 years, by focusing on the relationship component of personal banking through its single-point-of-contact approach. I can attest that it’s not just Joe’s management skills which set him ahead of the pack, but also the level of dedication, commitment and passion that he brings to the Bank everyday, which is inspiring to all our colleagues. We thank the judges and the Stevie Awards for acknowledging Joe’s banking expertise with this prestigious recognition,” Shay concluded.
The Stevie Awards were presented during ceremonies held at the Marriott Marquis Hotel in New York City on June 18, 2012. The ceremonies were hosted by Cheryl Casone of Fox Business Network and broadcast nationwide on radio by the Business TalkRadio Network. More than 270 executives across the country participated in the judging process to determine the Finalists and Stevie Award winners.
About The Stevie Awards
About Signature Bank
### Press Release ############################
(This ad is a “trade” for the writing of this column. Opinions
### Press Release ############################
Former NFL Wide Receiver Sentenced For Lying to a
Santa Ana, CA – Johnnie Morton Jr., former wide receiver for the Detroit Lions, Kansas City Chiefs and San Francisco 49ers, was sentenced in United States District Court for lying before a federal grand jury to two years probation.
"While attending the University of Southern California, Morton played for the USC Trojans football team from 1990 to 1993. He broke twelve USC team and Pacific-10 Conference records for receptions and receiving yards. Morton was nicknamed "Johnnie Hero" by USC broadcaster Pete Arbogast, thanks to a game-winning touchdown pass Morton caught in the 1990 USC-UCLA rivalry game—a 23-yard strike from Trojans quarterback Todd Marinovich with 16 seconds left that gave the Trojans a 45-42 come-from-behind victory....His best season statistically was during the 1999 season when he had 80 receptions for 1129 yards on a surprising Lions team that made the playoffs that year, despite the unexpected retirement of Barry Sanders. All told, Morton finished his pro career with 624 receptions for 8719 yards and 43 touchdowns. He currently ranks second on Detroit's all-time list in both receptions and yards-receiving, with 469 and 6,499, respectively." ((He has done some modeling and acting work, including an appearance playing himself in the film Jerry Maguire. (August 10, 2005)
Johnnie Morton Jr., 40, of Redondo Beach, California, testified under oath before a federal grand jury in Santa Ana, California on September 30, 2009. The grand jury was inquiring into possible violations of federal money laundering laws by a business associate of Morton’s, Neang Chhorvann.
Neang AKA: Nick Chhorvann, 32, of Bishop, California, pleaded guilty to one count of money laundering, including a purchase of a Lamborghini Murcielago on March 29, 2011. Chhorvann was scheduled to be sentenced on August 8, 2011 but failed to appear. A warrant has been issued for his arrest.
During Morton’s grand jury testimony, Morton testified that he did not have any business dealings with Chhorvann, but gave Chhorvann a few hundred thousand dollars as a personal loan. Morton also stated in his grand jury testimony that he did not know an unidentified business associate of Chhorvann and the business Titan Water System.
Morton later admitted that he lied in his testimony before the grand jury. According to the plea agreement, throughout 2007, Morton gave Chhorvann over $2 million to be invested for a profit by Chhorvann. These payments included direct transfers to Chhorvann’s bank accounts and payments to car dealerships for automobile purchases by Chhorvann.
Morton also admitted that he called a third unidentified business associate of Chhorvan’s at the direction of Chhorvan. Morton purported to be a potential investor interested in a company called Titan Water System, in an attempt to lull the business associate for Chhorvann. Morton was aware at the time of the call that the business associate had invested approximately $500,000 with Chhorvann.
Neang AKA: Nick Chhorvann is currently a fugitive and facing a maximum sentence of 10 years imprisonment. If you have any information regarding his whereabouts, please contact the U.S. Attorney’s Office.
The investigations of Johnnie Morton Jr. and Neang AKA: Nick Chhorvann was conducted by IRS-Criminal Investigation and the United States Attorney’s Office in Santa Ana.
#### Press Release #############################
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Rough Rider (named by rescuers)
"Rough Rider ("Rider") is an 8 year old, very handsome black Labrador. At 83 pounds, he is a pretty solid and muscular dog. Rider is now in great shape, but that was not the case when he first came to Big Dog Rescue. He had either jumped or fallen (or was pushed?) from a truck and had rolled hard along the road ... hence the name "Rough Rider." His entire body was covered with bruises and road rash sores. He also hyperextended his front legs in the fall. He spent weeks recovering from this ordeal, especially the hyperextension - a very painful condition that made him lame for some time. We think he SO deserves a second chance at this point!
Rider has The Best temperament: he is a sweet, loyal and affectionate boy who loves people. He is very gentle and calm - not boisterous like some Labs. He is a wonderful house dog: a couch potato who loves walks but is also happy to hang out at home. Although he is 8 years old, he behaves like a much younger dog so please do not let it put you off! This fella is healthy, active and loves to play. He gets along great with other dogs and with cats, and he loves kids. He is housetrained and crate trained. Rider is neutered, vaccinated, heartworm negative and microchipped. Adoption fee $100. Fostered by Dee Ann.
Foster Parent: Dee Ann
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