Archives---July 23, 2002
Origins of the Leasing Business

Your story this morning (Monday) re: B of A being the first bank lessor reminded me of the origins of the leasing industry in this country. B of A played a role in that event too, albeit unwittingly.
 
In 1952 a small neighborhood grocery market in San Francisco needed to replace a food cooler that had given good service since before the Second World War but now was beyond repair. The owner of the market, who had both his personal and business accounts with Bank of America, applied for a loan at his local branch. He asked that the loan be payable in installments over three years instead of on a demand note, as was customary in bank lending at the time. He also offered to grant a lien against the food cooler in favor of the bank. They turned him down.
 
Shortly thereafter he was talking with one of his regular and best customers and told him about his recent disappointing experience with B of A. The customer, after talking with his brother and two friends, all of whom were customers of the market, decided they would buy the food cooler and lease it to the business. An equipment lease was a legal construct that one of the men (an attorney) recalled reading about earlier in law school.
 
They formed a company to accomplish the lease (United States Leasing Corporation) and, delicious irony, they then took the lease document to a B of A branch used by one of the four and discounted the stream of rents inherent in the lease they owned. Non-recourse!
 
I have always thought that it said a lot about the leasing industry, its
origins in this country, and its phenomenal success since 1952 that one of the four was an engineer, two were attorneys and one was a used car salesman.
 
This story came to me one day in the early 1970's in a conversation with the late Henry Schoenfeld, one of the four, who was then Vice Chairman of United States Leasing International, Inc., the successor to USLC, and the company generally credited with creating equipment leasing as we now know it.
 
All the best.
 
Stan 
Stanley A. Evans, Jr.
Executive Solutions for Leasing and Finance, Inc.

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Classified Ads---Legal

(These ads are “free” to those seeking employment
or looking to improve their position)

San Diego , CA 
Experienced in-house corporate, equipment leasing and financial services attorney seeks position as managing or transactional counsel. Willing to relocate.
Cell Phone: 760-533-4058
Email:marshallrosenberg@gmail.com | Resume

Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

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674 Dentists Win Judgment/Brican America
(Includes Special Report from Attorney Ron Gossett)
by Christopher Menkin

Ron Gossett of Gossett & Gossett, P.A., Hollywood, Florida, announced a ruling by U.S. District Judge Patricia A. Seitz, Southern District of Florida, favoring 665 plaintiffs being sued by the medical financial group (primarily chiropractors) NCMIC Finance Corporation dba Professional Services (PSFS), Clive, Iowa, regarding contracts with Brican America, Inc., Miami, Florida. The group that won consisted of 674 plaintiffs (he lost 9) that had to do with their signing Marketing Agreement Versions 4 through 8.

The earlier summary judgment was not addressed in trial, and stands until either reversed by the judge before entering a final judgment, or reversed by the 11th Circuit Court of Appeals.

Many of the doctors kept the equipment, modified, found a software company or an individual who knew software, and continued the operation of the system. Several bought other systems. Several tried to dispute with the leasing companies and eventually lost. There also were smaller groups in various states who joined together.  Many thought the dental society would help them out. 

“I represented 1040, which included about 100 who had leases with Brican Financial Services,” Attorney Ron Gossett told Leasing News. “While this was not a co-effort with another law firm, I worked closely with David Charlip (who represented about 160), but was the lead attorney appointed as such by the court in the putative class action.  Class certification was denied because we were able to get such a large percentage of the customers directly involved in the suit, and because NCMIC agreed that it would be bound by the outcome of this case.  Given the fact that NCMIC last funded contracts in April 2009, and they were 5 year contracts, those who did not join our group continued to make their payments, and have now paid off the contracts.

“Thank you again for the referral of these people.”

It should be noted that the dentist group, who started a blog on Yahoo, had asked the writer to recommend an attorney.  Ron Gossett was recommended, due to his work in the NorVergence matter (he discovered that in the presentation the selling of service to telephone companies was noted in presentations and that meant leasing companies were aware of the “maintenance factor” and costs, leading to the many settlements with state AGs). Also recommended was Attorney Michael Witt, in practice in Iowa where PSFS was located (Witt excused himself after reviewing the matter due to being an ex-Wells Fargo Leasing attorney and possible conflicts of interests).

Let's go back to the very beginning, October, 2009 (1), where Leasing
News posted an “alert” about the selling of the Brican American portfolio provided by Lease Police that they were carrying that they were trying to discount to other banks and other leasing companies with Chuck Brazier representing the company.  The credits were very good. The yields were very good. The fact that advertising was paying the lessee money to make the payments was not disclosed.

Brican formed Brican Financial Services after NCMIC shut down funding, and entered into about 300 leases.  1672 leases were financed by NCMIC, a handful were financed by DLL, and some were initially financed by Baytree (who discovered the fraud and made Brican repurchase those leases).  There was a handful to smaller banks and other leasing companies.

The fact is they all signed leases along with marketing agreements for flat-screen TV, computer, installation, and software, having an equipment cost of approximately $3,500, as well as software.  The company also supplied (and also was hired for and paid separately) advertising for the doctor's reception area, videos on what the doctor offered, as well as advertisements for dental and other products, which allegedly was to pay for the monthly lease payment.  A typical lease had a 60-month term, a dollar purchase option, and a total of payments of approximately $24,000 ((carrying an implicit annual interest rate, arguably, of about 137%-- $3500 original principal (equipment cost), $24,000 total of payments over 5 years = 137%)).

Many were paying a higher leasing payment per year, as Attorney Ron Gossett reports. Since market was to make the lease payments, they evidently were not concerned about the implied interest rate.

When the scheme fell apart, after NCMIC Finance and many other leasing companies realized what was happening, Brican could no longer sell their contracts and the "Ponzi scheme" imploded. The founder of the company, Jean-Francois Vincens, a French and Canadian citizen, allegedly had run a similar scam in the past (and is reportedly involved in a similar practice in Canada today.) (2)

Ron Gossett has more about this in his report, which gives a more
detailed and accurate than this abridged version.

(1) Alert--Brican America, Miami, Florida
http://www.leasingnews.org/Conscious-Top%20Stories/brican_america.htm

(2) Alert: Déjà Vu---Jean-Francois Vincens
http://leasingnews.org/archives/December%202009/12-09-09.html#alert

Judge Patricia A. Seitz Findings of Fact and Conclusion of Law (63 pages)

Attached is a more detailed and accurate account written by
Attorney Ron Gossett, expressly for Leasing News (six pages)
“This case proves two idioms—a leopard never changes its spots, and there is no such thing as a free lunch, and proves that an ostrich is not to be emulated in times of trouble.”

http://www.leasingnews.org/PDF/RonGossett_2014.pdf

 

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Dodd-Frank: Behind schedule and under scrutiny
SNL Financial Exclusive
By J. Daniel Young and Jasmine Castroverde

Politicians fashioned the massive Dodd-Frank Act in a post-crisis world aiming to repair the financial environment through a bold new plan. Yet four years after being signed into law by President Barack Obama, portions of the law's rulemaking requirements are still up in the air, and critics are calling for changes that will rein in the equally massive amount of regulations spun from the law.

As a Davis Polk & Wardwell LLP progress report on the legislation indicates, the deadlines for 280 rulemaking requirements have passed, as of July 18. Of those, 127 deadlines were missed. Of the 398 total required rulemakings contained in the bill, 96 have yet to be proposed

And four years on, supporters and critics alike offer differing and varying views on the future of the act.

The Bipartisan Policy Center released a report outlining 10 solutions for regulators and a separate list of 10 solutions for Congress. Some suggestions, such as a recommendation to increase transparency at the Financial Stability Oversight Council, align with the desires of detractors such as House Republicans in the Financial Services Committee.

But alongside the criticisms of Dodd-Frank, the Bipartisan Policy Center said the law made progress in some areas. A report by the center said that the creation of the significantly important financial institution resolution authority, increased capital requirements, increased oversight of the entire financial system, enhanced consumer protection and extended consumer protection authority to nonbanks, among other actions, were segments of improvement.

Still other observers say that Dodd-Frank was not necessary. Hester Peirce, a senior fellow at the Mercatus Center at George Mason University, told SNL that the power and authority delegated to regulators as a result of Dodd-Frank was the opposite of what should have been done. She contends that the market should hold itself accountable. "If you could replace all the regulations we've done and just have higher capital, you'd have a safer system," she said.

Similarly, attorney Oliver Ireland at Morrison & Foerster said the costs of Dodd-Frank "significantly outweigh the benefits in terms of overall financial stability." He added, "We are looking at a huge piece of legislation, imposing a lot of costs and a lot of changes in the system and it's not clear what the benefits are."

And with so much yet to materialize, the effects of Dodd-Frank are still unknowable, according to Ireland. "The effective dates tend to be off into the future and you don't really see the effects of them until after the effective date," he said. "We are a ways off from seeing what the post-Dodd-Frank financial system looks like."

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Kmart offers $1 check cashing
Adds to Financial Service, such as “lease to own”
By Jacqueline Renfrow, fierceretail.com

Kmart (NASDAQ:SHLD) announced it will now offer $1 or less check cashing services to members of its Shop Your Way loyalty program. Shoppers can now cash payroll and government checks up to $2,000 and personal checks up to $500.

Kmart is tapping into the need for shoppers who want the convenience of cashing checks where they shop, or do not have traditional bank accounts.
 
"At Kmart, we know that every dollar counts," said Jai Holtz, VP of financial services, Sears Holdings. "We're giving our members more savings so they can keep more in their pockets. We know our members will love only having to pay $1 or less to cash their checks."

Shop Your Way is the retailer's social shopping community and membership program. Kmart recently extended its shop online and pick up in storeprogram to include more than 2,000 stores for its Shop Your Way members.

Additional financial services offered to Kmart members include layaway, lease-to-own, pay in-store, walk-in bill pay, money transfer, money orders, ATMs and pre-paid debit cards.

Walmart (NYSE:WMT) is another retailer who recently got into the business of financial services. This spring, Walmart Canada introduced low-cost legal services in select locations throughout Toronto. The company also rolled out a low-fee money-transfer service that allows shoppers to send and receive up to $900 at a time at more than 4,000 U.S. stores.

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Leasing Industry Help Wanted
 

 

Collector, Atlanta, GA Experienced, calling 11-90 day delinquent customers, assisting Asset Re-marketer with delinquency reporting, weekly reporting to home office. Sales, Chicago, Atlanta Work out of main office and satellite. Heavy phone sales calling on both independent dealers and end users (cold/warm calling), marketing, weekly reporting to management. Outside territorial salespeople will also be considered. Contact: Michael Testa 312-881-3133 mtesta@secondcityleasing.com www.secondcityleasing.com Financing for Commercial Truck & Trailer, Exotic, High Line, Vintage & Classic Automobiles, Taxi, Livery & Paratransit

 

Leasing Operations Manager San Antonio, Texas Leadership role in building a team focused on credit, documentation and funding functions for a dynamic high growth business operating in both captive and non- captive lift truck markets. Click here for full description. Contact: Monet Pitts, HR Manager mpitts@minercorp.com flexxrl.com Quality Controlled Material Handling Equipment Rent, Finance, or Lease up to 84 months, Maintenace, too.

 

For information on placing a help wanted ad, please click here:
http://www.leasingnews.org/Classified/Hwanted/Hwanted-post.htm

Please see our Job Wanted section for possible new employees. 

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“References—Who Should I Give?”
Career Crossroad---By Emily Fitzpatrick/RII

Question: Can you give me some tips on supplying references?

Answer: Reference checks are often part of a comprehensive employment-screening program, which can also include verification of employment eligibility, e.g. immigration status, credit checks, and background checks. References add to the information that a hiring manager has gathered thus far, e.g. resume on a potential candidate. What the prospective employer finds out from your references should confirm their interest in extending an offer!

The definition of “reference” includes two functions in a job search. According to the Merriam-Webster Dictionary, a reference is “a person to whom inquiries as to character or ability can be made” and is also defined as “a statement of the qualifications of a person seeking employment or appointment, given by someone familiar with the person.

According to the Society for Human-Resource Management (SHRM) survey, 76 percent of organizations conduct reference checks for job candidates. The survey defined “reference background checks” as verification of information provided by a job applicant or communication with people regarding the job applicant.

The first step is identifying who you should consider to be your references.

Selecting Your References

Generally, a potential employer will want at least two of your references to be former employers. The advantage of preparing your references is that you can provide the “best” references, and you can present them in the order you would like to have them contacted. That does not guarantee that the prospective employer will not contact people who aren’t on your reference list.

You will want to select 3-7 individuals to be your “preferred” references. These individuals may be current/former managers or supervisors, co-workers, peers, or team members, current/former customers of the company, vendors or suppliers, and people you have supervised. If you do not have current work experience, it can be members of committees you volunteer with, or pro bono clients. If you have recent educational experience, you can also ask professors, faculty members, and advisors.

Select references that know your work well. You want someone who has seen you in action and can speak to your abilities. It is better to have someone who can speak to your skills and accomplishments than a “big name” on your list of professional references. If someone seems hesitant to serve as your reference, ask someone else. 

There are a couple of reasons to consider including “personal” references. These individuals meet the criteria of providing “character” references. A personal reference should know you well, and have known you for at least five years; they can include business acquaintances, coaches, and community leaders. 

Start Contacting Your References Early
The best time to start thinking about your references is when you are putting your resume together. You should not wait until you’re called in for interviews to contact people you want to use as references.

It can take some time to track down and reach references, and obtain their contact information. You do not want to try to do that while you are researching and preparing for a job interview. Additionally, having your references ready when requested shows professionalism. If your goal is to get a job, you should be prepared to provide references when asked. 

IF employed, be careful of letting too many people know of your new career search (contact us for advice on handling this scenario).

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone:  954-885-9241
Cell:  954-612-0567
emily@riirecruit.com
Invite me to Connect on LinkedIn
www.linkedin.com/pub/emily-fitzpatrick/4/671/76
Also follow us on Twitter #RIIINFO

Career Crossroads Previous Columns
http://www.leasingnews.org/Conscious-Top%20Stories/crossroad.html

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This Day in American History
Edited by Ralph Mango

Since Ralph Mango has taken over the role of associate editor, actually proofing and reviewing the final draft of each news edition, he has also gotten interested in "This Day in American History."   His role is not only to proof it, fix grammar, take out redundancy, but add events missed, as well as have me explain or re-write original items.

This feature began over 30 years when I would include what happened in the day of the month that I sent a birthday card to a client, friend, or vendor, where I knew their birthdate.  Originally it was put together from various American history books, where I was a history buff.  It was before the internet, which brought even more opportunities, including links to footnote events.

I am sure it takes Ralph over an hour each issue, as it certainly takes me that long also, to make corrections or explain further, as well as add new events.  Sometimes the day has not been up-dated in five years or longer as each one is completed for a news edition.

I keep thinking they are getting too long, but then, we might leave out an interesting fact that occurred that day.  Certainly they may help you if you watch "Jeopardy, or play Trivial Pursuit.

This Day in American History
http://www.leasingnews.org/American_History/default.htm

Recommendations

 Lease/Finance Calculators On Line

Free Lease-vs-Buy Calculator

“Our web-based lease-vs-buy calculator is completely free, provided as a courtesy to the capital equipment leasing community by S.B. Associates, Inc. You can view sophisticated lease-vs-buy analyses right on the web site, or you can print out reports for your customers. You'll appreciate the many sophisticated elements that can reveal the advantages of leasing, such as stepped or skipped rents, alternative minimum tax situations, loss carryforwards, or end of term options.

“We currently offer 5 different lease calculators. In addition to the free lease-vs-buy calculator described above, we offer LeaseMan Express (see below), a lease yield and pricing calculator specifically designed for the needs of the small ticket market and non-tax based leases in the middle market. For tax-based and leveraged leases, we offer the LeaseMan (non-express) version. We also offer two separate calculators specifically designed for consumer vehicle leasing.”

http://lease-vs-buy.com/

*** * ***

http://www.financial-publishing.com/ 
Publish interest tables, also computed the rates into factors, where you could then compute "retail" rates from "wholesale" rates.

For instance, on 60 months .025 was 18% or 10% add on ( in advance) and you could then multiply 1.05 ( if you wanted five points) times it and get the retail rate, the selling rate. 
They also have books that had first and last and then with residuals.

A reader asked us for a program that would calculate his commission based on a lease factor. Many founders and equipment leasing companies offer these programs on line, for free. Some allow you to download the program Excel can also do this easily.

Bob Teichman, CLP, sent us the correct formula for HP17BII :

ADV:PMT=(-PV-FVx(SPPV(I%YR÷12:N)))÷(USPV(I%YR÷12:N-#ADV)+#ADV)

"This is a very difficult formula to copy correctly, whether on paper or on the calculator.
"I use this formula in my pricing classes, and it is very useful as it will solve for any of the leasing variables, given any number of advance payments, including rate factor, cost, term, yield (or rate), and residual. As shown above, the formula is only for leases or loans which are paid monthly and where payments are level. However, the formula could be easily adapted to other payment periods (quarterly, for instance). You would have to use a difference formula, or a program such as T-Value, to calculate skip or step payment structures.

"Thanks for printing the information about on-line calculators. I continually refer people to your list."

Regards,

Bob Teichman, CLP
Teichman Financial Training
3030 Bridgeway, Suite 205
Sausalito, CA 94965
Tel: 415 331-6445
Fax: 415 331-6451
e-mail: BoTei@aol.com

In the old days we would take the factor and multiply it by 1.00 with the commission the salesman was seeking. For instance, .0331 and the salesman wanted five points, multiply 1.05 times .0331 and it would be 034755.

Here are some personal financial portals and calculation tools we will be adding to the page:

Bankrate.com
Kiplinger.com
The Motley Fool
USA Today.com

CNN Money has also a financial calculator and other tools, and it's advantage, it is designed with currency converters, and may other programs at work all over the world: 
http://cgi.money.cnn.com/tools/

Collection of free financial calculator, including stock spread calculator, rent vs. buy
http://www.wheatworks.com/freeware.htm

It there is a calculator we have not mentioned on this page, please let us know as we will share with other readers.

Here is one sent in by reader, Emily Hill emily.hill@inbox.com .  She says she uses 
it all the time as it "...features over one hundred (by the looks of it) finance-related calculators."www.mortgageloan.com/calculator/

*** * ***

mortgages/loans
http://www.loans-mortgage-calculator.com/

*** * ***

Rosanne Wilson, CLP, sent in a company that will add a calculator to your web page for a fee.

http://www.tcalc.com/

Rosanne Wilson, CLP 
1st Independent Leasing, Inc.
3800 SW Cedar Hills Blvd., Suite 165 
Beaverton , OR 97005 
(800) 926-0851 or Fax: (503) 626-1631 
"It's the Lease We Can Do" 
www.1stindependentleasing.com

 

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Settlement tab for big banks rises above $107B
with latest announcements
By Edward Pershing and Sam Carr
SNL Financial Exclusive

Recent announcements by Bank of America Corp. and Citigroup Inc. bring the settlement tab for the largest six bank holding companies by assets to above $107 billion for credit crisis and mortgage-related settlements, according to data compiled by SNL Financial.

Citigroup on July 14 announced the terms of its anticipated $7 billion settlement with the U.S. Justice Department, several state attorneys general and the FDIC. Under the agreement, Citi will pay $4.5 billion in cash and $2.5 billion in consumer relief.

Citigroup CEO Michael Corbat indicated in a press release that the comprehensive settlement resolves all pending civil investigations related to Citi's legacy RMBS and CDO underwriting. He noted that with the settlement, the firm has now resolved substantially all legacy RMBS and CDO litigation.

In April, Citi agreed to pay $1.13 billion as part of a settlement with 18 institutional investors represented by Gibbs & Bruns LLP over private label securitization representation and warranty repurchase claims.

Bank of America disclosed with its second-quarter earnings July 16 that it reached a resolution to RMBS-related disputes with American International Group Inc. for $650 million. As a result, AIG will withdraw its objection to the previously announced $8.5 billion settlement with Bank of New York Mellon Corp. as trustee for certain RMBS trusts.

BofA CFO Bruce Thompson said on a July 16 earnings call that with the AIG settlement, Bank of America has resolved 95% of the unpaid principal balance of all RMBS that has been at the center of litigation or threatened litigation.

BofA is still participating in ongoing settlement discussions with the U.S. Justice Department, which, according to The New York Times' DealBook, is seeking as much as $17 billion. Executives on the earnings call declined to talk about those discussions.

In March, BofA announced an approximately $9.5 billion settlement with the Federal Housing Finance Agency regarding private-label RMBS sold to Fannie Mae and Freddie Mac. In April, BofA settled with Financial Guaranty Insurance Co. over second-lien RMBS trusts, which the latter insured, and separately settled with Bank of New York Mellon as trustee of seven of the RMBS trusts. Thompson said in April that BofA covered the cost of the FGIC settlement with previously established reserves.

When considering the costs of the credit crisis and mortgage-related settlements, analysts also examine the amounts of loans previously sold that have been repurchased, or "putbacks," in addition to the settlements with regulators and investors. In addition to litigation reserves built, the six largest bank holding companies reported a combined $15.3 billion in representation and warranty reserves for one- to four-family mortgage loans sold in the first quarter of 2014, down sequentially from $15.4 billion at the end of 2013, and down from $20.7 billion year over year. During the 12-month period ended March 31, the largest six bank holding companies repurchased $4.0 billion in closed-end one- to four-family loans.

 

Schnauzer
Hollywood, Florida  Adopt-a-Dog

Joe
Breed: Schnauzer (Standard) Mix
Color: Black - With White
Age: Young
Size: Small 25 lbs. (11 kg) or less
Sex: Male

Joe's Info...

“I am already neutered, housetrained, up to date with shots, good with kids, good with dogs, and not good with cats.”

Joe's Story...

“Hi, friends my name is Joe. I'm a 2 year old schnauzer mix and weigh 26lbs. I was rescued from a high kill shelter with my friends. I am a sweet boy that unfortunately belonged to a family that didn't care about me. I feel so lucky to have a second chance in life. I am so scared and nervous when I first meet new people. I really need a family that will be patient and give me a few days to adjust. I promise you will not regret it.”

Please text Ana 305-525-3297 or email ana@paws2carecoalition.org

Rescue Group: Paws2Care Coalition
Contact: Ana Bueno
E-mail: ana@paws2carecoalition.org
Website: http://www.paws2carecoalition.org
Address:
6219 Johnson Street
Hollywood, FL 33024

 

Adopt a Pet
http://www.adoptapet.com/

 

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Leasing Attorneys

Birmingham, Alabama The lawyers of Marks & Associates, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel.  Email: Barry@leaselawyer.com Website: www.leaselawyers.com	California, National: city: Riverside  Ellen Stern - get results, reasonable pricing; numerous industry contacts, nearly 30 yrs exp.in SoCal, 20 yrs equip.: CFL license specialist, documentation, work-outs, litigated collections, recoveries; deal-maker.  Email: leaselaw@msn.com
Kenneth C. Greene California & Nevada Leasing and Financial consultant, active in several leasing associations, as well as involved in music and film productioncin LA.  Mention "Leasing News" for a free consultation. 818.575.9095 Skype: 424.235.1658 ken@kengreenelaw.com	Connecticut, Southern New England:  EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates.  email: rcfeldman@snet.net
Los Angeles/Santa Monica Hemar & Associates, Attorneys at Law Specialists in legal assistance, including debt collection, equipment recovery, litigation for 35 years. Fluent in Spanish.  Tel: 310-829-1948  email: phemar@hemar.com
Los Angeles, Southern CA  Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry.  Bankruptcy and State Court litigation.   Vincent V. Frounjian (818) 990-0605or email: vvf@pacbell.net.	Encino, California: Statewide “ELFA”  Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigation, debt collection, and bankruptcy. Call Stephen E. Jenkins Esq (818) 501-3800
Los Angeles, Statewide: CA.     "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis. email:RGarwacki@prodigy.net	Los Angeles, Statewide: CA      "ELFA" Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
Los Angeles- Statewide, CA Lawyer specializing in banking and leasing issues statewide. Documents and litigation.  Tom McCurnin, Barton, Klugman & Oetting. Voice: (213) 617-6129  Cell:(213) 268-8291 Email:  tmccurnin@bkolaw.com	California & National Paul Bent – More than 35 years experience in all forms of equipment leasing, secured lending, and asset based transactions. Financial analysis, deal structuring, contract negotiations, documentation, private dispute resolution, expert witness services. (562) 426-1000. www.paulbentlaw.com
Illinois Trabaris, P.C.: Finance attorney with 24 years’ experience with transactional, documentation, secured financing and workouts/restructurings.  Kevin Trabaris.  Phone:  847-205-4377.  Email:kevin@trabaris.com Website: www.trabaris.com.   Blog:trabaris.com/info/blog/	Law Firm - Service, Dallas, TX. "ELFA" Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance.  email: dmayer@pattonboggs.com Website: www.pattonboggs.com
Massachusetts (collection/litigation coast to coast)  Modern Law Group focuses its practice on collections, lease enforcement and asset recovery. For the past five years, our attorneys have helped clients recover millions of dollars. We are able to cover your needs coast to coast. Email phone 617-855-9085www.modernlawgroup.com	Michael J. Witt, experienced bank, finance, and leasing attorney, also conducts Portfolio Audits. Previously he was Managing Counsel, Wells Fargo & Co. (May, 2003 – September, 2008); Senior Vice President & General Counsel, Advanta Business Services (May, 1988 – June, 1997) Tel: (515) 223-2352 Cell: (515) 868-1067 E-mail: witt-legal@outlook.com  Web: www.witt-legal.com
National:  The OMEGA Network Group-nationwide legal representation of small and mid ticket equipment lessors-flat fee bankruptcy & replevin, contingent collection,  billable litigation (704-969-3280) tong_92@yahoo.com	National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA).  email: Jcoston@costonlaw.com Website:www.costonlaw.com
St. Louis County , MO. - statewide:  Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates.  Ronald J. Eisenberg, Esq. (636) 537-4645 x108  reisenberg@sl-lawyers.com www.sl-lawyers.com	NJ,De,Pa: Specializing in leased equipment/secured transactions. Collections, replevins/workouts reasonable rates. Sergio Scuteri/Capehart & Scratchard, PAsscuteri@capehart.com / www.capehart.com
New York and New Jersey Peretore & Peretore, P.C. documentation, portfolio purchase & sale, replevin, workouts, litigation, collection, bankruptcy.  Aggressive. Over 25 years experience.www.peretore.com	Thousand Oaks, California:  Statewide coverage Spiwak & Iezza, LLP 20+ years experience,Representing Lessors banks in both State/ Federal Courts/ all aspects of commercial leasing litigation. Nick Iezza 805-777-1175 niezza@spiwakandiezza.com

 

This is for Attorneys to post their legal services, who specialize in equipment leasing. If there are other offices or specialties, please mention in the 50 words allowed to describe the firm and services available. If you are a member of a leasing association, please so indicate.
Please send an email to kitmenkin@leasingnews.org

 

John Kenny  Receivables Management • End of Lease Negotiations & Enforcement • Fraud Investigations • Credit Investigations • Asset Searches  • Skip-tracing • Third-party Commercial Collections john@jkrmdirect.com | ph 315-866-1167| www.jkrmdirect.com

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

 

[headlines]
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iPhone Sales Are Up, But Its Growth Is Slowing Down
www.businessinsider.com

iPhone unit sales: 35.2 million versus 35.3 million expected
iPad unit sales: 13.3 versus 14-15 million expected

The iPhone numbers are nearly in line with analyst expectations, but Apple missed again on the iPad. iPad sales are down 9% year over year.

Apple Posts $7.7 Billion in Profit on Strong iPhone Sales
http://www.nytimes.com/2014/07/23/technology/apple-reports-7-7-billion-profit-in-third-quarter.html

 

Leasing Operations Manager San Antonio, Texas Leadership role in building a team focused on credit, documentation and funding functions for a dynamic high growth business operating in both captive and non- captive lift truck markets. Click here for full description. Contact: Monet Pitts, HR Manager mpitts@minercorp.com flexxrl.com Quality Controlled Material Handling Equipment Rent, Finance, or Lease up to 84 months, Maintenace, too.

 

  

News Briefs----

CIT to Buy OneWest Bank (formerly IndyMac) for $3.4B Cash/Stock
http://dealbook.nytimes.com/2014/07/22/cit-to-buy-onewest-for-3-4-billion/?_php=true&_type=blogs&_r=0

CIT Group (CIT) Approves $500M Buyback Plan
http://www.streetinsider.com/Management+Comments/CIT+Group
+(CIT)+Approves+$500M+Buyback+Plan/9677577.html

CIT reports Q2-'14 net income of $247 million
http://finance.yahoo.com/news/cit-reports-second-quarter-2014-103000258.html

Stearns Bank: Annual funding for the equipment finance division was $306 million in 2012
http://www.sctimes.com/story/business-quarry/2014/07/22/stearns-bank-launches-expansion-in-albany/12985977/

Regions Financial Profit Climbs, Post $300 Million Profit
http://online.wsj.com/articles/regions-financial-profit-climbs-1406024561

Signature Bank Reports $72.50 Million 2nd Q Profit
http://online.wsj.com/article/PR-CO-20140722-903353.html

Bank of Marin Bancorp Reports Record Quarterly Earnings of $5.2 Million
http://www.marketwatch.com/story/bank-of-marin-bancorp-reports-record-quarterly-earnings-of-52-million-2014-07-21?reflink=MW_news_stmp

House investigators: IRS tech experts say Lerner’s hard drive only 'scratched,'
not destroyed
http://www.foxnews.com/politics/2014/07/22/house-investigators-irs-tech-experts-say-lerners-hard-drive-only-scratched-not/

 

((Please Click on Bulletin Board to learn more information))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

[headlines]
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--You May Have Missed It

Billy Joel to receive Gershwin Prize from Library of Congress
http://www.latimes.com/entertainment/music/posts/la-et-ms-billy-joel-to-receive-gershwin-prize-from-library-of-congress-20140722-story.html

[headlines]
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SparkPeople--Live Healthier and Longer

Are You a Distracted Diner?
http://www.sparkpeople.com/resource/assessment_questions.asp?quizid=68

[headlines]
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Baseball Poem

SHORTSTOP

by Charles Ghigna ©

Published: Boyd Mills Press (2003)

The slits of his eyes
hidden in shadows
beneath the bill of his cap,
he watches and waits
like a patient cat
to catch what comes
his way.

Crack!
and he pounces
upon the ball,
his hands flying
above the grass,
flinging his prey
on its way
across the diamond
into a double-play.

 

[headlines]
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Sports Briefs----

Donald Sterling files fraud lawsuit against Shelly Sterling, NBA
http://www.latimes.com/sports/sportsnow/la-sp-sn-donald-sterling-lawsuit-nba-20140722-story.html

CEO: If Sterling stays, Doc likely goes
http://espn.go.com/los-angeles/nba/story/_/id/11249652/los-angeles-clippers-ceo-says-doc-rivers-desires-exit-donald-sterling-stays

A's, Oakland council sign off on 10-year lease extension
http://www.contracostatimes.com/news/ci_26195638/oakland-sign-off-10-year-lease-extension

[headlines]
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California Nuts Briefs---

Dealing With the Water Shortage in California
http://www.nytimes.com/2014/07/21/opinion/Dealing-With-the-Water-Shortage-in-California.html

[headlines]
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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Finally - a corkscrew that works!
 Watch to the end!
 

 
The deluxe model comes with a Detroit Diesel engine

 

Napa’s Quixote Winery Sold to Chinese-Owned Firm for Approximately $29 Million
http://www.winespectator.com/webfeature/show/id/50293

 

LeBaron: Fountain Grove Winery a landmark that wasn't
http://www.pressdemocrat.com/news/2291719-181/lebaron-fountain-grove-winery-a

 

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

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