“Take the Money and Run”
by Christopher Menkin
This Border ##### Denotes Press Release (Not Written By Leasing News)
Pictures from the Past--- 2000—Menzel/Vinsonhaler/Reid
Classified Ads---Attorneys Who Specialize in Leasing
These attorneys specialize in equipment leasing “problems” and “litigation.”
They are active in their leasing associations and have demonstrated expertise.
If you are looking for representation in your area, or the area where
they practice, we recommend you contact them.
Kit Menkin, Publisher
California - statewide: CA "ELA"
5-attorney creditors rights law firm, in biz 25 yrs +, specialize all aspects of creditor representation. Primarily represent equipment lessors & funders, plus collection and creditor rep. in bankruptcy. Email:email@example.com
California - statewide: Encino, CA. "ELA"
24 Attorney AV-rated Law firm representing the Leasing Industry for over 25 Years. We specialize in Lease-enforcement, collection and representation in Bankruptcy Court. email:firstname.lastname@example.org
Los Angeles -statewide: CA "ELA "
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: email@example.com
Los Angeles, Statewide: CA. "ELA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly basis. email:RGarwacki@prodigy.net
NY Metro and National: Hackensack, NY
Attorney specializing in equipment lease matters for at least 10 years with a 50-State operating network of attorneys experienced in leasing matters. Email:firstname.lastname@example.org "ELA"
Full staff of attorneys and legal assistants work with Group Leader Barry S. Marks to ensure prompt, cost-effective responses to client needs: Email:email@example.com
Northern California - Statewide: CA "EAEL" "ELA" San Francisco expertise at San Rafael, CA prices; practice limited to equipment leasing and finance with 22 years experience, testimonials. Ken Greene, Esq. 415-721-7900 firstname.lastname@example.org
These referrals are available only to attorneys who are members of
an equipment leasing association and evidenced the standards
and ethics of their association.
Alexa Ranks Leasing Association Web Sites
These comparison are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than actual count from the website itself.
The Alexa tool bar works on most browsers. They are partnered with Google. You may download their free tool bar.
To learn more about how the rankings work: http://pages.alexa.com/prod_serv/quicktour_new.html
Decision System Bidding—Summit is Back?
Looks like Summit National is back in the bidding via Robert W. Baird.
Here is the latest statement posted on the London Stock Exchange:
“ IDS Group plc (“IDS” or the “Company”)
“Statement regarding offers for the Company
“The Independent Directors note the announcement made by Capital Stream Minnesota, Inc. on 4 July regarding their increased cash offer of 24 pence per IDS share and also the response statement made by Twins Acquisition, Inc. of the same date and would currently advise shareholders to take no action in respect of their shareholding in IDS.
“A further announcement will be made in due course.
“The Independent Directors of IDS Group PLC accept responsibility for the information contained in this announcement and, to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Robert W Baird Limited ("Baird"), which is authorised and regulated in the UK by the Financial Services Authority, is acting exclusively for IDS Group PLC and no-one else in relation to a possible offer and will not be responsible to anyone other than IDS Group PLC for providing the protections afforded to customers of Baird or for giving advice on this proposal.”
Hal Hayden Has Left Thalman Financial
“Someone accused me recently of being incommunicado, so here is the update on what I'm up to. I have jumped into this candle manufacturing business owned by some goodfriends here in Prescott and am having lots of fun so far. ( On Friday we HAD to go down to Tucson to scout a new retail location and play a round of golf at Tucson National just to be sure it was in good shape! It was, but I'm just as bad a golfer as ever...) The owners are a couple that started making candles in their garage in 1971 and turned it into a nice company. The business has been without good direction for the past 2 or 3 years but has great potential for growth due to it's assets, people, designs and reputation in the industry - so we'll see what yours truly can do with it. Obviously, a big departure from the commercial finance world, but a welcome change; our customers love our products and actually value our service - what a concept! “Cathie and I are heading over to the Owens Valley on Saturday (Eastern Sierra) to spend the week hang gliding, hiking, fishing, etc. Great little spot to camp near the trailhead to Mt. Whitney. I've had some good cross country flights here in AZ this season so far, but I'm hoping to fly some big miles over there next week. “Cathie is still doing her Sierra Club volunteer work and is heading out to lead another service trip in August up in the 4 corners area. (Around here we don't mention the SC affiliation too much - locals mostly hate them because of their anti-ranching and anti-foresting politics.) Anyway, she loves the work and I figure maybe I can get some karma credits through her volunteer work in some weird sort of way! “Am thinking of trying to put together a trip to Kauai late this year or early next, so if you know of any "undiscovered" B&B's or small inns over there, I'd appreciate a recommendation. Don't want to do the big resort thing.” Best regards, Hal Hayden email@example.com
For more about Hal, please go to “Whatever Happened to Hal Hayden”
***** announcement **********************************
Eastern Association of Equipment Lessors
Meet & Greet Series
New York & Long Island Chapters Host
a Networking Luncheon
Date of the Event: Tuesday, July 22, 2003
Time of the Event: 12:00 - 2:00 pm
Location of Event: Garden City Country Club
206 Stewart Avenue
Garden City, NY
Host: R. Goeller, Sierra Credit Corp.
Cost: $35 for EAEL Members
$50 for Non-Members
With the funding environment as difficult as it has been for many years, a general discussion is being planned on ways to get more deals done in the current
Individual funding sources are being invited to give five minute presentations which, hopefully, will include some novel suggestions to help us obtain more approvals. An
open, free flowing discussion is promised!
Please contact Cindy Spurdle @ 610/687-0944 or firstname.lastname@example.org for a Registration Form.
Don't miss this mid-summer event presented by EAEL.
********** announcement ***************************************
Mid-American Equipment Leasing Golf Outing
We all know that BUSINESS is strictly about finding the next
deal...while GOLF is just another great reason to get out of the office!
So why not do BOTH at...
THE MAEL 19TH ANNUAL GOLF OUTING
Date: July 28, 2003
Time: Tee time - 12:30am (Preceded by registration & lunch)
Place: Indian Lakes Resort, Bloomingdale, IL
July is no time to solicit new business from inside your hot, stuffy
office... Instead, get out, get swinging, and shake some hands!
Your company is a key player in the leasing industry, so is naturally
included on our invite list. But DON'T DELAY! This event is recognized
as one of the most well-attended, premier events in the industry and
reservations are limited! As the outing quickly approaches, these
reservations will be available strictly on a first come basis.
A waiting list will be provided as needed.
Spouses, colleagues and clients are WELCOME... Foursomes ENCOURAGED!
For those who cannot attend... SPONSORSHIPS are a good way to give your
company valuable exposure! Your advertisement is sure to be seen by
over 250 attendees- representing several industry leaders!
For more info about the event or the MAEL, please visit our website at
Or you may call (312) 541-6000 to make your reservation now.
We look forward to hearing from you!
*** announcement ***********************************************
California Jobless insurance fund faces '04 deficit
J.D. Power: Lexus again leads all brands in durability/Full List here
Ticket sale problems still mystify Davis
Highlights This Day in American History
1755-In the French and Indian War (1754-1763), British Gen. Edward Braddock was mortally wounded when he and his force of British troops and colonial militia were caught in a French and Indian ambush. Braddock has just crossed the Monongahela River on his way to attack Fort Duquesne, on the site of what is now Pittsburgh, PA. Braddock died July 13, and George Washington assumed command of the retreating army.
1776- Declaration of Independence read aloud to Gen Washington's troops in NY
1793- Vermont is the first state to complete the revision of its constitution
( lower half of: http://memory.loc.gov/ammem/today/jul09.html )
1809-Samuel Parker of Billerica, MA received his first patent for a leather-splitting machine, which split leather to any thickness. This invention doubled the use of leather.
1811- Sara Payson Willis Parton born Portland, Maine, better known as Fanny Fern, whose first collection of witticisms sold 80,000 copies. SP was one of the first woman newspaper columnist in the world.
1819-birthday of Elias Howe, American inventor of the sewing machine, born at Spencer, MA. He died October 3,1867, Brooklyn,NY. All inventions were slow to catch on as people were afraid to try new things, or change, or invest. His invention made him very little money. http://memory.loc.gov/ammem/today/jul09.html
1838- Birth of Philip P. Bliss born in Clearfield County, Pennsylvania., American gospel singer and songwriter. His best-remembered hymns include 'Wonderful Words of Life,' 'It is Well with My Soul' and 'Let theLower Lights Be Burning.'
1846 - 1846- The U.S. Treaty with Great Britain set the Oregon boundary at the 49th parallel. Expansionists in Congress disagreed, and used the slogan “54-40 or Fight.” In June, Col. Castro’s forces from Monterey, under the command of Joaquín de la Torre, fought the “Battle of Olompali” north of San Rafael with Fremont’s troops from Sonoma. Two Americans and five or six Californios were killed. John Frémont, along with my namesake Christopher “Kit” Carson, his guide, crossed to the Presidio with his Republic of California forces and spiked 10 Spanish guns. He also gave the name “Chrysoplylae” or “Golden Gate” to the entrance of the Bay. Meanwhile, on July 2 Commodore Sloat anchored at Monterey aboard the “Savannah.” He hesitated to follow his secret orders lest he commit the same grave error as Commodore Jones in 1842. Thomas Larkin advised the Commodore to move cautiously. July 5, Frémont returned to Sonoma and organized the “California Battalion” to carry on the revolution. Marine Lt. Archibald H. Gillespie was appointed adjutant. July 7, American flag raised at Monterey by Commodore John Drake Sloat, U.S.N. Sloat decided to take possession of California because he feared the British might occupy Monterey, and he was concerned about the reported revolution in Sonoma. The Commodore told the people of Monterey that he came to bring greater political freedom and stability, and henceforth California would be a part of the United States.
Population the pueblo of Yerba Buena estimated at about 1000 non-natives. There were about 50 buildings in the pueblo. July 8, Capt. Montgomery took formal possession of Yerba Buena and appointed Lt. Washington Allen Bartlett the first American Alcalde because he spoke fluent Spanish. This appointment was later ratified by a vote of the people. And this day, Captain James B. Montgomery of the “U.S.S. Portsmouth” and 70 marines and sailors marched to the Plaza at Yerba Buena ( San Francisco), hauled down the Mexican flag and raised the Stars and Stripes. Capt Montgomery claims Yerba Buena (San Francisco) for United States. He later made Indian slavery against the law by proclamation.
As a side note, it would not be until January 24, 1848 that James W. Marshall, an employee of John Sutter, accidentally discovers gold while building a sawmill
near Coloma City. Efforts to keep the discovery secret failed, and the gold rush of 1849 was under way, bringing thousands of men to California.
1847-the twelve and longer workday was common. The first law to try and change the workday to ten hours a day was by a new law in New Hampshire, although because of the “bargaining position,” it was ineffective. It stated that “in all contracts relating to labor, ten hours actual labor shall be taken to be a day’s work unless otherwise agreed by the parties.”
1850-Zachary Taylor, War hero, 12th president of the United States, after serving only 16 months, dies of “acute gastrointestinal illness,” also thought to be cholera at the age of 55. Vice-President Millard Fillmore was sworn in as the 13th president of the United States on July 10. Some historians suggested that Taylor
may have been poisoned. To test this theory, his remains were exhumed from a cemetery in Louisville, KY, on June 17,1991. A coroner’s report dated June 26 found no evidence of foul play.
1853-Admiral Perry and US Navy visit Japan
1863-At the battle of Port Hudson, Miss., Confederate Major General Franklin Gardner surrendered his garrison of 5500 men to General Nathaniel P. Banks after a siege of six weeks. The army this day fully controlled this crucial spot on the Mississippi. http://celebrate2000.dodgeglobe.com/stories/032599/his_porthudson.shtml
1868- the 14th Amendment defined US citizenship and provided that no State shall have the right to abridge the rights of any citizen without due process and equal protection under the law. Coming three years after the Civil War, the 14th Amendment also included provisions for barring individuals who assisted in any rebellion or insurrection against the US from holding public office, and releasing federal and state governments from any financial liability incurred in the assistance of rebellion or insurrection against the US.
1872-John F. Blondel of Thomaston, ME, obtained a patent for a doughnut cutter. A spring pushed the dough out of a center tube to make a hole. His invention helped to increase efficiency for bakers to increase their quantities of this tasty treat that originated in the 16th century Holland, where it was known as an "Olykoek." Blondel, however, was not the one who gave this pastry its famous ring shape. According to legend, a Maine sea captain gave the doughnut its hole by thrusting a piece of fried dough on the spoke of his ship’s wheel so he could steer with both hands. On the books, however, it was in 1847 when a young American named Captain Hanson Crockett Gregory first put the hole in the doughnut. Hanson's mother was a cake maker who, because the cakes were difficult to fry all the way through, began placing walnuts and hazelnuts in the center to mask their gooey texture. Her son disliked this part of the otherwise delicious cake and removed it altogether, giving it the look we all know and love. Today Americans eat an estimated 10 billion of these deep-fried pastries annually. Krispy Kreme is taking the country by storm.
1893-in Provident Hospital on Chicago’s south side, African-American surgeon Dr. Daniel Hale Williams performed the first successful open-heart surgery. The patient was James Cornish, who’s internal mammary artery had been damaged by a knife wound. The operation was witnessed by six doctors, and described in the March 27,1897 Medical Record.
1894- Dorothy Thompson birthday- influential U.S. newspaper columnist. Expelled from Germany for her virulent anti-Nazi stand when she was a U.S. reporter, she lectured widely against Hitler on her return to the U.S. She headed her paper's Berlin office 1925-1934. Her newspaper column On the Record was one of the most popular in the nation (1936-1958).
1896- Birth of William Cameron Townsend, American missionary and linguist. In 1942 he established what has become the largest evangelical missionary agency in the world --Wycliffe Bible Translators (WBT).
1907-birthday of Eddie Dean ( Edward Dean Glosup,) was born in Posey, Texas. He appeared in scores of low-budget westerns, including his own series of 20 films from 1946 to '48. Dean and his wife Loreen co-wrote the country music classics "One Has My Name, the Other Has My Heart" and "I Dreamed of a Hillybilly Heaven. Died Thousand Oaks, California, March 4, 1999" http://allmusic.com/cg/x.dll?p=amg&sql=B33419 http://us.imdb.com/Name?Dean,+Eddie
1908 – American photographer Minor White birthday.
Jimmy Dale Birthday ((real name Harold C. Fox, bandleader-clothier,
who first coined “zoot suit” ( with a reet pleat!)1942.)
1918 –1918 -- Worst rail accident in U.S. history occurs with head-on collision of two trains at Nashville, Tennessee, taking the lives of 101 & injuring another 171.
of Canadian country singer Stu Davis ( David Stewart,) born in Boggy
Creek, Saskatchewan. He and his
brother Fred teamed up in 1939 to perform as the Harmony Boys on Regina
radio station CKCK. Stu Davis later became known as "Canada's Cowboy
Troubadour," and made appearances in the late 1940's on NBC radio's
"National Barn Dance" from Chicago and the "Grand Ole
Opry." Davis signed with London Records in 1956, making 15 LP's
for the label.
1926- Mathilde Krim birthday - founder of AmFar, the preeminent AIDS organization in 1980 that has raised more than $50 million for AIDS research and education. She was one of the first to recognize the dangers of AIDS worldwide - in 1980 when most health authorities were unaware of anything called AIDS - and then had the courage to do something about it, using $100,000 of her own funds.
She served as head of a lab at New York's Memorial Sloan-Kettering Cancer Center and was a noted medical researcher and health educator.
1928- Vince Edwards birthday. As Dr. Ben Casey on the 1961 television show “Ben Casey,” Edwards’s muscular, brooding charm made him an overnight sex symbol. Medical school enrollment increased while he was on the air. After conquering a gambling addiction, he became a real-life hero. Born at Brooklyn, NY, he died at Los Angeles, CA, Mar11, 1996.
1930-arranger/bandleader Buddy Bregman born, Chicago, IL
1944- German Army Group Center was taken by surprise when the Soviets began an offensive between the Baltic Sea and the Carpathian Mountains. The Germans had expected an attack farther south, where the Red Army had already penetrated deep into Poland. When Hitler refused to allow a German retreat, the
Soviets easily broke through the German lines, and the Reich’s forces were isolated in the Baltic states. Within a week Army Group Center was virtually annihilated, with a loss of 200,000 men.
1948- Satchel Paige, 42, debuts in majors pitching two scoreless innings
for Cleveland. Paige was the greatest attraction in Negro Leagues baseball and one of black baseball’s greatest players, He was also, at age 42, the first Black pitcher in the American League. Inducted into the Hall of Fame in 1971. Died at Kansas city, MO, June 8, 1982. http://www.cmgww.com/baseball/paige/bio2.html
1947-the first army officer who was a woman was Florence Aby Blanchfield, appointed lieutenant colonel in the Army, with a ceremony held at the Pentagon, Washington,, with General Dwight David Eisenhower, Chief of Staff, presenting her with her commission. On June 1, 1943, she had been appointed superintendent of army nurses. http://www.military.com/Content/MoreContent?file=ML_blanchfield_bkp
Bewitched - The Bill Snyder Orchestra
My Foolish Heart - The Gordon Jenkins Orchestra (vocal: Eileen Wilson)
I Wanna Be Loved - The Andrews Sisters
Why Don’t You Love Me - Hank Williams
1951 -- American "hard-boiled" novelist Dashiell Hammett sentenced, choosing six months' imprisonment rather than co-operate with the US House of Representatives Committee on Un-American Activities' inquiries into domestic "subversion", refusing to kow-tow to the anti-communist witchhunters. My son
Dashiell is named after him, my favorite detective writer.Hammett was President of the League of American Writers in 1942, & of the Civil Rights Congress of New York, 1946-47.
1956-, Dick Clark made his debut as host of "Bandstand" on Philadelphia TV station WFIL. He took over from Bob Horn, who had been charged with driving while intoxicated during a highly publicized police crackdown. "Bandstand" featured top pop and rock stars lip-synching their latest hits and a group of local teens dancing in the studio to recorded music. The ABC network expressed interest, and in 1957 the program was re-titled "American Bandstand" and shown across the US and Canada. At the height of its popularity, the daily show was reported to have generated one million fan letters a week. Through their exposure on "American Bandstand," such non-singers as Fabian and Frankie Avalon became teen idols. Clark relinquished his "Bandstand" hosting duties in 1989 to 26 year-old David Hirsch. The program died within a matter of months. Still, it had been on the air for 37 years - a record for a television variety show. Clark today hosts a daily talk show, plus many other specials.
1956-Actor Tom Hanks born Concord, California. After his parents divorced when he was a toddler, Hanks lived with his father, a cook. He began studying acting in high school, played with a Shakespeare festival for three years, and launched his television career in 1980 with Bosom Buddies, an offbeat sitcom about two men forced to disguise themselves as women. He made a splash with Splash in 1984, followed by a huge success with Big in 1988, for which he received an Oscar nomination. After several quiet years, his career took off again with Sleepless in Seattle (1993); he is now considered one of the biggest box office draws alive. He won the Best Actor Oscar twice, for Philadelphia in 1993 and Forrest Gump in 1994. He was also nominated for his role in Saving Private Ryan in 1998. He began directing in 1996 with That Thing You Do and co- produced Cast Away (2000), for which he received another Best Actor Oscar nomination.
Hard Headed Woman - Elvis Presley
Splish Splash - Bobby Darin
Poor Little Fool - Ricky Nelson
Guess Things Happen that Way - Johnny Cash
1965,- Patricia Roberts Harris was sworn in as the ambassador to Luxembourg, the first African-American Ambassador. She was appointed by
President Lyndon B. Johnson, who later that month announced US Troops would be increased from 75,000 to 125,000 in South Vietnam and the draft would
be doubled from 17,000 to 35,000 a month. http://www.usps.com/images/stamps/2000/harris.htm
1966 -- United Farm Workers benefit at the Fillmore with Quicksilver Messenger Service & the San Andreas Fault Finders.
Paperback Writer - The Beatles
Red Rubber Ball - The Cyrkle
Hanky Panky - Tommy James & The Shondells
Think of Me - Buck Owens
1966-Jack Nicklaus shot 282 at Muirfield in Scotland to win his first British Open Championship. With this victory, Nicklaus joined Gene Sarazen, Ben Hogan and Gary Player as the only golfers to have won all four events comprising golf’s modern Grand Slam: the Masters, the US Open, The British Open and the PGA Championship. Nicklaus won two other British Opens, in 1970 and 1978. http://www.nicklaus.com/
a funeral was held in Cheltenham Spa, England, for Rolling Stones guitarist
Brian Jones, who had been found dead in the swimming pool of his home
six days earlier. The coroner's report cited "death by misadventure."
Rock the Boat - The Hues Corporation
Rock Your Baby - George McCrae
Hollywood Swinging - Kool & The Gang
He Thinks I Still Care - Anne Murray
Don’t You Want Me - The Human League
Rosanna - Toto
Hurts So Good - John Cougar
Any Day Now - Ronnie Milsap
1984 - The Hoosier Dome in Indianapolis, IN was packed to the rafters. 67,596 spectators, the largest crowd to watch a basketball game in the United States, saw the U.S. men’s Olympic team defeat a team of players from the NBA, 97-82. The largest crowd in the world to see a basketball game was in 1951. 75,000 spectators saw the Harlem Globetrotters play in Olympic Stadium in West Berlin, Germany.
1985 - Football great Joe Namath signed a five-year pact with ABC-TV to provide commentary for "Monday Night Football". The former New York Jets quarterback reportedly earned one million dollars a year for the job. Namath replaced ‘Dandy’ Don Meredith. Broadway Joe had previous experience with "Monday Night Football" as a player, when he and the Jets were the first team to play on the popular TV series on September 21, 1970.
1989 1st time Wimbeldon has both men & women's final on same day, Boris Becker beats Stefan Edberg & Steffi Graf beats Martina Navratilova
Step By Step - New Kids on the Block
She ain’t Worth It - Glenn Medeiros featuring Bobby Brown
Hold On - En Vogue
1991- Prodigy began testing a service allowing customers to pay bills electronically. The service, which cost about $9.95 a month on top of Prodigy's monthly online service fee, allowed members to pay up to 20 bills electronically. About a quarter of a million subscribers participated in the test.
1995-The Grateful Dead played what proved to be their last concert at Soldier Field in Chicago. The show began with their only Top-10 hit, "Touch of Grey," and ended with an encore of "Black Muddy River" and "Box of Rain." One month later he entered a drug rehabilitation program in Forest Knoll, known as Forest Farm. Jerry Garcia died of an overdose while recovering from drug addiction at
Forest Farm in Marin CountyThe band broke up after leader Jerry Garcia died of a heart attack exactly one month later. Garcia died early Wednesday, August 9, in his sleep at the drug rehabilitation clinic in Forest Knolls, where he had gone to kick a heroin habit. He had snuck out after curfew and made a connection. The Marin County coroner said preliminary tests indicated Garcia - overweight and diabetic - had died of a heart attack.
1995- the Rolling Stones played their first concert in their homeland in five years, opening the British leg of their "Voodoo Lounge" tour in Sheffield, England. During the tour, the Stones played before more than 6.5 million people in 135 venues around the world. Ticket sales topped $300-million Canadian, with more than $430-million in merchandise sales. They are still on a roll; every concert I have seen them, they get better and better. Several recent ones I have sat in the second or third up-front row. http://www.rollingstones.com/
1997-Apple Computer chairman and CEO Gilbert Amelio was ousted from Apple on July 9, 1997. His unexpected departure came less than a year and a half after he was named chairman in February 1996. Amelio became the third Apple chief forced out in four years, including John Sculley in 1993 and Michael Spindler in 1996. Amelio had a very fancy wine cellar entrance and trappings, whereas the wine did not speak for itself.
Part III---Conclusion of Three Part Series
“Take the Money and Run”
by Christopher Menkin
It appears Sierra Cities CEO Tom Depping was micro-managing the various
aspects of his company as his world was apparently beginning to fall apart. The bank, the internet, the “roll over” of independent leasing companies under one “franchiser,” and Chase Tower were headed for the “perfect storm.” Those who tried to warn the “captain” that he was steering the ship toward disaster were
evidently thrown overboard.
The more letters sales manager Mark McQuitty wrote, the more Sierra Cities
CEO Tom Depping was annoyed. He called McQuitty a “dinosaur” in the sales jungle.
Mark McQuitty with his wife Carolann
He and Jim Raeder had built up Republic Leasing of Anaheim into a multi-million dollar sales operation. They only sold their company to Sierra Cities to obtain lower costs of funds and continue their sales effort across the country.
No sooner had Republic Leasing of Anaheim been “absorbed,” the rules
and operations were changed. The heads of the successful company
were stripped of authority, and McQuitty, even though he owned 20%
of the stock, was about to be fired.
He became desperate about warning about doing sales via the internet. He actually predicting the demise of the dot.com equipment leasing industry as it was known at the time.
June, 2000, McQuitty wrote his famous letter, calling for Depping to resign.
“...Whenever there is dissent, a difference of opinion, or a policy baffle of one sort or another, anyone passionate enough to challenge or resist Tom Depping or engage in a healthy debate in order to flesh out the potential weaknesses in the argument, finds themselves terminated.
“One need go no further for evidence of this than to look at all the members of senior management that have vacated Chase Tower or other regions in the last 2 years: Quinn; Hall Sr.; Hall Jr.; Brazier; Litt; Lester; Barash; Zaretsky; Madonna; Hayden; Borland; Cetto; Hayes; Mohammed; Hale; Nino; Darrington; Wing; Phung (add today Jim Constable, Bob Henchey, Jeff Mayberry, Pete Smith, Jim Raeder, Van Etten, even Ruth Spiers , Executive Assistant to Depping ,who resigned after 19 years with him at three different companies, allegedly over “ethics.”. Editor); et al., not to mention all the branch manager’s, ether VP’s and "acquirees" terminated, or quit for one reason or another. (Tim Cello offered to buy his branch back and perhaps in an ill-judged gambit, quit to force Houston’s hand and then later recanted.
“ He has the best performing portfolio in the company and Tom Depping wouldn’t allow him back, or even entertain the buyback of his branch). Rather, Tom Depping closed it down. In this list are three heads of credit and two heads of documentation. If nothing else, sir, that’s all we are, a credit and documentation firm (currently the average tenure in credit / doc / funding operations is no longer than six months). This is not only disturbing, it could prove fatal. All the level headed, leasing-experienced senior managers have gone and have been replaced by weak, inexperienced and ineffectual low level former assistants. And when new people are hired, they are non-leasing accountant types unfamiliar with the industry. You can’t run a public leasing company like this - continually replacing leasing experience with non-leasing experience.
“Tom Depping prefers to remain secluded, distant and be accountable to no one- Rarely is he in the office and when he is, it is rarely longer than 4 hours. There are never any senior management group meetings, as I suspect he abides by the theory of divide and conquer. Never are the executives assembled together in one room, I suspect, for fear of their collective will on strategic decision-making and the potential for broad debate on company direction. He is afraid to be challenged and thus always meets individually with his senior management in an effort to control them. This is extremely unhealthy for the corporation and further, it is indicative of a leader insecure with himself.”
Thomas J. Depping Looking Out Upon Houston, Texas
It appears to be true that Depping was seen less and less around the office, remaining in his tower office, seeming to be aware his ship was sailing for
the Perfect Storm and he wanted off before it hit. He could not even
get his application to form a bank together.
July 3, 2000--SierraCities.com Inc. (Nasdaq:BTOB), an innovator of technology solutions for online B2B financing, today announced that it has withdrawn its recently approved application to become a bank holding company. In April, the Company announced that its application was approved by the board of governors of the Federal Reserve.
Thomas Depping, president and CEO, said, "Although our application with the Federal Reserve was approved in April, we have decided not to implement the banking strategy at this time as we are in the process of potentially splitting our technology and finance operations." On April 24, SierraCities.com announced that it retained Donaldson, Lufkin & Jenrette to advise on the potential division of the Company's technology and finance operations.
SierraCities reports $7.7 million loss for second quarter
"The Company reported a net loss of $7.7 million for the second quarter, including non-recurring pre-tax charges of $6.9 million. On an operating basis, the Company reported a loss of $3.4 million compared to net income of $252,000 in the second quarter of 1999. Second quarter operating results were largely impacted by reduced gains from asset sales resulting from a poor secondary asset market during the quarter. The asset sales completed during the quarter resulted in gains of $957,000 compared to $3.5 million in the second quarter of 1999.
Sales were originally generated with the purchase of the smaller leasing company, who joined the parent with funds available often a lower rate and supposedly less rules and regulations than the small leasing companies funding sources. This type of sales generation series appeared to generate more sales, but in affect, these smaller leasing companies had discounted, brokered, or borrowed for most of their business and the asset was the management and sales niche of the smaller leasing company. The concept was for sales from the new company generated sales for the larger company and as long as new companies were being added, sales appeared to grow. In effect, many of the smaller company’s sales diminished with the original principal leaving or the entrepreneurial spirit changing in the operation of gathering business.
### Press Release #############################################
Ironically, the man who McQuitty had suggested in his call to have Tom
Depping resign, was Fred Van Etten, the last of the original group, the
man who was good a raising money and making things happen. Ironic
because it was Van Etten who was sent to fire him.
Fred Van Etten, 1997
As a side note, paradox of paradoxes, Fred Van Etten was fired by
Depping for supposedly trying to oust him as CEO, exactly what
McQuitty had originally suggested. We are told by one source
that Van Etten had his day as he sued and won that he was terminated
“without cause.” Mr. Van Etten would not confirm nor deny this,
and did not read a draft of this article or contribute to it. It is our
guess he has a “do not disclose” to his settlement, which he would
also not confirm nor deny.
As the lease matured, or defaulted, or brought up heavy servicing problems, the Sierra Cities concept began to collapse. The “roll over” of companies started with the purchase by Sierra Cities of Eric Barash’s company. Here is the complete
list with dates they were acquired:
General Interlease Corporation (GIC) 6/96
( a Florida, Colonial Pacific Pegasus Lease Dealer )
Corporate Leasing Group 9/96
Lease Pro, Inc. 2/97
Heritage Credit Services, Inc. 5/97
Universal Fleet Leasing 5/97
Public Funding Corporation 6/97
Northcoast Capital Leasing Company 9/97
Financial Management Services dba Cascade Leasing 9/97
Heritage Credit Services of Oregon 11/97
All American Financial Services 11/97
Independent Capital Corporation (ICC) 3/98
Integrated Lease Management (ILM) 3/98
OMNI Leasing 4/98
Vendor Leasing Services 4/98
TFS, Inc. dba The Money Source 6/98
21st Century 6/98
Republic Group, Inc. ( Anaheim ) 7/98
Suffolk Street Group ( England ) 7/98
Brooker Montague Leasing Limited 8/98
Titan Finance Limited 10/98
Fifth Third Leasing 6/99
Capital Alliance Financial 12/99
In purchasing the operations, the key players were eventually let go, and
the uniqueness of the operation was also lost, as instead of being management
in an entrepreneur spirit, the Houston office was running it in the Army
style---you know, the right way, the wrong way, and the Army way.
Thomas J. Depping in his Office drinking Diet Coca Cola
In the press release, it was noted:
"The Company incurred a one-time $6.0 million pre-tax charge in the second quarter related to the restructuring or elimination of under performing operations." Sierra Cities Press Release “
Charlie Lester perhaps best described the man on the executive floor of Chase Tower, as, "he has no old friends, just new friends and wannabes". He sat
purposely isolated in what he proudly called “the tallest building West of the Mississippi.”
Thomas J. Depping Looking Out Upon Houston, Texas
Greg McIntosh said there were no “scheduled meetings” with his boss
Tom Depping. He had continued to run spot checks of the RW leasing
portfolio, also asking staff to bring “anything unusual” to his
attention. A bankruptcy notice was received on one physician’s accounts in the RW portfolio by the Sierra Cities collections department. He went to the file
and the lessee was paying like clockwork. It seemed very strange to Greg McIntosh, Leasing News was told. He had his staff look into it further. Surprisingly, the physician had filed bankruptcy a year earlier. A consumer credit report showed terrible trades, but the Sierra Cities payments were not only on time, but “anticipated.”
In looking over the RW portfolio, he found the collection department had received similar notifications before, but ignored them as the accounts were paying on time.
In the past, such notices were not acted upon before McIntosh took over. The bottom line---the leases were being paid as agreed, there was a substantial reserve, and additional guarantees of RW Professional and possibly Barry Drayer himself.
The department devised a spot check program and re-ran the credit on
several other files, finding nothing “alarming.” McIntosh was concerned,
we are told, and again brought the information to his superiors. The procedure was written up by members of the department, several other officers, and a signed memo was sent to Tom Depping. When he reviewed their findings, he called them into his office. At that time, the American Express offer was in “due diligence.”
Depping’s first request was to put everything in writing and send him a “full report.” When he received this, he responded in writing that Sierra Cities was in
“sound shape” and RW Professional had sufficient reserves to cover any
loses. He signed it. He told the officers and staff it was his decision as CEO.
Thomas J. Depping Office at Sierra Cities
Reportedly Barry Drayer was interviewed about this account. He allegedly admitted to making the payments, and “violating” his agreement with Sierra Cities, but claimed to be doing them as a favor by allegedly keeping delinquent accounts current with RW payments. He also purportedly reminded everyone who would speak with him that he still had major cash reserves and Sierra Cities had the guaranty of RW Professional.
When the discrepancies were discovered and quickly grew, it was decided at this time to “cut” Barry off, no more leases from RW Professional. Tom Depping concluded there was enough in reserve and with the RW guarantee that Sierra Cities was “adequately covered.” He wrote and signed a memo to this effect to those who reported to him about the incident. The matter was “solved.”
Leasing News has requested a copy of this memo from American Express. The
attorneys will provide no information until the litagation is complete, we
were told. There are too many people who have made mention of this
memo to know that it does exists. We are told it was utilized in American Express investigation of events.
When American Express completed the purchase of the company, one of the
first things they did was to investigate the RW Professional portfolio. They
interviewed everyone involved, and called for a full report of the RW Professional portfolio. They requested not a spot check, but a “full report” on the “entire
According to a key player involved, the first file they pulled, they found the
lessee was in bankruptcy and RW Professional was making the lease payments.
They were astounded. It was the first file they pulled. As they dwelled further into the portfolio, they found that many of the lock box payments from lessees were being made by RW Professional. It appears that the practice was much wider than Barry Drayer had originally explained to Tom Depping and his staff or explained, but ignored by Depping.
August 23, 2001, Rich Tambor, Sr. VP of American Express Small Business Services, according to highly reliable sources, conducted a conference call with the all personnel within his division. In that call, Mr. Tabor referred to issues with the RW Professional Leasing portfolio that were being addressed by his company.
Now, while the main case continues, the problems with individuals, the “victims,”
“I am a dentist in ***** and have been stung by the RW Leasing fraud. The FBI has been to our office and collected evidence. We will never enter into a lease again, after the heartache we have endured.
“Whatever benefit there may be (if any) with leasing, has been greatly outweighed by the damage done to us. RW Leasing had me sign multiple leases prior to receiving equipment as we opened our dental office in late 1999. Since we were opening a new dental office, more equipment was added after the first leases were signed. So Barry Drayer from RW Leasing had me sign new leases that contained the previous equipment as well as the additional equipment and told me that the first leases would be destroyed.
“As far as we could tell the first leases had been replaced, since we did not see them or pay them for two years. When RW Leasing ran into financial problems the banks began calling, demanding we pay them directly. Of course, RW Leasing claimed that we were to still pay them.
“When the smoke began to clear (if it ever has) we found that the first leases we had signed had never been replaced, but had been somehow hidden from us by RW Leasing.
“ We had never seen them or paid them for over 2 years. I prepared a 30 page spread sheet for myself and the FBI to track the equipment and the leases. Almost every lease had multiple duplications, meaning that each piece of equipment showed up on more than one lease. In late 2002 we settled with *****************. However, one bank (*********************) cut off all communications with us in April 2002 after we brought the fraud to their attention. They never returned calls and never asked for money. ********** has since been acquired by ********** and in May 2003 ************* filed a law suit against us for full payment of the leases in question...
(name with held )
On April 23,2003, River City Bank, Sacramento, brought suit for $1.2 million against Crawford & Sons for March,2001 funding of RW Professional medical equipment leases. The suit claims Crawford allegedly said all its lessees were with licensed medical professionals who put a personal guaranty on many of the leases, plus further characterized the leases as very strong credits, rated at either A or B, which is considered investment grade, the suit said. Crawford also allegedly told River City that the medical equipment had been delivered to the medical offices.
A broker claims to have admitted to producing bogus invoices for Barry Drayer, (2) cashed checks sent to him in the name of the bogus vendor and reportedly
forwarded cashier's checks back to Mr. Drayer made payable to cash and (3)
reportedly operated mailboxes for Mr. Drayer forwarded invoices for
"clients" back ---recently was visited by the Federal Bureau of
The question is who lead the FBI to the broker. Could it be Barry Drayer
is trying to make a deal?
It appears the other litigation awaits the outcome of the Criminal Court
proceedings. The Crawford matter has a November 5, 2003 Conference
date. In the Criminal matter, May 20, 2003 a copy of a letter is entered
regarding a telephone call of May 16th to replace Roger Drayer’ attorney Kenneth Thompson, Esq. with Jerald Rosenthal. The next is a “LETTER dated 6/20/03 from Sena Kim-Reuter, Law Clerk to USDJ Spatt to Jerald Rosenthal, Esq. Re:
The Court acknowledges receipt of a copy of a letter dated 5/20/03, you mailed to Geoffrey Kaiser, in which you inform Mr. Kaiswer (sic) that you have been retained to represent df Roger Drayer in the above-referenced case replacing Kenneth Thompson, Esq. Kindly be advised that to replace Mr. Thompson as counsel you must both sign a consent to change attorney form and file wit with the Court (Coleman, Laurie)”
There are many lawsuits listed in the Pacer system involving RW Professional Leasing. It is apparent the defendant has much experience, and readers who
may view the latest as “stalling” may be right, or maybe there are other reasons.
Is someone else going to “Take the money and run?”
A special thanks to Charlie Lester , Leasing News Senior Advisor, who at our request for over two years opened doors for us, introduced us to key players, and helped with the “accuracy” of this three part series. We could not have done
it without you, Uncle Charlie.
Kit Menkin, editor/publisher
(The most recent picture we have of Charlie Lester, taken on Father's Day, with
his oldest daughter Sharon Hess on the left , and his youngest daughter Melanie
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