Tuesday, July 6,2004
######## surrounding the article denotes it is a “press release”
Classified Ads---Asset Management
Asset Management: Austin, TX. 20+ years exper. lease/finance. P & L responsibility, strong credit & collection management, re-marketing& accounting. Computers, construction, auto & transportation. Both commercial/ consumer portfolios.
Asset Management: Bloomfield Township, MI.
15+ yrs experience asset management and credit analyst.
Leadership and training skills. Audited returns, max residual, lease end and resale negotiator.
Asset Management: Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing residual position through outstanding negotiation skills & lease contract management. Third party re-marketing, forecasting etc...
Asset Management: Oxnard-Hollywood Beach, CA.
19 Years w/Equity Analysis/Placement and Residual Forecasting of Computer Assets. Portfolio Manager for Two Major Lessors and Strong Analyst Background w/Leading Information Services Firm.
Asset Management: Princeton, NJ.
20+ years experience in equipment financing. Last five years in Asset Management including remarketing, end of lease negotiations, equipment and market evaluations
94 “Job Wanted “ ads available at: http://22.214.171.124/LeasingNews/JobPostings.htm
We get results. List your ad. It is free. Go to:
This week we will also start with pictures of applicants and/or
their personal web sites or resumes.
From Our Archives, July 6,2001 Manifest Insurance Policy
Manifest Still Has Insurance Guarantee as US Bancorp
Manifest Insurance Policy
“In today's competitive marketplace it seems as though everyone is trying to get more from their current base of customers. Whether it is your lessee base or your vendor base, we would all agree that these are the lifelines of any third party leasing company. At Manifest Funding Services, we understand the importance of your customer base and we would like to insure the protection of these Lists with the following policy:
“Your lessee and vendor lists will remain confidential to Manifest Funding Services. At no time will this information be shared with anyone outside Manifest Funding Services. This policy holds true even if your company is no longer doing business with Manifest Funding Services.
“At Manifest Funding Services, we take this "Insurance Policy" very seriously. We understand that the cost of a "claim' against our integrity far outweighs any revenues that we might receive from a vendor or lessee that calls us directly.”
Senior Vice President
Manifest Funding Services
Norvergence Files Bankruptcy?
by Christopher Menkin
Leasing News has been writing about the troubles and background
of Norvergence for two years, quoting Robert J. Fine, who is the
Norvergence Bank-Funder contact under the title of Director of Strategic Relations.
As critics have noted to us, he also serves as the popular president of the Eastern Association of Equipment Lessors.
The complaints range from the value of the actual collateral to the service, with many warning that when Norvergence fails, it will erupts into a class action suit similar to the one that cost Microfinancial millions of dollars. The “distance” between financing and approving the seller plus servicer of the equipment
may be decided by a court of law or another jurisdiction.
In the course of looking into the complaints, with several be” satisfied” by the funders involved ( perhaps along with Norvergence, as we never learned the actual details, just the results that the customer's complaint was “satisfied.,” these following comments were received:
.The complaints are all over the internet and Norvergence is becoming the joke of the leasing industry... reason that funding sources aren't coming forward is that they are scared if they blow the whistle and stop funding Norvergence the house of card will fall very quickly ‘pyramid scheme'."
“I think the thing that scares me most with my clients asking me "what to do and what do you think I should do?" is 2 things: 1) The CEO is Peter Salzano, brother to Tom Salzano (who in fact is the "silent” Chief), who if you type his name in a "search", his name is not good in the industry. He cannot be named as an executive because he is wrathed in litigation of slamming in his past ownership companies who have since ALL filed Chapter 11...Minimum Rate Pricing, Inc, Parcel Consultants Inc, National Tele-communications, Inc. So the history of these brothers that they are fly-by-night, make-a-quick $ and leave customers in the rubble and giving this industry more bad apples to deal with.”
” Norvergence is truly a scam and this is how it works. The "Screening Manager" (better known as a "Salesperson") collects telecom bills from the company they are meeting with. The company's current costs are added up; Norvergence then reduces that cost by 30%. Once that number is determined, Norvergence then backs out the cost of the T1 and the Unlimited Cellular to determine that company's "Matrix" box price. All current costs, less 30%, nominal T1, and cellular costs are applied to the price of the box. That is why they can't put a price on the box. They have to figure out how much a company is
currently spending and squeeze every last dime into the cost of the box. The customer is then bound to the 5 year agreement with the bank, regardless of service level provided by Norvergence..”
” The box has nothing to do with the savings, it is a way for Norvergence to claim its' value so they can charge the customer all of their current telecommunications expenses less the 20% or 30% discount. Norvergence puts all of the value in the box and then it is then funded through a bank. Norvergence receives 5 years of Telecom upfront. Now if the customer is unhappy with the service (I've seen several complaints about the cellular portion of the solution) TOO BAD! The customer has signed a binding document with a bank. In reality, they are paying a bank for their telecom.”
' This magical box is nothing more than an Adtran IAD (Integrated Access Device retailing for about $500). The really sad thing is that if a customer is just getting DSL or Cable High speed internet, the box does absolutely nothing!!!”
” I called Nortel corporate headquarters today, and was indeed notified that litigation is pending against Norvergence for misrepresentation. I was told this is part of Norvergence's attempt to lure new customers. They are not a business partner. Nortel informed me that they may be reselling some Nortel hardware, although that would not have been obtained from Nortel as a Nortel reseller.
The problem is signing a contract with a third party leasing company for five years. If Norvergence goes out of business in a year, you are stuck paying for worthless equipment and have to go back to your current system.”
Leasing News is attempting to obtain a statement from Norvergence, plus confirm or deny the television news reports that the company has filed for bankruptcy protection.
Classified Ads---Help Wanted
Business Development Office
Marketing Indirect Origination
Service base drives June's job growth
'The Fed's behind the curve'
Court rules Amtrak workers can't walk off the job
You've Got Mail (and Court Says Others Can Read It)
Mortgage Rates Fall
More online retailers taking checks, invoices
Michael Moore Snubs Independent Theaters/File is in the Real Media
Format-headlined: SEE THE 3-MINUTE DOCUMENTARY
THAT MICHAEL MOORE DOES NOT WANT YOU TO SEE
“Gimme that Wine”
Hogue Cellars Releases Results of Wine-Closure Study, Switches to Screw Caps
Offering cheaper land and a slower pace, El Dorado County is drawing newcomers who want to hop on wine bandwagon.
Wine Booming in Michigan
When the Love Affair Begins to Fade—Frank J. Prial
Cutting-edge vintners put their wines to a taste test
This Day in American History
1526 -The first European settlement in what is now located in South Carolina,
San Miguel de Guadalupe, was established by Lucas Vazsquez de Vyllon, who led some 500 or 600 settlers from Hispaniola to this coast location. The site of the settlement was thought to be just north of the Peedee Rive. Many of the settlers died of fever. After Ayllon succumbed himself on October 18, the approximately 150 surviving settlers returned to Hispaniola. The Spanish were the first group interested in this part of the America's, Juan Ponce de Leon discovering Florida, claiming it for the King of Spain. Members of his expedition reached the Mississippi River, and Juan Rodriquez Cabrillo not only went as far as Mexico, but in 1542, also landed near what is now Ballast Point, San Diego, then discovered Santa Catalina Island, San Pedro Bay, the Santa Barbara Channel, and other West Coast landmarks, which bear the names he gave them today.
1747-American naval officer born at Kirkbean, Scotland. Remembered for his victory in the battle of his ship, the Bonhomme Richard, with the British frigate Serapis, Sept 23, 1779. When Jones was queried: "Do you ask for quarter?" he made his famous reply: "I have not yet begun to fight!" Jones was victorious, but the Bonhomme Richard, badly damaged, sank two days later. Jones died at Paris, France, July 18, 1792.
1757 –Birthday of William McKendree, colonial American church leader. In 1808 he was ordained the first American-born bishop of the Methodist Episcopal Church.
1776-The Pennsylvania Evening Post of Philadelphia, PA was the first newspaper to publish the Declaration of Independence.
1847—Birthday of Ellen Martin Henrotin - wealthy U.S. widow who used her money to make the 1893 Chicago World's Fair the national focal point for feminist activity. Most importantly, she lead a committee that forced the closing of hundreds of brothels in Chicago and brought about the downfall of the flourishing "white slavery" trade in which women were kidnapped into prostitution.
1865-Birthday of Mina Miller , the seventh of eleven children. She met Thomas Edison at the home of a mutual friend of her father and Edison, the inventor Ezra Gilliland. Her future husband claims he taught her Morse code so that they could converse in secret, even while the family watched. This is how Edison claims he proposed marriage and how she responded "yes." The two married on February 24, 1886. The couple moved into Glenmont, the Edison's' new home, after their honeymoon in Florida. At age twenty, the new Mrs. Edison became a stepmother to Mary's three children. It was not an easy task. She was less than ten years older than stepdaughter Marion. Although Mina tried to nurture her new family, Marion later described Mina as "too young to be a mother but too old to be a chum." Her role as Mrs. Thomas Edison was also difficult: Edison frequently stayed late at the laboratory and forgot anniversaries and birthdays. Yet he seemed to love his "Billie." A note found in one of Mina's gardening books reads, "Mina Miller Edison is the sweetest little woman who ever bestowed love on a miserable homely good for nothing male (sic)" As Thomas Edison supervised his "muckers" down the hill (at his laboratory), Mina hired and supervised a staff of maids, a cook, a nanny and a gardening staff. She even called herself the "home executive." After 1891 she, not her husband, owned the house. (This protected the house from being seized to pay Edison's debts if he went bankrupt.).Four years after Edison died, Mina married childhood sweetheart Edward Everett Hughes. The two lived in Glenmont until Hughes died in 1940, when she once again adopted the name of Mrs. Edison. She lived at Glenmont until her death on August 24, 1947.
1858- Lyman Reed Blake of Abington, MA, obtained patents for the McKay stitching machine, which revolutionized shoe manufacturing, creating a new industry for New England, providing inexpensive and well-made footwear. The upper was lasted upon the insole by means of tacks driven through the insole and clinched against the steel bottom of the last. The outsole was then attached to the insole and upper by the McKay sewing machine, which made a chain stitch through and through to the inside of the shoe. the surface of the insole was then covered by a
lining. The machine was first put in use by William Potter and Sons, Lynn, MA, in 1861.
It was probably foot powered.
1871- The first baseball game between an all-white team and an all-African American team was played in Chicago, IL. The African-American Uniques beat the Alerts by a score of 17-16.
1921—Birthday of Nancy Davis Reagan, former First Lady, wife of the late Ronald Reagan, 40th president of the US, born New York, NY.
1925—Birthday of TV host, singer, entertainer, business executive Merv Griffin, born San Mateo, Ca. He got his first start here in San Francisco on my old alma mater KRFC
on the Old Don Lee Network. 1928 --At Potter, NE, severe thunderstorm drops huge hailstones. One measured 5.5 inches in diameter, with a circumference of 17 inches and weighed 1.5 pounds!
1932- Singer Della Reese Birthday
1933- Babe Ruth became the first to hit a home run in an All-Star game.
1933-Major League baseball Holds First All-Star Game: The first midsummer All-Star Game was held at Comiskey Park, Chicago, IL. Babe Ruth led the American League with a home run, as they defeated the National League 4-2. Prior to the summer of 1933, All-Star contests consisted of pre- and postseason exhibitions that often found teams made up of a few stars playing beside journeymen and even minor leaguers.
1936--- 114ø F (46ø C), Moorhead, Minnesota (state record)
1946—“43,” George W. Bush, 43rd president of the US, former govern or Texas, born New Haven, CT.
1946—Birthday of Sylvester Stallone, actor, director, born New York, NY.
Peg o' My Heart - The Harmonicats
I Wonder, I Wonder, I Wonder - Eddy Howard
Chi-Baba, Chi-Baba - Perry Como
It's a Sin - Eddy Arnold
1947 - Allen Funt debuted with "The Candid Microphone" on ABC Radio. Later, on August 10, 1948, "Candid Camera" became a smash TV hit and made Funt a star. Funt also produced the film "What Do You Say To A Naked Lady?" using his hidden camera concept.
1949—The Quiz Kids premiered and my good friend Ken Kelly of Goodwill and
the Salvation Army, was one of the winners. This show began on radio and continued on TV with the original host, Joe Kelly, and later with Clifton Fadiman. The format was a panel of five child prodigies who answered questions sent in by viewers. Four were regulars, staying for weeks or months, while the fifth was a "guest child." The ages of the panelists varied from 6 to 16.
1953- “Name That Tune” was a musical identification show that appeared in different formats in the 50's and the 70's. Red Benson was the host or the NBC series and Bill Cullen (and later George DeWitt) was the CBS host. Two contestants listened while an orchestra played a musical selection, and the first contestant who could identify it raced across the stage to ring a bell. The winner of the round then tried to identify a number of tunes within a specific time period. After 11 years, the show was brought back with Richard Hayes as host. In 1974, new network and syndicated versions appeared.
Rock Around the Clock - Bill Haley & His Comets
Cherry Pink and Apple Blossom White - Perez Prado
Learnin' the Blues - Frank Sinatra
Live Fast, Love Hard, Die Young - Faron Young
1955—Governor William Grant Stratton of Illinois signed into law a state requirement that all automobiles be equipped with frame holes to which seat belts could be fastened,
the first state to mandate this requirement. . The law also required that no new motor vehicle could be registered unless equipped with seat belt attachments conforming to the specifications of the Society of Automotive Engineers.
1955- "Baby Let's Play House" becomes Elvis' first single to place on the national charts and hits #10 on the Country & Western charts.
1957-Althea Gibson of the US became the first black person to win any Wimbledon title when she beat Darlene Hard, also of the US, 6-3, 6-2 to win the women's singles championship.
1961—The Count Basie and Duke Ellington Band record together for the
It's Too Late/I Feel the Earth Move - Carole King
Indian Reservation - Raiders
Treat Her Like a Lady - Cornelius Brothers & Sister Rose
When You're Hot, You're Hot - Jerry Reed
1961- Cecil Francis Poole became the first black US state's attorney when he was sworn in as US attorney for the Northern District of California. He served until his retirement on Feb 3, 1970.
Sukiyaki - Kyu Sakamoto
Blue on Blue - Bobby Vinton
Easier Said Than Done - The Essex
Act Naturally - Buck Owens
1970- California became the first state to adopt a “no fault” divorce law. It allowed divorces in cases of incurable insanity and irreconcilable differences. The divorce rate of more than 1 million a year was reached in 1975, when 1,036,000 divorces were granted.
1977-Peak of 10 day heat wave with 100 in Washington, D.C.
Ring My Bell - Anita Ward
Bad Girls - Donna Summer
Chuck E.'s in Love - Rickie Lee Jones
Amanda - Waylon Jennings
1981 - The Dupont Company of Wilmington, Delaware announced their intent to purchase Conoco, Inc. (Continental Oil Co.) for seven billion dollars. For that time, the merger was the largest in corporate history. Until a final sum of $7.7 billion closed the deal, the bargaining continued. The result of the merger was the creation of the seventh largest industrial company in the United States.
1986 --Pocatello, Id sets new record with 35, coldest for July
I Wanna Dance with Somebody (Who Loves Me) - Whitney Houston
Alone - Heart
Shakedown - Bob Seger
That was a Close One - Earl Thomas Conley
I Swear- All-4-One
Regulate (From "Above The Rim")- Warren G
Any Time, Any Place/And On And On- Janet Jackson
Don t Turn Around- Ace Of Base
1998-Korean Se Ri Pak rolled in an 18-foot birdie putt to defeat amateur Jenny Chuasiriporn on the second hole of sudden death and win the 1998 US Women's Open at Blackwolf Run GC in Kholer, WI. The two golfers had finished the regulation 72 holes tied at six-over-par and had battled evenly at two-over— through an 18-hole playoff. Both pared the first extra hole, the first sudden-death hold in the history of the tournament. By winning, Pak became the youngest Open champ in history at 20, and only the second golf on the LPGA tour to win two major championships in her rookie year. Her earlier victory had come in the McDonald's LPGA Classic.
2001 --Playing in the 101st different park since 1876, the Cubs beat the Tigers in Comerica Park, 15-8. The Cubs win for the first time in Detroit in 56 years dating back to Game 3 of the 1945 World Series when Claude Passeau's threw a 3-0 shutout in Briggs Stadium.
2002-- Daryle Ward becomes the first player in the brief history of
Pittsburgh's PNC Park to hit the Allegheny River on the fly. His fifth inning towering grand slam, which is estimated to travel 479 feet, help the Astros to rout the Pirates, 10-2.