July 27, 2004
######## surrounding the article denotes it is a “press release”
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Classified Ads—Asset Management
“I have recently found a job and would very much appreciate it if you would delete my ad.
“Suggestions for job hunters? I strongly encourage applicants to differentiate themselves by doing something different. I took chocolate chip cookies to some of my interviews; those seemed to go better! Also, I have always been an advocate of the assumptive close; tell them about the business you will be bringing and when.
“You have provided me with a great resource and I appreciate that.”
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 E-mail: email@example.com
Full list of all classified “Job Wanted” ads at:
Economic Events This Week
Housing Construction: June
Leading Indicators: June
Weekly Jobless Claims
Wake Up! Discounters!!! Banks!!! Investors!!!
by Christopher Menkin
Leasing News has been writing about the potential “jury pool”
for NorVergence customers who leased their equipment. The Telecom Agent Association have started a “legal co-op” and the various state
governments and the federal government are also getting involved.
Their goal is outspoken: breaking the distance of responsibility
of equipment and its financing.
The theme is the leasing company’s have responsibility in accepting both seller of equipment and its use, not just the credit or financial
strength of the lessee (debtor). This fundamental breach of capital leases ( not “maintenance leases”) will have repercussions for years to come.
Perhaps as many as thirty leasing companies, not including many
independent banks, are involved. The money will be much more
than Leasecomm lost in its suit regarding small ATM leasing contracts.
It will be a bigger scandal than OPM Leasing ( “Other People’s Money.”) A class action suit will be a “donnybrook” with each attorney representing their “circumstance.”
Reporters have been calling since NorVergence could not make
payroll ( according to many employees, checks issued to them
are still “insufficient funds.”) Originally, the estimate was $3
million in debt, then the telephone companies said, “ No, it was $30
million that was owed, so the filing went form #11 to #7
as everyone knew NorVergence could not even make payroll.
The question asked was what did Leasing News think was involved.
From the very beginning, considering there were as many 7,000 lease contract written (they had 11,000 customers, they said in
advertisements,) my guess was “at least $100 million.” Reporters
were astonished. Today attorneys believe this will grow into a $200 to $250 million scandal.
In the past, small dollar equipment leasing contracts, meaning under $50,000, and especially under $25,000 were too costly for the average lessee to engage in a legal battle. Leasing companies would settle,
write-off, or get simple judgments. In today’s instant internet communication, listserves, bogs, web sites, it is very easy for groups to get together and pool their information and resources. In this specific case, we have a non-profit organization that has organized a “legal co-op.”
This is very serious to the leasing industry. What is being said
on the internet sites are from people who most likely will either
be or the jury pool, or their friends or relatives and at worse
is their “point of view.”
Here are some of the comments
” They (this leasing company) partnered with a Company Norvergence) to provide a product, and on-going service. In the case of a small business it is a struggle just to keep the store open-- let alone being an expert on all of the peripheral services you depend on! Explaining that the customer should have a -"Done their telecommunications Homework"- before they sign a lease for that service doesn't wash with me. You should be able to trust someone...you would think. I would think that with the numbers we had here, maybe the leasing companies should have done some homework. Why should the leasing business be bullet proof and risk free?”
“Let’s let a jury decide if the leasing company had responsibility
“Let them end up with the same fate that YOU have deemed appropriate for many of these small businesses - financial hardship... Lets have a few leasing companies go out of business, then maybe the industry will be a bit more ethical in who they enter into dealings with.”
“Hopefully, members of the bench (legal that is) agree with me.”
and from Leasing News readers:
“As a lease professional I certainly understand that the lessor is in no way responsible for the equipment performance, and the lessee acknowledges that in the docs. But as a consumer, you would a company that is effectively "endorsing" the product by providing a private label program or discounting relationship to have some confidence in the vendors ability to perform.
“ If the lessee secured its own unrelated financing it would be a different story, the lessor could pull the 'buyer beware' card, but since the lessor was working in concert with the vendor - that is going to be tough. The lessors are going to have a tough time making the case that they never complete due diligence on the vendors they discount from because they are not dependent on the equipments performance. The lessees bought a 'telecom solution', part of that solution was financing offered by NorV on NorV docs. Their claim will be that they believed that if the company failed there would be no more service - but also no more payments, regardless of what the docs say. For all we know NorV salespeople might have been telling them that.....”
There are over 10,000 companies involved. Even if only 10% get
together, monetarily and politically, they will be a force to be reckoned
Deadline This Friday--Lessors Fall Showcase
The Lessors Network Fall Showcase...
National Lease Funding Source Showcase
Ritz-Carlton | Atlanta, GA | August 25-26
Attendee Registration - $750 | Registration Lottery - $200 | Hotel - $170
Open for bankers, brokers, discounters, lessors
Banc One Leasing Corporation | Bank of America Leasing... | Burr Wolff | Capital Data, Incorporated | Caterpillar Financial... | CIT Technology Fin... | Republic Financial Corp | Russell Equipment Co., Inc. | SunTrust Leasing Corporation | Vision Financial Group,Inc. | De Lage Landen Financial Services | Douglas-Guardian Services Corp. | eLease | First Prime Capital, LLC | Fitch Ratings | Fortran Group International, Inc. | GE Commercial Finance | GlobalTech Portfolio Services | IKON Office Solutions | International Decision Systems | Marshall & Stevens Inc. | Mayer, Brown, Rowe & Maw LLP | Midwest Equipment | Oracle Corporation | ORIX Public Finance | RBS Lombard, Inc, | SG Americas Securities, LLC | Sullivan & Worcester LLP | Valuation Research Corporation | Wells Fargo Financial Resources | Wells Fargo Financial Preferred Capital | and more...
About the Event
About the Registration sliding cost program
Classified Ads---Help Wanted
Account Executive / Small ticket leasing account reps
Business Development Office
Marketing Indirect Origination
Senior Contract Specialist
### Press Release #####################
Portfolio Financial Servicing Company (PFSC)
Assets under Management Exceed $10 Billion
Portfolio Financial Servicing Company (PFSC) announced the value of portfolio assets under management have exceeded $10 billion.
Jerry Hudspeth, PFSC’s President and Chief Executive Officer commented: “This growth is, in part, attributed to PFSC’s ability to consistently meet the diverse needs of our clients and the high standards of the structured finance market. In addition, the introduction of PFSC’s new backup and successor servicing product, BackupPlus, has become the industry standard for backup servicing.”
PFSC has also recently introduced state-of-the-art products for the complete servicing and management of Captive Finance Programs, Net Receivables Servicing, and Collateralized Debt Obligations (CDO’s).
Mr. Hudspeth added “PFSC strives for continuous improvement and will work with the rating agencies, monoline insurers and lenders to establish the highest standards for the management, oversight and servicing of portfolios”.
PFSC is the largest independent commercial lease, loan, and receivables servicing company in the U.S. and is headquartered in Portland, Oregon. PFSC provides primary/master servicing, backup/successor servicing, and consulting for lease, loan, and structured finance portfolios. More information about PFSC can be found at www.pfsc.com.
PFSC - Eric Gross: (503) 721-3226 firstname.lastname@example.org
### Press Release ###################
Marlin Announces Results of Quarterly Vendor Activity Survey
MOUNT LAUREL, N.J--Marlin Business Services Corp., through its subsidiary Marlin Leasing Corporation, announced today the results of their Quarterly Vendor Activity (QVA) Survey, detailing equipment vendors' current and expected sales activity.
"Although less optimistic than the first quarter's report, the second quarter QVA results reflect a positive environment for equipment sales," said Gary Shivers, President of Marlin. "The majority of responses we received from our nationwide equipment vendors indicate a strong demand for equipment which underscores positive news for economic growth."
A few highlights:
-- During the past 90 days, 56.0% of the respondents said that their company's sales volume was higher than the same period last year.
-- 38.5% of all respondents characterized the current business
environment as "Strong" while only 10.1% characterized it as "Poor."
-- Over the next 90 days, 77.2% of all respondents expect sales
volume to be higher than the current level.
-- QVA responses show a slight increase in the number of negative
answers during the second quarter.
About the Quarterly Vendor Activity Survey:
Marlin publishes QVA four times each year for its business partners. Responses sample the sentiment of more than 4,000 vendors who received questionnaires. Data for this second quarter report were collected during the period from May 15, 2004 to June 10, 2004. For additional information, visit our web site at www.marlinleasing.com.
About Marlin Business Services Corp.:
Marlin Business Services Corp. (NASDAQ:MRLN), through its subsidiary Marlin Leasing Corporation, is a nationwide provider of quality leasing programs to equipment vendors and their customers. Marlin's unique origination platform provides service to over 69,000 customers from its regional offices in Denver, Atlanta, Chicago, Philadelphia and Mount Laurel, New Jersey. For more information, contact Marlin at 1-800-479-9111 or visit their web site at
CONTACT:Marlin Leasing Corporation, Mount Laurel Deborah Affonsa, 800-479-9111, ext. 6155 email@example.com
### Press Release#####################
Sales of existing homes hit all-time high in June
San Diego median home price: $580,670/Top Ten In California
Venture Capital Investments Increase
American Express Profit Rises on Card Use
BellSouth Realignment Continues, Adds 120,000 DSL Users
Google Expects Pricey Offering
Boise Cascade selling timber assets for $3.2B
At the Democratic Convention, Reporters Outnumber Delegates 6 to 1
Popular Political Satire Site on Presidential Election
Not just a gimmick -- the best camera phones
“Gimme that Wine”
New Jersey Passes Pouring Law
California State wine sales growing
Beaulieu donates $20,000 to restore Napa River
Priorat - worth the money?
Investors Knew The Risks In Vineyard Bankruptcy
This Day in American History
1686-Birthday of Mary Peck Butterworth, Colonial Counterfeiter. In 1722 Mary Peck Butterworth's husband bought her a huge, fancy house that aroused the suspicion of authorities. (She couldn't buy the house herself because the law forbade married women owning anything on their own. It all belonged to the husband.) Even though the couple was investigated by the authorities - and two of their "gang" turned state's evidence - there were no convictions. Seems that Mrs. Butterworth developed a currency-counterfeiting process that used cloth that was immediately burned instead using the usual counterfeiting tell-tale copper plates. The cloth "plate" evidence went up in flames after each use so the prosecution's evidence disappeared in smoke. According to the evidence given against her by her relatives who assisted her, she used a hot iron to press a piece of starched cotton over a bill to transfer the pattern. Using the same method she transferred the pattern to paper from the cloth. Then with a series of quills, she inked the note by hand into an almost perfect note. She organized a true kitchen-cottage industry, using her family including her brother and his wife who turned state's evidence. She was said to be a tough task boss. She got so good at the business that she expanded her operation into wholesaling bogus bills at half price.
Members of the organization were arrested, but all were acquitted. It is said she gave up counterfeiting after that.
1775—Dr. Benjamin Church was named Surgeon general of the Continental Army. He was a traitor and spy who was caught passing information and jailed on November 7,1775. He had passed on information regarding several battles, including the Battle of Lexington, and was privy to troop movement, strength,
and strategy. On a second attempt on sending information to the enemy via
a lady friend, his letter was intercepted and the decoded. General Washington conducted the court marshal. Church was sentenced to a life term in prison. He began his incarceration, but ill health enabled him to return to Boston where he was paroled. Church received permission to immigrate to the West Indies; the ship that provided his passage was lost at sea. It was later learned with certainty that Church had been in the pay of General Gage and had furnished the British with a detailed description of colonial military plans and equipment several weeks before Lexington and Concord.
1777- The beautiful Jane McCrea was murdered and scalped for her long blond hair supposedly by Indians allied with the British General Burgoyne. Subsequent investigation indicated she might have been killed by a stray shot and not by Indians. The scalping horrified everyone and helped unite the colonies against British rule. A monument now marks the spot where she was originally buried.
1789-Department of State founded. The first presidential cabinet department, called the Department of Foreign Affairs, was established by the Congress. Later the name was changed to Department of State.
1841- Linda Richards birthday - U.S. nurse and educator. She received the first diploma from the first school of nursing opened in the U.S. She went on to establish training schools for nurses as well as directing several hospitals.
She retired in 1911 at age 70 when she wrote her autobiography, “Reminiscences of Linda Richards.”
1853---Birthday of Architect Cyrus Lazelle Warner Eidlitz.
1857-Birthday of Jose Celso Barbosa-Puerto Rican physician and patriot, born at Bayamon, Puerto Rico. His birthday is a holiday in Puerto Rico. He died at San Juan, Puerto Rico, Sept 21, 1921.
1866-Atlantic Telegraph cable successfully completed.
1868-Uniforms for mail carriers were authorized by Congress. Before this
date, mail carriers could dress in any manner.
1905-Birthday of Leo Durocher, born at West Springfield, MA. He began his major league baseball career with the New York Yankees in 1925. He also played for the St. Louis Cardinals' "Gashouse Gang" and the Brooklyn Dodgers, where he first served as player-manager in 1939. It was during that season that he used the phrase "Nice guys finish last," which would become his trademark. As a manager, he guided the New York Giants into two World Series. Following a five-year period away from baseball, he resurfaced as a coach with the Los Angeles Dodgers in 1961. In 1966 he signed with the Chicago Cubs as manager. After leaving the Cubs, he spent one season with the Houston Astros, then retired from baseball in 1973. He died Oct 7, 1991, at Palm Springs, CA.
1909 - The record for the longest airplane flight was set by Orville Wright who was testing the United States Army’s first airplane. Wright kept the craft aloft for 1 hour, 12 minutes and 40 seconds over Fort Myer, Virginia.
1921- Dr. Frederick Banting and his assistant at the University of Toronto Medical School, Charles Best, gave insulin to a dog whose pancreas had been removed. In 1922 insulin was first administered to a diabetic, a 14 year old boy.
1921- Baseball fan Reuben Berman brought suit in New York County Supreme Court against the New York Giants, alleging that on May 16 the Giants had “wrongfully and unlawfully imprisoned and detained” him and threatened him with arrest. Berman further alleged that he was “greatly humiliated before a large crowd of people…and thereby was caused mental and bodily distress and was thereby greatly injured in his character and reputation and in his physical health” Berman’s crime? He refused to return a foul ball he had caught to a stadium attendant. Allowing fans to keep foul balls was not year a general practice, but the court awarded Berman $100 and thus fans were allowed to keep a caught foul ball.
Thank you, Reuben Berman.
1922—Birthday of Julius “Papa Cairo” Lamperez, born New Orleans. Louisiana Hall of Fame member played steel guitar with Cajun and Western swing bands for 64 years; the New Orleans native sang on Chuck Guillory & His Rhythm Boys' 1949 hit, "Big Texas"; he later toured with Ernest Tubb, and recorded with Harry Choates and Chuck Guillory. died 11/13/99; age 79
1937—Birthday of vibe player Charlie Shoemake Houston TX
1942 - In New York City, Peggy Lee recorded her first hit record. With instrumentals provided the Benny Goodman band, Peggy sang "Why Don’t You Do Right" for Columbia Records.
1943-Birthday of singer Mary Love, born Mary Ann Varney, Sacramento, CA
1943 - On a whim, and flying a single engine AT-6, Lieutenant Ralph O'Hair and Colonel Duckworth were the first to fly into a hurricane. It started regular Air Force flights into hurricanes
1948-Birthday of skater/television personality Peggy Flemming.
1953- the Armistice agreement ending war that had lasted three years and 32 days was signed at Panmunjom, Korea ( July 26, US time ), by US and North Korean delegates. Both sides claimed victory at conclusion of two years, 17 days of truce negotiations.
1955 - Chuck Berry's first hit record, Maybellene, entered the R & B charts.
1955-Billboard claims that only two singing stars can be considered guaranteed hit makers these days: Nat King Cole and country star Webb Pierce. Throughout his long and illustrious career, one that extended into 1982, Webb Pierce charted 96 singles, 54 Top Ten songs and 13 No.1 singles. In 1955, three of his tunes topped the charts for an unprecedented 46 weeks... almost the entire year. Using a point scale that takes into account both chart positions and longevity, Joel Whitburn ranks Webb Pierce as the No.1 artist of the 50’s, leagues ahead of Jim Reeves (No.14) Eddy Arnold (No.2) Hank Williams (No.6) and Lefty Frizzell (No.16). It is estimated that his record sales to date total over 65 million copies and his influence can still be felt throughout the world at every age level and in every musical genre.
1959 - The brothers, Santo and Johnny (Farina), of Brooklyn, New York released their one and only hit record, the instrumental "Sleepwalk," which would be the number one song for two weeks. "Tear Drop," their next song, only went to number 23 on the pop charts.
1962- During the unsuccessful Albany, Georgia movement, Dr. Martin Luther King, Jr., is arrested and jailed for the third time. During months of protests, Albany's police chief jailed hundreds of demonstrators without visible police violence. Eventually the protesters' energy, and the money to bail out protesters, ran out. The movement was lost, until the spring of 1963 in Birmingham, Alabama.
1965-The Beach Boys' "California Girls" is released.
1966- The Wisconsin Supreme Court overrules a lower court decision and holds that the state doesn't have the jurisdiction to keep the Braves from moving to Atlanta.
1974 - "Annie's Song," John Denver’s biggest hit song, written for his wife, reached the top of the "Billboard" singles charts. Denver enjoyed three other number 1 songs: "Sunshine on My Shoulders", "Thank God I’m a Country Boy" and "I’m Sorry".
1976 - Former Beatle John Lennon won formal permission to remain in the United States as a permanent resident and would be eligible for United States citizenship in five years.
1979- Little Richard -- billed as the Reverend Richard Penniman -- spoke to a revival meeting in San Francisco about the dangers of rock & roll
1986-Lemond Wins Tour de France. Cyclist Greg Lemond became the first American to win the Tour de France, the most important bicycle race in the world.
1987 - Freeway shooting incidents were all the news in Los Angeles, California. There had been nine incidents involving vehicles and guns since June 18, 1987. There were actually two motorists shot to death and four others injured.
1988 - Hot weather prevailed in the north central U.S. Williston, ND, reported a record high of 108 degrees. Thunderstorms produced severe weather in the eastern U.S., and in southeastern Texas. Richland County, SC, was soaked with up to 5.5 inches of rain.
1988 --Boston's worst traffic jam in 30 years. “ People in Boston either talk about how the Red Sox are doing or the traffic. But since the I-90 tunnel extension to South Boston opened in January and the I-93 northbound tunnel beneath downtown opened in March—two major elements of the now infamous "Big Dig" project—they only have one of the two to complain about. Rush hour, which used to span 10 to 12 hours, has been cut in half.”
1988 --Radio Shack announces the Tandy 1000 SL computer.
1989 - Thunderstorms produced severe weather from Wisconsin and northern Illinois to New England, with 103 reports of large hail and damaging winds through the day. Thunderstorms in Wisconsin produced hail three inches in diameter near Oshkosh, and wind gusts to 65 mph at Germantown
1996 - During the Olympic Games in Atlanta, Georgia a bomb exploded in an entertainment park killing two and wounding 110. A man was uprightly convicted in the newspapers, then let free, and no other suspect nor the person who set
off the bomb has been found to this date.
1996-Canadian sprinter Donovan Bailey won the 100 meters at the 1996 Summer Olympics in Atlanta in the world record time of 9.84 seconds. The previous mark, set on July 6, 1994 by Leroy Burrell, was 9.85 seconds.
1998- Sammy Sosa hits his first career grand slam establishing the mark for most career homers before hitting a grand slam (246).
2000 -Toronto skipper Jim Fregosi wins his 1,000th game as a big league manager as the Blue Jays beat the Mariners, 7-2.
"A clever runner steals a base." - James J. Metcalfe
James J. Metcalfe was a widely syndicated columnist for the Chicago Sun-Times and a German-American poet that put together a very nice poem that truly does catch the essence of the game in a most eloquent manner.
by James J. Metcalfe ©
Published: Unknown (Unknown)
The game of baseball is the king
Of all the games we play
And it is one pursuit that is
The people swarm into the stands
To watch their favorite teams
And munch their hot dogs when their lungs
Are not engaged in screams
The pitcher hurls the horsehide and
The batter gets a hit
Or else the ball goes sailing and
Some fielder smothers it
A clever runner steals a base
A player takes a walk
Or managers and umpires
Decide to have a talk
The crowd is gay or gloomy or
Completely in suspense
But it goes wild when someone knocks
The ball beyond the fence.