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Credit Analyst: Seeking an energetic and organized Credit Analyst. At least one to two years of experience as a Credit Analyst in financial services (banking, insurance, leasing, or mortgage) is required.

Funding Manager: Seeking a very organized, detail oriented Funding Manager. Minimum two years experience in brokering and discounting commercial equipment transactions is required.

Operations Manager: Seeking an experienced Operations Manager with knowledge of all sides of operations. Must have a minimum of five years related experience.

Send email or fax to Ryan Johnson, Corporate Recruiter.
Fax: (888) 462-4305

We are ready to hear from you and field any leasing questions that you may have.
Five Point Capital
10525 Vista Sorrento Pkwy
San Diego, CA 92121


Thursday, July 29, 2004




    Classified Ads---Contract Administrator

        Lessors.Com to Help Unemployed at Conference

            Citigroup to Sell Unit to CIT Group

    Creditors request examination of DVI

        The List is Up-Dated

            Great Opportunity for Lessors/Leasing Companies

    Construction Leasing Marketplace Strong, Says New Study

        Microfinancial $5.9M Q Loss/Revenues Down $8.2M

    Fastest Growing Leasing Company Adds Another Territory Manager

        NetBank Income Down for Quarter and Six Month

            BofA Leasing New Corporate Aircraft Finance Division

    News Briefs---

        California News Brief----

            "Gimme that Wine"

                This Day in American History

                    Baseball Poem






########  surrounding the article denotes it is a “press release”






Classified Ads---Contract Administrator


Los Angeles, CA Documentation Manager; 25+ years experience; strong documentation skills; solid reputation for submitting complete funding packages consistently resulting in same day fundings; will consider reasonable commute.




New York, NY.

10+ years in equipment leasing/secured lending. Skilled in management & training, documentation, policy and procedure development & implementation, portfolio reporting. Strong work ethic.



Portland, OR.

6+ years small ticket leasing/financing. Documentation/funding

Policy development &implementation, management &training, process mapping, customer service, broker, vendor, portfolio experience.



Ridgewood, NJ.

Organized person with two years leasing experience to document and book deals. Work with customers, vendors and funding sources to process, fund and track leases.



Schaumburg, IL

10 yrs. small/mid-ticket leasing. Proficient in documentation, funding and legal. Worked with brokers, portfolio purchases, vendor programs, municipal transactions. Prefer to stay in Suburban Illinois.



    full list of 104 Classified ads “Jobs Wanted” at:




Lessors.Com to Help Unemployed at Conference


National Lease Funding Source Showcase

August 25 & 26 | The Ritz-Carlton | Atlanta, GA


Challenges & Opportunities !


Are You Currently Unemployed?


At a time of unprecedented consolidation of bank, independent and captive lessors, many industry professionals unfortunately find themselves unemployed. The Lessors Network recognizes that your unemployment is temporary and attending this event can offer you:


The opportunity to network with prospective employers attending this event. The value of scheduled presentations, upon your re-employment with a new company. Access to two professional executive recruiters speaking at this event who may be of assistance in your job search.


The Lessors Network has reserved a limited number of complimentary attendee registrations for confirmed unemployed leasing professionals, available on a first come basis.




Your One stop solution for training and reference material for the Leasing Professional


Citigroup to Sell Unit to CIT Group



 Citigroup announced it has  agreed to sell its European vendor finance leasing operations to CIT Group  for an undisclosed sum as it pursues a plan to shed noncore businesses. The transaction is reported to close before the end of the year.


"This acquisition is an excellent strategic fit for CIT, adding scale to

our European portfolio, diversifying our customer and dealer base in vendor finance, and accelerating our international expansion," said Jeffrey M. Peek, President and CEO. "We will continue to look for opportunities that expand our business by customer, region and industry."


    Tom Hallman, Vice Chairman, Specialty Finance, commented: "This

transaction significantly increases our network of dealers and solidifies our leadership position in global small and mid-ticket financing.  We look forward to offering our new dealers and vendors efficient, cost-effective leasing and financing solutions."


The business operated by Citigroup unit CitiCapital has assets of $950 million and 200 employees in Britain, France, Spain, Germany, and Italy.


Its assets, located mainly in Britain, consist mainly of leases and loans for technology, health care, and construction and industrial equipment.


"This divestiture is consistent with our desire to focus on core businesses where we possess a significant market presence," said Ellen Alemany, EVP Commercial Business Group and President & CEO, CitiCapital.


During Citigroup's second-quarter earnings conference call on July 15, Chief Financial Officer Todd Thomson said the New York-based financial-services giant will look into sales of operations that Citigroup feels ``aren't a good fit.'' CIT has announced its

intention to expand in European markets that are “less” competitive than the domestic marketplace.


 Full Press Release:




About CitiCapital 

   With a current global portfolio of over $20 billion, CitiCapital, a business unit of Citigroup, is one of the largest commercial finance companies, and the leading independent provider of material handling equipment financing in the USA. CitiCapital provides a full range of financing solutions and services to over 575,000 customers throughout the world and is also a market leader in construction equipment, transportation, healthcare and business technology equipment finance.


Additional information can be found at

   About Citigroup 

   Citigroup (NYSE:C), the preeminent global financial services company which has 200 million customer accounts and does business in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.


Additional information may be found at

About CIT Specialty Finance:

    Specialty Finance provides global financing solutions for commercial and consumer customers of manufacturers, distributors, dealers and brokers.  Its five divisions include Consumer, International, Major Vendor Partners, Small and Mid-Ticket Financing, and Small Business Lending.


    About CIT:

    CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services.  Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries.  CIT, a Fortune 500 company, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending.  CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 5,800 employees in locations throughout North America, Europe, Latin and South

America, and the Pacific Rim.  For more information, visit





Creditors request examination of DVI

               The Intelligencer

Creditors for bankrupt Warwick medical finance company
DVI have asked the judge overseeing the company's
bankruptcy case to order an examination of its former
accountants and lawyers.

The requests, filed earlier this month in U.S.
Bankruptcy Court in Wilmington by a committee of DVI's
unsecured creditors, ask Judge Mary Walrath to order
accounting firm Deloitte & Touche and law firm
Clifford Chance to let representatives be questioned
on the record. The creditors also want the
representatives to produce documents relevant to their
work for DVI.

The creditors have failed so far in attempts to
negotiate an agreement with either Deloitte & Touche
or Clifford Chance to question employees and examine
DVI-related documents, according to the requests.

"Although counsel for the parties have engaged in
extensive good-faith negotiations, to date, they have
been unable to agree on the scope of the examination
... as well as the documents to be produced by it."

Deloitte & Touche served as DVI's accountant until the
firm was fired last year in a dispute with the
company's management over the way DVI accounted for
transactions related to a Corpus Christi-based
radiology facility.

Clifford Chance and a predecessor firm served as DVI's
attorneys from 1995 until the company filed for
bankruptcy last year, according to court documents.

DVI was a medical finance company that helped doctors
and small clinics buy expensive equipment like MRI
machines. The company filed for bankruptcy after
defaulting on loans. Its former management team
resigned amid allegations of accounting improprieties,
and was replaced by an interim team from New
York-based distressed company management firm Alix
Earlier this year, a court-appointed examiner issued a
report alleging "massive fraud" on the part of former
CEO Michael O'Hanlon and a number of other former
executives and directors. O'Hanlon's attorney has
denied the charges.

According to the examiner's report, the company is
also under investigation by the FBI and Securities and
Exchange Commission, among others. The FBI and SEC
have declined comment.

The recent requests for examinations of Deloitte &
Touche and Clifford Chance ask for information related
to both firms' work for DVI that might shed additional
light on the company's accounting practices and
payments. While both requests list the types of
information the creditors are seeking, neither request
specific documents.

Attorneys for the creditors did not respond to
requests for comment or elaboration on the information
they seek. Representatives for Clifford Chance and
Deloitte & Touche declined comment, citing the ongoing

A hearing to consider both requests is scheduled for
early next month.

Separately, Alix Partners requested an order extending
its employment with DVI through at least the end of
October. The company had not previously set an end
date for its employment.

Alix Partners' Mark Toney, who is serving as DVI's
interim CEO, has said his role is to wind the
company's operations down and sell off its assets. DVI
once employed as many as 150 in Warwick. Its staff is
now down to about 10.





The List is Up-Dated



     On Line at:


Alphabetical and chronological.


Here are the changes in the last three months,

in chronological sequence:




    Funding Tree (7/2004) Funding Tree Kendra Bernal in Utah, out on $184,000 bail, due to report in California on August 25, 2004 for sentencing. (3/2003) wrap-up by the late award winning journalist Rene Tankersley, Landline Magazine: Nevada Attorney General Closes Legacy/Funding Tree Down the Year-end wrap-up by Rene Tankersley, Landline Magazine (2/2003)---"I Really Didn't Know." Telemarketer confesses for her action, tells all: (2/2003)Rene Tankersley Landline Magazine up-dated 12/2002---Complaints continue about Funding Tree operation in Nevada keeping advance rentals. (10/2002) In the last episode, Kendra Bernal had resigned (went back to jail), a new president was named, and according to the attorney of record, the hearing before the California Department of Corporations was cancelled. The corporation did not have a Finance Lender's License to conduct business, and further was ordered to desist. The Funding Tree was appealing, until Kendra Bernal was arrested for violating parole. It appears The Funding Tree has moved to the State of Nevada, where a license is not required. Leasing News has two complaints, one in Maryland, the other in Kentucky, where advance rentals have been paid, one where the vendor has not been paid for the limousine, but leasing payments were taken out of the lessee bank by ACH. Riverside, CA ( 6/2002) New president says there is hope past vendors and brokers will be paid. Dept. of Corp. "cease and desist order" still in place. Riverside DA Jerry Fox warns, "Don't take advance rentals if there is no lease approval. "(6/2002) Kendra Bernal arrested for allegedly violating parole (5/2002) More complaints, although e-mails say some deals have funded and vendors have been paid---hope--- (5/2002) Many more complaints (4/2002) Many complaints. Vendors/brokers not paid.

     Orix Financial (7/2004)   Reports Closing Kennesaw, GA Office, rental available. (4/2004) Gary Corr, president and COO of ORIX Financial Services, Inc. (OFS) announced the promotion of Bill G. Fite to group president of ORIX's equipment finance group (EFG). Many complaints by employees continue over lack of communication and broker promises. (1/04) On February 13th, forty people will be let go in Orix's New York Office and twenty-five in Kennesaw with layoffs continuing every two weeks from then on through the end of the fiscal year (3/31). “The layoffs will hit IT and Accounting the hardest but they will be across the board (SFG, EFG, RPG, Operations, HR).“Also, apparently there is an internal memo among the Dallas Executives that has a timeline for vacating Kennesaw entirely (1/04) “We Need Your Help!” Orix Employee Cries Out Loud ( ( 1/04) Orix Capital Markets will announce that they are shutting down the NY office. Major layoffs will hit the Kennesaw, Georgia office either mid or late February. Nothing is certain yet but it is probably safe to say that Orix will be out of the leasing business altogether at this time in 2005. (1/04) “ They have also already told the CIO, Chief Legal Officer, EFG Group President, and some other senior level people when their last day will be (1/04) Gary Gusoff is Gone---Five More to Follow (12/03) Despite the press releases and hoopla, according to a highly reliable source, Gary Gussoff last day will be December 31, with more officers to follow, with rumors Orix may be getting out of the leasing business in the USA (11/03)Fitch Withdraws ORIX Financial's Senior Debt Rating (11/03) " Holmes had four businesses reporting to him, the ones run by Hidder, Crain, Neptune and Fite. Today after the reorganization Corr gets only one of those businesses, the old Credit Alliance portfolio run by Fite. The other three organizations that Holmes recruited and nourished at OFS are all reporting elsewhere. How long will those guys stay around, they jumped ship from elsewhere to follow Holmes? And what is the fate of Fite, is he really necessary if all Corr has is the Equipment business?" (11/03)Fitch Places ORIX Special Servicer Rating Watch Negative| (10/03) (10/03) Beyond comedy. (10/03) Holmes gone! (10/03) Orix floundering, Holmes to going, going... (9/03) US team in trouble, look for shake-up on top. (8/2001) "Orix Corporation was raised to "outperform" from "hold" by analyst Tomotaka Ohio at UFJ Capital Markets Securities". In a related story, Orix was reiterated "hold" by analyst Edward Gordon at WestLB Panmure. Insider tells us not much action happening at Orix. Shows what a press release about a new president coming on board and new credit manager. Hype still works on Wall Street. (7/2001) Hires Donald Cox as Exec.VP/CFO-30 years exp. at BofA. Many predict he will be a "figure head" and the company will not be around in two to three years---history will tell if this is correct or not. (4/2001) Orix to "consolidate;" close offices, moving to Atlanta, GA. (2/2001) Closes re-discount center, Steve Geller says "goodbye." (11/10 First six months profits up 14% at Orix! ) (11/8) New President at Orix appointed. 10/2000 "long-term Outlook has been revised from Stable to Negative". Credit Alliance has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President commits Suicide (Orix is a 14.7% shareholder in bank having problems), (8/2000) closes small ticket vendor division in Portland Oregon, "Business as usual in New Jersey and with Brokers" says Steve Geller.

    NorVergence, New Jersey (7/2004) Campaign to Stop Leasing Company Payments (7/2004) Robert J. Fine Resigns as EAEL President, ran Finance Division, discounting paper to banks and others (7/2004) Telecom Agent Association starts “Legal Co-Op” to breaking third party leasing contracts sold by NorVergence or involved with NorVergence equipment and service. (7/2004) NorVergence files Chapter 7(7/2004) NorVergence files Chapter 11.(7/2004) NorVergence investigated for failing to pay its employees NorVergence (4/2004) "Mr. Arnold comes to NorVergence Capital from HP Financial Services, where he was the Finance Director for North America. At HP Financial Services, he was responsible for all financial functions and was instrumental in integrating the HP and Compaq Financial services portfolios. Mr. Arnold was part of management team that launched Compaq Financial Services in 1997."

    Republic Leasing of South Carolina/NetBank (7/2004) New name :NetBank Business Finance (6/2004) July 1, 2004, Republic Leasing, a subsidiary of NetBank, will become a division of NetBank. (4/2004) ” The commercial equipment leasing business had production of $39 million, a decrease of $5.2 million or 12% “ (3/2004) Republic Leasing of South Carolina to Become Division NetBank April 1,2004. (7/2003) Jim Merrilees, CLP leaves to join Santa Barbara Bank & Trust Leasing Division as Vice President. Laura Poore also joins the Leasing Division as Marketing Representative. The division specializes in small-ticket leasing transactions originated through equipment leasing companies and brokers nationwide (2/2003) Forms a new division with Jim Merrilees heading it up in Portland-Merrilees left First Corp after Textron, Nations Credit, Greybank, Colonial Pacific Leasing. To concentrate on vendor/captive lessor marketplace. (1/2003) NetBank reported a net loss of $15.9 million (or $.36 per share) for the full year 2002 (12/2002)"The aim is to package the loans and sell them to investors for fatter, "banklike" profits; armed with new management and a coterie of experienced bankers plucked from rivals. .. languished since the Internet bubble burst. At their peak, the shares were trading at more than six times what they are fetching now. NetBank, with total assets of $3.76 billion, operates the nation's largest independent retail Internet bank. It also is a wholesale and retail mortgage lender. No one doubts that Internet banking is here to stay. Most banks -- large and small -- offer online banking in some form." Atlanta-Journal. $80 million loan Commercial Money Center insurance question. (7/2002) cuts over 100 brokers, wants to become more efficient with remaining 150 brokers. (11/2001) parent and company now owned by NetBank; Dwight Galloway gets early Xmas present, broker community cheers the good news too. 9/27/2000 "The expected result will be a sale of Republic Leasing" --- Dwight Galloway. He adds, "We have always been for sale for the right price, but in 13 years we have not sold off any leases or gone direct after broker's business, ever".

    Financial Pacific, Federal Way, Washington (7/2004) Surprise---“Fin Pac” Sold to Allied Capital, Washington, D.C., $94 Million, to close in third quarter,2004 (5/2004) S.E.C. still studying proposal, talk about promoting stock for company, truck portfolio law suit, and other questions brought up, but considered “routine,” due to nature of portfolio...Menkin would have bought stock if IPO came about,a great company FinPac CEO Dale Winter noted that the value of IPOs has declined significantly since April, when FinPac first began the process of going public. FinPac accepted Allied's buyout offer on June 30, according to Winter, who says the acquisition will not affect FinPac's operations or its 120 employees. Other leasing and finance companies have been successful with IPO's, but underwriters were reportedly not bullish about "Fin Pacs" chances, thus the sale to Allied. (4/2004) “Fin. Pac.” “C” and “D” funding source has filed an IPO to raise $80.5 million dollars.



    CapitalPro Asset Management Fund, Arizona (6/2004) The Arizona Corporation Commission announced Gary G. Johnson, 50, of Peoria, who agreed to pay a $12,500 penalty and return $164,000 in commissions that he earned from selling unregistered long-term promissory notes issued by CapitalPro Asset Management Fund, a California-based company dealing in equipment leasing. The company should not be confused with Capital Pros Network. It was reported that Capitalpro filed bankruptcy in California, but this could not be confirmed.

    RW Professional, Long Island, NY (6/2004) Trial to start October 14 th , 2004 (11/03)Jury to be selected for trial on April 12,2004 (9/03) Defendants on bail, "house confined," with trial to start April 12, 2004. "Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt. to move documents to another location and keep boxes (2nd set) for the Courthouse." Last file is a letter: "Ms. Besser is currently subject to a 7:00 p.m. curfew as part of her pre-trial supervision and requests that the curfew be lifted on 10/19/03 so she may participate in a gathering in Manhattan." It appears for the defendants to ask to either/or travel from their home or at certain hours, as they are remanded to their residence with electronic monitors on their ankle.
"MINUTE ENTRY; before USDJ Spatt on 9/5/03 @ 11:30 a.m., for Criminal Cause for Status Conference as to Dfts Payaddi Shivashankar, Susan Cottrell, Adam Drayer, Roger Drayer, RW Professional Leasing Services Corp., Rochelle Besser, Barry Drayer. Dft RW Professional Leasing Services Corp. present on bail with retained counsel Stuart E. Abrams. Dft Rochelle Besser present on bail with retained counsel Stuart Abrams. Dft Barry Drayer present on bail with retain counsel Stephen L. Cohen. Dft Roger Drayer present on bail with retained counsel Jerald Rosenthal. Dft Adam Drayer present on bail with retained counsel Thomas Marino. Dft Susan Cottrell present on bail with retained counsel Jerald Rosenthal. Dft Payaddi Shivashankar present in custody with CJA counsel Edward Jenks. Govt: Geoffrey Kaiser. Court Reporter: Harry Rapaport. Case called. Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt to move documents to another location and keep boxes (2nd set) for the Courthouse. Notice of Appearance filed by Jerald Rosenthal for dft #4. (Coleman, Laurie)" (6/2002) 40 FBI agents raided the offices and arrested Barry and Rochelle, Roger and Jennifer Drayer. The investigation found $6.5 Million of fraud.  Prosecutors said that the company, the RW Professional Leasing Corporation, concocted  elaborate schemes using up to 100 rented mailboxes as far away as California to send  phony checks, sham invoices, bogus leases and other false documents to banks in various states. Based on those documents, the banks lent RW millions of dollars to buy equipment and lease it out, prosecutors said. The schemes included multiple loans from different banks for the same medical equipment and loans for equipment that was never bought or leased,  prosecutors said.
Take the Money and Run:

Part I,
Part II
Part III

    Northwest Capital Solutions, Portland, OR (6/2004) purchased by American Bank Leasing Corp., an independent commercial equipment financing company located in Atlanta, GA

    El Camino Leasing, Woodland Hills, California (6/2004) Harmon on his way back. ( 2/2001 ) GATX announces purchase of   portfolio, making ATEL Capital largest independent owned leasing company in the  world (1/2001)  reportedly winding down, sold portfolio, selling partner  relationships, selling off all assets 10/2000 No longer taking broker business 11/2000  struggling to stay in leasing business, according to insider reports



    DVI, Philadelphia (5/2004) Fitch Ratings places certain classes of DVI, Inc. equipment transactions on Rating Watch Negative DVI (4/2004) the bankrupt Jamison medical finance company, loaned its chief executive more than $500,000 - and loaned another senior executive $150,000, and creditors want the loans repaid. (12/03) The U.S. District Court entered an order appointing Cedar Street Group as lead plaintiffs, and Krislov & Associates, Ltd. as lead attorney in the securities class actions brought against DVI, Inc.'s former chief executive officer, Michael A. O'Hanlon, and chief financial officer, Steven R. Garfinkel, and DVI's former lead underwriter, Merrill Lynch & Co. Claims against DVI, Inc. (DVI or Company) are currently stayed due to its Chapter 11 filing. (9/03) Suit Filed Against Former Senior Executives of DVI as law suits galore appear (8/03) starts cutting employees, half let go, close to 200 now (8/03) DVI files BK (8/03) Leasing News insiders say deals not being funded, real problems, company most likely will file bankruptcy, major problems. (12/2000 out of broker )

    Commercial Money Center (CMC) , Southern CA (5/2004) CMC Cases Like Timex—Keeps Going and Going. (11/03)The officers of this company are back in business while the "disputes" continue among insurance companies, banks, vendors, lessees, and perhaps only the attorneys are being remunerated (10/03) Ameriana said it will write off two lease pools in the third quarter, an action that will reduce the quarter's net income by approximately $2,784,000 or $0.88 per diluted share. Heretofore, Ameriana had established reserves against these lease pools equal to approximately 58% of the approximately $10,900,000 that currently remains outstanding. Note: NetBank and others have taken over certain aspects of the defaulted portfolio, as reported earlier, and suits with the insurance agency surely continue, while the class action suit continues taking depositions, while the former officers have started new leasing and finance ventures. (3/2002) Court filing agreements (3/2003) NetBank Lakeland settle BK for portfolio (3/2003) CMC attorney withdraws, not getting paid
(3/2003) Class action lawsuit regards not being licensed in California for lease financing 12/2002---Commercial Money Center Bankruptcy Docket for case 02-09721 (12/2002) Ameriana Bancorp to Boost Reserves 4Q re: Commercial Money Center (Nasdaq: ASBI) announces that it will set aside additional reserves of up to $5.6 million in the Company's fourth quarter ending December 31, 2002. This action will reduce fourth quarter after-tax net income approximately $3.4 million or $1.08 per share, resulting in a net loss for both the quarter and full year. In 2001, Ameriana reported net income of $1,216,000 or $0.39 per diluted share for the fourth quarter and full-year net income of $3,800,000 or $1.21 per diluted share. Approximately $4.7 million of the additional reserves to be set aside pertain to Ameriana's investment in a pool of leases acquired from the Commercial Money Center ("CMC"), a now- bankrupt equipment leasing company. Ameriana originally purchased two separate pools of equipment lease receivables totaling $12,000,000 from CMC in June and September 2001, of which approximately $10,900,000 currently remains unpaid. Each lease in the pools was backed by a surety bond issued by one of two insurance companies rated at least "A" by Moody's Investors Services. The bonds guaranteed payment of all amounts due under the leases in the event of default by the lessee. Each pool was sold under a Sales and Service Agreement by which the insurers serviced the leases. In each case, the insurers assigned their servicing rights and responsibilities to Commercial Servicing Corporation, an affiliate of CMC, which also has filed bankruptcy. When the lease pools went into default earlier this year, one insurer made payments for several months under a reservation of rights while the other refused to make any payments. Both insurers now claim they were defrauded by CMC and are denying responsibility for payment. Ameriana is one of a number of financial institutions around the country that purchased interests in lease pools from CMC. All of the CMC lease pools are in default and in litigation. The Federal Panel on Multi-District Litigation has taken control over most of the federal actions involving the insurers of the lease pools and has assigned them to the U.S. District Court for the Northern District of Ohio, Eastern Division, for consolidated pre-trial purposes. (NetBank has $80 million as part of the suit, among others.) (10/2002) Deadline for filing for claims for Commercial Money Center has been extended since the proceedings were converted to a Chapter 7. The CURRENT attorney is Bradley Shraiberg and his phone number is 561.395.0500. He is the contact until a further motion is filed to have him removed (he said for geographical reasons, as it is now moving to the Southern District of California Bankruptcy court in San Diego .) ( Read about CMC ) (6/2002) files voluntary bankruptcy, #11, in Florida, all hell breaks loose (5/2002) Gets worse, officers may go to jail (4/2002) Many, many complaints; reports of leases where equipment never existed, paying for leases that do not exist, much behind the scenes on the reputation of the founders, lawyers having a field day, San Diego FBI investigating all.(3/2002) Throws in the towel, 128 employees out of work, Dir. of Marketing Bill Hanson not paid, goes back to work for himself, bringing Gil Evans and his son Ty with him. closes door, leaving many unpaid bills and questions, especially about Kiosk leasing. (2/2002) Returns $1.2 Million to Date admit many complaints by applicants, vendors, and brokers. Fails to secure insurance line of credit after September 11th

    Balboa Capital, Irvine, Ca. (5/2004) Balboa Capital Corporation announces that Patrick Byrne has completed the acquisition of 100% of the company's stock and is now the sole shareholder of Balboa Capital, ending rumors that the company was listed for sale because the two owners were not getting along ( for quite some time, it is said ) and it was dividing employees on each side of the camp. ( 2/04) Surprise! Surprise! Surprise! --Shawn Giffin Back at Balboa Capital. Rumors float that company is up for sale that both owners not getting along; they deny it. Byrne had taken a two year sabbatical and came back to the helm in late September of last year. It was then Giffin's turn to take some time off, they both said. Since that date, Byrne was back in the swing of things, increasing originations, creating a more sales friendly environment, improving credit and funding processes using Six Sigma, cleaning house, increasing customer service, finding fraud from vendors and salesmen, starting a broker division, the first time in 15 year history, hiring Curt Lynse, formerly with GE-Colonial Pacific, working on a national vendor program division, and getting the company moving in a very competitive manner. “I'm thrilled to be back, “ Shawn Giffin told Leasing News. “My head is clear. I'm invigorated. This is a great company.” Asked about his ability to get along with the other major share holder, he said, ‘ Pat has a unique set of skills, as I do. I think we are very complimentary working together. The point is I am fired up and am really glad to be back at work. I love it! “ Asked about what his title would be, he said, “Titles aren't important to Pat or I. “ (2/04) Curt Lynse, formerly at GE Capital/Colonial Pacific Leasing, joining Balboa Capital to start a broker division, something the company has not done in sixteen years; they founded in 1988. (9/03) Patrick Byrne is back, Shawn Giffin goes on sabbatical. ( 9/2000) Founder Pat Byrne " available any time he wants to use it".

    Publish West Inc. (5/2004) stops publishing daily newsletter “Leasing Today.”



    PDS Gaming, Nevada (4/2004) PDS Gaming $1.6M Net Loss for 4th But YE 2003 $659,000 Profit

    Microfinancial/Leasecomm (4/2004) Reports $7.6 Million revenue loss first quarter, resulting in $4.7 million net loss. (11/03) Changes name to Transaction Enabling Systems (10/03) Net Loss $3.2 million for 3rd Q (10/03) class action filed. (5/03) Record Fine/Judgment Under the terms of the settlement with the Federal Trade Commission, Leasecomm will stop collection efforts on all outstanding judgments, totaling $24 million, involving the financing of the software and equipment for processing credit-card transactions. The company also agreed to stop financing those kinds of business opportunities in the future. Leasecomm will also pay a $1 million fine to be split by the states of Massachusetts, Florida, Illinois, Kansas, North Carolina, North Dakota and Texas. The district attorney for Ventura County, Calif. will also receive a portion of that fine. The company was looking for a financial partner, and there is the question regarding the selling of $500,000 stock by an executive officer before the stock took a nose dive. The company was also recently "re-listed" on the exchange. (5/03) New York Stock Exchange has accepted the Company's proposed compliance plan for continued listing on the Exchange (5/2003) Files $0.8 million quarter loss (4/2003) delays filing for 15 days with SEC (3/2003) to be de-listed (3/2003) Net loss for year-end was $7.7 million. (2/2003) Stocks Falls to .73 cents on Friday, 12/2002-----The Board of Directors of MicroFinancial Inc. (NYSE:MFI) has suspended its dividend to comply with the Company's banking agreements. (11/2002) Leasecomm closes, shuts off all brokers, won't fund deals approved "Goes Down---CEO Sells $500,000 Stock Before the News." ( Microfinancial Stories )Waltham, MA (8/2001) Leasecomm, Attorney General investigating, many complaints on line .

    Edwin C. Sigel , LTD, Northbrook, Illinois (4/2004), changes name “ better reflect the broad range of services that we provide our clients. Our new name is ECS Financial Services, Inc. We believe that our new name better demonstrates the diversity of our services which have grown to include not only Lease Portfolio Management, Accounting and Tax Services, but also Consulting, Tax Planning, Business Valuations, Recruitment Services, Litigation Support, Web Design, Expert Witness Testimony, just to name a few. “


    VGM Leasing, Waterloo, Iowa (3/2004) $120 million portfolio acquired by TCF Leasing, who will also supply a major line of credit. TCF Financial Corporation, a Wayzata, Minnesota-based national financial holding company with $11.3 billion in assets. TCF has more than 400 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.

    Manifest Group (3/2004) Brad Peterson New US Bancorp Manifest Sr. V-P & Gen. Mgr. (3/04) Brian Bjella as Senior Vice President and General Manager, resigns to form a Company with Ken Noyes: Grandview Financial, which consists of Quest Resources, headquartered in New Jersey. Bjella will remain in Marshall, Minnesota, where the company will grow, keeping the current staff and operations in New Jersey. This is a 50-50 partnership, according to Brian Bjella, who said, " It has always been a dream of mine, but I never actively pursued anything because I love working for Manifest. The right opportunity never came around until now, and it is one that I need to follow. “I am excited to have the opportunity to grow my own company, “he added, “ but it is very difficult for me to leave Manifest - it is a great organization with great people.” (4/2002)Troy Molitor resigns as General Manager. He follows Don Polfiet...Chris Canavati. Good men, that Manifest does miss. (3/2001) changes name to U.S. Bancorp - Manifest Funding Services. Manifest Group-  (9/1/2000) purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. (11/2000) Donald Polfiet leaves and no one knows where he went. If you know, please tell us.

    American Express/Sierra Cities/Rockford (3/2004) 40 Amex Leasing Employees Let Go in Santa Ana, closing down the office imaging-copier processing center in Santa Ana, CA.---- where the old Rockford use to be in the Xerox building on Third Street. Much of the health operation went back to Parsippany (NJ), and some moved to the old Sierra Cities location in Houston, Texas. The main reason for the closing of the operation here--the building lease was originally to Rockford and it expired. Some HR and marketing will remain in Santa Ana., about ten. All employees were offered jobs in other American Express locations. (11/2002) Lays off salesmen, rumors float they are about to get out of leasing business; Richard Anderson does not return telephone calls to confirm or deny. (09/2001) American Express Business Finance has closed down their broker division. We can submit deals until 10/12/01. All deals must be funded by 12/31/01. Unconfirmed rumors that salesmen are now going after the broker vendor accounts. We are seeking to confirm or deny this. (8/2001) Discovers up to $20 million write-off with RW Leasing portfolio, other portfolio's, alleged stock fraud, Amex declares they are investigating (7/2001) pretax write-down of $826 million that will pummel, second-quarter profits. The company also unveiled plans to cut as many as 5,000 more jobs because of the weak economy. Rumors abound about portfolio performance and major problems in the woodpile/going the way Rockford Industries went. (5/2001) New Name: "American Express Business Finance" (4/2001) Merger complete, Depping resigns as "gazelle" (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001) VerticalNet Merger falls apart. (1/16/01) Sells Off UK Assets. (7/2000) 2nd quarter loss, see report





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Great Opportunity for Lessors/Leasing Companies


The Equipment Leasing Association draws attention to the Construction

and Agricultural market in their latest report:



“According to the Equipment Leasing Association, banks and bank-affiliated leasing companies originate more construction equipment financings than captive finance companies or independent third-parties.”



“•     Most of the major construction equipment manufacturers have captive finance companies. “



      To read more about the report, please see the  following

“press release:”


#### Press Release ##########################


Construction Leasing Marketplace Strong, Says New Study


Construction Equipment Lease Financing Is Projected To Exceed $12 Billion In 2004


 rlington, Virginia—The Equipment Leasing Association, the non-profit association representing companies involved in the $218 billion equipment leasing and finance industry, and R.S. Carmichael & Co., Inc., a marketing research and management consulting firm, White Plains, New York, has released a new report, Construction and Agricultural Equipment Leasing, 2004: U.S. Market Dynamics and Outlook.


The construction and agriculture equipment industries represent two of the largest markets for lease financing.


The construction market, in particular, resumed its growth in 2003 and is forecast to grow eight to 10 percent in 2004 and 2005.


Construction equipment lease financing is projected to reach $12.5 billion in 2004 and reach $13.5 billion in 2005. This compares to $11.4 billion in 2003, and $10.5 billion in 2002.



Other highlights from the report include:


Replacement demand is projected to sustain the construction market growth through 2004 and 2005.


The general economic condition of the U.S. is an influential driver of the construction equipment leasing market.


Construction equipment categories where lease financing is most prevalent include earthmoving, road building and forestry equipment.

Mining equipment also is noteworthy market segment for lessors.

Ticket sizes for lease financing of construction equipment range widely from $25,000 to $5 million, but mainly fall in the small-ticket category (i.e. $25,000 to $250,000) with average terms being three to five years.


Road building and home building contractors, major forest products companies, mining companies, and government agencies are among the primary industries utilizing lease financing.


 “This is the first in-depth study of equipment leasing and finance in these two markets,” said Richard S. Carmichael, Managing Director of R.S. Carmichael & Co., Inc., which conducted the study. “Both construction and agricultural markets are recovering to where they were in the late 1990s, and we are finding lease financing an important part of that recovery.”


Michael J. Fleming, CAE

President of the Equipment Leasing Association since 1979.


“Overall, the findings indicate the construction industry understands the value of lease financing,” added Michael Fleming, the association’s president. “The report evaluates the trends, practices and needs of customers and equipment vendors. Clearly leasing’s ability to provide lower monthly payments, off balance sheet financing and flexible lease structures, such as seasonal payment options, is paying off for lessor, vendor and end-user alike.”


Added Carmichael, “The study’s findings show that lease financing has proven to be an important sales aid to manufacturers and dealers. Being able to offer this financing mechanism has contributed to their increased sales and profitability.”



Among the market studies’ key objectives, the report measures and characterizes the U.S. construction and agricultural equipment leasing market; identifies the trends affecting lease financing penetration in each market; evaluates the leasing practices and needs to customers and equipment vendors; and projects the U.S. construction and agricultural equipment leasing markets through 2005.


Organizations may purchase a copy of the study from or

call ELA at 703-527-8655.


For more information on the leasing industry, visit ELA online at or check out ELA’s informational portal for financial decision-makers, which includes the questions to ask before signing a lease and to access a directory of leasing companies, at


About ELA


Organized in 1961, the Equipment Leasing Association (ELA) is the premier non-profit association representing companies involved in the dynamic equipment leasing and finance industry to the business community, government and media. As the voice of the leasing industry, ELA promotes the estimated $218 billion industry as a major source of funds for capital investment in the United States and abroad. Headquartered in Arlington, VA, ELA has more than 800 member companies and a staff of 25 professionals. For more information on ELA, please visit 


About R.S. Carmichael & Co., Inc.


Founded in 1976, R.S. Carmichael & Co. is a leading marketing research and management consulting firm serving the equipment leasing field and other financial services industries. Based in White Plains, NY, the firm has a 28-year record of success in helping clients identify opportunities and develop actionable plans that are market-driven and factually based. Visit R.S. Carmichael & Co. at




Life-Policy Deals Flow Into Market




An expected wave of securitizations from life insurers that need to build their capital reserves is starting to materialize.


Lehman Brothers and Goldman Sachs are expected to win the lion's share of the bookrunning assignments on the $1 billion to $2 billion of securitizations that insurers are planning for the second half. The deals are being prompted by the National Association of Insurance Commissioners' "Regulation Triple-X," under which the separate reserves that life companies maintain in each state where they operate must always be equal to the highest amount required by any of those states.


Among the three to eight offerings on tap for the July-December stretch are a transaction that Lehman plans to start marketing soon for Legal & General America of Rockville, Md., and a deal that Goldman is handling for an undisclosed insurer. Goldman has several more deals in the pipeline. Morgan Stanley is also working on a deal.


The initial transactions would weigh in at $300 million to $500 million each, and would be structured to allow for billions of dollars of add-on deals in upcoming years. In fact, the first wave of deals could eventually spawn as much as $10 billion of issues. Most of the deals would carry bond- insurance policies.


The insurers are starting to assemble the securitizations now because four-year-old Regulation Triple-X is just starting to take full effect. Here's how the deals would work: The life companies would use the premium payments they collect to fund pools of investments. The income from those investments, in turn, would act as collateral for notes that the insurers would sell to issuing trusts. Investors, meanwhile, would assume the risk that the insurers' reserves and equity capital are insufficient to cover all claims within the related pools of policies. Assuming the policies meet expectations, the investors would receive lump-sum principal payments after eight to 30 years. Until then, they would receive only interest.


Because the reserve requirements under Regulation Triple-X would grow each year - requiring the add-on issues - it's possible that cashflows stemming from a single policy could wind up backing multiple bonds.


While other underwriters have been winning mandates, Lehman and Goldman are considered the market leaders because they've already handled the complex issues. Lehman completed two such deals during the second half of last year for First Colony Life, a unit of GE Capital. Each of the transactions totaled $300 million.




### Press Release ###############################


Microfinancial $5.9M Q Loss/Revenues Down $8.2M


MicroFinancial Incorporated Announces Second Quarter 2004 Results


WOBURN, Mass.----MicroFinancial Incorporated (NYSE:MFI), announced today its financial results for the second quarter and the six months ended June 30, 2004.


Second quarter revenue for the period ended June 30, 2004, was $15.8 million compared to $24.0 million for the same period last year. The reduction in revenues is attributable to the decrease in the size of the Company's portfolio of leases, rentals and service contracts. The reduction in revenues is directly related to the Company's suspension of virtually all originations beyond October 2002.


The net loss for the quarter was $5.9 million, or ($0.45) per share on 13,182,666 shares as compared with a net loss of $3.7 million or ($0.29) per share in the prior year's second quarter. The net loss is primarily the result of a 61.4% decline in lease and loan revenues to $3.2 million, a 33.0% decline in service contracts to $1.6 million, and a 44.3% decrease in service fees and other to $1.8 million as compared to the same period last year. Other components of revenue declined by 8.5% to $9.2 million


Total operating expenses for the quarter declined approximately 15.3% to $25.6 million as compared to the same period in 2003. Interest expense declined 71.5% to $0.6 million as a result of lower debt balances of approximately $95.2 million. Selling, general and administrative expenses decreased 21.4% to $6.8 million for the second quarter ended June 30, 2003, versus $8.7 million for the same period last year. The decrease was attributable to reductions in personnel related expenses of approximately $0.7 million, a $0.4 million reduction in sales program costs, a $0.5 million reduction in professional and legal fees, and a $0.1 million reduction in cost of goods sold. The provision for credit losses decreased 7.0% to $14.2 million for the quarter ended June 30, 2004 from $15.2 million for the same period last year, while net charge offs decreased to $19.7 million. Past due balances greater than 31 days delinquent at June 30, 2004 decreased to 17.7% from 19.2% last quarter. Total cash received from customers for the quarter decreased 10.7% to $22.5 compared to $25.2 million for the previous quarter. During the quarter the Company repaid $15.1 million on its senior credit facility and securitized debt.


Richard Latour, President and Chief Executive Officer stated, "I am pleased that the collections from our existing portfolio remained strong in the second quarter. The Company's ongoing strategy of driving down expenses while maximizing collections continued."


The Company remains in full compliance with the terms and conditions of its securitizations and senior credit facility. The Company operates within all delinquency and charge-off covenants and has made or exceeded all scheduled payments on these debt instruments in a timely manner. During the quarter, MicroFinancial's successful collections efforts allowed the Company to reduce its bank debt by $14.4 million to $26.1 million. The Company also made its final payment on the securitized debt.


Year to date revenues for the period ended June 30, 2004 decreased 31.8% to $33.8 million compared to $49.5 million during the same period in 2003. The reduction in revenues is directly related to the Company's decision to suspend funding virtually all originations since October 2002 as a result of its Lenders' decision not to renew the revolving credit facility on September 30, 2002.


The net loss year to date ending June 30, 2004 was $10.6 million versus a net loss of $4.5 million for the same period last year. Net loss per share year to date was ($0.80) on 13,181,107 shares.


Total operating expenses for the six months ended June 30, 2004 were $51.4 million compared to $57.0 million in 2003. Interest expense declined 69.5% to $1.5 million as a result of lower average debt balances of approximately $101.3 million. Selling, general and administrative expenses decreased 20.8% to $14.1 million for the six months ended June 30, 2004 versus $17.8 million for the same period last year. The decrease was driven by a reduction in personnel related expenses of approximately $1.7 million, a $0.8 million reduction in professional fees and legal costs, a $0.8 million reduction in sales program expenses, and a reduction in facilities expenses of $0.8 million. The Company's headcount at June 30, 2004 was 120, down from 159 from the same period last year. The provision for credit losses increased 5.9% to $27.6 million for the six months ended June 30, 2004 from $26.1 million for the same period last year. Year to date net charge-offs increased to $39.3 million from $36.2 million for the same period last year, and the Company repaid $32.5 million on its senior credit facility and securitizations for the six months ended June 30, 2004.


MicroFinancial Incorporated continues to operate without the use of gain on sale accounting treatment and a balance sheet with total liabilities less subordinated debt to total equity plus subordinated debt of 0.6 to 1.


Mr. Latour concluded, "MicroFinancial's capital structure and cash flow remain strong. Although no new originations occurred during the second quarter, the closing of a new $10 million credit facility in June has allowed the Company to begin the process of signing new vendors and processing lease applications. We continue to seek various financing, restructuring and strategic alternatives that will enable the Company to strengthen its position in the leasing market."


ONTACT: MicroFinancial Incorporated

             Richard F. Latour, 781-994-4800

             President and CEO


    SOURCE: MicroFinancial Incorporated


full press release with financial statements available at:



Other stories on Microfinancial:


#### Press Release #############################



Fastest Growing Leasing Company Adds Another Territory Manager



Wayne, NJ—Leasing Partners Capital, Inc., the fastest growing leasing company in the U.S., has added another Territory Manager to its Team.


LPC is pleased to announce the addition of Yvonne Koulikov as Territory Manager located in Warwick, NY.


Yvonne attended Empire State College and majored in Business Management.


Yvonne was most recently the president and owner of Access Capital Services Corp.  Previously, she was with Advanta Leasing Corp., Business & Professional Funding, as well as, Orix Credit Alliance.


“About the Company”


Leasing Partners Capital, Inc. (LPC) is a small to lower-middle-market equipment leasing company working with vendors and end users, headquartered in Wayne, NJ.  LPC currently has offices in Naples, FL, Louisville, KY, Atlanta, GA, Pittsburgh, PA, Minneapolis, MN, Houston, TX, San Francisco, CA, St. Louis, MO, Boston, MA, Detroit, MI, Seattle, WA, Litchfield, NH, Tampa, FL and Warwick, NY.


For additional information or questions about LPC, contact Bruce Larsen, National Sales Manager, 877-333-5864 or email him at, or check out their web site @


### Press Release #############################


NetBank Income Down for Quarter and Six Month


 “ --  Production through our commercial equipment leasing business         totaled $42 million, up by $3 million from last quarter. 


NetBank, Inc. Reports $.18 EPS for Second Quarter 2004; Dividend of $.02 per Share Declared For Shareholders of Record on August 15, 2004



ATLANTA--NetBank, Inc. (Nasdaq:NTBK), a diversified financial services provider and parent company of NetBank(R) (, today reported earnings for the second quarter of 2004.


   Net income totaled $8.5 million or $.18 per share for the quarter, compared with $14.2 million or $.29 per share for the second quarter of 2003. Through the six months year-to-date, the company has recorded net income of $17.9 million or $.38 per share, compared with $24.9 million or $.51 per share for the same period a year ago. Based on the company's continued strong financial position, the board of directors declared a dividend of $.02 per share payable to shareholders of record on August 15, 2004. The dividend will be disbursed on September 15, 2004. 


   Quarterly highlights include: 


   --  The banking segment contributed 36% of total income.


   --  The bank's net interest spread, after provision, expanded to         169 basis points (bps), an increase of 24 basis points from last quarter.


   --  Record non-conforming loan volumes helped the company achievetotal loan production of $3.9 billion, a quarter-over-quarter         increase of $645 million or 20%.


   --  Loan sales totaled $3.4 billion, a decrease of $338 million or         9% from last quarter.


   --  The company's annualized balance sheet turn equaled 2.4 times. 


   Management also repurchased 368,936 shares of the company's common stock during the quarter. The average price paid per share was $10.98. Management has approval to buy back an additional 1.1 million shares under previous board authorizations. 


   Management Commentary 


   "We're pleased with our performance this quarter and believe the results show the success we are having in executing our long-term strategy," said Douglas K. Freeman, chairman and chief executive officer. "As expected, the economic environment posed a challenge. Profitability in our conforming mortgage operations came under continued pressure as refinancing activity slowed industry-wide causing overall application volumes to decline and pricing among lenders to grow more competitive. But, many of the counter-cyclical business operations we have been developing, especially at the bank, provided support."


   "We anticipated a significant increase in prepayments within our servicing portfolio and downside risk to our hedge performance," said Steve Herbert, chief finance executive. "Although these risks materialized, their negative impact was largely offset by improvements in the current value of our underlying MSRs. We cultivated the servicing asset over the past two years in preparation for a turn in the rate cycle, and this quarter's results show the strategic benefits of that decision."


   "The interplay between the segments this quarter point toward the better earnings balance we are beginning to achieve," Freeman concluded. "We expect this trend to continue as we gain further traction at the bank and within our newer lines of business." 


  Updates on other key performance statistics for the financial intermediary segment include: 


   --  Non-conforming loan production totaled a record $878 million,         an increase of $350 million or 66% from last quarter. June         production of $372 million temporarily eclipsed the long-term         $333 million monthly production goal the company is striving         toward.


   --  Through an acquisition of select assets, the company         established a specialty lending division to generate RV, boat         and personal aircraft loans for delivery to institutional         investors. 


   Transaction Processing Segment 


   The segment reported a pre-tax loss of $1.1 million compared with pre-tax income of $172,000 last quarter. The loss relates primarily to a $1.2 million increase in expense within the servicing operation. The increase was comprised of a change in intra-company expense allocations and project fees associated with platform enhancements. 


updates on other key performance statistics for the transaction processing segment include: 


   --  The ATM and merchant processing business reported pre-tax         income of $605,000, an increase of $230,000 or 61% from last         quarter.


   --  This same operation completed a small acquisition of ATMs         helping to bring the total number of machines in our network         to 6,994, a quarter-over-quarter increase of 1,513. Our ATMs         now rank as the second-largest bank-operated network in the         country.


   --  Our third-party mortgage processing operation added 56 new         relationships this quarter. Total relationships now stand at         659.


   --  We moved deposit processing for the bank to our new         state-of-the-art facility. This center will serve as the         cornerstone of our electronic check clearing initiatives. 


 NetBank, Inc. (Nasdaq:NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its primary areas of operation include personal and small business banking, retail and wholesale mortgage lending, and transaction processing. For more information, please visit 


CONTACT:NetBank, Inc., Atlanta Matthew Shepherd, 678-942-2683


              full press release available at:




### Press Release ############################


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Bank of America Leasing announces new Corporate Aircraft Finance Division



NEW YORK,  -- Bank of America today announced the formation of the Corporate Aircraft Finance Division (CAF), a new group that combines the collective strengths of The Private Bank's Aviation Finance Division with Banc of America's Leasing Corporate Aircraft Finance strategic business unit.


The initiative brings together two major aviation teams under one division and establishes Bank of America as a leader in the corporate aircraft market with more than 700 clients and $4 billion in aircraft loans and leases.


"The Aviation Finance Group has seen tremendous growth over the past few years and this combination now means even greater service for our high net worth clients," said Alan Rappaport, President, The Private Bank of Bank of America.  "The Corporate Aircraft Financing division builds on the talent and strength of the business."


Michael Amalfitano, senior vice president of Banc of America Leasing, Corporate Aircraft Finance, will be responsible for leading the newly created group. Amalfitano, who reports directly to Doug Bowers, President of Banc of America Leasing, has more than 22 years of experience in the leasing and financial services industry.   In addition, James Dickerson has been named National Market Executive, responsible for managing financing needs for high net worth clients.  The new team provides clients with tailored aviation financing solutions through a combination of unique financial products and aircraft services to corporations, high net worth individuals and middle market institutions.


"Michael brings remarkable experience and credibility to this role, adding considerable strength to this new combination," said Rich Higginbotham, President, Asset Based Lending and Leasing.  "By leveraging the scale, scope and skill of the combined businesses, we have created the nation's leading corporate aircraft market unit, setting a new standard for the industry."


The Private Bank of Bank of America is a leader in providing innovative financial solutions for high net worth individuals. Focusing on building and preserving the wealth of individuals and families, The Private Bank provides clients with an integrated approach to the delivery of comprehensive investment solutions, trust services, liquidity management and credit expertise through its more than 150 offices nationwide.  The Private Bank of Bank of America is one of the country's largest corporate fiduciaries for individuals.


Banc of America Leasing is a leader in providing full-service leasing and equipment financial solutions for small businesses, middle market companies and large corporations.  Ranked number one in net assets among U.S. bank-owned leasing companies, Banc of America Leasing offers expertise in almost all types of equipment, transportation and corporate aircraft financing, wholesale vendor financing and programs tailored to municipal and healthcare segments. Banc of America has a strong presence in both the domestic and international markets with approximately 52 offices worldwide.


Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is .

News, speeches and other corporate information may be found at .


SOURCE  Bank of America 


CO:  Bank of America; Banc of America Leasing; The Private Bank of Bank of America



#### Press Release ############################# 



New York. One of the largest ind. equip.lessors needs  motivated, self-starter to purchase single investor leases from institutional investors; min.transaction  $1 million; portfolio of primarily investment grade lessees/good "story credits". 
Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge of credit and pricing.



News Briefs----


Sunnier job picture buoys confidence



Federal Reserve reports early summer economic slowdown


Oil Price Hits Record Over Yukos Troubles/


U.S. Crude Prices Hit 21-Year High



I.R.S. Says Americans' Income Shrank for 2 Consecutive Years




MARRIED men make more money than single men


Judge Orders Rocco Out of Rocco's, TV Show Becomes Reality


L.A. Dodger Owner McCourt is in default on small S. Boston site



Intel gets 2nd chance to build a better chip




California Nuts Brief---


California State Senate prepares to pass overdue budget

-- not until Gov. Arnold Schwarzenegger overcame resistance from members of his own party.|Kit|N






“Gimme that Wine”




Wine harvest begins picking three weeks early



2004 Harvest For Bubbly Underway



Sake Takes Its Place by the Reds---Eric Asimov



Alternatives to the often oafish chardonnay



Mike and Chris Benziger, the Wine Guys, Challenged to Sumo Wrestle


new viticultural area called Red Hills Lake County


Pinot noir festival a boon to local Oregon lodging businesses



Bordeaux, Burgundy Producers Take Screw Caps for a Test Drive,1145,2548,00.html


                        Wine of week

2002 Beckmen Vineyards Cuvée le Bec, Santa Ynez Valley ($15) -- This red blend from one of my favorite producers of Rhône-style wines is an absolute steal. It has plenty of rich, ripe black raspberry, wrapped around a firm core of acid and tannin. A great wine for a barbecue.


-- Laurie Daniel





Senior Contract Specialist, Los Angeles. Bachelor's Degree plus five years of leasing contract experience required.
Full description: here.
Email resume with salary history to


This Day in American History



    1810-The third U.S. Census recorded a population of 7,239,881, an increase of 1,931,398 over 1800.  Black population rose by 481,361 to 1,378,110.  Of this total, 186,746 were “free citizens,” a group omitted in the 1800 census.  The center of population moved to a point 40 mils northwest of Washington, D.C.

    1848-Harris Treaty with Japan, opening commerce while the Japanese

objected and wanted to remain “isolationist.”

  ( lower half of:  )

    1864-Both the Democratic and Republican Convention were looming ahead. The presidential election while the Civil War was being fought posed special problems.  in the North, there was considerable dissatisfaction with the progress being made in defeating the Confederacy, so President Abraham Lincoln did not think his chances of reelection were good. The Democrats were split between those who supported the war and those who wanted peace at almost any price. The Democratic nominee was General George B. McClellan, commander of the Union Army, who had let several opportunities for victory slip away. The Democratic platform called for peace through reunification of the states, but did not say how this was to be done.  Fortunately for Lincoln and the Republicans, several important military victories perhaps influenced the outcome, such as the Battle of Mobile Bay in August, Sherman taking Atlanta, GA in September, and General

Sheridans significant victory in October (famous at the time become the poem,” Sheridan’s Ride” by Thomas Buchanan, which dramatized the general’s

return to the field.  Lincoln beat McClellan with 212 electoral votes to his

21, popular vote 2,216,067 to McClellan, 18,808, 725, as key states all went

to Lincoln.  General Sherman in November marched to the sea with 62,000

men, destroying everything useful to the Confederates and raving the countryside.  The South was cut in two.  In less than six months, General Lee would surrender

to General Grant and the ware was virtually ended.  Five days later President

Lincoln was assassinated.  Andrew Johnson became president.

    1870- Road pavement of sheet asphalt was laid on William Street, Newark, NJ by Professor Edward Joseph De Smedt of the American Asphalt Pavement Company, New York City.  It was known as French asphalt pavement.

    1887-Birthday of Timothy James (Tim) Mara, Po Football Hall of Fame executive born at New York, NY. Marra was a successful bookmaker who bought the New York franchise in NFL in 1925 for $500.  His team, the Giants became one of the most successful in the league, withstanding challenges from early American Football Leagues; the All-America Football Conference of the late 1940’s and the New York Jets of the AFL of the 1960s.  Inducted into the Pro Football Hall of Fame as a charter member in 1963.  Died at New York, Feb. 16, 1959.

    1895-First National Convention of Black Women held in Boston, MA.

    1898 - The temperature at Prineville, OR, soared to 119 degrees to establish a state record, which was tied on the 10th of August at Pendleton.

    1900-Birthday of arranger/band leader Don Redman, Piedmont, West Virginia.

    1909-Birthday of Bernard Mackey ( Ink Spots ),Indianapolis, IN

    1907-Birthday of the “King of Torts,” a friend of mine when

I lived in San Francisco-he would always let you buy him a drink,

 Melvin Belli, born Sonora Calif. Died, July 9,1996 , San Francisco .,+Melvin

    1915- US marines land in Haiti, stay until 1924

    1916---Jazz electric guitarist Charlie Christian birthday
    1920 -First transcontinental airmail flight from New York.

    1926—Birthday of great bowler Don Carter, St. Louis, MO.

    1928-Walt Disney's "Steamboat Willie" is released

    1930 -115ø F (46ø C), Holly Springs, Mississippi (state record)

    1932-Birthday of Nancy Landon Kassenbaum, U. S. Senator from Kansas 1979-1996 and daughter of Alf Landon, the 1936 Republican nominee for president.   Although a much-admired fiscal conservative, when she became chair of the Senate Labor and Education Committee in 1994, she admitted paying only $5,075 in taxes on an income of $92,000 and refused to show her tax return. She did not seek reelection. Soon after she left office she married a Republican former cabinet member under the Nixon administration Baker. She was appointed head of a committee to study the training of women following the sexual harassment scandals and recommended separate training facilities rather than insisting on men behaving. Predictably she came down on the side of separate training for men and women, a proposal that was ignored.

    1936-Birthday of Elizabeth Hanford "Liddy" Dole, now a US Senator from

her home state. She married the chairman of the Republican party, U.S. Senator Bob Dole in 1975. She was appointed to head President Reagan's public liaison office, then was appointed U.S. Secretary of Transportation 1983-87, admittedly to answer the gender-gap problem Reagan faced for not appointing women to important positions in his administration.  She was moved to head the Department of Labor 1989-90 by President Bush. In 1991 Bush appointed her the  president of the American Red Cross. She ran for the presidential nomination

but withdrew before the convention.

    1945-birthday of guitarist Joe Beck, Philadelphia, PA.

    1945- After delivering the atomic bomb to Tinian Island, the American cruiser “Indianapolis” was headed for Okinawa to train for the pending invasion of Japan when it was torpedoed by a Japanese submarine. The war was going hot and heavy and there were no indications that Japan would surrender and fight until the end for their Emperor.  Of the 1,196 crew members of the Indianapolis, more than 350 were immediately killed in the explosion or went down with the ship.  There were no rescue ships nearby, and most of those fortunate enough to survive endured the next 84 hours in ocean waters.  By the time they were spotted by air on August 2nd, only 318 sailors remained alive, 528 sailors either drowned or were eaten by the sharks.  878 sailors lost their lives, the US Navy’s worst loss at sea.

    1946---Top Hits

They Say It’s Wonderful - Frank Sinatra

The Gypsy - The Ink Spots

Surrender - Perry Como

New Spanish Two Step - Bob Wills

    1954-Birthday of 1954, Flo Hyman - U.S. athlete who through her sparkling play single-handedly volleyball from obscurity to international competition.

  An Afro-American who stood six feet, five inches tall, FH passed on years of her college eligibility to play with the U.S. national team and won the silver runner-up medal in the 1984 Olympics.   She turned pro to play in Japan and collapsed and died during a game in 1986, the victim of undiagnosed Marfan's syndrome - a genetic heart disorder that was little understood at the time. Her death advanced the interest in the disease, and early diagnosis and treatment is almost certain today.

    1954---Top Hits

Sh-Boom - The Crew Cuts

If You Love Me (Really Love Me) - Kay Starr

The Little Shoemaker - The Gaylords

Even Tho - Webb Pierce

    1956-- Bruce Springsteen's wife, E Street Band guitarist and vocalist Patty Scialia celebrates a birthday

    1957 - Jack Paar began a successful five-year run as host of the "Tonight" show on NBC-TV, changing its name to "The Jack Paar Show". Jack Paar came to NBC from CBS where he had been a game and talk-show host. Paar's forte was interviewing. He would get so involved with his guests and their stories that he would not only laugh with them, but would sometimes, even cry. Paar's emotional outbursts, whether they involved an interviewee, a personal crusade or a feud with the likes of Ed Sullivan or Dorothy Kilgallen, became the major attraction of the show. Jose Melis and his orchestra stayed with Paar through the years as did his sidekick and announcer, Hugh Downs. The very first show had as guests Alexander King, singer Robert Merrill, and funnyman Buddy Hackett. King and Hackett became regulars over the years just as Jack Paar became a regular in our bedrooms every weekday night until March 30, 1962.

    1958- President Eisenhower signed a bill creating the National Aeronautics and Space Administration to direct US space policy.

    1973-Birthday of Wanya Morris of BoyzIIMen, Philadlephia, PA.

    1959-The first “Jetway” was installed at San Francisco International airport.It was a self-powered telescopic corridor that extended from 44 to 107 feet and swung into place to connect the terminal with aircraft, to protect passengers from wind and weather as they boarded or disembarked. the jetway could be extended from the terminal building to the aircraft door in less than 60 seconds.  Work was also going on to expand the airport, which is still going on


    1962---Top Hits

Roses are Red - Bobby Vinton

The Wah Watusi - The Orlons

Sealed with a Kiss - Brian Hyland

Wolverton Mountain - Claude King

    1967- The Temptations' "You're My Everything" is released.

    1970-Six days of race rioting in Hartford, Ct.

    1970---Top Hits

(They Long to Be) Close to You - Carpenters

Band of Gold - Freda Payne

Make It with You - Bread

Wonder Could I Live There Anymore - Charley Pride

    1974-Second impeachment vote against Nixon by the House Judiciary Committee
    1974- St Louis Card Lou Brock steals his 700th base

    1974 - Jim Hartz was named to join Barbara Walters as co-host of the "Today" show on NBC. Hartz had been the original host of the popular morning TV show. Others who have hosted the show which has aired since 1952 include Dave Garroway, John Chancellor, Hugh Downs, Frank McGee, Tom Brokaw, Bryant Gumbel, Katie Couric and Matt Lauer.

    1978- The first football game in which referees were allowed to check television instant replays was the Hall of Fame game played this day in 1978 at Canton, OH, when the Philadelphia Eagles defeated the Miami Dolphins 17-3.  The game was telecast on Channel 7.

    1978- Earth, Wind & Fire enter the soul chart with their version of the Beatles "Got to Get You into My Life," from the "Sgt. Pepper" soundtrack. It makes it to number one for a week in September.

    1978- Kenny Loggins "Whenever I Call You Friend" is released

    1978---Top Hits

Shadow Dancing - Andy Gibb

Baker Street - Gerry Rafferty

Miss You - The Rolling Stones

Only One Love in My Life - Ronnie Milsap

    1981 - Millions of people around the world watched on television as England’s Prince Charles and Lady Diana Spencer took center stage amidst the pomp and splendor of their royal wedding at St. Paul’s Cathedral in London. The ceremony took place in the wee small hours of the morning in America, but was still a ratings success, with coverage on all networks. 2,500 guests were in actual attendance. 1985 - Spring Hill, Tennessee was selected as the new home of the Saturn automobile assembly plant. General Motors announced that it expected to produce up to 500,000 Saturns a year beginning in 1989. Some 14,000 jobs were created to operate the new auto plant.

    1981 - Fifty cattle, each weighing 800 pounds, were killed by lightning near Vance, AL. The lightning struck a tree and then spread along the ground killing the cattle

    1983-  Due to a dislocated thumb caused by a collision at home plate trying to score in the first game of a doubleheader against the Braves, Padre first baseman Steve Garvey's consecutive game streak ends in the nightcap at 1,207.

    1986-the United States Football League won its antitrust suit again

    1986---Top Hits

Sledgehammer - Peter Gabriel

Danger Zone - Kenny Loggins

Glory of Love - Peter Cetera

    1986-- Sparky Anderson, the first skipper to win the World Series in each league, also becomes the first manager to win 600 games in both the National and American Leagues when the Tigers beat the Brewers, 9-5.

    1988- Last United States Playboy Club (Lansing Mich) closes, end of era.

    1988-- The Orioles trade pitcher Mike Boddicker to the Red Sox in return for Brady Anderson and Curt Schilling. Boddicker will have two successful years with Boston while Anderson will become a productive lead off man for Baltimore and Schilling will became one of baseball's most dominant pitchers of his era

    1989-Javier Sotomayor of Cuba became the first man to high jump eight feet.  he set the new world record at Caribbean Championship meet in San Juan, Puerto Rico.  Sotomayor held the previous record, seven feet 1 ½ inches set in 1988 in Spain.

    1990- Boston Red Sox set major league record with 12 double1988 - Afternoon and evening thunderstorms produced severe weather in Minnesota and Wisconsin. Hail three inches in diameter was reported south of Saint Cloud, MN. Hot weather prevailed in the western U.S. Fresno, CA reported a record thirteen straight days of 100 degree heat.

    1994—Top Hits

I Swear- All-4-One

Stay (I Missed You) (From "Reality Bites")- Lisa Loeb

Fantastic Voyage- Coolio

Any Time, Any Place/And On And On- Janet Jackson

    1996 - Carl Lewis won his ninth Olympic gold medal by winning the long jump competition at the 1996 games. Lewis tied swimmer Mark Spitz for most "golds" by an American athlete. Lewis also was only the second athlete (the other was discus thrower Al Oerter) to win the same track event in four straight Olympics

    1999—Top Hits

Genie In A Bottle- Christina Aguilera

Wild Wild West- Will Smith Featuring Dru Hill

Bills, Bills, Bills- Destiny s Child

Last Kiss- Pearl Jam

    2002 -The text of the letter signed 40 Hall of Famers and sent to baseball commissioner Bud Selig and union head Donald Fehr urges all sides 'to protect the game we all love and have given so much to, we suggest you agree to a qualified mediator that will allow you to find the common ground necessary to avoid a work stoppage'' is released. The former outstanding players, which includes Reggie Jackson, Willie Mays and Warren Spahn, believe another work stoppage in baseball would be a terrible mistake.

    2003---Top Hits

Crazy In Love- Beyonce Featuring Jay-Z

Rock Wit U (Awww Baby)- Ashanti

Right Thurr- Chingy

Magic Stick- Lil' Kim Featuring 50 Cent




Baseball Poem


  Maria Martinez-Wong has re-vamped the Poem archive from chronological to alphabetical, at:



A Baseball Game (Free verse)



The ump showed up early.

Sharply dressed

His pants, meticulously creased.

His gold watch glinting in the 4 o'clock

End of March southern California sun.

He held a sour look

It was his first line of defense.


The manager of the Astros

Was what you might call

An easy going type.

A long-time bachelor, and a slob to boot.

He always had a quick sly grin

Popped his gum unceasingly.

His face like an old first-baseman's glove;

Tanned brown with wear,

The stitching undone,

Staggeringly wrinkled from so much daily use.


He strolled over to home,

Tugging at the bottom of his extra-large shirt

Which barely covered the expanse of his girth,

Slapped the ump on the back

and announced that the teams

were a little behind getting the field ready

and could we start the game at a quarter past?


The ump looked at his watch without saying a word

Held up his right hand for a moment,

Then brought it down like an ax,

"Play Ball!" he shouted

2 inches from the Astros manager's leathery face.







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