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.
Manager: Seeking a
very organized, detail oriented Funding Manager. Minimum two years
experience in brokering and discounting commercial equipment transactions
Manager: Seeking an
experienced Operations Manager with knowledge of all sides of
operations. Must have a minimum of five years related experience.
email or fax to Ryan Johnson, Corporate Recruiter.
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
July 29, 2004
to Help Unemployed at Conference
to Sell Unit to CIT Group
request examination of DVI
List is Up-Dated
Opportunity for Lessors/Leasing Companies
Leasing Marketplace Strong, Says New Study
$5.9M Q Loss/Revenues Down $8.2M
Growing Leasing Company Adds Another Territory Manager
Income Down for Quarter and Six Month
Leasing New Corporate Aircraft Finance Division
Day in American History
######## surrounding the article denotes it is a “press
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.
6+ years small ticket
&implementation, management &training, process mapping, customer
service, broker, vendor, portfolio experience.
with two years leasing experience to document and book deals. Work with
customers, vendors and funding sources to process, fund and track leases.
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:
to Help Unemployed at Conference
National Lease Funding
August 25 & 26
| The Ritz-Carlton | Atlanta, GA
Are You Currently
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
One stop solution for training and reference material for the
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.
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
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.
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.
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:
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.
information can be found at www.citicapital.com.
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 www.citigroup.com.
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.
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
request examination of DVI
By JOHN WILEN
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
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
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.
List is Up-Dated
On Line at:
Here are the changes
in the last three months,
(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: http://www.leasingnews.org/archives/March%202003/03-12-03.htm Nevada Attorney General Closes Legacy/Funding Tree Down the Year-end wrap-up by Rene Tankersley, Landline
Magazine http://www.leasingnews.org/archives/February%202003/02-12-03.htm#easy (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
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 ( http://www.leasingnews.org/archives/January%202004/01-16-04.htm#we ( 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) http://two.leasingnews.org/loose_files/Orix_Motivational_Posters.ppt (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
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."
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. http://two.leasingnews.org/archives/December%202002/12-30-02.htm#NetBank (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".
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.
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.
Professional, Long Island, NY (6/2004) Trial to start
October 14 th , 2004 http://www.leasingnews.org/Conscious-Top%20Stories/RW_update7.htm (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 II, http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun2.htm
Part III http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun3.htm
Capital Solutions, Portland, OR (6/2004) purchased by American Bank Leasing
Corp., an independent commercial equipment financing company located
in Atlanta, GA
Camino Leasing, Woodland Hills, California
on his way back. http://www.leasingnews.org/archives/June%202004/6-01-04.htm#harmon
( 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
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 )
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 http://www.leasingnews.org/archives/March%202003/03-12-03.htm#new
(3/2003) CMC attorney withdraws, not getting paid http://www.leasingnews.org/archives/March%2020
03/03-06-03.htm#cmc (3/2003) Class action lawsuit regards
not being licensed in California for lease financing http://www.leasingnews.org/archives/March%202003/03-05-03.htm#believe
12/2002---Commercial Money Center Bankruptcy Docket for case
02-09721 http://two.leasingnews.org/temporary/bankruptcy.htm (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
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 "...office
available any time he wants to use it".
West Inc. (5/2004) stops publishing daily newsletter
Gaming, Nevada (4/2004)
PDS Gaming $1.6M Net Loss for 4th But YE 2003 $659,000 Profit
(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 http://www.tes-edi.com/
(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 http://www.leasingnews.org/archives/May%202003/05_08_2003.htm#micro
(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. http://www.leasingnews.org/archives/March%202003/03-11-03.htm#micro
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
C. Sigel , LTD, Northbrook, Illinois (4/2004), changes
name “...to 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
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.
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.
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 http://www.leasingnews.org/articles.doc/newsletter3.htm.
Small ticket leasing account reps.,
nationwide. Seeking self starters with proven ability to work
individually. Our technology gives you the flexibility to work
from any location. Aggressive compensation structure, travel
exp.,health insurance, matching 401. Grow with us.
Send resume: email@example.com
In addition to our our internal lines, we are partnered with 20
premier funding sources. www.pinnaclecap.com
Opportunity for Lessors/Leasing Companies
The Equipment Leasing
Association draws attention to the Construction
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
Leasing Marketplace Strong, Says New Study
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.
and agriculture equipment industries represent two of the largest markets
for lease financing.
market, in particular, resumed its growth in 2003 and is forecast to
grow eight to 10 percent in 2004 and 2005.
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.
from the report include:
is projected to sustain the construction market growth through 2004
The general economic
condition of the U.S. is an influential driver of the construction equipment
categories where lease financing is most prevalent include earthmoving,
road building and forestry 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
“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.”
J. Fleming, CAE
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.”
“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
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.
purchase a copy of the study from
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 http://www.ChooseLeasing.org.
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 http://www.rscarmichael.com.
Deals Flow Into Market
expected wave of securitizations from life insurers that need to build
their capital reserves is starting to materialize.
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.
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.
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.
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.
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.
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
$5.9M Q Loss/Revenues Down $8.2M
Announces Second Quarter 2004 Results
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
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.
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."
Richard F. Latour, 781-994-4800
President and CEO
SOURCE: MicroFinancial Incorporated
full press release
with financial statements available at:
Other stories on
#### Press Release
Growing Leasing Company Adds Another Territory Manager
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”
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 firstname.lastname@example.org, or
check out their web site @
Press Release #############################
Income Down for Quarter and Six Month
“ -- Production through our
commercial equipment leasing business totaled $42 million, up by $3 million from last quarter.
Inc. Reports $.18 EPS for Second Quarter 2004; Dividend of $.02 per
Share Declared For Shareholders of Record on August 15, 2004
Inc. (Nasdaq:NTBK), a diversified financial services provider and
parent company of NetBank(R) (www.netbank.com),
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:
banking segment contributed 36% of total income.
bank's net interest spread, after provision, expanded to 169 basis points (bps), an increase
of 24 basis points from last quarter.
non-conforming loan volumes helped the company achievetotal loan production
of $3.9 billion, a quarter-over-quarter increase of $645 million or 20%.
sales totaled $3.4 billion, a decrease of $338 million or 9% from last quarter.
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.
"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
"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:
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.
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
on other key performance statistics for the transaction processing
ATM and merchant processing business reported pre-tax income of $605,000, an increase of $230,000
or 61% from last quarter.
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.
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
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 www.netbank.com.
Inc., Atlanta Matthew Shepherd, 678-942-2683 email@example.com
full press release available at:
Press Release ############################
to Leasing News Readers
Leasing Yearbook 2004
annually-updated international reference
book for the asset financing and leasing
industry available. The new 25th edition includes the latest market
trends, over 100 authoritative articles and reports on the leasing
software and IT market, an exclusive ranking of the top 50 leasing
markets by size worldwide with feature profiles from Africa to
of over 4,400 contacts.
- Simply call our Customer Hotline on +44
(0) 20 7779 8999 or toll
free in the US
+1 800 437 9997 to receive your 30%
http://www.euromoney-yearbooks.com to order online
of America Leasing announces new Corporate Aircraft Finance Division
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.
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
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."
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.
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."
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.
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
of America stock (ticker: BAC) is listed on the New York, Pacific
and London stock exchanges. The company's Web site is http://www.bankofamerica.com
speeches and other corporate information may be found at http://www.bankofamerica.com/newsroom
SOURCE Bank of America
CO: Bank of America; Banc of America Leasing; The
Private Bank of Bank of America
Press Release #############################
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.
Sunnier job picture
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
Senate prepares to pass overdue budget
-- not until Gov.
Arnold Schwarzenegger overcame resistance from members of his own party.
Wine harvest begins
picking three weeks early
2004 Harvest For
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
area called Red Hills Lake County
Pinot noir festival
a boon to local Oregon lodging businesses
Producers Take Screw Caps for a Test Drive
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
Day in American History
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,
Treaty with Japan, opening commerce while the Japanese
objected and wanted
to remain “isolationist.”
( lower half of: http://memory.loc.gov/ammem/today/jul29.html )
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
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
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
to General Grant
and the ware was virtually ended. Five
days later President
Lincoln was assassinated.
Andrew Johnson became president.
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.
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.
National Convention of Black Women held in Boston, MA.
- The temperature at Prineville, OR, soared to 119 degrees to establish
a state record, which was tied on the 10th of August at Pendleton.
of arranger/band leader Don Redman, Piedmont, West Virginia.
of Bernard Mackey ( Ink Spots ),Indianapolis, IN
1907-Birthday of the “King of Torts,” a friend of mine when
in San Francisco-he would always let you buy him a drink,
Melvin Belli, born Sonora Calif. Died, July
9,1996 , San Francisco .
1915- US marines land in Haiti, stay until 1924 http://www.gliah.uh.edu/database/article_display.cfm?HHID=193
electric guitarist Charlie Christian birthday
1920 -First transcontinental airmail flight from New York.
of great bowler Don Carter, St. Louis, MO.
1928-Walt Disney's "Steamboat
Willie" is released
-115ø F (46ø C), Holly Springs, Mississippi (state record)
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.
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
but withdrew before
of guitarist Joe Beck, Philadelphia, PA. http://www.joebeckmusic.com/meetjb.htm
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.
They Say It’s Wonderful
- Frank Sinatra
The Gypsy - The Ink
Surrender - Perry
New Spanish Two Step
- Bob Wills
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
Sh-Boom - The Crew
If You Love Me (Really
Love Me) - Kay Starr
The Little Shoemaker
- The Gaylords
Even Tho - Webb Pierce
Bruce Springsteen's wife, E Street Band guitarist and vocalist Patty
Scialia celebrates a birthday
- 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.
President Eisenhower signed a bill creating the National Aeronautics
and Space Administration to direct US space policy.
of Wanya Morris of BoyzIIMen, Philadlephia, PA.
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
Roses are Red - Bobby
The Wah Watusi -
Sealed with a Kiss
- Brian Hyland
- Claude King
The Temptations' "You're My Everything" is released.
days of race rioting in Hartford, Ct.
(They Long to Be)
Close to You - Carpenters
Band of Gold - Freda
Make It with You
Wonder Could I Live
There Anymore - Charley Pride
impeachment vote against Nixon by the House Judiciary Committee
St Louis Card Lou Brock steals his 700th base
- 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.
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.
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.
Kenny Loggins "Whenever I Call You Friend" is released
Shadow Dancing -
Baker Street - Gerry
Miss You - The Rolling
Only One Love in
My Life - Ronnie Milsap
- 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.
- 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.
United States Football League won its antitrust suit again
Sledgehammer - Peter
Danger Zone - Kenny
Glory of Love - Peter
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
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
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.
I Swear- All-4-One
Stay (I Missed You)
(From "Reality Bites")- Lisa Loeb
Any Time, Any Place/And
On And On- Janet Jackson
- 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
Genie In A Bottle-
Wild Wild West- Will
Smith Featuring Dru Hill
Bills, Bills, Bills-
Destiny s Child
Last Kiss- Pearl
-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
Crazy In Love- Beyonce
Rock Wit U (Awww
Right Thurr- Chingy
Magic Stick- Lil'
Kim Featuring 50 Cent
Maria Martinez-Wong has re-vamped the Poem
archive from chronological to alphabetical, at:
Baseball Game (Free verse)
ump showed up early.
pants, meticulously creased.
gold watch glinting in the 4 o'clock
of March southern California sun.
held a sour look
was his first line of defense.
manager of the Astros
what you might call
easy going type.
long-time bachelor, and a slob to boot.
always had a quick sly grin
his gum unceasingly.
face like an old first-baseman's glove;
brown with wear,
wrinkled from so much daily use.
strolled over to home,
at the bottom of his extra-large shirt
barely covered the expanse of his girth,
the ump on the back
announced that the teams
a little behind getting the field ready
could we start the game at a quarter past?
ump looked at his watch without saying a word
up his right hand for a moment,
brought it down like an ax,
Ball!" he shouted
inches from the Astros manager's leathery face.