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Tuesday, July 19, 2005 Headlines--- Classified Ads---Help Wanted ######## surrounding the article denotes it is a “press release” Classified Ads---Help Wanted Account Executives
Account Representatives & Sales Coaches
Lease Administrator
Lease pricing division economic analysis / analytical support
Tax Manager
---------------------------------------------------------------- Dell Financial Services Helps Grow Company http://www.nytimes.com/2005/07/17/business/yourmoney/17gret.html
About the Company: At Dell Financial Services, we aspire to fuel your potential with the kind of challenging opportunities and hands-on support you need to grow. We're the exclusive provider of leasing and finance services for Dell technology systems worldwide. www.dellfinancialservices.com ---------------------------------------------------------------- Classified Ads—Outsourcing/Collections Asset Recovery Specialist. We get your money or we get your > equipment back for you. Physical Asset Recovery Experts! Collector: Cleveland, OH Collector: Los Angeles, Ca. We are a full service collection agency with attorney network. 21 years experience. Please call Jon Floyd, VP at 1-800-264-6850 We specialize in ATM machine reposession and remarketing. We can get you top dollar for your inventory. End of lease negotiations & enforcement. Third-party collections. Skip-tracing. Background checks. Credit & asset investigations. 15+ years in leasing industry. Providing services to clients nationwide. 800-824-0234 john.kenny6@worldnet.att.net Complete commercial collection agency. Licensed bonded in all states and will out performed any other agency! Call 1-800-659-7199 ext.315 Collections and Portfolio Management: United States & Canada. Full Listing of companies who specialize in service to the leasing industry at: ------------------------------------------- Show Down: Judge Takes under Submission by Kit Menkin NorVergence lessees waiting for the "show down" yesterday reportedly were disappointed, as Senior United States District Court of New Jersey Judge Dickinson R. Debevoise and author only took under submission the arguments regarding a default judgment (where the defendant NorVergence Corporation did not appeal), and as per the drill, took the decision under submission as presented by attorney Randy Brook of the Federal Trade Commission, who was asking for forgiveness of $181,721,914 as the liquidated damages of NorVergence leasing contracts, as the FTC is claiming that the leases and therefore the leasing companies are party to the judgment. Many had expected a favorable decision on Monday. FTC attorney Slayer Randy Brook representation: http://leasingnews.org/PDF/Norvergence.FTC%20default.pdf "Some us are sitting with settlement offers from Wells Fargo that expire next week, “said one NorVergence lessee. “That is, if we are going to accept the offers (15% of lease), our deadlines are 35 days from the date of the letter. Mine is dated 6/21, so by next Tuesday, if I'm going to accept their offer, I need to let them know while the FTC thing is still pending." The key difference between the FTC and state attorney judgments and findings is that one of the controversies regarding whether the transactions were “commercial” or “consumer.” The federal agency considers both basically the same. In several states there is no substantial difference, whereas in others, there is quite a difference. This is the situation in Missouri and in Florida, where in dismissing the case with prejudice, State of Florida Tallahassee Circuit Judge Russell A. Cole Jr., among the charges, the court found the equipment leases in question were not consumer leases. "NorVergence's clients voluntarily signed contracts that clearly spelled out these terms and their obligations," Popular Leasing Attorney Albert F. Tellechea said in his presentation to the Florida court. "The defendant equipment finance companies that purchased these contracts from NorVergence are entitled to rely on the written word and representations contained in the contracts. Without those protections, the secondary equipment financing market would dry up or interest rates would soar to compensate for the higher risk." According to Tellechea, the value of the contracts Popular Leasing is seeking to enforce amounts to approximately $3 million in Florida and $30 million nationally. The other defendants covered by Judge Cole's ruling have an estimated $250 million in equipment lease payments at risk nationally. At the time of its bankruptcy, NorVergence still had in its possession a portfolio of equipment leases amounting to $50 million not sold to third parties. Coda: United States District Court of New Jersey Judge Dickinson R. Debevoise is perhaps best known as the author of: “Gilbert Molleson Elliott, A Life Forged in the Crucible of the American Experience.” According to the description of the book: “This book details the life of a youthful Union Army Officer, Gilbert Mollison Elliot. It recounts the known details of Elliot's short life, told against the backdrop of slavery and race in America. It proceeds from early opposition among the Puritans and Quakers to the growing voice of the abolitionists, to the long night of Black repression that followed the Civil War and onward to the events of the 1950's and 1960's--the Freedom Riders, Montgomery, Birmingham and Selma--the civil rights struggle bringing closure to the Civil War. 271 pp. w/index.” A full review with comments from Judge Debevoise at: http://www.civilwarnews.com/reviews/bookreviews.cfm?ID=432 *** . General Joseph Hooker had planned an attack on Missionary Ridge, and it was his plan to control Lookout Mountain, and instead of trying to take the top itself, he plan was to sweep the Confederates towards the north end of the mountain. Gilbert Mollison Elliot was placed in actual command of the "battle above the clouds," as it was called because of the fog. While leading the skirmishers, he was mortally wounded by a sharpshooter From This Day in American History, November 24: “1863-“Lookout Mountain” Battle; part of a major three day major Civil War battle, after reinforcing the besieged Union army at Chattanooga, Tennessee, General Ulysses S. Grant launched the battle of Chattanooga.. Evidently falsely secure in the knowledge that his troops were in an impregnable position on Lookout Mountain, Confederate General Braxton Bragg and his army were overrun by the Union forces. Bragg himself barely escaped capture. The battle is very famous for the Union Army's spectacular advance up a heavily forced slope into the teeth of the enemy guns. Many historians claim this victory gave Grant the momentum of his campaign. Accordingly, pre-frontal clouds obscured the upper battle-field aiding a Union victory. This must be one of the reasons Judge Debevoise wrote the book as Brigadier General Edmund Pettis came in to hold off Union General " Fighting Joe" Hooker. The name rang a bell with Judge Debevoise, as he knew it was a bridge in Selma, Alabama was named after General Pettis, where Civil Rights marchers including Dr. Martin Luther King were beaten and tear-gassed on March 7, 1965 ("Bloody Sunday"). President Johnson ordered the National Guard to protect the marchers, who successfully crossed the Pettis Bridge later that month United States District Court of New Jersey Judge Dickinson R. Debevoise was born in Orange, New Jersey, 1924, a US army sergeant from 1943-45, graduated Williams College, 1948, Columbia Law School,1951, US army lieutenant 1951-53, clerked for US District Judge Hon. Forman, 1952-53, went into private practice until appointed by President Jimmy Carter on September 28,1979 and commission November 2,1979, achieving senior status May 1, 1994. (He was very active in the civil rights movement, and many of his law clerks were also writers. Editor)
-------------------------------------------------------- MicroFinancial Announces Cash Dividend WOBURN, Mass.-- --MicroFinancial Incorporated (NYSE:MFI), formerly known as Leasecomm, announced it was still in business, despite a former $24 million settlement and $1 million fine by the Federal Trade Commission. Richard Latour, President and Chief Executive Officer stated, "I am pleased that we are able to announce our third dividend payment in 2005. The current cash balances combined with continued strong cash flow and low leverage of the Company allow us to pay this dividend without jeopardizing our future growth plans. Future dividend payments will be subject to an ongoing review and approval by the Board of Directors on a quarterly basis." He stated that the Board of Directors of MicroFinancial Incorporated, in a meeting held on July 14, 2005, has approved and declared a cash dividend of $0.05 per common share, payable on August 15, 2005 to holders of record of MFI common stock at the close of business on July 29, 2005. This dividend represents the same amount per common share as the last dividend paid by MFI in May of 2005. MicroFinancial Inc. (NYSE: MFI), headquartered in Woburn, MA, is a financial intermediary specializing in leasing and financing for products in the $400 to $15,000 range. The company has been in operation since 1986. And has been in the news many times. Microfinancial / Leasecomm Microfinancial $5.9M Q Loss/Revenues Down $8.2M
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Partners Equity Capital Announces Strategic Venture HORSHAM, PA – – The NorVergence lease beleaguered company Partners Equity Capital Company (PECC) of Horsham, Pennsylvania last week announced a strategic venture with Harleysville National Bank (HNB) that includes an expansion of their lease offerings to business and commercial customers, the acquisition of a majority of HNB's existing lease portfolio, and servicing of the remaining portfolio. Don Campbell, Chairman/CEO “We are impressed with the commercial customer service goals established by HNB,” said Donald Campbell, Chairman and CEO of PECC. “It is obvious that they want the best possible product to deliver to their customers; we are proud to have been selected as their leasing partner.” “Harleysville National Bank is committed to providing our business and commercial clients with a full range of high-quality lease financing products to make it easy to develop equipment acquisition strategies to improve efficiencies, increase productivity and enhance profitability,” said Gregg J. Wagner, president and CEO of Harleysville National Corporation, the holding company for Harleysville National Bank. In addition to providing private-label financing under the Harleysville Equipment Leasing brand, to round-out the suite of products and services available to HNB commercial and business customers, the leasing program will also become an important component of the bank's new business prospecting effort. “We are pleased to offer this enhanced financing option, and have also turned to PECC to acquire the out-of-footprint portion of our existing lease portfolio and to service those leases within our HNB marketing area,” added Deb M. Takes, president and CEO of Harleysville National Bank. We are happy to add HNB as our newest bank partner,” said Steve Grosso, president and COO of PECC. “Not only will we be able to provide HNB with a full suite of leasing solutions for their commercial customers, but we expect to help HNB gain efficiencies by taking over the servicing of a portion of their existing lease portfolio.” In early May, Leasing News started receiving e-mails that Partners Equity Capital, Horsham, Pennsylvania was closing down due to many NorVergence leases. Several e-mails said 40% of their portfolio were NorVergence leases. Martin Babicki According to a deposition of Martin Babicki, Executive Vice President Risk/Operations, which Leasing News has obtained and considers public information, there were about 636 leases (p. 51), 482 of which were not paying (p. 52) and 393 were in suit (p. 52) as of Jan. 6, 2005. Only 25 were continuing to pay, which may have been involved in the Weir Class Action Suit. In addition, there was a $175,000 lease direct to the NorVergence Corporation itself, which may have been a "sale/leaseback." As important, to make this decision, there appears to be no personal guarantee, as per the deposition of Martin Babicki, who also testified he did not know if financial statements were obtained. It was obvious the company had a close relationship with NorVergence officers. In January, 2004, when they stopped taking more NorVergence leases, 60% of their business was NorVergence leases. Copy of Deposition: http://www.leasingnews.org/items/Babicki_depo_%20in_Florida.doc From their press release: “About Partners Equity Capital Company Partners Equity Capital Company, LLC (PECC), headquartered in Horsham, PA, is one of the fastest growing commercial equipment leasing finance companies in the United States. PECC specializes in designing and implementing private-label leasing programs to meet the needs of equipment manufacturers in the healthcare and technology business segments, as well as commercial banks. PECC has developed a partner strategy built on service, quality and growth and is committed to building lasting partner relationships. The company provides solutions-based financing for it partners and their customers that is supported by a national sales organization and highly-targeted marketing efforts geared to producing increased equipment sales. “For more information about Partners Equity Capital Company or PECC products or services, visit the PECC website: www.partnersequity.com. About Harleysville National Bank “Harleysville National Bank (HNB) is a wholly-owned subsidiary of Harleysville National Corporation with total assets of $3 billion. Investment Management and Trust Services are provided through Millennium Wealth Management & Private Banking, a division of HNB. Individuals, families and businesses can apply for banking, trust and investment services at any of the more than 40 HNB offices throughout eastern PA, by calling 1-888-HNB-2100, or visiting its website at www.harleysvillebank.com.” From a May 18, 2005 press release: ### Press Release ###################### George S. Rapp, CPA, Joins Harleysville National HARLEYSVILLE, Pa., May 18 /PRNewswire-FirstCall/ -- Gregg J. Wagner, President and CEO of Harleysville National Corporation (HNC) (Nasdaq: HNBC), announced today the appointment of George S. Rapp, CPA, to the position of Chief Financial Officer. In this position Rapp will direct all of HNC's financial activities along with the asset/liability and investment functions of the bank. When announcing the appointment, Wagner said, "We are pleased to have George as part of Harleysville National Corporation . He brings a great breadth of knowledge and extensive experience which, together with our executive management team, will be key in our continued focus of building shareholder value." Rapp brings nearly 30 years of experience in the financial services industry to HNC. Throughout his career he has held positions of increasing importance at the financial institutions with which he has worked. Most recently he served as Chief Financial Officer for Astea International , Horsham, PA. He previously held the position of Chief Financial Officer at Advanta Bank Corp., Spring House, PA, Republic First Bancorp , Philadelphia, and Old York Road Bancorp, Willow Grove, PA. Rapp also worked as Senior Vice President and Chief Accounting Officer at Sovereign Bancorp , Philadelphia. Rapp received a Bachelor's degree in accounting from St. Joseph's University, Philadelphia. He is a Certified Public Accountant. Active in the community, Rapp is a member of the American and Pennsylvania Institutes of Certified Public Accountants. He was also formerly on the Board of Directors of the Financial Managers Society. Harleysville National Corporation , with assets of $3 billion, is the holding company for Harleysville National Bank (HNB). Investment Management and Trust Services are provided through Millennium Wealth Management & Private Banking, a division of HNB, with assets under management exceeding $1.6 billion. Cumberland Advisors, Inc., an SEC registered investment advisor specializing in fixed-income money management and equities, using exchange-traded funds, is also a part of Millennium Wealth Management & Private Banking. Harleysville National Corporation stock is traded under the symbol "HNBC" and is commonly quoted under Nasdaq National Market Issues. For more information, visit the HNC website at http://www.hncbank.com . #### Press Release ##################### Unicyn Financial Companies Announce Major Expansion Closter, New Jersey , Unicyn Financial, a fast growing originator of health care and commercial leases and loans, has just completed a major expansion of their services in the health care segment adding three new offices led by industry leaders with extensive market knowledge and volume history. The staffing additions represent a major growth opportunity with Unicyn as the new leadership team has been responsible for over $100 Million in annual small ticket health care originations with GE / HPSC. Joining Unicyn in the newly formed Dallas, Texas office is Greg Wood. Greg has extensive history within the Dental Financing market and was most recently with GE Capital / HPSC. Unicyn also opened a new Chicago, Illinois office which will be run by Tom Baker and Angela Baker, both formerly with GE Capital / HPSC. Lastly, the firm opened a new Los Angeles, California office which will be run and managed by Michael and Penny Healy. Patrick McGahren, President of Unicyn Financial related, “We are very excited to announce the new offices and the additions to our senior health care leadership team. Our new Leaders represent the health care industries top performers in their space and further validates our value proposition in our markets. This announcement follows several other great additions for Unicyn in 2005 and positions us for strong growth for years to come. We believe a well funded, creative independent leasing company like Unicyn represents a great home for talent in the industry. With recent years of industry consolidation and changes, top talent is seeking a more flexible employer that operates like the leasing companies of the past. Unicyn is positioned to take advantage of this opportunity as we continue to grow and expand”. The new additions immediately positions Unicyn to be one of the major players in small to medium ticket health care finance. About Unicyn Financial Unicyn is a fast growing Independent Lessor located in New Jersey that has been in business for 24 years. The company currently provides leasing for the health care and commercial markets in the small ticket and lower middle market areas. The company maintains branch offices in Chicago, Detroit, Dallas, and Atlanta. The company's strength is their ability to perform for vendors and end users with their financial resources that combine self-funding capabilities with strong syndications expertise. For more information, contact Patrick McGahren at 201-767-5800, ext. 301 http://www.unicyn.com Sites of Reference: CONTACT: ##### Press Release ################### White Clarke North America completes move to larger facilities After 3 years of continued growth, White Clarke North America, a global leader in consulting services and technology solutions for the financial services industry, has expanded into a new location at 150 Ferrand Drive in Toronto, Ontario. More than twice the size of the original location, White Clarke North America designed and built their new facilities, in centrally located midtown Toronto to accommodate their expanding customer and personnel needs. “The enterprise-class facilities and their future growth potential are just two of the reasons why WCNA has taken this step to relocate” says Debbie Carroll, CEO, White Clarke North America. The facilities also contribute to an alliance with MCI Worldcom for delivery of an ASP / cost per transaction model of CALMS, due to be launched in September of 2005. The continued success from their current customers and a growing worldwide customer base, driven primarily by an increased demand for the CALMS (Credit Adjudication and Lending Management System) solution, WCNA felt the timing could not have been better. About White Clarke North America White Clarke North America sells consultancy services and component-based products and solutions to the asset finance, auto finance and broader financial services sectors. Their proven track record of business process improvements through appropriate, high quality, practical solutions that deliver quantifiable business benefits has made WCNA an industry leader in financial services process automation. For additional information on White Clarke North America visit Lisa Campbell #### Press Release ##################### Companies with unused Alternative Minimum Tax (AMT) Credits. CHICAGO--. Leasingpress announces the release of their 2005 AMTDataBase product. The new release contains detailed information on more than 500 publicly traded companies that have unused Alternative Minimum Tax (AMT) Credits. James Johnson, President of Leasingpress, indicated that "to my knowledge, this is the only unused AMT Credit product of its kind, and has been a staple of major lessors since 1997. " The AMTDatabase 2005 details a firm's unused AMT Credits in terms of dollar amount, when disclosed, and that the firm has unused AMT credits when dollar amounts are not disclosed. In addition, Valuation Allowance information is recorded, as to whether the valuation allowance fully offsets AMT credits, partially offsets them, or if no valuation allowance is recorded. Johnson indicates the valuation allowance "can provide important information as to a firm's expectation of future taxable income--if a firm has no offsetting valuation allowance to their deferred tax AMT Credit asset, the firm is indicating it is 'more likely than not' that they will be able to use the credits in the future." The 2005 AMTDatabase is a searchable database which permits the user to sort or search by company name, city, state, zip, phone number, primary SIC code, DUNS number, CUSIP number, total assets, equity, revenue, EBITDA and net income, in addition to being able to sort by AMT size and type of valuation allowance. Leasingpress is a provider of information, analyses, books, reports and studies to the equipment leasing industry. Its three most recent books are Power Tools for Successful Leasing © 2000, Technology Leasing: Power Tools for Lessees © 2002, and Power Tools for Small Ticket Leasing © 2004. Other databases include the NOLDatabase © 2005, the VendorDataBase © 2005, and the IRB/IDB Database © 2005. Their website is www.leasingpress.com . ### Press Release ###################### Key Equipment Finance Adds Office Space, Key Equipment Finance, the nation's third-largest bank-held equipment leasing company and an affiliate of KeyCorp (NYSE: KEY), today announced that the company has leased an additional 27,000 square feet of office space at its global headquarters, bringing the total amount of space the company occupies at that location to 93,000 square feet. Key Equipment Finance currently employs more than 255 employees at its corporate headquarters. The company plans to hire an additional 145 Colorado-based employees over the next two years, bringing the headcount to 400 by the year 2007. Demand from new and existing customers, as well as the recent acquisition of American Express Business Finance, the equipment leasing unit of American Express' small business division, is driving the expansion. “We are pleased to report continued growth spurred by new business volume and the recent acquisition of American Express Business Finance,” said Paul A. Larkins, president and chief executive officer of Key Equipment Finance. “We are committed to providing the best possible leasing products and services to new and existing clients, and it's gratifying to see an increasing number of companies adopting equipment leasing as a viable business solution.” About Key Equipment Finance Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets: · businesses of all sizes in the U.S. and Canada (from small business to large corporate); · equipment manufacturers, distributors and value-added resellers worldwide; · federal, provincial, state and local governments as well as other public sector organizations; and · lease advisory services for manufacturers' captive leasing and finance companies. Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12 billion equipment portfolio with annual originations of approximately $5 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 25 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $91 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. Sites of Reference: CONTACT: #### Press Release ##################### KEY EQUIPMENT FINANCE RENEWS ALLIANCE WITH SHOWA LEASING Partnership provides localized leasing services for companies in the U.S., Japan SUPERIOR, CO. –– Key Equipment Finance, one of the nation's largest bank-affiliated equipment financing companies and an affiliate of KeyCorp (NYSE: KEY), today announced that it has renewed and strengthened its alliance with Showa Leasing Co., Ltd., a leading Japanese leasing company and Key Equipment Finance partner since 2003. Under the agreement, Showa will play a more significant role in supporting Key Equipment Finance's vendor program business in Japan. Key Equipment Finance will continue to support the client financing needs of Showa's vendor programs for its Japanese customers operating in the U.S. “Showa has demonstrated a commitment to Key Equipment Finance vendor customers in Japan over the past two years, and the relationships and cultural understanding they bring to the table allows us to provide better service to our customers in Japan,” said Karen Larson, president and chief operating officer of Key Equipment Finance's global vendor services unit. “Strengthening our relationship with Showa will enable us to meet the needs of an even more diverse group of customers. This partnership allows both companies to provide localized leasing services to international vendors and customers.” About Key Equipment Finance Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets: • businesses of all sizes in the U.S. and Canada (from small business to large corporate); • equipment manufacturers, distributors and value-added resellers worldwide; • federal, provincial, state and local governments as well as other public sector organizations; and • lease advisory services for manufacturers' captive leasing and finance companies. Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12 billion equipment portfolio with annual originations of approximately $5 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 25 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $91 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. ### Press Release ###################### Bill Hall Named GMAC Commercial Finance's SOUTHFIELD, Mich.-----GMAC Commercial Finance (GMAC CF), a wholly owned subsidiary of General Motors Acceptance Corporation Financial Services (GMACFS) since 1999, is pleased to announce the appointment of Bill Hall as President of its European Operations. The European Operations offer a full range of lending products to middle-market companies through a staff of more than 240 employees in the UK and Poland. Bill Hall is currently President of the Structured Finance Division of GMAC CF, a leading participant in the middle-market leveraged finance arena in North America. He will continue serving the division as co-President with George Triebenbacher, who will assume day-to-day management responsibility. Founded in 1999, the division manages a portfolio of financing commitments in excess of $3 billion. GMAC Commercial Finance, considered a leader in its segment of the financial services market, provides asset-based lending, equipment finance/leasing, structured finance and factoring services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $1 million to $350 million range. With locations in the United States, Canada, Hong Kong, Poland, the United Kingdom, and plans to open an office in Germany the 3rd Quarter of 2005, the Company is positioned to provide lending services worldwide. For additional information, please call (212) 884-7000 in North America or +011-44-127-332-1211 in Europe. GMAC Commercial Finance Kevin Hackney, 248-327-9369 #### Press Release ##################### ORIX Adds Two VP'S to the Equipment Finance Group ORIX Financial Services, Inc. is pleased to announce that Keith Henry and Steve Mantz have joined the Equipment Finance Group each as Vice President, Sales Representative. Both gentlemen come to ORIX with a wealth of knowledge and experience and will be responsible for EFG's growing direct customer penetration and initiative with respect to Middle Market Construction, Transportation and Mining segments. Prior to joining ORIX, Keith gained his experience from GE, Integra Bank, Ryder and Pomeroy Computer Resources providing equipment leasing and commercial lending in the Kentucky and Ohio area. Keith will be responsible for maintaining and expanding the Kentucky and Ohio territories for ORIX. Steve's 25 years of leasing experience came from his sales and management positions with CIT, Cargill Leasing and ITT Capital. Prior to that, he was responsible for the wholesale and retail financing of agricultural equipment with Borg Warner. Steve will be responsible for the Kansas, Missouri and Nebraska territories. John Crum, Senior Vice President and National Sales Manager of the Equipment Finance Group, states, “Both Keith and Steve complement our existing seasoned sales team in our Construction and Transportation Segment in a strong way. Their talent and product knowledge is superb and will no doubt result in their success of creating value for their customers and ORIX”. About OFS ORIX Financial Services is an indirect wholly owned operating subsidiary of ORIX Corporation, a leading diversified financial services organization with assets in excess of $49 billion. ORIX Corporation is based in Tokyo, Japan with operations in 23 global markets. ORIX is a publicly traded company listed on the Tokyo, Osaka, Nagoya and New York Stock Exchanges (Ticker: IX). www.orixfin.com ### Sites of Reference: CONTACT: #### Press Release ##################### Equilease Announces $100 Million Commercial Paper Conduit Transaction South Norwalk, CT – Equilease Financial Services, Inc. in May, 2005 completed a $100 million lease-backed commercial paper conduit transaction, with Autobahn Funding Company, LLC and NewStar Financial, Inc. as lenders and DZ Bank AG Deutsche Zentral-Genossenschaftsbank as agent. This transaction further supports Equilease's business strategy of providing equipment leasing and financing to privately held companies and small publicly traded businesses. Additionally, it complements their portfolio acquisition strategy of acquiring seasoned portfolios from banks, manufacturers and other lenders who for strategic reasons have chosen to withdraw from the marketplace. “Equilease is aggressively increasing its presence in the Middle Ticket Marketplace, and plans to continue its growth of its direct marketing force and to build upon its vendor relationships” stated Arthur Mandell SVP and business head of the Middle Ticket business unit. Gary Silverhardt, President of EQFS added “the company will continue to acquire both performing and non-performing portfolios that fit our strategic focus and we are committed to expanding our presence in the Middle Ticket Marketplace as well as developing other business initiatives which will further complement our market position. Our current infrastructure will allow us to respond to market opportunities in an effective and cost efficient manner. The growth of all of our business lines will be further enhanced as a result of the new facility.” Dan Marino, Vice President of DZ Bank's Asset Securitization Group, stated, “We are excited about the opportunity to work with EQFS and look forward to supporting their Middle Ticket platform.” EQFS provides small and mid ticket equipment lease and finance solutions to businesses nationwide, directly thru Vendors and End Users, focusing on income producing equipment, thereby supporting the growth and expansion of its customers. EQFS combines its experience and knowledge of the leasing and financing industry with specific industry and equipment expertise in the industries it serves providing creative solutions for its customers. EQFS currently provides leasing and financing to Companies in the construction, transportation, machine tool, printing and other capital intensive industries. DZ Bank's Asset Securitization Group offers structured asset and receivables financing for a wide variety of clients and asset types. ASG's unique financing programs are tailored to satisfy a company's capital needs through various forms of execution, including asset-backed commercial paper programs funded through DZ Bank's multi-seller commercial paper conduit, Autobahn Funding Company, LLC; and term note securitizations, placed through DZ Bank's broker-dealer, DZ Financial Markets LLC. ASG has successfully executed approximately $5 billion of transactions since its inception at DZ Bank in April of 1999. Founded in June 2004, NewStar Financial, Inc. is a nationally-focused specialized finance company, headquartered in Boston, MA, which provides flexible debt capital solutions to mid-sized corporations, real estate borrowers, securities issuers, and asset aggregators through its three dedicated lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. EQFS' principal corporate office is in South Norwalk, Connecticut with branch offices in New York, Illinois, Florida, Texas, Pennsylvania, Minnesota, Washington, Maryland and Michigan. EQFS plans to continue to add additional offices throughout the country. For more information, contact: #### Press Release ##################### International Decision Systems Announces Appointment of Todd Davis as Chief Operating Officer Minneapolis, MN, – International Decision Systems, Inc. (IDS), the global leader in lease/loan accounting and portfolio management software and services, today announced that it has appointed Todd Davis as its new Chief Operating Officer and as a Board member. Mr. Davis joins IDS from Fair Isaac, a leader in custom analytics and decision technology, where he served as Vice President and General Manager of Enterprise Decision Management Software, one of its fastest-growing divisions. Mr. Davis brings over 20 years of operational experience, predominantly in the software industry. “Todd Davis is a highly experienced operational executive with a considerable track record in successfully bringing new business software to market and in management team-building,” said Nicholas Somers, a partner at SV Investment Partners, which acquired IDS in 2003. “We look forward to Todd's contributions as a member of IDS' executive team, working to capitalize on the continued success of InfoLease, as well as on the substantial progress made by IDS with its newer offerings, Rapport and ProFinia.” Mr. Davis said, “I am happy to be joining a company whose success over 30-plus years comes from providing solutions that deliver real business value to our clients. Furthermore, IDS has both remarkably knowledgeable and dedicated people who are committed to making our customers successful.” Most recently, Mr. Davis transformed a division of Fair Isaac that markets analytical software products for improving the precision and profitability of corporate decision-making, into one of the company's fastest-growing divisions. Previously, as EVP, Worldwide Operations for Brio, a business intelligence software vendor, Mr. Davis had a key role in a successful turnaround that led to the company's acquisition by Hyperion. He also has held senior operational positions at Oracle Corporation; Gevity HR, Inc.; Lucent Technologies; and Northwest Airlines. He is a graduate of the University of Minnesota. IDS also announced that it has initiated a search for a new CEO in light of the resignation of Sadu Thinakal. In the interim period, Board member Anthony Laudico will serve as CEO. Further, President, Charles Lyles has decided to leave the company. About International Decision Systems: International Decision Systems (IDS) is the global leader in developing lease/loan accounting and portfolio management software and services. Headquartered in Minneapolis, Minnesota, IDS has offices in London, Sydney, and Singapore. IDS offers the largest and most experienced global consulting, implementation, and technical support teams in the leasing industry. For additional information about International Decision Systems, visit www.idsgrp.com. About SV Investment Partners: SV Investment Partners, formerly known as Schroder Ventures US, is a New York-based private equity investment firm. SV was founded in 1999 as the US affiliate of Schroder Ventures. The firm specializes in buyouts and buildups of technology and business services companies in the US middle market in partnership with management. # # # CONTACT: #### Press Release ##################### Fitch Raises Ryder's Sr Debt Rating to 'A-'; Outlook to Stable NEW YORK----Fitch Ratings raises Ryder System, Inc.'s (Ryder) senior unsecured debt rating to 'A-' from 'BBB+' and affirms the company's commercial paper rating at 'F2'. The Rating Outlook is revised to Stable from Positive. Approximately $1.8 billion of debt is covered by Fitch's actions. Ryder's ratings reflect its strong balance sheet, improving profitability, and solid market position in the over-the-road (OTR) truck leasing business. While Ryder was not immune to the problems in the truck leasing sector during the 2000-2002 period, relative to other truck lessors, it has emerged from that downturn relatively unscathed and is well positioned to expand its business both organically as well as through selected acquisitions. Nevertheless, Fitch believes that Ryder will be challenged to maintain its current level of profitability through an entire business cycle and improving customer/industry concentrations and pretax contribution from its supply chain solutions business as well as what, if any, impact the 2007 emission standards will have on trucking industry and equipment residual values. Consistent cashflow from operations and significant availability under Ryder's committed bank credit facility provides good ongoing liquidity and additional support to the company's ratings. The Ryder turnaround story is well known. New management joined the company in 1999 and executed a four-year restructuring plan beginning in 2000. Key elements of the company's restructuring included right-sizing the expense base, in part through employee headcount reductions, gaining improved operating efficiencies through the centralization of functions, and managing the business for profit instead of volume. By mid-2003, management increasingly focused on implementing a sustainable growth strategy. With Ryder now executing its growth initiative, Fitch believes that the company's strong balance sheet and funding capacity, in part, due to the conservative financial management initiatives that have been pursued since 2000, are more than sufficient to support the forecasted $1.44 billion of new equipment and property capital expenditures for 2005. Aside from just benefiting from the current cyclical upswing in the trucking business, Ryder has also instituted revised sales strategies with the goal to grow its business and ultimately its market share. Since 2001, Ryder's operating results and profitability have trended upward. The company's operating momentum continued into 2005 with Ryder reporting first-quarter net income of $41 million, an 18% increase over 2004's same period net income of $35 million. Strong growth in Ryder's fleet management services' (FMS) business was the driver behind the company's improved operating results. While pension expense continues to weigh on Ryder's profitability, its impact is declining. In the first quarter of 2005, the company's pension expense declined by about $2 million to $14.5 million versus 2004's same period expense of $16.4 million and is projected to be about 10% lower for full-year 2005 versus 2004. Although financial leverage, defined as total managed debt divided by tangible equity, increased slightly at March 31, 2005 to 1.73 times (x) from 1.46x at Dec. 31, 2004, Ryder's capitalization remained strong. Total managed debt increased by almost $400 million during the first quarter of 2005. Proceeds from the debt issuance were used to finance $442 million of capital expenditures and a $176 million payment due to the Internal Revenue Service to settle a tax dispute for the years 1998-2000. Ryder's most restricted leverage test, as defined under its bank agreements caps leverage at 3.00x. Based on the current operating environment and Ryder's significant cash flow, Fitch does not believe the company's leverage will approach 3.00x over the intermediate term, absent a significant business acquisition and/or stock buyback. Ryder maintains significant sources of on- and off-balance sheet liquidity. Historically, the company has demonstrated access to all domestic secured and unsecured markets. Over the past three years, due to its strong liquidity, Ryder's funding needs have been principally met in the domestic commercial paper and medium-term note markets. Headquartered in Miami, FL, Ryder System, Inc. is one of the world's largest providers of highway transportation services. Gross revenues in 2004 exceeded $5.2 million with on-balance sheet assets at Dec. 31, 2004 totaling $5.6 billion. Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days. Fitch Ratings Philip S. Walker, Jr., CFA, 212-908-0624 (New York) William Artz, 312-368-3178 (Chicago) Kenneth Reed, 212-908-0540 (Media Relations, New York) ### Press Release ###################### Mitsubishi Motors Credit of America Links to DealerTrack LAKE SUCCESS, N.Y., -- DealerTrack, Inc. announced that Mitsubishi Motors Credit of America (MMCA), the captive automotive financial services arm of Mitsubishi Motors North America, has signed an agreement to join DealerTrack's independent online auto finance network. The agreement enables Mitsubishi dealers to use DealerTrack(R) exclusively when securing financing for their customers, whether through MMCA or any of the more than 140 additional financing sources available through DealerTrack's Web-based network. "Over 95 percent of Mitsubishi dealerships were already active on the DealerTrack platform," said Gene Cook, director of sales and marketing at MMCA. "Eliminating our old electronic portal and integrating its functionality with DealerTrack will create new efficiencies for our dealers and allow them, in turn, to provide enhanced service and responsiveness to Mitsubishi consumers." MMCA became available to its dealer customers on the DealerTrack network in early July. Mitsubishi dealers can now use DealerTrack to submit credit applications electronically to MMCA and a wide range of other financing sources, monitor related application and contract status changes, access credit reports, and obtain product and program information. "This decision by another major captive finance organization to join DealerTrack underscores our position in the marketplace as a trusted, independent financing platform," said Mark O'Neil, DealerTrack's chairman of the board and chief executive officer. "We are confident that DealerTrack will continue to have a positive impact on the business of both Mitsubishi dealers and Mitsubishi Motors Credit of America." About DealerTrack DealerTrack is a leading provider of on-demand software and data solutions for the automotive retail industry in the United States. We have established a network of active relationships with over 20,000 automotive dealers, including over 80% of all franchised dealers; over 140 financing sources, including the 20 largest independent automotive financing sources in the United States; and a number of other service and information providers to the automotive retail industry. Our core credit application processing product enables dealers to automate and accelerate the indirect automotive financing process by increasing the speed of communications between these dealers and their financing sources. Our integrated suite of subscription-based software products and services enables our automotive dealer customers to receive valuable consumer leads, compare various financing and leasing options and programs, sell insurance and other after-market products, document compliance with certain laws and execute financing contracts electronically. In addition, we offer data and other products and services to various industry participants, including lease residual value and automobile configuration data. More information on DealerTrack is available at #### Press Release ##################### Styx Capital Appreciates Equipment Leasing Association's Prestigious Business Technology Solutions Award Using Vision Commerce Technology On Friday June 24, 2005, Styx Capital of Austin, Texas was announced as one of the two winners of the 2005 Equipment Leasing Association's Business Technology Solutions Award. This prestigious award was presented to Styx Capital for the use of technology in creating a new market. Chris Couture, the Chief Operating Officer of Styx Capital, presented his business concept and success story to the full assembly of attendees at the BTS conference on Thursday morning June 23rd along with the other finalists in San Diego, California. After conference attendees voted, Styx Capital was announced as the winner in the small company category at the general session of the conference on Friday morning. “Entering into a new vertical market with a new asset class required a powerful technology solution that is very flexible and can be adapted quickly. As a small company, we needed a low-cost solution that could be implemented in a matter of weeks instead of months in order to begin originating business before our vendors lost momentum with the idea. The Vision Commerce team was able to go from initial idea to full deployment in less that a month which allowed us to fully take advantage of the market opportunity”, said Mr. Couture. The Vision Commerce CTO, Kirk Hall, attended the award presentation. He stated that “We are pleased that Styx Capital was recognized as an industry leader in the application of technology and proud that we were able to be a part of that success by providing a capable and economical solution. Many here were surprised to find out that no one from Vision Commerce had ever met face-to-face with anyone from Styx Capital prior to this conference. The Styx Capital solution demonstrates that our people and platform are capable of rapidly delivering solutions that meet the business needs of our customers.” About Styx Capital Founded in 2003, Austin, Texas-based Styx Capital specializes in providing innovative financing solutions for golf clubs in the consumer marketplace. In the commercial space, Styx offers innovative and cost effective rental club inventory leasing options to private country clubs, resort management companies, daily-fee and municipal golf courses. Styx Capital's premium rental rotation plans enables golf facilities nationwide to offer the latest technology and largest brand variety in golf clubs for use as rental sets, while easing management burdens of rental inventory and bolstering revenue opportunities. About Vision Commerce Vision Commerce, Inc. (www.visioncommerce.com) was created to serve the leasing and finance industries. Vision's goal is to provide its clients access to e-commerce solutions that satisfy the diverse business requirements found in the equipment leasing industry. The company's philosophy is that technology should automate routine processes and provide real-time information, but can never replace industry experience and product knowledge. The leadership team offers finance industry experience, technology expertise and a commitment to listen to the customer. Vision Commerce is a closely-held, employee-owned company. ### Press Release ###################### ---------------------------------------------------------------- News Briefs---- Greenspan expects moderate economic growth to continue President's economic adviser says oil prices strain families and businesses but not growth World PC Shipments Up 16% in Quarter Judging from its second-quarter results, divesting its PC business may have been a good move for IBM Huge HP layoff to be detailed at 5:45 a.m. Today Labor snags hobble Northwest In Earnings, Citigroup Falls as a Rival Gains Las Vegas Breaks 116 degrees, record (Naturally Death Valley, California, is leading the way with afternoon temperatures near 130 degrees, which is getting close to the national record of 134 degrees set in Death Valley on July 10th, 1913.) All of the bandwidth you'll ever need 25 Most Stolen Cars in the U.S. General Westmoreland Dies at 91; Led U.S. in Vietnam ---------------------------------------------------------------- Sports Briefs---- Mr. Balco made law work best for him Tim Brown retires with Raiders Weak PSL sales mean trouble for the Raiders The possibility of the Raiders and Eagles swapping wide receivers Jerry Porter and Terrell Owens is almost non-existent. This is nothing more than a rumor started by either Owens' agent, because he knows the Eagles won't budge on renegotiating Owens' contract, or an irresponsible TV news reporter in Philadelphia with nothing better to do between now and the start of training camp. For one, the salary-cap ramifications of such a deal would make it near impossible to pull off. Secondly, Raiders managing general partner Al Davis loves Porter and doesn't need another strong ego on his team on the heels of trading for receiver Randy Moss. So, don't pay any attention to anything you hear regarding this matter. Owens won't be with the Raiders this season. Steve Corkran, San Jose Mercury-News ---------------------------------------------------------------- California News Briefs--- Governor signs $6.3 Billion S.F. Bay Bridge construction bill ---------------------------------------------------------------- “Gimme that Wine” Wine Gains Momentum as Americans' Favorite Adult Beverage http://www.gallup.com/poll/content/?ci=17335 Wine retailers making big-box move to Florida French wine come-back fuels market scrap ITALY: Wine exports to US on the rise Wine Investment for Portfolio Diversification: How Collecting Fine Wines can Yield Greater Returns than Stocks and Bonds by Mahesh Kumar ---------------------------------------------------------------- Today's Top Event in History 1869—“My First Summer in the Sierra's” ---John Muir in Yosemite http://memory.loc.gov/ammem/today/jul19.html ---------------------------------------------------------------- This Day in American History 1692- Five Massachusetts women were hanged for witchcraft. Fifteen young girls in the Salem community charged as many as 150 citizens in the area with witchcraft during the greater part of this year. The Salem witch hunt was unleashed in March of the year when some children, called upon to explain their odd behavior, claimed that three old women had bewitched them. The women were tried, convicted, and condemned on the testimony of the children. Although Governor William Phis halt the trails in October, 1692, by January 1693 twenty persons condemned for witchcraft had been executed and two had died in prison. The first person executive for witchcraft in America was Margaret Jones of Charlestown, Mass. Gov. John Winthrop wrote “that she was found to have such a malignant touch, as many persons, (men, women and children), whom she stroked or touched with any affection or displeasure, etc., were taken with deafness...or other violent pains or sickness...Her behavior at the trial was very intemperate, lying notoriously, and railing upon the jury and witnesses, etc., and in the like distemper she died. “ ---------------------------------------------------------------- Baseball Poem THE GRAVITY OF MEMORY You knew just where he was going Written by Tim Peeler | |||||||||||||||||||||||||||||||||
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