Friday, July 13, 2007
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--------------------------------------------------------------- Leasing Portals bizwiz.com #1 There are two tiers to the site, one is free, and the other is a subscription for "leads" or "sources". http://www.cfol.com/index.html?content=loginpage The success of Internet portals such as My Yahoo! have inspired companies to develop Enterprise Information Portals (EIPs) as a way to allow business users to access corporate information. -------------------------------------------------------------- A Free Lunch for A/R Managers? Copyright 2007 Credit Today, "reprinted with permission," www.CreditToday.net Roughly one out of every 8 credit execs reports personally being offered a gift from a supplier that was so expensive that it would have compromised their ability to treat the supplier independently. An additional 8 percent of respondents are aware of other credit execs who accepted such gifts. Overall, 21 percent of respondents report either personal experience with such attempted gift-giving or are aware of others who received or accepted such offers. We remember a big scandal about 10 years ago when a corrupt collection agency was offering blatant payoffs to credit managers to get their business. The agency would usually pay cash as a percentage of what was collected to the credit managers personally. The credit managers would get looser and looser over time, eventually turning over good, totally collectible accounts that didn't need to go to an agency. The FBI eventually got involved and indicted key people at the agency, as well as many credit managers across the country. And we continue to hear isolated reports of this activity. For those already beholden to one of their suppliers because they've accepted too much, it's too late to do much, but we feel it's important to highlight that this activity occurs, especially for younger credit execs who simply may not be aware and might someday be caught in a web before they know what has happened to them. Reader Responses From the Trenches As always, our readers weighed in with a host of worthwhile comments on this issue. Key: Establish Strict Ground Rules Up Front "This all comes from how you conduct yourself from the beginning," advises Gerry Gilbert, CCE, director of credit, BMC West Corporation. "No vendor of mine would offer because they understand what I view as ethical. I usually supply a new vendor with our company policy on this issue at the very beginning." Dave Beckel, CCE, credit manager, Mitek Industries Inc., writes that he has been offered prizes for doing business with a company. But he politely tells them this violates his company's Code of Conduct, and that if they persist he would have to end their relationship. He's never had a problem after explaining this. Interestingly, writes Beckel, "Many vendors indicate they are almost required to do this for other companies." Kickback Offer Over Lunch A few years ago a collection agency offered Mark Constantine, corporate credit manager at Fulton Paper Co., a 10 percent cash kickback on the gross amount of the claim if the agency was able to collect it in full without litigation. "The agency was new at the time and is no longer in business. The idea was presented to me over lunch and it was clear that the payments would be made in cash, directly to me and not in a check made out to my company. I didn't even let them pick up my part of the lunch." Karen Barbahen, credit manager at DIK Drug Company, says that she is uncomfortable even accepting a lunch invitation from a service provider. "I want to have a 'strictly business relationship. If they perform their job well, the relationship continues. If not, no personal feelings come up to muddy the water." "I have been sent gifts on two occasions which I sent back to the customers who sent them," says Al Boshenz, CCE, corporate credit manager, Metal One America, Inc. "They were small, less than $50." On another occasion, Boshenz was offered "romantic attention" at an all-expense paid trip on a private yacht. "The company owed my employer about $1 million at the time and did not pay well. I believe the pictures of me would have been 'interesting.' I declined. "This customer actually bragged that that's how he trapped some purchasing agents of some very large companies to buy from them. How stupid did he think I was?" A Heavenly Deal But the oddest bribe attempt Boshenz experienced came from a church official. "A church had inherited a business in California from somebody deeply in debt. When I tried to collect $4,000 they told me that if I would write it off they would grant me a Doctor of Divinity in their religion and if I played my cards right, $4,000 would be nothing compared to what I could earn with my Dr. of Divinity. I declined, but was never able to collect my $4,000. I often wonder how more rewarding a career I might have had, had I just bought a green vestment and started to pass the basket around on Sunday. Maybe I should have held out for a Bishop's position."
-------------------------------------------------------------- GE ends bid to acquire Abbott LabsGeneral Electric Co. has ended a bid to acquire Abbott Laboratories Inc. 's primary in-vitro and point-of-care diagnostics businesses. The Abbott businesses, which had sales of about $2.7 billion in 2006, would have become a unit of GE Healthcare, which has operations throughout the Milwaukee area. GE Healthcare is a $17 billion division of Fairfield, Conn.-based General Electric Co. (NYSE: GE). GE and Abbott (NYSE: ABT) worked diligently to complete the transaction but were unable to reach agreement on final terms and conditions and decided it was in the best interests of both companies to mutually terminate their agreement and discussions, GE management stated in a release. No specific reasons were given for the decision to terminate the deal. General Electric announced in January that it had entered into an agreement to buy the core laboratory diagnostics business of Abbott Park, Ill.-based Abbott Laboratories for $8.13 billion in cash. The transaction would have broadened GE Healthcare's diagnostic offerings. GE Healthcare, based in London, is a provider of health care diagnostics products. Abbott's diagnostic systems, which test blood or urine samples to diagnose disease or other conditions, were viewed as a complement to GE's existing offerings in diagnostic imaging systems, which use X-ray, magnetic resonance, ultrasound or other imaging procedures to look at what is in the body to diagnose disease. The deal also was expected to complement GE's molecular imaging, information technology, and patient monitoring capabilities. -------------------------------------------------------------- Leasing Industry Help Wanted
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-------------------------------------------------------------- Attorney General Abbott Reaches $21 Million Settlement Benefitting Victims of Predatory Mortgage Lending Ameriquest Mortgage Co. returns $325 million to consumers nationwide EL PASO – Texas Attorney General Greg Abbott today announced that Texas homeowners who were harmed by Ameriquest Mortgage Co.'s deceptive lending practices will share in almost $21 million in restitution. Eligible Texans will receive claim forms from the lending giant in the coming days. The settlement, a part of Attorney General Abbott's ongoing efforts to combat misleading lending practices, resolves allegations that Ameriquest and its affiliates, Town and Country Credit Corp. and AMC Mortgage Services, did not adequately disclose certain terms to prospective homeowners, including whether loans carried fixed or adjustable rates. The company also charged excessive origination fees and prepayment penalties, refinanced borrowers into improper loans and inflated appraisals that qualified borrowers for loans. About 21,000 Texans who signed contracts with Ameriquest Mortgage Co. between Jan. 1, 1999, and Dec. 31, 2005, may be eligible to receive restitution payments. The amount of each claimant's payment will be based on the degree of financial harm they suffered because of the company's financing schemes. "Texans will not tolerate predatory lending schemes that lock would-be homeowners into a seemingly endless cycle of debt," said Attorney General Abbott. "We are pleased that Texas homeowners who were harmed by this lending giant will share nearly $21 million in refunds. The Office of the Attorney General will continue protecting homeowners from deceptive lenders." This week, eligible consumers will begin receiving letters and claim forms explaining the restitution process. To participate, consumers must complete and mail these forms to the settlement administrator no later than Sept. 10, 2007. The settlement administrator's toll-free number is (800) 420-5875 and detailed information can be obtained online at www.ameriquestmultistatesettlement.com. Consumers who opt for restitution relinquish their right to file lawsuits against Ameriquest. Therefore, the Office of the Attorney General encourages consumers to consult with a private attorney before deciding to participate. URL: ---------------------------------------------------------------- Texas Attorney General Greg Abbott, AOL Reach Agreement to Improve Cancellation Requests, Provide Refunds Multi-state investigation results in improved business practices AUSTIN – Texas Attorney General Greg Abbott today reached a multi-state agreement requiring AOL, one of the nation's largest Internet service providers, to issue customer refunds and reform its handling of consumer cancellation requests. Under the agreement, which was filed by Texas and 48 other states, AOL must provide its customers a simple online cancellation method (http://cancel.aol.com). The attorneys general took legal action after AOL customers complained about difficulty and confusion when they attempted to cancel their AOL paid services. In the future, AOL must record and verify telephone calls between AOL customer service representatives and customers calling to cancel their accounts. AOL must also resolve outstanding customer complaints and provide refunds to consumers who complained since Jan. 2005 of unauthorized service charges or improper billing. Texans deserve straight answers and clear information from their Internet service providers," Attorney General Abbott said. "Today's agreement ensures that millions of AOL customers in Texas and across the country are adequately informed about their online services. With more Texans using the Internet every day, we will continue working to enhance online disclosures and protect Internet purchases." Prior to today's agreement, AOL limited the methods available for consumers to cancel their accounts. As a result, the majority of consumers attempted to cancel by directly calling AOL. Customer service representatives received incentives for retaining or "saving" customers in lieu of cancellation, and subscribers complained that cancellation was extremely difficult, if not impossible. Today's agreement puts strict limitations on this practice and mandates the availability of online cancellations. The settlement also requires AOL to revise its terminated account reactivation disclosures as well as disclosures involving accounts that are invoiced directly to monthly telephone bills. AOL must also reform its practice of allowing consumers to create "spin off" accounts, which are additional, paid AOL accounts stemming from one original membership. Under the terms of the agreement, these "spin-off" accounts can now only be created over the phone in a recorded conversation with a customer service agent, who must make detailed pricing disclosures. AOL recently announced that it would begin limiting its role as an Internet access provider, but would allow its customers to convert to free e-mail accounts. The terms of today's agreement should minimize the potential for consumer confusion during this transition, by requiring additional disclosures and confirmation of calls where customers are transitioned to Internet service offered by third parties. The Texas Attorney General's Office has participated in three other multi-state actions against AOL. In 1996, Texas and 19 other states entered into an agreement with AOL regarding the company's standard services pricing. In 1997, AOL entered into an agreement with Texas and 42 other states that reformed the company's customer notification procedures about various services, including dial-up accessibility. In 1998, Texas and 43 other states reached an agreement with AOL regarding the company's disclosures for free-trial offers, premium services, and communication and long-distance charges, as well as advertising to minors and changes to service agreements. The other participants in today's settlement are the states of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Washington, West Virginia Wisconsin, and Wyoming, the Commonwealths of Kentucky, Massachusetts, Pennsylvania and Virginia, and the District of Columbia. Consumers may file a complaint with the Texas Attorney General's Consumer Protection Division at (800) 252-8011 or online at www.oag.state.tx.us. URL:
--------------------------------------------------------------- ERF Wireless Announces $1 Million Master Lease Line of Credit with Agility Solutions, Corp. ERF Wireless (OTCBB: ERFW) announced that its ERF Wireless Bundled Services subsidiary has entered into a $1 Million Master Lease Agreement with Agility Solutions Corp . to provide expansion capital for its growing wireless ISP operations. Dr. H. Dean Cubley, CEO of ERF Wireless, commented, "The leasing facility with Agility Solutions will enable us to finance the rapid growth ERF Wireless is experiencing in several of the wireless broadband networks we've recently acquired. It will also facilitate financing the additional wireless broadband equipment requirements that are created when we expand our service area footprints in markets where our banking network subsidiary has sold BranchNet networks." Bill MacNamara, VP of Business Development at Agility Solutions, stated, "We are pleased to add ERF Wireless to our growing portfolio of wireless broadband operators and are looking forward to a long and mutually profitable relationship." Agility's unique combination of offerings allows wireless operators the ability to eliminate the capital constraints on growth, which are almost universally experienced in this market. R. Greg Smith, CFO of ERF Wireless, commented, "Agility was founded and is managed by pioneers in the wireless broadband industry who truly understand the challenges that all wireless broadband operators face in today's market. By establishing a pre-approved line of credit with Agility for customer premise and other equipment, we are able to add subscribers without being concerned about how to constantly finance the required incremental equipment. This allows ERF Wireless to more evenly match our customer revenue and cost streams over the life of the customer relationship." ### Press Release ###########################
HARLEYSVILLE, Pa., The Board of Directors of Harleysville National Corporation ("HNC") announced its appointment of Paul D. Geraghty as President, Chief Executive Officer and director of HNC and a director of Harleysville National Bank effective July 23, 2007. Demetra M. Takes, who served as interim President and Chief Executive Officer of the Corporation will remain as President and Chief Executive Officer of Harleysville National Bank and Trust Company, the Corporation's wholly-owned subsidiary. Paul is formerly an Executive Vice President of National City Corporation responsible since September, 2006 for Debt Capital Markets, Derivatives, Public Finance, Investment Banking (mergers and acquisitions), Treasury management, International, Commercial equipment leasing and asset-based financing and client service and support for the entire wholesale bank. From March 2004 to September 2006, he was responsible for National City Corporation's regional banks in KY and PA, Specialized Industries, Leasing, Commercial Finance, Treasury management and International divisions. From 1999 to February, 2004, he was Executive Vice-President of National City Bank responsible for Specialized Industries, Large Corporate Banking and Treasury management. Speaking on behalf of the Board of Directors, Walter E. Daller, Jr., Chairman of the Board of Directors said, "The Board engaged a comprehensive search to find the best candidate to lead Harleysville National Corporation. The Board is confident that Paul is well qualified to lead the company as it embarks upon its next phase of profitable growth and enhancement of long-term shareholder value. We are very excited that Paul has decided to join our team. The Board would also like to express its deep appreciation to Ms. Takes who has guided our company through this transitional phase." "I am thrilled, and feel privileged to have the opportunity to lead HNC. HNC is a premier, top quality franchise with a vaunted history, operating in some of the best markets in Eastern Pennsylvania," said Paul. With a dedicated team of high quality people combined with a broad array of products for retail and commercial customers, I think HNC is a terrific partner for customers in our market. I grew up in Lansdale and attended graduate school at Lehigh University in Bethlehem and spent many years at CoreStates/Philadelphia National Bank working with customers in Eastern Pennsylvania. I cannot wait to be back in that market again; this time representing HNC." Harleysville National Corporation, with assets exceeding $3.3 billion, is the holding company for Harleysville National Bank ("HNB"). Investment Management and Trust Services are provided through Millennium Wealth Management, a division of HNB with assets under management in excess of $3.0 billion. Harleysville National Corporation stock is traded under the symbol "HNBC" and is commonly quoted under Nasdaq Global Market Issues. For more information, visit the Harleysville National Corporation website at http://www.hncbank.com . This press release may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results and trends could differ materially from those set forth in such statements due to various factors. Such factors include the possibility that increased demand or prices for the Company's financial services and products may not occur, changing economic and competitive conditions, technological developments, and other risks and uncertainties, including those detailed in the company's filings with the Securities and Exchange Commission.
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News Briefs---- GE plans to sell WMC subprime lending unit: memo Lakeland Bancorp Reports 9% Increase in Second Quarter Net Income Wall Street rally still faces obstacles Dog Willing, They'll Win It: ----------------------------------------------------------------
California Nuts Briefs--- Schwarzenegger orders officials to accurately track heat deaths Gov. Arnold Schwarzenegger's loses his appointments czar. ----------------------------------------------------------------
Calendar Events This Day Embrace Your Geekness Day – Gruntled Workers Day – Japan: Bon Festival (Feast of Lanterns)– Wayne Chicken Days – Barbershop Music Appreciation Day Saint feast Days
http://www.catholic.org/saints/f_day/jul.php ----------------------------------------------------------------
Today's Top Event in History 1787- The Continental Congress enacted a slavery ban for a territory of the United States. The law prohibited slavery forever within the borders of the Northwest Territory, a region east of the Mississippi River, north of the Ohio River, south and west of the Great Lakes, and west of Pennsylvania. [headlines]
This Day in American History Friday the Thirteen. 2008 June 1729—Birthday of Minuteman John Parker. -------------------------------------------------------------- Poem
-------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: --------------------------------
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