Wednesday, July 21, 2010
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U.S. Bancorp Oliver-Allen group Closing Down
Sal Maglietta, CEO U.S. Bancorp Equipment Finance, visited the Larkspur office, Marin County office, right above the City of San Francisco and laid everyone off, except for a few outside salesmen. Leasing News was told this is from 75-80 employees of the U.S. Bancorp Oliver-Allen group, now called the US Equipment Finance Technology Group. April, 2008 Maglietta let most of the salesmen go here. It is reported the Larkspur group become more operational with a few salesmen scattered about the country, primarily in Southern California.
Telephone calls to Mr. Maglietta and US Bancorp public relation personnel on Monday were not returned. Leasing News was told most would be gone by September with the final date of November 15th. The lease on the building reportedly runs through next August.
Located in Larkspur, California, Oliver-Allen started in 1973, when Marin County was the location for over a dozen leasing companies and funders from Interlease, SHW Capital, and many others. Oliver-Allen was one of the first companies to specialize in IT: leasing equipment for computer systems, networking, communications, PC connectivity, primarily to middle market clients. They were sold in March, 2000 to US Bancorp.
February of 2005 Maglietta came from Parthenon Capital, San Francisco, where he was a partner, prior he was with Citibank in New York where he was CEO of CitiCapital Equipment Finance. U.S. Bancorp Equipment Finance was then composed of four business units, including the Capital Equipment Group, U.S. Bancorp Oliver-Allen, Machine Tool Finance Group and Indirect Finance and Syndications Group and brought his finesse to Portland, Oregon, which also included some old friends. He reorganized the group over the last few years, eventually eliminating the middle-market broker group and now. The main group address remains Marshall, Minnesota, in the County of Lyon, thus the Lyons Financial name dba Manifest.
Looks like a very serious cutback.
ABCO Latest to file against Allied--More to follow
The total count at this time is reaching $20 million. Those holding leases and noting the number of UCC's believe this could reach five times that number.
ABCO Leasing, Bothell, Washington is the latest to file against Allied Health Care Services, Orange, New Jersey as well as the guarantor Charles K. Schwartz. It regards two leases for a total of $400,000. Leasing News is told there are several other banks who are about to file, one for $9 million. Reportedly Allied is two to three months in arrears. Bankers report hearing many excuses for the last six months.
There will most likely be many small banks in a similar situation, many who actually visited the Allied offices (as told to Leasing News in several telephone conversations over the last few months ), and inspected the alleged respirators involved in the lease transaction; several looked a checks received as well as invoices (reported in previous stories by Leasing News.)
Bank auditors will be aware of Allied Health Care Services if this appears as widespread among small banks as per the UCC filings.
This will bring further attention to leases brokered to banks. Reportedly there is an audit directive regarding leasing transactions directed from outside the bank. Leasing News is seeking this document, if available to the public under the freedom of information act.
At this time, these are the companies who have complaints filed against Allied Health Care Services in addition to ABCO Leasing:
July 12th Onset Financial, South Jordan, Utah and CW Onset, a Utah limited company, on July 12, 2010 filed a $9,798,000. Crossroad Bank, Wabash, Indiana, formerly known as First Federal Savings Bank of Wabash filed a suit on July 9th, 2010 for $144,788.20 plus attorney and court costs regarding respirators. Commonwealth Capital Corporation filed on June 18 for $4,224,543.02 against the corporation and $1,792,893.82 against the personal guarantee of Charles K. Schwartz, "plus attorneys fees, costs, and interest, as well as all other relieve which this court deems just;" Kingsbridge Holding, LLC, Lake Forrest, Illinois, was first with a suit against Allied Health Care Services for $1,051,207.74 plus attorney and court fees; MinnWest Capital Corporation, Minnetonka, Minnesota, (subsidiary of MinnWest Bank Metro) $2,070,690 suit against Allied as well as the Charles Schwartz, president of the company, as personal guarantor to the corporation.
Exhibit B-Personal Guarantee:
Team Funding Solutions –Funder List “Up-dated”
“TEAM Funding Solutions is a direct funding source dedicated to funding "C-Credit Leases" for the Broker Community!" Your customers are welcome Nationwide.
“We prefer to work with Brokers who are members of equipment leasing associations such as: NAELB and NEFA. New Brokers are welcome that have been formally trained by known equipment leasing education companies.”
Funder List “A”:
AbsoluteAuto Solutions Joins Broker-Lessor List
Broker-Lessor “A” List:
Broker-Lessor List “A” update
Due to the size, the Broker-Lessor list consisted of List “A” and List “B” by employee size. Several may advertise they are “funders,” but did not meet the criteria for the “Funder List” and others may be brokers who work with other brokers, but do not “qualify” as a super broker as they also have a sales staff or present themselves in a “funder” category.
Note: 45 broker-lessors were removed from the first list (“A”) as being out of business. This was confirmed by emails not returned and telephones disconnected. Whether they are working elsewhere is not known.
“List B” is in the process of being up-dated as well as the Captive Lessor list.
Leasing Industry Help Wanted
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Letters---We get Email!
ELFA President on Financial Regulation Reform
“Mr. Sutton’s comments on the passage of FinReg are an insult to the Equipment Leasing Industry.
“Either Mr. Sutton did not read the bill or any reasonable analysis of the bill.
“If this is an example of Mr. Sutton’s leadership, he should resign.
“Is Mr. Sutton afraid to intelligently criticize the most intrusive, disorganized, idiotic, wasteful financial legislation every written?
“Nothing is the bill addresses the real problems of the financial crisis and if Mr. Sutton does not know that he should keep his mouth shut because that only encourages more damaging legislation from the worst Congressional session in the history of this country.
“Mr. Sutton does not represent any thinking member of the Equipment Finance and Leasing Industry.
“He is an abject embarrassment.”
John C. Salomone
Maricle Arrested in Florida Advance Rental Scam
“I want to be sure your readers are aware of the fact that many states have laws like Florida’s prohibiting or limiting the right to collect advance fees. Joe Bonanno and I have written about this in the past.
“Our concern is that honest brokers may be caught up in a law designed to prevent fraud.”
BARRY S. MARKS
(Many states have them, and Florida does, but does not apply to capital leases or operating leases. The Florida Attorney General office was backing a bill that the ELFA and NAELB opposed.
(Florida: Brokers of a “loan of money, a credit card, line of credit or related guarantee, enhancement or collateral of any nature” may not assess or collect an advance fee. Florida Statues, Chapter 687.14 (1992)
(The bill wanted this to include equipment leases.)
(Many states have them, but don't enforce them, such as New York:
New York: Any advance payment or deposit must go into an escrow account until a transaction proceeds.
(What you will be seeing, however, is more active auditing of banks who do leases with others and never meet the customer, relying primarily of the party who submitted the credit (the bank may
check the results), but auditors will be looking more at leases due to all the leases and frauds. The FDIC has reportedly set up guidelines for this and Leasing News is attempting to obtain a copy.
6 Month 2010 Leasing Assoc. Membership Count
“Thank you for publishing the membership numbers. NEFA is mainly off in the Broker /lessor grouping and in Funding sources over $50 MM annually. This should come as no surprise to those of us in the business. It’s tough out in these market segments, but we are still working hard as a board to provide real value for our members and anticipate additional members. Our turn out at our Regional events continues to be strong indicating to me that NEFA members and non-members that want to stay engaged are continuing to see the value out these local events.
“As I said above, The NEFA board and committees continuing our efforts to add additional members for the remainder of the year and expect an uptick in members prior to our Fall Expo Atlanta Conference October 14-16 at the Ritz Carlton. This is traditionally our largest and most well attended conference and in a normal year, which this is not, we still expect a good turnout.”
Randy Haug , Sr. Vice President / Partner, LeaseTeam, inc.
“I thought I would add a little POSITIVE news you can pass on to your readers. FinPac has lowered their best rates by 400 bps to 12%. “While our focus is still in our second tier credit niche with appropriate pricing, we are trying to respond to our TPO's (third party originators) needs in that better rate segment. We believe that our historical knowledge and the experience we've gained over the past two years helps us properly identify and price for risk. I am pleased that, in the face of a more limited funding marketplace, we can be a broader solution for our TPOs.
“In my opinion, though sluggishly, the economy IS IMPROVING.
“Just some good news for a change! Thanks for your support of our industry.”
Paul J. Menzel, CLP
“During my ‘why am I being cut off after 18 years of loyal service to the broker’s partner (they advertise), steady $300k annual production, and zero delinquency after all MY hard work during 2009’ discussions with Manifest brass earlier this year, it occurred to me that it is easy to blame low volume and other brokers for losses and they should be saying, ‘Oh, I forgot about the deep recession, maybe that had something to do with it!’.”
Bruce Forinash, Leasing Agent
Investment Leasing Company
FedEx & UPS address: 11835 Carmel Mt. Rd., Suite 1304-351, San Diego, CA 92128
“Thank you for publishing the list of funding sources.”
Celebrating 25 Years -- April 4th, 2010!
"I'VE RECEIVED A NUMBER OF CALLS RECENTLY FROM BROKERS WHO THINK WE ARE STILL ACCEPTING BROKER BUSINESS.A CHECK OF LEASING NEWS SHOWS THAT WE ARE ON YOUR LIST OF FUNDERS NOT ACCEPTING BROKERS BUT ARE NOW ON THE REGULAR LIST AS AN ACTIVE FUNDING SOURCE.
"HERE IS AN UPDATE OF OUR CURRENT POSITION. AFTER JOANIE RETIRED IN NOVEMBER 2009 AND THE BELLEVUE OFFICE WAS CLOSED, THE REMAINING OWNER DECIDE TO QUIT LENDING MONEY ON ANY FUTURE DIRECT OR BROKER DEALS, INCLUDING CURRENT AND PAST CUSTOMERS. THE INITIAL PERIOD WOULD BE FOR A TERM OF ONE YEAR BUT IT LOOKS LIKE IT MAY BE PERMANENT. PLEASE DELETE OUR NAME FROM ANY ACTIVE LIST."
Steven J. Royce
(Dolsen is not on any of the other lists, and the Out of Broker Business list does not contact telephone numbers or email addresses. Those brokers who called you cannot read, or maybe don't believe Dolsen is no longer accepting broker business. Editor)
“It’s hard to believe that today celebrates my 42nd year in the equipment financing business. We have provided financing to over 4400 clients in the US, Canada and now Mexico.
“As you probably know we finance some of our own leases thru our 3 companies, Odyssey Leasing, Two Rivers Leasing and Smart Lease Co. We can offer financing either on a lease or contract basis, your choice. Either way it is 100% financing, no down payment needed ever.
“It does not feel like 42 years have passed even though with the money market the way it is today, it’s stretching my patience. Our sales people are working harder than ever to service the needs of our clients.
“We have financed such a variety of items over the years; from a palomino horse to a million dollar wind turbine in Alaska. We even financed dairy cows at one time when we were located in Seattle. We provide financing for web sites, software only applications, and really any kind of new or used business equipment. You choose the equipment and the dealer, we just provide the financing. If you might be looking for some equipment and need a name of a dealer selling that kind of equipment, we might be able to give you a dealer’s name you could call.
“I have seen many many leasing companies come and go over the years. We are proud that we are still operating and serving our many lessees and dealers over these years. One our largest client’s has over 25 leases with us at their many locations.
“Our ability to provide long term lines of lease financing credit has really helped us grow over the years. Companies can figure out how much equipment they might need to finance for a year and we can set up a line of credit to utilize when needed. No need to go to their bank each time they have a financing need. These days going to the bank for money may be a waste of time.
“Hopefully money will be easier to get as the months unfold. I feel sorry for customers who have marginal credit; they are really having a tough time getting needed equipment financed at a decent rate, or at all. The same holds true for startup companies in this market, the money is there but the cost is high.
ODYSSEY EQUIPMENT FINANCING and medical divisions
"40+ Years Financing Equipment Nationwide"
“As a bank that discounts lease contracts, we’d like to get legal and Lessor opinions and comments from your readers on the legality of enforcing Evergreen Clauses, specifically on leases with just $1.00 and $101.00 options, not to mention ethics.
“I’m amazed at the number of Lessors that try to enforce an “automatic renewal” provision, if the Lessee doesn’t send written notice, to exercise even their $1.00 option, anywhere from 60 -180 days prior to the end of the lease, or they lose the right to exercise the original option and must now pay additional rentals as well as an FMV option……….Please, this has got to be illegal!!!!
“My personal opinion is that upon assignment, we as a funder should require the Lessor to give up the right to exercise any the Evergreen Clause if the option is for $1.00 or even $101.00. Is it the bank’s responsibility to advise the Lessee? Some banks hold thousands of leases and it just isn’t feasible to track and inform.
“As a discount lender we are often in the middle and get the wrath of an irate lessee who calls and asks why they are getting billing statements from the Lessor when they know they’ve made all their payments. We tell them to look at their contract and that we are required to return the original documents back to the Lessor because we usually only discounted an assigned stream of payments. We see no rational justification for that renewal clause being enforced on $1.00 option leases other then simple greed!
“With interim rent, automatic renewals and evergreen clauses, and the games being played, it’s no wonder the leasing community continues to get beaten up and many lenders have pulled away from this business."
Bob Robichaud, CLP
“See our cow herding Westies, Fiona and Abby. Also- a good break from leasing is a good idea every now and then. Hiking with dogs is very therapeutic and an excellent avenue for stress management.”
“Thank you for uncovering the links between the economic ripple effect and this golden oldie by Abbott and Costello.
“Some readers might also be familiar with South Park episode ‘’Margaritaville’. Please find an excerpt from Wikipedia below.
"Seriously funny, although maybe too offensive for some."
" ‘Margaritaville’ is the third episode of the thirteenth season of the American animated television series South Park, and the 184th overall episode of the series. It originally aired on Comedy Central in the United States on March 25, 2009. The episode is a satire and commentary on the global recession affecting much of the industrialized world at the time of the episode's broadcast. Kyle is portrayed as a Jesus-like savior working to save the economy, and Stan spends much of the episode trying to return a personal Jimmy Buffett Margaritaville machine. Released March 16, 2010:
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“About a year old, missing knee caps, however he is a puppy and he does not let his disability get him. We're not even sure he realizes he is different; he just wants to play and have you chase him and pick up toys and wants to play with other dogs. He is gentle with little dogs and he is just a pleasure to watch and be with.”
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1667 - The Peace of Breda ended the Second Anglo-Dutch War and ceded Dutch New Amsterdam (Manhattan) to the English. The South American country of Surinam, formerly Dutch Guiana, including the nutmeg island of Run was ceded by England to the Dutch in exchange.
Love of the Game
by David Michael Chambers
Crack of the bat
From the pitcher's stance
The ball flies high
The outfielder runs hard
The batter then swings
Clearing that outfield fence
A pop the batter does hear
On his way to the dugout
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