Friday, July 23, 2010
Correction ---U.S. Bancorp Oliver-Allen group Closing Down
Correction ---U.S. Bancorp Oliver-Allen group Closing Down
Originally the title was "More cutbacks at US Bancorp Manifest" and concerned U.S. Bancorp Oliver-Allen group, now called the US Equipment Finance Technology Group, located in Larkspur, California. The story was quite explicit, but many found the headline "misleading." If they read the article, it was made clear which "office" was affected.
The criticism comes from both wanting a shorter headline, as well as the grouping of referring to leasing divisions as CIT, GE Capital, Key Equipment as a "group name" rather than the specific division in a headline. My thinking is I see it as "Manifest," who is the "mother" of all the divisions named in the group. While they are distinct in their mission, operation, they basically fall under one group name, and to me, it is always "Manifest;" a company where I have known the various presidents personally for years. Many called on me as one of their brokers for more business in the 1970’s and 1980’s. The operations man Tom Landmark started off as a credit man and I was one of the first he gave his first approvals (and turn downs) to. Not to go into nostalgia, but that is the way I think of the leasing groups as "Manifest." I don’t see it as a group, but as one, as Marshall, Minnesota, a different way of thinking, about caring about their customers, their performance; clean cut, ethical: The American Way.
If the information in the story was not accurate, it is the fault of the two US Bancorp public relations people who wrote press releases for this group, that's where I got their name and cell telephone numbers from two days before the story. They never returned the telephone calls. As well as Sal Maglietta, two days before the story, as well as asking him for a photograph or "should I use the one I have in archives," which is really "Law & Orders" Dennis Farina---Dee DiBenedictis was the only one who sent an email questioning the photo as Farina). Maybe he likes the one of Farina better than his own---I don't know. If he complains, it’s his fault for not returning the telephone call or putting the responsibility on one of his staff.
When a company does not respond, then the inside information has carte blanche, especially when it comes from a "well informed source."
Let me also bring up the Curt Kovash cartoons that one person told me they found offensive. Kovash is a public person, serving on the board of a leasing association, being a leader, accepting the Monitor Broker award at the National Association of Equipment Leasing Brokers Conference (two years in a row as I remember.) He is a person highly respected in the industry, who I have interviewed many times, have tremendous respect for his intelligence and integrity and performance. Honest.
The cartoon I thought was funny, as here he is getting the shuffle of paper work, moving to the vendor division, and he is taking it like "I'm moving to the sunny side of the street."
The song was written in the depression in 1930 for a Broadway Show and made famous later by both Frank Sinatra and Louis Armstrong:
"Grab your coat and get your hat, leave your worry at the doorstep
"I used to walk in the shade with those blues on parade
"If I never had a cent I’ll be as rich as Rockefeller
"With those blues on parade
"If I never had a cent I’ll be as loaded as old Rockefeller
So Curt, if you found this offensive, I am sorry. I see you on the sunny side of the street! That’s the type of person you are. A winner.
“A winner never quits, and a quitter never wins.”
Kit Menkin, editor
Louis Armstrong, if you have the time, click on the track to hear:
Classified Ads---Asset Management
For a full listing of all “job wanted” ads, please go to:
Other e-Mail Posting Sites:
ZRG Partners—Unemployment is the worst behind us?
The Second Quarter Report of ZRG Partners hiring index is quite up.
"Could the worst be behind us?” ZRG Partners ask.
"The Secord Quarter of 2010 shows a major increase in hiring in the equipment finance and leasing markets as the index increased to 334, a level not seen since July 2008. This is the second straight quarter of meaningful increases in the index levels after two years of steady declines in 2008 and 2009."
"July showed a major bump in the index number, rising from 274 to 335. Three of the top index benchmark companies all showed over 250% increases in job postings from year end 2010 levels to today, signaling a broad return to hiring for several of the industry leaders who had stalled adding new personnel in 2009. While still well below 2007 hiring levels, hiring activity is finally returning to the industry in the United States."
The index is published quarterly and is based on several key proprietary data sources. These data sources include hiring data that comes directly from benchmark firms that make up the index as well as 20 different National Job Boards and several leasing industry specific job sites. The sample group includes banks, captives and independents. The next update will be in October 2010.
Full ZRG Partners Report:
7th Bank files against Allied Health Care Services
National Bank, Bettendorf, Iowa becomes the seventh bank to file against Allied Health Care Services, Orange, New Jersey along with guarantor Charles K. Schwartz as the holder of three leases by First Premier Capital, Edina, Minnesota for 50 LifeCare Respirators costing $250,000 each. The demand is for $800,000, bringing the total in the suits over $20 million to date.
July 13th ABCO Leasing, Bothell, Washington filed 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.
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.
National Bank Complaint:
((Please Click on Bulletin Board to learn more information))
US Bancorp Profits Increase—plus Leasing Numbers
Heather Landy of American Banker reported "... U.S. Bancorp earned enough in the second quarter to put more distance between itself and rivals that are struggling in their core businesses.
"Smart acquisitions, an investment in corporate banking capabilities and opportune improvements in demand for payments and processing services helped U.S. Bancorp post record revenue of $4.5 billion, up 8.7% from the second quarter of 2009."
Net income of $766 million; $0,45 per diluted common share (includes benefit of $0.05 related to an exchange of perpetual preferred stock for outstanding income trust securities)
• Record total net revenue of $4.5 billion, up 8.7% vs. 2Q09
While the leasing numbers appear flat, they are healthy and as important, the net charge offs have improved as well as the number of nonperforming leases have gone down. While these are consolidated numbers, and without the back up information, it is difficult to make an opinion---but overall, there is portfolio improvement:
Net Charge Offs---Leasing
The leasing groups are members of the Wholesale Banking category.
From the SEC 8K Filing:
“Wholesale Banking's contribution to net income in the second quarter of 2010 was $80 million higher than the first quarter of 2010. This improvement was due to a reduction in the provision for credit losses and higher total net revenue, partially offset by an increase in total noninterest expense. Total net revenue was higher due to favorable variances in both net interest income and total noninterest income. Net interest income was $21 million (4.4 percent) higher on a linked quarter basis as improved spreads on loans and an increase in loan fees were partially offset by a reduction in loan demand. The $16 million (5.8 percent) increase in total noninterest income was the result of higher commercial products revenue due to syndication and other capital markets—related income, partially offset by lower equity investment income. Total noninterest expense increased by $37 million (13.0 percent) principally due to higher compensation and employee benefits expense, higher costs for other real estate owned and seasonally higher processing costs. The provision for credit losses decreased $127 million (27.0 percent) on a linked quarter basis due to lower net charge—offs and a decrease in allocated reserves.”
Heather Landy report in American Banker:
8K Quarterly Report (67 pages):
Key Corp Starts to Control Leasing Portfolio
Again, consolidated reports, but it appears since Paul A. Larkins left not only is business down, but so are outstandings and charge offs up. This may reflect the economy, and perhaps the marketplace, but in comparison to US Bancorp above, Key Bank may be doing better, but their leasing department is not.
Many salesmen have left and joined other companies, perhaps the company’s decision, but then according to these numbers, Adam Warner should be quite concerned about his division’s performance ( although non-performing assets have improved; sales have not: the economy or the sales staff or change in direction? I’m sure I’ll hear from his supporters, but the numbers speak for themselves. Any comments, glad to print them.)
Non-Performing Assets in Millions
KeyCorp Reports Second Quarter 2010 Profit
Loan Composition (Commercial Lease Financing) (in Millions)
Non-Performing & Past Due from Continuing Operations (dollars in Millions)
Tier 1: 8.01%
For more information about Key, see 8K SEC report, plus for the local newspaper viewpoint, see News Briefs about Key, Fifth Third, Huntington, PNC.
8K Key Corp. SEC Report:
ABCO Leasing added to “Funder List”
Full Funder “A” List:
Culver Capital added to “Broker-Lessor” List
Broker List “A”:
Story Credit Lessors---The List
These companies specialize in "C" and "D" credits, often new businesses, or businesses where the principal(s) have Beacon score around 600 or previous difficulties; meaning to become comfortable with the credit and financial situation you need to learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. Many of these companies may also be a "B," but appear otherwise without the "story" to understand the full financial picture.
Also listed below the dollar amounts are companies that who are known for accepting "subprime leasing."
(To qualify for this list, the company must be a funder and not a "Broker/Lessor" or "Super Broker/Lessor", along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News. There may be several readers see missing from this list as Leasing News reserves the right to not list a company who does not meet these qualifications for this specific list.)
Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business.
It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to firstname.lastname@example.org so Leasing News may up-date this section.
BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board
(A) Pawnee Leasing Corporation; Some times we go higher than $30,000, but our marketplace is from $1,000 to $30,000. Broker Qualify - One year time in business
* Allegiant Partners has expanded their maximum transaction size from $250,000 to $500,000 for the 5 western states of California, Oregon, Washington, Nevada and Arizona.
(D)ABCO Leasing, Inc. (Seattle, WA) exclusively serves the broker community and has been in business since 1974. Since we retain all transactions in our own portfolio, we require full financial packages. We are best at deals that do not quite fit an “A Funder” due to a lack of flexibility or some type of an arbitrary matrix requirement. ABCO is an industry generalist that prides itself on being creative when structuring new business and in providing highly quality service levels. Broker and deal contact: Brad Christensen, Broker Relations Manager, 971/204-0236 email@example.com
(G) Cobra Capital, LLC. Comments: Our registered trademark "Making impossible possible" is our central marketing tagline for both strong and weak credits. I have developed a 10 year history, (from Cobra and my prior company GALCO), with specialty, non-conforming transactions (story credits) and have a solid reputation for candidly responding to our originators and lessees and working diligently to mitigate deal risk rather than making excuses to turn deals down. Our originators prefer our underwriting approach to non-conforming transactions since unlike most non-conforming funders, we prefer to mitigate risk versus jacking our return. Both Originators and Lessee's prefer our candid approach as we are also frequently asked to advise lessee's and lessors on the best way to structure their bank loans and raise capital due to our 25+ year banking and accounting backgrounds as my partner and I are both former bankers and CPA's.
(I) Standard Professional Services. LLC is a non-cookie cutter funder who does not credit score.
(J) Boston Financial & Equity Corporation, most of our leases are venture capital backed startups and turnarounds. We require full financial disclosures, CPA and internal statements, no tax returns. We do not required additional collateral, no PG's or RE needed. Do not send deals with large tax liens, especially if they are payroll taxes. Broker Qualify - A deal in hand and a full package.
(P) Financial Pacific Leasing supports a nationwide network of Brokers and Lessors. We specialize in "B" and "C" credits for established companies as well as companies under two years in business. Broker Qualify - Please Call or see "Prospective Broker" section on website
(Q) American Leasefund, Inc. funds small hard to do transactions under $50,000.00. Most of the transactions are "app only". We look for additional collateral or larger first payments to help the weaker credits. We maintain and service our own portfolio. All of our lessee billings are done via ACH. Broker Qualify - Please Call
(S) We at Summit Leasing consider ourselves to be primarily "B" credit lenders, working almost exclusively through brokers. Broker Qualify - Contact us
(V) Agility Solutions; we fund all equipment used by Wireless Internet Service Providers.
(W) Forum Financial Services, Inc., prefer venture capital backed start-ups and middle market to large corporate turnaround companies including companies in bankruptcy and post bankruptcy. Our absolute minimum sales for an established business with financial problems are $10.0 million. (this does not include venture capital backed start-ups). Broker Qualify - Please visit our website at www.forumleasing.com or call 972-690-9444 ext. 225
(X) Advantage Funding - While we also consider quality equipment leasing as a funder, in the title vehicle leasing business, we consider all types of situations and credits and speciality vehicles for commercial use. We have a history of understanding all types of title vehicle leasing. Broker Qualify - Please Call
(Y) Gonor Funding specializes in hard to fund leases with D credit. Collateral based with good rates and commission program. Broker Qualify - Please Call
(Z) TEAM Funding Solutions is a structured lender for brand new businesses or for older companies with previous credit problems. We do not credit score. The secret to producing an approval for C-Credits starts with interviewing your customer." Broker Qualify - Click here for Broker Enrollment Form.
(AA) Calfund, LLC finances 18 wheelers and some trailers for owner operators with substandard credit.
(CC) Specializing in Machine Tools only for transactions up to $750k. National has been in the Machine Tool Finance business since 1986 and has a leasing proficient staff to accommodate the most challenging transaction. F ull financial disclosure required. We can provide structured financing for the story marginal credits. May require personal guarantees and/or down payments depending on the credit. Any size business accepted. For more information please contact Chris Chiappetta or Robert Lang at 800-669-7527. Or fax us your story transaction to 888-901-7789.
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
July CLP Spotlights Bob Bell & Mathieu Bewley
The CLP Foundation Newsletter--
Bob Bell, CLP
How did you get your start in the equipment leasing and finance industry?
In 1990 in the middle of a recession, I went to work for the same broker who had helped us out on the vendor side, and in 1993 I went out on my own and started Independent Leasing Associates. The same month the NAELB was having their 3rd annual meeting in Atlanta and I attended with the dual purpose of meeting other brokers and finding funding sources (does that sound familiar). I felt like such a rookie, even though I had worked on the syndication side and had been a broker for several years. As time went on I became more involved in the association and realized this was going to be my "last" career. With that decision made, I wanted to be more involved and more a part of the "business". In 2009 I merged my company with my son, Corey, to form United Funding, LLC.
The CLP had been an exclusive UAEL program until 1998. I had been to meetings and saw many of the icons of the industry with the designation and they seemed "special". When they chose to make it a non-association designation, I wanted to be part of that group. I sat for the CLP exam in the fall of 1999 and received my plaque in the spring of 2000, the same year I became a board member of the NAELB.
I can't point to a specific instance where I can say, "I got that deal or that vendor because I'm a CLP", but I know I have mentioned it often. Let's face it; I don't have name recognition of an AT&T, GE, CIT, etc so anything I can do to give credibility to my company is a plus.
Over the years many brokers have talked to me about the "exam". I know it has been rewritten since I took it, but most of the "body of knowledge" incorporated in the exam is stuff we do every day, and with an 85% plus pass rate on the first try I urge everyone to consider it. The next time they ask the CLPs to stand at an association meeting, I hope you will be standing next to me.
Mathieu Bewley, CLP
How did you become involved in the equipment leasing and finance industry?
What do you enjoy about your position as Product Manager at Great American Insurance? From an insurance point of view, I ask myself, how can insurance better serve both the lessor and the lessee? I work with a team of product developers that tries to find the answer to that question. Each industry is different and affords unique opportunities for insurance protection. We strive to create insurance products and services that the lessee, at the end of the day, will be happy to have included with their equipment lease.
Would you like to share an interesting hobby or accomplishment?
If you could transport yourself anywhere instantly, where would you go and why?
July CLP Newsletter:
Special Edition: Dream a Little Dream
With Christopher Nolan’s “Inception” topping the box-office and triggering a new interest in the realm of dreams, it’s the perfect time to look back at some of cinema’s most indelible dreamscapes. Check out Netflix for these titles, and get lost inside their imaginative worlds.
Mulholland Dr.(David Lynch, 2001): No director can waltz into the subconscious better than David Lynch. In this mesmerizing masterpiece, the filmmaker somehow manages to tell a story that happens in the real world (or does it?) while at the same time giving the feeling of drifting through its heroine’s dreamy desires and fears. Naomi Watts gives a remarkable performance as a perky young actress who comes to Hollywood to become a star and instead gets involved with a beautiful but amnesiac stranger (Laura Herring), whose past threatens to catch up with them. True to the mysterious nature of dreams, the movie shifts shapes and moods as it goes through an unforgettable collection of sights and sounds, always keeping viewers on their toes.
Waking Life (Richard Linklater, 2001): How can movies capture the ever-changing nature of dreams? A versatile director of independent movies, Richard Linklater (“Dazed and Confused”) hit upon the idea of using animation to illustrate the ways our ideas weave in and out of dream states. The result is a thought-provoking, visually striking and frequently amusing procession of characters and events that eventually come together into a mosaic of reveries. Among the characters are a snooty talking chimp, a barroom philosopher, and a young man desperately looking for the meaning of his dream. Shot in Texas with cutting-edge animation techniques and featuring cameos by Ethan Hawke, Julie Delpy and Oscar-winning director Steven Soderbergh, this is unlike any other cartoon you’ve ever seen.
Dreamscape (Joseph Ruben, 1984): Dreams play a key role in this ingenious mystery drama, directed by the underrated Joseph Ruben (“The Stepfather”). Dennis Quaid stars as Alex, a brash young man whose ability to enter other people’s minds as they sleep makes him a hot commodity for organizations interested in psychic control. It seems that the U.S. President himself is suffering from nightmares and needs his help. The more Alex learns about his mission, however, the more he realizes that he may be a pawn in a game of intrigue for control of the White House! With dream sequences that are at once funny, startling and surreal, the movie blends modern swashbuckling action with the timeless wonder of the human subconscious at play.
Femme Fatale (Brian De Palma, 2002): Though he’s the man behind such sturdy mainstream blockbusters as “The Untouchables” and “Mission: Impossible,” Brian De Palma always hoped for the chance to make a more experimental movie that would deal with the areas where people’s buried emotions come out to play: dreams. He finally got his chance in this glittering thriller, which works so sneakily that it may not be until afterwards that audiences realize how cleverly it delves into the subconscious of its heroine. Said heroine is Laure (Rebecca Romijin), a beautiful jewel thief whose latest job her to a photographer (Antonio Banderas) as well as to her brutal cohorts. Filled with De Palma’s distinctive humor and inventiveness, it’s a delectable ode to the mischievous side of our dreams.
Wizard of Oz (Victor Fleming, 1939): Celebrating its 70th anniversary, this legendary Hollywood classic remains as full of delights and surprises as ever. By now everybody knows the plot of this lavish screen version of L. Frank Baum's children's story, though that doesn't keep viewers from following the adventures of Dorothy (Judy Garland) and friends from the grays of Kansas to the magical world of Oz, and marveling at the iconic performances (including Bert Lahr as the Cowardly Lion and Margaret Hamilton as the Wicked Witch) and unforgettable songs. It may also be one of the most beloved of movie dreams, in which the heroine’s imagination propels her out of Depression-era dreariness and into the flaming Technicolor and the endless possibilities of Hollywood (which, after all, is known as the “dream factory”).
"ash-lee is sweet & gets along with other dogs. She is looking for a good loving home."
Rescue Group: all breed rescue
- Let 'em know you saw "ash-lee" on Adopt-a-Pet.com!
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Storm Threat Forces Ships to Leave Work at Oil Spill Site
KeyCorp returns to profitability after eight consecutive quarters of losses
Puget Sound Bank Reports Record Year-to-Date Earnings Exceeding Earnings For All of 2009
GATX Profit Rises 69 Percent Despite Rail Slide
Auto Lessors Have Lost $10 Bln Since 2005
Indicators point to slowing growth
SunTrust unit fined for improper trades
Dell Agrees to Pay $100M to SEC in Accounting Case
Mortgage rates tie record low
Brazil Is Booming (and Maddening)
Federal Report Faults Banks on Huge Bonuses
Expensive, Outdated Collection Methods Hamper Industry Rebound: Study
For ex-49er Jerry Rice, hard work in practice paid Hall of Fame dividends
Why the Raiders don't need T.O.
San Jose Mayor Reed wants to push ahead on A's ballot measure — even without baseball's OK
152 arrested at San Francisco hotel protest
French Authorities Approve Four New Appellations
A Different Side of the Finger Lakes Wine Festival: The VIP Experience
The Way We Were
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1637 -- King Charles of England hands over the American colony of Massachusetts to Sir Fernando Gorges, one of the founders of the Council of New England.
WHY BASEBALL WALTZES WITH LETTERS
by Tim Peeler
A Faulkner sentence is an extra inning game, Simply and finally playing through its Will and exhaustion.
Third Base Coach signals are ee cummings poems-
The prisons play contests of Bukowski prose,
Weird killers load the bases at a
Although Poe would never sit through nine,
Finally, Wolfe who wrote slugfest
--- with the permission of the author, from his
“Waiting for Godot's First Pitch”
available from Amazon or direct from the publisher at: www.mcfarlandpub.com
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?
How to play:
Refresh for current date:
See USA map, click to specific area, no commercials
Real Time Traffic Information
You can save up to 20 different routes and check them out with one click,
Independent, unbiased and fair news about the Leasing Industry.