Friday, June 29, 2012
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Lease Accounting Webinar--Free---First Come Basis
Register now for Asset Finance International and International Decision System's next lease accounting webinar – the fourth in a series of authoritative and independent lease accounting briefings.
Registration is free – but with over 700 registrations for previous events, places will be allocated on a first-come, first-serve basis.
• Alan Leesmith (Chair), Director IAA-Associates;
Targeted at senior equipment lessors worldwide, participants will be:
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Fort Collins, Colorado Fire 75% Contained
The High Park fire near Fort Collins has not grown is the past two days as we had slightly lower temperatures and the mid 90's and even some short-lived local showers yesterday afternoon. Local authorities indicated that the fire was over 75% contained. Interestingly, we had a smoky day in Fort Collins due to the fire outside of Boulder about 40 miles south of us.
The real news now is the Waldo fire out of Colorado Springs, which although smaller, will likely be even more destructive on properties in that community than the fire we experienced. Unfortunately, one of our employees has 3 family members that were evacuated in the Waldo fire and as of this morning they are awaiting news if their homes were affected. July and August tend to be our warmest, driest months of the year so unfortunately I think we're just beginning a dangerous summer fire season in Colorado.
Sorry, no photos to send to you as there's few visible signs of the fire from Fort Collins anymore.
But I am attaching you a photo of our staff from this past Friday afternoon in which we closed our office for the afternoon and volunteered to put on a field day for the local Boys & Girls Club.
Our employee team entertained 145 kids with a dozen field day events including water balloon toss, obstacle course races, frisbee golf, volleyball games, sack races, tug-a-war and others. We also put together a goodie bag for each child to take home with them including some school supplies, water bottle and candy. Our employees enjoyed the afternoon, spending time with the kids and helping this important community organization.
Allegiant Partners Announces $25 Million funding facility
San Rafael, CA--Allegiant Partners Incorporated announces an expanded $25 million funding facility with BMO Harris Bank N.A. a part of BMO Financial Group (NYSE: BMO; TSX: BMO).
"The last few of years have seen strong volume and solid credit quality in the small ticket business," commented Chris Enbom, CEO of Allegiant Partners.
"Allegiant has continued to produce solid returns for its investors while expanding its capital base and maintaining a very strong balance sheet. We are pleased to have renewed and increased our existing facility with a larger two year committed line of credit.
"Allegiant remains committed to the specialty market niche and we see strong opportunities for growth in support of our clients. We thank BMO Harris Bank – Specialty Finance Group out of Chicago and their great team and we also welcome Umpqua Bank, the Sacramento CA Office, into the facility. BMO Harris Bank continues to prove its deep understanding of specialty finance businesses by providing excellent service to Allegiant."
San Rafael, CA-based Allegiant Partners (www.allegiant-partners.com) is an employee-owned commercial funding source started in 1998 that specializes in equipment finance for small businesses. Allegiant focuses on bank policy exceptions, hard asset transactions, story credits and well capitalized small business start-up financings.
Over the past few years Allegiant has been able to continue to grow and attract capital and provide additional funds for their expanding client base. Allegiant Partners owns First Star Capital (www.FirstStarCapital.com), a direct source for commercial equipment financing and working capital. Allegiant also purchases small, structured portfolios through its affiliate Dunhill Leasing, LLC.
Chris Enbom, CEO
Unlicensed Texas Lender Gets Stung/No License
Waite v. Cage , 2011 WL 2118803, 2011 U.S. Dist. LEXIS 57324 (S.D. Tex. 2011). The State of Texas requires automobile dealers which offer retail installment contracts to be licensed. See Tex. Fin.Code § 348.501(a). JMW Auto Sales did not hold such a license. Yet, JMW would pool their retail contracts and sell the income stream to institutional investors, a father and son, the Waites, were among those investors. They apparently knew that JMW was not licensed. Shortly after the Waites purchased a pool, JMW was subject to an involuntary Chapter 11.
The Bankruptcy Court rules that the Waites purchased nothing—because JMW had no legal right to issue retail installment contracts, and therefore the Waites were unsecured, and ordered that they return $400,000 worth of contracts to the Bankruptcy Trustee for the benefit of JMW’s unsecured creditors. The fact that JMW later obtained a valid lender’s license was of no consequence, as the infirmity did not relate back.
In Lopes v. Fafama Auto Sales , 2011 WL 6258818 (Mass. Ct. App. 2011) the Court reached a different conclusion, and the fact that a car dealer was not licensed as a sales finance company did not invalidate the dealer's security interest a car sold by the dealer nor make the dealer's repossession unlawful.
Finally, in Hanson v. 5K Auto Sales, LLC , 2011 WL 6755138 (D. Minn. 2011) – a Minnesota Court agreed with the forgoing Massachusetts decision, holding that even if a car dealer was required to be licensed as an automobile lender, the dealer's lack of a license would not invalidate the dealer's security interest in a car.
The moral of the story is to know who you are doing business with. If your company is buying contracts from a broker, originator, or lessor, determine whether that assignor is required to be licensed in the State of its operation. While your company may get lucky as a lender might in Minnesota or Massachusetts, the litigation costs would hardly be worth the exposure.
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Bryan Allen appointed Executive Vice President, Global Head of Human Resources, CIT Group, New York, New York. Previously "... served as Chief Human Resources Officer for Hanover Insurance Group. Before Hanover, he was Managing Director, Head of Human Resources at U.S. Trust. Prior to joining U.S. Trust, Mr. Allen held a number of business management positions at Morgan Stanley, most recently serving as Global Chief of Staff for Human Resources. “
Ingrid Bernadette hired as Program Manager at Vendor Lease Management Group. Previously she was area manager, CIT (May, 2005-January, 2012), asset manager, CIT/Avaya Financial Services (August, 1998-May, 2005). Fluent in Spanish. Essex Community College Bachelor of Business Administration (B.B.A.) 2012 – 2019 (expected) Currently attending
Bryan Seeley appointed director of appraisal for the company’s Machinery & Equipment (M&E) Appraisal Division, Great American Group. He will be located in Great American Group’s office in Long Island, NY. "Seeley has more than 20 years of experience in the liquidation and appraisal industry. Prior to joining Great American Group, he served as a senior manager for a nationally recognized appraisal firm. He began his appraisal career in 1989 and has served in several capacities, including senior appraiser, manager and senior manager."
(Note: Photo from when she was President Sara Lee, their web site)
Laurette T. Koellner named Executive Chairman of International Lease Finance Corporation (ILFC), New York, New York. Ms. Koellner has been Executive Chairman and Director of International Lease Finance Corporation since June 2012. She has been a Director of Sara Lee Corp. since January 30, 2003 and American International Group, Inc. since June 2009. She serves as a Director of Exostar LLC. She has been a Director of Celestica Inc. since April 23, 2009. She serves on the University of Portland Board of Regents and the UCF College of Business Administration Dean's Executive Council. She is a member of the Council on Foreign Relations. Ms. Koellner was inducted into the University of Central Florida's (UCF) College of Business Administration Hall of Fame in 2003. She was presented with UCF's Distinguished Alumnus Award in 2005. She served as the President of Boeing International, a Division of The Boeing Company and Senior Vice President of Boeing Co., (The Boeing Company) since May 1, 2006. Ms. Koellner served as the President of Connexion of Boeing Co. from December 3, 2004 to 2006. She joined Connexion by Boeing in December 2004. She served as the President of International Relations of Boeing Co., since May 1 2006, Member of the Office of the Chairman from March 2002 to December 2003. She served as the Chief Administration Officer and Chief People Officer/ Chief Human Resource officer of Boeing Co. from August 2002 to December 2004 and its Executive Vice President since August 2002. She served as a Senior Vice President and President of Shared Services Group of Boeing since November 2000 to 2002. She served as a Member of Executive Council of Boeing Co. Ms. Koellner led the Shared Services Group, directed human resources and all areas of company administration, and managed corporate international relationships with Africa, the Americas and Russia. She worked at Missile Systems Company and managed its contracts and pricing and also led all negotiations with the Department of Defense, NASA and a variety of international governments for weapons systems and related products and services. She served as a Vice President and Corporate Controller of Boeing from March 1999 to 2000 and was responsible for financial and cost accounting, cost policy, companywide cost estimating, common business systems, insurance and risk management and served as its Vice President and General Auditor from 1996 to 1999. She spent 19 years at McDonnell Douglas, where she held a number of management roles of increasing responsibility in the areas of contracts, business planning, human resources and auditing. Her last role at McDonnell Douglas was Vice President of Internal Audit. Ms. Koellner was responsible for labor relations, leadership development, diversity, Leadership Center, corporate administration, corporate services, corporate contributions and global corporate citizenship of Boeing. Ms. Koellner served as an Executive Vice President of Internal Services for Boeing Co. She served as a Vice President and General Auditor of McDonnell Douglas Corporation and led internal audit, management control systems and the executive development program. Ms. Koellner served as a Division Director of Human Resources at McDonnell Douglas Aerospace Company since May 1994 and was responsible for all human resources and fire and security services in St. Louis. She was transferred to St. Louis in 1992. She ran the internal support and services operation for the Florida Missile Production facility since 1990. She directed strategic and business planning at Tomahawk Cruise Missile Program since 1989. She served as a Business Manager of Tomahawk Cruise Missile Program since 1988. Ms. Koellner began her career in the Aerospace industry in 1978, when she joined McDonnell Douglas in 1997 and served as an Analyst in contracts. She oversaw Boeing's international affairs and had leadership responsibilities for 20 Boeing in-country operations throughout the world. She holds a Certified Professional Contracts Manager designation from National Contracts Management Association. Ms. Koellner holds a Bachelor of Science in Business Management from University of Central Florida and a Master of Business Administration from Stetson University. In 2003, Koellner was inducted into the UCF College of Business Hall of Fame; in 2005, she was presented with the university’s Distinguished Alumnus Award.
Ike Long named national sales manager in the information technology and telecommunications financing segment, LEAF Commercial Capital, Philadelphia, Pennsylvania." With over 17 years in the leasing and finance industry, long has achieved considerable success selling to VARs and telecommunications accounts. He also brings extensive financing experience to LEAF. He has spent more than 15 years in various sales roles at De Lage Landen, and most recently worked at Summit Funding Group as a business development officer. " Northeastern University Communications (1989 – 1994). Activities and Societies: Football
Chris Park appointed senior finance officer at Fleet Financing Resources, Riverside, California. He will be headquartering in South Florida, "...responsible for growing the company's equipment finance portfolio at a nationwide level... Previously he was finance manager for Motorcoach Industries Financial Services (MCIFS) playing a key role in the productivity of multiple Motorcoach sales teams which funded over $70 million annually. Prior to that, he served as portfolio manager, credit analyst and sales manager for The CIT Group. 'A seasoned veteran with 16 years in the commercial vehicle finance industry, Chris Park will bring a unique depth of knowledge to FFR. Park’s extensive experience, expertise and a proven track record will enable us to put into motion the great ambitions we have for our company and to capitalize on the many opportunities that lie ahead,' said Dave Reynolds, President and CEO of Fleet Financing Resources."
Steven Williams appointed senior vice-president-syndications at Cole Taylor Equipment Finance, Baltimore, Maryland. Previously he was director capital markets, Green Campus Partners (April, 2009-June, 2012), principal, Bank of America (May, 2005-February, 2009), senior vice president, GE Capital (August, 1997-April, 2005), lease syndication manager, Bank of Boston (March, 1994-August, 1997), sales representative, Noresco (March, 1992-March, 1994). University of Massachusetts, Amherst B.A., economics (1969 – 1973).
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Leased Large Food Trucks Big Hit Restaurant Assoc. Convention
From never-before-seen flavor combinations to globally sourced ingredients to food trucks and more, the 93rd Annual National Restaurant Association Restaurant, Hotel-Motel Show and 5th annual International Wine, Spirits & Beer Event showcased the hottest trends driving the restaurant and foodservice industry.
This year’s Show, which attracted 1,900 exhibitors and more than 61,000 registrants from all 50 states and more than 100 countries, offered a sneak peek into the industry’s future.
According to the National Restaurant Association’s 2012 Restaurant Industry Forecast, nine out of 10 restaurant operators say their customers are more knowledgeable and sophisticated about food and beverages than ever before. This year’s NRA Show was proof positive that the industry has responded to this evolution, as products and services catering to those hungry for the latest trends were prevalent throughout the show floor.
“Our goal with each NRA Show is to create a venue where restaurant industry professionals find the newest technologies, latest equipment and hottest products and services, and we were pleased to see that become a reality once again,” says James Balda, chief marketing and communications officer for the National Restaurant Association.
“Exhibitors really brought their ‘A’ game this year, and attendees were buzzing about the non-stop action, from the Robofusion ice cream robot at the Stoelting booth, to the world’s largest potato, courtesy of the Idaho Potato Commission. There was undoubtedly something new to do, see, and eat at every turn!”
Top trends from the exhibit floor at NRA Show 2012, held at Chicago’s McCormick Place May 5-8, included:
Healthful Alternatives: In response to Americans’ growing interest in health and nutrition, the Organic and Natural Pavilion featured a host of wholesome, nutritious food products.
For example, Mara’s Pasta, a 2012 recipient of The NRA Food & Beverage Product Innovation Awards, showcased Maragrain, nutritious pasta made from a proprietary non-durum variety of wheat grown for Cook Natural Products. Karoun Dairies, which manufactures Mediterranean specialty cheeses and dairy products, displayed an all-natural yogurt drink.
Premium and Artisan Products: Targeting the evolving tastes of savvy restaurant customers, premium products were a clear food trend this year. Exhibitors showcased products with non-traditional flavor combinations, customizable offerings and premium ingredients, including SasaPops (another recipient of The NRA Food & Beverage Product Innovation Awards) with its all-natural frozen pops in flavors like Pink Guava and Salted Peanut Caramel. FerminIberico, a recipient of the same award in 2011, displayed high-quality cured Iberico and Serrano pork.
Gluten-Free Products: According to the National Institutes of Health, about one in 100 Americans is affected by celiac disease. As awareness of gluten intolerance is growing, gluten-free products are making their way into the mainstream market, and the NRA Show 2012 exhibit floor featured a range of such products.
Venice Bakery, a third-generation pizza manufacturer, offered products such as gluten-free pizza dough and gluten-free focaccia. And proving that the trend has also made its way into the beverage industry, all ciders featured at the International Wine, Spirits & Beer Event, including Angry Orchard and Woodchuck, were gluten-free.
Food Trucks: Food trucks continue to drive interest, as six in 10 consumers say they would visit a food truck offered by their favorite restaurant, proving that mobile restaurant options aren’t a flash-in-the-pan concept.
Mobi Munch, a company that manufactures customized food trucks, showcased their services, including a POS platform, menu consultation, brand-building services, and truck rental, allowing interested restaurateurs to take advantage of the food truck trend. In addition, six food trucks were exhibiting.
Ethnic Cuisines and Flavors: Responding to consumers’ increasingly global palates, the NRA Show’s International Cuisine Pavilion was home to foods from around the globe, providing a one-stop-shop for those looking to satisfy their international curiosities and cravings.
Mediterranean Gourmet offered products such as Traditional Grilled pepper salad from Tunisia and Paella from Spain. Attendees also sampled offerings like Ace Farms USA Inc’s roasted seaweed snacks, a staple of Korean diets for thousands of years
NRA Show 2013 will be held May 18-21 at Chicago’s McCormick Place, and the 2013 International Wine, Spirits & Beer Event, held in conjunction with the NRA Show, will take place May 19-20.
Conference NEFA Super Early Bird to End Today
Broker Member: 1st Attendee $125
Please see below for more informaiton:
Hotel Reservations Available
September 12-14, 2012
Canadian Finance & Leasing Association Conference
RUSSELL G. GOLDEN
ELFA is now accepting proposals from those interesting in making a presentation at the Annual Convention. For complete details, please go here: http://www.elfaonline.org/Events/?fa=Call Submission deadline is Friday, June 29, 2012.
November 7 - 9, 2012
32nd Annual Fall Conference
April 18-20, 2013
To view Leasing Association Events-Meetings Open to All, please click here.
32 Banks Failed 2012 to date---compared to 2011: 48
by Robert Clark and Aarti Kanjani
As of June 22, the FDIC entered loss-share agreements with the buyers of 12 of the 31 banks closed in 2012. In 2011, the FDIC entered loss-share agreements with the buyers of 58 of the 92 closed banks. In 2010, the FDIC entered loss-share agreements with the buyers of 130 of the 157 failed banks.
The median cost to the deposit insurance fund at the time of announcement as a percentage of the failed banks' assets was 21% in 2012, with 31 failures. The median cost in 2011 was 23%, the same as in 2010 but lower than the 29% median cost in 2009.
Failed Banks 2012--Paragraph Information on Each:
Top 5 Reasons to Get Over Your Dis-"Like" of Social Media
We hear endless talk about social media these days, and why it's so important for businesses large and small. But is it really true? Do you really have to incorporate social media into your marketing strategy? What if you dislike having to update all those sites all the time? What if you think it's just plain silly, and your efforts will be transparent to your market?
It used to be enough to simply build a website to establish your business's online presence, but those days are long gone and a website, while an absolute necessity, is no longer even remotely adequate. Digital intelligence research and analysis group eMarketer predicts there will be 1.43 billion social media users in the world in 2012. The world has gone social - and that includes the business world.
There are five key reasons why you would be crazy not to get on social media today.
#1: It's free
Social media websites like Facebook and Twitter are free to use and can make you money. That kind of math doesn't happen all that often in a business climate, so take advantage of it. Consider it "word of mouth" marketing gone high-tech. And use it. If you don't have the time or inclination to update your social media sites, you can hire staff or freelancers to do so at a reasonable cost. It is common practice nowadays to hire freelancers to take care of your blog, Facebook and Twitter pages as a single endeavour. Often, however, social media is best when it comes from the heart - which means once everything is set up and running, you may want to take that helm.
#2: It helps improve your website ranking in Google
With increased reach across multiple internet-based platforms, you not only cast a wider net; you also climb the great big ladder we know as Google. In 2011, according to ComScore, there were approximately 4,717,000,000 Google searches per day - just a little reminder of how enormously influential is this online megalith to the internet population. Though it's difficult to determine exactly how much influence Twitter and Facebook have on your position in the Google search results, it seems clear that social media can help your website achieve better positioning in the organic (unpaid) listings. A Social Media Examiner study showed that 60 percent of B2B companies that engaged in social media saw an improvement in their search engine rankings. Plus, Google indexes and shares real-time updates from social media sites, enabling you to reach Google searchers through multiple channels.
#3: Your competitors are doing it
A recent study by KnowledgeStorm revealed that 69 percent of B2B technology decision makers participate in social networks. Whatever your industry, you can expect that a fair portion of your competitors have hopped aboard the social media train. The early adopters have the advantage of a more established presence - but it's never too late to get started. Also consider that, according to the Social Media Examiner report mentioned earlier, 56 percent of B2B companies acquired new business partnerships through social media, and 69 percent gathered marketplace insights. You are not only competing for customers through social media; you are also ensuring that you keep up to date on your industry and keep your business at the forefront of your market.
#4: Your customers want it - and expect it
More than 72 percent of US internet users are now on Facebook - and that group accounts for only about 30 percent of total Facebook users. Your customers are using social media. They spend a great deal of time on social media. Facebook alone receives more than 17 million status updates ever hour. Add to that activity on Twitter, LinkedIn, MySpace and other social media platforms, and you might wonder how social media users ever do anything else. If you know where your customers are hanging out, it's easy to put yourself in front of them; you just need to make the effort to do so. Don't worry - you're not intruding upon their social media party. They want to hear from you! And if they don't, they don't have to engage with you. Simple as that.
#5: It's easy
Getting started on social media and using it to build your business has never been easier. There are literally hundreds of resources on the internet to help you get started and advance your social media marketing tactics. If you're not sure what to include in your tweets and Facebook status updates, consider the following:
If you're not already involved in social media, it's true that you are a little behind the times - but don't worry, it's easy to get started and establish your social presence online. Start with Facebook and Twitter, and add a blog to your website if you don't already have one. LinkedIn is also a must. You can branch out from there (to YouTube videos, Pinterest and more) when you have the time and inclination. If you've already established your social media presence, think of ways to make it more useful to your business.
There are plenty of reasons why you should be using social media to promote your business, but the bottom line is, it can help your business grow more successful. It costs you nothing but your time, and can make you money. And in today's increasingly social world, connecting with your audience is key.
Job Application Forms plus Employment Web Sites
Job Application Forms For Every Major Employer: Fast Food, Retail, Restaurant, Airline, Grocery, Pharmacy, Hospitality Employment Forms Are All Here
"Whether you are a recent graduate from college, a student looking for a part-time job or vacancy, are a mom returning to work, someone rebounding from a recent layoff, a teen-ager looking for summer employment, or just looking to switch careers, you can find or download printable employment applications or find your next employer by completing a job application online through job-applications.com now."
Click "all categories," go to Finance Service Jobs, mostly finance jobs; also do a search and you will find leasing jobs and you can look also for specific industries---application pages also have information on jobs that are open
Classified Ads---Employment Web Sites
Here is a list of top internet job web sites, several specializing in financial, money, and leasing, too.
(Leasing News provides this ad as a trade for investigations
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Maltese/Poodle (toy or tea cup)
"I am already neutered, housetrained, up to date with shots, good with kids, good with dogs, and good with cats."
"Lively, very small fellow @ just 6.5 lbs. Loves his walks, the more the better according to Gino. Adorable! We don't say it unless it's true! Active dogs need exercise; if you do, too, come meet the little guy with the BIG personality."
Please contact Lyn (firstname.lastname@example.org) for more information about this pet.
Rescue Group: All Creatures Animal Caring Society
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