Friday, June 22, 2007
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To place a free “job wanted” ad here, please go to: For a full listing of all “job wanted” ads, please go to: -------------------------------------------------------------- Caught in a lie
Filed June 19, 2007, the date of the interviews: Date of Report (Date of earliest event reported): June 19, 2007 PACIFIC CAPITAL BANCORP California 0-11113 95-3673456 1021 Anacapa Street, Santa Barbara, CA 93101 Registrant's telephone number, including area code: (805) 564-6405 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Item 1.01 Entry into a Material Definitive Agreement On June 19, 2007, Pacific Capital Bank, N.A. (the "Bank"), a subsidiary of Pacific Capital Bancorp (the "Company"), entered into an Asset Purchase Agreement with LEAF Funding, Inc. , LEAF Financial Corporation, and LEAF Commercial Finance Co., LLC (collectively the "Buyer") for the sale of the Bank's equipment leasing and financing business (the "Business"). The following is a description of significant terms of the Asset Purchase Agreement:
The Company's press release dated June 20, 2007, announcing the execution of the Asset Purchase Agreement as well as the Company's sale of its Indirect Auto Finance portfolio is attached hereto as Exhibit 99.1 Item 9.01 Financial Statements and Exhibits Copy of SEC filing June 19, 2007: And you wonder about "truth" in politics and ethics in leasing: "Thanks for your inquiry, but it would be inappropriate to comment on a rumor." "How can you believe such a rumor, Kit. It's not true." ‘She specifically said there is no Pacific Capital transaction on his (Mr. DeMent's) desk. In pursuing this more, she told me again she was the senior assistant and if something was going on with Pacific Capital, she would know. “Don’t listen to rumors,” she advised.” The same day the story was printed in Leasing News, this press release from Debbie Whitely in the late afternoon:
-------------------------------------------------------------- FTC versus IFC Credit Corporation
In the Federal Trade Commission filing by Senior Attorney Randy Brook, the firm of Askounis & Borst, P.C., Chicago, Illinois requested a continuance of the hearing until July 27, 2007. The FTC made no objection and Northern District of Illinois Eastern District Judge Joan B. Gotschall granted the request. It is estimated this case without a summary judgment could last a minimum of one and a half years to three years or more. Hearing the decision, Randy Brook took off on a sea kayak expedition in Southeast Alaska, back in Seattle, Washington on June 27.
By the way, here is the list of attorneys, to give readers an idea of what the cost of this case may become. Plaintiff: Federal Trade Commission represented by Randall H. Brook Phone: 206 220 6350
-------------------------------------------------------------- Leasing Industry Help Wanted
EFD Marketing Specialist
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Wildwood Closes Its Doors “It is with much regret that we announce the closing of Wildwood Financial Group, Ltd. effective June 30, 2007 due to the death of our founder Bob Baker, CLP. “Following the decision to close, the staff has been asked to wrap up operations and close the office ending the week of June 22nd. “To all of our clients, funding sources, and business consultants, we appreciate your prayers and support through the good years and during this most difficult time.” The Staff at Wildwood Financial Group, Ltd. Mona Janes, CLP In 1995, after being in the finance and leasing industry for over 30 years, the late Bob Baker, CLP, formed the Wildwood Financial Group, Ltd. The concept of Wildwood was created by accident. Bob was a frequent speaker conducting seminars and workshops at various leasing association conferences. After a Bob’s sessions at these workshops, several companies approached him to do in-house training. He grew this concept to $34,950 for training, and follow-up, helping graduate place leases. He was the main contact, knowing what went where and why. He also brought members into leasing associations. In 1995, he won the United Association of Equipment Leasing membership contest with 27 new members in a several month period. He also probably brought an equal number into the growing National Association of Equipment Leasing Brokers. He wanted his graduates to join leasing associations, network, find sources and make new friends themselves. In September of last year he purchased assets of Leasing Institute of America (LIA) of Salt Lake City, Utah. The company was owned by ACC Capital and Amembal Associates. Leasing News has asked the staff if they have plans to start another school, or have employment plans, or are available in the marketplace, but has not heard from them at press time. -------------------------------------------------------------- Leasing Schools/Franchisors (For our "Financial and Sales Training" list, please click here)
Corporate Capital Leasing Group Grows to 24 Offices “Our company, Corporate Capital Leasing Group, Inc was started 12 years ago by Ken Glasgow who has 41 years experience in equipment leasing. Three years ago we realized that due to down sizing or retirements, there were many good people looking for employment or a business opportunity. So we developed a program to recruit and train our own sales people. We looked for people who had experience in some form of business (preferably one that relates to equipment or vehicles), and were comfortable with customer contact. “We developed a training plan that concentrates on marketing with the goal of making our people productive and earners as quickly as possible. The training consists of a manual, CD's and an on line Bulletin Board that now has over 350 posts and can be searched for answers to specific questions. It is also a place where we post new programs and describe recent unusual leases. We call our people Regional Managers (RMs) and each one has a protected territory and signs a 10 page Agency Agreement outlining their responsibilities. “Since time is a Leasing Broker's worst enemy, we encourage our RM's to call and preview any potential application that isn't "cookie cutter" so that we can tell them if it is worth pursuing and what they would need to go further. Most of our training is by actually doing leases since we hold their hand every step of the way and explain what we are doing. To separate the workers from the dreamers, we required a refundable $950 security deposit for the training materials; not enough to eliminate good people and enough to make sure they were going to use the training we give them to bring applications to us and not set up shop across the street. The $950 is refunded when they book $95,000 or more in leasing business (in addition to their commissions) and several RMs did that the first month. “Our Regional Manager Program is based on our belief that we are in the leasing business, not the training business and that we make more money doing leases than by selling training. Our Regional Mangers have grown to twenty four offices but we have had people who realized that they couldn't sell leasing for some reason and we have had some called up to the Reserves or National Guard. “We have also had people who, after a few years wanted to go out on their own as Lease Brokers and they went with our blessing and recommendation and suggested they join the National Association of Equipment Leasing Brokers. “ We are not actively looking for additional RMs now but if someone who has and interesting background and lives in an area where we are not represented would contact us, we would gladly talk to them.” Ken Glasgow http://www.leasingnews.org/Conscious-Top%20Stories/Corp_cap_grows.htm Global Leasing Program cost: $19,950.00 In 2003, broker/lessor Global Leasing founder Phil Dushey created a new division to train independent salesmen in all the aspects of finance, including leasing, accounts receivable financing, business acquisitions, debt restructuring, working and venture capital. His students have found great success and he spends most of his time now developing entrepreneurs, who also utilize his knowledge and sources of funds.“ “We are not super brokers and have never been one. Occasionally we will co-broker a transaction, but generally we function as a lessor for our own accounts. 2. Our website address for our training is www.globalbrokersystems.com 3 When we train our students we do not have them send transactions through Global. We set them up to deal directly with the lenders. We also require that all lenders who work with our students will automatically approve them to do business with them. Also our current price for the program is $24,950 We also model our training program from the experience we have from being in the business for about 25 years that a broker needs to serve all of the financial needs of their clients ,whether it be equipment leasing ,factoring, acquisitions, SBA Loans or debt restructuring, we do it all." Philip Dushey Global Financial Services Mr. Dushey is also on the Leasing News Advisory Board http://www.leasingnews.org/Advisory%20Board/Dushay_Phil.htm Lease One, Lynnfield, Massachusetts “Our program has been operating for 14 years, we charge $19,900 for a three day training, & offer lifetime support , ongoing marketing assistance, plus complete underwriting which allows the associate more time to market there company& we provide everything from materials, airfare, hotel , food, equipment etc...” http://www.leaseone.com/equipment-leasing-opportunities.html -------------------------------------------------------------- *****Announcement*********************************** Monitor 100 Now Available
The 2007 Monitor 100 issue has "hit the streets" this week - and it's bigger and better than ever! We've "deconstructed" our traditional format and we're proud to present this year's survey results in seven distinct sections: an overview, net assets, new business volume, captive leasing, the global scene, personnel and a wrap up of non-data related input from survey participants. Each section contains relevant articles by industry leaders as well as important news collected from our archives. And once again, the Monitor is pleased to present Monitor 100 Executive Perspectives - individual profiles of 14 leasing executives. So check your mailboxes for this year's Monitor 100 issue - it's on the way. If you simply can't wait for your print copy, the electronic version of this year's Monitor 100 Report containing survey data is available now. To order: ****Announcement************************************
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More on Equipment Lease Guarantees by Thanks to everyone who responded to our recent article on guaranties executed in equipment finance transactions. In answer to many of the questions, and further to the issues raised in the article: 1. The most common question that was raised was whether intra-family guaranties escaped the consideration issue. The usual case in point is that papa has all the money and is providing a guaranty for Junior’s new business. The courts have been very creative in this situation about accepting “love and affection”, a duty to provide support in the future (long-term care) and such as consideration for the guaranty. Generally speaking, when we are dealing with individuals we can be a little less stringent on the rules, particularly where a family or other personal relationship is involved. We still like to consider the issue and have some documentation in the file as to why the parties think there is good consideration. 2. This brings about a very important point that we want to reiterate: We are not saying that upstream, cross-stream or other guaranties that do not clearly show significant consideration are worthless. We are saying that they are vulnerable to attack and their value should be considered. 3. It is also important to bear in mind that the court is going to look carefully at any guarantor trying to get out of a guaranty by claiming failure of consideration. The worst problem is where a third party creditor is involved. This will most commonly arise in a secured guaranty. Obviously, if the guaranty is going to have any value, the guarantor’s credit must be strong. The likelihood of the guarantor going bankrupt should be far less than that of the lessee defaulting. The exception to the rule is where a secured guaranty is involved and the guarantor is providing collateral for someone else’s lease or loan. The consideration issue is most important in those situations. The possibilities exists that the guarantor might, in fact, follow the lessee into bankruptcy and the Trustee for the guarantor or a third party creditor, might attack the lessor/lender’s security interest in the collateral pledged as security for the guaranty. Once again, no one is saying that the guaranty is worthless or that the security interest unenforceable. The point is that, going into any guaranty situation, we advise readers to take a moment and consider what the consideration to the guarantor is and whether it represents what a reasonable person would consider “reasonable”, “adequate”, “sufficient” or the like in common parlance. 4. The Model Business Corporation Code, which has been enacted in most states, includes a statute granting broad authority for boards of directors to approve corporate guaranties. We are not aware of any case that has construed this to do away with the consideration requirement or to address the other issues we raised in our article. Nevertheless, it may be helpful in convincing banks and other funders to accept corporate guaranties if there is a question about the corporation’s legal authority to execute the guaranty. Unfortunately, the subject addressed by the statute raises another issue: Does the execution of a guaranty always require the approval of a board of directors? We generally take a conservative view on this subject when representing the bank, but sometimes the argument can be made that the execution of the guaranty, like the lease or loan itself, is in the “ordinary course of business” of the corporation and therefore something that the president or perhaps a vice president can approve in the course of the company’s business. This issue merits its own article, but we suggest you consider whether the equipment being used is essential to the subsidiaries or other affiliated company’s business and whether the party providing the guaranty is actually an entity clearly formed for the purpose of providing the guaranty. Ken and I will be happy to field your questions at any time and thanks again for all the response. Our new website, www.leaselawyer.com is up and running and should be updated monthly with new cases and ideas. Previous Guarantee Article: BARRY S. MARKS Barry S. Marks concentrates his practice in the areas of equipment leasing, commercial lending and finance. He has significant experience negotiating, drafting and providing legal counsel with respect to a large variety of finance transactions. Barry is listed in The Best Lawyers in America®, is a Director Emeritas - National Association of Equipment Leasing Brokers, is a Past Member of Legal Committee of the Equipment Leasing and Finance Association, is currently on the Board of Editors for the Journal of Equipment Lease and Financing and Leader's Equipment Leasing Newsletter and was the first attorney to obtain the designation of a Certified Lease Professional. Barry is also co-editor of , a recipient of the Bill Granieri Award for Education in Equipment Leasing, National Association of Equipment Lessors (1999) and a frequent lecturer on business and commercial law issues. He has co-authored three books and chapters in two legal treatises. Ken Weinberg, Esq. Ken Weinberg, founding shareholder, concentrates his practice in the areas of equipment leasing, commercial lending and finance and general business law. Previous “To Tell the Truth” articles here: http://www.leasingnews.org/Conscious-Top%20Stories/The_truth/default.htm -------------------------------------------------------------- Poem by Barry Marks--- Barry S. Marks “A Collection of Poetry” won the 2003 Morris Memorial Chapbook Award from the Alabama State Poetry Society. Here is a poem from the collection:
From time-to-time Leasing News will run other poems from this collection.
Leasing News readers may purchase “Poems from the Big Table” that Barry and his friends put together from www.churndashpress.com. -------------------------------------------------------------- Leasing News Advisor Dale Davis receives award
TriWest Financial Republic Fleet Services Annual Awards recognizing outstanding service to the Vehicle Leasing Industry and the National Vehicle Leasing Association (NVLA) were presented at the Annual Conference held earlier this month. Kathleen Everhart, CVLE, received the Samuel J. Lee Memorial Award for her distinguished service as an associate member of the NVLA. Awards were also presented to Elaine Litwer, Mike Wood and Tarry Shebesta for their outstanding commitment to the NVLA while serving on the 2006/07 Board of Directors. Reportedly the 2007 event "shattered" attendance records set only a year ago and included representatives from primary bank and credit union funding sources, independent Lessors, captive funders, manufacturers, and many suppliers of industry related goods and services. The 2007 Conference included comprehensive educational seminars dedicated to commercial, fleet and consumer lessor, as well as credit union and bank lessors. The exhibit hall featured vehicles from Ford, Toyota, and Nissan as well as commercial up-fitted vehicles from Leggett & Platt (ABC) and Ford Commercial. These manufacturers were invited to launch their 2008 Fleet Product and Program Presentations during lunch and evening general sessions, generating much buzz about what’s new on the scene in the automotive world for 2008. Annual Elections were held for the National Officers of the NVLA at the Annual Meeting on June 9th. Officers for 2007/08 elected by the members are: President – Tarry Shebesta of ACS Sales & Leasing; First Vice President - Michael Wood of Auto One Lease, Inc.; Second Vice President – Scott Crawford, CVLE of Wilmar, Inc.; Third Vice President - Steven Posner of Putnam Leasing Company, Inc.; Secretary/Treasurer – Roger Camping, CVLE, of RC Auto Corp, Inc; Director at Large – Mark VanNest, CVLE, of MWL Financial Services; Director at Large – Andrew Carr, CVLE of Quality Leasing Company, Inc.; Associate Director – Kathleen Everhart, CVLE, of GMI Insurance. In a moment of great pride NVLA President David Blassingame passed the gavel to the newly elected President Tarry Shebesta. David celebrates a resoundingly successful year in office, having presided over NVLA’s shift to a new association management firm, The Leonard Resource Group. As well, his presidency witnessed the rebirth of the Certified Vehicle Leasing Executive educational program, and he concluded his year in office with an economically strong NVLA. In his inaugural speech, incoming President Tarry Shebesta laid out his plans and ideas for the coming year. “Two important priorities are to grow the membership and expand our lease education programs,” noted Shebesta. Other areas of attention include enhancing fleet relationships with auto manufacturers and addressing the many legal issues that affect the leasing industry. Next year’s conference will celebrate NVLA’s 40th anniversary and will be held June 11th – June 14th 2008, at the Camelback Inn and Resort in beautiful Scottsdale, Arizona. About the National Vehicle Leasing Association (NVLA)
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American Capital Invests $125 Million in Velocity Financial Group
Bethesda, MD –– American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that it and an affiliate have invested $125 million in Velocity Financial Group Inc., a newly formed specialty finance company that will provide equipment financing and working capital to middle market and venture-backed companies. American Capital’s investment takes the form of senior subordinated debt and preferred equity. American Capital Equity Fund I LLC, a fund managed by American Capital, provided 30% of the American Capital equity investment. Velocity Financial Group’s management is investing alongside American Capital. Velocity Financial Group Inc., a newly formed specialty finance company that will provide equipment financing and working capital to middle market and venture-backed companies. American Capital’s investment takes the form of senior subordinated debt and preferred equity. American Capital Equity Fund I LLC, a fund managed by American Capital, provided 30% of the American Capital equity investment. Velocity Financial Group’s management is investing alongside American Capital. “Velocity Financial Group is positioned to become a key provider of equipment leasing to middle market companies and of venture finance for small, venture-backed companies,” said Bob Grunewald, American Capital Managing Director, Financial Services Group. “Leveraging its independent status and management expertise, Velocity will differentiate itself in a highly competitive market by providing unbiased consultative services on hardware and software. In addition, management’s experience financing venture capital companies will be a key differentiator, particularly when coupled with American Capital Financial Services Group’s broad contacts and knowledge of the venture market.” Velocity is a specialty finance company providing equipment financing and working capital to middle market and venture-backed companies. Velocity was launched in May 2007 with approximately $400 million in available capital, including American Capital’s investment. It was formed by a team of former executives from Comdisco Inc., including the former CEO of the company’s technology leasing division and the head of the company’s east coast venture finance division. Velocity provides equipment leasing to middle market companies with revenue of between $20 million and $1 billion through its Middle Markets Group and venture leasing and lending to venture-backed companies through its Ventures Group. Velocity is headquartered in Chicago and will serve the venture community out of offices in Boston and Silicon Valley. "We are delighted that American Capital is supporting Velocity Financial Group in establishing a new financing alternative for middle market and venture-backed companies,” said Velocity Chief Executive Officer Frank Cirone. “American Capital’s expertise in financial services and credit evaluation, as well as its network among middle market companies and venture capital providers, make it the ideal investment partner for Velocity." "We set out to build a permanent balance sheet, with strong financial partners that had wide reach, were experts in our business and shared our perspective of building an enterprise for long term sustainability and success. We found all of these qualities in American Capital," says Velocity President Jan Haas. American Capital has invested directly and through its funds under management $8.7 billion in the last twelve months, $4.6 billion year to date and approximately $3 billion quarter to date. Not including funds under management, American Capital has invested $6.1 billion in the last twelve months, $3.1 billion year to date and approximately $2 billion quarter to date. For more information about American Capital’s portfolio, click here. The Financial Services Group offers capital solutions for consumer and commercial finance, insurance and asset management companies. The Group invests throughout the capital structure, including senior debt, subordinated debt and equity, and investments up to $800 million in each transaction. Companies interested in learning more about American Capital's Financial Services Group should contact Bob Grunewald, Managing Director, at (301) 951-6122. American Capital is the second largest U.S. publicly traded alternative asset manager with $12 billion in assets under management (second to Fortress (NYSE: FIG)). American Capital, both directly and through its global asset management business, is an investor in management and employee buyouts, private equity buyouts, and early stage and mature private and public companies. American Capital provides senior debt, mezzanine debt and equity to fund growth, acquisitions, recapitalizations and securitizations. American Capital and its affiliates invest from $5 million to $800 million per company in North America and €5 million to €500 million per company in Europe. As of May 31, 2007, American Capital shareholders have enjoyed a total return of 656% since the Company's IPO - an annualized return of 23%, assuming reinvestment of dividends. American Capital has paid a total of $1.6 billion in dividends and paid or declared $24.24 dividends per share since going public in August 1997 at $15 per share. Companies interested in learning more about American Capital's flexible financing should contact Mark Opel, Senior Vice President, Business Development, at (800) 248-9340, or visit www.AmericanCapital.com or www.EuropeanCapital.com. ### Press Release ########################### Wells Fargo to Acquire CIT's Construction Unit
SAN FRANCISCO and NEW YORK, – Wells Fargo & Company (NYSE: WFC) and CIT Group Inc. (NYSE: CIT) today signed a purchase agreement for Wells Fargo to acquire CIT Construction, the U.S. construction lending business unit of CIT. CIT Construction had $2.4 billion in assets and 235 employees as of March 31, 2007. Terms of the agreement were not disclosed. The acquisition is expected to be completed by the end of this month. Headquartered in Tempe, Arizona, CIT Construction has provided commercial financing to the construction industry since 1938. It serves contractors who build and repair infrastructure, as well as equipment distributors/dealers that sell and rent construction equipment throughout the U.S. It will operate as a division of Wells Fargo Equipment Finance, Inc. “Consistent with our vision to satisfy all our customers’ financial needs, CIT Construction significantly expands our equipment finance lending capabilities and brings us opportunities to serve our customers even better,” said Tim Sloan, group head of Wells Fargo’s Commercial Banking, Real Estate and Specialized Financial Services Group. “We’ll be able to offer Wells Fargo’s full suite of products and services to CIT Construction’s customers. This transaction supports Wells Fargo’s long-term strategy to expand a core industry important to the growth of Wells Fargo Equipment Finance,” “Our decision to exit this long-standing CIT business reflects our commitment to increasing shareholder value through proactive portfolio management as we look to redeploy capital to other high growth areas of our business,” said Walter J. Owens, president of CIT’s Corporate Finance Group. CIT Construction originates and services senior secured loans collateralized by a wide range of high-quality construction equipment. It is one of the largest non-captive lenders in the industry with long-standing relationships with most of the industry’s leading participants. Its top 50 clients have been with the company an average of 19 years, and its executive management team averages 26 years of experience and 19 years with CIT Construction. “This transaction complements Wells Fargo Equipment Finance’s strategy of providing capital to meet the needs of customers, ranging from middle market contractors to large manufacturers, in a core U.S. industry,” said John McQueen, head of Wells Fargo Equipment Finance, Inc. “CIT Construction is recognized as an industry leader. The team that will be joining us is experienced, passionate and committed to the construction industry. We look forward to building on its success by providing additional products and services for both our customers.” “Our commitment to providing our customers with the same quality service they have come to expect will be seamless as a result of this transaction,” said Ron Riecks, president of CIT Construction. “Our team is excited to join the Wells Fargo family and build upon our financing record of success.” About Wells Fargo Equipment Finance, Inc. About Wells Fargo & Company About CIT
### Press Release ###########################
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Today's Top Event in History 1937-At Chicago’s Comiskey Park Joe Louis won the World Heavyweight Championship title by knocking out James J. Braddock (eighth round). Louis retained the title until his retirement in 1949. Exactly one year after the Braddock fight, on June 22, 1938, Louis met Germany’s Max Schmeling, at New York City’s Yankee Stadium. Louis knocked out Schmeling in the first round. [headlines]
This Day in American History 1610--In their search for a marketable product, some settlers had begun growing tobacco. 1610. Europeans had acquired a taste for tobacco in the late sixteenth century when the Spanish brought samples from the West Indies and Florida. Initially expensive, it became popular among wealthy consumers. The high price appealed to Virginians, but they found that native Virginia leaf was of poor quality. John Rolfe began experimenting with seeds from Trinidad, which did much better. The first cargo of Virginia-grown tobacco arrived in England in 1617 and sold at a highly profitable 3 shillings per pound. Following Rolfe's success, settlers immediately planted tobacco everywhere- -even in the streets of Jamestown. Company officials, unwilling to base the colony's economy on a single crop, especially one that many people (including King James) considered to be an unhealthy indulgence, tried to restrict annual production to 100 pounds per colonist. Colonists, busy "rooting in the ground about Tobacco like Swine" as one observer reported, ignored these restrictions. But it was only after company rule ended that tobacco planting really surged. Between 1627 and 1669, tobacco exports climbed from 250,000 pounds to more than 15 million pounds. As the supply grew, the price plunged from 13 pence in 1624 to a mere penny in the late 1660s, where it remained for the next half century. What had once been a luxury product thus became affordable for Europeans of average means. Now thoroughly dependent on tobacco for their livelihood, the only way colonists could compensate for falling prices was to grow even more, pushing exports to England to more than 20 million pounds by the late 1670s. NBA Finals Champions This Day 1994 Houston Rockets -------------------------------------------------------------- Baseball Poem
The original radio show of Abbott and Costello’s, “Who’s on First Base.” http://www.abbottandcostello.net/clips/who1st2.wav -------------------------------------------------------------- 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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