Friday, March 4, 2011
Today's Equipment Leasing Headlines
March 4, 2002---Archives (Bob Fisher, CLP)
######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
March 4, 2002---Archives (Bob Fisher, CLP)
"MarCap Holding's release is quite accurate. Mr. Anderson and the senior staff of Fisher Anderson are in fact diligently working on a smooth shut down of Fisher Anderson as indicated in the release.
"I am in the process of formulating my future plans and exploring a number of options, none of which are finalized."
Mr. Fisher continues as president of the United Association of Equipment Leasing. A highly reliable source has told us he has lined up some key investors, and due to his reputation in the industry, has had no difficulties obtaining investors or bank lines of credit.
MarCap Press Release
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MarCap to Cease Originations at Fisher-Anderson LLC.
Chicago, Illinois, March 1, 2002--MarCap Holdings announced today that it is ceasing originations at its Fisher-Anderson leasing unit. The company will continue to process the existing approved backlog and service its existing portfolio.
Fisher-Anderson, which is based in Des Moines, Iowa, is a small ticket leasing company with 40 employees.
Fisher-Anderson President Bob Fisher has resigned and plans to form a new leasing company. The rest of management remains. Scott Anderson, who is executive vice president, will run Fisher-Anderson.
"It's no secret that the economy has taken a toll on the leasing industry, and Fisher-Anderson is no exception," says John Wellhausen, Executive Vice President for MarCap. "We plan to focus on our core medical financing business, which has grown considerably in recent years and has proved to be a very successful market for MarCap."
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April 29, 2003 ---Resigns as president of FireRock Capital to become sales manager for Douglass-Guardian Services, Houston, Texas
June, 2006--- Bob Fisher Promoted to Exec. VP of Leasing Division
2009/2010 (Side note: MarCap sold to Tygris who sold to EverBank)
April, 2010---Bob Fisher, Exec. VP, Leasing Division was one of 42 let go. President Mike Hoffman retires, says Tom Depping (Bank September, 2010 gets FDIC Cease and Desist Order regarding portfolio and orders board to find a president and replace Depping as CEO).
May, 2010---Linkedin.com reports Bob now Director of Business Development, Healthcare Professionals Advisory Group
February, 2011---Linkedin.com reports Bob now Small Business Banker, Bank of America.
(These ads are “free” to those seeking employment
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:
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From Zero to over $450 Million in One Year
Chevy Chase, Md. --One year after its launch as a new business unit within CapitalSource, the Corporate Asset Finance group has established itself as one of the fastest growing lenders for equipment secured loans/leases on both indirect and direct transactions.
CapitalSource, one of the leading commercial lenders in the United States, named equipment finance leasing veteran Laird Boulden as president of Corporate Asset Finance, effective February 1, 2010. In just 11 months, his team secured approvals for over $450 million in loans/ leases and funded $260 million (with another $110 million on backlog for 2011). Its largest loan was $35 million, and the top sectors for their equipment finance/leasing deals were:
• Transportation (air, marine, rail, truck) – $90 million
“Although CapitalSource was not well-known in this business, Laird and others on his team have had decades of equipment-based lending experience for companies such as Citizens Bank/Royal Bank of Scotland and Heller Financial,” said James J. Pieczynski, CapitalSource Co-CEO. “Their reputation for stellar execution has been instrumental to the group’s success.”
“We have been initially going to market by focusing primarily on indirect originations,” said Boulden. “We are a complement, not a competitor, to the major banks and have proven our value as a reliable partner. We are well-positioned for continued growth.”
CapitalSource’s Corporate Asset Finance group provides equipment leasing and financing solutions to middle-market and large corporate companies in all industries. Its deal size typically ranges from $2 million to $35 million for both direct customer and indirect transactions.
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Panthera Leasing Announces Its Formation
San Francisco, California---Panthera states that it intends to acquire operating leasing and equipment rental companies engaged in capital equipment leasing or rental. In addition, Panthera’s access to capital allows it to act from time to time as an equity partner supporting the operations of leasing companies, particularly with respect to residual value based equipment finance.
Panthera’s founding principals bring more than 50 years experience in equipment leasing. In their roles as entrepreneurs, managers and investors they have built value in the equipment leasing sector through multiple cycles. Paul Weiss has vast experience in the industry, having led transactions representing a broad range of leased equipment in the US and internationally.
Mr. Weiss stated that “we generally expect our transactions to be in the $2 million to $50 million range, although like any new entity there will be exceptions”.
Mr. Hoel added “I think Panthera has assembled an extraordinary blend of expertise in several markets, as well as flexible funding capabilities. Our interests extend to all kinds of lasting value equipment where the business could be scaled with fresh capital.”
As a major shareholder in a leveraged buyout, Paul helped grow ICON Capital Corp., then a small player in the industry, into one of the most successful leasing fund managers in history. Sean Hoel has extensive experience in structuring leasing and debt facilities, most recently in the marine, aviation and infrastructure sectors.
Panthera’s other shareholders include Tiger Group Investments, a major owner of large ticket assets historically focused on the maritime sector. Also amongst the shareholders are founders of several assets owning companies, including listed entities with market capitalization in excess $1 billion.
Please address inquiries to: email@example.com or 1 800 618 0720
#### Press Release ########
((Panthera (pronounced: pan-ther-uh) is a genus of the family Felidae (the cats), which contains four well-known living species: the tiger, the lion, the jaguar, and the leopard. The genus comprises about half of the Pantherinae subfamily, the big cats.
((Only the four Panthera cat species have the anatomical structure that enables them to roar.))
(This ad is a “trade” for the writing of this column. Opinions
Maxim Commercial Capital Joins “Looking for Broker List”
A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program|
Funders Looking for New Broker Business List:
Sheldon Player/Equipment Acquisition Resources
Yes, it appears Sheldon Player of Equipment Acquisition Resources is not in jail. There has yet to be failed any claims of fraud and the bankruptcy of the case continues with the trustee seeking assets.
The latest development is time has been granted to the Plan Administrator to file objections to claims "through and including August 23, 2011." (1)
Nothing really to report regarding Charles K. Schwartz and Allied Health Care Services or Rudolph Trebles and IFC Credit Corporation.
Sheldon Player Articles:
Charles K. Schwartz Articles:
IFC Credit Articles:
(Leasing News provides this ad as a trade for investigations
John Batta has joined the International Advisory Associates, Sussex, United Kingdom. He spent seven years in Greece with Continental Bank during the 1980s working in shipping finance and asset-based lending before moving to the U.S. where his focus was on real estate and leasing. Moving back to the U.K. he spent two years as Deputy Managing Director of the National Bank of Greece before joining Sanwa Business Credit as Executive Director of Credit & Risk. In 1996 he joined GE Capital as Senior Risk Manager of GE’s pan-European leasing business where he specialized in M&A and business development, working on transactions in 16 European countries. 2005 he formed a consulting company, working In China as well as Germany and the U.K.
Paul Bent, senior managing director of Legal Support Services for the global consultancy of the Alta Group, Reno, Nevada, has been appointed to the board of editors of the Law Journal Newsletters (www.lawjournalnewsletters.com). He was appointed Senior Managing Director, The Alta Group, 2004. Also a professional arbitrator (October 2001-Present), CEO and General Counsel, GoodSmith & Co( January, 1984-Present), VP and General Counsel, Century Financial Services(January, 1981-December, 1983), Manager, RSG/Information Processing Center, Hughes Aircraft Company, (1972-1990), Customer Service Supervisor, Xerox Data Systems(1968-1972), Petty Officer First Class, US Navy, (1962-1968), JD Law from South Western University School of Law, A.B., cum laude Mathematics and Computer Science, UCLA. He is also an active musician in the Los Angeles area, including professional performances and sound tracks for motion picture and video game sound tracks. He belongs to Ball/Hunt American Inn of Court, Long Beach Bar Association, Southern California Mediation Association, The Recording Academy (Grammy® Awards), Screen Actors Guild (SAG), American Federation of Television and Radio Artists (AFTRA), American Guild of Musical Artists (AGMA). He also has been a contributor to Leasing News, writing articles and serving as a consultant on legal matters.
Brian Colburn was appointed to the business development team of Susquehanna Commercial Finance (SCF), Pottstown, Pennsylvania. He will lead the development of SCF's franchise financing product. He previously was director of business development for Mount Pleasant Capital Corporation (June, 2008-February, 2011), Managing Director Franchise Finance, Butler Capital Corporation (2004-2008). Graduated Millersville University of Pennsylvania, Business (1976-1980)
James L. Hogan was named Senior Vice President and Credit Officer for United Capital Business Lending, Hunt Valley, Maryland (formerly Butler Capital, but now part of BankUnited.) Principal, J.L. Hogan & Associates (September, 2009-February, 2011), Senior Vice President, Credit Manager, Platinum Community Bank (January, 21009-September, 2009), Senior Vice-President Colonial Bank (2003-2008).He graduated from Wake Forest University with a Bachelor of Arts with Honors in Economics, Summa Cum Laude, three year varsity letterman in swimming, Phi Beta Kappa, and earned a Master of Arts in Economics from Vanderbilt University.
John Rosenlund, CLP, has joined Portfolio Financial Service Company (PFSC), Portland, Oregon, as Director of Risk Management. He will be responsible for early and late stage collections, repossessions, asset remarketing and litigation support services that PFSC provides to its clients. He has 28 years in the small ticket and middle market equipment finance arena with Colonial-Pacific Leasing, FirstCorp, MetLife Capital, and Financial Pacific Leasing. Most recently, John was the Chief Operating Officer at Radiance Capital.
He currently services John currently serves as corporate secretary and on the Executive Committee of the National Equipment Finance Association Board of Directors. He also has served as Chairman of the Equipment Leasing and Finance Association Credit & Collection Committee from 2002-2004. John is also a board member and Treasurer of the Certified Lease Professional (“CLP”) Foundation.
Leon Sadler was named Vice President of Professional Services for International Decision Systems (IDS), Minneapolis, Minnesota. He previously was vice-president professional services for FICO (November 2007-March, 2011). Previously held several key VP and Director Roles at SAP, where he has been responsible for a number of regional activities, including a key role in growing SAP global professional services business (1996-2006). In addition, Mr. Sadler was responsible for leading IBM’s Applications Management Services in EMEA. (2006--2007). Consultant, Avalon Software (1995-1996), Consultant, Anderson Consulting (1990-1995). He graduated University of Herefordshire (1986-1990), Post Graduate, Babson College, Franklin W. Olin Graduate School of Business (2001-2002), Insead, Post Graduate (2003-2004). He was Semi-Professional Race Coach for a Race Squad (skiing), December 2001-December 2009). He has many recommendations on Linkedin.com
The Beige Book--The Federal Reserve Report
Reports from the twelve Federal Reserve Districts indicated that overall economic activity continued to expand at a modest to moderate pace in January and early February. Both Kansas City and San Francisco noted that their economies expanded further. Boston and Philadelphia cited conditions as improving. New York, Cleveland, Richmond, Atlanta, and St. Louis described activity as modestly improving, while Minneapolis and Dallas experienced moderate growth. Chicago reported that although there was an increase in activity, it was at a pace not quite as strong as during the previous reporting period.
Loan demand varied across District and loan category. Richmond, Dallas, and San Francisco noted improvements in overall loan demand, while Kansas City observed a decrease. Demand for residential real estate loans increased in Philadelphia, Atlanta, and Dallas but was weaker in New York, Cleveland, St. Louis, and Kansas City. The New York, Philadelphia, Richmond, Chicago, and San Francisco Districts reported improvements in commercial loan applications. The Dallas District experienced mixed commercial loan demand, while St. Louis noted that demand was unchanged to weaker. Cleveland reported business loan applications were beginning to pickup but demand for consumer loans remained soft. The Philadelphia District expected little change in loan volume as consumers remained reluctant to borrow.
Most Districts reported that credit standards were unchanged to tighter. Kansas City reported standards were unchanged for all types of loans. New York noted some tightening of commercial loan standards but little change in the standards for residential mortgages or consumer loans. The Atlanta District reported increased standards for residential mortgage loans. St. Louis indicated standards had tightened somewhat for commercial mortgages, but were unchanged for C&I loans, and were unchanged to somewhat tighter for residential mortgages. San Francisco noted relatively restrictive standards for both consumer and commercial loans.
Community bankers in the Chicago and Dallas Districts cited increased competition for C&I lending from large banks. Atlanta noted improvements in credit conditions for all loan segments except those related to residential construction and real estate. Cleveland, Richmond, Chicago, Kansas City, and Dallas indicated steady to improving credit quality, and New York reported steady to lower delinquency rates. San Francisco reported that venture capital financing was improving with increased investor interest and IPO activity.
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
The State of Municipal Finance
by: Thomas L. Cadle, CLP
I guess you could sum up the current Municipal Marketplace by saying the long-term questions still linger. Due to continuing economic conditions we are experiencing as a result of the national real estate and finance market upheaval and the expiration of the federally subsidized Build America Bond program, which is currently being proposed for renewal in the pending budget, the market is wracked with uncertainty about just who is going to buy long-term tax-exempt bonds or leases. With fewer long term investors because of perceived risk, long-term rates have been rising. In addition, numerous Private Placement sources remain out of the market or have narrowed their transaction appetite dramatically.
As the municipalities grapple with their budgets and the continuing need to provide services and replace outdated equipment and systems, they are facing some difficult decisions, understanding that the general public has not been kind to long term bond measures on their ballots. If they deem their needs essential, their choices are cash, the Tax-Exempt Lease-Purchase, a Certificate of Participation offering, or the traditional Bond marketplace for large projects and infrastructure.
We have come up with an approach to address this market. Below are what we believe to be the major differences in our placement process.
Tax-Exempt Lease Purchase Financing: This tried and true structure works extremely well for the essential needs of the municipal client for small to medium sized needs, if they choose not to pay cash. It is not considered debt, is inexpensive and relatively easy to document and fund. Even though the current investment appetite is somewhat restricted, there is still plenty of capital to fund these opportunities. Again, the long term structures (10+ years) are fairly difficult at this time using this form of finance.
Certificates of Participation (COP): A COP is a Public Offering, as is its big brother, the Municipal Bond. The COP utilizes substantially the exact municipal lease structure as previously discussed, but allows the lease to be fractionalized and sold to multiple investors in the public markets. Even though they are structured with the same overview of the Securities Exchange Commission (SEC), COP’s are not considered debt and therefore not subject to a positive election result from the voters. COP’s are brought to market by licensed broker-dealers, as are bonds. The COP is the perfect middle-market product that sits between the tax-exempt lease and the large-ticket Bond structure. Longer term structures are much more readily available with this form of finance as is the ease of handling much larger transactions.
Choosing which product is best is not a science as the functional edges of each product overlap widely. Like the placement of most transactions, the details of the opportunity will tell you how it should be placed. Our web site at www.leasource.com, has more detailed information about each product if you would like to learn more.
Thomas L. Cadle, CLP
Grandson Scores Touchdown
Justin Gabriel, son of our web graphic designer, who is also Sue’s middle daughter. Justin just turned six years old. Looks like Heisman Trophy material already!!!
CLP March Circular--Spotlight Steve Geller, Curt Lynse
Certified Leasing Professional Spotlight
An Interview with Steve Geller, CLP
What are your favorite things about the equipment finance industry?
Can you tell us a little about your history in leasing? Leasing Solutions LLC?
What are the biggest challenges in your day?
Would you like to share an interesting accomplishment or achievement?
It has been a great career for me, having been employed by a number of banking institutions and finance companies and for the last ten years finding the freedom in being an entrepreneur. My career has allowed me to discover many parts of our country attending industry conventions and accumulating frequent flyer miles. We have used those points to visit, to travel internationally and see such places as the Canadian Rockies, Alaska, Hawaii, Italy, Greece and Israel, which had a mystical feel to us by its antiquities, a feeling that is shared by believers and non-believers alike. There are still many more roads for us to travel.
Thanks to the leadership of the CLP Foundation for the excellent work it does for our industry domestically and internationally and to Ray Williams, former executive director of UAEL, who, in a cab ride somewhere in the mid 1990's, cajoled me into sitting for my CLP certification.
An Interview with Curt Lysne, CLP
What do you find most interesting about the industry and what do you find has helped you in your professional growth?
How long have you been in the industry and how did you become a part of the team at PFSC?
After GE Capital's purchase I was promoted to Chief Credit Officer, VP Sales and G.M .of another GE business in New York. When GE decided to move the company to Chicago I left the company and moved back to California to build a broker channel and manage the 100+ sales force for a lessor. My current role as VP, National Sales for Portfolio Financial Servicing Co has allowed me to engage in another part of the finance industry as a service provider. P.F.S.C. provides portfolio servicing solutions to companies who originate leases and loans, commercial and consumer, but do not want to build their own back office. We mange title work, UCC filings, insurance claims, asset management in addition to billing, collecting and customer service work under a private label arrangement.
If you won 50 million dollars in the lottery, what would you do with the money?
You have accomplished a lot in the leasing industry, is there anything unusual or interesting you might like to share?
Full CLP March Circular:
Strikingly imaginative animation (“Rango”) and hearty laughs (“Hall Pass”) await theatergoers this weekend, while DVD watchers can check out an Oscar nominee (“127 Hours”), a romantic comedy (“Morning Glory”), and a suspense thriller (“The Next Three Days”).
Rango (Paramount Pictures): Taking a break from his rollicking Jack Sparrow character, Johnny Depp delivers an inspired vocal performance in this imaginative and colorful animated adventure shot, coincidentally, by “Pirates of the Caribbean” director Gore Verbinski. Depp lends his voice to Rango, a bumbling chameleon who’s forced out of his sheltered existence as a household pet and ends up in Dirt, a Wild West town full of outlaws and desperadoes. A case of mistaken identity leads the townspeople to welcome the cowardly lizard as the new sheriff, a role Rango gladly plays until he’s faced with such villains as Rattlesnake Jake (Bill Nighy) and Bad Bill (Ray Winstone). Boasting a striking visual palette and a delightfully eccentric sense of humor, this is one-of-a-kind animation easily enjoyed by kids and parents alike.
Hall Pass (New Line Cinema): Nobody mixes raunchiness and heart quite like Bobby and Peter Farrelly. Continuing to mine the unique vein they kicked off with “Dumb and Dumber” and “There’s Something About Mary,” the brothers introduce another hilarious protagonist in Rick (Owen Wilson), a happily married suburbanite who nevertheless can’t seem to keep his eyes off other women. That’s when his wife Maggie (Jenna Fischer) tests his faithfulness by giving him a “hall pass,” a week in which he’s free to do whatever he wants. Overjoyed at the thought of a second bachelorhood, however, Rick and his pal Fred (Jason Sudeikis) soon rediscover how hard it is to get girls, as well as how they feel about their wives. A sometimes warm, sometimes gross, wholly enjoyable comedy.
127 Hours (Fox Searchlight Pictures): After winning a basketful of Oscars for "Slumdog Millionaire," director Danny Boyle tackles the challenging task of filming the true-life ordeal of Aaron Ralston, a carefree rock-climber who finds himself stuck for days at the bottom of a canyon with his arm pinned underneath a boulder. As played by an Oscar-nominated James Franco, Ralston is as a nonstop whirl of activity who is forced to slow down and take stock not only of his situation, but of his whole life so far. A restless stylist, Boyle uses the scenario to unleash a storm of flashbacks and hallucinations to depict the desperation, horror, and growing self-awareness racing through the protagonist's mind. It’s surprisingly exhilarating stuff considering the claustrophobic material, anchored by a superb performance by the underrated Franco.
Morning Glory (Paramount Pictures): The mostly waning romantic comedy genre gets a shot of spunky energy with this breezy story of clashing personalities. The heroine is one Becky Fuller (Rachel McAdams), a driven young TV executive struggling to balance her duties at the network with her love life. Her big break seems to be just around the corner as she grabs chance to revitalize a morning news show called "Daybreak." Unfortunately, the rocky, passive-aggressive relationship between the show's two anchors, curmudgeonly veteran Mike Pomeroy (Harrison Ford) and former beauty queen Colleen Peck (Diane Keaton), will make sure that Becky's new job will be anything but a smooth one. Director Roger Mitchell shows off the comic talents he had ten years ago in "Notting Hill" with this zingy charmer.
The Next Three Days (Lions Gate): After establishing himself as a creator of socially conscious features (“Crash,” “In the Valley of Elah”), Oscar-winning director Paul Haggis tries his hand at genre thrills with this tense drama. Using as its model the Alfred Hitchcock classics in which a regular man finds himself in extraordinary situations, the story follows John Brennan (Russell Crowe), a professor who sees his life crumbling after his wife Lara (Elizabeth Banks) is arrested for the murder of her boss. Convinced of her innocence, John has only three days to find a way to help her before she’s transferred to a new prison. Full of pulse-quickening situations and punchy supporting turns by Liam Neeson and Brian Dennehy, the movie is a solid suspense with plenty of twists along the way.
Carney Sentences False Tax Return Preparer
California Orange County Superior Court Judge Cormac J. Carney, UCLA Rose Bowl MVP, also handling the Operation Lease Fleece cases sentenced Mac Huy Nguyen to three years plus...
According to the plea agreement, on or about February 12, 2006, Mac Huy Nguyen, owner of MacTax, completed and filed his tax returns for the years 2003 and 2004, that the tax return was made under the penalties of perjury, for which Nguyen did not believe to be correct. Nguyen reported on the 2003 Tax Return, on Schedule C, line 1 that during 2003 he received gross receipts from MacTax of $124,923. Nguyen reported on the 2004 Tax Return, Schedule C, line 1, that during 2004, he received gross receipts of $156,359. Nguyen knew and believed he received substantially greater receipts from MacTax during 2003 and 2004 than what he had reported on his tax returns for those years.
According to the plea agreement, on or about April 15, 2006, Nguyen completed and filed his tax returns for the years 2005, that the tax return was made under the penalties of perjury, for which Nguyen did not believe to be correct. Nguyen reported in the 2005 Tax Return, on Schedule C, line 1 that during 2005 he received gross receipts from MacTax of $192,549. The false statements as to his gross receipts on the 2003, 2004, and 2005 tax returns caused a total tax loss of approximately $86,628.00.
According to the plea agreement, Nguyen agreed to make an immediate payment to the IRS of at least $40,000. The statutory maximum sentence is a three year term of imprisonment; a three year period of supervised release; a fine of $250,000 or twice the gross gain or gross loss resulting from the offense, whichever is greater; and a mandatory special assessment of $10.00.
This investigation and prosecution of Nguyen was conducted by IRS - Criminal Investigation and the Treasury Inspector General’s Office for Tax Administration in Laguna Niguel in conjunction with the United States Attorney’s Office for the Central District of California.
“With the April 15 tax deadline looming, it is important for the public to have confidence that when they pay their taxes, they know that professional tax return preparers pay their fair share as well,” said Leslie P. DeMarco, Special Agent in Charge, Los Angeles Field Office.
Takoma Park, Maryland -- Adopt-a-Dog
Name: Jessie Cowgirl
Breed: Labrador Retriever Mix
Please contact Noris Weiss Malvey (firstname.lastname@example.org) for more information about this pet.
Rescue Group: K-9 Lifesavers
The adoption fee for this dog is $350, which includes routine vetting up to the time of adoption, including age appropriate vaccinations and spay/neuter surgery.
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
IASB/FASB January, 2015 final effective lease date
JaMarcus Russell is on the verge of losing his mansion
NFL, union agree to 24-hour deadline extension
Heatley leads Sharks past Red Wings, 3-1
Firefighters' union, city of San Jose reach deal to slash pay and benefits
Protesters on ledge at UC Berkeley come down
Governor Jerry Brown Attends California Wine Grape Growers Foundation Wine Dinner
Lost in Taste---Wine Movie
New plan at Stags' Leap Winery
Vina Concha y Toro Buys Fetzer for $238 Million
Wine Prices by vintage
US/International Wine Events
Leasing News Wine & Spirits Page
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1636—The oldest extant house of the English-speaking colonies, the Adam Thoroughgood House, was built near Norfolk, VA. Its design typified that of the small southern colonial brick farmhouse of the seventeenth century..
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