The Jury in the trial brought by Lanak & Hanna for $859,409.50 court case against Westover Capital Corp., Joe Woodley, CLP, and others, in the dissolving of Westover Financial Inc., and creation of Westover Capital, Inc. found there was no conversion of assets and no fraud. The verdict was unanimous.
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######## 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.
Westover Capital and Joe Woodley, CLP
Partial listings, “Members in Good Standing List,” CLPfoundation.org
In the Lanak & Hanna $859,409.50 court case against Westover Capital Corp., Joe Woodley, CLP, and others, in the dissolving of Westover Financial Inc., and creation of Westover Capital, Inc. allegedly from its assets, it appears the plaintiff hands are tied. Joe Woodley has stated that he is not an employee, officer, or involved in the direction of the company. Jaime Haver says she is the one who founded the company and is running it. Woodley did not appear at the trial held in Court 24, 7th floor, Orange County Superior Court, California; allegedly not available, perhaps in Colorado.
The four day case has gone to the jury, with the Defense not presenting any witnesses on Thursday; and most likely the jury will make their decision today, Friday.
Joe Woodley, former National Equipment Finance Assoc. Exec. Dir.
Despite attending leasing conferences, talking with colleagues, or even being listed on the Certified Leasing Foundation "Members in Good Standing" list, the court under the honorable Judge Derek W. Hunt finds the information as "hearsay."
Leasing News was subpoenaed to the trial regarding the interview that produced the July 24, 2009 story (1) and subsequent email from Joe Woodley that the July 24, 2009 was accurate.
In taking the witness stand, the background of the writer was introduced, then the Leasing News story where Joe Woodley said he was closing down Westover Financial and starting Westover Capital was attempted to be brought into the trial, but the opposing counsel objected that it was "hearsay," which Judge Hunt agreed.
The email was introduced, and the judge denied the comment regarding the article, then upon a question of what were other sources to stories regarding Westover Capital, I refused to answer, citing "freedom of the press." Upon that, the judge immediately called a “side bar,” as he explained, and ordered the attorneys to the hall room outside the court; perhaps gone ten minutes, maybe longer, then came back, sat down, and spoke to the court stenographer that Mr. Menkin’s testimony was to be eliminated from the hearing, then turn and told Mr. Menkin he was excused from the court room.
While not explained to the jury nor the witness by Judge Hunt, it appears “hearsay,” according to the Encyclopedia Britannica, "in Anglo-American law, testimony that consists of what the witness has heard others say. United States and English courts may refuse to admit testimony that depends for its value upon the truthfulness and accuracy of one who is neither under oath nor available for cross-examination."
Basically it means the information must come from the person’s mouth, and if he is not volunteering to testify, the information cannot be submitted as it must come from his mouth. Otherwise, it legally is then considered “hearsay evidence.”
Ironically it was the day after the personal bankruptcy was filed that the original interview took place.
The list of creditors regarding debt related to Westover Financial, Inc. is $1,866,835.21 as listed in Joe Woodley’s personal bankruptcy petition:
(1) July 24, 2009 Interview/Story
(2) July 23 email from Joe Woodley
(3) Woodley BK Petition (Westover Financial Info only)
First Story, Who is Joe Woodley?:
Westover Capital Accused of Multiple Grand Thefts
(Leasing News provides this ad as a trade for investigations
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Fort Myers, Florida
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Not Over Yet for Mr. Donner!
Bruce Donner, 52, Donner Medical Marketing, Orange, New Jersey convicted of falsifying $130 million in used LifeCare LPV 120 equipment invoices, earning an estimated $8.2 million, was given a reduced sentence for his cooperation, according to U.A. Attorney Joseph Mach, who said it was "substantial" as he also made recording of the major perpetrator Charles K. Schwartz. The other evidence by leasing companies and other entities evidently was not sufficient.
This was his sentence:
18 months Imprisonment
With time served and good behavior, it could be less than 8 months time served.
The case brought against Donner and Donner Medical by De Lage Landen Services was put aside 7/25/2011 when it appeared Donner was a key witness in the case.
Of the $80 million owed banks, De Lage Landen sued the vendor for a lease that total $1.4 million plus interest, late fees, attorney fees, court costs. It was the only lease transaction that did not require the personal guarantee of Charles Schwartz. (2)
But hold it, as the trustee for Allied Health Care Services is not only gathering assets of the company and individual behind it with the guarantee to other banks, finance, and entities, but also is seeking repayment of the commissions for non-existent equipment from Donner Medical Marketing, Inc., and both Kathi L. Donner and Bruce Donner, and Donner-HMR Medical, LLC.
A trial date is set for 04/27/2012 at 09:00 AM at MS - Courtroom 3A, Newark, New Jersey.
(1) Donner Sentence ruling:
(2) De Lage Landen Complaint
((Please click on ad to learn more))
Joins “Funders Looking for New Broker Business”
A -Accepts Broker Business | B -Requires Broker be Licensed| C -Sub-Broker Program | D -"Private label Program"| E - Also "in house" salesmen
Todd K Jensen was hired for the "newly-created position of EVP/General counsel, Mazuma Capital, Draper, Utah..."He received his Master of Business Administration from the University of Utah, David Eccles School of Business in 2002. Todd attended Willamette University College of Law in December 2004, and completed his final year of law school at Brigham Young University (BYU), J. Reuben Clark Law School. The majority of his legal career has been spent between his former employer Republic Bank Inc. as in-house Corporate Legal Counsel, in private practice at two small and mid-size law firms, and at the Office of the Utah Attorney General. Todd’s expertise at Republic Bank, Inc. focused on commercial litigation, collections, secured lending, bankruptcy, creditors’ rights, and the Uniform Commercial Code. During his tenure at the Office of the Utah Attorney General Todd represented the Utah Labor Commission in State and Federal Courts handling legal matters in the areas of OSHA, wage claims, discrimination and fair housing. In private practice, Todd worked in the areas of commercial litigation, insurance defense, personal injury, property law, probate, and municipal law.
“The hiring of in-house General Counsel is a consequence of growth, new ventures and upcoming strategic partnerships,” said Jared Belnap, CEO and President of Mazuma Capital.
Richard J. "Rick" Lehrter has been hired by First Capital, Boca Raton, Florida “for new business development for both asset-based lending and factoring facilities in the Oklahoma, Kansas, Nebraska, Missouri and Michigan markets for First Capital’s Midwest region." First Capital provides working capital financing from $2 million to $20 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million.
Previously he was senior vice-president, manager regional banking, The F&M Bank and Trust (May, 2010-Present), president/executive vice-president, Oklahoma Market, Commerce Bancshare (May, 2066-May, 2010)."Other previous positions include president of Commerce Bank (Kansas City, MO) for the Oklahoma region, executive vice president for Fifth Third Bank (Cleveland, OH), and various positions for UMB Bank (Kansas City, MO) including president of UMB Bank Tulsa, director of UMB Oklahoma region, and other executive vice president and senior vice president position." The Stonier Graduate School of Banking Graduate Banking Degree, Commercial Bank Management (1994 – 1995) University of Central Oklahoma - College of Business Administration MBA, Financial Administration (1983 – 1985), Michigan State University B.A., Financial Administration (1974 – 1978) The Detroit College of Law at Michigan State University
Jennifer Sablowski appointed vice-president, truck remarketing, for LeasePlan, USA. She joined LeasePlan, March, 2004, working her way up in the truck division from account manager, controller, then corporate controller, then director of fleet pricing and no vice-president. "During her time in this position, she managed a team of analysts who provide lease payment quotations, profitability analysis, pricing models and compensation analysis to all of sales and LeasePlan management." In her new role, "In this role, she will be responsible for managing the Truck remarketing team, including coordination of all terminations, extensions and payoffs of assets." Georgia State University MS, Finance (2002 – 2003), University of Florida BS, Finance (1996 – 2000)
The History of CLP
The crux of becoming a Certified Lease Professional is passing a test that takes from six to eight hours to complete, plus recertifying every four years. Recertification does not require an examination. There are mentors who help those who want to take the test, who do not charge for their time. There are “schools,” but the main means to pass the test is to read and study “The Certified Lease Professionals' Handbook.”
The book is considered by many the “bible” of the equipment leasing industry. While there have been many books on the subject, from James M. Johnson, Ph.D. & Barry S. Marks “Power Tools for Leasing,” David G. Mayer's “Leasing for Dummies, (now out of print)” to books written by the late Peter Nevitt, or collections from Ted Parker, CLP, Shawn Halladay, Sudhir Amembal, and the legal tome by the late Jeffrey Wong, esq., the book used for study is considered the most thorough to pass the test.
HISTORY OF THE CERTIFIED LEASE PROFESSIONALS' HANDBOOK
The CLP program was started in 1984 by the members of the Broker's Committee of the Western Association of Equipment Lessors (“WAEL”). The original qualifications relied on a complex point system, which was subsequently changed to the current time-in-business standard.
At present, candidates wishing to sit for the Certification exam must have been in the equipment or commercial finance business for at least three years.
Originally, there were no study materials or courses. Then in 1990 a group of CLPs and other professionals produced the Home Study Course. This large loose-leaf manual covered the thirteen subjects treated in the Certification exam.
The authors were Ted Parker, CLP, Ken Goodman, CLP, Hal Horowitz, CLP, Jim Swander, CLP, Ron Silver, CPA, Paul Menzel, CLP, Jon Haas, CLP and Don Zaretsky, CLP.
In 1995, the Board of Directors of the United Association of Equipment Leasing (“UAEL”) (formerly WAEL) asked Ray Williams, the then Executive Director of the association, to produce a textbook for the CLP program, due to an upsurge in interest in the program. Ray asked for my assistance, as I was then Chairman of the Education Committee and therefore nominally in charge of the CLP program.
Ray and I developed the First Edition of the Leasing Professionals' Handbook, using the Home Study Guide as base material. The format was trade paperback, smaller and handier than the loose-leaf binder that preceded it. We recruited additional authors, including Ken Greene, Esq., Oren Hall, Robert Herrick, Bob Rodi, CLP, and Matt Shieman. I authored a chapter and Ray was the overall editor, giving the book a consistent look and editorial style.
The book proved popular and was republished as a Second Edition with minor changes and corrections.
Both editions retained the original format, covering the thirteen subjects of the Certification exam. The Exam has 15 sections (1). Presently a section on Insurance and Agricultural Leasing is being added to the exam because those two topics were added to the 4th Edition Handbook.
Then in 2000, the CLP Program was spun off by UAE into a free-standing foundation, the CLP Foundation. The original three groups that supported the program changed with UAEL and the Eastern Association of Equipment Lessors (“EAEL”) merging, as well as the National Association of Equipment Leasing Brokers (“NAELB”), who today continue to support the program. The foundation today is comprised of individual CLP's, rather than of companies. It has its own officers and Board of Directors, and an administrator of the CLP Program. Cindy Spurdle is retiring from the position then end of April and a new person will soon be appointed as the search committee has concluded and made its recommendations.
The Handbook was transferred to the Foundation by UAEL, and in 2004 the Handbook was completely re-written and published by the Foundation as The Certified Lease Professionals' Handbook. The book was expanded to the sixteen subjects of the current Certification exam. The Handbook is now in its second printing. The handbook now has 18 sections
The Handbook is the primary sourcebook for those people wishing to take the Certification exam. The book has gone through many changes over the years, but the editors and authors will continue to keep the text timely and relevant, as the leasing industry itself.
It is available for $59.95 plus postage and handling directly from -610-687-0213 or via email at firstname.lastname@example.org .
Bob Teichman, CLP, Teichman Financial Training is also Chairman of the Leasing News Advisory Board
He will be at the NEFA Conference where more information and instruction will also be available, including a complimentary Master Review Class for Summit Attendees being offered at the Hilton San Diego Resort on March 22, 2012.
### Press Release ############################
Central Leasing Executive Gets Two Years
BIRMINGHAM—United States District Judge R David Proctor sentenced a former equipment leasing company executive to two years in prison for wire fraud in connection to a $1.2 million embezzlement scheme, announced United States Attorney Joyce White Vance, FBI Special Agent in Charge Patrick Maley, and Vestavia Hills Police Chief Dan Rary.
BARRY A THOMAS, 48, former chief financial officer for Central Leasing Corporation, pleaded guilty in September to one count of wire fraud for embezzling from the Birmingham-based company from July 2003 until his employment was terminated in August 2010. Along with sentencing Thomas to prison, Judge Proctor ordered him to pay $1,126,277 in restitution to Central Leasing Corporation and to forfeit the same amount to the government as proceeds of illegal activity.
“Companies provide stability to families throughout communities,” Vance said. “When a corporate officer, entrusted with the responsibilities of managing the financial affairs of the entire corporation, violates that trust, the harm done extends beyond the bottom line of an account ledger. Corporate embezzlement harms the financial health of the company and the stability of the jobs it provides,” she said.
“My office will aggressively prosecute employees who steal from their companies, putting the livelihood of others and the health of communities at risk.”
According to the court documents, Thomas carried out his embezzlement as follows:
Part of his responsibilities as CFO was to handle payroll and payment of salaries for Central Leasing employees. In order to do that, he would send electronic communications, via the Internet, from his Birmingham office to the payroll and bookkeeping firm, QuickBooks/Intuit, in San Diego. The electronic file would set out the exact amount of money that was to be directly deposited into the personal accounts of Central Leasing employees. In many of these electronic communications, Thomas would direct to his personal account the release of money that exceeded what he should have received for his salary.
The total amount Thomas obtained as a result of his embezzlement was about $1,226,277.
The FBI and the Vestavia Hills Police Department investigated the case. Assistant United States Attorney Patrick Carney prosecuted it.
Pleads Guilty Story:
#### Press Release #############################
Direct Capital Expands $100 MM Securitization Facility
Portsmouth, N.H. —— Direct Capital Corporation announced today that it recently expanded its $100 million lease-backed commercial paper conduit securitization facility with DZ BANK. The transaction originally closed in 2004 with Autobahn Funding Company, LLC as lender and DZ BANK AG Deutsche Zentral-Genossenschaftsbank as agent.
This transaction boosts Direct Capital’s lending capacity and supports its commitment to small business lending.
Chris Broom, Chairman, Direct Capital
“This is a great confirmation of our success in providing financial services to small businesses across the country,” said Direct Capital Chairman Christopher Broom. “DZ is one of the largest banks in the world and they have recognized our remarkable growth over the last decade and matched it with tremendous support and confidence. The expansion of this facility will strengthen our ability to get much-needed capital into the hands of business owners so they can succeed.”
“DZ BANK is pleased to provide Direct Capital the additional funding capacity, and we look forward to working with the company in the future,” said Christian Haesslein, Vice President at DZ BANK, Structured Finance Asset Securitization.
About Direct Capital
About DZ BANK
##### Press Release ############################
##### Press Release ############################
CIT to Reduce High Cost Debt by an Additional $1.6 Billion
All 7% Series C Unsecured Notes Maturing in 2015 Will Be Redeemed
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced that it will redeem the entire balance of its 7% Series C Senior Unsecured Notes (“7% Notes”) maturing in 2015 totaling approximately $1.6 billion. Following this redemption, approximately $3.1 billion principal amount of the 7% Notes maturing in 2016 and approximately $4.1 billion principal amount of the 7% Notes maturing in 2017 will remain outstanding.
“We will continue to focus on refinancing our remaining high-cost debt and advancing the transformation of our funding profile,” said John A. Thain, Chairman and Chief Executive Officer.
Including the redemption announced today, CIT will have eliminated or refinanced approximately $23.5 billion of high cost debt since the beginning of 2010. The Company has provided a redemption notice for the 7% Notes to the trustee and intends to complete the redemption on April 16, 2012. As provided under the terms of the 7% Notes, the Company will redeem the outstanding principal balance at par.
Additional information will be available in a Form 8-K that will be filed with the Securities and Exchange Commission. This, and other filings, can be found at cit.com/investor.
Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rssfeed.
### Press Release ##############################
Lynn Franceschina Wins SmartCXO Award Winner
Commonwealth Capital Corp., Clearwater, Florida congratulates Lynn Franceschina, Chief Operations Officer, for winning a SmartCXO Award for the Philadelphia region. The SmartCXO Program applauds local chief executives who support their organization’s initiatives by supplying innovative ideas, making tough decisions and building strong talent within their companies. Kimberly Springsteen-Abbott, CEO of Commonwealth Capital Corp. states, “Lynn brings a new ‘high’ in standard for the women of Commonwealth to aspire to.”
Lynn Franceschina joined Commonwealth in 2001 and serves as Executive Vice President of Commonwealth Capital Corp. (CCC) and the General Partner, Senior Vice President of Commonwealth Capital Securities Corp. (CCSC), Chief Operations Officer, Director of CCC, CCSC, the General Partner and certain affiliates. Ms. Franceschina is responsible for daily operations, including oversight of all accounting, financial reporting and tax functions, investor communications, and human resources. Ms. Franceschina holds her FINRA Series 22, 63, and 39 licenses. She is a member of the Disaster Recovery Committee, the Equipment Leasing and Finance Association, Investment Program Association, REISA and the Institute of Management Accountants.
Commonwealth Capital Corp. is a WBENC certified woman-owned business providing information technology, medical technology and telecommunications lease financing for large domestic corporations.
### Press Release ###############################
(This ad is a “trade” for the writing of this column. Opinions
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Wrenching drama (“The Kid with a Bike”) and cheeky comedy (“21 Jump Street”) hit theaters, while some of last year’s most acclaimed hits (“The Adventures of Tintin,” “Young Adult,” “Tinker Taylor Soldier Spy”) come to DVD.
The Kid with a Bike (Sundance Selects): Master filmmakers whose movies are ardently humanistic and viscerally exciting, Belgian brothers Jean-Pierre and Luc Dardenne return to the screen with another powerful tale of struggle and redemption. Their alienated main character this time is a young boy named Cyrill (Thomas Doret), who is obsessed with finding his father after being left in an orphanage. Once discovering that his dad (Jeremie Renier) is a deadbeat, however, Cyrill befriends a kind, no-nonsense hairdresser (Cecile de la France). But can Cyrill's new life survive the pressures of his rough and tumble neighborhood, including a local hood who's trying to recruit him into his gang? Just as emotionally wrenching as the Dardennes' earlier movies but with a lighter and sunnier touch, this drama is sure to appear on critics' top-10 lists this year. With subtitles.
21 Jump Street (Columbia Pictures): The 1980s action-drama TV series gets a cheeky big-screen reboot with this enjoyable comedy, which marks the live-action debut of Phil Lord and Chris Miller, who last directed the animated hit "Cloudy with a Chance of Meatballs." Jonah Hill and Channing Tatum star as Schmidt and Jenko, two mismatched friends who hope to do some much-need growing up by joining the New Orleans police force. Unfortunately for them, their youthful looks land them right back where they started, going undercover posing as teenagers in the local high school. Can they put their differences aside long enough to infiltrate a crime ring, or will their hysterical, Abbott and Costello-style shenanigans blow their cover? Combining tongue-in-cheek thrills with hysterical laughs, this one hits the sweet spot.
The Adventures of Tintin (Paramount): The beloved French comic-book character comes to life in this magical family adventure, which completes Steven Spielberg's double-whammy of 2011 releases. Using cutting-edge, motion-capture animation technique to both recreate the textures from the classic panels and give them an uncanny, lifelike sense of 3D motion, the plot follows the inquisitive reporter Tintin (played by Jamie Bell) and his faithful pooch Snowy as they join grizzly sea captain Haddock (Andy Serkis) on a dangerous, globe-spanning journey to search for a priceless treasure left on the bottom of the ocean. Filled with narrow escapes and full-throttled chases that make most other live-action movies pale in comparison, this is a ripping yarn that showcases Spielberg's gift for of kinetic movement and heartfelt awe.
Young Adult (Paramount): After scoring with “Juno,” director Jason Reitman and screenwriter Diablo Cody team up once more for this tart, bittersweet tale of missed chances and risky possibilities. Charlize Theron stars as Marvis Gary, a thirtysomething writer of teenage fiction who’s roused out of her usual stupor by news that her former boyfriend Buddy (Patrick Wilson) has gotten married. Determined to win him (and, by extension, some part of her own youthful potential) back, she heads back to her small Minnesota hometown. Her plans, however, don’t go as originally planned, leading her to come face to face with family, old friends, and her desperation. A biting, surprising comedy with both a light and a dark side, this is a caustic showcase for Theron’s performance and Diablo’s wit.
Tinker Tailor Soldier Spy (Universal): The Cold War is a hot topic once again in this finely-wrought tale of espionage, adapted from a vintage book by suspense specialist John Le Carre. Set in 1973, the picture traces the complex web of deception woven among several members of Britain's Secret Intelligence System, a top-secret league of agents that's struggling to keep up with other world powers in the volatile new decade. When national secrets seem to be at risk and with an enemy agent allegedly infiltrating the group's inner circle, it's up to seasoned agent George Smiley (Gary Oldman) to put his years of experience to use. It's a story filled with hair-trigger turns and double-crosses, and director Tomas Alfredson ("Let the Right One In") keeps things sharp and taut. John Hurt, Ciaran Hinds and Oscar winner Colin Firth round out the top-rate cast.
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This Day in History
1565- Smoking of tobacco was introduced to England by John Hawkins. Hawkins was primarily a slave trader, carrying Africans to the West Indies. Most of his dealings were with the Spanish in the West Indies, but during his second trip to the region visited the small French colony in Florida and learned to smoke tobacco from the colonists, who had learned from the Indians. Hawkins returned to England with a shipload of tobacco. He described the Indian use of the plant this way: “The Floridians when they travel have a kind of herb dried, who with a cane and an earthen cap in the end, with fire, and dried herbs put together, doe sucke thorow the cane the smoke thereof, which smoke satisfieth their hunger, and therwith they live foure or five days without meat or drinke, and this all the Frenchmen used for this purpose.”
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