Archives---March 10, 2006
Summit National Chapter 11 BK Up-date

As many as 200 banks and leasing companies are licensed to use the Summit National software. The company is also developing a new program that will replace its present software, a major up-grade. The company alleges it was forced to file Chapter 11 bankruptcy. During this period, the unsecured liabilities are primarily to the officers of the corporation and now total almost $1 million. During this period, it is reported the only secured creditor, Nancy McDougal, wife of the founder of the company, Bruce McDougal, who died of cancer, has been paid in full.

Recently the company won a permanent injunction and partial summary judgment against its licensee, Daimler Chrysler Services North America (DCS) for breaking its ALAS vehicle leasing software license agreement.

As Summit's president Ken Duffy, Sr., explains it, "On December 24, 2004, without prior notice to Summit, DCS entered into an agreement with the software company's secured creditor for the purpose of inducing a foreclosure and collateral sale. DCS, through information obtained in deposition testimony, had arranged to bid to acquire control of the collateral and control of Summit.

According to Duffy, this prevented Summit from obtaining final judgment and damages award.

"On or about April 1, 2005, the secured creditor placed notices of collateral sale in the Wall Street Journal with an intended sale date of April 22, 2005,“ he said. “On April 21, 2005, on advice of counsel, his company filed for protection under Chapter 11 of the U.S. Bankruptcy code to protect the interests of all our creditors and shareholders."

Full Story:
www.leasingnews.org/archives/March%202006/03-10-06.htm#summit

TODAY

Mr. Kevin Duffy, Sr.
Whereabouts Unknown Today

 

[headlines]
--------------------------------------------------------------

Classified Ads---Collections

(These ads are “free” to those seeking employment or
looking to improve their position)

Long Grove, Illinois Financial services professional with a proven track record of positively impacting corporate finances through effective management of cash flow, collections and financial assets. Strategic thinker capable of analyzing financial issues and processes in order to implement changes that improve efficiency and profit margins. Well-versed in all aspects of corporate financial affairs. roborgaard@aol.com | Resume

Free Posting for those seeking employment in Leasing
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

 

Former Marks & Associates Employee to Head
Renasant Bank Equipment Financing Division

Patricia "Patti" Toro Reid, formerly Managing Director - Leasing and Equipment Finance of RBC Bank (USA), named to head the Equipment Financing Division of Renasant Bank, Birmingham, Alabama, covering the four states of Alabama, Georgia, Tennessee and Mississippi.

“Patti” Reid
Sr. V.P.

Reid has 33 years of experience in the banking and equipment finance industry.  Most recently, Reid practiced law with the very well-known bank/finance/leasing law firm Barry Marks & Associates, PC (1); engaging in transactional work concentrated in equipment leasing, contract negotiation, and documentation. Prior to graduating law school, Ms. Reid worked for 30 years in equipment finance, first at CIT, then as an officer of SouthTrust Bank, and later as senior vice president in charge of middle market finance for AmSouth Bank.

Montise Waldrep
Sr. VP/Operation Mgr.

Waldrep brings more than three decades of experience managing the operational aspects of bank leasing companies. Prior to joining Renasant, she was SVP Operations Manager, Regions Equipment Finance Corporation, joining the firm in 1982.

Jimmy Snider
Vice-President/Commercial Relationship Mgr.

Snider has worked in banking and the equipment finance and leasing industry for more than 30 years. Prior to joining Renasant Bank, he was SVP Commercial Banking, SouthPoint Bank (April 2012–September 2013); Vice President / Commercial Bank Account Executive, PNC Bank [formerly RBC Bank] (March 2009–April 2012 ); SVP Commercial Equipment Leasing, CB&S Bank (2007–2009); SVP Commercial Equipment Leasing, Peoples Bank (2005–2007) Leasing Partner - GVP, SouthTrust Bank (1985–2005 ).
www.linkedin.com/pub/jimmy-snider/28/704/420

It is not known at this time if Renasant Bank Equipment Finance will be accepting third party originations.

Barry Marks, Esq.

1. In his latest newsletter, Barry Marks also announced, "Patti Reid has completed her tenure with us and will be moving on to head up a new equipment finance operation at Renasant Bank. We anticipated that Patti would be with us for 1 to 2 years and, now that she has had a good taste of the legal side of the equipment finance business, she is in a position to wreak havoc on her competition (as well as to drive her attorneys crazy). Life is a learning experience and both Patti and I have gained a lot from her months with us."
   http://leasingnews.org/archives/Sep2013/9_03.htm#changes

    

[headlines]
--------------------------------------------------------------

Beyond the Detroit Municipal Bankruptcy Headlines
by Thomas L Cadle, CLP

Facts are facts: Detroit filed the largest Municipal Bankruptcy in U.S. history on July 18, 2013 and it was validated by a U.S. Judge on December 3, 2013. This action has drawn questions from the National Media, opinion-makers, and a few financial analysts comparing other major cities from Chicago to Philadelphia, wondering if they will be next. These questions invite an in-depth look at the other entities and a major bond-rating agency says the comparison may not be apt.

The closer view of the demographics of each city tells completely different stories. Detroit has long been in decline, losing 60% of their population since the 1950’s as their debts have grown. In 2011 alone, more than half of the city’s 305,000 property owners failed to pay their property taxes, exacerbating the city’s financial crisis.

Chicago, on the other hand, does face ominous financial woes, especially its government worker pension debt, but the city has a vibrant tax base and economy. According to Standard & Poor’s Ratings Services, Chicago has the wherewithal to weather and survive the financial storm. Chicago can control its own fate and Detroit could not. Other major cities, while having problems similar to Chicago, do have the underlying strength as well to survive their current difficulties. As an example, Philadelphia has recently sold their municipally owned Gas Utility for $1.86 billion, thereby taking a step to stabilize the city’s finances while releasing the city from rising costs and financial risks.

We still maintain the view that the overall Municipal marketplace is a secure place for the investment community and that the market is continuing to evolve through the recent financial upheaval. It is our opinion that, short of another major recession, the market will continue to function properly. We do not see the isolated Municipal bankruptcies affecting the general health of the Municipal marketplace. What has changed is that the credit status of individual entities are being scrutinized more than in the past, but the current rates being offered to qualified credits remain very competitive.

Thomas L Cadle, CLP
Leasource Financial Services, Inc.
tcadle@leasource.com

[headlines]
--------------------------------------------------------------

Leasing Industry Help Wanted

 

Orange, California Legal Coordinator Minimum 5 years' experience in legal collections. The Legal Coordinator will be responsible for collecting, coordinating and processing all collections referrals of commercial loan agreements to outside third party agencies and law firms. Click here for more information.  Please send resume and cover letter to: acole@quickbridgefunding.com www.quickbridgefunding.com Quick Bridge Funding provides working capital loans to small and mid-sized companies throughout the United States. With an innovative program we provide capital to an to an under-served market.

Irvine, California Finance/Credit Analyst Manage lease transactions through the entire credit review, documentation and funding process. • Direct contact with customers’ decision-makers, including CFOs, treasurers, and purchasing managers. • As “deal manager” analyst is responsible for interface with credit, sales, legal and documentation For more informaton, please click here www.calfirst.com

 

[headlines]
--------------------------------------------------------------

“Can and How Do I View My Personnel File”
Career Crossroad---By Emily Fitzpatrick/RII

 

Question: An employee is requesting their personnel file. What is the procedure?

Answer: Actually, if you are not familiar with the employment laws in your state, you should talk to an attorney, or you can do a search on giving employees access to their personnel file.

In most states, the employee has the right to view their personnel records kept by their employer.

State law guides Personnel File Access and rights vary from state to state. Therefore, employers should become familiar with the personnel file access laws for each state in which they employ individuals. A formal policy will prevent managers and HR staff from giving inaccurate information in response to employees’ requests for access.

The first step in developing a policy is to verify the laws for all the states in which the company employs people. A multi-state employer will want to make its policy flexible enough so it is applicable to all employees. A statement such as “...Access to personnel files will be provided according to state law …” is appropriate. Even if state law does not apply, there are issues that employers should consider in developing their policies, such as:

• Can employees photocopy items

• Is access granted to all employees or only to specific employees

• Is there a procedure for employees to challenge information

• Is there a limitation regarding confidential information? (Employees should not have access to confidential information, such as former employer reference checks and confidential investigations)

* This is an issue you will want to discuss with your
organization’s HR and/or Legal Departments *

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Cell: 954-612-0567
emily@riirecruit.com
Invite me to Connect on LinkedIn
www.linkedin.com/pub/emily-fitzpatrick/4/671/76
Also follow us on Twitter #RIIINFO

Career Crossroads Previous Columns
http://www.leasingnews.org/Conscious-Top%20Stories/crossroad.html

[headlines]
--------------------------------------------------------------

Leasing 102
by Mr. Terry Winders, CLP

Internal Revenue Service Vs. the Uniform Commercial Code

I have always said judging leases is like standing on a four corner intersection with a three car pileup in the middle. Each corner saw the same accident but from a different view. Thus it is with our rules and regulations: each rule has a different purpose. The Internal Revenue Service (IRS), charged with taxing profits, qualifying deductions, and collecting taxes, will only allow capital recovery benefits (depreciation) if the “intent” of the parties is to create a lease. In addition, the burden of proof rests with the taxpayer. How do you prove your lease is a lease? The IRS does not have to view the transaction as a lease in a tax audit; the taxpayer must prove the transaction is a lease.

Too many lessors think that if they have a Fair Market Purchase Option (FMV), the lease qualifies as a true lease for tax purposes. However, it is only one of the requirements and even then it is not always safe. If the cost to return the equipment is greater that the fair market value of the equipment, then the lessee has an incentive to purchase the equipment because it is cheaper and therefore has a “bargain option.” Also, you must know how the equipment is going to be used so you can prove that the term of your lease does not exceed 80% of the equipment’s useful life.

If the lease term exceeds 80% of the equipment’s useful life the IRS believes you have passed tax ownership because you have virtually nothing to recover and the lessee gained ownership by paying the lease payments. While there is no requirement to assume a residual, it is one of the elements of proof that shows that the equipment has value upon termination and you have a risk based on that value.

Another feature of the IRS rules is the question of the payments themselves. Does the required rent and any purchase option amount to the same amount the lessee would have paid on a loan to obtain title? If so, it appears that economically they are the same, so, the IRS believes it to be a loan.

The legal requirement for a lease to qualify for Article 2A, that is, to receive the protections that an “owner” should have instead of what a lender should receive under Article 9, looks a lot like the tax rules. However, the purpose of the legal approach is to establish “ownership” not intent. Does the lessor look and act like an owner? How do you prove ownership?

The 80% rule looks the same and has much of the same requirements as do tax rules because they both are concerned with passing title by the payments. If there is a defined purchase option, does it offer the lessee the opportunity to purchase the equipment at a bargain? Any defined purchase option must be for the reasonably predictable fair market value upon lease termination. This requires equipment use information and studies to prove that it is the best guess possible with current information. In addition, what language in the lease agreement protects the value of the equipment? If the equipment exceeds the intended amount of use, how are you compensated for the loss of value from “overuse”?

Article 2 protects the lessor from liability for equipment performance if the finance rules are followed and the lessee gets a copy of the supply contract. Tax rules have no interest in liability issues.

A true lease does not require the filing of a UCC-1 for legal protection but it remains a smart idea not only as a public notice that the lessee is using your equipment, but just in case the judge believes you have failed part of the requirements and rules that your transaction is an Article 9 loan.

While the tax and legal rules appear to be somewhat the same, they serve different concerns. Legal looks for ownership and the IRS looks to qualify income and deductions.

Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at terrywinders11@yahoo.com or 502-649-0448.

He invites your questions and queries.

Previous #102 Columns:
http://www.leasingnews.org/Conscious-Top%20Stories/Leasing_102/Index.htm

Mr. Terry Winders available as Expert Witness. 35 years as a professional instructor to the top equipment leasing and finance companies in the United States, author of several books, including DVD's, as well as weekly columnist to Leasing News. He also performs audits of leasing companies as an expert on documentation, and has acted as an expert witness on leasing for litigation in legal and tax disputes, including before the IRS. He also has taught the senior bank examiners, how to review a bank leasing department, for the Federal Reserve in Washington D.C. and has trained the examiners for the FDIC on how to prepare a lease portfolio for sale. Mr. Winders received his Master of Business Administration and his Bachelor of Science degrees from the College of Notre Dame. 502.649.0448/terrywinders11@yahoo.com

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)
 

 

[headlines]
--------------------------------------------------------------

 

[headlines]
--------------------------------------------------------------

Lease Servicing Pitfalls
By Tom McCurnin
Leasing News Legal News Editor

Product Surfaces Which Enables Lessor to Contract with
Third Party Servicer to Service Multiple Lease Assignment Obligations

When our firm does securitizations of lease pools, the investors typically like to have someone other than the original lessor service the pool. Many securitization agreements often have multiple layers of servicers, and sub-servicers, with the original lessor appointed as sub-servicer to serve at the whim of the investors. This isn’t the perfect situation for lessors and lenders, because the lenders lose control.

The problem with the typical servicing arrangements is that most servicers don’t want to get involved with a single lessor, and a handful of leases. Moreover, from the lessor’s prospective, the servicers are agents of the lender, and may have rights to offset the payment stream with other obligations owed to the lender. The lessor would like the ability to maintain some level of control over servicing, but still comply with the lender’s desire to have a third party service the obligations. Enter the “Master Payment Agreement” which may be the answer to small volume lease servicing. It is currently being offered by Wells Fargo Equipment Financing and MB Financial.

The concept is simple. The lessor has a payment stream from leases which have been assigned to one or more lenders for collateral purposes. The lessor retains the right to the residual and is obligated for personal property taxes on the equipment. Moreover, the amount of discount may be less than the payment stream and may entitle the lessor to a percentage of the lease payments as its profit. Therefore, the lessor retains the services of a servicer, called a “Paying Agent,” to collect lease payments from the lessee, and disburse the payment to its assignee-lender, with the excess funds being remitted to the lessor.

From the assignee lender perspective, the Master Payment Agreement is advantageous in that the lessor pays for the servicing charges (unlike a typical securitization) and, in smaller relationships, a Paying Agent makes more sense than a large, commercial servicer. But the challenge for the lender is making the servicing agreement absolute and irrevocable but not having the Payment Agent be construed as an agent of the lender. This insulates the lender from fraudulent conveyance and preference actions in bankruptcy court.

For the lessor, the challenge is reducing the amount of control the lender can exercise over the lender’s de facto agent, the Payment Agent, which surprisingly is not even a signatory to the agreement.

The challenges for the Payment Agent are to tilt the agreement toward the lender (because the lender will typically retain the Payment Agent) without having it seem like the Payment Agent is really the agent for the lender. If the lessor-assignor files bankruptcy in the middle of a payment stream, the Payment Agent does not want to get stuck repaying preference and fraudulent conveyance claims to the trustee.

So the question is, “Are Master Paying Agency Agreements Right For You?”

I’ll give you a lawyerly answer—It Depends on the Agreement. Whether the reader is a lessor, lender, or assignor, the agreements which I were furnished have problems inherent with many of the terms, due mainly to the fact that the agreement tries to be everything to everybody. A link to the two agreements is set forth below.

• First, I am used to seeing tripartite servicing agreements between the lessor-assignor, the lender-assignee, and the proposed servicer, similar to an escrow service. The Master Paying Agency Agreement is a one way agreement between the servicer and the lessor (Page 9). I would hope there is a counterpart agreement with the lender, but to date I have only seen the Master Agreement.

At least to me, this makes the Payment Agent an agent of the lessor, but the terms seem otherwise. For example, the lease assignment notice, Exhibit “B” specifically states that the Paying Agent is the agent of the lender.

• Second, there are some inherent conflicts in the agreement. Although the agreement gives the lessor the right to dispute payments to the lender (See ¶ 2(j)), the Payment Agent may also simply abide by the instructions of the lender (¶ 4(b)(3)). I became confused whether the servicing agreement was absolute or discretionary. The Rental Instruction Letter, Exhibit “C” seems to make the Agency Agreement irrevocable.

• Third, there are agency issues. Although the agreement disclaims an agency and fiduciary relationship(¶ 4(b)(6)), the fact remains that the Payment Agent is handling money of the lessee, lessor, and the lender which in and of itself creates an agency and fiduciary relationship. I know of no way to disclaim a fiduciary relationship when one if fact exists.

• Fourth, there is a lack of indemnity provisions for the Payment Agent. The lessor agrees to indemnify the Payment Agent, but there is no corresponding indemnity from the lender. If monies are disbursed to the lender within 90 days of a lessor bankruptcy, the indemnity against the lessor is worthless. I think the Payment Agent would be well served to have a traditional tripartite servicing agreement with broad indemnity provisions in the event the Payment Agent is sued by the lessor’s trustee for a preference or fraudulent conveyance.

• Fifth, the MB agreement contains a provision which allows the Payment Agent to refuse to disburse any monies once the lessor has filed bankruptcy (¶ 10). This provision is not present in the Wells Fargo agreement. Why this provision was inserted is unclear, but I can see its value for the Payment Agent in the event of a bankruptcy preference action, which allows the Payment Agent to wait for an appropriate court order. But as stated above, to the extent that monies have already been distributed, and a preference action is brought by the lessor’s trustee, the Payment Agent is simply left without recourse. There may be a slight chance of demanding repayment against the lender in a vague sentence in the “Rental Instruction Letter” Exhibit “C.”

• Sixth, there is no breach, default or attorney fees provisions. Granted, I represent banks, and they never have breached a contract, but wouldn’t the lender want the unilateral right to change servicers, especially upon default?

• Last, from the lessor’s perspective, there is no provision in the agreement for payment of the residual, which is typically not assigned to the lender, or if assigned, is returned to the lessor upon satisfactory payment by the lessee.

So, are these Master Paying Agency Agreements right for you

As a lessor, perhaps this program makes sense, especially if it is a requirement by the lender. The lessor should retain qualified counsel to flyspeck these agreements to protect its rights to the residual.

As a lender, yes they seem to fill the bill, with some distinct advantages of not having to pay for servicing fees, and perhaps having some bankruptcy preference protection omitted from the document. If I represented the lender, I would want the ability to unilaterally change the Paying Agent, designating specific deadlines by which to remit the funds, and a to deem a termination for default.

As a servicer, the program has some inherent risks in the area of bankruptcy preferences, and without a direct indemnity right against the lender, exposes the Paying Agent to potential liability from bankruptcy trustees. Unlike a standard servicing agreement, the Paying Agent is not allowed to assert claims against the monies it holds in defense of claims by the lender, lessor or a third party. Unlike traditional servicing agreements, there is no right to indemnity.

The bottom line is that this agreement appears to be an attempt at trying to simplify a complex area without any of the traditional representations and warranties offered by traditional servicing agreements. I for one would opt for a traditional servicing agreement.

Master Payment Agency Agreement #1
http://www.leasingnews.org/PDF/MasterPaymentAgency2_32014.pdf

Master Payment Agency Agreement #2
http://www.leasingnews.org/PDF/MasterPaymentAgency1_32014.pdf

Tom McCurnin is a partner at Barton, Klugman & Oetting in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Email: tmccurnin@bkolaw.com
Visit our web site at www.bkolaw.com

Previous Tom McCurnin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

[headlines]
--------------------------------------------------------------

Leasing News Advisor
Hugh Swandel

Hugh Swandel
Senior Managing Director - Canada
www.thealtagroup.com
204.477.0703 direct
204.996.4844 mobile
hswandel@thealtagroup.com

Hugh Swandel is the senior managing director of The Alta Group in Canada. The Alta Group is a global consultancy practice specializing in the asset based finance industry. Mr. Swandel is well known to the industry and a frequent speaker at industry events and a current member of the Canadian Finance and Leasing Association board of directors. During recent years Hugh Swandel has assisted many top Canadian industry firms on a variety of projects including market entry studies, acquisitions, due diligence, funding and strategic planning.

With extensive North American contacts in the equipment finance and leasing industry, Hugh has a strong reputation as an effective negotiator of win/win agreements involving mergers and acquisitions, business development, market entry, operations and analysis, securitization and other matters of importance to lessors.

Hugh is on the boards of directors of the Canadian Finance and Leasing Association (CFLA) and is the immediate past President of the National Equipment Financing Association (NEFA, USA). He also is a member of the Equipment Leasing and Finance Association of America (ELFA).

In 2006 and again in 2010, Hugh received the Canadian leasing industry’s highest honor when he was named “CFLA Member of the Year.” In 2010 Mr. Swandel was also named President and a member of the Executive Committee of the National Equipment and Finance Association in 2011. He is a frequent speaker at industry conferences and has had several articles published in leading industry magazines.

During the Global Credit Crisis Hugh was retained by the Canadian Finance and Leasing Industry to prepare materials and provide insight into the impact of the credit crisis on Canadian independent finance companies. Mr. Swandel presented to the advisory committee to the Minister of Finance and was later asked to provide commentary to the CD Howe Institute at policy development discussion with government and industry representatives. Mr. Swandel has also been a presenter at industry conference, published in numerous industry magazines and co-authored a research document for the Equipment Leasing and Finance Foundation on the Canadian Market.

Prior to founding his consulting firm, Swandel and Associates, in 2001, Hugh served as president and chief operation officer of Electronic Financial Group (EFG). EFG was a Canadian company that launched a multi lending web based credit system. Earlier, Hugh spent 10 years with National Leasing Group in a variety of senior positions. National Leasing Group is Canadian lessor that has won numerous awards for excellence in management and innovation. 

[headlines]
--------------------------------------------------------------

Top Stories March 3--March 7
(You May Have Missed One)

Here are the top stories opened by readers:

(1) US Attorney Indicts EAR President Mark Anstett and Two Others for $100 Million Leasing Fraud Update Follows Press Release
http://leasingnews.org/archives/Mar2014/3_03.htm#us

(2) Bitcoin firm CEO jumped from 25-story building to her death
http://nypost.com/2014/03/06/bitcoin-firm-ceo-jumped-to-her-death-neighbor/

(3) Leasing Veteran Chuck Thorn Passes Away
http://leasingnews.org/archives/Mar2014/3_05.htm#thorn

(4) Comptroller of Frontier Leasing Embezzles $4.9 Million
http://www.koamtv.com/story/24862053/comptroller-of-frontier-leasing-embezzles-49-million

(5) New Hires---Promotions
http://leasingnews.org/archives/Mar2014/3_07.htm#hires

(6) “Evergreen Clause”—the Danger of Automatic Renewal
http://leasingnews.org/archives/Mar2014/3_05.htm#evergreen

(7) Equipment Finance Firms Exhibit Slight Caution
http://news.thomasnet.com/
http://leasingnews.org/archives/Mar2014/3_05.htm#caution

(8) Tax Proposal Talk Affects Leasing
by Shawn Halladay, The Alta Grouphttp://leasingnews.org/archives/Mar2014/3_03.htm#tax

(9) Archives---March 7, 2002
Total Funding Scales Down (story in progress)
http://leasingnews.org/archives/Mar2014/3_07.htm#archive

(10) Safeway Sale Could Rattle U.S. Ranks
http://www.progressivegrocer.com/top-stories/headlines/national-supermarket-chains/id41107/expert-column-safeway-sale-could-rattle-u-s-ranks/

 

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

 

[headlines]
--------------------------------------------------------------

 

Spring Forward---Taking Bode for a Walk Sunday

El Camino Grande

The weather here in Saratoga, California, has been sunny and warm the last few days. Turning the clock an hour ahead means more sunshine, as well as welcoming Spring early as it has been in the mid-seventies.

I walked Bode in the morning as it was to get hotter during the day.

In my last report walking Bode off leash, I included photos of trees in bloom, and now so are the flowers. Also, the green plants have new growth on them. Here are some photo’s taken with my Droid along our walk.

Panorama Drive

El Camino Grande

El Camino Grande

Monte Vista

Monte Vista

Monte Vista

End of our walk at Montewood Drive

Here is an up-date of the rose bud in our bar front patio from my February 25th report.

The temperature climbed to 83 degrees by late afternoon. It almost feels more like the early beginning of summer here in Saratoga than the end of winter.

Kit Menkin

Small Tree off our back yard patio

Working Capital Loans $10,000-$250,000
www.channelpartnersllc.com p: (763) 746-7760 f: (763) 592-8297 information@channelpartnersllc.com

Labrador Retriever/Shepherd Puppy
Birmingham, Alabama Adopt-a-Dog

Birch
ID#: 139336
Labrador Retriever/Shepherd
Male
Three Months Old

Greater Birmingham Humane Society
Contact:
http://www.adoptapet.com/pet/10424556-birmingham-alabama-labrador-retriever-mix
Phone: (205) 942-1211
Fax: (205) 942-1213
E-mail: contactus@gbhs.org
Website: http://www.gbhs.org
Address: 300 Snow Drive
Birmingham, AL 35209

Adopt a Pet
http://www.adoptapet.com/

Fernando's View
By Fernando F. Croc

A muscular thriller ("Non-Stop") and a lovely animated saga ("The Wind Rises") are this week's contrasting new releases, while sports dramas ("Rush"), wild action ("Machete Kills") and exquisite remembrances ("The Long Day Closes") come to DVD.

In Theaters:

Non-Stop (Universal Pictures): Having recently cornered the market on middle-aged action heroes with "Taken," "Unknown" and "The Grey," Liam Neeson continues his muscular run with this enjoyable, frequently ingenious thriller. Neeson stars as Bill Marks, an air marshall who sees his skills suddenly tested in the middle of a transatlantic flight from New York to London. Hopes for an uneventful voyage are dashed as soon as he receives an anonymous text message threatening to harm the people onboard unless the airline transfers a fortune into a mysterious account. From then, it's his claustrophobic mission to sniff out the culprits behind this scheme, with only a fellow passenger (Julianne Moore) to support him. Resourcefully directed by Jaume Collet-Serra, it's a fleet and entertaining ride that benefits greatly from sly humor and Neeson's taut presence.

The Wind Rises (Touchstone Pictures): The man behind such modern classics as "Princess Mononoke" and "Spirited Away," Japanese animator Hayao Miyazaki has announced his retirement after this project. We can only hope that it's not really his final film, but, if it is, he could not have gone out on a more graceful note. Unfolding over the course of many years, the story follows the life of real-life designer Jiro Horikoshi (voiced, in the new dubbed version, by Joseph Gordon-Levitt), who since his flight-obsessed childhood dreamed of working on flying machines. It's the film's gentle irony that, when his dream does come true, it is to put together Japanese fighter planes during WWII. Offering plenty of Miyazaki's trademark mix of soaring fantasy and pure feelings, this is a beautifully realized, poignantly personal tale about the artist's place in a changing world.

Netflix Tip: Always stylistically inventive and emotionally complex, Alain Resnais (1922-2014) kept making astonishing films for six decades. In tribute to this cinematic master, check out Netflix for his best works, which include "Night and Fog" (1955), "Hiroshima, Mon Amour" (1959), "Last Year at Marienbad" (1961) and, more recently, "Wild Grass" (2009) and "You Ain't Seen Nothin' Yet" (2012).

On DVD:

Rush (Universal): Oscar-winning director Ron Howard ("Apollo 13," "A Beautiful Mind") serves up another true-story crowd-pleaser with this gripping sports drama. Set in the 1970s, the story details the rivalry between two professional race car drivers, glamorous English playboy James Hunt (Chris Hemsworth) and Austrian perfectionist Niki Lauda (Daniel Bruhl). Following their exploits in and out of the racing strip, the film chronicles their relationships to their girlfriends (played by Olivia Wilde and Alexandra Maria Lara) as well as the grudging mutual respect that gradually develops between them as they risk their lives behind the wheel. A sturdy character study that doubles as a rousing look at dangerous competition, the film should put Howard back on the prestige path after his recent string of box-office missteps.

Machete Kills (Universal): With this sequel to "Machete," writer-director Robert Rodriguez cements his position as a prodigious purveyor of giddy, knowingly schlocky entertainment. The inimitable Danny Trejo returns as Machete, the deadly super-agent who's forcibly brought out of retirement by the government for one more mission. This time, he's persuaded by the U.S. President himself (Charlie Sheen, in one of the film's many cheeky cameos) to slash his way through the harsher corners of Mexico in search of a pair of villains (Demian Bichir and Mel Gibson) who plan to launch missiles into space. Often bordering on the delirious, the plot is really just an excuse for Rodriguez to orchestrate a string of breathless, hilarious stunts and confrontations, backed by a cast that includes Antonio Banderas, Cuba Gooding Jr. and even Lady Gaga.

The Long Day Closes (Criterion): A cinematic poet of longing and remembrance, British director Terence Davies specializes in achingly personal films, many set in his hometown of Liverpool. Possibly his greatest film, this 1992 drama envisions Davies' childhood as a mosaic of vibrant songs, classic movies and flowing memories. His prepubescent stand-in is a boy named Bud (Leigh McCormack), who, despite his loving family, struggles with loneliness and melancholia at home and at school. The theater provides a magical portal for him, as Bud escapes from his often dreary reality with flights of fantasy that bring out his imaginative side. Less a straightforward narrative than a wondrously subjective study of a budding artist's psyche, this visually unorthodox, profoundly moving picture remains of the best releases of the 1990s, and a must-see for cinema lovers.

 

[headlines]
--------------------------------------------------------------

Birmingham, Alabama The lawyers of Marks & Associates, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel.  Email: Barry@leaselawyer.com Website: www.leaselawyers.com	California, National: city: Riverside  Ellen Stern - get results, reasonable pricing; numerous industry contacts, nearly 30 yrs exp.in SoCal, 20 yrs equip.: CFL license specialist, documentation, work-outs, litigated collections, recoveries; deal-maker.  Email: leaselaw@msn.com
Kenneth C. Greene California & Nevada Leasing and Financial consultant, active in several leasing associations, as well as involved in music and film productioncin LA.  Mention "Leasing News" for a free consultation. 415-858-97111 Skype: 424.235.1658 or kenlaw100@gmail.	Connecticut, Southern New England:  EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates.  email: rcfeldman@snet.net
Los Angeles, Southern CA  Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry.  Bankruptcy and State Court litigation.   Vincent V. Frounjian (818) 990-0605or email: vvf@pacbell.net.	Encino, California: Statewide “ELFA”  Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigation, debt collection, and bankruptcy. Call Stephen E. Jenkins Esq (818) 501-3800
Los Angeles, Statewide: CA.     "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis. email:RGarwacki@prodigy.net	Los Angeles -statewide: CA      "ELFA" Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
Los Angeles- Statewide, CA Lawyer specializing in banking and leasing issues statewide. Documents and litigation.  Tom McCurnin, Barton, Klugman & Oetting. Voice: (213) 617-6129  Cell:(213) 268-8291 Email:  tmccurnin@bkolaw.com
Long Beach, CA  Wagner & Zielinski,  successfully representing lessees/ lessors.  Not a member of any leasing organization, therefore not beholden to special interests.  Richard Wagner  (562) 216-2952  www.wzlawyers.com	California & National Paul Bent – More than 35 years experience in all forms of equipment leasing, secured lending, and asset based transactions. Financial analysis, deal structuring, contract negotiations, documentation, private dispute resolution, expert witness services. (562) 426-1000. www.paulbentlaw.com
Illinois Trabaris, P.C.: Finance attorney with 24 years’ experience with transactional, documentation, secured financing and workouts/restructurings.  Kevin Trabaris.  Phone:  847-205-4377.  Email:kevin@trabaris.com Website: www.trabaris.com.   Blog: http://www.trabaris.com/info/blog/	Law Firm - Service, Dallas, TX. "ELFA" Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance.  email: dmayer@pattonboggs.com Website: www.pattonboggs.com
National:  The OMEGA Network Group-nationwide legal representation of small and mid ticket equipment lessors-flat fee bankruptcy & replevin, contingent collection,  billable litigation (704-969-3280) tong_92@yahoo.com	National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA).  email: Jcoston@costonlaw.com Website:www.costonlaw.com
St. Louis County , MO. - statewide:  Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates.  Ronald J. Eisenberg, Esq. (636) 537-4645 x108  reisenberg@sl-lawyers.com www.sl-lawyers.com	NJ,De,Pa: Specializing in leased equipment/secured transactions. Collections, replevins/workouts reasonable rates. Sergio Scuteri/Capehart & Scratchard, PAsscuteri@capehart.com / www.capehart.com
New York and New Jersey Peretore & Peretore, P.C. documentation, portfolio purchase & sale, replevin, workouts, litigation, collection, bankruptcy.  Aggressive. Over 25 years experience.www.peretore.com	Thousand Oaks, California:  Statewide coverage Spiwak & Iezza, LLP 20+ years experience,Representing Lessors banks in both State/ Federal Courts/ all aspects of commercial leasing litigation. Nick Iezza 805-777-1175 niezza@spiwakandiezza.com

 

Irvine, California Finance/Credit Analyst Manage lease transactions through the entire credit review, documentation and funding process. • Direct contact with customers’ decision-makers, including CFOs, treasurers, and purchasing managers. • As “deal manager” analyst is responsible for interface with credit, sales, legal and documentation For more informaton, please click here www.calfirst.com

 

 

News Briefs----

Bitcoin refuses to flip: Virtual currency stays strong
---despite bankruptcies, gyrating rates
http://www.washingtonpost.com/business/technology/bitcoin/2014/03/08/

JPMorgan whistleblower gets $63.9 million in mortgage fraud deal
http://www.chicagotribune.com/business/sns-rt-us-jpmor

The Trouble with Calculating Cold Weather's Bite on the Economy
http://www.businessweek.com/articles/2014-03-06/the-trouble-with-calculating-cold-weathers-bite-on-the-economygan-whistleblower-20140307,0,6528506.story

Tablet market growth slows as users shy away from upgrades
http://www.totaltele.com/view.aspx?ID=485695&mail=1219&C=0

 

[headlines]
--------------------------------------------------------------

--You May Have Missed It

Payments and the Postal Service
http://blog.matthewgoldman.com/post/76333564466/payments-and-the-postal-service

(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

[headlines]
--------------------------------------------------------------

SparkPeople--Live Healthier and Longer

Mobile Aps for SparkPeople
http://www.sparkpeople.com/mobile-apps.asp

 

[headlines]
--------------------------------------------------------------

Winter Poem

Shortcut Through the Storm 

by Robert Savino 

There were too few roads.
There were too many motorists.
My choice was longer in distance,
but far less travelled.

I took a shortcut through the storm,
crawling over the black-iced asphalt,
too close behind Boyd’s black flower car,
in the dreary pitch of Ocean Parkway.

Storm clouds shifting and changing,
pass over, so low, engulf my presence.
I exit in an angel’s breath,
a winged spirit of the Great South Bay,

greeted by Moses at the foot of the bridge,
moments from home and the neon lights
of strip mall shops, that brighten the bus
stop at the corner of Oak Neck Road.

Minutes pass slowly within these hours.
Sounds of snow plows wake me from sleep.

[headlines]
--------------------------------------------------------------

Sports Briefs----

Lions owner William Clay Ford Sr. dead at 88
http://www.crainsdetroit.com/article/20140309/NEWS/140309860/lions-owner-william-clay-ford-sr-dead-at-88#

Joakim Noah fires up Bulls, dad in win over Heat
http://www.chicagotribune.com/sports/basketball/bulls/ct-bulls-heat-game-spt-0310-20140310,0,3040862.story

No shock: Wichita State will enter NCAA tournament 34-0
http://www.usatoday.com/story/sports/ncaab/mvc/2014/03/09/college-basketball-wichita-state-shockers-undefeated-34-0-champions/6233387/

Oakland's teams stuck at Coliseum complex
http://www.contracostatimes.com/tim-kawakami/ci_25304372/kawakami-oaklands-teams-stuck-at-coliseum-complex

[headlines]
--------------------------------------------------------------

California Nuts Briefs---

California drought: More than 255,000 homes and businesses still don't have water meters statewide
http://www.marinij.com/ci_25303957/california-drought-more-than-255-000-homes-and

Guide Dogs for the Blind in San Rafael hires new CEO after supporters push for new leadership
http://www.marinij.com/marinnews/ci_25298396/guide-dogs-blind-san-rafael-hires-new-ceo

Former road rocker now on the streets
http://www.pressdemocrat.com/article/20140309/articles/140309577

[headlines]
--------------------------------------------------------------

“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Sonoma Wine Country Weekend Community Contribution Celebration
http://www.pressdemocrat.com/gallery/gallery/20140307.307009997.html

Jackson Family Wine President
http://www.just-drinks.com/interview/jackson-family-wine-president_id113038.aspx

Finger Lakes Dry Rose Promotion
http://www.fltimes.com/lifestyle/article_b2b374b6-a548-11e3-919f-001a4bcf887a.html

Idaho’s having a wine time
http://seattletimes.com/html/pacificnw/grapevinexml.html

Let’s stop a bad thing from happening for a good reason: saving a historic California vineyard
http://wineoscope.com/2014/03/06/lets-stop-a-bad-thing-from-happening-for-a-good-reason-saving-a-historic-california-vineyard/

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Winery Atlas
http://www.carterhouse.com/atlas/\

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm