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Monday,
March 17,2003
Headlines---
Pictures from the Past--1990----Johnnie Johnson/Gordon
Roberts
CalFirst
Bancorp Announces Third Quarter Dividend
Where
is Thomas Depping, former CEO Sierra Cities?
Business Leasing
News Announcement
This Border ##### Denotes Press Release
(Not Written By Leasing News)
---------------------------------------------------------------------------------------------------
Pictures from the Past--1990----Johnnie Johnson/Gordon Roberts
“Western Association of Equipment Leasing Member Gordon Roberts,VP,
FirstConcord Acceptance Corporation, sponsor of the WAEL Golf Tournament,
congratulations W.R. Johnnie Johnson, President , M.T.I.Leasing, Inc on
winning the ‘Longest Drive’ Award.”
1990 WAEL Monterey Fall Conference
-----
Johnnie Johnson, CLP, from Kuwait
My best to all you readers of Leasing News. I miss the opportunity to see all of you regularly.
As previously reported in Leasing News, I am now situated in Kuwait,
and have been here for a little over 3 years.
I am the Chief Operating Officer for The International Leasing
& Investment Co. We do transactions worldwide, including large
ticket leasing and project finance. We
also provide consulting and advisory services on financial issues. The company is owned by a consortium of financial
interests which includes the Islamic Development Bank (Islamic equivalent
of the World Bank) as a major shareholder. All of our transactions are structured under Islamic financial rules,
which has been both a very interesting learning experience and a challenging
change. All in all, I have really
enjoyed my time here, and notwithstanding the current regional situation,
have found it a very pleasant, enjoyable (and safe) place to live.
Unfortunately, since coming to Kuwait I have not had much
opportunity to practice for a repeat of the "Longest Drive"
award. Kuwait actually has a couple
of golf courses--but they are a little different from what you and I are
used to. The tees are sand ---
the fairways are sand --- and the "greens" are sand! The first time I played here, I knew immediately that it was going
to be a different game. I was handed
a little square of artificial turf, and told "...hit your tee and
fairway shots off this..." The
fairway "rough" consists of lizards and rocks (come to think
of it, so do the fairways -- but the rocks are little...).
The "greens" (actually brown in color) are very well
groomed sand -- in fact there is a full time attendant at each green to
make sure the sand surface is perfect after each group plays through. Even after the perfect grooming, however, putting
is definitely a different experience.
The ball acts a LOT different than on grass. Next time you end up in a sand trap, try putting in the trap, and
you will see what I mean. But progress
is being made, and a real grass course is under construction here in Kuwait.
Other parts of the Middle East also have grass courses, and in
fact a major international golf tournament was just completed a few days
ago in the region. So if you ever
visit the Middle East, don't be afraid to bring your clubs......
W. R. Johnnie Johnson, CLP
Exec. Vice President/Chief Operating Officer
The International Leasing & Investment Co.
P. O. Box 3716, Safat
13038, Kuwait
Phone: 965-244-0368
FAX: 965-246-3190
E-Mail: johnson@ilic.net
Leasing News for over a week tried to get a comment /up-date
from Gordon Roberts, Centerpoint Financial, Denver, Colorado.
We even asked his wife Pat to intercede. She reported back that
he was “too busy” to respond. Editor
_____________________________________________________________
Classified Ads---Jobs Wanted---
Contract Administrator: Portland,
OR Doc./ Funding. 6+ yrs small-ticket w/mgmt. exp.. Proficient
w/ bulk, portfolio, multiple transactions& broker, vendor, captive
enviro. Expertise in departmental structuring& development. Highly
motivated& exper. email:susanc777@hotmail.com
Contract Administrator: Los Angeles, CA
6 years small ticket leasing - Credit Analysis up to $75,000,
Documentation & Funding. Highly organized team player trained sales/operations
in credit, pricing, docs. Email:miri7ca@yahoo.com
Contract Administrator: Chicago/Naperville
18+ years experience in leasing US/Europe, as both lessee
and lessor. Am versatile and adaptable to lessee, lessor, or lender career
opportunity. Chicago relocation desired. Email:kris_k11@yahoo.com
Contract Administrator: Schaumburg, IL
10 yrs. small/mid-ticket leasing. Proficient in documentation,
funding and legal. Worked with brokers, portfolio purchases, vendor programs,
municipal transactions. prefer to stay in Suburban Illinois. Email:sophie1900@msn.com
Controller: Seattle, WA
CPA w/ 15 years management exp. as CFO/ Controller/5 yrs
w/ PriceWaterhouse Coopers. Extensive exp.providing accounting/ tax guidance
for the equipment lease industry. Willing to relocate. Email:bltushin@hotmail.com
49 Job Wanted Ads----Leasing Industry---Free Ads to those
looking for Work
go here: http://65.209.205.32/LeasingNews/JobPostings.htm
------------------------------------------------------------------------------
Economic Events This Week:
Monday
March 17
U.N.Vote: “Moment of Truth”
ELA Executive Roundtable
Hilton La Jolla Torrey Pines, La Jolla, CA
Tuesday
March 18
Military Position ready to set
or "go"
Housing Construction: February
ELA Executive Roundtable
Hilton La Jolla Torrey Pines, La Jolla, CA
WEDNESDAY
March 19
War in Iraq
(event to predominate all business
for quite some time)
Thursday
March 20th
Leading Indicators: February
Federal Budget: February
Weekly Jobless Claims
NAELB Conference, Chicago, IL
Loni Lowder 9-5pm Technical Training for Sales Success
Contract Management Class
12pm---5pm
Friday
March 21
Consumer Price Index: February
NAELB Conference, Chicago, IL
Jim Buckles, System 1: The Next Generation 1pm-5pm
Saturday
NAELB Conference, Chicago, IL
Conference, exhibits
Conference, exhibits
March 22
Sunday
March 23
NAELB Conference, Chicago, IL
CLP Exam
---------------------------------------------------------------------------------------
Lipski Joins Advisory Board
Shari L. Lipski, CLP, joins the Leasing News Advisory Board.
She was born
and raised in Chicago, Illinois.
Shari
is the Marketing Manager at Edwin C. Sigel, Ltd (ECS.) Her responsibilities include originating new clients for the company’s
Lease Portfolio Management Division and project development for the firm’s
advertising and marketing. She
joined ECS in 1999 as the Lease Portfolio Manger and was primarily responsible
for marketing and managing the lease portfolio operations and advising
clients as a consultant.
Shari
has spent over 12 years in the equipment leasing industry. Her first nine years were with Public Funding
Corporation, a financer of small-ticket governmental equipment leases.
While employed with Public Funding, she held various positions
including Lease Administrator, Corporate Secretary, and Vice President.
In 1997, Public Funding was sold to First Sierra Financial, Inc. At First Sierra, Shari was responsible for managing operations in
the Chicago branch office and a portfolio of vendor relationships.
In
1999, Shari earned her CLP designation.
Over the years Shari has been involved with various leasing associations
including various conference committees and has served as the United Association
of Equipment Leasing Illinois Regional Chairperson. Currently Shari is a Director for the Mid-America Association of
Equipment Lessors., Chairperson for the National Association of Equipment
Leaisng Brokers’ 2003 Annual Convention, the Marketing Committee Chair
for the Certified Leasing Professional Foundation, and administers the
Certified Leasing Professional Foundation’s website.
She
has a very
handsome German Shepherd named Casino Chip, FDch, CD, AXJ, AX, CGC. He is a professional show dog that Shari has
trained and shown for
Obedience, Agility, Flyball, and Schutzhund.
In her spare time, she has an internet business. www.eccentriccanine.com
Casino is on the website.
http://www.eccentriccanine.com/Index2.htm
The Leasing News Advisory Board Directors include:
Bob Baker, Wildwood Financial, St.
Louis, MO
Steve Crane, Bank of the
West, Walnut Creek, CA
Phil Dushay, Global Leasing,
New York, NY
Steve Geller, Leasing
Solutions LLC, Wesley Hills, NY
Ken Greene, Attorney, Greenbrae,
CA
Bruce Kropschot,
Kropschot Financial Services, Vero Beach, FL
Fred St. Laurent, Managing Director -
Recruiting
Charlie Lester, LPI Financial,
Marietta, GA
Shari Lipski, Marketing Manager, Edwin
C. Segal Ltd., Northbrook, IL.
Bob Rodi, LeaseNow, Warrendale,
PA
Bob Teichman, Teichman Financial Training,
Sausalito,CA
Rob Yohe, Yohe and Associates, Stilwell,
KS
Ginny Young, Brava Capital, Orange,
CA
.
Edwin
C. Siegel, Ltd
3400
Dundee Road, Suite 180
Northbrook,
Il 60062 1-800-826-7070
In
Business Since 1962,Edwin C. Sigel, Ltd. is one of only a few CPA firms
in the United States that specializes in providing portfolio management
services, as well as tax and management advisory services to the equipment
leasing industry. Our lease management staff, including four certified
lease professionals, are highly skilled accountants and income tax specialists
with many years of experience in the equipment leasing industry. Edwin
C. Sigel, Ltd. provides accurate and timely reports that enable management
to make sound decisions and develop strategies for the optimum management
of their portfolio and business.
Edwin
C. Sigel, Ltd. can invoice your lessees, post cash receipts and provide
you with timely and useful reports regarding delinquent accounts.
Edwin
C. Sigel, Ltd. can prepare sales tax and personal property tax returns
for each jurisdiction involved, including tracking of due dates. We also
maintain lease receivable records, fixed asset and depreciations schedules,
gross investment, residual and unearned income schedules, as well as tracking
other data needed to manage a portfolio of leases.
In
addition to our portfolio management services, Edwin C. Sigel, Ltd. can
also maintain your general ledger and other accounting records and prepare
financial statements and income tax, returns, including multiple state
returns for business entities and individuals. If you would like to retain
the services of your current accountant, Edwin C. Sigel, Ltd. will provide
journal entries and other relevant accounting data to your in- house accountant
or independent accounting firm for their use in preparing financial statements
and income tax returns.
Outsourcing
the management of your lease portfolio to Edwin C. Sigel, Ltd. will result
in cost savings by providing your company with all of the resources of
a team of experts without the overhead of maintaining a similarly qualified
in-house staff. We are the single solution to all of your lease accounting
and reporting needs. Let us put our experience to work for you wherever
it is needed in accounting, income tax and management of lease portfolios.
They
are active in many trade associations, plus maintain the Certified Leasing
Professional Website.
Business
Tip of the Month
http://www.planningtips.com/Planning_Tips.asp?Co_ID=16822&Tip_ID=6802
Financial
Tip of the Month
http://www.planningtips.com/Planning_Tips.asp?Co_ID=16822&Tip_ID=6803
Tax
Tip of the Week
http://www.planningtips.com/Planning_Tips.asp?Co_ID=16822&Tip_ID=6801
Newsletter
http://www.npi-opus.com/web/newsletter.cfm?ord=91885
Edwin
C. Siegel, Ltd
3400
Dundee Road, Suite 180
Northbrook,
Il 60062
1-800-826-7070
------------------------------------------------------------------------------------------------
#### Press Release ############################################
CalFirst Bancorp Announces Third Quarter Dividend
SANTA ANA, Calif.----The Board of Directors of California
First National Bancorp (Nasdaq:CFNB) today declared a quarterly cash dividend
in the amount of 4 cents ($0.04) per share. The dividend will be payable
on April 11, 2003 to all stockholders of record at the close of business
on March 28, 2003.
California First National Bancorp is a diversified financial
services company with two primary businesses -- leasing of high technology
capital assets to businesses and organizations nationwide, and banking
through a FDIC-insured national bank.
CONTACT:
California First National Bancorp
S. Leslie Jewett, 800/496-4640
##### Press Release #################################################
---------------------------------------------------------------------------------------------------
When is a Lease a Loan?
Perhaps there is other criteria regarding usury laws in various
states
or having to be licensed to conduct equipment leasing business. For instance, in accounting, if the lessor takes
the depreciation, then the lessor is classifying the lease as an "operating
lease" where they are claiming entitlement to the depreciation of
the asset.
If they are not taking the depreciation, then they are "booking"
the transaction as a "finance." They are saying the “debtor”
is entitled to the depreciation of the asset.
It therefore is up to the lessor to defend its position regarding
the transaction, as both the lessor and lessee cannot take
the depreciation simultaneously.
So in reality, in addition to the legal criteria, is there
not the criteria
that criteria who is declaring "depreciation" on
the asset one of
the definitions to declare whether the transaction is a loan
or a lease?.
------------------------
From: Thomas McCurnin <tmccurnin@bkolaw.com>
I don't believe how the Lessee treated the lease has anything
to do with
legally whether the lease is a loan.
Maybe the argument is by depreciating the asset he is estopped
from
claiming it as a true
lease, but it is either a true lease or not. If
the focus is on how the lessee treated the lease, then all
leases could
be true leases if the lessee simply deducted the payments
and the lessor
took the depreciation. This
is subjective, not objective. Use
the
Code.
I may use my SUV as a truck, but doing so, doesn't make it
a truck.
The answer is not opinion. It is fact. It is found in
the Uniform
Commercial Code, which defines when is a lease a loan.
It is Section
1-201(36) which provides certain criteria.
This section states that if a purchase option is "nominal"
it is a
loan. Buck out leases
are loans. Anything below 10% is
a loan. 10% or
above are true leases.
This section states that if the lease is beyond the equipment's
useful
life, it is a loan. So
Five years on a computer might be a loan.
If the purchase option is not an option, e.g., the lessee
must (is
required) to buy the equipment or release it beyond its useful
life, it
is a loan.
This is not, in my opinion, subject to interpretation.
One simply
reads the definition by Code and looks at the particular
lease. It is
really quite easy. It
is lawyers and Courts that make it hard.
Regards,
Tom McCurnin
Barton, Klugman & Oetting
Los Angeles, California
email: tmccurnin@bkolaw.com
Voice:(213) 621-4000
Fax (213) 625-1832
Visit our Web Site at www.bkolaw.com
-------------------------------------------------------------------------------------
Where is Thomas Depping, former CEO Sierra Cities?
If you have an e-mail address or place to contact him, please
send to kitmenkin@leasingnews.org
Thank you.
-------------------------------------------------------------------------------------
Business Leasing News Announcement
The March edition of Business Leasing News is available at
This issue features, among other topics, articles on (1)
strategies for
dealing with the new FASB consolidation rules, (2) the replacement
tax
revenue procedures for leveraged leasing, and (3) the lack
of priority on
capital investment incentives in the President's proposed
$674 billion
growth plan.
By the way, we are in a very interesting business these days.
For example, I will be speaking next month on potential
liability of lessors related to terrorism, and insurance
products to
mitigate the risk, at the Big Ticket Conference in Dallas.
These
fascinating though troubling times offer you and me lots
of important and
useful material to share with our readers.
All the best,
David
David G. Mayer
Patton Boggs LLP
2001 Ross Avenue
Suite 3000
Dallas, Texas 75201
Tel: (214) 758-1545
Fax: (214) 758-1550
Author of: Business Leasing For Dummies
Publisher of: Business Leasing News
http://www.eccentriccanine.com/Index2.htm
---------------------------------------------------------------------------------
News Briefs---
“ Over time it's going to be important for nations to
know they will be held accountable for inactivity," President George
Bush. "You're either with us or against us in the fight against terror."
http://www.cnn.com/2001/US/11/06/gen.attack.on.terror/
Oil Jumps on Iraq War Worries
http://www.washingtonpost.com/wp-dyn/articles/A35415-2003Mar16.html
Bush Has Audacious Plan to Rebuild Iraq Within Year http://story.news.yahoo.com/news?tmpl=story2&cid=808&ncid=808&e=5&u=/dowjones/
20030317/bs_dowjones/200303170030000012
Big Banks In the Mood To Acquire
http://www.washingtonpost.com/wp-dyn/articles/A31121-2003Mar15.html
Seven of every 10 Silicon Valley companies that Wall Street
first sold to the public during the technology boom -- a group that generated
some of the biggest first-day gains in stock market history -- are now
dead or valued at less than half their initial price.
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www.leasingnews.org
Leasing News, Inc. 346 Mathew Street, Santa Clara, California 95050 E-Fax: (781)459-4789 kitmenkin@leasingnews.org 
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