Kit Menkin Leasing News

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Friday, March 28, 2003
Headlines---

Pictures from the Past---1997---Victor Harris

    Classified Ads---Testimonials---"They Work"

        Merrill-Lynch Enters Small Leasing Market Fray

            RW Professional Conference Hearing This Morning

        Fitch Lowers Ratings for Textron/Textron Financial to 'A-'

    ELA's National Funding Exhibition, "Got Funding," April 9-10

We Get Letters---

    Commentary From The Equipment Leasing Front

This Border ##### Denotes Press Release (Not Written By Leasing News)

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Pictures from the Past---1997---Victor Harris

http://two.leasingnews.org/imanges_uael_wael/harris,victor.jpg

Victor Harris has practiced law since 1972. He has a litigation and

transactional practice located at the Law Offices Of Victor Harris in San

Rafael, California.

Mr. Harris has focused on commercial finance for the last

19 years, including equipment leasing, asset-based lending, and secured

transactions. His clients include financial institutions and equipment

leasing companies (funders, lessors and brokers), and his representation

extends to collection and defense litigation, workouts, transactional and

other documentation matters, lender liability, and mixed collateral

problems.

He is a 1968 Phi Beta Kappa graduate from the University

of California at Berkeley, and received his J.D. degree with honors from

Harvard University Law School in 1972. For the past 19 years, Victor has

been a contributing author of the California Attorneys’ Damages Guide,

published by the California Continuing Education Of The Bar.

He has also published the following articles for Monitor Leasing & Financial Services: "The Distinction Between A True Lease And A Security Interest" (three part series, November 1998-April 1999); and "Check Your Lessee’s Insurance To Be Sure It Contains ‘Standard’ Language" (September 1998). He has been a

frequent panelist for the UAEL and the National Business Institute. He also

served as a member of the Financial Institutions Committee for the Bar

Association Of California (Business Law Section) during 1995-1998.

Mr. Harris currently is a member of UAEL’s Board of Directors, and also is a member of UAEL’s Standards Committee and UAEL’s Legal Committee. He can be reached at the Law Offices Of Victor Harris, 1050 Northgate Drive, Suite 360, San Rafael, California 94903-2541, Telephone (415) 479-8000, Facsimile (415)

479-8111, Email vhlaw@prodigy.net.

[Headlines]

Classified Ads---Testimonials---“They Work”

Please have my job wanted ad removed. Thanks to your listing I have

accepted a position as CFO of (************. At this time, this news is not for

public distribution so please keep confidential.

Thank you for allowing people like me to post ads in your newsletter. It

is widely read and I did receive many leads.

Keep up the excellent work and keep the news coming.

Thanks and regards,

(name with held)

---

I did receive several responses to my ad. I decided to hook up with

Leasing Partners Capital, Inc. Thank you.

Al Heinrich

elitecruise@msn.com

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Accounting: New York, NY.

Three(3)years experience in lease accounting. Managing three Partnerships' Funds, preparing external reports for SEC.,10Q &10K. Consolidation of subsidiaries financial position w/parent company. email:hope2live@aol.com

Asset Management: Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing residual position through outstanding negotiation skills & lease contract management. Third party remarketing, forecasting etc... email:jgambla@aol.com

Asset Management: Jacksonville, FL. 15+ yrs of diversified exp.in Comm.Equip.Fin. Equip Generalist, ASA "Cradle-to-Grave," Sr. Management, creative negotiating, presentation and analytical skills. Open to domestic/global travel/relocation. email:AssetMgrASA@aol.com

Asset Management: Patchogue, NY

12+ yr. Experience in Auto/Equipment Leasing. Managed Liquidation of Repo & E.O.L. Portfolios. Managed Litigation Portfolio as well. Exp. in Bankruptcy. Looking for suitable position in Tri-State area. Email:THood8663@Yahoo.com

Asset Management: Redmond, WA 10+ years experience with Small/Middle Market portfolio's. Managed all aspects of Asset Management including residual setting, inspections, repossessions, remarketing& eol negotiations. email:challenger.rt@verizon.net

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: 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: 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

52 Job Wanted Ads at: http://65.209.205.32/LeasingNews/JobPostings.htm

Go here to post a free “Job wanted” ad:

http://65.209.205.32/LeasingNews/PostingForm.asp

 [Headlines]

######### Press Release ########################################

Merrill Lynch Announces BFS Equipment Leasing to Help Clients Grow Their Businesses

Merrill Lynch (NYSE:MER) introduces BFS Equipment Leasing(R), a new equipment financing program for clients of Merrill Lynch Business Financial Services, a wholly owned subsidiary of Merrill Lynch Bank USA.

The new program provides convenient, online lease financing from $10,000 to $2 million-plus for a wide range of commercial equipment. This includes computers, software, telephone and voice-mail systems, medical, dental and diagnostic equipment, construction and materials handling/industrial equipment, and more.

"Our business clients have expressed a need for a broader range of equipment financing solutions to be available through their Merrill Lynch relationship," said David W. Tralka, First Vice President, Merrill Lynch Business Financial Services. "BFS Equipment Leasing broadens the products and services that we provide to our small and midsize clients and makes it easier for them to acquire the tools and equipment they need to grow their businesses successfully."

Merrill Lynch Business Financial Services is working with De Lage Landen Financial Services, Inc. of Wayne, PA, the North American subsidiary of De Lage Landen International B.V. of the Netherlands and a leading international provider of high quality asset-based financing products, to provide this comprehensive new program.

"We are pleased to work with a firm possessing such an in-depth knowledge of our business needs," Mr. Tralka said. "As a global leader in lease management services, De Lage Landen allows us to offer our clients competitive equipment financing combined with client service excellence."

"We look forward to working with Merrill Lynch Business Financial Services in adding value for their clients and business partners, said Carlo van Kemenade, Vice President and General Manager of De Lage Landen's Outsourcing & Servicing Group. "With more than 30 years of experience in the leasing industry, we have the knowledge and expertise to help their clients gain a competitive advantage in an increasingly competitive marketplace."

BFS Equipment Leasing is accessible through the Merrill Lynch Business Center (www.businesscenter.ml.com), which integrates a comprehensive range of online services, including online account access, product services and information on cash management, financing, retirement planning and selling your business, as well as online business banking.

De Lage Landen Financial Services, of Wayne, PA, is part of De Lage Landen International B.V., an international provider of high quality asset-based financing products. The company, headquartered in Eindhoven (the Netherlands), is a wholly owned subsidiary of the Dutch Rabobank Group.

With offices and joint ventures in 20 countries throughout Europe, the Americas, Australia and New Zealand, De Lage Landen specializes in asset financing and vendor finance programs internationally, with a focus on the following industries: Agriculture and Food, Healthcare, IT, Materials Handling and Construction Equipment, Office Equipment, Telecom and Bank Outsourcing. Domestically, the company concentrates on a broad range of leasing and trade finance products. For more information, please visit www.delagelanden.com .

Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 36 countries and total client assets of approximately $1.3 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com .

CONTACT:

Merrill Lynch, New York

Erik Hendrickson

212/449-7293

erik_hendrickson@ml.com

SOURCE: Merrill Lynch

[Headlines]

#### Press Release #############################################

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RW Professional Conference Hearing This Morning

for readers not familiar with this story, here is the start: June 26,2002

By Robert E. Kessler

News Day STAFF WRITER

Long Island

Four officials of an Island Park-based leasing company were arrested by FBI agents Friday on charges that they engaged in a complex series of schemes to defraud lending institutions around the country of millions of dollars in loans that were ostensibly meant to finance the leasing of medical equipment.

Agents hurriedly raided the offices of RW Leasing Services at 4584 Austin Blvd., Island Park, and a satellite office in Wellesley, Mass., because an informant told investigators the company's records were being destroyed, according to Assistant U.S. Attorney Gary Brown and an FBI affidavit filed in support of a search warrant.

One official of the firm said several officers were planning to flee to Greece with their families, according to the affidavit.

An ongoing investigation indicated that at least 12 banks nationwide had possible losses of more than $6.5 million, the affidavit said.

But the informant said that as many as 90 other loans may have been involved in the scheme, indicating the alleged fraud might be as large as $200 million.

Brown said in U.S. District Court in Central Islip late Friday that the case was "conservatively a tremendous fraud."

RW Leasing Services has specialized for 20 years in obtaining loans for physicians, dentists, veterinarians and optometrists to finance the long-term leasing of expensive medical equipment such as X-ray machines. The company then managed the leases, collecting payments on the loans and passing them on to the lending institutions, the affidavit said.

Among the various frauds in which the company allegedly engaged were: obtaining loans and not passing them on to their medical clients; obtaining loans for nonexistent practices and pocketing the money; and obtaining loans from several banks for the same lease.

Brad Simon, the attorney for the president of the company, Rochelle Besser, said his client was not guilty and he "will defend the case vigorously." Besser was held as a possible flight risk pending a hearing tomorrow in U.S. District Court in Central Islip.

Others arrested were Besser's brothers, senior vice president Barry Drayer and Roger Drayer, whose title was not given; and Jennifer Tarantino, Roger Drayer's daughter, a company employee. They were released on varying bails.

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A criminal Docket for Case #02-CR-767-ALL

USA v RW Professional, et al was filed June 27,02

It is a public document and available via Pacer. Basically it has been winding

its way through the courts and the parties involved apparently have been restricted to their house and under electronic surveillance.

Pending counts include “the defendants did knowingly and intentionally conspire to executive, attempt to execute a scheme and artifice to defraud financial institutions...Alliance Bank...Northwest Bank” and there are four specific counts.

In the 15 page document of proceedings, the last entry is 2/20/03. “...Reset status conference for 3/28/03 @ 9:30a.M. for RW Professional, for Rochelle Besser, for Barry Drayer before USDJ Spatt ( signed by Judge Arthur D. Spatt, on 2/20/03) EOD #51 (lac) (Entry date 03/07/03)

There also is a “demand” for $1,100,000 in a suite filed by Crawford & Sons, Ltd. Profit Sharing Plan et. al v. Besser et al. filed June 13,2002 along with 23 parties

( community banks.) This is a separate action and is also winding its way

through the courts.

Leasing News has requested a comment on several occasions from the defendants,

and would be most willing to print any statements they may have.

[Headlines]

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####### Press Release ##########################################

Fitch Lowers Ratings for Textron/Textron Financial to 'A-'

Fitch Ratings-New York Fitch Ratings has lowered the ratings on Textron Inc.'s (TXT) senior unsecured debt and bank facilities to 'A-' from 'A', preferred securities to 'BBB+' from 'A-', and short-term debt to 'F2' from 'F1'. Fitch has also lowered the ratings on Textron Financial Corp.'s (TFC) senior unsecured debt and bank facilities to 'A-' from 'A', preferred securities to 'BBB+' from 'A-', and short-term debt to 'F2' from 'F1'. Due to the existence of a support agreement and other factors, Fitch views TFC's ratings as being linked to the parent's ratings. The Rating Outlook remains Negative. Approximately $7.1 billion of debt and preferred securities are covered by the rating actions.

The rating actions reflect lower business jet deliveries at Cessna, the continuing weak business environment in TXT's other segments, and TFC's diminished financial performance. Because of these factors Fitch does not expect TXT's credit protection measures to improve in 2003 as much as previously anticipated. The Negative Rating Outlook assumes continued pressure from the prolonged cyclical downturn in TXT's industrial businesses, as well as the weak business jet outlook. The effects of the weak economy are partially offset by TXT's restructuring program, which ultimately could generate annual savings of approximately $400 million, and lower interest expense resulting from debt reduction in 2002. Continued weakness at TFC could also pressure TXT's credit quality given the support agreement between TXT and TFC.

TXT's debt ratings consider the company's diverse portfolio and market-leading positions, lower debt levels resulting from divestiture proceeds, solid liquidity position, and ongoing restructuring program, which drove improved margins in three of the manufacturing segments in 2002. Concerns center on the challenging economic environment, the business jet market, softer profits at TFC, and uncertainty about the V-22 tilt-rotor program. Fitch also is concerned with the future uses of discretionary cash flow, which likely will not include de-leveraging.

TXT's liquidity as of December 28, 2002, excluding TFC, was $1.76 billion, consisting of $286 million in cash and $1.5 billion of credit facility availability, offset by $25 million in current maturities and short-term debt. TXT improved its credit statistics in 2002 compared to 2001, as restructuring efforts and debt reduction offset the weakness in TXT's cyclical business units. However, TXT's credit statistics are still well below 2000 levels. Fitch conservatively includes TXT's trust preferred securities in the calculations of debt and interest expense, although Fitch acknowledges certain equity-like benefits that these securities add to TXT's capital structure. TXT's Debt to EBITDAP ratio, excluding TFC, was 2.6x for 2002, compared to 2.7x and 1.8x for 2001 and 2000, respectively. Interest coverage for 2002 was 5.3x, compared to 4.3x and 7.8x for 2001 and 2000, respectively. Fitch expects TXT's credit statistics to improve modestly in 2003, with minimal debt reduction and continued economic weakness limiting the improvement. However, free cash flow generation should improve financial flexibility.

TFC's profitability measures came under pressure in 2002 due to higher credit costs and an after-tax $15.4 million goodwill impairment charge in connection with the adoption of SFAS 142, as well as the commenced realignment/exiting of some of its businesses. As such, the company's 23 consecutive years of earnings growth ended in 2002. The impairment charge relates to the valuation of the franchise finance division and is primarily the result of declining loan volumes and an unfavorable securitization market for this type of receivable. Net income in 2002 was $60 million, 50% lower than in 2001.

The quality and level of TFC's capital base has steadily weakened and has become an increased focus. With the expansion of the receivables portfolio since year- end 1998, TFC's leverage has sequentially increased. Managed debt-to-tangible equity has progressively risen over the past three years from 7.54x at year-end 1999, to 8.90x at Dec. 28, 2002. The growth in receivables coupled with the low rate of internal capital formation has caused leverage to increase over the years. In addition, in light of TFC's acquisition and asset securitization activities, the quality of the company's equity base has declined. Acquisition-related goodwill and securitization-created assets accounted for 52% of equity at Dec. 28, 2002, up from 15% at the end of 1998. Fitch expects leverage to improve slightly over the next year with the anticipated slowing growth in receivables and smaller dividends to TXT. However, leverage remains high for the current rating category given the existing business mix.

The relationship between TFC and Textron is governed by a support agreement. The support agreement requires that TXT maintain TFC's net worth and fixed charge coverage at $200 million and 1.25 times (x) or higher, respectively, at all times.

Contacts: Textron Inc. - Craig Fraser 1-212-908-0310, or Daniel Weinberg 1-212-908-0707. Textron Financial - Peter J. Shimkus 1-312-368-2063, or Philip S. Walker, Jr., CFA 1-212-908-0624.

[Headlines] 

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**** Announcement *********************************************

ELA's National Funding Exhibition, "Got Funding," April 9-10 at the Fairmont Hotel in Chicago

-April 1 is the last day you can register and still be included in the important final attendee list. No Fooling!

--Only registered people can access the FULL ATTENDEE LIST, which includes address, phone, etc. Unregistered visitors can view the "lite" list showing only the name and company of registered attendees. Everyone can check out the latest list by clicking on http://www.elaonline.com/events/2003/fundingexhib/attendees.cfm

--More than 40 Funding Sources will be at the Exhibition, but so will hundreds of attendees. The longer you wait to register, the harder it will be to get the appointments you want. Funding Source schedules are filling up fast. To check out the impressive list of Funding Sources, go to http://www.elaonline.com/events/2003/fundingexhib/exhibitors.cfm

Register today at http://www.elaonline.com/events/2003/fundexhome.cfm

If you have already registered, continue checking the Funding site for available appointments with new exhibitors that you might want to see. The site is in constant flux (appointments getting cancelled and added) and you may be able to schedule with a funding source that wasn't previously available.

[Headlines]

*** announcement *********************************************

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We Get Letters---

I am fairly new to this industry, (only 3 years in) but already know the value of your newsletter as a valuable source of information. I do not have the time in the business yet to attend the conferences and workshops to build a network from hands on exposure, but do feel like I know a lot about who and what is out there from the information you have provided me.

I read over and over again people who complain about your newsletter and the things that you print. I would like to tell them all to just delete the message. It very clearly shows where it is from and what it is in the subject line. How hard is it to hit delete? I know if I don't want to read something because I think it is trash, I have no trouble throwing it away.

So, for those of us who come to work early, make our coffee and read your newsletter before starting our days, Kit, I would like to thank-you.

I would appreciate it if you wouldn't use my name because as I said, I am still fairly new to the industry and more specifically to this job....

(name with held)

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Thanks for the very informative news each day. Have been reading this for a

while and look forward to your updates.

Keep up the good work.

Regards

Andrew Prince

Andon Leasing Ltd.

AndonLeasing@aol.com

Commentary From The Equipment Leasing Front

Interestingly, one of your ardent Hewett Packard Finance Services and Leasing News protesters only became an HPFS broker in the last 60 days. Many HPFS brokers have been "imbedded" in the program for over a year. You do not see or hear these brokers raising Cane as it were. Perhaps that is because most of these front line brokers are about their business in a professional manner - fighting the fires that this unfortunate decision has caused with hundreds, perhaps thousands of lessee's and vendors nationwide. Nevertheless, HPFS should have given their broker partners a thirty day window in order to close up current business, inform the vendors and lessee's and reduce the fallout.

Let's remember that HPFS is not the first funding source to make such a hasty decision especially in tough economic times - the list is endless (perhaps you could include the list, e.g., USA Capital, GE-Colonial, LAC, Leverage, etc. etc. etc.). Scenario: Sales and marketing departments increase volume by double and triple digits ("hit me with the digits") and everyone is a hero - inside funder folks and brokers alike, then a year or so later the finance and accounting gurus run the numbers and instead of an expected 1% (for example) 90 - 120 day late pay and bad debt ratios are skewed on the high side due to the huge sales increases hence, the current ratio is running double or triple expectations. The CFO from Com Central or another power from outside the front lines division, i.e, Sales and Marketing, gives a 24 hour ultimatum seemingly oblivious to the problems this "decapitation" can cause.

We've seen it before. We'll see it again. One business professor said it best; "Sales and Marketing will never join forces with Finance". Those that have been around the industry will remember that Colonial Pacific doubled revenues from 1/4 billion to 1/2 billion (guesstimate) in less than two years with their new broker marketing programs. With that increase came increased pressure in the collections area of the business. Ask Financial Pacific Leasing or Pawnee about collections; they have as many or more people in their collections department than any other, but that is due to their style of accepting "C" credit business - they planned and prepared for it from years of experience. When GE auditors looked at the toll the increased revenues were making on the slow pay, no pay and % of bad debt - it was curtains for a vibrant program. At least with Colonial, the handwriting was on the wall for two years or more and most brokers had scaled back and repositioned their business with other funding sources before the proverbial ax fell. Perhaps when the dust settles HPFS will see that this would have been a more prudent way to handle the current situation - a slower, precise and more calculated response. It would have reduced the number of wounded and casualties significantly.

This is nothing new to the veteran broker; it's just terribly unfortunate. Soon (we hope) the battles will be over, the clean up complete, restoration underway and the news will be covering other issues.

Name withheld.

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I wanted to comment on the recent flap over HP Financial. Until the

day I die or retire from this business (I'm not sure which one will come

first) I swear that I will always struggle to understand the mentality

of the third party originators in this industry. I never did any

business with HP Financial because I had heard that they had "liberal"

credit window. Many of the brokers I spoke to about HP were salivating

over this fact. Several people had recommended that I jump on the HP

band wagon before it was too late, however, I could never get

comfortable with the fact that they were going to be around if what I

was hearing was true. In retrospect, it was better no to be a pioneer

with respect to this "funding source"

The point is that no matter when you hook up with a funding source that

literally abandons its "operational" inclination for a marketing

oriented strategy the relationship is bound to be short lived. You

correctly point out that the mission of a captive is to sell equipment

for its parent company. There are many successful captives such as Cat

Credit, John Deere Credit, Kubota, and Komatsu. Steel Case, I believe,

has a private label "captive" that is, or was, operated for them by GE,.

In all of these cases, however, there is hard collateral involved and

the dealers that avail themselves of the services of the captive, are

generally very strong companies in their own right. They can stand

behind the dealer reserve on a $400K excavator. In this case I would

guess that the manufacturer, the captive and the dealership understand

what their responsibilities are when a transaction ends up in default.

Recovery is high and the individual dealer generally has personal

knowledge of the debtor/lessee and the company.

I am not so certain that captives in the technology sector have the same

level of cooperation and customer knowledge built into their business

model. As I look back on the past several years and see the failure of

captives like Cisco and Lucent and the apparent changes in the operating

philosophies of Canon Financial, Toshiba and many others, I can't help

but draw the conclusion that technology based captives should not

approach the market with the attitude that, their "only" mission is to

assist their marketing and sales departments.

I do not believe that HP, or any other tech company captive, realizes

any higher rate of recovery than an "arms length" third party

lease/finance company. If the captive is not properly reserved for the

credit risk that they are taking, then that portfolio will be headed for

a train wreck. Especially when the directive is to make certain that

the sale is made at the sacrifice of sound underwriting practices.

As you aptly pointed out it is the job of the broker to get the deal

done in the most expedient way possible, at a price and terms that the

customer will accept and which will maximize the broker's income

potential in the transaction. The part that I struggle with

understanding is why people in this industry, after seeing it time and

again, do not understand that a program, like the HP program, will be

short lived at best. A company cannot engineer long term success

without a balance between the operational and marketing aspects of the

business.

I think I first heard about HPFS 12 months ago. When I investigated and

saw some of the people that they were doing business with I decided not

to pursue them as a funding source. This was not because these lessors

or superbrokers were dishonest or unethical. It was because I saw many

of the same people who jump from source to source always looking for the

most liberal credit window and the lowest rate. In general, the funding

sources that this group does business with tend to have a very short

life span. Even if the ethics or methods of some of the broker/lessors

could be called into question, these problems will not generally surface

until a portfolio is into its second year of aging, unless of course

there was out right fraud. While I understand and advocate "Chaos"

theory in many business situations, I have found that relationships with

funding sources need to be considerably more stable. In my opinion it

is ill advised to base any funding relationship on the "they will buy

anything at a great rate" benchmark.

As for HPFS, I would like to assemble a delegation of quality third

party originators and sit down with these folks. I think we could

demonstrate to them that the broker/lessor distribution channel can be

highly profitable, if it is properly managed. In this day and age we

need all of the funding sources we can get. When we see one doing the

wrong things, we should call it to their attention and point out the

past mistakes of others. True, they may not listen but, if they do, we

may just end up with a funding source that would be in business at least

2 years.

Bob Rodi, CLP

President

LeaseNOW, Inc.

drlease@leasenow.com

www.leasenow.com <http://www.leasenow.com/>

1-800-321-LEASE (5327) x101

----

I read your article posted about Fords issues with vicarious liability, this

is beginning to affect titled vehicle broker business nationwide. Ford has

begun to decline commercial deals that have anything to do with people

movers (i.e.: 15 passenger vans and mini vans used to move more than just

the family) citing vicarious liability litigation issues.

On going litigation is making it more and more difficult for not only the

small guy to stay in business but also the big boys are feeling the effect!

Ok, Ford can get out of the business in RI but it appears to me that this

can very well happen in all states. Devastating news for the industry.

Bob Underwood

Bunderwood@specialty-leasing.com

Have a nice weekend.

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