Thursday, March 10, 2005
######## surrounding the article denotes it is a “press release”
Fort Lee NJ
Los Angeles, CA
Mill Valley, CA
New Jersey, NJ
New York, NY.
New York, NY.
New York, NY
Senior Credit Officer experienced in middle-market leasing; structured, vendor and 3rd party to the fortune 1000. Proactive team builder, originations capable with strong work ethic.
Full listing of 96 “Job Wanted ads” at:
FTC Serves CIT Financial
WASHINGTON (Dow Jones)--CIT Group Inc. (CIT) reported it was served with a subpoena on Monday in connection with a federal grand jury proceeding related to the purchase of leases from a defunct telecommunications services company.In its annual report, CIT Group also said the Federal Trade Commission asked the company to provide documents for transactions related to the telecom company, called NorVergence. The company said it is in the process of complying with the information requests.
CIT Group said the grand jury proceeding being conducted by the U.S. Attorney for the Southern District of New York served the subpoena last month. The proceeding is related to an investigation of transactions related to NorVergence, a reseller of telecommunications and Internet services from which CIT acquired equipment leases, CIT Group said in its annual Form 10-K filing with the Securities and Exchange Commission.
Last year, NorVergence was ordered to be liquidated under Chapter 7 of the U.S. Bankruptcy Code. Various state attorneys general starting investigating NorVergence and financial institutions - including CIT Group - that purchased NorVergence leases.
CIT Group, which provides commercial and consumer finance solutions, said in the filing that it reached some settlements in connections with the investigations. Negotiations with other attorneys general are continuing, the filing said.
-By Shira Ovide, Dow Jones Newswires; 202-862-1356;
email@example.com [ 03-07-05 1830ET ]
(Note: It should be brought to reader's attention that CIT Financial did make a settlement agreement at behalf of the attorney general's staff of New York, plus is making settlements in other states. It appears they have recognized their responsibilities and despite other publicity, are taking the high road on this matter. They also were one of the first to report the “problem” they discovered in their SEC filing. To learn more about the company, see story below on Walter J. Owens as New Chief Sales Officer editor.)
Preferred Capital, Brecksville, Ohio
Have some breaking news, but need further confirmation
Preferred Capital is not making it public at this time.
Any comments please send to: firstname.lastname@example.org
Vanguard Capital, Orange, California
Leasing News has received several complaints about Vanguard Capital, Orange, California, naming Mark Johnston and Chad Lee, who was part
Should anyone have any information that we may verify, please
Here is their latest Better Business Bureau report:
Classified Ads--- Help Wanted
National Account Manager
Platform Business Manager / Asset Manager
Small Ticket Sales Representative
Leasing Association Conferences—Spring
National Funding Exhibition Fairmont Hotel
(note: ELA will allow a one time conference attendance to a non-member. However, the ability to attend not only the conferences but information from their website is well-worth the membership fee)
“The famous Mills House in beautiful, historic Charleston, South Carolina will be the setting for this super conference. Bill Cowden of Springs Leasing, chairman of this event, promises a conference to remember. If you have any workshop ideas or want to volunteer as a panelist, call Alison at 212-809- 1602.”
To view the Mills house, please go here:
April 21-24, 2005
Spring Leadership Conference
For brochure, click here:
Loews Miami Beach Hotel
for more information, please go here:
Hyatt Regency Union Station
General Conference Information:
Maglietta at Citicapital Going Away Party
Re: Sal Maglietta, the new president and CEO of U.S. Bancorp Equipment Finance
“Like Brian Carey said, Sal is a great guy. He went out of his way to make everyone feel welcome at Citicapital. When he left, they gave him a big going away party, formal attire, and all.
Here is a correct picture of Sal taken at the Citicapital going
( You may be able to meet Sal Maglietta at one of the leasing
Young Forms Allegiance Leasing
WESTERN SPRINGS, ILLINOIS -- Unwavering integrity and red carpet customer service is what drove entrepreneur David Young to launch Allegiance Leasing Company in 2005. Founded with the belief that there is a need for a new approach in leasing, Young hopes to set a new standard for the industry.
“Our customers believe in us because we consistently place their best interests above all others,” says founder Young. “We believe customers should be treated as we would want to be treated.”
Young also knows the importance of contributing to his community. That's why Allegiance has committed a portion of its revenues to be donated to Habitat for Humanity International each quarter.
Allegiance has extensive experience working in a wide variety of industries, including information technology, manufacturing, telecommunications, healthcare and homeland security. Focused on venture capital and private equity funds portfolio companies, Allegiance knows their customers need a financing partner that will understand their market. The company aids businesses in building customer loyalty through sales finance private label programs.
“Our purpose is to get our customers the financing they need to grow their business, without all the hassles that can occur with a large corporation or one too small,” says Young. “We understand that managing your own business is time consuming and can be stressful, buying the equipment you need shouldn't be.”
Allegiance founder Young has been in the leasing industry for more than 20 years. Most recently, he was a co-founder of DNJ Capital Partners, which was the first equipment leasing company to have a U.S. Small Business Investment license. After working with several large corporations, he grew dissatisfied with the big companies, poor customer service and complicated policies that were the norm in the leasing industry. Believing there was a better way to help businesses reach their goals, Young founded Allegiance Leasing Company.
“We help companies grow their operations, increase their revenue and decrease their operating costs with our world-class financing services,” Young says. “Our clients enjoy our personal service, attention to detail, and simple finance and leasing programs.”
USXL Closes $150,000,000 Conduit Facility
PARSIPPANY, N.J., -- US Express Leasing, Inc. announces that it has entered into an agreement arranged by Credit Suisse First Boston (CFSB) establishing a $150,000,000 conduit facility.
According to USXL's CEO Jim McGrane, the facility will provide USXL with the financing needed to support the company's continuing growth. "This facility brings us a step closer to our ultimate goal of becoming a significant issuer in the term ABS market," McGrane says. "CSFB is a recognized leader in this market, and we are fortunate to have their support as we continue to build the USXL franchise."
The $150,000,000 commitment provided by the conduit facility complements USXL's existing $75,000,000 credit facility provided through Wells Fargo Foothill Lender Finance. In addition to the initial commitment, the conduit facility's structure is designed to accommodate future expansion as USXL grows its lease portfolio. "We anticipate that this facility will grow as USXL continues to expand its business," McGrane says.
US Express Leasing (USXL), headquartered in Parsippany, N.J., is an independent leasing company originating transactions through dealers and manufacturers. USXL provides financing to the healthcare, technology, office products, and commercial and industrial equipment markets. For more information, visit US Express Leasing on the Internet at
Clear Blue Ventures Appoints Christopher Lutes as Chief Financial Officer
TUCSON, Ariz., -- Clear Blue Ventures, a venture lending firm that provides short-term financing to emerging growth companies, announced the appointment of Christopher Lutes as chief financial officer. Mr. Lutes is the former chief financial officer and executive vice president for Silicon Valley Bank, a commercial bank focused on venture capital-backed technology and life sciences companies across the U.S. Mr. Lutes is charged with directing and leading the overall financial strategies for Clear Blue Ventures. As the third general partner of Clear Blue Ventures and serving an active role on its Board of Advisors, Mr. Lutes will also play an integral role in investments, strategic planning and fundraising on behalf of the firm.
Under Mr. Lutes' leadership SIVB was named the top-performing publicly traded large bank based on return on equity in 2000 (33 percent ROE) by the ABA Banking Journal. Mr. Lutes also served as a director responsible for managing approximately $200 million in off-balance sheet private equity funds raised by SIVB. He helped oversee $50 million in strategic investments in roughly 300 venture capital funds and start-up technology companies spanning the U.S., Europe, Israel and Asia.
"We are uniquely positioned to strengthen our capabilities in this core area of focus," said Rick Gibson, president at Clear Blue Ventures. "We continue to see significant opportunities for venture lending, and Chris' addition to the team will play an integral role in establishing strategic alliances and bridging the gap between venture capitalists and early-stage companies."
"There continues to be a need for venture lending products for early-stage companies to complement the equity they raise from venture capitalists. I am excited about joining Clear Blue Ventures as I believe we help meet that need," said Christopher Lutes, chief financial officer. "What's unique about our firm is that it offers entrepreneurs a portfolio of comprehensive venture lending products, which is something growing companies value."
Since 2001, Mr. Lutes has been the chief financial officer for two privately held financial services and technology companies, both of which had successfully liquidity events. He is also currently the CFO for several early-stage technology and life sciences companies.
Mr. Lutes is a CPA and received a bachelor's degree in accounting from Arizona State University.
About Clear Blue Ventures
Clear Blue Ventures is a leading venture-lending firm that provides innovative financing solutions to emerging growth companies, especially in technology and life sciences industries. Clear Blue Ventures offers short- term financing in the form of bridge loans, accounts receivable financing, purchase order financing, and venture leasing. By filling the gap between equity investors and banks, Clear Blue Ventures is helping emerging growth companies obtain sufficient working capital and grow without excessive levels of equity dilution or long-term debt.
For more information about Clear Blue Ventures, please call 1-800-221-5664 or visit www.clearblueventures.com.
Alta Consultants to Address CFO Concerns in New Customer Financing Session at National Manufacturing Week
CHICAGO, -- The National Association of Manufacturers (NAM), in cooperation with The Alta Group, an international consultancy, will provide a new session this year during National Manufacturing Week. This special program will focus on customer financing and will be held on today, March 10 in conjunction with a CFO lunch in the President's Club at 10:30 a.m.
The Alta Group is a well respected international consulting firm specializing in helping manufacturers to give their customers more and better financing options when acquiring the companies' products.
The session, titled Customer Financing -- Promises and Pitfalls, will explain how successful customer financing programs are created and ways to address some of the common concerns in this area. The session will outline various opportunities for manufacturers and give attendees time to ask questions and share their views in special areas of concern -- from emerging tax issues to shareholder perceptions to new reporting requirements.
This program, to be presented by Paul Bent and Shawn Halladay of The Alta Group, will also provide real world examples from companies such as GE, IBM and Dell. At the end of the session manufacturers will know more about when customer financing may make sense for them and how to establish a viable vendor finance program; and those who may already have a vendor program or a captive division in place will learn ways to improve its performance.
Halladay is a managing principal of Alta's Professional Development Division and is well known throughout the equipment leasing and finance industry as an author and educator in the field of equipment leasing and finance. He has more than 20 years experience as a lessor, trainer, consultant and auditor. He has served lessors throughout North America, South America, Asia and Europe, providing training in all aspects of equipment leasing and consulting services supporting vendor finance, benchmarking studies, competitive analysis, strategic planning, litigation support, mergers and acquisitions and accounting and quantitative analysis.
He has authored or co-authored eight books on equipment leasing, including "A Guide to Equipment Leasing," "An Introduction to Leasing" and "The Handbook of Equipment Leasing."
Bent joined Alta as an associate last year and is a specialist in large- ticket leasing and asset-based corporate financing. Bent has worked with major corporations, institutions, and law firms throughout the United States, the Far East, and Europe in arranging, structuring, negotiating, documenting, and closing over $2 billion in equipment financings, energy projects, asset- based fundings, corporate acquisitions, and related transactions. He has worked directly with clients in sourcing and arranging transactions, managing the development of proposals, placement memoranda, and transaction documentation, and negotiating with all parties through transaction closing.
The Alta Group and NAM have also provided annual conferences on the subject of customer financing for senior executives from both the manufacturing and equipment financing business sectors. For more information, see http://www.thealtagroup.com.
About The Alta Group
The Alta Group (http://www.thealtagroup.com) is a leading source of international consulting and advisory services, education and training for the equipment leasing and finance industry. It is composed of more than 20 professionals, including former CEOs, company founders and industry organization leaders, who collectively represent nearly 600 years of experience. The company has an active practice in North America, Latin America and Europe.
SOURCE The Alta Group
Universal Express Signs Agreement With Cyphermint, Inc.
NEW YORKUniversal Express (OTCBB:USXP) announces that its division, Universal Cash Express has partnered with kiosk software developer Cyphermint, Inc. for deployment of their PayCash OneStop(R) financial kiosk terminal to UniversalPost's network of postal stores.
"Besides being able to offer bill payments, the financial kiosk may offer when appropriate, payday advance, check cashing, money transfer, wireless, long distance, and over 100 gift cards including our newest luggage express gift card. (www.866shipbags.com/giftcard) The kiosk also allows the merchant to upload, in real-time, funds to the Universal Cash Express Visa Gift Card, empowering the merchants with access to the prepaid debit and transfer card market worth millions of dollars annually," said Brett Hudson, President of Universal Cash Express.
The future of the kiosk industry is now. Companies are finally learning to build the business case for self-service, and deployments are growing as a result. Next steps will be the incorporation of leading-edge technologies like Wi-Fi, RFID, biometrics and electronic advertising.
"This growing and evolving partnership revolutionizes the capabilities of the pre-paid industry. Universal Cash Express fast and easy impulse purchases over a touch screen terminal can generate substantial profits," said Richard A. Altomare.
"Our PayCash OneStop kiosk will enable eCommerce and financial services for merchants who want unparalleled security, scalability and management through self-service and full service applications" said Joe Barboza, President and CEO of Cyphermint."
Cyphermint is a provider of Global Electronic Cash Payment and e-commerce infrastructure and integration solutions. Our core technology, PayCash(TM) is used in three major areas: (1) Internet Cash Payment Systems, for secure e-commerce services for the un-banked and emerging consumer market. (2) The PayCash Now(TM) Visa(R) Debit Prepaid Card. (3) Kiosk Solutions - Cyphermint's kiosk software solutions provide retailers with secure end-to-end integration to kiosk networks and provides existing networks with eCommerce capabilities. Cyphermint's core technology provides consumer's access to financial services such as Internet shopping, bill payment, and check cashing. Cyphermint provides turnkey solutions that deliver secure transactional, financial self-service and merchandising services. www.cyphermint.com
About Universal Express
Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp., (including its USXP Cash Express division) Universal Express Logistics, Inc. (including Virtual Bellhop, LLC and Luggage Express, Universal Express Courier Association) and UniversalPost Network. These subsidiaries and divisions provide the private postal industry and consumers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods and people worldwide. www.usxp.com.
Investor Relations: Equitilink L.L.C. Ron Garner 877-788-1940 toll free 858-824-1940 International or local www.equitilinkpr.com
eCredit and PayNet Announce Strategic Alliance
DEDHAM, Mass. and SKOKIE, Ill.,-- eCredit, a leading provider of online software for credit and collections professionals, announced that it has entered into a strategic alliance with PayNet, the leading resource for industry-specific credit information for the commercial equipment finance industry. This alliance will allow commercial lenders, which include a substantial number of eCredit's existing customers, to improve both the efficiency and effectiveness of their credit operations.
"The integration of PayNet's powerful risk assessment tools and payment history data with eCredit's full-powered credit management software offers distinct advantages for XTRA Lease as well as the rest of the equipment finance industry," said John Pomilio, Vice President, Customer Financial Services, XTRA Lease. "Incorporating PayNet's data into eCredit's already powerful decision support platform will enable us to make even more reliable decisions quicker and as a result, offer exceptional service to our customers."
"Commercial credit is undergoing rapid change. Combining application software with predictive information provides lenders with increased originations and sound credit decisions," said William Phelan, PayNet President. "The partnership between eCredit and PayNet delivers this benefit to our clients."
"This alliance with PayNet is the latest in a series of partnerships designed to enhance the capabilities and performance of our software, making it increasingly applicable to and useful for a variety of vertical markets," said Jeff Dickerson, eCredit CEO. "Combining our leading online solutions for credit processing with PayNet's comprehensive database of customer credit data will enable companies to make more reliable credit decisions using the most appropriate data, delivering significant benefit to corporate operations."
Effective immediately, this alliance is available to new and existing customers in the eCredit and PayNet families.
eCredit is a leading provider of online software for credit and collections professionals. Its award-winning product family -- Personal Edition, Professional Edition, and Enterprise Edition -- supports the mission critical processes of granting credit, monitoring portfolio risk, resolving disputes and collecting accounts receivable. With deep roots in the credit and collections community, eCredit has over a decade of experience helping companies reduce bad debt and DSO while improving productivity, lowering costs and demonstrating results. Its on-demand software supports companies of any size in a broad array of industries and geographies, including ChevronTexaco, Cisco, Samsung Electronics, Cargill, NEC Financial, Graybar, CDW, Sun Microsystems, and Ryder System. eCredit is a private company headquartered in Dedham, Massachusetts. For more information, please visit http://www.ecredit.com or call 1-877-LOWR-DSO.
About PAYNET, Inc.
PayNet, Inc. manages the data repository for the commercial equipment finance industry, an industry that represents more than $550 billion in assets. With the exclusive endorsement of the Equipment Leasing Association (ELA) this repository has become the nation's largest online database of current and historical lease and loan payment information used for credit decision purposes. Over 90 commercial lenders are Members including eight of the ten largest leasing companies, representing a majority of the net assets in the industry. PayNet uses its proprietary technology and the power of information tools to increase profitability, improve operational efficiency, and reduce credit losses. PayNet Inc. is headquartered in suburban Chicago.
For more information, visit PayNet at
IDB Leasing, Inc. Acquires Fleetwood Financial as its New Division
New York, NY, IDB Leasing, Inc., a subsidiary of Israel Discount Bank of New York (“IDBBank”), has announced that it has recently acquired substantially all the assets of Fleetwood Financial Corporation, 1001 Durham Avenue, South Plainfield, NJ. Richard Miller, President of IDBLeasing®, stated, “We are extremely excited to have Fleetwood Financial join us. This new affiliation enables us to expand the Bank's business presence in New Jersey and puts us light years ahead of our original projections for IDBLeasing. Fleetwood's expertise in vendor-driven direct lease financing completely complements what IDBLeasing has been doing for the past 5 years.”
Established in 1999, IDBLeasing quickly began to attract creditworthy middle market clients as well as investment grade business, and its portfolio's sustained growth since then has consistently surpassed annual projections. The company discounts all types of leases and installment obligations nationwide, with flexible terms and even next day funding capabilities. While currently 90% of IDBLeasing's business is indirect, the ratio is expected to change with the new acquisition. Direct contact with IDBLeasing's decision makers enables quick response and turnaround and, for customers of IDBBank, whatever the decision, there is no impact on their borrowing capabilities with the Bank. IDBBank, headquartered at 511 Fifth Avenue in NYC, is a New York State-chartered commercial bank and a member of the FDIC. The Bank is ranked ninth largest commercial bank in the NY by Crain's New York Business and is also one of the strongest banks in the U.S. based on its liquidity position and capital ratios. Total assets exceed $8 billion.
Fleetwood Financial, established in 1985, is primarily a small ticket vendor-driven lessor, with a national presence. As IDBLeasing's new division, it will maintain the Fleetwood name and be headed by Fleetwood's 3 principals, Bob Sponheimer, Joe O'Sullivan and Rick Frank; the three have also been named EVPs of IDBLeasing. Mr. Sponheimer commented that their “goal was to join a major, prestigious financial organization and expand our base, something we'd been unable to do because of capital restrictions. We couldn't be happier.”
Mr. Miller views the new relationship as a “winning proposition” for all involved. “We fully expect that the collective professional expertise combined with the strength of IDBBank's balance sheet will prove to be quite profitable for both IDBLeasing and the Bank. With the Bank's financial support, the Fleetwood division of IDB Leasing should bring in substantial new business in 2005 and beyond.”
CIT Appoints Walter J. Owens as New Chief Sales Officer
NEW YORK, / -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, announced the appointment of Walter J. Owens as Executive Vice President, Chief Sales and Marketing Officer. In this newly-created position, Mr. Owens will assume responsibility for overseeing CIT's sales organization across all of the company's business units, effective immediately. He will report directly to Jeffrey M. Peek, Chairman and Chief Executive Officer.
"We are pleased to have Walter Owens lead our efforts to further build a sales and growth culture that matches the unrivaled excellence of our risk and credit culture," Mr. Peek said. "Walter brings a solid understanding of the marketplace and substantial experience in building market share and presence. He also possesses the credibility and experience to work in partnership with our business leaders to formulate strategic sales plans that achieve our goals for growth."
"I am excited to join CIT, a proven industry leader that is committed to re-energizing its focus on building long-term, profitable relationships with its customers," Mr. Owens said. "I look forward to working with and across CIT's businesses to help build a market-focused, best-in-class sales organization."
Mr. Owens recently served as Chief Marketing Officer for GE Commercial Finance where he was responsible for executing growth strategies for existing and new products and markets. Prior to this assignment, Mr. Owens held a number of key roles at GE including leading the Heller integration for its GE Corporate Finance Services unit, as Managing Director of Global Securitization for GE Capital Market Services and as Managing Director and General Manager of GE Small Enterprise Services.
Before joining GE, Mr. Owens served as Vice President at Citibank's
Corporate Policy & Advisory Group from 1990 to 1992. He began his career in 1982 where he held a number of positions at Deloitte, Haskins and Sells in the Accounting and Auditing Services Division. He holds an M.B.A. from New York University and a B.S. from Villanova University. Additionally, he is a Certified Public Accountant (CPA).
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and component of the S&P 500, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit
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Beige Report: The Fed Says All Is Well, or Mostly So
Fed report: economic activity is expanding moderately: The nation's employment climate improved, stores rang up sales and factories boosted production last month, fresh signs the economy is chugging ahead at a respectable pace.
Summary of Beige Report:
Report by District:
Senate Delays Action on Bankruptcy
Bankruptcy rules soon could get tougher
Oil Prices Briefly Rise Over $55 on Demand
Dollar Spins to 2-Month Low Vs Euro
Doubts Creeping Into Market's Rosy Outlook--ABSnet
William Clay Ford Sr. to retire from Ford Motor board
To recap, Janay, Amanda, Travis and Nikko were eliminated.
The cast before elimination Wednesday
Castine's 'Idol' exit no shock to viewers
“Gimme that Wine”
Wineries bank on robust glass
In search of the all- important ‘terroir,' Jeff Cohn and Rosenblum Cellars comb California for extraordinary vineyard fruit
Calistoga spurns 'Mondavi Highway'
Sparkling wine sales jump 5.2%
March 08, 2005 06:02 AM US Pacific Timezone
Elvis Rocks the Wine Charts -- Hottest Small Brand of the Year; Wine Business Monthly Magazine Honors Graceland Cellars
This Day in American History
1776- Charleston,S.C., set up an independent government under a temporary local constitution that was to be in effect until an agreement with England could be reached. John Rutledge was chosen president. This government, said to be the first independent government within the recognized borders of the colonies, successfully defended Charleston against the British army and fleet on June 28, 1776, thus freeing the South from attack for nearly three years . Culture was also flourishing here and New York City, Philadelphia, Boston, but most of all in Charleston. In the mid-eighteenth century musical concerts were flourishing in the colonial centers, and musical societies, music dealers, and instrument makers all benefited. the first music society in America was founded in Charleston, the St. Cecila Society in 1762. In Europe, Charleston was considered the chief cultural center of the colonies, and many artists, actors and musicians chose to settle there when they immigrated to America. Other cities could boast of cultural achievements as well. In Boston a group of gentlemen sponsored a concert in Faneui Hall as early as 1744, and in 1954 the first concern hall in Boston was opened by Gilbert Dubois. Philadelphia boasted four organ makers who produced spinets and virginals as well as organs. “In 1762, the women of Charleston founded the St. Cecila Society as a musical organization; however, by the 1840's, the society had become more of a cotillion club than an organization to provide quality music to the socially refined. The society held their largest ball annually during February (just before lent) in Hibernian Hall on Meeting Street. A contemporary remarked "the membership remains exclusive and its affairs somewhat secret." Even today, the club remains secretive and its historical records and membership lists remain off-limits to non-members.”
Warm Winter Brew
This is an easy thoughtful gift. Just put this poem with a packet of apple cider and tie on a cinnamon stick with a piece of raffia. Or use a packet of hot chocolate mix. What could be easier!
Try this. Take your spouse out to lunch, just the two of you, at least once a week. Make a Friday or Saturday date. And demonstrate your youth with a fun thought, just as above.