Monday, March 31, 2008
Headlines--- Clarification: Billy Joel or Paul Simon? ######## surrounding the article denotes it is a “press release”
------------------------------------------------------------------ Clarification: Billy Joel or Paul Simon?
"Penalty for Federal Reserve" by “Great info as always! “Though isn’t that Paul Simon song (Hope you enjoyed your cruise J) All the best, --- “I believe that was Simon & Garfunkel, not Billy Joel.” (you may have to send out a press release to correct that…lol) Michael J. Liberatore -- “Re today’s article on “Penalty for the Federal Reserve,” you really don’t owe apologies to Billy Joel. “Slip Slidin’ Away” is a Paul Simon tune.” Paul Paul Bent, Principal All I can say is I must have had Billy Joel on my mind...The three gentlemen above are correct. “Slip Slidin' Away” was written by Paul Simon in 1975. "Paul Simon (October 13, 1941- ) is an American musician and songwriter. He first became famous as a member of Simon and Garfunkel, with his friend, Art Garfunkel. He wrote their songs. The two went their separate ways in the early 1970s and since then Simon has become a successful solo artist. "Some of Simon's most famous songs include Slip Sliding Away, American Tune, Late in the Evening, Still Crazy After All These Years, Me and Julio Down By the School Yard and 50 Ways to Leave Your Lover. His 1986 album Graceland is very well-known. He is 65 now, and is still producing music. His newest album is called 'Surprise.'" From the 1986 "Gospel Jam Session," originally aired on cable, later released on VHS and DVD with various titles (the most recent being "Paul Simon's Night Of Gospel Glory"). Kit Menkin, editor
-------------------------------------------------------------- Classified Ads---Sales
To place a free “job wanted” ad here, please go to: For a full view: all “job wanted” ads: -------------------------------------------------------------- Bulletin Board Complaint
December 21, 2007 Charlotte Sestito sent a copy of the check cashed by Omega as well as supporting papers. All e-mail was returned sent to Omega Capital Partners. Although Mr. Johnston on the first call said their e-mail was not working and he would look into the matter and get back, it continued not to work. After five business days, a second telephone call was placed and he said he was talking to their attorney. The telephone was answered by Mark Johnston each time, five times, giving the impression this was a small office. The e-mail was still not working. The Better Business Bureau listed Ken Adler as "president/owner." He was never available. The third and fourth telephone conversation Mark Johnston repeated that his attorney did not want him to comment on the return of the deposit. February 4, 2008. Charlotte Sestito filed a Better Business Report. The fifth telephone call Mr. Johnston said the matter was being handled by the Better Business Bureau and his company would make no comment. March 12, 2008. Mrs. Sestito informed Leasing News the Better Business Bureau was unable to resolve the matter. Again, Mr. Johnson was asked to provide a bilateral agreement that Omega Capital Partners was entitled to keep the first and last payment plus documentation fee, but as of this date has not provided it to Leasing News or Mrs. Charlotte Sestito. Better Business Bureau Report: Omega Web Site: -------------------------------------------------------------- Top Stories - March 24--March 28
Here are the top ten stories most “opened” by readers last week: (1) CIT Exposed--- (2) Correction: (3) IFC Credit continues to press forward (4) No.#1 Orix/Equilease Exec. at Harbour Capital (5) Is Warren Buffett Eyeing CIT? (6) Evergreen: Failure to Give Notice (7) Marlin to depend on new Industrial Bank (8) Buyers Wanted: Creative Capital Leases (9) Leasing 102 by Mr. Terry Winders, CLP (10) Gearing up for more bank defaults
-------------------------------------------------------------- Why attend a Leasing Conference? by Brian Montgomery/Gerry Egan
We are in the final stages of preparing for the NAELB Annual conference in New Orleans on April 10th through the 12th and things are looking great for this year’s conference. While this video presentation was originally prepared by Gerry Egan for our conference, we thought it such valuable information, that we decided to offer this message to all non NAELB members. Even if you are unable to attend our conference, you may well be able to apply these principles and strategies to other meetings that you are considering attending. Here's a short message from Gerry Egan, NAELB Past President, that anyone attending or thinking about attending should hear before they get to New Orleans. In his usual down-to-earth, straight-forward way, Gerry presents a unique way of getting the most out of the annual conference or any other industry conference. Remember, Gerry will be our kickoff speaker at the breakfast meeting on Friday morning, April 11th in New Orleans and will have even more then on how to be sure you get the most practical value from the meeting. Brian Montgomery, NAELB President
Video: http://www.forequipmentleasing.com/NAELBConference08/
-------------------------------------------------------------- Leasing Association Conference 2008
April 6th-9th, 2008 Conference Brochure ---------------------------------------------------------------------------------
April 10-12 --------------------------------------------------------------------------------------
April 16-17 --------------------------------------------------------------------------------------
June 11th - 14th, 2008 Christopher "Kit" Menkin to present Leasing News Person of the Year Award 2007 to Randall Brook, retired Senior FTC Attorney. ----------------------------------------------------------------------------------
October 12-14 --------------------------------------------------- To view Leasing Association Events-Meetings Open to All, please click here. -------------------------------------------------------------- Leasing Industry Help Wanted Collector
Document Processor
Senior Credit Analyst
-------------------------------------------------------------- Leasing 102 by Mr. Terry Winders, CLP
“Liens for equipment on Lease” Most of us know that to protect our interest in the leased equipment a Lessor needs to file a UCC-1 financing statement in the State where the Lessee has filed their charter papers. The filing of a lien is required under Article 9 of the Uniform Commercial Code (UCC) if you have a “lease that is intended as a security”. This occurs when you fail the legal requirements of Article 2A (Article 10 in California) and are therefore by default covered by Article 9. The big difference between the two articles of law is that Article 9 recognizes the customer as the owner of the equipment and therefore requires the Lessor to file a lien. Only in Article 2A is the Lessor recognized as the equipment owner and therefore does not require the filing of a lien. The requirements for an Article 2A lease are: Not an Article 2A lease if:
Is an Article 2A lease if:
For purposes of definition:
If your lease fails this definition of an Article 2A lease then your transaction is called a “lease intended as a security” [1-201(37)] and your lessee will be viewed as the owner and you must follow the requirements of Article 9 and file a lien on the equipment. There are three types of liens. The first one is a lien that is filed on the equipment at any time and no other liens are present on that equipment. The second is the existence of a blanket lien where the lender has a lien everything the lessee owns now plus everything the lessee purchases in the future. The third is when the lender/lessor purchases the equipment for the customer and files a lien called a “purchase money security interest” (PMSI). To be effective and have preference over a blanket lien a PMSI must be filed within 20 days of the lessee’s “taking possession of the first piece of the equipment”. This has accounted for the importance of getting a properly signed and completed delivery/possession certificate or a copy of the bill of laden to show possession date. Way too many Delivery and Acceptance forms fail to request possession date and only have the signature date. This puts into question the possession date and the Lessor does not know if they are late filed. For true legal leases Article 9-505 permits the filing of a precautionary lien on 2A leases. This means that the filing of a lien under Article 9 can-not be used as evidence that the Lessor thought the lease was a loan. The financing statement informs the public that the lessee is in possession of equipment owned by the Lessor and “if” a judge decides the evidence indicates that the transaction is a loan then the Lessor has protected the interest in the equipment by following the rules and filing a lien in the proper manner. The legal rules for leasing are still being refined in the court system as lease cases are constantly presenting additional problems to solve. In addition the accounting rules are under review and there is a movement to create even more differences between lending and leasing so stay diligent and continue to follow the suggested rule changes and get active in our trade associations to help maintain keeping our fingers on the pulse of those who want to alter our business. --- Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666. Previous #102 Columns:
-------------------------------------------------------------- Look out for Hotel computers!
It is important to remember in using any public computer, particularly in a hotel business center, that you may be leaving important information available. For instance, if you log into an account with your password, more than likely it is saved in the computer. Most computer history and cookies are active, meaning once you have logged in, it is made convenient for you to log in again, often if you have not hit “save my password.” Many public It means the next person, or another person, can look at history, see what was open, and then go to it, often finding your log in and password. To protect yourself, at the end of using the computer, open up explorer, go to tools, and you will find the first line is “Delete Browsing History.” You can also go into “Internet Options” and in general delete “browsing history.” This is the first category and it spells out “delete temporary files, history, cookies, saved passwords, and web form information.” Other versions of Explorer have this separated into section of allowing you to keep cache, In Mozilla/FireFox, go to Options, then Privacy, and clear all, including cache. In Opera, go to tools, delete data, and then make sure you go to details first to make sure all the items you want to delete are checked. If not, you may not be deleting the information you left on the public computer.
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-------------------------------------------------------------- Ed Castagna, Learning from the greatest teachers Recently Leasing News asked Ed to answer four questions: 1. What is the biggest issue you face in your business? Growth and positioning for the future. 2. What advice would you give to a young person entering the business today? I see too many resumes from young people who list 3 or 4 one year jobs. Find an industry you are passionate about and stick with it. Find a mentor who you feel holds the highest values and ethics and the level of success you want to reach then follow his or her advice. 3. To what do you attribute your success? I attribute my success to the fact that I work hard for my family and for my health. 4. What is one big thing that hope to do before you die? It's always been a dream of mine to Ski in Chile or Argentina in July. Hopefully my boys will be old enough to be there with me. Maybe they bring my grandkids with them.
Ed joined the Leasing News Advisory Board on February 4, 2004. ” I have been fortunate to learn from the greatest teachers in the business and have too many mentors in our industry to name, “he said. “It’s difficult to convey to people outside our industry how terrific the people are in the companies we deal with every day.” Ed joined his father’s business Nassau Asset Management full time right after graduating college in 1991, working his way up the ladder. “I've been working with my father as long as I can remember,” he says “In my teens I learned how to appraise equipment from our yard mechanics and soon after college became the point person for liquidations. Through this function I can say I have seen most of the “My father started in the leasing business back in the 70's. While running down his own leasing portfolio in the 80's he discovered that other lessors needed to deal with collections, end of term, and repossessions just as he did for himself. In 1986 Nassau was born.” In June, 2005, his father recognized his accomplishments, moved himself up to chairman so he could appoint Ed president. He now was not only fully in charge of day to day activity; he also got a pay raise.
“I live in NY and have 2 boys Jack (3) and Sam (6)”
“My wife Jeanine has her own law practice specializing in adoption. I always tell people she's a "nice” attorney which anyone who meets her will agree. She's a beautiful person who has been bringing the best out of me since the day I met her.”
They both like to travel. “At 40, I'm proud to say I have been attending the Equipment Leasing and Finance Association events for 24 years, he said. “ Being elected to the ELFA board is an honor. My goal is to make a contribution of time and energy to an industry that I respect. Leasing News Advisory Board Member Biography
Edward Castagna, President Castagna has helped liquidate the assets of thousands of distressed companies since joining the firm in 1991. He is particularly knowledgeable about using an alternative to auctions, known as orderly liquidations, to maximize return on liquidated assets. Nassau Asset Management is a full service provider of asset recovery, collections, remarketing and appraisal services to the equipment leasing and finance industry. He has 15 years of experience in all areas of asset management . He is best known for his expertise in remarketing strategies and liquidations. His responsibility includes managing internal operations and a growing staff while working on behalf of clients. His accomplishments include transforming the brick-and-mortar business into an e-commerce-enabled company. Castagna was instrumental in the conception, design, production and marketing of www.nasset.com, a global Web site for remarketing assets. He also was involved in the development and enhancement of NASTRAC, an online system that keeps Nassau customers informed, in real time, about the repossession and sale of used equipment. Edward Castagna is a board member of the Equipment Leasing and Finance Association (formerly the Equipment Leasing Association) representing the service providers business council. He is an industry speaker and quoted source on asset remarketing strategies. He graduated from Syracuse University in 1991 with a Bachelor of Arts degree in psychology. Active in community affairs, he is the Vice President of The Tender Loving Care Foundation, a civic organization that raises funds to enhance neo-natal care for North Shore's Long Island Jewish Health System. --------------------------------------------------------------
News Briefs---- Bernanke Bungled Bear's Bailout States Are Hit Hard by Economic Downturn Aloha Airlines Halting Passenger Service Largest Newspaper Drop in Revenue Scorsese: Working with Stones was a gas, gas, gas ---------------------------------------------------------------
You May have Missed--- Larry Ellison, World's 14th Richest Man, gets tax break ----------------------------------------------------------------
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“Gimme that Wine” Argentina's high-altitude vineyards Wine in New Zealand at the sweet spot Player wine bottles champion good causes Pa. wineries raise quality standards Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Bunsen Burner Day Cesar Chavez Day (California) National “She’s Funny that ‘Way’ Day” National Tater Day Seward’s Day: Anniversary of the Acquisition of Alaska United Kingdom: Summer Time March 31-Oct 26. US Virgin Islands: Transfer Day Saint feast Days
http://www.catholic.org/saints/f_day/mar.php ----------------------------------------------------------------
Beards are the fastest growing hairs on the human body. If the average man never trimmed his beard, it would grow to nearly 30 feet long in his lifetime.
-------------------------------------------------------------- Spring Poem Mending Wall by Robert Frost SOMETHING there is that doesn’t love a wall,
-------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: --------------------------------------------------------------
http://www.gasbuddy.com/ -------------------------------------------------------------- Provence, France-Vacation http://le-monastier.site.voila.fr/ -------------------------------------------------------------- News on Line---Internet Newspapers Cleveland, Ohio -------------------------------- |
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