Friday, May 18, 2007
Headlines--- Robert D. Baker, CLP ######## surrounding the article denotes it is a “press release” Coming this Monday---Bob Teichman, CLP, Chairman of the Leasing News Advisory Board— the National Association of Equipment Leasing Brokers’ Nashville Conference---this Monday-stay tuned!!!
------------------------------------------------------------------------------- Robert D. Baker, CLP
Bob remains in the Vascular Intensive Care unit at St. Luke's Hospital, 232 South Woods Mill Road - Chesterfield, MO 63017. He is not able to speak on the telephone. Family members have told others that they believe he is aware of their presence in the hospital room; however, according to a nurse, he is not alert and is still considered in critical condition; “guarded” was also used. The family has requested that no flowers be sent at this time, Leasing News continues to hear from friends who would like to “I am so sorry to hear about Bob Baker. I have been in contact with him and his staff over the years and in fact, had a lovely conversation with him in the last year about our own personal losses. He is in my prayers and my wish is for a complete recovery.” Melinda Granieri “I heard about Bob Baker last evening. I was on my way to the NAELB conference. I have known Bob since ’87 in my CPLC days. I’ll be thinking of him and hoping for a fast recovery.” Jim Merrilees “Bob is one of the CLP Foundation's ardent supporters, but more import than that, Bob is a very dear friend and I'll be praying for his full recovery and for his family and his Wildwood family too.” Thank you, Cindy Cynthia Spurdle “Regret to read the news about Bob. Our thoughts and prayers are with the family.” Charlie Bancroft “It was with great sadness to here about our fellow Leasing News advisor, and very good friend. My prayers are with him.” Fred St Laurent -------------------------------------------------------------- Classified ads---Sales
Atlanta, GA Copenhagen, Denmark Montgomery, AL Oklahoma Philadelphia, PA Stuart, FL To place a free “job wanted” ad here, please go to: For a full listing of all “job wanted” ads, please go to: -------------------------------------------------------------- Former head of Mission Pacific Capital arrested
Christopher John Aragon, 47, of Capistrano Beach, Clara Lee Aragon, 34, of Capistrano Beach Marcus Phillipe Rojas, 32, of Mission Viejo, along with Guy Itzak Shitrit, 23, of Miami, were arrested for alleged credit card theft. Christopher Aragon was head of Mission Pacific Capital, Capistrano Beach, California, involved in several advance rental complaints. In 2000, he was one of the first to launch an internet lease "Bizlease offers a seamless operation through a Web-enabled, multi database system linking vendors to their customers while providing due diligence for its underwriters. Bizlease offers the customer a thorough financial service with value added products and services." Ironically, February 15, 2001, Chris Aragon wrote Leasing News about the sale of First Sierra to American Express, saying look what happened when American Express bought Rockford: Aragon, along with the three were allegedly using counterfeit American Express, MasterCard and Visa credit cards to buy items from department stores using counterfeit California driver's licenses. Items purchased were returned to the stores for cash back and many items reportedly also were sold on eBay. According to one report, one eBay account of one of the suspects racked up $56,000 in sales in past 60 days. The police report stated Christopher Aragon and Shitrit reportedly bought $13,000 worth of Coach hand bags using different counterfeit American Express credit cards at Bloomingdales at Fashion Island in Newport Beach. Officers stopped the suspects after being summoned by store security. The two allegedly had 70 counterfeit credit cards in their possession, and each bag was bought with a different card. A search at Arragon's home found more than 100 counterfeit cards, numerous Coach bags, iPods and cameras. The Aragons are each being held on $1 million bail; Shitrit and Rojas are being held on $100,000 bail. Any Leasing News reader with information about Christopher Aragon or the other suspects are asked to call Newport Beach police at (800) 550-6773.
-------------------------------------------------------------- NY AG Sues Dell, Charges Bait And Switch/high interest
(Lawyers from Lerach Coughlin Stoia Geller Rudman & Robbins filed a class action suit on Feb. 14, 2005 in Superior Court for San Francisco County against Dell, Dell's financial services division (DFS) and its finance partner, CIT Finance, on behalf of Dell customers, alleging similar practices. Reportedly the class action suit was settled for $17 million almost a year later. Most likely, this suit will also be settled with the new attorney general of New York, as his predecessor, now governor, Eliot Spitzer, was prone to do while he was in office. Editor) Filing: New York Attorney General Andrew Cuomo accused Dell of engaging in "bait and switch" financing tactics and ignoring service and warranty contracts. In a lawsuit filed in Albany, N.Y., Cuomo also charged the Texas computer maker with deceptive business practices involving rebates, billing and collection. Dell denied the accusations. Cuomo is seeking restitution to consumers, civil penalties and guarantees from Dell that it will not engage in any further "deceptive, illegal, and fraudulent practices." The state did not release details on financial damages it might seek. "At Dell, customer service means no service at all. Dell's consumers were intentionally misled, and they had to pay for that privilege," Cuomo said in a statement. "I hope this lawsuit sends a message to companies large and small that delivering a product is simply not enough -- the promises they make must be delivered as well." The lawsuit accuses Dell of attracting customers with advertising touting no interest or no early payment financing promotions. According to Cuomo, the "vast majority" of customers were denied the deals. Instead, Dell and DFS offered customers financing deals that often exceeded 20 percent. The lawsuit also claims DFS incorrectly billed consumers on canceled orders, returned merchandise or accounts they did not authorize Dell to open. Cuomo said those same customers were then harassed with illegal billing and collection calls. In addition, Cuomo alleges Dell repeatedly failed to provide timely on-site repair as promised in service contracts and discouraged customers from seeking technical support. The lawsuit claims Dell's New York customers calling the company's toll free support number were subjected to long wait times, frequent transfers and disconnections. In cases where on site service was provided, the lawsuit claims, Dell used defective "refurbished" parts or computers to repair or replace consumers' equipment. Dell (Quote) quickly responded with a statement denying the accusations. "While our customers remain our top priority, Dell will vigorously defend itself in court. We are confident that our practices will be found to be fair and appropriate," Bob Pearson, a Dell spokesman, said. "The allegations in the AG's filing are based upon a small fraction of Dell's consumer transactions in New York." Pearson added, "While even one dissatisfied customer is too many…We are committed to providing a positive experience to all of our customers every day." The lawsuit adds another woe to the world's number one PC maker. In January, former Dell CEO Kevin Rollins resigned over disappointing results and a pending Securities and Exchange Commission probe into the possibility of financial misstatements. Dell founder and president Michael Dell assumed the role of CEO. (It should be noted that Dell was the leader in computer and laptop computer sales, offering build to suite systems shipped out of Malaysia, but the leader today is Hewlett-Packard. http://www.hp.com/)
-------------------------------------------------------------- Interest rates at Dell This is from www.dell.com finance $10,000 $1.00 purchase option, utilizing the CIT Vendor Finance program. The program also charges an automatic $75 processing fee. Note: for excellent and good credit, computation does not include advance rentals which increase yield, nor gross profit charges such as “documentation” or other fees which seem to range from $60 to $150, lease factors quoted are 36 and 48 months respectively, along with yields. Excellent .0361-.02757 Yield 15% to 17% (depends on advance) Good .0361-.02938 Yield 18% to 20% (depends on advance) Fair credit, as it is described, has a “fair market value only,” no $1.00 out) Factors are .0393 .0338
-------------------------------------------------------------- Looking for a CFO, CIO, CSO
As CIT Financial, Key Finance, and others are going to Europe and Asia, SG Equipment Finance is coming to the United States. They specialize in "cross bordering leases," meaning for manufacturers and vendors who want to finance their equipment in other countries. "Society Generale is entering the US Leasing Market. Our firm (ZRG, previously known as Z Resource Group) is helping them build and grow their business through talent acquisition. Yes, we are doing the recruiting and advisory services to this venture……CFO, CIO and Head of Sales right now! " Larry Hartmann
Hartmann is the founder and former board member of Rockford Industires, Inc. Rockford was later purchased by American Express, where he became the executive vice-president of American Express Business Finance. According to Larry Hartmann, SG originates $8 Billion Euro’s per year in leasing and finance volume, employing 1800 people globally, managing over $14 Billion in assets. "The US expansion is a critical step in the mission to become a global vendor finance player in the major markets," he says. "The initial project is focused on recruiting three senior leaders to help round out the management team and then mid level and line expansion will be completed. The initial recruiting build-out will focus on three roles; CFO, CIO and Chief Sales Officer." Societe Generale is a leading global bank with presence in 77 countries around the world. SG provides a wide array of banking services which include retail banking and specialized banking services, Corporate and Investment banking as well as Global Investment Management services. They have 120,000 employees in 77 countries. -------------------------------------------------------------- Leasing Industry Help Wanted
Regional Sales Managers
Sales
Sales-marketing
Sr. Credit Analyst
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Purchase Money Security Interests Hopefully, this is a review but for most of us reviews of familiar legal topics actually fill in gaps we did not know existed. The UCC gives special benefits to “Purchase Money Security Interests.” When properly perfected a “PMSI” takes priority over a competing interest in the same property even if the other creditor claims under a previously-filed financing statement perfecting a “blanket” security interest. In other words, a bank filing covering “all assets, whether currently owned by borrower or acquired after the date hereof” loses out to a properly-perfected PMSI. The reason for this should be fairly obvious: Borrowers, even those already heavily in debt, are encouraged to acquire new items financed by the vendor or a third-party lender who makes the acquisition possible. The law only really requires two things of a lender seeking to make a purchase money financing: (1) that the financing actually be a purchase money financing and (2) that the PMSI be perfected by a filing made within 20 days after the date the borrower receives possession of the collateral. Turning to the second of these, it is absolutely crucial that that word “possession” be read literally. Probably the most common mistake made by lenders thinking they have a PMSI is to file after the end of the 20-day period. Sometimes this is done due to sloppiness or laziness but it is often the result of a misunderstanding of the law. The 20 days does not begin to run the date the lease is signed or even the date the Acceptance Certificate is signed. It begins to run on the date that physical possession of the collateral is received by the borrower. (I admit that this is a conservative reading and some judges have been more lenient, but who wants to take the chance where the downside is loss of collateral?). Sometimes this is easy to determine when possession begins because the borrower signs some form of delivery receipt or the vendor has written evidence of the date of delivery. Sometimes the situation is confusing, however, as where the period between the delivery and the date of acceptance under the lease is extended due to testing, repair, additional deliveries of necessary pieces, etc. The UCC offers some guidance where deliveries occur in stages: 9-324 states that the 20 day period begins "it would be apparent to a potential lender to the debtor that the debtor has acquired an interest in the goods taken as a whole." Clear? There is also some case law indicating that taking possession as a lessee, rather than an owner/debtor is not being enough to begin the 20 days running. What happens if there is going to be long period of testing? What is the earliest date that a UCC can be filed? Technically, a financing statement should not be filed until there is a grant of a security interest by the borrower, meaning that filing before the acceptance certificate is signed may be subject to question. Nevertheless, most commentators agree that filing early is by far safer than filing late and sometimes it is possible to obtain a letter or other authorization from the lessee to filing the financing statement in advance of the acceptance certificate, worded in such a way as to give the lender/lessor maximum comfort. Turning to the first issue, however, is opening another Pandora’s Box. A purchase money security interest, by definition, secures a loan which “enables the debtor to acquire rights in or the use of [the collateral]”. (This definition requires a bit of semantic calisthenics in Section 9-103(a)). This does not mean a loan that permits the debtor to retain collateral already in its possession or for which it has already paid. Obviously, a sale-leaseback or any financing of equipment already in the debtor’s possession and paid for by the debtor might not qualify for PMSI treatment. Things get more complicated when the debtor pays part of the purchase price to his vendor, either as a down payment or the first of several periodic payments. In those situations, great care must be exercised as the courts are not in agreement as to whether minimal borrower payments, reimbursed by the lender, taint the entire transaction and frustrate the PMSI argument. The safest course is to insist that the borrower never make a down payment or treat any situation in which even a small amount of the purchase price is paid as reimbursement to the borrower rather than directly to the vendor as a sale-leaseback, requiring a UCC check and subordination or waiver by competing creditors with blanket liens. Too conservative? The riskier course of action, although one that is not entirely unjustified at least in some states, is to allow reimbursement of minimal down payments. Finally, a word or two about inventory financing is required. There is a special procedure for PMSI’s in inventory that requires a UCC check be made before initiating an inventory finance program. If the equipment qualifies as inventory (anything that is sold or rented, even on a one-time basis) the UCC must be checked and, rather than obtaining a subordination agreement, creditors with existing blanket liens in “all inventory” or anything the like must be notified before the collateral is delivered to the borrower. The good news is that this notice be given once every 5 years and it does not need to be specific. A notice simply stating that the lender intends to make a series of loans to the borrower that will be financed by inventory (a general description, if possible, is a good idea) should be sufficient to give PMSI benefits to the inventory financier. The purchase money security interest is an invaluable tool for equipment financing. Like most tools, it can give a false sense of security and ruin the project if improperly used. BARRY S. MARKS Barry S. Marks concentrates his practice in the areas of equipment leasing, commercial lending and finance. He has significant experience negotiating, drafting and providing legal counsel with respect to a large variety of finance transactions. Barry is listed in The Best Lawyers in America®, is a Director Emeritas - National Association of Equipment Leasing Brokers, is a Past Member of Legal Committee of the Equipment Leasing Association, is currently on the Board of Editors for the Journal of Equipment Lease and Financing and Leader's Equipment Leasing Newsletter and was the first attorney to obtain the designation of a Certified Lease Professional. Barry is also co-editor of , a recipient of the Bill Granieri Award for Education in Equipment Leasing, National Association of Equipment Lessors (1999) and a frequent lecturer on business and commercial law issues. He has co-authored three books and chapters in two legal treatises. ---------------------------------------------------------------- Cartoon---Cooper-White-Cooper Partner’s Lounge
---------------------------------------------------------------- Mark Bazrod Winner of Journal's "Article of the Year" Award "Myths of Software Leasing ELFA eNews Daily
The Equipment Leasing & Finance Foundation recently announced Mark S. Bazrod, President of LPI Software Funding Group in Wayne, PA is the recipient of the 2006 Article of the Year award.
Some independent lessors have been offering the 100% software lease as a separate leasing product for at least 20 years. The provisions of most software leases are similar to equipment leases, but they require some additional provisions due to the uniqueness of software. One would think that by now most lessors, software vendors, and users would be aware of software leasing, understand it, appreciate its utility, and be familiar with its structures. Not so! For a copy of the winning article, "Puncturing the 15 Myths of Software Leasing" published in the Fall 2006 issue: LPI Funding Group Software
---------------------------------------------------------------- Behind the Microsoft and Yahoo Merger talks www.netapplications.com
The Search Engine short term battle for second place (Google US has the top spot locked for the foreseeable future) between Yahoo and Google UK has Yahoo bouncing back to the number 2 spot with 9.87% market share compared to 9.49% for March. Google UK dips to 9.28% market share after 3 straight months of hovering above 10%. But, the long term battle is heating up between Microsoft, Yahoo and Google. So, is it the news that Microsoft and Yahoo are considering a merger to better compete against Google that has more people going back to Yahoo? When that deal is analyzed, there are distinct potential advantages as well as potential disadvantages to consider:
The numbers show that between Microsoft, Yahoo and Google, Microsoft has the most traffic, Yahoo has the 2nd most traffic but keeps visitors the longest, and Google is 3rd in traffic but makes the most money off of that traffic. So, what's more likely to happen? Can Microsoft increase its stickiness and online profitability? The internet revolves around search and advertising. So, can Microsoft catch up to Google better by continuing to enhance its own MSN search, or is it quicker and easier to buy Yahoo with its new Panama search/advertising platform that is reportedly competitive with Google's technology? Microsoft will try to merge with / buy Yahoo, and come up with a Live vs. MSN strategy that includes online versions of its Office tools. They have the operating systems and Office cash cows for now, but competitors are developing better and better offers. Can Yahoo increase its traffic and profitability? Yahoo is still in an extremely strong position. They don't need Microsoft as much as Microsoft needs them. Website stickiness is Yahoo's strength, and that can sometimes be underestimated. Yahoo still has the best online content of the big 3. Merging with Microsoft would add an enormous amount of traffic to Yahoo's search and advertising platform, Panama (assuming the merged companies would adopt that system for both). But, Yahoo could make a comeback in search without Microsoft. And, the merger itself may become enough of a distraction to negate any benefits in additional traffic. Can Google increase it's traffic and stickiness? That's what Google's trying to do with purchases like Youtube. But, the copyright lawsuits from that and the potential competition and privacy concerns from their recent purchase of DoubleClick may force Google to hire more lawyers than software engineers. Google may actually welcome a Microsoft Yahoo merger because neither company is accustomed to big mergers and the time it will take to gain any benefits.
---------------------------------------------------------------- Three ELFA Op/Tech Award Winners ELFA eNews Daily
Arlington, VA---The Equipment Leasing and Finance Association (ELFA) announces that three companies have been selected as recipients of its Operations & Technology Excellence (O&TE) Award to be presented during the ELFA 2007 Operations & Technology Conference and Exhibition being held today through Friday at the Renaissance Chicago Hotel. The winning equipment finance companies are:
Each firm winner will present its award-winning solution either solely or in partnership with a supporting vendor during the ELFA 2007 Operations & Technology Conference and Exhibition. "The purpose of the O&TE Award is to reward excellence in companies that have realized success in their process improvements," says Joan Simpson, Cisco Systems Capital Corporation and O&TE Award Committee Chair. "These three companies' entries were outstanding and deserve to be recognized for their achievements in solution development and implementation best practices for the equipment finance industry." The O&TE Award Program identifies and recognizes equipment leasing and finance companies that have demonstrated best practices in developing and implementing innovative uses of technology or creative business processes to improve operations, enhance customer interactions, enter new markets or optimize existing market presence. CalFirst was recognized for its project that creates a more efficient way to extract data from paper lease vendor invoices, which then feeds multiple business systems. Xerox Capital Services was recognized for its improvement of the company's self-service electronic billing and settlement solution that enhances business processes for after-the-sale transactions. TCFEF's award-winning entry is a unified system for capturing work and information from vendors, program managers and direct sales representatives through credit, equipment management, documentation, funding, booking and into servicing, so every stakeholder in a transaction can access up-to-date status on a transaction. In addition to receiving the O&TE Award Plaque, the winners will have their company's name inscribed on the perpetual "O&TE Award Cup" trophy. The O&TE Award Subcommittee is made up of the following: ---------------------------------------------------------------- Profits To Be Lost Under New Accounting Rules AccountingWEB.com
Accounting-rule makers are planning to unveil a draft plan to rework financial statements, the data that millions of investors use every day when deciding whether to buy or sell stocks, bonds and other financial instruments, the Wall Street Journal reports. One possible result will be the elimination of net income or net profit, the bottom-line figure showing what is left after expenses have been met and taxes paid. It is the item many investors look to as a key gauge of corporate performance and one measure used to determine executive compensation. In its place, investors might find a number of profit figures that correspond to different corporate activities such as business operations, financing and investing. Another possible radical change in the works: assets and liabilities may no longer be separate categories on the balance sheet, or fall to the left and right side in the classic format taught in introductory accounting classes. The overhaul could mark one of the most drastic changes to accounting and financial reporting since the start of the Industrial Revolution in the 19th century, when companies began publishing financial information as they sought outside capital. The move is being undertaken by accounting-rule makers in the U.S. and internationally, and ultimately could affect companies and investors around the world. The project is aimed at providing investors with more telling information and has come about as rule makers work to one day come up with a common, global set of accounting standards. If adopted, the changes will likely force every accounting textbook to be rewritten and anyone who uses accounting - from clerks to chief executives - to relearn how to compile and analyze information that shows what is happening in a business. This is likely to come as a shock, even if many investors and executives acknowledge that net income has flaws. "If there was no bottom line, I'd want to have a sense of what other indicators I ought to be looking at to get a sense of the comprehensive health of the company," says Katrina Presti, a part-time independent health-care contractor and stay-at-home mom who is part of a 12-woman investment club in Pueblo, Colo. "Net income might be a false indicator, but what would I look at if it goes away?" The effort to redo financial statements reflects changes in who uses them and for what purposes. Financial statements were originally crafted with bankers and lenders in mind. Their biggest question: Is the business solvent and what's left if it fails? Stock investors care more about a business's current and future profits, so the net-income line takes on added significance for them. Indeed, that single profit number, particularly when it is divided by the number of shares outstanding, provides the most popular measure of a company's valuation: the price-to-earnings ratio. A company that trades at $10 a share, and which has net profit of $1 a share, has a P/E of 10. But giving that much power to one number has long been a recipe for fraud and stock-market excesses. Many major accounting scandals earlier this decade centered on manipulation of net income. The stock-market bubble of the 1990s was largely based on investors' assumption that net profit for stocks would grow rapidly for years to come. And the game of beating a quarterly earnings number became a distraction or worse for companies' managers and investors. Obviously it isn't known whether the new format would cut down on attempts to game the numbers, but companies would have to give a more detailed breakdown of what is going on. The goal of the accounting-rule makers is to better reflect how businesses are actually run and divert attention from the one number. "I know the world likes single bottom-line numbers and all of that, but complicated businesses are hard to translate into just one number," says Robert Herz, chairman of the Financial Accounting Standards Board, the U.S. rule-making body that is one of several groups working on the changes. At the same time, public companies today are more global than local, and as likely to be involved in services or lines of business that involve intellectual property such as software rather than the plants and equipment that defined the manufacturing age. "The income statement today looks a lot like it did when I started out in this profession," says William Parrett, the retiring CEO of accounting firm Deloitte Touche Tohmatsu, who started as a junior accountant in 1967. "But the kind of information that goes into it is completely different." Along the way, figures such as net income have become muddied. That is in part because more and more of the items used to calculate net profit are based on management estimates, such as the value of items that don't trade in active markets and the direction of interest rates. Also, over the years rule makers agreed to corporate demands to account for some things, such as day-to-day changes in the value of pension plans or financial instruments used to protect against changes in interest rates, in ways that keep them from causing swings in net income. Rule makers hope reformatting financial statements will address some of these issues, while giving investors more information about what is happening in different parts of a business to better assess its value. The project is being managed jointly by the FASB in the U.S. and the London-based International Accounting Standards Board, and involves accounting bodies in Japan, other parts of Asia and individual European nations. The entire process of adopting the revised approach could take a few years to play out, so much could yet change. Plus, once rule makers adopt the changes, they would have to be ratified by regulatory authorities, such as the Securities and Exchange Commission in the U.S. and the European Commission in Europe, before public companies would be required to follow them. As a first step, rule makers expect later this year to publish a document outlining their preliminary views on what new form financial statements might take. But already they have given hints of what's in store. In March, the FASB provided draft, new financial statements at the end of a 32-page handout for members of an advisory group. Although likely to change, this preview showed an income statement that has separate segments for the company's operating business, its financing activities, investing activities and tax payments. Each area has an income subtotal for that particular segment. There is also a "total comprehensive income" category that is wider ranging than net profit as it is known today, and so wouldn't be directly comparable. That is because this total would likely include gains and losses now kept in other parts of the financial statements. These include some currency fluctuations and changes in the value of financial instruments used to hedge against other items. Comprehensive income could also eventually include short-term changes in the value of corporate pension plans, which currently are smoothed out over a number of years. As a result, comprehensive income could be a lot more difficult to predict and could be volatile from quarter to quarter or year to year. As for the balance sheet, the new version would group assets and liabilities together according to similar categories of operating, investing and financing activities, although it does provide a section for shareholders equity. Currently, a balance sheet is broken down between assets and liabilities, rather than by operating categories. Such drastic change isn't likely to happen without a fight. Efforts to bring now-excluded figures into the income statement could prompt battles with companies that fear their profit will be subject to big swings. Companies may also balk at the expense involved. "The cost of this change could be monumental," says Gary John Previts, an accounting professor at Case Western Reserve University in Cleveland. "All the textbooks are going to have to change, every contract and every bank arrangement will have to change." Investors in Europe and Asia, meanwhile, have opposed the idea of dropping net profit as it appears today, David Tweedie, the IASB's chairman, said in an interview earlier this year. Analysts in the London office of UBS AG recently published a report arguing this very point - that even if net income is a "simplistic measure," that doesn't mean it isn't a valid "starting point in valuation" and that "its widespread use is justification enough for its retention." Such opposition doesn't surprise many accounting experts. Net income is "the basis for bonuses and judgments about what a company's stock is worth," says Stephen A. Zeff, an accounting professor at Rice University. "I just don't know what the markets would do if companies stopped reporting a bottom line somewhere." In the U.S., professional investors and analysts have taken a more nuanced view, perhaps because the manipulation of numbers was more pronounced in U.S. markets. That said, net profit has been around for some time. The income statement in use today, along with the balance sheet, generally dates to the 1940s when the SEC laid out regulations on financial disclosure. But many companies have included net profit in one form or another since the 1800s. In its fourth annual report, General Electric Co. provided investors with a consolidated balance sheet and consolidated profit-and-loss account for the year ended Jan. 31, 1896. The company, whose board at the time included Thomas Edison, generated "profit of the year" - what today would be called net income or net profit - of $1,388,967.46. For the moment, net profit will probably exist in some form, although its days are likely numbered. "We've decided in the interim to keep a net-income subtotal, but that's all up for discussion," the FASB's Mr. Herz says. ### Press Release ########################### Balboa Capital Hires Phil Silva as Executive Vice President (Irvine, CA) Balboa Capital Corporation announces the appointment of Phil Silva as Executive Vice President. Mr. Silva will be responsible for growing the company's Vendor Channel alongside the company's existing Direct, Commercial, and Broker Channels. Mr. Silva previously developed and managed the National Accounts Group for American Express Business Finance (AEBF). He was the General Manager of the Healthcare, Franchise and Loan segments, along with Marketing, prior to and through the acquisition of AEBF by Key Equipment Finance. Prior to that, he worked for companies such as Transamerica Distribution Finance, Dana Commercial Credit and Master Lease Corporation, in sales and sales management capacities. Mr. Silva holds a Bachelor of Arts degree in Business Management from Whitworth College in Spokane, Washington. "I believe Balboa Capital is nimble and entrepreneurial in their execution and decision making. They possess unique service, training, marketing and technology-based qualities and strengths developed for their existing sales channels that will provide value to small and medium-sized vendors and their customers. I am excited about assisting Balboa in growing their vendor channel," said Mr. Silva. Among his first responsibilities will be to add a Vendor Sales Leader and an Inside Sales Manager to the department. About Balboa Capital Balboa Capital provides equipment leasing and financing to small and mid-sized business in the United States. The company markets its products through its direct sales force, vendor channel, and broker partnerships. The company offers leases in the range of $ 5,000 to $ 5,000,000. Balboa Capital is privately held and based in Irvine, CA.
### Press Release ########################### Self-Service Electronic Billing and Settlement Enables LeasePak Users to Increase Billing Accuracy and Efficiency and to Improve Customer Service Burlingame, CA — Netsol-McCue Inc., a leading provider of portfolio management solutions for the equipment finance industry, and Avolent, Inc., the leading provider of Self-Service Electronic Billing and Settlement software, today announce their partnership, and created to offer paperless billing and bill settlement environments. In addition to this partnership with Avolent, Netsol McCue has shown its commitment to supporting paperless transactions with its recent sponsorship of a comprehensive study by the Equipment Finance and Leasing Foundation, "The Impact of Going Paperless". The study lays the roadmap for the industry and covers the necessary legal, finance, accounting, tax, and sales disciplines that must work in concert for the industry to successfully go paperless. The study can be downloaded at http://www.leasefoundation.org/store/. Both NetSol McCue and Avolent recognize the increasingly competitive equipment leasing environment and the demands it puts on lessors to create new ways to improve service to their customers, while differentiating their offerings from those of their competitors. When integrated with Avolent, LeasePak will enable lessees to view, pay, and reconcile invoices through a secure online portal, creating a paperless billing environment. Sophisticated reports from Avolent provide advanced analytics, including insight into assets coming off lease, upcoming payments, and past due accounts. Lessors will be enabled to provide this level of control to lessees, greatly improving customer satisfaction and creating a new way to manage financial relationships in a paperless billing and settlement environment. "We are committed to supporting paperless transactions and intend to lead the way for equipment leasing and finance enterprises to offer an online collaborative environment, giving LeasePak users new ways of differentiating themselves with strong customer service," said John McCue, President of Netsol McCue. "With the Avolent interface, LeasePak users will enjoy the benefits of fuller end-to-end integration and greater productive efficiencies." The integration of Avolent’s Self-Service Electronic Billing and Settlement software and LeasePak from Netsol McCue enables LeasePak users to increase online customer self-service with no disruptive changes to their existing systems, while using web applications to provide flexibility to the asset finance process. Avolent allows companies to design private label invoices, distribute bills electronically, and allows lessees to settle/reconcile and pay bills electronically, eliminating the need for hard copy documents to flow back and forth between lessor and lessee. Through Avolent, LeasePak customers will be offered dynamic grouping and consolidation of charges by asset or sub-account and tools to easily design custom invoicing templates for private labeling for the most demanding of customers. Avolent gives customers the ability to initiate and resolve disputes and adjustments associated with individual assets or line items in a completely paperless environment. This level of detail and flexibility is a first in the industry. The ability to integrate Avolent seamlessly with LeasePak will allow Netsol McCue clients to introduce this advanced level of self-service quickly and cost effectively. "The billing and settlement process is the one of the most persistent and problematic interactions that lessors encounter across their offerings. We are thrilled to be working with Netsol McCue to provide self-service electronic billing and settlement capabilities across the entire asset finance lifecycle," states Mike Seashols, CEO at Avolent. "Lessors can now differentiate themselves through exceptional customer service in a paperless environment, increase operational efficiencies, and preserve natural resources." About Netsol McCue Headquartered in Burlingame, California, the company offers the largest and most experienced global consulting, implementation, and technical support teams in the leasing industry. For additional information about Netsol McCue, visit www.netsol-mccue.com. About NetSol Technologies, Inc. NetSol Technologies is a U.S.-based multinational provider of enterprise solutions and services for commercial finance. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific, including: London, Los Angeles, San Francisco, Sydney, Beijing, Toronto, and Lahore, Pakistan. The NetSol family of products includes: the LeaseSoft Contract Management System, LeaseSoft Credit Application Processing, LeaseSoft Wholesale Finance System, LeaseSoft Premium Finance System, LeaseSoft EPO system, and the LeasePak system. NetSol clients include: Motorola, CitiGroup, BMW, Toyota, Yamaha, Quest Communications, and Investec. NetSol's largest customer: DaimlerChrysler Services, a division of DaimlerChrysler, the world's fifth-largest carmaker, ranks NetSol as a preferred vendor in 40-plus countries. NetSol Technologies helps its clients identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol Technologies delivers high-quality, cost-effective equipment finance portfolio management solutions and IT services ranging from consulting and application development to systems integration and outsourcing. NetSol Technologies' commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMl (Capability Maturity Model) Level 5 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com. About Avolent For more information call (800) 553-5505 or visit www.avolent.com
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News Briefs---- Russia Sues Bank of New York For $22.5 Bln Over Alleged Money Laundering In 1990s Wolfowitz leaves the World Bank like an angry, cornered rat Fedspeak's new nuances Economy slows, but Fed keeps iron grip on interest rates Fed Chief Addresses Foreclosures General Electric close to selling plastics division to Saudi Basic Industries for $11 billion Seeking more traffic, Google widens formula New poll: Romney leaves rivals "in the dust" in NH Melinda's farewell -- short and sweet San Diego Restaurateur, civic leader Tom Fat dies at 66 ---------------------------------------------------------------
You May have Missed--- Fair Isaac study raises more questions about Internet click fraud ---------------------------------------------------------------
Sports Briefs---- Pistons finish off Bulls in game 6 Chiefs QB Green could be closer to joining Dolphins Braves sale cost 68 million Time Warner shares ----------------------------------------------------------------
“Gimme that Wine” Wild for Wabo: $80 million will lift Sammy Hagar's spirits South hit by April cold snap Shortfalls Predicted in Grapes and Labor in Napa County Napa Valley Grape Growers Honor Pina as Grower of the Year Bordeaux 06 will fail in US: Parker Paso Robles stakes its claim as part of new wine country To avoid being in a wine rut, be open to experimentation Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Haiti: Flag and University Day International Museum Day – National Bike to Work Day – National Defense Transportation day – National Cheese Soufflé Day National Pizza Party Day – No Dirty Dishes Day Rooster Day Teacher’s Day in Florida – Turkmenistan: Revival and Unity Day – Uruguay: Battle of the Piedras Day – Visit your Relatives Day – Saint Feast Days
http://www.catholic.org/saints/f_day/may.php ----------------------------------------------------------------
13 percent of the world's tea comes from Kenya. (Actually this statistic is too low, so number 24 not correct:
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Today's Top Event in History 1860 --Republican Party nominates Abraham Lincoln for president.
[headlines]
This Day in American History 1631 -The General Court of the Massachusetts Bay Colony decreed that 'no man shall be admitted to the body politic but such as are members of some of the churches within the limits' of the colony. (Separation of church and state was an unthinkable concept in early American colonialism. In contrast to what is taught in schools, most were not escaping for religious freedoms, but were missionaries with strong prejudices against other religious groups except for their own.) Stanley Cup Champions This Date 1971---Montreal Canadiens -------------------------------------------------------------- Baseball Poem
-------------------------------------------------------------- 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: -------------------------------- |
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