Archive, May 5, 2006

International Leasing Industry pays tribute to Mike Fleming

from Decision Points... Brief, 
a publication of the Alta Group

Michael J. Fleming, CAE, Equipment Leasing Association President 
“Considered the ‘Dean' of all leasing associations”

Over the past 27 years there has been one constant in US leasing who has helped to guide the industry through a period of profound change. Mike Fleming is a quietly spoken man whose voice has been heard loud around the world and his enormous contributions have helped to shape the industry that we see today. His work may have been primarily related to the US, but it is clear that Mike has also been a significant influence in the evolution of the leasing industry globally and over the decades has earned immense international respect.

It will come as no surprise to anybody who knows him that he is held in high esteem in leasing circles around the world and, to mark his forthcoming retirement from the position of ELA president on 1st July 2006, the FLA (the UK equivalent of the ELA) recently organised a dinner in Mike's honour. A black tie function in a private dining room at the famous Ivy restaurant in London, the guest list of 30 comprised a who's who of senior figures from the global leasing community. Among the guests were some of Mike's counterparts, including Marc Baert (Director General of Leaseurope), Martin Hall (Director General of the FLA), Ron Hardaker (Federal Director of the Australian Equipment Lessors Association) and David Powell (President of the Canadian Finance & Leasing Association), together with leading names, both past and present, from the UK leasing industry.

Once seated, Sam Geneen, the current FLA Chairman, welcomed everybody with a short speech. Although equally entertaining, it was somewhat shorter than his address to the annual FLA dinner attended by 1,500 people just two nights earlier. More speeches and tributes followed the dinner, praising Mike's contributions, and the guidance he has given to so many around the world. There were kind words speaking of his wisdom and knowledge of leasing matters and also many comments about the great friendships that had developed over the decades. Paul Larkins, the Chairman of the ELA who was also in attendance, added his personal remarks to the international tributes.

To commemorate this occasion and in recognition of his great love of trains, Mike was presented with an antique British Rail clock, recovered from an old signal box and then lovingly restored. To accompany the clock, Mike also received a book in which this clock was featured.

Pictured at the Ivy dinner commemorating Mike Fleming's retirement are (left to right):

Sam Geneen (Chairman FLA), Derek Soper (Principal The Alta Group and former Chairman FLA), Martin Hall (Director General FLA), Marc Baert (Secretary General, Leaseurope), Mike Fleming (President ELA), Paul Larkins (Chairman ELA) and Alan Leesmith (Principal The Alta Group)

 

 

Classified Ads---Controller

Chicago, IL experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating. Email: leasecontroller@comcast.net

Southeastern, MI Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate. Email: Leasebusiness@aol.com

Acton, MA Strong experience in lease accounting, operations, & systems.   Implemented lease plus, Great Plains, networks. Excellent financial reporting and analysis skills. Looking for new opportunity. LinkedIn alexanderzlenz@gmail.com| Resume

Southern CA 20 years exp. as hands-on leasing CFO, managing accounting, treasury, FP&A, including securitizations, Great Plains/FRx, budgets, risk management.  MBA.  Also available as interim Controller/CFO, consultant. Email: leasecfo@gmail.com

For a full listing of all “job wanted” ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

Other e-Mail Posting Sites:
http://www.leasingnews.org/Classified/Posting_sites.htm

Little Rock, Ark.    Meet and learn from Mr. Terry Winders, CLP Leasing #102 columnist for Leasing News, long time educator and trainer Sales and Operations click here for course information and to register June 9, 10, until Noon on the 11th Little Rock, Arkansas Hosted by Arvest Equipment Finance $395.00 Paid in Advance for first person from company $345 with each additional attendee  "Certified Leasing Professionals attending this seminar will earn CPEs (Continuing Professional Education) Credits toward their recertification"

(This ad is a “trade” for the writing of this column. Opinions
contained in the column are those of Mr. Terry Winders, CLP)

Sheldon Player Free for Now

Neither the Denver, Colorado, nor the Chicago, Illinois, FBI offices have any comment regarding Sheldon Player and other officers’ role in Equipment Acquisition Resources, now in bankruptcy. It appears all his real estate has been confiscated and sold, and there is not much left, except for what he may have squirreled away in the woods or a Caribbean bank.

The total separate laws suits appear to be around $70 million, including Minnwest Bank, Highland, Bank, the National Bank, and Comerica $9,999,999,Fifth Third Bank, $10 million, Home Federal Savings Bank, Rochester, Minnesota $3.2 million, Farmers Bank & Capital Trust, $2 million, Red Oak Acquisition, $2 million, and Bank of Dixon County, Ponca, Nebraska. $321,596. They do not include attorney fees or court costs.

Comerica Leasing, a division of Comerica Bank, filed a complaint against US Financial and Mark Franke for $2,000,000 regarding warehouse loans and recourse leases with Equipment Acquisition Resources. Mr. Franke did not return telephone or email contacts. Comerica also has a $9,999,000 suit against Equipment Acquisition Resources.

It appears the main person who placed all the leases, coordinated the efforts, she is also going to skate.

The list of claimants against Equipment Acquisition Resources is long in the bankruptcy proceedings. Real estate owned by the officers and corporations were recovered and auctioned December 1, 2009. Assets, according to a court liquidation analysis:

http://leasingnews.org/PDF/liquidationanalysis.pdf

List of Recovered Assets/Liquidated upon liquidation:
http://leasingnews.org/PDF/RecoveredandsoldRE.pdf

List of all claimants to date in the bankruptcy:http://leasingnews.org/PDF/EARListofnamesofclaimants.pdf

On May 2, 2007 Leasing News released its alert regarding Mr. Player and Equipment Acquisition Resources. Evidently many of the claimants are not readers of Leasing News or did a Google search. We are #1 and #2 on Google; #3 and #4 Yahoo; (Sheldon Souray is #1 and #2); Copernic: #1 and #2; Bing not on the first page, and #1 is: 2007 Bottle Water Venture by Player (http://www.prweb.com/releases/Sheldon/Player/prweb504288.htm).

Again, a Google or Yahoo user would have found the Leasing News May 2, 2007 alert as well as subsequent articles.

Equipment Acquisition Resources -Busted!
http://www.leasingnews.org/Conscious-Top%20Stories/Sheldon_Player.htm

Story Credit Lessors

These companies specialize in "C" and "D" credits, often new businesses, or businesses where the principal(s) have Beacon score around 600 or previous difficulties; meaning to become comfortable with the credit and financial situation you need to learn the "story" to make a positive decision, often requiring further security, shorter term, or additional guarantors. Many of these companies may also be a "B," but appear otherwise without the "story" to understand the full financial picture.

Also listed below the dollar amounts are companies that who are known for accepting "subprime leasing."

(To qualify for this list, the company must be a funder and not a "Broker/Lessor" or "Super Broker/Lessor", along with an acceptable Better Business Bureau Rating and no history of complaints at Leasing News. We reserve the right to not list a company who does not meet these qualifications.)

We encourage companies who are listed to contact us for any change or addition they would like to make. Adding further information as an "attachment" or clarification of what they have to offer would be helpful to readers is very much encouraged.

Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business.

It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section.

(for Broker/Lessors List "A," please click here, for list "B," pleae click here,
for Captive Lessor list, please click here,
for Funder List "A," please click here, for Funder List "B," who do not specialize in
“Story Credits please click here,
for “Super Broker/Lessor,” who primarily place leases, click here )

Leasing Associations: All non-profit leasing associations are abbreviated. To see the full name and learn more about the association, please click here.

BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board
| CNI - Current News Information

( To apply to be listed, please fill in this form and fax to 408.374.3843 or you
may e-mail to: kitmenkin@leasingnews.org )
Story Credit Form

Alphabetical list - click on company name to view more details
ABCO Leasing, Inc. Advantage Funding Agility Solutions Allegiant Partners Incorporated American Leasefund, Inc. Bankers Capital Barrett Capital Corporation	Black Rock Capital Blackstone Capital Partners Boston Financial & Equity Calfund, LLC Cobra Capital LLC Financial Pacific Leasing	Forum Financial Services, Inc. Gonor Funding National Machine Tool Financial Pawnee Leasing Corporation Standard Professional Services, LLC TEAM Funding Solutions

Name In Business Since Contact Website Leasing Association	Employees	Geo Area	Dollar Amount	Business Reports
Financial Pacific Leasing 1975 Terey Jennings CLP, 800-447-7107, tjennings@finpac.com www.finpac.com ELFA, NAELB, NEFA (P)	115	Nationwide	$5,000-$50,000	BBB CNI Search
Pawnee Leasing Corporation 1982 Dana Freeman dana@pawneeleasing.com www.pawneeleasing.com NAELB & NEFA (A)	45	Nationwide	$1,000 - $30,000 Does Subprime Leases	BBB CNI 1 CNI 2 Search
Advantage Funding 1997 Edward P. Kaye 718.392.1300 www.advantagefund.com NVLA, ELFA, NLA & TLPA (X)	20	Nationwide	Vehicles Only $10,000 - $1,000,000	BBB CNI Search
National Machine Tool Financial Corporation 1986 Chris Chiappetta, Robert Lang, Susan Adamatis 800-669-7527 www.netlease.com (CC)	20	Nationwide	$15,000
Boston Financial & Equity Corporation 1968 Debbie Monosson debbie@bfec.com www.bfec.com CFA, ELFA, NEFA (J)	12	National	$100,000 to $1,500,000 Does Subprime Leases	BBB CNI Search
Calfund, LLC 2000 Harry Saghian harry@calfundllc.com (AA)	10	Western States	$15K Minimum Does Subprime Leases	CNI BBB
Allegiant Partners Incorporated 1998 Scott Enbom senbom@allegiant-partners.com (415) 257-4200, x207 www.allegiant-partners.com ELFA, NAELB & NEFA	9	Nationwide, including Alaska & Hawaii	$20,000---$150,000	BBB CNI 1 CNI 2 Search
Blackstone Capital Partners, L.P. 2002 Frank Freer Phone: 877.966.3279 Fax: 949.250.8798 FrankF@Blackstonecp.com www.blackstonecp.com ELFA, NAELB, NEFA (N)	8	Nationwide (except LA, AR and AK)	$50,000 to $2,000,000 Does Subprime Leases	Search
Black Rock Capital 1994 George Booth gkbooth@blackrockcapital.com 203.336-9200 www.blackrockcapital.com ELFA (E)	7	US Canada (F)	$50,000 to $3MM $250,000 average transaction	Search
Forum Financial Services, Inc. 1996 Tim O'Connor 972-690-9444 ext. 225 tim@forumleasing..com 275 West Campbell Road Suite 320 Richardson, Texas 75080 Fax: 972-690-9464 www.forumleasing.com NAELB & NEFA (W)	7	Nationwide	$50,000 to $1.0 million. Our average size transaction is $250,000. Preferred Range $100,000 to $500,000 Does Subprime Leases
TEAM Funding Solutions 1992 Christopher Fielder, VP $5000-$70,000 888-457-6700 ext. 106 / 512-258-6700 ext 106 512.692.0500 fax whitney@teamfundingsolutions.com www.teamfundingsolutions.com NAELB & NEFA (Z)	7	All 50 States	$5000-$70,000 Does Subprime Leases	BBB CNI
ABCO Leasing, Inc. 1974 Brad Christensen bradc@abcoleasing.net 971/204-0236 www.abcoleasing.net NAELB, and NEFA (D)	6	Most States	$50,000 - $450,000	Search
American Leasefund, Inc. 1999 Tom Davis tom@alclease.com 800.644.1182 - PH 503.244.0845 - FX www.alclease.com NEFA (Q)	6	Idaho, Montana, Oregon, Washington	$3,500 - $50,000 Does Subprime Leases	Search
Bankers Capital 1990 Larry LaChance - President 508-351-6000 llachance@bankers-capital.com www.bankers-capital.com NEFA (O)	6	Nationwide - 50 States	$25,000 +	BBB Search
Cobra Capital LLC 2000 Dale Kluga, President dale@cobrallc.com 630-985-3500 www.cobrallc.com ELFA (G)	6	Nationwide	$50,000 to $1MM $250,000 average transaction	Search
Agility Solutions 2003 Hal Hayden (928) 541-0771 hhayden@agilityventures.com www.agilitysolutions.net NEFA (V)	5	U.S.	$50,000 - $1,000,000 (Master Lease) Does Subprime Leases	Search
Barrett Capital Corporation 1975 Barry Korn 914-632-4200 Cell: 914.954.1900 Barrett@BarrettCapital.com www.BarrettCapital.com NVLA (H)	4	United States	Vehicles Only $10,000 minimum	Search
Standard Professional Services, LLC 1976 Mr. Raphael Lavin, CLP JWhalen@spsllc.net 847-291-7858 www.spsllc.net NAELB, NEFA (I)	4	Nationwide & some offshore	$10,000 - 250,000 ($25,000 - $150,000 desired)	BBB
Gonor Funding 2001 Norman J. Gonor ngonor@gonorfunding.com 818.784.5444 Jason Gonor 818.402.6999 www.gonorfunding.com (Y)	3	USA	$10,000 to $100,000 with an average of $25,000 - $35,000 Does Subprime Leases
Name In Business Since Contact Website Leasing Association	Employees	Geo Area	Dollar Amount	Business Reports

Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business.

It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section.

BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board
| CNI - Current News Information

-------------------------------------------------------------------------------------------------------

(A) Pawnee Leasing Corporation; Some times we go higher than $30,000, but our marketplace is from $1,000 to $30,000. Broker Qualify - One year time in business

(B) * Allegiant Partners has expanded their maximum transaction size from $250,000 to $500,000 for the 5 western states of California, Oregon, Washington, Nevada and Arizona.
In addition to increasing the transaction size Allegiant is offering more competitve rates for these A- and B+ transactions. Broker Qualify - For Broker qualification please click here.
Allegiant.pdf

(D) ABCO Leasing, Inc. in Seattle area has been operating since 1974 serving the broker community. We required full financial disclosure on every transaction. We do story transactions, but do not like to refer to them as "C" credits. We think of them as "A" type credits that have not been discovered yet. Broker Qualify contact: Brad Christensen, Broker Relations Manager,971/204-0236 bradc@abcoleasing.net

(E) Black Rock Capital comment: We book anywhere between $15 to 20 million per year. We do no "app only" business and require a full financial package for each transaction. Our average size transaction is approximately $250k and, although, we concentrate in printing, packaging (steel rule die industry) and road construction equipment we do not rule out anything that makes sense. More information can be found at www.blackrockcapital.com. Broker Qualify - Please Call

(G) Cobra Capital, LLC. Comments: Our registered trademark "Making impossible possible" is our central marketing tagline for both strong and weak credits. I have developed a 10 year history, (from Cobra and my prior company GALCO), with specialty, non-conforming transactions (story credits) and have a solid reputation for candidly responding to our originators and lessees and working diligently to mitigate deal risk rather than making excuses to turn deals down. Our originators prefer our underwriting approach to non-conforming transactions since unlike most non-conforming funders, we prefer to mitigate risk versus jacking our return. Both Originators and Lessee's prefer our candid approach as we are also frequently asked to advise lessee's and lessors on the best way to structure their bank loans and raise capital due to our 25+ year banking and accounting backgrounds as my partner and I are both former bankers and CPA's.

(H) Barrett Capital Corporatio: Broker Qualify - Please Call

(I) Standard Professional Services. LLC is a non-cookie cutter funder who does not credit score.

(J) Boston Financial & Equity Corporation, most of our leases are venture capital backed startups and turnarounds. We require full financial disclosures, CPA and internal statements, no tax returns. We do not required additional collateral, no PG's or RE needed. Do not send deals with large tax liens, especially if they are payroll taxes. Broker Qualify - A deal in hand and a full package.

(N) Blackstone Capital Partners, L.P. lends up to 50% of verified auction value for working capital and/or equipment financing requests (we of course include equipment to be acquired in our valuation). Using this formula, allows Blackstone to approve deals on the assets rather than the credit or cash flow that other lenders desire. Also being an asset lender, we are looking for hard assets i.e. yellow iron, machine tool, manufacturing lines, textile etc... We do not care for soft assets such as computers, furniture, restaurant, or "white elephants" (equipment that is too specific to the clients needs and was specially built for them - there would be no resell available and our liquidity if repossessed would be in jeopardy). If you have any questions, please feel free to call, we will do our best to help or seek the answer for you. Broker Qualify - Please Call

(O) Bankers Capital " We will do ANY Type of Equipment, in ANY industry, in ANY state.  We especially like 6-figure transactions with full financial packages no matter how good or bad they look.  We look to structure the story C&D credits with any kind of additional collateral that makes sense.  It could be with 2nd or 3rd mortgages on residential or commercial Real Estate, additional equipment, cash value life insurance, security deposits, vendor agreements.  We look for any way to make the deal work instead of looking for any way to decline the deal." Broker Qualify - Please contact Larry LaChance

(P) Financial Pacific Leasing supports a nationwide network of Brokers and Lessors. We specialize in "B" and "C" credits for established companies as well as companies under two years in business. Broker Qualify - Please Call or see "Prospective Broker" section on website

(Q) American Leasefund, Inc. funds small hard to do transactions under $50,000.00. Most of the transactions are "app only". We look for additional collateral or larger first payments to help the weaker credits. We maintain and service our own portfolio. All of our lessee billings are done via ACH. Broker Qualify - Please Call

(S) We at Summit Leasing consider ourselves to be primarily "B" credit lenders, working almost exclusively through brokers. Broker Qualify - Contact us

(T) TechLease - due to previous experiences, TechLease is vertically focused on three primary sectors: Semiconductor, Media and Aerospace. We fund all deals and hold paper an all equipment under $250,000. Deals over $150,000 we typically want to meet the Lessee face-to-face. We prefer business in California, however we will fund nationwide. Broker Qualify - Please Call

(U)

(V) Agility Solutions; we fund all equipment used by Wireless Internet Service Providers.
Click here to see Leasing News story. Broker Qualify - Please Call

(W) Forum Financial Services, Inc., prefer venture capital backed start-ups and middle market to large corporate turnaround companies including companies in bankruptcy and post bankruptcy. Our absolute minimum sales for an established business with financial problems are $10.0 million. (this does not include venture capital backed start-ups). Broker Qualify - Please visit our website at www.forumleasing.com or call 972-690-9444 ext. 225

(X) Advantage Funding - While we also consider quality equipment leasing as a funder, in the title vehicle leasing business, we consider all types of situations and credits and speciality vehicles for commercial use. We have a history of understanding all types of title vehicle leasing. Broker Qualify - Please Call

(Y) Gonor Funding specializes in hard to fund leases with D credit. Collateral based with good rates and commission program. Broker Qualify - Please Call

(Z) TEAM Funding Solutions is a structured lender for brand new businesses or for older companies with previous credit problems. We do not credit score. The secret to producing an approval for C-Credits starts with interviewing your customer." Broker Qualify - Click here for Broker Enrollment Form.

(AA) Calfund, LLC finances 18 wheelers and some trailers for owner operators with substandard credit.

(BB)

(CC)  Specializing in Machine Tools only for transactions up to $750k. National has been in the Machine Tool Finance business since 1986 and has a leasing proficient staff to accommodate the most challenging transaction.  F ull financial disclosure required.   We can provide structured financing for the story marginal credits.   May require personal guarantees and/or down payments depending on the credit.   Any size business accepted.  For more information please contact Chris Chiappetta or Robert Lang at 800-669-7527. 

Or fax us your story transaction to 888-901-7789.

Leasing Industry Help Wanted

Sales

Interviewing Leasing Professionals With Proven Track Record and Established Book of Business. Envision Provides: 1) Established Funding Sources, 2) Fun Working Environment, 3) Full Benefits (Health Insurance, 401k), 4) Aggressive Commission Structure. Resumes To: careers@envisioncapitalgroup.com, Contact: Jeff Edwards (949) 225-1712 Envision Capital Group is dedicated to providing the best in class products and service to our employers, customers, vendors and partners in the small and middle ticket commercial finance industry. With over 50 years of combined experience we have the knowledge, skills, abilities and relationships to help you reach your goals.

Seeking originators with 5+ years small ticket and/or middle market experience and with established customer and vendor relationships. Remote office and on site positions are available. Please send resumes to: jobs@teqlease.com Attn: Mike Lockwood or Russ Runnalls CLP www.TEQlease.com

Please see our Job Wanted section for possible new employees.

SST Board Debates Compensation, Prepares for Federal Legislation
By Daniel T. Schibley © 2010, CCH Incorporated

(The following summary of the Streamlined Sales Tax Project meeting in Washington, DC is being distributed by the Equipment Leasing & Finance Association (ELFA) with the permission of CCH and its author/editor Dan Schibley)

The Streamlined Sales Tax (SST) Governing Board gave tentative approval to a set of standards for reasonable vendor compensation during meetings, which included the board’s State and Local Advisory Council (SLAC), on April 28-30, 2010, in Washington, D.C. The board referred the standards to other state organizations and the business community for their consideration and input. The standards were prepared in anticipation of a requirement in federal legislation that a state provides such compensation in return for authority mandating that remote sellers collect the state’s sales and use tax. The board was told that the federal authorizing legislation will be introduced in the current session of Congress, after a long delay, within the following two weeks.

The federal legislation also is expected to require that states apply many of the provisions in the SST Agreement to all transaction-based taxes on communications services. After hearing comments from representatives of industry and local governments on proposals to achieve that result, the board voted to refer these proposals to a task force made up of various stakeholders.

In other significant action, the board affirmed a finding that Nevada is not in compliance with the Agreement, it amended the Agreement to provide a definition of “bottled water” that will allow states to tax sales of water, and it approved two rules providing guidelines for sourcing sales of services.

Vendor Compensation Proposal

The compensation standards given tentative approval by the board would apply to all sellers, both in-state and remote. Trigger provisions determine when a state would have to begin paying compensation in accordance with these standards. A state could choose not to offer this compensation and remain an SST member state, but it would not receive federal collection authority. An exception from the collection requirement would be provided to small remote sellers, initially defined as a seller with less than $100,000 in gross national remote sales in the preceding 12 months. Once finally adopted as an amendment to the Agreement by the board, the standards would be automatically repealed after 24 months if federal collection authority had not been obtained.

A state would have to establish three tiers of compensation rates that would favor smaller sellers, whose compliance costs are expected to be higher. A state that does not require sellers to report tax by local jurisdiction would have to establish rates that provide total compensation not less than 0.9% of tax collections. A state that does require reporting by local jurisdictions would provide total compensation not less than 1% of tax collections. Additional compensation would have to be provided by a state with a second state rate on groceries or drugs or with clothing thresholds. Specified compensation caps would be allowed. No compensation would have to be provided to a seller using a certified service provider being paid for by the state.

Board president Jerry Johnson, Oklahoma Tax Commission, said that preliminary calculations indicate that a state required to provide total compensation of 1% of tax collections would pay small sellers roughly 2%-2.5% of taxes remitted and large sellers roughly 0.5%. Several legislators expressed concern about the level of compensation mandated. North Dakota state Sen. Dwight Cook said he thinks the compensation is too high and too much will go to the largest retailers. He added that he does not think 0.1% adequately reflects the additional cost of compliance in states with local taxes. Indiana State Sen. Luke Kenley argued that the compensation provided is twice what is realistic and that the board needs “to tone this down substantially.” He said the compensation levels are a barrier to entry for large nonmember states such as California and New York and that these states may choose instead to pursue litigation to overturn Quill, an event which he described as “only a matter of time.” Washington State Rep. Ross Hunter added that his state is “nervous” about the level of compensation, which he said may require it to pay out one-third of additional revenue received. In response, several business representatives stated that the mandated levels of compensation would not come close to fully compensating most sellers, especially smaller ones, for the full cost of collection.

Oklahoma’s Johnson moved to forward the compensation standards and related items to the National Governors Association, the National Conference of State Legislatures, and the Business Advisory Council (BAC) for input. With all full and associate member states voting, Johnson’s motion passed with support from 17 states. Four states voted against forwarding the proposed standards: Indiana, North Carolina, North Dakota and Wyoming. Two states abstained: Iowa and New Jersey. Johnson then scheduled a continuation of the meeting to June 3, when the board plans to meet by conference call to review the input received and consider further action on the compensation standards.

Taxes on Communications Services

The SST Executive Committee has been debating a proposed amendment to the Agreement that would extend several simplification provisions, including state-level administration, to taxes on telecommunications services and video programming services, including cable services. LK:NON: CYTXDS 20090625-S.1 The proposal would cover any tax, charge, or fee levied by a taxing jurisdiction as a fixed charge for each customer or measured by gross amounts charged to customers for communications services, regardless of on whom it is imposed or how it is denominated.

The board heard from representatives of each of what Oklahoma’s Johnson described as the four main constituencies: telecommunications providers, cable providers, satellite providers, and local governments. Deborah Bierbaum, AT&T, provided a brief history of efforts to reform telecommunications taxes. Representatives of satellite providers objected to the proposal’s characterization of cable franchise fees as a “tax” that must be considered in determining if a state’s rates achieve tax parity for similar products. They added that including franchise fees is “bad politics” because it runs afoul of pending federal legislation (H.R. 1019) sponsored by Rep. John Conyers, D-Mich., that would prohibit a state from imposing a higher tax rate on one means of providing multichannel video service than it imposes on another. A cable representative disagreed and argued that the proposal properly allows a state to have a second state-level rate in order to equalize treatment among video providers. Local government representatives held up telecommunications tax reform in Virginia as a model for the SST member states.

Johnson said that he will appoint a task force with representatives of each of the stakeholders to continue work on the proposal.

“Bottled Water” Amendment

Over industry objections, the board approved an amendment to the Agreement adding a definition of “bottled water.” The definition was requested by Washington, which just enacted a tax, effective June 1, on sales of the product. Washington does not tax most sales of food and needed the definition of “bottled water” as a toggle in order to stay in conformity with the Agreement.

Sourcing Sales of Services

The board approved the first two rules to be completed by a work group that is charged with defining where a service is received for purposes of the general sourcing rules in the Agreement. The rules approved are a general rule and a rule for services performed on tangible personal property (e.g., repairs). Generally, the latter will be sourced to the location at which the property is returned to the purchaser. The work group is currently working on a rule for services with respect to tangible personal property (e.g., testing or monitoring). The BAC unsuccessfully sought to have the board wait to vote on all three of these rules at the same time, together with an amendment the BAC is developing to avoid duplicative taxation. The work group will eventually proceed to rules on services related to real property, services related to products delivered electronically, personal services, and amusements.

Nevada Compliance

The board found Nevada to be out of compliance with the Agreement because the state cannot accept electronic payments from taxpayers by ACH credit. The board previously had “accepted” a report from its Issues Resolution Committee recommending this action. The question of potential sanctions was referred to the Executive Committee.

State-Level Administration

The board approved amendments to the Agreement’s existing requirement for state-level administration of taxes to expand the provision to purchasers, clarify that it applies to in-state sellers as well as remote sellers, and authorize audits by third parties on behalf of the state-level authority. The latter provision led to a debate that, at times, became heated as taxpayer representatives argued unsuccessfully for an explicit prohibition on the use of contract auditors paid on a contingent fee basis. Various state and local government representatives, while expressing misgivings about the use of contingent fee auditors, responded that the Agreement is not the place to dictate tax policy. Bruce Johnson, Utah State Tax Commission, rejected the notion that the board’s failure to prohibit contingent fee audits equals endorsement of such audits.

Employee Points Programs

The SLAC continued to struggle with an interpretation request filed by Loren Chumley, KPMG, asking for clarification on how to treat employee points under the Agreement’s “sales price” definition. Chumley asked that the value of points, awarded employees as sales incentives and redeemable for merchandise at a reduced price, be treated as a discount and excluded from the sales price of the merchandise. The Compliance Review and Interpretations Committee (CRIC) agreed, LK:NON: CYTXDS 20090814-S.1 but the CRIC decision subsequently failed to receive the requisite three-fourths vote for approval by the board. In response, the matter was referred to the SLAC for further evaluation.

The SLAC’s vice-chair, Sherry Harrell Hathaway, presented three options: the points are not consideration, any cash equivalent of the points is consideration, or the points are consideration. The SLAC states expressing an opinion divided almost evenly among the three options. Utah’s Johnson suggested that, given the apparent inability to reach a consensus, Chumley may wish to withdraw her request to avoid an ultimate resolution defaulting to the taxability of the points.

Other Developments

The board approved a CRIC interpretation that leases and rentals of all types, including those that do not involve recurring periodic payments, do not qualify to be sourced on an origin basis under the alternative sourcing provisions in the SST Agreement. However, the board also referred to the SLAC for evaluation a proposed amendment to the Agreement to reverse this result and allow short-term rentals to be sourced on an origin basis.

The board gave final approval to an amendment to the Agreement regarding the evidence a seller must provide in an audit situation to substantiate noncollection of tax in a transaction in which the seller failed to obtain an exemption certificate.

During the last day of the meetings, Oklahoma’s Johnson announced the passage of SST conformity legislation by the Georgia Legislature, which the governor is expected to sign. A successful petition would make Georgia the 24th SST member state. Johnson added that Oklahoma is considering renewing its amnesty offer for sellers that register under the Agreement and may coordinate the applicable time periods with the amnesty that Georgia will be required to offer as a condition of membership. He said that Oklahoma also is considering offering “bonus compensation” to new volunteer sellers. Johnson asked other member states to consider doing likewise.

As mentioned, the board will meet by conference call on June 3 for a possible vote on the compensation standards. The next in-person meeting is scheduled for October 5-7, 2010, in Indianapolis.

Streamlined Sales Tax Governing Board and State and Local Advisory Council Meetings, Washington, D.C., April 28-30, 2010

Dennis Brown
Vice President State Government Relations
Equipment Leasing and Finance Association
1825 K Street NW, Suite 900
Washington, DC 20006
Phone: (202) 238-3411
Fax: (202) 238-3401
dbrown@elfaonline.org
www.elfaonline.org

This is a true story of a Garage Owner in the Southwest. ( New Mexico )

He was sick and tired of thugs breaking into his garage shop to steal tools etc. So he came up with this idea.

He put the word out that he had a new Mexican Lion that would attack anyone that would breakin or climb his fence.

Would be thieves saw the "Lion" from a distance and fled the scene.  

It was just a partially shaved Golden Retriever !!!!!!

Leasing Industry Recruiters

These companies have experience in the finance and leasing industry

Please fax our request form back to 408.317-2066 or you
may e-mail to: kitmenkin@leasingnews.org .

Second Column: YCS - Year Company Started | YELB - Years in equipment Leasing Business

Name City, State Contact Website Leasing Association	YCS YELB (see above for meaning)	Geographic Area	Specialty
Executive Solutions for Leasing & Finance, Inc. 1141 Minisink Way Westfield, NJ 07090 Teri Gerson , President terigerson@exsolutions.com 908.654.1550 (f) 908.847.0377 ELFA www.exsolutions.com	1990 (1990)	Nationwide	Search firm specializing in leasing industry. Services include retained and contingent search, strategic consultation, compensation analysis, sales & management training, & customizable consulting products.
Financial Pro Solutions Hal T. Horowitz 22845 Ventura Blvd., Suite 124 Woodland Hills, CA 91364 Office:  (818) 347-FINA (347-3462) Fax: 818-597-3201 Cell:  (818) 730-0645 Email: halh@finapros.com www.finapros.com	1983 (2008)	Nationwide	Retained search firm seeking financial professionals for growth-oriented and challenging opportunities in commercial banking, equipment leasing, asset based lending. Also works with firms seeking V- and C-level financial executives with accounting, financial analysis or treasury disciplines.
Professional Profiles, Specialists in Executive Search, Inc. Mary Beth Norton mb@leasingrecruiter.com 708-403-9229 Voice 708-403-8854 Fax www.leasingrecruiter.com	N/A (1986)	Nationwide	We are, by choice, a small shop. We take a very personal approach with all our candidates and hiring managers. We treat them all (even those we are unable to help) with respect and professionalism.

 

Client Looking For A Leasing Attorney

Birmingham, Alabama The lawyers of Marks & Weinberg, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel. Email: Barry@leaselawyer.com Website: www.leaselawyers.com	California, National: city: Riverside Ellen Stern - get results, reasonable pricing; numerous industry contacts, nearly 30 yrs exp.in SoCal, 20 yrs equip.: CFL license specialist, documentation, work-outs, litigated collections, recoveries; deal-maker. Email: leaselaw@msn.com
Kenneth C. Greene California & Nevada Hamrick & Evans, LLP, Universal City , LA; San Francisco Bay Area, No.Calif. & Nevada. Call for free consultation (828)763-5292 or (415) 806-2254, kgreene@hamricklaw.com	Connecticut, Southern New England: EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates. email: rcfeldman@snet.net
Los Angeles, Southern CA Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry.  Bankruptcy and State Court litigation.   Vincent V. Frounjian (818) 990-0605 or email: vvf@pacbell.net.	Encino, California: Statewide “ELFA” Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigation, debt collection, and bankruptcy. Call Stephen E. Jenkins Esq (818) 501-3800
Los Angeles, Statewide: CA.     "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis. email:RGarwacki@prodigy.net	Los Angeles -statewide: CA      "ELFA" Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
Long Beach, CA Wagner & Zielinski,  successfully representing lessees/ lessors.  Not a member of any leasing organization, therefore not beholden to special interests.  Richard Wagner (562) 216-2952 www.wzlawyers.com	Long Beach CA. Paul Bent -- 30 years experience in all forms of equipment leasing, secured lending, and asset based transactions, from analysis and deal structuring to contract negotiations to closing to private dispute resolution. (562) 426-1000 www.paulbent.com
Law Firm - Service, Dallas, TX. "ELFA" Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance. email: dmayer@pattonboggs.com Website: www.pattonboggs.com	National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA). email: Jcoston@costonlaw.com Website:www.costonlaw.com
St. Louis County , MO. - statewide: Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates. Ronald J. Eisenberg, Esq. (636) 537-4645 x108 reisenberg@sl-lawyers.com www.sl-lawyers.com	NJ,De,Pa: Specializing in leased equipment/secured transactions. Collections, replevins/workouts reasonable rates. Sergio Scuteri/Capehart & Scratchard, PA sscuteri@capehart.com / www.capehart.com
Thousand Oaks, California: Statewide coverage Spiwak & Iezza, LLP 20+ years experience,Representing Lessors banks in both State/ Federal Courts/ all aspects of commercial leasing litigation. Nick Iezza 805-777-1175 niezza@spiwakandiezza.com	Westport, CT: We represent finance companies, banks, lessors, etc., in replevins/seizures, collections and bankruptcy matters in Connecticut and New York. Flat fee, contingency and hourly rates. Email: rchinitz@replevinlawyer.com

Sherman Oaks, California---Adopt-a-Dog

Freddy
Terrier (Unknown Type, Small) Mix
Location:
Sherman Oaks, CA
Size: Small 12 lbs (11 kg) or less
Color: Black - With Tan, Yellow Or Fawn
Sex: Male

Age: Young
Freddy is: already neutered
housetrained
good with kids
good with dogs
good with cats

Freddy's story.."Sweet 12lbs Male terrier- Loves dogs, cats, people- great on walks-Loves to play -would make a great home for anyone!"

Contact this rescue group to adopt Freddy ...Rescue Group: Strangest Angels Animal Rescue
Contact: Elle Wittelsbach
Phone: Please email this shelter below!
(They don't list their phone number here)
E-mail: strangestangelsr@yahoo.com
- Let 'em know you saw "Freddy" on Adopt-a-Pet.com!
Website: http://strangestangels.org

Adopt-a-Pet by Leasing Co. State/City
http://www.leasingnews.org/Conscious-Top%20Stories/Adopt_Pet.htm

Adopt a Pet
http://www.adoptapet.com/

by Charlie Lester and Kit Menkin, September, 2000
* * * Sierra Cities Special Report * * *

(The by-line was because Kit Menkin added two paragraphs at the end, but the fact is Charlie Lester wrote everything above the last two paragraphs reproduced here, as it was his direct experience and first hand knowledge----as he was there. Editor)

Charlie Lester, Leasing News Emeritus Advisor

On the block with a hoped sale date before October 1, 2000, this company joined Leasing News "list" due to its Second Quarter loss and the many rumors from reliable sources that the company is about to be sold. Chairman Tom Depping has told his employees there will be an announcement before September 30th.

Reportedly the man who originated the First Sierra concept was Bob Quinn, not Tom Depping. Bob Quinn approached Tom Depping in 1993 after Denrich was purchased by ATT Capital in December, 1992. Bob did not feel ATT was dedicated to their Private Label Program so he approached Tom Depping as an old friend and business acquaintance about forming a new company to do nothing but Private Label.

From that meeting in 1993 to April 1994, Tom Depping sold some movers and shakers in Houston (check the Board of Directors for names) to raise the capital to start First Sierra. When Bob Quinn left ATT in May, 1994, he and Tom along with Fred Van Etten, Pete Smith and Sandy Ho actually began the operations at First Sierra.

"SierraCities.com (NASDAQ:BTOB) has harnessed the power of the Internet to create a totally new way for small business owners to get the funding they need. The leader in online banking and financing, we've automated the funding process to offer quick and convenient access to loans, leases, and a full range of comprehensive banking services. Since 1994, SierraCities.com has funded over $2.5 billion in small business loans."

The above is http://www.sierracities.com/about_us.asp

The company was basically started by Thomas J. Depping. From 1991 to May 1994, Mr. Depping served as President of SunAmerica Financial Resources, the equipment leasing and financial division of SunAmerica, Inc. Sandy B. Ho, Executive Vice-President and Chief Financial Officer has been with the company since 1995. David L. Pederson joined in 1998 and is Executive Vice-President and Chief Financial Officer. The company has had many other vice-presidents, according to listings in past United Association of Equipment Leasing Membership Directories.

"Since inception, the Company's underwriting, customer service and collection staff had been located in its Jupiter, Florida office. In order to consolidate its operations and maximize administrative efficiencies, the Company relocated its operations center from Jupiter, Florida to its headquarters in Houston, Texas. It basically had a "private label" and "wholesale/retail" approach to equipment leasing." This information is from 8/13/99 security filings.

The company in 1999 was First Sierra Financial, Inc., Houston, Texas and on January 26, 2000 "merged" and changed its name to SierraCities.com, Inc., a Delaware Corporation with corporate address in Houston, Texas.

HOUSTON--(BUSINESS WIRE)--July 3, 2000--SierraCities.com Inc. (Nasdaq:BTOB), an innovator of technology solutions for online B2B financing, today announced that it has withdrawn its recently approved application to become a bank holding company. In April, the Company announced that its application was approved by the board of governors of the Federal Reserve.

Thomas Depping, president and CEO, said, "Although our application with the Federal Reserve was approved in April, we have decided not to implement the banking strategy at this time as we are in the process of potentially splitting our technology and finance operations." On April 24, SierraCities.com announced that it retained Donaldson, Lufkin & Jenrette to advise on the potential division of the Company's technology and finance operations.

SierraCities reports $7.7 million loss for second quarter

"The Company reported a net loss of $7.7 million for the second quarter, including non-recurring pre-tax charges of $6.9 million. On an operating basis, the Company reported a loss of $3.4 million compared to net income of $252,000 in the second quarter of 1999. Second quarter operating results were largely impacted by reduced gains from asset sales resulting from a poor secondary asset market during the quarter. The asset sales completed during the quarter resulted in gains of $957,000 compared to $3.5 million in the second quarter of 1999.

"The Company incurred a one-time $6.0 million pre-tax charge in the second quarter related to the restructuring or elimination of underperforming operations." Sierra Cities Press Release

First Sierra changed its name this year to migrate from purchasing smaller leasing companies with the small leasing company methods and sales forces, from utilizing lease brokers then to inside salesmen to an internet aimed company, securizing leases and "selling off" or "brokering" leases to other funders in a lesser extent. The company changed its major direction in the last twelve months to become a "dot.com," if you will accept this idiom.

Sales were originally generated with the purchase of the smaller leasing company, who joined the parent with funds available often a lower rate and supposedly less rules and regulations than the small leasing companies funding sources. This type of sales generation series appeared to generate more sales, but in affect, these smaller leasing companies had discounted, brokered, or borrowed for most of their business and the asset was the management and sales niche of the smaller leasing company. The concept was for sales from the new company generated sales for the larger company and as long as new companies were being added, sales appeared to grow. In effect, many of the smaller companies’ sales diminished with the original principal leaving or the entrepreneurial spirit changing in the operation of gathering business.

As lease matured, or defaulted, or brought up heavy servicing problems, the concept begins to collapse.

General Interlease Corporation (GIC) 6/96 (A Florida, Colonial Pacific Pegasus Lease Dealer)
Corporate Leasing Group 9/96
Lease Pro, Inc. 2/97
Heritage Credit Services, Inc. 5/97
Universal Fleet Leasing 5/97
Public Funding Corporation 6/97
Northcoast Capital Leasing Company 9/97
Financial Management Services dba Cascade Leasing 9/97
Heritage Credit Services of Oregon 11/97
All American Financial Services 11/97
Independent Capital Corporation (ICC) 3/98
Integrated Lease Management (ILM) 3/98
OMNI Leasing 4/98
Vendor Leasing Services 4/98
TFS, Inc. dba The Money Source 6/98
21st Century 6/98 Republic Group, Inc. (Anaheim) 7/98
Suffolk Street Group (England) 7/98
Brooker Montague Leasing Limited 8/98
Titan Finance Limited 10/98
Fifth Third Leasing 6/99
Capital Alliance Financial 12/99

Bruce Kropshot arranged the first three acquisitions as the investment banker. He would make no comment for the record or off the record.

Many of the principals of these companies are now either retired or started their business financial companies such as Charlie Lester, Don Zaretsky, Brent Hall (son of Oren Hall).

Some believe the company changed with the acquisition of Republic Group, Anaheim, California (the founders created CapitalWerks, and both now await sentencing in Operation Lease Fleece. Editor)

All did not want to speak on the record for the fear of being sued for their opinion by Sierra Cities. If there is a sale, they may comment afterwards. Several did not take stock with the sale, but others did, so they would prefer to wait until the announcement.

Five possibilities:

1. Sell the finance division.
2. Sell the technology division.
3. Sell both the finance and technology divisions.
4. Enter into a joint venture with a stronger company that would relieve the need for securitization.
5. Keep doing business as usual.

These comments are from many of them and others in the industry:

Bob Quinn was a Sr. VP and Chief Credit Officer who ran the Jupiter operations until he and Tom had a falling out when Tom moved the credit function to Houston in 1998. From that point on, he and Tom fought like cats and dogs until Bob was finally kicked out in early 1999. Pete Smith left First Sierra in late 1999 as did Charlie Lester. Peter Smith says he plans to join Bob in his new company that will be announced soon.

Charlie Lester believes", the acquisition of the Republic Group was the downfall of First Sierra. They took the "hard sell telemarketing techniques" of Republic Group and tried to make the other companies who had tried and profitable sales techniques adjust to the Republic Group methods. High yields, but questionable sales techniques."

"I agree with Charlie Lester since he does not want to be associated with the criminal element that Republic Group in California brought to First Sierra.... " name with held

"If you go back to their securitization issues and review all the conditions, reserves, letters of credit issued and factor in attorneys' & credit rating fees their cost of funds was much higher than expected in light of the losses encountered. Whether it was to the point where they had low spreads, no spreads or it was costing them money to do deals." name with held

Another theory is they paid too much for the operations they bought, which were little more than brokerage offices and continued to pay the officers of these firms’ high salaries, in addition to the cash and stock given for these operations." name with held

Leasing News has attempted to obtain verification of our list, to learn any reaction or comment from various officers or spokesmen at Sierra Cities, but has been unsuccessful.

VerticalNet to Acquire SierraCities For $133 Million came the announcement in November, 2000

The setting in May 1997--GIC, Corporate Capital, Lease Pro, Heritage Credit and Universal Fleet Leasing had been acquired, but there was no Houston sales management team in place.

In May 1997, Tom Depping called a summit meeting of the top 25 previous owners, key salespeople and HQ management in Houston to lay out a new organizational structure for the company. Under this structure the branches expanded and grew the sales volume. Unfortunately, the acquisition of the Republic Group took place in mid-1998 and Depping fell in love with the 20-35% yields that they were realizing. When people like Mike Wing, Tom Madonna, Oren Hall and I told Depping how they were screwing the customers with borderline and flat out illegal tactics, he blew us off as being sour grapes.

At the Chairman's Club in Los Cabos, Mexico in February 1999, several of the "kids" from Republic bragged about the tactics they used such as transposing payment amounts. If the payment was quoted at $314.57, they would doc the deal at $341.57. If the customer should catch it, they would say it was a typo and re-doc. Most of the time, the customer did not catch it or they would play guts ball with the customer and tell him that he wrote the payment down wrong.

One side note---the "kids" from Republic got into a food fight after the dinner buffet and the hotel management threatened to call the police to make them stop, but almost everything on the buffet table had been thrown by that time. Later at the Giggling Marlin, they got drunk and raised hell with Depping, Jim Raeder and Mark McQuitty present. Great image for a publicity held company.

In my opinion, the meeting in Los Cabos was the beginning of the end for First Sierra. Depping and Raeder became best buddies and Depping made Raeder the VP in charge of the branches. At age 33, Raeder wanted young studs to take over the acquired companies so he could make the companies over in the image of Republic. He spent money like it was water to have walls taken down and cubicles installed since he felt that opened cubes made for a more energetic office. He ignored the proven salespeople and ordered the branches to hire new telemarketers. The trend towards high-pressure telemarketing chased away many established salespeople with vendor relationships. In addition to wasting money remodeling the branches and losing established salespeople, they found that telemarketing approach did not work without a large staff that was constantly coached and encouraged by a sales manager on a daily basis.

Then came the charter to become a bank. It did not take long before people like Bob Henchey realized they could not use the Republic approach if they were to meet federal guidelines. The last I heard, Bob Henchey is still the President of the FSF (SierraCities.com) Operating Company. Changes were made and the yields at Republic dropped almost overnight. The emphasis on telemarketing was reduced in the branches and volume continued to drop like a rock.

In June 2000, Depping fired Jim Raeder for "cause" with no severance package. Mark McQuitty was fired at the same time with a severance package. The word is that spent over $1,000,000 for a May meeting of all the salespeople in San Antonio. If the money had not been spent for that meeting, First Sierra would have shown an operating profit for the quarter.

Back tracking a little. Two other negatives hit First Sierra in late 1999 and into 2000.

1. The securitization market went to hell in a hand basket and First Sierra was married to that market.
2. The name was changed from First Sierra to SierraCities.com in an attempt to capitalize on the dot.com trend. Unfortunately, the timing of the name change took place within weeks of the dot.com collapse. Depping did not realize that dot.com is a website address, not a company name.

Couple the Republic debacle with the securitization and dot.com issues and the failure of First Sierra became eminent.

Other failure reasons:

-Depping's ego and lack of loyalty. The best line I have heard about Tom is "He has no old friends, just new friends and wannabes".
-Company game plans developed in resort locations where more emphasis was placed on expensive rooms, golf and booze instead of work. That is why the plans changed so often.
-Changing game plans caused confusion and lack of direction in the branches and Houston.
-The ethics of First Sierra management was questioned by people like Oren Hall from the very git-go.
-The loss of experienced executives like Bob Quinn, Mike Wing, Oren Hall, Tom Madonna, Valerie Hayes Jester, Fred Van Etten, Danny Fritz, Pete Smith, Helen Darrington, Dennis Meyer, Don Zaretsky, Bill Stauder, Ruth Spiers (Tom's AA for 15 years at First Sierra and previous companies) and the list goes on and on. You can't lose this many top people without the troops losing confidence in their own futures.
-Lavish spending for suites, booze and golf outings for the top guys. My room at the Chairman's Club in Los Cabos was over $500 per night. My room for the prior manager's meeting in Scottsdale was over $500 also. I don't know what the cost of the suites for Depping and others cost, but they had to be extremely expensive. At the same time money was being spent like this, the branches were being hit with major cost cutting programs. Go figure!!

Take care and keep up the good work for the industry.

Charlie Lester

At American Leasing, I interviewed two ex-Republic Leasing, Anaheim Sales people.

They told me how they were trained to make switches, just as Charlie Lester explained. Or bid for a lease, using a very low 36 month lease, but when they went to sign it, change the term to 48 months or 60 months. They were taught how to sell in this manner. Many lessees did not catch the change, or if they did, they convinced the sales people were taught tactics to do this.

Another was the weekly contest of who could charge the highest documentation fee. It was not uncommon to get $1,000 on a $25,000 lease. The winner not only got a percentage, but won the contest for a large television set or a monthly contest top prize of a trip to Cabo San Lucas or Hawaii. The salesman I interviewed told me he once charge $800 documentation fee on a $5800 lease...but he didn't win the prize as one salesman got $950 on a $4,000 lease ( I know this is hard to believe, but that is what he told me and how they would quote on partial equipment or partial orders, take the deal away with a low rate, but when they had the full list, they would change the rate and rarely were they "caught" and when they were, the sales techniques and procedures of how to close the sale...so What Charlie Lester reports, I can tell you was verified personally from these two interviews with former Republic Leasing of Anaheim salesmen ).

Full Report:
http://www.leasingnews.org/articles.doc/newsletter3.htm

His current facility (Altus Hospice):
http://www.altushospice.com/index.php

Altus House
Charlie Lester - Room 6
5411 Northland Drive NE
Atlanta, Georgia 30342

News Briefs----

Greek Woes Hit Asian Shares, Euro Down
http://www.nytimes.com/reuters/2010/05/05/business/business-us-markets-global.html?_r=1

Penske orders 600 Swedish Volvo's-Buy American?
http://finance.yahoo.com/news/Penske-Truck-Leasing-Orders-bw-3887626601.html?x=0&.v=1

Jobs' million-selling baby: iPad makes good
http://www.nypost.com/p/news/business/jobs_million_selling_baby_ipad
_makes_0k00ehqcjRstqj92MG5aQO

Murdoch: iPad subs more profitable than on the Kindle
http://www.electronista.com/articles/10/05/04/news.corp.ceo.says.ipad.better.for.wsj.than.kindle/

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All Hollywood Video stores closing
http://www.sacbee.com/2010/05/04/2727447/all-hollywood-video-stores-closing.html

Sports Briefs ---

Wrap your brain around Thornton, Marleau as playoff heroes
http://sports.yahoo.com/nhl/blog/puck_daddy/post/Wrap-your-brain-around-Thornton-Marleau-as-play;_ylt=ArXrNX.hoxvtGboJHD.Tc.t7vLYF?urn=nhl,238713

“Gimme that Wine”

Silicon Valley Bank predicts better wine sales
http://sanjose.bizjournals.com/sanjose/stories/2010/05/03/daily19.html

James Beard winners from French Laundry, Redd
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/05/03/MNML1D8V23.DTL&tsp=1

Mondavi: Many California wineries will be sold under duress
http://www.decanter.com/news/news.php?id=297532

Women Wine Drinkers Overtake Men -- Who Still Get the Wine List
http://www.bloomberg.com/apps/news?pid=20601088&sid=aTonk0b0O6hE

 

Free Mobile Wine Program
http://leasingnews.org/archives/Feb2010/2_26.htm#mobile

Wine Prices by vintage
http://www.winezap.com
http://www.wine-searcher.com/

US/International Wine Events
http://www.localwineevents.com/

Winery Atlas
http://www.carterhouse.com/atlas/\

Leasing News Wine & Spirits Page
http://two.leasingnews.org/Recommendations/wnensprts.htm

Baseball Poem The Batter From the book That Sweet Diamond by Paul B. Janeczko, Carole Katchen (Illustrator) He approaches the plate, ponderous, swinging smoothly in slow motion knowing his choice is simple: swing or not.   As he paws the back line of the batter's box, matching concentration and stare with the pitcher, he knows indecision or hesitation makes failure likely.   Pitcher rocks.   Batter waits.   Then, in the time it takes a happy heart to beat, decides.