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Evergreen Illegal in Which States? Broker/Funder/Industry Lists |
Features (collection)
Sports Briefs ######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
[headlines] Evergreen Illegal in Which States?
Attorney Michael J. Witt in his article "Automatic Renewal: A Different Perspective," wrote: "The inclusion of automatic renewal (or 'evergreen') clauses in true leases has been a fairly common practice from time immemorial. There is no question that these clauses provide important protections to the lessor. If the lessee has no intent to renew, the lessor has in interest in knowing it before the end of the term so that he can start planning for remarketing or some other disposition of the equipment. "However, the question of whether a lessee should be reminded by the lessor of the notice deadline in plenty of time for the lessee to react is an entirely different question. As most of us know, some states (namely, New York and Rhode Island) have statutes requiring commercial equipment lessors to provide a written notice – a fair warning – before the notice deadline date arrives." This was first written February 19, 2010 and re-printed as Leasing News has been writing about the Equipment Leasing and Finance Association opposing laws requiring a written notice in each of the states, as the abuse has reached the desks of legislators. If there is an attorney, or authority on this subject, would like a complete list of states where it is necessary to so inform the lessee or lender about the termination of the initial lease contract. This is an unofficial list: Please contact kitmenkin@leasingnews.org "Automatic Renewal: A Different Perspective"
[headlines] Classified Ads---Operations
(These ads are “free” to those seeking employment or looking
Free Posting for those seeking employment in Leasing: All “free” categories “job wanted” ads: [headlines] Navitas joins "Funder 'A' /Looking for Broker Lists
"We call on Vendors and also fund brokers," says Gary Shivers, founding president of Marlin Business Services, started Navitas Lease Corp. September, 2008, Ponte Vedera Beach, Florida. “We are always looking for sales talent, particularly in Southern N.J. and Jacksonville, FL, where we have offices. “We fund leases nationwide. We have a series of announcements that we will be making this year and intend to be a leading independent lessor." Shivers says his company will be notifying end users before the initial lease term expires. “We will be making a big announcement soon about our Broker business," he told Leasing News. "Stay tuned!" A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
Gary Shivers told Leasing News he has been waiting for a turn around in the small ticket marketplace, which he now sees, and recently announced a three year $25 million Senior Securities Credit Facility with Wells Fargo Capital Finance, part of Wells Fargo and company. The company’s aim “… is to provide equipment financing to small and medium sized businesses nationally, primarily through development referral programs with equipment vendors.” He has established multiple sources of financing to support the growth plan. Funders "A" List: Funders Looking for New Broker Business:
The Strange Case of Sheldon Player
(While the web site that displayed the press release about becoming a “Jackson Hole” bottled water franchisee (Sheldon was Franchisor) creditors who had met him as a “consultant” to Equipment Acquisition Resources, say the photo in the press release was not Player). This episode left off where Sheldon Player of Equipment Acquisition Resources claimed in court he filed personal bankruptcy and it stopped the action of other lawsuits, but to date, no record seems to have been found or produced to show the documents filed. Here is a re-cap as they would do in television, such as at “24” or the continuation of the previous week’s story: The last article was "The Curious Case..." but now it has turned strange, if it wasn't before. This includes apparently playing the same game that got him convicted in Greyhound Leasing, 1985, same "M.0.", the large gambling forays at many casino's around the United States, getting caught by the FBI in Denver, Colorado with a duffle bag containing $900,000 in cash (he told them money he won gambling and they let him go), the Jackson Hole land he bought to sell bottled water (but the water came from a neighbor's well that he paid "rent" to take water (but it all didn’t' come from here, it was just promotion), to his not being president of Equipment Resource America, but his wife was, but on all documents and even tax returns her name was Donna Malone, to the land in Wyoming being "gifted" to Donna Malone's children for a state tax gimmick, and the latest is the Equipment Resource America bankruptcy finally gets to move forward after the IRS and Trustee agree to a settlement on taxes paid by Player for sales never made or income received but used to disguise financial and more importantly tax returns, then the separate cases all come to a halt because he claims to have filed bankruptcy. That's where it gets strange again. Normally in the Pacer and West Law copies of documents it is not uncommon for the cases to be closed by the filling of a principal's bankruptcy, meaning any actions have to go to the bankruptcy court, claims, if any, and often the program changes as parties realize there is very little to get, and often the process goes longer. But in all the cases to date where this happens, a copy of the bankruptcy papers is submitted. Even Justica could find not such case. That was strange, but perhaps not uncommon, Leasing News was told (although have always seen the filings in all cases written about to date). A search on Pacer and West Law could not find any filings of Sheldon Player's bankruptcy record. Searches by other parties as requested by Leasing News also could not find any filings. A search easily found Donna Malone, Bankruptcy Petition #10-40067 filed September 7, 2010 in the Northern District of Illinois: Chapter 7, Voluntary. Calls to attorneys involved in the matter have not been returned, as it appears no one has been able to answer where are copies of Sheldon Player's personal bankruptcy filing. Previous Episodes:
[headlines] Accounting Profit for SquareTwo Financial Paul A. Larkins, former senior executive vice-present, Key Equipment Finance and 2006 Leasing News Person of the Year, now president and CEO of SquareTwo Financial Corporation, Denver, Colorado, announced a $5.2 million loss, compared to a new loss of $2.5 million for the asset recovery and management company's first quarter, 2011. In the accounting method utilized, "cash proceeds" are applied to the carrying value of purchased debt rather than recorded as revenue. In an adjusted basis, the bottom line would be $63.4 million positive.
Cash proceeds on purchased debt were $108.3 million, a 20% increase over the $89.9 million in the same period of the prior year.
Investment in purchased debt was $63.6 million, to purchase $928.2 million in face value of debt, compared to $39.3 million, to purchase $933.6 million in face value of debt in the same period of the prior year. The total investment in Purchased Debt was a 61.8% increase from the same period of the preceding year.
"We had an exceptionally strong first quarter, including the best collection month on our owned portfolios in the company's history, " Larkins said, adding "... we are seeing clear evidence that our major operational initiatives are producing sustainable financial results. Most significantly, first quarter performance by our franchise partners exceeded our expectations." In the telephone conference call, Larkins calls the current economy “choppy.” It is noted the balance sheet was not available at press time, but will be in the SEC filing soon. It is noted they have utilized $135 million of their line, can go up to $180 plus have an additional $15 million in their revolver line. Their goal is to buy debts at 8 cents on the dollar, if the quality is good. They note there is competition from all avenues, and it is growing.
Telephone Conference Call:
-------------------------------------------------------------- New Hires---Promotions
Laird Boulden has been named president of Corporate Finance Group, combining Capital Source's Corporate Asset Finance and Leveraged Finance, into this new entity which will focus on software, technology and healthcare. He was founder of Tygris Commercial Finance where he served as President of Tygris Asset Finance and was a member of the corporate leadership team. Prior to founding Tygris, Mr. Boulden served as President and CEO of RBS Asset Finance, Inc., a division of RBS Citizens, N.A., and a member of the Royal Bank of Scotland Group. Reporting directly to the President of Citizens Financial Group (CFG), he was a member of the Executive Policy Committee for CFG, a management committee with responsibility for $150 billion in assets. While in this position, Mr. Boulden oversaw three business lines for CFG including Asset finance, ABL, and Dealer Finance with a combined total of approximately $10.5 billion in assets. Prior to RBS Asset Finance, Mr. Boulden was President of RBS Lombard–a group he launched for RBS in 2001–where he was responsible for the consolidation and integration of the U.S.-based RBS equipment finance businesses (the former RBS Lombard, ICX, and Citizens Leasing) under the CFG umbrella. Prior to his tenure at RBS, Mr. Boulden was a co-founder of the Commercial Equipment Finance Group for Heller Financial, Inc., was subsequently promoted to President of that group, and served as a member of the Heller Executive management team. He is a long-time member of the Equipment Leasing and Finance Association, previously serving as its Vice Chairman, and was a long-term member of the ELFA's Board of Directors and Executive Committee.
Curtis C. Brantl has been appointed Operations & Process Leader for EverBank commercial Finance, Parsippany, New Jersey. "Curt joined EverBank Commercial Finance after an impressive ten year career with GE Capital where he served in a number of leadership capacities. Curt was the Quality Leader for order-to-remittance and held the Operations Leader position for Capital Markets. He was previously Vice President and General Manager of Xerox Capital Services (XCS) in Chicago, one of GE Capital's largest vendor programs. XCS provided specialized financing programs for Xerox North America Fortune 500 customers and dealers. "Curt holds a BA in Economics from Albertus Magnus College and an MBA from the University of Connecticut. He is a GE certified Six Sigma Master Black Belt." Steve Dunham has been appointed Eastern Regional Broker Service Representative, BSB Leasing, Denver, Colorado. He joined the company in October, 2010. He was active in the formation of the Western Association of Equipment Lessors in 1972, serving as first president, now the National Equipment Finance Association, and operated Leasing Associates, Mountain View, California. He will be working from Boothbay, Maine. 888-465-03030. sdunham@bsbleasing.com. Michael Holck appointed to Vice President, Irontrax, Cleveland, Ohio. He is based in Omaha, Nebraska and will be responsible for all transportation projects. Irontrax assists clients with appraisals and remarketing in the construction and transportation industries. Mike Holck was formerly assistant manager appraisal services for Taylor & Martin (August, 1999-May, 2011) Dave Johnson was hired as Senior Vice President of Sales and Marketing, Willis Lease Finance Corporation, Novato, California. Previously he was vice president marketing, ILFC (January 2010-April, 2011), pilot for American Airlines (March, 1992-June, 2004). He earned his JD at the University of California, Los Angeles where he also was managing editor of UCLAWLJ (1994-1997), MBA in management and Finance from Louisiana Tech University (1988-1991), BSAN Aeronautical Engineering from the United States Air Force Academy (1981-1985). He served as a pilot and B-52 combat crew commander in the United States Air Force for six years, rising to the rank of captain. Captain Johnson also serves on the Board of Directors of the Heritage Flight Museum in Bellingham, Washington, which is the aviation and space museum founded by USAF Major General and Apollo 8 Astronaut William A. Anders and family. Linda K. Nelson was named Chief Financial Officer, First America Equipment Finance, Fairpoint, New York. She has been Chief Financial Officer, Executive Vice President and Secretary since July 2008 at Birds Eye Foods, Inc. Since February 2008, Ms. Nelson served as Senior Vice President of Finance & Logistics at Birds Eye Foods, Inc. From 2006 to 2007, she served as Chief Accounting Officer of Birds Eye Foods, Inc. From 1997 to 2007, she served as a Controller and from 1997 to 2006, served as its Vice President. From 1995 to 1997, she served as Director of Internal Audit at Birds Eye Foods, Inc. Prior to joining Birds Eye Foods, Inc., Ms. Nelson worked at Price Waterhouse for 10 years, holding various positions as Senior Audit Manager. Ms. Nelson is a certified public accountant, and graduated with a Bachelor of Science in Accounting from Binghamton University State University of New York. Lindsey S. Rheaume was appointed executive vice-president, commercial lending manager, Virginia Commerce Bank, Arlington, Virginia. He will manage the bank’s team of commercial lenders and will oversee new business development opportunities. He most recently from SunTrust Bank where he was a senior vice president in the special assets division and government and technology division. He has also held positions with GE Capital as portfolio management group leader and Bank of America as senior vice president, business credit. Linda G. Ross was promoted to manager of project management and support services, Key Equipment Finance, Superior, Colorado. She joined the company 2007 to manage sales process improvement. Previously, she was deputy chief operating officer for Denver Public Schools. Prior to that, she served as the director of project management for Creation Chamber Interactive (now Xylem CCI Inc.) and was operations manager at the University of Denver. Throughout her career she has also held various operations positions in the education field, including developing education programs in Chile, Korea and Greece. Ross has a bachelor’s degree in history from Queen’s University in Canada and a bachelor’s degree in liberal arts from Excelsior College (SUNY), as well as a master’s degree in applied communication and corporate training from the University of Denver.
[headlines] *****Announcement*************************************** Two Sons of CLP's Become CLP's
"The Board of Directors of the Certified Lease Professional Foundation is excited to extend its congratulations to the Equipment Leasing and Finance Industry’s two new Certified Lease Professionals. These two new CLPs are also sons of two current CLPs, giving the CLP Foundation our first two Father and Son Certified Lease Professionals. The letters "CLP" behind their names are a visible recognition of their experience in the industry and their professional achievement in having passed the CLP Exam. Stephen Lahti, CLP Matt Padden, CLP "The CLP Foundation is the official governing body for the Certified Lease Professional ("CLP") Program. The CLP designation sets the standard for professionalism in the leasing industry. This designation identifies and recognizes individuals within the leasing industry who have demonstrated their competency through continued education, testing and conduct. The letters "CLP" behind their name represent a visible recognition of this professional achievement and status. The CLP Program is the only recognized certification program in the entire world wide equipment leasing and finance industry. "We invite you to visit our site -- www.clpfoundation.org for detailed information about the CLP Foundation and the CLP Program. For further information about our Mentor Program and Anonymity Program please contact: Cynthia W. Spurdle ******Announcement************************************** (This ad is a “trade” for the writing of this column. Opinions
[headlines] Fernando's View High-octane doses of comedy (“Bridesmaids”) and action (“13 Assassins”) await moviegoers this weekend, while DVD watchers can have their pick of slam-bang sleepers (“The Mechanic”) and re-issued classics (“The Great Dictator,” “Shoeshine”). In theaters:
Bridesmaids (Universal Pictures): Long relegated to killjoy secondary roles in frat-guy comic hits like “Knocked Up” and “The Hangover,” women take the center stage with riotous results in this tart tale of female friendship, competition and cattiness. Best known for her “Saturday Night Live” characters, Kristen Wiig shines as Annie, whose messy life takes a sharp turn when she serves as the maid of honor for her best friend Lillian (Maya Rudolph). Making sure the wedding ceremony is all set sounds like a simple enough job, but with the accident-prone Annie saddled with four wacky bridesmaids (Rose Byrne, Ellie Kamper, Wendi McLendon-Covey and Melissa McCarthy), nothing is sure to go as planned. Directed by Paul Feig, this is a rollicking ensemble comedy that remains sharp and endearing even at its crudest.
13 Assassins (Magnet Releasing): Takashi Miike, the prolific Japanese filmmaker responsible for some of the most hair-raising movies of the last twenty years (“Audition,” “Ichi the Killer”), goes classical with this straightforward, rousing adventure set in 19th-century Japan. Depicting a world of corrupt noblemen and wandering warriors, it builds up to the titanic confrontation the group of fighters hired by a samurai (Koji Yakusho) and the 200 bodyguards of a bloodthirsty feudal lord (Goro Inagaki). The sprawling battle is a marvel of cinematic mayhem, though Miike has enough unpredictable tricks up his sleeve to ensure that getting there is only half the fun. Full of action, mood and panache, this tribute to the sagas of Akira Kurosawa (“Seven Samurai”) might be the unique director’s breakout film with mainstream audiences. With subtitles.
On DVD: The Great Dictator (Criterion): Having already established himself as one of the universal icons of cinema, Charlie Chaplin decided in one of the boldest moves in his career to address the Nazi threat surging in Europe in 1940. Comic genius that he was, Chaplin made his passionate plea in the guise of a silent movie-style burlesque, casting himself in a double role as a poor barber in the Jewish ghetto and as a blustering dictator who bears a striking resemblance to Hitler. The barber struggles to survive with his beloved Hannah (Paulette Goddard), and, in true “Prince and the Pauper” tradition, finds himself confused with the lookalike tyrant as the situation grows starker. A multi-layered masterpiece, Chaplin’s classic blends hilarity and horror to genuinely unforgettable effect.
The Mechanic (Sony): Charles Bronson’s 1972 actioner gets an enjoyable makeover with this pulpy thriller, directed by thrill-machine specialist Simon West (“Con Air”). Perhaps the only current action star to be able to fill Bronson’s macho shoes, Jason Statham stars as Arthur, a professional killer with a high reputation among underworld types. His deadly professionalism is put to the test, however, when he’s assigned to murder his mentor and friend Harry (Donald Sutherland). Things grow more complicated when Arthur decides to go rogue, with gangsters as well as Harry’s son Steve (Ben Foster) on his trail. Dripping with atmosphere and stunts, this is a prime example of a well-made genre movie, thanks in no small amount to Statham’s inimitable brand of muscular charisma.
Shoeshine (Entertainment One): One of the leading lights of the great postwar film movement known as Italian Neorealism, director Vittorio De Sica became famous for heartbreaking classics like “Bicycle Thieves” and “Umberto D.,” which made revolutionary use of non-professional actors and real location. In many ways, this 1946 gem (finally being released on DVD) may be De Sica’s masterpiece, with an emotional purity that continues to resonate through the years. Set in Rome in the aftermath of World War II, it follows Pasquale (Franco Interlenghi) and Giuseppe (Rinaldo Smordoni), poor boys who make a living shining the shoes of American soldiers. Their friendship and dreams of owning a horse are tested, however, by their shady surroundings. A harsh yet uplifting emotional drama, it is a must for every movie-lover. With subtitles.
[headlines] ### Press Release ############################ United Capital Finances $1 million
HUNT VALLEY, MD —- United Capital Business Lending, a subsidiary of BankUnited, announced today that it is providing $1 million in financing to Five Guys® Burgers and Fries owner, Franchise Kings, LLC. United Capital refinanced two existing stores for the New Jersey based franchisee and will also provide funding to open one additional Five Guys® location. With the new site, Franchise Kings, LLC will own and operate five Five Guys® restaurants. United Capital Business Lending, which recently acquired the small business lending operations of Butler Capital, is a subsidiary of BankUnited, the largest bank in Florida with over $11 billion in assets. The newly formed United Capital Business Lending now brings the prior experience of Butler Capital together with the financial strength of BankUnited. "The United Capital team is excited to be a part of the Five Guys® franchise's continued growth and success," says Trey Grimm, business development officer for United Capital. "With the solid financial resources of our parent company BankUnited, United Capital has the ability to fund franchisees' new restaurant development and to refinance existing locations with very competitive pricing." In addition to Five Guys®, the United Capital team has financed franchisees for Burger King®, Subway®, Dunkin' Donuts®, Taco Bell®, Checkers®, Denny's®, Wing Stop®, Jimmy John's® and Buffalo Wild Wings® among others. For information about financing for franchise acquisition, new restaurant development, remodeling or refinancing, call United Capital at 866-218-4793. #### Press Release ###########################
(Leasing News provides this ad as a trade for investigations
[headlines] #### Press Release ########################### IASB and FASB issue common fair value measurement
Boards conclude major convergence project - important element of response to the financial crisis The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued new guidance on fair value measurement and disclosure requirements for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (GAAP). The guidance, set out in IFRS 13 Fair Value Measurement and an update to Topic 820 in the FASB’s Accounting Standards Codification® (formerly referred to as SFAS 157), completes a major project of the boards’ joint work to improve IFRSs and US GAAP and to bring about their convergence. The harmonisation of fair value measurement and disclosure requirements internationally also forms an important element of the boards’ response to the global financial crisis. Completion of the project is the culmination of more than five years’ work to improve and align fair value measurement and disclosure requirements. The requirements, which are largely identical across IFRSs and US GAAP, have benefited from extensive due process and public consultation, including input from a Fair Value Expert Advisory Panel and the FASB’s Valuation Resource Group. The requirements do not extend the use of fair value accounting, but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs or US GAAP. For IFRSs, IFRS 13 Fair Value Measurement will improve consistency and reduce complexity by providing, for the first time, a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. For US GAAP, the Update will supersede most of the guidance in Topic 820, although many of the changes are clarifications of existing guidance or wording changes to align with IFRS 13. It also reflects the FASB’s consideration of the different characteristics of public and non-public entities and the needs of users of their financial statements. Non-public entities will be exempt from a number of the new disclosure requirements. Sir David Tweedie, Chairman of the IASB, said: Leslie F Seidman, Chairman of the FASB, said: #### Press Release #############################
[headlines] Tampa Bay, Florida-- Adopt-a-Dog
Animal ID: 13052647 3607 North Armenia Avenue , Tampa, FL 33607 *| (813) 876-7138 Adopt-a-Pet by Leasing Co. State/City Adopt a Pet
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Panic Along the Mississippi Ex-bank executive gets 10 years in prison for fraud scheme Fixed Mortgages hit lowest level for 2011 Tri-Valley bank plans $7 million private offering of stock to help the bank expand to new markets| Oh, No! James Durbin voted off 'American Idol'
Guts and glory: San Jose Sharks win! The Huddle McDonald Mansion opens its doors in Santa Rosa
California exports rise for 17th Month Unabomber Kaczynski's personal effects, including his manifesto, will be auctioned online starting Wednesday Woman's wedding ring returned after Sacramento airport custodian finds it in washroom
Hundreds gather to remember life of Jess Jackson Chinese executive in 'Lafite' scandal disciplined Vineyard Economics: Sunny Forecast Parker 'only wine critic' to get Spanish gong
Free Mobile Wine Program Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page [headlines] This Day in American History 1607- the first permanent English settlement was established in Jamestown , VA. One hundred and five from Blackwell , England , on three ships. Most of them were 'gentlemen adventurers," gentlemen who did not work and brought servants., quite British, you know. Captains John Smith and Christopher Newport were among the leaders of the group of royally chartered Virginia Company settlers who had traveled from Plymouth , England , in three small ships: Susan Constant, Goodspeed and Discovery. The colony was named after England 's King James I on this date.
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